NPORT-EX 2 PIPDLJ0PRU123123.htm
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