# EDGAR Filing Document

**Accession Number:** 0000807394
**File Stem:** 0001193125-25-261751
**Filing Date:** 2025-11
**Character Count:** 248332
**Document Hash:** 403c6d398b1501a0322e6eaf2e295e82
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-261751.hdr.sgml**: 20251103

**ACCESSION NUMBER**: 0001193125-25-261751

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251103

**DATE AS OF CHANGE**: 20251103

**EFFECTIVENESS DATE**: 20251103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRUDENTIAL INVESTMENT PORTFOLIOS 4
- **CENTRAL INDEX KEY:** 0000807394

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04930
- **FILM NUMBER:** 251442222

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DRYDEN MUNICIPAL BOND FUND
- **DATE OF NAME CHANGE:** 20030709

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRUDENTIAL MUNICIPAL BOND FUND
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRUDENTIAL BACHE MUNICIPAL BOND FUND
- **DATE OF NAME CHANGE:** 19910527

## Series and Classes Contracts Data

### PGIM Muni High Income Fund (Series ID: S000004643)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000012650 | Class Z      | PHIZX           |
| C000012651 | Class A      | PRHAX           |
| C000012653 | Class C      | PHICX           |
| C000190115 | Class R6     | PHIQX           |

?xml version='1.0' encoding='ASCII'? Prudential Investment Portfolios 4

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

---

| | |
|:---|:---|
| Investment Company Act file number: | 811-04930 |
| Exact name of registrant as specified in charter: | Prudential Investment Portfolios 4 |
| Address of principal executive offices: | 655 Broad Street, 6<sup>th</sup>Floor<br>Newark, New Jersey 07102 |
| Name and address of agent for service: | Andrew R. French<br>655 Broad Street, 6<sup>th</sup>Floor<br>Newark, New Jersey 07102 |
| Registrant's telephone number, including area code: | 800-225-1852 |
| Date of fiscal year end: | 8/31/2025 |
| Date of reporting period: | 8/31/2025 |

---

------

Item 1 – Reports to Stockholders

(a) Report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

------

![](g84309g1tsrbanner.jpg)

PGIM Muni High Income Fund

Class A:

PRHAX

ANNUAL SHAREHOLDER REPORT – August 31, 2025

This annual shareholder report contains important information about the Class A shares of PGIM Muni High Income Fund (the "Fund") for the

period of September 1, 2024 to August 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Muni High Income Fund—Class A | $80 | 0.81% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, the US Federal Reserve's easing cycle was paused amid increased uncertainty over the impact of US policies and

actions (e.g., taxes and higher education). Issuance in the municipal bond market, as of August 2025, exceeded last year's record by

approximately 15–20%, driven by issuers in the health care, university, and transportation sectors. Investor demand was skewed toward

short-dated municipal bonds, resulting in a steeper municipal bond yield curve and relative values that exceeded their long-term averages.

■

The following contributed most to the Fund's performance relative to the Bloomberg Municipal Bond Index (the "Index") during the period: an

overweight position in housing bonds (particularly Freddie Mac multifamily deals) and prepay gas bonds as spreads tightened; an underweight

to a commuter train project in Florida, which underperformed as its spreads widened.

■

The following detracted most from the Fund's performance relative to the Index during the reporting period: yield curve positioning (flattener);

and security selection in charter schools that underperformed.

■

The Fund uses derivatives when they facilitate implementation of the overall investment approach. During the reporting period, the Fund used

futures to help manage duration positioning and yield curve exposure. The Fund's positions in futures contributed modestly to performance

during the reporting period.

MF133EA

![](g84309g1pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class A shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: August 31, 2015 to August 31, 2025<br>Initial Investment of $10,000<br>

![](g84309g1munihighincome_a.jpg)

The line graph reflects the return on the Fund's Class A shares with sales charges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class A with sales charges | -4.48% | 0.28% | 2.32% |
| Class A without sales charges | -1.28% | 0.94% | 2.66% |
| Bloomberg Municipal Bond Index | 0.08% | 0.40% | 2.18% |
| Bloomberg Municipal High Yield Bond Index | -1.49% | 2.34% | 4.36% |
| Bloomberg Municipal Bond Index (50%) / Bloomberg Municipal High <br>Yield Bond Index (50%)<br>| -0.71% | 1.37% | 3.28% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $861233995<br>|
| Number of fund holdings | 401 |
| Total advisory fees paid for the year | $3616661<br>|
| Portfolio turnover rate for the year | 56% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) |
| AAA | 2.6 |
| AA | 16.0 |
| A | 13.9 |
| BBB | 17.7 |
| BB | 7.4 |
| B | 1.3 |
| Not Rated | 40.2 |
| Cash/Cash Equivalents | 0.9 |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g84309g1qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Muni High Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS A <br> NASDAQ PRHAX <br> CUSIP 74440M104

MF133EA

![](g84309g1pgim_investments.jpg)

------

![](g84309g2tsrbanner.jpg)

PGIM Muni High Income Fund

Class C:

PHICX

ANNUAL SHAREHOLDER REPORT – August 31, 2025

This annual shareholder report contains important information about the Class C shares of PGIM Muni High Income Fund (the "Fund") for the

period of September 1, 2024 to August 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Muni High Income Fund—Class C | $162 | 1.64% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, the US Federal Reserve's easing cycle was paused amid increased uncertainty over the impact of US policies and

actions (e.g., taxes and higher education). Issuance in the municipal bond market, as of August 2025, exceeded last year's record by

approximately 15–20%, driven by issuers in the health care, university, and transportation sectors. Investor demand was skewed toward

short-dated municipal bonds, resulting in a steeper municipal bond yield curve and relative values that exceeded their long-term averages.

■

The following contributed most to the Fund's performance relative to the Bloomberg Municipal Bond Index (the "Index") during the period: an

overweight position in housing bonds (particularly Freddie Mac multifamily deals) and prepay gas bonds as spreads tightened; an underweight

to a commuter train project in Florida, which underperformed as its spreads widened.

■

The following detracted most from the Fund's performance relative to the Index during the reporting period: yield curve positioning (flattener);

and security selection in charter schools that underperformed.

■

The Fund uses derivatives when they facilitate implementation of the overall investment approach. During the reporting period, the Fund used

futures to help manage duration positioning and yield curve exposure. The Fund's positions in futures contributed modestly to performance

during the reporting period.

MF133EC

![](g84309g2pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class C shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: August 31, 2015 to August 31, 2025<br>Initial Investment of $10,000<br>

![](g84309g2munihighincome_c.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class C with sales charges | -3.04% | 0.14% | 1.86% |
| Class C without sales charges | -2.09% | 0.14% | 1.86% |
| Bloomberg Municipal Bond Index | 0.08% | 0.40% | 2.18% |
| Bloomberg Municipal High Yield Bond Index | -1.49% | 2.34% | 4.36% |
| Bloomberg Municipal Bond Index (50%) / Bloomberg Municipal High <br>Yield Bond Index (50%)<br>| -0.71% | 1.37% | 3.28% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $861233995<br>|
| Number of fund holdings | 401 |
| Total advisory fees paid for the year | $3616661<br>|
| Portfolio turnover rate for the year | 56% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) |
| AAA | 2.6 |
| AA | 16.0 |
| A | 13.9 |
| BBB | 17.7 |
| BB | 7.4 |
| B | 1.3 |
| Not Rated | 40.2 |
| Cash/Cash Equivalents | 0.9 |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g84309g2qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Muni High Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS C <br> NASDAQ PHICX <br> CUSIP 74440M302

MF133EC

![](g84309g2pgim_investments.jpg)

------

![](g84309g3tsrbanner.jpg)

PGIM Muni High Income Fund

Class Z:

PHIZX

ANNUAL SHAREHOLDER REPORT – August 31, 2025

This annual shareholder report contains important information about the Class Z shares of PGIM Muni High Income Fund (the "Fund") for the

period of September 1, 2024 to August 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Muni High Income Fund—Class Z | $58 | 0.58% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, the US Federal Reserve's easing cycle was paused amid increased uncertainty over the impact of US policies and

actions (e.g., taxes and higher education). Issuance in the municipal bond market, as of August 2025, exceeded last year's record by

approximately 15–20%, driven by issuers in the health care, university, and transportation sectors. Investor demand was skewed toward

short-dated municipal bonds, resulting in a steeper municipal bond yield curve and relative values that exceeded their long-term averages.

■

The following contributed most to the Fund's performance relative to the Bloomberg Municipal Bond Index (the "Index") during the period: an

overweight position in housing bonds (particularly Freddie Mac multifamily deals) and prepay gas bonds as spreads tightened; an underweight

to a commuter train project in Florida, which underperformed as its spreads widened.

■

The following detracted most from the Fund's performance relative to the Index during the reporting period: yield curve positioning (flattener);

and security selection in charter schools that underperformed.

■

The Fund uses derivatives when they facilitate implementation of the overall investment approach. During the reporting period, the Fund used

futures to help manage duration positioning and yield curve exposure. The Fund's positions in futures contributed modestly to performance

during the reporting period.

MF133EZ

![](g84309g3pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class Z shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: August 31, 2015 to August 31, 2025<br>Initial Investment of $10,000<br>

![](g84309g3munihighincome_z.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class Z | -1.05% | 1.19% | 2.90% |
| Bloomberg Municipal Bond Index | 0.08% | 0.40% | 2.18% |
| Bloomberg Municipal High Yield Bond Index | -1.49% | 2.34% | 4.36% |
| Bloomberg Municipal Bond Index (50%) / Bloomberg Municipal High <br>Yield Bond Index (50%)<br>| -0.71% | 1.37% | 3.28% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $861233995<br>|
| Number of fund holdings | 401 |
| Total advisory fees paid for the year | $3616661<br>|
| Portfolio turnover rate for the year | 56% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) |
| AAA | 2.6 |
| AA | 16.0 |
| A | 13.9 |
| BBB | 17.7 |
| BB | 7.4 |
| B | 1.3 |
| Not Rated | 40.2 |
| Cash/Cash Equivalents | 0.9 |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g84309g3qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Muni High Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS Z <br> NASDAQ PHIZX <br> CUSIP 74440M401

MF133EZ

![](g84309g3pgim_investments.jpg)

------

![](g84309g4tsrbanner.jpg)

PGIM Muni High Income Fund

Class R6:

PHIQX

ANNUAL SHAREHOLDER REPORT – August 31, 2025

This annual shareholder report contains important information about the Class R6 shares of PGIM Muni High Income Fund (the "Fund") for the

period of September 1, 2024 to August 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Muni High Income Fund—Class R6 | $49 | 0.49% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, the US Federal Reserve's easing cycle was paused amid increased uncertainty over the impact of US policies and

actions (e.g., taxes and higher education). Issuance in the municipal bond market, as of August 2025, exceeded last year's record by

approximately 15–20%, driven by issuers in the health care, university, and transportation sectors. Investor demand was skewed toward

short-dated municipal bonds, resulting in a steeper municipal bond yield curve and relative values that exceeded their long-term averages.

■

The following contributed most to the Fund's performance relative to the Bloomberg Municipal Bond Index (the "Index") during the period: an

overweight position in housing bonds (particularly Freddie Mac multifamily deals) and prepay gas bonds as spreads tightened; an underweight

to a commuter train project in Florida, which underperformed as its spreads widened.

■

The following detracted most from the Fund's performance relative to the Index during the reporting period: yield curve positioning (flattener);

and security selection in charter schools that underperformed.

■

The Fund uses derivatives when they facilitate implementation of the overall investment approach. During the reporting period, the Fund used

futures to help manage duration positioning and yield curve exposure. The Fund's positions in futures contributed modestly to performance

during the reporting period.

MF133ER6

![](g84309g4pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: June 27, 2017 to August 31, 2025<br>Initial Investment of $10,000<br>

![](g84309g4munihighincome_r6.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R6 | -0.96% | 1.28% | 2.56% (6/27/2017) |
| Bloomberg Municipal Bond Index | 0.08% | 0.40% | 1.93% |
| Bloomberg Municipal High Yield Bond Index | -1.49% | 2.34% | 3.73% |
| Bloomberg Municipal Bond Index (50%) / Bloomberg Municipal <br>High Yield Bond Index (50%)<br>| -0.71% | 1.37% | 2.85% |

---

Since Inception returns are provided for the share class since it has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest

month-end to the class's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $861233995<br>|
| Number of fund holdings | 401 |
| Total advisory fees paid for the year | $3616661<br>|
| Portfolio turnover rate for the year | 56% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) |
| AAA | 2.6 |
| AA | 16.0 |
| A | 13.9 |
| BBB | 17.7 |
| BB | 7.4 |
| B | 1.3 |
| Not Rated | 40.2 |
| Cash/Cash Equivalents | 0.9 |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g84309g4qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Muni High Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS R6 <br> NASDAQ PHIQX <br> CUSIP 74440M609

MF133ER6

![](g84309g4pgim_investments.jpg)

------

(b) Copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule – Not applicable.

Item 2 – Code of Ethics – See Exhibit (a) (1) of Item 19

As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies – Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer.

The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant 800-225-1852, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

Item 3 – Audit Committee Financial Expert –

The registrant's Board has determined that Ms. Grace C. Torres, member of the Board's Audit Committee is an "audit committee financial expert," and that she is "independent," for purposes of this item.

Item 4 – Principal Accountant Fees and Services –

(a) Audit Fees

For the fiscal years ended August 31, 2025 and August 31, 2024, PricewaterhouseCoopers LLP ("PwC"), the Registrant's principal accountant, billed the Registrant $45,020 and $42,400, respectively, for professional services rendered for the audit of the Registrant's annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

(b) Audit-Related Fees

For the fiscal years ended August 31, 2025 and August 31, 2024: none.

(c) Tax Fees

For the fiscal years ended August 31, 2025 and August 31, 2024: none.

(d) All Other Fees

For the fiscal years ended August 31, 2025 and August 31, 2024: none.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (1) Audit Committee Pre-Approval Policies and Procedures

------

#### THE PGIM MUTUAL FUNDS

#### AUDIT COMMITTEE POLICY

#### on
*Pre-Approval of Services Provided by the Independent* 

*Accountants* 

The Audit Committee of each PGIM Mutual Fund is charged with the responsibility to monitor the independence of the Fund's independent accountants. As part of this responsibility, the Audit Committee must pre-approve the independent accounting firm's engagement to render audit and/or permissible non-audit services, as required by law. In evaluating a proposed engagement of the independent accountants, the Audit Committee will assess the effect that the engagement might reasonably be expected to have on the accountant's independence. The Committee's evaluation will be based on:

• a review of the nature of the professional services expected to be provided,

• a review of the safeguards put into place by the accounting firm to safeguard independence, and

• periodic meetings with the accounting firm.

#### Policy for Audit and Non-Audit Services Provided to the Funds
On an annual basis, the scope of audits for each Fund, audit fees and expenses, and audit-related and non-audit services (and fees proposed in respect thereof) proposed to be performed by the Fund's independent accountants will be presented by the Treasurer and the independent accountants to the Audit Committee for review and, as appropriate, approval prior to the initiation of such services.

Such presentation shall be accompanied by confirmation by both the Treasurer and the independent accountants that the proposed non-audit services will not adversely affect the independence of the independent accountants. Such proposed non-audit services shall be described in sufficient detail to enable the Audit Committee to assess the appropriateness of such services and fees, and the compatibility of the provision of such services with the auditor's independence. The Committee shall receive periodic reports on the progress of the audit and other services which are approved by the Committee or by the Committee Chair pursuant to authority delegated in this Policy.

The categories of services enumerated under "Audit Services", "Audit-related Services", and "Tax Services" are intended to provide guidance to the Treasurer and the independent accountants as to those categories of services which the Committee believes are generally consistent with the independence of the independent accountants and which the Committee (or the Committee Chair) would expect upon the presentation of specific proposals to pre-approve. The enumerated categories are not intended as an exclusive list of audit, audit-related or tax services, which the Committee (or the Committee Chair) would consider for pre-approval.

#### Audit Services
The following categories of audit services are considered to be consistent with the role of the Fund's independent accountants:

• Annual Fund financial statement audits

• Seed audits (related to new product filings, as required)

• SEC and regulatory filings and consents

#### Audit-related Services
The following categories of audit-related services are considered to be consistent with the role of the Fund's independent accountants:

• Accounting consultations

• Fund merger support services

------

• Agreed Upon Procedure Reports

• Attestation Reports

• Other Internal Control Reports

Individual audit-related services that fall within one of these categories (except for fund merger support services) and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated). Fees related to fund merger support services are subject to a separate authorized pre-approval by the Audit Committee with fees determined on a per occurrence and merger complexity basis.

#### Tax Services
The following categories of tax services are considered to be consistent with the role of the Fund's independent accountants:

• Tax compliance services related to the filing or amendment of the following:

• Federal, state and local income tax compliance; and,

• Sales and use tax compliance

• Timely RIC qualification reviews

• Tax distribution analysis and planning

• Tax authority examination services

• Tax appeals support services

• Accounting methods studies

• Fund merger support services

• Tax consulting services and related project

------

Individual tax services that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated).

#### Other Non-Audit Services
Certain non-audit services that the independent accountants are legally permitted to render will be subject to pre-approval by the Committee or by one or more Committee members to whom the Committee has delegated this authority and who will report to the full Committee any pre-approval decisions made pursuant to this Policy. Non-audit services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

#### Proscribed Services
The Fund's independent accountants will not render services in the following categories of non-audit services:

• Bookkeeping or other services related to the accounting records or financial statements of the Fund

• Financial information systems design and implementation

• Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

• Actuarial services

• Internal audit outsourcing services

• Management functions or human resources

• Broker or dealer, investment adviser, or investment banking services

• Legal services and expert services unrelated to the audit

• Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

#### Pre-approval of Non-Audit Services Provided to Other Entities Within the PGIM Fund Complex
Certain non-audit services provided to PGIM Investments LLC or any of its affiliates that also provide ongoing services to the PGIM Mutual Funds will be subject to pre-approval by the Audit Committee. The only non-audit services provided to these entities that will require pre-approval are those <u>related directly to the operations and financial reporting of the Funds</u>. Individual projects that are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $30,000. Services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Although the Audit Committee will not pre-approve all services provided to PGIM Investments LLC and its affiliates, the Committee will receive an annual report from the Fund's independent accounting firm showing the aggregate fees for all services provided to PGIM Investments and its affiliates.

------

(e) (2) <u>Percentage of services described in each of paragraphs (b)</u> <u>through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X</u> –

---

| | | |
|:---|:---|:---|
|  | <u>Fiscal Year Ended August 31,</u><br> <u>2025</u> | <u>Fiscal Year Ended August 31, 2024</u> |
| 4(b) | Not applicable. | Not applicable. |
| 4(c) | Not applicable. | Not applicable. |
| 4(d) | Not applicable. | Not applicable. |

---

(f) <u>Percentage of hours expended attributable to work performed by other than full time employees of principal accountant if greater</u> <u>than 50%.</u>

The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was 0%.

(g) <u>Non-Audit Fees</u>

The aggregate non-audit fees billed by the Registrant's principal accountant for services rendered to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended August 31, 2025 and August 31, 2024 was $0 and $0, respectively.

(h) <u>Principal Accountant's Independence</u>

Not applicable as the Registrant's principal accountant has not provided non-audit services to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

(i) Not applicable.

(j) Not applicable.

Item 5 – Audit Committee of Listed Registrants – Not applicable.

Item 6 – Investments – The registrant's Schedule of Investments is included in the financial statements filed under Item 7 of this Form.

Items 7 – 11 (Refer to Report(s) below)

------

![LOGO](g84309g01g01.jpg)

## PRUDENTIAL INVESTMENT PORTFOLIOS 4
PGIM Muni High Income Fund

  

#### FINANCIAL STATEMENTS AND OTHER INFORMATION

#### AUGUST 31, 2025
![LOGO](g84309dsp1.jpg)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Table of Contents** | Financial Statements and Other Information | August 31, 2025 |

---

**Form N-CSR Item 7** - Financial Statements and Financial Highlights for Open-End Management Investment Companies.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PGIM Muni High Income Fund](#edgar84309_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#edgar84309_2) | 27 |

---

[**Other Information -** Form N-CSR Items 8-11](#edgar84309_3)

------

PGIM Muni High Income Fund

Schedule of Investments

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 95.8%** |  |  |  |  |
| &nbsp;&nbsp; **MUNICIPAL BONDS 86.8%** |  |  |  |  |
| &nbsp;&nbsp; **Alabama 1.8%**<br>|  |  |  |  |
| &nbsp;&nbsp; Baldwin Cnty. Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novelis Corp. Proj., Series A, AMT (Mandatory put date 06/01/32), 144A | 5.000%(cc) | 06/01/55 | 4500 | $4506808 |
| &nbsp;&nbsp; Black Belt Energy Gas Dist. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas Proj. No. 8, Series A (Mandatory put date 12/01/29) | 4.000(cc) | 12/01/52 | 3185 | 3184326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas Proj., Series A (Mandatory put date 05/01/32) | 5.250(cc) | 05/01/56 | 3000 | 3071867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B (Mandatory put date 09/01/32) | 5.000(cc) | 10/01/55 | 2800 | 2996567 |
| &nbsp;&nbsp; Mobile Cnty. Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AM/NS Calvert LLC Proj., Series A, AMT | 5.000 | 06/01/54 | 1500 | 1362539 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15122107 |
| &nbsp;&nbsp; **Alaska 0.8%**<br>|  |  |  |  |
| &nbsp;&nbsp; Alaska Indl. Dev. & Export Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tanana Chiefs Conference Proj., Series A | 4.000 | 10/01/49 | 4320 | 3453774 |
| &nbsp;&nbsp; North. Tob. Secur. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Series A, Class 1, Rfdg. | 4.000 | 06/01/41 | 2000 | 1816610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Series A, Class 1, Rfdg. | 4.000 | 06/01/50 | 2000 | 1640717 |
|  |  |  |  | 6911101 |
| &nbsp;&nbsp; **Arizona 1.8%**<br>|  |  |  |  |
| &nbsp;&nbsp; Arizona Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basis Schs. Proj., Series A, Rfdg., 144A | 5.375 | 07/01/50 | 1000 | 957089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadence Campus Proj., Series A, 144A | 4.000 | 07/15/50 | 1850 | 1392670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinecrest Academy of North. Proj., Series A, 144A | 4.500 | 07/15/29 | 2000 | 1987630 |
| &nbsp;&nbsp; Glendale Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Oaks Inspirata Pointe Proj., Series A | 5.000 | 05/15/56 | 1000 | 833141 |
| &nbsp;&nbsp; Maricopa Cnty. Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horizon Cmnty. Learning Ctr., Rfdg. | 5.000 | 07/01/35 | 2000 | 2002458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reid Traditional Schs. Projs. | 5.000 | 07/01/47 | 1000 | 899958 |
| &nbsp;&nbsp; Phoenix City Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basis Schs. Projs., Rfdg., 144A | 5.000 | 07/01/45 | 1000 | 930462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basis Schs. Projs., Series A, Rfdg., 144A | 5.000 | 07/01/46 | 1000 | 923431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grt. Hearts Academies Proj. | 5.000 | 07/01/44 | 2250 | 2091829 |
| &nbsp;&nbsp; Salt Verde Finl. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Gas Rev., Sr. Bond | 5.000 | 12/01/37 | 2000 | 2124149 |
| &nbsp;&nbsp; Tempe Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Friendship Vlg. | 5.000 | 12/01/50 | 1045 | 912030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Friendship Vlg., Series B | 4.000 | 12/01/56 | 1000 | 738131 |
|  |  |  |  | 15792978 |
| &nbsp;&nbsp; **California 4.1%**<br>|  |  |  |  |
| &nbsp;&nbsp; California Cnty. Tob. Secur. Agcy. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Series A, Rfdg. | 4.000 | 06/01/49 | 1000 | 829295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Series B-2, Rfdg., CABS | 5.899(t) | 06/01/55 | 3000 | 531942 |
| &nbsp;&nbsp; California Infrast. & Econ. Dev. Bank Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainability Bond, Sub. Brightline W Passenger Proj., Series A, Rfdg., AMT (Mandatory put date 01/01/35), 144A | 9.500(cc) | 01/01/65 | 9000 | 8235111 |
| &nbsp;&nbsp; California Muni. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catalyst Impact Fund Hsg. Bonds, Class I, 144A | 6.000 | 01/01/39 | 3000 | 3007444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HumanGood California Oblig. Grp. | 4.000 | 10/01/49 | 2000 | 1612580 |
| &nbsp;&nbsp; California Poll. Ctrl. Fing. Auth. Wtr. Facs. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bond, Calplant I Proj., AMT, 144A | 8.000 | 07/01/39(d) | 2750 | 27500 |
| &nbsp;&nbsp; California Sch. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alliance Clg.-Ready Pub. Schs., Series A, 144A | 5.000 | 07/01/45 | 750 | 747578 |

---

See Notes to Financial Statements.

PGIM Muni High Income Fund 1

------

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **California (cont'd.)**<br>|  |  |  |  |
| &nbsp;&nbsp; California Statewide Cmntys. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHF Irvine LLC, Rfdg. | 5.000% | 05/15/40 | 1030 | $1021507 |
| &nbsp;&nbsp; Freddie Mac Multifamily Cert. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FRETE 2023, ML18, Class X-CA | 1.505(cc) | 09/25/37 | 19399 | 2023929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FRETE 2024, ML23, SPC, Sustainable Bonds, 144A | 4.700(cc) | 04/25/42 | 2193 | 2186521 |
| &nbsp;&nbsp; Freddie Mac Multifamily Variable Rate Cert. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainability Bond, Series 2022 ML-13, Class X-CA | 0.964(cc) | 07/25/36 | 31979 | 1716867 |
| &nbsp;&nbsp; Golden St. Tob. Secur. Corp., Tob. Settlement Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Series B-2, Rfdg., CABS | 5.954(t) | 06/01/66 | 22000 | 2013342 |
| &nbsp;&nbsp; Lincoln Pub. Fing. Auth., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Alloc., Twelve Bridges, Sub. Series B, Rfdg. | 6.000 | 09/02/27 | 320 | 320908 |
| &nbsp;&nbsp; Los Angeles Dept. of Wtr. & Pwr. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rfdg., BAM | 5.250 | 07/01/44 | 1350 | 1396730 |
| &nbsp;&nbsp; M-S-R Energy Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 6.500 | 11/01/39 | 2060 | 2443961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 7.000 | 11/01/34 | 1650 | 1972151 |
| &nbsp;&nbsp; North. California Tob. Secur. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sacramento Co. Tob. Sec. Corp., Series B-2, Class 2, Rfdg., CABS | 5.649(t) | 06/01/60 | 3500 | 504983 |
| &nbsp;&nbsp; River Islands Pub. Fing. Auth., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Tax, Impt. Area No.2 | 4.500 | 09/01/44 | 1650 | 1453775 |
| &nbsp;&nbsp; Sacramento, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Tax | 4.000 | 09/01/46 | 750 | 637341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Tax | 4.000 | 09/01/50 | 1000 | 827706 |
| &nbsp;&nbsp; San Francisco City & Cnty. Arpt. Commn. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2nd Series, San Francisco Intl. Arpt., Series A, Rfdg., AMT | 5.250 | 05/01/43 | 1500 | 1523554 |
| &nbsp;&nbsp; Southern California Tob. Secur. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Diego Co. Tob., Rfdg., CABS | 6.846(t) | 06/01/54 | 3000 | 578705 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35613430 |
| &nbsp;&nbsp; **Colorado 2.9%**<br>|  |  |  |  |
| &nbsp;&nbsp; Colorado Edl. & Cultural Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axis Intl. Academy Proj., Series B, 144A | 6.000 | 07/01/55 | 430 | 414731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impt. Chrt. Sch., Univ. LA, Rfdg., 144A | 5.000 | 12/15/45 | 1000 | 927160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liberty Common Sch., Proj., Series A, Rfdg., BAM | 4.250 | 01/15/64 | 2000 | 1639919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rfdg. | 5.000 | 11/01/44 | 885 | 853770 |
| &nbsp;&nbsp; Colorado Hlth. Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covenant Living Cmntys., Series A, Rfdg. | 4.000 | 12/01/50 | 3100 | 2497364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impt. Bond, Chrisitna Living Neighborhoods, Rfdg. | 4.000 | 01/01/42 | 1000 | 846660 |
| &nbsp;&nbsp; Denver City & Cnty. Arpt. Sys. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rfdg., AMT | 5.500 | 11/15/40 | 1270 | 1344414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rfdg., AMT | 5.500 | 11/15/42 | 2105 | 2195351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Series B, Rfdg., AMT | 5.500 | 11/15/43 | 1000 | 1053125 |
| &nbsp;&nbsp; Heritage Ridge Met. Dist., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Series A, GO, Rfdg., AG. | 4.000 | 12/01/42 | 350 | 312461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Series A, GO, Rfdg., AG. | 4.000 | 12/01/51 | 850 | 713691 |
| &nbsp;&nbsp; Park Creek Met. Dist. Ltd. Ppty. Tax Alloc. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Ltd. Prop. TA., Rfdg. | 5.000 | 12/01/45 | 1500 | 1458996 |
| &nbsp;&nbsp; Plaza Co. Met. Dist. No. 1, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Alloc., Rfdg., 144A | 5.000 | 12/01/40 | 1000 | 981654 |
| &nbsp;&nbsp; Pub. Auth. Energy Nat. Gas Pur. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nat. Gas Util. Imps. | 6.500 | 11/15/38 | 6050 | 7111128 |
| &nbsp;&nbsp; Rampart Range Met. Dist. No. 5 Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Assmt. | 4.000 | 12/01/51 | 500 | 378671 |
| &nbsp;&nbsp; Sterling Ranch Cmnty. Auth. Brd. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rfdg. | 4.250 | 12/01/50 | 1000 | 844678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Assmt., Improvement Dist. No. 1 | 5.625 | 12/01/43 | 1700 | 1700760 |
|  |  |  |  | 25274533 |

---

See Notes to Financial Statements.

------

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Connecticut 0.7%**<br>|  |  |  |  |
| &nbsp;&nbsp; Connecticut St. Hlth. & Edl. Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainability Bond, Goodwin Univ. Obliq. Grp., Series A-1 | 5.375% | 07/01/54 | 2005 | $1914323 |
| &nbsp;&nbsp; Harbor Point Infrast. Impt. Dist., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Alloc., Harbor Point Proj., Rfdg., 144A | 5.000 | 04/01/39 | 2000 | 2016026 |
| &nbsp;&nbsp; Stamford Hsg. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mozaic Concierge Living Proj., Series D | 4.250 | 10/01/30 | 2400 | 2432588 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6362937 |
| &nbsp;&nbsp; **Delaware 0.2%**<br>|  |  |  |  |
| &nbsp;&nbsp; Delaware St. Econ. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aspira of Delaware Chrt. Sch. Inc. Proj., Series A, Rfdg. | 4.000 | 06/01/42 | 800 | 658523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aspira of Delaware Chrt. Sch. Inc. Proj., Series A, Rfdg. | 4.000 | 06/01/52 | 1250 | 918466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newark Chrt. Sch. Inc., Series A, Rfdg. | 5.000 | 09/01/46 | 500 | 467557 |
|  |  |  |  | 2044546 |
| &nbsp;&nbsp; **District of Columbia 1.0%**<br>|  |  |  |  |
| &nbsp;&nbsp; Dist. of Columbia Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intl. Oblig. Grp. | 5.000 | 07/01/54 | 2150 | 1957880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KIPP DC Proj. | 4.000 | 07/01/49 | 4610 | 3658709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rfdg. | 5.000 | 06/01/40 | 1500 | 1499308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rfdg. | 5.000 | 06/01/55 | 1500 | 1337814 |
|  |  |  |  | 8453711 |
| &nbsp;&nbsp; **Florida 8.9%**<br>|  |  |  |  |
| &nbsp;&nbsp; Alachua Cnty. Hsg. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woodland Park II, Series B (Mandatory put date 07/01/28), 144A | 4.900(cc) | 07/01/29 | 1850 | 1840860 |
| &nbsp;&nbsp; Capital Tr. Agcy. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Cargo, Aero Miami FX LLC, Sr. Lien, Series A, Rfdg. | 5.350 | 07/01/29 | 815 | 816658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chrt. Sch. Port. Proj., Sub. Series B, CABS, 144A | 7.294(t) | 07/01/61 | 35000 | 2685334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edl. Growth Fund LLC Chrt. Sch. Port. Proj., Series A-1, 144A | 5.000 | 07/01/56 | 1000 | 845336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wonderful Fndtn. Chrt. Sch. Port., Series A-1, 144A | 5.000 | 01/01/55 | 3000 | 2424220 |
| &nbsp;&nbsp; Capital Tr. Auth. Edl. Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mason Classical Academy Proj., Series A, 144A | 5.000 | 06/01/64 | 3000 | 2477974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MVM Landfill LLC Proj., Series A, AMT, 144A | 6.875 | 12/01/44 | 2500 | 2482985 |
| &nbsp;&nbsp; City of Venice Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vlg. on the Isle Proj., Temps-50, Series B-3, 144A | 4.250 | 01/01/30 | 900 | 877946 |
| &nbsp;&nbsp; Cityplace CDD., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Assmt., Rfdg. | 5.000 | 05/01/26 | 270 | 274292 |
| &nbsp;&nbsp; Cnty. of Miami-Dade FL Avtn. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, Rfdg. | 5.000 | 10/01/49 | 1000 | 957444 |
| &nbsp;&nbsp; Florida Dev. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Chrt. Sch., Proj., Rfdg., 144A | 6.000 | 08/15/57 | 2000 | 1827372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GFL Solid Wst. Southeast LLC Proj., Series A, AMT (Mandatory put date 10/01/31), 144A | 4.375(cc) | 10/01/54 | 4000 | 3988433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mater Academy Proj., Series A | 5.000 | 06/15/55 | 1000 | 890832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renaissance Chrt. Sch., Rfdg., 144A | 5.000 | 09/15/50 | 2000 | 1688697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renaissance Chrt. Sch., Rfdg., 144A | 6.000 | 06/15/55 | 2000 | 1953631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; River City Science Academy Proj., Series A | 4.000 | 07/01/45 | 565 | 456196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; River City Science Academy Proj., Series A | 4.000 | 07/01/55 | 2665 | 1963245 |
| &nbsp;&nbsp; Florida Higher Edl. Facs. Finl. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ringling Clg. Proj. | 5.000 | 03/01/42 | 4795 | 4599635 |
| &nbsp;&nbsp; Grtr. Orlando Avtn. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Purp., JetBlue Airways Corp. Proj., Rfdg. | 5.000 | 11/15/36 | 4700 | 4704672 |
| &nbsp;&nbsp; Hillsborough Cnty. Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baycare Hlth. Sys., Series C, Rfdg. | 5.500 | 11/15/54 | 2000 | 2080866 |
| &nbsp;&nbsp; Indigo CDD, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Assmt. | 5.750 | 05/01/36(d) | 477 | 405124 |

---

See Notes to Financial Statements.

PGIM Muni High Income Fund 3

------

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Florida (cont'd.)**<br>|  |  |  |  |
| &nbsp;&nbsp; Jacksonville Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brooks Rehabitation Proj., Rfdg. | 4.000% | 11/01/45 | 1000 | $836229 |
| &nbsp;&nbsp; Julington Creek Plantation CDD, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Assmt., AG. | 4.625 | 05/01/54 | 1550 | 1417112 |
| &nbsp;&nbsp; Lakewood Ranch Stewardship Dist., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Assmt., Lakewood Centre North Proj. | 4.875 | 05/01/45 | 1000 | 919474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Assmt., Lakewood Nat'l. & Polo Run Projs. | 4.625 | 05/01/27 | 200 | 201002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Assmt., Lakewood Nat'l. & Polo Run Projs. | 5.375 | 05/01/47 | 1000 | 970471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Assmt., N E Sector Proj., Phase 1B | 5.450 | 05/01/48 | 1000 | 974382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Assmt., N E Sector Proj., Phase 2B, Rfdg., 144A | 4.000 | 05/01/50 | 750 | 559008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Assmt., Stewardship Dist., Azario Proj. | 4.000 | 05/01/50 | 1000 | 795153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Assmt., Taylor Ranch Proj. | 6.300 | 05/01/54 | 1000 | 1029658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Assmt., Vlg. Lakewood Ranch S. Proj. | 5.125 | 05/01/46 | 1100 | 1035211 |
| &nbsp;&nbsp; Lee Cnty. Hsg. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aria Landings, Series A (Mandatory put date 07/01/26), 144A | 5.500(cc) | 07/01/28 | 3500 | 3507960 |
| &nbsp;&nbsp; Lee County Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shell Point 2024B-1 (Temps -85) | 4.750 | 11/15/29 | 1000 | 1007738 |
| &nbsp;&nbsp; Miami Dade Cnty. Edu. Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Univ. of Miami, Series B, Rfdg. | 5.250 | 04/01/41 | 1210 | 1277637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Univ. of Miami, Series B, Rfdg. | 5.250 | 04/01/43 | 1790 | 1859026 |
| &nbsp;&nbsp; Midtown Miami CDD, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Assmt., Pkg. Garage Proj., Series A, Rfdg. | 5.000 | 05/01/37 | 1980 | 1954653 |
| &nbsp;&nbsp; Orange Cnty. Hlth. Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orlando Hlth. Oblig. Grp., Series A, Rfdg. | 5.250 | 10/01/56 | 2000 | 2028539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Presbyterian Retmnt. Cmnty. Oblig. Grp. Proj., Series A, Rfdg. | 4.000 | 08/01/47 | 3000 | 2379813 |
| &nbsp;&nbsp; Osceola Cnty. Trans. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Rfdg., CABS | 5.706(t) | 10/01/54 | 1000 | 194655 |
| &nbsp;&nbsp; Pasco Cnty. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Lee Moffitt Cancer Ctr. Proj., AG. | 5.750 | 09/01/54 | 1000 | 1048445 |
| &nbsp;&nbsp; South Miami Hlth. Facs. Auth., Inc. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baptist Hlth. South Florida, Rfdg. | 5.000 | 08/15/47 | 2105 | 2043592 |
| &nbsp;&nbsp; St. Johns Cnty. Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vicar's Landing Proj., Series A, Rfdg. | 4.000 | 12/15/46 | 1500 | 1126394 |
| &nbsp;&nbsp; Vlg. CDD No. 07, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Assmt., Fla., Rfdg. | 4.000 | 05/01/36 | 1615 | 1551812 |
| &nbsp;&nbsp; Vlg. CDD No. 11, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Assmt., Fla. | 4.500 | 05/01/45 | 1220 | 1039166 |
| &nbsp;&nbsp; Vlg. CDD No. 12, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Assmt., Fla. | 4.250 | 05/01/43 | 2580 | 2317422 |
| &nbsp;&nbsp; Vlg. CDD No. 13, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2019 Spl. Assmt., Phase I, Ltd. Offering | 3.550 | 05/01/39 | 475 | 398471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Spl. Assmt., Phase III | 2.550 | 05/01/31 | 1185 | 1099933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Assmt., Fla. | 3.700 | 05/01/50 | 945 | 682503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Assmt., Fla., 144A | 3.500 | 05/01/51 | 1165 | 850988 |
| &nbsp;&nbsp; Vlg. CDD No. 14, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Assmt. | 5.500 | 05/01/53 | 1575 | 1600003 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76948202 |
| &nbsp;&nbsp; **Georgia 2.9%**<br>|  |  |  |  |
| &nbsp;&nbsp; Atlanta Dept. Avtn. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rfdg., AMT | 5.250 | 07/01/49 | 1750 | 1756848 |
| &nbsp;&nbsp; Atlanta GA Dept. Avtn. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rfdg., AMT | 5.250 | 07/01/44 | 1000 | 1024882 |
| &nbsp;&nbsp; Burke Cnty. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oglethorpe Pwr. Corp.-Vogtle Proj., Series D, Rfdg. | 4.125 | 11/01/45 | 2000 | 1748915 |
| &nbsp;&nbsp; Cobb Cnty. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mt. Bethel Christian Academy Proj., 144A | 6.250 | 06/01/64 | 2000 | 2005569 |

---

See Notes to Financial Statements.

------

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Georgia (cont'd.)**<br>|  |  |  |  |
| &nbsp;&nbsp; Cobb Cnty. Kennestone Hosp. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anticip. Certs., Wellstar Hlth. Sys. Inc. Proj., Series A | 4.000% | 04/01/52 | 4000 | $3200395 |
| &nbsp;&nbsp; DeKalb Cnty. Hsg. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kensington Station Proj., Series A | 4.000 | 12/01/33 | 3000 | 2989382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Bond, Park at 500 Proj. | 4.000 | 03/01/34 | 1000 | 985015 |
| &nbsp;&nbsp; Fulton Cnty. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Piedmont Healthcare, Inc. Proj., Multimodal Bond, Series A | 4.000 | 07/01/49 | 3000 | 2489127 |
| &nbsp;&nbsp; Main Street Natural Gas, Inc. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E (Mandatory put date 12/01/32) | 5.000(cc) | 05/01/55 | 7250 | 7765701 |
| &nbsp;&nbsp; Rockdale Cnty. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pratt Paper LLC Proj., Rfdg., AMT, 144A | 4.000 | 01/01/38 | 1000 | 978432 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24944266 |
| &nbsp;&nbsp; **Illinois 6.7%**<br>|  |  |  |  |
| &nbsp;&nbsp; Chicago Brd. of Ed., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 144A | 7.000 | 12/01/46 | 1500 | 1535207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, Rfdg. | 4.000 | 12/01/27 | 500 | 500334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, Rfdg. | 5.000 | 12/01/35 | 500 | 501120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, Rfdg. | 7.000 | 12/01/44 | 3390 | 3398385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO | 5.250 | 12/01/35 | 1015 | 1014978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO | 5.000 | 12/01/46 | 2470 | 2179375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, GO, Rfdg. | 5.000 | 12/01/34 | 2155 | 2158423 |
| &nbsp;&nbsp; Chicago Brd. of Ed. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Tax | 6.000 | 04/01/46 | 1500 | 1509214 |
| &nbsp;&nbsp; Chicago Midway Int'l. Arpt. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Lien, Series A, Rfdg., AMT | 5.500 | 01/01/53 | 3000 | 3038346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Series C, Rfdg., AMT | 5.000 | 01/01/41 | 1500 | 1502901 |
| &nbsp;&nbsp; Chicago O'Hare Int'l. Arpt. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gen., Sr. Lien, Series B, Rfdg., AG. | 4.000 | 01/01/53 | 3005 | 2556022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Lien, Customer Fac., Rfdg., BAM | 5.250 | 01/01/42 | 1000 | 1032313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Lien, Customer Fac., Rfdg., BAM | 5.250 | 01/01/43 | 1000 | 1025157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Lien, Series A, AG., AMT | 5.500 | 01/01/53 | 2000 | 2030608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Lien, Series A, Rfdg., AMT | 5.250 | 01/01/43 | 1000 | 1014556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trips Oblig. Grp., AMT | 5.000 | 07/01/48 | 1000 | 947911 |
| &nbsp;&nbsp; Chicago Trans. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rfdg. | 4.000 | 12/01/50 | 1000 | 814441 |
| &nbsp;&nbsp; Chicago Wtrwks. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, AG. | 5.250 | 11/01/53 | 750 | 757243 |
| &nbsp;&nbsp; Chicago, IL, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, Rfdg. | 5.500 | 01/01/49 | 3000 | 2863064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, Rfdg. | 5.000 | 01/01/38 | 2500 | 2399441 |
| &nbsp;&nbsp; Cook Cnty. Cmntys. Clg. Dist., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clgs. of Chicago, GO, Rfdg., BAM | 5.000 | 12/01/42 | 2315 | 2304240 |
| &nbsp;&nbsp; Illinois Edl. Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Field Museum of Natural History, Rmkt. | 4.450 | 11/01/36 | 1075 | 1080359 |
| &nbsp;&nbsp; Illinois Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bond, LRS Holdings LLC Proj., Series A, AMT (Mandatory put date 09/03/30), 144A | 7.250(cc) | 09/01/52 | 1500 | 1619902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plymouth Place, Inc., Rfdg. | 5.000 | 05/15/51 | 3000 | 2527294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Presence Hlth. Netw., Series C, Rfdg. (Pre-refunded date 02/15/27)(ee) | 4.000 | 02/15/41 | 10 | 10232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Presence Hlth. Netw., Series C, Rfdg. (Pre-refunded date 02/15/27)(ee) | 4.000 | 02/15/41 | 265 | 271143 |
| &nbsp;&nbsp; Illinois St., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO | 4.000 | 06/01/36 | 3000 | 2839757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rebuild Illinois Prog., Series B, GO | 4.000 | 11/01/35 | 2000 | 1969133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO | 5.000 | 12/01/39 | 2500 | 2505535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO | 5.000 | 05/01/38 | 2625 | 2759201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO | 5.250 | 05/01/43 | 1000 | 1028566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO | 5.500 | 05/01/47 | 2300 | 2354260 |

---

See Notes to Financial Statements.

PGIM Muni High Income Fund 5

------

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Illinois (cont'd.)**<br>|  |  |  |  |
| &nbsp;&nbsp; Regl. Trans. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 4.000% | 06/01/38 | 4015 | $3789988 |
|  |  |  |  | 57838649 |
| &nbsp;&nbsp; **Indiana 0.5%**<br>|  |  |  |  |
| &nbsp;&nbsp; Indianapolis Loc. Pub. Impvt. Bank Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Convention Cntr. Hotel, Series E | 6.125 | 03/01/57 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2043918 |
| &nbsp;&nbsp; Valparaiso Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pratt Paper LLC Proj., Rfdg., AMT, 144A | 4.500 | 01/01/34 | 1055 | 1085370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pratt Paper LLC Proj., Rfdg., AMT, 144A | 5.000 | 01/01/54 | 1000 | 920558 |
|  |  |  |  | 4049846 |
| &nbsp;&nbsp; **Iowa 0.3%**<br>|  |  |  |  |
| &nbsp;&nbsp; Iowa Tob. Settlement Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Series B-2, Class 2, Rfdg., CABS | 5.049(t) | 06/01/65 | 19275 | 2654831 |
| &nbsp;&nbsp; **Kansas 0.5%**<br>|  |  |  |  |
| &nbsp;&nbsp; City of Colby KS Hosp. Loan Anticipation Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizens Med. Ctr. Proj. | 5.500 | 07/01/26 | 3500 | 3508331 |
| &nbsp;&nbsp; Wyandotte Cnty.-Kansas City Unified Govt. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legends Apts. Garage & West Lawn Proj. | 4.500 | 06/01/40 | 585 | 559559 |
|  |  |  |  | 4067890 |
| &nbsp;&nbsp; **Kentucky 0.2%**<br>|  |  |  |  |
| &nbsp;&nbsp; Henderson Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bond, Pratt Paper LLC Proj., Series A, AMT, 144A | 4.700 | 01/01/52 | 500 | 439818 |
| &nbsp;&nbsp; Kentucky Pub. Energy Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rfdg. (Mandatory put date 02/01/32) | 5.250(cc) | 04/01/54 | 1250 | 1346226 |
|  |  |  |  | 1786044 |
| &nbsp;&nbsp; **Louisiana 1.7%**<br>|  |  |  |  |
| &nbsp;&nbsp; Jefferson Parish Econ. Dev. & Port Dist. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kenner Discovery Hlth. Sciences Academy Proj., Series A, 144A | 5.625 | 06/15/48 | 2000 | 1854287 |
| &nbsp;&nbsp; Louisiana Pub. Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calcasieu River Bridge Pub. Pvt. Partnership Proj., I-10, AMT | 5.750 | 09/01/64 | 4000 | 3985723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elementus Minerals LLC Proj. (Mandatory put date 11/01/25), 144A | 5.000(cc) | 10/01/43 | 1500 | 1503266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wste Proj. USA Inc., AMT (Mandatory put date 10/01/28), 144A | 6.750(cc) | 10/01/53 | 1000 | 1065648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wste Proj. USA Inc., Series R-2, AMT (Mandatory put date 10/01/28), 144A | 6.500(cc) | 10/01/53 | 1000 | 1059038 |
| &nbsp;&nbsp; Parish of St. James Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nustar Logistics LP Proj., Rmkt., Series 2010, 144A | 6.350 | 07/01/40 | 1000 | 1055748 |
| &nbsp;&nbsp; Plaquemines Port Harbor & Term. Dist. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Txbl. Nola Term. LLC Proj., Series B, 144A | 12.000 | 12/01/34 | 3800 | 3910158 |
|  |  |  |  | 14433868 |
| &nbsp;&nbsp; **Maine 0.4%**<br>|  |  |  |  |
| &nbsp;&nbsp; Fin. Auth. of Maine Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Casella Wste Sys. Inc., Rfdg., AMT (Mandatory put date 06/01/35), 144A | 4.625(cc) | 12/01/47 | 2600 | 2517495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Casella Wste. Sys. Inc. Proj., Series R-3, Rmkt., AMT, 144A | 5.000 | 08/01/35 | 1000 | 1001964 |
|  |  |  |  | 3519459 |
| &nbsp;&nbsp; **Maryland 0.1%**<br>|  |  |  |  |
| &nbsp;&nbsp; Frederick Cnty., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Oblig. Tax, Sub. Series C, 144A | 4.000 | 07/01/50 | 975 | 804553 |

---

See Notes to Financial Statements.

------

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Massachusetts 0.3%**<br>|  |  |  |  |
| &nbsp;&nbsp; Massachusetts Dev. Fin. Agcy. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merrimack Clg. Student Hsg. Proj., Series A, 144A | 5.000% | 07/01/60 | 1000 | $871713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TUFTS Univ. Student Hsg. Proj., Prog. Medford Prop. Inc. | 5.250 | 06/01/65 | 1500 | 1471992 |
|  |  |  |  | 2343705 |
| &nbsp;&nbsp; **Michigan 0.5%**<br>|  |  |  |  |
| &nbsp;&nbsp; Detroit, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO | 6.000 | 05/01/43 | 1000 | 1072822 |
| &nbsp;&nbsp; Michigan Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Series A, Class 1, Rfdg. | 4.000 | 06/01/49 | 2000 | 1646271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Series B-1, Class 2, Rfdg. | 5.000 | 06/01/49 | 680 | 660458 |
| &nbsp;&nbsp; Wayne Cnty. Arpt. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Detroit Metropolitan Wayne Cnty. Arpt., Series B, AMT | 5.750 | 12/01/50 | 1000 | 1035948 |
|  |  |  |  | 4415499 |
| &nbsp;&nbsp; **Minnesota 0.4%**<br>|  |  |  |  |
| &nbsp;&nbsp; Hugo Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chrt. Sch., Noble Academy Proj., Series A | 5.000 | 07/01/44 | 1250 | 1133298 |
| &nbsp;&nbsp; Ramsey Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pact Chrt. Sch. Proj., Series A, Rfdg. | 5.000 | 06/01/32 | 1250 | 1234014 |
| &nbsp;&nbsp; St. Paul Port Auth. Sol. Wste. Disp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gerdau St. Paul Steel Mill Proj., Series 7, 144A | 4.500 | 10/01/37 | 1000 | 900813 |
|  |  |  |  | 3268125 |
| &nbsp;&nbsp; **Mississippi 1.5%**<br>|  |  |  |  |
| &nbsp;&nbsp; Mississippi Bus. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron USA, Inc. Proj., Series E, FRDD | 3.750(cc) | 12/01/30 | 8660 | 8660000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sys. Energy Resources, Inc. Proj., Rfdg. | 2.375 | 06/01/44 | 2000 | 1202546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wste Proj. USA Inc., Rmkt., AMT (Mandatory put date 08/02/27), 144A | 5.000(cc) | 02/01/36 | 3000 | 3038936 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12901482 |
| &nbsp;&nbsp; **Missouri 0.8%**<br>|  |  |  |  |
| &nbsp;&nbsp; Lees Summit, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Alloc., Impt. Summit Fair Proj., Rfdg., 144A | 4.875 | 11/01/37 | 2000 | 1789665 |
| &nbsp;&nbsp; Lees Summit Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johm Knox Vlg. Proj., Temps. Series B-2, Rfdg. | 4.325 | 08/15/47 | 1385 | 1314652 |
| &nbsp;&nbsp; Missouri St. Hlth. & Edl. Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BJC Hlth. Sys., Series A | 4.000 | 01/01/45 | 2010 | 1737304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lutheran Sr. Svcs., Rfdg. | 4.000 | 02/01/42 | 1115 | 943165 |
| &nbsp;&nbsp; St. Louis Cnty. Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Friendship Vlg. Sunset Hills, Series A | 5.875 | 09/01/43 | 1000 | 1000346 |
|  |  |  |  | 6785132 |
| &nbsp;&nbsp; **Nebraska 0.3%**<br>|  |  |  |  |
| &nbsp;&nbsp; Central Plns. Energy. Proj. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proj. No. 4, Series A, Rfdg. (Mandatory put date 11/01/29) | 5.000(cc) | 05/01/54 | 2000 | 2117289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Series A-1 (Mandatory put date 08/01/31) | 5.000(cc) | 08/01/55 | 150 | 160377 |
|  |  |  |  | 2277666 |

---

See Notes to Financial Statements.

PGIM Muni High Income Fund 7

------

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Nevada 0.1%**<br>|  |  |  |  |
| &nbsp;&nbsp; Sparks Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales Tax, Sr. Series A, Rfdg., 144A | 2.750% | 06/15/28 | 275 | $274322 |
| &nbsp;&nbsp; Tahoe-Douglas Visitors Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotel Occupancy Tax | 5.000 | 07/01/40 | 1000 | 1004647 |
|  |  |  |  | 1278969 |
| &nbsp;&nbsp; **New Hampshire 4.9%**<br>|  |  |  |  |
| &nbsp;&nbsp; National Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Cert., Series 1-A, NFA Muni. Cert., ARC70 (Mandatory put date 10/01/34) | 4.150 | 10/20/40 | 3185 | 3143415 |
| &nbsp;&nbsp; New Hampshire Bus. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caldwell Ranch Proj., 144A | 4.875 | 12/01/33 | 1400 | 1399692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bond, Series B, Rfdg., AMT (Mandatory put date 07/02/40), 144A | 3.750(cc) | 07/01/45 | 1000 | 789198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MF Affordable Hsg. Cert., Series 1, Class B-1 | 5.750 | 04/28/42 | 2500 | 2547531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mult. Utility Imps., 144A | 5.875 | 12/15/33 | 2500 | 2511728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Muni. Cert., Sustainable Cert., Series 2025-2, Class A-2 | 4.216 | 11/20/42 | 2000 | 1787796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; River Ranch Proj., CABS, 144A | 5.636(t) | 12/01/31 | 4500 | 3135959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silverado Proj., 144A | 5.000 | 12/01/28 | 1250 | 1243175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Springpoint Sr. Living, Rfdg. | 4.000 | 01/01/51 | 2105 | 1565503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Muni. Cert., Series 2025-1, Class B-1 | 5.150 | 09/28/37 | 3000 | 3006104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainability Bond, Muni. Cert., Series 2025-1, Class A-2 | 4.168(cc) | 01/20/41 | 996 | 877576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Cert., Class A-2 (Mandatory put date 06/01/35) | 5.150 | 06/20/41 | 2499 | 2526003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Cert., Series 2024-1, Class X | 0.547(cc) | 07/01/51 | 34432 | 1256843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Cert., Series 2024-2, Class X | 0.596(cc) | 08/20/39 | 46121 | 1821441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tamarron Proj., 144A | 5.250 | 12/01/35 | 4100 | 4076862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Highlands Proj. | 5.125 | 12/15/30 | 2851 | 2838980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Wildflower Proj., CABS, 144A | 5.835(t) | 12/15/33 | 3360 | 2049757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Univ. of Nevada Reno Proj., Series A, BAM | 5.250 | 06/01/51 | 1225 | 1239558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valencia Proj., 144A | 5.300 | 12/01/32 | 1245 | 1230505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wtr. Util. Imps., 144A | 5.375 | 12/15/35 | 3400 | 3329313 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42376939 |
| &nbsp;&nbsp; **New Jersey 2.8%**<br>|  |  |  |  |
| &nbsp;&nbsp; New Jersey Econ. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continental Airlines, Inc. Proj., Spec. Facs. | 5.250 | 09/15/29 | 4290 | 4290395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continental Airlines, Inc., United Airlines, Inc. Proj., Series A, AMT | 5.625 | 11/15/30 | 2275 | 2276454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series SSS, Rfdg. | 5.250 | 06/15/39 | 675 | 724744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Team Academy Chrt. Sch. Proj. | 6.000 | 10/01/43 | 1700 | 1703377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Umm Energy Partners, Series A, AMT | 5.000 | 06/15/37 | 1500 | 1486155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Umm Energy Partners, Series A, AMT | 5.125 | 06/15/43 | 1100 | 1028492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Airlines, Inc. Proj., Rmkt. | 5.500 | 06/01/33 | 2000 | 2000789 |
| &nbsp;&nbsp; New Jersey Higher Ed. Student Assistance Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Bond, Series 1-B, Rfdg., AMT | 5.000 | 12/01/34 | 1000 | 1041877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Bond, Series 3, Rfdg., AMT | 5.000 | 12/01/33 | 1550 | 1625350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Bond, Series 3, Rfdg., AMT | 5.000 | 12/01/34 | 1550 | 1608198 |
| &nbsp;&nbsp; New Jersey Tpke. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.250 | 01/01/50 | 2000 | 2074341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.250 | 01/01/55 | 2000 | 2071296 |
| &nbsp;&nbsp; New Jersey Trans. Tr. Fd. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AA, Rfdg. | 5.250 | 06/15/41 | 1815 | 1922017 |
|  |  |  |  | 23853485 |
| &nbsp;&nbsp; **New York 6.4%**<br>|  |  |  |  |
| &nbsp;&nbsp; Build NYC Resource Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pratt Paper, Inc. Proj., Rfdg., AMT, 144A | 5.000 | 01/01/35 | 900 | 899962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Richmond Prep. Chrt. Sch. Proj., Social Impact Proj., Series A, 144A | 5.000 | 06/01/51 | 1500 | 1142167 |

---

See Notes to Financial Statements.

------

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **New York (cont'd.)**<br>|  |  |  |  |
| &nbsp;&nbsp; Erie Cnty. Tob. Asset Secur. Corp. Cap. Apprec. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Bkd., 1st Sub. Series B, Rfdg., CABS | 7.013%(t) | 06/01/47 | 5000 | $1116011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Bkd., 2nd Sub. Series C, Rfdg., CABS, 144A | 8.285(t) | 06/01/50 | 4000 | 536124 |
| &nbsp;&nbsp; New York City Indl. Dev. Agcy. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yankee Stadium Proj. Pilot, Rfdg. | 4.000 | 03/01/45 | 1000 | 844836 |
| &nbsp;&nbsp; New York City Trans. Fin. Auth. Future Tax Sec'd. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Series B-1 | 3.000 | 11/01/47 | 3200 | 2270579 |
| &nbsp;&nbsp; New York City Trans. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Future Tax Sec'd. Sub. Bond, Series I, Sub Series I-1 | 5.250 | 05/01/55 | 1380 | 1423454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Future Tax Sec'd. Sub. Bond, Series I, Sub Series I-1 | 5.500 | 05/01/53 | 2000 | 2101343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Fiscal 2025, Series D | 5.500 | 05/01/52 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5238760 |
| &nbsp;&nbsp; New York Liberty Dev. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Tower at One Bryant Park Proj., Class 3, Rfdg. | 2.800 | 09/15/69 | 4750 | 4391349 |
| &nbsp;&nbsp; New York St. Dorm. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrefunded, Rfdg., Series A | 5.250 | 03/15/52 | 5000 | 5141377 |
| &nbsp;&nbsp; New York St. Envir. Facs. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Draw Down Casella Wste. Sys., Inc. Proj., Series R-1, AMT (Mandatory put date 09/03/30), 144A | 2.750(cc) | 09/01/50 | 550 | 550000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Draw Down Casella Wste. Sys., Inc. Proj., Series R-2, AMT (Mandatory put date 09/03/30), 144A | 5.125(cc) | 09/01/50 | 500 | 512560 |
| &nbsp;&nbsp; New York Trans. Dev. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc., Laguardia Arpt., Term. C&D Redev., AMT | 4.000 | 01/01/36 | 3475 | 3215328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc., Laguardia Arpt., Term. C&D Redev., AMT | 5.000 | 01/01/26 | 2000 | 2005983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc., Laguardia Arpt., Term. C&D Redev., AMT | 5.000 | 01/01/31 | 1000 | 1015430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc., Laguardia Arpt., Term. C&D Redev., AMT | 5.000 | 10/01/40 | 2500 | 2483210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JFK Arpt. Term. 6 Redev. Proj., Series B, Rfdg., AG., AMT | 0.000 | 12/31/54 | 5000 | 2944788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JFK Int'l. Arpt. Proj., Rfdg., AMT | 5.250 | 08/01/31 | 615 | 632564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JFK Int'l. Arpt. Proj., Rfdg., AMT | 5.375 | 08/01/36 | 1000 | 1015515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laguardia Arpt., Term. B Redev., Series A, AMT | 5.000 | 07/01/46 | 2995 | 2860573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laguardia Arpt., Term. B Redev., Series A, AMT | 5.250 | 01/01/50 | 4480 | 4248535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laguardia Arpt., Term. C&D Redev. Proj., AMT | 6.000 | 04/01/35 | 3465 | 3738079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainabile, JFK Intl. Arpt. New Term. One Proj., AMT | 6.000 | 06/30/59 | 3000 | 3068698 |
| &nbsp;&nbsp; Suffolk Tob. Asset Secur. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Series B-2, Rfdg., CABS | 6.239(t) | 06/01/66 | 1000 | 81776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tob. Settlement Asset Bkd. Sub. Bond, Series B-1, Rfdg. | 4.000 | 06/01/50 | 395 | 333202 |
| &nbsp;&nbsp; Triborough Bridge & Tunnel Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBTA Capital Lockbox Fund, MTA Bridges & Tunnels, Series A | 5.500 | 12/01/59 | 1000 | 1041210 |
|  |  |  |  | 54853413 |
| &nbsp;&nbsp; **North Carolina 0.5%**<br>|  |  |  |  |
| &nbsp;&nbsp; North Carolina Med. Care Commn. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennybyrn at Maryfield Proj., Rfdg. | 5.000 | 10/01/35 | 1000 | 1000800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Presbyterian Homes Oblig. Grp., Series A | 5.000 | 10/01/50 | 2555 | 2398253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Methodist Retmnt. Homes, Series B-2 | 3.750 | 10/01/28 | 525 | 525136 |
|  |  |  |  | 3924189 |
| &nbsp;&nbsp; **Ohio 3.1%**<br>|  |  |  |  |
| &nbsp;&nbsp; Akron Bath Copley Joint Township Hosp. Dist. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summa Hlth. Oblig. Grp. Hosp. Facs., Rfdg. | 3.000 | 11/15/40 | 3000 | 2833050 |
| &nbsp;&nbsp; Buckeye Tob. Settlement Fing. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Series A-2, Class 1, Rfdg. | 4.000 | 06/01/48 | 1000 | 808035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Series B-2, Class 2, Rfdg. | 5.000 | 06/01/55 | 13920 | 11214843 |
| &nbsp;&nbsp; Cuyahoga Cnty. Hosp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metro Hlth. Sys., Rfdg. | 5.250 | 02/15/47 | 2000 | 1878156 |
| &nbsp;&nbsp; Franklin Cnty. Hosp. Facs. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nationwide Children's Hosp. Proj. | 4.000 | 11/01/45 | 2000 | 1797410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio Hlth. Corp., Series A | 4.000 | 05/15/47 | 2500 | 2129704 |

---

See Notes to Financial Statements.

PGIM Muni High Income Fund 9

------

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Ohio (cont'd.)**<br>|  |  |  |  |
| &nbsp;&nbsp; Ohio Air Qlty. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pratt Paper OH LLC Proj., AMT, 144A | 4.500% | 01/15/48 | 1000 | $876681 |
| &nbsp;&nbsp; Ohio St. Pvt. Act. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portsmouth Bypass Proj., AMT | 5.000 | 06/30/53 | 1000 | 930103 |
| &nbsp;&nbsp; Ohio Tpke. & Infrast. Commn. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Lien, Series A-2, CABS | 4.792(t) | 02/15/40 | 5135 | 2589110 |
| &nbsp;&nbsp; Warren Cnty. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Otterbein Homes Oblig. Grp., Rfdg. | 5.000 | 07/01/54 | 1500 | 1380874 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26437966 |
| &nbsp;&nbsp; **Oklahoma 0.6%**<br>|  |  |  |  |
| &nbsp;&nbsp; Oklahoma Cnty. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astec Proj., 144A | 6.500 | 06/15/64 | 2500 | 2390819 |
| &nbsp;&nbsp; Oklahoma Dev. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OU Medicine Proj., Series B | 5.000 | 08/15/38 | 250 | 247401 |
| &nbsp;&nbsp; Tulsa Cnty. Indl. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montereau, Inc. Proj., Rfdg. | 5.250 | 11/15/45 | 1025 | 961579 |
| &nbsp;&nbsp; Tulsa Municipal Arpt. Trust Trustees Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines, Inc. Proj., Rfdg., AMT | 6.250 | 12/01/40 | 1500 | 1616143 |
|  |  |  |  | 5215942 |
| &nbsp;&nbsp; **Oregon 0.4%**<br>|  |  |  |  |
| &nbsp;&nbsp; Port of Portland Arpt. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 24B, AMT | 5.000 | 07/01/47 | 3860 | 3749534 |
| &nbsp;&nbsp; **Pennsylvania 2.3%**<br>|  |  |  |  |
| &nbsp;&nbsp; Adams Cnty. General Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Brethren Home Cmnty. Proj., Series A., Rfdg. | 5.000 | 06/01/54 | 1750 | 1582277 |
| &nbsp;&nbsp; Chester Cnty. Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avon Grove Chart. Sch. Nts. | 5.000 | 03/01/27 | 2140 | 2169773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uni. Student Hsg. LLC Proj., Series A, Rfdg., BAM | 4.000 | 08/01/48 | 5000 | 4087740 |
| &nbsp;&nbsp; Doylestown Hosp. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rfdg., 144A | 5.375 | 07/01/39 | 2575 | 2798524 |
| &nbsp;&nbsp; Lancaster Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Landis Homes Retmnt. Cmnty. Proj., Rfdg. | 4.000 | 07/01/56 | 1000 | 741548 |
| &nbsp;&nbsp; Philadelphia Auth. for Indl. Dev. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Supply LLC Proj., Series B, Rfdg. (Mandatory put date 06/01/27) | 5.250(cc) | 12/01/38 | 4000 | 4026735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtr. Philadelphia Hlth. Action, Rfdg. | 6.625 | 06/01/50 | 2795 | 2716586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Presbyterian Sr. Living, Proj., Series B-2, Rfdg. | 5.250 | 07/01/46 | 1430 | 1404515 |
|  |  |  |  | 19527698 |
| &nbsp;&nbsp; **Puerto Rico 8.3%**<br>|  |  |  |  |
| &nbsp;&nbsp; Puerto Rico Comnwlth., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A, GO, CABS | 4.219(t) | 07/01/33 | 1826 | 1286680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A1, GO | 4.000 | 07/01/33 | 1109 | 1091468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A1, GO | 4.000 | 07/01/35 | 1129 | 1080993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A1, GO | 4.000 | 07/01/37 | 856 | 790974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A1, GO | 4.000 | 07/01/41 | 1164 | 1008120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A1, GO | 4.000 | 07/01/46 | 1210 | 996075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A1, GO | 5.625 | 07/01/29 | 1480 | 1576898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A1, GO | 5.750 | 07/01/31 | 8016 | 8747706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Series Allowed CW, Prifa Rum | 0.000(cc) | 11/01/51 | 19387 | 10660985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Series Allowed CW/HTA - 98 Sr. Claims | 0.000(cc) | 11/01/51 | 27644 | 17881747 |
| &nbsp;&nbsp; Puerto Rico Indl. Tourist Edl. Med. & Envirml. Ctl. Facs. Fing. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hosp. Auxilio Mutuo Oblig. Grp. Proj., Rfdg. | 5.000 | 07/01/32 | 560 | 595236 |

---

See Notes to Financial Statements.

------

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Puerto Rico (cont'd.)**<br>|  |  |  |  |
| &nbsp;&nbsp; Puerto Rico Indl. Tourist Edl. Med. & Envirml. Ctl. Facs. Fing. Auth. Rev., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Juan Cruise Term. Proj., Series A-2, AMT | 6.750% | 01/01/45 | 1750 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1938504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Juan Cruise Term. Proj., Series A-3, AMT | 6.750 | 01/01/46 | 1515 | 1670156 |
| &nbsp;&nbsp; Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1, CABS | 4.075(t) | 07/01/33 | 1000 | 728915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1, CABS | 5.681(t) | 07/01/46 | 51183 | 15926064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-2 | 4.329 | 07/01/40 | 2229 | 2058620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1, CABS | 5.835(t) | 07/01/51 | 16538 | 3741813 |
|  |  |  |  | 71780954 |
| &nbsp;&nbsp; **Rhode Island 0.5%**<br>|  |  |  |  |
| &nbsp;&nbsp; Tob. Settlement Fing. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rfdg. | 5.000 | 06/01/40 | 4350 | 4319839 |
| &nbsp;&nbsp; **South Carolina 1.4%**<br>|  |  |  |  |
| &nbsp;&nbsp; Berkeley Cnty., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Assmt., Nexton Impt. Dist. | 4.375 | 11/01/49 | 1000 | 812289 |
| &nbsp;&nbsp; Patriots Energy Grp. Fing. Agcy. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1 (Mandatory put date 08/01/31) | 5.250(cc) | 10/01/54 | 1675 | 1786390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-1, Rfdg. (Mandatory put date 03/01/31) | 5.250(cc) | 02/01/54 | 1500 | 1621590 |
| &nbsp;&nbsp; South Carolina Jobs-Econ. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Chrt. Sch. Proj., Series A, Rfdg., 144A | 4.000 | 06/01/56 | 3150 | 2014301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Foothill Afford Hsg. Fndtn., Oaddicj Club & Fairway Proj. (Mandatory put date 09/01/35), 144A | 6.875(cc) | 03/01/65 | 3000 | 2931187 |
| &nbsp;&nbsp; South Carolina Ports Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMT | 4.000 | 07/01/45 | 1500 | 1295557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMT | 4.000 | 07/01/55 | 2000 | 1588559 |
|  |  |  |  | 12049873 |
| &nbsp;&nbsp; **Tennessee 0.8%**<br>|  |  |  |  |
| &nbsp;&nbsp; Knox Cnty. Hlth. Edl. & Hsg. Facs. Brd. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; East Tennessee Children's Hosp., Rfdg. | 4.000 | 11/15/48 | 2170 | 1761876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Univ. of Tennessee Proj., Series B-1, BAM | 5.250 | 07/01/64 | 1500 | 1492624 |
| &nbsp;&nbsp; Shelby Cnty. Hlth. & Edl. Facs. Brd. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madrone Memphis Student Hsg. I LLC, Univ. Memphis Proj., Series A1, 144A | 5.250 | 06/01/56 | 2000 | 1827964 |
| &nbsp;&nbsp; Tennergy Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas Sply. Series A (Mandatory put date 12/01/30) | 5.500(cc) | 10/01/53 | 850 | 906594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A (Mandatory put date 09/01/28) | 4.000(cc) | 12/01/51 | 500 | 508603 |
|  |  |  |  | 6497661 |
| &nbsp;&nbsp; **Texas 5.8%**<br>|  |  |  |  |
| &nbsp;&nbsp; Arlington Higher Ed. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Odyssey Academy, Inc. Series A, 144A | 6.125 | 02/15/53 | 1500 | 1265768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rfdg. | 4.000 | 08/15/41 | 1520 | 1252291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rfdg. | 4.000 | 08/15/46 | 2705 | 2062550 |
| &nbsp;&nbsp; Arlington Higher Edu. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinity Basin Preparatory, Inc., PSFG | 5.000 | 08/15/48 | 1250 | 1250453 |
| &nbsp;&nbsp; Carrollton-Farmers Branch Independent Sch. Dist., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSFG | 5.250 | 02/15/55 | 3000 | 3107500 |
| &nbsp;&nbsp; Celina Independent Sch. Dist., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSFG | 5.250 | 02/15/55 | 3300 | 3402423 |
| &nbsp;&nbsp; Central Texas Regl. Mobility Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub., Rfdg. | 4.000 | 01/01/41 | 1100 | 958915 |
| &nbsp;&nbsp; EP Essential Hsg. WF PFC Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Essential Fun. Hsg. Prog. Tuscany Mesa Hills Proj. | 4.250 | 12/01/34 | 1000 | 1009922 |

---

See Notes to Financial Statements.

PGIM Muni High Income Fund 11

------

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Texas (cont'd.)**<br>|  |  |  |  |
| &nbsp;&nbsp; EP Tuscany Zaragosa PFC Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Essential Function Hsg. Prog. Tuscany Mesa Hills Proj. | 4.000% | 12/01/33 | 1635 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1641337 |
| &nbsp;&nbsp; Galveston Wharves & Term. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wharves & Term., 1st Lien, AMT | 6.000 | 08/01/43 | 3060 | 3238644 |
| &nbsp;&nbsp; Harris Cnty. Indl. Dev. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer Proj., Rfdg. (Mandatory put date 06/01/33) | 4.050(cc) | 11/01/50 | 1000 | 1006821 |
| &nbsp;&nbsp; Houston Arpt. Sys. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-1, AMT | 5.000 | 07/15/35 | 2000 | 2000262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Facs. Continental Airlines, Inc., Series A, Rfdg., AMT | 6.625 | 07/15/38 | 1500 | 1501349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Airlines, Inc. Term. Impvt. Proj., Series B, AMT | 5.500 | 07/15/38 | 1600 | 1658351 |
| &nbsp;&nbsp; Kerryville Hlth. Facs. Dev. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peterson Regl. Med. Ctr. Proj., Rfdg. | 5.000 | 08/15/35 | 3000 | 3000431 |
| &nbsp;&nbsp; New Hope Cultrl. Ed. Facs. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jubilee Academic Ctr., Rfdg., 144A | 4.000 | 08/15/56 | 4455 | 3217146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Living Foundation Proj., Series A, 144A | 6.500 | 07/01/56 | 3300 | 2947210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Txbl. Sr. Sanctuary LTC Proj., Series A-2 | 6.500 | 01/01/31 | 7675 | 7416506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westminster Proj., Rfdg. | 4.000 | 11/01/49 | 500 | 401758 |
| &nbsp;&nbsp; Port Beaumont Nav. Dist. Facs. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Txbl. Jefferson Gulf Coast Energy Proj., Series B, Rfdg., 144A | 10.000 | 07/01/26 | 2000 | 2013162 |
| &nbsp;&nbsp; Pottsboro Higher Ed. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000 | 08/15/46 | 1000 | 883544 |
| &nbsp;&nbsp; Tarrant Cnty. Cultural Ed. Facs. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barton Creek Sr. Living Ctr., Rfdg. | 5.000 | 11/15/40 | 1100 | 1080784 |
| &nbsp;&nbsp; Texas Muni. Gas Acq. & Sply. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nat. Gas Util. Imps. (Mandatory put date 01/01/34) | 5.000(cc) | 01/01/55 | 2000 | 2128949 |
| &nbsp;&nbsp; Texas Priv. Activ. Surf. Trans. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LBJ Infrast. Grp. LLC, Series A, Rfdg. | 4.000 | 06/30/40 | 600 | 542965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Lien, Rfdg., AMT | 5.500 | 06/30/41 | 1190 | 1234013 |
|  |  |  |  | 50223054 |
| &nbsp;&nbsp; **Vermont 0.3%**<br>|  |  |  |  |
| &nbsp;&nbsp; Vermont Econ. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wake Robin Corp. Proj., Series A, Rfdg. | 4.000 | 05/01/37 | 1000 | 873248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wake Robin Corp. Proj., Series A, Rfdg. | 4.000 | 05/01/45 | 2025 | 1559118 |
|  |  |  |  | 2432366 |
| &nbsp;&nbsp; **Virginia 0.8%**<br>|  |  |  |  |
| &nbsp;&nbsp; City of Chesapeake Expressway Toll Road Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transn. Sys., Sr. Series B, Rfdg., CABS (Convert to Fixed on 07/15/23) | 4.875 | 07/15/40 | 1000 | 1002371 |
| &nbsp;&nbsp; James City Cnty. Econ. Dev. Auth. Rsdl. Care Fac. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williamsburg Landings, Series A, Rfdg. | 4.000 | 12/01/50 | 1000 | 767082 |
| &nbsp;&nbsp; Virginia Beach Dev. Auth. Rsdl. Care Facs. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westminster Canterbury on Chesapeake Bay, Series A | 7.000 | 09/01/59 | 1500 | 1619973 |
| &nbsp;&nbsp; Virginia Small Bus. Fing. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Sr. Campuses, Inc., Rfdg. | 4.000 | 01/01/51 | 1750 | 1414929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Lien, Elizabeth River Crossing OPCO LLC Proj., Rfdg., AMT | 4.000 | 01/01/39 | 1250 | 1145145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Lien, I-495 Hot Lanes Proj., Rfdg., AMT | 5.000 | 12/31/57 | 1000 | 941244 |
|  |  |  |  | 6890744 |
| &nbsp;&nbsp; **Washington 1.4%**<br>|  |  |  |  |
| &nbsp;&nbsp; Port of Seattle Indl. Dev. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Facs., Delta Airlines, Rfdg., AMT | 5.000 | 04/01/30 | 1000 | 1000345 |
| &nbsp;&nbsp; Port of Seattle Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intermediate Lien, Series B, Rfdg., AMT | 5.500 | 08/01/47 | 2490 | 2552023 |
| &nbsp;&nbsp; Washington Healthcare Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overlake Hosp. Med. Ctr., Rfdg. | 5.000 | 07/01/38 | 1100 | 1098607 |

---

See Notes to Financial Statements.

------

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Washington (cont'd.)**<br>|  |  |  |  |
| &nbsp;&nbsp; Washington St. Hsg. Fin. Commn. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerald Heights Proj., Series A, Rfdg. | 5.000% | 07/01/48 | 1000 | $950250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radford Court & Nordheim Court Port. | 5.500 | 07/01/49 | 3000 | 3020045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Social Cert., Series 2021-1, Class A | 3.500 | 12/20/35 | 1870 | 1764433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Cert., Series 2023-1, Class X | 1.495(cc) | 04/20/37 | 21499 | 2110829 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12496532 |
| &nbsp;&nbsp; **Wisconsin 6.7%**<br>|  |  |  |  |
| &nbsp;&nbsp; Pub. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astro Texas Land Proj., Rfdg., 144A | 5.000 | 12/15/36 | 2249 | 2208807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aurora Integrated Oncology Fndtn., Series A, 144A | 9.000 | 11/01/28 | 2600 | 2783498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aurora Integrated Oncology Fndtn., Series A, 144A | 10.000 | 11/01/38 | 2285 | 2584652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bancroft Neurohealth Proj., Series A, 144A | 5.000 | 06/01/26 | 470 | 472708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bancroft Neurohlth. Proj., Series A, 144A | 5.125 | 06/01/48 | 1000 | 921530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bayhealth Med. Ctr. Proj., Series A | 3.000 | 07/01/50 | 1500 | 1045115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B-1, Series 1, 144A | 6.810 | 04/28/36 | 2000 | 2024826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corvian Cmnty. Sch., Series A, 144A | 5.000 | 06/15/49 | 1000 | 794970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corvian Cmnty. Sch., Series A, 144A | 5.125 | 06/15/47 | 2000 | 1643357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cuyahoga River Cap. Port., Class A, Series 1 (Mandatory put date 07/01/28), 144A | 4.000(cc) | 01/01/55 | 5000 | 4997020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fndtn. Academy Chrt. Sc. Proj., 144A | 5.000 | 07/01/60 | 1200 | 1032551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bond, Fargo Moorhead Metropolitan Area Flood Mgmnt., AMT | 4.000 | 03/31/56 | 1750 | 1306783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Million Air Three LLC, Series B, 144A | 7.000 | 09/01/54 | 2500 | 2628298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mt. Island Chrt. Sch., Series L, Rfdg. | 5.000 | 07/01/47 | 1200 | 1092423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North East Carolina Preparatory Sch., Series A, Rfdg. | 5.250 | 06/15/54 | 1000 | 950906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rans Bridgewater Proj., 144A | 5.625 | 12/15/30 | 2515 | 2505586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rans Elevon Proj., 144A | 5.000 | 07/15/30 | 705 | 714605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rans Mayfair Proj., Series A4, 144A | 5.500 | 11/15/32 | 1500 | 1463909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signorelli Proj., 144A | 5.375 | 12/15/32 | 2426 | 2400639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Georgia SR 400 Exp. Lanes Proj., AMT | 6.500 | 12/31/65 | 4000 | 4206943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Lien, Puerto Rico Toll Roads Monetization Proj., Series A, AMT | 5.750 | 07/01/54 | 3500 | 3421936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. MD Proton Treatment Ctr., Series A-1, 144A | 6.250 | 01/01/38 (d) | 1750 | 787500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. MD Proton Treatment Ctr., Series A-1, 144A | 6.375 | 01/01/48 (d) | 3000 | 1350000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Oblig. Grp., Series B, Rfdg., AMT | 5.000 | 07/01/42 | 1500 | 1449504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Oblig. Grp., Series B, Rfdg., AMT | 5.250 | 07/01/28 | 340 | 340283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Alloc., Miami Worldctr. Proj., Series A, 144A | 5.000 | 06/01/41 | 1250 | 1219019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Meadows Proj., 144A | 5.750 | 12/15/33 | 1500 | 1471529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Methodist Retmnt. Homes, Series A, Rfdg. | 4.000 | 10/01/51 | 1500 | 1165229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wonderful Fndtn. Chrt. Sch. Port., Series A-1, 144A | 5.000 | 01/01/55 | 1600 | 1294918 |
| &nbsp;&nbsp; Wisconsin Hlth. & Edl. Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forensic Science & Protective Med. Collaboration, Inc. Proj., 144A | 5.000 | 08/01/27 | 1400 | 1408892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hope Christian Schs. | 4.000 | 12/01/51 | 1000 | 631554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hope Christian Schs. | 4.000 | 12/01/56 | 3100 | 1892516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marshfield Clinic Hlth. Sys. Inc., Sereis A | 5.500 | 02/15/54 | 3000 | 3122888 |
|  |  |  |  | 57334894 |
| &nbsp;&nbsp; **Wyoming 0.4%**<br>|  |  |  |  |
| &nbsp;&nbsp; Lincoln Cnty. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-AMT, Non ACE, Exxonmobil Proj., Rfdg., FRDD | 3.920(cc) | 10/01/44 | 3500 | 3500000 |
| &nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $791,289,562) |  |  |  | 747358612 |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATION(k) 0.1%** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Notes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $899,708) | 3.500 | 09/30/26 | 905 | 901712 |

---

See Notes to Financial Statements.

PGIM Muni High Income Fund 13

------

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp; **UNAFFILIATED EXCHANGE-TRADED FUNDS 8.9%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iShares National Muni Bond ETF |  |  | 328250 | $34288995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VanEck High Yield Muni ETF |  |  | 827000 | 40928230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard Tax-Exempt Bond Index ETF |  |  | 25000 | 1225250 |
| &nbsp;&nbsp; **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $76,304,346) |  |  |  | 76442475 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $868,493,616) |  |  |  | 824702799 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 5.1%** |  |  |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 1.5%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $13,131,926)(wb) |  |  | 13131926 | 13131926 |
|  | **Interest <br>Rate** | **Maturity <br>Date** | **Principal <br>Amount** <br> **(000)#**  |  |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATION(n) 3.6%** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Bills |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $30,919,675) | 4.254% | 09/23/25 | 31000 | 30923224 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $44,051,601) |  |  |  | 44055150 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.9%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $912,545,217) |  |  |  | 868757949 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (0.9)% |  |  |  | (7523954) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861233995 |

---

Below is a list of the abbreviation(s) used in the annual report:

USD—US Dollar

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.

ACE—Alternative Computation of Earnings

AG—Assured Guaranty Inc.

AMT—Alternative Minimum Tax

BAM—Build America Mutual

CABS—Capital Appreciation Bonds

CDD—Community Development District

ETF—Exchange-Traded Fund

FRDD—Floating Rate Daily Demand Note

GO—General Obligation

IDB—Industrial Development Bond

JPM—JPMorgan Chase Bank N.A.

JPS—J.P. Morgan Securities LLC

N/A—Not Applicable

OTC—Over-the-counter

PCR—Pollution Control Revenue

PFC—Public Facility Corporation

PSFG—Permanent School Fund Guarantee

Rfdg—Refunding

SOFR—Secured Overnight Financing Rate

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

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $(45806) and (0.0)% of net assets.  |

---

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

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

See Notes to Financial Statements.

------

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2025

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | Expiration<br>Date | Current<br>Notional<br>Amount | Value /<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  **Long Position:** | **Long Position:** | **Long Position:** |  |  |
| 25 | 30 Year U.S. Ultra Treasury Bonds | Dec. 2025 | $2914063 | $(15483) |

---

#### Forward rate agreements outstanding at August 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed <br> Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Floating <br> Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair <br>Value | Upfront<br>Premiums<br>Paid<br> (Received) | Unrealized<br>Appreciation<br> (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty |
|  **OTC Forward Rate Agreements^:** |  |  |  |  |  |  |  |
| 5000  | 09/29/25 | —(1) | —(1) | $(3975) | $— | $(3975) | JPM |
| 6400  | 09/29/25 | —(2) | —(2) | (14815) |  | (14815) | JPM |
| 5500  | 09/29/25 | —(3) | —(3) | (27016) |  | (27016) | JPM |
|  |  |  |  | $(45806) | $— | $(45806) |  |

---

(1) The Fund pays or receives payment based on 10 Year MMD AAA Rate plus/minus 3.220% upon termination.

(2) The Fund pays or receives payment based on 15 Year MMD AAA Rate plus/minus 3.880% upon termination.

(3) The Fund pays or receives payment based on 30 Year MMD AAA Rate plus/minus 4.600% upon termination.

#### Balances Reported in the Statement of Assets and Liabilities for OTC Forward Rate Agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Premiums Paid | Premiums Received | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  OTC Forward Rate Agreements | $— | $— | $— | $(45806) |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | Cash and/or Foreign Currency | Securities Market Value |
|  JPS | $157000 | $321826 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of August 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Municipal Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alabama | $— | $15122107 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Alaska |  | 6911101 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona |  | 15792978 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California |  | 35613430 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 25274533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

See Notes to Financial Statements.

PGIM Muni High Income Fund 15

------

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Municipal Bonds (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut | $— | $6362937 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Delaware |  | 2044546 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia |  | 8453711 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida |  | 76948202 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgia |  | 24944266 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 57838649 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana |  | 4049846 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Iowa |  | 2654831 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansas |  | 4067890 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky |  | 1786044 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana |  | 14433868 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Maine |  | 3519459 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland |  | 804553 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts |  | 2343705 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan |  | 4415499 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Minnesota |  | 3268125 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mississippi |  | 12901482 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Missouri |  | 6785132 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nebraska |  | 2277666 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nevada |  | 1278969 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire |  | 42376939 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey |  | 23853485 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New York |  | 54853413 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina |  | 3924189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio |  | 26437966 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma |  | 5215942 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oregon |  | 3749534 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania |  | 19527698 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico |  | 71780954 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island |  | 4319839 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina |  | 12049873 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennessee |  | 6497661 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas |  | 50223054 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Vermont |  | 2432366 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia |  | 6890744 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington |  | 12496532 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin |  | 57334894 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wyoming |  | 3500000 |  |
|  U.S. Treasury Obligation |  | 901712 |  |
|  Unaffiliated Exchange-Traded Funds | 76442475 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | 13131926 |  |  |
|  U.S. Treasury Obligation |  | 30923224 |  |
|  **Total** | $89574401 | $779183548 | $— |
|  **Other Financial Instruments\*** |  |  |  |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $(15483) | $— | $— |
|  OTC Forward Rate Agreements |  |  | (45806) |
|  **Total** | $(15483) | $— | $(45806) |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

See Notes to Financial Statements.

------

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2025

#### Sector Classification :
The sector classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of August 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Corporate Backed IDB & PCR | 12.7 |
|  Special Tax/Assessment District | 12.6 |
|  Education | 11.8 |
|  Healthcare | 11.5 |
|  General Obligation | 10.4 |
|  Transportation | 9.2 |
|  Development | 9.1 |
|  Unaffiliated Exchange-Traded Funds | 8.9 |
|  Pre-pay Gas | 4.8 |
|  U.S. Treasury Obligations | 3.7 |
|  Tobacco Appropriated | 3.6 |
|  Affiliated Mutual Fund | 1.5 |

---

---

| | |
|:---|:---|
|  Power | 0.4% |
|  Lease Backed Certificate of Participation | 0.3 |
|  Solid Waste/Resource Recovery | 0.3 |
|  Water & Sewer | 0.1 |
|  Pre-Refunded | 0.0 \* |
|  | 100.9 |
|  Liabilities in excess of other assets | (0.9) |
|  | 100.0% |
|  \* Less than 0.05% |  |

---

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of August 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value**  | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br>Value | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br>Value |
|  Interest rate contracts |  | $— | Due from/to<br> broker-variation margin futures | $15,483\* |
|  Interest rate contracts |  |  | Unrealized depreciation<br> on OTC forward rate agreements | 45806 |
|  |  | $— |  | $61289 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the year ended August 31, 2025 are as follows:

---

| | |
|:---|:---|
| Amount of Realized Gain (Loss) on Derivatives Recognized in Income |  |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Futures**  |
|  Interest rate contracts | $(1022333) |

---

---

| | | |
|:---|:---|:---|
| Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures**  | Forward<br>Rate<br> Agreements |
|  Interest rate contracts | $(141519) | $(45806) |

---

For the year ended August 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Futures Contracts - Long Positions (1) | $1464888 |
|  Futures Contracts - Short Positions (1) | 3508241 |
|  Forward Rate Agreements (1) | 3380000 |

---

\* Average volume is based on average quarter end balances for the year ended August 31, 2025.

(1) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Muni High Income Fund 17

------

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2025

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Fund invested in OTC derivatives during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives where the legal right to set-off exists is presented in the summary below.

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross Amounts of <br> Recognized <br> Assets(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross Amounts of <br>Recognized<br>Liabilities(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Amounts of <br>Recognized<br>Assets/(Liabilities) | Collateral<br> Pledged/(Received)(2) | Net<br> Amount |
|  JPM | $— | $(45806) | $(45806) | $— | $(45806) |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Fund is limited to the market value of financial instruments/transactions and the Fund's OTC derivative exposure by counterparty.

See Notes to Financial Statements.

------

Statement of Assets and Liabilities

as of August 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $899,413,291) | $855626023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $13,131,926) | 13131926 |
| &nbsp;&nbsp; Interest receivable | 9128657 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 546704 |
| &nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 157000 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 11560 |
| &nbsp;&nbsp; **Total Assets** | 878601870 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 15211037 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 1344110 |
| &nbsp;&nbsp; Management fee payable | 308505 |
| &nbsp;&nbsp; Dividends and Distributions payable | 185553 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 158236 |
| &nbsp;&nbsp; Distribution fee payable | 83612 |
| &nbsp;&nbsp; Unrealized depreciation on OTC forward rate agreements | 45806 |
| &nbsp;&nbsp; Due to broker—variation margin futures | 21875 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 6201 |
| &nbsp;&nbsp; Trustees' fees payable | 2940 |
| &nbsp;&nbsp; **Total Liabilities** | 17367875 |
| &nbsp;&nbsp; **Net Assets** | $861233995 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $946008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 958038817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (97750830) |
| &nbsp;&nbsp; **Net assets, August 31, 2025** | $861233995 |

---

See Notes to Financial Statements.

PGIM Muni High Income Fund 19

------

Statement of Assets and Liabilities

as of August 31, 2025

---

| | |
|:---|:---|
|  **Class A** |  |
| Net asset value and redemption price per share,<br>($323,377,846 ÷ 35,485,530 shares of beneficial interest issued and outstanding) | $9.11 |
|  Maximum sales charge (3.25% of offering price) | 0.31 |
|  Maximum offering price to public | $9.42 |
|  **Class C** |  |
| Net asset value, offering price and redemption price per share,<br>($17,177,935 ÷ 1,884,952 shares of beneficial interest issued and outstanding) | $9.11 |
|  **Class Z** |  |
| Net asset value, offering price and redemption price per share,<br>($446,420,715 ÷ 49,074,516 shares of beneficial interest issued and outstanding) | $9.10 |
|  **Class R6** |  |
| Net asset value, offering price and redemption price per share,<br>($74,257,499 ÷ 8,155,816 shares of beneficial interest issued and outstanding) | $9.10 |

---

See Notes to Financial Statements.

------

Statement of Operations

Year Ended August 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income | $38010883 |
| &nbsp;&nbsp; Unaffiliated dividend income | 547960 |
| &nbsp;&nbsp; Affiliated dividend income | 528004 |
| &nbsp;&nbsp; **Total income** | 39086847 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 3939922 |
| &nbsp;&nbsp; Distribution fee(a) | 1042827 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $41,071)(a) | 569717 |
| &nbsp;&nbsp; Registration fees(a) | 98626 |
| &nbsp;&nbsp; Custodian and accounting fees | 68523 |
| &nbsp;&nbsp; Audit fee | 45020 |
| &nbsp;&nbsp; Professional fees | 41282 |
| &nbsp;&nbsp; Shareholders' reports | 39185 |
| &nbsp;&nbsp; Trustees' fees | 20053 |
| &nbsp;&nbsp; Miscellaneous | 43234 |
| &nbsp;&nbsp; **Total expenses** | 5908389 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (323261) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee credit | (104) |
| &nbsp;&nbsp; **Net expenses** | 5585024 |
| &nbsp;&nbsp; Net investment income (loss) | 33501823 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | (3946684) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (1022333) |
|  | (4969017) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (38329345) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (141519) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward rate agreements | (45806) |
|  | (38516670) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | (43485687) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(9983864) |

---

(a) Class specific expenses and waivers were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Class A | Class C | Class Z | Class R6 |
|  Distribution fee | 836914 | 205913 |  |  |
|  Transfer agent's fees and expenses | 200442 | 15710 | 352110 | 1455 |
|  Registration fees | 27853 | 14469 | 34063 | 22241 |
|  Fee waiver and/or expense reimbursement | (105980) | (6519) | (165449) | (45313) |

---

See Notes to Financial Statements.

PGIM Muni High Income Fund 21

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>August 31, | Year Ended<br>August 31, |
|  | 2025 | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $33501823 | $30163861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (4969017) | (4014015) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (38516670) | 48185821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (9983864) | 74335667 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (13246503) | (12559651) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (642157) | (782885) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Z | (15904540) | (13472836) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (2921026) | (2168826) |
|  | (32714226) | (28984198) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold | 369251701 | 298755940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 29275873 | 26255891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased | (300156461) | (235391941) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 98371113 | 89619890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 55673023 | 134971359 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 805560972 | 670589613 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $861233995 | $805560972 |

---

See Notes to Financial Statements.

------

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class A Shares** |  |  |  |  |  |  |
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | **Four months<br>ended<br>August 31,** | Year Ended April 30, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $9.60 | $9.04 | $9.29 | $10.85 | $10.73 | $9.58 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.38 | 0.37 | 0.34 | 0.31 | 0.11 | 0.34 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | (0.50) | 0.55 | (0.26) | (1.56) | 0.12 | 1.16 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.12) | 0.92 | 0.08 | (1.25) | 0.23 | 1.50 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.37) | (0.36) | (0.33) | (0.31) | (0.11) | (0.35) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $9.11 | $9.60 | $9.04 | $9.29 | $10.85 | $10.73 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | (1.28)% | 10.34% | 0.90% | (11.70)% | 2.11% | 15.82% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $323378 | $336770 | $326678 | $376463 | $447158 | $425013 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $334766 | $327410 | $344344 | $421850 | $438859 | $390814 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.81% | 0.81% | 0.81% | 0.81% | 0.80 %<sup>(c)</sup> | 0.80% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.84% | 0.84% | 0.85% | 0.84% | 0.83 %<sup>(c)</sup> | 0.82% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.05% | 4.00% | 3.75% | 3.08% | 2.91 %<sup>(c)</sup> | 3.30% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)(e)</sup>  | 56% | 68% | 47% | 58% | 7% | 25% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c) Annualized, with the exception of certain non-recurring expenses.

(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

(e) The portfolio turnover rate includes variable rate demand notes.

See Notes to Financial Statements.

PGIM Muni High Income Fund 23

------

Financial Highlights (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class C Shares** |  |  |  |  |  |  |
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | **Four months<br>ended<br>August 31,** | Year Ended April 30, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $9.60 | $9.04 | $9.29 | $10.85 | $10.73 | $9.58 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.30 | 0.29 | 0.27 | 0.23 | 0.08 | 0.27 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | (0.50) | 0.55 | (0.26) | (1.56) | 0.12 | 1.15 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.20) | 0.84 | 0.01 | (1.33) | 0.20 | 1.42 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.29) | (0.28) | (0.26) | (0.23) | (0.08) | (0.27) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $9.11 | $9.60 | $9.04 | $9.29 | $10.85 | $10.73 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | (2.09)% | 9.45% | 0.11% | (12.38)% | 1.84% | 14.94% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $17178 | $23936 | $29399 | $44197 | $64346 | $65412 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $20591 | $25902 | $35863 | $55420 | $65052 | $75826 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 1.64% | 1.62% | 1.60% | 1.58% | 1.58 %<sup>(c)</sup> | 1.57% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 1.67% | 1.65% | 1.64% | 1.61% | 1.61 %<sup>(c)</sup> | 1.59% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.22% | 3.18% | 2.96% | 2.30% | 2.13 %<sup>(c)</sup> | 2.56% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)(e)</sup>  | 56% | 68% | 47% | 58% | 7% | 25% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c) Annualized, with the exception of certain non-recurring expenses.

(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

(e) The portfolio turnover rate includes variable rate demand notes.

See Notes to Financial Statements.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Class Z Shares** |  |  |  |  |  |  |
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | **Four months<br>ended<br>August 31,** | Year Ended April 30, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 | 2021 |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period** | $9.59 | $9.02 | $9.27 | $10.83 | $10.71 | $9.57 |
|  **Income (loss) from investment operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | 0.40 | 0.39 | 0.36 | 0.33 | 0.11 | 0.37 |
| Net realized and unrealized gain (loss) on investment transactions | (0.50) | 0.56 | (0.26) | (1.56) | 0.12 | 1.14 |
|  Total from investment operations | (0.10) | 0.95 | 0.10 | (1.23) | 0.23 | 1.51 |
|  **Less Dividends and Distributions:** |  |  |  |  |  |  |
|  Dividends from net investment income | (0.39) | (0.38) | (0.35) | (0.33) | (0.11) | (0.37) |
|  Net asset value, end of period | $9.10 | $9.59 | $9.02 | $9.27 | $10.83 | $10.71 |
|  **Total Return<sup>(b)</sup>:** | (1.05)% | 10.72% | 1.13% | (11.52)% | 2.19% | 15.98% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $446421 | $382928 | $268681 | $332570 | $512347 | $482104 |
|  Average net assets (000) | $380427 | $332529 | $279685 | $437004 | $495019 | $411850 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.58% | 0.58% | 0.58% | 0.58% | 0.57 %<sup>(c)</sup> | 0.58% |
| Expenses before waivers and/or expense reimbursement | 0.62% | 0.62% | 0.62% | 0.61% | 0.60 %<sup>(c)</sup> | 0.61% |
|  Net investment income (loss) | 4.28% | 4.21% | 3.98% | 3.30% | 3.14 %<sup>(c)</sup> | 3.52% |
|  Portfolio turnover rate<sup>(d)(e)</sup>  | 56% | 68% | 47% | 58% | 7% | 25% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c) Annualized, with the exception of certain non-recurring expenses.

(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

(e) The portfolio turnover rate includes variable rate demand notes.

See Notes to Financial Statements.

PGIM Muni High Income Fund 25

------

Financial Highlights (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |  |
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | **Four months<br>ended<br>August 31,** | Year Ended April 30, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a</sup><sup>)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $9.60 | $9.03 | $9.28 | $10.84 | $10.72 | $9.57 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.41 | 0.40 | 0.37 | 0.34 | 0.12 | 0.37 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | (0.51) | 0.55 | (0.26) | (1.56) | 0.12 | 1.16 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.10) | 0.95 | 0.11 | (1.22) | 0.24 | 1.53 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.40) | (0.38) | (0.36) | (0.34) | (0.12) | (0.38) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $9.10 | $9.60 | $9.03 | $9.28 | $10.84 | $10.72 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | (0.96)% | 10.81% | 1.23% | (11.43)% | 2.22% | 16.19% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $74257 | $61928 | $45831 | $51581 | $40009 | $24256 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $68282 | $52290 | $45278 | $50468 | $34742 | $15737 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.49% | 0.49% | 0.49% | 0.49% | 0.48 %<sup>(c)</sup> | 0.49% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.56% | 0.57% | 0.57% | 0.56% | 0.57 %<sup>(c)</sup> | 0.65% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.38% | 4.31% | 4.07% | 3.41% | 3.22 %<sup>(c)</sup> | 3.55% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)(e)</sup>  | 56% | 68% | 47% | 58% | 7% | 25% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c) Annualized, with the exception of certain non-recurring expenses.

(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

(e) The portfolio turnover rate includes variable rate demand notes.

See Notes to Financial Statements.

------

Notes to Financial Statements

**1.** **Organization** 

Prudential Investment Portfolios 4 (the "Registered Investment Company" or "RIC") is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The RIC is organized as a Massachusetts Business Trust. These financial statements relate only to the PGIM Muni High Income Fund (the "Fund"), a series of the RIC. The Fund is classified as a diversified fund for purposes of the 1940 Act.

The investment objective of the Fund is to provide the maximum amount of income that is eligible for exclusion from federal income taxes.

**2.** **Accounting Policies** 

The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification ("ASC") Topic 946 Financial Services — *Investment Companies.* The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform to U.S. generally accepted accounting principles ("GAAP"). The Fund consistently follows such policies in the preparation of its financial statements.

The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 exclusively impacted financial statement disclosures only and did not affect the Fund's financial position or performance. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance. The officers of the Fund, as listed in the Fund's Statement of Additional Information, act as the Fund's chief operating decision maker ("CODM"). The CODM has determined that the Fund has a single operating segment as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its respective prospectus, based on a defined investment strategy which is executed by the Fund's subadviser.

The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statement of Changes in Net Assets and Financial Highlights.

*Securities Valuation:* The Fund holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange ("NYSE") is open for trading. As described in further detail below, the Fund's investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC's Board of Trustees (the "Board") has approved the Fund's valuation policies and procedures for security valuation and designated PGIM Investments LLC ("PGIM Investments", the "Investment Manager" or the "Manager") as the "Valuation Designee," as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Fund investments. Pursuant to the Board's oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities of the Valuation Designee under Rule 2a-5. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

For the fiscal reporting year-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Fund's foreign investments may change on days when investors cannot purchase or redeem Fund shares.

Various inputs determine how the Fund's investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the "fair value hierarchy" in accordance with FASB ASC Topic 820 Fair Value Measurement.

Common or preferred stocks, exchange-traded funds ("ETFs") and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via Nasdaq are valued at the Nasdaq official closing price. To the extent these securities are valued at the last sale price or Nasdaq official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official

PGIM Muni High Income Fund 27

------

Notes to Financial Statements (continued)

closing price on a valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Fixed income securities traded in the over-the-counter ("OTC") market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Fund utilizes the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors' valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Fund utilizes the market approach when quoted prices in broker-dealer markets are available but also includes consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors' valuation techniques used to derive the evaluated derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Securities and other assets that cannot be priced according to the methods described above are valued based on policies and procedures approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security's fair value measurement.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer's financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; and any available analyst media or other reports or information deemed reliable by the Valuation Designee regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security's most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

*Financial Futures Contracts:* A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Fund is required to deposit collateral with a futures commission merchant an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the "initial margin." Subsequent payments, known as "variation margin," are made or received by the Fund each day, equal to the change in the mark-to-market value of the futures contract. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

The Fund invested in financial futures contracts in order to hedge its existing portfolio securities, or securities the Fund intends to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Since futures contracts are exchange-traded, there is minimal counterparty credit risk to the Fund since the exchanges' clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

------

*Forward Rate Agreements:* Forward rate agreements represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount on a fixed future date. The Fund entered into forward rate agreements to gain yield exposure based on anticipated market conditions at the specified termination date of the agreement.

*Delayed-Delivery Transactions:* The Fund purchased or sold securities on a when-issued or delayed-delivery and forward commitment basis, including TBA securities. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Fund will set aside and maintain an amount of liquid assets sufficient to meet the purchase price in a segregated account until the settlement date. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value ("NAV"). The Fund may dispose of or renegotiate a delayed-delivery transaction subsequent to establishment, and may sell when-issued securities before they are delivered, which may result in a realized gain (loss). When selling a security on a delayed-delivery basis, the Fund forfeits its eligibility to realize future gains (losses) with respect to the security.

*Securities Transactions and Net Investment Income:* Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Fund becomes aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual expense amounts. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Such class specific expenses and waivers include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent's fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

*Custody Fee Credits:* The Fund has an arrangement with its custodian bank, whereby uninvested monies earn credits which reduce the fees charged by the custodian. Such custody fee credits, if any, are presented as a reduction of gross expenses in the accompanying Statement of Operations.

*Taxes:* It is the Fund's policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.

*Dividends and Distributions:* Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate. The chart below sets forth the expected frequency of dividend and capital gains distributions to shareholders. Various factors may impact the frequency of dividend distributions to shareholders, including but not limited to adverse market conditions or portfolio holding-specific events.

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| | | |
|:---|:---|:---|
| Expected Distribution Schedule to Shareholders\* | Frequency | Frequency |
| &nbsp;&nbsp; Net Investment Income |  | Monthly |
| &nbsp;&nbsp; Short-Term Capital Gains |  | Annually |
| &nbsp;&nbsp; Long-Term Capital Gains |  | Annually |

---

\* Under certain circumstances, the Fund may make more than one distribution of short-term and/or long-term capital gains during a fiscal year.

*Estimates:* The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**3.** **Agreements** 

The RIC, on behalf of the Fund, has entered into a management agreement with the Manager pursuant to which it has responsibility for all investment advisory services, including supervision of the subadviser's performance of such services, and for rendering administrative services.

The Manager has entered into a subadvisory agreement with PGIM, Inc. (the "subadviser"), which provides subadvisory services to the Fund through its PGIM Fixed Income unit. The Manager pays for the services of PGIM, Inc.

PGIM Muni High Income Fund 29

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Notes to Financial Statements (continued)

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended August 31, 2025, the contractual and effective management fee rates were as follows:

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| | |
|:---|:---|
| Contractual Management Rate | **Effective Management Fee, before any waivers and/or expense** <br> **reimbursements** |
| &nbsp;&nbsp; 0.49% of average daily net assets up to $1 billion; | 0.49% |
| &nbsp;&nbsp; 0.44% of average daily net assets over $1 billion. |  |

---

The Manager has contractually agreed, through December 31, 2026, to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the waiver/reimbursement and/or recoupment for that fiscal year, as applicable. The expense limitations attributable to each class are as follows:

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| | |
|:---|:---|
| Class | **Expense**<br> **Limitations**  |
| &nbsp;&nbsp; A | —% |
| &nbsp;&nbsp; C |  |
| &nbsp;&nbsp; Z | 0.58 |
| &nbsp;&nbsp; R6 | 0.49 |

---

The RIC, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC ("PIMS"), which acts as the distributor of the Class A, Class C, Class Z and Class R6 shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund's Class A and Class C shares, pursuant to the plans of distribution (the "Distribution Plans"), regardless of expenses actually incurred by PIMS.

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate based on average daily net assets per class. The distribution fees are accrued daily and payable monthly.

The Fund's annual gross and net distribution rates, where applicable, are as follows:

---

| | | |
|:---|:---|:---|
| Class | Gross Distribution Fee | Net Distribution Fee |
| &nbsp;&nbsp; A | 0.25% | 0.25% |
| &nbsp;&nbsp; C | 1.00 | 1.00 |
| &nbsp;&nbsp; Z | N/A | N/A |
| &nbsp;&nbsp; R6 | N/A | N/A |

---

For the reporting period ended August 31, 2025, PIMS received front-end sales charges ("FESL") resulting from sales of certain class shares and contingent deferred sales charges ("CDSC") imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:

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| | | |
|:---|:---|:---|
| Class | FESL | CDSC |
| &nbsp;&nbsp; A | $163648 | $16701 |
| &nbsp;&nbsp; C |  | 1218 |

---

PGIM Investments, PGIM, Inc. and PIMS are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. ("Prudential").

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**4.** **Other Transactions with Affiliates** 

Prudential Mutual Fund Services LLC ("PMFS"), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of

Prudential, serves as the Fund's transfer agent and shareholder servicing agent. Transfer agent's fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

The Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the "Core Fund"), a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund. In addition to the realized and unrealized gains on investments in the Core Fund earnings from such investments are disclosed on the Statement of Operations as "Affiliated dividend income".

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the year ended August 31, 2025, no Rule 17a-7 transactions were entered into by the Fund.

**5.** **Portfolio Securities** 

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the year ended August 31, 2025, were as follows:

---

| | |
|:---|:---|
| Cost of Purchases | Proceeds from Sales |
| &nbsp;&nbsp; $515280282 | $445253498 |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended August 31, 2025, is presented as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value,**<br> **Beginning**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year** | Cost of<br>Purchases | **Proceeds**<br> **from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,<br>End**<br> **of**<br> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |
|  PGIM Core Ultra Short Bond Fund<sup>(wb)</sup>  | PGIM Core Ultra Short Bond Fund<sup>(wb)</sup>  | PGIM Core Ultra Short Bond Fund<sup>(wb)</sup>  | PGIM Core Ultra Short Bond Fund<sup>(wb)</sup>  | PGIM Core Ultra Short Bond Fund<sup>(wb)</sup>  | PGIM Core Ultra Short Bond Fund<sup>(wb)</sup>  | PGIM Core Ultra Short Bond Fund<sup>(wb)</sup>  | PGIM Core Ultra Short Bond Fund<sup>(wb)</sup>  | PGIM Core Ultra Short Bond Fund<sup>(wb)</sup>  |
| $7833065 | $405098569 | $399799708 | $— | $— | $13131926 | 13131926 | $528004 | $— |

---

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

**6.** **Distributions and Tax Information** 

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date.

For the year ended August 31, 2025, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income**  | Long-Term<br>Capital Gains | Tax Return<br>of Capital | Tax-Exempt<br>Income | **Total Dividends** <br> **and Distributions**  |
| $1862093 | $— | $— | $30852133 | $32714226 |

---

For the year ended August 31, 2024, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income**  | Long-Term<br>Capital Gains | **Tax Return**<br> **of Capital** | **Tax-Exempt**<br> **Income** | **Total Dividends** <br> **and Distributions**  |
| $681248 | $— | $— | $28302950 | $28984198 |

---

For the year ended August 31, 2025, the Fund had the following amounts of accumulated undistributed earnings on a tax basis:

---

| | | |
|:---|:---|:---|
| **Undistributed**<br> **Ordinary**<br> **Income** | **Undistributed**<br> **Long-Term**<br> **Capital Gains** | **Undistributed**<br> **Tax Exempt**<br> **Income** |
|  $— | $— | $11912631 |

---

PGIM Muni High Income Fund 31

------

Notes to Financial Statements (continued)

The United States federal income tax basis of the Fund's investments and the net unrealized appreciation (depreciation) as of August 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Tax Basis | Gross<br>Unrealized<br>Appreciation | Gross<br>Unrealized<br>Depreciation | Net<br>Unrealized<br>Depreciation |
| $910718527 | $8947489 | $(50969356) | $(42021867) |

---

The difference between GAAP and tax basis was primarily attributable to losses on wash sales, the difference between financial and tax reporting with respect to accretion of market discount, and mark-to-market futures contracts.

For federal income tax purposes, the Fund had an approximated capital loss carryforward as of August 31, 2025 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

---

| | |
|:---|:---|
| Capital Loss<br>Carryforward | Capital Loss<br>Carryforward Utilized |
| $65390000 | $— |

---

The Manager has analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund's financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund's U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended August 31, 2025 are subject to such review.

**7.** **Capital and Ownership** 

The Fund offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 3.25%. Investors who purchase $500,000 or more of Class A shares and sell those shares within 12 months of purchase are subject to a CDSC of 1% on sales although these purchases are not subject to a front-end sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately eight years after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

Under certain circumstances, an exchange may be made from specified share classes of the Fund to one or more other share classes of the Fund as presented in the table of transactions in shares of beneficial interest, below.

The RIC has authorized an unlimited number of shares of beneficial interest of the Fund at $0.01 par value per share, currently divided into five classes, designated Class A, Class B, Class C, Class Z and Class R6. The Fund currently does not have any Class B shares outstanding.

As of August 31, 2025, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

---

| | | |
|:---|:---|:---|
| Class | Number of Shares | Percentage of Outstanding Shares |
| &nbsp;&nbsp; R6 | 1349 | 0.1% |

---

At the reporting period end, the number of shareholders holding greater than 5% of the Fund are as follows:

---

| | | |
|:---|:---|:---|
|  | Number of Shareholders | Percentage of Outstanding Shares |
| &nbsp;&nbsp; Affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—% |
| &nbsp;&nbsp; Unaffiliated | 8 | 81.0 |

---

------

Transactions in shares of beneficial interest were as follows:

---

| | | |
|:---|:---|:---|
| Share Class | Shares | Amount |
|  **Class A** |  |  |
|  **Year ended August 31, 2025:** |  |  |
|  Shares sold | 5719058 | $53903177 |
|  Shares issued in reinvestment of dividends and distributions | 1300346 | 12175180 |
|  Shares purchased | (6539008) | (61190921) |
|  Net increase (decrease) in shares outstanding before conversion | 480396 | 4887436 |
|  Shares issued upon conversion from other share class(es) | 665111 | 6225559 |
|  Shares purchased upon conversion into other share class(es) | (725096) | (6815980) |
|  Net increase (decrease) in shares outstanding | 420411 | $4297015 |
|  **Year ended August 31, 2024:** |  |  |
|  Shares sold | 5132057 | $47625978 |
|  Shares issued in reinvestment of dividends and distributions | 1231843 | 11408152 |
|  Shares purchased | (7538094) | (69507731) |
|  Net increase (decrease) in shares outstanding before conversion | (1174194) | (10473601) |
|  Shares issued upon conversion from other share class(es) | 558635 | 5199563 |
|  Shares purchased upon conversion into other share class(es) | (466058) | (4380315) |
|  Net increase (decrease) in shares outstanding | (1081617) | $(9654353) |
|  **Class C** |  |  |
|  **Year ended August 31, 2025:** |  |  |
|  Shares sold | 394608 | $3682939 |
|  Shares issued in reinvestment of dividends and distributions | 64103 | 600964 |
|  Shares purchased | (464883) | (4351902) |
|  Net increase (decrease) in shares outstanding before conversion | (6172) | (67999) |
|  Shares purchased upon conversion into other share class(es) | (601146) | (5617860) |
|  Net increase (decrease) in shares outstanding | (607318) | $(5685859) |
|  **Year ended August 31, 2024:** |  |  |
|  Shares sold | 313086 | $2901077 |
|  Shares issued in reinvestment of dividends and distributions | 79230 | 732330 |
|  Shares purchased | (675838) | (6203153) |
|  Net increase (decrease) in shares outstanding before conversion | (283522) | (2569746) |
|  Shares purchased upon conversion into other share class(es) | (477157) | (4426834) |
|  Net increase (decrease) in shares outstanding | (760679) | $(6996580) |
|  **Class Z** |  |  |
|  **Year ended August 31, 2025:** |  |  |
|  Shares sold | 30111929 | $278352530 |
|  Shares issued in reinvestment of dividends and distributions | 1458354 | 13630225 |
|  Shares purchased | (23036619) | (213806021) |
|  Net increase (decrease) in shares outstanding before conversion | 8533664 | 78176734 |
|  Shares issued upon conversion from other share class(es) | 782707 | 7349987 |
|  Shares purchased upon conversion into other share class(es) | (184321) | (1741450) |
|  Net increase (decrease) in shares outstanding | 9132050 | $83785271 |
|  **Year ended August 31, 2024:** |  |  |
|  Shares sold | 24430987 | $223974534 |
|  Shares issued in reinvestment of dividends and distributions | 1288866 | 11948881 |
|  Shares purchased | (15626659) | (143258293) |
|  Net increase (decrease) in shares outstanding before conversion | 10093194 | 92665122 |
|  Shares issued upon conversion from other share class(es) | 439844 | 4115254 |
|  Shares purchased upon conversion into other share class(es) | (372799) | (3412752) |
|  Net increase (decrease) in shares outstanding | 10160239 | $93367624 |

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PGIM Muni High Income Fund 33

------

Notes to Financial Statements (continued)

---

| | | |
|:---|:---|:---|
| Share Class | Shares | Amount |
|  **Class R6** |  |  |
|  **Year ended August 31, 2025:** |  |  |
|  Shares sold | 3570844 | $33313055 |
|  Shares issued in reinvestment of dividends and distributions | 307121 | 2869504 |
|  Shares purchased | (2239898) | (20807617) |
|  Net increase (decrease) in shares outstanding before conversion | 1638067 | 15374942 |
|  Shares issued upon conversion from other share class(es) | 104230 | 984046 |
|  Shares purchased upon conversion into other share class(es) | (40338) | (384302) |
|  Net increase (decrease) in shares outstanding | 1701959 | $15974686 |
|  **Year ended August 31, 2024:** |  |  |
|  Shares sold | 2627159 | $24254351 |
|  Shares issued in reinvestment of dividends and distributions | 233735 | 2166528 |
|  Shares purchased | (1800489) | (16422764) |
|  Net increase (decrease) in shares outstanding before conversion | 1060405 | 9998115 |
|  Shares issued upon conversion from other share class(es) | 341276 | 3119359 |
|  Shares purchased upon conversion into other share class(es) | (23392) | (214275) |
|  Net increase (decrease) in shares outstanding | 1378289 | $12903199 |

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**8.** **Borrowings** 

The RIC, on behalf of the Fund, along with other affiliated registered investment companies (the "Participating Funds"), is a party to a Syndicated Credit Agreement ("SCA") with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.

---

| | | |
|:---|:---|:---|
|  | Current SCA | Prior SCA |
|  **Term of Commitment** | 9/27/2024 – 9/25/2025 | 9/29/2023 – 9/26/2024 |
|  **Total Commitment** | $1200000000 | $1200000000 |
| Annualized Commitment Fee on the<br>Unused Portion of the SCA | 0.15% | 0.15% |
| Annualized Interest Rate on<br>Borrowings | 1.00% plus the higher of (1)<br>the effective federal funds<br>rate, (2) the daily SOFR<br>rate plus 0.10% or (3) zero<br>percent | 1.00% plus the higher of (1)<br>the effective federal funds<br>rate, (2) the daily SOFR<br>rate plus 0.10% or (3) zero<br>percent |

---

Subsequent to the reporting period end, the SCA has been renewed and effective September 26, 2025 will provide a commitment of $1,200,000,000 through September 24, 2026. The commitment fee allocated to the Participating Funds will continue to be 0.15% of the unused portion of the SCA. The interest on borrowings under the renewed SCA will be paid monthly and at a per annum interest rate of 1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent.

Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Manager to allocate available funding per a Board-approved methodology designed to treat the Participating Funds in the SCA equitably.

The Fund did not utilize the SCA during the reporting period ended August 31, 2025.

**9.** **Risks of Investing in the Fund** 

The Fund's principal risks include, but are not limited to, some or all of the risks discussed below. For further information on the Fund's risks, please refer to the Fund's Prospectus and Statement of Additional Information.

------

*Credit Risk:* This is the risk that the issuer, the guarantor, or the insurer of a fixed income security, or the counterparty to a contract may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Additionally, fixed income securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer, or counterparty to pay back debt. The lower the credit quality of a bond, the more sensitive it is to credit risk.

*Debt Obligations Risk:* Debt obligations are fixed income investments that are subject to credit risk, market risk and interest rate risk. The Fund's holdings, share price, yield and total return may also fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer's goods and services. Certain types of fixed income obligations also may be subject to "call and redemption risk," which is the risk that the issuer may call a bond held by the Fund for redemption before it matures and the Fund may not be able to reinvest at the same rate of interest and therefore would earn less income.

*Economic and Market Events Risk:* Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.

*Increase in Expenses Risk:* Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table in the Fund's Prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Fund securities can increase expenses.

*Insured Municipal Bonds Risk:* The Fund may purchase municipal bonds that are insured to attempt to reduce credit risk. Although insurance coverage reduces credit risk by providing that the insurer will make timely payment of interest and/or principal, it does not provide protection against market fluctuations of insured bonds or fluctuations in the price of the shares of the Fund. An insured municipal bond fluctuates in value largely based on factors relating to the insurer's creditworthiness or ability to satisfy its obligations. The Fund cannot be certain that any insurance company will make the payments it guarantees.

*Interest Rate Risk:* The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as "duration risk." When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." In addition, if the Fund purchases a fixed income security at a premium (at a price that exceeds its stated par or principal value), the Fund may lose the amount of the premium paid in the event of prepayment. When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund's holdings may fall sharply. This is referred to as "extension risk." The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

*Junk Bonds Risk:* High-yield, high-risk bonds have predominantly speculative characteristics, including particularly high credit risk. Junk bonds tend to have lower market liquidity than higher-rated securities. The liquidity of particular issuers or industries within a particular investment category may shrink or disappear suddenly and without warning. The non-investment grade bond market can experience sudden and sharp price swings and become illiquid due to a variety of factors, including changes in economic forecasts, stock market activity, large sustained sales by major investors, a high profile default or a change in the market's psychology.

*Large Shareholder and Large Scale Redemption Risk:* Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund's shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund's shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund's NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund's ability to implement its investment strategy. The Fund's ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.

*Liquidity Risk:* Liquidity risk is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors' interests in the Fund. The Fund may invest in instruments that trade in lower volumes and are more illiquid than other investments. If the Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments cannot be readily sold at the desired time or price, the

PGIM Muni High Income Fund 35

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Notes to Financial Statements (continued)

Fund may have to accept a lower price or may not be able to sell the instrument at all. An inability to sell a portfolio position can adversely affect the Fund's value or prevent the Fund from being able to take advantage of other investment opportunities.

*Management Risk:* Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser's judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund's benchmark and other funds with similar investment objectives.

*Market Disruption and Geopolitical Risks:* Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia's military invasion of Ukraine and the Israel-Hamas war), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as Asia, Eastern Europe and the Middle East, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).

Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests.

The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.

*Market Risk:* Securities markets may be volatile and the market prices of the Fund's securities may decline. Securities fluctuate in price based on changes in an issuer's financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

*Municipal Bonds Risk:* Municipal bonds are subject to credit risk, market risk and interest rate risk. The Fund's holdings, share price, yield and total return may also fluctuate in response to municipal bond market movements. Municipal bonds are also subject to the risk that potential future legislative changes relating to tax or the rights of municipal bond holders, for example in connection with an insolvency, could affect the market for and value of municipal bonds, which may adversely affect the Fund's yield or the value of the Fund's investments in municipal bonds. Certain municipal bonds with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, may have increased risks. Factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project's ability to make payments of principal and interest on these securities. If the Fund invests a substantial amount of its assets in issuers located in a single region, state or city, there is an increased risk that environmental, economic, political and social conditions in those regions will have a significant impact on the Fund's investment performance. For example, municipal securities of a particular state are vulnerable to events adversely affecting that state, including economic, political and regulatory occurrences, court decisions, terrorism, public health epidemics, social unrest and catastrophic natural disasters, such as hurricanes or earthquakes. Many municipal bonds are also subject to prepayment risk, which is the risk that when interest rates fall, issuers may redeem a security by repaying it early, which may reduce the Fund's income if the proceeds are reinvested at a lower interest rate. In addition, income from municipal bonds could be declared taxable because of non-compliant conduct of a bond issuer.

**10.** **Recent Accounting Pronouncement and Regulatory Developments** 

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – "Improvements to Income Taxes Disclosures", which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid

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disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management is currently evaluating the impact and does not expect ASU to have a material impact on the financial statements.

**11.** **Subsequent Event** 

The Fund's management evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of August 31, 2025.

PGIM Muni High Income Fund 37

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Prudential Investment Portfolios 4 and Shareholders of PGIM Muni High Income Fund

*Opinion on the Financial Statements* 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PGIM Muni High Income Fund (the "Fund") as of August 31, 2025, the related statement of operations for the year ended August 31, 2025, the statement of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the four years in the period ended August 31, 2025, for the period May 1, 2021 through August 31, 2021 and for the year ended April 30, 2021 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2025 and the financial highlights for each of the four years in the period ended August 31, 2025, for the period May 1, 2021 through August 31, 2021 and for the year ended April 30, 2021 in conformity with accounting principles generally accepted in the United States of America.

*Basis for Opinion* 

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

October 20, 2025

We have served as the auditor of one or more investment companies in the PGIM Retail Funds complex since 2020.

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#### Other Information
**Form N-CSR Item 8** - Changes in and Disagreements with Accountants for Open-End Management Investment Companies

- None.

**Form N-CSR Item 9** - Proxy Disclosures for Open-End Management Investment Companies - None.

**Form N-CSR Item 10** - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies - Included within the Statement of Operations of the financial statements filed under Item 7 of this Form.

**Form N-CSR Item 11** - Statement Regarding Basis for Approval of Investment Advisory Contract.

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Approval of Advisory Agreements

#### PGIM Muni High Income Fund

#### The Fund's Board of Trustees
The Board of Trustees (the "Board") of PGIM Muni High Income Fund (the "Fund")1 consists of ten individuals, eight of whom are not "interested persons" of the Fund, as defined in the Investment Company Act of 1940, as amended (the "1940 Act") (the "Independent Trustees"). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Trustee. The Board has established five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent Trustees.

#### Annual Approval of the Fund's Advisory Agreements
As required under the 1940 Act, the Board determines annually whether to renew the Fund's management agreement with PGIM Investments LLC ("PGIM Investments") and the Fund's subadvisory agreement with PGIM, Inc. ("PGIM") on behalf of its PGIM Fixed Income unit ("PGIM Fixed Income"). In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on June 2 and 11-12, 2025 (the "Board Meeting") and approved the renewal of the agreements through July 31, 2026, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments and PGIM. Also, the Board considered comparisons with other mutual funds in relevant peer universes and peer groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments and the subadviser, the performance of the Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund's assets grow. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board's decision to approve an agreement with respect to the Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at regular and special Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the Board Meeting.

The Trustees determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund's investment manager pursuant to a management agreement, and between PGIM Investments and PGIM, which, through its PGIM Fixed Income unit, serves as the Fund's subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment. The Board considered the approval of the agreements for the Fund as part of its consideration of agreements for multiple funds, but its approvals were made on a fund-by-fund basis.

The material factors and conclusions that formed the basis for the Trustees' reaching their determinations to approve the continuance of the agreements are separately discussed below.

#### Nature, Quality and Extent of Services
The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments and PGIM Fixed Income. The Board noted that PGIM Fixed Income is affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for the Fund, as well as the provision of accounting oversight, fund recordkeeping, compliance and other services to the Fund, such as PGIM Investments' role as administrator for the Fund's liquidity risk management program and as valuation designee. With respect to PGIM Investments'

<sup>1</sup> PGIM Muni High Income Fund is the sole series of Prudential Investment Portfolios 4.

PGIM Muni High Income Fund

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Approval of Advisory Agreements (continued)

oversight of the subadviser, the Board noted that PGIM Investments' Strategic Investment Research Group ("SIRG"), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments' senior management on the performance and operations of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Trustees of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM Fixed Income, including investment research and security selection, as well as adherence to the Fund's investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments' evaluation of the subadviser, as well as PGIM Investments' recommendation, based on its review of the subadviser, to renew the subadvisory agreement.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments' senior management responsible for the oversight of the Fund and PGIM Fixed Income, and also considered the qualifications, backgrounds and responsibilities of PGIM Fixed Income's portfolio managers who are responsible for the day-to-day management of the Fund's portfolio. The Board was provided with information pertaining to PGIM Investments' and PGIM Fixed Income's organizational structure, senior management, investment operations, and other relevant information pertaining to both PGIM Investments and PGIM Fixed Income. The Board also noted that it received favorable compliance reports from the Fund's Chief Compliance Officer ("CCO") as to both PGIM Investments and PGIM Fixed Income.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments and the subadvisory services provided to the Fund by PGIM Fixed Income, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments and PGIM Fixed Income under the management and subadvisory agreements.

#### Costs of Services and Profits Realized by PGIM Investments
The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund's investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations of direct and indirect costs, and the adviser's capital structure and cost of capital. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

#### Economies of Scale
The Board received and discussed information concerning economies of scale that PGIM Investments may realize as the Fund's assets grow beyond current levels. The Board noted that the management fee schedule for the Fund includes breakpoints, which have the effect of decreasing the fee rate as assets increase. During the course of time, the Board has considered information regarding the launch date of the Fund, the management fees of the Fund compared to those of similarly managed funds and PGIM Investments' investment in the Fund over time. The Board noted that economies of scale can be shared with the Fund in other ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment. The Board also considered PGIM Investments' assertion that it continually evaluates the management fee schedule of the Fund and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase.

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board's understanding that most of PGIM Investments' costs are not specific to individual funds, but rather are incurred across a variety of products and services.

#### Other Benefits to PGIM Investments and PGIM Fixed Income
The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM Fixed Income and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund's transfer agent (which is affiliated with PGIM Investments), and benefits to its reputation as well as other intangible benefits resulting from PGIM Investments' association with the Fund. The Board concluded that the potential benefits to be derived by PGIM Fixed Income included its ability to use soft dollar credits, as well as the potential benefits consistent

Visit our website at pgim.com/investments

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with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments and PGIM Fixed Income were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

#### Performance of the Fund / Fees and Expenses
The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-, three-, five- and ten-year periods ended December 31, 2024.

The Board also considered the Fund's actual management fee, as well as the Fund's net total expense ratio, for the fiscal year ended August 31, 2024. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a peer group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

The mutual funds included in the peer universe, which was used to consider performance, and the peer group, which was used to consider fees and expenses, were objectively determined by Broadridge, an independent provider of mutual fund data. In certain circumstances, PGIM Investments also provided supplemental peer universe or peer group information for reasons addressed with the Board. The comparisons placed the Fund in various quartiles over various periods, with the first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

The section below summarizes key factors considered by the Board and the Board's conclusions regarding the Fund's performance, fees and overall expenses. The table sets forth net performance comparisons (which reflect the impact on performance of fund expenses, or any subsidies, expense caps or waivers that may be applicable) with the peer universe, actual management fees with the peer group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the peer group, each of which were key factors considered by the Board.

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| |
|:---|
| &nbsp;&nbsp;&nbsp;Net Performance |
| &nbsp;&nbsp;&nbsp;Net Performance &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3<sup>rd</sup> Quartile &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2<sup>nd</sup> Quartile |
| &nbsp;&nbsp;&nbsp; *Actual Management Fees:* 3<sup>rd</sup> Quartile |
| &nbsp;&nbsp;&nbsp; *Net Total Expenses:* 2<sup>nd</sup> Quartile |

---

● The Board noted that the Fund outperformed its custom benchmark index over the one-year period and underperformed over the other periods.

● The Board considered that PGIM Investments is encouraged by the Fund's strong returns over the long term as demonstrated by its three-, five- and ten-year performance versus its peers.

● The Board and PGIM Investments agreed to retain the existing contractual expense cap, which (exclusive of certain fees and expenses), caps total annual fund operating expenses after fee waivers and/or expense reimbursements to 0.58% of average daily net assets for Class Z shares, and 0.49% of average daily net assets for Class R6 shares through December 31, 2025.

● In addition, PGIM Investments will waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class, and has agreed that total annual fund operating expenses for Class R6 shares will not exceed total annual fund operating expenses for Class Z shares.

● The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

● The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

\* \* \*

After full consideration of these factors, the Board concluded that approval of the agreements was in the best interests of the Fund and its shareholders.

PGIM Muni High Income Fund

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Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

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| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.  |

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Item 16 – Controls and Procedures

(a) It is the conclusion of the registrant's principal executive officer and principal financial officer that the effectiveness of the registrant's current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission's rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant's principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There has been no significant change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable.

Item 18 – Recovery of Erroneously Awarded Compensation – Not applicable.

Item 19 – Exhibits

(a)(1) [Code of Ethics – Attached hereto as Exhibit EX-99.CODE-ETH.](d84309dex99codeeth.htm)

(a)(2) Policy required by the listing standards adopted pursuant to Rule 10D-1 under the Securities Exchange Act of 1934 – Not applicable.

(a)(3) [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.CERT.](d84309dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 – Not applicable.

(a)(5) Change in the registrant's independent public accountant – Not applicable.

(b) [Certifications](d84309dex99906cert.htm) [pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.906CERT.](d84309dex99906cert.htm)

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
|  Registrant: | Prudential Investment Portfolios 4 |
|  By: | <u>/s/ Andrew R. French</u> |
|  | Andrew R. French |
|  | Secretary |
|  Date: | October 20, 2025 |

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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
|  By: | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
|  Date: | October 20, 2025 |
|  By: | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer (Principal Financial Officer) |
|  Date: | October 20, 2025 |

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## Ex-99.Code

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND** 

**PRINCIPAL FINANCIAL OFFICERS** 

**I. Covered Officers/Purpose of the Code** 

This code of ethics (the "Code") is established for the funds listed on Attachment A hereto (each a Fund" and together the "Funds") pursuant to Section 406 of the Sarbanes-Oxley Act and the rules adopted thereunder by the Securities and Exchange Commission ("SEC"). The Code applies to each Fund's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer or Controller, or senior officers performing similar functions (the "Covered Officers" each of whom are set forth in Exhibit B) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with,
or submits to, the SEC and in other public communications made by a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II. Conflicts of Interest** 

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, a Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with a Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and a Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "1940 Act") and the Investment Advisers Act of 1940, as amended (the "Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as "affiliated persons" of the Fund. A Fund's and its investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationships between a Fund and the Fund's investment adviser, principal underwriter, administrator, or other service providers to the Fund (together "Service Providers"), of which the Covered Officers may also be principals or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Fund or for a Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on such Service Providers and a Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between a Fund and its Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Directors/Trustees ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fund.

Each Covered Officer must:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his personal influence or personal relationships improperly to influence investment decisions or
financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee of a Fund or its affiliated persons for reports
of potential violations that are made in good faith.

There are some actual or potential conflict of interest situations that should always be brought to the attention of, and discussed with, the Funds' Chief Legal Officer or other senior legal officer, if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any non-nominal gifts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment from any company with which a Fund has current or prospective business dealings
unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in (other than insubstantial interests in publicly traded entities), or any consulting or
employment relationship with, any of a Fund's Service Providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III. Disclosure and Compliance** 

Each Covered Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should familiarize himself with the disclosure requirements generally applicable to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether within
or outside the Fund, including to the Fund's Board of Directors/Trustees and its auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should, to the extent appropriate within his area of responsibility, consult with other officers and employees of
a Fund and its Service Providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is responsible to promote compliance with the standards and restrictions imposed by applicable laws, rules and
regulations.

**IV. Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to
the Board of Directors/Trustees that he has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm to the Board of Directors/Trustees that he has complied with the requirements of the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Funds' Chief Legal Officer promptly if he knows of any violation of this Code. Failure to do so
is itself a violation of this Code.

The Funds' Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. In such situations, the Chief Legal Officer is authorized to consult, as appropriate, with counsel to the Funds, counsel to the Independent Directors/Trustees, a Board Committee comprised of Independent Directors/Trustees, or the full Board.

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The Funds will follow the following procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Funds Chief Legal Officer will take all appropriate action to investigate any potential violations reported
to her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the Chief Legal Officer believes that no violation has occurred, the Chief Legal
Officer is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the Chief Legal Officer believes is a violation or that the Chief Legal Officer believes should
be reviewed by a Fund's Board or Board Committee comprised of Independent Directors/Trustees will be reported to the Fund's Board or Board Committee comprised of Independent Directors/Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• based upon its review of any matter referred to it, a Fund's Board or Board Committee comprised of
Independent Directors/Trustees shall determine whether or not a violation has occurred, whether a grant of waiver is appropriate or whether some other action should be taken. Based upon its determination, the Fund's Board or Board Committee
comprised of Independent Directors/Trustees may take such action as it deems appropriate, which may include without limitation: modifications of applicable policies and procedures; notification to appropriate personnel of the Fund's investment
adviser, principal underwriter or administrator, or their boards; notification to other Funds for which the Covered Officer serves as a Covered Officer; or recommendation to dismiss the Covered Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of a Fund or its Service Providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment adviser's and principal underwriter's code of ethics under Rule 17j-1 under the 1940 Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI. Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of Independent Directors/Trustees.

**VII. Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fund Board of Directors/Trustees, counsel to the Fund, and counsel to the Fund Independent Directors/Trustees.

**VIII. Internal Use** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of a Fund, as to any fact, circumstance, or legal conclusion.

**IX. Recordkeeping** 

A Fund shall keep the information disclosed about waivers and amendments under the Code for the period of time as specified in the rules adopted pursuant to Section 406 of the Sarbanes-Oxley Act, and furnish such information to the SEC or its staff upon request.

Adopted and approved as of September 3, 2003.

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**EXHIBIT A** 

**<u>Funds Covered by this Code of Ethics</u>**

• The Prudential Investment Portfolios, Inc.

• Prudential Investment Portfolios 2

• Prudential Investment Portfolios 3

• Prudential Investment Portfolios 4

• Prudential Investment Portfolios 5

• Prudential Investment Portfolios 6

• Prudential Investment Portfolios 7

• Prudential Investment Portfolios 8

• Prudential Investment Portfolios 9

• Prudential Investment Portfolios, Inc. 10

• Prudential Investment Portfolios 12

• Prudential Government Money Market Fund, Inc.

• Prudential Investment Portfolios, Inc. 14

• Prudential Investment Portfolios, Inc. 15

• Prudential Investment Portfolios 16

• Prudential Investment Portfolios, Inc. 17

• Prudential Investment Portfolios 18

• Prudential Global Total Return Fund, Inc.

• Prudential Jennison Blend Fund, Inc.

• Prudential Jennison Mid-Cap Growth Fund, Inc.

• Prudential Jennison Natural Resources Fund, Inc.

• Prudential Jennison Small Company Fund, Inc.

• Prudential National Muni Fund, Inc.

• Prudential Sector Funds, Inc.

• Prudential Short-Term Corporate Bond Fund, Inc.

• Prudential World Fund, Inc.

• The Target Portfolio Trust

• PGIM ETF Trust

• PGIM High Yield Bond Fund, Inc.

• PGIM Global High Yield Fund, Inc.

• PGIM Short Duration High Yield Opportunities Fund

• Advanced Series Trust

• Prudential's Gibraltar Fund, Inc.

• The Prudential Series Fund

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**EXHIBIT B** 

**Persons Covered by this Code of Ethics** 

**Stuart S. Parker** – President and Principal Executive Officer of the PGIM Funds, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM Short Duration High Yield Opportunities Fund.

**Kenneth Allen** – President and Principal Executive Officer of Advanced Series Trust, Prudential's Gibraltar Fund, Inc. and The Prudential Series Fund.

**Christian J. Kelly** – Chief Financial Officer and Principal Financial Officer for the PGIM Funds, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, Advanced Series Trust, Prudential's Gibraltar Fund, Inc., and The Prudential Series Fund.

**Russ Shupak**- Treasurer and Principal Accounting Officer for the PGIM Funds, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM Short Duration High Yield Opportunities Fund.

**Elyse McLaughlin**- Treasurer and Principal Accounting Officer for the Advanced Series Trust, Prudential's Gibraltar Fund, Inc., and The Prudential Series Fund.

## Ex-99.Cert

Item 19

**Prudential Investment Portfolios 4** 

Annual period ending 8/31/25

File No. 811-04930

**<u>CERTIFICATIONS</u>**

I, Stuart S. Parker, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the above named Fund(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; October 20, 2025 |  |
|  | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |

---

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Item 19

**Prudential Investment Portfolios 4** 

Annual period ending 8/31/25

File No. 811-04930

**<u>CERTIFICATIONS</u>**

I, Christian J. Kelly, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the above-named Fund(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; October 20, 2025 |  |
|  | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

Certification Pursuant to 18 U.S.C. Section 1350

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Name of Issuer: <u>Prudential Investment Portfolios 4</u>

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his or her knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Issuer.

---

| | |
|:---|:---|
|  October 20, 2025 | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
|  October 20, 2025 | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer (Principal Financial Officer) |

---

*This certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.*