star star star star Morningstar Tooltip Icon
Overall Morningstar Rating TM
Barron’s Best Fund Families 2024

Barron’s Best Fund Families: Ranked #4 for best fund family over the 1-year period ended 12/31/2024, among 48 qualifying fund families based on asset- weighted returns.

MorningStar Rankings

AS OF 07/31/2025
1-Year
65%
143/230
3-Year
50%
98/216
5-Year
71%
139/199
10-Year
7%
11/156

Source: Morningstar. All rights reserved. Used with permission. Class Z shares inception: 3/30/2011. Morningstar rankings are based on total return, do not include the effects of sales charges, and are calculated against all funds in the Morningstar US Fund Nontraditional Bond category.

Past performance does not guarantee future results.

Objective

Seeks a high level of current income exempt from federal income taxes by investing in a diversified blend of shorter duration municipal bonds, while maintaining a weighted average portfolio duration of 4.0 years or less.  The Fund may be appropriate for those who are seeking income that is generally free from federal income taxes with less interest rate risk than longer duration municipal bond funds. 

Growth of $10,000

Past performance does not guarantee future results and current performance may be lower or higher than the past performance data quoted. The investment return and principal value will fluctuate, and shares, when sold, may be worth more or less than the original cost. This chart represents historical performance and does not assume the effects of sales charges or varying fees and expenses of other share classes. If shown with sales charges or these other fees and expenses, performance could have been lower. It is not possible to invest directly in an index. Click here to view benchmark index definitions.

FUND INFORMATION
Style: Short Duration Municipal Bond
Total Net Assets: $230 Million
Dividends (Paid): Monthly
Dividends (Accured): Daily
Capital Gains: Annually
Fund StatisticS
AS OF 07/31/2025
Name
Weight
AMT (%) 18.7
Average Effective Maturity (years) 3.8
Duration 3.2

Morningstar Ratings

AS OF 07/31/2025
Class A Shares
Overall (Out of 216 Funds)
star-icon star-icon star-icon
3-Year (Out of 216 Funds)
star-icon star-icon
5-Year (Out of 199 Funds)
star-icon star-icon
10-Year (Out of 156 Funds)
star-icon star-icon star-icon star-icon
Class C Shares
Overall (Out of 216 Funds)
star-icon
3-Year (Out of 216 Funds)
star-icon
5-Year (Out of 199 Funds)
star-icon
10-Year (Out of 156 Funds)
star-icon
Class R6 Shares
Overall (Out of 216 Funds)
star-icon star-icon star-icon
3-Year (Out of 216 Funds)
star-icon star-icon star-icon
5-Year (Out of 199 Funds)
star-icon star-icon star-icon
10-Year (Out of 156 Funds)
star-icon star-icon star-icon star-icon star-icon
Class Z Shares
Overall (Out of 216 Funds)
star-icon star-icon star-icon star-icon
3-Year (Out of 216 Funds)
star-icon star-icon star-icon
5-Year (Out of 199 Funds)
star-icon star-icon star-icon
10-Year (Out of 156 Funds)
star-icon star-icon star-icon star-icon star-icon

Source: Morningstar. Morningstar Ratings may be calculated based on share class adjusted historical returns. If so, the fund’s independent Morningstar Rating metric uses the fund’s oldest class to determine its hypothetical rating for certain periods. Morningstar Ratings are calculated for managed products with a 3-year minimum history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. Rating is calculated based on a Morningstar Risk-Adjusted Return measure accounting for variation in a managed product's monthly excess performance that emphasizes downward variations more and rewards consistent performance, with no sales load adjustment. In each category, the top 10% receive 5 stars, with 4 stars for the next 22.5%, 3 stars for the next 35%, 2 stars for the next 22.5%, and 1 star for the bottom 10%. Overall Morningstar Rating is derived from a weighted average of the performance associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics: for 36-59 months of total returns, 100% 3-year rating, for 60-119 months of total returns, 60% 5-year rating/40% 3-year rating, and for 120 or more months of total returns, 50% 10-year rating/30% 5-year rating/20% 3-year rating.

Morningstar rankings for 1-, 3-, 5-, and 10-years are Class A: 163/230, 144/216, 168/199, and 32/156; Class C: 212/230, 208/216, 199/199, and 138/156; Class R6: 141/230, 92/216, 133/199, and 13/195; Class Z: 143/230, 98/216, 139/199, and 11/156.

Barron’s Information: PGIM Investments ranked 4 out of 48, 8 out of 47, 12 out of 46 firms for the 1-, 5-, and 10-year periods ended 12/31/2024, respectively. PGIM Short Duration Muni Fund (Class Z) Lipper total return ranking for the 1-, 3-, 5-, and 10-year periods as of 12/31/2024 for the Short-Intermediate Municipal Debt Funds category were: 19/79, 42/77, 47/75, and 4/59, respectively. Lipper Funds category rankings are based on total return, do not take sales charges into account, and are calculated against all funds in each fund’s respective Lipper category.

Class Z Lipper total return ranking for the 1-, 3-, 5-, and 10-year periods as of 6/30/2025: 44/82, 18/77, 29/75, and 6/63, respectively. Past Performance is no guarantee of future results.

*Used with permission. © 2025 Dow Jones & Company, Inc. Source: Barron’s, Feb. 27, 2025. Barron’s rankings are based on asset-weighted returns in funds in five categories: U.S. Equity; World Equity; Mixed Asset; Taxable Bond; and Tax-Exempt (each a “Barron’s ranking category”). Rankings also take into account an individual fund’s performance within its Lipper peer universe. Lipper calculated each fund’s net total return for the year ended Dec. 31, 2024, minus the effects of 12b-1 fees and sales charges. Each fund in the survey was given a percentile ranking, with 100 the highest and 1 the lowest in its category. That ranking measured how a fund compared with its peer “universe,” as tracked by Lipper, not just the funds in the survey. Individual fund scores were then multiplied by the 2024 weighting of their Barron’s ranking category as determined by the entire Lipper universe of funds. Those fund scores were then totaled, creating an overall score and ranking for each fund family in the survey in each Barron’s ranking category. To qualify for the ranking, firms must offer at least three active mutual funds or actively run ETFs in Lipper’s general U.S. Stock category; one in World Equity; and one Mixed Asset. They also need to offer at least two taxable bond funds and one national tax-exempt bond fund. All funds must have a track record of at least one year.

Risks of investing in the fund include but are not limited to the following: Fixed Income investments are subject to credit, market, prepayment and interest rate risks, and their value will decline as interest rates rise. High yield (“junk”) bonds are subject to greater credit and market risks. The Fund is subject to fixed income obligations and municipal bonds risk , where the Fund's holdings, share price, yield and total return may fluctuate in response to bond market movements and municipal bond market movements. There is no guarantee the Fund's objective will be achieved. Risks are more fully explained in the fund's prospectus.

Total Returns (%)

as of
RETURNS:
SALES CHARGE:
TOTAL RETURNS (%) WITH SALES CHARGE WITHOUT SALES CHARGE
Cumulative Average Annual
Class Ticker YTD 1-Yr 3-Yr 5-Yr 10-Yr Since Inception

Past performance does not guarantee future results and current performance may be lower or higher than the past performance data quoted. The investment return and principal value will fluctuate, and shares, when sold, may be worth more or less than the original cost.

See Daily Returns for the PGIM Short Duration Muni Fund.
See Performance of other PGIM Investments Mutual Funds.
See Calendar Year Performance for the PGIM Short Duration Muni Fund.

See Daily Returns for the PGIM Short Duration Muni Fund.
See Quarterly SEC Standardized Performance of other PGIM Investments Mutual Funds.
See Calendar Year Performance for the PGIM Short Duration Muni Fund.

Fund Expenses
Maximum Sales Charge (%)
Class
Gross (%)
Net (%)
Date*
A 0.70 0.61 07/31/2026 2.25
C 1.73 1.60 07/31/2026 1.00
R6 0.45 0.29 07/31/2026
Z 0.51 0.32 07/31/2026

*This date represents the contractual reduction date through which the net expense ratio is in effect.

Total return describes the return to the investor after net operating expenses but before any sales charges are imposed. Morningstar Category Average is unmanaged, is based on the average return of all funds in this category, and does not take into consideration applicable sales charges. Unless noted otherwise, Morningstar Category Average and index returns reflect performance beginning the closest month-end date to the Fund's inception. Benchmark since inception average is based on Class Z inception date. SEC standardized return describes the return to the investor after net operating expense and maximum sales charges are imposed. All returns assume share price changes as well as the compounding effect of reinvested dividends and capital gains. Returns may reflect fee waivers and/or expense reimbursements. Without such, returns would be lower. All returns 1-year or less are cumulative.

Morningstar Muni National Short Category Average: Muni national short portfolios invest in bonds issued by state and local governments to fund public projects. The income from these bonds is generally free from federal taxes and/or from state taxes in the issuing state. To lower risk, some of these portfolios spread their assets across many states and sectors. Other portfolios buy bonds from only one state in order to get the state-tax benefit. These portfolios have durations of less than 4.0 years (or average maturities of less than five years).

Bloomberg 1-8 Yr Municipal Index is an unmanaged index that includes all benchmark eligible investment grade municipal bonds with maturities from 1 to 8 years.

An investment cannot be made directly in an index or average. All indexes and averages are unmanaged.

Prices

AS OF 08/22/2025
Class
NAV ($)
NAV Change ($)
NAV Change (%)
POP ($)
Total Net Assets ($)
A 9.96 Gain 0.01 0.10 10.19 81,008,213.58
C 9.95 Gain 0.01 0.10 2,818,443.89
R6 9.95 No Change 0.00 0.00 22,297,676.97
Z 9.95 No Change 0.00 0.00 130,278,253.09

NAV (Net Asset Value) is the $U.S. value of a single share of a fund, excluding any sales charges. Change shows the change in $U.S. value over the previous day:Gain= Gain, Loss= Loss,  No Change = No Change.

See Prices of other PGIM Investments Mutual Funds.

52 Week High/Low

AS OF 08/22/2025
Class
52 Week High ($)
52 Week High Date
52 Week Low ($)
52 Week Low Date
A 10.03 10/03/2024 9.70 04/09/2025
C 10.02 10/03/2024 9.69 04/09/2025
R6 10.02 10/03/2024 9.69 04/09/2025
Z 10.02 10/03/2024 9.69 04/09/2025

For share classes less than one year old, the 52-week high and 52-week low NAVs are calculated from inception to the current date.

Yields

AS OF 07/31/2025
Class SEC 30-Day Subsidized Yield (%) SEC 30-Day Unsubsidized Yield (%) Offer Distb. Yield (%) NAV Distb. Yield (%) SEC-30 Day Sub Taxable Equivalent Yield (%)
A - View Prospectus 2.89 2.81 2.79 2.86 4.88
C - View Prospectus 1.98 1.94 1.87 3.34
R6 - View Prospectus 3.28 3.16 3.17 5.54
Z - View Prospectus 3.25 3.07 3.14 5.49

See Yields of other PGIM Investments Mutual Funds.

Past performance does not guarantee future results and current performance may be lower or higher than the past performance data quoted. The investment return and principal value will fluctuate, and shares, when sold, may be worth more or less than the original cost.

This material must be preceded or accompanied by a current prospectus or summary prospectus. Consider a fund's investment objectives, risks, charges, and expenses carefully before investing. The prospectus and summary prospectus contain this and other information about the fund. For more information about a fund, click on the prospectus or summary prospectus link above. Read them carefully before investing.

Portfolio Attributes

AS OF 07/31/2025
Largest Issuers (% of Assets)
Largest Issuers
% of Assets
Black Belt Energy Gas 4.2%
New York City Transitional Fin Auth 2.8%
State of IL 2.5%
Main Street Natural Gas GA 2.3%
Tennessee Energy Acquisition 2.2%
Los Angeles CA Dept Wtr & Pwr 2.1%
Kentucky KY Pub Energy Auth 2.0%
INDIANA UNIVERSITY HEALTH INC 1.5%
IHC Health Services 1.4%
NEW YORK ST URBAN DEV CORP REV 1.4%
Sector Breakdown (% of Assets)
Sector Breakdown
% of Assets
Power 20.1%
Transportation 14.3%
Special Tax/Assessment District 13.0%
Healthcare 12.2%
Corporate Backed IDB & PCR 9.7%
Housing 4.9%
General Obligation 4.9%
Education 4.1%
Water & Sewer 3.4%
Tobacco 3.3%
Other 9.8%
Cash/Equiv 0.3%
US Regional Breakdown (% of Assets)
US Regional Breakdown
% of Assets
New York 11.8
Texas 8.1
Florida 6.7
Illinois 6.2
Alabama 5.3
N/A 5.1
New Jersey 4.6
California 4.1
Georgia 3.4
Colorado 3.3
Credit Quality (% of Assets)
Credit Quality
Fund (% of Assets)
AAA 9.5%
AA 43.7%
A 26.7%
BBB 8.2%
BB 4.2%
Not Rated 5.0%
Cash/Equiv 2.7%
FUND STATISTICS
AS OF 07/31/2025
Fund Statistics
Years
AMT (%) 18.7
Average Effective Maturity (years) 3.8
Duration 3.2

All data is unaudited and subject to change. Holdings/allocations may vary. This is not a recommendation to buy or sell any security listed. Total number of holdings based on issuers. Largest holdings exclude cash, cash equivalents, money market funds and enhanced cash strategies. Totals may not sum due to rounding. Negative holdings reflect outstanding trades at period end.

Fund Holdings

AS OF 07/31/2025

Holdings are unaudited, may vary and are subject to change. Please refer to the Fund's annual report for audited holdings information. This is not a recommendation to buy or sell any security listed.

Value ($): Cash securities are calculated using market value and derivative securities are calculated using notional value.

Source: Bank of New York Mellon. Holdings are provided to Prudential Financial by the custodian bank and Prudential Financial is not responsible for any errors or omissions related to the holdings data.

© 2025, American Bankers Association. CUSIP Database provided by FactSet Research Systems Inc. All rights reserved.

Consider a fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus and summary prospectus contain this and other information about the fund. For more information about a fund, click on the prospectus or summary prospectus link above. Read them carefully before investing.

Investment products are distributed by Prudential Investment Management Services LLC, member FINRA and SIPC. PGIM Investments is a registered investment advisor and investment manager to PGIM registered investment companies. PGIM Fixed Income is a unit of PGIM, a registered investment advisor. PGIM Limited acts as a subadvisor to all fixed income funds. PGIM Limited is an indirect, wholly owned subsidiary of PGIM, Inc. (PGIM), the principal asset management business of Prudential Financial, Inc. (PFI), a company incorporated and with its principal place of business in the United States. All are Prudential Financial affiliates. © 2025 Prudential Financial, Inc. and its related entities. PGIM, PGIM Investments, PGIM Fixed Income, PGIM Limited, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation. Clients seeking information regarding their particular investment needs should contact their financial professional.

INVESTMENT PRODUCTS | Are not insured by the FDIC or any federal government agency | May lose value | Are not a deposit of or guaranteed by any bank or any bank affiliate. 

Prudential Financial, Inc. of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom.

4072323 Ed. 12/2024

Security ID# (CUSIP/SEDOL)
Security Description
Ticker Symbol
Coupon Rate
Maturity Date
Shares/Notional
Value ($)
% of Portfolio
74440E201 PGIM Core Ultra Short Bond Fund 4.51 12/01/2099 11,767,360.00 11,767,359.00 4.93
880443JE7 Tennessee Energy Acquisition Corp TNSUTL 4.0 11/01/2049 4,900,000.00 4,904,652.00 2.06
56035DJJ2 MAIN Street Natural Gas Inc MAIUTL 5.0 05/01/2055 2,750,000.00 2,891,044.00 1.21
917393DB3 County Of Utah Ut UTSMED 5.0 05/15/2043 2,745,000.00 2,769,062.00 1.16
64971XAT5 NEW York City Transitional Finance Autho NYCGEN 5.0 08/01/2038 2,505,000.00 2,546,101.00 1.07
68450LFZ3 Orange County Health Facilities Authorit ORAMED 5.0 10/01/2025 2,530,000.00 2,538,510.00 1.06
040507HN8 Arizona Health Facilities Authority AZSMED 2.87 01/02/2037 2,480,000.00 2,454,018.00 1.03
09182TAM9 Black Belt Energy Gas District BBEUTL 4.0 10/01/2052 2,365,000.00 2,382,017.00 1.00
56035DHK1 MAIN Street Natural Gas Inc MAIUTL 5.0 12/01/2054 2,250,000.00 2,382,251.00 1.00
686507JQ8 Orlando Utilities Commission ORLUTL 1.25 10/01/2046 2,540,000.00 2,301,564.00 0.96
64987JY62 NEW York State Housing Finance Agency NYSHSG 3.57 05/01/2042 2,250,000.00 2,258,224.00 0.95
795576ML8 CITY Of Salt Lake City Ut Airport Revenu SALAPT 5.0 07/01/2032 2,000,000.00 2,175,634.00 0.91
09182TBL0 Black Belt Energy Gas District BBEUTL 5.0 05/01/2053 2,000,000.00 2,076,153.00 0.87
09182TEV5 Black Belt Energy Gas District BBEUTL 5.25 05/01/2056 2,000,000.00 2,035,630.00 0.85
64966TGW8 NEW York City Housing Development Corp NYCMFH 4.38 12/15/2031 2,000,000.00 2,035,387.00 0.85
677525WV5 OHIO Air Quality Development Authority OHSDEV 4.25 11/01/2039 2,000,000.00 2,029,701.00 0.85
74440DDS0 Kentucky Public Energy Authority KYSPWR 4.0 08/01/2052 2,000,000.00 2,005,000.00 0.84
64966QWQ9 CITY Of New York Ny NYC 2.8 04/01/2042 2,000,000.00 2,000,000.00 0.84
60528ACJ1 Mississippi Business Finance Corp MSSDEV 2.75 11/01/2035 2,000,000.00 2,000,000.00 0.84
452227SA0 State Of Illinois Sales Tax Revenue ILSGEN 5.0 06/15/2026 1,935,000.00 1,972,480.00 0.83
452153EX3 State Of Illinois ILS 5.0 05/01/2031 1,820,000.00 1,990,429.00 0.83
542691EX4 LONG Island Power Authority LSLPWR 1.5 09/01/2051 2,000,000.00 1,965,028.00 0.82
59261ASZ1 Metropolitan Transportation Authority MTATRN 5.0 11/15/2032 1,710,000.00 1,797,752.00 0.75
594698SR4 Michigan Strategic Fund MISGEN 4.0 10/01/2061 1,800,000.00 1,780,701.00 0.75
888808HB1 Tobacco Settlement Financing Corp TOBGEN 5.0 06/01/2026 1,745,000.00 1,764,652.00 0.74
015330FB4 Alexandria Redevelopment & Housing Autho ALEMFH 3.4 12/01/2054 1,750,000.00 1,752,469.00 0.73
4387014T8 CITY & County Honolulu Hi Wastewater Sys HONUTL 5.0 07/01/2034 1,500,000.00 1,708,763.00 0.72
592647MR9 Metropolitan Washington Airports Authori METAPT 5.0 10/01/2033 1,580,000.00 1,728,391.00 0.72
254842AK3 District Of Columbia Tobacco Settlement DISGEN 6.75 05/15/2040 1,640,000.00 1,695,630.00 0.71
650035U55 Empire State Development Corp NYSDEV 5.0 03/15/2031 1,685,000.00 1,705,652.00 0.71
153476CZ7 Central Florida Expressway Authority ORLTRN 5.0 07/01/2038 1,620,000.00 1,658,527.00 0.70
20282EAL0 Commonwealth Financing Authority CMNGEN 5.0 06/01/2030 1,570,000.00 1,641,729.00 0.69
4521525E7 State Of Illinois ILS 5.0 11/01/2025 1,625,000.00 1,633,140.00 0.68
45528VBD0 Indianapolis Local Public Improvement Bo INPBBK 5.0 01/01/2032 1,510,000.00 1,629,779.00 0.68
45505MPP5 Indiana Finance Authority INSUTL 5.0 10/01/2041 1,500,000.00 1,566,105.00 0.66
646080ZF1 NEW Jersey Higher Education Student Assi NJSHGR 5.0 12/01/2032 1,500,000.00 1,566,319.00 0.66
353187EW3 County Of Franklin Oh FRAMED 2.8 11/01/2042 1,565,000.00 1,565,000.00 0.66
74440DFN9 Kentucky Public Energy Authority KYSPWR 5.25 06/01/2055 1,500,000.00 1,583,219.00 0.66
04062PCD1 Arizona Industrial Development Authority AZSMFH 5.0 03/01/2058 1,500,000.00 1,540,373.00 0.65
05786PAA1 Baldwin County Industrial Development Au BLWPOL 5.0 06/01/2055 1,500,000.00 1,497,703.00 0.63
230589AA1 Cumberland County Industrial Facilities CUMPOL 3.75 12/01/2027 1,500,000.00 1,500,135.00 0.63
95648VBH1 WEST Virginia Economic Development Autho WVSDEV 0.63 12/01/2038 1,500,000.00 1,485,750.00 0.62
09182TAW7 Black Belt Energy Gas District BBEUTL 4.0 12/01/2052 1,440,000.00 1,446,460.00 0.61
19648FJH8 Colorado Health Facilities Authority COSMED 5.0 08/01/2049 1,430,000.00 1,430,000.00 0.60
79625GEY5 CITY Of San Antonio Tx Electric & Gas Sy SANUTL 2.0 02/01/2049 1,500,000.00 1,440,475.00 0.60
118217CJ5 Buckeye Tobacco Settlement Financing Aut BUCGEN 5.0 06/01/2028 1,350,000.00 1,412,907.00 0.59
25483VTR5 District Of Columbia DISREV 5.0 07/01/2037 1,380,000.00 1,402,466.00 0.59
64966TGQ1 NEW York City Housing Development Corp NYCMFH 2.1 11/01/2046 1,500,000.00 1,401,006.00 0.59
5444452L2 CITY Of Los Angeles Department Of Airpor LOSAPT 5.0 05/15/2031 1,300,000.00 1,404,771.00 0.59
544532PZ1 LOS Angeles Department Of Water & Power LOSUTL 5.0 07/01/2031 1,265,000.00 1,398,119.00 0.59
311450GA2 CITY Of Farmington Nm FARPOL 1.8 04/01/2029 1,500,000.00 1,378,473.00 0.58
04780TEN0 CITY Of Atlanta Ga Airport Passenger Fac ATLAPT 5.0 07/01/2033 1,265,000.00 1,376,603.00 0.58
6500357J1 Empire State Development Corp NYSDEV 5.0 03/15/2041 1,375,000.00 1,392,493.00 0.58
709224J91 Pennsylvania Turnpike Commission PASTRN 5.0 12/01/2036 1,300,000.00 1,350,506.00 0.57
432308M92 Hillsborough County Aviation Authority HILTRN 5.0 10/01/2029 1,230,000.00 1,324,822.00 0.56
45471APH9 Indiana Finance Authority INSFIN 5.0 12/01/2025 1,305,000.00 1,314,811.00 0.55
79575EAM0 SALT Verde Financial Corp SLTPWR 5.25 12/01/2026 1,275,000.00 1,305,576.00 0.55
882667CJ5 Texas Private Activity Bond Surface Tran TXSTRN 5.5 06/30/2040 1,250,000.00 1,316,465.00 0.55
73358XNJ7 PORT Authority Of New York & New Jersey PORTRN 5.0 09/01/2030 1,175,000.00 1,268,135.00 0.53
935031AG9 County Of Warren Ms WARIMP 4.0 09/01/2032 1,250,000.00 1,256,452.00 0.53
442349HU3 CITY Of Houston Tx Airport System Revenu HOUAPT 5.25 07/15/2034 1,250,000.00 1,275,603.00 0.53
154872AY1 Central Plains Energy Project CENPWR 5.0 08/01/2055 1,200,000.00 1,272,316.00 0.53
158862CE0 Chandler Industrial Development Authorit CHADEV 4.0 06/01/2049 1,250,000.00 1,245,722.00 0.52
74529JQD0 Puerto Rico Sales Tax Financing Corp Sal PRCGEN 07/01/2029 1,416,000.00 1,232,707.00 0.52
852640AC5 Stamford Housing Authority STMHSG 4.25 10/01/2030 1,200,000.00 1,211,447.00 0.51
708692BU1 Pennsylvania Economic Development Financ PASDEV 1.1 06/01/2031 1,250,000.00 1,213,385.00 0.51
709224QF9 Pennsylvania Turnpike Commission PASTRN 5.0 12/01/2041 1,215,000.00 1,219,922.00 0.51
161036VV7 CITY Of Charlotte Nc Airport Revenue CHAAPT 5.0 07/01/2030 1,125,000.00 1,220,047.00 0.51
2322655K0 County Of Cuyahoga Oh CUYMED 4.0 02/15/2029 1,200,000.00 1,206,540.00 0.51
207758YM9 State Of Connecticut Special Tax Revenue CTSGEN 5.0 10/01/2037 1,175,000.00 1,215,679.00 0.51
392274W51 Greater Orlando Aviation Authority GREAPT 5.0 10/01/2032 1,160,000.00 1,196,674.00 0.50
45130ABN4 Idaho Housing & Finance Association IDSGEN 5.0 08/15/2039 1,115,000.00 1,188,977.00 0.50
64987JZ38 NEW York State Housing Finance Agency NYSHSG 3.6 11/01/2044 1,200,000.00 1,197,667.00 0.50
452153GM5 State Of Illinois ILS 5.0 07/01/2036 1,100,000.00 1,153,053.00 0.48
23503CDW4 Dallas Fort Worth International Airport DALAPT 5.0 11/01/2034 1,000,000.00 1,127,368.00 0.47
0117706K5 State Of Alaska AKS 5.0 08/01/2034 1,000,000.00 1,130,464.00 0.47
67884XCD7 Oklahoma Development Finance Authority OKSMED 5.0 08/15/2029 1,100,000.00 1,116,843.00 0.47
679111F33 Oklahoma Turnpike Authority OKSTRN 5.0 01/01/2032 1,000,000.00 1,117,123.00 0.47
79625GLG6 CITY Of San Antonio Tx Electric & Gas Sy SANUTL 5.0 02/01/2033 1,000,000.00 1,119,464.00 0.47
896032AK5 Triborough Bridge & Tunnel Authority TRBGEN 5.0 12/01/2034 1,000,000.00 1,119,710.00 0.47
87638TJU8 Tarrant County Cultural Education Facili TAREDU 5.0 11/15/2064 1,000,000.00 1,098,017.00 0.46
64972JPD4 NEW York City Transitional Finance Autho NYCGEN 5.0 11/01/2036 1,000,000.00 1,090,755.00 0.46
19648FZB3 Colorado Health Facilities Authority COSMED 5.0 12/01/2030 1,000,000.00 1,088,303.00 0.46
249182QH2 CITY & County Of Denver Co Airport Syste DENAPT 5.0 11/15/2032 1,000,000.00 1,087,431.00 0.46
249182UT1 CITY & County Of Denver Co Airport Syste DENAPT 5.0 11/15/2032 1,000,000.00 1,091,442.00 0.46
472682ZC0 County Of Jefferson Al Sewer Revenue JEFUTL 5.0 10/01/2033 1,000,000.00 1,095,135.00 0.46
45470YGF2 Indiana Finance Authority INSMED 5.0 10/01/2059 1,000,000.00 1,100,927.00 0.46
646067KD9 NEW Jersey Educational Facilities Author NJSEDU 5.0 07/01/2064 1,000,000.00 1,105,068.00 0.46
64613CER5 NEW Jersey Transportation Trust Fund Aut NJSTRN 5.25 06/15/2039 1,000,000.00 1,067,500.00 0.45
64972JAV0 NEW York City Transitional Finance Autho NYCGEN 5.5 05/01/2044 1,000,000.00 1,065,328.00 0.45
2084185D1 Conroe Independent School District CONSCD 5.0 02/15/2038 1,000,000.00 1,078,437.00 0.45
40065NCX3 Territory Of Guam GMSGEN 5.0 01/01/2031 1,000,000.00 1,074,104.00 0.45
165588FP4 Chester County Industrial Development Au CHEDEV 5.0 03/01/2027 1,070,000.00 1,085,237.00 0.45
187145UT2 Clifton Higher Education Finance Corp CLIEDU 4.0 02/15/2055 1,035,000.00 1,077,104.00 0.45
154871CW5 Central Plains Energy Project CENPWR 5.0 05/01/2054 1,000,000.00 1,051,849.00 0.44
13013JCM6 California Community Choice Financing Au CCEDEV 5.25 01/01/2054 1,000,000.00 1,042,981.00 0.44
48504NAS8 Kansas City Industrial Development Autho KANDEV 5.0 03/01/2030 1,000,000.00 1,057,581.00 0.44
57563RTY5 Massachusetts Educational Financing Auth MASEDU 5.0 07/01/2028 1,000,000.00 1,043,987.00 0.44
838536NN6 South Jersey Transportation Authority SJPTRN 5.0 11/01/2038 1,000,000.00 1,061,378.00 0.44
79467BGL3 Sales Tax Securitization Corp STSGEN 5.0 01/01/2038 1,000,000.00 1,033,304.00 0.43
57585BAM0 Massachusetts Development Finance Agency MASDEV 4.0 02/15/2036 1,000,000.00 1,028,731.00 0.43
64972GKL7 NEW York City Municipal Water Finance Au NYCUTL 5.25 06/15/2037 1,000,000.00 1,029,224.00 0.43
64971W4U1 NEW York City Transitional Finance Autho NYCGEN 5.0 02/01/2036 1,000,000.00 1,025,476.00 0.43
646080ZA2 NEW Jersey Higher Education Student Assi NJSHGR 5.0 12/01/2027 1,000,000.00 1,029,336.00 0.43
19648FYN8 Colorado Health Facilities Authority COSMED 5.0 11/15/2059 940,000.00 1,026,237.00 0.43
20364NCK1 Maryland Community Development Administr COMMFH 3.3 01/01/2029 1,000,000.00 1,016,631.00 0.43
235286AG6 CITY Of Dallas Tx Hotel Occupancy Tax Re DALGEN 4.0 08/15/2028 1,025,000.00 1,035,857.00 0.43
34061XAG7 Florida Development Finance Corp FLSDEV 4.38 10/01/2054 1,000,000.00 990,918.00 0.42
4424355X7 CITY Of Houston Tx Combined Utility Syst HOUUTL 5.0 11/15/2034 1,000,000.00 1,000,823.00 0.42
452227KM2 State Of Illinois Sales Tax Revenue ILSGEN 4.0 06/15/2026 1,000,000.00 1,010,813.00 0.42
041818AB1 Arlington Housing Finance Corp ARLMFH 4.5 04/01/2041 1,000,000.00 1,006,132.00 0.42
09182NBR0 Black Belt Energy Gas District BBEUTL 4.0 06/01/2051 1,000,000.00 1,010,749.00 0.42
64542UHK3 NEW Hope Cultural Education Facilities F NHPFAC 4.25 10/01/2030 1,000,000.00 1,002,298.00 0.42
593344CB8 Miami-dade County Housing Finance Author MIAMFH 3.25 02/01/2044 1,000,000.00 1,001,135.00 0.42
60411PBE0 Minnesota Rural Water Finance Authority MNSWTR 3.3 08/01/2026 1,000,000.00 1,003,820.00 0.42
63608TAB6 NEW Hampshire Business Finance Authority NFAGEN 5.25 12/01/2035 1,000,000.00 999,439.00 0.42
63608TAF7 NEW Hampshire Business Finance Authority NFAGEN 5.0 12/01/2028 1,000,000.00 990,904.00 0.42
63608TAY6 NEW Hampshire Business Finance Authority NFAGEN 5.63 06/01/2039 1,000,000.00 1,000,781.00 0.42
54640TAK5 Louisiana Public Facilities Authority LASFAC 5.0 10/01/2043 1,000,000.00 1,002,996.00 0.42
512179AB8 Lakeside Place Pfc LSPMFH 4.15 11/01/2026 1,000,000.00 1,000,150.00 0.42
64987J4L2 NEW York State Housing Finance Agency NYSHSG 3.6 11/01/2064 1,000,000.00 1,007,939.00 0.42
668865AB4 Norwalk Housing Authority NORMFH 3.05 09/01/2058 1,000,000.00 1,003,006.00 0.42
74448SAA1 Public Finance Authority PUBGEN 4.75 08/01/2059 1,000,000.00 1,000,720.00 0.42
89602HAD9 Triborough Bridge & Tunnel Authority TRBTRN 2.0 05/15/2045 1,000,000.00 988,735.00 0.41
95648VBV0 WEST Virginia Economic Development Autho WVSDEV 4.63 04/15/2055 1,000,000.00 967,724.00 0.41
63607DAB2 NEW Hampshire Business Finance Authority NHAHSG 4.15 10/20/2040 1,000,000.00 971,613.00 0.41
649519DF9 NEW York Liberty Development Corp NYCDEV 2.45 09/15/2069 1,000,000.00 951,426.00 0.40
13013JAR7 California Community Choice Financing Au CCEDEV 2.74 02/01/2052 1,000,000.00 945,204.00 0.40
74440DEC4 Kentucky Public Energy Authority KYSPWR 5.25 04/01/2054 895,000.00 957,518.00 0.40
70342PAN4 Patriots Energy Group Financing Agency PEGUTL 5.25 10/01/2054 880,000.00 933,327.00 0.39
649519DH5 NEW York Liberty Development Corp NYCDEV 2.8 09/15/2069 1,000,000.00 920,892.00 0.39
455059AK1 Indiana Finance Authority INSENV 1.4 08/01/2029 1,000,000.00 913,245.00 0.38
45470YFL0 Indiana Finance Authority INSMED 5.0 10/01/2062 860,000.00 907,596.00 0.38
392274Z25 Greater Orlando Aviation Authority GREAPT 5.0 10/01/2028 855,000.00 906,880.00 0.38
452152Q61 State Of Illinois ILS 5.0 11/01/2026 820,000.00 841,944.00 0.35
67884XCA3 Oklahoma Development Finance Authority OKSMED 5.0 08/15/2026 800,000.00 807,480.00 0.34
91417NDA0 University Of Colorado UCOHGR 2.0 06/01/2051 780,000.00 768,216.00 0.32
837031H63 South Carolina Jobs-economic Development SCSDEV 4.0 03/01/2062 800,000.00 770,368.00 0.32
928104NG9 Virginia Small Business Financing Author VASDEV 4.0 01/01/2030 750,000.00 771,334.00 0.32
45204E7J1 Illinois Finance Authority ILSGEN 4.0 11/01/2030 760,000.00 774,738.00 0.32
45204EY93 Illinois Finance Authority ILSGEN 5.0 11/01/2030 725,000.00 756,775.00 0.32
544495R30 LOS Angeles Department Of Water & Power LOSUTL 5.0 07/01/2027 760,000.00 766,664.00 0.32
74442PL86 Public Finance Authority PUBGEN 5.0 12/15/2036 749,663.00 728,357.00 0.31
896224BA9 County Of Trimble Ky TRMPOL 1.3 09/01/2044 750,000.00 705,830.00 0.30
88256CEX3 Texas Municipal Gas Acquisition And Supp TXSUTL 6.25 12/15/2026 690,000.00 707,800.00 0.30
97712JHF3 Wisconsin Health & Educational Facilitie WISMED 5.0 08/01/2027 700,000.00 709,809.00 0.30
68450LGT6 Orange County Health Facilities Authorit ORAMED 5.0 11/15/2052 685,000.00 701,758.00 0.29
54241ABC6 LONG Beach Bond Finance Authority LONUTL 4.52 11/15/2027 700,000.00 699,966.00 0.29
63608TAA8 NEW Hampshire Business Finance Authority NFAGEN 4.88 12/01/2033 700,000.00 697,949.00 0.29
63608TAV2 NEW Hampshire Business Finance Authority NFAGEN 12/15/2033 1,140,000.00 690,955.00 0.29
64542QBZ5 NEW Hope Cultural Education Facilities F NHPFAC 4.0 08/15/2026 665,000.00 664,859.00 0.28
187145GB7 Clifton Higher Education Finance Corp CLIEDU 5.0 08/15/2025 670,000.00 670,479.00 0.28
837151A74 South Carolina Public Service Authority SCSUTL 4.0 12/01/2029 619,000.00 646,437.00 0.27
759151BB8 Regional Transportation District REGTRN 5.0 07/15/2027 620,000.00 638,935.00 0.27
79467BHA6 Sales Tax Securitization Corp STSGEN 5.0 01/01/2035 600,000.00 644,830.00 0.27
87638QSF7 Tarrant County Cultural Education Facili TAREDU 5.0 11/15/2052 620,000.00 627,079.00 0.26
246579ER3 Delaware Valley Regional Finance Authori DLVGEN 5.5 08/01/2028 570,000.00 616,839.00 0.26
544532FX7 LOS Angeles Department Of Water & Power LOSUTL 5.0 07/01/2026 620,000.00 631,125.00 0.26
491552W27 Kentucky Turnpike Authority KYSTRN 5.0 07/01/2026 600,000.00 613,745.00 0.26
544532AT1 LOS Angeles Department Of Water & Power LOSUTL 5.0 07/01/2026 580,000.00 592,154.00 0.25
6262074P6 Municipal Electric Authority Of Georgia MELPWR 5.0 01/01/2026 585,000.00 590,519.00 0.25
645780FS1 NEW Jersey Economic Development Authorit NJSWTR 0.85 12/01/2025 600,000.00 594,895.00 0.25
45204FHY4 Illinois Finance Authority ILSGEN 5.0 08/15/2025 580,000.00 580,472.00 0.24
121342QM4 Development Authority Of Burke County/th BURPOL 3.7 10/01/2032 565,000.00 576,000.00 0.24
64972JQQ4 NEW York City Transitional Finance Autho NYCGEN 5.0 11/01/2032 500,000.00 561,976.00 0.24
874485DC6 CITY Of Tallahassee Fl TALMED 5.0 12/01/2025 550,000.00 552,928.00 0.23
1675935S7 Chicago O'hare International Airport CHITRN 5.0 01/01/2034 500,000.00 537,159.00 0.23
592190QP0 Metropolitan Nashville Airport Authority MNVAPT 5.25 07/01/2034 500,000.00 541,477.00 0.23
592647JX0 Metropolitan Washington Airports Authori METAPT 5.0 10/01/2028 520,000.00 552,843.00 0.23
646080ZB0 NEW Jersey Higher Education Student Assi NJSHGR 5.0 12/01/2028 500,000.00 519,973.00 0.22
59447TK69 Michigan Finance Authority MISFIN 5.0 06/01/2032 500,000.00 530,148.00 0.22
888808HG0 Tobacco Settlement Financing Corp TOBGEN 5.0 06/01/2031 500,000.00 518,105.00 0.22
64990FJE5 NEW York State Dormitory Authority NYSHGR 5.25 03/15/2037 500,000.00 523,675.00 0.22
812643WU4 CITY Of Seattle Wa Municipal Light & Pow SEAPWR 2.54 05/01/2045 500,000.00 495,939.00 0.21
605277AL6 Mississippi Business Finance Corp MSSDEV 3.2 09/01/2028 500,000.00 499,953.00 0.21
544532CQ5 LOS Angeles Department Of Water & Power LOSUTL 4.0 07/01/2026 500,000.00 504,497.00 0.21
45204FJ89 Illinois Finance Authority ILSGEN 5.0 07/01/2030 475,000.00 501,390.00 0.21
114894VX3 County Of Broward Fl Airport System Reve BROAPT 5.0 10/01/2026 500,000.00 501,545.00 0.21
09182NCB4 Black Belt Energy Gas District BBEUTL 4.0 07/01/2052 500,000.00 505,985.00 0.21
888808HD7 Tobacco Settlement Financing Corp TOBGEN 5.0 06/01/2028 450,000.00 467,088.00 0.20
677525WG8 OHIO Air Quality Development Authority OHSDEV 2.4 12/01/2038 500,000.00 481,795.00 0.20
66285WWY8 North Texas Tollway Authority NRTTRN 5.0 01/01/2028 415,000.00 418,848.00 0.18
962468FE9 Whatcom County Public Utility District N WHAUTL 5.0 12/01/2028 415,000.00 437,522.00 0.18
962468FC3 Whatcom County Public Utility District N WHAUTL 5.0 12/01/2026 425,000.00 435,079.00 0.18
118217CL0 Buckeye Tobacco Settlement Financing Aut BUCGEN 5.0 06/01/2030 385,000.00 418,020.00 0.18
544525WQ7 LOS Angeles Department Of Water & Power LOSUTL 5.0 07/01/2026 425,000.00 433,761.00 0.18
64577XFB7 NEW Jersey Economic Development Authorit NJSDEV 5.25 06/15/2039 400,000.00 426,216.00 0.18
19648FKC7 Colorado Health Facilities Authority COSMED 5.0 08/01/2026 390,000.00 396,039.00 0.17
880397CF9 Tennergy Corp/tn TGYPWR 5.5 10/01/2053 380,000.00 406,586.00 0.17
795576FM4 CITY Of Salt Lake City Ut Airport Revenu SALAPT 5.0 07/01/2028 375,000.00 389,249.00 0.16
75076PBA2 Railsplitter Tobacco Settlement Authorit RAIGEN 5.0 06/01/2028 375,000.00 382,700.00 0.16
67884XBL0 Oklahoma Development Finance Authority OKSMED 5.0 08/15/2025 375,000.00 375,277.00 0.16
93978HUH6 Washington Health Care Facilities Author WASMED 5.0 07/01/2028 375,000.00 389,910.00 0.16
917393DF4 County Of Utah Ut UTSMED 5.0 05/15/2060 345,000.00 351,319.00 0.15
628583AF3 Myrtle Creek Improvement District MYRGEN 4.0 05/01/2027 365,000.00 367,592.00 0.15
60637ATQ5 Health & Educational Facilities Authorit MOSMED 4.0 05/01/2051 335,000.00 337,231.00 0.14
56681NAM9 Maricopa County Industrial Development A MAREDU 4.0 07/01/2026 340,000.00 339,767.00 0.14
962468FD1 Whatcom County Public Utility District N WHAUTL 5.0 12/01/2027 330,000.00 343,164.00 0.14
51265KAZ1 Lakewood Ranch Stewardship District LKRGEN 4.63 05/01/2027 300,000.00 301,229.00 0.13
34073TJQ1 Florida Higher Educational Facilities Fi FLSHGR 5.0 03/01/2028 295,000.00 303,657.00 0.13
45204FJ71 Illinois Finance Authority ILSGEN 5.0 07/01/2029 265,000.00 278,126.00 0.12
414009MP2 Harris County Cultural Education Facilit HAREDU 5.0 07/01/2049 280,000.00 287,698.00 0.12
842469CT3 Southern California Public Power Authori STNPWR 5.0 07/01/2031 250,000.00 276,308.00 0.12
888808HF2 Tobacco Settlement Financing Corp TOBGEN 5.0 06/01/2030 250,000.00 259,927.00 0.11
5444957D0 LOS Angeles Department Of Water & Power LOSUTL 5.0 07/01/2027 250,000.00 258,778.00 0.11
25483VTQ7 District Of Columbia DISREV 5.0 07/01/2027 220,000.00 227,522.00 0.10
187145NS2 Clifton Higher Education Finance Corp CLIEDU 5.0 08/15/2030 225,000.00 243,814.00 0.10
888808HM7 Tobacco Settlement Financing Corp TOBGEN 5.0 06/01/2036 235,000.00 238,130.00 0.10
888809BA7 Tobacco Settlement Financing Corp/ri TOBGEN 5.0 06/01/2028 240,000.00 240,161.00 0.10
67756CFW3 State Of Ohio OHSMED 2.75 01/01/2052 250,000.00 248,233.00 0.10
92707VAQ7 Village Community Development District N VILDEV 4.0 05/01/2026 245,000.00 245,188.00 0.10
92707UAZ9 Village Community Development District N VILDEV 4.0 05/01/2026 205,000.00 207,006.00 0.09
414009SP6 Harris County Cultural Education Facilit HAREDU 5.0 07/01/2054 200,000.00 214,222.00 0.09
650116DE3 NEW York Transportation Development Corp NYTTRN 5.0 12/01/2025 200,000.00 201,041.00 0.08
09182RBE0 Black Belt Energy Gas District BBEUTL 4.0 10/01/2049 170,000.00 170,836.00 0.07
5444954Z4 LOS Angeles Department Of Water & Power LOSUTL 5.0 07/01/2026 175,000.00 178,140.00 0.07
18085PSV7 County Of Clark Department Of Aviation CLAAPT 5.0 07/01/2027 140,000.00 145,424.00 0.06
13059TCB3 California School Finance Authority CASSCD 4.0 08/01/2025 135,000.00 135,000.00 0.06
246387RQ9 Delaware State Economic Development Auth DESDEV 2.8 09/01/2026 120,000.00 119,805.00 0.05
51265KAU2 Lakewood Ranch Stewardship District LKRGEN 4.25 05/01/2026 100,000.00 99,982.00 0.04
56681NAR8 Maricopa County Industrial Development A MAREDU 4.0 07/01/2026 105,000.00 105,032.00 0.04
70252AAA3 County Of Pasco Fl PASGEN 5.25 09/01/2025 100,000.00 100,194.00 0.04
13049AAE3 California Municipal Finance Authority CASFIN 4.0 06/01/2026 65,000.00 65,022.00 0.03
594612BP7 State Of Michigan MIS 5.0 12/01/2025 55,000.00 55,079.00 0.02
800860EQ7 Sanger Unified School District SGREDU 5.0 06/01/2052 60,000.00 58,458.00 0.02
130536QY4 California Pollution Control Financing A CASPOL 7.0 07/01/2026 250,000.00 2,500.00 0.00
UXYU5 COMD US 10yr Ultra Fut Sep25 UXYU5 09/19/2025 -11,647,047.00 -43,455.00 -0.02
CURRENCY Currency -432,453.00 -432,452.00 -0.18

The CUSIP information contained in pgimfunds.com and/or prudential.com consists of security identifiers and related descriptive information (“the CUSIP Database”) and is protected under the copyright laws and is licensed with permission from CUSIP Global Services (“CGS”), on behalf of the American Bankers Association (“ABA”).

VISITOR agrees and acknowledges that the CUSIP Database and the information contained therein is and shall remain valuable intellectual property owned by, or licensed to, CGS and ABA, and that no proprietary rights are being transferred to VISITOR in such materials or in any of the information contained therein by virtue of VISITOR’s use of Subscriber’s Web Site. Any use of the CUSIP Database by VISITOR outside of the clearing and settlement of transactions may require a license from CGS, along with an associated fee based on usage.

VISITOR agrees that misappropriation or misuse of such materials will cause serious damage to CGS and ABA, and that in such event, money damages may not constitute sufficient compensation to CGS and ABA; consequently, VISITOR agrees that in the event of any misappropriation or misuse, CGS and ABA shall have the right to obtain injunctive relief in addition to any other legal or financial remedies to which CGS and ABA may be entitled.

VISITOR agrees that VISITOR shall not publish or distribute in any medium the CUSIP Database or any substantial portion of the information contained therein or summaries or subsets thereof to any person or entity unless permitted by a direct agreement with CGS. VISITOR may not create or maintain a master file or database of CUSIP identifiers or descriptions for itself or any third party recipient that is intended to serve as a substitute for any CUSIP service.

VISITOR agrees not to:

(a) Violate the restrictions in any robot inclusion headers on the Subscriber Web Site or in any way bypass or circumvent any other measure employed to limit or prevent access to the CUSIP Database on the Subscriber Web Site;

(b) Violate the security of the Subscriber Web Site or attempt to gain unauthorized access to the Web Site, CUSIP Database, materials, information, computer systems or networks connected to Subscriber server, through hacking, password mining or any other means; or

(c) Interfere or attempt to interfere with the proper working of the Subscriber Web Site or any activities conducted on or through the Subscriber Web Site, including accessing any CUSIP Database, content or other information prior to the time that is intended to be available to the public on the Subscriber Web Site;

NEITHER CGS, ABA NOR ANY OF THEIR AFFILIATES MAKE ANY WARRANTIES, EXPRESS OR IMPLIED, AS TO THE ACCURACY, ADEQUACY OR COMPLETENESS OF ANY OF THE INFORMATION CONTAINED IN THE CUSIP DATABASE. ALL SUCH MATERIALS ARE PROVIDED TO VISITOR ON AN “AS IS” BASIS, WITHOUT ANY WARRANTIES AS TO MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE NOR WITH RESPECT TO THE RESULTS WHICH MAY BE OBTAINED FROM THE USE OF SUCH MATERIALS. NEITHER CGS, ABA NOR THEIR AFFILIATES SHALL HAVE ANY RESPONSIBILITY OR LIABILITY FOR ANY ERRORS OR OMISSIONS NOR SHALL THEY BE LIABLE FOR ANY DAMAGES, WHETHER DIRECT OR INDIRECT, SPECIAL OR CONSEQUENTIAL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IN NO EVENT SHALL THE LIABILITY OF CGS, ABA OR ANY OF THEIR AFFILIATES PURSUANT TO ANY CAUSE OF ACTION, WHETHER IN CONTRACT, TORT, OR OTHERWISE, EXCEED THE FEE PAID BY VISITOR FOR ACCESS TO SUCH MATERIALS IN THE MONTH IN WHICH SUCH CAUSE OF ACTION IS ALLEGED TO HAVE ARISEN. FURTHERMORE, CGS AND ABA SHALL HAVE NO RESPONSIBILITY OR LIABILITY FOR DELAYS OR FAILURES DUE TO CIRCUMSTANCES BEYOND THEIR CONTROL.

VISITOR agrees that the foregoing terms and conditions shall survive any termination of its right of access to the materials identified above.

ABOUT

PGIM Fixed Income, with $862 billion in assets under management as of March 31, 2025, is a global asset manager offering active solutions across all fixed income markets. The company has offices in Newark, N.J., London, Tokyo and Singapore. At PGIM Fixed Income we believe that research-driven security selection is the most consistent strategy for adding value to client portfolios. The firm complements that base strategy with active sector rotation, duration management, and superior trade execution. Risk budgeting is central to this approach. PGIM Limited is also a subadvisor on this fund. PGIM Limited is an indirect, wholly-owned subsidiary of PGIM, Inc. (“PGIM”), the principal asset management business of Prudential Financial, Inc. (“PFI”), a company incorporated and with its principal place of business in the United States.

Jason Appleson, Robert Tipp, CFA, Lee Friedman, CFA, and John Dittemer of PGIM Fixed Income are responsible for the management of the PGIM Short Duration Muni Fund.

Jason Appleson, CFA
Jason Appleson, CFA

Managing Director and Head of PGIM Fixed Income's Municipal Bonds Team

Jason Appleson, CFA, FRM, is a Managing Director and Head of PGIM Fixed Income's Municipal Bond Team.

Robert Tipp, CFA
Robert Tipp, CFA

Managing Director, Chief Investment Strategist, and Head of Global Bonds at PGIM Fixed Income

Robert Tipp, CFA, is a Managing Director, Chief Investment Strategist, and Head of Global Bonds at PGIM Fixed Income.

Lee Friedman, CFA
Lee Friedman, CFA

Principal and Portfolio Manager for PGIM's Fixed Income's U.S. Investment Grade Corporate Bond Team

Lee Friedman, CFA, is a Principal and portfolio manager for PGIM Fixed Income’s U.S. Investment Grade Corporate Bond Team.

John Dittemer
John Dittemer

Vice President and Portfolio Manager for PGIM Fixed Income's Municipal Bond Team

|

PGIM Fixed Income

John Dittemer is a Vice President and Portfolio Manager for PGIM Fixed Income's Municipal Bond Team.

AMT is the percentage of bonds in the portfolio subject to alternative minimum tax. Average Effective Maturity is a measure of maturity which takes into account the possibility of bonds being called prior to maturity. Credit quality is calculated using the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s, S&P, or Fitch. The Not Rated category consists of securities that have not been rated by an NRSRO. Duration measures investment risk that takes into account both a bond's interest payments and its value to maturity. Due to data availability, statistics may not be as of the current reporting period.

Enhanced cash strategies are variations on traditional money market vehicles. They are designed to provide liquidity and principal preservation, but with more of an emphasis on seeking returns that are superior to those of traditional money market offerings.

Source: Benchmarks - Lipper Inc.; Statistics - Morningstar Inc.; All other data from PGIM, Inc.

© 2025 Morningstar, Inc. All rights reserved. The information contained herein (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not guarantee future results.

BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg neither approves nor endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results obtained therefrom and, to the maximum extend allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

Class R6 and Z shares may be available to group retirement plans and institutional investors through certain retirement, mutual fund wrap and asset allocation programs. They may also be available to institutional investors. Class Z shares may be available through fee- or commission-based retail brokerage programs of certain financial intermediaries. Class A, C, and Z shares are generally closed to new retirement plans. Please see the prospectus for additional information about fees, expenses, and investor eligibility.

Consider a fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus and summary prospectus contain this and other information about the fund. For more information about a fund, click on the prospectus or summary prospectus link above. Read them carefully before investing.

Investment products are distributed by Prudential Investment Management Services LLC, member FINRA and SIPC. PGIM Investments is a registered investment advisor and investment manager to PGIM registered investment companies. PGIM Fixed Income is a unit of PGIM, a registered investment advisor. PGIM Limited acts as a subadvisor to all fixed income funds. PGIM Limited is an indirect, wholly owned subsidiary of PGIM, Inc. (PGIM), the principal asset management business of Prudential Financial, Inc. (PFI), a company incorporated and with its principal place of business in the United States. All are Prudential Financial affiliates. © 2025 Prudential Financial, Inc. and its related entities. PGIM, PGIM Investments, PGIM Fixed Income, PGIM Limited, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation. Clients seeking information regarding their particular investment needs should contact their financial professional.

INVESTMENT PRODUCTS | Are not insured by the FDIC or any federal government agency | May lose value | Are not a deposit of or guaranteed by any bank or any bank affiliate. 

Prudential Financial, Inc. of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom.

4335393    Ed. 03/2025

Fund Literature

Displaying - of
document name audience updated order code