N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:	811-04930
Exact name of registrant as specified in charter:	Prudential Investment Portfolios 4
Address of principal executive offices:	655 Broad Street, 6th Floor
	Newark, New Jersey 07102
Name and address of agent for service:	Andrew R. French
	655 Broad Street, 6th Floor
	Newark, New Jersey 07102
Registrant’s telephone number, including area code:	800-225-1852
Date of fiscal year end:	8/31/2022
Date of reporting period:	8/31/2022

Item 1 – Reports to Stockholders

PGIM MUNI HIGH INCOME FUND

ANNUAL REPORT

AUGUST 31, 2022

To enroll in e-delivery, go to pgim.com/investments/resource/edelivery

Table of Contents

Letter from the President	3
Your Fund’s Performance	4
Growth of a $10,000 Investment	5
Strategy and Performance Overview	8
Fees and Expenses	10
Holdings and Financial Statements	13
Approval of Advisory Agreements

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

The views expressed in this report and information about the Fund’s portfolio holdings are for the period covered by this report and are subject to change thereafter.

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies © 2022 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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Letter from the President

Dear Shareholder: We hope you find the annual report for the PGIM Muni High Income Fund informative and useful. The report covers performance for the 12-month period that ended August 31, 2022.

The attention of the global economy and financial markets pivoted during the period from the COVID-19 pandemic to the challenge of rapidly rising inflation. While job growth and corporate profits remained strong, prices for a wide range of goods and services rose in response to economic re-openings, supply-chain disruptions, governmental stimulus, and Russia’s invasion of Ukraine. With inflation surging to a 40-year high, the US Federal Reserve and other central banks aggressively hiked interest rates, prompting recession concerns.

After rising to record levels at the end of 2021, stocks have fallen sharply in 2022 as investors worried about higher prices, slowing economic growth, geopolitical uncertainty, and new COVID-19 outbreaks. Equities rallied for a time during the summer but began falling again in late August on fears that the Fed would keep raising rates to tame inflation. For the entire 12-month period, equities suffered a broad-based global decline, although large-cap US stocks outperformed their small-cap counterparts by a significant margin. International developed and emerging markets trailed the US market during this time.

Rising rates and economic uncertainty drove fixed income prices broadly lower as well. US and global investment-grade bonds, along with US high yield corporate bonds and emerging market debt, all posted negative returns during the period.

Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals. Your financial advisor can help you create a diversified investment plan that may include funds covering all the basic asset classes and that reflects your personal investor profile and risk tolerance. However, diversification and asset allocation strategies do not assure a profit or protect against loss in declining markets.

At PGIM Investments, we provide access to active investment strategies across the global markets in the pursuit of consistent outperformance for investors. PGIM is the world’s 11th-largest investment manager with more than $1.5 trillion in assets under management. Our scale and investment expertise allow us to deliver a diversified suite of actively managed solutions across a broad spectrum of asset classes and investment styles.

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Muni High Income Fund

October 14, 2022

PGIM Muni High Income Fund    3

Your Fund’s Performance (unaudited)

Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website at pgim.com/investments or by calling (800) 225-1852.

	Average Annual Total Returns as of 8/31/22
	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A
(with sales charges)	-14.57	0.76	2.58	—
(without sales charges)	-11.70	1.43	2.92	—
Class C
(with sales charges)	-13.24	0.66	2.14	—
(without sales charges)	-12.38	0.66	2.14	—
Class Z
(without sales charges)	-11.52	1.64	3.16	—
Class R6
(without sales charges)	-11.43	1.75	N/A	1.98 (06/27/2017)
Bloomberg Municipal Bond Index
	-8.63	1.28	2.25	—
Bloomberg Municipal High Yield Bond Index
	-10.06	3.50	4.26	—
Bloomberg Municipal Bond Index (50%)/Bloomberg Municipal High Yield Bond Index (50%)
	-9.34	2.41	3.27	—

Average Annual Total Returns as of 8/31/22 Since Inception (%)
	Class R6    (06/27/2017)
Bloomberg Municipal Bond Index	1.54
Bloomberg Municipal High Yield Bond Index	3.79
Bloomberg Municipal Bond Index (50%)/Bloomberg Municipal High Yield Bond Index (50%)	2.69

Since Inception returns are provided for any share class that has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the class’ inception date.

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Growth of a $10,000 Investment (unaudited)

The graph compares a $10,000 investment in the Fund’s Class Z shares with a similar investment in the Bloomberg Municipal Bond Index, by portraying the initial account values at the beginning of the 10-year period (August 31, 2012) and the account values at the end of the current fiscal year (August 31, 2022), as measured on a quarterly basis. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested. The line graph provides information for Class Z shares only. As indicated in the tables provided earlier, performance for other share classes will vary due to the differing fees and expenses applicable to each share class (as indicated in the following paragraphs). Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

Past performance does not predict future performance. Total returns and the ending account values in the graphs include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. The Fund’s total returns do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares.

The returns in the tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. The average annual total returns take into account applicable sales charges, which are described for each share class in the table below.

PGIM Muni High Income Fund    5

Your Fund’s Performance (continued)

	Class A	Class C	Class Z	Class R6
Maximum initial sales charge	3.25% of the public offering price.	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption)	1.00% on sales of $500,000 or   more made within 12 months of purchase	1.00% on sales made within 12 months of   purchase	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.25%	1.00%	None	None

Benchmark Definitions

Bloomberg Municipal Bond Index—The Bloomberg Municipal Bond Index is an unmanaged index of long-term investment-grade municipal bonds. It gives a broad look at how long-term investment-grade municipal bonds have performed.

Bloomberg Municipal High Yield Bond Index—The Bloomberg Municipal High Yield Bond Index is an unmanaged index of non-rated or Ba1 or below-rated municipal bonds. It gives a broad look at how non-investment-grade municipal bonds have performed.

Bloomberg Municipal Bond Index (50%) / Bloomberg Municipal High Yield Bond Index (50%)—This is a custom blend of the Bloomberg Municipal Bond Index (50%) and the Bloomberg Municipal High Yield Bond Index (50%).

Investors cannot invest directly in an index. The returns for the Indexes would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes that may be paid by an investor.

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Credit Quality expressed as a percentage of total investments as of 8/31/22 (%)
AAA	2.6
AA	12.4
A	25.6
BBB	22.0
BB	10.4
B	1.4
Not Rated	25.2
Cash/Cash Equivalents	0.4
Total	100.0

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global Ratings (S&P), or Fitch, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable S&P/Fitch rating tier nomenclature. These rating agencies are independent and are widely used. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.

Distributions and Yields as of 8/31/22
	Total Distributions Paid for One Year ($)	SEC 30-Day Subsidized Yield* (%)	Taxable Equivalent 30-Day Subsidized Yield*** at Federal Tax Rates of		SEC 30-Day Unsubsidized Yield** (%)	Taxable Equivalent 30-Day Unsubsidized Yield*** at Federal Tax Rates of
			37.0 (%)	40.8 (%)		37.0 (%)	40.8 (%)
Class A	0.31	3.24	5.14	5.47	3.21	5.10	5.42
Class C	0.23	2.51	3.98	4.24	2.49	3.95	4.21
Class Z	0.33	3.59	5.70	6.06	3.62	5.75	6.11
Class R6	0.34	3.68	5.84	6.22	3.60	5.71	6.08

*SEC 30-Day Subsidized Yield (%)—A standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the Fund’s net expenses (net of any expense waivers or reimbursements). The investor experience is represented by the SEC 30-Day Subsidized Yield.

**SEC 30-Day Unsubsidized Yield (%)—A standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the Fund’s gross expenses. The investor experience is represented by the SEC 30-Day Subsidized Yield.

***Some investors may be subject to the federal alternative minimum tax (AMT) and/or state and local taxes. Taxable equivalent yields reflect federal taxes only. The taxable equivalent yield is the yield an investor would have to earn on a taxable investment in order to equal the yield provided by a tax-exempt municipal bond. The taxable equivalent yields presented in the table use the highest marginal federal individual income tax rate (37.0%) and the highest marginal federal individual income tax rate plus the 3.8% net investment income tax (40.8%).

PGIM Muni High Income Fund    7

Strategy and Performance Overview* (unaudited)

How did the Fund perform?

The PGIM Muni High Income Fund’s Class Z shares returned – 11.52% in the 12-month reporting period that ended August 31, 2022, underperforming the –9.34% return of the Bloomberg Municipal Bond Index (50%) / Bloomberg Municipal High Yield Index (50%) (the Index).

What were the market conditions?

· Municipal securities exhibited modest positive returns during the first four months of the reporting period, driven by a favorable technical backdrop and improving credit fundamentals. Underlying conditions benefited from unprecedented federal aid and an improving economic backdrop as the US rebounded from the slowdown triggered by the COVID-19 pandemic. There were record inflows into municipal funds in 2021 totaling nearly $100 billion.

· The last eight months of the period presented a stark contrast as the US Federal Reserve (the Fed) switched gears to a restrictive monetary policy in an effort to tame high inflation. The Fed hiked the federal funds rate by 225 basis points in 2022 through the end of the period, and the market is pricing in additional rate hikes by year-end. (One basis point equals 0.01%.) The market reacted sharply as this theme played out in 2022, coupled with geopolitical tensions in eastern Europe. Market volatility was very high, and US Treasuries sold off, leaving interest rates substantially higher.

· Municipal bond fund flows turned negative in January 2022, and a sustained outflow cycle began pressuring spreads wider as funds sold bonds and street dealers bid less aggressively for their inventories. The net result was a very weak period in 2022 for municipal bond returns. Credit fundamentals remain relatively strong, however, as the negative performance has been driven by technical conditions.

What worked?

· Security selection in the transportation sector contributed positively to performance, as the Fund’s names and structures held up relatively well as spreads moved wider over the period.

· The Fund’s overweight relative to the Index to the charter school sector contributed to performance as the sector outperformed.

What didn’t work?

· The Fund’s longer duration relative to the Index detracted from performance, as yields moved higher during the period. (Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates.)

· The Fund’s overweight in the pre-pay gas and tobacco sectors relative to the Index detracted from performance as they underperformed during the period.

· The Fund’s overweight in healthcare detracted from performance as spreads widened and certain issues underperformed.

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Did the Fund use derivatives?

The Fund maintained a short position in Treasury bond futures contracts during the period to offset some of its long active duration. This position contributed positively to performance.

Current outlook

With the Fed likely approaching the end of its hiking cycle, attractive muni valuations, and municipal credit in relatively good shape, PGIM Fixed Income can see a path to positive returns in municipals. However, a key to this view is some degree of stabilization in the broader rates market. A continuation on the path of higher rates would likely prolong the fund outflow cycle and cause further negative returns. This leaves PGIM Fixed Income cautiously optimistic on its outlook for the municipal market.

*This strategy and performance overview, which discusses what strategies or holdings (including derivatives, if applicable) affected the Fund’s performance, is compiled based on how the Fund performed relative to the Fund’s benchmark index and is viewed for performance attribution purposes at the aggregate Fund level, which in most instances will not directly correlate to the amounts disclosed in the Statement of Operations which conform to U.S. generally accepted accounting principles.

PGIM Muni High Income Fund    9

Fees and Expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemptions, as applicable, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses, as applicable. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 held through the six-month period ended August 31, 2022. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

The first line for each share class in the table on the following page provides information about actual account values and actual expenses. You may use the information on this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value ÷ $1,000 = 8.6), then multiply the result by the number on the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class in the table on the following page provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The Fund’s transfer agent may charge additional fees to holders of certain accounts that are not included in the expenses shown in the table on the following page. These fees apply to individual retirement accounts (IRAs) and Section 403(b) accounts. As of the close of the six-month period covered by the table, IRA fees included an annual maintenance fee of $15 per account (subject to a maximum annual maintenance fee of $25 for all accounts held by the same shareholder). Section 403(b) accounts are charged an annual $25 fiduciary maintenance fee. Some of the fees may vary in amount, or may be waived, based on your total account balance or the number of PGIM funds, including the Fund, that you own. You should consider the additional fees that were charged to your Fund account over the six-month period when you estimate the total ongoing expenses paid over the period and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information

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provided in the expense table. Additional fees have the effect of reducing investment returns.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

PGIM Muni High Income Fund		Beginning   Account Value   March 1, 2022	Ending Account Value August 31, 2022	Annualized Expense   Ratio Based on the   Six-Month Period	Expenses Paid During the Six-Month Period*
Class A	Actual	$1,000.00	$   911.80	0.81%	$3.90
	Hypothetical	$1,000.00	$1,021.12	0.81%	$4.13
Class C	Actual	$1,000.00	$   908.20	1.60%	$7.70
	Hypothetical	$1,000.00	$1,017.14	1.60%	$8.13
Class Z	Actual	$1,000.00	$   912.70	0.58%	$2.80
	Hypothetical	$1,000.00	$1,022.28	0.58%	$2.96
Class R6	Actual	$1,000.00	$   913.20	0.49%	$2.36
	Hypothetical	$1,000.00	$1,022.74	0.49%	$2.50

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended August 31, 2022, and divided by the 365 days in the Fund’s fiscal year ended August 31, 2022 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

PGIM Muni High Income Fund    11

PGIM Muni High Income Fund

Schedule of Investments

as of August 31, 2022

Description	Interest       Rate	Maturity       Date	Principal   Amount (000)#		Value
LONG-TERM INVESTMENTS     100.0%
MUNICIPAL BONDS     97.6%
Alabama     4.1%
Black Belt Energy Gas Dist. Rev.,
Gas Proj. No. 7, Series C-1 (Mandatory put date 12/01/26)	4.000%(cc)	10/01/52		5,000	$	5,028,272
Gas Proj. No. 8, Series A (Mandatory put date 12/01/29)	4.000(cc)	12/01/52		4,035		4,017,483
Gas Proj., Series E (Mandatory put date 06/01/28)	5.000(cc)	05/01/53		4,000		4,266,991
Proj. No. 6, Series B (Mandatory put date 12/01/26)	4.000(cc)	10/01/52		10,500		10,522,848
Proj. Series B-1 (Mandatory put date 10/01/27)	4.000(cc)	04/01/53		3,000		3,027,025
Series D1, Rfdg. (Mandatory put date 06/01/27)	4.000(cc)	07/01/52		1,000		1,020,369
Jefferson Cnty. Swr. Rev.,
Sr. Lien, Warrants, Series A, Rfdg., AGM	5.000	10/01/44		500		516,309
Sr. Lien, Warrants, Series A, Rfdg., AGM	5.250	10/01/48		500		519,810
Southeast Energy Auth. Cooperative Dist. Rev.,
Proj. No. 2, Series B (Mandatory put date 12/01/31)	4.000(cc)	12/01/51		3,700		3,649,296
						32,568,403
Alaska     0.7%
Alaska Indl. Dev. & Export Auth. Rev.,
Tanana Chiefs Conference Proj., Series A	4.000	10/01/49		4,320		3,861,695
North. Tob. Secur. Corp. Rev.,
Sr. Series A, Class 1, Rfdg.	4.000	06/01/50		2,000		1,781,255
Sr. Series B-2, Class 2, Rfdg., CABS	3.400(t)	06/01/66		1,000		118,199
						5,761,149
Arizona     5.1%
Arizona Indl. Dev. Auth. Rev.,
Basis Schs. Proj., Series A, Rfdg., 144A	5.375	07/01/50		1,000		1,013,606
Cadence Campus Proj., Series A, 144A	4.000	07/15/50		1,600		1,322,864
Pinecrest Academy of North. Proj., Series A, 144A	4.500	07/15/29		2,000		1,984,744
Pinecrest Academy-Horizon Inspirada & St. Rose
Campus, Series A, 144A	5.750	07/15/48		1,500		1,531,275
Somerset Academy of LV-Aliante & Skye Canyon
Campus Proj., Series A, 144A	4.000	12/15/51		700		577,769
Glendale Indl. Dev. Auth. Rev.,
Royal Oaks Inspirata Pointe Proj., Series A	5.000	05/15/56		1,500		1,473,521
Maricopa Cnty. Indl. Dev. Auth. Rev.,
Commercial Metals Co. Proj., AMT, 144A	4.000	10/15/47		3,500		3,047,462
Horizon Cmnty. Learning Ctr., Rfdg.	5.000	07/01/35		2,000		1,952,083

See Notes to Financial Statements.

PGIM Muni High Income Fund    13

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2022

Description	Interest       Rate	Maturity       Date	Principal   Amount (000)#		Value
MUNICIPAL BONDS (Continued)
Arizona (cont’d.)
Maricopa Cnty. Indl. Dev. Auth. Rev., (cont’d.)
Reid Traditional Schs. Projs.	5.000%	07/01/47		1,000	$	1,003,959
Phoenix City Indl. Dev. Auth. Rev.,
Basis Schs. Projs., Rfdg., 144A	5.000	07/01/45		1,000		1,002,361
Basis Schs. Projs., Series A, Rfdg., 144A	5.000	07/01/46		1,000		1,001,974
Grt. Hearts Academies Proj.	5.000	07/01/44		2,250		2,258,500
Pima Cnty. Indl. Dev. Auth. Rev.,
Tucson Elec. Pwr. Co. Proj., Rfdg.	4.000	09/01/29		3,000		3,009,234
Salt Verde Finl. Corp. Rev.,
Sr. Gas Rev., Sr. Bonds	5.000	12/01/32		4,890		5,275,952
Sr. Gas Rev., Sr. Bonds	5.000	12/01/37		12,300		13,133,595
Tempe Indl. Dev. Auth. Rev.,
Friendship Vlg.	5.000	12/01/50		1,045		938,654
Friendship Vlg., Series B	4.000	12/01/56		1,000		733,676
						41,261,229
California     6.9%
California Cmnty. Choice Fing. Auth. Rev.,
Green Bond, Series A-1 (Mandatory put date 08/01/28)	4.000(cc)	05/01/53		3,850		3,907,904
California Cnty. Tob. Secur. Agcy. Rev.,
Sr. Series A, Rfdg.	4.000	06/01/49		1,000		918,181
Sub. Series B-1, Rfdg.	5.000	06/01/49		1,695		1,716,030
Sub. Series B-2, Rfdg., CABS	5.350(t)	06/01/55		3,000		534,871
California Infrast. & Econ. Dev. Bank Rev.,
Sr. Bonds, WFCS Port. Proj., Series A-1, 144A	5.000	01/01/56		600		559,264
California Muni. Fin. Auth. Rev.,
Series A, 144A	5.500	06/01/48		750		756,848
Spl. Tax, Cmnty. Facs. Dist. No. 2021-11	5.000	09/01/57		2,150		2,106,316
United Airlines, Inc. Proj., AMT	4.000	07/15/29		5,000		4,891,076
California Poll. Ctrl. Fing. Auth. Wtr. Facs. Rev.,
Green Bond, Calplant I Proj., AMT, 144A	8.000	07/01/39(d)		2,750		1,650,000
California Sch. Fin. Auth. Rev.,
Alliance Clg.-Ready Pub. Schs., Series A, 144A	5.000	07/01/45		750		757,881
KIPP LA Proj., Series A, 144A	5.000	07/01/45		650		655,007
KIPP LA Proj., Series A, 144A	5.000	07/01/47		820		828,670
California Statewide Cmntys. Dev. Auth. Rev., 899 Charleston Proj., Series A, Rfdg., 144A	5.250	11/01/44		750		713,255
CHF Irvine LLC, Rfdg.	5.000	05/15/29		1,405		1,465,697

See Notes to Financial Statements.

14

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2022

Description	Interest       Rate	Maturity       Date	Principal   Amount (000)#		Value
MUNICIPAL BONDS (Continued)
California (cont’d.)
California Statewide Cmntys. Dev. Auth. Rev., (cont’d.)
CHF Irvine LLC, Rfdg.	5.000%	05/15/40		1,030	$	1,044,981
Loma Linda Univ. Med. Ctr., Series A, 144A	5.250	12/01/43		4,475		4,499,271
Loma Linda Univ. Med. Ctr., Series A, 144A	5.250	12/01/56		3,500		3,496,362
Loma Linda Univ. Med. Ctr., Series A, 144A	5.500	12/01/58		1,530		1,545,878
Loma Linda Univ. Med. Ctr., Series A, Rfdg.	5.250	12/01/44		2,500		2,528,182
Golden St. Tob. Secur. Corp., Tob. Settlement Rev.,
Sub. Series B-2, Rfdg., CABS	0.344(t)	06/01/66		20,150		2,357,305
Inland Vlly. Dev. Agcy.,
Tax Alloc., Series A, Rfdg.	5.000	09/01/44		1,000		1,012,927
Irvine Unified Sch. Dist.,
Spl. Tax, Series A	4.000	09/01/44		1,000		892,653
Lincoln Pub. Fing. Auth.,
Tax Alloc., Twelve Bridges, Sub. Series B, Rfdg.	6.000	09/02/27		911		913,750
Long Beach Bond Fin. Auth. Nat. Gas Pur. Rev.,
Series A	5.000	11/15/35		3,830		4,134,972
Series A	5.500	11/15/37		685		775,666
M-S-R Energy Auth. Rev.,
Series A	6.500	11/01/39		2,060		2,528,983
Series A	7.000	11/01/34		1,650		2,039,620
North. California Tob. Secur. Auth. Rev.,
Sr. Sacramento Co. Tob. Sec. Corp., Series B-2, Class 2, Rfdg., CABS	3.729(t)	06/01/60		3,500		574,455
Riverside Cnty. Pub. Fing. Auth. Rev.,
Cap. Facs. Proj. (Pre-refunded date 11/01/25)(ee)	5.250	11/01/45		1,000		1,088,952
Sacramento,
Spl. Tax	4.000	09/01/46		750		690,768
Spl. Tax	4.000	09/01/50		1,000		904,616
San Diego Cnty. Regl. Arpt. Auth. Rev.,
Sub. Series B, AMT	5.000	07/01/51		1,500		1,572,791
Santa Margarita Wtr. Dist.,
Spl. Tax, Cmnty. Facs. Dist. No. 2013-1	5.625	09/01/36		645		659,767
Southern California Tob. Secur. Auth. Rev.,
San Diego Co. Tob., Rfdg., CABS	5.625(t)	06/01/54		3,000		523,604
						55,246,503
Colorado     3.2%
Colorado Edl. & Cultural Facs. Auth. Rev.,
Impt. Chrt. Sch., Skyview Academy Proj., Rfdg., 144A	5.375	07/01/44		1,350		1,354,134

See Notes to Financial Statements.

PGIM Muni High Income Fund    15

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2022

Description	Interest       Rate	Maturity       Date	Principal   Amount (000)#		Value
MUNICIPAL BONDS (Continued)
Colorado (cont’d.)
Colorado Edl. & Cultural Facs. Auth. Rev., (cont’d.)
Impt. Chrt. Sch., Univ. LA, Rfdg., 144A	5.000%	12/15/45		1,000	$	1,005,321
Rfdg.	5.000	11/01/44		885		889,069
Colorado Hlth. Facs. Auth. Rev.,
Covenant Living Cmntys., Series A, Rfdg.	4.000	12/01/50		2,000		1,687,661
Covenant Retmnt. Cmntys., Rfdg.	5.000	12/01/35		1,250		1,280,610
Impt. Bonds, Chrisitna Living Neighborhoods, Rfdg.	4.000	01/01/42		1,000		792,261
Vail Vlly. Med. Ctr. Proj.	4.000	01/15/45		2,000		1,962,155
Denver City & Cnty. Arpt. Sys. Rev.,
Series A, Rfdg., AMT	5.000	11/15/47		1,225		1,295,749
Series A, Rfdg., AMT	5.500	11/15/40		5,250		5,868,312
Heritage Ridge Met. Dist.,
Sr. Series A, GO, Rfdg., AGM	4.000	12/01/42		350		350,132
Sr. Series A, GO, Rfdg., AGM	4.000	12/01/51		850		817,210
Park Creek Met. Dist. Ltd. Ppty. Tax Alloc. Rev.,
Sr. Ltd. Prop. TA., Rfdg.	5.000	12/01/45		1,500		1,542,546
Plaza Co. Met. Dist. No. 1,
Tax Alloc., Rfdg., 144A	5.000	12/01/40		1,000		950,996
Pub. Auth. Energy Nat. Gas Pur. Rev.,
Nat. Gas Util. Imps.	6.500	11/15/38		4,045		5,128,710
Rampart Range Met. Dist. No. 5 Rev.,
Spl. Assmt.	4.000	12/01/51		500		368,103
Sterling Ranch Cmnty. Auth. Brd. Rev.,
Series A, Rfdg.	4.250	12/01/50		1,000		809,959
						26,102,928
Connecticut     0.3%
Harbor Point Infrast. Impt. Dist.,
Tax Alloc., Harbor Point Proj., Rfdg., 144A	5.000	04/01/39		2,000		2,046,749
Delaware     0.3%
Delaware St. Econ. Dev. Auth. Rev.,
Aspira of Delaware Chrt. Sch., Inc. Proj., Series A, Rfdg.	4.000	06/01/42		800		707,884
Aspira of Delaware Chrt. Sch., Inc. Proj., Series A, Rfdg.	4.000	06/01/52		1,250		1,044,919
Newark Chrt. Sch., Inc., Series A, Rfdg.	5.000	09/01/46		500		501,366
						2,254,169

See Notes to Financial Statements.

16

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2022

Description	Interest       Rate	Maturity       Date	Principal   Amount (000)#		Value
MUNICIPAL BONDS (Continued)
District of Columbia     2.6%
Dist. of Columbia Rev.,
Dist. of Columbia Intl. Oblig. Grp.	5.000%	07/01/54		2,150	$	2,109,379
Friendship Pub. Chrt. Sch. (Pre-refunded date 12/01/22)(ee)	5.000	06/01/42		3,500		3,521,544
KIPP Chrt. Sch., Rfdg. (Pre-refunded date 07/01/23)(ee)	6.000	07/01/43		850		875,170
KIPP Chrt. Sch., Rfdg. (Pre-refunded date 07/01/23)(ee)	6.000	07/01/48		725		746,396
KIPP DC Iss., Series A, Rfdg.	5.000	07/01/37		1,250		1,306,641
KIPP DC Proj.	4.000	07/01/49		1,000		854,610
Rfdg.	5.000	06/01/40		1,500		1,517,903
Rfdg.	5.000	06/01/55		1,500		1,456,439
Rocketship DC Oblig. Grp., Series A, 144A	5.000	06/01/49		2,000		2,017,664
Metropolitan Washington D.C. Arpts. Auth. Avtn. Sys. Rev.,
Series A, Rfdg., AMT	5.000	10/01/29		4,000		4,401,048
Metropolitan Washington D.C. Arpts. Auth. Sys. Rev.,
Dulles Toll Rd., Sub. Series B, Rfdg.	4.000	10/01/49		2,000		1,814,916
						20,621,710
Florida     10.3%
Broward Cnty. Arpt. Sys. Rev.,
Series A, AMT (Pre-refunded date 10/01/23)(ee)	5.250	10/01/43		1,500		1,544,033
Broward Cnty. Port Facs. Rev.,
Sr. Bonds, Series B, AMT	4.000	09/01/49		2,000		1,763,769
Capital Tr. Agcy. Rev.,
Air Cargo, Aero Miami FX LLC, Sr. Lien, Series A, Rfdg.	5.350	07/01/29		1,360		1,362,097
Edl. Growth Fund LLC Chrt. Sch., Port. Proj., Series A-1, 144A	5.000	07/01/56		1,000		933,082
WFCS Port. Proj., Series A-1, 144A	5.000	01/01/56		500		465,557
Wonderful Fndtn. Chrt. Sch. Port., Series A-1, 144A	5.000	01/01/55		3,000		2,801,001
Cityplace CDD.,
Spl. Assmt., Rfdg.	5.000	05/01/26		1,000		1,049,531
Cnty. of Miami-Dade FL Avtn. Rev.,
Series A, AMT, Rfdg.	5.000	10/01/49		1,000		1,041,985
Davie Edl. Facs. Rev.,
Nova Southeastern Univ. Proj., Series A (Pre-refunded date 04/01/23)(ee)	5.625	04/01/43		500		509,433

See Notes to Financial Statements.

PGIM Muni High Income Fund    17

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2022

Description	Interest       Rate	Maturity       Date	Principal   Amount (000)#		Value
MUNICIPAL BONDS (Continued)
Florida (cont’d.)
Davie Edl. Facs. Rev., (cont’d.)
Nova Southeastern Univ. Proj., Series A (Pre-refunded date 04/01/23)(ee)	6.000%	04/01/42		1,000	$	1,021,270
Florida Dev. Fin. Corp. Rev.,
Central Chrt. Sch., Proj., Rfdg., 144A(hh)	6.000	08/15/57		2,000		1,981,398
Glendridge on Palmer Ranch Proj., Rfdg.	5.000	06/01/51		2,000		1,752,208
Mater Academy Proj., Series A	5.000	06/15/55		1,000		1,014,706
Renaissance Chrt. Sch., Rfdg., 144A	5.000	09/15/50		2,000		1,859,557
River City Science Academy Proj., Series A	4.000	07/01/45		565		473,772
River City Science Academy Proj., Series A	4.000	07/01/55		2,460		1,949,374
Virgin Trains USA Pass, Series A, Rfdg., AMT (Mandatory put date 01/01/29), 144A	6.500(cc)	01/01/49		4,210		3,857,766
Florida Higher Edl. Facs. Finl. Auth. Rev.,
Ringling Clg. Proj.	5.000	03/01/42		4,795		4,878,807
Grtr. Orlando Avtn. Auth. Rev.,
Priority Sub. Series A, AMT	4.000	10/01/52		3,350		2,925,945
Priority Sub. Series A, AMT	5.000	10/01/52		2,000		2,058,712
Spl. Purp., JetBlue Airways Corp. Proj., Rfdg.	5.000	11/15/36		4,700		4,676,359
Indigo Cmnty. Dev. Dist.,
Spl. Assmt.	5.750	05/01/36(d)		820		564,816
Jacksonville Rev.,
Brooks Rehabitation Proj., Rfdg.	4.000	11/01/45		1,000		908,803
Lakewood Ranch Stewardship Dist.,
Spl. Assmt., Lakewood Centre North Proj.	4.875	05/01/45		1,000		961,003
Spl. Assmt., Lakewood Nat’l. & Polo Run Projs.	4.625	05/01/27		500		504,703
Spl. Assmt., Lakewood Nat’l. & Polo Run Projs.	5.375	05/01/47		1,000		1,012,755
Spl. Assmt., N E Sector Proj., Phase 1B	5.450	05/01/48		1,000		1,020,804
Spl. Assmt., N E Sector Proj., Phase 2B, Rfdg., 144A	4.000	05/01/50		750		628,776
Spl. Assmt., Stewardship Dist., Azario Proj.	4.000	05/01/50		1,000		847,680
Spl. Assmt., Vlg. Lakewood Ranch S. Proj.	4.250	05/01/26		150		149,466
Spl. Assmt., Vlg. Lakewood Ranch S. Proj.	5.125	05/01/46		1,200		1,171,566
Midtown Miami Cmnty. Dev. Dist.,
Spl. Assmt., Pkg. Garage Proj., Series A, Rfdg.	5.000	05/01/37		1,980		1,966,821
North Sumter Cnty. Util. Dependent Dist. Rev.,
Solid Wste.	5.000	10/01/42		2,000		2,003,525
Orange Cnty. Hlth. Facs. Auth. Rev.,
Orlando Hlth. Oblig. Grp.	4.000	10/01/52		2,000		1,838,777
Orlando Hlth. Oblig. Grp., Series A	4.000	10/01/49		3,450		3,180,214
Presbyterian Retmnt. Cmnty. Oblig. Grp. Proj., Series A, Rfdg.(hh)	4.000	08/01/47		5,000		4,214,402

See Notes to Financial Statements.

18

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2022

Description	Interest       Rate	Maturity       Date	Principal   Amount (000)#		Value
MUNICIPAL BONDS (Continued)
Florida (cont’d.)
Osceola Cnty. Trans. Rev.,
Series A-1, Rfdg.	4.000%	10/01/54		1,500	$	1,286,157
Series A-2, Rfdg., CABS	3.660(t)	10/01/54		1,000		165,070
Palm Beach Cnty. Hlth. Facs. Auth. Rev.,
BRRH Corp. Oblig. Grp., Rfdg. (Pre-refunded date 12/01/24)(ee)	5.000	12/01/31		500		527,348
Pompano Beach Rev.,
John Knox Vlg. Proj., Entrance Fee, Series B-2	1.450	01/01/27		2,000		1,821,160
Sarasota Cnty. Pub. Hosp. Dist. Rev.,
Sarasota Mem. Hosp.	4.000	07/01/48		5,000		4,558,671
South Miami Hlth. Facs. Auth., Inc. Rev.,
Baptist Hlth. South Florida, Rfdg.	5.000	08/15/47		2,105		2,217,857
St. Johns Cnty. Indl. Dev. Auth. Rev.,
Vicar’s Landing Proj., Series A, Rfdg.	4.000	12/15/46		1,500		1,172,359
Tallahassee Hlth. Facs. Mem. Rev.,
Tallahassee Mem. Hlth., Inc., Series A	5.000	12/01/55		1,430		1,450,798
Vlg. CDD No. 07,
Spl. Assmt., Fla., Rfdg.	4.000	05/01/36		1,725		1,728,246
Vlg. CDD No. 10,
Spl. Assmt., Fla.	6.000	05/01/44		700		708,932
Vlg. CDD No. 11,
Spl. Assmt., Fla.	4.500	05/01/45		1,275		1,275,276
Vlg. CDD No. 12,
Spl. Assmt., Fla., 144A	4.250	05/01/43		2,695		2,587,137
Vlg. CDD No. 13,
Spl. Assmt., Fla.	3.550	05/01/39		485		421,903
Spl. Assmt., Fla.	3.700	05/01/50		975		783,130
Spl. Assmt., Fla., 144A	3.500	05/01/51		1,200		913,777
						82,512,294
Georgia     0.5%
Burke Cnty. Dev. Auth. Rev.,
Oglethorpe Pwr. Corp.-Vogtle Proj., Series D, Rfdg.	4.125	11/01/45		2,000		1,842,119
Priv. Clgs. & Univs. Auth. Rev.,
Savannah Clg. of Art & Design Proj. (Pre-refunded date 04/01/24)(ee)	5.000	04/01/44		1,500		1,562,106
Rockdale Cnty. Dev. Auth. Rev.,
Pratt Paper LLC Proj., Rfdg., AMT, 144A	4.000	01/01/38		1,000		929,336
						4,333,561

See Notes to Financial Statements.

PGIM Muni High Income Fund    19

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2022

Description	Interest       Rate	Maturity       Date	Principal   Amount (000)#		Value
MUNICIPAL BONDS (Continued)
Guam     0.1%
Guam Govt. Wtrwks. Auth. Rev.,
Series A	5.000%	01/01/50		1,000	$	1,040,176
Hawaii     0.3%
Hawaii St. Dept. Budget & Fin. Rev.,
Pac. Hlth. Oblig., Series A, Rfdg.	5.500	07/01/43		2,500		2,563,505
Illinois     13.5%
Chicago Brd. of Ed.,
Series A, GO	5.000	12/01/41		1,000		1,021,956
Series A, GO, 144A	7.000	12/01/46		1,500		1,667,464
Series A, GO, Rfdg.	4.000	12/01/27		500		507,196
Series A, GO, Rfdg.	5.000	12/01/35		500		516,817
Series A, GO, Rfdg.	7.000	12/01/44		3,390		3,655,028
Series C, GO	5.250	12/01/35		1,015		1,033,685
Series D, GO	5.000	12/01/46		2,470		2,488,699
Series G, GO, Rfdg.	5.000	12/01/34		2,155		2,224,153
Series H, GO	5.000	12/01/46		2,390		2,402,265
Chicago Brd. of Ed. Rev.,
Spl. Tax	6.000	04/01/46		1,500		1,577,862
Chicago O’Hare Int’l. Arpt. Rev.,
Gen., Sr. Lien, Series B, Rfdg., AGM	4.000	01/01/53		3,005		2,779,587
Gen., Sr. Lien, Series C, Rfdg., AMT	5.375	01/01/39		1,500		1,506,496
Series C, Rfdg., AMT	4.375	01/01/40		2,000		1,970,512
Sr. Lien, Series A, AMT(hh)	5.500	01/01/53		2,000		2,134,640
Trips Oblig. Grp., AMT	5.000	07/01/48		1,000		1,001,328
Chicago Trans. Auth. Rev., 2nd Lien	5.000	12/01/46		5,000		5,203,147
Series A, Rfdg.	4.000	12/01/50		1,000		942,087
Chicago Wstewtr. Transmn. Rev., 2nd Lien, Rmkt., Series C, Rfdg.	5.000	01/01/39		3,355		3,431,755
Chicago, IL,
Series 2003-B, GO, Rfdg (Escrowed to Maturity Date 01/01/23)(ee)	5.000	01/01/23		750		755,350
Series A, GO, Rfdg.	5.000	01/01/27		1,525		1,602,497
Series A, GO, Rfdg.	5.000	01/01/31		1,500		1,595,181
Series A, GO, Rfdg.	5.000	01/01/33		5,000		5,284,462
Series A, GO, Rfdg.	5.500	01/01/49		3,000		3,133,273
Series A, GO, Rfdg.	6.000	01/01/38		2,500		2,675,514

See Notes to Financial Statements.

20

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2022

Description	Interest       Rate	Maturity       Date	Principal   Amount (000)#		Value
MUNICIPAL BONDS (Continued)
Illinois (cont’d.)
Chicago, IL, (cont’d.)
Series B, Exchange, GO, Rfdg.	4.000%	01/01/37		1,461	$	1,362,450
Series C, GO, Rfdg.	5.000	01/01/26		1,000		1,041,927
Series C, GO, Rfdg.	5.000	01/01/38		2,500		2,538,607
Illinois Edl. Facs. Auth. Rev.,
Field Museum of Natural History, Rmkt.	4.450	11/01/36		1,075		1,100,632
Illinois Fin. Auth. Rev.,
Impt. Chicago Intl., Rfdg.	5.000	12/01/47		1,000		1,000,600
Northshore Univ. Hlth. Sys., Series A, Rfdg.	4.000	08/15/41		1,000		949,183
Plymouth Place, Inc., Rfdg.	5.000	05/15/51		1,835		1,648,061
Presence Hlth. Netw., Series C, Rfdg. (Pre-refunded date 02/15/27)(ee)	4.000	02/15/41		10		10,639
Presence Hlth. Netw., Series C, Rfdg. (Pre-refunded date 02/15/27)(ee)	4.000	02/15/41		265		281,931
Presence Hlth. Netw., Series C, Unrefunded, Rfdg.	4.000	02/15/41		5,725		5,733,985
The Carle Fndtn., Series A, Rfdg.	3.000	08/15/48		3,580		2,649,946
Illinois St.,
GO	4.000	06/01/36		3,000		2,851,060
GO	5.000	04/01/31		2,000		2,051,924
GO	5.000	01/01/32		1,385		1,448,119
GO	5.000	05/01/33		950		975,312
GO	5.000	05/01/36		2,000		2,024,278
GO	5.000	02/01/39		2,215		2,234,569
GO	5.000	05/01/39		2,000		2,035,638
GO	5.250	07/01/31		1,000		1,015,867
GO	5.500	05/01/30		1,500		1,666,404
GO	5.500	05/01/39		2,500		2,688,247
Rebuild Illinois Prog., Series B, GO	4.000	11/01/35		2,000		1,910,789
Series A, GO	5.000	12/01/39		2,500		2,573,448
Series A, GO, Rfdg.	5.000	10/01/28		1,250		1,357,601
Series C, GO	5.000	11/01/29		2,800		2,973,828
Series D, GO	5.000	11/01/26		1,500		1,597,471
Series D, GO	5.000	11/01/27		950		1,024,114
Regl. Trans. Auth. Rev.,
Series A	4.000	06/01/38		4,015		4,011,895
Series A	4.000	06/01/39		3,015		2,997,812
Springfield Elec. Rev.,
Sr. Lien, Rfdg., AGM	4.000	03/01/40		1,500		1,485,345
						108,352,636

See Notes to Financial Statements.

PGIM Muni High Income Fund    21

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2022

Description	Interest       Rate	Maturity       Date	Principal   Amount (000)#		Value
MUNICIPAL BONDS (Continued)
Indiana    0.3%
Valparaiso Rev.,
Pratt Paper LLC Proj., AMT	5.875%	01/01/24		400	$	414,966
Pratt Paper LLC Proj., AMT	7.000	01/01/44		1,500		1,575,242
						1,990,208
Iowa    0.2%
Iowa Tob. Settlement Auth. Rev.,
Sr. Series A-2, Class 1, Rfdg.	4.000	06/01/49		1,000		901,001
Sr. Series B-1, Class 2, Rfdg.	4.000	06/01/49		945		895,606
Sr. Series B-2, Class 2, Rfdg., CABS	4.050(t)	06/01/65		1,000		120,707
						1,917,314
Kansas    0.1%
Wyandotte Cnty.-Kansas City Unified Govt. Rev.,
Legends Apts. Garage & West Lawn Proj.	4.500	06/01/40		815		761,721
Kentucky    0.9%
Henderson Rev.,
Pratt Paper LLC Proj., Series A, AMT, 144A	4.700	01/01/52		500		484,530
Kentucky Econ. Dev. Fin. Auth. Hosp. Facs. Rev.,
Baptist Healthcare Sys., Series B	5.000	08/15/46		3,500		3,587,388
Kentucky Pub. Energy Auth. Rev.,
Series A-1 (Mandatory put date 08/01/30)	4.000(cc)	08/01/52		3,000		2,976,771
						7,048,689
Louisiana    0.5%
Jefferson Parish Econ. Dev. & Port Dist. Rev.,
Kenner Discovery Hlth. Sciences Academy Proj.,
Series A, 144A	5.625	06/15/48		2,000		1,953,652
Louisiana Pub. Facs. Auth. Rev.,
Ochsner Clnc. Fndtn. Proj., Rfdg.	5.000	05/15/47		1,000		1,020,707
Parish of St. James Rev.,
Nustar Logistics LP Proj., Rmkt., Series 2010, 144A	6.350	07/01/40		1,000		1,092,453
						4,066,812

See Notes to Financial Statements.

22

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2022

Description	Interest         Rate	Maturity         Date	Principal   Amount (000)#		Value
MUNICIPAL BONDS (Continued)
Maryland    0.4%
Frederick Cnty.,
Spl. Oblig. Tax, Sub. Series C, 144A	4.000%	07/01/50		1,000	$	874,923
Howard Cnty.,
Tax Alloc., Annapolis Junction Twn. Ctr. Proj.	6.100	02/15/44		1,420		1,442,015
Maryland Econ. Dev. Corp. Poll. Ctrl. Rev.,
Transn. Facs. Proj., Series A, Rfdg.	5.000	06/01/35		1,000		1,069,843
						3,386,781
Michigan    0.6%
Michigan Fin. Auth. Rev.,
Sr. Series A, Class 1, Rfdg.	4.000	06/01/49		2,000		1,773,941
Sr. Series B-1, Class 2, Rfdg.	5.000	06/01/49		605		606,755
Sr. Series B-2, Class 2, Rfdg., CABS	4.970(t)	06/01/65		2,000		201,847
Summit Academy Rev.,
Rfdg.	6.250	11/01/25		980		980,938
Wayne Cnty. Arpt. Auth. Rev.,
Det. Met. Arpt., Series D, Rfdg., AMT	5.000	12/01/28		1,500		1,509,325
						5,072,806
Minnesota    0.7%
Hugo Rev.,
Chrt. Sch., Noble Academy Proj., Series A	5.000	07/01/44		1,250		1,231,444
Minnesota Muni. Gas Agcy. Rev.,
Series A (Mandatory put date 12/01/27)	4.000(cc)	12/01/52		2,000		2,039,225
St. Paul Hsg. & Redev. Auth. Hosp. Rev.,
Hlth. East Care Sys. Proj., Rfdg. (Pre-refunded date 11/15/25)(ee)	5.000	11/15/44		1,000		1,078,259
St. Paul Port Auth. Sol. Wste. Disp. Rev.,
Gerdau St. Paul Steel Mill Proj., Series 7, 144A	4.500	10/01/37		1,000		963,283
						5,312,211
Mississippi    0.5%
Mississippi Bus. Fin. Corp. Rev.,
Sys. Energy Resources, Inc. Proj., Rfdg.	2.375	06/01/44		2,000		1,301,826
Waste Proj. USA Inc., Rmkt., AMT (Mandatory put date 08/02/27), 144A	5.000(cc)	02/01/36		3,000		2,983,416
						4,285,242

See Notes to Financial Statements.

PGIM Muni High Income Fund    23

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2022

Description	Interest         Rate	Maturity         Date	Principal   Amount (000)#		Value
MUNICIPAL BONDS (Continued)
Missouri    2.3%
Lees Summit,
Tax Alloc., Impt. Summit Fair Proj., Rfdg., 144A	4.875%	11/01/37		2,000	$	1,770,790
Missouri St. Hlth. & Edl. Facs. Auth. Rev.,
BJC Hlth. Sys., Series A	4.000	01/01/45		2,010		1,877,663
Lutheran Sr. Svcs., Rfdg.	4.000	02/01/42		1,115		990,363
Lutheran Sr. Svcs., Rfdg.	4.000	02/01/48		2,000		1,680,440
Lutheran Sr. Svcs., Rfdg.	5.000	02/01/35		1,770		1,790,329
Lutheran Sr. Svcs., Rfdg.	5.000	02/01/44		4,000		4,021,454
Poplar Bluff Regl. Trans. Dev. Dist. Rev.,
Transn. Sales Tax	4.750	12/01/42		2,100		2,101,289
St. Louis Cnty. Indl. Dev. Auth. Rev.,
Friendship Vlg. St. Louis Oblig. Grp., Series A	5.250	09/01/53		2,000		1,857,288
Friendship Vlg. Sunset Hills, Series A	5.875	09/01/43		1,000		1,004,530
St. Andrews Res. Srs. Oblig., Series A, Rfdg.	5.125	12/01/45		1,000		988,706
						18,082,852
Nebraska    0.1%
Central Plns. Energy Proj. Rev.,
Proj. No. 3, Series A, Rfdg.	5.000	09/01/42		1,000		1,062,824
Nevada     0.2%
Sparks Rev.,
Sales Tax, Sr. Series A, Rfdg., 144A	2.750	06/15/28		1,000		911,779
Tahoe-Douglas Visitors Auth. Rev.,
Stateline	5.000	07/01/45		1,000		1,015,190
						1,926,969
New Hampshire    0.3%
New Hampshire Bus. Fin. Auth. Rev.,
Green Bond, Series B, Rfdg., AMT (Mandatory put date 07/02/40), 144A	3.750(cc)	07/01/45		1,000		848,568
Springpoint Sr. Living, Rfdg.	4.000	01/01/51		2,000		1,725,213
						2,573,781
New Jersey    7.2%
New Jersey Econ. Dev. Auth. Rev.,
Continental Airlines, Inc. Proj., Spec. Facs.	5.250	09/15/29		5,000		5,054,089

See Notes to Financial Statements.

24

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2022

Description	Interest         Rate	Maturity         Date	Principal   Amount (000)#		Value
MUNICIPAL BONDS (Continued)
New Jersey (cont’d.)
New Jersey Econ. Dev. Auth. Rev., (cont’d.)
Continental Airlines, Inc., United Airlines, Inc. Proj.	5.125%	09/15/23		2,650	$	2,679,840
Continental Airlines, Inc., United Airlines, Inc. Proj.,
Series A, AMT	5.625	11/15/30		2,275		2,340,924
Goethals Bridge, AMT	5.375	01/01/43		1,390		1,404,279
N. Star Academy Chrt. Sch., Newark	5.000	07/15/47		1,075		1,073,534
NJ Transit Trans. Proj.	4.000	11/01/44		1,000		926,541
NJ Transit Trans. Proj.	5.000	11/01/44		2,000		2,076,517
Port Newark Container, Rfdg., AMT	5.000	10/01/47		2,500		2,544,527
Series AAA	5.000	06/15/41		2,020		2,075,709
Series DDD	5.000	06/15/42		1,000		1,028,987
Series WW, Rfdg. (Pre-refunded date 06/15/25)(ee)	5.250	06/15/40		65		70,128
Series WW, Unrefunded	5.250	06/15/40		1,185		1,217,163
St. House Proj., Rmkt., Series B	5.000	06/15/43		1,000		1,036,241
Team Academy Chrt. Sch., Proj.	6.000	10/01/43		1,700		1,745,893
Umm Energy Partners, Series A, AMT	5.000	06/15/37		1,500		1,500,613
Umm Energy Partners, Series A, AMT	5.125	06/15/43		1,100		1,100,301
United Airlines, Inc. Proj., Rmkt.	5.500	06/01/33		2,000		2,036,413
New Jersey Healthcare Facs. Fing. Auth. Rev.,
RWJ Barnabas Hlth. Oblig. Grp., Series A, Rfdg.	5.000	07/01/43		1,500		1,575,677
New Jersey Tpke. Auth. Rev.,
Series A	4.000	01/01/48		1,000		970,695
Series D, Rfdg.	5.000	01/01/28		2,150		2,350,636
New Jersey Trans. Tr. Fd. Auth. Rev.,
Trans. Sys., Rfdg.	4.000	12/15/39		500		478,179
Trans. Sys., Rfdg.	5.000	12/15/39		555		582,487
Trans. Sys., Series A, Rfdg.	5.000	12/15/36		1,250		1,315,643
Trans. Sys., Series AA	5.000	06/15/45		1,200		1,219,340
Trans. Sys., Series AA	5.250	06/15/41		1,000		1,025,614
Trans. Sys., Series AA	5.250	06/15/43		4,595		4,827,891
South Jersey Trans. Auth. Rev.,
Series A	5.000	11/01/45		500		517,078
Series A, Rfdg.	5.000	11/01/39		750		761,208
Tob. Settlement Fing. Corp. Rev.,
Series A, Rfdg.	5.250	06/01/46		5,350		5,521,999
Sub. Series B, Rfdg.	5.000	06/01/46		7,000		7,046,026
						58,104,172

See Notes to Financial Statements.

PGIM Muni High Income Fund    25

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2022

Description	Interest         Rate	Maturity         Date	Principal   Amount (000)#		Value
MUNICIPAL BONDS (Continued)
New York     5.9%
Build NYC Resource Corp. Rev.,
Friends of Hellenic Classical Chrt. Sch., Inc., Series
A, 144A	5.000%	12/01/51		500	$	486,603
Pratt Paper, Inc. Proj., Rfdg., AMT, 144A	5.000	01/01/35		1,000		1,050,560
Richmond Prep. Chrt. Sch. Proj., Social Impact Proj.,
Series A, 144A	5.000	06/01/51		1,500		1,471,611
Erie Cnty. Tob. Asset Secur. Corp. Cap. Apprec. Rev.,
Asset Bkd., 1st Sub. Series B, Rfdg., CABS	0.002(t)	06/01/47		5,000		1,192,953
Asset Bkd., 2nd Sub. Series C, Rfdg., CABS, 144A	0.002(t)	06/01/50		4,000		407,666
Metropolitan Trans. Auth. Rev.,
Green Bond, Series C-1, Rfdg.	5.250	11/15/55		3,000		3,117,385
Green Bond, Series D1	5.000	11/15/43		2,000		2,076,791
New York City Indl. Dev. Agcy. Rev.,
Yankee Stadium Proj. Pilot, Rfdg.	4.000	03/01/45		1,000		924,370
New York Liberty Dev. Corp. Rev.,
Class 1-3 World Trade Ctr., Rfdg., 144A	5.000	11/15/44		5,000		4,825,835
Green Bonds, 4 World Trade Ctr. Proj., Series A, Rfdg.	3.000	11/15/51		1,000		723,080
New York St. Envir. Facs. Corp. Rev.,
Draw Down Casella Wste. Sys., Inc. Proj., Series R-1,
AMT (Mandatory put date 09/02/25)	2.750(cc)	09/01/50		550		524,598
New York Trans. Dev. Corp. Rev.,
Delta Air Lines, Inc., Laguardia Arpt. Terms. C&D
Redev., AMT	4.000	01/01/36		1,475		1,366,106
Delta Air Lines, Inc., Laguardia Arpt. Terms. C&D
Redev., AMT	4.375	10/01/45		2,000		1,842,522
Delta Air Lines, Inc., Laguardia Arpt. Terms. C&D
Redev., AMT	5.000	01/01/26		2,000		2,063,804
Delta Air Lines, Inc., Laguardia Arpt. Terms. C&D
Redev., AMT	5.000	01/01/31		1,000		1,028,681
Delta Air Lines, Inc., Laguardia Arpt. Terms. C&D
Redev., AMT	5.000	10/01/40		2,500		2,524,506
John F. Kennedy Int’l. Arpt. Proj., Rfdg., AMT	5.250	08/01/31		860		926,546
John F. Kennedy Int’l. Arpt. Proj., Rfdg., AMT	5.375	08/01/36		1,000		1,067,485
Laguardia Arpt., Term. B Redev., Series A, AMT	5.000	07/01/46		2,995		3,053,980
Laguardia Arpt., Term. B Redev., Series A, AMT	5.250	01/01/50		9,480		9,720,466
Suffolk Tob. Asset Secur. Corp. Rev.,
Sub. Series B-2, Rfdg., CABS	3.700(t)	06/01/66		1,000		120,310
Tob. Settlement Asset Bkd. Sub. Bonds, Series B-1,
Rfdg.	4.000	06/01/50		500		468,758

See Notes to Financial Statements.

26

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2022

Description	Interest       Rate	Maturity       Date	Principal   Amount (000)#		Value
MUNICIPAL BONDS (Continued)
New York (cont’d.)
TSASC, Inc. Rev.,
Series A, Rfdg.	5.000%	06/01/41		4,875	$	5,030,802
Yonkers Econ. Dev. Corp. Rev.,
Chrt. Sch., Ed. Excellence Proj., Series A	5.000	10/15/49		1,285		1,248,990
						47,264,408
North Carolina     0.5%
North Carolina Med. Care Commn. Rev.,
Pennybyrn at Maryfield Proj., Rfdg.	5.000	10/01/35		1,000		1,000,107
Pennybyrn at Maryfield Proj., Series A	5.000	10/01/50		750		700,914
The Presbyterian Homes Oblig. Grp., Series A	5.000	10/01/50		1,155		1,172,233
North Carolina Tpke. Auth. Rev.,
Series A, Rfdg.	5.000	07/01/51		1,250		1,268,160
						4,141,414
Ohio     3.4%
Akron Bath Copley Joint Township Hosp. Dist. Rev.,
Summa Hlth. Oblig. Grp. Hosp. Facs., Rfdg.	3.000	11/15/40		3,000		2,335,002
Buckeye Tob. Settlement Fing. Auth. Rev.,
Sr. Series B-2, Class 2, Rfdg.	5.000	06/01/55		9,650		9,193,555
Cuyahoga Cnty. Hosp. Rev.,
Metro Hlth. Sys., Rfdg.	5.000	02/15/52		575		581,443
Metro Hlth. Sys., Rfdg.	5.250	02/15/47		2,000		2,057,966
Metro Hlth. Sys., Rfdg.	5.500	02/15/57		6,540		6,749,069
Franklin Cnty. Hosp. Facs. Rev.,
Nationwide Children’s Hosp. Proj.	4.000	11/01/45		2,000		1,882,935
Ohio Hlth. Corp., Series A	4.000	05/15/47		2,500		2,348,459
Ohio Air Qlty. Dev. Auth. Rev.,
Pratt Paper OH LLC Proj., AMT, 144A	4.500	01/15/48		1,000		989,901
Ohio St. Pvt. Act. Rev.,
Portsmouth Bypass Proj., AMT	5.000	06/30/53		1,000		1,009,213
						27,147,543
Oklahoma     1.4%
Oklahoma Dev. Fin. Auth. Rev.,
OU Medicine Proj., Series B	5.000	08/15/38		250		234,775
OU Medicine Proj., Series B	5.250	08/15/43		5,960		5,535,427

See Notes to Financial Statements.

PGIM Muni High Income Fund    27

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2022

Description	Interest       Rate	Maturity       Date	Principal   Amount (000)#		Value
MUNICIPAL BONDS (Continued)
Oklahoma (cont’d.)
Oklahoma Dev. Fin. Auth. Rev., (cont’d.)
OU Medicine Proj., Series B	5.250%	08/15/48		1,730	$	1,584,680
OU Medicine Proj., Series B	5.500	08/15/57		2,950		2,783,268
Tulsa Cnty. Indl. Auth. Rev.,
Montereau, Inc. Proj., Rfdg.	5.250	11/15/45		1,025		1,041,869
						11,180,019
Oregon     0.3%
Multnomah Cnty. Hosp. Facs. Auth. Rev.,
Mirabella at South Waterfront, Series A., Rfdg.	5.400	10/01/44		1,000		1,002,529
Terwilliger Plaza Parkview Proj., Green Bond, Series A, Rfdg.	4.000	12/01/51		2,000		1,665,249
						2,667,778
Pennsylvania     2.5%
Chester Cnty. Indl. Dev. Auth. Rev.,
Renaissance Academy Chrt. Sch., Rfdg.	5.000	10/01/44		1,000		1,003,647
Lancaster Indl. Dev. Auth. Rev.,
Landis Homes Retmnt. Cmnty. Proj., Rfdg.	4.000	07/01/56		1,000		768,449
Pennsylvania Comnwlth.,
Series A, Rfdg., COP	4.000	07/01/46		1,500		1,435,585
Pennsylvania Higher Edl. Facs. Auth. Rev.,
Univ. of Pennsylvania Hlth. Sys., Series B, Rfdg.	4.000	08/15/42		700		677,967
Pennsylvania Tpke. Commn. Rev.,
Series A-1	5.000	12/01/46		3,950		4,071,314
Sub. Series A	5.500	12/01/42		1,500		1,583,008
Sub. Series A	5.500	12/01/46		1,740		1,833,536
Sub. Series B-1	5.250	06/01/47		2,000		2,098,515
Philadelphia Auth. for Indl. Dev. Rev., 1st Philadelphia Preparatory Chrt., Series A, Rfdg.	7.250	06/15/43		2,000		2,067,347
Gtr. Philadelphia Hlth. Action, Rfdg.	6.625	06/01/50		2,795		2,840,870
New Fndtn. Chrt. Sch., Proj., (Pre-refunded date 12/15/22)(ee)	6.625	12/15/41		1,000		1,012,199
String Theory Chrt. Sch., Proj., Rfdg., 144A	5.000	06/15/50		1,000		950,434
						20,342,871

See Notes to Financial Statements.

28

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2022

Description	Interest       Rate	Maturity       Date	Principal   Amount (000)#		Value
MUNICIPAL BONDS (Continued)
Puerto Rico     7.1%
Puerto Rico Comnwlth.,
Restructured, Series A, GO, CABS	3.636%(t)	07/01/24		808	$	743,386
Restructured, Series A, GO, CABS	4.379(t)	07/01/33		1,428		810,809
Restructured, Series A1, GO	4.000	07/01/33		1,109		1,043,259
Restructured, Series A1, GO	4.000	07/01/35		997		908,143
Restructured, Series A1, GO	4.000	07/01/37		856		765,748
Restructured, Series A1, GO	4.000	07/01/41		1,164		1,040,687
Restructured, Series A1, GO	4.000	07/01/46		1,210		1,012,954
Restructured, Series A1, GO	5.250	07/01/23		619		628,038
Restructured, Series A1, GO	5.375	07/01/25		1,236		1,273,786
Restructured, Series A1, GO	5.625	07/01/27		1,224		1,291,578
Restructured, Series A1, GO	5.625	07/01/29		1,204		1,304,704
Restructured, Series A1, GO	5.750	07/01/31		5,771		6,305,085
Sub. Series CW NT Claims, CW GTY.	0.000(cc)	11/01/43		16,902		8,712,557
Puerto Rico Comnwlth. Aqu. & Swr. Auth. Rev.,
Sr. Lien, Series A, Rfdg., 144A	5.000	07/01/35		5,000		5,076,223
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev.,
Restructured, Series A-1	4.750	07/01/53		5,720		5,351,232
Restructured, Series A-1	5.000	07/01/58		2,000		1,937,725
Restructured, Series A-2	4.329	07/01/40		10,729		10,189,237
Restructured, Series A-1, CABS	5.112(t)	07/01/46		18,766		5,351,634
Restructured, Series A-1, CABS	5.478(t)	07/01/51		16,834		3,657,292
						57,404,077
Rhode Island     0.6%
Tob. Settlement Fing. Corp. Rev.,
Series A, Rfdg.	5.000	06/01/40		4,350		4,428,350
South Carolina     0.8%
Berkeley Cnty.,
Spl. Assmt., Nexton Impt. Dist.	4.375	11/01/49		1,000		890,451
South Carolina Jobs-Econ. Dev. Auth. Rev.,
Green Chrt. Sch., Proj., Series A, Rfdg., 144A	4.000	06/01/56		3,150		2,393,651
South Carolina Ports Auth. Rev.,
AMT	4.000	07/01/45		1,500		1,391,222
AMT	4.000	07/01/55		2,000		1,783,526
						6,458,850

See Notes to Financial Statements.

PGIM Muni High Income Fund    29

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2022

Description	Interest       Rate	Maturity       Date	Principal   Amount (000)#		Value
MUNICIPAL BONDS (Continued)
Tennessee     0.5%
Knox Cnty. Hlth. Edl. & Hsg. Facs. Brd. Rev.,
East Tennessee Children’s Hosp., Rfdg.	4.000%	11/15/48		2,170	$	1,957,322
Shelby Cnty. Hlth. Edl. & Hsg. Facs. Brd. Rev.,
Germantown Vlg., Rfdg. (Pre-refunded date 12/01/22)(ee)	5.250	12/01/42		1,100		1,107,511
Tennergy Corp. Rev.,
Series A (Mandatory put date 09/01/28)	4.000(cc)	12/01/51		1,000		998,035
						4,062,868
Texas     6.7%
Arlington Higher Ed. Fin. Corp. Rev.,
Series A, Rfdg.	4.000	08/15/46		2,220		1,868,332
Central Texas Regl. Mobility Auth. Rev.,
Sr. Lien, Series A (Pre-refunded date 07/01/25)(ee)	5.000	01/01/45		1,000		1,068,471
Sub., Rfdg.	4.000	01/01/41		1,100		1,020,498
Clifton Higher Ed. Fin. Corp. Rev.,
Idea Pub. Sch.	5.000	08/15/42		1,000		1,001,699
Idea Pub. Sch.	6.000	08/15/43		1,100		1,130,899
Grand Parkway Trans. Corp. Rev., 1st Tier Toll Rev., Series A	5.125	10/01/43		2,000		2,014,900
Gulf Coast Wste. Disp. Auth. Rev.,
ExxonMobil Proj., FRDD (Mandatory put date 09/01/22)	1.050(cc)	09/01/25		2,500		2,500,000
ExxonMobil Proj., FRDD (Mandatory put date 09/01/22)	1.050(cc)	12/01/25		3,160		3,160,000
ExxonMobil Proj., Series A, FRDD (Mandatory put date 09/01/22)	1.060(cc)	06/01/30		1,990		1,990,000
ExxonMobil Proj., Series B, FRDD (Mandatory put date 09/01/22)	1.060(cc)	06/01/25		3,355		3,355,000
Houston Arpt. Sys. Rev.,
Series B-1, AMT	5.000	07/15/35		2,000		1,945,110
Spl. Facs. Continental Airlines, Inc., Series A, Rfdg., AMT	6.625	07/15/38		1,500		1,501,804
Kerryville Hlth. Facs. Dev. Corp. Rev.,
Peterson Regl. Med. Ctr. Proj., Rfdg.	5.000	08/15/35		3,000		3,088,563
Lower Neches Vlly. Auth. Indl. Dev. Corp. Rev.,
ExxonMobil Proj., Series B, Rfdg., FRDD (Mandatory put date 09/01/21)	1.060(cc)	11/01/29		1,100		1,100,000

See Notes to Financial Statements.

30

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2022

Description	Interest       Rate	Maturity       Date	Principal   Amount (000)#		Value
MUNICIPAL BONDS (Continued)
Texas (cont’d.)
Matagorda Cnty. Nav. Dist. No. 1, Poll. Ctrl. Rev.,
AEP Texas Central Co. Proj., Series B-1, Rfdg.	4.000%	06/01/30		1,000	$	1,000,513
AEP Texas Central Co. Proj., Series B-2, Rfdg.	4.000	06/01/30		1,800		1,800,923
Mission Econ. Dev. Corp. Rev.,
Natgosoline Proj., Sr. Lien, Rfdg., AMT, 144A	4.625	10/01/31		2,000		2,022,825
New Hope Cultural Ed. Facs. Fin. Corp. Rev.,
Jubilee Academic Ctr., Rfdg., 144A	4.000	08/15/56		4,455		3,509,582
MRC Crestview, Rfdg. (Pre-refunded date 11/15/24)(ee)	5.000	11/15/46		1,150		1,234,206
Westminster Proj., Rfdg.	4.000	11/01/55		1,750		1,444,232
North Texas Twy. Auth. Rev., 2nd Tier, Rfdg.	5.000	01/01/48		1,250		1,312,623
2nd Tier, Series A, Rfdg.	4.000	01/01/38		2,000		1,987,826
Pottsboro Higher Ed. Fin. Corp. Rev.,
Series A	5.000	08/15/46		1,000		975,370
Tarrant Cnty. Cultural Ed. Facs. Fin. Corp. Rev.,
Barton Creek Sr. Living Ctr., Rfdg.	5.000	11/15/40		1,100		1,117,289
Trinity Terrace Proj., Series A-1, Rfdg.	5.000	10/01/44		1,000		1,012,299
Texas Muni. Gas Acq. & Sply. Corp. Rev.,
Sr. Lien, Series A	5.250	12/15/26		4,100		4,384,885
Texas Priv. Activ. Surf. Trans. Corp. Rev.,
LBJ Infrast. Grp. LLC, Series A, Rfdg.	4.000	06/30/40		600		560,759
Sr. Lien, NTE Mobility Partners, Series 3A & 3B, AMT	6.750	06/30/43		500		514,300
Sr. Lien, NTE Mobility Partners, Series 3A & 3B, AMT	7.000	12/31/38		1,500		1,550,552
White Settlement Independent Sch. Dist.,
GO	5.000	08/15/55		2,500		2,734,831
						53,908,291
Utah     0.1%
Salt Lake City Arpt. Rev.,
Series A, AMT	5.000	07/01/47		1,100		1,139,590
Vermont     0.2%
Vermont Econ. Dev. Auth. Rev.,
Wake Robin Corp. Proj., Series A, Rfdg.	4.000	05/01/45		2,025		1,670,179

See Notes to Financial Statements.

PGIM Muni High Income Fund    31

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2022

Description	Interest       Rate	Maturity       Date	Principal   Amount (000)#		Value
MUNICIPAL BONDS (Continued)
Virginia     0.7%
City of Chesapeake Expressway Toll Road Rev.,
Transn. Sys., Sr. Series B, Rfdg., CABS (Convert to Fixed on 07/15/23)	0.000%(cc)	07/15/40		1,000	$	981,625
James City Cnty. Econ. Dev. Auth. Rsdl. Care Fac. Rev.,
Williamsburg Landings, Series A, Rfdg.	4.000	12/01/50		1,000		774,599
Virginia Small Bus. Fing. Auth. Rev.,
National Sr. Campuses, Inc., Rfdg.	4.000	01/01/51		1,750		1,593,178
Sr. Lien, Elizabeth River Crossings OpCo LLC Proj., Rfdg., AMT	4.000	01/01/40		1,250		1,182,476
Sr. Lien, I-495 Hot Lanes Proj., Rfdg., AMT	5.000	12/31/57		1,000		1,018,258
						5,550,136
Washington     1.3%
Port of Seattle Indl. Dev. Corp. Rev.,
Spl. Facs., Delta Airlines, Rfdg., AMT	5.000	04/01/30		1,000		1,004,381
Port of Seattle Rev.,
Intermediate Lien Priv. Activ., Series C, Rfdg., AMT	5.000	08/01/46		3,100		3,248,127
Intermediate Lien, Series B, Rfdg., AMT	5.500	08/01/47		1,300		1,432,196
Washington Healthcare Facs. Auth. Rev.,
Overlake Hosp. Med. Ctr., Rfdg.	5.000	07/01/38		1,100		1,120,964
Washington St. Hsg. Fin. Commn. Rev.,
Rockwood Retmnt. Cmnty. Proj., Series A, Rfdg., 144A	7.375	01/01/44		2,000		2,025,549
Social Certificate, Series A-1	3.500	12/20/35		1,964		1,792,268
						10,623,485
West Virginia     0.2%
West Virginia Hosp. Fin. Auth. Rev.,
Cabell Huntington Hosp. Oblig. Grp., Series A, Rfdg.	4.125	01/01/47		1,660		1,507,350
Wisconsin     3.2%
Pub. Fin. Auth. Rev.,
Bancroft Neurohealth Proj., Series A, 144A	5.125	06/01/48		1,000		990,141
Bayhealth Med. Ctr. Proj., Series A	3.000	07/01/50		1,500		1,097,085
Corvian Cmnty. Sch., Series A, 144A	5.000	06/15/49		1,000		915,739
Corvian Cmnty. Sch., Series A, 144A	5.125	06/15/47		2,000		1,881,081
Green Bond, Fargo Moorhead Metropolitan Area Flood Mgmnt., AMT	4.000	03/31/56		1,750		1,387,832
Mt. Island Chrt. Sch., Series L, Rfdg.	5.000	07/01/47		1,000		1,001,898

See Notes to Financial Statements.

32

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2022

Description	Interest       Rate	Maturity       Date	Principal   Amount (000)#		Value
MUNICIPAL BONDS (Continued)
Wisconsin (cont’d.)
Pub. Fin. Auth. Rev., (cont’d.)
Sr. Bond, WFCS Port. Proj., Series A-1, 144A	5.000%	01/01/56		500	$	465,750
Sr. MD Proton Treatment Ctr., Series A-1, 144A	6.250	01/01/38		1,750		1,073,573
Sr. MD Proton Treatment Ctr., Series A-1, 144A	6.375	01/01/48		3,000		1,840,411
Sr. Oblig. Grp., Series B, Rfdg., AMT	5.000	07/01/42		1,500		1,504,357
Sr. Oblig. Grp., Series B, Rfdg., AMT	5.250	07/01/28		1,000		1,001,339
Sub. Sustainability Bonds, Univ. of Hawaii Fndtn. Proj., Series B, 144A	5.250	07/01/61		2,000		1,702,342
Sustainability Bonds, Univ. of Hawaii Fndtn. Proj., Series A-1, 144A	4.000	07/01/61		2,600		2,125,915
United Methodist Retmnt. Homes, Series A, Rfdg.	4.000	10/01/51		1,500		1,237,758
Wonderful Fndtn. Chrt. Sch. Port., Series A-1, 144A	5.000	01/01/55		1,600		1,493,867
Wisconsin Hlth. & Edl. Facs. Auth. Rev., Ascension Hlth. Alliance, Rmkt., Series B-1, Rfdg.	4.000	11/15/43		1,500		1,431,871
Hope Christian Schs.	4.000	12/01/51		1,000		769,953
Hope Christian Schs.	4.000	12/01/56		3,100		2,314,692
Oakwood Lutheran Sr. Ministries, Rfdg.	4.000	01/01/57		2,000		1,534,775
						25,770,379
TOTAL MUNICIPAL BONDS
(cost $829,455,485)						785,524,982
			Shares
EXCHANGE-TRADED FUNDS     2.4%
iShares National Muni Bond ETF(a)				106,864		11,299,800
VanEck High Yield Muni ETF(a)				153,572		8,188,459
TOTAL EXCHANGE-TRADED FUNDS
(cost $19,849,594)						19,488,259
TOTAL LONG-TERM INVESTMENTS
(cost $849,305,079)						805,013,241

See Notes to Financial Statements.

PGIM Muni High Income Fund    33

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2022

Description	Shares	Value
SHORT-TERM INVESTMENT     2.6%
AFFILIATED MUTUAL FUND
PGIM Institutional Money Market Fund (cost $20,962,287; includes $20,938,446 of cash collateral for securities on loan)(b)(we)	20,979,563	$	20,966,976
TOTAL INVESTMENTS     102.6%
(cost $870,267,366)			825,980,217
Liabilities in excess of other assets(z)     (2.6)%			(21,169,446	)
NET ASSETS     100.0%		$	804,810,771

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

USD—US Dollar

144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.

AGM—Assured Guaranty Municipal Corp.

AMT—Alternative Minimum Tax

CABS—Capital Appreciation Bonds

CDD—Community Development District

COP—Certificates of Participation

ETF—Exchange-Traded Fund

FRDD—Floating Rate Daily Demand Note

GO—General Obligation

IDB—Industrial Development Bond

LIBOR—London Interbank Offered Rate

OTC—Over-the-counter

PCR—Pollution Control Revenue

Rfdg—Refunding

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

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $20,482,496; cash collateral of $20,938,446 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of August 31, 2022. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

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

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

(hh) When-issued security.

See Notes to Financial Statements.

34

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2022

(t) Represents zero coupon. Rate quoted represents effective yield at August 31, 2022.

(we) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Institutional Money Market Fund.

(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

Futures contracts outstanding at August 31, 2022:

Number of Contracts	Type	Expiration Date		Current Notional Amount			Value / Unrealized Appreciation (Depreciation)
Short Position:
227	20 Year U.S. Treasury Bonds		Dec. 2022		$	30,836,531		$	189,871

Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:

Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

Broker	Cash and/or Foreign Currency			Securities Market Value
Citigroup Global Markets, Inc.		$	1,013,000		$	—

Fair Value Measurements:

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used as of August 31, 2022 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Exchange-Traded Funds	$	19,488,259	$	—		$	—
Municipal Bonds
Alabama		—		32,568,403			—
Alaska		—		5,761,149			—
Arizona		—		41,261,229			—
California		—		55,246,503			—
Colorado		—		26,102,928			—
Connecticut		—		2,046,749			—

See Notes to Financial Statements.

PGIM Muni High Income Fund    35

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2022

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Municipal Bonds (continued)
Delaware	$	—	$	2,254,169		$	—
District of Columbia		—		20,621,710			—
Florida		—		82,512,294			—
Georgia		—		4,333,561			—
Guam		—		1,040,176			—
Hawaii		—		2,563,505			—
Illinois		—		108,352,636			—
Indiana		—		1,990,208			—
Iowa		—		1,917,314			—
Kansas		—		761,721			—
Kentucky		—		7,048,689			—
Louisiana		—		4,066,812			—
Maryland		—		3,386,781			—
Michigan		—		5,072,806			—
Minnesota		—		5,312,211			—
Mississippi		—		4,285,242			—
Missouri		—		18,082,852			—
Nebraska		—		1,062,824			—
Nevada		—		1,926,969			—
New Hampshire		—		2,573,781			—
New Jersey		—		58,104,172			—
New York		—		47,264,408			—
North Carolina		—		4,141,414			—
Ohio		—		27,147,543			—
Oklahoma		—		11,180,019			—
Oregon		—		2,667,778			—
Pennsylvania		—		20,342,871			—
Puerto Rico		—		57,404,077			—
Rhode Island		—		4,428,350			—
South Carolina		—		6,458,850			—
Tennessee		—		4,062,868			—
Texas		—		53,908,291			—
Utah		—		1,139,590			—
Vermont		—		1,670,179			—
Virginia		—		5,550,136			—
Washington		—		10,623,485			—
West Virginia		—		1,507,350			—
Wisconsin		—		25,770,379			—

See Notes to Financial Statements.

36

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2022

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Short-Term Investment
Affiliated Mutual Fund	$	20,966,976	$	—		$—
Total	$	40,455,235	$	785,524,982		$—
Other Financial Instruments*
Assets
Futures Contracts	$	189,871	$	—		$—

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

Sector Classification:

The sector classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of August 31, 2022 were as follows:

Healthcare	18.4	%
Transportation	12.1
General Obligation	11.9
Education	10.5
Special Tax/Assessment District	10.3
Corporate Backed IDB & PCR	9.7
Pre-pay Gas	9.4
Tobacco Appropriated	5.8
Affiliated Mutual Fund (2.6% represents investments purchased with collateral from securities on loan)	2.6
Lease Backed Certificate of Participation	2.5

Exchange-Traded Funds	2.4	%
Pre-Refunded	2.1
Development	1.9
Water & Sewer	1.3
Power	0.9
Solid Waste/Resource Recovery	0.8
	102.6
Liabilities in excess of other assets	(2.6	)
	100.0	%

Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:

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

Fair values of derivative instruments as of August 31, 2022 as presented in the Statement of Assets and Liabilities:

See Notes to Financial Statements.

PGIM Muni High Income Fund    37

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2022

	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and  Liabilities Location	Fair Value
Interest rate contracts	Due from/to broker-variation margin futures	$	189,871	*	—	$—

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

The effects of derivative instruments on the Statement of Operations for the period ended August 31, 2022 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Interest rate contracts	$	459,126

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Interest rate contracts	$	177,397

For the year ended August 31, 2022, the Fund’s average volume of derivative activities is as follows:

Derivative Contract Type	Average Volume of Derivative Activities*
Futures Contracts - Short Positions (1)	$15,294,444

* Average volume is based on average quarter end balances as noted for the year ended August 31, 2022.

(1) Notional Amount in USD.

Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:

The Fund entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

Offsetting of financial instrument/transaction assets and liabilities:

See Notes to Financial Statements.

38

PGIM Muni High Income Fund

Schedule of Investments (continued)

as of August 31, 2022

Description	Gross Market Value of Recognized Assets/(Liabilities)	Collateral Pledged/(Received)(1)	Net Amount
Securities on Loan	$20,482,496	$(20,482,496)	$—

(1) Collateral amount disclosed by the Fund is limited to the market value of financial instruments/transactions.

See Notes to Financial Statements.

PGIM Muni High Income Fund    39

Statement of Assets and Liabilities

as of August 31, 2022

Assets
Investments at value, including securities on loan of $20,482,496:
Unaffiliated investments (cost $849,305,079)	$	805,013,241
Affiliated investments (cost $20,962,287)		20,966,976
Dividends and interest receivable		8,506,942
Receivable for investments sold		4,616,474
Receivable for Fund shares sold		1,594,133
Deposit with broker for centrally cleared/exchange-traded derivatives		1,013,000
Due from broker—variation margin futures		92,219
Prepaid expenses		47
Total Assets		841,803,032
Liabilities
Payable to broker for collateral for securities on loan		20,938,446
Payable for investments purchased		9,344,070
Payable for Fund shares purchased		3,747,805
Payable to custodian		2,128,287
Management fee payable		334,314
Dividends payable		216,076
Accrued expenses and other liabilities		150,673
Distribution fee payable		120,005
Affiliated transfer agent fee payable		9,531
Trustees’ fees payable		3,054
Total Liabilities		36,992,261
Net Assets	$	804,810,771
Net assets were comprised of:
Shares of beneficial interest, at par	$	867,398
Paid-in capital in excess of par		881,633,446
Total distributable earnings (loss)		(77,690,073	)
Net assets, August 31, 2022	$	804,810,771

See Notes to Financial Statements.

40

Class A
Net asset value and redemption price per share,
($ 376,462,684 ÷ 40,542,960 shares of beneficial interest issued and outstanding)	$	9.29
Maximum sales charge (3.25% of offering price)		0.31
Maximum offering price to public	$	9.60
Class C
Net asset value, offering price and redemption price per share,
($ 44,197,066 ÷ 4,759,778 shares of beneficial interest issued and outstanding)	$	9.29
Class Z
Net asset value, offering price and redemption price per share,
($ 332,569,736 ÷ 35,877,188 shares of beneficial interest issued and outstanding)	$	9.27
Class R6
Net asset value, offering price and redemption price per share,
($ 51,581,285 ÷ 5,559,900 shares of beneficial interest issued and outstanding)	$	9.28

See Notes to Financial Statements.

PGIM Muni High Income Fund    41

Statement of Operations

Year Ended August 31, 2022

Net Investment Income (Loss)
Income
Interest income	$	37,403,060
Income from securities lending, net (including affiliated income of $21,135)		42,711
Unaffiliated dividend income		35,849
Total income		37,481,620
Expenses
Management fee		4,727,238
Distribution fee(a)		1,608,826
Transfer agent’s fees and expenses (including affiliated expense of $62,308)(a)		649,357
Registration fees(a)		111,672
Custodian and accounting fees		87,592
Shareholders’ reports		49,589
Audit fee		39,500
Legal fees and expenses		25,244
Trustees’ fees		21,001
Miscellaneous		28,999
Total expenses		7,349,018
Less: Fee waiver and/or expense reimbursement(a)		(282,076	)
Custodian fee credit		(3,376	)
Net expenses		7,063,566
Net investment income (loss)		30,418,054
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions (including affiliated of $(174))		(13,216,312	)
Futures transactions		459,126
		(12,757,186	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $4,689)		(139,772,834	)
Futures		177,397
		(139,595,437	)
Net gain (loss) on investment transactions		(152,352,623	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(121,934,569	)

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

	Class A			Class C			Class Z			Class R6
Distribution fee		1,054,626			554,200			—			—
Transfer agent’s fees and expenses		249,600			33,087			366,284			386
Registration fees		30,552			18,923			37,701			24,496
Fee waiver and/or expense reimbursement		(106,270	)		(13,961	)		(124,249	)		(37,596	)

See Notes to Financial Statements.

42

Statements of Changes in Net Assets

	Year Ended August 31, 2022				Four months ended     August 31, 2021				Year Ended April 30, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	30,418,054			$	10,361,812			$	29,902,174
Net realized gain (loss) on investment transactions			(12,757,186	)			228,922				(3,021,599	)
Net change in unrealized appreciation (depreciation) on investments			(139,595,437	)			11,105,840				98,894,745
Net increase (decrease) in net assets resulting from operations			(121,934,569	)			21,696,574				125,775,320
Dividends and Distributions
Distributions from distributable earnings
Class A			(12,890,002	)			(4,272,756	)			(13,111,581	)
Class B			—				—				(19,292	)
Class C			(1,258,985	)			(462,713	)			(1,979,603	)
Class Z			(14,317,673	)			(5,196,105	)			(14,703,348	)
Class R6			(1,707,077	)			(373,781	)			(566,593	)
			(30,173,737	)			(10,305,355	)			(30,380,417	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold			284,305,957				89,878,439				271,561,788
Net asset value of shares issued in reinvestment of dividends and distributions			27,320,414				8,988,702				26,485,180
Cost of shares purchased			(418,567,083	)			(43,183,177	)			(168,716,358	)
Net increase (decrease) in net assets from Fund share transactions			(106,940,712	)			55,683,964				129,330,610
Total increase (decrease)			(259,049,018	)			67,075,183				224,725,513
Net Assets:
Beginning of period			1,063,859,789				996,784,606				772,059,093
End of period		$	804,810,771			$	1,063,859,789			$	996,784,606

See Notes to Financial Statements.

PGIM Muni High Income Fund    43

Financial Highlights

Class A Shares
	Year Ended August 31,			Four months ended August 31,			Year Ended April 30,
	2022			2021			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$10.85			$10.73			$9.58			$10.28			$10.12			$10.12
Income (loss) from investment operations:
Net investment income (loss)		0.31			0.11			0.34			0.38			0.39			0.39
Net realized and unrealized gain (loss) on investment transactions		(1.56	)		0.12			1.16			(0.70	)		0.17			0.01
Total from investment operations		(1.25	)		0.23			1.50			(0.32	)		0.56			0.40
Less Dividends and Distributions:
Dividends from net investment income		(0.31	)		(0.11	)		(0.35	)		(0.38	)		(0.40	)		(0.40	)
Net asset value, end of period		$9.29			$10.85			$10.73			$9.58			$10.28			$10.12
Total Return(b):		(11.70	)%		2.11	%		15.82	%		(3.37	)%		5.67	%		3.99	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$376,463			$447,158			$425,013			$342,085			$339,940			$322,606
Average net assets (000)		$421,850			$438,859			$390,814			$367,591			$323,381			$337,410
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.81	%		0.80	%(d)		0.80	%		0.85	%		0.85	%		0.86	%
Expenses before waivers and/or expense reimbursement		0.84	%		0.83	%(d)		0.82	%		0.85	%		0.85	%		0.86	%
Net investment income (loss)		3.08	%		2.91	%(d)		3.30	%		3.60	%		3.88	%		3.86	%
Portfolio turnover rate(e)(f)		58	%		7	%		25	%		53	%		54	%		36	%

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

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

(c) Effective January 1, 2018, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

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

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

See Notes to Financial Statements.

44

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

See Notes to Financial Statements.

PGIM Muni High Income Fund    45

Financial Highlights (continued)

Class C Shares
				Four months ended
	Year Ended August 31,   2022			August 31,			Year Ended April 30,
				2021			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$10.85			$10.73			$9.58			$10.28			$10.12			$10.12
Income (loss) from investment operations:
Net investment income (loss)		0.23			0.08			0.27			0.30			0.31			0.32
Net realized and unrealized gain (loss) on investment transactions		(1.56	)		0.12			1.15			(0.70	)		0.17			-	(b)
Total from investment operations		(1.33	)		0.20			1.42			(0.40	)		0.48			0.32
Less Dividends and Distributions:
Dividends from net investment income		(0.23	)		(0.08	)		(0.27	)		(0.30	)		(0.32	)		(0.32	)
Net asset value, end of period		$9.29			$10.85			$10.73			$9.58			$10.28			$10.12
Total Return(c):		(12.38	)%		1.84	%		14.94	%		(4.09	)%		4.88	%		3.21	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$44,197			$64,346			$65,412			$79,180			$95,749			$110,077
Average net assets (000)		$55,420			$65,052			$75,826			$94,394			$104,786			$114,788
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.58	%		1.58	%(e)		1.57	%		1.60	%		1.60	%		1.62	%
Expenses before waivers and/or expense reimbursement		1.61	%		1.61	%(e)		1.59	%		1.60	%		1.60	%		1.62	%
Net investment income (loss)		2.30	%		2.13	%(e)		2.56	%		2.85	%		3.10	%		3.11	%
Portfolio turnover rate(f)(g)		58	%		7	%		25	%		53	%		54	%		36	%

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

(b) Amount rounds to zero.

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

(d) Effective January 1, 2018, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

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

See Notes to Financial Statements.

46

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

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

See Notes to Financial Statements.

PGIM Muni High Income Fund    47

Financial Highlights (continued)

Class Z Shares
				Four months
				ended
	Year Ended August 31,			August 31,						Year Ended April 30,
	2022			2021			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$10.83			$10.71			$9.57			$10.26			$10.10			$10.11
Income (loss) from investment operations:
Net investment income (loss)		0.33			0.11			0.37			0.40			0.41			0.42
Net realized and unrealized gain (loss) on investment transactions		(1.56	)		0.12			1.14			(0.69	)		0.17			-	(b)
Total from investment operations		(1.23	)		0.23			1.51			(0.29	)		0.58			0.42
Less Dividends and Distributions:
Dividends from net investment income		(0.33	)		(0.11	)		(0.37	)		(0.40	)		(0.42	)		(0.43	)
Net asset value, end of period		$9.27			$10.83			$10.71			$9.57			$10.26			$10.10
Total Return(c):		(11.52	)%		2.19	%		15.98	%		(3.06	)%		5.90	%		4.15	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$332,570			$512,347			$482,104			$337,094			$404,188			$375,466
Average net assets (000)		$437,004			$495,019			$411,850			$428,468			$385,217			$370,141
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.58	%		0.57	%(e)		0.58	%		0.62	%		0.63	%		0.62	%
Expenses before waivers and/or expense reimbursement		0.61	%		0.60	%(e)		0.61	%		0.62	%		0.63	%		0.62	%
Net investment income (loss)		3.30	%		3.14	%(e)		3.52	%		3.83	%		4.08	%		4.11	%
Portfolio turnover rate(f)(g)		58	%		7	%		25	%		53	%		54	%		36	%

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

(b) Amount rounds to zero.

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

(d) Effective January 1, 2018, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

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

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

See Notes to Financial Statements.

48

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

See Notes to Financial Statements.

PGIM Muni High Income Fund    49

Financial Highlights (continued)

Class R6 Shares
				Four months ended												June 27, 2017(a)
	Year Ended August 31,			August 31,			Year Ended April 30,									through April 30
	2022			2021			2021			2020			2019			2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.84			$10.72			$9.57			$10.27			$10.11			$10.23
Income (loss) from investment operations:
Net investment income (loss)		0.34			0.12			0.37			0.40			0.42			0.36
Net realized and unrealized gain (loss) on investment transactions		(1.56	)		0.12			1.16			(0.70	)		0.17			(0.11	)
Total from investment operations		(1.22	)		0.24			1.53			(0.30	)		0.59			0.25
Less Dividends and Distributions:
Dividends from net investment income		(0.34	)		(0.12	)		(0.38	)		(0.40	)		(0.43	)		(0.37	)
Net asset value, end of period		$9.28			$10.84			$10.72			$9.57			$10.27			$10.11
Total Return(c):		(11.43	)%		2.22	%		16.19	%		(3.13	)%		5.94	%		2.50	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$51,581			$40,009			$24,256			$9,028			$6,998			$398
Average net assets (000)		$50,468			$34,742			$15,737			$8,116			$4,932			$53
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.49	%		0.48	%(e)		0.49	%		0.59	%		0.60	%		0.59	%(f)
Expenses before waivers and/or expense reimbursement		0.56	%		0.57	%(e)		0.65	%		0.73	%		0.89	%		25.88	%(f)
Net investment income (loss)		3.41	%		3.22	%(e)		3.55	%		3.85	%		4.19	%		4.31	%(f)
Portfolio turnover rate(g)(h)		58	%		7	%		25	%		53	%		54	%		36	%

(a) Commencement of offering.

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

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

(d) Effective January 1, 2018, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

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

(f) Annualized.

See Notes to Financial Statements.

50

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

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

See Notes to Financial Statements.

PGIM Muni High Income Fund    51

Notes to Financial Statements

1. Organization

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

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

2. Accounting Policies

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

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

For the fiscal reporting year-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when

52

the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Fund’s foreign investments may change on days when investors cannot purchase or redeem Fund shares.

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

Common or preferred stocks, exchange-traded funds and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

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

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

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any

PGIM Muni High Income Fund    53

Notes to Financial Statements (continued)

comparable securities; any available analyst media or other reports or information deemed reliable by the Valuation Designee regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

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

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

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

54

Securities Lending: The Fund lends its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. The remaining open loans of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral.

The Fund recognizes income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto, which are reflected in interest income or unaffiliated dividend income based on the nature of the payment on the Statement of Operations. The Fund also continues to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed in the Statement of Operations.

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

Taxes: It is the Fund’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal

PGIM Muni High Income Fund    55

Notes to Financial Statements (continued)

income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.

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

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

Expected Distribution Schedule to Shareholders*	Frequency
Net Investment Income	Monthly
Short-Term Capital Gains	Annually
Long-Term Capital Gains	Annually

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

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

3. Agreements

The RIC, on behalf of the Fund, has a management agreement with the Manager pursuant to which it has responsibility for all investment advisory services and supervises the subadviser’s performance of such services, and pursuant to which it renders administrative services.

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

56

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended August 31, 2022, the contractual and effective management fee rates were as follows:

Contractual Management Rate	Effective Management Fee, before any waivers  and/or expense reimbursements
0.49% of average daily net assets up to $1 billion;	0.49%
0.44% of average daily net assets over $1 billion.

The Manager has contractually agreed, through December 31, 2023, to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

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

Class	Expense  Limitations
A	—%
C	—
Z	0.58
R6	0.49

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

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

The Fund’s annual gross and net distribution rate, where applicable, are as follows:

Class	Gross Distribution Fee	Net Distribution Fee
A	0.25%	0.25%
C	1.00	1.00

PGIM Muni High Income Fund    57

Notes to Financial Statements (continued)

Class	Gross Distribution Fee	Net Distribution Fee
Z	N/A%	N/A%
R6	N/A	N/A

For the reporting period ended August 31, 2022, PIMS received front-end sales charges (“FESL”) resulting from sales of certain class shares and contingent deferred sales charges (“CDSC”) imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:

Class		FESL		CDSC
A	$	184,530	$	15,552
C		—		7,732

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

4. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the Fund’s transfer agent and shareholder servicing agent. Transfer agent’s fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

The Fund may invest its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), a fund of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Money Market Fund. In addition to the realized and unrealized gains on investments in the Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Income from securities lending, net”.

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers.

58

For the reporting period ended August 31, 2022, the Fund’s purchase and sales transactions under Rule 17a-7 and realized gain (loss) as a result of 17a-7 sales transactions were as follows:

Purchases	Sales	Realized Gain (Loss)
$75,197,215	$83,044,291	$—

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended August 31, 2022, were as follows:

Cost of Purchases	Proceeds from Sales
$560,023,158	$668,400,015

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended August 31, 2022, is presented as follows:

Value, Beginning   of Year	Cost of Purchases	Proceeds from Sales	Change in Unrealized Gain (Loss)	Realized Gain (Loss)	Value, End of Year	Shares, End of Year	Income
Short-Term Investments - Affiliated Mutual Fund:
PGIM Institutional Money Market Fund(1)(b)(we)
$—	$48,606,361	$27,643,900	$4,689	$(174)	$20,966,976	20,979,563	$21,135(2)

(1) The Fund did not have any capital gain distributions during the reporting period.

(2) The amount, or a portion thereof, represents the affiliated securities lending income shown on the Statement of Operations.

(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

(we) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Institutional Money Market Fund.

6. Distributions and Tax Information

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

For the year ended August 31, 2022, the tax character of dividends paid by the Fund were $6,501 of ordinary income and $30,167,236 of tax-exempt income. For the four months ended August 31, 2021, the tax character of dividends paid by the Fund were $10,305,355 of tax-exempt income. For the year ended April 30, 2021, the tax character of dividends paid by the Fund were $635,413 of ordinary income and $29,745,004 of tax-exempt income.

PGIM Muni High Income Fund    59

Notes to Financial Statements (continued)

As of August 31, 2022, the accumulated undistributed earnings on a tax basis was $9,879,803 of tax-exempt income (includes timing difference of $216,076 for dividends payable).

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of August 31, 2022 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized                     Depreciation	Net Unrealized Depreciation
$871,760,443	$10,067,942	$(55,658,297)	$(45,590,355)

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

For federal income tax purposes, the Fund had a capital loss carryforward as of August 31, 2022 of approximately $41,763,000 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended August 31, 2022 are subject to such review.

7. Capital and Ownership

The Fund offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 3.25%. Investors who purchase $500,000 or more of Class A shares and sell those shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1.00% on sales although these purchases are not subject to a front-end sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Effective June 26, 2020, all of the issued and outstanding Class B shares of the Fund converted into Class A shares. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately eight years (ten years prior to January 22, 2021) after purchase. Class Z and Class R6 shares are

60

not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

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

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

As of August 31, 2022, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

Class	Number of Shares	Percentage of Outstanding Shares
A	3,691	0.1%
R6	1,192	0.1

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

	Number of Shareholders	Percentage of Outstanding Shares
Affiliated	—	—%
Unaffiliated	8	77.9

PGIM Muni High Income Fund    61

Notes to Financial Statements (continued)

Transactions in shares of beneficial interest were as follows:

Share Class	Shares			Amount
Class A
Year ended August 31, 2022:
Shares sold	7,407,918		$	75,528,757
Shares issued in reinvestment of dividends and distributions	1,184,102			11,881,925
Shares purchased	(9,456,776	)		(94,320,392	)
Net increase (decrease) in shares outstanding before conversion	(864,756	)		(6,909,710	)
Shares issued upon conversion from other share class(es)	855,608			8,591,462
Shares purchased upon conversion into other share class(es)	(652,329	)		(6,593,747	)
Net increase (decrease) in shares outstanding	(661,477	)	$	(4,911,995	)
Four months ended August 31, 2021:
Shares sold	2,642,951		$	28,684,130
Shares issued in reinvestment of dividends and distributions	360,051			3,906,439
Shares purchased	(1,422,788	)		(15,446,207	)
Net increase (decrease) in shares outstanding before conversion	1,580,214			17,144,362
Shares issued upon conversion from other share class(es)	228,846			2,475,905
Shares purchased upon conversion into other share class(es)	(216,720	)		(2,351,705	)
Net increase (decrease) in shares outstanding	1,592,340		$	17,268,562
Year ended April 30, 2021:
Shares sold	5,823,287		$	60,999,987
Shares issued in reinvestment of dividends and distributions	1,138,806			11,883,202
Shares purchased	(5,322,073	)		(55,567,636	)
Net increase (decrease) in shares outstanding before conversion	1,640,020			17,315,553
Shares issued upon conversion from other share class(es)	2,826,174			29,664,449
Shares purchased upon conversion into other share class(es)	(557,169	)		(5,831,711	)
Net increase (decrease) in shares outstanding	3,909,025		$	41,148,291
Class B
Period ended June 26, 2020*:
Shares sold	7,559		$	76,704
Shares issued in reinvestment of dividends and distributions	1,227			12,148
Shares purchased	(7,261	)		(66,309	)
Net increase (decrease) in shares outstanding before conversion	1,525			22,543
Shares purchased upon conversion into other share class(es)	(489,105	)		(4,962,326	)
Net increase (decrease) in shares outstanding	(487,580	)	$	(4,939,783	)

62

Share Class	Shares			Amount
Class C
Year ended August 31, 2022:
Shares sold	574,911		$	5,704,206
Shares issued in reinvestment of dividends and distributions	116,223			1,167,543
Shares purchased	(1,210,102	)		(11,960,602	)
Net increase (decrease) in shares outstanding before conversion	(518,968	)		(5,088,853	)
Shares purchased upon conversion into other share class(es)	(650,537	)		(6,477,874	)
Net increase (decrease) in shares outstanding	(1,169,505	)	$	(11,566,727	)
Four months ended August 31, 2021:
Shares sold	147,373		$	1,596,362
Shares issued in reinvestment of dividends and distributions	39,299			426,349
Shares purchased	(168,314	)		(1,823,714	)
Net increase (decrease) in shares outstanding before conversion	18,358			198,997
Shares purchased upon conversion into other share class(es)	(185,647	)		(2,010,933	)
Net increase (decrease) in shares outstanding	(167,289	)	$	(1,811,936	)
Year ended April 30, 2021:
Shares sold	919,757		$	9,614,055
Shares issued in reinvestment of dividends and distributions	173,396			1,805,779
Shares purchased	(959,145	)		(9,922,101	)
Net increase (decrease) in shares outstanding before conversion	134,008			1,497,733
Shares purchased upon conversion into other share class(es)	(2,300,709	)		(24,348,365	)
Net increase (decrease) in shares outstanding	(2,166,701	)	$	(22,850,632	)

PGIM Muni High Income Fund    63

Notes to Financial Statements (continued)

Share Class	Shares			Amount
Class Z
Year ended August 31, 2022:
Shares sold	17,097,005		$	171,445,569
Shares issued in reinvestment of dividends and distributions	1,251,425			12,564,239
Shares purchased	(29,422,975	)		(290,211,395	)
Net increase (decrease) in shares outstanding before conversion	(11,074,545	)		(106,201,587	)
Shares issued upon conversion from other share class(es)	649,939			6,524,123
Shares purchased upon conversion into other share class(es)	(989,889	)		(10,382,611	)
Net increase (decrease) in shares outstanding	(11,414,495	)	$	(110,060,075	)
Four months ended August 31, 2021:
Shares sold	4,880,484		$	52,880,900
Shares issued in reinvestment of dividends and distributions	395,384			4,282,133
Shares purchased	(2,206,804	)		(23,892,642	)
Net increase (decrease) in shares outstanding before conversion	3,069,064			33,270,391
Shares issued upon conversion from other share class(es)	237,134			2,569,253
Shares purchased upon conversion into other share class(es)	(1,024,242	)		(11,005,195	)
Net increase (decrease) in shares outstanding	2,281,956		$	24,834,449
Year ended April 30, 2021:
Shares sold	17,811,968		$	185,209,335
Shares issued in reinvestment of dividends and distributions	1,172,272			12,217,461
Shares purchased	(9,709,056	)		(100,428,422	)
Net increase (decrease) in shares outstanding before conversion	9,275,184			96,998,374
Shares issued upon conversion from other share class(es)	726,989			7,592,775
Shares purchased upon conversion into other share class(es)	(233,787	)		(2,431,634	)
Net increase (decrease) in shares outstanding	9,768,386		$	102,159,515

64

Share Class	Shares			Amount
Class R6
Year ended August 31, 2022:
Shares sold	3,172,899		$	31,627,425
Shares issued in reinvestment of dividends and distributions	171,014			1,706,707
Shares purchased	(2,261,120	)		(22,074,694	)
Net increase (decrease) in shares outstanding before conversion	1,082,793			11,259,438
Shares issued upon conversion from other share class(es)	787,033			8,338,647
Net increase (decrease) in shares outstanding	1,869,826		$	19,598,085
Four months ended August 31, 2021:
Shares sold	619,639		$	6,717,047
Shares issued in reinvestment of dividends and distributions	34,468			373,781
Shares purchased	(186,890	)		(2,020,614	)
Net increase (decrease) in shares outstanding before conversion	467,217			5,070,214
Shares issued upon conversion from other share class(es)	960,036			10,322,675
Net increase (decrease) in shares outstanding	1,427,253		$	15,392,889
Year ended April 30, 2021:
Shares sold	1,498,597		$	15,661,707
Shares issued in reinvestment of dividends and distributions	54,109			566,590
Shares purchased	(262,967	)		(2,731,890	)
Net increase (decrease) in shares outstanding before conversion	1,289,739			13,496,407
Shares issued upon conversion from other share class(es)	29,996			316,812
Net increase (decrease) in shares outstanding	1,319,735		$	13,813,219

* Effective June 26, 2020, all of the issued and outstanding Class B shares of the Fund converted into Class A shares.

8. Borrowings

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

	Current SCA	Prior SCA
Term of Commitment	10/1/2021 – 9/29/2022	10/2/2020 – 9/30/2021
Total Commitment	$ 1,200,000,000	$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	1.30% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent

PGIM Muni High Income Fund    65

Notes to Financial Statements (continued)

Subsequent to the reporting period end, the SCA has been renewed and effective September 30, 2022 will provide a commitment of $1,200,000,000 through September 28, 2023. The commitment fee paid by the Participating Funds will continue to be 0.15% of the unused portion of the SCA. The interest on borrowings under the renewed SCA will be paid monthly and at a per annum interest rate of 1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent.

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

The Fund utilized the SCA during the reporting period ended August 31, 2022. The average daily balance for the 1 day that the Fund had loans outstanding during the period was approximately $1,509,000, borrowed at a weighted average interest rate of 3.20%. The maximum loan outstanding amount during the period was $1,509,000. At August 31, 2022, the Fund did not have an outstanding loan amount.

9. Risks of Investing in the Fund

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

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

Debt Obligations Risk: Debt obligations are subject to credit risk, market risk and interest rate risk. The Fund’s holdings, share price, yield and total return may also fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer’s goods and services. Certain types of fixed income obligations also may be subject to “call and redemption risk,” which is the risk that the issuer may call a bond held

66

by the Fund for redemption before it matures and the Fund may not be able to reinvest at the same rate of interest and therefore would earn less income.

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

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

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

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

Large Shareholder and Large Scale Redemption Risk: Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund’s shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund’s shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs.

PGIM Muni High Income Fund    67

Notes to Financial Statements (continued)

Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy. The Fund’s ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.

Liquidity Risk: Liquidity risk is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors’ interests in the Fund. The Fund may invest in instruments that trade in lower volumes and are more illiquid than other investments. If the Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments cannot be readily sold at the desired time or price, the Fund may have to accept a lower price or may not be able to sell the instrument at all. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities.

Management Risk: The value of your investment may decrease if judgments by the subadviser about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements are incorrect.

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

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

COVID-19 and the related governmental and public responses have had and may continue to have an impact on the Fund’s investments and net asset value and have led and may

68

continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. They have also had and may continue to result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. The occurrence, reoccurrence and pendency of public health epidemics could adversely affect the economies and financial markets either in specific countries or worldwide.

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

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

10. Recent Accounting Pronouncement and Regulatory Developments

In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, which provides optional guidance for applying GAAP to contract modifications, hedging relationships and other transactions affected by the reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. Management does not expect ASU 2020-04 to have a material impact on the financial statements.

PGIM Muni High Income Fund    69

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PGIM Muni High Income Fund (the “Fund”) as of August 31, 2022, the related statement of operations for the year ended August 31, 2022, the statements of changes in net assets for the year ended August 31, 2022, for the period May 1, 2021 through August 31, 2021 and for the year ended April 30, 2021, including the related notes, and the financial highlights for the year ended August 31, 2022, for the period May 1, 2021 through August 31, 2021 and for the year ended April 30, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2022, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for the year ended August 31, 2022, for the period May 1, 2021 through August 31, 2021 and for the year ended April 30, 2021 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended April 30, 2020 and the financial highlights for each of the periods ended on or prior to April 30, 2020 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated June 15, 2020 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

October 17, 2022

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

70

Tax Information (unaudited)

We are advising you that during the year ended August 31, 2022, the Fund designates the maximum amount allowable per share but not less than the following amounts as exempt-interest dividends in accordance with Section 852(b)(5) of the Internal Revenue Code.

	Per Share
	Class A	Class C	Class Z	Class R6
Tax-Exempt Dividends	$0.31	$0.23	$0.33	$0.34

In January 2023, you will be advised on IRS Form 1099-DIV and/or 1099-INT, if applicable, or substitute forms as to the federal tax status of the dividends received in calendar year 2022.

For more detailed information regarding your state and local taxes, you should contact your tax adviser or the state/local taxing authorities.

PGIM Muni High Income Fund    71

Liquidity Risk Management Program (unaudited)

Consistent with Rule 22e-4 under the 1940 Act (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program (the “LRMP”). The Fund’s LRMP seeks to assess and manage the Fund’s liquidity risk, which is defined as the risk that the Fund is unable to meet investor redemption requests without significantly diluting the remaining investors’ interests in the Fund. The Board has approved PGIM Investments LLC (“PGIM Investments”), the Fund’s investment manager, to serve as the administrator of the Fund’s LRMP. As part of its responsibilities as administrator, PGIM Investments has retained a third party to perform certain functions, including providing market data and liquidity classification model information.

The Fund’s LRMP includes a number of processes designed to support the assessment and management of its liquidity risk. In particular, the Fund’s LRMP includes no less than annual assessments of factors that influence the Fund’s liquidity risk; no less than monthly classifications of the Fund’s investments into one of four liquidity classifications provided for in the Liquidity Rule; a 15% of net assets limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); establishment of a minimum percentage of the Fund’s assets to be invested in investments classified as “highly liquid” (as defined under the Liquidity Rule) if the Fund does not invest primarily in highly liquid investments; and regular reporting to the Board.

At a meeting of the Board on March 1-3, 2022, PGIM Investments provided a written report (“LRMP Report”) to the Board addressing the operation, adequacy, and effectiveness of the Fund’s LRMP, including any material changes to the LRMP for the period from January 1, 2021 through December 31, 2021 (“Reporting Period”). The LRMP Report concluded that the Fund’s LRMP was reasonably designed to assess and manage the Fund’s liquidity risk and was adequately and effectively implemented during the Reporting Period. There were no material changes to the LRMP during the Reporting Period. The LRMP Report further concluded that the Fund’s investment strategies continue to be appropriate given the Fund’s status as an open-end fund.

There can be no assurance that the LRMP will achieve its objectives in the future. Additional information regarding risks of investing in the Fund, including liquidity risks presented by the Fund’s investment portfolio, is found in the Fund’s Prospectus and Statement of Additional Information.

Visit our website at pgim.com/investments

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS (unaudited)

Information about Board Members and Officers of the Fund is set forth below. Board Members who are not deemed to be “interested persons” of the Fund, as defined in the 1940 Act, are referred to as “Independent Board Members.” Board Members who are deemed to be “interested persons” of the Fund are referred to as “Interested Board Members.” The Board Members are responsible for the overall supervision of the operations of the Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Board in turn elects the Officers, who are responsible for administering the day-to-day operations of the Fund.

Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Ellen S. Alberding 1958 Board Member Portfolios Overseen: 97	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); formerly Vice Chair, City Colleges of Chicago (community college system) (2011-2015); Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); Trustee, Economic Club of Chicago (2009-2016); Trustee, Loyola University (since 2018).	None.	Since September 2013
Kevin J. Bannon 1952 Board Member Portfolios Overseen: 97	Retired; formerly Managing Director (April 2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008).	Since July 2008

PGIM Muni High Income Fund

Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Linda W. Bynoe 1952 Board Member Portfolios Overseen: 94	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Limited LLC (formerly Telemat Ltd) (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co. (broker-dealer).	Trustee of Equity Residential (residential real estate) (since December 2009); Director of Northern Trust Corporation (financial services) (since April 2006); formerly Director of Anixter International, Inc. (communication products distributor) (January 2006-June 2020).	Since March 2005
Barry H. Evans 1960 Board Member Portfolios Overseen: 96	Retired; formerly President (2005-2016), Global Chief Operating Officer (2014-2016), Chief Investment Officer - Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management (asset management).	Formerly Director, Manulife Trust Company (2011-2018); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).	Since September 2017
Keith F. Hartstein 1956 Board Member & Independent Chair Portfolios Overseen: 97	Retired; Member (November 2014-September 2022) of the Governing Council of the Independent Directors Council (IDC) (organization of independent mutual fund directors); formerly Executive Committee of the IDC Board of Governors (October 2019-December 2021); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.	Since September 2013

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Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Laurie Simon Hodrick 1962 Board Member Portfolios Overseen: 93	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly Visiting Professor of Law, Stanford Law School (2015-2021); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008).	Independent Director, Andela (since January 2022) (global talent network); Independent Director, Roku (since December 2020) (communication services); formerly Independent Director, Synnex Corporation (2019-2021) (information technology); formerly Independent Director, Kabbage, Inc. (2018-2020) (financial services); formerly Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017
Brian K. Reid 1961 Board Member Portfolios Overseen: 96	Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); Director, ICI Mutual Insurance Company (2012-2017).	None.	Since March 2018

PGIM Muni High Income Fund

Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Grace C. Torres 1959 Board Member Portfolios Overseen: 96	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank; formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National Bank.	Since November 2014

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Interested Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Stuart S. Parker 1962 Board Member & President Portfolios Overseen: 96	President, Chief Executive Officer, Chief Operating Officer and Officer in Charge of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); President and PEO (since September 2022) of the PGIM Private Credit Fund; President and PEO (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011); Investment Company Institute - Board of Governors (since May 2012).	None.	Since January 2012
Scott E. Benjamin 1973 Board Member & Vice President Portfolios Overseen: 97	Executive Vice President (since May 2009) of PGIM Investments LLC; Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); Vice President (since September 2022) of the PGIM Private Credit Fund; Vice President (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).	None.	Since March 2010

PGIM Muni High Income Fund

Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Claudia DiGiacomo 1974 Chief Legal Officer	Chief Legal Officer (since September 2022) of the PGIM Private Credit Fund; Chief Legal Officer (since July 2022) of the PGIM Private Real Estate Fund, Inc.; Chief Legal Officer, Executive Vice President and Secretary of PGIM Investments LLC (since August 2020); Chief Legal Officer of Prudential Mutual Fund Services LLC (since August 2020); Chief Legal Officer of PIFM Holdco, LLC (since August 2020); Vice President and Corporate Counsel (since January 2005) of Prudential; and Corporate Counsel of AST Investment Services, Inc. (since August 2020); formerly Vice President and Assistant Secretary of PGIM Investments LLC (2005-2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005
Isabelle Sajous 1976 Chief Compliance Officer	Chief Compliance Officer (since April 2022) of PGIM Investments LLC, the PGIM Funds, Target Funds, PGIM ETF Trust, PGIM Global High Yield Fund, Inc., PGIM High Yield Bond Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, Advanced Series Trust, The Prudential Series Fund and Prudential’s Gibraltar Fund, Inc.; Chief Compliance Officer (since September 2022) of the PGIM Private Credit Fund; Chief Compliance Officer (since March 2022) of the PGIM Private Real Estate Fund, Inc.; Vice President, Compliance of PGIM Investments LLC (since December 2020); formerly Director, Compliance (July 2018-December 2020) of Credit Suisse Asset Management LLC; and Vice President, Associate General Counsel & Deputy Chief Compliance Officer of Cramer Rosenthal McGlynn, LLC (August 2014-July 2018).	Since April 2022
Andrew R. French 1962 Secretary	Vice President (since December 2018) of PGIM Investments LLC; Secretary (since September 2022) of the PGIM Private Credit Fund; Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Vice President and Corporate Counsel (2010-2018) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since October 2006
Melissa Gonzalez 1980 Assistant Secretary	Vice President and Corporate Counsel (since September 2018) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director and Corporate Counsel (March 2014-September 2018) of Prudential.	Since March 2020

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Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Patrick E. McGuinness 1986 Assistant Secretary	Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Director and Corporate Counsel (since February 2017) of Prudential; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.	Since June 2020
Debra Rubano 1975 Assistant Secretary	Vice President and Corporate Counsel (since November 2020) of Prudential; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc; formerly Director and Senior Counsel of Allianz Global Investors U.S. Holdings LLC (2010-2020) and Assistant Secretary of numerous funds in the Allianz fund complex (2015-2020).	Since December 2020
Kelly A. Coyne 1968 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010); Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.	Since March 2015
Christian J. Kelly 1975 Treasurer and Principal Financial and Accounting Officer	Vice President, Head of Fund Administration of PGIM Investments LLC (since November 2018); Principal Financial Officer (since September 2022) of the PGIM Private Credit Fund; Principal Financial Officer (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly, Treasurer and Principal Accounting Officer (March 2022- July 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).	Since January 2019
Lana Lomuti 1967 Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since April 2014
Russ Shupak 1973 Assistant Treasurer	Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration; Treasurer and Principal Accounting Officer (since July 2022) of the PGIM Private Real Estate Fund, Inc.; Assistant Treasurer (since September 2022) of the PGIM Private Credit Fund; formerly Assistant Treasurer (March 2022 – July 2022) of the PGIM Private Real Estate Fund, Inc.	Since October 2019
Deborah Conway 1969 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since October 2019

PGIM Muni High Income Fund

Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration; Treasurer and Principal Accounting Officer (since September 2022) of the PGIM Private Credit Fund; Assistant Treasurer (since March 2022) of the PGIM Private Real Estate Fund, Inc.	Since October 2019
Kelly Florio 1978 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Global Compliance Programs and Compliance Risk Management (since December 2021) of Prudential; formerly, Head of Fraud Risk Management (October 2019 to December 2021) at New York Life Insurance Company; formerly, Head of Key Risk Area Operations (November 2018 to October 2019), Director of the US Anti-Money Laundering Compliance Unit (2009-2018) and Bank Loss Prevention Associate (2006 -2009) at MetLife.	Since June 2022

^(a) Excludes Mr. Parker and Mr. Benjamin, interested Board Members who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

∎ Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC.

∎ Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102-4410.

∎ There is no set term of office for Board Members or Officers. The Board Members have adopted a retirement policy, which calls for the retirement of Board Members on December 31 of the year in which they reach the age of 75.

∎ “Other Directorships Held” includes all directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, “public companies”) or other investment companies registered under the 1940 Act.

∎ “Portfolios Overseen” includes all investment companies managed by PGIM Investments LLC. The investment companies for which PGIM Investments LLC serves as manager include the PGIM Mutual Funds, Target Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM Private Real Estate Fund, Inc., PGIM Private Credit Fund, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

∎ As used in the Fund Officers table “Prudential” means The Prudential Insurance Company of America.

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Approval of Advisory Agreements (unaudited)

The Fund’s Board of Trustees

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

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and the Fund’s subadvisory agreement with PGIM, Inc. (“PGIM”) on behalf of its PGIM Fixed Income unit (“PGIM Fixed Income”). In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on May 26 and June 7-9, 2022 (the “Board Meeting”) and approved the renewal of the agreements through July 31, 2023, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

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

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

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

PGIM Muni High Income Fund

Approval of Advisory Agreements (continued)

The Trustees determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a management agreement, and between PGIM Investments and PGIM, which, through its PGIM Fixed Income unit, serves as the Fund’s subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment.

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

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments and PGIM Fixed Income. The Board noted that PGIM Fixed Income is affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for the Fund, as well as the provision of fund recordkeeping, compliance and other services to the Fund, and PGIM Investments’ role as administrator for the Fund’s liquidity risk management program. With respect to PGIM Investments’ oversight of the subadviser, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments’ senior management on the performance and operations of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Trustees of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM Fixed Income, including investment research and security selection, as well as adherence to the Fund’s investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments’ evaluation of the subadviser, as well as PGIM Investments’ recommendation, based on its review of the subadviser, to renew the subadvisory agreement.

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

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

Costs of Services and Profits Realized by PGIM Investments

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

Economies of Scale

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

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

Other Benefits to PGIM Investments and PGIM Fixed Income

The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM Fixed Income and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund’s transfer agent (which

PGIM Muni High Income Fund

Approval of Advisory Agreements (continued)

is affiliated with PGIM Investments), and benefits to its reputation as well as other intangible benefits resulting from PGIM Investments’ association with the Fund. The Board concluded that the potential benefits to be derived by PGIM Fixed Income included its ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments and PGIM Fixed Income were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-, three-, five- and ten-year periods ended December 31, 2021.

The Board also considered the Fund’s actual management fee, as well as the Fund’s net total expense ratio, for the fiscal year ended August 31, 2021. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

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

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

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Net Performance	1 Year	3 Years	5 Years	10 Years
	4th Quartile	2nd Quartile	2nd Quartile	2nd Quartile
Actual Management Fees: 2nd Quartile
Net Total Expenses: 1st Quartile

· The Board noted that the Fund outperformed its custom benchmark index over the ten-year period, though it underperformed over the one-, three- and five-year periods.

· The Board considered PGIM Investments’ assertions that the Fund has strong returns over the long term as demonstrated by its 10-year performance, and that gross of fees, the Fund outperformed its custom benchmark over all trailing periods ended December 31, 2021.

· The Board also considered that the Fund outperformed its custom benchmark and performed within six basis points of its peer group in the fourth quarter of 2021. The Board further considered that the Fund outperformed its peer group for the year-to-date, three-, five- and ten-year periods ended March 31, 2022 and outperformed its benchmark index for the ten-year period ended March 31, 2022.

· PGIM Investments has contractually agreed, through December 31, 2022, to limit (exclusive of certain fees and expenses) total annual fund operating expenses after fee waivers and/or expense reimbursements to 0.58% of average daily net assets for Class Z shares, and 0.49% of average daily net assets for Class R6 shares.

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

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

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

*  *  *

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

PGIM Muni High Income Fund

∎	MAIL	∎	TELEPHONE	∎	WEBSITE
	655 Broad Street		(800) 225-1852		pgim.com/investments
	Newark, NJ 07102

PROXY VOTING

The Board of Trustees of the Fund has delegated to the Fund’s subadviser the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the Fund. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (800) 225-1852 or by visiting the Securities and Exchange Commission’s website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website and on the Securities and Exchange Commission’s website.

TRUSTEES

Ellen S. Alberding · Kevin J. Bannon · Scott E. Benjamin · Linda W. Bynoe · Barry H. Evans · Keith F. Hartstein · Laurie Simon Hodrick · Stuart S. Parker · Brian K. Reid · Grace C. Torres

OFFICERS

Stuart S. Parker, President · Scott E. Benjamin, Vice President · Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer · Claudia DiGiacomo, Chief Legal Officer · Isabelle Sajous, Chief Compliance Officer · Kelly Florio, Anti-Money Laundering Compliance Officer · Andrew R. French, Secretary · Melissa Gonzalez, Assistant Secretary · Kelly A. Coyne, Assistant Secretary · Patrick E. McGuinness, Assistant Secretary · Debra Rubano, Assistant Secretary · Lana Lomuti, Assistant Treasurer · Russ Shupak, Assistant Treasurer · Elyse M. McLaughlin, Assistant Treasurer · Deborah Conway, Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	PGIM Fixed Income	655 Broad Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

An investor should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. The prospectus and summary prospectus contain this and other information about the Fund. An investor may obtain the prospectus and summary prospectus by visiting our website at pgim.com/investments or by calling (800) 225-1852. The prospectus and summary prospectus should be read carefully before investing.

E-DELIVERY

To receive your mutual fund documents online, go to pgim.com/investments/resource/edelivery and enroll. Instead of receiving printed documents by mail, you will receive notification via email when new materials are available. You can cancel your enrollment or change your email address at any time by visiting the website address above.

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, PGIM Muni High Income Fund, PGIM Investments, Attn: Board of Trustees, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO HOLDINGS

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and is available without charge, upon request, by calling (800) 225-1852.

Mutual Funds:

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

PGIM MUNI HIGH INCOME FUND
SHARE CLASS	A	C	Z	R6
NASDAQ	PRHAX	PHICX	PHIZX	PHIQX
CUSIP	74440M104	74440M302	74440M401	74440M609

MF133E

Item 2 – Code of Ethics — See Exhibit (a)

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

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

Item 3 – Audit Committee Financial Expert –

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

Item 4 – Principal Accountant Fees and Services –

(a) Audit Fees

For the fiscal year ended August 31, 2022, the fiscal period May 1, 2021 through August 31, 2021 and the fiscal year ended April 30, 2021, PricewaterhouseCoopers LLP (“PwC”), the registrant’s principal accountant, billed the registrant $39,500, 29,625 and $39,500, respectively, for professional services rendered for the audit of the registrant’s annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

(b) Audit-Related Fees

For the fiscal year ended August 31, 2022, the fiscal period May 1, 2021 through August 31, 2021 and the fiscal year ended April 30, 2021, PwC did not bill the registrant for audit-related services.

For the fiscal year ended April 30, 2021, fees of $5,075 were billed to the registrant for services rendered by KPMG LLP (the registrant’s prior principal accountant) in connection with the auditor transition.

(c) Tax Fees

For the fiscal year ended August 31, 2022, the fiscal period May 1, 2021 through August 31, 2021 and the fiscal year ended April 30, 2021: none.

(d) All Other Fees

For the fiscal year ended August 31, 2022, the fiscal period May 1, 2021 through August 31, 2021 and the fiscal year ended April 30, 2021: none.

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

THE PGIM MUTUAL FUNDS

AUDIT COMMITTEE POLICY

on

Pre-Approval of Services Provided by the Independent Accountants

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

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

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

• periodic meetings with the accounting firm.

Policy for Audit and Non-Audit Services Provided to the Funds

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

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

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

Audit Services

The following categories of audit services are considered to be consistent with the role of the Fund’s independent accountants:

• Annual Fund financial statement audits

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

• SEC and regulatory filings and consents

Audit-related Services

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

• Accounting consultations

• Fund merger support services

• Agreed Upon Procedure Reports

• Attestation Reports

• Other Internal Control Reports

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

Tax Services

The following categories of tax services are considered to be consistent with the role of the Fund’s independent accountants:

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

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

• Sales and use tax compliance

• Timely RIC qualification reviews

• Tax distribution analysis and planning

• Tax authority examination services

• Tax appeals support services

• Accounting methods studies

• Fund merger support services

• Tax consulting services and related projects

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

Other Non-Audit Services

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

Proscribed Services

The Fund’s independent accountants will not render services in the following categories of non-audit services:

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

• Financial information systems design and implementation

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

• Actuarial services

• Internal audit outsourcing services

• Management functions or human resources

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

• Legal services and expert services unrelated to the audit

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

Pre-approval of Non-Audit Services Provided to Other Entities Within the PGIM Fund Complex

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

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

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

	Fiscal Year Ended August 31, 2022	Fiscal Period May 1, 2021 through August 31, 2021	Fiscal Year Ended April 30, 2021
4(b)	Not applicable.	Not applicable	0%
4(c)	Not applicable.	Not applicable.	Not applicable.
4(d)	Not applicable.	Not applicable.	Not applicable.

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

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

(g) Non-Audit Fees

The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal year ended August 31, 2022, the fiscal period May 1, 2021 through August 31, 2021 and the fiscal year ended April 30, 2021 was $0, $0 and $0, respectively.

(h) Principal Accountant’s Independence

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

(i) Not applicable.

(j) Not applicable.

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

Item 6 – Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 – Controls and Procedures

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

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

Item 12 – Controls and Procedures - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable.

Item 13 – Exhibits

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

(2) Certifications pursuant to Section  302 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.CERT.

(3) Any written solicitation to purchase securities under Rule 23c-1 – Not applicable.

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

SIGNATURES

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

Registrant:	Prudential Investment Portfolios 4
By:	/s/ Andrew R. French
	Andrew R. French
	Secretary
Date:	October 17, 2022

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

By:	/s/ Stuart S. Parker
	Stuart S. Parker
	President and Principal Executive Officer
Date:	October 17, 2022
By:	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and Accounting Officer
Date:	October 17, 2022

EX-99.CODE ETH

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND

PRINCIPAL FINANCIAL OFFICERS

I.    Covered Officers/Purpose of the Code

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

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

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

• compliance with applicable governmental laws, rules and regulations;

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

• accountability for adherence to the Code.

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

II.    Conflicts of Interest

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

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

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

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

Each Covered Officer must:

• not use his personal influence or personal relationships improperly to influence investment decisions or

financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

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

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

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

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

• the receipt of any non-nominal gifts;

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

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

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

III.    Disclosure and Compliance

Each Covered Officer:

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

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

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

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

IV.    Reporting and Accountability

Each Covered Officer must:

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

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

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

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

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

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

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

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

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

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

V.    Other Policies and Procedures

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

VI.    Amendments

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

VII.    Confidentiality

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

VIII.    Internal Use

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

IX.    Recordkeeping

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

Adopted and approved as of September 3, 2003.

EXHIBIT A

Funds Covered by this Code of Ethics

• The Prudential Investment Portfolios, Inc.

• Prudential Investment Portfolios 2

• Prudential Investment Portfolios 3

• Prudential Investment Portfolios 4

• Prudential Investment Portfolios 5

• Prudential Investment Portfolios 6

• Prudential Investment Portfolios 7

• Prudential Investment Portfolios 8

• Prudential Investment Portfolios 9

• Prudential Investment Portfolios, Inc. 10

• Prudential Investment Portfolios 12

• Prudential Government Money Market Fund, Inc.

• Prudential Investment Portfolios, Inc. 14

• Prudential Investment Portfolios, Inc. 15

• Prudential Investment Portfolios 16

• Prudential Investment Portfolios, Inc. 17

• Prudential Investment Portfolios 18

• Prudential Global Total Return Fund, Inc.

• Prudential Jennison Blend Fund, Inc.

• Prudential Jennison Mid-Cap Growth Fund, Inc.

• Prudential Jennison Natural Resources Fund, Inc.

• Prudential Jennison Small Company Fund, Inc.

• Prudential National Muni Fund, Inc.

• Prudential Sector Funds, Inc.

• Prudential Short-Term Corporate Bond Fund, Inc.

• Prudential World Fund, Inc.

• The Target Portfolio Trust

• PGIM ETF Trust

• The Prudential Variable Contract Account – 2

• The Prudential Variable Contract Account – 10

• PGIM High Yield Bond Fund, Inc.

• PGIM Global High Yield Fund, Inc.

• PGIM Short Duration High Yield Opportunities Fund

• Advanced Series Trust

• Prudential’s Gibraltar Fund, Inc.

• The Prudential Series Fund

EXHIBIT B

Persons Covered by this Code of Ethics

Stuart S. Parker – President and Chief Executive Officer of the PGIM Funds, PGIM ETF Trust, the Target Mutual Funds, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM Short Duration High Yield Opportunities Fund and The Prudential Variable Contract Accounts-2 and -10.

Timothy S. Cronin – President and Chief Executive Officer of Advanced Series Trust, Prudential’s Gibraltar Fund, Inc. and The Prudential Series Fund.

Christian J. Kelly – Treasurer and Chief Financial Officer for the PGIM Funds, PGIM ETF Trust, the Target Mutual Funds, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, The Prudential Variable Contract Accounts – 2 and -10, Advanced Series Trust, Prudential’s Gibraltar Fund, Inc. and The Prudential Series Fund.

EX-99.CERT

Item 13

Prudential Investment Portfolios 4

Annual period ending 8/31/22

File No. 811-04930

CERTIFICATIONS

I, Stuart S. Parker, certify that:

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

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

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

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

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

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

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

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

1

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

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

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

October 17, 2022

/s/ Stuart S. Parker

Stuart S. Parker

President and Principal Executive Officer

2

Item 13

Prudential Investment Portfolios 4

Annual period ending 8/31/22

File No. 811-04930

CERTIFICATIONS

I, Christian J. Kelly, certify that:

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

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

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

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

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

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

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

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

3

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

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

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

October 17, 2022

/s/ Christian J. Kelly

Christian J. Kelly

Treasurer and Principal Financial and
Accounting Officer

4

EX-99.906 CERT

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

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Name of Issuer:                    Prudential Investment Portfolios 4

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

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

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

October 17, 2022	/s/ Stuart S. Parker
	Stuart S. Parker
	President and Principal Executive Officer
October 17, 2022	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and Accounting Officer

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