# EDGAR Filing Document

**Accession Number:** 0001051562
**File Stem:** 0000940400-26-009029
**Filing Date:** 2026-2
**Character Count:** 180154
**Document Hash:** deedb1c8526c59ec48ae6f6e0aeeac72
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-009029.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0000940400-26-009029

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08565
- **FILM NUMBER:** 26698597

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

### PGIM Short Duration Muni Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Long-Term Investments 97.6%** | **Long-Term Investments 97.6%** | **Long-Term Investments 97.6%** | **Long-Term Investments 97.6%** | **Long-Term Investments 97.6%** |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Alabama 5.4%** | **Alabama 5.4%** | **Alabama 5.4%** | **Alabama 5.4%** | **Alabama 5.4%** |
| Baldwin Cnty. Indl. Dev. Auth. Rev.,<br> Novelis Corp. Proj., Series A, AMT (Mandatory put date 06/01/32), 144A | 5.000 %(cc) | &nbsp;&nbsp;06/01/55 | 1500 | &nbsp;&nbsp; $1531991 |
| Black Belt Energy Gas Dist. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gas Proj. No. 7, Series C-1 (Mandatory put date 12/01/26) | 4.000(cc) | &nbsp;&nbsp;10/01/52 | 2365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2374813 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gas Proj. No. 8, Series A (Mandatory put date 12/01/29) | 4.000(cc) | &nbsp;&nbsp;12/01/52 | 1440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gas Proj., Series A (Mandatory put date 05/01/32) | 5.250(cc) | &nbsp;&nbsp;05/01/56 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059873 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gas Proj., Series E (Mandatory put date 05/01/35) | 5.000(cc) | &nbsp;&nbsp;12/01/55 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2125592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gas Proj., Series E (Mandatory put date 06/01/28) | 5.000(cc) | &nbsp;&nbsp;05/01/53 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2079962 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proj. No. 5, Series A-1 (Mandatory put date 10/01/26) | 4.000(cc) | &nbsp;&nbsp;10/01/49 | &nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170831 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rfdg. (Mandatory put date 12/01/31) | 4.000(cc) | &nbsp;&nbsp;06/01/51 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series D1, Rfdg. (Mandatory put date 06/01/27) | 4.000(cc) | &nbsp;&nbsp;07/01/52 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505050 |
| Jefferson Cnty. Swr. Rev.,<br> Revenue Warrants, Rfdg. | 5.000 | &nbsp;&nbsp;10/01/33 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122819 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14439517 |
| **Alaska 0.4%** | **Alaska 0.4%** | **Alaska 0.4%** | **Alaska 0.4%** | **Alaska 0.4%** |
| Alaska St.,<br> Series A, GO, Rfdg. | 5.000 | &nbsp;&nbsp;08/01/34 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177553 |
| **Arizona 2.6%** | **Arizona 2.6%** | **Arizona 2.6%** | **Arizona 2.6%** | **Arizona 2.6%** |
| Arizona Hlth. Facs. Auth. Rev.,<br> Banner Hlth., Series B (Mandatory put date 10/01/24) | 4.080(cc) | &nbsp;&nbsp;01/01/37 | 2480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475268 |
| Arizona Indl. Dev. Auth. Rev.,<br> The Ranches at Gunsmoke Proj. (Mandatory put date 11/01/26) | 5.000(cc) | &nbsp;&nbsp;03/01/58 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526140 |
| Chandler Indl. Dev. Auth. Rev.,<br> Intel Corp. Proj., AMT (Mandatory put date 06/01/29) | 4.000(cc) | &nbsp;&nbsp;06/01/49 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266171 |
| Maricopa Cnty. Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Horizon Cmnty. Learning Ctr. Proj., Rfdg. | 4.000 | &nbsp;&nbsp;07/01/26 | &nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339212 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reid Traditional Sch. Proj. | 4.000 | &nbsp;&nbsp;07/01/26 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105234 |
| Salt Verde Finl. Corp. Rev.,<br> Sr. Gas Rev., Sr. Bonds | 5.250 | &nbsp;&nbsp;12/01/26 | 1275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295667 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7007692 |
| **Arkansas 0.6%** | **Arkansas 0.6%** | **Arkansas 0.6%** | **Arkansas 0.6%** | **Arkansas 0.6%** |
| Arkansas Dev. Fin. Auth. Rev.,<br> Weyerhaeuser Co. Proj., AMT (Mandatory put date 10/15/32) | 3.875(cc) | &nbsp;&nbsp;10/15/65 | 1645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1651777 |
| **California 4.6%** | **California 4.6%** | **California 4.6%** | **California 4.6%** | **California 4.6%** |
| California Cmnty. Choice Fing. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Green Bond, Series B-2 (Mandatory put date 08/01/31) | 3.770(cc) | &nbsp;&nbsp;02/01/52 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustainable Bonds, Clean Energy Proj., Series C (Mandatory put date 10/01/31) | 5.250(cc) | &nbsp;&nbsp;01/01/54 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustainable Bonds, Clean Energy Proj., Series F | 5.000 | &nbsp;&nbsp;11/01/33 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089585 |
| California Infrastructure & Econ. Dev. Bank Rev.,<br> Brightline West Passanger Rail Proj., Series C, AMT (Mandatory put date 11/02/26), 144A | 3.500(cc) | &nbsp;&nbsp;01/01/65 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003579 |
| California Muni. Fin. Auth. Rev.,<br> American Heritage Ed., Series A, Rfdg. | 4.000 | &nbsp;&nbsp;06/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65110 |
| California Poll. Ctrl. Fing. Auth. Wtr. Facs. Rev.,<br> Green Bond, Calplant I Proj., AMT, 144A | 7.000 | &nbsp;&nbsp;07/01/22(d) | &nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 |
| Long Beach Bond Fin. Auth. Rev.,<br> Natural Gas, Series B | 4.206(cc) | &nbsp;&nbsp;11/15/27 | &nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699062 |
| Los Angeles Dept. Arpts. Rev.,<br> Sustainable Bonds, Sub. Private Activity, Series A, Rfdg. | 5.000 | &nbsp;&nbsp;05/15/31 | 1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459072 |
| Los Angeles Dept. of Wtr. & Pwr. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pwr. Sys., Series A, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/27 | &nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761198 |

---

PGIM Short Duration Muni Fund

------

### PGIM Short Duration Muni Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **California (cont'd.)** | **California (cont'd.)** | **California (cont'd.)** | **California (cont'd.)** | **California (cont'd.)** |
| Los Angeles Dept. of Wtr. & Pwr. Rev., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg. | 5.000% | &nbsp;&nbsp;07/01/26 | &nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp; $586685 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/26 | &nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176589 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/27 | &nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/31 | 1265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1412898 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series C | 4.000 | &nbsp;&nbsp;07/01/26 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series D, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/26 | &nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625629 |
| Los Angeles Dept. of Wtr. & Pwr. Wtr. Sys. Rev.,<br> Series A | 5.000 | &nbsp;&nbsp;07/01/26 | &nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429894 |
| Sanger Unif. Sch. Dist.,<br> Unrefunded, COP, Cap. Proj., Rfdg., AGM | 5.000 | &nbsp;&nbsp;06/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60070 |
| South Jersey Trans. Auth. Rev.,<br> Southern Transmission Sys. Renewal Proj., Series 1 | 5.000 | &nbsp;&nbsp;07/01/31 | &nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279229 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12422084 |
| **Colorado 3.1%** | **Colorado 3.1%** | **Colorado 3.1%** | **Colorado 3.1%** | **Colorado 3.1%** |
| Colorado Hlth. Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AdventHealth Oblig. Grp., Series A (Mandatory put date 11/15/29) | 5.000(cc) | &nbsp;&nbsp;11/15/59 | &nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commonspirit Hlth., Series A-2, Rfdg. | 5.000 | &nbsp;&nbsp;08/01/26 | &nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Covenant Living Communities & Svcs., Rfdg. | 5.000 | &nbsp;&nbsp;12/01/30 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082003 |
| Denver City & Cnty. Arpt. Sys. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, AMT, Rfdg. | 5.000 | &nbsp;&nbsp;11/15/32 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115057 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Series B, AMT, Rfdg. | 5.000 | &nbsp;&nbsp;11/15/32 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110866 |
| Denver City & Cnty. Hsg. Auth. Rev.,<br> 4965 Washington Street Proj., Series A | 5.000 | &nbsp;&nbsp;06/01/29 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2098118 |
| Regl. Trans. Dist. Rev.,<br> Denver Transit Partners Eagle P3 Proj, Series A, Rfdg. | 5.000 | &nbsp;&nbsp;07/15/27 | &nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638688 |
| University of Colorado Rev.,<br> University Enterprise Rev., Green Bond Proj., Series C-3B, Rfdg. (Mandatory put date 10/15/26) | 2.000(cc) | &nbsp;&nbsp;06/01/51 | &nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771375 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8382787 |
| **Connecticut 1.7%** | **Connecticut 1.7%** | **Connecticut 1.7%** | **Connecticut 1.7%** | **Connecticut 1.7%** |
| Connecticut St. Spl. Tax Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ref-Trans. Infrast. Purposes, Series A, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/32 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B | 5.000 | &nbsp;&nbsp;10/01/37 | 1175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232365 |
| Norwalk Hsg. Auth. Rev.,<br> Wall Street Place (Mandatory put date 09/01/27) | 3.050(cc) | &nbsp;&nbsp;09/01/58 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999734 |
| Stamford Hsg. Auth. Rev.,<br> Mozaic Concierge Living Proj., Series D | 4.250 | &nbsp;&nbsp;10/01/30 | 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207147 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4581763 |
| **Delaware 0.0%** | **Delaware 0.0%** | **Delaware 0.0%** | **Delaware 0.0%** | **Delaware 0.0%** |
| Delaware St. Econ. Dev. Auth. Rev.,<br> Newark Chart. Sch., Series A, Rfdg. | 2.800 | &nbsp;&nbsp;09/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59844 |
| **District of Columbia 2.1%** | **District of Columbia 2.1%** | **District of Columbia 2.1%** | **District of Columbia 2.1%** | **District of Columbia 2.1%** |
| Dist. of Columbia Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;KIPP Proj., Series B, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/37 | 1380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proj., Series B, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/27 | &nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225782 |
| Dist. of Columbia Tob. Settlement Fing. Corp. Rev.,<br> Asset Bkd. Bds., Rfdg. | 6.750 | &nbsp;&nbsp;05/15/40 | 2270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2324761 |
| Metropolitan Washington Arpts. Auth. Avtn. Rev.,<br> Series A, Rfdg., AMT | 5.000 | &nbsp;&nbsp;10/01/33 | 1580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772743 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5728238 |

---

------

### PGIM Short Duration Muni Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **Florida 4.2%** | **Florida 4.2%** | **Florida 4.2%** | **Florida 4.2%** | **Florida 4.2%** |
| Broward Cnty. Arpt. Sys. Rev.,<br> Series A, AMT | 5.000% | &nbsp;&nbsp;10/01/26 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp; $500619 |
| Florida Dev. Fin. Corp. Rev.,<br> GFL Solid Wst. Southeast LLC Proj., Series A, AMT (Mandatory put date 10/01/31), 144A | 4.375(cc) | &nbsp;&nbsp;10/01/54 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009959 |
| Florida Hr. Edl. Facs. Fing. Auth. Rev.,<br> Edl. Facs., Ringling Clg. Proj. | 5.000 | &nbsp;&nbsp;03/01/28 | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299227 |
| Grtr. Orlando Avtn. Auth. Rev.,<br> Priority Sub. Series A, AMT | 5.000 | &nbsp;&nbsp;10/01/32 | 1160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188908 |
| Hillsborough Cnty. Avtn. Auth. Rev.,<br> Tampa Int'l. Arpt., Series A, AMT | 5.000 | &nbsp;&nbsp;10/01/29 | 1230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316645 |
| Lakewood Ranch Stewardship Dist., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Spl. Assmt., Lakewood Nat'l. & Polo Run Projs. | 4.625 | &nbsp;&nbsp;05/01/27 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spl. Assmt., Vlg. Lakewood Ranch S. Proj. | 4.250 | &nbsp;&nbsp;05/01/26 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100197 |
| Miami-Dade Cnty. Hsg. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ambar Station, Series A (Mandatory put date 08/01/29) | 3.250(cc) | &nbsp;&nbsp;02/01/44 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residences at Palm Court, Series B (Mandatory put date 09/01/28) | 2.950(cc) | &nbsp;&nbsp;09/01/29 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506557 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wste. Mgmt., Inc., Rmkt. | 3.350 | &nbsp;&nbsp;09/01/27 | &nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229829 |
| Myrtle Creek Impvt. Dist.,<br> Spl. Assmt., Series A, BAM, Rfdg. | 4.000 | &nbsp;&nbsp;05/01/27 | &nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365924 |
| Orange Cnty. Hlth. Facs. Auth. Rev.,<br> Adventhealth Oblig. Grp., Series C, Rfdg. (Mandatory put date 11/15/26) | 5.000(cc) | &nbsp;&nbsp;11/15/52 | &nbsp;&nbsp;&nbsp;685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698426 |
| Orlando Util. Commn. Rev.,<br> Series B (Mandatory put date 10/01/28) | 1.250(cc) | &nbsp;&nbsp;10/01/46 | 2540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2332137 |
| Vlg. CDD No. 6,<br> Spl. Assmt., Rfdg. | 4.000 | &nbsp;&nbsp;05/01/26 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200516 |
| Vlg. CDD No. 7,<br> Spl. Assmt., Rfdg. | 4.000 | &nbsp;&nbsp;05/01/26 | &nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245170 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11305424 |
| **Georgia 2.9%** | **Georgia 2.9%** | **Georgia 2.9%** | **Georgia 2.9%** | **Georgia 2.9%** |
| Atlanta Arpt. Passenger Facs. Charge Rev.,<br> Sub-Lien, Sustainable Bonds, Series E, AMT | 5.000 | &nbsp;&nbsp;07/01/33 | 1265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1412058 |
| Burke Cnty. Dev. Auth. Rev.,<br> Georgia Pwr. Co. Plant Vogtle Proj., 5th Series, Rmkt. (Mandatory put date 06/13/28) | 3.700(cc) | &nbsp;&nbsp;10/01/32 | &nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571823 |
| Main Street Natural Gas, Inc. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B (Mandatory put date 03/01/32) | 5.000(cc) | &nbsp;&nbsp;12/01/54 | 2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2421548 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series E (Mandatory put date 12/01/32) | 5.000(cc) | &nbsp;&nbsp;05/01/55 | 2750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2932099 |
| Muni. Elec. Auth. of Georgia Rev.,<br> Proj. One, Sub. Bonds, Series A, Rfdg. | 5.000 | &nbsp;&nbsp;01/01/26 | &nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585000 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7922528 |
| **Guam 0.4%** | **Guam 0.4%** | **Guam 0.4%** | **Guam 0.4%** | **Guam 0.4%** |
| Territory of Guam Rev.,<br> Series G, Rfdg. | 5.000 | &nbsp;&nbsp;01/01/31 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075917 |
| **Hawaii 0.6%** | **Hawaii 0.6%** | **Hawaii 0.6%** | **Hawaii 0.6%** | **Hawaii 0.6%** |
| Honolulu City & Cnty. Wstewtr. Sys. Rev.,<br> Jr. 2nd Bond Resolution, Series A, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/34 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1754595 |
| **Idaho 0.5%** | **Idaho 0.5%** | **Idaho 0.5%** | **Idaho 0.5%** | **Idaho 0.5%** |
| Idaho Hsg. & Fin. Association Rev.,<br> Series A | 5.000 | &nbsp;&nbsp;08/15/39 | 1115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241240 |

---

PGIM Short Duration Muni Fund

------

### PGIM Short Duration Muni Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **Illinois 4.6%** | **Illinois 4.6%** | **Illinois 4.6%** | **Illinois 4.6%** | **Illinois 4.6%** |
| Chicago O'Hare Int'l. Arpt. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series C, AMT, Rfdg. | 5.000% | &nbsp;&nbsp;01/01/34 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp; $554066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series E, Rfdg., AMT | 5.000 | &nbsp;&nbsp;01/01/27 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508740 |
| Illinois Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advocate Healthcare Network, Series A-3, Rfdg. | 5.000 | &nbsp;&nbsp;11/01/30 | &nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advocate Healthcare Proj., Series A-1, Rfdg. | 4.000 | &nbsp;&nbsp;11/01/30 | &nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577088 |
| &nbsp;&nbsp;&nbsp;&nbsp;Midwestern Unvi. Foundation, Sr. Series A | 5.000 | &nbsp;&nbsp;07/01/29 | &nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Midwestern Unvi. Foundation, Sr. Series A | 5.000 | &nbsp;&nbsp;07/01/30 | &nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rush Univ. Sys. Hlth., Series A, Rfdg. | 5.000 | &nbsp;&nbsp;11/15/32 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118237 |
| Illinois St., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B, GO | 5.000 | &nbsp;&nbsp;05/01/31 | 1820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004810 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series D, GO, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/36 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196115 |
| Illinois St. Sales Tax Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Build Illinois Bonds, Jr. Oblig., Series C, Rfdg. | 5.000 | &nbsp;&nbsp;06/15/26 | 1935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1953122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Series C, Rfdg. | 4.000 | &nbsp;&nbsp;06/15/26 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004902 |
| Railsplitter Tob. Settlement Auth. Rev.,<br> Tob. Set. Funded (Pre-refunded date 06/01/26)(ee) | 5.000 | &nbsp;&nbsp;06/01/28 | &nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378715 |
| Sales Tax Secur. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Lien, Series C, Rfdg. | 5.000 | &nbsp;&nbsp;01/01/38 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044527 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series D | 5.000 | &nbsp;&nbsp;01/01/35 | &nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658501 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12350836 |
| **Indiana 2.3%** | **Indiana 2.3%** | **Indiana 2.3%** | **Indiana 2.3%** | **Indiana 2.3%** |
| Indiana Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1st Lien, CWA Autho. Proj., Series 2024 A, Rfdg. | 5.000 | &nbsp;&nbsp;10/01/41 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1637236 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indiana Univ. Hlth., Series B-1 (Mandatory put date 07/01/28) | 5.000(cc) | &nbsp;&nbsp;10/01/62 | &nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900825 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indiana Univ. Hlth., Series D-3, Rfdg. (Mandatory put date 10/01/33) | 5.000(cc) | &nbsp;&nbsp;10/01/59 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126498 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pwr. & Light Co. Proj., Series A, Rfdg. | 1.400 | &nbsp;&nbsp;08/01/29 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914712 |
| Indianapolis Local Pub. Impvt. Bond Bank Rev.,<br> Indianapolis Arpt. Auth. Proj., Series I-2, AMT, Rfdg. | 5.000 | &nbsp;&nbsp;01/01/32 | 1510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1659073 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6238344 |
| **Iowa 0.3%** | **Iowa 0.3%** | **Iowa 0.3%** | **Iowa 0.3%** | **Iowa 0.3%** |
| Iowa Student Loan Liquidity Corp. Rev.,<br> Sr. Series B, AMT | 5.000 | &nbsp;&nbsp;12/01/32 | &nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750986 |
| **Kentucky 2.8%** | **Kentucky 2.8%** | **Kentucky 2.8%** | **Kentucky 2.8%** | **Kentucky 2.8%** |
| Kentucky Pub. Energy Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg. (Mandatory put date 12/01/29) | 5.250(cc) | &nbsp;&nbsp;06/01/55 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1586608 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A-1 (Mandatory put date 08/01/30) | 4.000(cc) | &nbsp;&nbsp;08/01/52 | 2160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2181369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A-1, Rfdg. (Mandatory put date 02/01/32) | 5.250(cc) | &nbsp;&nbsp;04/01/54 | &nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B | 5.000 | &nbsp;&nbsp;12/01/33 | 1515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568888 |
| Kentucky Turnpike Auth. Rev.,<br> Revitalization Proj., Series A, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/26 | &nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607121 |
| Trimble Cnty. Rev.,<br> Louisville Gas & Elect. Proj., Rmkt., Series A, Rfdg., AMT (Mandatory put date 09/01/27) | 1.300(cc) | &nbsp;&nbsp;09/01/44 | &nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714612 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7622117 |
| **Louisiana 0.4%** | **Louisiana 0.4%** | **Louisiana 0.4%** | **Louisiana 0.4%** | **Louisiana 0.4%** |
| Parish of St. James Rev.,<br> Nustar Logistics L.P Proj., Rmkt. (Mandatory put date 06/01/30) | 3.700(cc) | &nbsp;&nbsp;08/01/41 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003711 |

---

------

### PGIM Short Duration Muni Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **Maryland 0.8%** | **Maryland 0.8%** | **Maryland 0.8%** | **Maryland 0.8%** | **Maryland 0.8%** |
| Maryland Comnty. Dev. Admin. Rev.,<br> Sustainable Bonds, Vlg. at Marley Station, Series D-2 | 3.300% | &nbsp;&nbsp;01/01/29 | 1000 | &nbsp;&nbsp; $1009963 |
| Maryland Hlth. & Hr. Edl. Facs. Auth. Rev.,<br> The Johns Hopkins Hlth. Sys. Issue, Series A, Rfdg. | 5.000 | &nbsp;&nbsp;05/15/32 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128525 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2138488 |
| **Massachusetts 0.8%** | **Massachusetts 0.8%** | **Massachusetts 0.8%** | **Massachusetts 0.8%** | **Massachusetts 0.8%** |
| Massachusetts Dev. Fin. Agcy. Rev.,<br> Series B, Rfdg. | 4.000 | &nbsp;&nbsp;02/15/36 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093501 |
| 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;1033802 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2127303 |
| **Michigan 2.4%** | **Michigan 2.4%** | **Michigan 2.4%** | **Michigan 2.4%** | **Michigan 2.4%** |
| Michigan Fin. Auth. Rev.,<br> Sr. Series A, Class 1, Rfdg. | 5.000 | &nbsp;&nbsp;06/01/32 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538152 |
| Michigan St. Hsg. Dev. Auth. Rev.,<br> Seiesr A | 4.250 | &nbsp;&nbsp;12/01/49 | 1730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1745665 |
| Michigan Strategic Fd. Rev.,<br> Sustainable Bond, Recycled Board Machine Proj., AMT (Mandatory put date 10/01/26) | 4.000(cc) | &nbsp;&nbsp;10/01/61 | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1802488 |
| Wayne Cnty. Arpt. Auth. Rev.,<br> Detroit Metropolitan Wayne Cnty. Arpt., Series G, Rfdg. | 5.000 | &nbsp;&nbsp;12/01/34 | 2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2507437 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6593742 |
| **Minnesota 0.5%** | **Minnesota 0.5%** | **Minnesota 0.5%** | **Minnesota 0.5%** | **Minnesota 0.5%** |
| Minnesota Rural Wtr. Fin. Auth., Inc. Rev.,<br> Rfdg., BANS | 3.300 | &nbsp;&nbsp;08/01/26 | 1275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275121 |
| **Mississippi 2.8%** | **Mississippi 2.8%** | **Mississippi 2.8%** | **Mississippi 2.8%** | **Mississippi 2.8%** |
| Mississippi Bus. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron USA, Inc., Series C, FRDD | 2.500(cc) | &nbsp;&nbsp;11/01/35 | 2425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2425000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron USA, Inc., Series I, FRDD | 2.500(cc) | &nbsp;&nbsp;11/01/35 | 3165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3165000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Poll. Ctrl., Rfdg. | 3.200 | &nbsp;&nbsp;09/01/28 | &nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750162 |
| Warren Cnty. Rev.,<br> Intl. Paper Co. Proj., Rmkt. Rfdg. | 4.000 | &nbsp;&nbsp;09/01/32 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302280 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7642442 |
| **Missouri 0.5%** | **Missouri 0.5%** | **Missouri 0.5%** | **Missouri 0.5%** | **Missouri 0.5%** |
| Kansas City Ind'l. Dev. Auth. Rev.,<br> Int'l Arpt. Term. Modernization Proj., Series B, AMT | 5.000 | &nbsp;&nbsp;03/01/30 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049948 |
| Missouri St. Hlth. & Edl. Facs. Auth. Rev.,<br> BJC Hlth. Sys., Series B, Rfdg. (Mandatory put date 05/01/26) | 4.000(cc) | &nbsp;&nbsp;05/01/51 | &nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335996 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385944 |
| **Nebraska 0.9%** | **Nebraska 0.9%** | **Nebraska 0.9%** | **Nebraska 0.9%** | **Nebraska 0.9%** |
| Central Plns. Energy. Proj. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proj. No. 4, Series A, Rfdg. (Mandatory put date 11/01/29) | 5.000(cc) | &nbsp;&nbsp;05/01/54 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Series A-1 (Mandatory put date 08/01/31) | 5.000(cc) | &nbsp;&nbsp;08/01/55 | 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278821 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2340370 |
| **New Hampshire 2.8%** | **New Hampshire 2.8%** | **New Hampshire 2.8%** | **New Hampshire 2.8%** | **New Hampshire 2.8%** |
| National Fin. Auth. Rev.,<br> Sustainable Cert., Series 1-A, NFA Muni. Cert., ARC70 (Mandatory put date 10/01/34) | 4.150 | &nbsp;&nbsp;10/20/40 | &nbsp;&nbsp;&nbsp;999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998725 |

---

PGIM Short Duration Muni Fund

------

### PGIM Short Duration Muni Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **New Hampshire (cont'd.)** | **New Hampshire (cont'd.)** | **New Hampshire (cont'd.)** | **New Hampshire (cont'd.)** | **New Hampshire (cont'd.)** |
| New Hampshire Bus. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bridgeland Wtr. Util. Dist., 144A | 5.375% | &nbsp;&nbsp;12/15/35 | 1800 | &nbsp;&nbsp; $1799020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Caldwell Ranch Proj., 144A | 4.875 | &nbsp;&nbsp;12/01/33 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grand Pines Proj., 144A | 5.625 | &nbsp;&nbsp;06/01/39 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silverado Proj., 144A | 5.000 | &nbsp;&nbsp;12/01/28 | &nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tamarron Proj., 144A | 5.250 | &nbsp;&nbsp;12/01/35 | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1789840 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Wildflower Proj., CABS, 144A | 5.503(t) | &nbsp;&nbsp;12/15/33 | 1140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711674 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7512046 |
| **New Jersey 3.7%** | **New Jersey 3.7%** | **New Jersey 3.7%** | **New Jersey 3.7%** | **New Jersey 3.7%** |
| New Jersey Econ. Dev. Auth. Rev.,<br> Series SSS, Rfdg. | 5.250 | &nbsp;&nbsp;06/15/39 | &nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451803 |
| New Jersey Edl. Facs. Auth. Rev.,<br> Princeton Univ., Series A (Mandatory put date 07/01/31) | 5.000(cc) | &nbsp;&nbsp;07/01/64 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118671 |
| New Jersey Hr. Ed. Student Assistance Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Bond, Series 1-B, Rfdg., AMT | 5.000 | &nbsp;&nbsp;12/01/29 | &nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463938 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Bond, Series 3, Rfdg., AMT | 5.000 | &nbsp;&nbsp;12/01/27 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028041 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Bond, Series 3, Rfdg., AMT | 5.000 | &nbsp;&nbsp;12/01/28 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Bond, Series 3, Rfdg., AMT | 5.000 | &nbsp;&nbsp;12/01/32 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1612281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series B, AMT | 5.000 | &nbsp;&nbsp;12/01/28 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297628 |
| New Jersey Trans. Tr. Fd. Auth. Rev.,<br> Series A, Rfdg. | 5.250 | &nbsp;&nbsp;06/15/39 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135330 |
| South Jersey Trans. Auth. Rev.,<br> Series A, Rfdg., BAM | 5.000 | &nbsp;&nbsp;11/01/38 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108840 |
| Tob. Settlement Fing. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg. | 5.000 | &nbsp;&nbsp;06/01/26 | 1745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1759125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg. | 5.000 | &nbsp;&nbsp;06/01/30 | &nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg. | 5.000 | &nbsp;&nbsp;06/01/36 | &nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241197 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10068061 |
| **New Mexico 0.5%** | **New Mexico 0.5%** | **New Mexico 0.5%** | **New Mexico 0.5%** | **New Mexico 0.5%** |
| 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;1394354 |
| **New York 12.3%** | **New York 12.3%** | **New York 12.3%** | **New York 12.3%** | **New York 12.3%** |
| Empire St. Dev. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Personal Income Tax, Series A, Rfdg. | 5.000 | &nbsp;&nbsp;03/15/31 | 1685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1691133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Personal Income Tax, Series C, Rfdg. | 5.000 | &nbsp;&nbsp;03/15/41 | 1375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410540 |
| Long Island Pwr. Auth. Rev.,<br> Series B, Rfdg. (Mandatory put date 09/01/26) | 1.500(cc) | &nbsp;&nbsp;09/01/51 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975460 |
| Metropolitan Trans. Auth. Rev.,<br> Series D, Rfdg. | 5.000 | &nbsp;&nbsp;11/15/32 | 1710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1786002 |
| New York City Hsg. Dev. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;245 East 124th Street, Rmkt. (Mandatory Put Date 06/01/29) | 2.100(cc) | &nbsp;&nbsp;11/01/46 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1432646 |
| &nbsp;&nbsp;&nbsp;&nbsp;8 Spruce Street Proj., Class E, Rfdg. | 4.375 | &nbsp;&nbsp;12/15/43 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2053475 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustainable Dev. Bonds, Series F-2A (Mandatory put date 12/22/26) | 3.400(cc) | &nbsp;&nbsp;11/01/62 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284678 |
| 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;1019117 |
| New York City Trans. Fin. Auth. Future Tax Sec'd. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Future Tax Sec., Fiscal 1999, Sub. Series E-1 | 5.000 | &nbsp;&nbsp;02/01/36 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Series A-2 | 5.000 | &nbsp;&nbsp;08/01/38 | 2505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2578874 |
| New York City Trans. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiscal 2025, Sub. Series G-1, Rfdg. | 5.000 | &nbsp;&nbsp;11/01/32 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570762 |
| &nbsp;&nbsp;&nbsp;&nbsp;MultiModal Bonds, Sub-Series B | 5.500 | &nbsp;&nbsp;05/01/44 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121534 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Bonds, Series E | 5.000 | &nbsp;&nbsp;11/01/36 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142252 |

---

------

### PGIM Short Duration Muni Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **New York (cont'd.)** | **New York (cont'd.)** | **New York (cont'd.)** | **New York (cont'd.)** | **New York (cont'd.)** |
| New York Liberty Dev. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Tower at One Bryant Park Proj., Class 3, Rfdg. | 2.800% | &nbsp;&nbsp;09/15/69 | 1000 | &nbsp;&nbsp; $927391 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Tower at One Bryant Park Proj., Rfdg. | 2.450 | &nbsp;&nbsp;09/15/69 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931733 |
| &nbsp;&nbsp;&nbsp;&nbsp;Orchard Park CCRC, Inc. Oblig. Grp., Temps-70, Series B-2 | 3.320 | &nbsp;&nbsp;11/15/30 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996785 |
| New York St. Dorm. Auth. Rev.,<br> Series A, Rfdg. | 5.250 | &nbsp;&nbsp;03/15/37 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529798 |
| New York St. Envirml. Facs. Corp. Rev.,<br> Draw Down Casella Wste. Sys., Inc. Proj. R-1, Rmkt., AMT (Mandatory put date 09/03/30), 144A | 4.250(cc) | &nbsp;&nbsp;09/01/50 | 1315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1329302 |
| New York St. Hsg. Fin. Agcy. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;320 West 38th Street Hsg., Series A (Mandatory put date 11/01/31) | 3.570(cc) | &nbsp;&nbsp;05/01/42 | 2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2278085 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hsg. 160 W 62nd Street, Series A-2, Rmkt. (Mandatory put date 04/01/32) | 3.600(cc) | &nbsp;&nbsp;11/01/44 | 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1208003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustainable Bonds, Series B-2 (Mandatory put date 05/01/29) | 3.600(cc) | &nbsp;&nbsp;11/01/64 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004387 |
| Port Auth. of NY & NJ Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 246, AMT, Rfdg. | 5.000 | &nbsp;&nbsp;09/01/30 | 1175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 250, Rfdg. | 5.000 | &nbsp;&nbsp;10/15/34 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2358549 |
| Triborough Bridge & Tunnel Auth. Rev.,<br> Series A-2, Rfdg. (Mandatory put date 05/15/26) | 2.000(cc) | &nbsp;&nbsp;05/15/45 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997447 |
| Utility Debt Securitization Auth. Rev.,<br> Series TE-2, Rfdg. | 5.000 | &nbsp;&nbsp;12/15/33 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131062 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33046224 |
| **North Carolina 1.6%** | **North Carolina 1.6%** | **North Carolina 1.6%** | **North Carolina 1.6%** | **North Carolina 1.6%** |
| 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;1217437 |
| Durham Hsg. Auth. Rev.,<br> Page Corners Apts. (Mandatory put date 07/01/28) | 3.150(cc) | &nbsp;&nbsp;07/01/59 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000371 |
| New York St. Hsg. Fin. Agcy. Rev.,<br> 1998 Trust Agreement, Series 59-A | 6.250 | &nbsp;&nbsp;01/01/57 | 1570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1789052 |
| North Carolina Med. Care Commn. Rev.,<br> United Methodist Retmnt. Homes Proj., Temps-50, Series B-3 | 3.400 | &nbsp;&nbsp;10/01/29 | &nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376984 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4383844 |
| **Ohio 2.3%** | **Ohio 2.3%** | **Ohio 2.3%** | **Ohio 2.3%** | **Ohio 2.3%** |
| Buckeye Tob. Settlement Fing. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series A-2, Class 1, Rfdg. | 5.000 | &nbsp;&nbsp;06/01/28 | 1350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1411254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series A-2, Class 1, Rfdg. | 5.000 | &nbsp;&nbsp;06/01/30 | &nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413787 |
| Cuyahoga Cnty. Rev.,<br> MetroHealth Sys., Rfdg. | 4.000 | &nbsp;&nbsp;02/15/29 | 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203029 |
| Franklin Cnty. Rev.,<br> Nationwide Children's Hosp., Series B, Rfdg., FRDD | 2.550(cc) | &nbsp;&nbsp;11/01/42 | &nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 |
| 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;486748 |
| &nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corp. Proj., Series A, AMT, Rfdg. (Mandatory put date 06/01/27) | 4.250(cc) | &nbsp;&nbsp;11/01/39 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2029919 |
| Ohio St. Rev.,<br> Cleveland Clinic Hlth. Sys., Series C, Rmkt. (Mandatory put date 05/01/28) | 2.750(cc) | &nbsp;&nbsp;01/01/52 | &nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248711 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6143448 |
| **Oklahoma 1.1%** | **Oklahoma 1.1%** | **Oklahoma 1.1%** | **Oklahoma 1.1%** | **Oklahoma 1.1%** |
| Oklahoma Dev. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;OU Med. Proj., Series B | 5.000 | &nbsp;&nbsp;08/15/26 | &nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807293 |
| &nbsp;&nbsp;&nbsp;&nbsp;Univ. of Oklahoma Med. Proj., Series B | 5.000 | &nbsp;&nbsp;08/15/29 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129703 |
| Oklahoma Tpke. Auth. Rev.,<br> Sr. Bonds, Series B, Rfdg. | 5.000 | &nbsp;&nbsp;01/01/32 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130711 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3067707 |

---

PGIM Short Duration Muni Fund

------

### PGIM Short Duration Muni Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **Pennsylvania 3.4%** | **Pennsylvania 3.4%** | **Pennsylvania 3.4%** | **Pennsylvania 3.4%** | **Pennsylvania 3.4%** |
| Chester Cnty. Indl. Dev. Auth. Rev.,<br> Avon Grove Chart. Sch. Nts. | 5.000% | &nbsp;&nbsp;03/01/27 | 1070 | &nbsp;&nbsp; $1077559 |
| Delaware Vlly. Regl. Fin. Auth. Rev.,<br> Series A, AMBAC | 5.500 | &nbsp;&nbsp;08/01/28 | &nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473014 |
| Pennsylvania Econ. Dev. Fing. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustainable Bonds, Series 141A | 5.750 | &nbsp;&nbsp;10/01/53 | 2360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2484615 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wste. Mgmt., Inc. Proj., Series A, AMT, Rmkt. (Mandatory put date 08/03/26) | 3.875(cc) | &nbsp;&nbsp;08/01/37 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252219 |
| &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;1221154 |
| Pennsylvania Tpke. Commn. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A-1 | 5.000 | &nbsp;&nbsp;12/01/41 | 1215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A-2 | 5.000 | &nbsp;&nbsp;12/01/36 | 1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368993 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9099549 |
| **Puerto Rico 0.5%** | **Puerto Rico 0.5%** | **Puerto Rico 0.5%** | **Puerto Rico 0.5%** | **Puerto Rico 0.5%** |
| Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev.,<br> Restructured, Series A-1, CABS | 3.416(t) | &nbsp;&nbsp;07/01/29 | 1416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257472 |
| **Rhode Island 0.1%** | **Rhode Island 0.1%** | **Rhode Island 0.1%** | **Rhode Island 0.1%** | **Rhode Island 0.1%** |
| Tob. Settlement Fing. Corp. Rev.,<br> Series A, Rfdg. | 5.000 | &nbsp;&nbsp;06/01/28 | &nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240281 |
| **South Carolina 0.9%** | **South Carolina 0.9%** | **South Carolina 0.9%** | **South Carolina 0.9%** | **South Carolina 0.9%** |
| Patriots Energy Grp. Fing. Agcy. Rev.,<br> Series A-1 (Mandatory put date 08/01/31) | 5.250(cc) | &nbsp;&nbsp;10/01/54 | &nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941884 |
| South Carolina Jobs-Econ. Dev. Auth. Rev.,<br> Foothill Affordable Hsg. Fndn., Paddock Club & Fairway Proj. (Mandatory put date 03/01/35) | 4.000(cc) | &nbsp;&nbsp;03/01/62 | &nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811347 |
| South Carolina Pub. Svc. Auth. Rev.,<br> Santee Cooper Exchange Bonds, Series A, Rfdg. | 4.000 | &nbsp;&nbsp;12/01/29 | &nbsp;&nbsp;&nbsp;619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647721 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400952 |
| **South Dakota 1.0%** | **South Dakota 1.0%** | **South Dakota 1.0%** | **South Dakota 1.0%** | **South Dakota 1.0%** |
| South Dakota Hlth. & Edl. Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sanford, Series C-1, Rfdg. (Mandatory put date 11/01/29) | 5.000(cc) | &nbsp;&nbsp;11/01/52 | &nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435892 |
| &nbsp;&nbsp;&nbsp;&nbsp;Westhills Vlg. Retmnt. Cmnty. Issue, Series B-1 | 3.625 | &nbsp;&nbsp;09/01/33 | 2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2251609 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2687501 |
| **Tennessee 2.0%** | **Tennessee 2.0%** | **Tennessee 2.0%** | **Tennessee 2.0%** | **Tennessee 2.0%** |
| Metropolitan Government Nashville & Davidson Cnty. Indl. Dev. Board Rev.,<br> Trinity Lane Apts. Proj. (Mandatory put date 07/01/29) | 3.150(cc) | &nbsp;&nbsp;07/01/44 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002002 |
| Metropolitan Nashville Arpt. Auth. Rev.,<br> Series B, AMT | 5.250 | &nbsp;&nbsp;07/01/34 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554631 |
| Tennergy Corp. Rev.,<br> Gas Sply. Series A (Mandatory put date 12/01/30) | 5.500(cc) | &nbsp;&nbsp;10/01/53 | &nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407358 |
| Tennessee Energy Acquisition Corp. Rev.,<br> Gas Proj., Series A-1, Rfdg. (Mandatory put date 05/01/28) | 5.000(cc) | &nbsp;&nbsp;05/01/53 | 2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2372243 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5336234 |
| **Texas 10.4%** | **Texas 10.4%** | **Texas 10.4%** | **Texas 10.4%** | **Texas 10.4%** |
| Arlington Hsg. Fin. Corp. Rev.,<br> 6900 Matlok Road (Mandatory put date 04/01/27) | 4.500(cc) | &nbsp;&nbsp;04/01/41 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003821 |
| Brazos Hr. Edu. Auth., Inc. Rev.,<br> Sr. Series 1A, AMT | 5.000 | &nbsp;&nbsp;04/01/32 | &nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521521 |
| Brooks Dev. Auth. Rev.,<br> Sr. Lien Series C, Rfdg. (Mandatory put date 08/15/28), 144A | 5.000(cc) | &nbsp;&nbsp;08/15/42 | 1890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1927273 |

---

------

### PGIM Short Duration Muni Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **Texas (cont'd.)** | **Texas (cont'd.)** | **Texas (cont'd.)** | **Texas (cont'd.)** | **Texas (cont'd.)** |
| Clifton Higher Ed. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Idea Pub. Sch., PSFG, Rfdg. | 5.000% | &nbsp;&nbsp;08/15/35 | 1000 | &nbsp;&nbsp; $1138736 |
| &nbsp;&nbsp;&nbsp;&nbsp;Idea Pub. Sch., Series A | 5.000 | &nbsp;&nbsp;08/15/30 | &nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intl. Leadership of Texas, Inc., Series B, PSFG (Mandatory put date 02/15/30) | 4.000(cc) | &nbsp;&nbsp;02/15/55 | 1035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076878 |
| Conroe Independent Sch. Dist.,<br> GO, PSFG | 5.000 | &nbsp;&nbsp;02/15/38 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136498 |
| Dallas Hotel Occupancy Tax Rev.,<br> Rfdg. | 4.000 | &nbsp;&nbsp;08/15/28 | 1025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032006 |
| Harris Cnty. Cultrl. Ed. Facs. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Memorial Hermann Hlth. Sys., Series B-3 (Mandatory Put Date 12/01/26) | 5.000(cc) | &nbsp;&nbsp;07/01/49 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Memorial Hermann Hlth. Sys., Series C, Rfdg. (Mandatory put date 07/01/29) | 5.000(cc) | &nbsp;&nbsp;07/01/54 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212254 |
| Houston Combined Util. Sys. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Comb. 1st Lien, Series D, Rfdg. | 5.000 | &nbsp;&nbsp;11/15/34 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001218 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Airlines, Inc. Term. Impvt. Proj., Series B, AMT | 5.250 | &nbsp;&nbsp;07/15/34 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337059 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Airlines, Inc. Term. Impvt. Proj., Series B, Rfdg., AMT | 5.250 | &nbsp;&nbsp;07/15/28 | &nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636772 |
| New Hope Cultrl. Ed. Facs. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bella Vida Facs. Living Proj., Temps-50, Series B3, Rfdg. | 4.250 | &nbsp;&nbsp;10/01/30 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazos Presbyterian Homes, Inc. Proj., Rfdg. | 5.000 | &nbsp;&nbsp;01/01/27 | &nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jubilee Academic Ctr., Rfdg., 144A | 4.000 | &nbsp;&nbsp;08/15/26 | &nbsp;&nbsp;&nbsp;665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662687 |
| North Texas Hr. Ed. Auth., Inc. Rev.,<br> Sr. Series A, AMT | 5.000 | &nbsp;&nbsp;06/01/31 | &nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849765 |
| North Texas Twy. Auth. Rev.,<br> 2nd Tier, Series B, Rfdg. | 5.000 | &nbsp;&nbsp;01/01/28 | &nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415000 |
| Plano Independent Sch. Dist.,<br> Series A, GO, PSFG | 5.000 | &nbsp;&nbsp;02/15/36 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153877 |
| San Antonio Elec. & Gas Sys. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Jr. Lien, Rfdg. (Mandatory put date 12/01/27) | 2.000(cc) | &nbsp;&nbsp;02/01/49 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1464218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series D, Rfdg. | 5.000 | &nbsp;&nbsp;02/01/33 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143089 |
| Tarrant Cnty. Cultrl. Ed. Facs. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ascension Sr. Cr. Grp., Series C-1, Rfdg. (Mandatory put date 11/15/32) | 5.000(cc) | &nbsp;&nbsp;11/15/51 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2229828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Baylor Scott & White Hlth. Proj., Series E (Mandatory put date 05/15/26) | 5.000(cc) | &nbsp;&nbsp;11/15/52 | &nbsp;&nbsp;&nbsp;905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908478 |
| &nbsp;&nbsp;&nbsp;&nbsp;TX Hlth. Resources Sys., Series C (Mandatory put date 11/15/32) | 5.000(cc) | &nbsp;&nbsp;11/15/64 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109227 |
| Texas Dept. of Hsg. & Cmnty. Affairs Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass Through Mortgage Cert., Series A | 5.500 | &nbsp;&nbsp;07/01/53 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustainable Bonds, Series A | 5.500 | &nbsp;&nbsp;09/01/52 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2123017 |
| Texas Muni. Gas Acq. & Sply. Corp. Rev.,<br> Sr. Lien, Series D | 6.250 | &nbsp;&nbsp;12/15/26 | &nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370228 |
| Texas Priv. Activity Bond Surface Trans. Corp. Rev.,<br> Bond Surface Trans. Corp., Sr. Lien, Rfdg. AMT | 5.500 | &nbsp;&nbsp;06/30/40 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323322 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27995343 |
| **Utah 2.7%** | **Utah 2.7%** | **Utah 2.7%** | **Utah 2.7%** | **Utah 2.7%** |
| Salt Lake City Corp. Arpt. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Intl. Arpt., Series A, AMT | 5.000 | &nbsp;&nbsp;07/01/32 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2208664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, AMT | 5.000 | &nbsp;&nbsp;07/01/28 | &nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384848 |
| Utah Cnty. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;IHC Hlth. Svcs., Inc., Series A | 5.000 | &nbsp;&nbsp;05/15/43 | 2745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2853180 |
| &nbsp;&nbsp;&nbsp;&nbsp;IHC Hlth. Svcs., Inc., Series B (Mandatory put date 08/01/26) | 5.000(cc) | &nbsp;&nbsp;05/15/60 | &nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349406 |
| Utah Housing Corp. Rev.,<br> Liberty Corner (Mandatory put date 09/01/29) | 3.000(cc) | &nbsp;&nbsp;09/01/45 | 1575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1562697 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7358795 |

---

PGIM Short Duration Muni Fund

------

### PGIM Short Duration Muni Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **Virginia 0.7%** | **Virginia 0.7%** | **Virginia 0.7%** | **Virginia 0.7%** | **Virginia 0.7%** |
| Louisa Indl. Dev. Auth. Rev.,<br> VA Elec. & Pwr. Co. Proj., Series B, Rmkt. (Mandatory put date 10/01/30) | 3.125 %(cc) | &nbsp;&nbsp;11/01/35 | 1000 | &nbsp;&nbsp; $1003280 |
| Virginia Small Bus. Fing. Auth. Rev.,<br> Sr. Lien Elizabeth River Crossing Opco, LLC Proj. Rfdg. | 4.000 | &nbsp;&nbsp;01/01/30 | &nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769865 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1773145 |
| **Washington 1.1%** | **Washington 1.1%** | **Washington 1.1%** | **Washington 1.1%** | **Washington 1.1%** |
| Seattle Muni. Light & Pwr. Rev.,<br> Series B, Rfdg. (Mandatory put date 11/01/26) | 3.570(cc) | &nbsp;&nbsp;05/01/45 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494722 |
| Washington Healthcare Facs. Auth. Rev.,<br> Overlake Hosp. Med. Ctr., Series B, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/28 | &nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387498 |
| Washington St. Hsg. Fin. Commn. Rev.,<br> Horizon Hse. Proj. Mand. Paydown Temps-50, Series B-3, Rfdg. | 4.375 | &nbsp;&nbsp;01/01/33 | &nbsp;&nbsp;&nbsp;820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810513 |
| Whatcom Cnty. Pub. Util. Dist. No. 1, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, GO, AMT, BAM | 5.000 | &nbsp;&nbsp;12/01/26 | &nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432587 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, GO, AMT, BAM | 5.000 | &nbsp;&nbsp;12/01/27 | &nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341448 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, GO, AMT, BAM | 5.000 | &nbsp;&nbsp;12/01/28 | &nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436309 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2903077 |
| **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 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011656 |
| **Wisconsin 1.9%** | **Wisconsin 1.9%** | **Wisconsin 1.9%** | **Wisconsin 1.9%** | **Wisconsin 1.9%** |
| Pub. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Astro Texas Land Proj., Rfdg., 144A | 5.000 | &nbsp;&nbsp;12/15/36 | &nbsp;&nbsp;&nbsp;424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417851 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cuyahoga River Cap. Port., Class A, Series 1 (Mandatory put date 07/01/28), 144A | 4.000(cc) | &nbsp;&nbsp;01/01/55 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003082 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1, Class A, Cert. (Mandatory put date 08/01/27), 144A | 4.750(cc) | &nbsp;&nbsp;08/01/59 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Signorelli Proj., 144A | 5.375 | &nbsp;&nbsp;12/15/32 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993472 |
| Wisconsin Hlth. & Edl. Facs. Auth. Rev.,<br> Forensic Science & Protective Med. Collaboration, Inc. Proj., 144A | 5.000 | &nbsp;&nbsp;08/01/27 | &nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701097 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5118818 |
| **Total Long-Term Investments<br> (cost $261,275,205)** | **Total Long-Term Investments<br> (cost $261,275,205)** | **Total Long-Term Investments<br> (cost $261,275,205)** | **Total Long-Term Investments<br> (cost $261,275,205)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263018870 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** |  |
| **Short-Term Investment 1.1%** | **Short-Term Investment 1.1%** | **Short-Term Investment 1.1%** |
| **Affiliated Mutual Fund** | **Affiliated Mutual Fund** | **Affiliated Mutual Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<br> (cost $3,087,589)(wb) | &nbsp;&nbsp;3087589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3087589 |
| **TOTAL INVESTMENTS 98.7%<br> (cost $264,362,794)** | **TOTAL INVESTMENTS 98.7%<br> (cost $264,362,794)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266106459 |
| Other assets in excess of liabilities(z) 1.3% | Other assets in excess of liabilities(z) 1.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3523661 |
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$269630120 |

---

------

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 |

---

------

### PGIM Short Duration Muni Fund

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

---

| |
|:---|
| BAM—Build America Mutual |
| BANS—Bond Anticipation Notes |
| CABS—Capital Appreciation Bonds |
| CDD—Community Development District |
| COP—Certificates of Participation |
| FRDD—Floating Rate Daily Demand Note |
| GO—General Obligation |
| PSFG—Permanent School Fund Guarantee |
| Rfdg—Refunding |

---

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

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

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

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

(t) Represents zero coupon. Rate quoted represents effective yield at December 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 December 31, 2025:** | **Futures contracts outstanding at December 31, 2025:** | **Futures contracts outstanding at December 31, 2025:** | **Futures contracts outstanding at December 31, 2025:** | **Futures contracts outstanding at December 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:** |
| 66 | 10 Year U.S. Ultra Treasury Notes | Mar. 2026 | $7591032 | $721 |

---

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

PGIM Short Duration Muni Fund

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Prudential Investment Portfolios 12

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

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

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

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

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

  - **City:** Newark

  - **State:** NJ

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** PGIM Short Duration Muni Fund

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

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

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

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

- **b. Date as of which information is reported:** 2025-12-31

**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:** $269197036.93

**Total Liabilities:** $857560.44

**Net Assets:** $268339476.49

**Cash Not Reported:** $1849091.44

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 903.93725000 | **1-Year:** 14984.25933000 | **5-Year:** 56013.92713000 | **10-Year:** 23792.61700000 | **30-Year:** 287.21548000

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

- **3-Month:** 104.55744000 | **1-Year:** 748.83422000 | **5-Year:** 3535.50423000 | **10-Year:** 494.87841000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000141708 | 0.35%                | 0.24%                | 0.25%                |
| Class ID C000141709 | 0.27%                | 0.17%                | 0.17%                |
| Class ID C000141710 | 0.37%                | 0.16%                | 0.27%                |
| Class ID C000187453 | 0.37%                | 0.16%                | 0.28%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $42564.12                | $239692.38                                 |
| Month 2  | $109619.53               | $-200596.51                                |
| Month 3  | $7334.93                 | $-62709.08                                 |

**Designated Index Information**

- **Index Name:** PGIM Short Duration Muni Fund_Ex Derivatives BM

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                             | Title                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.      | US 10YR ULTRA                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -103 | NC      | $28201.51     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| DELAWARE VLY PA REGL FIN AUTH                    | Delaware Valley Regional Finance Authority                                       | CUSIP: 246579ER3<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |    445000 | PA      | $473014.44    | 0.18%             | 2028-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                    | Metropolitan Transportation Authority                                            | CUSIP: 59261ASZ1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1786002.32   | 0.67%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA                   | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JHF3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    700000 | PA      | $701097.11    | 0.26%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST STUDENT LOAN LIQUIDITY                   | Iowa Student Loan Liquidity Corp                                                 | CUSIP: 462590PQ7<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |    700000 | PA      | $750986.21    | 0.28%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL                    | Triborough Bridge & Tunnel Authority                                             | CUSIP: 89602HAD9<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $997447.43    | 0.37%             | 2045-05-15      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| WAYNE CNTY MI ARPT AUTH REVENU                   | Wayne County Airport Authority                                                   | CUSIP: 9445142Y3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2507436.28   | 0.93%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                   | Pennsylvania Turnpike Commission                                                 | CUSIP: 709224J91<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1368992.58   | 0.51%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV                   | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182UT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1110865.94   | 0.41%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST RURAL WTR FIN AUT                   | Minnesota Rural Water Finance Authority Inc                                      | CUSIP: 60411PBE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1275120.62   | 0.48%             | 2026-08-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                     | Illinois Finance Authority                                                       | CUSIP: 45204FJ89<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    475000 | PA      | $507414.93    | 0.19%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG ISLAND NY PWR AUTH ELEC S                   | Long Island Power Authority                                                      | CUSIP: 542691EX4<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1975459.75   | 0.74%             | 2051-09-01      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| BRAZOS TX HGR EDU AUTH STUDENT                   | Brazos Higher Education Authority Inc                                            | CUSIP: 10623ACP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $521521.31    | 0.19%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT BUSINESS PRIVILEGE T                   | Territory of Guam                                                                | CUSIP: 40065NCX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1075916.75   | 0.40%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST ECON DEV AUTH REVE                   | Delaware State Economic Development Authority                                    | CUSIP: 246387RQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $59843.86     | 0.02%             | 2026-09-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH MF HS                   | Arizona Industrial Development Authority                                         | CUSIP: 04062PCD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1526139.91   | 0.57%             | 2058-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL HSG FIN AUT                   | Miami-Dade County Housing Finance Authority                                      | CUSIP: 593344CD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1506557.12   | 0.56%             | 2029-09-01      | Variable      | 2.95%                 | 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      | $658500.78    | 0.25%             | 2035-01-01      | 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        |    500000 | PA      | $521061.21    | 0.19%             | 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      | $1217437.42   | 0.45%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO                   | Mississippi Business Finance Corp                                                | CUSIP: 60528ACF9<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   2425000 | PA      | $2425000.00   | 0.90%             | 2035-11-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                     | Illinois Finance Authority                                                       | CUSIP: 45204FJ71<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    265000 | PA      | $279484.20    | 0.10%             | 2029-07-01      | 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        |    750000 | PA      | $750161.88    | 0.28%             | 2028-09-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                   | California Community Choice Financing Authority                                  | CUSIP: 13013JAR7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $947863.24    | 0.35%             | 2052-02-01      | Variable      | 3.77%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &                   | California Infrastructure & Economic Development Bank                            | CUSIP: 13034A7F1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2003579.10   | 0.75%             | 2065-01-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU FIN CORP ED                   | Clifton Higher Education Finance Corp                                            | CUSIP: 187145UT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1076878.44   | 0.40%             | 2055-02-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE                    | County of Jefferson AL Sewer Revenue                                             | CUSIP: 472682ZC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1122819.44   | 0.42%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                     | Ohio Air Quality Development Authority                                           | CUSIP: 677525WG8<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    500000 | PA      | $486748.43    | 0.18%             | 2038-12-01      | Variable      | 2.40%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HLTH SYS R                   | Indiana Finance Authority                                                        | CUSIP: 45470YGF2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1126498.18   | 0.42%             | 2059-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ENVRNMNTL                    | Indiana Finance Authority                                                        | CUSIP: 455059AK1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $914711.38    | 0.34%             | 2029-08-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST EDUCTNL FING                    | Massachusetts Educational Financing Authority                                    | CUSIP: 57563RTY5<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033801.65   | 0.39%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MYRTLE CREEK FL IMPT DIST SPL                    | Myrtle Creek Improvement District                                                | CUSIP: 628583AF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $365924.22    | 0.14%             | 2027-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HGR EDU ASSISTAN                   | New Jersey Higher Education Student Assistance Authority                         | CUSIP: 646080YQ8<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    440000 | PA      | $463938.02    | 0.17%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT JAMES PARISH LA REVENUE                    | Parish of St James LA                                                            | CUSIP: 790103AZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003711.01   | 0.37%             | 2041-08-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI                   | Washington State Housing Finance Commission                                      | CUSIP: 939783Z82<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    820000 | PA      | $810512.99    | 0.30%             | 2033-01-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF HSG & CMNTY A                   | Texas Department of Housing & Community Affairs                                  | CUSIP: 88275FUT4<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2123016.82   | 0.79%             | 2052-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP SOL WS                   | Florida Development Finance Corp                                                 | CUSIP: 34061XAG7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009959.26   | 0.38%             | 2054-10-01      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                    | New York City Transitional Finance Authority Future Tax Secured Revenue          | CUSIP: 64971W4U1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016780.01   | 0.38%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT WTR & PWR                    | Los Angeles Department of Water & Power                                          | CUSIP: 5444957D0<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    250000 | PA      | $259400.08    | 0.10%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY AFFORD                   | New York State Housing Finance Agency                                            | CUSIP: 64987JY62<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2278085.00   | 0.85%             | 2042-05-01      | Variable      | 3.57%                 | No            |                  2 | On Loan: No      |
| PLANO TX INDEP SCH DIST                          | Plano Independent School District                                                | CUSIP: 727199H53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1153877.41   | 0.43%             | 2036-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC                   | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60637ATQ5<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    335000 | PA      | $335995.68    | 0.13%             | 2051-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| UTILITY DEBT SECURITIZATION AU                   | Utility Debt Securitization Authority                                            | CUSIP: 91802RHV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1131061.86   | 0.42%             | 2033-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALASKA ST                                        | State of Alaska                                                                  | CUSIP: 0117706K5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1177552.72   | 0.44%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                   | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1416000 | PA      | $1257471.89   | 0.47%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A                   | South Carolina Public Service Authority                                          | CUSIP: 837151A74<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    619000 | PA      | $647721.31    | 0.24%             | 2029-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HSG DEV AUTH SF MT                   | Michigan State Housing Development Authority                                     | CUSIP: 594654EV3<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   1730000 | PA      | $1745665.19   | 0.65%             | 2049-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH IN WSTWTR UTI                   | Indiana Finance Authority                                                        | CUSIP: 45505MPP5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1637236.29   | 0.61%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG BEACH CA BOND FIN AUTH NA                   | Long Beach Bond Finance Authority                                                | CUSIP: 54241ABC6<br>LEI: 549300BKBZ5U7OZH3S21 | Long             | DBT              | MUN               | US        |    700000 | PA      | $699062.25    | 0.26%             | 2027-11-15      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N                   | Tobacco Settlement Financing Corp                                                | CUSIP: 888808HF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $330145.77    | 0.12%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX ELEC & GAS REVE                   | City of San Antonio TX Electric & Gas Systems Revenue                            | CUSIP: 79625GLG6<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1143089.07   | 0.43%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO INDL DEV AUTH A                   | Kansas City Industrial Development Authority                                     | CUSIP: 48504NAS8<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049948.04   | 0.39%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGL CO TRANSPRTN DIST PRIV AC                   | Regional Transportation District                                                 | CUSIP: 759151BB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $638687.98    | 0.24%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL                    | Black Belt Energy Gas District                                                   | CUSIP: 09182TBL0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2079962.01   | 0.78%             | 2053-05-01      | Variable      | 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        |    565000 | PA      | $571823.22    | 0.21%             | 2032-10-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                    | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 64613CER5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1135329.97   | 0.42%             | 2039-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA TOBACCO SETTL                   | District of Columbia Tobacco Settlement Financing Corp                           | CUSIP: 254842AK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2270000 | PA      | $2324760.60   | 0.87%             | 2040-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT WTR & PWR                    | Los Angeles Department of Water & Power                                          | CUSIP: 5444954Z4<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    175000 | PA      | $176588.86    | 0.07%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA                   | Main Street Natural Gas Inc                                                      | CUSIP: 56035DJJ2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2932098.96   | 1.09%             | 2055-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN                   | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542QBZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $662686.92    | 0.25%             | 2026-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONROE TX INDEP SCH DIST                         | Conroe Independent School District                                               | CUSIP: 2084185D1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1136497.88   | 0.42%             | 2038-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WHATCOM CNTY WA PUBLIC UTIL DI                   | Whatcom County Public Utility District No 1                                      | CUSIP: 962468FE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $436309.18    | 0.16%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                      | State of Illinois                                                                | CUSIP: 452153EX3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1820000 | PA      | $2004809.73   | 0.75%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUCTNL FACS AUT                   | New Jersey Educational Facilities Authority                                      | CUSIP: 646067KD9<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1118670.88   | 0.42%             | 2064-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F                   | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638QSF7<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    905000 | PA      | $908478.47    | 0.34%             | 2052-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH                   | Maricopa County Industrial Development Authority                                 | CUSIP: 56681NAR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $105234.45    | 0.04%             | 2026-07-01      | Fixed         | 4.00%                 | 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        |   1000000 | PA      | $1028041.15   | 0.38%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN                   | New Hampshire Business Finance Authority                                         | CUSIP: 63608TAV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $711674.39    | 0.27%             | 2033-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                     | Illinois Finance Authority                                                       | CUSIP: 45204E7J1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    565000 | PA      | $577088.41    | 0.22%             | 2030-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                      | State of Illinois                                                                | CUSIP: 452153GM5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1196115.05   | 0.45%             | 2036-07-01      | 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        |    585000 | PA      | $585000.00    | 0.22%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT WTR & PWR                    | Los Angeles Department of Water & Power                                          | CUSIP: 544495R30<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    760000 | PA      | $761198.46    | 0.28%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST DEV FIN AUTH HLTHS                   | Oklahoma Development Finance Authority                                           | CUSIP: 67884XCD7<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1129702.82   | 0.42%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VLG FL CDD #6 SPL ASSMNT REVEN                   | Village Community Development District No 6                                      | CUSIP: 92707UAZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200516.08    | 0.07%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                   | California Community Choice Financing Authority                                  | CUSIP: 13013JHH2<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1089584.96   | 0.41%             | 2033-11-01      | 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        |   1175000 | PA      | $1270429.22   | 0.47%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FA                   | Harris County Cultural Education Facilities Finance Corp                         | CUSIP: 414009MP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $284918.41    | 0.11%             | 2049-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                             | State of Ohio                                                                    | CUSIP: 67756CFW3<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    250000 | PA      | $248710.92    | 0.09%             | 2052-01-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION                    | Texas Municipal Gas Acquisition and Supply Corp I                                | CUSIP: 88256CEX3<br>LEI: 6AZ7FRSNC3ZFPM0Z8L86 | Long             | DBT              | MUN               | US        |    360000 | PA      | $370227.50    | 0.14%             | 2026-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES                   | New York State Dormitory Authority                                               | CUSIP: 64985SNS8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996784.97    | 0.37%             | 2030-11-15      | Fixed         | 3.32%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P                   | Los Angeles Department of Water & Power                                          | CUSIP: 544532PZ1<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1412898.12   | 0.53%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST DEV FIN AUTH HLTHS                   | Oklahoma Development Finance Authority                                           | CUSIP: 67884XCA3<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |    800000 | PA      | $807292.91    | 0.30%             | 2026-08-15      | 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        |   1500000 | PA      | $1586608.43   | 0.59%             | 2055-06-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A                   | Washington Health Care Facilities Authority                                      | CUSIP: 93978HUH6<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    375000 | PA      | $387498.09    | 0.14%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                    | Pennsylvania Economic Development Financing Authority                            | CUSIP: 708692BJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1252219.01   | 0.47%             | 2037-08-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP                    | Sales Tax Securitization Corp                                                    | CUSIP: 79467BGL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044527.21   | 0.39%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA ARPT PASSENGER FAC                    | City of Atlanta GA Airport Passenger Facility Charge                             | CUSIP: 04780TEN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1412057.89   | 0.53%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN                   | Virginia Small Business Financing Authority                                      | CUSIP: 928104NG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $769865.28    | 0.29%             | 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        |    500000 | PA      | $502554.47    | 0.19%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                         | District of Columbia                                                             | CUSIP: 25483VTR5<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1404952.59   | 0.52%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                     | Michigan Finance Authority                                                       | CUSIP: 59447TK69<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    500000 | PA      | $538152.20    | 0.20%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX ELEC & GAS REVE                   | City of San Antonio TX Electric & Gas Systems Revenue                            | CUSIP: 79625GEY5<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1464218.22   | 0.55%             | 2049-02-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| ORLANDO FL UTILITIES COMMISSIO                   | Orlando Utilities Commission                                                     | CUSIP: 686507JQ8<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |   2540000 | PA      | $2332136.72   | 0.87%             | 2046-10-01      | Variable      | 1.25%                 | 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        |   2365000 | PA      | $2374812.61   | 0.89%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SPL TAX OBLIG R                   | State of Connecticut Special Tax Revenue                                         | CUSIP: 207758Y72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1142517.09   | 0.43%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALG                   | Black Belt Energy Gas District                                                   | CUSIP: 09182RBE0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    170000 | PA      | $170831.49    | 0.06%             | 2049-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI SPL REVENUE                   | Public Finance Authority                                                         | CUSIP: 74447TAF9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $993471.91    | 0.37%             | 2032-12-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P                   | Los Angeles Department of Water & Power                                          | CUSIP: 544532FX7<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    620000 | PA      | $625629.16    | 0.23%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BALDWIN CNTY AL INDL DEV AUTH                    | Baldwin County Industrial Development Authority                                  | CUSIP: 05786PAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1531991.16   | 0.57%             | 2055-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| BROOKS DEV AUTH TX REVENUE                       | Brooks Development Authority                                                     | CUSIP: 114390AL1<br>LEI: 254900CIQ3XBA01G8L37 | Long             | DBT              | MUN               | US        |   1890000 | PA      | $1927273.25   | 0.72%             | 2042-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH CNTY UT HOSP REVENUE                        | County of Utah UT                                                                | CUSIP: 917393DF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $349405.86    | 0.13%             | 2060-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT                    | Buckeye Tobacco Settlement Financing Authority                                   | CUSIP: 118217CL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $413787.53    | 0.15%             | 2030-06-01      | 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      | $1019116.90   | 0.38%             | 2037-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N                   | Tobacco Settlement Financing Corp                                                | CUSIP: 888808HB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1745000 | PA      | $1759124.61   | 0.66%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A                   | Metropolitan Washington Airports Authority Aviation Revenue                      | CUSIP: 592647MR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1772742.95   | 0.66%             | 2033-10-01      | 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        |   1510000 | PA      | $1659072.87   | 0.62%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HSG FIN AGY SF                   | Pennsylvania Housing Finance Agency                                              | CUSIP: 70879QSZ7<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   2360000 | PA      | $2484615.17   | 0.93%             | 2053-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL                    | Black Belt Energy Gas District                                                   | CUSIP: 09182NCB4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    500000 | PA      | $505049.97    | 0.19%             | 2052-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL                   | Chandler Industrial Development Authority                                        | CUSIP: 158862CE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1266171.46   | 0.47%             | 2049-06-01      | 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        |    500000 | PA      | $529797.97    | 0.20%             | 2037-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                       | Public Finance Authority                                                         | CUSIP: 74442PR64<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2003082.12   | 0.75%             | 2055-01-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| RAILSPLITTER IL TOBACCO SETTLE                   | Railsplitter Tobacco Settlement Authority                                        | CUSIP: 75076PBA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $378715.10    | 0.14%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIMBLE CNTY KY POLL CONTROL R                   | County of Trimble KY                                                             | CUSIP: 896224BA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $714611.95    | 0.27%             | 2044-09-01      | Variable      | 1.30%                 | No            |                  2 | On Loan: No      |
| PATRIOTS ENERGY GROUP FING AGY                   | Patriots Energy Group Financing Agency                                           | CUSIP: 70342PAN4<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |    880000 | PA      | $941883.93    | 0.35%             | 2054-10-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| UTAH ST HSG CORP MF REVENUE                      | Utah Housing Corp                                                                | CUSIP: 917434DL3<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1562697.36   | 0.58%             | 2045-09-01      | Variable      | 3.00%                 | 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        |    500000 | PA      | $497828.64    | 0.19%             | 2033-12-01      | Fixed         | 4.88%                 | 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        |    998949 | PA      | $998725.39    | 0.37%             | 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        |   2745000 | PA      | $2853179.66   | 1.06%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                   | Colorado Health Facilities Authority                                             | CUSIP: 19648FZB3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1082002.64   | 0.40%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL                    | Black Belt Energy Gas District                                                   | CUSIP: 09182TAW7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1440000 | PA      | $1453174.69   | 0.54%             | 2052-12-01      | Variable      | 4.00%                 | 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        |   1000000 | PA      | $999734.34    | 0.37%             | 2058-09-01      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| STHRN CALIFORNIA ST PUBLIC PWR                   | Southern California Public Power Authority                                       | CUSIP: 842469CT3<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |    250000 | PA      | $279228.88    | 0.10%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL PLAINS ENERGY PROJ NE G                   | Central Plains Energy Project                                                    | CUSIP: 154872AY1<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1278821.04   | 0.48%             | 2055-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU FIN CORP ED                   | Clifton Higher Education Finance Corp                                            | CUSIP: 187145NS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $243059.24    | 0.09%             | 2030-08-15      | Fixed         | 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        |   1800000 | PA      | $1789839.98   | 0.67%             | 2035-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTHR                   | Orange County Health Facilities Authority                                        | CUSIP: 68450LGT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $698425.78    | 0.26%             | 2052-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL                    | Black Belt Energy Gas District                                                   | CUSIP: 09182TGC5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2125591.58   | 0.79%             | 2055-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE                        | North Texas Tollway Authority                                                    | CUSIP: 66285WWY8<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    415000 | PA      | $415000.00    | 0.15%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FRANKLIN CNTY OH HOSP FACS REV                   | County of Franklin OH                                                            | CUSIP: 353187EW3<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |    350000 | PA      | $350000.00    | 0.13%             | 2042-11-01      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP R                   | Tobacco Settlement Financing Corp/RI                                             | CUSIP: 888809BA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $240281.09    | 0.09%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| (PIPA070) PGIM Core Government Money Market Fund | (PIPA070) PGIM Core Government Money Market Fund                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1396585 | NS      | $1396584.58   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                    | New York City Transitional Finance Authority Future Tax Secured Revenue          | CUSIP: 64972JQQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $570762.18    | 0.21%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST HLTH FACS AUTH                        | Arizona Health Facilities Authority                                              | CUSIP: 040507HN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2480000 | PA      | $2475267.50   | 0.92%             | 2037-01-01      | Variable      | 4.08%                 | No            |                  2 | On Loan: No      |
| WHATCOM CNTY WA PUBLIC UTIL DI                   | Whatcom County Public Utility District No 1                                      | CUSIP: 962468FC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $432586.40    | 0.16%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N                   | Tobacco Settlement Financing Corp                                                | CUSIP: 888808HM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $241196.95    | 0.09%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST TURNPIKE AUTH ECON                   | Kentucky Turnpike Authority                                                      | CUSIP: 491552W27<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $607120.79    | 0.23%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FA                   | Harris County Cultural Education Facilities Finance Corp                         | CUSIP: 414009SP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $212253.68    | 0.08%             | 2054-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST HGR EDUCTNL FACS FI                   | Florida Higher Educational Facilities Financing Authority                        | CUSIP: 34073TJQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $299227.41    | 0.11%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP                    | New York City Housing Development Corp                                           | CUSIP: 64966TGQ1<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1432645.91   | 0.53%             | 2046-11-01      | Variable      | 2.10%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HGR EDU ASSISTAN                   | New Jersey Higher Education Student Assistance Authority                         | CUSIP: 646080XV8<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    285000 | PA      | $297628.37    | 0.11%             | 2028-12-01      | 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        |   1000000 | PA      | $1093500.98   | 0.41%             | 2036-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                   | California Community Choice Financing Authority                                  | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061166.00   | 0.40%             | 2054-01-01      | Variable      | 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        |   1800000 | PA      | $1799019.74   | 0.67%             | 2035-12-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU                   | Texas Private Activity Bond Surface Transportation Corp                          | CUSIP: 882667CJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1323321.53   | 0.49%             | 2040-06-30      | Fixed         | 5.50%                 | 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      | $1221154.31   | 0.46%             | 2031-06-01      | Variable      | 1.10%                 | No            |                  2 | On Loan: No      |
| WARREN CNTY MS GULF OPPORTUNIT                   | County of Warren MS                                                              | CUSIP: 935031AG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1302280.14   | 0.49%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DURHAM NC HSG AUTH MF HSG REVE                   | Durham Housing Authority                                                         | CUSIP: 266785AV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000371.32   | 0.37%             | 2059-07-01      | Variable      | 3.15%                 | No            |                  2 | On Loan: No      |
| SANGER CA UNIF SCH DIST COPS                     | Sanger Unified School District                                                   | CUSIP: 800860EQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60069.61     | 0.02%             | 2052-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN                    | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542UHK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008420.56   | 0.38%             | 2030-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P                   | Los Angeles Department of Water & Power Water System Revenue                     | CUSIP: 544525WQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $429894.35    | 0.16%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HLTH SYS R                   | Indiana Finance Authority                                                        | CUSIP: 45470YFL0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    860000 | PA      | $900824.87    | 0.34%             | 2062-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CUYAHOGA CNTY OH HOSP REVENUE                    | County of Cuyahoga OH                                                            | CUSIP: 2322655K0<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1203028.66   | 0.45%             | 2029-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL INDL DEV AU                   | Miami-Dade County Industrial Development Authority                               | CUSIP: 59333GAK4<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |    230000 | PA      | $229828.58    | 0.09%             | 2027-09-01      | Floating      | 3.35%                 | No            |                  2 | On Loan: No      |
| N TEXAS HGR EDU AUTH INC EDU L                   | North Texas Higher Education Authority Inc                                       | CUSIP: 66286UAH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $849764.89    | 0.32%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WHATCOM CNTY WA PUBLIC UTIL DI                   | Whatcom County Public Utility District No 1                                      | CUSIP: 962468FD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $341448.28    | 0.13%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP                    | New York City Housing Development Corp                                           | CUSIP: 64972E3D9<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    285000 | PA      | $284678.32    | 0.11%             | 2062-11-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI TAX EXEMPT                    | Public Finance Authority                                                         | CUSIP: 74448SAA1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003315.89   | 0.37%             | 2059-08-01      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| VLG FL CDD #7 SPL ASSMNT REVEN                   | Village Community Development District No 7                                      | CUSIP: 92707VAQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $245170.15    | 0.09%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CMNTY DEV ADMIN MD MF DEV REVE                   | Maryland Community Development Administration                                    | CUSIP: 20364NCK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009963.76   | 0.38%             | 2029-01-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST SALES TAX REVENUE                    | State of Illinois Sales Tax Revenue                                              | CUSIP: 452227SA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1935000 | PA      | $1953121.73   | 0.73%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                       | Public Finance Authority                                                         | CUSIP: 74442PL86<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    636776 | PA      | $627760.77    | 0.23%             | 2036-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                    | New York City Transitional Finance Authority Future Tax Secured Revenue          | CUSIP: 64971XAT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2505000 | PA      | $2578874.11   | 0.96%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN                   | California Pollution Control Financing Authority                                 | CUSIP: 130536QY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $2500.00      | 0.00%             | 2022-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVIATION AUTH A                   | Greater Orlando Aviation Authority                                               | CUSIP: 392274W51<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1188907.78   | 0.44%             | 2032-10-01      | Fixed         | 5.00%                 | 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      | $1394353.75   | 0.52%             | 2029-04-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| SALT VERDE AZ FINANCIAL CORP S                   | Salt Verde Financial Corp                                                        | CUSIP: 79575EAM0<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1295666.81   | 0.48%             | 2026-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN                    | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542UHQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    605000 | PA      | $614423.31    | 0.23%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P                   | Los Angeles Department of Water & Power                                          | CUSIP: 544532AT1<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    580000 | PA      | $586684.97    | 0.22%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST HSG FIN AGY                    | North Carolina Housing Finance Agency                                            | CUSIP: 65821FLA2<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1789052.08   | 0.67%             | 2057-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ST ENERGY ACQUISITIO                   | Tennessee Energy Acquisition Corp                                                | CUSIP: 880443JF4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2372243.32   | 0.88%             | 2053-05-01      | Variable      | 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        |    700000 | PA      | $700340.25    | 0.26%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT                    | Buckeye Tobacco Settlement Financing Authority                                   | CUSIP: 118217CJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1411253.76   | 0.53%             | 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        |   1000000 | PA      | $927390.59    | 0.35%             | 2069-09-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F                   | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638TJW4<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2229827.58   | 0.83%             | 2051-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HGR EDU ASSISTAN                   | New Jersey Higher Education Student Assistance Authority                         | CUSIP: 646080ZF1<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1612280.73   | 0.60%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH                   | Kentucky Public Energy Authority                                                 | CUSIP: 74440DDS0<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   2160000 | PA      | $2181368.96   | 0.81%             | 2052-08-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP                    | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KAU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100197.48    | 0.04%             | 2026-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                   | Chicago O'Hare International Airport                                             | CUSIP: 1675935S7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $554066.09    | 0.21%             | 2034-01-01      | 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        |    800000 | PA      | $811346.56    | 0.30%             | 2062-03-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                    | New York City Transitional Finance Authority Future Tax Secured Revenue          | CUSIP: 64972JAV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1121533.97   | 0.42%             | 2044-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY AFFORD                   | New York State Housing Finance Agency                                            | CUSIP: 64987JZ38<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1208002.72   | 0.45%             | 2044-11-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH                   | Maricopa County Industrial Development Authority                                 | CUSIP: 56681NAM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $339211.87    | 0.13%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR                   | City & County Honolulu HI Wastewater System Revenue                              | CUSIP: 4387014T8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1754594.99   | 0.65%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST ENVRNMNTL FACS COR                   | New York State Environmental Facilities Corp                                     | CUSIP: 649852AS9<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1329301.95   | 0.50%             | 2050-09-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| DALLAS TX HOTEL OCCUPANCY TAX                    | City of Dallas TX Hotel Occupancy Tax Revenue                                    | CUSIP: 235286AG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1032005.58   | 0.38%             | 2028-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL ARPT SYS REVEN                   | County of Broward FL Airport System Revenue                                      | CUSIP: 114894VX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500618.93    | 0.19%             | 2026-10-01      | 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        |   1200000 | PA      | $1207146.79   | 0.45%             | 2030-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL                   | Maryland Health & Higher Educational Facilities Authority                        | CUSIP: 57421CLH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1128524.78   | 0.42%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST URBAN DEV CORP REV                   | Empire State Development Corp                                                    | CUSIP: 6500357J1<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1410539.96   | 0.53%             | 2041-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST HLTH & EDUCTNL                   | South Dakota Health & Educational Facilities Authority                           | CUSIP: 83755VW75<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |    405000 | PA      | $435891.88    | 0.16%             | 2052-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN SALES                    | Idaho Housing & Finance Association                                              | CUSIP: 45130ABN4<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1241240.54   | 0.46%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV                   | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182QH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1115056.61   | 0.42%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                   | Colorado Health Facilities Authority                                             | CUSIP: 19648FKC7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    540000 | PA      | $545656.50    | 0.20%             | 2026-08-01      | 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        |   1000000 | PA      | $1061549.38   | 0.40%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM                   | North Carolina Medical Care Commission                                           | CUSIP: 65820YVJ2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    380000 | PA      | $376983.59    | 0.14%             | 2029-10-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                   | Chicago O'Hare International Airport                                             | CUSIP: 1675937F3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508739.55    | 0.19%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE                   | City of Salt Lake City UT Airport Revenue                                        | CUSIP: 795576FM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $384848.36    | 0.14%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST SALES TAX REVENUE                    | State of Illinois Sales Tax Revenue                                              | CUSIP: 452227KM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004902.27   | 0.37%             | 2026-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF COLORADO CO ENTERPRISE                   | University of Colorado                                                           | CUSIP: 91417NDA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $771374.96    | 0.29%             | 2051-06-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO                   | Mississippi Business Finance Corp                                                | CUSIP: 60528ABZ6<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   3165000 | PA      | $3165000.00   | 1.18%             | 2035-11-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| LOUISA VA INDL DEV AUTH POLL C                   | Louisa Industrial Development Authority                                          | CUSIP: 546068AZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003279.50   | 0.37%             | 2035-11-01      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL                    | Black Belt Energy Gas District                                                   | CUSIP: 09182NBR0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015410.69   | 0.38%             | 2051-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| ARKANSAS ST DEV FIN AUTH RESOU                   | Arkansas Development Finance Authority                                           | CUSIP: 04084EAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1645000 | PA      | $1651777.32   | 0.62%             | 2065-10-15      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU FIN CORP ED                   | Clifton Higher Education Finance Corp                                            | CUSIP: 187145WB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1138736.11   | 0.42%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP                   | Metropolitan Nashville Airport Authority/The                                     | CUSIP: 592190QP0<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    500000 | PA      | $554631.50    | 0.21%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE                   | City of Salt Lake City UT Airport Revenue                                        | CUSIP: 795576ML8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2208663.64   | 0.82%             | 2032-07-01      | 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        |    895000 | PA      | $963518.73    | 0.36%             | 2054-04-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                   | Colorado Health Facilities Authority                                             | CUSIP: 19648FYN8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    940000 | PA      | $1021023.79   | 0.38%             | 2059-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| S JERSEY NJ TRANSPRTN AUTH TRA                   | South Jersey Transportation Authority                                            | CUSIP: 838536NN6<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1108839.80   | 0.41%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CO CITY & CNTY MF HSG R                   | Denver City & County Housing Authority                                           | CUSIP: 24917QBL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2098118.44   | 0.78%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST TURNPIKE AUTH                        | Oklahoma Turnpike Authority                                                      | CUSIP: 679111F33<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1130710.83   | 0.42%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA                   | Main Street Natural Gas Inc                                                      | CUSIP: 56035DHK1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2421547.57   | 0.90%             | 2054-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST URBAN DEV CORP REV                   | Empire State Development Corp                                                    | CUSIP: 650035U55<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   1685000 | PA      | $1691132.73   | 0.63%             | 2031-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                         | District of Columbia                                                             | CUSIP: 25483VTQ7<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    220000 | PA      | $225781.83    | 0.08%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSONC                   | Metropolitan Government Nashville & Davidson County Industrial Development Board | CUSIP: 592109AM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002001.65   | 0.75%             | 2044-07-01      | Variable      | 3.15%                 | No            |                  2 | On Loan: No      |
| SEATTLE WA MUNI LIGHT & PWR RE                   | City of Seattle WA Municipal Light & Power Revenue                               | CUSIP: 812643WU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $494722.02    | 0.18%             | 2045-05-01      | Variable      | 3.57%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST ECON DEV AUTH                   | West Virginia Economic Development Authority                                     | CUSIP: 95648VBV0<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011655.81   | 0.38%             | 2055-04-15      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                      | City of Houston TX Airport System Revenue                                        | CUSIP: 442349JZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $636772.23    | 0.24%             | 2028-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE                   | Port Authority of New York & New Jersey                                          | CUSIP: 73358XQJ4<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2358548.74   | 0.88%             | 2034-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                     | Illinois Finance Authority                                                       | CUSIP: 45204EY93<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    540000 | PA      | $565114.54    | 0.21%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF HSG & CMNTY A                   | Texas Department of Housing & Community Affairs                                  | CUSIP: 882750UA8<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1067750.47   | 0.40%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH                   | Kentucky Public Energy Authority                                                 | CUSIP: 74440DFQ2<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1568888.65   | 0.58%             | 2033-12-01      | 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        |   2000000 | PA      | $2029918.67   | 0.76%             | 2039-11-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                   | Pennsylvania Turnpike Commission                                                 | CUSIP: 709224QF9<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1221995.11   | 0.46%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F                   | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638TJU8<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1109226.53   | 0.41%             | 2064-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN                   | New Hampshire Business Finance Authority                                         | CUSIP: 63608TAY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014617.77   | 0.38%             | 2039-06-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX UTILITY SYS REVENUE                   | City of Houston TX Combined Utility System Revenue                               | CUSIP: 4424355X7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001217.73   | 0.37%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST HLTH & EDUCTNL                   | South Dakota Health & Educational Facilities Authority                           | CUSIP: 83755VY99<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2251609.15   | 0.84%             | 2033-09-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL                    | Black Belt Energy Gas District                                                   | CUSIP: 09182TEV5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2059873.50   | 0.77%             | 2056-05-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP                    | New York City Housing Development Corp                                           | CUSIP: 64966TGW8<br>LEI: 549300SQWVHKBRF8D702 | Long             | ABS-MBS          | MUN               | US        |   2000000 | PA      | $2053475.34   | 0.77%             | 2043-12-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                      | City of Houston TX Airport System Revenue                                        | CUSIP: 442349HU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1337059.02   | 0.50%             | 2034-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                   | New Jersey Economic Development Authority                                        | CUSIP: 64577XFB7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    400000 | PA      | $451803.50    | 0.17%             | 2039-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TENNERGY CORP TN GAS REVENUE                     | Tennergy Corp/TN                                                                 | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |    380000 | PA      | $407357.90    | 0.15%             | 2053-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL HSG FIN AUT                   | Miami-Dade County Housing Finance Authority                                      | CUSIP: 593344CB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009113.62   | 0.38%             | 2044-02-01      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| HILLSBOROUGH CNTY FL AVIATION                    | Hillsborough County Aviation Authority                                           | CUSIP: 432308M92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1316645.03   | 0.49%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L                   | New York Liberty Development Corp                                                | CUSIP: 649519DF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $931733.17    | 0.35%             | 2069-09-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH ED                   | California Municipal Finance Authority                                           | CUSIP: 13049AAE3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |     65000 | PA      | $65110.38     | 0.02%             | 2026-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HSG FIN CORP MF H                   | Arlington Housing Finance Corp                                                   | CUSIP: 041818AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003820.50   | 0.37%             | 2041-04-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                    | New York City Transitional Finance Authority Future Tax Secured Revenue          | CUSIP: 64972JPD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1142251.51   | 0.43%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY AFFORD                   | New York State Housing Finance Agency                                            | CUSIP: 64987J4L2<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004387.28   | 0.37%             | 2064-11-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                     | Illinois Finance Authority                                                       | CUSIP: 45204FS97<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1118236.92   | 0.42%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST STRATEGIC FUND LTD                   | Michigan Strategic Fund                                                          | CUSIP: 594698SR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1802488.27   | 0.67%             | 2061-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A                   | City of Los Angeles Department of Airports                                       | CUSIP: 5444452L2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1459071.47   | 0.54%             | 2031-05-15      | 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        |   1070000 | PA      | $1077558.62   | 0.40%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SPL TAX OBLIG R                   | State of Connecticut Special Tax Revenue                                         | CUSIP: 207758YM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1232365.25   | 0.46%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP                    | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KAZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $302195.69    | 0.11%             | 2027-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-26

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

**Signature:** Christian J. Kelly

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

**Title:** Chief Financial Officer