| Description | Value | ||||
| Long-Term Investments 111.6% | |||||
| Private Real Estate | |||||
| Investments in Non-Consolidated Joint Ventures - Industrial(pp) 12.6% | |||||
| 3730 S. Main St., Pearland, Texas^ | $13,682,658 | ||||
| Investments in Non-Consolidated Joint Ventures - Multifamily(pp) 13.8% | |||||
| Napa Green Apartments, Napa, California | 15,038,517 | ||||
| Investments in Non-Consolidated Joint Ventures - Retail(pp) 46.6% | |||||
| East Gate Marketplace, Chantilly, Virginia^ | 24,354,651 | ||||
| Monarch Town Center, Miramar, Florida^ | 26,434,175 | ||||
| 50,788,826 | |||||
| Preferred Equity - Industrial 18.6% | |||||
| 3730 S. Main St., Pearland, Texas, 6.55%, Maturing 10/03/28^ | 20,207,914 | ||||
| Preferred Equity - Multifamily 20.0% | |||||
| Capodagli NJ TOD Portfolio, Bound Brook and Hackensack, New Jersey, 11.00%, Maturing 07/02/30^ | 21,726,934 | ||||
| Total Long-Term Investments (cost $117,333,390) | 121,444,849 | ||||
| Shares | |||||
| Short-Term Investment 2.9% | |||||
| Affiliated Mutual Fund | |||||
| PGIM Core Government Money Market Fund (7-day effective yield 5.140%) (cost $3,146,169)(wb) | 3,146,169 | 3,146,169 | |||
| TOTAL INVESTMENTS 114.5% (cost $120,479,559) | 124,591,018 | ||||
| Series A Preferred Stock, at liquidation value (0.1)% | (125,000) | ||||||
| Liabilities in excess of other assets (14.4)% | (15,609,569) | ||||||
| Net Assets 100.0% | $108,856,449 | ||||||
| ^ | Indicates a Level 3 investment. The aggregate value of Level 3 investments is $106,406,332 and 97.7% of net assets. |
| (pp) | The Fund’s contractual ownership in the joint venture prior to the impact of promote structures ranges from 90.14% to 99.00% of the venture. |
| (wb) | Represents an investment in a Fund affiliated with the Manager. |
