NPORT-EX 2 PIPDLJ0PGIMShDurMuniFd.htm
PGIM Short Duration Muni Fund
Schedule of Investments as of December 31, 2020 (unaudited)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Long-Term Investments 100.7%
Municipal Bonds 
Alabama 1.4%
Alabama Public School and College Authority,
Revenue, Social Bonds, Series A, Rfdg 		5.000 % 11/01/27   1,075  $1,400,757
Black Belt Energy Gas District,          
Revenue, Project 5, Series A-1, (Mandatory Put Date 10/01/26) 4.000 10/01/49   500 589,725
Revenue, Project No. 4, Series A-1, (Mandatory Put Date 12/01/25) 4.000 12/01/49   645 745,814
     
 
Selma Industrial Development Board,
Revenue, International Paper Co. Project, Series A, Rfdg, (Mandatory Put Date 06/16/25) 		1.375 05/01/34   400 407,536
          3,143,832
Alaska 2.3%
Alaska Industrial Development & Export Authority,
Revenue, Tanana Chiefs Conference Project, Series A 		5.000 10/01/29   1,000 1,321,930
City of Valdez,
Revenue, ExxonMobil Project, Rfdg, FRDD 		0.100(cc) 12/01/29   4,005 4,005,000
          5,326,930
Arizona 4.0%
Arizona Health Facilities Authority,
Revenue, Banner Health, Series B, 3 Month LIBOR + 0.810% 		0.961(c) 01/01/37   2,500 2,424,869
Arizona Industrial Development Authority,
Revenue, Phoenix Children’s Hospital, Series A 		5.000 02/01/27   200 249,010
Chandler Industrial Development Authority,          
Revenue, Intel Corp. Project, (Mandatory Put Date 08/14/23) 2.400 12/01/35   1,145 1,206,681
Revenue, Intel Corp., AMT, (Mandatory Put Date 06/03/24) 5.000 06/01/49   1,010 1,161,167
     
 
City of Phoenix Civic Improvement Corp.,
Revenue, Senior Lien, AMT, Rfdg 		5.000 07/01/32   500 551,960
Industrial Development Authority of the City of Phoenix,
Revenue, Great Hearts Academies Project 		3.750 07/01/24   390 408,798
Maricopa County Industrial Development Authority,
Revenue, Reid Traditional Schools Project 		4.000 07/01/26   500 543,700
Salt River Project Agricultural Improvement & Power District,
Revenue, Forward Delivery, Series A, Rfdg(hh) 		5.000 01/01/28   375 471,577
1
PGIM Short Duration Muni Fund
Schedule of Investments as of December 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Arizona (cont’d.)
Salt Verde Finance Corp.,          
Revenue, National Gas Utility 5.250 % 12/01/21   815  $846,215
Revenue, National Gas Utility 5.250 12/01/26   1,125 1,378,789
          9,242,766
California 5.4%
California Health Facilities Financing Authority,
Revenue, Providence St. Joseph Health Project, Series C, Rfdg, (Mandatory Put Date 10/01/25) 		5.000 10/01/39   500 608,280
California Municipal Finance Authority,          
Revenue, American Heritage Foundation, Series A, Rfdg 4.000 06/01/26   375 402,615
Revenue, Chevron USA, Recovery Zone, Series A, FRDD 0.100(cc) 11/01/35   100 100,000
Revenue, ExxonMobil Project, Rfdg, FRDD 0.100(cc) 12/01/29   210 210,000
California Pollution Control Financing Authority,          
Revenue, Green Bond Project, AMT, 144A 7.000 07/01/22(d)   250 161,091
Revenue, Waste Management Project, Series A, (Mandatory Put Date 05/01/24) 2.500 11/01/38   1,000 1,057,590
California School Finance Authority,          
Revenue, Alliance College Ready Public Schools, Series A, 144A 4.000 07/01/21   400 406,524
Revenue, Alliance College Ready Public Schools, Series A, Rfdg, 144A 4.000 07/01/24   270 300,591
Revenue, Green Dot Public School Project, Series A, 144A 4.000 08/01/25   330 358,977
Revenue, KIPP Project, Series A, 144A 3.625 07/01/25   400 430,072
     
 
California State Public Works Board,
Revenue, Forward Delivery, Series A, Rfdg(hh) 		5.000 02/01/28   1,175 1,443,053
Chula Vista Municipal Financing Authority,
Special Tax, Rfdg 		5.000 09/01/21   755 778,012
City of Roseville,
Westpark Community Facility District No.1, Special Tax, Rfdg 		5.000 09/01/22   225 239,672
Golden State Tobacco Securitization Corp.,          
Revenue, Series A-1, Rfdg 5.000 06/01/26   1,000 1,214,250
Revenue, Series A-1, Rfdg 5.000 06/01/27   1,100 1,370,072
     
 
Long Beach Bond Finance Authority,
Revenue, Natural Gas, Series B, 3 Month LIBOR + 1.450% 		1.599(c) 11/15/27   700 703,563
2
PGIM Short Duration Muni Fund
Schedule of Investments as of December 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
California (cont’d.)
     
San Diego County Water Authority,
Revenue, Green Bond, Series A, Rfdg(hh) 		5.000 % 05/01/28   500  $654,505
State of California,
GO, Rfdg 		5.000 11/01/28   1,500 2,005,185
          12,444,052
Colorado 3.4%
City & County of Denver, Airport System,
Revenue, Series A, AMT, Rfdg 		5.000 11/15/28   250 313,015
Colorado Educational & Cultural Facilities Authority,
Revenue, Lighthouse Building Corp. Stem Project, Rfdg 		4.000 11/01/24   480 509,544
Colorado Health Facilities Authority,          
Revenue, Christian Living Neighborhood, Rfdg 4.000 01/01/22   300 303,669
Revenue, Commonspirit Health, Series A, Rfdg 5.000 08/01/27   1,000 1,255,780
Revenue, Commonspirit Health, Series A, Rfdg 5.000 08/01/28   200 256,206
Revenue, Commonspirit Health, Series A-2, Rfdg 5.000 08/01/26   230 281,354
Revenue, Commonspirit Health, Series B-2, (Mandatory Put Date 08/01/26) 5.000 08/01/49   1,330 1,606,786
Revenue, National Jewish Health Initiatives, Rfdg 5.000 01/01/22   125 128,843
Revenue, National Jewish Health Initiatives, Rfdg 5.000 01/01/24   315 324,185
Revenue, Valley View Hospital Association Project, Rfdg, (Mandatory Put Date 05/15/23) 2.800 05/15/42   950 979,536
     
 
Park Creek Metropolitan District,
Revenue, Series A, Rfdg 		5.000 12/01/23   1,100 1,232,704
Regional Transportation District,
Revenue, Denver Transit Partners Eagle P3 Project, Series A, Rfdg 		5.000 07/15/27   500 622,385
          7,814,007
Connecticut 3.5%
Harbor Point Infrastructure Improvement District,
Special Assessment, Rfdg, 144A 		5.000 04/01/22   600 612,426
State of Connecticut,          
Revenue, Special Tax Obligation, Series A 5.000 05/01/22   250 265,548
Revenue, Special Tax Obligation, Series A 5.000 05/01/27   500 634,465
Revenue, Special Tax Obligation, Series A 5.000 05/01/29   1,000 1,329,840
Revenue, Transportation Infrastructure, Series A 5.000 01/01/23   275 300,561
Revenue, Transportation Infrastructure, Series A 5.000 09/01/24   830 968,311
Revenue, Transportation Infrastructure, Series A 5.000 08/01/25   760 915,412
3
PGIM Short Duration Muni Fund
Schedule of Investments as of December 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Connecticut (cont’d.)
State of Connecticut, (cont’d.)          
Series 2021-A, GO(hh) 4.000 % 01/15/28   1,500  $1,831,035
Series C, GO 5.000 06/15/26   1,000 1,237,170
          8,094,768
Delaware 0.6%
Delaware State Economic Development Authority,
Revenue, Newark Charter School, Series A, Rfdg 		2.800 09/01/26   335 348,976
Delaware Transportation Authority,
Revenue, Rfdg 		5.000 07/01/28   850 1,127,967
          1,476,943
District of Columbia 2.3%
District of Columbia Friendship Public Charter School,
Revenue 		3.550 06/01/22   335 341,301
District of Columbia KIPP Charter School,          
Revenue, Project Series B, Rfdg 5.000 07/01/27   145 172,186
Revenue, Rfdg (Escrowed to Maturity Date 07/01/23)(ee) 5.000 07/01/23   210 223,194
Metropolitan Washington Airports Authority,          
Revenue, AMT, Rfdg 5.000 10/01/26   2,000 2,478,140
Revenue, Series A, AMT, Rfdg 5.000 10/01/30   1,485 2,002,983
          5,217,804
Florida 8.2%
City of Tallahassee,          
Revenue, Memorial Healthcare, Inc., Project, Series A 5.000 12/01/23   255 283,917
Revenue, Memorial Healthcare, Inc., Project, Series A 5.000 12/01/25   550 649,627
County of Broward Airport System,          
Revenue, Series A, AMT 5.000 10/01/26   500 596,620
Revenue, Series B, AMT, Rfdg 5.000 10/01/27   1,000 1,258,800
Revenue, Series B, AMT, Rfdg 5.000 10/01/28   1,000 1,281,550
     
 
Florida Higher Educational Facilities Financial Authority,
Revenue, Nova Southeastern University, Rfdg (Escrowed to Maturity Date 04/01/21)(ee) 		4.000 04/01/21   40 40,358
Greater Orlando Aviation Authority,
Revenue, Series A, AMT 		5.000 10/01/24   1,000 1,159,290
Hillsborough County Aviation Authority,
Revenue, Tampa International Airport, Sub-Series A, AMT, Rfdg 		5.000 10/01/25   1,500 1,678,785
4
PGIM Short Duration Muni Fund
Schedule of Investments as of December 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Florida (cont’d.)
     
JEA Electric System,
Revenue, Sub-Series A, Rfdg 		5.000 % 10/01/28   1,000  $1,305,280
Lakewood Ranch Stewardship District,          
Special Assessment 4.000 05/01/21   180 180,700
Special Assessment 4.250 05/01/25   300 312,651
Special Assessment 4.250 05/01/26   250 260,105
Special Assessment 4.625 05/01/27   500 542,190
     
 
Myrtle Creek Improvement District,
Special Assessment, Series A, BAM, Rfdg 		4.000 05/01/27   1,000 1,134,900
Orange County Health Facilities Authority,          
Revenue, Orlando Healthcare Obligated Group, Series B, Rfdg 5.000 10/01/25   1,900 2,299,247
Revenue, Orlando Healthcare, Inc., Series A, Rfdg 5.000 10/01/23   150 168,824
Revenue, Orlando Regional Healthcare, NATL, Series C, Rfdg (Escrowed to Maturity Date 10/01/21)(ee) 6.250 10/01/21   25 26,074
     
 
Palm Beach County Health Facilities Authority,
Revenue, Sinai Residences, Series A, Rfdg 		6.750 06/01/24   370 402,127
Village Community Development District No. 04,
Special Assessment, Revenue, Rfdg 		4.125 05/01/21   90 90,220
Village Community Development District No. 05,
Phase I, Special Assessment, Revenue, Rfdg 		3.000 05/01/21   75 75,494
Village Community Development District No. 06,          
Special Assessment, Revenue, Rfdg 3.000 05/01/21   155 155,618
Special Assessment, Revenue, Rfdg 4.000 05/01/26   235 270,506
Village Community Development District No. 07,          
Special Assessment, Revenue, Rfdg 4.000 05/01/21   1,160 1,168,700
Special Assessment, Revenue, Rfdg 4.000 05/01/24   1,485 1,593,346
Special Assessment, Revenue, Rfdg 4.000 05/01/25   915 998,832
Special Assessment, Revenue, Rfdg 4.000 05/01/26   280 305,460
     
 
Village Community Development District No. 10,
Special Assessment, Revenue 		4.500 05/01/23   210 216,962
Village Community Development District No. 12,
Special Assessment, Revenue, 144A 		3.250 05/01/23   240 245,362
          18,701,545
Georgia 5.9%
Burke County Development Authority,          
Revenue, Georgia Power Co. Plant Vogtle Project, (Mandatory Put Date 05/25/23) 2.250 10/01/32   250 258,905
Revenue, Georgia Power Co. Plant Vogtle Project, Rfdg, (Mandatory Put Date 08/22/24) 1.700 12/01/49   1,000 1,033,200
5
PGIM Short Duration Muni Fund
Schedule of Investments as of December 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Georgia (cont’d.)
Burke County Development Authority, (cont’d.)          
Revenue, Oglethorpe Power Corp., Series V, Rfdg, (Mandatory Put Date 02/03/25) 3.250 % 11/01/45   500   $537,235
     
 
City of Atlanta Department of Aviation,
Revenue, Series B, AMT, Rfdg 		5.000 07/01/28   500 644,305
Georgia State Road & Tollway Authority,
Grant Anticipation Revenue Vehicle 		5.000 06/01/27   1,075 1,374,409
Main Street Natural Gas, Inc.,          
Revenue, Series B, (Mandatory Put Date 09/01/23), 1 Month LIBOR + 0.750% 0.854(c) 04/01/48   1,200 1,200,210
Revenue, Series B, (Mandatory Put Date 12/02/24) 4.000 08/01/49   1,905 2,160,422
Revenue, Series C, (Mandatory Put Date 09/01/26) 4.000 03/01/50   700 820,939
Revenue, Sub-Series C, (Mandatory Put Date 12/01/23) 4.000 08/01/48   1,860 2,037,556
Municipal Electric Authority of Georgia,          
Power Revenue, Series HH, Rfdg 5.000 01/01/29   1,000 1,277,000
Revenue, Combined Cycle Project, Series A, Rfdg 4.000 11/01/24   700 794,129
Revenue, Project One, Sub-Bonds, Series A, Rfdg 5.000 01/01/26   575 694,479
     
 
Private Colleges & Universities Authority,
Revenue, Savannah College of Art & Design 		5.000 04/01/22   670 704,271
          13,537,060
Hawaii 0.5%
State of Hawaii Harbor System,
Revenue, Series A, AMT, Rfdg 		4.000 07/01/33   1,000 1,188,550
Idaho 0.5%
County of Nez Perce,
Revenue, Potlatch Corp. Project, Rfdg 		2.750 10/01/24   1,000 1,042,910
Illinois 13.6%
Chicago O’Hare International Airport,          
Revenue, Series A, AMT, Rfdg 5.000 01/01/26   925 1,080,150
Revenue, Series C, AMT, Rfdg 5.000 01/01/23   200 217,420
     
 
Chicago Transit Authority,
Revenue, Federal Transit Administration Section 530, AGM, Rfdg 		5.000 06/01/22   1,630 1,657,889
City of Chicago,          
Series 2003 B, GO, Rfdg 5.000 01/01/23   370 391,811
Series C, GO, Rfdg (Escrowed to Maturity Date 01/01/22)(ee) 5.000 01/01/22   675 705,665
6
PGIM Short Duration Muni Fund
Schedule of Investments as of December 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Illinois (cont’d.)
City of Chicago, (cont’d.)          
Series C, GO, Unrefunded, Rfdg 5.000 % 01/01/22   345  $355,250
City of Chicago Wastewater Transmission,          
Revenue, Second Lien 5.000 01/01/25   615 638,991
Revenue, Second Lien, Series C, Rfdg 5.000 01/01/22   990 1,032,075
City of Chicago Waterworks,          
Revenue, Second Lien Project 5.000 11/01/25   335 384,982
Revenue, Second Lien Project, Rfdg 4.000 11/01/21   375 384,529
Revenue, Second Lien, Rfdg 4.000 11/01/24   280 295,456
Revenue, Second Lien, Rfdg 5.000 11/01/22   840 901,774
Revenue, Second Lien, Rfdg 5.000 11/01/27   135 144,908
     
 
City of Springfield Electric,
Revenue, Senior Lien, Rfdg 		5.000 03/01/22   300 314,778
County of Cook,
Series A, GO, Rfdg 		5.000 11/15/23   1,000 1,108,440
Illinois Finance Authority,          
Revenue, Advocate Healthcare Project, Series A-1, Rfdg 4.000 11/01/30   1,000 1,181,740
Revenue, American Water Capital Corp. Project, Rfdg, (Mandatory Put Date 09/01/23) 0.700 05/01/40   600 598,188
Revenue, Presbyterian Homes, Series B, Rfdg, (Mandatory Put Date 05/01/21), 1 Month LIBOR + 1.350% 1.458(c) 05/01/36   500 499,494
Revenue, Series B-2, Rfdg, (Mandatory Put Date 11/15/26) 5.000 05/15/50   1,000 1,197,430
Illinois State Toll Highway Authority,          
Senior Revenue, Series A, Rfdg 5.000 01/01/28   1,360 1,757,378
Senior Revenue, Series C, Rfdg 5.000 01/01/28   2,125 2,745,904
Railsplitter Tobacco Settlement Authority,          
Revenue 5.000 06/01/22   755 803,358
Revenue 5.000 06/01/24   1,080 1,243,220
Revenue 5.000 06/01/25   100 119,199
Revenue 5.375 06/01/21   1,100 1,122,297
     
 
Regional Transportation Authority,
Revenue, NATL, Series A, Rfdg 		5.500 07/01/25   760 920,269
Sales Tax Securitization Corp.,
Revenue, Second Lien, Series A, Rfdg 		5.000 01/01/27   1,000 1,221,030
State of Illinois,          
GO 5.000 02/01/22   200 208,146
GO 5.000 05/01/23   110 118,450
GO, Rfdg 5.000 08/01/24   515 542,372
Revenue, Junior Obligation, Rfdg 5.000 06/15/24   705 769,106
7
PGIM Short Duration Muni Fund
Schedule of Investments as of December 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Illinois (cont’d.)
State of Illinois, (cont’d.)          
Revenue, Junior Series D, BAM, Rfdg 5.000 % 06/15/25   1,325  $1,554,808
Series A, GO 4.000 01/01/22   75 77,107
Series A, GO 4.000 01/01/23   360 369,756
Series A, GO 5.000 04/01/22   1,000 1,046,260
Series D, GO 5.000 11/01/23   1,500 1,628,040
Series D, GO 5.000 11/01/26   1,100 1,237,148
     
 
University of Illinois,
Revenue, Series A, Rfdg 		5.000 04/01/26   425 500,187
          31,075,005
Indiana 0.8%
City of Rockport,
Revenue, Power Co. Project, Series A, Rfdg 		3.050 06/01/25   500 549,555
City of Whiting Environmental Facilities,
Revenue, BP Products, AMT, Rfdg, (Mandatory Put Date 06/05/26) 		5.000 12/01/44   1,000 1,220,470
          1,770,025
Iowa 0.5%
Iowa Finance Authority,
Revenue, Lifespace communities Inc. 		2.875 05/15/49   500 500,575
PEFA, Inc.,
Revenue, Gas Project, Series A-1, (Mandatory Put Date 09/01/26) 		5.000 09/01/49   500 613,115
          1,113,690
Kentucky 1.7%
County of Trimble,
Revenue, Louisville Gas & Electric Project, Series A, AMT, Rfdg, (Mandatory Put Date 09/01/27) 		1.300 09/01/44   750 763,328
Kentucky Public Energy Authority,          
Revenue, Series A-1, (Mandatory Put Date 06/01/25) 4.000 12/01/49   1,235 1,405,084
Revenue, Series B, (Mandatory Put Date 01/01/25) 4.000 01/01/49   1,480 1,666,569
          3,834,981
Louisiana 1.4%
City of New Orleans,          
GO, Rfdg 5.000 12/01/22   100 108,654
8
PGIM Short Duration Muni Fund
Schedule of Investments as of December 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Louisiana (cont’d.)
City of New Orleans, (cont’d.)          
GO, Rfdg 5.000 % 12/01/23   150  $169,617
City of New Orleans Sewerage Service,          
Revenue 5.000 06/01/23   300 330,708
Revenue 5.000 06/01/24   200 228,560
     
 
Louisiana Offshore Terminal Authority,
Revenue, Loop LLC Project, Series C, Rfdg, (Mandatory Put Date 12/01/23) 		1.650 09/01/34   500 515,840
Louisiana Public Facilities Authority,          
Revenue, Ochsner Clinic Foundation Project, Series B, Rfdg, (Mandatory Put Date 05/15/25) 5.000 05/15/50   1,065 1,256,072
Revenue, Ochsner Clinic Foundation, Rfdg 5.000 05/15/22   265 279,726
     
 
Parish of St. John the Baptist,
Revenue, Marathon Oil Corp., Rfdg, (Mandatory Put Date 07/01/24) 		2.100 06/01/37   200 204,060
          3,093,237
Maryland 0.2%
Maryland Economic Development Corp.,
Revenue, Transportation Project, Series A, Rfdg 		5.000 06/01/24   350 388,203
Massachusetts 1.7%
Commonwealth of Massachusetts,          
Consolidated Loans, Series E, GO 5.000 11/01/27   1,000 1,304,970
Series A, Revenue Anticipation Notes, GO 2.000 04/21/21   2,000 2,010,520
     
 
Massachusetts Port Authority,
Revenue, Series C, AMT, Rfdg 		5.000 07/01/29   500 658,555
          3,974,045
Michigan 0.8%
Michigan Finance Authority,          
Revenue, Local Government Loan Program, NATL, Series D-6, Rfdg 5.000 07/01/25   320 367,222
Revenue, Local Government Loan Program, Series D-1, Rfdg 5.000 07/01/22   400 427,996
Revenue, Senior Series A, Class 1, Rfdg 5.000 06/01/27   500 634,270
Revenue, Senior Series A, Class 1, Rfdg 5.000 06/01/29   250 329,975
          1,759,463
9
PGIM Short Duration Muni Fund
Schedule of Investments as of December 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Mississippi 0.3%
County of Warren,
Revenue, International Paper Co. Project, Rfdg, (Mandatory Put Date 09/01/23) 		2.900 % 09/01/32   250  $265,135
Mississippi Business Finance Corp.,
Revenue, Pollution Control, Rfdg 		3.200 09/01/28   500 528,415
          793,550
Missouri 0.6%
Kansas City Industrial Development Authority,
Revenue, International Airport Terminal, Series B, AMT 		5.000 03/01/29   1,000 1,259,410
Nebraska 0.4%
Central Plains Energy Project,
Revenue, Project No. 4, (Mandatory Put Date 01/01/24) 		5.000 03/01/50   875 983,579
Nevada 0.2%
Clark County Airport Department of Aviation,
Revenue, Jet Aviation Fuel Tax, Series A, AMT, Rfdg 		5.000 07/01/21   500 511,065
New Jersey 6.9%
New Jersey Building Authority,          
Revenue, Series A, Rfdg (Escrowed to Maturity Date 06/15/21)(ee) 5.000 06/15/21   60 61,268
Revenue, Series A, Unrefunded, Rfdg 5.000 06/15/21   625 637,600
New Jersey Economic Development Authority,          
Revenue, American Water Co. Inc., Project, Series E, AMT, Rfdg 0.850 12/01/25   500 501,035
Revenue, American Water Co., Series B, AMT, Rfdg, (Mandatory Put Date 06/01/23) 1.200 11/01/34   500 506,835
Revenue, Port Newark Container, AMT, Rfdg 5.000 10/01/21   500 515,870
Revenue, Series XX, Rfdg 5.000 06/15/22   860 915,203
Revenue, Series XX, Rfdg 5.000 06/15/24   420 478,787
Revenue, State Appropriation, Series B, Rfdg 4.000 11/01/25   455 506,674
New Jersey Health Care Facilities Financing Authority,          
Revenue, AHS Hospital Corp., Rfdg 5.000 07/01/24   275 318,560
Revenue, Hackensack Meridian Health, Series A, Rfdg 5.000 07/01/25   495 594,282
10
PGIM Short Duration Muni Fund
Schedule of Investments as of December 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
New Jersey (cont’d.)
New Jersey Health Care Facilities Financing Authority, (cont’d.)          
Revenue, RWJ Barnabas Health Obligation Group, Series A, Rfdg 5.000 % 07/01/27   450  $551,497
Revenue, University Hospital, Series A, AGM, Rfdg 5.000 07/01/23   500 552,755
Revenue, Virtua Health, Rfdg 5.000 07/01/21   125 127,854
New Jersey Transportation Trust Fund Authority,          
Revenue, Transportation Program, Series AA 5.000 06/15/22   895 952,450
Revenue, Transportation System Bond, Rfdg 5.000 12/15/26   500 607,400
Revenue, Transportation System, Series A, Rfdg 5.000 12/15/23   290 325,722
Revenue, Transportation System, Series B, AGC, Rfdg 5.500 12/15/21   175 182,236
New Jersey Turnpike Authority,          
Revenue, Series A 5.000 01/01/27   320 369,504
Revenue, Series D-1, Rfdg, 1 Month LIBOR + 0.700% 0.808(c) 01/01/24   1,000 1,009,011
South Jersey Transportation Authority,          
Revenue, Series A, Rfdg (Escrowed to Maturity Date 11/01/21)(ee) 5.000 11/01/21   175 182,095
Revenue, Series A, Unrefunded, Rfdg 5.000 11/01/21   175 181,344
State of New Jersey,          
COVID-19, Emegency Bonds, Series A, GO 5.000 06/01/26   1,140 1,393,103
GO 5.000 06/01/21   150 152,774
Tobacco Settlement Financing Corp.,          
Revenue, Series A, Rfdg 5.000 06/01/25   935 1,118,784
Revenue, Series A, Rfdg 5.000 06/01/26   880 1,086,474
Revenue, Series A, Rfdg 5.000 06/01/27   1,360 1,724,562
Revenue, Series A, Rfdg 5.000 06/01/30   105 134,727
          15,688,406
New York 4.3%
City of New York,
Fiscal 2008, Series J-5, GO 		5.000 08/01/28   1,000 1,309,400
Metropolitan Transportation Authority,
Revenue, Sub-Series B-2A, Bond Anticipation Notes 		5.000 05/15/21   3,500 3,537,485
New York City Transitional Finance Authority,
Revenue, Future Tax Secured, Sub-Bonds, Series D-1, Rfdg 		5.000 11/01/28   1,000 1,327,110
New York State Dormitory Authority,          
Revenue, Memorial Sloan Kettering Cancer Center, Series 1, Rfdg 5.000 07/01/24   150 174,395
Revenue, New York University Hospitals Center, Rfdg 5.000 07/01/24   565 643,411
Revenue, New York University Hospitals Center, Rfdg 5.000 07/01/24   700 797,146
Revenue, Sub-Series B, Revenue Anticipation Notes 5.000 03/31/21   1,545 1,562,489
     
 
11
PGIM Short Duration Muni Fund
Schedule of Investments as of December 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
New York (cont’d.)
     
New York Transportation Development Corp.,
Revenue, JFK International Air Terminal Project, Series A, Rfdg, AMT 		5.000 % 12/01/25   200  $236,440
TSASC, Inc.,
Revenue, Series A, Rfdg 		5.000 06/01/24   250 287,777
          9,875,653
North Carolina 0.8%
North Carolina Turnpike Authority,
Revenue, Bond Anticipation Notes 		5.000 02/01/24   1,560 1,769,602
Ohio 2.4%
Akron Bath Copley Joint Township Hospital District,
Revenue, Summa Health Obligation Group, Rfdg 		5.000 11/15/27   185 230,160
Buckeye Tobacco Settlement Financing Authority,
Revenue, Senior Series A-2, Class 1, Rfdg 		5.000 06/01/28   1,130 1,466,333
County of Allen Hospital Facilities,
Revenue, Series A, Rfdg 		5.000 08/01/27   560 710,612
County of Cuyahoga,          
Revenue, MetroHealth System, Rfdg 4.000 02/15/29   1,200 1,373,892
Revenue, MetroHealth System, Rfdg 5.000 02/15/25   695 801,634
     
 
Lancaster Port Authority,
Revenue, Natural Gas, Series A, Rfdg, (Mandatory Put Date 02/01/25) 		5.000 08/01/49   250 293,295
Ohio Air Quality Development Authority,
Revenue, American Electric Power Co. Project, Series A, (Mandatory Put Date 10/01/29) 		2.400 12/01/38   500 524,260
          5,400,186
Oklahoma 2.2%
Oklahoma Development Finance Authority,          
Revenue, Gilcrease Expressway West, AMT 1.625 07/06/23   500 502,080
Revenue, University of Oklahoma Medicine Project, Series B 5.000 08/15/25   800 926,904
Revenue, University of Oklahoma Medicine Project, Series B 5.000 08/15/29   1,100 1,345,883
Oklahoma Turnpike Authority,          
Revenue, Second Senior Series A, Class 1, Rfdg 5.000 01/01/28   1,000 1,305,710
Revenue, Second Senior Series A, Class 1, Rfdg 5.000 01/01/29   730 975,258
          5,055,835
12
PGIM Short Duration Muni Fund
Schedule of Investments as of December 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Pennsylvania 5.4%
Chester County Industrial Development Authority,          
Revenue, Renaissance Academy Charter School, Rfdg 3.750 % 10/01/24   270  $284,018
Revenue, Renaissance Academy Charter School, Rfdg 5.000 10/01/34   260 284,866
Commonwealth Financing Authority,          
Revenue, Tobacco Master Settlement Payment 5.000 06/01/21   425 432,939
Revenue, Tobacco Master Settlement Payment 5.000 06/01/24   335 385,974
Revenue, Tobacco Master Settlement Payment 5.000 06/01/25   1,000 1,191,990
Commonwealth of Pennsylvania,          
First Series, GO, Rfdg 5.000 08/15/25   1,000 1,212,060
Series A, Certificate of Participation, Rfdg 5.000 07/01/26   500 612,385
     
 
Delaware River Joint Toll Bridge Commission,
Revenue, Bridge System, Series B, Rfdg 		5.000 07/01/28   275 362,576
East Hempfield Township Industrial Development Authority,
Revenue, Willow Valley Community, Rfdg 		5.000 12/01/23   500 549,665
Geisinger Authority,
Revenue, Geisinger Health System Obligation Group, Series B, Rfdg, (Mandatory Put Date 02/15/27) 		5.000 04/01/43   675 837,621
Pennsylvania Higher Educational Facilities Authority,          
Revenue, University of Pennsylvania Health System 5.000 08/15/28   500 655,005
Revenue, University of Pennsylvania Health System, Rfdg 5.000 08/15/26   500 600,870
Pennsylvania Turnpike Commission,          
Revenue, Rfdg 5.000 12/01/29   1,345 1,769,953
Revenue, Series A-2, Rfdg 5.000 12/01/26   1,015 1,284,219
Revenue, Sub-Series A 5.000 12/01/29   525 689,582
Philadelphia Gas Works Co.,          
Revenue, Rfdg 5.000 08/01/25   340 407,650
Revenue, Sixteenth Series A, AGM 5.000 08/01/27   700 885,556
          12,446,929
Puerto Rico 0.1%
Puerto Rico Sales Tax Financing Corp.,
Revenue, Series A-1, CABS 		(1.314)(s) 07/01/24   259 242,364
Rhode Island 1.5%
Tobacco Settlement Financing Corp.,          
Revenue, Series A, Rfdg 5.000 06/01/22   540 575,467
Revenue, Series A, Rfdg 5.000 06/01/23   380 422,199
13
PGIM Short Duration Muni Fund
Schedule of Investments as of December 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Rhode Island (cont’d.)
Tobacco Settlement Financing Corp., (cont’d.)          
Revenue, Series A, Rfdg 5.000 % 06/01/24   1,940  $2,173,052
Revenue, Series A, Rfdg 5.000 06/01/28   240 276,029
          3,446,747
South Carolina 1.2%
County of Richland,
Revenue, International Paper Co. Project, Series A, Rfdg 		3.875 04/01/23   1,070 1,148,024
South Carolina Public Service Authority,          
Revenue, Santee Cooper, Series A, Rfdg 5.000 12/01/24   280 291,696
Revenue, Series C, Rfdg 5.000 12/01/24   610 713,968
Revenue, Series C, Rfdg 5.000 12/01/29   500 582,655
          2,736,343
Texas 7.8%
Bexar County Health Facilities Development Corp.,
Revenue, Army Retirement Residence Foundation, Rfdg 		5.000 07/15/24   500 537,855
Central Texas Regional Mobility Authority,          
Revenue, Senior Lien, Series A, Rfdg 5.000 01/01/23   610 667,126
Revenue, Sub. Lien, Rfdg 5.000 01/01/21   180 180,000
Revenue, Sub-Series F, Bond Anticipation Notes 5.000 01/01/25   625 716,756
City of Houston Airport System,          
Revenue, Sub. Lien, Series A, AMT, Rfdg, (Pre-refunded Date 07/01/22)(ee) 5.000 07/01/32   1,000 1,068,490
Revenue, Sub-Series A, AMT, Rfdg 5.000 07/01/25   1,000 1,183,170
Clifton Higher Education Finance Corp.,          
Revenue, Idea Public Schools 3.750 08/15/22   180 185,153
Revenue, Idea Public Schools, (Pre-refunded Date 08/15/21)(ee) 5.500 08/15/31   410 423,325
Revenue, Idea Public Schools, Series B 4.000 08/15/23   610 653,987
Revenue, Idea Public Schools, Series B 5.000 08/15/25   210 244,986
Decatur Hospital Authority,          
Revenue, Wise Regional Health Systems, Series A, Rfdg 5.000 09/01/22   150 159,318
Revenue, Wise Regional Health Systems, Series A, Rfdg 5.000 09/01/23   150 164,712
Gulf Coast Authority,          
Revenue, ExxonMobil Project, FRDD 0.120(cc) 12/01/25   1,040 1,040,000
Revenue, ExxonMobil Project, FRDD 0.130(cc) 06/01/30   300 300,000
14
PGIM Short Duration Muni Fund
Schedule of Investments as of December 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Texas (cont’d.)
Gulf Coast Authority, (cont’d.)          
Revenue, ExxonMobil Project, Series B, FRDD 0.130 %(cc) 06/01/25   230   $230,000
     
 
Harris County Toll Road Authority,
Revenue, First Lien, Rfdg(hh) 		5.000 08/15/28   1,250 1,655,213
Houston Higher Education Finance Corp.,
Revenue, Cosmos Foundation, Series A 		4.000 02/15/22   35 35,551
Kerrville Health Facilities Development Corp.,
Revenue, Peterson Regional Medical Center Project, Rfdg 		5.000 08/15/22   485 516,588
Lower Neches Valley Authority Industrial Development
Corp., 		         
Revenue, ExxonMobil Project, FRDD 0.070(cc) 11/01/38   140 140,000
Revenue, ExxonMobil Project, Series A, Rfdg, FRDD 0.100(cc) 11/01/29   795 795,000
Revenue, ExxonMobil Project, Series B, Rfdg, FRDD 0.130(cc) 11/01/29   350 350,000
     
 
New Hope Cultural Education Facilities Finance Corp.,
Revenue, Tarelton State University Student Housing Project, Series A (Escrowed to Maturity Date 04/01/21)(ee) 		4.000 04/01/21   300 302,568
North Texas Tollway Authority,          
Revenue, First Tier, Series B, Rfdg 5.000 01/01/25   600 708,714
Revenue, Second Tier, Series A, Rfdg 5.000 01/01/21   100 100,000
Revenue, Second Tier, Series B, Rfdg 5.000 01/01/26   450 491,135
Revenue, Second Tier, Series B, Rfdg 5.000 01/01/28   250 303,448
Revenue, Series A, Rfdg 5.000 01/01/26   715 812,948
     
 
State of Texas,
Revenue, Transportation 		4.000 08/26/21   1,725 1,768,246
Tarrant County Cultural Education Facilities Finance
Corp., 		         
Revenue, Texas Health Resource System, Series A, Rfdg 5.000 02/15/26   315 385,336
Revenue, Trinity Terrace Project, Series A-1, Rfdg 5.000 10/01/29   630 694,518
     
 
Texas Municipal Gas Acquisition & Supply Corp. I,
Revenue, Senior Lien, Series D 		6.250 12/15/26   830 994,282
          17,808,425
Utah 3.0%
County of Utah,
Revenue, IHC Health Services, Inc., Series B, (Mandatory Put Date 08/01/26) 		5.000 05/15/60   3,015 3,754,308
Salt Lake City Corp. Airport,          
Revenue, Series A, AMT 5.000 07/01/22   360 383,098
15
PGIM Short Duration Muni Fund
Schedule of Investments as of December 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Utah (cont’d.)
Salt Lake City Corp. Airport, (cont’d.)          
Revenue, Series A, AMT 5.000 % 07/01/23   500  $552,955
Revenue, Series A, AMT 5.000 07/01/26   1,085 1,320,901
Revenue, Series A, AMT 5.000 07/01/28   250 310,025
Revenue, Series A, AMT 5.000 07/01/28   500 637,485
          6,958,772
Virginia 0.7%
Virginia Small Business Financing Authority,          
Revenue, 95 Express Lanes LLC Project, AMT 5.000 01/01/44   1,000 1,031,250
Revenue, Elizabeth River, Senior Lien 4.250 07/01/22   225 236,484
     
 
Wise County Industrial Development Authority,
Revenue, Virginia Electric & Power Co., Series A, (Mandatory Put Date 05/31/24) 		1.200 11/01/40   250 255,350
          1,523,084
Washington 1.8%
Port of Seattle,
Revenue, Intermediate Lien, AMT 		5.000 04/01/29   1,000 1,297,670
University of Washington,
Revenue, Forward Delivery, Series C, Rfdg(hh) 		5.000 04/01/26   1,500 1,849,380
Washington Health Care Facilities Authority,
Revenue, Providence Health & Services, Series A, Rfdg 		5.000 10/01/21   905 935,652
          4,082,702
West Virginia 1.6%
Harrison County Commission,
Revenue, Monongahela Power Co., Series A, AMT, Rfdg, (Mandatory Put Date 10/15/21) 		3.000 10/15/37   500 508,195
West Virginia Economic Development Authority,          
Revenue, Appalachian Power Co., Series A, Rfdg, (Mandatory Put Date 04/01/24) 2.550 03/01/40   1,000 1,069,850
Revenue, Appalachian Power Co., Series A, Rfdg, (Mandatory Put Date 12/15/25) 0.625 12/01/38   1,500 1,500,045
Revenue, Wheeling Power Co. Mitchell, Series A, AMT, Rfdg, (Mandatory Put Date 04/01/22) 3.000 06/01/37   500 513,060
          3,591,150
16
PGIM Short Duration Muni Fund
Schedule of Investments as of December 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Wisconsin 0.8%
Public Finance Authority,          
Revenue, Bancroft Neurohealth Project, Series A, 144A 5.000 % 06/01/23   500  $527,190
Revenue, Trips Obligation Group, Senior Series E, Rfdg 5.000 07/01/23   1,175 1,231,153
          1,758,343
 
TOTAL INVESTMENTS 100.7%
(cost $222,582,017) 		230,171,961
Liabilities in excess of other assets (0.7)% (1,539,164)
 
Net Assets 100.0% $228,632,797
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.
  AGC—Assured Guaranty Corp.
  AGM—Assured Guaranty Municipal Corp.
  AMT—Alternative Minimum Tax
  BAM—Build America Mutual
  CABS—Capital Appreciation Bonds
  FRDD—Floating Rate Daily Demand Note
  GO—General Obligation
  LIBOR—London Interbank Offered Rate
  NATL—National Public Finance Guarantee Corp.
  Rfdg—Refunding
    
# Principal amount is shown in U.S. dollars unless otherwise stated.
(c) Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2020.
(cc) Variable rate instrument. The rate shown is based on the latest available information as of December 31, 2020. 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.
(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.
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).
17