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.
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.
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.
|
Name
|
Weight
|
|---|---|
| AMT (%) | 19.6 |
| Average Effective Maturity (years) | 3.7 |
| Duration | 3.2 |
Source: Morningstar. The Morningstar Rating may be calculated based on its share class adjusted historical returns. If so, the fund’s independent Morningstar Rating metric uses its oldest class to determine its hypothetical rating for certain periods. The Fund’s Overall, 3-, 5-, and 10-year Star Ratings/Fund are, if applicable: 3/210.0, 4/210.0, 2/195.0 and 4/152.0, respectively. Morningstar Ratings are calculated for managed products with a 3-year minimum history. Comparatively, exchange-traded funds and open-ended mutual funds are considered a single population. 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 consistency, 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. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating period
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 9/30/2025: 22/83, 14/76, 33/76, and 6/62, respectively. Past Performance is no guarantee of future results.
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 (%) WITH SALES CHARGE WITHOUT SALES CHARGE | |||||||
|---|---|---|---|---|---|---|---|
| Cumulative | Average Annual | ||||||
| Class | Ticker | YTD | 1-Yr | 3-Yr | 5-Yr | 10-Yr | Since Inception |
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.
|
Class
|
NAV ($)
|
NAV Change ($)
|
NAV Change (%)
|
POP ($)
|
Total Net Assets ($)
|
|---|---|---|---|---|---|
| A | 10.04 | N/C 0.00 | 0.00 | 10.27 | 90,072,988.13 |
| C | 10.03 | N/C 0.00 | 0.00 | — | 2,454,164.71 |
| R6 | 10.03 | N/C 0.00 | 0.00 | — | 25,721,602.98 |
| Z | 10.03 | N/C 0.00 | 0.00 | — | 146,221,150.24 |
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 $U.S. value over the previous day:
= Gain,
= Loss,
= No Change.
See Prices of other PGIM Investments Mutual Funds.
|
Class
|
52 Week High ($)
|
52 Week High Date
|
52 Week Low ($)
|
52 Week Low Date
|
|---|---|---|---|---|
| A | 10.07 | 09/22/2025 | 9.70 | 04/09/2025 |
| C | 10.06 | 09/22/2025 | 9.69 | 04/09/2025 |
| R6 | 10.06 | 09/23/2025 | 9.69 | 04/09/2025 |
| Z | 10.06 | 09/23/2025 | 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.
| 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 | 2.67 | 2.60 | 2.85 | 2.91 | 4.51 |
| C - View Prospectus | 1.84 | 1.78 | — | 2.04 | 3.11 |
| R6 - View Prospectus | 3.03 | 2.93 | — | 3.21 | 5.12 |
| Z - View Prospectus | 3.00 | 2.85 | — | 3.18 | 5.07 |
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.
|
Largest Issuers
|
% of Assets
|
|---|---|
| Black Belt Energy Gas | 4.8% |
| New York City Transitional Fin Auth | 2.6% |
| Kentucky KY Pub Energy Auth | 2.5% |
| Main Street Natural Gas GA | 2.2% |
| State of IL | 2.0% |
| Los Angeles CA Dept Wtr & Pwr | 1.9% |
| TEXAS PERMANENT SCHOOL FUND PROG (GTY) | 1.8% |
| NEW JERSEY ST HIGHER ED ASSISTANCE AUTH | 1.6% |
| PORT AUTHORITY OF NEW YORK AND NEW JERSEY | 1.4% |
| INDIANA UNIVERSITY HEALTH INC | 1.3% |
|
Sector Breakdown
|
% of Assets
|
|---|---|
| Power | 18.6% |
| Transportation | 13.9% |
| Corporate Backed IDB & PCR | 12.4% |
| Special Tax/Assessment District | 11.3% |
| Healthcare | 10.5% |
| Housing | 5.8% |
| Pre-Refunded | 5.4% |
| Education | 3.9% |
| General Obligation | 3.8% |
| Water & Sewer | 3.2% |
| Other | 11.9% |
| Cash/Equiv | -0.7% |
|
US Regional Breakdown
|
% of Assets
|
|---|---|
| New York | 11.3 |
| Texas | 8.2 |
| Alabama | 5.8 |
| Florida | 5.4 |
| Illinois | 5.0 |
| New Jersey | 4.5 |
| California | 4.2 |
| Georgia | 3.2 |
| Kentucky | 3.1 |
| Indiana | 3.0 |
|
Credit Quality
|
Fund (% of Assets)
|
|---|---|
| AAA | 12.4% |
| AA | 41.6% |
| A | 24.0% |
| BBB | 8.5% |
| BB | 4.5% |
| B | 0.5% |
| Not Rated | 4.8% |
| Cash/Equiv | 3.7% |
|
Fund Statistics
|
Years
|
|---|---|
| AMT (%) | 19.6 |
| Average Effective Maturity (years) | 3.7 |
| 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.
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.
Investment products are distributed by Prudential Investment Management Services LLC (PIMS), 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, Inc., 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. PGIM is the principal asset management business of Prudential Financial, Inc. (PFI), and a trading name of PGIM, Inc. and its global subsidiaries and 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
|
|---|---|---|---|---|---|---|---|
| 19648FYT5 | Colorado Health Facilities Authority | COSMED | 3.8 | 05/15/2064 | 5,000,000.00 | 5,000,000.00 | 1.95 |
| 880443JE7 | Tennessee Energy Acquisition Corp | TNSUTL | 4.0 | 11/01/2049 | 4,900,000.00 | 4,900,000.00 | 1.91 |
| 60528AAS3 | Mississippi Business Finance Corp | MSSDEV | 3.9 | 12/01/2030 | 4,025,000.00 | 4,025,000.00 | 1.57 |
| 74440W862 | (pipa070) Pgim Core Government Money Mar | — | 4.12 | 12/01/2099 | 3,871,759.00 | 3,871,758.00 | 1.51 |
| 56035DJJ2 | MAIN Street Natural Gas Inc | MAIUTL | 5.0 | 05/01/2055 | 2,750,000.00 | 2,988,315.00 | 1.16 |
| 917393DB3 | County Of Utah Ut | UTSMED | 5.0 | 05/15/2043 | 2,745,000.00 | 2,853,077.00 | 1.11 |
| 64971XAT5 | NEW York City Transitional Finance Autho | NYCGEN | 5.0 | 08/01/2038 | 2,505,000.00 | 2,578,319.00 | 1.00 |
| 9445142Y3 | Wayne County Airport Authority | WAYAPT | 5.0 | 12/01/2034 | 2,250,000.00 | 2,527,563.00 | 0.98 |
| 56035DHK1 | MAIN Street Natural Gas Inc | MAIUTL | 5.0 | 12/01/2054 | 2,250,000.00 | 2,438,417.00 | 0.95 |
| 040507HN8 | Arizona Health Facilities Authority | AZSMED | 2.87 | 01/02/2037 | 2,480,000.00 | 2,435,798.00 | 0.95 |
| 09182TAM9 | Black Belt Energy Gas District | BBEUTL | 4.0 | 10/01/2052 | 2,365,000.00 | 2,374,639.00 | 0.92 |
| 73358XQJ4 | PORT Authority Of New York & New Jersey | PORTRN | 5.0 | 10/15/2034 | 2,000,000.00 | 2,358,171.00 | 0.92 |
| 254842AK3 | District Of Columbia Tobacco Settlement | DISGEN | 6.75 | 05/15/2040 | 2,270,000.00 | 2,335,434.00 | 0.91 |
| 686507JQ8 | Orlando Utilities Commission | ORLUTL | 1.25 | 10/01/2046 | 2,540,000.00 | 2,313,183.00 | 0.90 |
| 64987JY62 | NEW York State Housing Finance Agency | NYSHSG | 3.57 | 05/01/2042 | 2,250,000.00 | 2,281,541.00 | 0.89 |
| 83755VY99 | South Dakota Health & Educational Facili | SDSMED | 3.63 | 09/01/2033 | 2,250,000.00 | 2,251,465.00 | 0.88 |
| 795576ML8 | CITY Of Salt Lake City Ut Airport Revenu | SALAPT | 5.0 | 07/01/2032 | 2,000,000.00 | 2,208,236.00 | 0.86 |
| 74440DDS0 | Kentucky Public Energy Authority | KYSPWR | 4.0 | 08/01/2052 | 2,160,000.00 | 2,203,911.00 | 0.86 |
| 09182TGC5 | Black Belt Energy Gas District | BBEUTL | 5.0 | 12/01/2055 | 2,000,000.00 | 2,162,818.00 | 0.84 |
| 09182TBL0 | Black Belt Energy Gas District | BBEUTL | 5.0 | 05/01/2053 | 2,000,000.00 | 2,081,964.00 | 0.81 |
| 09182TEV5 | Black Belt Energy Gas District | BBEUTL | 5.25 | 05/01/2056 | 2,000,000.00 | 2,091,436.00 | 0.81 |
| 64966TGW8 | NEW York City Housing Development Corp | NYCMFH | 4.38 | 12/15/2031 | 2,000,000.00 | 2,068,558.00 | 0.81 |
| 60528ACC6 | Mississippi Business Finance Corp | MSSDEV | 3.9 | 11/01/2035 | 2,080,000.00 | 2,080,000.00 | 0.81 |
| 74442PR64 | Public Finance Authority | PUBGEN | 4.0 | 01/01/2055 | 2,000,000.00 | 2,056,272.00 | 0.80 |
| 677525WV5 | OHIO Air Quality Development Authority | OHSDEV | 4.25 | 11/01/2039 | 2,000,000.00 | 2,029,317.00 | 0.79 |
| 452153EX3 | State Of Illinois | ILS | 5.0 | 05/01/2031 | 1,820,000.00 | 2,008,979.00 | 0.78 |
| 542691EX4 | LONG Island Power Authority | LSLPWR | 1.5 | 09/01/2051 | 2,000,000.00 | 1,967,274.00 | 0.77 |
| 452227SA0 | State Of Illinois Sales Tax Revenue | ILSGEN | 5.0 | 06/15/2026 | 1,935,000.00 | 1,957,724.00 | 0.76 |
| 59261ASZ1 | Metropolitan Transportation Authority | MTATRN | 5.0 | 11/15/2032 | 1,710,000.00 | 1,796,395.00 | 0.70 |
| 594698SR4 | Michigan Strategic Fund | MISGEN | 4.0 | 10/01/2061 | 1,800,000.00 | 1,799,539.00 | 0.70 |
| 592647MR9 | Metropolitan Washington Airports Authori | METAPT | 5.0 | 10/01/2033 | 1,580,000.00 | 1,767,631.00 | 0.69 |
| 4387014T8 | CITY & County Honolulu Hi Wastewater Sys | HONUTL | 5.0 | 07/01/2034 | 1,500,000.00 | 1,762,464.00 | 0.69 |
| 65821FLA2 | North Carolina Housing Finance Agency | NCSHSG | 6.25 | 01/01/2057 | 1,570,000.00 | 1,782,988.00 | 0.69 |
| 888808HB1 | Tobacco Settlement Financing Corp | TOBGEN | 5.0 | 06/01/2026 | 1,745,000.00 | 1,760,967.00 | 0.69 |
| 015330FB4 | Alexandria Redevelopment & Housing Autho | ALEMFH | 3.4 | 12/01/2054 | 1,750,000.00 | 1,749,841.00 | 0.68 |
| 650035U55 | Empire State Development Corp | NYSDEV | 5.0 | 03/15/2031 | 1,685,000.00 | 1,695,602.00 | 0.66 |
| 153476CZ7 | Central Florida Expressway Authority | ORLTRN | 5.0 | 07/01/2038 | 1,620,000.00 | 1,661,135.00 | 0.65 |
| 45505MPP5 | Indiana Finance Authority | INSUTL | 5.0 | 10/01/2041 | 1,500,000.00 | 1,649,645.00 | 0.64 |
| 45528VBD0 | Indianapolis Local Public Improvement Bo | INPBBK | 5.0 | 01/01/2032 | 1,510,000.00 | 1,652,225.00 | 0.64 |
| 4521525E7 | State Of Illinois | ILS | 5.0 | 11/01/2025 | 1,625,000.00 | 1,625,000.00 | 0.63 |
| 646080ZF1 | NEW Jersey Higher Education Student Assi | NJSHGR | 5.0 | 12/01/2032 | 1,500,000.00 | 1,614,853.00 | 0.63 |
| 74440DFN9 | Kentucky Public Energy Authority | KYSPWR | 5.25 | 06/01/2055 | 1,500,000.00 | 1,600,122.00 | 0.62 |
| 74440DFQ2 | Kentucky Public Energy Authority | KYSPWR | 5.0 | 12/01/2033 | 1,515,000.00 | 1,578,997.00 | 0.61 |
| 04062PCD1 | Arizona Industrial Development Authority | AZSMFH | 5.0 | 03/01/2058 | 1,500,000.00 | 1,528,195.00 | 0.60 |
| 05786PAA1 | Baldwin County Industrial Development Au | BLWPOL | 5.0 | 06/01/2055 | 1,500,000.00 | 1,540,025.00 | 0.60 |
| 230589AA1 | Cumberland County Industrial Facilities | CUMPOL | 3.75 | 12/01/2027 | 1,500,000.00 | 1,500,000.00 | 0.58 |
| 593344CD4 | Miami-dade County Housing Finance Author | MIAMFH | 2.95 | 09/01/2029 | 1,500,000.00 | 1,499,132.00 | 0.58 |
| 95648VBH1 | WEST Virginia Economic Development Autho | WVSDEV | 0.63 | 12/01/2038 | 1,500,000.00 | 1,495,308.00 | 0.58 |
| 79625GEY5 | CITY Of San Antonio Tx Electric & Gas Sy | SANUTL | 2.0 | 02/01/2049 | 1,500,000.00 | 1,461,713.00 | 0.57 |
| 5444452L2 | CITY Of Los Angeles Department Of Airpor | LOSAPT | 5.0 | 05/15/2031 | 1,300,000.00 | 1,453,233.00 | 0.57 |
| 09182TAW7 | Black Belt Energy Gas District | BBEUTL | 4.0 | 12/01/2052 | 1,440,000.00 | 1,449,823.00 | 0.56 |
| 64966TGQ1 | NEW York City Housing Development Corp | NYCMFH | 2.1 | 11/01/2046 | 1,500,000.00 | 1,440,139.00 | 0.56 |
| 6500357J1 | Empire State Development Corp | NYSDEV | 5.0 | 03/15/2041 | 1,375,000.00 | 1,422,638.00 | 0.55 |
| 118217CJ5 | Buckeye Tobacco Settlement Financing Aut | BUCGEN | 5.0 | 06/01/2028 | 1,350,000.00 | 1,414,668.00 | 0.55 |
| 04780TEN0 | CITY Of Atlanta Ga Airport Passenger Fac | ATLAPT | 5.0 | 07/01/2033 | 1,265,000.00 | 1,412,722.00 | 0.55 |
| 25483VTR5 | District Of Columbia | DISREV | 5.0 | 07/01/2037 | 1,380,000.00 | 1,407,895.00 | 0.55 |
| 544532PZ1 | LOS Angeles Department Of Water & Power | LOSUTL | 5.0 | 07/01/2031 | 1,265,000.00 | 1,417,225.00 | 0.55 |
| 311450GA2 | CITY Of Farmington Nm | FARPOL | 1.8 | 04/01/2029 | 1,500,000.00 | 1,384,843.00 | 0.54 |
| 709224J91 | Pennsylvania Turnpike Commission | PASTRN | 5.0 | 12/01/2036 | 1,300,000.00 | 1,371,847.00 | 0.53 |
| 649852AS9 | NEW York State Environmental Facilities | NYSENV | 4.25 | 09/01/2050 | 1,315,000.00 | 1,326,755.00 | 0.52 |
| 882667CJ5 | Texas Private Activity Bond Surface Tran | TXSTRN | 5.5 | 06/30/2040 | 1,250,000.00 | 1,324,433.00 | 0.52 |
| 442349HU3 | CITY Of Houston Tx Airport System Revenu | HOUAPT | 5.25 | 07/15/2034 | 1,250,000.00 | 1,338,868.00 | 0.52 |
| 432308M92 | Hillsborough County Aviation Authority | HILTRN | 5.0 | 10/01/2029 | 1,230,000.00 | 1,318,685.00 | 0.51 |
| 45471APH9 | Indiana Finance Authority | INSFIN | 5.0 | 12/01/2025 | 1,305,000.00 | 1,306,973.00 | 0.51 |
| 79575EAM0 | SALT Verde Financial Corp | SLTPWR | 5.25 | 12/01/2026 | 1,275,000.00 | 1,297,782.00 | 0.51 |
| 935031AG9 | County Of Warren Ms | WARIMP | 4.0 | 09/01/2032 | 1,250,000.00 | 1,289,562.00 | 0.50 |
| 154872AY1 | Central Plains Energy Project | CENPWR | 5.0 | 08/01/2055 | 1,200,000.00 | 1,296,058.00 | 0.50 |
| 158862CE0 | Chandler Industrial Development Authorit | CHADEV | 4.0 | 06/01/2049 | 1,250,000.00 | 1,264,741.00 | 0.49 |
| 74529JQD0 | Puerto Rico Sales Tax Financing Corp Sal | PRCGEN | — | 07/01/2029 | 1,416,000.00 | 1,248,556.00 | 0.49 |
| 73358XNJ7 | PORT Authority Of New York & New Jersey | PORTRN | 5.0 | 09/01/2030 | 1,175,000.00 | 1,268,940.00 | 0.49 |
| 708692BJ6 | Pennsylvania Economic Development Financ | PASDEV | 3.88 | 08/01/2037 | 1,250,000.00 | 1,251,408.00 | 0.49 |
| 709224QF9 | Pennsylvania Turnpike Commission | PASTRN | 5.0 | 12/01/2041 | 1,215,000.00 | 1,224,954.00 | 0.48 |
| CURRENCY | Currency | — | — | — | 1,239,927.00 | 1,239,927.00 | 0.48 |
| 161036VV7 | CITY Of Charlotte Nc Airport Revenue | CHAAPT | 5.0 | 07/01/2030 | 1,125,000.00 | 1,220,128.00 | 0.48 |
| 45130ABN4 | Idaho Housing & Finance Association | IDSGEN | 5.0 | 08/15/2039 | 1,115,000.00 | 1,241,465.00 | 0.48 |
| 207758YM9 | State Of Connecticut Special Tax Revenue | CTSGEN | 5.0 | 10/01/2037 | 1,175,000.00 | 1,236,501.00 | 0.48 |
| 2322655K0 | County Of Cuyahoga Oh | CUYMED | 4.0 | 02/15/2029 | 1,200,000.00 | 1,201,029.00 | 0.47 |
| 452153GM5 | State Of Illinois | ILS | 5.0 | 07/01/2036 | 1,100,000.00 | 1,201,923.00 | 0.47 |
| 708692BU1 | Pennsylvania Economic Development Financ | PASDEV | 1.1 | 06/01/2031 | 1,250,000.00 | 1,213,793.00 | 0.47 |
| 64987JZ38 | NEW York State Housing Finance Agency | NYSHSG | 3.6 | 11/01/2044 | 1,200,000.00 | 1,215,309.00 | 0.47 |
| 852640AC5 | Stamford Housing Authority | STMHSG | 4.25 | 10/01/2030 | 1,200,000.00 | 1,205,933.00 | 0.47 |
| 392274W51 | Greater Orlando Aviation Authority | GREAPT | 5.0 | 10/01/2032 | 1,160,000.00 | 1,190,553.00 | 0.46 |
| 0117706K5 | State Of Alaska | AKS | 5.0 | 08/01/2034 | 1,000,000.00 | 1,179,712.00 | 0.46 |
| 45470YGF2 | Indiana Finance Authority | INSMED | 5.0 | 10/01/2059 | 1,000,000.00 | 1,144,213.00 | 0.45 |
| 79625GLG6 | CITY Of San Antonio Tx Electric & Gas Sy | SANUTL | 5.0 | 02/01/2033 | 1,000,000.00 | 1,144,367.00 | 0.45 |
| 727199H53 | Plano Independent School District | PNOSCD | 5.0 | 02/15/2036 | 1,000,000.00 | 1,157,513.00 | 0.45 |
| 67884XCD7 | Oklahoma Development Finance Authority | OKSMED | 5.0 | 08/15/2029 | 1,100,000.00 | 1,136,583.00 | 0.44 |
| 679111F33 | Oklahoma Turnpike Authority | OKSTRN | 5.0 | 01/01/2032 | 1,000,000.00 | 1,134,189.00 | 0.44 |
| 64972JAV0 | NEW York City Transitional Finance Autho | NYCGEN | 5.5 | 05/01/2044 | 1,000,000.00 | 1,129,153.00 | 0.44 |
| 64972JPD4 | NEW York City Transitional Finance Autho | NYCGEN | 5.0 | 11/01/2036 | 1,000,000.00 | 1,141,777.00 | 0.44 |
| 472682ZC0 | County Of Jefferson Al Sewer Revenue | JEFUTL | 5.0 | 10/01/2033 | 1,000,000.00 | 1,137,709.00 | 0.44 |
| 64613CER5 | NEW Jersey Transportation Trust Fund Aut | NJSTRN | 5.25 | 06/15/2039 | 1,000,000.00 | 1,139,218.00 | 0.44 |
| 187145WB9 | Clifton Higher Education Finance Corp | CLIEDU | 5.0 | 08/15/2035 | 1,000,000.00 | 1,133,331.00 | 0.44 |
| 2084185D1 | Conroe Independent School District | CONSCD | 5.0 | 02/15/2038 | 1,000,000.00 | 1,138,597.00 | 0.44 |
| 249182QH2 | CITY & County Of Denver Co Airport Syste | DENAPT | 5.0 | 11/15/2032 | 1,000,000.00 | 1,124,108.00 | 0.44 |
| 249182UT1 | CITY & County Of Denver Co Airport Syste | DENAPT | 5.0 | 11/15/2032 | 1,000,000.00 | 1,115,378.00 | 0.43 |
| 13013JHH2 | California Community Choice Financing Au | CCEDEV | 5.0 | 11/01/2033 | 1,000,000.00 | 1,091,928.00 | 0.43 |
| 646067KD9 | NEW Jersey Educational Facilities Author | NJSEDU | 5.0 | 07/01/2064 | 1,000,000.00 | 1,111,680.00 | 0.43 |
| 57585BAM0 | Massachusetts Development Finance Agency | MASDEV | 4.0 | 02/15/2036 | 1,000,000.00 | 1,092,505.00 | 0.43 |
| 838536NN6 | South Jersey Transportation Authority | SJPTRN | 5.0 | 11/01/2038 | 1,000,000.00 | 1,101,717.00 | 0.43 |
| 87638TJU8 | Tarrant County Cultural Education Facili | TAREDU | 5.0 | 11/15/2064 | 1,000,000.00 | 1,115,427.00 | 0.43 |
| 154871CW5 | Central Plains Energy Project | CENPWR | 5.0 | 05/01/2054 | 1,000,000.00 | 1,070,870.00 | 0.42 |
| 187145UT2 | Clifton Higher Education Finance Corp | CLIEDU | 4.0 | 02/15/2055 | 1,035,000.00 | 1,079,762.00 | 0.42 |
| 165588FP4 | Chester County Industrial Development Au | CHEDEV | 5.0 | 03/01/2027 | 1,070,000.00 | 1,078,810.00 | 0.42 |
| 19648FZB3 | Colorado Health Facilities Authority | COSMED | 5.0 | 12/01/2030 | 1,000,000.00 | 1,076,039.00 | 0.42 |
| 40065NCX3 | Territory Of Guam | GMSGEN | 5.0 | 01/01/2031 | 1,000,000.00 | 1,079,516.00 | 0.42 |
| 13013JCM6 | California Community Choice Financing Au | CCEDEV | 5.25 | 01/01/2054 | 1,000,000.00 | 1,061,510.00 | 0.41 |
| 09182NBR0 | Black Belt Energy Gas District | BBEUTL | 4.0 | 06/01/2051 | 1,000,000.00 | 1,045,273.00 | 0.41 |
| 48504NAS8 | Kansas City Industrial Development Autho | KANDEV | 5.0 | 03/01/2030 | 1,000,000.00 | 1,051,343.00 | 0.41 |
| 79467BGL3 | Sales Tax Securitization Corp | STSGEN | 5.0 | 01/01/2038 | 1,000,000.00 | 1,064,813.00 | 0.41 |
| 57563RTY5 | Massachusetts Educational Financing Auth | MASEDU | 5.0 | 07/01/2028 | 1,000,000.00 | 1,035,107.00 | 0.40 |
| 646080ZA2 | NEW Jersey Higher Education Student Assi | NJSHGR | 5.0 | 12/01/2027 | 1,000,000.00 | 1,028,643.00 | 0.40 |
| 64971W4U1 | NEW York City Transitional Finance Autho | NYCGEN | 5.0 | 02/01/2036 | 1,000,000.00 | 1,018,999.00 | 0.40 |
| 64972GKL7 | NEW York City Municipal Water Finance Au | NYCUTL | 5.25 | 06/15/2037 | 1,000,000.00 | 1,022,141.00 | 0.40 |
| 63608TAY6 | NEW Hampshire Business Finance Authority | NFAGEN | 5.63 | 06/01/2039 | 1,000,000.00 | 1,016,322.00 | 0.40 |
| 19648FYN8 | Colorado Health Facilities Authority | COSMED | 5.0 | 11/15/2059 | 940,000.00 | 1,022,486.00 | 0.40 |
| 20364NCK1 | Maryland Community Development Administr | COMMFH | 3.3 | 01/01/2029 | 1,000,000.00 | 1,015,224.00 | 0.40 |
| 235286AG6 | CITY Of Dallas Tx Hotel Occupancy Tax Re | DALGEN | 4.0 | 08/15/2028 | 1,025,000.00 | 1,032,548.00 | 0.40 |
| 34061XAG7 | Florida Development Finance Corp | FLSDEV | 4.38 | 10/01/2054 | 1,000,000.00 | 1,007,593.00 | 0.39 |
| 452227KM2 | State Of Illinois Sales Tax Revenue | ILSGEN | 4.0 | 06/15/2026 | 1,000,000.00 | 1,005,687.00 | 0.39 |
| 4424355X7 | CITY Of Houston Tx Combined Utility Syst | HOUUTL | 5.0 | 11/15/2034 | 1,000,000.00 | 1,001,096.00 | 0.39 |
| 041818AB1 | Arlington Housing Finance Corp | ARLMFH | 4.5 | 04/01/2041 | 1,000,000.00 | 1,001,479.00 | 0.39 |
| 63608TAF7 | NEW Hampshire Business Finance Authority | NFAGEN | 5.0 | 12/01/2028 | 1,000,000.00 | 1,000,581.00 | 0.39 |
| 63607DAB2 | NEW Hampshire Business Finance Authority | NFAHSG | 4.15 | 10/20/2040 | 998,949.00 | 1,010,488.00 | 0.39 |
| 593344CB8 | Miami-dade County Housing Finance Author | MIAMFH | 3.25 | 02/01/2044 | 1,000,000.00 | 1,001,865.00 | 0.39 |
| 60411PBE0 | Minnesota Rural Water Finance Authority | MNSWTR | 3.3 | 08/01/2026 | 1,000,000.00 | 1,001,147.00 | 0.39 |
| 64542UHK3 | NEW Hope Cultural Education Facilities F | NHPFAC | 4.25 | 10/01/2030 | 1,000,000.00 | 1,007,299.00 | 0.39 |
| 546068AZ0 | Louisa Industrial Development Authority | LOUPOL | 3.13 | 11/01/2035 | 1,000,000.00 | 1,002,339.00 | 0.39 |
| 54640TAK5 | Louisiana Public Facilities Authority | LASFAC | 5.0 | 10/01/2043 | 1,000,000.00 | 1,000,000.00 | 0.39 |
| 512179AB8 | Lakeside Place Pfc | LSPMFH | 4.15 | 11/01/2026 | 1,000,000.00 | 1,000,000.00 | 0.39 |
| 74448SAA1 | Public Finance Authority | PUBGEN | 4.75 | 08/01/2059 | 1,000,000.00 | 1,000,709.00 | 0.39 |
| 790103AZ8 | Parish Of St James La | STJGEN | 3.7 | 08/01/2041 | 1,000,000.00 | 996,619.00 | 0.39 |
| 89602HAD9 | Triborough Bridge & Tunnel Authority | TRBTRN | 2.0 | 05/15/2045 | 1,000,000.00 | 993,625.00 | 0.39 |
| 64985SNS8 | NEW York State Dormitory Authority | NYSHGR | 3.32 | 11/15/2030 | 1,000,000.00 | 998,317.00 | 0.39 |
| 64987J4L2 | NEW York State Housing Finance Agency | NYSHSG | 3.6 | 11/01/2064 | 1,000,000.00 | 1,001,648.00 | 0.39 |
| 668865AB4 | Norwalk Housing Authority | NORMFH | 3.05 | 09/01/2058 | 1,000,000.00 | 995,786.00 | 0.39 |
| 95648VBV0 | WEST Virginia Economic Development Autho | WVSDEV | 4.63 | 04/15/2055 | 1,000,000.00 | 1,008,374.00 | 0.39 |
| 917434DL3 | UTAH Housing Corp | UTSMFH | 3.0 | 09/01/2045 | 1,000,000.00 | 988,217.00 | 0.38 |
| 74440DEC4 | Kentucky Public Energy Authority | KYSPWR | 5.25 | 04/01/2054 | 895,000.00 | 978,921.00 | 0.38 |
| 70342PAN4 | Patriots Energy Group Financing Agency | PEGUTL | 5.25 | 10/01/2054 | 880,000.00 | 955,078.00 | 0.37 |
| 13013JAR7 | California Community Choice Financing Au | CCEDEV | 3.67 | 02/01/2052 | 1,000,000.00 | 954,121.00 | 0.37 |
| 455059AK1 | Indiana Finance Authority | INSENV | 1.4 | 08/01/2029 | 1,000,000.00 | 916,751.00 | 0.36 |
| 649519DF9 | NEW York Liberty Development Corp | NYCDEV | 2.45 | 09/15/2069 | 1,000,000.00 | 928,633.00 | 0.36 |
| 649519DH5 | NEW York Liberty Development Corp | NYCDEV | 2.8 | 09/15/2069 | 1,000,000.00 | 924,149.00 | 0.36 |
| 45470YFL0 | Indiana Finance Authority | INSMED | 5.0 | 10/01/2062 | 860,000.00 | 902,812.00 | 0.35 |
| 66286UAH2 | North Texas Higher Education Authority I | NRTSTD | 5.0 | 06/01/2031 | 800,000.00 | 848,992.00 | 0.33 |
| 67884XCA3 | Oklahoma Development Finance Authority | OKSMED | 5.0 | 08/15/2026 | 800,000.00 | 810,111.00 | 0.32 |
| 837031H63 | South Carolina Jobs-economic Development | SCSDEV | 4.0 | 03/01/2062 | 800,000.00 | 818,196.00 | 0.32 |
| 63608TAB6 | NEW Hampshire Business Finance Authority | NFAGEN | 5.25 | 12/01/2035 | 800,000.00 | 799,998.00 | 0.31 |
| 544495R30 | LOS Angeles Department Of Water & Power | LOSUTL | 5.0 | 07/01/2027 | 760,000.00 | 762,569.00 | 0.30 |
| 45204E7J1 | Illinois Finance Authority | ILSGEN | 4.0 | 11/01/2030 | 760,000.00 | 775,887.00 | 0.30 |
| 45204EY93 | Illinois Finance Authority | ILSGEN | 5.0 | 11/01/2030 | 725,000.00 | 760,725.00 | 0.30 |
| 91417NDA0 | University Of Colorado | UCOHGR | 2.0 | 06/01/2051 | 780,000.00 | 768,669.00 | 0.30 |
| 928104NG9 | Virginia Small Business Financing Author | VASDEV | 4.0 | 01/01/2030 | 750,000.00 | 766,577.00 | 0.30 |
| 462590PQ7 | IOWA Student Loan Liquidity Corp | IASSTD | 5.0 | 12/01/2032 | 700,000.00 | 749,820.00 | 0.29 |
| 97712JHF3 | Wisconsin Health & Educational Facilitie | WISMED | 5.0 | 08/01/2027 | 700,000.00 | 706,845.00 | 0.28 |
| 896224BA9 | County Of Trimble Ky | TRMPOL | 1.3 | 09/01/2044 | 750,000.00 | 709,869.00 | 0.28 |
| 88256CEX3 | Texas Municipal Gas Acquisition And Supp | TXSUTL | 6.25 | 12/15/2026 | 690,000.00 | 702,879.00 | 0.27 |
| 68450LGT6 | Orange County Health Facilities Authorit | ORAMED | 5.0 | 11/15/2052 | 685,000.00 | 697,471.00 | 0.27 |
| 54241ABC6 | LONG Beach Bond Finance Authority | LONUTL | 4.45 | 11/15/2027 | 700,000.00 | 699,116.00 | 0.27 |
| 63608TAV2 | NEW Hampshire Business Finance Authority | NFAGEN | — | 12/15/2033 | 1,140,000.00 | 705,222.00 | 0.27 |
| 64542QBZ5 | NEW Hope Cultural Education Facilities F | NHPFAC | 4.0 | 08/15/2026 | 665,000.00 | 662,183.00 | 0.26 |
| 79467BHA6 | Sales Tax Securitization Corp | STSGEN | 5.0 | 01/01/2035 | 600,000.00 | 670,797.00 | 0.26 |
| 759151BB8 | Regional Transportation District | REGTRN | 5.0 | 07/15/2027 | 620,000.00 | 637,206.00 | 0.25 |
| 837151A74 | South Carolina Public Service Authority | SCSUTL | 4.0 | 12/01/2029 | 619,000.00 | 648,563.00 | 0.25 |
| 87638QSF7 | Tarrant County Cultural Education Facili | TAREDU | 5.0 | 11/15/2052 | 620,000.00 | 623,241.00 | 0.24 |
| 74442PL86 | Public Finance Authority | PUBGEN | 5.0 | 12/15/2036 | 636,776.00 | 622,990.00 | 0.24 |
| 491552W27 | Kentucky Turnpike Authority | KYSTRN | 5.0 | 07/01/2026 | 600,000.00 | 608,811.00 | 0.24 |
| 544532FX7 | LOS Angeles Department Of Water & Power | LOSUTL | 5.0 | 07/01/2026 | 620,000.00 | 627,722.00 | 0.24 |
| 544532AT1 | LOS Angeles Department Of Water & Power | LOSUTL | 5.0 | 07/01/2026 | 580,000.00 | 588,926.00 | 0.23 |
| 6262074P6 | Municipal Electric Authority Of Georgia | MELPWR | 5.0 | 01/01/2026 | 585,000.00 | 586,809.00 | 0.23 |
| 645780FS1 | NEW Jersey Economic Development Authorit | NJSWTR | 0.85 | 12/01/2025 | 600,000.00 | 598,812.00 | 0.23 |
| 121342QM4 | Development Authority Of Burke County/th | BURPOL | 3.7 | 10/01/2032 | 565,000.00 | 573,042.00 | 0.22 |
| 1675935S7 | Chicago O'hare International Airport | CHITRN | 5.0 | 01/01/2034 | 500,000.00 | 557,625.00 | 0.22 |
| 64972JQQ4 | NEW York City Transitional Finance Autho | NYCGEN | 5.0 | 11/01/2032 | 500,000.00 | 571,852.00 | 0.22 |
| 64990FJE5 | NEW York State Dormitory Authority | NYSHGR | 5.25 | 03/15/2037 | 500,000.00 | 530,739.00 | 0.21 |
| 874485DC6 | CITY Of Tallahassee Fl | TALMED | 5.0 | 12/01/2025 | 550,000.00 | 550,512.00 | 0.21 |
| 59447TK69 | Michigan Finance Authority | MISFIN | 5.0 | 06/01/2032 | 500,000.00 | 533,331.00 | 0.21 |
| 592190QP0 | Metropolitan Nashville Airport Authority | MNVAPT | 5.25 | 07/01/2034 | 500,000.00 | 550,243.00 | 0.21 |
| 544532CQ5 | LOS Angeles Department Of Water & Power | LOSUTL | 4.0 | 07/01/2026 | 500,000.00 | 503,356.00 | 0.20 |
| 646080ZB0 | NEW Jersey Higher Education Student Assi | NJSHGR | 5.0 | 12/01/2028 | 500,000.00 | 521,300.00 | 0.20 |
| 09182NCB4 | Black Belt Energy Gas District | BBEUTL | 4.0 | 07/01/2052 | 500,000.00 | 505,728.00 | 0.20 |
| 45204FJ89 | Illinois Finance Authority | ILSGEN | 5.0 | 07/01/2030 | 475,000.00 | 502,531.00 | 0.20 |
| 888808HG0 | Tobacco Settlement Financing Corp | TOBGEN | 5.0 | 06/01/2031 | 500,000.00 | 518,752.00 | 0.20 |
| 812643WU4 | CITY Of Seattle Wa Municipal Light & Pow | SEAPWR | 3.47 | 05/01/2045 | 500,000.00 | 491,394.00 | 0.19 |
| 677525WG8 | OHIO Air Quality Development Authority | OHSDEV | 2.4 | 12/01/2038 | 500,000.00 | 485,215.00 | 0.19 |
| 246579ER3 | Delaware Valley Regional Finance Authori | DLVGEN | 5.5 | 08/01/2028 | 445,000.00 | 476,156.00 | 0.19 |
| 114894VX3 | County Of Broward Fl Airport System Reve | BROAPT | 5.0 | 10/01/2026 | 500,000.00 | 500,577.00 | 0.19 |
| 605277AL6 | Mississippi Business Finance Corp | MSSDEV | 3.2 | 09/01/2028 | 500,000.00 | 498,787.00 | 0.19 |
| 63608TAA8 | NEW Hampshire Business Finance Authority | NFAGEN | 4.88 | 12/01/2033 | 500,000.00 | 500,105.00 | 0.19 |
| 646080YQ8 | NEW Jersey Higher Education Student Assi | NJSHGR | 5.0 | 12/01/2029 | 440,000.00 | 464,203.00 | 0.18 |
| 64577XFB7 | NEW Jersey Economic Development Authorit | NJSDEV | 5.25 | 06/15/2039 | 400,000.00 | 454,154.00 | 0.18 |
| 544525WQ7 | LOS Angeles Department Of Water & Power | LOSUTL | 5.0 | 07/01/2026 | 425,000.00 | 431,407.00 | 0.17 |
| 962468FE9 | Whatcom County Public Utility District N | WHAUTL | 5.0 | 12/01/2028 | 415,000.00 | 436,808.00 | 0.17 |
| 962468FC3 | Whatcom County Public Utility District N | WHAUTL | 5.0 | 12/01/2026 | 425,000.00 | 432,785.00 | 0.17 |
| 66285WWY8 | North Texas Tollway Authority | NRTTRN | 5.0 | 01/01/2028 | 415,000.00 | 415,997.00 | 0.16 |
| 880397CF9 | Tennergy Corp/tn | TGYPWR | 5.5 | 10/01/2053 | 380,000.00 | 404,830.00 | 0.16 |
| 499652AM7 | KNOX County Health Educational & Housing | KXVMFH | 3.95 | 12/01/2027 | 400,000.00 | 400,118.00 | 0.16 |
| 118217CL0 | Buckeye Tobacco Settlement Financing Aut | BUCGEN | 5.0 | 06/01/2030 | 385,000.00 | 414,941.00 | 0.16 |
| 19648FKC7 | Colorado Health Facilities Authority | COSMED | 5.0 | 08/01/2026 | 390,000.00 | 394,542.00 | 0.15 |
| 795576FM4 | CITY Of Salt Lake City Ut Airport Revenu | SALAPT | 5.0 | 07/01/2028 | 375,000.00 | 384,862.00 | 0.15 |
| 75076PBA2 | Railsplitter Tobacco Settlement Authorit | RAIGEN | 5.0 | 06/01/2028 | 375,000.00 | 380,186.00 | 0.15 |
| 93978HUH6 | Washington Health Care Facilities Author | WASMED | 5.0 | 07/01/2028 | 375,000.00 | 385,747.00 | 0.15 |
| 917393DF4 | County Of Utah Ut | UTSMED | 5.0 | 05/15/2060 | 345,000.00 | 350,215.00 | 0.14 |
| 628583AF3 | Myrtle Creek Improvement District | MYRGEN | 4.0 | 05/01/2027 | 365,000.00 | 366,232.00 | 0.14 |
| 60637ATQ5 | Health & Educational Facilities Authorit | MOSMED | 4.0 | 05/01/2051 | 335,000.00 | 336,580.00 | 0.13 |
| 56681NAM9 | Maricopa County Industrial Development A | MAREDU | 4.0 | 07/01/2026 | 340,000.00 | 339,275.00 | 0.13 |
| 962468FD1 | Whatcom County Public Utility District N | WHAUTL | 5.0 | 12/01/2027 | 330,000.00 | 341,358.00 | 0.13 |
| 888808HF2 | Tobacco Settlement Financing Corp | TOBGEN | 5.0 | 06/01/2030 | 315,000.00 | 327,782.00 | 0.13 |
| 51265KAZ1 | Lakewood Ranch Stewardship District | LKRGEN | 4.63 | 05/01/2027 | 300,000.00 | 302,064.00 | 0.12 |
| 646080XV8 | NEW Jersey Higher Education Student Assi | NJSHGR | 5.0 | 12/01/2028 | 285,000.00 | 297,776.00 | 0.12 |
| 34073TJQ1 | Florida Higher Educational Facilities Fi | FLSHGR | 5.0 | 03/01/2028 | 295,000.00 | 299,448.00 | 0.12 |
| 45204FJ71 | Illinois Finance Authority | ILSGEN | 5.0 | 07/01/2029 | 265,000.00 | 277,507.00 | 0.11 |
| 414009MP2 | Harris County Cultural Education Facilit | HAREDU | 5.0 | 07/01/2049 | 280,000.00 | 285,270.00 | 0.11 |
| 842469CT3 | Southern California Public Power Authori | STNPWR | 5.0 | 07/01/2031 | 250,000.00 | 280,084.00 | 0.11 |
| 67756CFW3 | State Of Ohio | OHSMED | 2.75 | 01/01/2052 | 250,000.00 | 248,769.00 | 0.10 |
| 92707VAQ7 | Village Community Development District N | VILDEV | 4.0 | 05/01/2026 | 245,000.00 | 245,092.00 | 0.10 |
| 5444957D0 | LOS Angeles Department Of Water & Power | LOSUTL | 5.0 | 07/01/2027 | 250,000.00 | 259,510.00 | 0.10 |
| 59333GAK4 | Miami-dade County Industrial Development | MIADEV | 3.35 | 09/01/2027 | 230,000.00 | 229,302.00 | 0.09 |
| 25483VTQ7 | District Of Columbia | DISREV | 5.0 | 07/01/2027 | 220,000.00 | 225,739.00 | 0.09 |
| 187145NS2 | Clifton Higher Education Finance Corp | CLIEDU | 5.0 | 08/15/2030 | 225,000.00 | 243,364.00 | 0.09 |
| 888808HM7 | Tobacco Settlement Financing Corp | TOBGEN | 5.0 | 06/01/2036 | 235,000.00 | 241,927.00 | 0.09 |
| 888809BA7 | Tobacco Settlement Financing Corp/ri | TOBGEN | 5.0 | 06/01/2028 | 240,000.00 | 240,212.00 | 0.09 |
| 650116DE3 | NEW York Transportation Development Corp | NYTTRN | 5.0 | 12/01/2025 | 200,000.00 | 200,164.00 | 0.08 |
| 92707UAZ9 | Village Community Development District N | VILDEV | 4.0 | 05/01/2026 | 205,000.00 | 205,822.00 | 0.08 |
| 414009SP6 | Harris County Cultural Education Facilit | HAREDU | 5.0 | 07/01/2054 | 200,000.00 | 212,503.00 | 0.08 |
| 09182RBE0 | Black Belt Energy Gas District | BBEUTL | 4.0 | 10/01/2049 | 170,000.00 | 170,595.00 | 0.07 |
| 5444954Z4 | LOS Angeles Department Of Water & Power | LOSUTL | 5.0 | 07/01/2026 | 175,000.00 | 177,227.00 | 0.07 |
| 51265KAU2 | Lakewood Ranch Stewardship District | LKRGEN | 4.25 | 05/01/2026 | 100,000.00 | 100,283.00 | 0.04 |
| 56681NAR8 | Maricopa County Industrial Development A | MAREDU | 4.0 | 07/01/2026 | 105,000.00 | 105,159.00 | 0.04 |
| 13049AAE3 | California Municipal Finance Authority | CASFIN | 4.0 | 06/01/2026 | 65,000.00 | 64,970.00 | 0.03 |
| 246387RQ9 | Delaware State Economic Development Auth | DESDEV | 2.8 | 09/01/2026 | 60,000.00 | 59,717.00 | 0.02 |
| 594612BP7 | State Of Michigan | MIS | 5.0 | 12/01/2025 | 55,000.00 | 55,085.00 | 0.02 |
| 800860EQ7 | Sanger Unified School District | SGREDU | 5.0 | 06/01/2052 | 60,000.00 | 60,059.00 | 0.02 |
| UXYZ5 COMD | US 10yr Ultra Fut Dec25 | UXYZ5 | — | 12/19/2025 | -3,464,531.00 | 20,021.00 | 0.01 |
| 130536QY4 | California Pollution Control Financing A | CASPOL | 7.0 | 07/01/2026 | 250,000.00 | 2,500.00 | 0.00 |
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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.
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.
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.
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.
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.
Investment products are distributed by Prudential Investment Management Services LLC (PIMS), 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, Inc., 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. PGIM is the principal asset management business of Prudential Financial, Inc. (PFI), and a trading name of PGIM, Inc. and its global subsidiaries and 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
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