PGIM Short Duration Muni High Income Fund
Schedule of Investments as of December 31, 2019 (unaudited)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Long-Term Investments 99.9% | |||||
Municipal Bonds | |||||
Alabama 0.1% | |||||
Selma Industrial Development Board, Revenue, International Paper Co., Series A, Rfdg, (Mandatory Put Date 10/01/24) | 2.000 % | 11/01/33 | 250 | $251,013 | |
Alaska 0.7% | |||||
Alaska Industrial Development & Export Authority, Revenue, Tanana Chiefs Conference Project, Series A | 5.000 | 10/01/29 | 1,000 | 1,237,270 | |
Arizona 4.4% | |||||
Arizona Health Facilities Authority, Revenue, Banner Health, Series B, 3 Month LIBOR + 0.810% | 2.216(c) | 01/01/37 | 2,005 | 1,989,016 | |
Arizona Industrial Development Authority, Revenue, Pinecrest Academy Horizon, Series A, 144A | 5.000 | 07/15/28 | 500 | 561,195 | |
Chandler Industrial Development Authority, Revenue, Intel Corp., AMT, (Mandatory Put Date 06/03/24) | 5.000 | 06/01/49 | 1,305 | 1,494,277 | |
City of Phoenix Civic Improvement Corp., Revenue, Junior Lien, Series B, AMT | 5.000 | 07/01/29 | 1,000 | 1,268,980 | |
Industrial Development Authority of the City of Phoenix, Revenue, Great Hearts Academies Project | 3.750 | 07/01/24 | 475 | 495,720 | |
Maricopa County Industrial Development Authority, Revenue, Reid Traditional Schools Project | 4.000 | 07/01/26 | 500 | 539,780 | |
Salt Verde Finance Corp., National Gas Utility, | |||||
Revenue | 5.250 | 12/01/21 | 555 | 594,116 | |
Revenue | 5.250 | 12/01/26 | 1,025 | 1,245,355 | |
8,188,439 | |||||
California 3.6% | |||||
California Municipal Finance Authority, | |||||
Revenue, American Heritage Foundation, Series A, Rfdg | 4.000 | 06/01/26 | 430 | 459,210 | |
Revenue, United Airlines Inc., Project, AMT | 4.000 | 07/15/29 | 250 | 284,158 | |
California Pollution Control Financing Authority, Revenue, Green Bond Project, AMT, 144A | 7.000 | 07/01/22 | 250 | 250,505 | |
California School Finance Authority, | |||||
Revenue, Alliance College Ready Public Schools, Series A, 144A | 4.000 | 07/01/21 | 400 | 412,440 |
1
PGIM Short Duration Muni High Income Fund
Schedule of Investments as of December 31, 2019 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds(Continued) | |||||
California (cont’d.) | |||||
California School Finance Authority, (cont’d.) | |||||
Revenue, Alliance College Ready Public Schools, Series A, Rfdg, 144A | 4.000 % | 07/01/24 | 270 | $293,298 | |
Revenue, Green Dot Public School Project, Series A, 144A | 4.000 | 08/01/25 | 330 | 361,304 | |
Revenue, KIPP Project, Series A, 144A | 3.625 | 07/01/25 | 475 | 498,655 | |
Chula Vista Municipal Financing Authority, Special Tax, Rfdg | 5.000 | 09/01/21 | 755 | 802,776 | |
City of Roseville, Westpark Community Facility District No.1, Special Tax, Rfdg | 5.000 | 09/01/22 | 225 | 244,958 | |
Golden State Tobacco Securitization Corp., | |||||
Revenue, Series A-1, Rfdg | 5.000 | 06/01/26 | 985 | 1,170,810 | |
Revenue, Series A-1, Rfdg | 5.000 | 06/01/27 | 1,000 | 1,208,070 | |
Long Beach Bond Finance Authority, Natural Gas, Revenue, Series B, 3 Month LIBOR + 1.450% | 2.730(c) | 11/15/27 | 700 | 733,610 | |
6,719,794 | |||||
Colorado 3.9% | |||||
City & County of Denver, Revenue, United Airlines, Inc., AMT, Rfdg | 5.000 | 10/01/32 | 500 | 545,600 | |
Colorado Educational & Cultural Facilities Authority, Revenue, Lighthouse Building Corp. Stem Project, Rfdg | 4.000 | 11/01/24 | 500 | 528,540 | |
Colorado Health Facilities Authority, | |||||
Revenue, Christian Living Neighborhood, Rfdg | 4.000 | 01/01/22 | 300 | 312,390 | |
Revenue, Commonspirit Health, Series A, Rfdg | 5.000 | 08/01/28 | 200 | 246,550 | |
Revenue, Commonspirit Health, Series B-2, (Mandatory Put Date 02/01/26) | 5.000 | 08/01/49 | 1,330 | 1,573,031 | |
Revenue, National Jewish Health Initiatives, Rfdg | 5.000 | 01/01/20 | 695 | 695,000 | |
Revenue, National Jewish Health Initiatives, Rfdg | 5.000 | 01/01/22 | 125 | 131,486 | |
Revenue, National Jewish Health Initiatives, Rfdg | 5.000 | 01/01/24 | 315 | 330,312 | |
Revenue, Valley View Hospital Association Project, Rfdg, (Mandatory Put Date 05/15/23) | 2.800 | 05/15/42 | 975 | 1,005,966 | |
E-470 Public Highway Authority, Revenue, Series A, Rfdg | 5.000 | 09/01/20 | 650 | 666,731 | |
Park Creek Metropolitan District, Revenue, Series A, Rfdg | 5.000 | 12/01/23 | 1,100 | 1,244,122 | |
7,279,728 |
2
PGIM Short Duration Muni High Income Fund
Schedule of Investments as of December 31, 2019 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds(Continued) | |||||
Connecticut 1.7% | |||||
Harbor Point Infrastructure Improvement District, Special Assessment, Rfdg, 144A | 5.000 % | 04/01/22 | 900 | $938,241 | |
State of Connecticut, Series C, GO | 5.000 | 06/15/26 | 1,000 | 1,210,380 | |
State of Connecticut, Special Tax, | |||||
Revenue, Series A | 5.000 | 08/01/25 | 660 | 785,426 | |
Revenue, Transportation Infrastructure, Series A | 5.000 | 09/01/24 | 270 | 314,113 | |
3,248,160 | |||||
Delaware 0.7% | |||||
Delaware State Economic Development Authority, | |||||
Revenue, Aspira Charter School, Series A | 3.250 | 06/01/26 | 800 | 834,824 | |
Revenue, Newark Charter School, Series A, Rfdg | 2.800 | 09/01/26 | 385 | 394,409 | |
1,229,233 | |||||
District of Columbia 2.9% | |||||
District of Columbia Friendship Public Charter School, Revenue | 3.550 | 06/01/22 | 495 | 507,637 | |
District of Columbia KIPP Charter School, | |||||
Revenue, KIPP Project, Series B, Rfdg | 5.000 | 07/01/27 | 145 | 175,324 | |
Revenue, Rfdg (Escrowed to Maturity Date 07/01/23)(ee) | 5.000 | 07/01/23 | 275 | 292,826 | |
Metropolitan Washington Airports Authority, | |||||
Revenue, AMT, Rfdg | 5.000 | 10/01/26 | 2,000 | 2,432,260 | |
Revenue, Series A, AMT, Rfdg | 5.000 | 10/01/30 | 1,485 | 1,894,355 | |
5,302,402 | |||||
Florida 8.9% | |||||
City of Tallahassee, | |||||
Revenue, Memorial Healthcare, Inc., Project, Series A | 5.000 | 12/01/23 | 255 | 289,647 | |
Revenue, Memorial Healthcare, Inc., Project, Series A | 5.000 | 12/01/25 | 550 | 656,398 | |
Cityplace Community Development District, Special Assessment, Rfdg | 5.000 | 05/01/20 | 740 | 747,437 | |
County of Broward FL Airport System, Revenue, Series B, AMT, Rfdg | 5.000 | 10/01/28 | 1,000 | 1,249,280 | |
Florida Development Finance Corp., Revenue, Virgin Trains USA Pass, Series A, AMT, Rfdg, (Mandatory Put Date 01/01/24), 144A | 6.250 | 01/01/49 | 1,000 | 958,680 | |
Florida Higher Educational Facilities Financial Authority, Revenue, Nova Southeastern University, Rfdg | 4.000 | 04/01/21 | 40 | 41,264 |
3
PGIM Short Duration Muni High Income Fund
Schedule of Investments as of December 31, 2019 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds(Continued) | |||||
Florida (cont’d.) | |||||
Greater Orlando Aviation Authority, | |||||
Revenue, Jet Blue Airways Corp., Rfdg | 5.000 % | 11/15/26 | 500 | $538,850 | |
Revenue, Sub-Series A, AMT, Rfdg | 5.000 | 10/01/26 | 790 | 957,290 | |
Lakewood Ranch Stewardship District, | |||||
Special Assessment | 4.000 | 05/01/21 | 370 | 373,904 | |
Special Assessment | 4.250 | 05/01/25 | 300 | 310,032 | |
Special Assessment | 4.250 | 05/01/26 | 250 | 262,298 | |
Special Assessment | 4.625 | 05/01/27 | 500 | 535,070 | |
Martin County Industrial Development Authority, Revenue, Indiantown Co-Generation LP, Rfdg, 144A | 3.950 | 12/15/21 | 250 | 252,423 | |
Myrtle Creek Improvement District, Special Assessment, Series A, BAM, Rfdg | 4.000 | 05/01/27 | 1,000 | 1,113,370 | |
Orange County Health Facilities Authority, | |||||
Revenue, Orlando Healthcare, Inc., Series A, Rfdg | 5.000 | 10/01/23 | 150 | 170,469 | |
Revenue, Orlando Regional Healthcare, NATL, Series C, Rfdg (Escrowed to Maturity Date 10/01/21)(ee) | 6.250 | 10/01/21 | 40 | 42,203 | |
Palm Beach County Health Facilities Authority, Revenue, Sinai Residences, Series A, Rfdg | 6.750 | 06/01/24 | 450 | 497,997 | |
Pinellas County Industrial Development Authority, Revenue, 2017 Foundation for Global Understanding, Inc. | 5.000 | 07/01/29 | 500 | 588,110 | |
Village Community Development District No. 04, Special Assessment, Revenue, Rfdg | 4.125 | 05/01/21 | 95 | 95,825 | |
Village Community Development District No. 05, Phase I, Special Assessment, Revenue, Rfdg | 3.000 | 05/01/21 | 150 | 151,215 | |
Village Community Development District No. 06, | |||||
Special Assessment, Revenue, Rfdg | 3.000 | 05/01/20 | 190 | 190,158 | |
Special Assessment, Revenue, Rfdg | 3.000 | 05/01/21 | 160 | 160,491 | |
Special Assessment, Revenue, Rfdg | 4.000 | 05/01/26 | 240 | 270,672 | |
Village Community Development District No. 07, | |||||
Special Assessment, Revenue, Rfdg | 3.000 | 05/01/20 | 890 | 893,159 | |
Special Assessment, Revenue, Rfdg | 4.000 | 05/01/21 | 1,195 | 1,227,181 | |
Special Assessment, Revenue, Rfdg | 4.000 | 05/01/24 | 1,525 | 1,644,941 | |
Special Assessment, Revenue, Rfdg | 4.000 | 05/01/25 | 940 | 1,026,630 | |
Special Assessment, Revenue, Rfdg | 4.000 | 05/01/26 | 285 | 310,867 | |
Village Community Development District No. 10, Special Assessment, Revenue | 4.500 | 05/01/23 | 210 | 223,761 | |
Village Community Development District No. 12, | |||||
Special Assessment, Revenue | 2.875 | 05/01/21 | 330 | 330,614 | |
Special Assessment, Revenue, 144A | 3.250 | 05/01/23 | 250 | 256,240 | |
16,366,476 |
4
PGIM Short Duration Muni High Income Fund
Schedule of Investments as of December 31, 2019 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds(Continued) | |||||
Georgia 4.5% | |||||
Atlanta Development Authority, Revenue, Senior Healthcare Facilities, Georgia Proton Treatment Center, Series A-1 | 6.000 % | 01/01/23 | 300 | $303,933 | |
Burke County Development Authority, | |||||
Revenue, Georgia Power Co. Plant Vogtle Project, (Mandatory Put Date 05/25/23) | 2.250 | 10/01/32 | 250 | 254,620 | |
Revenue, Georgia Power Co. Plant Vogtle Project, Rfdg, (Mandatory Put Date 08/22/24) | 1.700 | 12/01/49 | 1,000 | 996,720 | |
Revenue, Oglethorpe Power Corp., Series V, Rfdg, (Mandatory Put Date 02/01/25) | 3.250 | 11/01/45 | 500 | 524,040 | |
Main Street Natural Gas, Inc., | |||||
Revenue, Series B, (Mandatory Put Date 09/01/23), 1 Month LIBOR + 0.750% | 1.895(c) | 04/01/48 | 1,000 | 1,004,160 | |
Revenue, Series B, (Mandatory Put Date 12/01/24) | 4.000 | 08/01/49 | 1,000 | 1,116,200 | |
Revenue, Series C (Mandatory Put Date 09/01/26) | 4.000 | 03/01/50 | 1,000 | 1,129,710 | |
Revenue, Sub-Series C, (Mandatory Put Date 12/01/23) | 4.000 | 08/01/48 | 1,000 | 1,091,970 | |
Municipal Electric Authority of Georgia, Power Revenue, Series HH, Rfdg | 5.000 | 01/01/29 | 1,000 | 1,219,060 | |
Private Colleges & Universities Authority, Revenue, Savannah College of Art & Design | 5.000 | 04/01/22 | 625 | 678,931 | |
8,319,344 | |||||
Guam 0.4% | |||||
Antonio B Won Pat International Airport Authority, Revenue, Series A, AMT, Rfdg | 5.000 | 10/01/23 | 180 | 201,796 | |
Territory of Guam, GO, AMT | 5.000 | 11/15/31 | 490 | 576,632 | |
778,428 | |||||
Idaho 0.6% | |||||
County of Nez Perce, Revenue, Rfdg | 2.750 | 10/01/24 | 1,000 | 1,043,060 | |
Illinois 18.4% | |||||
Chicago Board of Education, | |||||
Series A, GO, AMBAC, Rfdg | 5.500 | 12/01/23 | 360 | 399,715 | |
Series A, GO, Rfdg | 4.000 | 12/01/20 | 500 | 509,135 | |
Series A, GO, Rfdg | 4.000 | 12/01/27 | 500 | 552,145 | |
Series A, GO, Rfdg, CABs | 2.940(s) | 12/01/26 | 500 | 411,010 |
5
PGIM Short Duration Muni High Income Fund
Schedule of Investments as of December 31, 2019 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds(Continued) | |||||
Illinois (cont’d.) | |||||
Chicago Board of Education, (cont’d.) | |||||
Series C, GO, Rfdg | 5.000 % | 12/01/22 | 1,500 | $1,624,650 | |
Series F, GO, Rfdg | 5.000 | 12/01/20 | 405 | 416,101 | |
Series F, GO, Rfdg | 5.000 | 12/01/22 | 1,000 | 1,083,100 | |
Chicago O’Hare International Airport, Revenue, Series C, AMT, Rfdg | 5.000 | 01/01/23 | 200 | 220,644 | |
Chicago Transit Authority, Revenue, Federal Transit Administration Section 530, AGM, Rfdg | 5.000 | 06/01/22 | 1,630 | 1,709,218 | |
City of Chicago, | |||||
Series 2003 B, GO, Rfdg | 5.000 | 01/01/23 | 370 | 399,112 | |
Series A, GO | 5.000 | 01/01/20 | 200 | 200,000 | |
Series A, GO, Rfdg (Escrowed to Maturity Date 01/01/24)(ee) | 5.000 | 01/01/24 | 335 | 335,677 | |
Series C, GO, Rfdg | 5.000 | 01/01/20 | 250 | 250,000 | |
Series C, GO, Rfdg | 5.000 | 01/01/22 | 1,020 | 1,074,325 | |
City of Chicago Wastewater Transmission, | |||||
Revenue, Second Lien | 4.000 | 01/01/20 | 1,120 | 1,120,000 | |
Revenue, Second Lien | 5.000 | 01/01/25 | 445 | 474,303 | |
Revenue, Second Lien, Series C, Rfdg | 5.000 | 01/01/22 | 990 | 1,053,310 | |
City of Chicago Waterworks, | |||||
Revenue, Second Lien Project, Rfdg | 4.000 | 11/01/21 | 375 | 390,589 | |
Revenue, Second Lien, Rfdg | 4.000 | 11/01/20 | 1,065 | 1,085,310 | |
Revenue, Second Lien, Rfdg | 4.000 | 11/01/24 | 110 | 116,668 | |
Revenue, Second Lien, Rfdg | 5.000 | 11/01/20 | 385 | 395,491 | |
Revenue, Second Lien, Rfdg | 5.000 | 11/01/22 | 750 | 817,515 | |
City of Springfield Electric, Revenue, Senior Lien, Rfdg | 5.000 | 03/01/22 | 300 | 322,497 | |
County of Cook, Series A, GO, Rfdg | 5.000 | 11/15/23 | 1,000 | 1,124,410 | |
Illinois Finance Authority, Revenue, Presbyterian Homes, Series B, Rfdg, (Mandatory Put Date 05/01/21), 1 Month LIBOR + 1.350% | 2.546(c) | 05/01/36 | 500 | 505,475 | |
Illinois State Toll Highway Authority, | |||||
Revenue, Series C, Rfdg | 5.000 | 01/01/28 | 2,125 | 2,648,536 | |
Senior Revenue Bonds, Series A, Rfdg | 5.000 | 01/01/28 | 1,080 | 1,346,080 | |
Railsplitter Tobacco Settlement Authority, | |||||
Revenue | 5.000 | 06/01/24 | 590 | 678,512 | |
Revenue | 5.375 | 06/01/21 | 705 | 744,494 | |
Regional Transportation Authority, Revenue, NATL, Series A, Rfdg | 5.500 | 07/01/25 | 760 | 919,281 |
6
PGIM Short Duration Muni High Income Fund
Schedule of Investments as of December 31, 2019 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds(Continued) | |||||
Illinois (cont’d.) | |||||
State of Illinois, | |||||
GO | 5.000 % | 02/01/22 | 200 | $212,638 | |
GO | 5.000 | 05/01/23 | 110 | 120,099 | |
GO, AGM, Rfdg | 4.000 | 01/01/20 | 525 | 525,000 | |
GO, Rfdg | 5.000 | 02/01/21 | 750 | 777,345 | |
Revenue, Junior Series D, BAM, Rfdg | 5.000 | 06/15/25 | 1,325 | 1,533,555 | |
Revenue, Rfdg | 5.000 | 06/15/24 | 705 | 771,594 | |
Series 2010, GO, AGM, Rfdg | 5.000 | 01/01/20 | 200 | 200,000 | |
Series A, GO | 4.000 | 01/01/22 | 75 | 78,119 | |
Series A, GO | 4.000 | 01/01/23 | 360 | 374,044 | |
Series A, GO | 5.000 | 04/01/20 | 455 | 459,109 | |
Series B, GO, Rfdg | 5.250 | 01/01/21 | 715 | 741,033 | |
Series D, GO | 5.000 | 11/01/23 | 1,685 | 1,852,236 | |
Series D, GO | 5.000 | 11/01/26 | 1,000 | 1,143,640 | |
Series D, GO | 5.000 | 11/01/27 | 1,500 | 1,734,540 | |
University of Illinois, Revenue, Series A, Rfdg | 5.000 | 04/01/26 | 425 | 495,078 | |
33,945,333 | |||||
Indiana 1.1% | |||||
City of Rockport, Revenue, Power Co. Project, Series A, Rfdg | 3.050 | 06/01/25 | 500 | 536,980 | |
City of Whiting Environmental Facilities, Revenue, BP Products N.A., AMT, Rfdg, (Mandatory Put Date 06/05/26) | 5.000 | 12/01/44 | 500 | 590,680 | |
Gary Chicago International Airport Authority, Revenue, AMT | 5.000 | 02/01/20 | 835 | 837,263 | |
1,964,923 | |||||
Iowa 0.9% | |||||
Iowa Finance Authority, Revenue, Lifespace communities Inc. | 2.875 | 05/15/49 | 500 | 503,355 | |
PEFA, Inc., Revenue, Gas Project, Series A-1, (Mandatory Put Date 09/01/26) | 5.000 | 09/01/49 | 1,000 | 1,183,790 | |
1,687,145 |
7
PGIM Short Duration Muni High Income Fund
Schedule of Investments as of December 31, 2019 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds(Continued) | |||||
Kentucky 1.8% | |||||
Kentucky Economic Development Finance Authority, Revenue, Owensboro Medical Health Systems, Series A | 5.250 % | 06/01/20 | 615 | $623,948 | |
Kentucky Public Energy Authority, National Gas Utility, | |||||
Revenue, Series A-1, (Mandatory Put Date 06/01/25) | 4.000 | 12/01/49 | 1,000 | 1,114,040 | |
Revenue, Series B, (Mandatory Put Date 01/01/25) | 4.000 | 01/01/49 | 1,000 | 1,098,740 | |
Revenue, Series C, (Mandatory Put Date 02/01/28) | 4.000 | 02/01/50 | 500 | 571,630 | |
3,408,358 | |||||
Louisiana 1.2% | |||||
City of New Orleans, | |||||
GO, Rfdg | 5.000 | 12/01/22 | 100 | 110,656 | |
GO, Rfdg | 5.000 | 12/01/23 | 150 | 171,055 | |
City of New Orleans Sewerage Service, | |||||
Revenue | 5.000 | 06/01/23 | 300 | 334,398 | |
Revenue | 5.000 | 06/01/24 | 200 | 228,822 | |
Revenue, Rfdg | 5.000 | 06/01/20 | 350 | 355,131 | |
Louisiana Offshore Terminal Authority, Revenue, Loop LLC Project, Series C, Rfdg, (Mandatory Put Date 12/01/23) | 1.650 | 09/01/34 | 500 | 500,975 | |
Louisiana Public Facilities Authority, Revenue, Ochsner Clinic Foundation, Rfdg | 5.000 | 05/15/22 | 265 | 288,161 | |
Parish of St. John the Baptist, Revenue, Marathon Oil Corp., Rfdg, (Mandatory Put Date 07/01/24) | 2.100 | 06/01/37 | 200 | 201,712 | |
2,190,910 | |||||
Maryland 0.3% | |||||
Frederick County Special Obligation, Urbana Community Development Authorization, | |||||
Special Tax, Series A, Rfdg | 5.000 | 07/01/20 | 100 | 101,672 | |
Special Tax, Series A, Rfdg | 5.000 | 07/01/21 | 100 | 101,669 | |
Maryland Economic Development Corp., Revenue, Transportation Project, Series A, Rfdg | 5.000 | 06/01/24 | 350 | 402,416 | |
605,757 | |||||
Massachusetts 0.7% | |||||
Massachusetts Development Finance Agency, | |||||
Revenue, International Charter School, Rfdg | 4.000 | 04/15/20 | 110 | 110,638 | |
Revenue, Series A, Rfdg | 5.000 | 07/01/28 | 500 | 618,860 |
8
PGIM Short Duration Muni High Income Fund
Schedule of Investments as of December 31, 2019 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds(Continued) | |||||
Massachusetts (cont’d.) | |||||
Massachusetts Port Authority, Revenue, Series C, AMT, Rfdg | 5.000 % | 07/01/29 | 500 | $638,535 | |
1,368,033 | |||||
Michigan 0.6% | |||||
City of Detroit, GO | 5.000 | 04/01/21 | 500 | 515,360 | |
Michigan Finance Authority, Revenue, Local Government Loan Program, Series D-1, Rfdg | 5.000 | 07/01/22 | 400 | 436,700 | |
Oakland County Economic Development Corp., Revenue, Roman Catholic Archdiocese, Rfdg | 6.500 | 12/01/20 | 100 | 102,954 | |
1,055,014 | |||||
Minnesota 0.3% | |||||
City of St. Paul Housing & Redevelopment Authority, Revenue, Healtheast Care System Project, Rfdg (Escrowed to Maturity Date 11/15/20)(ee) | 5.000 | 11/15/20 | 500 | 516,215 | |
Mississippi 0.6% | |||||
Mississippi Business Finance Corp., | |||||
Pollution Control Revenue, Rfdg | 3.200 | 09/01/28 | 500 | 513,740 | |
Revenue, Chevron USA, Inc., Series F, FRDD | 1.600(cc) | 11/01/35 | 550 | 550,000 | |
1,063,740 | |||||
Missouri 0.7% | |||||
Kansas City Industrial Development Authority, Revenue, International Airport Terminal, Series B, AMT | 5.000 | 03/01/29 | 1,000 | 1,254,740 | |
Nebraska 0.3% | |||||
Central Plains Energy Project, Revenue, Rfdg, (Mandatory Put Date 08/01/25) | 4.000 | 12/01/49 | 500 | 559,220 |
9
PGIM Short Duration Muni High Income Fund
Schedule of Investments as of December 31, 2019 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds(Continued) | |||||
Nevada 0.4% | |||||
Clark County Airport Department of Aviation, Revenue, Jet Aviation Fuel Tax, Series A, AMT, Rfdg | 5.000 % | 07/01/21 | 500 | $526,900 | |
State of Nevada Department of Business & Industry, Revenue, Somerset Academy, Series A, 144A | 4.500 | 12/15/29 | 250 | 270,948 | |
797,848 | |||||
New Jersey 5.2% | |||||
New Jersey Building Authority, | |||||
Revenue, Series A, Rfdg (Escrowed to Maturity Date 06/15/21)(ee) | 5.000 | 06/15/21 | 60 | 63,367 | |
Revenue, Series A, Unrefunded, Rfdg | 5.000 | 06/15/21 | 625 | 657,081 | |
New Jersey Economic Development Authority, | |||||
Revenue, Continental Airlines, Inc., Rfdg | 5.750 | 09/15/27 | 700 | 767,004 | |
Revenue, Port Newark Container, AMT, Rfdg | 5.000 | 10/01/21 | 500 | 529,620 | |
Revenue, Series XX, Rfdg | 5.000 | 06/15/22 | 860 | 932,421 | |
Revenue, Series XX, Rfdg | 5.000 | 06/15/24 | 420 | 478,107 | |
Revenue, State Appropriation, Series B, Rfdg | 4.000 | 11/01/25 | 150 | 165,878 | |
New Jersey Health Care Facilities Financing Authority, | |||||
Revenue, Holy Name Medical Center, Rfdg | 4.500 | 07/01/20 | 310 | 314,944 | |
Revenue, University Hospital, Series A, AGM, Rfdg | 5.000 | 07/01/23 | 500 | 563,970 | |
Revenue, Virtua Health, Rfdg | 5.000 | 07/01/21 | 125 | 131,970 | |
New Jersey Transportation Trust Fund Authority, | |||||
Revenue, Series B, AGM, Rfdg | 5.500 | 12/15/21 | 175 | 189,045 | |
Revenue, Transportation Program, Series AA | 5.000 | 06/15/22 | 455 | 493,316 | |
Revenue, Transportation System, Rfdg | 5.000 | 12/15/26 | 500 | 591,065 | |
Revenue, Transportation System, Series A, Rfdg | 5.000 | 12/15/23 | 250 | 281,617 | |
New Jersey Turnpike Authority, Revenue, Series D-1, Rfdg, 1 Month LIBOR + 0.700% | 1.900(c) | 01/01/24 | 1,000 | 1,025,107 | |
South Jersey Transportation Authority, | |||||
Revenue, Series A (Escrowed to Maturity Date 11/01/20)(ee) | 5.000 | 11/01/20 | 45 | 46,431 | |
Revenue, Series A (Escrowed to Maturity Date 11/01/21)(ee) | 5.000 | 11/01/21 | 175 | 187,168 | |
Revenue, Series A, Unrefunded, Rfdg | 5.000 | 11/01/20 | 55 | 56,667 | |
Revenue, Series A, Unrefunded, Rfdg | 5.000 | 11/01/21 | 175 | 186,557 | |
Tobacco Settlement Financing Corp., | |||||
Revenue, Series A, Rfdg | 5.000 | 06/01/26 | 380 | 454,450 | |
Revenue, Series A, Rfdg | 5.000 | 06/01/27 | 1,200 | 1,464,276 | |
9,580,061 |
10
PGIM Short Duration Muni High Income Fund
Schedule of Investments as of December 31, 2019 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds(Continued) | |||||
New York 3.0% | |||||
New York State Energy Research & Development Authority, Revenue, Series B, Rfdg, (Mandatory Put Date 05/01/20) | 2.000 % | 02/01/29 | 500 | $501,075 | |
New York Transportation Development Corp., | |||||
Revenue, Delta Air Lines, Inc., AMT | 5.000 | 01/01/27 | 2,000 | 2,409,580 | |
Revenue, Terminal One Group Association, AMT, Rfdg | 5.000 | 01/01/22 | 1,000 | 1,064,960 | |
Revenue, Terminal One Group Association, AMT, Rfdg | 5.000 | 01/01/23 | 1,000 | 1,095,120 | |
Port Authority of New York & New Jersey, Revenue, JFK International Air Terminal | 5.000 | 12/01/20 | 540 | 557,210 | |
5,627,945 | |||||
North Carolina 0.3% | |||||
North Carolina Medical Care Commission, Revenue, Pennybyrn at Maryfield, Rfdg | 5.000 | 10/01/20 | 500 | 507,865 | |
North Dakota 0.3% | |||||
Burleigh County Healthcare, St. Alexius Medical Center Project, Revenue, Series A, Rfdg (Escrowed to Maturity Date 07/01/20)(ee) | 4.000 | 07/01/20 | 500 | 507,125 | |
Ohio 4.1% | |||||
Buckeye Tobacco Settlement Financing Authority, | |||||
Revenue, Asset-Backed, Senior Turbo, Series A-2 | 5.125 | 06/01/24 | 2,830 | 2,833,820 | |
Revenue, Asset-Backed, Senior Turbo, Series A-2 | 5.875 | 06/01/30 | 1,000 | 1,002,500 | |
Cleveland-Cuyahoga County Port Authority, Revenue, Playhouse Square Foundation Project, Rfdg | 5.000 | 12/01/28 | 250 | 280,198 | |
County of Cuyahoga, | |||||
Revenue, MetroHealth System, Rfdg | 4.000 | 02/15/29 | 1,200 | 1,323,084 | |
Revenue, MetroHealth System, Rfdg | 5.000 | 02/15/25 | 695 | 797,617 | |
Lancaster Port Authority, Natural Gas, Revenue, Series A, Rfdg, (Mandatory Put Date 02/01/25) | 5.000 | 08/01/49 | 250 | 289,457 | |
Ohio Air Quality Development Authority, | |||||
Revenue, American Electric Power Co. Project, Series A, (Mandatory Put Date 10/01/29) | 2.400 | 12/01/38 | 500 | 503,365 | |
Revenue, Pratt Paper LLC Project, AMT, 144A | 3.750 | 01/15/28 | 500 | 529,080 | |
7,559,121 |
11
PGIM Short Duration Muni High Income Fund
Schedule of Investments as of December 31, 2019 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds(Continued) | |||||
Oklahoma 1.4% | |||||
Oklahoma Development Finance Authority, | |||||
Revenue, University of Oklahoma Medicine Project, Series B | 5.000 % | 08/15/25 | 800 | $940,728 | |
Revenue, University of Oklahoma Medicine Project, Series B | 5.000 | 08/15/29 | 1,100 | 1,351,020 | |
Tulsa Airports Improvement Trust, Revenue, American Airlines Group, AMT, Rfdg, (Mandatory Put Date 06/01/25) | 5.000 | 06/01/35 | 250 | 281,615 | |
2,573,363 | |||||
Pennsylvania 5.1% | |||||
Allegheny County Hospital Development Authority, Revenue, Allegheny Health Network, Series A, Rfdg | 5.000 | 04/01/27 | 1,000 | 1,220,540 | |
Chester County Industrial Development Authority, | |||||
Revenue, Renaissance Academy Christian School, Rfdg | 3.750 | 10/01/24 | 330 | 347,242 | |
Revenue, Renaissance Academy Christian School, Rfdg | 5.000 | 10/01/34 | 260 | 284,994 | |
Commonwealth Financing Authority, Revenue, Tobacco Master Settlement Payment | 5.000 | 06/01/25 | 1,000 | 1,176,790 | |
Commonwealth of Pennsylvania, | |||||
First Series, GO, Rfdg | 5.000 | 08/15/25 | 1,000 | 1,197,660 | |
Series A, Certificate of Participation, Rfdg | 5.000 | 07/01/26 | 500 | 606,375 | |
East Hempfield Township Industrial Development Authority, Revenue, Willow Valley Community, Rfdg | 5.000 | 12/01/23 | 500 | 566,915 | |
Montgomery County Industrial Development Authority, Revenue, Exelon Generation Co., Series A, AMT, Rfdg, (Mandatory Put Date 04/01/20) | 2.700 | 10/01/34 | 1,000 | 1,002,360 | |
Moon Industrial Development Authority, Revenue, Baptist Homes Society, Rfdg | 5.000 | 07/01/20 | 165 | 166,510 | |
Pennsylvania Turnpike Commission, | |||||
Revenue, Rfdg | 5.000 | 12/01/29 | 1,000 | 1,272,730 | |
Revenue, Series A-2, Rfdg | 5.000 | 12/01/26 | 685 | 843,913 | |
Revenue, Sub-Series A | 5.000 | 12/01/29 | 525 | 669,107 | |
9,355,136 | |||||
Puerto Rico 2.1% | |||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue, Senior Lien, Series A | 4.000 | 07/01/22 | 1,410 | 1,412,058 |
12
PGIM Short Duration Muni High Income Fund
Schedule of Investments as of December 31, 2019 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds(Continued) | |||||
Puerto Rico (cont’d.) | |||||
Puerto Rico Sales Tax Financing Corp., | |||||
Revenue, Series A-1, CABs | 3.379 %(s) | 07/01/27 | 1,633 | $1,309,405 | |
Revenue, Series A-1, CABs | 3.878(s) | 07/01/24 | 1,304 | 1,151,054 | |
3,872,517 | |||||
Rhode Island 1.5% | |||||
Tobacco Settlement Financing Corp., | |||||
Revenue, Series A, Rfdg | 5.000 | 06/01/22 | 540 | 582,487 | |
Revenue, Series A, Rfdg | 5.000 | 06/01/24 | 1,940 | 2,195,188 | |
2,777,675 | |||||
South Carolina 0.2% | |||||
South Carolina Public Service Authority, Revenue, Santee Cooper, Series A, Rfdg | 5.000 | 12/01/24 | 280 | 299,849 | |
Tennessee 0.5% | |||||
Memphis-Shelby County Industrial Development Board, Senior Tax Project, Series A, Rfdg | 4.750 | 07/01/27 | 650 | 694,648 | |
Tennessee Energy Acquisition Corp., Revenue, Series C | 5.000 | 02/01/20 | 270 | 270,686 | |
965,334 | |||||
Texas 10.9% | |||||
Austin Convention Enterprises, Inc., | |||||
Revenue, First Tier Convention Center, Series A, Rfdg | 5.000 | 01/01/26 | 1,500 | 1,755,885 | |
Revenue, First Tier Convention Center, Series A, Rfdg | 5.000 | 01/01/28 | 800 | 949,704 | |
Revenue, Second Tier Convention Center, Series B, Rfdg | 5.000 | 01/01/25 | 650 | 734,272 | |
Bexar County Health Facilities Development Corp., Revenue, Army Retirement Residence Foundation, Rfdg | 5.000 | 07/15/24 | 500 | 561,020 | |
Board of Managers Joint Guadalupe County-City of Seguin Hospital, Revenue, Rfdg | 5.000 | 12/01/21 | 1,000 | 1,047,370 | |
Central Texas Regional Mobility Authority, | |||||
Revenue, Senior Lien, Series A, Rfdg | 5.000 | 01/01/23 | 610 | 675,788 | |
Revenue, Sub Lien, Rfdg | 5.000 | 01/01/21 | 180 | 186,574 | |
City of Houston Airport System, Revenue, Sub-Series A, AMT, Rfdg | 5.000 | 07/01/25 | 1,000 | 1,183,750 |
13
PGIM Short Duration Muni High Income Fund
Schedule of Investments as of December 31, 2019 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds(Continued) | |||||
Texas (cont’d.) | |||||
Clifton Higher Education Finance Corp., | |||||
Revenue, Idea Public Schools | 3.750 % | 08/15/22 | 265 | $274,741 | |
Revenue, Idea Public Schools (Pre-refunded Date 08/15/21)(ee) | 5.500 | 08/15/31 | 410 | 438,376 | |
Revenue, Idea Public Schools, Series B | 4.000 | 08/15/23 | 610 | 664,632 | |
Revenue, Idea Public Schools, Series B | 5.000 | 08/15/25 | 210 | 248,178 | |
Dallas County Flood Control District No. 1, GO, Rfdg, 144A | 5.000 | 04/01/20 | 750 | 755,040 | |
Decatur Hospital Authority, Wise Regional Health Systems, | |||||
Revenue, Series A, Rfdg | 4.000 | 09/01/20 | 200 | 202,890 | |
Revenue, Series A, Rfdg | 5.000 | 09/01/22 | 150 | 162,131 | |
Revenue, Series A, Rfdg | 5.000 | 09/01/23 | 150 | 166,160 | |
Gulf Coast Authority, | |||||
Revenue, ExxonMobil Project, FRDD | 1.640(cc) | 09/01/25 | 2,600 | 2,600,000 | |
Revenue, ExxonMobil Project, FRDD | 1.640(cc) | 12/01/25 | 1,500 | 1,500,000 | |
Houston Higher Education Finance Corp., Revenue, Cosmos Foundation, Series A | 4.000 | 02/15/22 | 55 | 56,373 | |
Kerrville Health Facilities Development Corp., Revenue, Peterson Regional Medical Center Project, Rfdg | 5.000 | 08/15/22 | 485 | 529,930 | |
Lower Neches Valley Authority Industrial Development Corp., Revenue, ExxonMobil Project, Series B, Rfdg, FRDD | 1.630(cc) | 11/01/29 | 1,550 | 1,550,000 | |
New Hope Cultural Education Facilities Finance Corp., | |||||
Revenue, Jubilee Academic Center Project, Series A, 144A | 4.250 | 08/15/27 | 500 | 508,395 | |
Revenue, MRC Crestview, Rfdg | 4.000 | 11/15/26 | 1,060 | 1,141,016 | |
Revenue, Tarelton St. University Student Housing Project, Series A | 4.000 | 04/01/21 | 300 | 306,024 | |
North Texas Tollway Authority, Revenue, Series A, Rfdg | 5.000 | 01/01/21 | 100 | 103,807 | |
Tarrant County Cultural Education Facilities Finance Corp., Revenue, Trinity Terrace Project, Series A-1, Rfdg | 5.000 | 10/01/29 | 630 | 710,508 | |
Texas Municipal Gas Acquisition & Supply Corp. I, Revenue, Senior Lien, Series D | 6.250 | 12/15/26 | 930 | 1,099,353 | |
20,111,917 |
14
PGIM Short Duration Muni High Income Fund
Schedule of Investments as of December 31, 2019 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds(Continued) | |||||
Utah 1.3% | |||||
Salt Lake City Corp. Airport, | |||||
Revenue, Series A, AMT | 5.000 % | 07/01/22 | 300 | $326,580 | |
Revenue, Series A, AMT | 5.000 | 07/01/26 | 1,050 | 1,262,877 | |
Revenue, Series A, AMT | 5.000 | 07/01/28 | 500 | 620,855 | |
Utah Charter School Finance Authority, Revenue, Spectrum Academy Project, 144A | 4.300 | 04/15/25 | 135 | 135,332 | |
2,345,644 | |||||
Vermont 0.0% | |||||
Vermont Economic Development Authority, Revenue, Wake Robin Corp. Project, Rfdg | 5.000 | 05/01/21 | 100 | 103,091 | |
Virginia 1.3% | |||||
Virginia College Building Authority, | |||||
Revenue, Green Bond, Marymount University Project, Series B, 144A | 5.000 | 07/01/20 | 500 | 506,975 | |
Revenue, Marymount University Project, Series A, Rfdg, 144A | 5.000 | 07/01/20 | 525 | 532,324 | |
Virginia Small Business Financing Authority, | |||||
Revenue, 95 Express Lanes LLC Project, AMT | 5.000 | 01/01/44 | 1,000 | 1,053,120 | |
Revenue, Senior Lien, Express Lanes | 4.250 | 07/01/22 | 225 | 240,471 | |
2,332,890 | |||||
Washington 0.9% | |||||
Port of Seattle, Revenue, Intermediate Lien, AMT | 5.000 | 04/01/29 | 1,000 | 1,263,100 | |
Washington Health Care Facilities Authority, Revenue, Overlake Medical Center, Rfdg | 5.000 | 07/01/20 | 325 | 331,074 | |
1,594,174 | |||||
West Virginia 1.1% | |||||
Harrison County Commission, Revenue, Monongahela Power Co., Series A, AMT, Rfdg, (Mandatory Put Date 10/15/21) | 3.000 | 10/15/37 | 500 | 511,805 |
15
PGIM Short Duration Muni High Income Fund
Schedule of Investments as of December 31, 2019 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds(Continued) | |||||
West Virginia (cont’d.) | |||||
West Virginia Economic Development Authority, | |||||
Revenue, Appalachian Power Co., Series A, Rfdg, (Mandatory Put Date 04/01/24) | 2.550 % | 03/01/40 | 1,000 | $1,034,740 | |
Revenue, Wheeling Power Co. Mitchell, Series A, AMT, Rfdg, (Mandatory Put Date 04/01/22) | 3.000 | 06/01/37 | 500 | 513,130 | |
2,059,675 | |||||
Wisconsin 1.0% | |||||
Public Finance Authority, | |||||
Revenue, Bancroft Neurohealth Project, Series A, 144A | 5.000 | 06/01/23 | 500 | 530,480 | |
Revenue, Series E, AMT, Rfdg | 5.000 | 07/01/23 | 1,210 | 1,281,511 | |
1,811,991 | |||||
TOTAL INVESTMENTS 99.9% (cost $179,110,843) | 184,365,956 | ||||
Other assets in excess of liabilities 0.1% | 165,661 | ||||
Net Assets 100.0% | $184,531,617 |
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 | |
CABS—Capital Appreciation Bonds | |
FRDD—Floating Rate Daily Demand Note | |
GO—General Obligation | |
LIBOR—London Interbank Offered Rate | |
NATL—National Public Finance Guaranty Corp. | |
Rfdg—Refunding |
# | Principal amount is shown in U.S. dollars unless otherwise stated. |
(c) | Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2019. |
(cc) | Variable rate instrument. The rate shown is based on the latest available information as of December 31, 2019. 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. |
(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. |
(s) | Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date. |
16
PGIM Short Duration Muni High Income Fund
Schedule of Investments as of December 31, 2019 (unaudited) (continued)
Other information regarding the Fund is available in the Fund’s most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).
17