NPORT-EX 2 PI62010PIP4MuniHighIncome.htm PGIM Muni High Income Fund
PGIM Muni High Income Fund
Schedule of Investments as of January 31, 2020 (unaudited)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Long-Term Investments 99.7%
Municipal Bonds 
Alabama 0.2%
Jefferson Cnty. Sewer Rev.,          
Sr. Lien, Warrants, Ser. A, AGM, Rfdg. 5.000 % 10/01/44   500  $ 567,325
Sr. Lien, Warrants, Ser. A, AGM, Rfdg. 5.250 10/01/48   500 571,055
     
 
Selma Indl. Dev. Brd. Rev.,
Gulf Opp. Zone, Intl. Paper Co., Ser. A 		5.800 05/01/34   1,000 1,009,690
          2,148,070
Alaska 0.4%
Alaska Indl. Dev. & Export Auth. Rev.,
Tanana Chiefs Conference Proj., Ser. A 		4.000 10/01/49   3,980 4,370,319
Arizona 3.7%
Arizona Indl. Dev. Auth. Rev.,          
Basis Schs. Proj., Ser. A, Rfdg., 144A 5.375 07/01/50   1,000 1,112,850
Pinecrest Academy-Horizon Inspirada & St. Rose Campus, Ser. A, 144A 5.750 07/15/48   1,500 1,700,865
Maricopa Cnty. Indl. Dev. Auth. Rev.,          
Horizon Cmnty. Learning Ctr., Rfdg. 5.000 07/01/35   2,000 2,182,340
Reid Traditional Schs. Projs. 5.000 07/01/47   1,000 1,107,940
Phoenix City Indl. Dev. Auth. Rev.,          
Basis Schs. Projs., Rfdg., 144A 5.000 07/01/45   1,000 1,077,450
Basis Schs. Projs., Ser. A, Rfdg., 144A 5.000 07/01/46   1,000 1,071,490
Great Hearts Academies Proj. 5.000 07/01/44   2,250 2,451,150
     
 
Pima Cnty. Indl. Dev. Auth. Rev.,
Tucson Elec. Pwr. Co. Proj., Rfdg. 		4.000 09/01/29   3,000 3,244,800
Salt Verde Fin. Corp. Gas Rev.,          
Sr. Bonds 5.000 12/01/32   4,890 6,451,328
Sr. Bonds 5.000 12/01/37   9,705 13,399,402
Tempe Indl. Dev. Auth. Rev.,          
Friendship Vlg. 5.000 12/01/50   1,045 1,163,263
Friendship Vlg., Ser. A, Rfdg. 6.250 12/01/42   1,000 1,051,580
          36,014,458
California 7.7%
ABAG Fin. Auth. for Nonprofit Corp. Rev.,
Episcopal Sr. Cmnty., Rfdg. 		6.125 07/01/41   775 824,151
California Cnty. Tob. Secur. Agcy. Rev.,          
Conv., CABS 5.250(cc) 06/01/21   1,770 1,772,885
Conv., CABS 5.450(cc) 06/01/28   4,500 4,548,555
1
PGIM Muni High Income Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
California (cont’d.)
California Cnty. Tob. Secur. Agcy. Rev., (cont’d.)          
Conv., CABS, Ser. B, Rfdg. 5.100 %(cc) 06/01/28   1,435   $1,435,603
     
 
California Hlth. Facs. Fing. Auth. Rev.,
Stanford Hosp., Ser. A-3, Rfdg. (Pre-refunded 11/15/21)(ee) 		5.500 11/15/40   750 811,635
California Mun. Fin. Auth. Rev.,          
CHF-Davis I, LLC, W. Village Student Housing Proj. 5.000 05/15/51   1,000 1,200,240
River Chrt. Schs., Ser. A, 144A 5.500 06/01/48   750 849,300
Sr. Lien, LINXS APM Proj., Ser. A, AMT 5.000 12/31/47   1,250 1,494,338
California Poll. Ctrl. Fing. Auth. Rev.,          
Green Bond, Calplant I Proj., AMT, 144A 8.000 07/01/39   2,750 2,676,520
Wtr. Facs., Amer. Wtr. Cap. Corp. Proj., 144A 5.250 08/01/40   500 508,955
     
 
California St. Pub. Wks. Brd. Lease Rev.,
Judicial Council Proj., Ser. D 		5.000 12/01/31   1,000 1,074,800
California St. Sch. Fin. Auth. Chrt. Sch. Rev.,          
Alliance Clg.-Ready Pub. Schs., Ser. A, 144A 5.000 07/01/45   750 846,450
Kipp LA Proj., Ser. A, 144A 5.000 07/01/45   650 747,318
Kipp LA Proj., Ser. A, 144A 5.000 07/01/47   820 962,508
California Statewide Cmntys. Dev. Auth. Rev.,          
899 Charleston Proj., Ser. A, Rfdg., 144A 5.250 11/01/44   750 829,815
Cottage Hlth. Oblig. Grp., Rfdg. 5.000 11/01/40   2,000 2,057,160
Loma Linda Univ. Med. Ctr., Ser. A, 144A 5.250 12/01/43   4,475 5,332,320
Loma Linda Univ. Med. Ctr., Ser. A, 144A 5.250 12/01/56   3,500 4,012,190
Loma Linda Univ. Med. Ctr., Ser. A, 144A 5.500 12/01/58   3,000 3,589,830
Loma Linda Univ. Med. Ctr., Ser. A, Rfdg. 5.250 12/01/44   1,000 1,119,000
California Tob. Secur. Auth. Rev.,          
Rfdg. 4.885(t) 06/01/54   3,000 479,400
Rfdg. 5.000 06/01/48   1,500 1,792,650
     
 
Fontana Spl. Tax Cmnty. Facs.,
Dist. 22, Sierra Hills, Rfdg. 		5.000 09/01/34   500 559,630
Golden St. Tob. Secur. Corp., Tob. Settlement Rev.,          
Asset Bkd., 1st Sub., Ser. B, CABS, Rfdg. 6.349(t) 06/01/47   10,000 1,811,300
Asset Bkd., Sr., Ser. A-2, CABS, Rfdg. 5.300(cc) 06/01/37   5,000 5,302,000
Ser. A-1, Rfdg. 5.000 06/01/47   1,025 1,077,931
Ser. A-1, Rfdg. 5.250 06/01/47   4,000 4,231,520
Ser. A-2, Rfdg. 5.000 06/01/47   1,500 1,577,460
     
 
Inland Valley Dev. Agcy. Tax Alloc.,
Ser. A, Rfdg. 		5.000 09/01/44   1,000 1,128,330
Lincoln Pub. Fing. Auth. Spl. Assmt.,
Twelve Bridges, Sub., Ser. B, Rfdg. 		6.000 09/02/27   1,000 1,073,030
Long Beach Bond Fin. Auth. Nat. Gas Pur. Rev.,          
Ser. A 5.000 11/15/35   3,510 4,791,641
2
PGIM Muni High Income Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
California (cont’d.)
Long Beach Bond Fin. Auth. Nat. Gas Pur. Rev., (cont’d.)          
Ser. A 5.500 % 11/15/37   685  $ 1,003,888
M-S-R Energy Auth. Calif. Rev.,          
Ser. A 6.500 11/01/39   2,060 3,335,552
Ser. A 7.000 11/01/34   1,650 2,570,287
     
 
Palomar Pomerado Healthcare Dist. Calif.,
COP (Pre-refunded 11/01/20)(ee) 		6.000 11/01/41   1,800 1,868,526
Port of Oakland Rev.,
Ser. O, AMT, Rfdg. 		5.125 05/01/31   1,000 1,046,750
Riverside Cnty. Pub. Fing. Auth. Rev.,
Capital Facs. Proj. 		5.250 11/01/45   1,000 1,212,450
San Buenaventura Rev.,          
Cmnty. Mem. Hlth. Sys. 7.500 12/01/41   1,000 1,098,500
Cmnty. Mem. Hlth. Sys. 8.000 12/01/26   500 562,275
San Francisco City & Cnty. Arpt. Comm. Rev.,          
Second Ser. C, AMT, Rfdg. (Pre-refunded 05/01/21)(ee) 5.000 05/01/25   5 5,232
Second Ser. C, AMT, unrefunded, Rfdg. 5.000 05/01/25   995 1,044,282
     
 
Santa Margarita Wtr. Dist. Spl. Tax Cmty. Facs.,
Ser. 2013-1, Vlg. of Sendero 		5.625 09/01/36   645 730,637
          74,996,844
Colorado 2.9%
City & Cnty. of Denver Arpt. Sys. Rev.,
Sub. Sys., Ser. A, AMT, Rfdg. 		4.000 12/01/48   2,000 2,237,540
City & Cnty. of Denver Rev.,
United Airlines Inc. Proj., AMT, Rfdg. 		5.000 10/01/32   500 550,215
Colorado Edl. & Cultural Facs. Auth. Rev.,          
Impt., Chrt. Sch. Skyview Academy Proj., Rfdg., 144A 5.375 07/01/44   1,350 1,449,806
Impt., Chrt. Sch. Univ. LA, Rfdg. 5.000 12/15/45   1,000 1,107,630
Lighthouse Bldg. Corp., Rfdg. 5.000 11/01/44   885 971,880
Windsor Chrt. Sch., Rfdg., 144A 5.000 09/01/46   1,390 1,412,059
Colorado Hlth. Facs. Auth. Rev.,          
Christian Living Cmntys. Proj., Rfdg. 5.250 01/01/37   550 581,840
Commonspirit Hlth., Ser. A, Rfdg. 4.000 08/01/49   5,000 5,548,300
Covenant Retirement Cmntys., Rfdg. 5.000 12/01/35   1,250 1,439,650
Vail Valley Med. Ctr. Proj. 4.000 01/15/45   2,500 2,697,025
     
 
E-470 Pub. Hwy. Auth. Rev.,
Ser. C, Rfdg. 		5.375 09/01/26   1,000 1,025,070
Park Creek Met. Dist. Ltd. Ppty. Tax Alloc. Rev.,
Sr. Lmt. Prop. TA., Rfdg. 		5.000 12/01/45   1,500 1,722,345
3
PGIM Muni High Income Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Colorado (cont’d.)
     
Plaza Co. Met. Dist. 1 Tax Alloc.,
Rfdg., 144A 		5.000 % 12/01/40   1,000  $ 1,047,130
Pub. Auth. Energy Nat. Gas Pur. Rev.,
 6.500 11/15/38   4,045 6,301,948
          28,092,438
Connecticut 0.5%
Connecticut St. Hlth. & Edl. Facs. Auth. Rev.,          
Nuvance Hlth. Iss. Ser. A, Rfdg. 4.000 07/01/49   1,000 1,113,650
Western Conn. Hlth., Ser. M (Pre-refunded 07/01/21)(ee) 5.375 07/01/41   1,250 1,328,363
     
 
Harbor Point Infrastructure Impt. Dist. Spl. Assmt.,
Harbor Point Proj. Rfdg., 144A 		5.000 04/01/39   2,000 2,318,460
          4,760,473
Delaware 0.3%
Delaware St. Econ. Dev. Auth. Rev.,          
Chrt. Sch.-Aspira Chrt., Ser. A 5.000 06/01/36   1,000 1,123,860
Newark Chrt. Sch., Inc., Ser. A, Rfdg. 5.000 09/01/46   500 569,210
     
 
Delaware St. Hlth. Facs. Auth. Rev.,
Nanticoke Mem. Hosp., Rfdg. 		5.000 07/01/32   1,375 1,534,555
          3,227,625
District of Columbia 1.7%
Dist. of Columbia, Rev.,          
Dist. of Columbia Intl., Oblig. Grp. 5.000 07/01/54   1,000 1,183,130
Friendship Pub. Chrt. Sch. 5.000 06/01/42   3,500 3,771,950
Gallaudet Univ. 5.500 04/01/34   400 420,524
Kipp Chrt. Sch., Rfdg. (Pre-refunded 07/01/23)(ee) 6.000 07/01/43   850 993,548
Kipp Chrt. Sch., Rfdg. (Pre-refunded 07/01/23)(ee) 6.000 07/01/48   725 847,438
Kipp DC Iss. Ser. A, Rfdg. 5.000 07/01/48   1,250 1,465,612
Kipp DC Proj. 4.000 07/01/49   1,000 1,098,660
Rocketship DC, Oblig. Grp., Ser. A, 144A 5.000 06/01/49   2,000 2,179,780
Metropolitan Washington D.C. Arpt. Auth. Sys. Rev.,          
Dulles Toll Rd., Ser. A, Rfdg. 5.000 10/01/53   2,500 2,670,050
Sub., Ser. B, Dulles Toll Rd., Rfdg. 4.000 10/01/53   2,000 2,265,880
          16,896,572
4
PGIM Muni High Income Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Florida 9.2%
Boggy Creek Impt. Dist. Spl. Assmt.,
Ser. 2013, Rfdg. 		5.125 % 05/01/43   2,620  $ 2,727,734
Broward Cnty. Port Facs. Rev.,
Sr. Bond, Ser. B, AMT 		4.000 09/01/49   2,000 2,230,840
Broward Cnty. Sys. Arpt. Rev.,          
Ser. A, AMT 4.000 10/01/49   1,500 1,691,310
Ser. A, AMT, (Pre-refunded 10/01/23)(ee) 5.250 10/01/43   1,500 1,721,400
     
 
Capital Tr. Agcy. Rev.,
Air Cargo, Aero Miami FX LLC, Sr. Lien, Ser. A, Rfdg. 		5.350 07/01/29   1,795 1,823,379
Celebration Pointe CDD 1 Spl. Assmt.,
Alachua Cnty., 144A 		5.000 05/01/48   1,000 1,068,240
Citizens Ppty. Ins. Corp. Rev.,
Sr. Sec’d., Ser. A-1 		5.000 06/01/22   1,000 1,092,670
Cityplace CDD Spl. Assmt.,
Rfdg. 		5.000 05/01/26   1,000 1,137,600
Davie Edl. Facs. Rev.,          
Nova Southeastern Univ. Proj., Ser. A 5.625 04/01/43   500 558,540
Nova Southeastern Univ. Proj., Ser. A 6.000 04/01/42   1,000 1,129,860
     
 
Escambia Cnty. Hlth. Facs. Auth. Rev.,
Healthcare Facs. Rev. Bond, Rfdg. 		4.000 08/15/50   2,000 2,222,140
Florida Dev. Fin. Corp. Rev.,          
Bay Area Chrt. Fndtn., Ser. A 7.750 06/15/42   2,000 2,135,160
Renaissance Chrt. Sch., Ser. A 6.000 09/15/40   1,750 1,781,482
Virgin Trains USA Pass, Ser. A, AMT, Rfdg. (Mandatory put date 01/01/29), 144A 6.500(cc) 01/01/49   5,000 5,008,250
     
 
Florida Higher Edl. Facs. Fin. Auth. Rev.,
Ringling Clg. Proj. 		5.000 03/01/47   2,500 2,912,650
Greater Orlando Aviation Auth. Orlando Arpt. Facs. Rev.,          
Priority, Sub-Ser. A, AMT 4.000 10/01/52   3,350 3,693,140
Spl. Purp. - JetBlue Airways Corp. Proj., Rfdg. 5.000 11/15/26   500 536,210
Spl. Purp. - JetBlue Airways Corp. Proj., Rfdg. 5.000 11/15/36   4,700 5,000,753
     
 
Indigo Cmnty. Dev. Dist.,
Spl. Assmt.^ 		5.750 05/01/36(d)   820 483,800
Lakewood Ranch Stewardship Dist. Spl. Assmt.,          
Lakewood Centre North Proj. 4.875 05/01/45   1,000 1,070,290
Lakewood Nat’l. & Polo Run Projs. 4.625 05/01/27   500 538,125
Lakewood Nat’l. & Polo Run Projs. 5.375 05/01/47   1,000 1,099,020
Lakewood Ranch Azario Proj. 4.000 05/01/50   1,000 1,012,180
N E sector Proj., Phase 1B, 144A 5.450 05/01/48   1,000 1,126,130
Vlg. Lakewood Ranch S. Proj. 4.250 05/01/26   250 264,035
Vlg. Lakewood Ranch S. Proj. 5.125 05/01/46   1,400 1,506,666
5
PGIM Muni High Income Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Florida (cont’d.)
Martin Cnty. Indl. Dev. Auth. Rev.,          
Indiantown Cogeneration Proj., Rfdg., 144A 3.950 % 12/15/21   1,750  $ 1,765,995
Indiantown Cogeneration Proj., Rfdg., 144A 4.200 12/15/25   1,000 1,009,790
     
 
Midtown Miami Cmnty. Dev. Dist. Spl. Assmt.,
Pkg. Garage Proj., Ser. A, Rfdg. 		5.000 05/01/37   1,980 2,095,691
North Sumter Cnty. Util. Dependent Dist.,          
Solid Wste. Rev. 5.000 10/01/42   2,000 2,168,800
Util. Rev. 5.750 10/01/43   1,500 1,543,800
     
 
Orange Cnty. Hlth. Facs. Auth. Rev.,
Orlando Hlth. Oblig. Grp., Ser. A 		4.000 10/01/49   3,450 3,855,582
Osceola Cnty., FL, Transn. Rev.,          
Ser. A-1, Rfdg. 4.000 10/01/54   1,500 1,679,880
Ser. A-2, CABS, Rfdg. 3.223(t) 10/01/54   1,000 296,430
Palm Beach Cnty. Hlth. Facs. Auth. Rev.,          
Baptist Hlth. South Florida, Rfdg. 4.000 08/15/49   1,500 1,696,665
BRRH Corp. Oblig. Grp., Rfdg. (Pre-refunded 12/01/24)(ee) 5.000 12/01/31   500 595,525
Sinai Residences Boca Raton Proj., Ser. A, Rfdg. 7.500 06/01/49   1,000 1,113,880
     
 
Pinellas Cnty. Indl. Dev. Auth. Rev.,
2017 Fndtn., Global Understanding, Inc., Proj. 		5.000 07/01/39   1,000 1,163,280
Sarasota Cnty. Pub. Hosp. Dist. Rev.,
Sarasota Mem. Hosp. 		4.000 07/01/48   5,000 5,571,600
South Lake Cnty. Hosp. Dist. Rev.,
South Lake Hosp., Rfdg. (Pre-refunded 04/01/20)(ee) 		5.250 10/01/34   1,250 1,258,600
South Miami Hlth. Facs. Auth. Rev.,
Baptist Hlth. South Florida, Rfdg. 		5.000 08/15/47   1,000 1,192,830
Tallahassee Hlth. Facs. Mem. Rev.,
Ser. A 		5.000 12/01/55   1,430 1,635,248
Village CDD No. 7,
Fla. Spl. Assmt., Rfdg. 		4.000 05/01/36   1,880 1,989,642
Village CDD No. 8,
Fla. Spl. Assmt., Phase II, Rfdg. 		6.125 05/01/39   2,040 2,056,034
Village CDD No. 9,          
Fla. Spl. Assmt. 7.000 05/01/41   735 775,712
Fla. Spl. Assmt., Rfdg. 5.500 05/01/42   2,035 2,168,130
Village CDD No.10,          
Fla. Spl. Assmt. 5.125 05/01/43   1,070 1,144,055
Fla. Spl. Assmt. 6.000 05/01/44   900 987,813
     
 
Village CDD No.11,
Fla. Spl. Assmt. 		4.500 05/01/45   1,380 1,449,925
Village CDD No.12,
Fla. Spl. Assmt., 144A 		4.250 05/01/43   2,890 3,182,179
6
PGIM Muni High Income Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Florida (cont’d.)
Village CDD No.13,          
Fla. Spl. Assmt., 144A 3.550 % 05/01/39   500  $ 515,665
Fla. Spl. Assmt., 144A 3.700 05/01/50   1,000 1,036,900
          89,521,255
Georgia 1.0%
Atlanta Arpt. Rev.,
Gen., Ser. B, AMT, Rfdg. 		5.000 01/01/30   500 517,300
Atlanta Dev. Auth. Rev.,
GA Proton Treatment Ctr., Ser. A-1 		6.000 01/01/23   1,700 1,740,018
Burke Cnty. Dev. Auth. Rev.,
Oglethorpe Pwr. Corp.-Vogtle Proj., Ser. D, Rfdg. 		4.125 11/01/45   2,000 2,188,520
Clayton Cnty. Dev. Auth. Spl. Facs. Rev.,
Delta Air Lines, Ser. A, Rfdg. 		8.750 06/01/29   2,000 2,046,960
Henry Cnty. Wtr. & Swr. Auth. Rev.,
AMBAC 		6.150 02/01/20   385 385,000
Priv. Colleges & Univs. Auth. Rev.,
Savannah Clg. Art & Design Proj. 		5.000 04/01/44   1,500 1,693,200
Rockdale Cnty. Dev. Auth. Rev.,
Pratt Paper LLC Proj., AMT, Rfdg., 144A 		4.000 01/01/38   1,000 1,104,540
          9,675,538
Hawaii 0.3%
Hawaii St. Dept. Budget & Fin. Rev.,
Spl. Purp. Rev., Hawaii Pacific Hlth. Oblig., Ser. A, Rfdg. 		5.500 07/01/43   2,500 2,808,175
Illinois 13.5%
Chicago Brd. of Edu.,          
GO, Ser. A 5.500 12/01/39   635 671,678
GO, Ser. A, 144A 7.000 12/01/46   1,500 1,951,335
GO, Ser. A, CABS, Rfdg. 2.556(t) 12/01/26   500 420,310
GO, Ser. A, Rfdg. 4.000 12/01/27   500 569,035
GO, Ser. A, Rfdg. 5.000 12/01/35   500 597,150
GO, Ser. A, Rfdg. 7.000 12/01/44   3,390 4,188,006
GO, Ser. C 5.250 12/01/35   1,015 1,139,500
GO, Ser. D 5.000 12/01/46   1,470 1,714,182
GO, Ser. G, Rfdg. 5.000 12/01/34   2,155 2,539,430
GO, Ser. H 5.000 12/01/46   2,390 2,746,851
     
 
7
PGIM Muni High Income Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Illinois (cont’d.)
     
Chicago Brd. of Edu., Rev.,
Spl. Tax 		6.000 % 04/01/46   1,500  $ 1,826,205
Chicago O’Hare Int’l. Arpt. Rev.,          
Gen., Sr. Lien, Ser. B, AGM, Rfdg. 4.000 01/01/53   3,005 3,350,665
Gen., Sr. Lien, Ser. D, AMT 5.000 01/01/52   1,000 1,170,460
Gen., Third Lien, Ser. C, AMT, Rfdg. 5.375 01/01/39   1,500 1,658,055
Ser. C, AMT, Rfdg. 4.375 01/01/40   2,000 2,207,040
Sr. Lien, Ser. A, AMT, Rfdg. 5.000 01/01/48   1,000 1,206,720
Sr. Lien, Ser. G, AMT 5.000 01/01/52   1,000 1,165,750
Trips Oblig. Grp., AMT 5.000 07/01/48   1,000 1,187,280
     
 
Chicago Transit Auth. Rev.,
Second Lien 		5.000 12/01/46   5,000 5,890,000
Chicago Wstwtr. Transmn. Rev.,
Second Lien, Ser. C, Rmkt., Rfdg. 		5.000 01/01/39   3,355 3,780,649
Chicago, IL,          
GO, Ser. 2003 B, Rmkt., Rfdg. 5.000 01/01/23   750 821,205
GO, Ser. 2005 D, Rmkt., Rfdg. 5.500 01/01/37   6,520 7,558,180
GO, Ser. 2007 E, Rmkt., Rfdg. 5.500 01/01/35   3,000 3,483,840
GO, Ser. A 5.500 01/01/39   1,865 2,158,943
GO, Ser. A, Rfdg. 5.000 01/01/31   1,400 1,732,864
GO, Ser. A, Rfdg. 5.000 01/01/34   3,650 4,054,931
GO, Ser. A, Rfdg. 5.500 01/01/49   1,000 1,222,030
GO, Ser. A, Rfdg. 6.000 01/01/38   2,500 3,142,700
GO, Ser. C, Rfdg. 5.000 01/01/26   1,000 1,169,230
GO, Ser. C, Rfdg. 5.000 01/01/38   2,500 2,867,525
     
 
Illinois Edl. Facs. Auth. Rev.,
Field Museum of Natural History, Rmkt. 		4.450 11/01/36   1,075 1,217,362
Illinois Fin. Auth. Rev.,          
IL Institute of Tech., Rfdg. 4.000 09/01/41   1,250 1,344,850
Impt., Chicago Intl., Rfdg. 5.000 12/01/47   1,000 1,119,560
Presence Hlth. Netw. Ser. C, Rfdg. (Pre-refunded 02/15/27)(ee) 4.000 02/15/41   10 11,977
Presence Hlth. Netw. Ser. C, Rfdg. (Pre-refunded 02/15/27)(ee) 4.000 02/15/41   265 317,237
Presence Hlth. Netw. Ser. C, unrefunded, Rfdg. 4.000 02/15/41   5,725 6,339,006
Illinois St.,          
GO 4.000 06/01/36   3,000 3,235,470
GO 5.000 04/01/31   2,000 2,236,140
GO 5.000 01/01/32   1,335 1,532,620
GO 5.000 05/01/33   950 1,061,121
GO 5.000 03/01/36   1,800 1,906,596
GO 5.000 05/01/36   2,000 2,223,820
8
PGIM Muni High Income Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Illinois (cont’d.)
Illinois St., (cont’d.)          
GO 5.000 % 02/01/39   2,215  $ 2,445,537
GO 5.000 05/01/39   3,000 3,326,040
GO 5.250 07/01/31   1,000 1,106,420
GO, Rebuild Illinois Prog., Ser. B 4.000 11/01/35   2,000 2,238,900
GO, Rfdg. 5.000 08/01/25   1,000 1,079,490
GO, Ser. A 5.000 01/01/33   2,000 2,112,460
GO, Ser. A 5.000 01/01/34   1,600 1,689,168
GO, Ser. A 5.000 12/01/35   2,000 2,355,740
GO, Ser. A 5.000 12/01/42   2,500 2,909,875
GO, Ser. C 5.000 11/01/29   1,250 1,487,025
GO, Ser. D 5.000 11/01/27   5,250 6,306,352
     
 
Illinois St. Toll Hwy. Auth. Rev.,
Ser. A 		4.000 01/01/44   1,000 1,145,030
Railsplitter Tob. Settlement Auth. Rev.,
(Pre-refunded 06/01/21)(ee) 		6.000 06/01/28   2,250 2,400,862
Regl. Transn. Auth. Rev.,          
Ser. A 4.000 06/01/38   4,015 4,369,886
Ser. A 4.000 06/01/39   3,015 3,266,361
     
 
Sales Tax Securitization Corp. Rev.,
Second Lien, Ser. C, Rfdg. 		4.000 01/01/38   1,000 1,145,150
Springfield Elec. Rev.,
Sr. Lien, Rfdg., AGM 		4.000 03/01/40   1,500 1,613,475
          131,735,279
Indiana 0.5%
Indiana St. Fin. Auth. Rev.,
Drexel Fndtn. Edl. Facs. Proj., Ser. A 		7.000 10/01/39   1,000 1,001,990
Valparaiso Rev.,          
Pratt Paper LLC Proj., AMT 5.875 01/01/24   600 655,110
Pratt Paper LLC Proj., AMT 7.000 01/01/44   1,500 1,747,920
     
 
Vigo Cnty. Hosp. Auth. Rev.,
Union Hosp., Inc. Rfdg. (Pre-refunded 09/01/21)(ee) 		7.750 09/01/31   1,500 1,658,190
          5,063,210
9
PGIM Muni High Income Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Iowa 0.1%
Iowa St. Fin. Auth. Rev.,          
Lifespace communities Inc. 2.875 % 05/15/49   750  $ 754,905
Midwstrn. Disaster Area, Iowa Fertilizer Co. Proj., Rfdg. 3.125 12/01/22   500 515,515
          1,270,420
Kansas 0.2%
Overland Park Dev. Corp. Rev.,
Rfdg. 		5.000 03/01/49   1,000 1,197,570
Wyandotte Cnty.-Kansas City Unified Govt. Rev.,
Legends Apts. Garage & West Lawn Proj. 		4.500 06/01/40   950 1,011,057
          2,208,627
Kentucky 0.8%
Kentucky Econ. Dev. Fin. Auth. Hosp. Facs. Rev.,          
Baptist Healthcare Sys., Ser. B 5.000 08/15/46   3,500 4,101,825
Commonspirit Hlth., Ser. A, Rfdg. 5.000 08/01/44   2,650 3,225,977
          7,327,802
Louisiana 0.8%
Jefferson Parish Econ. Dev. & Port Dist. Rev.,
Kenner Discovery Hlth. Sciences Academy Proj., Ser. A, 144A 		5.625 06/15/48   2,000 2,166,820
Louisiana Loc. Govt. Envir. Facs. & Cmnty. Dev. Auth.
Rev., 		         
Westlake Chem. Corp., Ser. A-2 6.500 11/01/35   1,000 1,036,790
Woman’s Hosp. Fndtn., Ser. A (Pre-refunded 10/01/20)(ee) 6.000 10/01/44   2,000 2,066,780
     
 
Louisiana Pub. Facs. Auth. Rev.,
Ochsner Clinic Fndtn. Proj., Rfdg. 		5.000 05/15/47   1,000 1,149,400
New Orleans Sewerage Serv. Rev.,
Rfdg. 		5.000 06/01/44   1,000 1,137,620
          7,557,410
Maine 0.2%
Maine St. Hlth. & Higher Edl. Facs. Auth. Rev.,
Maine General Med. Ctr. 		7.500 07/01/32   2,000 2,117,880
10
PGIM Muni High Income Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Maryland 1.2%
Frederick Cnty. Spl. Oblig. Rev.,
Jefferson Tech. Park, Ser. B, 144A 		7.125 % 07/01/43   1,985  $ 2,018,328
Frederick Cnty. Spl. Oblig. Tax,
Sub. Urbana Cmnty. Dev. Auth., Ser. B 		5.500 07/01/40   4,290 4,354,736
Howard Cnty. Tax Alloc.,
Annapolis Junction Twn. Ctr. Proj. 		6.100 02/15/44   1,420 1,506,308
Maryland Econ. Dev. Corp., Poll. Ctrl. Rev.,
Transn. Facs. Proj., Ser. A, Rfdg. 		5.000 06/01/35   1,000 1,225,590
Maryland St. Hlth. & Higher Edl. Facs. Auth. Rev.,          
Charlestown Cmnty., Rfdg. (Pre-refunded 01/01/21)(ee) 6.250 01/01/41   1,500 1,572,720
Lifebridge Hlth. (Pre-refunded 07/01/21)(ee) 6.000 07/01/41   600 642,954
          11,320,636
Massachusetts 1.0%
Massachusetts St. Dev. Fin. Agcy. Rev.,          
Atrius Hlth., Ser. A, Rfdg. 4.000 06/01/49   4,440 4,789,073
Ser. A, Rfdg. 4.000 07/01/44   2,660 2,966,911
Tufts Med. Ctr., Ser. I, Rfdg. (Pre-refunded 01/01/21)(ee) 7.250 01/01/32   1,200 1,269,564
Tufts Med. Ctr., Ser. I, Rfdg. (Pre-refunded 01/01/21)(ee) 7.250 01/01/32   800 846,376
          9,871,924
Michigan 0.9%
Michigan Fin. Auth. Rev.,          
Ser. A, Rfdg. 4.000 12/01/49   1,000 1,140,610
Sr. Lien, Detroit Wtr. & Swr., Ser. C-1 5.000 07/01/44   1,000 1,083,320
     
 
Michigan St. Bldg. Auth. Rev.,
Facs. Prog., Ser. I-A, Rfdg. 		5.375 10/15/41   750 800,453
Michigan St. Strategic Fund Rev.,          
I-75 Imp. Proj., AMT, AGM 4.500 06/30/48   1,250 1,394,975
Var. Detroit Ed., Rmkt., Rfdg. 5.625 07/01/20   1,000 1,018,470
     
 
Oakland Cnty. Econ. Dev. Corp. Oblg. Rev.,
Roman Catholic Archdiocese Detroit, Rfdg. 		6.500 12/01/20   470 483,334
Summit Academy Rev.,
Rfdg. 		6.250 11/01/25   1,380 1,383,215
Wayne Cnty. Arpt. Auth. Rev.,
Detroit Met. Arpt., Ser. D, AMT, Rfdg. 		5.000 12/01/28   1,500 1,654,530
          8,958,907
11
PGIM Muni High Income Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Minnesota 1.0%
Hugo Rev.,
Chrt. Sch. Lease, Noble Academy Proj., Ser. A 		5.000 % 07/01/44   1,250  $ 1,330,300
Rochester Rev.,
Mayo Clinic 		4.000 11/15/48   3,000 3,398,340
St. Cloud Rev.,          
Centracare Hlth., Rfdg. 4.000 05/01/49   1,000 1,127,170
Centracare Hlth., Ser. A, Rfdg. 4.000 05/01/37   1,250 1,401,812
     
 
St. Paul Hsg. & Redev. Auth. Hosp. Rev.,
Hlth. East Care Sys. Proj., Rfdg. (Pre-refunded 11/15/25)(ee) 		5.000 11/15/44   1,000 1,227,230
St. Paul Port Auth. Sol. Wste. Disp. Rev.,
Gerdau St. Paul Steel Mill Proj., Ser. 7, 144A 		4.500 10/01/37   1,000 1,036,670
          9,521,522
Missouri 2.2%
Lees Summit, Tax Alloc.,
Impt., Summit Fair Proj., Rfdg., 144A 		4.875 11/01/37   2,000 2,121,120
Missouri St. Hlth. & Edl. Facs. Auth. Rev.,          
BJC Hlth. Sys., Ser. A 4.000 01/01/45   2,010 2,199,905
Lutheran Sr. Svcs. 6.000 02/01/41   1,000 1,040,720
Lutheran Sr. Svcs., Rfdg. 4.000 02/01/42   1,035 1,145,590
Lutheran Sr. Svcs., Rfdg. 4.000 02/01/48   2,000 2,179,580
Lutheran Sr. Svcs., Rfdg. 5.000 02/01/44   4,000 4,440,040
Lutheran Sr. Svcs., Ser. A 5.000 02/01/42   1,500 1,720,110
     
 
Poplar Bluff Regl. Transn. Dev. Dist. Rev.,
Transn. Sales Tax 		4.750 12/01/42   2,100 2,205,987
St. Louis Cnty. Indl. Dev. Auth. Rev.,          
Friendship Vlg. St. Louis Oblig. Grp., Ser. A 5.250 09/01/53   2,000 2,276,400
Friendship Vlg. Sunset Hills, Ser. A 5.875 09/01/43   1,000 1,101,030
St. Andrews Res. Srs. Oblig., Ser. A, Rfdg. 5.125 12/01/45   1,000 1,100,850
          21,531,332
Nevada 0.4%
Clark Cnty. Impt. Dist. Spl. Assmt.,
Dist. No. 142, Mountains Edge Loc. Impvt., Rfdg. 		4.000 08/01/23   1,180 1,263,119
Nevada St. Dept. of Bus. & Ind. Rev.,          
Somerset Acad., Ser. A, 144A 5.000 12/15/48   500 532,980
Somerset Acad., Ser. A, 144A 5.125 12/15/45   1,000 1,053,670
12
PGIM Muni High Income Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Nevada (cont’d.)
     
 
Sparks NV, Rev.,
144A 		2.750 % 06/15/28   1,000  $ 1,036,790
          3,886,559
New Jersey 8.6%
New Jersey Econ. Dev. Auth. Rev.,          
Continental Airlines, Inc., Proj., Rfdg. 5.750 09/15/27   1,530 1,686,029
Continental Airlines, Inc., Proj., Spec. Facs. 5.250 09/15/29   5,000 5,464,400
Continental Airlines, Inc., United Airlines, Inc. Proj. 5.125 09/15/23   5,000 5,386,500
Continental Airlines, Inc., United Airlines, Inc. Proj., Ser. A, AMT 5.625 11/15/30   2,275 2,622,029
Goethals Bridge, AMT 5.375 01/01/43   1,390 1,576,260
N. Star Academy Chrt. Sch. Newark 5.000 07/15/47   1,000 1,123,090
NJ Transit Trans. Proj. 4.000 11/01/44   1,000 1,097,080
NJ Transit Trans. Proj. 5.000 11/01/44   2,000 2,391,420
Port Newark Container, AMT, Rfdg. 5.000 10/01/47   2,500 2,891,900
SCH Facs. Construction 4.000 06/15/49   3,000 3,256,410
Ser. AAA 5.000 06/15/41   2,020 2,340,978
Ser. BBB, Rfdg. 5.500 06/15/30   1,500 1,843,245
Ser. DDD 5.000 06/15/42   1,000 1,165,250
Ser. WW, (Pre-refunded 06/15/25)(ee) 5.250 06/15/40   65 79,565
Ser. WW, unrefunded 5.250 06/15/40   1,185 1,363,354
St. Gov’t. Bldgs. Proj., Ser. C 5.000 06/15/47   2,000 2,315,280
St. House Proj., Ser. B, Rmkt. 5.000 06/15/43   1,000 1,183,830
Team Academy Chrt. Sch. Proj. 6.000 10/01/43   1,700 1,898,900
Umm Energy Partners, Ser. A, AMT 5.000 06/15/37   1,500 1,597,830
Umm Energy Partners, Ser. A, AMT 5.125 06/15/43   1,100 1,178,111
United Airlines, Inc. Proj., Rmkt. 5.500 06/01/33   2,000 2,237,840
New Jersey Healthcare Facs. Fing. Auth. Rev.,          
AHS Hosp. Corp., Rfdg. (Pre-refunded 07/01/21)(ee) 6.000 07/01/41   500 535,655
Barnabas Hlth., Ser. A, Rfdg. (Pre-refunded 07/01/21)(ee) 5.625 07/01/37   1,000 1,066,770
RWJ Barnabas Healthcare Sys. Oblig., Ser. A, Rfdg. 5.000 07/01/43   1,500 1,808,445
University Hosp. Ser. A, AGM, Rfdg. 5.000 07/01/46   1,500 1,711,215
New Jersey St. Transn. Tr. Fd. Sys. Auth. Rev.,          
Ser. BB 5.000 06/15/44   1,500 1,777,950
Trans. Sys., Rfdg. 4.000 12/15/39   500 558,890
Trans. Sys., Rfdg. 5.000 12/15/39   500 607,250
Trans. Sys., Ser. A, Rfdg. 5.000 12/15/36   1,250 1,505,263
Trans. Sys., Ser. AA 5.000 06/15/45   1,200 1,353,708
Trans. Sys., Ser. AA 5.000 06/15/46   1,940 2,282,856
Trans. Sys., Ser. AA 5.250 06/15/41   1,000 1,159,020
13
PGIM Muni High Income Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
New Jersey (cont’d.)
New Jersey St. Transn. Tr. Fd. Sys. Auth. Rev., (cont’d.)          
Trans. Sys., Ser. AA 5.250 % 06/15/43   5,095   $6,142,685
     
 
New Jersey Tpk. Auth. Rev.,
Ser. A 		4.000 01/01/48   1,000 1,148,170
South Jersey Transn. Auth. LLC, Rev.,
Ser. A, Rfdg. 		5.000 11/01/39   750 859,575
Tob. Settlement Fing. Corp. Rev.,          
Ser. A, Rfdg. 5.000 06/01/46   4,000 4,674,000
Ser. A, Rfdg. 5.250 06/01/46   3,000 3,567,810
Sub., Ser. B, Rfdg. 5.000 06/01/46   7,000 8,046,710
          83,505,273
New York 4.9%
Build NYC Resource Corp. Rev.,
Pratt Paper, Inc. Proj., AMT, Rfdg., 144A 		5.000 01/01/35   1,000 1,094,800
Erie Cnty. Tob. Asset Secur. Corp. Cap. Apprec. Rev.,          
Asset Bkd., 1st Sub., Ser. B, CABS, Rfdg. 6.294(t) 06/01/47   5,000 918,850
Asset Bkd., 2nd Sub., Ser. C, CABS, Rfdg. 6.984(t) 06/01/50   4,000 498,480
Glen Cove Loc. Econ. Asst. Corp. Rev.,          
Garvies Pt. Impt. Proj., Ser. A 5.000 01/01/56   2,105 2,307,522
Garvies Pt. Impt. Proj., Ser. C, CABS (Convert to Fixed on 01/01/24) 0.000(cc) 01/01/55   1,000 1,002,330
New York Liberty Dev. Corp. Rev.,          
4 World Trade Center Proj., Rfdg. 5.750 11/15/51   1,750 1,892,432
Bank of America, Rfdg. 2.800 09/15/69   1,000 1,041,590
Class 1-3 World Trade Ctr., Rfdg., 144A 5.000 11/15/44   5,000 5,491,950
     
 
New York St. Dorm. Auth. Rev.,
Orange Regl. Med. Ctr., Rfdg., 144A 		5.000 12/01/45   1,000 1,129,370
New York St. Thruway Auth. Rev.,
Ser. B, Rfdg. 		4.000 01/01/50   1,500 1,715,010
New York Trans. Dev. Corp. Rev.,          
Delta Air Lines, Inc.-Laguardia Arpt. Terms. C&D Redev., AMT 5.000 01/01/33   560 681,727
Delta Air Lines, Inc.-Laguardia Arpt. Terms. C&D Redev., AMT 5.000 01/01/34   1,000 1,218,680
Laguardia Arpt., Term. B Redev., Ser. A, AMT 5.000 07/01/46   4,885 5,518,096
Laguardia Arpt., Term. B Redev., Ser. A, AMT 5.250 01/01/50   9,250 10,554,990
     
 
Onondaga Civic Dev. Corp. Rev.,
St. Joseph Hosp. Hlth. Ctr., Ser. 2012, Rfdg. (Pre-refunded 07/01/22)(ee) 		5.000 07/01/42   1,000 1,099,080
14
PGIM Muni High Income Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
New York (cont’d.)
Port Auth. of NY & NJ Spl. Oblig. Rev.,          
Consolidated Bonds, Series 218, AMT 4.000 % 11/01/47   1,250  $ 1,425,900
Consolidated Bonds, Series 220, AMT 4.000 11/01/59   1,000 1,137,180
JFK Int’l. Air Term. 5.000 12/01/20   175 180,371
JFK Int’l. Air Term. 6.000 12/01/42   2,500 2,586,050
     
 
TSASC, Inc., Rev.,
Ser. A, Rfdg. 		5.000 06/01/41   4,805 5,487,310
Yonkers Econ. Dev. Corp. Rev.,
Chrt. Sch. Edu. Excellence proj., Ser. A 		5.000 10/15/54   930 1,039,415
          48,021,133
North Carolina 0.4%
North Carolina Med. Care Commn. Rev.,
Pennybyrn at Maryfield, Rfdg. 		5.000 10/01/35   1,000 1,086,360
North Carolina Tpk. Auth. Rev.,          
Ser. A, Rfdg. 5.000 07/01/51   1,250 1,427,425
Sr. Lien, Triangle Expressway Sys. 4.000 01/01/55   1,000 1,117,550
          3,631,335
North Dakota 0.1%
Burleigh Cnty. Rev.,
St. Alexius Med. Ctr. Proj., Ser. A, Rfdg. (Pre-refunded 07/01/21)(ee) 		5.000 07/01/35   750 791,970
Ohio 5.4%
Buckeye Tob. Settlement Fing. Auth. Rev.,          
Asset Bkd. Sr. Turbo, Ser. A-2 5.375 06/01/24   2,830 2,842,452
Asset Bkd. Sr. Turbo, Ser. A-2 5.875 06/01/30   7,100 7,131,311
Asset Bkd. Sr. Turbo, Ser. A-2 5.875 06/01/47   8,655 8,693,255
Asset Bkd. Sr. Turbo, Ser. A-2 6.500 06/01/47   7,675 7,809,389
Cuyahoga Cnty. Hosp. Rev.,          
Metro Hlth. Sys., Rfdg. 5.000 02/15/52   575 661,745
Metro Hlth. Sys., Rfdg. 5.000 02/15/57   3,965 4,535,643
Metro Hlth. Sys., Rfdg. 5.500 02/15/52   5,295 6,271,398
Metro Hlth. Sys., Rfdg. 5.500 02/15/57   1,245 1,474,802
     
 
Franklin Cnty. Convention Facs. Auth. Rev.,
GRTR Columbus Conv. Ctr. 		5.000 12/01/51   1,000 1,180,670
Franklin Cnty. Hosp. Facs. Rev.,          
Hlth. Corp., Ser. A 4.000 05/15/47   2,500 2,789,275
Nationwide Children’s Hosp. Proj., Ser. A 4.000 11/01/45   2,000 2,194,660
15
PGIM Muni High Income Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Ohio (cont’d.)
     
 
Hamilton Cnty. Healthcare Facs. Rev.,
Christ Hosp. Proj. (Pre-refunded 06/01/22)(ee) 		5.000 % 06/01/42   1,250  $ 1,367,262
Hancock Cnty. Hosp. Facs. Rev.,
Blanchard Valley Hlth. Ctr., Rfdg. (Pre-refunded 06/01/21)(ee) 		6.250 12/01/34   600 642,234
Lucas Cnty. Hosp. Rev.,          
Promedica Healthcare, Ser. A, Rfdg. (Pre-refunded 11/15/21)(ee) 6.000 11/15/41   750 817,485
Promedica Healthcare, Ser. A, Rfdg. (Pre-refunded 11/15/21)(ee) 6.500 11/15/37   875 961,441
     
 
Middleburg Heights Hosp. Rev.,
Facs. Southwest Gen., Ser. 2011, Rfdg. 		5.250 08/01/41   1,200 1,265,508
Ohio Air Qlty. Dev. Auth. Rev.,
Pratt Paper OH LLC Proj., AMT, 144A 		4.500 01/15/48   1,000 1,106,050
Ohio St. Pvt. Act. Rev.,
Portsmouth Bypass Proj., AMT 		5.000 06/30/53   1,000 1,127,030
          52,871,610
Oklahoma 2.4%
Norman Regl. Hosp. Auth. Rev.,
 4.000 09/01/45   1,000 1,104,810
Oklahoma St. Dev., Fin. Auth. Rev.,          
OU Medicine Proj., Ser. B 5.250 08/15/48   1,455 1,752,271
OU Medicine Proj., Ser. B 5.500 08/15/52   7,530 9,203,693
OU Medicine Proj., Ser. B 5.500 08/15/57   4,070 4,966,377
St. Johns Hlth. Sys., Rfdg. (Pre-refunded 02/15/22)(ee) 5.000 02/15/42   1,500 1,621,710
Tulsa Cnty. Indl. Auth. Rev.,          
Montereau, Inc. Proj., Rfdg. 5.250 11/15/45   1,000 1,144,130
Montereau, Inc. Proj., Ser A, Rfdg. (Pre-refunded 05/01/20)(ee) 7.125 11/01/30   1,000 1,014,930
Tulsa Mun. Arpt. Tr. Trustees Gen. Rev.,          
American Airlines, AMT, Rfdg. (Mandatory put date 06/01/25) 5.000(cc) 06/01/35   1,250 1,423,100
American Airlines, Ser. A, AMT, Rfdg. 5.500 06/01/35   1,000 1,084,080
          23,315,101
16
PGIM Muni High Income Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Oregon 0.2%
Multnomah Cnty. Hosp. Facs. Auth. Rev.,
Mirabella at South Waterfront, Ser. A., Rfdg. 		5.400 % 10/01/44   1,000  $ 1,091,320
Salem Hosp. Facs. Auth. Rev.,
Capital Manor, Inc., Rfdg. 		6.000 05/15/42   1,000 1,084,880
          2,176,200
Pennsylvania 4.7%
Central Bradford Progress Auth. Rev.,
Guthrie Healthcare Sys., Rfdg. (Pre-refunded 12/01/21)(ee) 		5.375 12/01/41   2,700 2,914,596
Chester Cnty. Indl. Dev. Auth. Rev.,
Renaissance Academy Chrt. Sch., Rfdg. 		5.000 10/01/44   1,000 1,096,170
Comnwlth. Fing. Auth. Rev.,
Tobacco Master Stlmnt. Pymt. 		5.000 06/01/35   1,000 1,230,020
Cumberland Cnty. Mun. Auth., Rev.,
Asbury PA Oblig. Grp., Rfdg. 		5.250 01/01/41   1,000 1,034,660
Geisinger Auth. Hlth. Sys. Rev.,
Ser. A-1 		5.125 06/01/41   1,450 1,517,730
Lehigh Cnty. Rev.,
Lehigh Valley Hlth. Netw. Rfdg. 		4.000 07/01/49   1,500 1,683,990
Moon Indl. Dev. Auth. Rev.,
Baptist Homes Society Oblig., Rfdg. 		6.000 07/01/45   2,000 2,211,840
Pennsylvania Comnwlth.,
Ser. A, COP, Rfdg. 		4.000 07/01/46   1,500 1,705,605
Pennsylvania Econ. Dev. Fing. Auth. Rev.,          
Swr. Sludge Disp., Philadelphia Biosolids Fac. 6.250 01/01/32   710 712,542
US Airways Grp., Ser. B, Gty. Agmt. 8.000 05/01/29   490 496,742
     
 
Pennsylvania Tpk. Comm. Rev.,
Sub., Ser. A 		4.000 12/01/49   1,515 1,700,527
Pennsylvania Tpk. Commn. Rev.,          
Ser. A-1 5.000 12/01/46   3,950 4,678,538
Sub., Ser. A 5.500 12/01/42   1,500 1,840,065
Sub., Ser. A 5.500 12/01/46   1,740 2,171,294
Sub., Ser. A-1 5.000 12/01/46   2,000 2,315,900
Sub., Ser. B-1 5.250 06/01/47   2,000 2,412,600
Philadelphia Auth. for Indl. Dev. Rev.,          
First Philadelphia Preparatory Chrt., Ser. A, Rfdg. 7.250 06/15/43   2,000 2,314,680
Gtr. Philadelphia Hlth Action, Rfdg. 6.625 06/01/50   2,795 3,023,100
Mariana Bracetti Academy 7.625 12/15/41   2,000 2,151,940
New Fndtn. Chrt. Sch. Proj. (Pre-refunded 12/15/22)(ee) 6.625 12/15/41   1,000 1,162,710
17
PGIM Muni High Income Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Pennsylvania (cont’d.)
     
 
Philadelphia Hosp. & Higher Ed. Facs. Auth. Rev.,
Temple Univ. Hlth. Sys., Ser. A 		5.625 % 07/01/42   6,750  $ 7,291,687
          45,666,936
Puerto Rico 4.9%
Puerto Rico Comnwlth. Aqueduct & Swr. Auth.,          
Aqueduct & Swr. Auth. Rev., Sr. Lien, Ser. A 4.000 07/01/22   2,535 2,600,048
Aqueduct & Swr. Auth. Rev., Sr. Lien, Ser. A 4.250 07/01/25   1,200 1,256,328
Aqueduct & Swr. Auth. Rev., Sr. Lien, Ser. A 5.000 07/01/33   2,615 2,781,785
Aqueduct & Swr. Auth. Rev., Sr. Lien, Ser. A 5.125 07/01/37   155 165,272
Aqueduct & Swr. Auth. Rev., Sr. Lien, Ser. A 5.250 07/01/42   1,250 1,339,600
Aqueduct & Swr. Auth. Rev., Sr. Lien, Ser. A 5.750 07/01/37   1,375 1,485,784
Aqueduct & Swr. Auth. Rev., Sr. Lien, Ser. A, Rfdg. 6.000 07/01/47   1,170 1,270,936
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev.,          
Restructured Ser. A-1 4.750 07/01/53   7,671 8,487,578
Restructured Ser. A-1 5.000 07/01/58   14,121 15,859,577
Restructured Ser. A-1, CABS 4.180(t) 07/01/46   10,156 2,966,364
Restructured Ser. A-1, CABS 4.211(t) 07/01/51   6,725 1,421,060
Ser. A-2 4.329 07/01/40   7,500 8,142,750
          47,777,082
Rhode Island 0.3%
Tob. Settlement Fing. Corp. Rev.,
Ser. A, Rfdg. 		5.000 06/01/40   2,600 2,929,784
South Carolina 0.8%
Berkeley Cnty. Spl. Assmt.,
Nexton Impt. Dist. 		4.375 11/01/49   1,000 1,025,110
South Carolina Prt. Auth. Rev.,          
AMT 4.000 07/01/45   1,500 1,603,125
AMT 4.000 07/01/55   2,000 2,189,480
     
 
South Carolina St. Pub. Svc. Auth. Rev.,
Ser. E, Rfdg. 		5.250 12/01/55   2,500 2,896,925
          7,714,640
South Dakota 0.2%
South Dakota St. Hlth. & Edl. Facs. Auth. Rev.,
Avera Hlth., Ser. A, Rfdg. (Pre-refunded 07/01/21)(ee) 		5.000 07/01/42   1,655 1,750,758
18
PGIM Muni High Income Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Tennessee 0.8%
Chattanooga Hlth. Edl. & Hsg. Facs. Brd. Rev.,
Catholic Hlth., Ser. A (Pre-refunded 01/01/23)(ee) 		5.250 % 01/01/45   2,000  $ 2,245,240
Knox Cnty. Hlth. Edl. & Hsg. Facs. Brd. Rev.,
East Tennessee Children’s Hosp., Rfdg. 		4.000 11/15/48   2,000 2,219,840
Memphis-Shelby Cnty. Indl. Dev. Brd. Tax Alloc.,
Sr. Tax Incr.-Graceland, Ser. A, Rfdg. 		5.625 01/01/46   500 568,160
Metropolitan Govt. Nashville & Davidson Cnty. Hlth. & Edl. Facs. Brd. Rev.,
Impt. Blakeford at Green Hills, Rfdg. 		5.000 07/01/37   850 911,871
Shelby Cnty. Hlth. Edl. & Hsg. Facs. Brd. Facs. Rev.,
Germantown Village, Rfdg. 		5.250 12/01/42   1,100 1,159,598
Tennessee Energy Acquisition Corp. Gas Rev.,
Ser. C 		5.000 02/01/22   1,000 1,066,010
          8,170,719
Texas 9.7%
Arlington Higher Ed. Fin. Corp. Rev.,
Wayside Schs., Ser. A 		4.625 08/15/46   1,050 1,067,892
Austin Convention Enterprises, Inc., Rev.,          
Sub., Second Tier, Ser. B, Rfdg. 5.000 01/01/32   1,135 1,318,870
Sub., Second Tier, Ser. B, Rfdg. 5.000 01/01/34   1,050 1,210,409
     
 
Bexar Cnty. Hlth. Facs. Dev. Corp. Rev.,
Army Retmnt. Residence Fndt., Rfdg. 		5.000 07/15/41   1,250 1,428,188
Capital Area Cultural Ed. Facs. Fin. Corp. Rev.,
Roman Catholic Diocese, Ser. B, Rmkt., Rfdg. 		6.125 04/01/45   2,050 2,063,120
Central Tex. Regl. Mobility Auth. Rev.,          
Sr. Lien, Rfdg. (Pre-refunded 01/01/21)(ee) 6.000 01/01/41   2,000 2,091,740
Sr. Lien, Ser. A 5.000 01/01/45   1,000 1,162,590
Sub., Rfdg. 4.000 01/01/41   1,100 1,217,337
Clifton Higher Ed. Fin. Corp. Rev.,          
Idea Pub. Sch. 5.000 08/15/42   1,000 1,068,580
Idea Pub. Sch. 6.000 08/15/43   1,000 1,148,970
Idea Pub. Sch. (Pre-refunded 08/15/21)(ee) 5.750 08/15/41   1,000 1,073,550
Uplift Ed., Ser. A, Rfdg. (Pre-refunded 12/01/20)(ee) 6.125 12/01/40   3,000 3,127,470
     
 
Decatur Hosp. Auth. Rev.,
Wise Regl. Hlth. Sys., Ser. A, Rfdg. 		5.250 09/01/44   1,370 1,515,384
Grand Parkway Transn. Corp.,
First Tier Toll Rev., Ser. A 		5.125 10/01/43   2,000 2,246,200
Gulf Coast Wste. Disp. Auth. Rev.,          
Exxon Mobil Corp. Proj., FRDD (Mandatory put date 02/03/20) 1.240(cc) 09/01/25   1,900 1,900,000
19
PGIM Muni High Income Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Texas (cont’d.)
Gulf Coast Wste. Disp. Auth. Rev., (cont’d.)          
Exxon Mobil Corp. Proj., FRDD (Mandatory put date 02/03/20) 1.240 %(cc) 12/01/25   10,250  $ 10,250,000
Exxon Mobil Corp. Proj., Ser. B, Rfdg., FRDD (Mandatory put date 02/03/20) 1.220(cc) 06/01/30   450 450,000
Houston Arpt. Sys. Rev.,          
Ser. B-1, AMT 5.000 07/15/35   2,000 2,274,140
Spl. Facs. Cont. Airlines, Inc., Ser. A, AMT, Rfdg. 6.625 07/15/38   1,500 1,594,515
Spl. Facs. Cont. Airlines, Inc., Sub. Lien, Ser. A, AMT, Rfdg. 5.000 07/01/32   1,000 1,085,930
Sub. Lien, Ser. A, AMT, Rfdg. 5.000 07/01/25   250 263,645
Houston Higher Ed. Fin. Corp., Higher Ed. Rev.,          
Cosmos Fndtn., Inc., Ser. A 5.000 02/15/42   1,250 1,309,500
Cosmos Fndtn., Inc., Ser. A (Pre-refunded 05/15/21)(ee) 6.500 05/15/31   535 572,985
Cosmos Fndtn., Inc., Ser. A (Pre-refunded 05/15/21)(ee) 6.500 05/15/31   465 497,796
     
 
Kerryville Hlth. Facs. Dev. Corp. Rev.,
Peterson Regl. Med. Ctr. Proj., Rfdg. 		5.000 08/15/35   3,000 3,477,000
Lower Neches Vlly. Auth. Indl. Dev. Corp. Rev.,
Exxon Mobil Corp. Proj., Ser. B, Rfdg., FRDD (Mandatory put date 02/03/20) 		1.220(cc) 11/01/29   11,955 11,955,000
Matagorda Cnty. Nav. Dist. No. 1, Poll. Ctrl. Rev.,          
AEP Tex. Central Co. Proj., Ser. B-1, Rfdg. 4.000 06/01/30   1,000 1,075,740
AEP Tex. Central Co. Proj., Ser. B-2, Rfdg. 4.000 06/01/30   1,800 1,936,728
     
 
Mission Econ. Dev. Corp. Rev.,
Natgosoline Proj., Sr. Lien, AMT, Rfdg., 144A 		4.625 10/01/31   2,000 2,166,080
New Hope Cultural Ed. Facs. Corp. Rev.,          
Jubilee Academic Ctr., Ser. A, Rfdg., 144A 5.000 08/15/46   2,000 2,041,020
MRC Crestview, Rfdg. 5.000 11/15/46   1,150 1,257,445
Westminster Manor Proj., Rfdg. 4.000 11/01/36   1,475 1,598,723
North Tex. Twy. Auth. Rev.,          
First Tier, Sys., Rfdg. (Pre-refunded 01/01/21)(ee) 6.000 01/01/38   2,000 2,091,840
Rfdg. 5.000 01/01/48   1,250 1,511,613
Second Tier, Ser. A, Rfdg. 4.000 01/01/38   2,000 2,211,580
     
 
Port Beaumont Navigation Dist. Rev.,
Jefferson Gulf Coast, AMT, Rfdg., 144A 		4.000 01/01/50   2,000 2,049,360
Pottsboro Higher Ed. Fin. Corp. Rev.,
Ser. A 		5.000 08/15/46   1,000 1,091,510
San Juan Higher Ed. Fin. Auth. Rev.,
Idea Pub. Schs., Ser. A (Pre-refunded 08/15/20)(ee) 		6.700 08/15/40   1,000 1,030,570
20
PGIM Muni High Income Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Texas (cont’d.)
Tarrant Cnty. Cultural Ed. Facs. Fin. Corp. Rev.,          
Barton Creek Sr. Living Ctr., Rfdg. 5.000 % 11/15/40   1,100  $ 1,193,753
Trinity Terrace Proj., Ser. A-1, Rfdg. 5.000 10/01/44   1,000 1,116,510
     
 
Texas Mun. Gas Acq. & Sply. Corp., Gas Sply. Rev.,
Corp. I, Sr. Lien, Ser. A 		5.250 12/15/26   4,100 5,067,026
Texas Priv. Activity Surface Transn. Corp. Rev.,          
Sr. Lien, Blueridge Transn., AMT 5.000 12/31/50   1,930 2,210,197
Sr. Lien, LBJ Infrastructure 7.000 06/30/40   4,670 4,787,170
Sr. Lien, NTE Mobility Partners, AMT, Ser. 3A & 3B 6.750 06/30/43   500 584,035
Sr. Lien, NTE Mobility Partners, AMT, Ser. 3A & 3B 7.000 12/31/38   1,500 1,771,890
          94,163,601
Utah 0.2%
Salt Lake City Corp. Arpt. Rev.,
Ser. A, AMT 		5.000 07/01/47   1,100 1,311,409
Utah Chrt. Sch. Fin. Auth. Rev.,
Spectrum Academy Proj., 144A 		6.000 04/15/45   1,000 1,002,920
          2,314,329
Vermont 0.1%
Vermont Econ. Dev. Auth. Mtge. Rev.,
Wake Robin Corp. Proj., Rfdg. 		5.400 05/01/33   1,100 1,149,445
Virginia 1.8%
City of Chesapeake Expressway Toll Road Rev.,
Transn. Sys., Sr. Ser. B, CABS, Rfdg. (Convert to Fixed on 07/15/23) 		0.000(cc) 07/15/40   1,000 1,030,310
Mosaic District Cmnty. Dev. Auth. Spl. Assmt.,
Ser. A 		6.875 03/01/36   1,250 1,311,050
Norfolk Econ. Dev. Auth. Rev.,
Sentara Healthcare, Ser. B, Rfdg. 		4.000 11/01/48   2,000 2,291,520
Virginia Small Business Fing. Auth. Rev.,
Transform 66 P3 Proj., AMT 		5.000 12/31/56   2,000 2,337,600
Virginia Small Business Fing. Auth. Rev., Sr. Lien,          
Elizabeth River Crossings OpCo LLC Proj. 5.250 01/01/32   2,055 2,238,902
Elizabeth River Crossings OpCo LLC Proj. 5.500 01/01/42   3,000 3,260,970
Express Lanes LLC Proj. 5.000 01/01/40   4,780 5,075,117
          17,545,469
21
PGIM Muni High Income Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Washington 1.6%
Port of Seattle Indl. Dev. Corp. Rev.,
Spl. Facs., Delta Airlines, AMT, Rfdg. 		5.000 % 04/01/30   1,000  $ 1,099,700
Skagit Cnty. Pub. Hosp. Dist. No. 1 Rev.,          
Skagit Valley Hosp. (Pre-refunded 12/01/20)(ee) 5.750 12/01/35   625 650,013
Skagit Valley Hosp., Ser. A, Rfdg. 5.000 12/01/37   3,000 3,305,640
     
 
Tob. Settlement Auth. Wash. Rev.,
Rfdg. 		5.250 06/01/32   1,160 1,217,060
Washington St. Convention Ctr. Pub. Facs. Dist. Rev.,
Civic Convention Ctr. 		4.000 07/01/58   2,000 2,221,220
Washington St. Healthcare Facs. Auth. Rev.,          
Kadlec Regl. Med. Ctr., Rdfg. (Pre-refunded 12/01/21)(ee) 5.000 12/01/42   1,000 1,074,620
Overlake Hosp. Med. Ctr., Rfdg. 5.000 07/01/38   1,100 1,257,619
Overlake Hosp. Med. Ctr., Ser. A 4.000 07/01/42   2,500 2,786,575
     
 
Washington St. Hsg. Fin. Comm. Rev.,
Rockwood Retmnt. Cmnty. Proj., Ser. A, Rfdg., 144A 		7.375 01/01/44   2,000 2,299,700
          15,912,147
West Virginia 0.2%
West Virginia Hosp. Fin. Auth. Rev.,
Cabell Huntington Hosp. Oblig. Grp., Ser. A, Rfdg. 		4.125 01/01/47   1,500 1,656,570
Wisconsin 1.7%
Pub. Fin. Auth. Rev.,          
Bancroft Neurohealth Proj., Ser. A, 144A 5.125 06/01/48   1,000 1,070,260
Cornerstone Chrt. Academy Proj., Ser. A, 144A 5.125 02/01/46   1,000 1,053,900
Corvian Cmnty. Sch., Ser. A, 144A 5.000 06/15/49   1,000 1,048,120
Corvian Cmnty. Sch., Ser. A, 144A 5.125 06/15/47   2,000 2,093,380
Mountain Island Chrt. Sch., Ser. L, Rfdg. 5.000 07/01/47   1,000 1,082,510
Senior-MD Proton Treatment Ctr., Ser. A-1, 144A 6.250 01/01/38   1,750 1,872,097
Senior-MD Proton Treatment Ctr., Ser. A-1, 144A 6.375 01/01/48   2,000 2,128,140
Sr. Oblig. Grp., Ser. B, AMT, Rfdg. 5.000 07/01/42   1,500 1,597,965
Sr. Oblig. Grp., Ser. B, AMT, Rfdg. 5.250 07/01/28   1,000 1,086,860
Wakemed Hosp., Ser. A, Rfdg. 4.000 10/01/49   2,000 2,210,340
22
PGIM Muni High Income Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Wisconsin (cont’d.)
     
 
Wisconsin St. Hlth. & Edl. Facs. Auth. Rev.,
Ascension Hlth. Alliance Sr. Credit Grp., Ser. B-1, Rmkt, Rfdg. 		4.000 % 11/15/43   1,500  $ 1,693,950
          16,937,522
 
TOTAL INVESTMENTS 99.7%
(cost $889,158,045) 		972,884,899
Other assets in excess of liabilities 0.3% 3,097,803
 
Net Assets 100.0% $ 975,982,702
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
  CABS—Capital Appreciation Bonds
  CDD—Community Development District
  COP—Certificates of Participation
  FRDD—Floating Rate Daily Demand Note
  GO—General Obligation
    
# Principal amount is shown in U.S. dollars unless otherwise stated.
^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $483,800 and 0.1% of net assets.
(cc) Variable rate instrument. The rate shown is based on the latest available information as of January 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.
(t) Represents zero coupon. Rate quoted represents effective yield at January 31, 2020.
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).
23