# EDGAR Filing Document

**Accession Number:** 0000314612
**File Stem:** 0001752724-25-182007
**Filing Date:** 2025-7
**Character Count:** 313837
**Document Hash:** 33a3d3d9c859082d3b93b86a85fd4037
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-182007.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001752724-25-182007

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250530

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**PERIOD START**: 20250831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRUDENTIAL NATIONAL MUNI FUND, INC.
- **CENTRAL INDEX KEY:** 0000314612

**ORGANIZATION NAME:**
- **EIN:** 133021492
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02992
- **FILM NUMBER:** 251159606

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRUDENTIAL NATIONAL MUNI FUND INC
- **DATE OF NAME CHANGE:** 20100216

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DRYDEN NATIONAL MUNICIPALS FUND INC
- **DATE OF NAME CHANGE:** 20030825

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRUDENTIAL NATIONAL MUNICIPALS FUND INC
- **DATE OF NAME CHANGE:** 19931022

## Series and Classes Contracts Data

### PGIM NATIONAL MUNI FUND (Series ID: S000004518)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000012413 | Class Z      | DNMZX           |
| C000012414 | Class A      | PRNMX           |
| C000012416 | Class C      | PNMCX           |
| C000195885 | Class R6     | PNMQX           |

## Nport-Ex

#### PGIM National Muni Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Long-Term Investments 100.7%** | **Long-Term Investments 100.7%** | **Long-Term Investments 100.7%** | **Long-Term Investments 100.7%** | **Long-Term Investments 100.7%** |
| **Municipal Bonds 99.5%** | **Municipal Bonds 99.5%** | **Municipal Bonds 99.5%** | **Municipal Bonds 99.5%** | **Municipal Bonds 99.5%** |
| **Alabama 3.7%** | **Alabama 3.7%** | **Alabama 3.7%** | **Alabama 3.7%** | **Alabama 3.7%** |
| 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 | 7815 | &nbsp;&nbsp; $7820922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gas Proj. No. 8, Series A (Mandatory put date 12/01/29) | 4.000(cc) | &nbsp;&nbsp;12/01/52 | 2895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2862416 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gas Proj., Series E (Mandatory put date 06/01/28) | 5.000(cc) | &nbsp;&nbsp;05/01/53 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5154528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proj. No. 6, Series B (Mandatory put date 12/01/26) | 4.000(cc) | &nbsp;&nbsp;10/01/52 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2995627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rfdg. (Mandatory put date 12/01/31) | 4.000(cc) | &nbsp;&nbsp;06/01/51 | 5540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5503604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B (Mandatory put date 09/01/32) | 5.000(cc) | &nbsp;&nbsp;10/01/55 | 4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4381020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series D1, Rfdg. (Mandatory put date 06/01/27) | 4.000(cc) | &nbsp;&nbsp;07/01/52 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006244 |
| Jefferson Cnty. Swr. Rev.,<br> Warrants, Rfdg. | 5.250 | &nbsp;&nbsp;10/01/42 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1558801 |
| Mobile Indl. Dev. Brd. Rev.,<br> Alabama Pwr. Co. Barry, Rmkt. (Mandatory put date 06/26/25) | 1.000(cc) | &nbsp;&nbsp;06/01/34 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998002 |
| Selma Indl. Dev. Brd. Rev.,<br> Int'l Paper Co. Proj., Series A, Rfdg. (Mandatory put date 06/16/25) | 1.375(cc) | &nbsp;&nbsp;05/01/34 | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1597975 |
| Southeast Energy Auth. Cooperative Dist. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proj. No. 5, Series A (Mandatory put date 07/01/29) | 5.250(cc) | &nbsp;&nbsp;01/01/54 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2610997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A | 5.000 | &nbsp;&nbsp;11/01/26 | 2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2084552 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38574688 |
| **Alaska 1.0%** | **Alaska 1.0%** | **Alaska 1.0%** | **Alaska 1.0%** | **Alaska 1.0%** |
| Alaska Indl. Dev. & Export Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tanana Chiefs Conference Proj., Series A | 4.000 | &nbsp;&nbsp;10/01/49 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2449184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tanana Chiefs Conference Proj., Series A | 5.000 | &nbsp;&nbsp;10/01/26 | 2385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2428383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tanana Chiefs Conference Proj., Series A | 5.000 | &nbsp;&nbsp;10/01/31 | 1555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1626874 |
| Alaska Muni. Bond Bank Auth. Rev.,<br> Rfdg. | 5.000 | &nbsp;&nbsp;12/01/26 | 1350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391110 |
| Alaska St.,<br> Series A, GO, Rfdg. | 5.000 | &nbsp;&nbsp;08/01/35 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128790 |
| Northern Tob. Secur. Corp. Rev.,<br> Sr. Series A, Class 1, Rfdg. | 5.000 | &nbsp;&nbsp;06/01/31 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066534 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10090875 |

---

------

#### PGIM National Muni Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **Arizona 2.2%** | **Arizona 2.2%** | **Arizona 2.2%** | **Arizona 2.2%** | **Arizona 2.2%** |
| Arizona Hlth. Facs. Auth. Rev.,<br> Banner Hlth., Series B (Mandatory put date 10/01/24) | 3.750 %(cc) | &nbsp;&nbsp;01/01/37 | &nbsp;&nbsp;2265 | &nbsp;&nbsp; $2193858 |
| Arizona Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ironwood Ranch Apts. Proj. (Mandatory put date 09/01/26) | 5.000(cc) | &nbsp;&nbsp;02/01/58 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3057862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Phoenix Children's Hosp., Series A | 5.000 | &nbsp;&nbsp;02/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323013 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustainable Bonds, Equitable Sch. Revolving Fd., Series A | 5.250 | &nbsp;&nbsp;11/01/48 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3026144 |
| Maricopa Cnty. Indl. Dev. Auth. Rev.,<br> Banner Hlth., Series A | 5.000 | &nbsp;&nbsp;01/01/41 | &nbsp;&nbsp;1140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155107 |
| Phoenix Civic Impvt. Corp. Rev.,<br> Series A, AMT | 5.000 | &nbsp;&nbsp;07/01/47 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1906084 |
| Pima Cnty. Ind. Dev. Auth. Rev.,<br> AZ Chart. Schs. Proj., Series R, Rfdg. | 4.000 | &nbsp;&nbsp;07/01/26 | &nbsp;&nbsp;1735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1738798 |
| Salt River Proj. Agric. Impvt. & Pwr. Dist. Elec. Sys. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salt River Proj., Series A | 5.000 | &nbsp;&nbsp;01/01/47 | &nbsp;&nbsp;1925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1972246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B | 5.000 | &nbsp;&nbsp;05/01/42 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2660375 |
| Salt Verde Finl. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Gas Rev., Sr. Bonds | 5.000 | &nbsp;&nbsp;12/01/32 | &nbsp;&nbsp;2685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2828793 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Gas Rev., Sr. Bonds | 5.250 | &nbsp;&nbsp;12/01/26 | &nbsp;&nbsp;2180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2222516 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23084796 |
| **Arkansas 0.3%** | **Arkansas 0.3%** | **Arkansas 0.3%** | **Arkansas 0.3%** | **Arkansas 0.3%** |
| Fayetteville Sales & Use Tax Rev.,<br> Sales & Use Tax | 2.875 | &nbsp;&nbsp;11/01/32 | &nbsp;&nbsp;2780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2698739 |
| **California 7.9%** | **California 7.9%** | **California 7.9%** | **California 7.9%** | **California 7.9%** |
| California Muni. Fin. Auth. Rev.,<br> CHF-Davis I, LLC, West Vlg. Student Hsg. Proj., BAM, TCRs | 5.000 | &nbsp;&nbsp;05/15/29 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051216 |
| Freddie Mac Multifamily Cert. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;FRETE 2023, ML18, Class X-CA | 1.439(cc) | &nbsp;&nbsp;09/25/37 | 29205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000182 |
| &nbsp;&nbsp;&nbsp;&nbsp;FRETE 2024, ML22, Class A-US | 4.546(cc) | &nbsp;&nbsp;10/25/40 | &nbsp;&nbsp;2482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2491335 |
| &nbsp;&nbsp;&nbsp;&nbsp;FRETE 2024, ML23, SPC, Sustainable Bonds, 144A | 4.563(cc) | &nbsp;&nbsp;04/25/42 | &nbsp;&nbsp;2894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2838121 |
| &nbsp;&nbsp;&nbsp;&nbsp;FRETE 2024, ML24 Trust, Green Bonds | 4.156(cc) | &nbsp;&nbsp;05/25/41 | &nbsp;&nbsp;3970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3734496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustainable Bonds, Series ML-27, Class A, USM | 4.759 | &nbsp;&nbsp;08/25/41 | &nbsp;&nbsp;3241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3213503 |
| Long Beach Bond Fin. Auth. Nat. Gas Pur. Rev.,<br> Series A | 5.000 | &nbsp;&nbsp;11/15/35 | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1376758 |
| Los Angeles Dept. Arpts. Rev.,<br> Sub., Pvt. Activity, Series A, Rfdg., AMT | 5.000 | &nbsp;&nbsp;05/15/46 | &nbsp;&nbsp;4170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4170416 |

---

------

#### PGIM National Muni Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;LA Dept. of Wtr. & Pwr. Sys., Series C | 4.000% | &nbsp;&nbsp;07/01/26 | &nbsp;&nbsp;5840 | &nbsp;&nbsp; $5854381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pwr. Sys. Sub. Series A-5, Rmkt., Rfdg., FRDD | 3.100(cc) | &nbsp;&nbsp;07/01/35 | &nbsp;&nbsp;2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pwr. Sys., Series A-2, FRDD | 3.000(cc) | &nbsp;&nbsp;07/01/51 | 11930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11930000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pwr. Sys., Series A-3, FRDD | 3.110(cc) | &nbsp;&nbsp;07/01/51 | &nbsp;&nbsp;8100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/28 | &nbsp;&nbsp;1285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328488 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series C-1, FRDD | 3.100(cc) | &nbsp;&nbsp;07/01/57 | 11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series F-1, Rfdg., FRDD | 2.500(cc) | &nbsp;&nbsp;07/01/48 | &nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500000 |
| M-S-R Energy Auth. Rev.,<br> Series A | 6.500 | &nbsp;&nbsp;11/01/39 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330699 |
| Pittsburg Redev. Agcy.,<br> Los Medanos Cmnty. Dev. Proj., Tax Alloc., AMBAC, CABS | 3.178(t) | &nbsp;&nbsp;08/01/25 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1989289 |
| Port of Los Angeles Rev.,<br> Series A-1, Rfdg. AMT | 5.000 | &nbsp;&nbsp;08/01/34 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090437 |
| San Francisco City & Cnty. Arpt. Commn. Rev.,<br> 2nd Series, San Francisco Intl. Arpt., Series A, Rfdg., AMT | 5.250 | &nbsp;&nbsp;05/01/43 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2590639 |
| Southern Calif. Pub. Pwr. Auth. Rev.,<br> Canyon Pwr. Proj., Series B, Rfdg. (Mandatory put date 07/01/27) | 3.700(cc) | &nbsp;&nbsp;07/01/40 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2521812 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81171772 |
| **Colorado 5.5%** | **Colorado 5.5%** | **Colorado 5.5%** | **Colorado 5.5%** | **Colorado 5.5%** |
| Baseline Metropolitan Dist. No. 1,<br> Series A, GO, Rfdg. | 4.250 | &nbsp;&nbsp;12/01/54 | &nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4084873 |
| Colorado Hlth. Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adventhealth Oblig. Grp., Series B, Rfdg. (Mandatory put date 11/15/30) | 5.000(cc) | &nbsp;&nbsp;11/15/36 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3227268 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commonspirit Hlth., Series A-1, Rfdg. | 5.000 | &nbsp;&nbsp;08/01/32 | &nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2344550 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commonspirit Hlth., Series B-1, Rfdg. (Mandatory put date 08/01/25) | 5.000(cc) | &nbsp;&nbsp;08/01/49 | &nbsp;&nbsp;2605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2605121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intermountain Healthcare, Series B, Rfdg. (Mandatory put date 08/17/26) | 5.000(cc) | &nbsp;&nbsp;05/15/62 | &nbsp;&nbsp;6900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7036586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intermountain Healthcare, Series C, Rfdg. (Mandatory put date 08/15/28) | 5.000(cc) | &nbsp;&nbsp;05/15/62 | &nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3260870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intermountain Hlth., Series A, Rfdg. | 5.000 | &nbsp;&nbsp;05/15/44 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278209 |
| &nbsp;&nbsp;&nbsp;&nbsp;SCL Hlth. Sys., Series B, Rfdg. | 4.000 | &nbsp;&nbsp;01/01/40 | &nbsp;&nbsp;3060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2886029 |
| Colorado Springs Co. Util. Sys. Rev.,<br> Series A-4 | 5.000 | &nbsp;&nbsp;11/15/43 | &nbsp;&nbsp;3080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3132796 |
| Colorado St.,<br> COP | 6.000 | &nbsp;&nbsp;12/15/39 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4542109 |

---

------

#### PGIM National Muni Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **Colorado (cont'd.)** | **Colorado (cont'd.)** | **Colorado (cont'd.)** | **Colorado (cont'd.)** | **Colorado (cont'd.)** |
| Denver City & Cnty. Arpt. Sys. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg., AMT | 5.500% | &nbsp;&nbsp;11/15/38 | 1875 | &nbsp;&nbsp; $2005838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg., AMT | 5.500 | &nbsp;&nbsp;11/15/42 | 1875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1966899 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series D, Rfdg., AMT | 5.750 | &nbsp;&nbsp;11/15/35 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Series B, Rfdg., AMT | 5.500 | &nbsp;&nbsp;11/15/41 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067401 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Series B, Rfdg., AMT | 5.500 | &nbsp;&nbsp;11/15/42 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Sys., Series A, Rfdg., AMT | 5.000 | &nbsp;&nbsp;12/01/34 | 2375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2416605 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Sys., Series A, Rfdg., AMT | 5.000 | &nbsp;&nbsp;12/01/35 | 1130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Sys., Series A, Rfdg., AMT | 5.250 | &nbsp;&nbsp;12/01/43 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3045869 |
| E-470 Pub. Hwy. Auth. Rev.,<br> Sr. Series B, NATL | 3.248(t) | &nbsp;&nbsp;09/01/25 | 2140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2122571 |
| Regl. Trans. Dist. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Denver Transit Partners Eagle P3 Proj., Series A, Rfdg. | 5.000 | &nbsp;&nbsp;07/15/28 | &nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413280 |
| &nbsp;&nbsp;&nbsp;&nbsp;Denver Transit Partners Eagle P3 Proj., Series A, Rfdg. | 5.000 | &nbsp;&nbsp;07/15/29 | &nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417194 |
| Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado,<br> Series A, GO, 144A | 5.000 | &nbsp;&nbsp;04/01/35 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5239704 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56410770 |
| **Connecticut 1.4%** | **Connecticut 1.4%** | **Connecticut 1.4%** | **Connecticut 1.4%** | **Connecticut 1.4%** |
| Connecticut St. Higher Ed. Supplement Loan Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chesla Loan Prog., Series B-1, AMT | 5.250 | &nbsp;&nbsp;11/15/32 | 2630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2783360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chesla Loan Prog., Series B-1, AMT | 5.250 | &nbsp;&nbsp;11/15/33 | 1130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192514 |
| Connecticut St. Hlth. & Edl. Facs. Auth. Rev.,<br> Yale Univ., Series A-2, Rfdg. (Mandatory put date 07/01/26) | 2.000(cc) | &nbsp;&nbsp;07/01/42 | 2310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2266220 |
| Connecticut St. Spl. Tax Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B | 5.000 | &nbsp;&nbsp;10/01/37 | 1440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trans. Infrast., Series A | 5.000 | &nbsp;&nbsp;01/01/38 | 2195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2249363 |
| Norwalk Hsg. Auth. Rev.,<br> Wall Street Place (Mandatory put date 09/01/27) | 3.050(cc) | &nbsp;&nbsp;09/01/58 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980808 |
| Stamford Hsg. Auth. Rev.,<br> Mozaic Concierge Living Proj., Series D | 4.250 | &nbsp;&nbsp;10/01/30 | 2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2377956 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14340223 |
| **District of Columbia 2.0%** | **District of Columbia 2.0%** | **District of Columbia 2.0%** | **District of Columbia 2.0%** | **District of Columbia 2.0%** |
| Dist. of Columbia,<br> Series A, GO, Rfdg. | 5.000 | &nbsp;&nbsp;10/15/38 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3125710 |

---

------

#### PGIM National Muni Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
| **District of Columbia (cont'd.)** | **District of Columbia (cont'd.)** | **District of Columbia (cont'd.)** | **District of Columbia (cont'd.)** | **District of Columbia (cont'd.)** |
| Dist. of Columbia Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dist. of Columbia Int'l. Sch. | 5.000% | &nbsp;&nbsp;07/01/49 | 1275 | &nbsp;&nbsp; $1220118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Friendship Pub. Chart. Sch., Rfdg. | 5.000 | &nbsp;&nbsp;06/01/36 | 1385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388418 |
| &nbsp;&nbsp;&nbsp;&nbsp;KIPP DC Proj., Series B, Rfdg. | 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;500577 |
| Metropolitan Washington D.C. Arpt. Auth. Sys. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rfdg., AMT | 5.000 | &nbsp;&nbsp;10/01/26 | 4945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5044902 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg. AMT | 5.000 | &nbsp;&nbsp;10/01/30 | 3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3718132 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg., AMT | 5.000 | &nbsp;&nbsp;10/01/26 | 3250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3316022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg., AMT | 5.000 | &nbsp;&nbsp;10/01/29 | 1915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023766 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20337645 |
| **Florida 6.9%** | **Florida 6.9%** | **Florida 6.9%** | **Florida 6.9%** | **Florida 6.9%** |
| Broward Cnty. Arpt. Sys. Rev.,<br> Series A, AMT | 5.000 | &nbsp;&nbsp;10/01/45 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2880991 |
| Central Florida Expressway Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Lien, Rfdg. | 4.000 | &nbsp;&nbsp;07/01/41 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1879797 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Lien, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/38 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2547193 |
| Cityplace CDD.,<br> Spl. Assmt., Rfdg. | 5.000 | &nbsp;&nbsp;05/01/26 | &nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269373 |
| Florida Dev. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GFL Solid Wst. Southeast LLC Proj., Series A, AMT (Mandatory put date 10/01/31), 144A | 4.375(cc) | &nbsp;&nbsp;10/01/54 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2980953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nova Southeastern Univ. Proj., Series A, Rfdg. | 5.000 | &nbsp;&nbsp;04/01/26 | &nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563206 |
| Florida Higher Edl. Facs. Finl. Auth. Rev.,<br> Nova Southeastern Univ. Proj., Rfdg. | 5.000 | &nbsp;&nbsp;04/01/28 | 1420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1436999 |
| Fort Lauderdale Wtr. & Swr. Rev.,<br> Enabling Wrks. Proj., Series A | 5.500 | &nbsp;&nbsp;09/01/53 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2646192 |
| Grtr. Orlando Avtn. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AMT | 5.250 | &nbsp;&nbsp;10/01/44 | 2450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2538446 |
| &nbsp;&nbsp;&nbsp;&nbsp;Priority Sub. Series A, AMT | 5.000 | &nbsp;&nbsp;10/01/42 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4956039 |
| &nbsp;&nbsp;&nbsp;&nbsp;Priority Sub. Series A, AMT | 5.000 | &nbsp;&nbsp;10/01/47 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4940009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, AMT | 5.000 | &nbsp;&nbsp;10/01/28 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, AMT | 5.000 | &nbsp;&nbsp;10/01/38 | 1810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1848345 |
| Hillsborough Cnty. Indl. Dev. Auth. Rev.,<br> Baycare Hlth. Sys., Series C, Rfdg. | 5.000 | &nbsp;&nbsp;11/15/41 | 2010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2104473 |
| Jacksonville Hsg. Auth. Rev.,<br> Westwood Apartments | 5.000 | &nbsp;&nbsp;02/01/34 | 3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3407760 |
| JEA Elec. Sys. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 3-2024A, Rfdg. | 5.000 | &nbsp;&nbsp;10/01/39 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series Three 2024A, Rfdg. | 5.000 | &nbsp;&nbsp;10/01/37 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2739150 |

---

------

#### PGIM National Muni Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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.)** |
| Lee Cnty. Arpt. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AMT | 5.250% | &nbsp;&nbsp;10/01/43 | 1000 | &nbsp;&nbsp; $1039531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, AMT, Rfdg. | 5.000 | &nbsp;&nbsp;10/01/28 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557605 |
| Lee County Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell Point 2024B-1 (Temps -85) | 4.750 | &nbsp;&nbsp;11/15/29 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell Point, 2024B-3, Temps-50 | 4.125 | &nbsp;&nbsp;11/15/29 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001030 |
| Miami Beach Redev. Agcy.,<br> Tax Incr. Rev. City Ctr., Tax Alloc. Rfdg., AGM | 5.000 | &nbsp;&nbsp;02/01/44 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501319 |
| Miami Dade Cnty. Avtn. Rev.,<br> Series A, Rfdg., AMT | 5.000 | &nbsp;&nbsp;10/01/34 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2630844 |
| Miami Dade Cnty. Edu. Facs. Auth. Rev.,<br> Univ. of Miami, Series B, Rfdg. | 5.250 | &nbsp;&nbsp;04/01/41 | 3470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3687815 |
| Orange Cnty. Hlth. Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Orlando Hlth. Oblig. Grp., Series B, Rfdg. | 5.000 | &nbsp;&nbsp;10/01/26 | 2275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2331801 |
| &nbsp;&nbsp;&nbsp;&nbsp;Orlando Hlth., Inc., Series A, Rfdg. | 5.000 | &nbsp;&nbsp;10/01/33 | 1510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1534111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Orlando Hlth., Inc., Series B, Rfdg. | 5.000 | &nbsp;&nbsp;10/01/44 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973731 |
| Orlando Util. Commn. Rev.,<br> Series B (Mandatory put date 10/01/28) | 1.250(cc) | &nbsp;&nbsp;10/01/46 | 3475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3164906 |
| Sarasota Cnty. Pub. Hosp. Dist. Rev.,<br> Sarasota Mem. Hosp. | 5.000 | &nbsp;&nbsp;07/01/28 | 1160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230488 |
| South Miami Hlth. Facs. Auth., Inc. Rev.,<br> Baptist Hlth. South Florida, Rfdg. | 5.000 | &nbsp;&nbsp;08/15/47 | 1075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048915 |
| 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;999559 |
| Vlg. CDD No. 6, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Spl. Assmt., Rfdg. | 4.000 | &nbsp;&nbsp;05/01/27 | &nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373879 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spl. Assmt., Rfdg. | 4.000 | &nbsp;&nbsp;05/01/28 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spl. Assmt., Rfdg. | 4.000 | &nbsp;&nbsp;05/01/29 | &nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311081 |
| Vlg. CDD No. 13, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2019 Spl. Assmt., Phase I, Ltd. Offering | 3.550 | &nbsp;&nbsp;05/01/39 | 2625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2348248 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 Spl. Assmt., Phase III | 2.550 | &nbsp;&nbsp;05/01/31 | 1630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spl. Assmt. | 3.375 | &nbsp;&nbsp;05/01/34 | &nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433007 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spl. Assmt., 144A | 2.625 | &nbsp;&nbsp;05/01/30 | 2405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2182685 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71541549 |
| **Georgia 4.8%** | **Georgia 4.8%** | **Georgia 4.8%** | **Georgia 4.8%** | **Georgia 4.8%** |
| Atlanta Arpt. Passenger Facs. Charge Rev.,<br> Sub. Lien, Green Bond, Series E, AMT | 5.250 | &nbsp;&nbsp;07/01/43 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4125801 |
| Atlanta GA Dept. Avtn. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B, Rfdg., AMT | 5.000 | &nbsp;&nbsp;07/01/29 | &nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875439 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B, Rfdg., AMT | 5.250 | &nbsp;&nbsp;07/01/41 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047729 |

---

------

#### PGIM National Muni Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
| **Georgia (cont'd.)** | **Georgia (cont'd.)** | **Georgia (cont'd.)** | **Georgia (cont'd.)** | **Georgia (cont'd.)** |
| Atlanta GA Dept. Avtn. Rev., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B, Rfdg., AMT | 5.250% | &nbsp;&nbsp;07/01/43 | 2000 | &nbsp;&nbsp; $2073315 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B, Rfdg., AMT | 5.250 | &nbsp;&nbsp;07/01/44 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026156 |
| Atlanta Urban Residential Fin. Auth. Rev.,<br> GE Tower Apts., Series B (Mandatory put date 06/01/25) | 5.750(cc) | &nbsp;&nbsp;06/01/27 | 1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 |
| Burke Cnty. Dev. Auth. Rev.,<br> Georgia Pwr. Co. Plant Vogtle Proj., 5th Series, Rmkt. (Mandatory put date 06/13/28) | 3.700(cc) | &nbsp;&nbsp;10/01/32 | 1685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1689267 |
| Columbia Cnty. Hosp. Auth. Rev.,<br> Rev Anticipation CTFS, Wellstar Hlth. Sys. Inc. Proj., Series A | 5.125 | &nbsp;&nbsp;04/01/48 | 1220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231332 |
| DeKalb Cnty. Hsg. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Kensington Station Proj., Series A | 4.000 | &nbsp;&nbsp;12/01/33 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3957036 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Bond, Park at 500 Proj. | 4.000 | &nbsp;&nbsp;03/01/34 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1974965 |
| Gainesville & Hall Cnty. Hosp. Auth. Rev.,<br> RAN CTFs, NE Georgia Hlth. Sys. Inc. Proj. | 5.000 | &nbsp;&nbsp;10/15/34 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200195 |
| Georgia Ports Auth. Rev.,<br> Arpt. & Marina Imps. | 5.250 | &nbsp;&nbsp;07/01/43 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2643558 |
| Main Street Natural Gas, Inc. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A (Mandatory put date 06/01/32) | 5.000(cc) | &nbsp;&nbsp;06/01/55 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2641759 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A (Mandatory put date 09/01/31) | 5.000(cc) | &nbsp;&nbsp;05/01/54 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2632018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B (Mandatory put date 03/01/32) | 5.000(cc) | &nbsp;&nbsp;12/01/54 | 4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4746706 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series E (Mandatory put date 12/01/32) | 5.000(cc) | &nbsp;&nbsp;05/01/55 | 9670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10083411 |
| Monroe Cnty. Dev. Auth. Rev.,<br> GA Pwr. Co. Plant Scherer Proj. No. 1 | 2.250 | &nbsp;&nbsp;07/01/25 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998369 |
| Muni. Elec. Auth. of Georgia Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proj. One Sub. Bonds, Series A, Rfdg. | 5.000 | &nbsp;&nbsp;01/01/43 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proj. One, Sub. Bonds, Series A, Rfdg. | 5.000 | &nbsp;&nbsp;01/01/26 | 1425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439409 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proj. One, Sub. Bonds, Series A, Rfdg., BAM | 5.250 | &nbsp;&nbsp;01/01/41 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080107 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49248401 |
| **Hawaii 0.7%** | **Hawaii 0.7%** | **Hawaii 0.7%** | **Hawaii 0.7%** | **Hawaii 0.7%** |
| Hawaii St. Arpts. Sys. Rev.,<br> Series A, AMT | 5.000 | &nbsp;&nbsp;07/01/45 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000910 |
| Honolulu City & Cnty. Wstewtr. Sys. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. 1st Bond Resolution, Series A, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/37 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2781900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. 1st Bond Resolution, Series A, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/38 | 3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3734339 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7517149 |

---

------

#### PGIM National Muni Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 7.3%** | **Illinois 7.3%** | **Illinois 7.3%** | **Illinois 7.3%** | **Illinois 7.3%** |
| Chicago, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chicago Works, Series A, GO | 5.500% | &nbsp;&nbsp;01/01/41 | 1000 | &nbsp;&nbsp; $1017111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, GO, Rfdg. | 5.000 | &nbsp;&nbsp;01/01/30 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4155240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series C, GO, Rfdg., ETM(ee) | 5.000 | &nbsp;&nbsp;01/01/26 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009736 |
| Chicago Brd. of Ed. Rev.,<br> Spl. Tax | 5.000 | &nbsp;&nbsp;04/01/46 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971363 |
| Chicago O'Hare Int'l. Arpt. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series C, Rfdg., AMT | 5.250 | &nbsp;&nbsp;01/01/41 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series C, Rfdg., AMT | 5.250 | &nbsp;&nbsp;01/01/42 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Lien, Series D | 5.250 | &nbsp;&nbsp;01/01/42 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013813 |
| Chicago Trans. Auth. Rev.,<br> 2nd Lien | 5.000 | &nbsp;&nbsp;12/01/46 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2894857 |
| Chicago Wstewtr. Transmn. Rev.,<br> 2nd Lien, Series A | 5.000 | &nbsp;&nbsp;01/01/47 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955374 |
| Chicago Wtrwks. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2nd Lien, Rfdg. | 5.000 | &nbsp;&nbsp;11/01/36 | 2390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2422418 |
| &nbsp;&nbsp;&nbsp;&nbsp;2nd Lien, Rmkt., Rfdg. | 5.000 | &nbsp;&nbsp;11/01/27 | 1865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1903268 |
| &nbsp;&nbsp;&nbsp;&nbsp;2nd Lien, Series A-1 | 5.000 | &nbsp;&nbsp;11/01/27 | &nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520468 |
| Cook Cnty. Sales Tax Rev.,<br> Series A, Rfdg. | 5.250 | &nbsp;&nbsp;11/15/45 | 2155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2218106 |
| Illinois Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Univ. of Chicago, Series A, Rfdg. | 5.000 | &nbsp;&nbsp;10/01/25 | 1505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513832 |
| &nbsp;&nbsp;&nbsp;&nbsp;Univ. of Chicago, Series A, Rfdg. | 5.000 | &nbsp;&nbsp;04/01/34 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386741 |
| Illinois St., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GO | 5.000 | &nbsp;&nbsp;11/01/30 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508436 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, GO | 5.000 | &nbsp;&nbsp;11/01/25 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510256 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, GO | 5.000 | &nbsp;&nbsp;03/01/31 | 2095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2264164 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, GO | 5.000 | &nbsp;&nbsp;12/01/39 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2509018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, GO, Rfdg. | 5.000 | &nbsp;&nbsp;10/01/28 | &nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B, GO | 5.000 | &nbsp;&nbsp;05/01/39 | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2098931 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B, GO | 5.250 | &nbsp;&nbsp;05/01/45 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series C, GO | 5.000 | &nbsp;&nbsp;11/01/29 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136212 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series D, GO | 5.000 | &nbsp;&nbsp;11/01/25 | 4285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4315604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series D, GO | 5.000 | &nbsp;&nbsp;11/01/27 | 2815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2928253 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series D, GO, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/36 | 1225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287731 |
| Illinois St. Sales Tax Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Jr. Oblig. Build Illiois Bonds, Series C, Rfdg. | 5.000 | &nbsp;&nbsp;06/15/27 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3099099 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jr. Oblig. Series A | 5.000 | &nbsp;&nbsp;06/15/28 | 1650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1729043 |
| Illinois St. Toll Hwy. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series C | 5.000 | &nbsp;&nbsp;01/01/39 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1999987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series A | 5.250 | &nbsp;&nbsp;01/01/43 | 2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2363526 |

---

------

#### PGIM National Muni Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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.)** |
| Metropolitan Pier & Exposition Auth. Dedicated St. Tax<br> Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;McCormick Place Expansion, Series A, CABS, NATL | 4.510 %(t) | &nbsp;&nbsp;12/15/34 | 10000 | &nbsp;&nbsp; $6534175 |
| &nbsp;&nbsp;&nbsp;&nbsp;McCormick Place Expansion, Series A, CABS, NATL | 4.649(t) | &nbsp;&nbsp;06/15/37 | &nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4312191 |
| 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;1175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199048 |
| Regl. Trans. Auth. Rev.,<br> Series A | 4.000 | &nbsp;&nbsp;06/01/37 | &nbsp;&nbsp;3605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3472169 |
| Sales Tax Secur. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2nd Lien, Series A, Rfdg. | 5.000 | &nbsp;&nbsp;01/01/26 | &nbsp;&nbsp;2430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2453337 |
| &nbsp;&nbsp;&nbsp;&nbsp;2nd Lien, Series A, Rfdg. | 5.000 | &nbsp;&nbsp;01/01/30 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1602066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series D | 5.000 | &nbsp;&nbsp;01/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639363 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75352826 |
| **Indiana 1.4%** | **Indiana 1.4%** | **Indiana 1.4%** | **Indiana 1.4%** | **Indiana 1.4%** |
| Indiana Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;IN Univ. Hlth., Series A, Rfdg. | 5.000 | &nbsp;&nbsp;12/01/25 | &nbsp;&nbsp;2280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2302016 |
| &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;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4165117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indianapolis Pwr. & Light. Co. Proj., Series B, Rfdg., AMT (Mandatory put date 04/01/26) | 0.950(cc) | &nbsp;&nbsp;12/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613405 |
| Indianapolis Local Pub. Impvt. Bond Bank Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Indianapolis Arpt. Auth. Proj., Series B-2, AMT, Rfdg. | 5.000 | &nbsp;&nbsp;01/01/32 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3192158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indianapolis Arpt. Auth. Proj., Series I2, AMT, Rfdg. | 5.000 | &nbsp;&nbsp;01/01/32 | &nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702168 |
| Whiting Rev.,<br> BP Products North America, Rfdg., AMT (Mandatory put date 06/05/26) | 5.000(cc) | &nbsp;&nbsp;12/01/44 | &nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050595 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14025459 |
| **Kansas 0.5%** | **Kansas 0.5%** | **Kansas 0.5%** | **Kansas 0.5%** | **Kansas 0.5%** |
| Kansas Dev. Fin. Auth. Rev.,<br> Adventhealth Oblig. Grp., Series B, Rfdg. (Mandatory put date 11/15/31) | 5.000(cc) | &nbsp;&nbsp;11/15/54 | &nbsp;&nbsp;3165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3451788 |
| Wyandotte Cnty.-Kansas City Unified Govt. Util. Sys. Rev.,<br> Impvt., Series A | 5.000 | &nbsp;&nbsp;09/01/45 | &nbsp;&nbsp;2170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2136802 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5588590 |

---

------

#### PGIM National Muni Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **Kentucky 3.3%** | **Kentucky 3.3%** | **Kentucky 3.3%** | **Kentucky 3.3%** | **Kentucky 3.3%** |
| Kentucky Asset Liability Commn. Rev.,<br> Series B, Rfdg., AMT | 5.000% | &nbsp;&nbsp;09/01/25 | 3000 | &nbsp;&nbsp; $3013552 |
| Kentucky Pub. Energy Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gas Sply., Series C-1 (Mandatory put date 06/01/25) | 4.000(cc) | &nbsp;&nbsp;12/01/49 | 8150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8150000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg. (Mandatory put date 12/01/29) | 5.250(cc) | &nbsp;&nbsp;06/01/55 | 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6296351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A-1 (Mandatory put date 08/01/30) | 4.000(cc) | &nbsp;&nbsp;08/01/52 | 4925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4897030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A-1, Rfdg. (Mandatory put date 02/01/32) | 5.250(cc) | &nbsp;&nbsp;04/01/54 | 5370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5721061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series C (Mandatory put date 02/01/28) | 4.000(cc) | &nbsp;&nbsp;02/01/50 | &nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922162 |
| Kentucky Turnpike Auth. Rev.,<br> Revitalization Proj., Series A, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/26 | 1310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339323 |
| Owen Cnty. Wtrwks. Sys. Rev.,<br> American Wtr. Co., Series A, Rfdg. (Mandatory put date 10/01/29) | 2.450(cc) | &nbsp;&nbsp;06/01/39 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1424871 |
| 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 | 2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2083626 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33847976 |
| **Louisiana 0.5%** | **Louisiana 0.5%** | **Louisiana 0.5%** | **Louisiana 0.5%** | **Louisiana 0.5%** |
| Louisiana Local Govt. Envirml. Facs. & Comnty. Dev. Auth. Rev.,<br> Christwood Proj., Rfdg., 144A | 4.250 | &nbsp;&nbsp;11/15/30 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987319 |
| Louisiana Pub. Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Elementus Minerals LLC Proj. (Mandatory put date 11/01/25), 144A | 5.000(cc) | &nbsp;&nbsp;10/01/43 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2509769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Franciscan Mis., Rfdg. (Pre-refunded date 07/01/25)(ee) | 5.000 | &nbsp;&nbsp;07/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Franciscan Mis., Unrefunded, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/39 | 1990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1991474 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5498577 |
| **Maine 0.2%** | **Maine 0.2%** | **Maine 0.2%** | **Maine 0.2%** | **Maine 0.2%** |
| Maine Hlth. & Higher Edl. Facs. Auth. Rev.,<br> Northeastern Univ. Issue, Series B | 5.000 | &nbsp;&nbsp;10/01/39 | 2285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2424370 |
| **Maryland 0.1%** | **Maryland 0.1%** | **Maryland 0.1%** | **Maryland 0.1%** | **Maryland 0.1%** |
| Maryland St. Trans. Auth. Rev.,<br> Series A, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/41 | 1045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106640 |

---

------

#### PGIM National Muni Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 0.8%** | **Massachusetts 0.8%** | **Massachusetts 0.8%** | **Massachusetts 0.8%** | **Massachusetts 0.8%** |
| Massachusetts Dev. Fin. Agcy. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Boston Univ. Issue, Series B-1, Rfdg. | 5.000% | &nbsp;&nbsp;10/01/35 | 1900 | &nbsp;&nbsp; $2142774 |
| &nbsp;&nbsp;&nbsp;&nbsp;Harvard Univ., Series A, Rfdg. | 5.000 | &nbsp;&nbsp;07/15/40 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2736180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B, Rfdg. | 4.000 | &nbsp;&nbsp;02/15/36 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020701 |
| 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;1035393 |
| Massachusetts St. Port Auth. Rev.,<br> Series A, Rfdg., AMT | 5.000 | &nbsp;&nbsp;07/01/27 | &nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329547 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8264595 |
| **Michigan 2.1%** | **Michigan 2.1%** | **Michigan 2.1%** | **Michigan 2.1%** | **Michigan 2.1%** |
| Michigan Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beaumont-Spectrum Consolidation, Series A, Rfdg. | 5.000 | &nbsp;&nbsp;04/15/29 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series A, Class 1, Rfdg. | 5.000 | &nbsp;&nbsp;06/01/30 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2106692 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series A, Class 1, Rfdg. | 5.000 | &nbsp;&nbsp;06/01/32 | 1950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050073 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series A-Class 1, Rfdg. | 5.000 | &nbsp;&nbsp;06/01/31 | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900082 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series B-1, Class 2, Rfdg. | 5.000 | &nbsp;&nbsp;06/01/49 | 2270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2236923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustainable Bonds, Henry Ford Hlth. Detroit Utl. Plant Proj. | 5.500 | &nbsp;&nbsp;02/28/49 | 1245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300764 |
| Michigan St. Hosp. Fin. Auth. Rev.,<br> Corewell Hlth., Series B2, Rfdg. (Mandatory put date 06/01/35) | 5.000(cc) | &nbsp;&nbsp;08/15/55 | 2665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2878876 |
| Michigan St. Univ. Rev.,<br> Series A, Rfdg. | 5.000 | &nbsp;&nbsp;08/15/39 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2133119 |
| 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 | 6150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6117793 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21792897 |
| **Minnesota 0.8%** | **Minnesota 0.8%** | **Minnesota 0.8%** | **Minnesota 0.8%** | **Minnesota 0.8%** |
| Minneapolis Rev.,<br> Allina Hlth. Sys., Series B (Mandatory put date 11/15/30) | 5.000(cc) | &nbsp;&nbsp;11/15/53 | 1120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204133 |
| Minneapolis St. Paul Metropolitan Arpt. Commn. Rev.,<br> Sub. Series B, Rfdg., AMT | 5.000 | &nbsp;&nbsp;01/01/33 | 2325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460066 |
| Minnesota Rural Wtr. Fin. Auth., Inc. Rev.,<br> Rfdg., BANS | 3.300 | &nbsp;&nbsp;08/01/26 | 1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300535 |

---

------

#### PGIM National Muni Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
| **Minnesota (cont'd.)** | **Minnesota (cont'd.)** | **Minnesota (cont'd.)** | **Minnesota (cont'd.)** | **Minnesota (cont'd.)** |
| Ramsey Rev.,<br> Pact Chrt. Sch. Proj., Series A, Rfdg. | 5.000% | &nbsp;&nbsp;06/01/32 | 2000 | &nbsp;&nbsp; $1934105 |
| Washington Cnty. Cmnty. Dev. Agcy. Rev.,<br> Cottage Grove Bluestem Proj. (Mandatory put date 09/01/25) | 3.680(cc) | &nbsp;&nbsp;09/01/26 | 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199812 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8098651 |
| **Mississippi 0.1%** | **Mississippi 0.1%** | **Mississippi 0.1%** | **Mississippi 0.1%** | **Mississippi 0.1%** |
| Mississippi Bus. Fin. Corp. Rev.,<br> 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;494343 |
| **Nebraska 0.4%** | **Nebraska 0.4%** | **Nebraska 0.4%** | **Nebraska 0.4%** | **Nebraska 0.4%** |
| Central Plns. Energy. Proj. Rev.,<br> Proj. No. 4, Series A, Rfdg. (Mandatory put date 11/01/29) | 5.000(cc) | &nbsp;&nbsp;05/01/54 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3123833 |
| Douglas Cnty. Hosp. Auth. No. 2 Rev.,<br> Children's Hosp. Oblig. Grp. (Mandatory put date 11/15/25) | 5.000(cc) | &nbsp;&nbsp;11/15/53 | 1270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273474 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4397307 |
| **New Hampshire 3.1%** | **New Hampshire 3.1%** | **New Hampshire 3.1%** | **New Hampshire 3.1%** | **New Hampshire 3.1%** |
| National Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustainable Cert., Series 1-A, NFA Muni. Cert., ARC70 (Mandatory put date 10/01/34) | 4.150 | &nbsp;&nbsp;10/20/40 | 3870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3641700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustainable Cert., Series 2024-3, Class A | 4.034(cc) | &nbsp;&nbsp;10/20/51 | 3980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3543271 |
| New Hampshire Bus. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Caldwell Ranch Proj., 144A | 4.875 | &nbsp;&nbsp;12/01/33 | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1378584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mult. Utility Imps., 144A | 5.875 | &nbsp;&nbsp;12/15/33 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2512480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silverado Proj., 144A | 5.000 | &nbsp;&nbsp;12/01/28 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustainable Bonds, Muni. CTFS, Series 2025-1, Class A-1 | 4.087 | &nbsp;&nbsp;01/20/41 | 1997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1880990 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustainable Cert., Series 2024-4, Class A-US | 4.060(cc) | &nbsp;&nbsp;11/20/39 | 2987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2786711 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustainable CTFS 2025-1, Class A-1 (Mandatory put date 06/01/35)(hh) | 4.750 | &nbsp;&nbsp;06/20/41 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tamarron Proj., 144A | 5.250 | &nbsp;&nbsp;12/01/35 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1982580 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Highlands Proj. | 5.125 | &nbsp;&nbsp;12/15/30 | 1430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1416691 |
| &nbsp;&nbsp;&nbsp;&nbsp;Univ. of Nevada Reno Proj., Series A, BAM | 5.250 | &nbsp;&nbsp;06/01/51 | 1820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1859508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valencia Proj., 144A | 5.300 | &nbsp;&nbsp;12/01/32 | 1240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wtr. Util. Imps., 144A | 5.375 | &nbsp;&nbsp;12/15/35 | 4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4305649 |

---

------

#### PGIM National Muni Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 Hlth. & Edu. Facs. Auth. Act Rev.,<br> Series C, Rmkt., Rfdg. (Mandatory put date 08/03/27) | 3.300 %(cc) | &nbsp;&nbsp;06/01/38 | 1000 | &nbsp;&nbsp; $1001234 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32503763 |
| **New Jersey 5.1%** | **New Jersey 5.1%** | **New Jersey 5.1%** | **New Jersey 5.1%** | **New Jersey 5.1%** |
| New Jersey Econ. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;American Wtr. Co., Inc. Proj., Series D, Rfdg., AMT (Mandatory put date 12/01/27) | 1.100(cc) | &nbsp;&nbsp;11/01/29 | &nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570924 |
| &nbsp;&nbsp;&nbsp;&nbsp;American Wtr. Co., Inc., Series A, Rfdg., AMT (Mandatory put date 12/03/29) | 2.200(cc) | &nbsp;&nbsp;10/01/39 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sch. Facs. Construction | 5.000 | &nbsp;&nbsp;06/15/29 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1601042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series SSS, Rfdg. | 5.250 | &nbsp;&nbsp;06/15/36 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097208 |
| New Jersey Healthcare Facs. Fing. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Greystone Svcs. Greystone Park Proj. Rfdg. | 5.000 | &nbsp;&nbsp;09/15/25 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1256419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hackensack Meridian Hlth., Series A, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/39 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1512689 |
| &nbsp;&nbsp;&nbsp;&nbsp;RWJ Barnabas Hlth. Oblig. Grp., Series A, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/33 | 1015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028596 |
| New Jersey Higher Ed. Student Assistance Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Bond, Series 1-B, Rfdg., AMT(hh) | 5.000 | &nbsp;&nbsp;12/01/34 | 2660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2743132 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Bond, Series 3, Rfdg., AMT(hh) | 5.000 | &nbsp;&nbsp;12/01/27 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2042262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Bond, Series 3, Rfdg., AMT(hh) | 5.000 | &nbsp;&nbsp;12/01/28 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542649 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series A, Rfdg. | 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;553446 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series A, Rfdg. | 5.000 | &nbsp;&nbsp;12/01/26 | &nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712556 |
| New Jersey Tpke. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg. | 5.000 | &nbsp;&nbsp;01/01/35 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series C, Rfdg. | 5.000 | &nbsp;&nbsp;01/01/45 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2058967 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series E, Rfdg. | 5.000 | &nbsp;&nbsp;01/01/32 | 4110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4273676 |
| New Jersey Trans. Tr. Fd. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cap Apprec., Transn. Sys., Series A | 4.674(t) | &nbsp;&nbsp;12/15/40 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2438524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg. | 5.000 | &nbsp;&nbsp;06/15/34 | 2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2307772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series AA, Rfdg. | 5.000 | &nbsp;&nbsp;06/15/27 | 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1244079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series AA, Rfdg. | 5.250 | &nbsp;&nbsp;06/15/41 | 1910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trans. Prog. Notes, Rmkt., Series BB-1 | 5.000 | &nbsp;&nbsp;06/15/33 | 1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360466 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trans. Prog., Series CC | 5.000 | &nbsp;&nbsp;06/15/41 | 3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3614790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trans. Sys., Series A, Rfdg. | 5.250 | &nbsp;&nbsp;06/15/41 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103487 |
| South Jersey Trans. Auth. Rev.,<br> Series A, Rfdg., BAM | 5.000 | &nbsp;&nbsp;11/01/39 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064799 |
| Tob. Settlement Fing. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg. | 5.000 | &nbsp;&nbsp;06/01/25 | 2720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2720000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg. | 5.000 | &nbsp;&nbsp;06/01/26 | 2765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800691 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg. | 5.000 | &nbsp;&nbsp;06/01/27 | 1335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg. | 5.000 | &nbsp;&nbsp;06/01/30 | 3135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3237810 |

---

------

#### PGIM National Muni Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **New Jersey (cont'd.)** | **New Jersey (cont'd.)** | **New Jersey (cont'd.)** | **New Jersey (cont'd.)** | **New Jersey (cont'd.)** |
| Tob. Settlement Fing. Corp. Rev., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg. | 5.000% | &nbsp;&nbsp;06/01/31 | 1650 | &nbsp;&nbsp; $1693760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg. | 5.000 | &nbsp;&nbsp;06/01/37 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2031299 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53119227 |
| **New Mexico 0.1%** | **New Mexico 0.1%** | **New Mexico 0.1%** | **New Mexico 0.1%** | **New Mexico 0.1%** |
| 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;1346910 |
| **New York 7.2%** | **New York 7.2%** | **New York 7.2%** | **New York 7.2%** | **New York 7.2%** |
| Build NYC Resource Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Arpt. Facs. Trips Oblig. Grp., AMT(hh) | 5.500 | &nbsp;&nbsp;07/01/42 | 1120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172597 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Arpt. Facs. Trips Oblig. Grp., AMT(hh) | 5.500 | &nbsp;&nbsp;07/01/43 | 2435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2541475 |
| Long Island Pwr. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes | 1.000 | &nbsp;&nbsp;09/01/25 | 4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4067764 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B, Rfdg. (Mandatory put date 09/01/26) | 1.500(cc) | &nbsp;&nbsp;09/01/51 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2909491 |
| Monroe Cnty. Ind. Dev. Corp. Rev.,<br> Eugenio Maria De Hostos Chart. Sch. Proj., Series A, 144A | 5.000 | &nbsp;&nbsp;07/01/34 | &nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837905 |
| New York, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiscal 2015, Rmkt., Sub-Series F-4, GO (Mandatory put date 12/01/25) | 5.000(cc) | &nbsp;&nbsp;06/01/44 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series C, Sub. Series C-1, GO | 5.000 | &nbsp;&nbsp;09/01/41 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051488 |
| 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;1026875 |
| New York City Trans. Fin. Auth. Future Tax Sec'd. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Future Tax Sec., Sub. Series D-1 | 5.500 | &nbsp;&nbsp;11/01/45 | 1560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1651316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Series A-2 | 5.000 | &nbsp;&nbsp;08/01/38 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2046216 |
| New York City Trans. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Multi-Modal Bonds, Sub. Series B | 5.500 | &nbsp;&nbsp;05/01/47 | 3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3729877 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Fiscal 2025, Series D | 5.250 | &nbsp;&nbsp;05/01/43 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5343825 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Fiscal 2025, Series H, Sub. Series H-1, Multi Modal | 5.000 | &nbsp;&nbsp;11/01/39 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5344392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Future Tax, Series A, Sub. Series A-1, Rfdg. | 5.000 | &nbsp;&nbsp;11/01/40 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4222415 |
| 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 | 7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6450181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Tower at One Bryant Park Proj., Rfdg. | 2.450 | &nbsp;&nbsp;09/15/69 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3737422 |
| New York St. Dorm. Auth. Rev.,<br> Series A, Rfdg. | 5.250 | &nbsp;&nbsp;03/15/37 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044408 |

---

------

#### PGIM National Muni Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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;Green Bonds, Series A-2 (Mandatory put date 06/15/29) | 3.350 %(cc) | &nbsp;&nbsp;06/15/54 | &nbsp;&nbsp;&nbsp;665 | &nbsp;&nbsp; $669582 |
| &nbsp;&nbsp;&nbsp;&nbsp;Green Bonds, Series A-2 (Mandatory put date 12/15/30) | 3.450(cc) | &nbsp;&nbsp;06/15/54 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026442 |
| &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 | 3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3132066 |
| New York St. Urban Dev. Corp. Rev.,<br> St. Personal Income Tax Gen. Purp., Series A, Bidding Grp. 1 | 5.000 | &nbsp;&nbsp;03/15/42 | 2255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2295399 |
| New York Trans. Dev. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;JFK Int'l. Arpt. Proj. Term. 4, Series A, Rfdg., AMT | 5.000 | &nbsp;&nbsp;12/01/25 | &nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Laguardia Arpt., Term. B Redev., Series A, AMT | 5.000 | &nbsp;&nbsp;07/01/46 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975478 |
| &nbsp;&nbsp;&nbsp;&nbsp;Laguardia Arpt., Term. C&D Redev. Proj., AMT | 6.000 | &nbsp;&nbsp;04/01/35 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1348112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustainable Bond, JFK Int'l. Arpt. Term. One Proj., AGM | 5.500 | &nbsp;&nbsp;06/30/43 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2074057 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustainable Bond, John F. Kennedy Int'l. Arpt. Term. One Proj., AMT | 6.000 | &nbsp;&nbsp;06/30/54 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560087 |
| Port Auth. of NY & NJ Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 231ST, Rfdg., AMT | 5.500 | &nbsp;&nbsp;08/01/40 | 1290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 246, AMT, Rfdg. | 5.000 | &nbsp;&nbsp;09/01/30 | 1875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1998472 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 246, Rfdg. AMT | 5.000 | &nbsp;&nbsp;09/01/28 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1572286 |
| Triborough Bridge & Tunnel Auth. Rev.,<br> Series A-2, Rfdg. (Mandatory put date 05/15/28) | 2.000(cc) | &nbsp;&nbsp;05/15/45 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890977 |
| TSASC, Inc. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg. | 5.000 | &nbsp;&nbsp;06/01/25 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg. | 5.000 | &nbsp;&nbsp;06/01/41 | 2405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2388962 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74286059 |
| **North Carolina 0.4%** | **North Carolina 0.4%** | **North Carolina 0.4%** | **North Carolina 0.4%** | **North Carolina 0.4%** |
| 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;1197012 |
| 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 | 3075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3070404 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4267416 |
| **Ohio 3.3%** | **Ohio 3.3%** | **Ohio 3.3%** | **Ohio 3.3%** | **Ohio 3.3%** |
| Allen Cnty. Hosp. Facs. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bon Secours Mercy Hlth., Rfdg. | 5.000 | &nbsp;&nbsp;12/01/30 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg. | 5.000 | &nbsp;&nbsp;08/01/25 | 1030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032662 |

---

------

#### PGIM National Muni Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
| **Ohio (cont'd.)** | **Ohio (cont'd.)** | **Ohio (cont'd.)** | **Ohio (cont'd.)** | **Ohio (cont'd.)** |
| American Muni. Pwr., Inc. Rev.,<br> Prairie St. Energy Campus Proj., Series A, Rfdg. | 5.000% | &nbsp;&nbsp;02/15/39 | 2000 | &nbsp;&nbsp; $2114225 |
| Buckeye Tob. Settlement Fing. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series A-2, Class 1, Rfdg. | 5.000 | &nbsp;&nbsp;06/01/28 | 8415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8721090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series A-2, Class 1, Rfdg. | 5.000 | &nbsp;&nbsp;06/01/33 | 3560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3715236 |
| Columbus Metropolitan Hsg. Auth. Rev.,<br> Orchards Proj. & The Eden Park Proj. | 5.000 | &nbsp;&nbsp;12/01/34 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4203387 |
| Hamilton Cnty. Swr. Sys. Rev.,<br> Met Swr. Dept. of Greater Cincinnati, Series B, Rfdg. | 5.000 | &nbsp;&nbsp;12/01/30 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1373572 |
| 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;477781 |
| &nbsp;&nbsp;&nbsp;&nbsp;American Elec. Pwr. Co. Proj., Series A, Rmkt., Rfdg. AMT | 3.750 | &nbsp;&nbsp;01/01/29 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482345 |
| &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 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510788 |
| Ohio St.,<br> Common Sch. Series C, GO, Rfdg. | 5.000 | &nbsp;&nbsp;03/15/27 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038096 |
| Ohio St. Univ. Rev.,<br> Multiyear Debt Issuance Prog. II, Series C | 5.250 | &nbsp;&nbsp;12/01/46 | 3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3666989 |
| Ohio Wtr. Dev. Auth. Rev.,<br> Fresh Wtr., Series A, Rfdg. | 5.250 | &nbsp;&nbsp;06/01/26 | &nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012483 |
| Ohio Wtr. Dev. Auth. Wtr. Pollution Control Loan Fd. Rev.,<br> Sustainable Bonds, Series C | 5.000 | &nbsp;&nbsp;12/01/33 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2252352 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33785252 |
| **Oklahoma 0.8%** | **Oklahoma 0.8%** | **Oklahoma 0.8%** | **Oklahoma 0.8%** | **Oklahoma 0.8%** |
| Oklahoma Inds. Auth. Rev.,<br> Oklahoma City Pub. Sch. Proj. | 5.000 | &nbsp;&nbsp;04/01/28 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053386 |
| Oklahoma Tpke. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg. | 5.000 | &nbsp;&nbsp;01/01/42 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3033644 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Bonds, Series B, Rfdg.(hh) | 5.000 | &nbsp;&nbsp;01/01/40 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103938 |
| Tulsa Municipal Arpt. Trust Trustees Rev.,<br> American Airlines, Inc. Proj., Rfdg., AMT | 6.250 | &nbsp;&nbsp;12/01/40 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1613575 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7804543 |
| **Pennsylvania 3.9%** | **Pennsylvania 3.9%** | **Pennsylvania 3.9%** | **Pennsylvania 3.9%** | **Pennsylvania 3.9%** |
| Bucks Cnty. Indl. Dev. Auth. Rev.,<br> Grand View Hosp. Proj. | 5.000 | &nbsp;&nbsp;07/01/25 | &nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350112 |
| Chester Cnty. Indl. Dev. Auth. Rev.,<br> Avon Grove Chart. Sch. Nts. | 5.000 | &nbsp;&nbsp;03/01/27 | 2140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2165691 |

---

------

#### PGIM National Muni Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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.)** |
| Comnwlth. Fing. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tob. Mstr. Settlement Payment Bonds | 5.000% | &nbsp;&nbsp;06/01/25 | 3520 | &nbsp;&nbsp; $3520000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tob. Mstr. Settlement Payment Bonds | 5.000 | &nbsp;&nbsp;06/01/28 | 2280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2385583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tob. Mstr. Settlement Payment Bonds | 5.000 | &nbsp;&nbsp;06/01/34 | 1170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199238 |
| Delaware Vlly. Regl. Fin. Auth. Rev.,<br> Series A, AMBAC | 5.500 | &nbsp;&nbsp;08/01/28 | 1650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1765750 |
| Luzerne Cnty. Indl. Dev. Auth. Rev.,<br> Pennsylvania American, Rfdg., AMT (Mandatory put date 12/03/29) | 2.450(cc) | &nbsp;&nbsp;12/01/39 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126189 |
| Pennsylvania Econ. Dev. Fing. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;The Penndot Major Bridges Package One Proj., P3 Proj., AGM, AMT | 5.500 | &nbsp;&nbsp;06/30/42 | 3025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3152769 |
| &nbsp;&nbsp;&nbsp;&nbsp;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;1200729 |
| Pennsylvania Higher Ed. Assistance Agcy. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series 1A, AMT(hh) | 5.000 | &nbsp;&nbsp;06/01/33 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2612256 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series 1A, AMT(hh) | 5.000 | &nbsp;&nbsp;06/01/34 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3124822 |
| Pennsylvania St. Univ. Rev.,<br> Series A | 5.000 | &nbsp;&nbsp;09/01/41 | 2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2412670 |
| Pennsylvania Tpke. Commn. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1st Series, Rfdg. | 5.000 | &nbsp;&nbsp;12/01/43 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2602020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A | 5.000 | &nbsp;&nbsp;12/01/49 | 3150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3181855 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A-1, Rfdg. | 5.000 | &nbsp;&nbsp;12/01/40 | 1635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Series A-1 | 5.000 | &nbsp;&nbsp;12/01/25 | 1425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Series B, Rfdg. | 5.000 | &nbsp;&nbsp;06/01/29 | 1985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2014625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Series B-1 | 5.250 | &nbsp;&nbsp;06/01/47 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2009694 |
| Philadelphia Auth. for Indl. Dev. Rev.,<br> Children's Hosp. Proj., Rfdg. | 4.000 | &nbsp;&nbsp;07/01/37 | 1075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034774 |
| Philadelphia Gas Wks. Co. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;16th Series A, AGM | 5.000 | &nbsp;&nbsp;08/01/28 | &nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658429 |
| &nbsp;&nbsp;&nbsp;&nbsp;16th Series A, AGM | 5.000 | &nbsp;&nbsp;08/01/29 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068191 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40659287 |
| **Puerto Rico 1.0%** | **Puerto Rico 1.0%** | **Puerto Rico 1.0%** | **Puerto Rico 1.0%** | **Puerto Rico 1.0%** |
| Puerto Rico Ind. Tourist Edl. Med. & Envirml. Ctl. Facs. Fing. Auth. Rev.,<br> San Juan Cruise Term. Proj., Series 2023, Class A-1, AMT | 6.750 | &nbsp;&nbsp;01/01/45 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115440 |
| Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructured, Series A-1 | 4.500 | &nbsp;&nbsp;07/01/34 | &nbsp;&nbsp;&nbsp;848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838938 |

---

------

#### PGIM National Muni Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **Puerto Rico (cont'd.)** | **Puerto Rico (cont'd.)** | **Puerto Rico (cont'd.)** | **Puerto Rico (cont'd.)** | **Puerto Rico (cont'd.)** |
| Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructured, Series A-1, CABS | 4.431 %(t) | &nbsp;&nbsp;07/01/33 | 1962 | &nbsp;&nbsp; $1376559 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A-1, CABS | 3.758(t) | &nbsp;&nbsp;07/01/27 | 7012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6487940 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9818877 |
| **Rhode Island 1.0%** | **Rhode Island 1.0%** | **Rhode Island 1.0%** | **Rhode Island 1.0%** | **Rhode Island 1.0%** |
| Rhode Island Hlth. & Edl. Bldg. Corp. Higher Ed. Facs. Rev.,<br> Clg. & Univ. Rev. | 5.250 | &nbsp;&nbsp;08/15/43 | 3965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4039429 |
| Rhode Island Student Loan Auth. Rev.,<br> Sr. Series A, AMT | 5.000 | &nbsp;&nbsp;12/01/32 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2081764 |
| Tob. Settlement Fing. Corp. Rev.,<br> Series A, Rfdg. | 5.000 | &nbsp;&nbsp;06/01/40 | 4350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4349737 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10470930 |
| **South Carolina 1.7%** | **South Carolina 1.7%** | **South Carolina 1.7%** | **South Carolina 1.7%** | **South Carolina 1.7%** |
| Greenwood Cnty. Rev.,<br> Self Regional Healthcare, Rfdg. | 5.000 | &nbsp;&nbsp;10/01/25 | 2185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2195577 |
| Patriots Energy Grp. Fing. Agcy. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A-1 (Mandatory put date 08/01/31) | 5.250(cc) | &nbsp;&nbsp;10/01/54 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2656562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B-1, Rfdg. (Mandatory put date 03/01/31) | 5.250(cc) | &nbsp;&nbsp;02/01/54 | 2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2387422 |
| South Carolina Jobs-Econ. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foothill Affordable Hsg. Fndn., Paddock Club & Fairway Proj. (Mandatory put date 03/01/35) | 4.000(cc) | &nbsp;&nbsp;03/01/62 | 3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3063133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Novant Hlth. Oblig. Grp., Series A | 5.000 | &nbsp;&nbsp;11/01/34 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Novant Hlth. Oblig. Grp., Series A | 5.250 | &nbsp;&nbsp;11/01/41 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056342 |
| South Carolina Pub. Svc. Auth. Rev.,<br> Series A, Rfdg. | 5.000 | &nbsp;&nbsp;12/01/32 | 4595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4930966 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17381247 |
| **Tennessee 2.2%** | **Tennessee 2.2%** | **Tennessee 2.2%** | **Tennessee 2.2%** | **Tennessee 2.2%** |
| Knox Cnty. Hlth. Edl. & Hsg. Facs. Brd. Rev.,<br> Univ. of Tennessee Proj., Series B-1, BAM | 5.250 | &nbsp;&nbsp;07/01/64 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988460 |
| Memphis Shelby Cnty. Arpt. Auth. Rev.,<br> Series A, AMT | 5.000 | &nbsp;&nbsp;07/01/25 | &nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830773 |
| Metropolitan Nashville Arpt. Auth. Rev.,<br> Sub. Series B, AMT | 5.000 | &nbsp;&nbsp;07/01/27 | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1843099 |
| Tennergy Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gas Sply. Series A (Mandatory put date 12/01/30) | 5.500(cc) | &nbsp;&nbsp;10/01/53 | &nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A (Mandatory put date 09/01/28) | 4.000(cc) | &nbsp;&nbsp;12/01/51 | 5930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5949203 |

---

------

#### PGIM National Muni Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **Tennessee (cont'd.)** | **Tennessee (cont'd.)** | **Tennessee (cont'd.)** | **Tennessee (cont'd.)** | **Tennessee (cont'd.)** |
| Tennessee Energy Acq. Corp. Gas Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nat. Gas Utility Imps. (Mandatory put date 11/01/25) | 4.000 %(cc) | &nbsp;&nbsp;11/01/49 | 9750 | &nbsp;&nbsp; $9753963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A | 5.250 | &nbsp;&nbsp;09/01/26 | 2675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700045 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22879217 |
| **Texas 8.4%** | **Texas 8.4%** | **Texas 8.4%** | **Texas 8.4%** | **Texas 8.4%** |
| Arlington Higher Edu. Fin. Corp. Rev.,<br> Trinity Basin Preparatory, Inc., PSFG | 5.000 | &nbsp;&nbsp;08/15/48 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017191 |
| Arlington Hsg. Fin. Corp. Rev.,<br> 6900 Matlok Road (Mandatory put date 04/01/27) | 4.500(cc) | &nbsp;&nbsp;04/01/41 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2512103 |
| Bexar Cnty. Hsg. Fin. Corp. Rev.,<br> Pavilion at Culebra Apts. (Mandatory put date 03/01/26) | 4.050(cc) | &nbsp;&nbsp;03/01/28 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2502866 |
| Central Texas Regl. Mobility Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series C | 5.000 | &nbsp;&nbsp;01/01/27 | &nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Lien, Series A (Pre-refunded date 07/01/25)(ee) | 5.000 | &nbsp;&nbsp;01/01/40 | 1395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Lien, Series A (Pre-refunded date 07/01/25)(ee) | 5.000 | &nbsp;&nbsp;01/01/45 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001432 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Lien, Series D, Rfdg. | 5.000 | &nbsp;&nbsp;01/01/29 | 1085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150201 |
| Central Texas Turnpike Sys. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1st Tier, Series B, Rfdg. (Mandatory put date 08/15/30) | 5.000(cc) | &nbsp;&nbsp;08/15/42 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2117713 |
| &nbsp;&nbsp;&nbsp;&nbsp;2nd Tier, Series C, Rfdg. | 5.000 | &nbsp;&nbsp;08/15/41 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2092325 |
| Clifton Higher Ed. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Idea Pub. Sch., Rfdg., PSFG | 5.000 | &nbsp;&nbsp;08/15/38 | 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260931 |
| &nbsp;&nbsp;&nbsp;&nbsp;Idea Pub. Sch., Rfdg., PSFG | 5.000 | &nbsp;&nbsp;08/15/39 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Idea Pub. Sch., Rfdg., PSFG | 5.000 | &nbsp;&nbsp;08/15/39 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045282 |
| &nbsp;&nbsp;&nbsp;&nbsp;International Leadership of Texas, Inc., Series A, Rfdg., PSFG | 5.000 | &nbsp;&nbsp;08/15/39 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060007 |
| Dallas Fort Worth Int'l. Arpt. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rfdg. | 5.000 | &nbsp;&nbsp;11/01/34 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1678016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rfdg. | 5.000 | &nbsp;&nbsp;11/01/36 | 1125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237235 |
| Dallas Hotel Occupancy Tax Rev.,<br> Rfdg. | 4.000 | &nbsp;&nbsp;08/15/28 | 1010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014703 |
| EP Essential Hsg. WF PFC Rev.,<br> Home Essential Fun. Hsg. Prog. Tuscany Mesa Hills Proj. | 4.250 | &nbsp;&nbsp;12/01/34 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982566 |
| EP Tuscany Zaragosa PFC Rev.,<br> Home Essential Function Hsg. Prog. Tuscany Mesa Hills Proj. | 4.000 | &nbsp;&nbsp;12/01/33 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1471430 |
| Galveston Wharves & Term. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1st Lien, Series A, AMT | 5.500 | &nbsp;&nbsp;08/01/40 | 1150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199168 |
| &nbsp;&nbsp;&nbsp;&nbsp;1st Lien, Series A, AMT | 5.500 | &nbsp;&nbsp;08/01/42 | &nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413286 |

---

------

#### PGIM National Muni Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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.)** |
| Galveston Wharves & Term. Rev., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1st Lien, Series A, AMT | 5.500% | &nbsp;&nbsp;08/01/43 | &nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp; $410618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wharves & Term., 1st Lien, AMT | 6.000 | &nbsp;&nbsp;08/01/43 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2114518 |
| Harris Cnty. Cultrl. Ed. Facs. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Memorial Hermann Hlth. Sys. Series B, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/34 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3309475 |
| &nbsp;&nbsp;&nbsp;&nbsp;Memorial Hermann Hlth. Sys., Series C-3, Rfdg. (Mandatory put date 12/01/26) | 5.000(cc) | &nbsp;&nbsp;06/01/32 | 2785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2853760 |
| Harris Cnty. Toll Road Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1st Lien, Series A, Rfdg. | 5.000 | &nbsp;&nbsp;08/15/29 | 1710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1847196 |
| &nbsp;&nbsp;&nbsp;&nbsp;1st Lien, Series A, Rfdg. | 5.000 | &nbsp;&nbsp;08/15/40 | 1225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg. | 5.000 | &nbsp;&nbsp;08/15/35 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2190129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Lien, Series A, Rfdg. | 5.000 | &nbsp;&nbsp;08/15/43 | 5040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5092487 |
| Houston Arpt. Sys. Rev.,<br> United Airlines, Inc. Term. Impvt. Proj., Series B, AMT | 5.500 | &nbsp;&nbsp;07/15/38 | 2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2375150 |
| Houston Combined Util. Sys. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Comb. 1st Lien, Series D, Rfdg. | 5.000 | &nbsp;&nbsp;11/15/34 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3002310 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. 1st Lien, Series A, Rfdg. | 5.000 | &nbsp;&nbsp;11/15/25 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017865 |
| Lakeside Place PFC Rev.,<br> Brookside Gardens Apts. (Mandatory put date 11/01/25) | 4.150(cc) | &nbsp;&nbsp;11/01/26 | 3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500357 |
| Lower Colorado River Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;LCRA Transmn. Svcs. Corp. Proj., Rfdg., AGM | 5.000 | &nbsp;&nbsp;05/15/27 | 1335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1387773 |
| &nbsp;&nbsp;&nbsp;&nbsp;LCRA Transmn. Svcs. Corp. Proj., Series A, Rfdg. | 6.000 | &nbsp;&nbsp;05/15/52 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605794 |
| North Texas Twy. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1st Tier, Series A, Rfdg. | 5.000 | &nbsp;&nbsp;01/01/28 | 1180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192236 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cap. Apprec., Sys., 1st Tier, Series D, Rfdg. | 4.521(t) | &nbsp;&nbsp;01/01/38 | 8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4557177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg. | 5.000 | &nbsp;&nbsp;01/01/30 | 1765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1780906 |
| Permanent Univ. Fd. Univ. of Texas Sys. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/39 | 4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5009986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/40 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3198125 |
| San Antonio Elec. & Gas Sys. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series C, Rfdg. | 5.500 | &nbsp;&nbsp;02/01/49 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059609 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series D, Rfdg. | 5.000 | &nbsp;&nbsp;02/01/41 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2106942 |
| Tarrant Cnty. Cultrl. Ed. Facs. Fin. Corp. Rev.,<br> Christus Hlth. Series B, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/25 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101209 |
| Texas Priv. Activity Bond Surface Trans. Corp. Rev.,<br> Bond Surface Trans. Corp., Sr. Lien, Rfdg. AMT | 5.500 | &nbsp;&nbsp;06/30/40 | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1969351 |
| Texas St.,<br> Mobility Fund, Series B, GO, Rfdg. | 5.000 | &nbsp;&nbsp;10/01/36 | 1870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1871295 |
| Texas Trans. Commn. St. Hwy. Fd. Rev.,<br> Rfdg. | 5.000 | &nbsp;&nbsp;10/01/33 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3378535 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87193560 |

---

------

#### PGIM National Muni Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
| **Utah 2.0%** | **Utah 2.0%** | **Utah 2.0%** | **Utah 2.0%** | **Utah 2.0%** |
| Intermountain Pwr. Agcy. Rev.,<br> Series A | 5.250% | &nbsp;&nbsp;07/01/45 | 2500 | &nbsp;&nbsp; $2563836 |
| Ogden City Sch. Dist., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GO | 1.375 | &nbsp;&nbsp;06/15/32 | 2010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1652626 |
| &nbsp;&nbsp;&nbsp;&nbsp;GO | 1.500 | &nbsp;&nbsp;06/15/33 | 1420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140070 |
| &nbsp;&nbsp;&nbsp;&nbsp;GO | 1.625 | &nbsp;&nbsp;06/15/34 | 2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1731846 |
| Salt Lake City Corp. Arpt. Rev.,<br> Series A, AMT | 5.250 | &nbsp;&nbsp;07/01/48 | 3850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3858306 |
| Utah Cnty. Rev.,<br> IHC Hlth. Svcs., Inc., Series A | 5.000 | &nbsp;&nbsp;05/15/43 | 2545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2594855 |
| Utah Telecommunication Open Infrast. Agcy. Rev.,<br> Rfdg. | 5.500 | &nbsp;&nbsp;06/01/40 | 4885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5329553 |
| Utah Trans. Auth. Rev.,<br> Sr. Lien, Rfdg. | 5.000 | &nbsp;&nbsp;06/15/40 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2136771 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21007863 |
| **Virginia 0.6%** | **Virginia 0.6%** | **Virginia 0.6%** | **Virginia 0.6%** | **Virginia 0.6%** |
| 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;1748539 |
| Fairfax Cnty. Ind. Dev. Auth. Rev.,<br> Healthcare Inova Hlth. Sys., Series B-2, Rmkt., Rfdg. (Mandatory put date 05/15/30) | 5.000(cc) | &nbsp;&nbsp;05/15/57 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172357 |
| James City Cnty. Econ. Dev. Auth. Rev.,<br> Williamsburg Landing, Temps 50, Series C-3 | 5.250 | &nbsp;&nbsp;12/01/27 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000748 |
| Virginia Small Bus. Fing. Auth. Rev.,<br> Sr. Lien Elizabeth River Crossing Opco, LLC Proj. Rfdg. | 4.000 | &nbsp;&nbsp;01/01/30 | 1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1743094 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5664738 |
| **Washington 2.9%** | **Washington 2.9%** | **Washington 2.9%** | **Washington 2.9%** | **Washington 2.9%** |
| Energy Northwest Rev.,<br> Proj. 1, Series B, Rfdg., ETM(ee) | 5.000 | &nbsp;&nbsp;07/01/25 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501465 |
| Port of Seattle Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Intermediate Lien, Series B, Rfdg., AMT | 5.250 | &nbsp;&nbsp;07/01/41 | 3250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3383021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, AMT | 5.000 | &nbsp;&nbsp;05/01/26 | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1825787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, AMT | 5.000 | &nbsp;&nbsp;05/01/43 | 1675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1641669 |
| Washington Healthcare Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Multicare Hlth. Sys., Series B, Rfdg. | 5.000 | &nbsp;&nbsp;08/15/26 | &nbsp;&nbsp;&nbsp;670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671652 |
| &nbsp;&nbsp;&nbsp;&nbsp;Overlake Hosp. Med. Ctr., Rfdg. | 5.000 | &nbsp;&nbsp;07/01/38 | 2690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2623552 |

---

------

#### PGIM National Muni Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
| **Washington (cont'd.)** | **Washington (cont'd.)** | **Washington (cont'd.)** | **Washington (cont'd.)** | **Washington (cont'd.)** |
| Washington St., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020A, GO | 5.000% | &nbsp;&nbsp;08/01/42 | &nbsp;&nbsp;3000 | &nbsp;&nbsp; $3074226 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series R-2024C, GO, Rfdg. | 5.000 | &nbsp;&nbsp;08/01/40 | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175096 |
| &nbsp;&nbsp;&nbsp;&nbsp;Var. Purp., Series A, GO | 5.000 | &nbsp;&nbsp;08/01/42 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2033396 |
| Washington St. Hsg. Fin. Commn. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustainable Cert., Series 2023-1, Class X | 1.450(cc) | &nbsp;&nbsp;04/20/37 | 32361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3193361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustainable Cert., Series 2024-1, Class A | 4.085(cc) | &nbsp;&nbsp;03/20/50 | &nbsp;&nbsp;4980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4520518 |
| Washington St. Univ. Rev.,<br> Rfdg. | 5.000 | &nbsp;&nbsp;04/01/38 | &nbsp;&nbsp;3565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3896884 |
| Whatcom Cnty. Pub. Util. Dist. No. 1,<br> Series A, GO, AMT, BAM | 5.000 | &nbsp;&nbsp;12/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894969 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30435596 |
| **West Virginia 0.4%** | **West Virginia 0.4%** | **West Virginia 0.4%** | **West Virginia 0.4%** | **West Virginia 0.4%** |
| West Virginia Econ. Dev. Auth. Rev.,<br> Commercial Metals Co. Proj., AMT (Mandatory put date 05/15/32) | 4.625(cc) | &nbsp;&nbsp;04/15/55 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1991061 |
| West Virginia Parkways Auth. Rev.,<br> Sr. Turnpike Toll Rev. | 5.000 | &nbsp;&nbsp;06/01/39 | &nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792965 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3784026 |
| **Wisconsin 1.5%** | **Wisconsin 1.5%** | **Wisconsin 1.5%** | **Wisconsin 1.5%** | **Wisconsin 1.5%** |
| Pub. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Astro Texas Land Proj., Rfdg., 144A | 5.000 | &nbsp;&nbsp;12/15/36 | &nbsp;&nbsp;1999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1936520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A, Series 1 | 4.100 | &nbsp;&nbsp;09/25/39 | &nbsp;&nbsp;3965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3770273 |
| &nbsp;&nbsp;&nbsp;&nbsp;Million Air Three LLC Gen. Avtn. Facs. Proj., Series A, Rfdg. AMT, 144A | 5.500 | &nbsp;&nbsp;09/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456868 |
| &nbsp;&nbsp;&nbsp;&nbsp;Million Air Three LLC Gen. Avtn. Facs. Proj., Series A, Rfdg. AMT, 144A | 5.750 | &nbsp;&nbsp;09/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724085 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mountain Island Chrt. Sch., Ltd., Rfdg. | 4.000 | &nbsp;&nbsp;07/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nolina & Sorella Proj., RANS, 144A | 5.500 | &nbsp;&nbsp;12/15/32 | &nbsp;&nbsp;2578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2491908 |
| &nbsp;&nbsp;&nbsp;&nbsp;Providence St. Joseph Hlth. Series 2021C, Rfdg. (Mandatory put date 10/01/30) | 4.000(cc) | &nbsp;&nbsp;10/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Providence St. Joseph Hlth. Series 2021C, Rfdg. (Pre-refunded date 10/01/30)(ee) | 4.000(cc) | &nbsp;&nbsp;10/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617109 |

---

------

#### PGIM National Muni Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **Wisconsin (cont'd.)** | **Wisconsin (cont'd.)** | **Wisconsin (cont'd.)** | **Wisconsin (cont'd.)** | **Wisconsin (cont'd.)** |
| Wisconsin Dept. of Trans. Rev.,<br> Series 1, Rfdg. | 5.000% | &nbsp;&nbsp;07/01/29 | 3000 | &nbsp;&nbsp; $3246787 |
| Wisconsin Hlth. & Edl. Facs. Auth. Rev.,<br> Forensic Science & Protective Med. Collaboration, Inc. Proj., 144A | 5.000 | &nbsp;&nbsp;08/01/27 | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1413748 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15957127 |
| **Total Municipal Bonds<br> (cost $1,044,015,372)** | **Total Municipal Bonds<br> (cost $1,044,015,372)** | **Total Municipal Bonds<br> (cost $1,044,015,372)** | **Total Municipal Bonds<br> (cost $1,044,015,372)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028274476 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** |  |  |
| **Unaffiliated Exchange-Traded Funds 1.2%** | **Unaffiliated Exchange-Traded Funds 1.2%** | **Unaffiliated Exchange-Traded Funds 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares National Muni Bond ETF | &nbsp;&nbsp;71440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7419044 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard Tax-Exempt Bond Index ETF | 103000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5026400 |  |
| **Total Unaffiliated Exchange-Traded Funds<br> (cost $12,397,686)** | **Total Unaffiliated Exchange-Traded Funds<br> (cost $12,397,686)** | **Total Unaffiliated Exchange-Traded Funds<br> (cost $12,397,686)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12445444 |
| **Total Long-Term Investments<br> (cost $1,056,413,058)** | **Total Long-Term Investments<br> (cost $1,056,413,058)** | **Total Long-Term Investments<br> (cost $1,056,413,058)** | &nbsp;&nbsp;&nbsp;&nbsp;1040719920 |
| **Short-Term Investments 0.2%** | **Short-Term Investments 0.2%** | **Short-Term Investments 0.2%** |  |
| **Affiliated Mutual Fund 0.1%** | **Affiliated Mutual Fund 0.1%** | **Affiliated Mutual Fund 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;PGIM Core Ultra Short Bond Fund<br> (cost $984,165)(wb) |  | 984165 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | **Principal<br> Amount<br> (000)#** |  |
| **U.S. Treasury Obligation(k)(n) 0.1%** | **U.S. Treasury Obligation(k)(n) 0.1%** | **U.S. Treasury Obligation(k)(n) 0.1%** | **U.S. Treasury Obligation(k)(n) 0.1%** | **U.S. Treasury Obligation(k)(n) 0.1%** |
| U.S. Treasury Bills<br> (cost $345,134) | 4.233% | &nbsp;&nbsp;10/02/25 | &nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345021 |
| **Total Short-Term Investments<br> (cost $1,329,299)** | **Total Short-Term Investments<br> (cost $1,329,299)** | **Total Short-Term Investments<br> (cost $1,329,299)** | **Total Short-Term Investments<br> (cost $1,329,299)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1329186 |
| **TOTAL INVESTMENTS 100.9%<br> (cost $1,057,742,357)** | **TOTAL INVESTMENTS 100.9%<br> (cost $1,057,742,357)** | **TOTAL INVESTMENTS 100.9%<br> (cost $1,057,742,357)** | **TOTAL INVESTMENTS 100.9%<br> (cost $1,057,742,357)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042049106 |
| Liabilities in excess of other assets(z) (0.9)% | Liabilities in excess of other assets(z) (0.9)% | Liabilities in excess of other assets(z) (0.9)% | Liabilities in excess of other assets(z) (0.9)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8824138) |
| **Net Assets 100.0%** | **Net Assets 100.0%** | **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;$1033224968 |

---

------

#### PGIM National Muni Fund

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

------

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 |
| ETF—Exchange-Traded Fund |
| ETM—Escrowed to Maturity |
| FRDD—Floating Rate Daily Demand Note |
| GO—General Obligation |
| NATL—National Public Finance Guarantee Corp. |
| PFC—Public Facility Corporation |
| PSFG—Permanent School Fund Guarantee |
| RANS—Revenue Anticipation Notes |
| Rfdg—Refunding |
| TCRs—Transferrable Custodial Receipts |

---

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

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

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

(hh) When-issued security.

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

(n) Rate shown reflects yield to maturity at purchased date.

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures contracts outstanding at May 31, 2025:** | **Futures contracts outstanding at May 31, 2025:** | **Futures contracts outstanding at May 31, 2025:** | **Futures contracts outstanding at May 31, 2025:** | **Futures contracts outstanding at May 31, 2025:** |
| **Number<br> of<br> Contracts** | **Type** | **Expiration<br> Date** | **Current<br> Notional<br> Amount** | **Value /<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Short Position:** | **Short Position:** | **Short Position:** | **Short Position:** | **Short Position:** |
| 112 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2025 | $12999000 | $(224572) |

---

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Prudential National Muni Fund, Inc.

- **b. Investment Company Act file number:** 811-02992

- **c. CIK number of Registrant:** 0000314612

- **d. LEI of Registrant:** 438AB8ZYK8OAMF4DNX15

- **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 National Muni Fund

- **b. EDGAR series identifier (if any):** S000004518

- **c. LEI of Series:** 549300E5UZ5OT18FCP58

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1053152966.48

**Total Liabilities:** $22059440.52

**Net Assets:** $1031093525.96

**Delayed Delivery Securities:** $17959458.75

**Cash Not Reported:** $1383219.87

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 2507.10788000 | **1-Year:** 37572.42565000 | **5-Year:** 166887.66672000 | **10-Year:** 334644.06497000 | **30-Year:** 17690.00505000

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

- **3-Month:** 3.04597000 | **1-Year:** 739.32000000 | **5-Year:** 4444.55643000 | **10-Year:** 3690.14058000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000012413 | -1.07%               | -0.59%               | 0.29%                |
| Class ID C000012414 | -1.09%               | -0.53%               | 0.27%                |
| Class ID C000012416 | -1.17%               | -0.68%               | 0.18%                |
| Class ID C000195885 | -1.07%               | -0.58%               | 0.37%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1627111.42             | $-13085150.44                              |
| Month 2  | $-1145877.61             | $-7725624.39                               |
| Month 3  | $-1438015.10             | $1434513.60                                |

**Designated Index Information**

- **Index Name:** PGIM National Muni Fund - ExDerivatives

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                        | Title                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US ULTRA BOND CBT                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -142 | NC      | $-296600.58   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK NY CITY TRANSITIONAL               | New York City Transitional Finance Authority                                     | CUSIP: 64972JSX7<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5344392.40   | 0.52%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY CITY TRANSITIONAL               | New York City Transitional Finance Authority                                     | CUSIP: 64972JAY4<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3729876.56   | 0.36%             | 2047-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA              | Chicago O'Hare International Airport                                             | CUSIP: 167593WQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2013813.02   | 0.20%             | 2042-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU FIN CORP ED              | Clifton Higher Education Finance Corp                                            | CUSIP: 187145UB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1260930.82   | 0.12%             | 2038-08-15      | 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        |   3000000 | PA      | $2980953.14   | 0.29%             | 2054-10-01      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| ALASKA ST                                   | State of Alaska                                                                  | CUSIP: 0117706L3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1128790.21   | 0.11%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT RIVER AZ PROJ AGRIC IMPT&              | Salt River Project Agricultural Improvement & Power District                     | CUSIP: 79574CGN7<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2660375.21   | 0.26%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA URBAN RSDL FIN AUTH              | Atlanta Urban Residential Finance Authority                                      | CUSIP: 04785VBN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1750000.00   | 0.17%             | 2027-06-01      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI              | Pennsylvania Turnpike Commission                                                 | CUSIP: 709224S91<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   3150000 | PA      | $3181854.48   | 0.31%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE              | South Carolina Jobs-Economic Development Authority                               | CUSIP: 837032BM2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1091245.19   | 0.11%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT RIVER AZ PROJ AGRIC IMPT&              | Salt River Project Agricultural Improvement & Power District                     | CUSIP: 79574CFL2<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1972246.15   | 0.19%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST               | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 64613CCV8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2103487.24   | 0.20%             | 2041-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST TURNPIKE AUTH                   | Oklahoma Turnpike Authority                                                      | CUSIP: 679111F74<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2103937.53   | 0.20%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HGR EDU SUPPLEM              | Connecticut State Higher Education Supplement Loan Authority                     | CUSIP: 207743YG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1192514.16   | 0.12%             | 2033-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH R              | Central Texas Regional Mobility Authority                                        | CUSIP: 155498MY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1150201.32   | 0.11%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI              | Pennsylvania Turnpike Commission                                                 | CUSIP: 709225LH7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2602020.45   | 0.25%             | 2043-12-01      | 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        |   2060000 | PA      | $2060000.00   | 0.20%             | 2035-07-01      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV              | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182QP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1875000 | PA      | $2005838.30   | 0.19%             | 2038-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N              | Tobacco Settlement Financing Corp                                                | CUSIP: 888808HF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3135000 | PA      | $3237809.78   | 0.31%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT               | Buckeye Tobacco Settlement Financing Authority                                   | CUSIP: 118217CP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3560000 | PA      | $3715235.58   | 0.36%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST STUDENT LOAN A              | Rhode Island Student Loan Authority                                              | CUSIP: 762323DQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2081763.61   | 0.20%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA              | Main Street Natural Gas Inc                                                      | CUSIP: 56035DJZ6<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2641758.92   | 0.26%             | 2055-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I              | Indianapolis Local Public Improvement Bond Bank                                  | CUSIP: 45528VFX2<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3192157.75   | 0.31%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA              | Main Street Natural Gas Inc                                                      | CUSIP: 56035DGT3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2632017.90   | 0.26%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP               | Sales Tax Securitization Corp                                                    | CUSIP: 79467BCV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1602065.96   | 0.16%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE               | County of Jefferson AL Sewer Revenue                                             | CUSIP: 472682ZM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1558800.89   | 0.15%             | 2042-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DALLAS-FORT WORTH TX INTERNATI              | Dallas Fort Worth International Airport                                          | CUSIP: 23503CDY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1237235.47   | 0.12%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA HARBOR DEPT                  | Port of Los Angeles                                                              | CUSIP: 544552C59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1090437.09   | 0.11%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH POLL CO              | Development Authority of Burke County/The                                        | CUSIP: 121342QM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1685000 | PA      | $1689266.49   | 0.16%             | 2032-10-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| VLG FL CDD #13 SPL ASSMNT REVE              | Village Community Development District No 13                                     | CUSIP: 92708HAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $433007.25    | 0.04%             | 2034-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| GALVESTON TX WHARVES & TERMINA              | City of Galveston TX Wharves & Terminal Revenue                                  | CUSIP: 364568KE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $410617.83    | 0.04%             | 2043-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA ARPT REVENUE                     | City of Atlanta GA Department of Aviation                                        | CUSIP: 04780MXJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $875439.32    | 0.08%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH              | Maricopa County Industrial Development Authority                                 | CUSIP: 56682HCL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1155106.62   | 0.11%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI              | Pennsylvania Turnpike Commission                                                 | CUSIP: 709224MJ5<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1438890.03   | 0.14%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR              | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JQC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7012000 | PA      | $6487939.77   | 0.63%             | 2027-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH               | Orange County Health Facilities Authority                                        | CUSIP: 68450LEQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $973731.23    | 0.09%             | 2044-10-01      | 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        |   2500000 | PA      | $2509768.68   | 0.24%             | 2043-10-01      | Variable      | 5.00%                 | 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        |   2000000 | PA      | $2042262.27   | 0.20%             | 2027-12-01      | Fixed         | 5.00%                 | 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        |   3075000 | PA      | $3070404.11   | 0.30%             | 2027-12-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS F              | New Jersey Health Care Facilities Financing Authority                            | CUSIP: 645790KE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1512688.75   | 0.15%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COOK CNTY IL SALES TAX REVENUE              | County of Cook IL Sales Tax Revenue                                              | CUSIP: 213248DE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2155000 | PA      | $2218105.99   | 0.22%             | 2045-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                  | City of Chicago IL                                                               | CUSIP: 167486G45<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4155239.87   | 0.40%             | 2030-01-01      | 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        |     91586 | NS      | $91585.90     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PHILADELPHIA PA GAS WKS REVENU              | Philadelphia Gas Works Co                                                        | CUSIP: 71783MBK0<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |    625000 | PA      | $658428.57    | 0.06%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH SWR SYS REVEN              | County of Hamilton OH Sewer System Revenue                                       | CUSIP: 407288H77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1373572.16   | 0.13%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JACKSONVILLE FL HSG AUTH REVEN              | Jacksonville Housing Authority                                                   | CUSIP: 46940XAJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3200000 | PA      | $3407759.77   | 0.33%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX UTILITY SYS REVENUE              | City of Houston TX Combined Utility System Revenue                               | CUSIP: 44244CS24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2017864.69   | 0.20%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVER TX AUTH T              | Lower Colorado River Authority                                                   | CUSIP: 54811BZT1<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1605793.88   | 0.16%             | 2052-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ALASKA ST INDL DEV & EXPORT AU              | Alaska Industrial Development & Export Authority                                 | CUSIP: 011903FV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2385000 | PA      | $2428382.97   | 0.24%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VLG FL CDD #13 SPL ASSMNT REVE              | Village Community Development District No 13                                     | CUSIP: 92708HAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2625000 | PA      | $2348248.07   | 0.23%             | 2039-05-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| HILLSBOROUGH CNTY FLA INDL DEV              | Hillsborough County Industrial Development Authority                             | CUSIP: 43233KAQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2010000 | PA      | $2104473.01   | 0.20%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GALVESTON TX WHARVES & TERMINA              | City of Galveston TX Wharves & Terminal Revenue                                  | CUSIP: 364568KD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $413285.52    | 0.04%             | 2042-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP              | New York Transportation Development Corp                                         | CUSIP: 650116AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $975478.21    | 0.09%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX TOLL ROAD REVEN              | County of Harris TX Toll Road Revenue                                            | CUSIP: 41423PAW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5040000 | PA      | $5092487.18   | 0.49%             | 2043-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR              | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1962000 | PA      | $1376559.03   | 0.13%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                                | CUSIP: 452152P96<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2815000 | PA      | $2928253.54   | 0.28%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVIATION AUTH A              | Greater Orlando Aviation Authority                                               | CUSIP: 392275EL3<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2538446.14   | 0.25%             | 2044-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL               | Black Belt Energy Gas District                                                   | CUSIP: 09182TEC7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   4200000 | PA      | $4381019.58   | 0.42%             | 2055-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                                | CUSIP: 452152Q46<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   4285000 | PA      | $4315603.92   | 0.42%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                                | CUSIP: 452152P21<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1136212.08   | 0.11%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGL CO TRANSPRTN DIST PRIV AC              | Regional Transportation District                                                 | CUSIP: 759151BD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $413279.85    | 0.04%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                               | United States Treasury Bill                                                      | CUSIP: 912797MS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | PA      | $345021.49    | 0.03%             | 2025-10-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVIATION AUTH A              | Greater Orlando Aviation Authority                                               | CUSIP: 392274X43<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4940008.55   | 0.48%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST               | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 6461365W7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1360465.79   | 0.13%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NTHRN AK TOBACCO SECURITIZATIO              | Northern Tobacco Securitization Corp                                             | CUSIP: 66585VBM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1066533.66   | 0.10%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST SALES TAX REVENUE               | State of Illinois Sales Tax Revenue                                              | CUSIP: 452227UY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1729042.69   | 0.17%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VLG FL CDD #6 SPL ASSMNT REVEN              | Village Community Development District No 6                                      | CUSIP: 92707UBC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $311080.71    | 0.03%             | 2029-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE              | New Jersey Economic Development Authority                                        | CUSIP: 64577XEY8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1097207.72   | 0.11%             | 2036-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV              | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182LG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1150428.66   | 0.11%             | 2035-12-01      | 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        |   1750000 | PA      | $1743094.23   | 0.17%             | 2030-01-01      | Fixed         | 4.00%                 | 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        |   5840000 | PA      | $5854381.23   | 0.57%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TRANSPRTN COMMISSION               | Central Texas Turnpike System                                                    | CUSIP: 88283KBQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2117712.56   | 0.21%             | 2042-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N              | Tobacco Settlement Financing Corp                                                | CUSIP: 888808HC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1368157.95   | 0.13%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F              | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638THJ5<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1101208.83   | 0.11%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORLANDO FL UTILITIES COMMISSIO              | Orlando Utilities Commission                                                     | CUSIP: 686507JQ8<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |   3475000 | PA      | $3164906.25   | 0.31%             | 2046-10-01      | Variable      | 1.25%                 | No            |                  2 | On Loan: No      |
| GALVESTON TX WHARVES & TERMINA              | City of Galveston TX Wharves & Terminal Revenue                                  | CUSIP: 364568KB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1199168.40   | 0.12%             | 2040-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVIATION AUTH A              | Greater Orlando Aviation Authority                                               | CUSIP: 392274X35<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4956038.67   | 0.48%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HIGHWAY AUTH               | Illinois State Toll Highway Authority                                            | CUSIP: 452252JW0<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1999987.49   | 0.19%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE              | Public Finance Authority                                                         | CUSIP: 74442EBZ2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    385000 | PA      | $385030.31    | 0.04%             | 2027-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A              | Washington Health Care Facilities Authority                                      | CUSIP: 93978HKJ3<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   2690000 | PA      | $2623551.84   | 0.25%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                    | District of Columbia                                                             | CUSIP: 25483VQW7<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1388417.70   | 0.13%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FL INDL DEV AUTH HLTH              | Lee County Industrial Development Authority/FL                                   | CUSIP: 52349EER7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003997.19   | 0.10%             | 2029-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DEKALB CNTY GA HSG AUTH MF HSG              | DeKalb County Housing Authority                                                  | CUSIP: 240471PD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3957036.44   | 0.38%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP              | Metropolitan Nashville Airport Authority/The                                     | CUSIP: 592190NS7<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1843098.68   | 0.18%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P              | Los Angeles Department of Water & Power                                          | CUSIP: 544532BP8<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   8100000 | PA      | $8100000.00   | 0.79%             | 2051-07-01      | Variable      | 3.06%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FL ARPT REVENUE                    | County of Lee FL Airport Revenue                                                 | CUSIP: 523470HU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039530.94   | 0.10%             | 2043-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CMWLTH FING AUTH PA TOBACCO MA              | Commonwealth Financing Authority                                                 | CUSIP: 20282EAJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2280000 | PA      | $2385583.07   | 0.23%             | 2028-06-01      | 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        |   2765000 | PA      | $2800690.68   | 0.27%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV              | Build NYC Resource Corp                                                          | CUSIP: 12008QAC3<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   2435000 | PA      | $2541474.59   | 0.25%             | 2043-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JEA FL ELEC SYS REVENUE                     | JEA Electric System Revenue                                                      | CUSIP: 46613SSE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2739149.48   | 0.27%             | 2037-10-01      | 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        |   1600000 | PA      | $1702168.21   | 0.17%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP               | Sales Tax Securitization Corp                                                    | CUSIP: 79467BCR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2430000 | PA      | $2453337.43   | 0.24%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                             | CUSIP: 19648FVK7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   6900000 | PA      | $7036586.01   | 0.68%             | 2062-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| BASELINE MET DIST #1 CO SPL RE              | Baseline Metropolitan District No 1                                              | CUSIP: 069826AX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4084872.56   | 0.40%             | 2054-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV              | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182QU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1966898.78   | 0.19%             | 2042-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST               | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 64613CEV6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1910000 | PA      | $2020616.12   | 0.20%             | 2041-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                  | Public Finance Authority                                                         | CUSIP: 74442PD93<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2577985 | PA      | $2491907.41   | 0.24%             | 2032-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TEXAS ST                                    | State of Texas                                                                   | CUSIP: 882723ZV4<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   1870000 | PA      | $1871295.30   | 0.18%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGL CO TRANSPRTN DIST PRIV AC              | Regional Transportation District                                                 | CUSIP: 759151BF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $417194.46    | 0.04%             | 2029-07-15      | 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        |   2280000 | PA      | $2302015.66   | 0.22%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multifamily                     | Freddie Mac Multifamily ML Certificates                                          | CUSIP: 3137HASR8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  29205244 | PA      | $3000181.69   | 0.29%             | 2037-09-25      | Variable      | 1.44%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP              | New York Transportation Development Corp                                         | CUSIP: 650116GY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1560086.98   | 0.15%             | 2054-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COLUMBIA CNTY GA HOSP AUTH                  | Columbia County Hospital Authority/GA                                            | CUSIP: 197479AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1231331.67   | 0.12%             | 2048-04-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PATRIOTS ENERGY GROUP FING AGY              | Patriots Energy Group Financing Agency                                           | CUSIP: 70342PAN4<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2656561.47   | 0.26%             | 2054-10-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI              | Pennsylvania Turnpike Commission                                                 | CUSIP: 709224HN2<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1635000.00   | 0.16%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN              | New Hampshire Business Finance Authority                                         | CUSIP: 63608TAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1378583.54   | 0.13%             | 2033-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MOBILE AL INDL DEV BRD POLL CO              | Industrial Development Board of the City of Mobile Alabama                       | CUSIP: 607167DZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $998002.32    | 0.10%             | 2034-06-01      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                             | CUSIP: 19648FJS4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2344549.88   | 0.23%             | 2032-08-01      | 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        |    830000 | PA      | $830773.31    | 0.08%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI MF AFFORDAB              | Public Finance Authority                                                         | CUSIP: 74448FAC5<br>LEI: 5493004S6D3NA627K012 | Long             | ABS-MBS          | USGA              | US        |   3965000 | PA      | $3770273.28   | 0.37%             | 2039-09-25      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                | Ohio Air Quality Development Authority                                           | CUSIP: 677525WZ6<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1482345.31   | 0.14%             | 2029-01-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Vanguard Tax-Exempt Bond Index ETF          | Vanguard Tax-Exempt Bond Index ETF                                               | CUSIP: 922907746<br>LEI: N/A                  | Long             | EC               | RF                | US        |    103000 | NS      | $5026400.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL               | Black Belt Energy Gas District                                                   | CUSIP: 09182TAW7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2895000 | PA      | $2862415.57   | 0.28%             | 2052-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH MUNI CTFS              | New Hampshire Business Finance Authority                                         | CUSIP: 63607WAZ7<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |   2986941 | PA      | $2786711.32   | 0.27%             | 2039-11-20      | Variable      | 4.06%                 | No            |                  2 | On Loan: No      |
| CITYPLACE FL CDD SPL ASSMNT RE              | Cityplace Community Development District                                         | CUSIP: 17877SAL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $269373.17    | 0.03%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N              | Tobacco Settlement Financing Corp                                                | CUSIP: 888808HA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2720000 | PA      | $2720000.00   | 0.26%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FL INDL DEV AUTH HLTH              | Lee County Industrial Development Authority/FL                                   | CUSIP: 52349EET3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001030.27   | 0.10%             | 2029-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST TURNPIKE AUTH                   | Oklahoma Turnpike Authority                                                      | CUSIP: 679111WS9<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3033644.49   | 0.29%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S JERSEY NJ TRANSPRTN AUTH TRA              | South Jersey Transportation Authority                                            | CUSIP: 838536NP1<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064799.27   | 0.10%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FAIRFAX CNTY VA INDL DEV AUTH               | Fairfax County Industrial Development Authority                                  | CUSIP: 303823MY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1172357.03   | 0.11%             | 2057-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN              | New Hampshire Business Finance Authority                                         | CUSIP: 63608TAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1982579.65   | 0.19%             | 2035-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HLTH & EDUCTNL              | Rhode Island Health and Educational Building Corp                                | CUSIP: 762197YR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3965000 | PA      | $4039429.36   | 0.39%             | 2043-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH              | Kentucky Public Energy Authority                                                 | CUSIP: 74440DDS0<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   4925000 | PA      | $4897029.72   | 0.47%             | 2052-08-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P              | Los Angeles Department of Water & Power                                          | CUSIP: 544532BR4<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |  11930000 | PA      | $11930000.00  | 1.16%             | 2051-07-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| GAINESVILLE & HALL CNTY GA HOS              | Gainesville & Hall County Hospital Authority                                     | CUSIP: 362762RA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2200195.31   | 0.21%             | 2034-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST               | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 64613CAK4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1244079.16   | 0.12%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGL TRANSPRTN AUTH IL                      | Regional Transportation Authority                                                | CUSIP: 7599112E9<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |   3605000 | PA      | $3472169.04   | 0.34%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JEA FL ELEC SYS REVENUE                     | JEA Electric System Revenue                                                      | CUSIP: 46613SSG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074527.51   | 0.10%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE              | Port Authority of New York & New Jersey                                          | CUSIP: 73358XFN7<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1372565.92   | 0.13%             | 2040-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST HLTH FACS AUTH                   | Arizona Health Facilities Authority                                              | CUSIP: 040507HN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2265000 | PA      | $2193857.93   | 0.21%             | 2037-01-01      | Variable      | 3.75%                 | 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        |   1500000 | PA      | $1678016.05   | 0.16%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA                            | District of Columbia                                                             | CUSIP: 25476FXR4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3125709.46   | 0.30%             | 2038-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CNTY MN CMNTY DEV A              | Washington County Community Development Agency                                   | CUSIP: 93778DAA4<br>LEI: 5493005S0NC4J4L8DM18 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1199811.86   | 0.12%             | 2026-09-01      | Variable      | 3.68%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P              | Los Angeles Department of Water & Power                                          | CUSIP: 544532PA6<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1328488.16   | 0.13%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST INDUSTRIES AUTH ED              | Oklahoma Industries Authority                                                    | CUSIP: 67910FAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053385.93   | 0.10%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH WT              | New Jersey Economic Development Authority                                        | CUSIP: 645780FR3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    625000 | PA      | $570924.04    | 0.06%             | 2029-11-01      | Variable      | 1.10%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SPL TAX OBLIG R              | State of Connecticut Special Tax Revenue                                         | CUSIP: 207758XS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2195000 | PA      | $2249363.56   | 0.22%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY ST PER              | New York State Housing Finance Agency                                            | CUSIP: 649870NF5<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2026441.65   | 0.20%             | 2054-06-15      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| BEXAR CNTY TX HSG FIN CORP                  | Bexar County Housing Finance Corp                                                | CUSIP: 088379ZF2<br>LEI: 549300PNUZ5DCWVF3E76 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2502865.79   | 0.24%             | 2028-03-01      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE              | City of Salt Lake City UT Airport Revenue                                        | CUSIP: 795576HM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3850000 | PA      | $3858305.85   | 0.37%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN              | New Hampshire Business Finance Authority                                         | CUSIP: 63608TAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4300000 | PA      | $4305648.93   | 0.42%             | 2035-12-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| DEKALB CNTY GA HSG AUTH MF HSG              | DeKalb County Housing Authority                                                  | CUSIP: 240471PE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1974965.21   | 0.19%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH ACT 38 FA              | Michigan Finance Authority                                                       | CUSIP: 59447NBC9<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1300764.07   | 0.13%             | 2049-02-28      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL AVIATION RE              | County of Miami-Dade FL Aviation Revenue                                         | CUSIP: 59333P7L6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2630843.93   | 0.26%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL               | Metropolitan Pier & Exposition Authority                                         | CUSIP: 592247L24<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $4312191.01   | 0.42%             | 2037-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH              | Kentucky Public Energy Authority                                                 | CUSIP: 74440DBR4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   8150000 | PA      | $8150000.00   | 0.79%             | 2049-12-01      | Variable      | 4.00%                 | 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      | $1200728.80   | 0.12%             | 2031-06-01      | Variable      | 1.10%                 | No            |                  2 | On Loan: No      |
| EP TUSCANY ZARAGOSA PFC TX                  | EP Tuscany Zaragosa PFC                                                          | CUSIP: 29414WAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1471430.05   | 0.14%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL               | Metropolitan Pier & Exposition Authority                                         | CUSIP: 592247K58<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $6534175.11   | 0.63%             | 2034-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HLTH SYS R              | Indiana Finance Authority                                                        | CUSIP: 45470YFL0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4165116.58   | 0.40%             | 2062-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX TOLL ROAD REVEN              | County of Harris TX Toll Road Revenue                                            | CUSIP: 41423PDB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2190128.63   | 0.21%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST COPS                            | State of Colorado                                                                | CUSIP: 196711UX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4542108.76   | 0.44%             | 2039-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                             | CUSIP: 19648FVL5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3260869.50   | 0.32%             | 2062-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY ST PER              | New York State Housing Finance Agency                                            | CUSIP: 649870NG3<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    665000 | PA      | $669582.28    | 0.06%             | 2054-06-15      | Variable      | 3.35%                 | 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        |   2000000 | PA      | $2046215.52   | 0.20%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN              | M-S-R Energy Authority                                                           | CUSIP: 55374SAC4<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2330699.16   | 0.23%             | 2039-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN              | New Hampshire Business Finance Authority                                         | CUSIP: 63608TAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1416691.39   | 0.14%             | 2030-12-15      | Fixed         | 5.12%                 | 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        |   3200000 | PA      | $3132066.41   | 0.30%             | 2044-11-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                                | CUSIP: 452152U25<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2509017.75   | 0.24%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R              | Massachusetts Development Finance Agency                                         | CUSIP: 57585BGF9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $2142774.17   | 0.21%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R              | Massachusetts Development Finance Agency                                         | CUSIP: 57584XYD7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2736180.11   | 0.27%             | 2040-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KANSAS ST DEV FIN AUTH HOSP RE              | Kansas Development Finance Authority                                             | CUSIP: 48542AFE6<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |   3165000 | PA      | $3451788.52   | 0.33%             | 2054-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST LOCAL GOVT ENVRNM              | Louisiana Local Government Environmental Facilities & Community Development Auth | CUSIP: 54628C2X9<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $987319.26    | 0.10%             | 2030-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH MUNI CTFS              | New Hampshire Business Finance Authority                                         | CUSIP: 63607WAW4<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |   3979930 | PA      | $3543270.83   | 0.34%             | 2041-10-20      | Variable      | 4.03%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS F              | New Jersey Health Care Facilities Financing Authority                            | CUSIP: 64579XEL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1256419.37   | 0.12%             | 2025-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RAMSEY MN CHRT SCH LEASE REVEN              | City of Ramsey MN                                                                | CUSIP: 751814AA2<br>LEI: 549300PYUDKBK3S78343 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1934104.77   | 0.19%             | 2032-06-01      | Fixed         | 5.00%                 | 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        |   3200000 | PA      | $3063132.81   | 0.30%             | 2062-03-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                  | Port of Seattle WA                                                               | CUSIP: 735389E20<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1641668.81   | 0.16%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                  | Public Finance Authority                                                         | CUSIP: 74442PL52<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    590000 | PA      | $617108.80    | 0.06%             | 2041-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| E-470 CO PUBLIC HIGHWAY AUTH                | E-470 Public Highway Authority                                                   | CUSIP: 26822LDS0<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |   2140000 | PA      | $2122571.19   | 0.21%             | 2025-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN              | New Hampshire Business Finance Authority                                         | CUSIP: 63608TAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1214780.33   | 0.12%             | 2032-12-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE                   | North Texas Tollway Authority                                                    | CUSIP: 66285WVQ6<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1192235.64   | 0.12%             | 2028-01-01      | 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        |   4000000 | PA      | $3737422.49   | 0.36%             | 2069-09-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HGR EDU ASSISTAN              | New Jersey Higher Education Student Assistance Authority                         | CUSIP: 646080YV7<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   2660000 | PA      | $2743131.49   | 0.27%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FA              | Harris County Cultural Education Facilities Finance Corp                         | CUSIP: 414009PP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2785000 | PA      | $2853759.57   | 0.28%             | 2032-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF TEXAS TX PERMANENT UNI              | Permanent University Fund - University of Texas System                           | CUSIP: 915130AC2<br>LEI: 549300GZUEUTLKVGLF98 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3198124.69   | 0.31%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STHRN UTE INDIAN TRIBE OF STHR              | Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado            | CUSIP: 844090AD2<br>LEI: 549300X0RZRBWLO0J697 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5239704.13   | 0.51%             | 2035-04-01      | 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        |   1010000 | PA      | $1014703.48   | 0.10%             | 2028-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA HGR EDU ASSISTANC              | Pennsylvania Higher Education Assistance Agency                                  | CUSIP: 70878CBQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2612256.43   | 0.25%             | 2033-06-01      | Fixed         | 5.00%                 | 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        |   1650000 | PA      | $1765749.63   | 0.17%             | 2028-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PATRIOTS ENERGY GROUP FING AGY              | Patriots Energy Group Financing Agency                                           | CUSIP: 70342PAR5<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2387422.31   | 0.23%             | 2054-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX TOLL ROAD REVEN              | County of Harris TX Toll Road Revenue                                            | CUSIP: 41423PDT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1298423.92   | 0.13%             | 2040-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STHRN CALIFORNIA ST PUBLIC PWR              | Southern California Public Power Authority                                       | CUSIP: 842475R80<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2521812.25   | 0.24%             | 2040-07-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST HGR EDUCTNL FACS FI              | Florida Higher Educational Facilities Financial Authority                        | CUSIP: 34073TGB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1420000 | PA      | $1436999.33   | 0.14%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVER TX AUTH T              | Lower Colorado River Authority                                                   | CUSIP: 54811BH87<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1387773.51   | 0.13%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multifamily                     | Freddie Mac Multifamily ML Certificates                                          | CUSIP: 3137HCXR8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2481823 | PA      | $2491334.34   | 0.24%             | 2040-10-25      | Variable      | 4.55%                 | 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        |   2250000 | PA      | $2083625.79   | 0.20%             | 2044-09-01      | Variable      | 1.30%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TU              | New Jersey Turnpike Authority                                                    | CUSIP: 646140CB7<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   4110000 | PA      | $4273675.97   | 0.41%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                                | CUSIP: 4521525E7<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1510255.85   | 0.15%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO INDL TOURIST EDUCT              | Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth  | CUSIP: 74528LAA9<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1115439.83   | 0.11%             | 2045-01-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| OGDEN CITY UT SCH DIST                      | Ogden City School District                                                       | CUSIP: 676295GA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1420000 | PA      | $1140069.80   | 0.11%             | 2033-06-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA              | Chicago O'Hare International Airport                                             | CUSIP: 1675936A5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030914.23   | 0.10%             | 2042-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SALT VERDE AZ FINANCIAL CORP S              | Salt Verde Financial Corp                                                        | CUSIP: 79575EAM0<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   2180000 | PA      | $2222516.42   | 0.22%             | 2026-12-01      | Fixed         | 5.25%                 | 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      | $1346910.44   | 0.13%             | 2029-04-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA HGR EDU ASSISTANC              | Pennsylvania Higher Education Assistance Agency                                  | CUSIP: 70878CBR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3124822.31   | 0.30%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                  | Public Finance Authority                                                         | CUSIP: 74442PL60<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    910000 | PA      | $914798.97    | 0.09%             | 2041-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| LONG BEACH CA BOND FIN AUTH NA              | Long Beach Bond Finance Authority                                                | CUSIP: 54241AAY9<br>LEI: 549300BKBZ5U7OZH3S21 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1376757.84   | 0.13%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH R              | Central Texas Regional Mobility Authority                                        | CUSIP: 155498DU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1395000 | PA      | $1396997.27   | 0.14%             | 2040-01-01      | 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        |   2000000 | PA      | $1979494.48   | 0.19%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV              | Build NYC Resource Corp                                                          | CUSIP: 12008QAB5<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1172597.24   | 0.11%             | 2042-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT               | Buckeye Tobacco Settlement Financing Authority                                   | CUSIP: 118217CJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8415000 | PA      | $8721090.23   | 0.85%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L              | New York Liberty Development Corp                                                | CUSIP: 649519DH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6450181.27   | 0.63%             | 2069-09-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST                               | State of Washington                                                              | CUSIP: 93974E2F2<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1175096.28   | 0.11%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST PORTS AUTH                       | Georgia Ports Authority                                                          | CUSIP: 373586HS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2643557.93   | 0.26%             | 2043-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL TRANSIT AUTH SALES               | Chicago Transit Authority Sales Tax Receipts Fund                                | CUSIP: 16772PBU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2894856.72   | 0.28%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STAMFORD CT HSG AUTH                        | Stamford Housing Authority                                                       | CUSIP: 852640AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2377955.57   | 0.23%             | 2030-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                 | City of New York NY                                                              | CUSIP: 64966SHA7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051487.50   | 0.10%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ INDL DEV AUTH EDU              | Industrial Development Authority of the County of Pima/The                       | CUSIP: 72177MRA7<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1735000 | PA      | $1738797.56   | 0.17%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HOSP FIN AUTH                   | Michigan State Hospital Finance Authority                                        | CUSIP: 59465HXF8<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |   2665000 | PA      | $2878876.05   | 0.28%             | 2055-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A              | Metropolitan Washington Airports Authority Aviation Revenue                      | CUSIP: 592647LB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3718132.36   | 0.36%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX ELEC & GAS REVE              | City of San Antonio TX Electric & Gas Systems Revenue                            | CUSIP: 79625GLN1<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2106942.29   | 0.20%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL PLAINS ENERGY PROJ NE G              | Central Plains Energy Project                                                    | CUSIP: 154871CW5<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3123832.40   | 0.30%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY CITY TRANSITIONAL               | New York City Transitional Finance Authority                                     | CUSIP: 64972JJX7<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4222415.16   | 0.41%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN MUNI PWR-OHIO INC OH               | American Municipal Power Inc                                                     | CUSIP: 02765USA3<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2114225.01   | 0.21%             | 2039-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY GA DEV AUTH POLL C              | Development Authority of Monroe County/The                                       | CUSIP: 610530FR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $998369.06    | 0.10%             | 2025-07-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| TULSA OK MUNI ARPT TRUST TRUST              | Tulsa Municipal Airport Trust Trustees/OK                                        | CUSIP: 899661EN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1613574.94   | 0.16%             | 2040-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TSASC INC NY                                | TSASC Inc/NY                                                                     | CUSIP: 898526ET1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.10%             | 2025-06-01      | 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        |   5540000 | PA      | $5503604.44   | 0.53%             | 2051-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI              | Washington State Housing Finance Commission                                      | CUSIP: 93978UAA4<br>LEI: 549300YL1HU59NREG764 | Long             | ABS-MBS          | MUN               | US        |   4979934 | PA      | $4520518.00   | 0.44%             | 2040-03-20      | Variable      | 4.08%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ASSET/LIABILITY CO              | Kentucky Asset Liability Commission                                              | CUSIP: 49118NGB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3013552.09   | 0.29%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH              | Kentucky Public Energy Authority                                                 | CUSIP: 74440DEC4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   5370000 | PA      | $5721060.80   | 0.55%             | 2054-04-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| RAILSPLITTER IL TOBACCO SETTLE              | Railsplitter Tobacco Settlement Authority                                        | CUSIP: 75076PBA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1199048.00   | 0.12%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV              | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182VD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061442.34   | 0.10%             | 2042-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                                | CUSIP: 452153AK5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2095000 | PA      | $2264163.83   | 0.22%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST HLTH & EDU FA              | New Hampshire Health and Education Facilities Authority Act                      | CUSIP: 64461XJZ9<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001234.05   | 0.10%             | 2038-06-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P              | Los Angeles Department of Water & Power                                          | CUSIP: 544532HC1<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |  11000000 | PA      | $11000000.00  | 1.07%             | 2057-07-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| MAINE ST HLTH & HGR EDUCTNL FA              | Maine Health & Higher Educational Facilities Authority                           | CUSIP: 56042SEC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2285000 | PA      | $2424369.97   | 0.24%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A              | Metropolitan Washington Airports Authority Aviation Revenue                      | CUSIP: 592647LA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1915000 | PA      | $2023766.45   | 0.20%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEN CNTY OH HOSP FACS REVENU              | County of Allen OH Hospital Facilities Revenue                                   | CUSIP: 01757LFQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1032661.60   | 0.10%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP              | New York Transportation Development Corp                                         | CUSIP: 650116GV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2074057.46   | 0.20%             | 2043-06-30      | Fixed         | 5.50%                 | 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        |   2000000 | PA      | $1991061.55   | 0.19%             | 2055-04-15      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR              | City & County Honolulu HI Wastewater System Revenue                              | CUSIP: 4387014N1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2781899.64   | 0.27%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A              | Metropolitan Washington Airports Authority Aviation Revenue                      | CUSIP: 592647MJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3316021.58   | 0.32%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WYANDOTTE CNTY/KANSAS CITY KS               | Wyandotte County-Kansas City Unified Government Utility System Revenue           | CUSIP: 982674KZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2170000 | PA      | $2136802.01   | 0.21%             | 2045-09-01      | 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        |   2500000 | PA      | $2547192.57   | 0.25%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT VERDE AZ FINANCIAL CORP S              | Salt Verde Financial Corp                                                        | CUSIP: 79575EAR9<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   2685000 | PA      | $2828793.31   | 0.27%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MTGE CORP MF              | FHLMC Multifamily VRD Certificates                                               | CUSIP: 31350ADQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3242655 | PA      | $3215443.06   | 0.31%             | 2041-08-25      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| UNIV OF TEXAS TX PERMANENT UNI              | Permanent University Fund - University of Texas System                           | CUSIP: 915130CC0<br>LEI: 549300GZUEUTLKVGLF98 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $5009986.38   | 0.49%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI              | Pennsylvania Turnpike Commission                                                 | CUSIP: 709224WR6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2009694.21   | 0.19%             | 2047-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WSTWTR TRANSMISSION              | City of Chicago IL Wastewater Transmission Revenue                               | CUSIP: 167727YK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $955374.15    | 0.09%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHESTER CNTY PA INDL DEV AUTH               | Chester County Industrial Development Authority                                  | CUSIP: 165588FP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2140000 | PA      | $2165690.87   | 0.21%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST TRANSPRTN REVENUE              | Wisconsin Department of Transportation                                           | CUSIP: 9771233A4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3246786.80   | 0.31%             | 2029-07-01      | 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        |   1440000 | PA      | $1490001.64   | 0.14%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CMWLTH FING AUTH PA TOBACCO MA              | Commonwealth Financing Authority                                                 | CUSIP: 20282EAQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1199238.04   | 0.12%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EDUCTNL FAC              | Miami-Dade County Educational Facilities Authority                               | CUSIP: 59333APP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3470000 | PA      | $3687815.36   | 0.36%             | 2041-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GA                        | Municipal Electric Authority of Georgia                                          | CUSIP: 62620HJU7<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1080106.51   | 0.10%             | 2041-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA              | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JHF3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1413748.35   | 0.14%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA ARPT REVENUE                     | City of Atlanta GA Department of Aviation                                        | CUSIP: 04780MX46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047728.73   | 0.10%             | 2041-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                | Illinois Finance Authority                                                       | CUSIP: 45204FGS8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1505000 | PA      | $1513831.68   | 0.15%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OGDEN CITY UT SCH DIST                      | Ogden City School District                                                       | CUSIP: 676295FZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2010000 | PA      | $1652626.32   | 0.16%             | 2032-06-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR              | City & County Honolulu HI Wastewater System Revenue                              | CUSIP: 4387014P6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3734339.13   | 0.36%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEN CNTY OH HOSP FACS REVENU              | County of Allen OH Hospital Facilities Revenue                                   | CUSIP: 01757LGV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1184246.28   | 0.11%             | 2030-12-01      | 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      | $494342.80    | 0.05%             | 2028-09-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST PORT AUTH                  | Massachusetts Port Authority                                                     | CUSIP: 575896SZ9<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |    320000 | PA      | $329547.31    | 0.03%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNERGY CORP TN GAS REVENUE                | Tennergy Corp/TN                                                                 | CUSIP: 880397BW3<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   5930000 | PA      | $5949203.55   | 0.58%             | 2051-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| VLG FL CDD #6 SPL ASSMNT REVEN              | Village Community Development District No 6                                      | CUSIP: 92707UBA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $373879.39    | 0.04%             | 2027-05-01      | Fixed         | 4.00%                 | 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      | $477781.45    | 0.05%             | 2038-12-01      | Variable      | 2.40%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH R              | Central Texas Regional Mobility Authority                                        | CUSIP: 155498DV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001431.73   | 0.10%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH               | Orange County Health Facilities Authority                                        | CUSIP: 68450LEH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1510000 | PA      | $1534110.67   | 0.15%             | 2033-10-01      | Fixed         | 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      | $1035392.38   | 0.10%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA GAS WKS REVENU              | Philadelphia Gas Works Co                                                        | CUSIP: 71783MBL8<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068190.84   | 0.10%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST               | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 64613CEL8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2307772.18   | 0.22%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST WTR DEV AUTH REVENUE                | Ohio Water Development Authority                                                 | CUSIP: 677659WU4<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |    995000 | PA      | $1012482.57   | 0.10%             | 2026-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LAKESIDE PLACE PUB FACS CORP T              | Lakeside Place PFC                                                               | CUSIP: 512179AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3500357.02   | 0.34%             | 2026-11-01      | Variable      | 4.15%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                                | CUSIP: 452153KC2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016310.58   | 0.10%             | 2045-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                 | City of Houston TX Airport System Revenue                                        | CUSIP: 442349HY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2375149.56   | 0.23%             | 2038-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE              | Chicago Board of Education Dedicated Capital Improvement Tax                     | CUSIP: 167510AM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $971363.37    | 0.09%             | 2046-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GA                        | Municipal Electric Authority of Georgia                                          | CUSIP: 62620HJW3<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031829.22   | 0.10%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multifamily                     | Freddie Mac Multifamily ML Certificates                                          | CUSIP: 3137HFP74<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3970221 | PA      | $3734495.93   | 0.36%             | 2041-05-25      | Variable      | 4.16%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI              | Pennsylvania Turnpike Commission                                                 | CUSIP: 709224PC7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1985000 | PA      | $2014625.37   | 0.20%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N              | Tobacco Settlement Financing Corp                                                | CUSIP: 888808HG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1693759.77   | 0.16%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE              | New Jersey Economic Development Authority                                        | CUSIP: 64577B7D0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1601042.29   | 0.16%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WHATCOM CNTY WA PUBLIC UTIL DI              | Whatcom County Public Utility District No 1                                      | CUSIP: 962468FL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $894968.57    | 0.09%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                             | CUSIP: 19648FMB7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3060000 | PA      | $2886028.80   | 0.28%             | 2040-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                  | Port of Seattle WA                                                               | CUSIP: 7353892N7<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3383021.09   | 0.33%             | 2041-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE                   | City of Chicago IL Waterworks Revenue                                            | CUSIP: 167736L62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2390000 | PA      | $2422417.77   | 0.23%             | 2036-11-01      | Fixed         | 5.00%                 | 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      | $1748539.49   | 0.17%             | 2054-12-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL ARPT SYS REVEN              | County of Broward FL Airport System Revenue                                      | CUSIP: 114894WJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2880991.29   | 0.28%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI              | Washington State Housing Finance Commission                                      | CUSIP: 93978T4N6<br>LEI: 549300YL1HU59NREG764 | Long             | ABS-MBS          | MUN               | US        |  32361331 | PA      | $3193361.16   | 0.31%             | 2037-04-20      | Variable      | 1.45%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA ARPT PASSENGER FAC               | City of Atlanta GA Airport Passenger Facility Charge                             | CUSIP: 04780TEY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4125800.78   | 0.40%             | 2043-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INTERMOUNTAIN PWR AGY UT PWR S              | Intermountain Power Agency                                                       | CUSIP: 45884AG31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2563835.91   | 0.25%             | 2045-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TRANSPRTN COMMISSION               | Central Texas Turnpike System                                                    | CUSIP: 88283KCG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2092325.29   | 0.20%             | 2041-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE                   | North Texas Tollway Authority                                                    | CUSIP: 66285WSJ6<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1765000 | PA      | $1780906.30   | 0.17%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL               | New York City Transitional Finance Authority Future Tax Secured Revenue          | CUSIP: 64971X4D7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1560000 | PA      | $1651315.56   | 0.16%             | 2045-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE              | Port Authority of New York & New Jersey                                          | CUSIP: 73358XNH1<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1572285.58   | 0.15%             | 2028-09-01      | Fixed         | 5.00%                 | 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        |   1500000 | PA      | $1557604.98   | 0.15%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                  | City of Chicago IL                                                               | CUSIP: 167486P78<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017111.28   | 0.10%             | 2041-01-01      | Fixed         | 5.50%                 | 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        |   5000000 | PA      | $5154528.05   | 0.50%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH ST              | California Municipal Finance Authority                                           | CUSIP: 13049YCP4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051215.90   | 0.10%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH AL COMMO              | Southeast Energy Authority A Cooperative District                                | CUSIP: 84136FBT3<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2610996.82   | 0.25%             | 2054-01-01      | Variable      | 5.25%                 | 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        |   9670000 | PA      | $10083410.35  | 0.98%             | 2055-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| EP ESSENTIAL HOUSING WF PFC TX              | EP Essential Housing WF PFC                                                      | CUSIP: 29416AAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $982565.99    | 0.10%             | 2034-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS F              | New Jersey Health Care Facilities Financing Authority                            | CUSIP: 645790FM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1028596.32   | 0.10%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KNOX CNTY TN HLTH EDUCTNL & HS              | Knox County Health Educational & Housing Facility Board                          | CUSIP: 499526BK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $988459.63    | 0.10%             | 2064-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH LEASE REVENU              | New Hampshire Business Finance Authority                                         | CUSIP: 63610FBL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1859507.99   | 0.18%             | 2051-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH MF HS              | Arizona Industrial Development Authority                                         | CUSIP: 04062PCC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3057862.24   | 0.30%             | 2058-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                | Michigan Finance Authority                                                       | CUSIP: 59447T3J0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068575.21   | 0.10%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE                   | North Texas Tollway Authority                                                    | CUSIP: 66285WCD6<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $4557176.82   | 0.44%             | 2038-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST URBAN DEV CORP REV              | Empire State Development Corp                                                    | CUSIP: 6500358B7<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   2255000 | PA      | $2295399.10   | 0.22%             | 2042-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST                                     | State of Ohio                                                                    | CUSIP: 677523AX0<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038096.54   | 0.10%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST SALES TAX REVENUE               | State of Illinois Sales Tax Revenue                                              | CUSIP: 452227SB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3099099.20   | 0.30%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                                | CUSIP: 452153GM5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1287730.59   | 0.12%             | 2036-07-01      | Fixed         | 5.00%                 | 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        |    800000 | PA      | $803926.15    | 0.08%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GEORGIA                   | Municipal Electric Authority of Georgia                                          | CUSIP: 6262074P6<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1439409.16   | 0.14%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S MIAMI FL HLTH FACS AUTH                   | City Of South Miami Health Facilities Authority Inc                              | CUSIP: 838810EE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1048914.65   | 0.10%             | 2047-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH COOPERAT              | Southeast Energy Authority A Cooperative District                                | CUSIP: 84136HAK9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   2060000 | PA      | $2084552.40   | 0.20%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                  | Port of Seattle WA                                                               | CUSIP: 735389C55<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1825786.56   | 0.18%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                | Illinois Finance Authority                                                       | CUSIP: 45204FWF8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1386741.07   | 0.13%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH NATIO              | Arizona Industrial Development Authority                                         | CUSIP: 04052FEL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3026143.57   | 0.29%             | 2048-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multifamily                     | Freddie Mac Multifamily ML Certificates                                          | CUSIP: 3137HDJL5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2893694 | PA      | $2838121.30   | 0.28%             | 2042-04-25      | Variable      | 4.56%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HGR EDU ASSISTAN              | New Jersey Higher Education Student Assistance Authority                         | CUSIP: 646080WA5<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    550000 | PA      | $553445.72    | 0.05%             | 2025-12-01      | Fixed         | 5.00%                 | 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        |   1875000 | PA      | $1998472.31   | 0.19%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN HLTH CARE SYS R              | City of Minneapolis MN                                                           | CUSIP: 60374VEX7<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1204133.73   | 0.12%             | 2053-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP              | New York Transportation Development Corp                                         | CUSIP: 650116GN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1348112.11   | 0.13%             | 2035-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP R              | Tobacco Settlement Financing Corp/RI                                             | CUSIP: 888809BE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4350000 | PA      | $4349737.48   | 0.42%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PITTSBURG CA REDEV AGY TAX ALL              | Pittsburg Successor Agency Redevelopment Agency                                  | CUSIP: 724568GC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1989289.09   | 0.19%             | 2025-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS OH MET HSG AUTH GEN R              | Columbus Metropolitan Housing Authority                                          | CUSIP: 19951AAU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4203387.15   | 0.41%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                             | CUSIP: 19648FYG3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1278209.21   | 0.12%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP               | Arlington Higher Education Finance Corp                                          | CUSIP: 041807FF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017190.93   | 0.10%             | 2048-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FAYETTEVILLE AR SALES & USE TA              | City of Fayetteville AR Sales & Use Tax Revenue                                  | CUSIP: 312673FR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2780000 | PA      | $2698738.79   | 0.26%             | 2032-11-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| COLORADO SPRINGS CO UTILITIES               | City of Colorado Springs CO Utilities System Revenue                             | CUSIP: 196632Q97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3080000 | PA      | $3132796.27   | 0.30%             | 2043-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A              | Metropolitan Washington Airports Authority Aviation Revenue                      | CUSIP: 592647EC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4945000 | PA      | $5044902.42   | 0.49%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH              | Kentucky Public Energy Authority                                                 | CUSIP: 74440DFN9<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6296351.17   | 0.61%             | 2055-06-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                 | City of New York NY                                                              | CUSIP: 64966QWM8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.19%             | 2044-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA ARPT REVENUE                     | City of Atlanta GA Department of Aviation                                        | CUSIP: 04780MX79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026156.31   | 0.10%             | 2044-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                | Michigan Finance Authority                                                       | CUSIP: 59447TL92<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2270000 | PA      | $2236922.97   | 0.22%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST               | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 64613CGC6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3614790.34   | 0.35%             | 2041-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX TOLL ROAD REVEN              | County of Harris TX Toll Road Revenue                                            | CUSIP: 41423PCK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1847195.82   | 0.18%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST UNIV                                | Ohio State University/The                                                        | CUSIP: 677632Q95<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3666988.87   | 0.36%             | 2046-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST PUBLIC FACS AUTH               | Louisiana Public Facilities Authority                                            | CUSIP: 546395Q49<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10014.96     | 0.00%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST PUBLIC FACS AUTH               | Louisiana Public Facilities Authority                                            | CUSIP: 546395R63<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1990000 | PA      | $1991473.76   | 0.19%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORT LAUDERDALE FL WTR & SWR R              | City of Fort Lauderdale FL Water & Sewer Revenue                                 | CUSIP: 347658ZA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2646191.60   | 0.26%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VLG FL CDD #6 SPL ASSMNT REVEN              | Village Community Development District No 6                                      | CUSIP: 92707UBB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $301609.93    | 0.03%             | 2028-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALASKA ST MUNI BOND BANK AUTH               | Alaska Municipal Bond Bank Authority                                             | CUSIP: 01179RE58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1391110.46   | 0.13%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE                   | City of Chicago IL Waterworks Revenue                                            | CUSIP: 167736F77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1865000 | PA      | $1903268.41   | 0.18%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU FIN CORP ED              | Clifton Higher Education Finance Corp                                            | CUSIP: 187145SS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060007.17   | 0.10%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA ARPT REVENUE                     | City of Atlanta GA Department of Aviation                                        | CUSIP: 04780MX61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2073314.67   | 0.20%             | 2043-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                | Michigan Finance Authority                                                       | CUSIP: 59447TK69<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1950000 | PA      | $2050072.73   | 0.20%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA              | Chicago O'Hare International Airport                                             | CUSIP: 1675935Z1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1570563.70   | 0.15%             | 2041-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                             | CUSIP: 19648FJH8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2605000 | PA      | $2605121.04   | 0.25%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV              | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182LX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3045868.61   | 0.30%             | 2043-12-01      | Fixed         | 5.25%                 | 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        |   7815000 | PA      | $7820921.83   | 0.76%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| iShares National Muni Bond ETF              | iShares National Muni Bond ETF                                                   | CUSIP: 464288414<br>LEI: 549300H21FUYFQW9N157 | Long             | EC               | RF                | US        |     71440 | NS      | $7419044.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTRL FL EXPRESSWAY AUTH SR L              | Central Florida Expressway Authority                                             | CUSIP: 153476DC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1879797.06   | 0.18%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TSASC INC NY                                | TSASC Inc/NY                                                                     | CUSIP: 898526FF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2405000 | PA      | $2388962.32   | 0.23%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY              | San Francisco City & County Airport Comm-San Francisco International Airport     | CUSIP: 79766DWV7<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2590639.11   | 0.25%             | 2043-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST               | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 646136XQ9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $2438523.67   | 0.24%             | 2040-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP ARP              | City of Phoenix Civic Improvement Corp                                           | CUSIP: 71883MLF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1906083.83   | 0.18%             | 2047-07-01      | Fixed         | 5.00%                 | 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      | $1026875.46   | 0.10%             | 2037-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UTAH ST TELECOMMUNICATION OPEN              | Utah Telecommunication Open Infrastructure Agency                                | CUSIP: 91756SAQ6<br>LEI: 549300LCGT5UXUJ1LP77 | Long             | DBT              | MUN               | US        |   4885000 | PA      | $5329553.19   | 0.52%             | 2040-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL               | Black Belt Energy Gas District                                                   | CUSIP: 09182NCB4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006243.82   | 0.10%             | 2052-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                | Michigan Finance Authority                                                       | CUSIP: 59447TK51<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1900082.43   | 0.18%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WHITING IN ENVRNMNTL FACS REVE              | City of Whiting IN                                                               | CUSIP: 96634RAU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2025000 | PA      | $2050595.54   | 0.20%             | 2044-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL               | Black Belt Energy Gas District                                                   | CUSIP: 09182TAF4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2995626.53   | 0.29%             | 2052-10-01      | Variable      | 4.00%                 | 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        |   1000000 | PA      | $1044407.96   | 0.10%             | 2037-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ALASKA ST INDL DEV & EXPORT AU              | Alaska Industrial Development & Export Authority                                 | CUSIP: 011903GA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1555000 | PA      | $1626873.55   | 0.16%             | 2031-10-01      | 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        |   3870000 | PA      | $3641700.35   | 0.35%             | 2040-10-20      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| UTAH CNTY UT HOSP REVENUE                   | County of Utah UT                                                                | CUSIP: 917393DB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2545000 | PA      | $2594855.18   | 0.25%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TU              | New Jersey Turnpike Authority                                                    | CUSIP: 6461396F7<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006790.16   | 0.10%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH               | Orange County Health Facilities Authority                                        | CUSIP: 68450LGA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2331801.41   | 0.23%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST UNIV REVENUES                   | Michigan State University                                                        | CUSIP: 594712YD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2133118.90   | 0.21%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                    | District of Columbia                                                             | CUSIP: 25483VTN4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500577.16    | 0.05%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                | Michigan Finance Authority                                                       | CUSIP: 59447TK44<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2106691.59   | 0.20%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ST ENERGY ACQUISITIO              | Tennessee Energy Acquisition Corp                                                | CUSIP: 880443BS4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   2675000 | PA      | $2700045.06   | 0.26%             | 2026-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                                | CUSIP: 452153JW0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2025000 | PA      | $2098931.07   | 0.20%             | 2039-05-01      | Fixed         | 5.00%                 | 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        |   2000000 | PA      | $1980807.80   | 0.19%             | 2058-09-01      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                                | CUSIP: 452152M57<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    500000 | PA      | $508435.75    | 0.05%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                                | CUSIP: 4521522L4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    750000 | PA      | $790100.67    | 0.08%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VLG FL CDD #13 SPL ASSMNT REVE              | Village Community Development District No 13                                     | CUSIP: 92708HAM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1630000 | PA      | $1502952.10   | 0.15%             | 2031-05-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N              | Tobacco Settlement Financing Corp                                                | CUSIP: 888808HP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2031298.98   | 0.20%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDL DEV AUTH HOSP REV              | Arizona Industrial Development Authority                                         | CUSIP: 04052EAL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $323012.92    | 0.03%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALASKA ST INDL DEV & EXPORT AU              | Alaska Industrial Development & Export Authority                                 | CUSIP: 011903GL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2449183.96   | 0.24%             | 2049-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST TRANSIT AUTH SALES TAX              | Utah Transit Authority                                                           | CUSIP: 917567HP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2136770.78   | 0.21%             | 2040-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE                   | City of Chicago IL Waterworks Revenue                                            | CUSIP: 167736G43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $520467.58    | 0.05%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LUZERNE CNTY PA INDL DEV AUTH               | Luzerne County Industrial Development Authority                                  | CUSIP: 550728AF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1126188.85   | 0.11%             | 2039-12-01      | Variable      | 2.45%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX ELEC & GAS REVE              | City of San Antonio TX Electric & Gas Systems Revenue                            | CUSIP: 79625GLA9<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059608.99   | 0.10%             | 2049-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN              | New Hampshire Business Finance Authority                                         | CUSIP: 63608TAS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2512479.97   | 0.24%             | 2033-12-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SELMA AL INDL DEV BRD REVENUE               | Selma Industrial Development Board                                               | CUSIP: 81647PAF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1597975.46   | 0.15%             | 2034-05-01      | Variable      | 1.38%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST TURNPIKE AUTH ECON              | Kentucky Turnpike Authority                                                      | CUSIP: 491552W27<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1339323.08   | 0.13%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R              | Massachusetts Development Finance Agency                                         | CUSIP: 57585BAM0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2020701.14   | 0.20%             | 2036-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A              | South Carolina Public Service Authority                                          | CUSIP: 837151WU9<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   4595000 | PA      | $4930966.25   | 0.48%             | 2032-12-01      | 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        |   1900000 | PA      | $1969350.75   | 0.19%             | 2040-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TU              | New Jersey Turnpike Authority                                                    | CUSIP: 646140GD9<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2058966.83   | 0.20%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OGDEN CITY UT SCH DIST                      | Ogden City School District                                                       | CUSIP: 676295GB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $1731845.57   | 0.17%             | 2034-06-15      | Fixed         | 1.62%                 | 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      | $999559.40    | 0.10%             | 2027-07-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST                               | State of Washington                                                              | CUSIP: 93974D4H8<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2033396.00   | 0.20%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY CITY TRANSITIONAL               | New York City Transitional Finance Authority                                     | CUSIP: 64972JNJ3<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5343824.77   | 0.52%             | 2043-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ST ENERGY ACQUISITIO              | Tennessee Energy Acquisition Corp                                                | CUSIP: 880443JE7<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   9750000 | PA      | $9753963.32   | 0.95%             | 2049-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY NY INDL DEV CORP R              | Monroe County Industrial Development Corp/NY                                     | CUSIP: 61075TXT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $837904.54    | 0.08%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                    | District of Columbia                                                             | CUSIP: 25483VVP6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1220117.76   | 0.12%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL               | Philadelphia Authority for Industrial Development                                | CUSIP: 717901BK7<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1034773.70   | 0.10%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE              | South Carolina Jobs-Economic Development Authority                               | CUSIP: 837032BU4<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1056342.32   | 0.10%             | 2041-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                  | Public Finance Authority                                                         | CUSIP: 74442PL86<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1999101 | PA      | $1936519.71   | 0.19%             | 2036-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST UNIV REVENUES                 | Washington State University                                                      | CUSIP: 940094FT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3565000 | PA      | $3896884.55   | 0.38%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HIGHWAY AUTH               | Illinois State Toll Highway Authority                                            | CUSIP: 452252QB8<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2363525.85   | 0.23%             | 2043-01-01      | Fixed         | 5.25%                 | 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        |   4500000 | PA      | $4746705.89   | 0.46%             | 2054-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV              | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182VC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1067400.89   | 0.10%             | 2041-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MIAMI BEACH FL REDEV AGY                    | Miami Beach Redevelopment Agency                                                 | CUSIP: 593237FR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501319.16   | 0.15%             | 2044-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREENWOOD CNTY SC HOSP REVENUE              | County of Greenwood SC                                                           | CUSIP: 397090HP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2185000 | PA      | $2195576.93   | 0.21%             | 2025-10-01      | Fixed         | 5.00%                 | 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        |   1500000 | PA      | $1510788.00   | 0.15%             | 2039-11-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH WT              | New Jersey Economic Development Authority                                        | CUSIP: 645780FL6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1112619.50   | 0.11%             | 2039-10-01      | Variable      | 2.20%                 | No            |                  2 | On Loan: No      |
| OHIO ST WTR DEV AUTH WTR POLL               | Ohio Water Development Authority Water Pollution Control Loan Fund               | CUSIP: 67766WM74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2252351.68   | 0.22%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST                               | State of Washington                                                              | CUSIP: 93974EAV8<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3074226.15   | 0.30%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST ARPTS SYS REVENUE                 | State of Hawaii Airports System Revenue                                          | CUSIP: 419794ZL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000909.88   | 0.10%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVIATION AUTH A              | Greater Orlando Aviation Authority                                               | CUSIP: 3922742C9<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1848344.98   | 0.18%             | 2038-10-01      | 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        |   3000000 | PA      | $3002309.65   | 0.29%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL               | Triborough Bridge & Tunnel Authority                                             | CUSIP: 89602HAE7<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1890976.87   | 0.18%             | 2045-05-15      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVIATION AUTH A              | Greater Orlando Aviation Authority                                               | CUSIP: 392274Z25<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1568980.52   | 0.15%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOUGLAS CNTY NE HOSP AUTH #2                | Douglas County Hospital Authority No 2                                           | CUSIP: 259230PJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1273474.21   | 0.12%             | 2053-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| OWEN CNTY KY WTR FACS REVENUE               | County of Owen KY                                                                | CUSIP: 69068WAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1424871.14   | 0.14%             | 2039-06-01      | Variable      | 2.45%                 | No            |                  2 | On Loan: No      |
| ENERGY N W WA ELEC REVENUE                  | Energy Northwest                                                                 | CUSIP: 29270C6A8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501465.07   | 0.15%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SARASOTA CNTY FL PUBLIC HOSP D              | Sarasota County Public Hospital District                                         | CUSIP: 803301CW8<br>LEI: 549300JY4SF4DU1YDF85 | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1230488.37   | 0.12%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNERGY CORP TN GAS REVENUE                | Tennergy Corp/TN                                                                 | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |    770000 | PA      | $813673.97    | 0.08%             | 2053-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST UNIV                        | Pennsylvania State University/The                                                | CUSIP: 709235XF7<br>LEI: 549300QDK4O4XCJ47X56 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2412669.98   | 0.23%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VLG FL CDD #13 SPL ASSMNT REVE              | Village Community Development District No 13                                     | CUSIP: 92708HAG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2405000 | PA      | $2182684.66   | 0.21%             | 2030-05-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST TRANSPRTN AUTH TRA              | Maryland State Transportation Authority                                          | CUSIP: 574300PS2<br>LEI: 254900MKNK0MO0Z4X426 | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1106639.95   | 0.11%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JAMES CITY CNTY VA ECON DEV AU              | James City County Economic Development Authority                                 | CUSIP: 47029WEK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000747.76   | 0.10%             | 2027-12-01      | Fixed         | 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        |   2500000 | PA      | $2512103.08   | 0.24%             | 2041-04-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST STRATEGIC FUND LTD              | Michigan Strategic Fund                                                          | CUSIP: 594698SR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6150000 | PA      | $6117793.11   | 0.59%             | 2061-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P              | Los Angeles Department of Water & Power                                          | CUSIP: 544532HU1<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   8500000 | PA      | $8500000.00   | 0.82%             | 2048-07-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HGR EDU ASSISTAN              | New Jersey Higher Education Student Assistance Authority                         | CUSIP: 646080WB3<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    700000 | PA      | $712556.07    | 0.07%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH MUNI CTFS              | New Hampshire Business Finance Authority                                         | CUSIP: 63607WBD5<br>LEI: N/A                  | Long             | ABS-MBS          | MUN               | US        |   1997130 | PA      | $1880989.98   | 0.18%             | 2041-01-20      | Variable      | 4.09%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL               | Connecticut State Health & Educational Facilities Authority                      | CUSIP: 20774YJ99<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   2310000 | PA      | $2266220.11   | 0.22%             | 2042-07-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                             | CUSIP: 19648FXF6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3227268.22   | 0.31%             | 2036-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS TRANSPRTN COMMISSION ST               | Texas Department of Transportation State Highway Fund                            | CUSIP: 88283LLD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3378535.08   | 0.33%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR              | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JPU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    848000 | PA      | $838938.24    | 0.08%             | 2034-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV              | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182LR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2375000 | PA      | $2416605.44   | 0.23%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                  | City of Chicago IL                                                               | CUSIP: 167486WY1<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009736.33   | 0.10%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ENVRNMNTL               | Indiana Finance Authority                                                        | CUSIP: 455059AJ4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    625000 | PA      | $613405.37    | 0.06%             | 2038-12-01      | Variable      | 0.95%                 | 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        |   1300000 | PA      | $1300534.79   | 0.13%             | 2026-08-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI SPL FAC REV              | Public Finance Authority                                                         | CUSIP: 74446DAK4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    450000 | PA      | $456868.31    | 0.04%             | 2030-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CMWLTH FING AUTH PA TOBACCO MA              | Commonwealth Financing Authority                                                 | CUSIP: 20282EAF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3520000 | PA      | $3520000.00   | 0.34%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH R              | Central Texas Regional Mobility Authority                                        | CUSIP: 155498LY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $807664.43    | 0.08%             | 2027-01-01      | 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        |   3000000 | PA      | $2909490.51   | 0.28%             | 2051-09-01      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN              | Florida Development Finance Corp                                                 | CUSIP: 34061UEW4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    555000 | PA      | $563206.48    | 0.05%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING               | Pennsylvania Economic Development Financing Authority                            | CUSIP: 70868YAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3025000 | PA      | $3152769.05   | 0.31%             | 2042-06-30      | Fixed         | 5.50%                 | 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      | $639363.14    | 0.06%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET               | Minneapolis-St Paul Metropolitan Airports Commission                             | CUSIP: 603827K21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2325000 | PA      | $2460065.95   | 0.24%             | 2033-01-01      | 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        |   1500000 | PA      | $1542649.38   | 0.15%             | 2028-12-01      | Fixed         | 5.00%                 | 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      | $1197012.12   | 0.12%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU FIN CORP ED              | Clifton Higher Education Finance Corp                                            | CUSIP: 187145UC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045282.29   | 0.10%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FA              | Harris County Cultural Education Facilities Finance Corp                         | CUSIP: 414009SG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3309475.02   | 0.32%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A              | City of Los Angeles Department of Airports                                       | CUSIP: 544445SX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4170000 | PA      | $4170415.50   | 0.40%             | 2046-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH              | Kentucky Public Energy Authority                                                 | CUSIP: 74440DCM4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    920000 | PA      | $922162.64    | 0.09%             | 2050-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| BUCKS CNTY PA INDL DEV AUTH HO              | Bucks County Industrial Development Authority                                    | CUSIP: 11861MAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $350112.13    | 0.03%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A              | Washington Health Care Facilities Authority                                      | CUSIP: 93978HNV3<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    670000 | PA      | $671652.15    | 0.07%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HGR EDU SUPPLEM              | Connecticut State Higher Education Supplement Loan Authority                     | CUSIP: 207743YF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2630000 | PA      | $2783359.75   | 0.27%             | 2032-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU FIN CORP ED              | Clifton Higher Education Finance Corp                                            | CUSIP: 187145DB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001216.81   | 0.10%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI SPL FAC REV              | Public Finance Authority                                                         | CUSIP: 74446DAL2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    715000 | PA      | $724085.39    | 0.07%             | 2035-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LONG ISLAND NY PWR AUTH ELEC S              | Long Island Power Authority                                                      | CUSIP: 542691DY3<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   4100000 | PA      | $4067764.18   | 0.39%             | 2025-09-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV              | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182TD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1105126.72   | 0.11%             | 2035-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GALVESTON TX WHARVES & TERMINA              | City of Galveston TX Wharves & Terminal Revenue                                  | CUSIP: 364568JL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2114518.28   | 0.21%             | 2043-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST PARKWAYS AUTH              | West Virginia Parkways Authority                                                 | CUSIP: 956510AW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1792964.67   | 0.17%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Prudential National Muni Fund, Inc.

**Signature:** Christian J. Kelly

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

**Title:** Chief Financial Officer