NPORT-EX 2 PI62670PRU05312023.htm
PGIM California Muni Income Fund
Schedule of Investments as of May 31, 2023 (unaudited)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Long-Term Investments 96.9%          
Municipal Bonds 
ABAG Fin. Auth. for Nonprofit Corp. Rev.,
Sharp Healthcare, Series A, Rfdg. 		5.000 % 08/01/43   2,000  $2,005,592
Anaheim Housing & Pub. Improvements Auth. Rev.,
Series C, Rfdg. 		5.000 10/01/45   2,000 2,047,679
Bay Area Toll Auth. Rev.,
Series A, Rfdg. (Mandatory put date 04/01/28) 		2.000(cc) 04/01/56   750 686,708
California Cmnty. Choice Fing. Auth. Rev.,          
Green Bond Clean Energy Proj., Series B-1 (Mandatory put date 08/01/29) 5.000(cc) 07/01/53   1,000 1,048,554
Green Bond, Series A-1 (Mandatory put date 08/01/28) 4.000(cc) 05/01/53   1,350 1,337,617
Green Bond-Clean Energy Proj., Series A (Mandatory put date 12/01/27) 4.000(cc) 10/01/52   1,000 987,968
Green Bonds, Series C 5.000 10/01/24   500 499,139
Series B-1, Green Bond (Mandatory put date 08/01/31) 4.000(cc) 02/01/52   2,000 1,981,627
Series B-2, Green Bond (Mandatory put date 08/01/31) 3.860(cc) 02/01/52   1,120 1,019,094
California Cnty. Tob. Secur. Agcy. Rev.,          
Sonoma Cnty. Secur. Corp., Series A, Rfdg. 5.000 06/01/28   500 535,294
Sr. Series A, Rfdg. 5.000 06/01/25   700 720,992
Sr. Series A, Rfdg. 5.000 06/01/27   1,190 1,261,483
Sr. Series A, Rfdg. 5.000 06/01/28   1,730 1,852,525
Sr. Series A, Rfdg. 5.000 06/01/30   1,630 1,773,140
     
 
California Ed. Facs. Auth. Rev.,
Stanford Univ., Series U-6 		5.000 05/01/45   500 585,733
California Edl. Facs. Auth. Rev.,
Pepperdine Univ., Rfdg. (Pre-refunded date 04/01/26)(ee) 		5.000 10/01/49   2,085 2,203,745
California Hlth. Facs. Fing. Auth. Rev.,          
Cedars Sinai Med. Ctr., Rfdg. 5.000 11/15/25   1,415 1,472,487
Cedars Sinai Med. Ctr., Rfdg. 5.000 11/15/33   1,115 1,165,278
Cedars Sinai Med. Ctr., Series A 5.000 08/15/25   535 554,093
Commonspirit Hlth., Series A, Rfdg. 5.000 04/01/32   2,200 2,373,384
Kaiser Permanente, Series C (Mandatory put date 11/01/29) 5.000(cc) 06/01/41   2,925 3,264,693
Lucile Salter Packard Children’s Hosp. at Stanford, Series A, Rfdg. 5.000 05/15/26   1,000 1,049,949
Lucile Salter Packard Children’s Hosp., Series A 5.000 08/15/43   2,500 2,528,225
Providence Hlth. Svcs., Series A, Rfdg. 5.000 10/01/27   330 335,524
Stanford Healthcare, Series A 5.000 08/15/54   2,000 2,039,171
Stanford Healthcare, Series A, Rfdg. (Mandatory put date 08/15/25) 3.000(cc) 08/15/54   1,650 1,637,688
1
PGIM California Muni Income Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
California Hlth. Facs. Fing. Auth. Rev., (cont’d.)          
Sutter Hlth., Series A 5.000 % 11/15/30   500  $542,451
Sutter Hlth., Series A 5.000 11/15/36   1,960 2,081,629
Sutter Hlth., Series A, Rfdg. 5.000 11/15/35   440 470,823
Unrefunded-Providence Hlth. & Svcs., Series A, Rfdg. 5.000 10/01/38   1,190 1,202,860
California Infrast. & Econ. Dev. Bank Rev.,          
Brightline Passenger Rail Proj., Series A, Rmkt., AMT (Mandatory put date 01/31/24), 144A 3.650(cc) 01/01/50   1,000 995,966
J. Paul Getty Trust, Series B-1, Rfdg. (Mandatory put date 01/01/24) 0.390(cc) 10/01/47   1,000 984,801
Sustainability Bond CA ACAD Sciences, Series B, Rmkt., Rfdg. (Mandatory put date 08/01/24) 3.760(cc) 08/01/47   2,500 2,476,685
California Muni. Fin. Auth. Rev.,          
American Heritage Ed., Series A, Rfdg. 4.000 06/01/26   515 503,315
CHF-Davis I, LLC, West Vlg. Student Hsg. Proj., BAM, TCRs 5.000 05/15/29   760 809,668
Green Bond-Orchard Park Student Hsg. Proj., BAM 4.000 05/15/46   1,045 949,941
Humangood Calif. Oblig. Grp. 4.000 10/01/49   1,000 873,639
Orange Cnty. Civic Ctr. Infrastructure Program Phase 2 5.000 06/01/43   1,500 1,584,559
Series A, 144A 5.500 06/01/48   250 234,190
Spl. Tax, Cmnty. Facs. Dist. No. 2021-11, Otay Ranch Vlg. 8W 5.000 09/01/57   850 812,756
Sr. Lien, Linxs Apm Proj., Series A, P3 Proj., AMT 5.000 06/30/31   320 336,159
Temps 85 Aldersly Proj., Series B-1(hh) 4.000 11/15/28   595 597,170
UCR North Dist. Phase 1 Student Hsg. Proj., BAM 5.000 05/15/27   750 787,542
United Airlines, Inc. Proj., AMT 4.000 07/15/29   2,000 1,933,420
Wste. Mgmt., AMT (Mandatory put date 12/01/23) 0.700(cc) 12/01/44   1,000 982,577
California Poll. Ctrl. Fing. Auth. Wtr. Facs. Rev.,          
American Wtr. Cap. Proj., Rfdg. (Mandatory put date 09/01/23) 0.600(cc) 08/01/40   2,150 2,131,512
Green Bond-Calplant I Proj., AMT, 144A 7.000 07/01/22^(d)   250 60,000
Green Bond-Calplant I Proj., AMT, 144A 8.000 07/01/39^(d)   500 120,000
Wste. Mgmt. Proj., Series A, Rmkt. (Mandatory put date 05/01/24) 2.500(cc) 11/01/38   1,375 1,353,421
Wste. Mgmt. Proj., Series A, Rmkt., AMT (Mandatory put date 05/01/24) 2.500(cc) 07/01/31   1,000 984,588
California Sch. Fin. Auth. Rev.,          
Alliance CLG-Ready Pub. Schs., Series A, 144A 5.000 07/01/45   1,000 1,005,833
Alliance CLG-Ready Pub. Schs., Series A, Rfdg., 144A 4.000 07/01/26   300 296,238
Green Dot Pub. Sch. Proj., Series A, 144A 4.000 08/01/25   250 247,331
Green Dot Pub. Sch. Proj., Series A, 144A 5.000 08/01/45   685 684,280
Green Dot Pub. Schs. Calif. Proj., Series A, Rfdg., 144A 5.000 08/01/32   700 720,625
KIPP LA. Proj., Series A, 144A 5.000 07/01/45   1,000 1,006,060
2
PGIM California Muni Income Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
California Sch. Fin. Auth. Rev., (cont’d.)          
KIPP Socal Pub. Schs., Series A, 144A 5.000 % 07/01/39   1,000  $1,031,532
KIPP Socal Pub. Schs., Series A, 144A 5.000 07/01/49   1,500 1,511,441
Vista Charter Schs., Series A, 144A 4.000 06/01/51   2,000 1,451,002
California St.,          
GO 5.000 03/01/45   2,000 2,048,929
GO, Rfdg. 3.250 04/01/45   1,000 867,806
GO, Rfdg. 4.000 09/01/26   1,500 1,548,394
GO, Rfdg. 5.000 11/01/26   2,075 2,212,956
GO, Rfdg. 5.000 10/01/27   750 812,947
GO, Rfdg. 5.000 08/01/28   2,185 2,366,464
GO, Rfdg. 5.000 09/01/28   2,005 2,213,701
GO, Rfdg. 5.000 04/01/33   1,000 1,119,941
GO, Rfdg. 5.000 08/01/45   1,500 1,544,504
GO, Rfdg. 5.000 08/01/46   2,000 2,084,881
GO, Rfdg. 5.250 10/01/50   1,000 1,129,842
GO, Rfdg., AGM 5.250 08/01/32   1,500 1,791,794
Unrefunded Balance, GO, Rfdg. 5.500 04/01/30   5 5,010
Var. Purp., GO 3.000 03/01/28   2,000 2,011,542
Var. Purp., GO, Rfdg. 4.000 09/01/34   1,580 1,626,338
Var. Purp., GO, Rfdg. 5.000 10/01/47   2,000 2,073,128
     
 
California St. Pub. Wks. Brd. Lease Rev.,
Off. Emerg. Svcs., Series F, Rfdg. 		5.000 04/01/25   175 180,570
California St. Univ. Rev.,
Series A, Rfdg. 		5.000 11/01/43   1,000 1,031,302
California Statewide Cmntys. Dev. Auth. Rev.,          
899 Charleston Proj., Series A, Rfdg., 144A 5.250 11/01/44   250 202,227
CHF Irvine LLC, Rfdg. 5.000 05/15/27   685 699,759
CHF Irvine LLC, Rfdg. 5.000 05/15/28   2,000 2,046,829
Loma Linda Univ. Med. Ctr. Series A, Rfdg. 5.500 12/01/54   1,585 1,570,925
Methodist Hosp. of Southern CA Proj. 5.000 01/01/24   450 451,487
Southern Calif. Edison Co., Series B, Rmkt., Rfdg. 1.450 04/01/28   2,000 1,689,875
     
 
Chino Basin Regl. Fing. Auth. Rev.,
NTS, Series B 		4.000 11/01/25   4,535 4,623,301
Fontana,
Spl. Tax, Cmnty. Facs. Dist. No. 22 Sierra Hills, Rfdg. 		5.000 09/01/34   500 506,978
Freddie Mac Multifamily Variable Rate Certificate Rev.,
Sustainability Bonds, Series ML-13, Class X 		0.954(cc) 07/25/36   16,988 990,902
Golden St. Tob. Secur. Corp. Rev.,
Tob. Settlement Asset-Backed Bonds, Series A-1, Rfdg. 		5.000 06/01/51   1,100 1,140,265
Inland Vlly. Dev. Agcy.,
Tax Alloc., Series A, Rfdg. 		5.000 09/01/44   500 502,042
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PGIM California Muni Income Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
     
Irvine Facs. Fing. Auth.,
Spl. Tax, Irvine Grt. Park Infrast. Proj., Series A, BAM 		5.250 % 09/01/53   1,925  $2,154,863
Irvine Unif. Sch. Dist.,
Spl. Tax, Series A 		4.000 09/01/28   745 758,119
Jurupa Pub. Fing. Auth.,
Spl. Tax, Series A, Rfdg. 		5.000 09/01/42   1,250 1,264,288
La Mesa-Spring Vlly. Sch. Dist.,
Elect. of 2002, Series B, CABS, GO, Rfdg., NATL 		3.524(t) 08/01/23   2,000 1,988,128
Lincoln Pub. Fing. Auth.,
Twelve Bridges, Tax Alloc., Sub. Series B, Rfdg. 		6.000 09/02/27   721 722,537
Long Beach Bond Fin. Auth. Nat. Gas Pur. Rev.,          
Series A 5.000 11/15/35   2,725 2,886,477
Series A 5.500 11/15/30   1,475 1,599,647
Series A 5.500 11/15/32   440 485,359
Los Angeles Calif. Dept. Arpts. Rev.,          
Series A, AMT 5.250 05/15/48   1,000 1,033,755
Series B, Rfdg., AMT 5.000 05/15/31   1,080 1,158,371
Sr. Series C, AMT 5.000 05/15/28   1,000 1,070,941
Sub. Series C, Rfdg. 5.000 05/15/24   390 396,886
Sub-P3. Proj., Series A, Rfdg., AMT 5.000 05/15/28   1,250 1,333,566
     
 
Los Angeles Cmnty. Clg. Dist.,
2016 Elect., Series C-1, GO 		5.000 08/01/24   2,500 2,554,232
Los Angeles Cnty. Rev.,
Trans. 		4.000 06/30/23   2,200 2,201,065
Los Angeles Dept. of Wtr. & Pwr. Rev.,          
Pwr. Sys., Series A 5.000 07/01/39   1,000 1,081,280
Pwr. Sys., Series A 5.000 07/01/51   1,185 1,284,988
Los Angeles Dept. of Wtr. & Pwr. Wtr. Sys. Rev.,          
Series A, Rfdg. 5.000 07/01/46   1,420 1,465,339
Series B 5.000 07/01/34   2,500 2,503,899
Series B, Rfdg. 5.000 07/01/43   1,115 1,187,388
Series D, Rfdg. 5.000 07/01/52   1,625 1,774,690
     
 
Los Angeles Rev.,
Trans. 		4.000 06/29/23   2,500 2,501,231
Metro. Wtr. Dist. of Southern Calif. Rev.,          
Series B, Rfdg. 3.000 07/01/28   2,000 2,026,773
Sub. Series C, Rmkt. (Mandatory put date 05/21/24) 3.550(cc) 07/01/47   2,000 1,985,510
     
 
M-S-R Energy Auth. Rev.,
Series A 		6.500 11/01/39   1,000 1,185,427
Northern Calif. Energy Auth. Rev.,
Series A (Mandatory put date 07/01/24) 		4.000(cc) 07/01/49   4,300 4,295,607
Northern Calif. Tob. Secur. Auth. Rev.,          
Sr. Bonds Sacramento Co. Tob. Secur. Corp., Series A, Class 1, Rfdg. 5.000 06/01/29   1,225 1,321,310
4
PGIM California Muni Income Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Northern Calif. Tob. Secur. Auth. Rev., (cont’d.)          
Sr. Bonds, Series A, Rfdg. 5.000 % 06/01/28   1,000   $1,071,365
     
 
Northern Calif. Transmn. Agy. Rev.,
Calif.- Oregon Proj., Series A, Rfdg. 		5.000 05/01/39   980 1,028,149
Orange Cnty. Cmnty. Facs. Dist.,          
Spl. Tax, No. 2015-1 Esencia Vlg., Series A 5.250 08/15/45   2,150 2,175,612
Spl. Tax, No. 2017-1 Esencia Vlg., Series A 5.000 08/15/47   1,500 1,533,969
     
 
Orange Cnty. Trans. Auth. Rev.,
Express Lane Sr. Lien 91, Rfdg. 		5.000 08/15/29   1,000 1,003,188
Pittsburg Successor Agy. Redev. Agy.,          
Los Medanos Cmnty. Dev. Proj., Tax Alloc., AMBAC, CABS 3.735(t) 08/01/26   1,485 1,320,664
Tax Alloc., Sub. Series A, Rfdg., AGM 5.000 09/01/29   1,750 1,846,054
     
 
Pittsburg Successor Agy. Redev. Agy. Rev.,
Intermediate Lien, Series H, Rfdg., AMT 		5.000 05/01/29   690 732,943
Port of Oakland Rev.,          
Inter Lien, Series E, Rfdg. 5.000 11/01/26   750 793,020
Intermediate Lien, Series H, Rfdg., AMT 5.000 05/01/28   1,875 1,974,982
     
 
Poway Unif. Sch. Dist. Pub. Fing. Auth.,
Spl. Tax, Cmnty. Fasc. Dist. No. 14, Series A, Rfdg. 		5.000 09/01/35   1,000 1,040,996
Puerto Rico Comnwlth.,
Restructured, Series A, CABS, GO 		4.619(t) 07/01/24   2,931 2,788,867
Puerto Rico Industrial Tourist Edl. Med. & Envirml. Ctl.
Facs. Fing. Auth. Rev., 		         
Hosp. Auxilio Mutuo Oblig. Grp. Proj., Rfdg. 5.000 07/01/32   1,600 1,756,335
Hosp. Auxilio Mutuo Oblig. Grp. Proj., Rfdg. 5.000 07/01/33   1,335 1,461,198
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev.,          
Series A-1, CABS 4.228(t) 07/01/24   718 686,102
Series A-1, CABS 4.482(t) 07/01/27   2,645 2,206,782
     
 
Rancho Cucamonga Redev. Agy. Successor Agy.,
Rancho Redev. Proj. Area, Tax Alloc., Rfdg., AGM 		5.000 09/01/32   450 457,712
Riverside Cnty. Infrast. Fing. Auth. Rev.,
Series A, Rfdg. (Pre-refunded date 11/01/25)(ee) 		4.000 11/01/37   190 194,556
Riverside Cnty. Pub. Fing. Auth. Rev.,
Cap. Facs. Proj. (Pre-refunded date 11/01/25)(ee) 		5.250 11/01/45   1,000 1,051,909
Roseville,          
Spl. Tax, WestPark Cmnty. Facs. Dist. No. 1, Pub. Facs., Rfdg. 5.000 09/01/28   300 305,428
Spl. Tax, WestPark Cmnty. Facs. Dist. No. 1, Pub. Facs., Rfdg. 5.000 09/01/37   1,165 1,180,515
     
 
Sacramento Area Flood Ctrl. Agy.,
Series A, Spl. Assmt., Rfdg. 		5.000 10/01/41   1,000 1,038,732
5
PGIM California Muni Income Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
     
Sacramento Cnty.,
Spl. Tax, Cmnty. Facs. Dist. No. 2004-1, Mcclellan Park, Rfdg. 		5.000 % 09/01/40   1,085  $1,115,711
Sacramento Muni. Util. Dist. Rev.,
Green Bonds, Series H, Rfdg. 		5.000 08/15/39   465 514,533
San Diego Cnty. Regl. Arpt. Auth. Rev.,          
Sr. Series B, AMT (Pre-refunded date 07/01/23)(ee) 5.000 07/01/30   650 650,605
Sr. Series B, AMT (Pre-refunded date 07/01/23)(ee) 5.000 07/01/43   2,000 2,001,349
Sub. Series B, AMT 5.000 07/01/34   1,000 1,102,551
Sub. Series B, Rfdg., AMT 5.000 07/01/28   1,000 1,070,776
Sub. Series B, Rfdg., AMT 5.000 07/01/37   1,400 1,484,731
Sub. Series C, Rfdg., AMT 5.000 07/01/24   625 633,545
San Diego Pub. Facs. Fing. Auth. Rev.,          
Cap. Impt. Projs., Series A 5.000 10/15/44   1,000 1,026,509
Series A, Rfdg. 5.250 08/01/48   1,685 1,895,933
San Francisco City & Cnty. Arpt. Commn. Rev.,          
2nd Series A, Rfdg. 5.000 05/01/27   400 422,709
2nd Series A, Rfdg., AMT 5.250 05/01/33   545 545,696
Series D, Rfdg., AMT 5.000 05/01/26   1,800 1,871,030
Series H, Rfdg., AMT, ETM(ee) 5.000 05/01/24   505 510,441
Unrefunded, 2nd Series G, Rfdg., AMT 5.000 05/01/27   1,900 2,005,574
     
 
San Leandro Cmnty. Facs. Dist. No. 1,
Spl. Tax Dist. No. 1 		6.500 09/01/25   1,185 1,186,904
Sanger Unif. Sch. Dist.,
COPS Cap. Proj. COP, Rfdg., AGM 		5.000 06/01/52   965 965,394
Santa Margarita Wtr. Dist.,
Spl. Tax, Cmnty. Facs. Dist. No. 2013-1 		5.625 09/01/36   315 315,359
Santa Maria Joint Union H.S. Dist.,
Elect. of 2004, CABS, GO, NATL 		2.967(t) 08/01/29   1,250 1,042,321
Santa Monica Cmnty. Clg. Dist.,
Elect. of 2002, Series A, GO, NATL 		3.139(t) 08/01/28   1,055 898,114
Southern Calif. Tob. Secur. Auth. Rev.,          
San Diego Co., Asset Securitization Corp., Class 1, Series A, Rfdg. 5.000 06/01/23   480 480,000
San Diego Co., Asset security, Rfdg. 5.000 06/01/25   1,880 1,935,237
     
 
Stockton Pub. Fing. Auth. Rev.,
Delta Wtr. Sply. Proj., Series A, Rmkt. (Pre-refunded date 10/01/23)(ee) 		6.250 10/01/40   700 706,761
Univ. of California Reg. Med. Ctr. Rev.,          
Series L, Rfdg. 5.000 05/15/28   1,000 1,056,002
Series L, Rfdg. 5.000 05/15/41   1,000 1,039,824
Series P 5.000 05/15/36   1,500 1,719,150
Univ. of California Rev.,          
Series BE, Rfdg. 5.000 05/15/41   1,195 1,299,255
6
PGIM California Muni Income Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Univ. of California Rev., (cont’d.)          
Series BM, Rfdg. 5.000 % 05/15/29   1,000   $1,138,342
     
 
Vernon Elec. Sys. Rev.,
Series A 		5.000 04/01/28   2,150 2,254,894
Walnut Energy Ctr. Auth. Rev.,
Rfdg. 		5.000 01/01/34   1,000 1,021,791
     
 
 
Total Long-Term Investments
(cost $222,561,421) 		215,607,830
 
Short-Term Investment 1.8%
    
      Shares  
Affiliated Mutual Fund   
PGIM Core Ultra Short Bond Fund
(cost $3,976,092)(wb) 		      3,976,092 3,976,092
   
TOTAL INVESTMENTS 98.7%
(cost $226,537,513) 		  219,583,922
Other assets in excess of liabilities(z) 1.3%   2,911,996
   
Net Assets 100.0%   $222,495,918
           
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
  CA—Credit Agricole Securities Inc.
  CABS—Capital Appreciation Bonds
  COP—Certificates of Participation
  ETM—Escrowed to Maturity
  GO—General Obligation
  NATL—National Public Finance Guarantee Corp.
  Rfdg—Refunding
  TCRs—Transferrable Custodial Receipts
    
# Principal amount is shown in U.S. dollars unless otherwise stated.
^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $180,000 and 0.1% of net assets.
(cc) Variable rate instrument. The rate shown is based on the latest available information as of May 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.
7
PGIM California Muni Income Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
(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 May 31, 2023.
(wb) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund.
(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:
Futures contracts outstanding at May 31, 2023:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Short Position:
10   20 Year U.S. Treasury Bonds   Sep. 2023    $1,283,438    $(12,757)
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).
8