PGIM Short Duration Muni Fund
Schedule of Investments as of December 31, 2023 (unaudited)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Long-Term Investments 102.8% | |||||
Municipal Bonds 100.4% | |||||
Alabama 3.9% | |||||
Black Belt Energy Gas District, | |||||
Revenue, Gas Project No. 7, Series C-1, (Mandatory Put Date 12/01/26) | 4.000 %(cc) | 10/01/52 | 2,120 | $2,119,646 | |
Revenue, Gas Project, Series E, (Mandatory Put Date 06/01/28) | 5.000(cc) | 05/01/53 | 2,000 | 2,093,809 | |
Revenue, Project No. 5, Series A-1, (Mandatory Put Date 10/01/26) | 4.000(cc) | 10/01/49 | 1,000 | 1,007,580 | |
Revenue, Project No. 8, Series A, (Mandatory Put Date 12/01/29) | 4.000(cc) | 12/01/52 | 1,440 | 1,415,449 | |
Revenue, Series D1, Rfdg., (Mandatory Put Date 06/01/27) | 4.000(cc) | 07/01/52 | 500 | 503,806 | |
Selma Industrial Development Board, Revenue, International Paper Co. Project, Series A, Rfdg., (Mandatory Put Date 06/16/25) | 1.375(cc) | 05/01/34 | 400 | 386,368 | |
Southeast Alabama Gas Supply District, Revenue, Project No. 2, Series A, (Mandatory Put Date 06/01/24) | 4.000(cc) | 06/01/49 | 1,135 | 1,135,789 | |
Southeast Energy Authority, A Cooperative District, Revenue, Project No. 5, Series A | 5.000 | 07/01/24 | 350 | 352,111 | |
9,014,558 | |||||
Alaska 1.1% | |||||
Alaska Industrial Development & Export Authority, Revenue, Tanana Chiefs Conference Project, Series A | 5.000 | 10/01/29 | 1,000 | 1,085,542 | |
Northern Tobacco Securitization Corp., Revenue, Senior Series A, Class 1, Rfdg. | 5.000 | 06/01/28 | 1,350 | 1,458,066 | |
2,543,608 | |||||
Arizona 2.8% | |||||
Arizona Health Facilities Authority, Revenue, Banner Health, Series B | 4.970(cc) | 01/01/37 | 2,500 | 2,299,887 | |
Arizona Industrial Development Authority, Revenue, Phoenix Children’s Hospital Project, Series A | 5.000 | 02/01/27 | 325 | 347,373 | |
Chandler Industrial Development Authority, Revenue, Intel Corp., AMT, (Mandatory Put Date 06/03/24) | 5.000(cc) | 06/01/49 | 1,190 | 1,192,618 | |
Industrial Development Authority of the City of Phoenix, Revenue, Great Hearts Academies Project | 3.750 | 07/01/24 | 105 | 105,057 |
1
PGIM Short Duration Muni Fund
Schedule of Investments as of December 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Arizona (cont’d.) | |||||
Maricopa County Industrial Development Authority, | |||||
Revenue, Horizon Community Learning Center Project, Rfdg. | 4.000 % | 07/01/26 | 980 | $967,044 | |
Revenue, Reid Traditional Schools Project | 4.000 | 07/01/26 | 310 | 309,492 | |
Salt Verde Finance Corp., Revenue, National Gas Utility, Senior Lien | 5.250 | 12/01/26 | 1,275 | 1,319,461 | |
6,540,932 | |||||
California 4.3% | |||||
California Community Choice Financing Authority, Revenue, Green Bond Project, Series B-2, (Mandatory Put Date 08/01/31) | 4.320(cc) | 02/01/52 | 1,000 | 893,656 | |
California Infrastructure & Economic Development Bank, | |||||
Revenue, J. Paul Getty Trust, Series B-1, Rfdg. | 0.390(cc) | 10/01/47 | 1,000 | 1,000,000 | |
Revenue, Sustainability Bond Academy of Sciences, Series B, Rfdg., (Mandatory Put Date 08/01/24) | 4.220(cc) | 08/01/47 | 2,500 | 2,503,980 | |
California Municipal Finance Authority, | |||||
Revenue, American Heritage Foundation, Series A, Rfdg. | 4.000 | 06/01/26 | 195 | 193,270 | |
Revenue, Chevron USA Recovery Zone Bonds, Series A, FRDD | 3.700(cc) | 11/01/35 | 2,200 | 2,200,000 | |
California Pollution Control Financing Authority, | |||||
Revenue, Green Bond Project, AMT, 144A | 7.000 | 07/01/22^(d) | 250 | 40,000 | |
Revenue, Waste Management, Inc. Project, Series A, (Mandatory Put Date 05/01/24) | 2.500(cc) | 11/01/38 | 1,000 | 994,741 | |
California School Finance Authority, | |||||
Revenue, Alliance College Ready Public Schools, Series A, Rfdg., 144A | 4.000 | 07/01/24 | 270 | 270,047 | |
Revenue, Green Dot Public School Project, Series A, 144A | 4.000 | 08/01/25 | 315 | 314,446 | |
Revenue, KIPP Project, Series A, 144A | 3.625 | 07/01/25 | 175 | 174,528 | |
Long Beach Bond Finance Authority, Revenue, Natural Gas, Series B | 5.230(cc) | 11/15/27 | 700 | 698,467 | |
Sanger Unified School District, | |||||
Capital Projects, Rfdg., COP, AGM | 5.000 | 06/01/52 | 690 | 691,651 | |
Capital Projects, Rfdg., COP, AGM | 5.000 | 06/01/52 | 60 | 60,035 | |
10,034,821 |
2
PGIM Short Duration Muni Fund
Schedule of Investments as of December 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Colorado 3.9% | |||||
City & County of Denver Airport System, | |||||
Revenue, Series A, AMT, Rfdg. | 5.000 % | 11/15/29 | 2,500 | $2,756,627 | |
Revenue, Sub-Series B, AMT, Rfdg. | 5.000 | 11/15/32 | 1,000 | 1,137,082 | |
Colorado Health Facilities Authority, | |||||
Revenue, CommonSpirit Health, Series A, Rfdg. | 5.000 | 08/01/27 | 1,150 | 1,219,274 | |
Revenue, CommonSpirit Health, Series A, Rfdg. | 5.000 | 08/01/28 | 375 | 403,683 | |
Revenue, CommonSpirit Health, Series A-2, Rfdg. | 5.000 | 08/01/26 | 390 | 407,217 | |
Revenue, CommonSpirit Health, Series B-1, Rfdg., (Mandatory put date 08/01/25) | 5.000(cc) | 08/01/49 | 1,330 | 1,354,066 | |
Revenue, National Jewish Health Project, Rfdg. | 5.000 | 01/01/24 | 315 | 315,000 | |
Regional Transportation District, Revenue, Denver Transit Partners Eagle P3 Project, Series A, Rfdg. | 5.000 | 07/15/27 | 620 | 648,220 | |
University of Colorado, University Enterprise Revenue, Green Bond Project, Series C-3B, Rfdg., (Mandatory Put Date 10/15/26) | 2.000(cc) | 06/01/51 | 780 | 750,699 | |
8,991,868 | |||||
Connecticut 5.4% | |||||
Connecticut State Health & Educational Facilities Authority, | |||||
Revenue, Series 2015-A, Rfdg., (Mandatory Put Date 07/12/24) | 0.375(cc) | 07/01/35 | 1,000 | 980,806 | |
Revenue, Yale University, Series A-1, Rfdg., FRDD | 3.850(cc) | 07/01/42 | 6,600 | 6,600,000 | |
State of Connecticut, | |||||
Revenue, Series B | 5.000 | 10/01/37 | 1,175 | 1,280,392 | |
Revenue, Series B, Rfdg. | 5.000 | 07/01/31 | 1,000 | 1,186,105 | |
Series A, GO(hh) | 5.000 | 01/15/34 | 2,000 | 2,465,075 | |
12,512,378 | |||||
Delaware 0.1% | |||||
Delaware State Economic Development Authority, Revenue, Newark Charter School, Series A, Rfdg. | 2.800 | 09/01/26 | 175 | 172,740 | |
District of Columbia 1.4% | |||||
District of Columbia, | |||||
Income Tax Revenue, Series A, Rfdg.(hh) | 5.000 | 10/01/34 | 1,000 | 1,229,837 | |
Revenue, KIPP Project, Series B, Rfdg. | 5.000 | 07/01/37 | 1,280 | 1,334,397 | |
3
PGIM Short Duration Muni Fund
Schedule of Investments as of December 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
District of Columbia (cont’d.) | |||||
District of Columbia KIPP Charter School, Revenue, Project Series B, Rfdg. | 5.000 % | 07/01/27 | 220 | $230,972 | |
Metropolitan Washington Airports Authority, Revenue, Series A, AMT, Rfdg. | 5.000 | 10/01/28 | 520 | 563,230 | |
3,358,436 | |||||
Florida 8.5% | |||||
Central Florida Expressway Authority, Revenue, Senior Lien, Rfdg. | 5.000 | 07/01/38 | 1,575 | 1,671,136 | |
City of Tallahassee, Revenue, Memorial Health Care, Inc. Project, Series A | 5.000 | 12/01/25 | 550 | 562,158 | |
County of Broward Airport System, | |||||
Revenue, Series A, AMT | 5.000 | 10/01/26 | 500 | 513,752 | |
Revenue, Series B, AMT, Rfdg. | 5.000 | 10/01/27 | 1,000 | 1,060,167 | |
County of Lee Airport, Revenue, Series A, AMT, Rfdg. | 5.000 | 10/01/28 | 1,000 | 1,075,773 | |
County of Pasco, Revenue, H. Lee Moffitt Cancer Center Project, Series A, AGM | 5.250 | 09/01/25 | 100 | 104,041 | |
Greater Orlando Aviation Authority, | |||||
Revenue, Priority Sub-Series A, AMT | 5.000 | 10/01/32 | 1,010 | 1,066,214 | |
Revenue, Series A, AMT | 5.000 | 10/01/28 | 3,350 | 3,625,348 | |
Lakewood Ranch Stewardship District, | |||||
Special Assessment | 4.250 | 05/01/25 | 200 | 199,728 | |
Special Assessment | 4.250 | 05/01/26 | 150 | 149,806 | |
Special Assessment | 4.625 | 05/01/27 | 500 | 501,741 | |
Myrtle Creek Improvement District, Special Assessment, Series A, BAM, Rfdg. | 4.000 | 05/01/27 | 700 | 710,254 | |
Orange County Health Facilities Authority, Revenue, Orlando Health Care Obligated Group, Series B, Rfdg. | 5.000 | 10/01/25 | 2,530 | 2,613,978 | |
Orlando Utilities Commission, Revenue, Series B, (Mandatory Put Date 10/01/28) | 1.250(cc) | 10/01/46 | 2,540 | 2,220,475 | |
St. Johns County Housing Finance Authority, Revenue, St. John Oaks, Series A, (Mandatory put date 07/01/25) | 3.550(cc) | 07/01/27 | 1,000 | 1,000,077 | |
Village Community Development District No. 06, Special Assessment, Revenue, Rfdg. | 4.000 | 05/01/26 | 215 | 219,268 | |
Village Community Development District No. 07, | |||||
Special Assessment, Revenue, Rfdg. | 4.000 | 05/01/24 | 1,360 | 1,364,372 |
4
PGIM Short Duration Muni Fund
Schedule of Investments as of December 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Florida (cont’d.) | |||||
Village Community Development District No. 07, (cont’d.) | |||||
Special Assessment, Revenue, Rfdg. | 4.000 % | 05/01/25 | 830 | $841,231 | |
Special Assessment, Revenue, Rfdg. | 4.000 | 05/01/26 | 250 | 251,912 | |
19,751,431 | |||||
Georgia 6.3% | |||||
Burke County Development Authority, | |||||
Revenue, Georgia Power Co. Plant Vogtle Project, Rfdg., (Mandatory Put Date 08/22/24) | 1.700(cc) | 12/01/49 | 1,000 | 988,230 | |
Revenue, Oglethorpe Power Corp., Series V, Rfdg., (Mandatory Put Date 02/03/25) | 3.250(cc) | 11/01/45 | 500 | 498,376 | |
City of Atlanta Airport Passenger Facility Charge, Revenue, Sub-Lien, Sustainable Bonds, Series E, AMT | 5.000 | 07/01/33 | 1,265 | 1,454,768 | |
City of Atlanta Department of Aviation, Airport Revenue, Series B, AMT | 5.000 | 07/01/24 | 340 | 342,999 | |
Main Street Natural Gas, Inc., | |||||
Revenue, Series A, (Mandatory Put Date 09/01/27) | 4.000(cc) | 07/01/52 | 1,000 | 1,005,847 | |
Revenue, Series B, (Mandatory Put Date 12/02/24) | 4.000(cc) | 08/01/49 | 4,080 | 4,084,311 | |
Revenue, Series C, (Mandatory Put Date 09/01/26) | 4.000(cc) | 03/01/50 | 1,890 | 1,894,193 | |
Revenue, Series C, (Mandatory Put Date 12/01/28) | 4.000(cc) | 05/01/52 | 1,050 | 1,056,605 | |
Municipal Electric Authority of Georgia, | |||||
Power Revenue, Series HH, Rfdg. | 5.000 | 01/01/29 | 1,315 | 1,417,422 | |
Revenue, Combined Cycle Project, Series A, Rfdg. | 4.000 | 11/01/24 | 1,255 | 1,262,138 | |
Revenue, Project No. 1, Sub-Series A, Rfdg. | 5.000 | 01/01/26 | 585 | 608,083 | |
�� | 14,612,972 | ||||
Idaho 0.8% | |||||
County of Nez Perce, Revenue, Potlatch Corp. Project, Rfdg. | 2.750 | 10/01/24 | 1,000 | 984,825 | |
Idaho Housing & Finance Association, Revenue, Series A | 5.000 | 08/15/39 | 720 | 832,107 | |
1,816,932 | |||||
Illinois 9.3% | |||||
Chicago O’Hare International Airport, | |||||
Revenue, Ohare International Airport, Senior Lien, Series C, AMT, Rfdg. | 5.000 | 01/01/24 | 1,000 | 1,000,000 | |
Revenue, Series A, AMT, Rfdg. | 5.000 | 01/01/26 | 985 | 999,651 | |
City of Chicago Waterworks, | |||||
Revenue, Second Lien Project | 5.000 | 11/01/25 | 530 | 538,400 |
5
PGIM Short Duration Muni Fund
Schedule of Investments as of December 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Illinois (cont’d.) | |||||
City of Chicago Waterworks, (cont’d.) | |||||
Revenue, Second Lien, Rfdg. | 4.000 % | 11/01/24 | 280 | $280,191 | |
Revenue, Second Lien, Series B, Rfdg. | 5.000 | 11/01/24 | 300 | 304,788 | |
Illinois Finance Authority, | |||||
Revenue, Advocate Health Care Network, Series A-3, Rfdg. | 5.000 | 11/01/30 | 910 | 969,332 | |
Revenue, Advocate Health Care Project, Series A-1, Rfdg. | 4.000 | 11/01/30 | 830 | 852,651 | |
Illinois State Toll Highway Authority, Revenue, Senior Series A, Rfdg.(hh) | 5.000 | 01/01/33 | 500 | 601,281 | |
Railsplitter Tobacco Settlement Authority, | |||||
Revenue, (Escrowed to Maturity Date 06/01/24)(ee) | 5.000 | 06/01/24 | 315 | 317,260 | |
Revenue, (Escrowed to Maturity Date 06/01/25)(ee) | 5.000 | 06/01/25 | 160 | 163,809 | |
Revenue, (Escrowed to Maturity Date 06/01/26)(ee) | 5.000 | 06/01/26 | 2,625 | 2,755,184 | |
Revenue, (Pre-Refunded Date 06/01/26)(ee) | 5.000 | 06/01/28 | 375 | 395,228 | |
Sales Tax Securitization Corp., | |||||
Revenue, Senior Lien, Series C, Rfdg. | 5.000 | 01/01/38 | 1,000 | 1,087,315 | |
Revenue, Senior Series D | 5.000 | 01/01/35 | 600 | 692,568 | |
State of Illinois, | |||||
Revenue, Build Illinois Bonds, Junior Obligation, Rfdg. | 5.000 | 06/15/24 | 705 | 706,040 | |
Revenue, Build Illinois Bonds, Junior Obligation, Series C, Rfdg. | 5.000 | 06/15/26 | 1,935 | 2,023,306 | |
Revenue, Junior Series D, BAM, Rfdg. | 5.000 | 06/15/25 | 1,325 | 1,363,219 | |
Series A, GO | 5.000 | 11/01/25 | 1,500 | 1,544,990 | |
Series B, GO | 5.000 | 10/01/29 | 1,245 | 1,380,848 | |
Series B, GO | 5.000 | 05/01/31 | 1,490 | 1,686,449 | |
Series C, GO, Rfdg. | 4.000 | 03/01/24 | 75 | 75,076 | |
Series D, GO, Rfdg. | 5.000 | 07/01/24 | 1,040 | 1,047,585 | |
Series D, GO, Rfdg. | 5.000 | 07/01/36 | 775 | 864,717 | |
21,649,888 | |||||
Indiana 2.2% | |||||
City of Rockport, Revenue, Power Co. Project, Series A, Rfdg. | 3.050 | 06/01/25 | 500 | 499,476 | |
Indiana Finance Authority, | |||||
Revenue, First Lien, CWA Authority Project, Series 2024 A, Rfdg.(hh) | 5.000 | 10/01/41 | 1,500 | 1,643,599 | |
Revenue, Indiana University Health, Inc., Series A, Rfdg. | 5.000 | 12/01/25 | 1,305 | 1,359,326 |
6
PGIM Short Duration Muni Fund
Schedule of Investments as of December 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Indiana (cont’d.) | |||||
Indiana Finance Authority, (cont’d.) | |||||
Revenue, Indiana University Health, Series B-1, (Mandatory put date 07/01/28) | 5.000 %(cc) | 10/01/62 | 745 | $810,092 | |
Revenue, Power & Light Co. Project, Series A, Rfdg. | 1.400 | 08/01/29 | 1,000 | 891,863 | |
5,204,356 | |||||
Kentucky 2.1% | |||||
County of Trimble, Revenue, Louisville Gas & Electric Project, Series A, AMT, Rfdg., (Mandatory Put Date 09/01/27) | 1.300(cc) | 09/01/44 | 750 | 676,505 | |
Kentucky Public Energy Authority, | |||||
Revenue, Gas Supply, Series B, (Mandatory Put Date 01/01/25) | 4.000(cc) | 01/01/49 | 1,560 | 1,561,287 | |
Revenue, Gas Supply, Series C-1, (Mandatory Put Date 06/01/25) | 4.000(cc) | 12/01/49 | 2,725 | 2,739,758 | |
4,977,550 | |||||
Louisiana 0.6% | |||||
City of New Orleans Sewerage Service, Sewer Revenue | 5.000 | 06/01/24 | 200 | 201,657 | |
Louisiana Public Facilities Authority, Revenue, Elementus Minerals LLC Project, (Mandatory put date 11/01/25), 144A | 5.000(cc) | 10/01/43 | 1,000 | 1,022,054 | |
Parish of St. John the Baptist, Revenue, Marathon Oil Corp. Project, Rfdg., (Mandatory Put Date 07/01/24) | 2.100(cc) | 06/01/37 | 200 | 197,390 | |
1,421,101 | |||||
Maryland 1.1% | |||||
Maryland Economic Development Corp., Revenue, Transportation Facilities Project, Series A, Rfdg. | 5.000 | 06/01/24 | 350 | 351,892 | |
State of Maryland, | |||||
Second Series A, Bid Group 1, GO | 5.000 | 08/01/25 | 1,000 | 1,037,327 | |
Second Series A, Bid Group 2, GO | 5.000 | 08/01/31 | 1,000 | 1,142,857 | |
2,532,076 | |||||
Massachusetts 0.3% | |||||
Massachusetts Port Authority, Revenue, Series C, AMT, Rfdg. | 5.000 | 07/01/29 | 665 | 730,098 |
7
PGIM Short Duration Muni Fund
Schedule of Investments as of December 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Michigan 1.0% | |||||
Michigan Finance Authority, | |||||
Revenue, Senior Series A, Class 1, Rfdg. | 5.000 % | 06/01/24 | 310 | $312,307 | |
Revenue, Senior Series A, Class 1, Rfdg. | 5.000 | 06/01/32 | 500 | 561,142 | |
Michigan Strategic Fund, Revenue, Graphic Packaging International LLC, Green Bond Recycle Project, AMT, (Mandatory Put Date 10/01/26) | 4.000(cc) | 10/01/61 | 1,500 | 1,484,753 | |
2,358,202 | |||||
Minnesota 0.2% | |||||
Hennepin County Housing & Redevelopment Authority, Revenue, Talmage Oakland Project, Series A, (Mandatory Put Date 09/01/24) | 4.100(cc) | 09/01/25 | 500 | 500,490 | |
Mississippi 0.4% | |||||
Mississippi Business Finance Corp., | |||||
Pollution Control Revenue, Rfdg. | 3.200 | 09/01/28 | 500 | 496,764 | |
Revenue, Chevron USA, Series D, FRDD | 4.150(cc) | 11/01/35 | 500 | 500,000 | |
996,764 | |||||
Missouri 0.9% | |||||
Health & Educational Facilities Authority of the State of Missouri, Revenue, Lutheran Senior Services, Rfdg. | 5.000 | 02/01/35 | 1,010 | 1,010,219 | |
Kansas City Industrial Development Authority, Revenue, International Airport Terminal, Series B, AMT | 5.000 | 03/01/29 | 1,000 | 1,084,179 | |
2,094,398 | |||||
Nebraska 0.5% | |||||
Central Plains Energy Project, Revenue, Project No. 4, Series A-1, Rfdg., (Mandatory Put Date 11/01/29) | 5.000(cc) | 05/01/54 | 1,000 | 1,058,531 | |
Nevada 0.1% | |||||
County of Clark Department of Aviation, Revenue, Sub-Series B, AMT, Rfdg. | 5.000 | 07/01/27 | 140 | 148,415 |
8
PGIM Short Duration Muni Fund
Schedule of Investments as of December 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
New Jersey 4.7% | |||||
New Jersey Economic Development Authority, | |||||
Revenue, American Water Co. Inc. Project, Series E, AMT, Rfdg. | 0.850 % | 12/01/25 | 600 | $567,927 | |
Revenue, Series SSS, Rfdg.(hh) | 5.250 | 06/15/39 | 325 | 380,963 | |
New Jersey Higher Education Student Assistance Authority, Revenue, Senior Series A, Rfdg. | 5.000 | 12/01/24 | 400 | 405,632 | |
New Jersey Transportation Trust Fund Authority, | |||||
Revenue, Series AA, Rfdg. | 5.000 | 06/15/24 | 500 | 504,758 | |
Revenue, Transportation Program, Series BB | 5.000 | 06/15/33 | 1,200 | 1,423,104 | |
New Jersey Turnpike Authority, | |||||
Revenue, Series D-1, Rfdg. | 4.520(cc) | 01/01/24 | 1,000 | 1,000,000 | |
Revenue, Series E | 5.000 | 01/01/32 | 1,000 | 1,023,053 | |
Tobacco Settlement Financing Corp., | |||||
Revenue, Series A, Rfdg. | 5.000 | 06/01/25 | 1,895 | 1,943,580 | |
Revenue, Series A, Rfdg. | 5.000 | 06/01/26 | 1,710 | 1,783,959 | |
Revenue, Series A, Rfdg. | 5.000 | 06/01/27 | 1,000 | 1,060,930 | |
Revenue, Series A, Rfdg. | 5.000 | 06/01/31 | 500 | 537,220 | |
Revenue, Series A, Rfdg. | 5.000 | 06/01/36 | 235 | 248,563 | |
10,879,689 | |||||
New Mexico 0.6% | |||||
City of Farmington, Revenue, 4 Corners Project, Rfdg. | 1.800 | 04/01/29 | 1,500 | 1,302,161 | |
New York 8.6% | |||||
Long Island Power Authority, Revenue, Series B, Rfdg., (Mandatory Put Date 09/01/26) | 1.500(cc) | 09/01/51 | 2,000 | 1,885,767 | |
Metropolitan Transportation Authority, Revenue, Series D, Rfdg. | 5.000 | 11/15/32 | 1,515 | 1,641,359 | |
New York City Municipal Water Finance Authority, Revenue, 2nd Generation Resolution, Fiscal 2016, Sub-Series CC-1, Rfdg. | 5.250 | 06/15/37 | 1,000 | 1,082,249 | |
New York City Transitional Finance Authority, | |||||
Revenue, Future Tax Secured, Fiscal 1999, Sub-Series E-1 | 5.000 | 02/01/36 | 1,000 | 1,074,004 | |
Revenue, MultiModal Bonds, Sub-Series B | 5.500 | 05/01/44 | 1,000 | 1,192,198 | |
Revenue, Sub-Series A-2 | 5.000 | 08/01/38 | 2,505 | 2,695,749 | |
New York State Dormitory Authority, Revenue, Personal Income Tax, Series A, Rfdg. | 5.250 | 03/15/37 | 500 | 558,402 |
9
PGIM Short Duration Muni Fund
Schedule of Investments as of December 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
New York (cont’d.) | |||||
New York State Urban Development Corp., | |||||
Revenue, Personal Income Tax, Series A, Rfdg. | 5.000 % | 03/15/31 | 1,685 | $1,776,282 | |
Revenue, Personal Income Tax, Series C, Rfdg. | 5.000 | 03/15/41 | 1,375 | 1,463,030 | |
New York Transportation Development Corp., Revenue, JFK International Air Terminal Project, Series A, AMT, Rfdg. | 5.000 | 12/01/25 | 200 | 204,511 | |
Port Authority of New York & New Jersey, Revenue, Series 226, AMT, Rfdg. | 5.000 | 10/15/27 | 935 | 995,639 | |
Rockland County Industrial Development Agency, Revenue, Rockland Gardens Project, (Mandatory put date 05/01/25) | 4.650(cc) | 05/01/27 | 400 | 402,899 | |
Triborough Bridge & Tunnel Authority, Revenue, Series A-2, Rfdg., (Mandatory Put Date 05/15/26) | 2.000(cc) | 05/15/45 | 1,000 | 969,966 | |
TSASC, Inc., | |||||
Revenue, Series A, Rfdg. | 5.000 | 06/01/24 | 1,450 | 1,456,839 | |
Revenue, Series A, Rfdg. | 5.000 | 06/01/25 | 235 | 238,874 | |
Utility Debt Securitization Authority, Revenue, Series TE1, Rfdg. | 5.000 | 06/15/31 | 2,000 | 2,279,920 | |
19,917,688 | |||||
North Carolina 0.5% | |||||
City of Charlotte Airport, Revenue, Series B, AMT, Rfdg. | 5.000 | 07/01/30 | 1,125 | 1,248,468 | |
North Dakota 0.2% | |||||
Cass County Joint Water Resource District, Series A, GO | 0.480 | 05/01/24 | 555 | 544,954 | |
Ohio 4.2% | |||||
Akron Bath Copley Joint Township Hospital District, Revenue, Summa Health Obligation Group, Rfdg. | 5.000 | 11/15/27 | 185 | 194,907 | |
American Municipal Power, Inc., Revenue, Prairie State Energy, Series A, Rfdg. | 5.000 | 02/15/39 | 2,000 | 2,004,747 | |
Buckeye Tobacco Settlement Financing Authority, Revenue, Senior Series A-2, Class 1, Rfdg. | 5.000 | 06/01/28 | 1,425 | 1,541,052 | |
County of Cuyahoga, | |||||
Revenue, MetroHealth System, Rfdg. | 4.000 | 02/15/29 | 1,200 | 1,200,850 | |
Revenue, MetroHealth System, Rfdg. | 5.000 | 02/15/25 | 695 | 702,148 | |
10
PGIM Short Duration Muni Fund
Schedule of Investments as of December 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Ohio (cont’d.) | |||||
Lancaster Port Authority, Revenue, Natural Gas, Series A, Rfdg., (Mandatory Put Date 02/01/25) | 5.000 %(cc) | 08/01/49 | 300 | $303,069 | |
Ohio Air Quality Development Authority, | |||||
Revenue, American Electric Power Co. Project, Series A, (Mandatory Put Date 10/01/29) | 2.400(cc) | 12/01/38 | 500 | 444,152 | |
Revenue, Duke Energy Corp. Project, Series A, AMT, Rfdg., (Mandatory Put Date 06/01/27) | 4.250(cc) | 11/01/39 | 2,000 | 2,033,100 | |
Revenue, Ohio Valley Electric Corp. Project, Series B, (Mandatory Put Date 11/01/24) | 1.375(cc) | 02/01/26 | 750 | 724,892 | |
Ohio Turnpike & Infrastructure Commission, Revenue, Junior Lien, Infrastructure Project, Series A, Rfdg. | 5.000 | 02/15/24 | 650 | 651,583 | |
9,800,500 | |||||
Oklahoma 0.5% | |||||
Oklahoma Development Finance Authority, Revenue, University of Oklahoma Medicine Project, Series B | 5.000 | 08/15/29 | 1,100 | 1,107,891 | |
Pennsylvania 3.5% | |||||
Chester County Industrial Development Authority, | |||||
Revenue, Renaissance Academy Charter School, Rfdg. | 3.750 | 10/01/24 | 70 | 69,735 | |
Revenue, Renaissance Academy Charter School, Rfdg. | 5.000 | 10/01/34 | 355 | 356,097 | |
Commonwealth Financing Authority, Revenue, Tobacco Master Settlement Payment Bonds | 5.000 | 06/01/24 | 255 | 256,600 | |
Delaware Valley Regional Finance Authority, Revenue, Series A, AMBAC | 5.500 | 08/01/28 | 695 | 775,174 | |
Geisinger Authority, Revenue, Geisinger Health System Obligation Group, Series B, Rfdg., (Mandatory Put Date 02/15/27) | 5.000(cc) | 04/01/43 | 1,000 | 1,045,508 | |
Pennsylvania Economic Development Financing Authority, Revenue, Waste Management Inc., Project, Series B, AMT, Rfdg., (Mandatory Put Date 11/02/26) | 1.100(cc) | 06/01/31 | 1,250 | 1,161,531 | |
Pennsylvania Turnpike Commission, | |||||
Revenue, Series A-1 | 5.000 | 12/01/41 | 1,215 | 1,262,357 | |
Revenue, Series A-2 | 5.000 | 12/01/36 | 1,300 | 1,427,669 |
11
PGIM Short Duration Muni Fund
Schedule of Investments as of December 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Pennsylvania (cont’d.) | |||||
University of Pittsburgh, Commonwealth System of Higher Education, Revenue, University Capital Project Bonds, Series A | 5.000 % | 02/15/34 | 1,500 | $1,853,675 | |
8,208,346 | |||||
Puerto Rico 1.3% | |||||
Commonwealth of Puerto Rico, Restructured, Series A, GO, CABS | 3.877(t) | 07/01/24 | 1,744 | 1,710,944 | |
Puerto Rico Sales Tax Financing Corp., | |||||
Revenue, Restructured, Series A-1, CABS | 3.950(t) | 07/01/29 | 1,325 | 1,068,271 | |
Revenue, Series A-1, CABS | 3.305(t) | 07/01/24 | 142 | 139,667 | |
2,918,882 | |||||
Rhode Island 1.0% | |||||
Tobacco Settlement Financing Corp., | |||||
Revenue, Series A, Rfdg. | 5.000 | 06/01/24 | 1,940 | 1,954,460 | |
Revenue, Series A, Rfdg. | 5.000 | 06/01/28 | 240 | 243,952 | |
2,198,412 | |||||
South Carolina 0.7% | |||||
Patriots Energy Group Financing Agency, Revenue, Series A-1, (Mandatory Put Date 08/01/31) | 5.250(cc) | 10/01/54 | 825 | 897,068 | |
South Carolina Public Service Authority, Revenue, Santee Cooper Exchange Bonds, Series A, Rfdg. | 4.000 | 12/01/29 | 619 | 652,319 | |
1,549,387 | |||||
Tennessee 3.6% | |||||
Memphis-Shelby County Airport Authority, Revenue, Series A, AMT | 5.000 | 07/01/25 | 500 | 513,194 | |
Metropolitan Nashville Airport Authority, Revenue, Series B, AMT | 5.250 | 07/01/34 | 500 | 565,594 | |
Tennergy Corp., | |||||
Gas Supply Revenue Bonds, Series A, (Mandatory Put Date 12/01/30) | 5.500(cc) | 10/01/53 | 380 | 403,812 | |
Revenue, Series A, (Mandatory Put Date 09/01/28) | 4.000(cc) | 12/01/51 | 2,000 | 1,999,900 | |
Tennessee Energy Acquisition Corp., Revenue, (Mandatory Put Date 11/01/25) | 4.000(cc) | 11/01/49 | 4,900 | 4,897,642 | |
8,380,142 |
12
PGIM Short Duration Muni Fund
Schedule of Investments as of December 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Texas 8.8% | |||||
Arlington Housing Finance Corp., Revenue, MultiFamily Housing, (Mandatory Put Date 04/01/27) | 4.500 %(cc) | 04/01/41 | 1,000 | $1,026,480 | |
Bexar County Health Facilities Development Corp., Revenue, Army Retirement Residence Foundation, Rfdg. | 5.000 | 07/15/24 | 500 | 498,960 | |
Central Texas Regional Mobility Authority, Revenue, Sub-Series F, BANS | 5.000 | 01/01/25 | 680 | 684,519 | |
City of Dallas Hotel Occupancy, Tax Revenue, Rfdg. | 4.000 | 08/15/28 | 1,025 | 1,052,612 | |
City of Houston Combined Utility System, Revenue, First Lien, Series D, Rfdg. | 5.000 | 11/15/34 | 1,000 | 1,010,309 | |
City of San Antonio Electric & Gas Systems, | |||||
Revenue, Junior Lien, Rfdg., (Mandatory Put Date 12/01/27) | 2.000(cc) | 02/01/49 | 1,500 | 1,446,943 | |
Revenue, Junior Lien, Series B, Rfdg. | 3.000 | 02/01/29 | 1,000 | 1,027,333 | |
Clear Creek Independent School District, Permanent School Fund Program, GO, (Mandatory Put Date 08/15/24) | 0.280(cc) | 02/15/38 | 1,000 | 985,101 | |
Clifton Higher Education Finance Corp., Revenue, Idea Public Schools, Series B | 5.000 | 08/15/25 | 670 | 686,416 | |
Denton Independent School District, Permanent School Fund Program, GO | 5.000 | 08/15/33 | 700 | 853,672 | |
Georgetown Independent School District, Permanent School Fund Program, Series A, GO | 5.000 | 08/15/24 | 600 | 608,245 | |
Harris County Cultural Education Facilities Finance Corp., Revenue, Baylor College of Medicine, Series A, Rfdg., (Mandatory Put Date 07/01/24) | 4.447(cc) | 11/15/46 | 1,000 | 1,000,006 | |
Lakeside Place PFC, Revenue, Brookside Gardens Apartments, (Mandatory Put Date 11/01/25) | 4.150(cc) | 11/01/26 | 1,000 | 1,014,512 | |
Lower Neches Valley Authority Industrial Development Corp., Revenue, Exxonmobil Project, FRDD | 4.000(cc) | 11/01/38 | 5,100 | 5,100,000 | |
New Caney Independent School District, Permanent School Fund Program, GO, (Mandatory Put Date 08/15/24) | 1.250(cc) | 02/15/50 | 650 | 643,983 | |
North Texas Tollway Authority, Revenue, Second Tier, Series B, Rfdg. | 5.000 | 01/01/28 | 415 | 434,140 |
13
PGIM Short Duration Muni Fund
Schedule of Investments as of December 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Texas (cont’d.) | |||||
Tarrant County Cultural Education Facilities Finance Corp., | |||||
Revenue, Texas Health Resources System, Series A, Rfdg. | 5.000 % | 02/15/26 | 1,125 | $1,177,351 | |
Revenue, Trinity Terrace Project, Series A-1, Rfdg. | 5.000 | 10/01/29 | 630 | 631,721 | |
Texas Municipal Gas Acquisition & Supply Corp. I, Revenue, Senior Lien, Series D | 6.250 | 12/15/26 | 475 | 496,953 | |
20,379,256 | |||||
Utah 1.8% | |||||
County of Utah, Revenue, IHC Health Services, Inc., Series A | 5.000 | 05/15/43 | 1,850 | 2,007,631 | |
Salt Lake City Airport, | |||||
Revenue, Series A, AMT | 5.000 | 07/01/26 | 1,160 | 1,208,590 | |
Revenue, Series A, AMT | 5.000 | 07/01/28 | 375 | 396,846 | |
Revenue, Series A, AMT | 5.000 | 07/01/28 | 580 | 623,240 | |
4,236,307 | |||||
Virginia 0.4% | |||||
Virginia Small Business Financing Authority, Revenue, Elizabeth River Crossings Project, Senior Lien, AMT, Rfdg. | 4.000 | 01/01/30 | 750 | 752,784 | |
Wise County Industrial Development Authority, Revenue, Virginia Electric & Power Co., Series A, (Mandatory Put Date 05/31/24) | 1.200(cc) | 11/01/40 | 250 | 246,596 | |
999,380 | |||||
Washington 0.8% | |||||
City of Seattle Municipal Light & Power, Revenue, Series B, Rfdg., (Mandatory Put Date 11/01/26) | 4.120(cc) | 05/01/45 | 500 | 486,183 | |
Port of Seattle, Revenue, Intermediate Lien, AMT | 5.000 | 04/01/29 | 1,000 | 1,085,873 | |
Washington Health Care Facilities Authority, Revenue, Overlake Hospital Medical Center, Series B, Rfdg. | 5.000 | 07/01/28 | 375 | 385,899 | |
1,957,955 |
14
PGIM Short Duration Muni Fund
Schedule of Investments as of December 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
West Virginia 1.0% | |||||
West Virginia Economic Development Authority, | |||||
Revenue, Appalachian Power Co. Amos Project, Series A, Rfdg., (Mandatory Put Date 04/01/24) | 2.550 %(cc) | 03/01/40 | 1,000 | $996,585 | |
Revenue, Appalachian Power Co. Project, Series A, Rfdg., (Mandatory Put Date 12/01/25) | 0.625(cc) | 12/01/38 | 1,500 | 1,409,429 | |
2,406,014 | |||||
Wisconsin 1.0% | |||||
Wisconsin Department of Transportation, Revenue, Series 1, Rfdg.(hh) | 5.000 | 07/01/29 | 2,000 | 2,266,037 | |
Total Municipal Bonds (cost $235,048,283) | 233,324,014 |
Shares | |||||||
Unaffiliated Exchange-Traded Fund 2.4% | |||||||
iShares National Muni Bond ETF (cost $5,343,270) | 51,000 | 5,528,910 | |||||
Total Long-Term Investments (cost $240,391,553) | 238,852,924 | ||||||
Short-Term Investment 0.1% | |||||||
Affiliated Mutual Fund | |||||||
PGIM Core Ultra Short Bond Fund (cost $181,778)(wb) | 181,778 | 181,778 | |||||
TOTAL INVESTMENTS 102.9% (cost $240,573,331) | 239,034,702 | ||||||
Liabilities in excess of other assets (2.9)% | (6,786,825) | ||||||
Net Assets 100.0% | $232,247,877 |
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings: |
144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers. | |
AGM—Assured Guaranty Municipal Corp. | |
AMBAC—American Municipal Bond Assurance Corp. | |
AMT—Alternative Minimum Tax | |
BAM—Build America Mutual | |
BANS—Bond Anticipation Notes |
15
PGIM Short Duration Muni Fund
Schedule of Investments as of December 31, 2023 (unaudited) (continued)
CABS—Capital Appreciation Bonds | |
COP—Certificates of Participation | |
ETF—Exchange-Traded Fund | |
FRDD—Floating Rate Daily Demand Note | |
GO—General Obligation | |
Rfdg—Refunding |
# | Principal amount is shown in U.S. dollars unless otherwise stated. |
^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $40,000 and 0.0% of net assets. |
(cc) | Variable rate instrument. The rate shown is based on the latest available information as of December 31, 2023. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
(d) | Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity. |
(ee) | All or partial escrowed to maturity and pre-refunded issues are secured by escrowed cash, a guaranteed investment contract and /or U.S. guaranteed obligations. |
(hh) | When-issued security. |
(t) | Represents zero coupon. Rate quoted represents effective yield at December 31, 2023. |
(wb) | Represents an investment in a Fund affiliated with the Manager. |
Other information regarding the Fund is available in the Fund’s most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).
16