NPORT-EX 2 PI62670PRU113023.htm
PGIM California Muni Income Fund
Schedule of Investments as of November 30, 2023 (unaudited)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Long-Term Investments 96.9%          
Municipal Bonds 
Anaheim Housing & Pub. Improvements Auth. Rev.,
Series C, Rfdg. 		5.000 % 10/01/45   2,000  $2,032,640
Bay Area Toll Auth. Rev.,          
San Francisco Bay Area Toll Bridge, Series G, Rfdg. (Mandatory put date 04/01/24) 2.000(cc) 04/01/53   1,000 995,822
Series A, Rfdg. (Mandatory put date 04/01/28) 2.000(cc) 04/01/56   750 704,802
California Cmnty. Choice Fing. Auth. Rev.,          
Green Bond Clean Energy Proj., Series B-1 (Mandatory put date 08/01/29) 5.000(cc) 07/01/53   1,000 1,041,395
Green Bond, Series A-1 (Mandatory put date 08/01/28) 4.000(cc) 05/01/53   1,350 1,342,358
Green Bond-Clean Energy Proj., Series A (Mandatory put date 12/01/27) 4.000(cc) 10/01/52   2,500 2,481,424
Green Bonds, Series C 5.000 10/01/24   500 502,173
Green Bonds, Series D (Mandatory put date 11/01/28) 5.500(cc) 05/01/54   2,000 2,113,995
Series B-1, Green Bond (Mandatory put date 08/01/31) 4.000(cc) 02/01/52   2,000 1,962,463
Series B-2, Green Bond (Mandatory put date 08/01/31) 3.750(cc) 02/01/52   1,120 1,002,191
California Cnty. Tob. Secur. Agcy. Rev.,          
Sonoma Cnty. Secur. Corp., Series A, Rfdg. 5.000 06/01/28   635 678,442
Sr. Series A, Rfdg. 5.000 06/01/25   700 715,750
Sr. Series A, Rfdg. 5.000 06/01/26   1,190 1,234,468
Sr. Series A, Rfdg. 5.000 06/01/29   1,475 1,597,212
Sr. Series A, Rfdg. 5.000 06/01/31   1,885 2,060,892
     
 
California Edl. Facs. Auth. Rev.,
Pepperdine Univ., Rfdg. (Pre-refunded date 04/01/26)(ee) 		5.000 10/01/49   2,085 2,194,302
California Hlth. Facs. Fing. Auth. Rev.,          
Cedars Sinai Med. Ctr., Rfdg. 5.000 11/15/25   1,415 1,475,118
Cedars Sinai Med. Ctr., Rfdg. 5.000 11/15/33   1,115 1,165,383
Cedars Sinai Med. Ctr., Series A 5.000 08/15/25   535 554,669
Commonspirit Hlth., Series A, Rfdg. 5.000 04/01/32   2,275 2,488,186
Kaiser Permanente, Series C (Mandatory put date 11/01/29) 5.000(cc) 06/01/41   3,005 3,322,426
Lucile Salter Packard Children’s Hosp. at Stanford, Series A, Rfdg. 5.000 05/15/26   1,000 1,048,703
Providence Hlth. Svcs., Series A, Rfdg. 5.000 10/01/27   330 334,212
Stanford Healthcare, Series A 5.000 08/15/33   1,000 1,193,157
Stanford Healthcare, Series A, Rfdg. 5.000 11/15/24   1,550 1,577,156
Stanford Healthcare, Series A, Rfdg. (Mandatory put date 08/15/25) 3.000(cc) 08/15/54   1,650 1,650,626
1
PGIM California Muni Income Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
California Hlth. Facs. Fing. Auth. Rev., (cont’d.)          
Sutter Hlth., Series A 5.000 % 11/15/30   500  $536,983
Sutter Hlth., Series A 5.000 11/15/36   2,085 2,191,090
Sutter Hlth., Series A, Rfdg. 5.000 11/15/35   885 936,737
California Infrast. & Econ. Dev. Bank Rev.,          
Academy of Motion Picture Arts & Sciences Oblig., Series A, Rfdg. 4.000 11/01/41   1,000 1,015,653
Brightline Passenger Rail Proj., Series A, Rmkt., AMT (Mandatory put date 01/31/24), 144A 3.650(cc) 01/01/50   800 798,268
J. Paul Getty Trust, Series B-1, Rfdg. (Mandatory put date 01/01/24) 0.390(cc) 10/01/47   1,000 998,145
Sustainability Bond CA ACAD Sciences, Series B, Rmkt., Rfdg. (Mandatory put date 08/01/24) 3.650(cc) 08/01/47   2,500 2,500,882
California Muni. Fin. Auth. Rev.,          
American Heritage Ed., Series A, Rfdg. 4.000 06/01/26   395 387,393
CHF-Davis I, LLC, West Vlg. Student Hsg. Proj., BAM, TCRs 5.000 05/15/29   760 805,186
Green Bond-Orchard Park Student Hsg. Proj., BAM 4.000 05/15/46   1,045 953,979
Humangood Calif. Oblig. Grp. 4.000 10/01/49   1,000 880,931
Orange Cnty. Civic Ctr. Infrastructure Program Phase 2 5.000 06/01/43   1,500 1,585,432
Series A, 144A 5.500 06/01/48   250 241,337
Spl. Tax, Cmnty. Facs. Dist. No. 2021-11, Otay Ranch Vlg. 8W 5.000 09/01/57   850 855,487
Sr. Lien, Linxs Apm Proj., Series A, P3 Proj., AMT 5.000 12/31/25   285 290,112
Sr. Lien, Linxs Apm Proj., Series A, P3 Proj., AMT 5.000 06/30/26   1,385 1,417,181
Sr. Lien, Linxs Apm Proj., Series A, P3 Proj., AMT 5.000 06/30/31   320 332,747
Temps 85 Aldersly Proj., Series B-1 4.000 11/15/28   595 599,127
UCR North Dist. Phase 1 Student Hsg. Proj., BAM 5.000 05/15/27   750 789,862
United Airlines, Inc. Proj., AMT 4.000 07/15/29   2,000 1,918,362
Wste. Mgmt., AMT (Mandatory put date 12/01/23) 4.250(cc) 12/01/44   1,000 1,000,000
California Poll. Ctrl. Fing. Auth. Wtr. Facs. Rev.,          
American Wtr. Cap. Corp. Proj., Series 2020, Rmkt., Rfdg. (Mandatory put date 09/01/28) 3.700(cc) 08/01/40   1,000 1,016,814
Green Bond-Calplant I Proj., AMT, 144A 7.000 07/01/22^(d)   250 40,000
Green Bond-Calplant I Proj., AMT, 144A 8.000 07/01/39^(d)   500 80,000
Repub. Svcs., Inc. Proj., Rfdg., AMT (Mandatory put date 02/15/24), 144A 4.250(cc) 07/01/43   1,000 995,164
Wste. Mgmt. Proj., Series A, Rmkt. (Mandatory put date 05/01/24) 2.500(cc) 11/01/38   1,375 1,364,625
Wste. Mgmt. Proj., Series A, Rmkt., AMT (Mandatory put date 05/01/24) 2.500(cc) 07/01/31   1,000 990,897
California Sch. Fin. Auth. Rev.,          
Alliance CLG-Ready Pub. Schs., Series A, 144A 5.000 07/01/45   1,000 1,005,338
Alliance CLG-Ready Pub. Schs., Series A, Rfdg., 144A 4.000 07/01/26   300 296,951
2
PGIM California Muni Income Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
California Sch. Fin. Auth. Rev., (cont’d.)          
Green Dot Pub. Sch. Proj., Series A, 144A 4.000 % 08/01/25   250  $247,576
Green Dot Pub. Sch. Proj., Series A, 144A 5.000 08/01/45   685 685,230
Green Dot Pub. Schs. Calif. Proj., Series A, Rfdg., 144A 5.000 08/01/32   700 721,113
KIPP LA. Proj., Series A, 144A 5.000 07/01/45   1,000 1,005,883
KIPP Socal Pub. Schs., Series A, 144A 5.000 07/01/39   1,000 1,036,946
KIPP Socal Pub. Schs., Series A, 144A 5.000 07/01/49   1,500 1,512,789
Vista Charter Schs., Series A, 144A 4.000 06/01/51   2,000 1,543,821
California St.,          
GO, Rfdg. 3.250 04/01/45   1,000 897,957
GO, Rfdg. 4.000 09/01/26   1,500 1,550,601
GO, Rfdg. 5.000 11/01/26   2,075 2,208,138
GO, Rfdg. 5.000 08/01/28   2,425 2,625,358
GO, Rfdg. 5.000 09/01/28   2,005 2,217,007
GO, Rfdg. 5.000 04/01/33   1,000 1,114,891
GO, Rfdg. 5.000 08/01/46   2,000 2,068,878
GO, Rfdg. 5.250 10/01/50   1,000 1,123,862
GO, Rfdg., AGM 5.250 08/01/32   1,500 1,771,132
Unrefunded Balance, GO, Rfdg. 5.500 04/01/30   5 5,010
Var. Purp., GO 3.000 03/01/28   2,000 2,030,217
Var. Purp., GO, Rfdg. 4.000 09/01/34   1,580 1,618,678
Var. Purp., GO, Rfdg., BAM, TCRs 5.000 09/01/35   1,000 1,051,410
California St. Pub. Wks. Brd. Lease Rev.,          
Off. Emerg. Svcs., Series F, Rfdg. 5.000 04/01/25   175 179,894
Var. Capital Proj., Series C, Rfdg. 5.000 09/01/32   1,000 1,179,256
     
 
California St. Univ. Rev.,
Series A 		5.250 11/01/53   1,000 1,121,267
California Statewide Cmntys. Dev. Auth. Rev.,          
899 Charleston Proj., Series A, Rfdg., 144A 5.250 11/01/44   250 201,248
CHF Irvine LLC, Rfdg. 5.000 05/15/27   685 704,623
CHF Irvine LLC, Rfdg. 5.000 05/15/28   2,000 2,060,240
Loma Linda Univ. Med. Ctr. Series A, Rfdg. 5.500 12/01/54   1,585 1,585,580
Methodist Hosp. of Southern CA Proj. 5.000 01/01/24   450 450,259
Odd Fellows Home of Cali. Proj., Series A, Rfdg. 4.000 04/01/43   1,000 999,683
Southern Calif. Edison Co., Series B, Rmkt., Rfdg. 1.450 04/01/28   2,000 1,711,495
Southern Calif. Edison Co., Series D, Rmkt., Rfdg.(hh) 4.500 11/01/33   1,000 1,057,781
     
 
Fontana,
Spl. Tax, Cmnty. Facs. Dist. No. 22 Sierra Hills, Rfdg. 		5.000 09/01/34   500 505,787
Freddie Mac Multifamily Variable Rate Cert. Rev.,          
FRETE 2023, ML18, Class X-CA 1.507(cc) 09/25/37   9,940 1,021,589
Sustainability Bonds, Series ML-13, Class X 0.961(cc) 07/25/36   16,775 945,562
     
 
3
PGIM California Muni Income Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
     
Golden St. Tob. Secur. Corp. Rev.,
Tob. Settlement Asset-Backed Bonds, Series A-1, Rfdg. 		5.000 % 06/01/51   1,100  $1,127,220
Indio Elec. Fing. Auth. Rev.,
Series A(hh) 		5.250 01/01/48   1,125 1,225,474
Irvine Facs. Fing. Auth.,
Spl. Tax, Irvine Grt. Park Infrast. Proj., Series A, BAM 		5.250 09/01/53   2,560 2,852,059
Irvine Unif. Sch. Dist.,
Spl. Tax, Series A 		4.000 09/01/28   745 791,479
Jurupa Pub. Fing. Auth.,
Spl. Tax, Series A, Rfdg. 		5.000 09/01/42   1,250 1,253,285
Lincoln Pub. Fing. Auth.,
Twelve Bridges, Tax Alloc., Sub. Series B, Rfdg. 		6.000 09/02/27   528 529,294
Long Beach Bond Fin. Auth. Nat. Gas Pur. Rev.,          
Series A 5.000 11/15/35   2,725 2,920,434
Series A 5.500 11/15/30   1,475 1,605,598
Series A 5.500 11/15/32   440 487,350
Los Angeles Calif. Dept. Arpts. Rev.,          
Series A, AMT 5.250 05/15/48   1,000 1,043,610
Series B, Rfdg., AMT 5.000 05/15/31   1,080 1,161,630
Sr. Bonds, Private Activity, Series H, Rfdg., AMT 5.000 05/15/29   1,000 1,084,135
Sub. Series A, Rfdg., AMT 4.000 05/15/44   1,000 943,022
Sub. Series C, Rfdg. 5.000 05/15/24   390 393,816
Sub-P3. Proj., Series A, Rfdg., AMT 5.000 05/15/28   1,250 1,347,280
Unrefunded, Sub. Series D, Rfdg., AMT 5.000 05/15/35   1,530 1,673,637
     
 
Los Angeles Cmnty. Clg. Dist.,
2016 Elect., Series C-1, GO 		5.000 08/01/24   2,785 2,824,144
Los Angeles Cnty. Rev.,
TRANS 		5.000 06/28/24   1,800 1,820,718
Los Angeles Dept. of Wtr. & Pwr. Rev.,
Pwr. Sys., Series A 		5.000 07/01/39   1,000 1,080,539
Los Angeles Dept. of Wtr. & Pwr. Wtr. Sys. Rev.,          
Series A, Rfdg. 5.250 07/01/53   1,000 1,118,599
Series B, Rfdg. 5.000 07/01/43   1,115 1,186,575
Series D, Rfdg. 5.000 07/01/52   1,625 1,770,623
     
 
Los Angeles Rev.,
TRANS 		5.000 06/27/24   3,000 3,033,873
Metro. Wtr. Dist. of Southern Calif. Rev.,          
Series B, Rfdg. 3.000 07/01/28   2,000 2,044,257
Sub. Series C, Rmkt. (Mandatory put date 05/21/24) 3.440(cc) 07/01/47   2,000 1,997,829
     
 
M-S-R Energy Auth. Rev.,
Series A 		6.500 11/01/39   1,000 1,238,925
Northern Calif. Energy Auth. Rev.,
Series A (Mandatory put date 07/01/24) 		4.000(cc) 07/01/49   4,300 4,294,052
4
PGIM California Muni Income Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Northern Calif. Tob. Secur. Auth. Rev.,          
Sr. Bonds Sacramento Co. Tob. Secur. Corp., Series A, Class 1, Rfdg. 5.000 % 06/01/29   1,225  $1,330,193
Sr. Bonds, Series A, Rfdg. 5.000 06/01/28   1,000 1,071,838
     
 
Northern Calif. Transmn. Agy. Rev.,
Calif.- Oregon Proj., Series A, Rfdg. 		5.000 05/01/39   980 1,012,144
Oakland,
Measure U, Series A-1, GO 		5.500 07/15/53   1,685 1,907,841
Orange Cnty. Cmnty. Facs. Dist.,          
Spl. Tax, No. 2015-1 Esencia Vlg., Series A 5.250 08/15/45   2,150 2,177,546
Spl. Tax, No. 2017-1 Esencia Vlg., Series A 5.000 08/15/47   1,500 1,523,040
     
 
Patterson Pub. Fing. Auth.,
Spl. Tax, Rfdg., AGM 		5.000 09/01/39   750 821,212
Pittsburg Successor Agy. Redev. Agy.,          
Los Medanos Cmnty. Dev. Proj., Tax Alloc., AMBAC, CABS 3.256(t) 08/01/26   1,485 1,362,336
Tax Alloc., Sub. Series A, Rfdg., AGM 5.000 09/01/29   1,750 1,835,282
     
 
Pittsburg Successor Agy. Redev. Agy. Rev.,
Intermediate Lien, Series H, Rfdg., AMT 		5.000 05/01/29   690 744,587
Port of Oakland Rev.,          
Inter Lien, Series E, Rfdg. 5.000 11/01/26   750 797,208
Intermediate Lien, Series H, Rfdg., AMT 5.000 05/01/28   2,375 2,546,732
     
 
Poway Unif. Sch. Dist. Pub. Fing. Auth.,
Spl. Tax, Cmnty. Fasc. Dist. No. 14, Series A, Rfdg. 		5.000 09/01/35   1,000 1,017,211
Puerto Rico Comnwlth.,
Restructured, Series A, CABS, GO 		3.873(t) 07/01/24   1,429 1,397,362
Puerto Rico Industrial Tourist Edl. Med. & Envirml. Ctl.
Facs. Fing. Auth. Rev., 		         
Hosp. Auxilio Mutuo Oblig. Grp. Proj., Rfdg. 5.000 07/01/32   2,100 2,269,257
Hosp. Auxilio Mutuo Oblig. Grp. Proj., Rfdg. 5.000 07/01/33   1,335 1,439,416
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev.,          
Restructured, Series A-1, CABS 4.104(t) 07/01/33   1,048 709,926
Series A-1, CABS 3.431(t) 07/01/24   2,506 2,456,604
Series A-1, CABS 3.924(t) 07/01/27   2,645 2,300,942
     
 
Rancho Cucamonga Redev. Agy. Successor Agy.,
Rancho Redev. Proj. Area, Tax Alloc., Rfdg., AGM 		5.000 09/01/32   450 456,310
Riverside Cnty. Infrast. Fing. Auth. Rev.,
Series A, Rfdg. (Pre-refunded date 11/01/25)(ee) 		4.000 11/01/37   190 194,499
Riverside Cnty. Pub. Fing. Auth. Rev.,
Cap. Facs. Proj. (Pre-refunded date 11/01/25)(ee) 		5.250 11/01/45   1,000 1,046,756
Riverside Cnty. Rev.,
TRANS 		5.000 06/28/24   1,000 1,011,772
5
PGIM California Muni Income Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Roseville,          
Spl. Tax, WestPark Cmnty. Facs. Dist. No. 1, Pub. Facs., Rfdg. 5.000 % 09/01/28   300  $307,124
Spl. Tax, WestPark Cmnty. Facs. Dist. No. 1, Pub. Facs., Rfdg. 5.000 09/01/37   1,165 1,182,107
     
 
Sacramento Cnty.,
Spl. Tax, Cmnty. Facs. Dist. No. 2004-1, Mcclellan Park, Rfdg. 		5.000 09/01/40   1,085 1,092,404
Sacramento Muni. Util. Dist. Rev.,          
Green Bonds, Series H, Rfdg. 5.000 08/15/39   465 516,426
Green Bonds, Series K, Rfdg. 5.000 08/15/53   1,000 1,097,623
San Diego Cnty. Regl. Arpt. Auth. Rev.,          
Sub. Series B, AMT 5.000 07/01/34   1,000 1,093,133
Sub. Series B, Rfdg., AMT 5.000 07/01/28   1,000 1,072,857
Sub. Series B, Rfdg., AMT 5.000 07/01/37   1,400 1,477,785
Sub. Series C, Rfdg., AMT 5.000 07/01/24   625 630,852
     
 
San Diego Pub. Facs. Fing. Auth. Rev.,
Cap. Impt. Projs., Series A 		5.000 10/15/44   1,000 1,018,112
San Francisco City & Cnty. Arpt. Commn. Rev.,          
2nd Series A, Rfdg. 5.000 05/01/27   400 421,200
2nd Series A, Rfdg., AMT 5.250 05/01/33   545 546,466
2nd Series, Series C, Rfdg., AMT 5.500 05/01/39   1,000 1,125,244
Series D, Rfdg., AMT 5.000 05/01/26   1,980 2,055,642
Series H, Rfdg., AMT, ETM(ee) 5.000 05/01/24   1,120 1,126,824
Unrefunded, 2nd Series G, Rfdg., AMT 5.000 05/01/27   2,035 2,145,673
     
 
San Leandro Cmnty. Facs. Dist. No. 1,
Spl. Tax Dist. No. 1 		6.500 09/01/25   815 816,752
Sanger Unif. Sch. Dist.,          
Prerefunded, COP, Cap. Proj., Rfdg., AGM 5.000 06/01/52   880 883,121
Unrefunded, COP, Cap. Proj., Rfdg., AGM 5.000 06/01/52   85 85,030
     
 
Santa Maria Joint Union H.S. Dist.,
Elect. of 2004, CABS, GO, NATL 		2.978(t) 08/01/29   1,250 1,057,144
Santa Monica Cmnty. Clg. Dist.,
Elect. of 2002, Series A, GO, NATL 		2.770(t) 08/01/28   1,055 927,833
Southern Calif. Tob. Secur. Auth. Rev.,
San Diego Co., Asset security, Rfdg. 		5.000 06/01/25   1,880 1,923,435
Univ. of California Reg. Med. Ctr. Rev.,          
Series L, Rfdg. 5.000 05/15/28   1,000 1,050,800
Series P 5.000 05/15/36   1,500 1,729,110
Univ. of California Rev.,          
Series AM 5.250 05/15/38   1,000 1,011,910
Series BE, Rfdg. 5.000 05/15/41   1,195 1,314,197
Series BM, Rfdg. 5.000 05/15/29   1,000 1,130,883
     
 
6
PGIM California Muni Income Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
     
Vernon Elec. Sys. Rev.,
Series A 		5.000 % 04/01/28   2,150  $2,260,138
Walnut Energy Ctr. Auth. Rev.,
Rfdg. 		5.000 01/01/34   1,000 1,013,164
     
 
 
Total Long-Term Investments
(cost $215,205,887) 		211,447,869
 
Short-Term Investment 4.8%
    
      Shares  
Affiliated Mutual Fund   
PGIM Core Ultra Short Bond Fund
(cost $10,521,331)(wb) 		      10,521,331 10,521,331
   
TOTAL INVESTMENTS 101.7%
(cost $225,727,218) 		  221,969,200
Liabilities in excess of other assets(z) (1.7)%   (3,631,666)
   
Net Assets 100.0%   $218,337,534
           
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
    
  144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.
  AGM—Assured Guaranty Municipal Corp.
  AMBAC—American Municipal Bond Assurance Corp.
  AMT—Alternative Minimum Tax
  BAM—Build America Mutual
  CABS—Capital Appreciation Bonds
  COP—Certificates of Participation
  ETM—Escrowed to Maturity
  GO—General Obligation
  NATL—National Public Finance Guarantee Corp.
  Rfdg—Refunding
  TCRs—Transferrable Custodial Receipts
  TRANS—Tax and Revenue Anticipation Notes
    
# Principal amount is shown in U.S. dollars unless otherwise stated.
^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $120,000 and 0.1% of net assets.
(cc) Variable rate instrument. The rate shown is based on the latest available information as of November 30, 2023. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.
7
PGIM California Muni Income Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
(ee) All or partial escrowed to maturity and pre-refunded issues are secured by escrowed cash, a guaranteed investment contract and /or U.S. guaranteed obligations.
(hh) When-issued security.
(t) Represents zero coupon. Rate quoted represents effective yield at November 30, 2023.
(wb) Represents an investment in a Fund affiliated with the Manager.
(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:
Futures contracts outstanding at November 30, 2023:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Short Position:
9   30 Year U.S. Ultra Treasury Bonds   Mar. 2024    $1,107,000    $(14,709)
Other information regarding the Fund is available in the Fund’s most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).
8