NPORT-EX 2 PI62670PRU053122.htm
PGIM California Muni Income Fund
Schedule of Investments as of May 31, 2022 (unaudited)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Long-Term Investments 100.3%          
Municipal Bonds 
ABAG Fin. Auth. for Nonprofit Corp. Rev.,
Sharp Healthcare, Series A, Rfdg. 		5.000 % 08/01/43   2,000  $2,044,883
Alameda Corridor Trans. Auth. Rev.,          
2nd Sub. Lien, Series B, Rfdg. 5.000 10/01/34   2,375 2,513,601
2nd Sub. Lien, Series B, Rfdg. 5.000 10/01/37   700 737,885
Sr. Lien, Series A, Rfdg. 5.000 10/01/22   375 379,196
Sr. Lien, Series A, Rfdg., AGM 5.000 10/01/28   1,000 1,038,625
Bay Area Toll Auth. Rev.,          
Rfdg. 5.000 04/01/27   1,655 1,858,318
Rfdg. 5.000 04/01/28   1,365 1,557,777
Series A, Rfdg. (Mandatory put date 04/01/28) 2.000(cc) 04/01/56   750 710,083
Series F-1 (Pre-refunded date 04/01/27)(ee) 5.000 04/01/56   1,000 1,133,471
California Cmnty. Choice Fing. Auth. Rev.,          
Series B-1, Green Bond (Mandatory put date 08/01/31) 4.000(cc) 02/01/52   2,000 2,071,623
Series B-2, Green Bond (Mandatory put date 08/01/31) 1.240(cc) 02/01/52   1,120 1,100,863
California Cnty. Tob. Secur. Agcy. Rev.,          
Sonoma Cnty. Secur. Corp., Series A, Rfdg. 5.000 06/01/28   500 543,727
Sr. Series A, Rfdg. 5.000 06/01/27   1,125 1,236,233
Sr. Series A, Rfdg. 5.000 06/01/28   1,730 1,919,635
Sr. Series A, Rfdg. 5.000 06/01/30   1,130 1,280,740
     
 
California Edl. Facs. Auth. Rev.,
Pepperdine Univ., Rfdg. (Pre-refunded date 04/01/26)(ee) 		5.000 10/01/49   2,000 2,223,128
California Hlth. Facs. Fing. Auth. Rev.,          
Cedars Sinai Hlth. Sys., Series A, Rfdg. 5.000 08/15/51   1,000 1,123,288
Cedars Sinai Med. Ctr., Rfdg. 5.000 11/15/25   1,325 1,446,464
Cedars Sinai Med. Ctr., Rfdg. 5.000 11/15/33   1,000 1,078,603
Cedars Sinai Med. Ctr., Series A 5.000 08/15/25   535 581,099
Commonspirit Hlth., Series A, Rfdg. 5.000 04/01/32   500 547,716
Kaiser Permanente, Series C (Mandatory put date 11/01/29) 5.000(cc) 06/01/41   2,095 2,417,674
Kaiser Permanente, Sub. Series A-2, Rfdg. 4.000 11/01/44   3,045 3,082,372
Lucile Salter Packard Children’s Hosp. at Stanford, Series A, Rfdg. 5.000 05/15/26   1,000 1,101,078
Providence Hlth. Svcs., Series A, Rfdg. 5.000 10/01/27   330 350,835
St. Joseph Hlth. Sys., Series C, Rmkt., Rfdg. (Mandatory put date 10/18/22) 5.000(cc) 07/01/34   515 522,465
Stanford Healthcare, Series A 5.000 08/15/54   2,000 2,107,485
Stanford Healthcare, Series A, Rfdg. (Mandatory put date 08/15/25) 3.000(cc) 08/15/54   1,000 1,022,388
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PGIM California Muni Income Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
California Infrast. & Econ. Dev. Bank Rev.,          
J. Paul Getty Trust, Series B-1, Rfdg. (Mandatory put date 01/01/24) 0.390 %(cc) 10/01/47   1,000  $978,045
Sustainability Bond CA ACAD Sciences, Series B, Rmkt., Rfdg. (Mandatory put date 08/01/24) 1.140(cc) 08/01/47   2,500 2,502,339
California Muni. Fin. Auth. Rev.,          
American Heritage Ed., Series A, Rfdg. 4.000 06/01/26   630 634,408
CHF-Davis I, LLC, West Vlg. Student Hsg. Proj. 5.000 05/15/23   495 507,058
CHF-Davis I, LLC, West Vlg. Student Hsg. Proj., BAM, TCRs 5.000 05/15/29   760 852,679
ExxonMobil Proj., Rfdg., FRDD 0.590(cc) 12/01/29   16,115 16,115,000
Green Bond-Orchard Park Student Hsg. Proj., BAM 4.000 05/15/46   1,000 995,192
Humangood Calif. Oblig. Grp. 4.000 10/01/49   1,000 923,310
Series A, 144A 5.500 06/01/48   250 255,023
Sr. Lien-LINXS APM Proj., Series A, AMT 5.000 12/31/43   2,500 2,595,782
UCR North Dist. Phase 1 Student Hsg. Proj., BAM 5.000 05/15/27   750 820,255
United Airlines, Inc. Proj., AMT 4.000 07/15/29   2,000 1,951,460
Wste. Mgmt., AMT (Mandatory put date 12/01/23) 0.700(cc) 12/01/44   1,000 972,086
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   750 734,456
Green Bond-Calplant I Proj., AMT, 144A 7.000 07/01/22(d)   250 150,000
Green Bond-Calplant I Proj., AMT, 144A 8.000 07/01/39(d)   500 300,000
Wste. Mgmt. Proj., Series A, Rmkt. (Mandatory put date 05/01/24) 2.500(cc) 11/01/38   1,375 1,370,846
California Sch. Fin. Auth. Rev.,          
Alliance CLG-Ready Pub. Schs., Series A, 144A 5.000 07/01/45   1,000 1,033,669
Alliance CLG-Ready Pub. Schs., Series A, Rfdg., 144A 4.000 07/01/26   300 311,115
Green Dot Pub. Sch. Proj., Series A, 144A 5.000 08/01/45   685 697,472
KIPP LA. Proj., Series A, 144A 5.000 07/01/45   1,000 1,024,655
KIPP LA. Proj., Series A, 144A 5.000 07/01/47   1,230 1,276,714
KIPP Socal Pub. Schs., Series A, 144A 5.000 07/01/49   1,500 1,573,432
Vista Charter Schs., Series A, 144A 4.000 06/01/51   2,000 1,700,663
California St.,          
GO 5.000 03/01/45   2,000 2,122,229
GO, Rfdg. 3.250 04/01/45   1,000 941,819
GO, Rfdg. 5.000 11/01/26   2,000 2,244,873
GO, Rfdg. 5.000 08/01/28   1,980 2,251,841
GO, Rfdg. 5.000 09/01/28   1,540 1,779,367
GO, Rfdg. 5.000 08/01/45   1,500 1,597,614
GO, Rfdg. 5.000 08/01/46   1,500 1,617,821
Unrefunded Balance, GO, Rfdg. 5.500 04/01/30   5 5,016
Var. Purp., GO 3.000 03/01/28   2,000 2,085,080
Var. Purp., GO 4.000 04/01/49   2,000 2,068,969
Var. Purp., GO, Rfdg. 4.000 09/01/34   1,130 1,181,027
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PGIM California Muni Income Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
California St., (cont’d.)          
Var. Purp., GO, Rfdg. 5.000 % 10/01/47   2,000  $2,156,038
California St. Pub. Wks. Brd. Lease Rev.,          
Off. Emerg. Svcs., Series F, Rfdg. 5.000 04/01/25   175 188,398
Series C, Rfdg.(hh) 5.000 08/01/28   875 965,834
     
 
California Statewide Cmntys. Dev. Auth.,
Spl. Tax, Cmnty. Facs. Dist. No. 97-1, CABS 		1.049(s) 09/01/22   235 234,379
California Statewide Cmntys. Dev. Auth. Rev.,          
899 Charleston Proj., Series A, Rfdg., 144A 5.250 11/01/44   250 245,339
CHF Irvine LLC, Rfdg. 5.000 05/15/27   685 747,922
CHF Irvine LLC, Rfdg. 5.000 05/15/28   2,000 2,182,569
Loma Linda Univ. Med. Ctr., Series A, 144A 5.250 12/01/56   1,000 1,020,396
Loma Linda Univ. Med. Ctr., Series A, Rfdg. 5.250 12/01/44   1,585 1,616,179
Methodist Hosp. of Southern CA Proj. 5.000 01/01/23   500 509,607
Methodist Hosp. of Southern CA Proj. 5.000 01/01/24   450 468,948
Methodist Hosp. of Southern CA Proj. 5.000 01/01/48   1,975 2,075,279
Southern Calif. Edison Co., Series B, Rmkt., Rfdg. 1.450 04/01/28   2,000 1,783,365
     
 
Chino Basin Regl. Fing. Auth. Rev.,
NTS, Series B 		4.000 11/01/25   2,485 2,624,170
Fontana,
Spl. Tax, Cmnty. Facs. Dist. No. 22 Sierra Hills, Rfdg. 		5.000 09/01/34   500 520,973
Golden St. Tob. Secur. Corp. Rev.,          
Series A-1, Rfdg. (Pre-refunded date 06/01/27)(ee) 5.000 06/01/29   1,830 2,082,152
Series A-1, Rfdg. (Pre-refunded date 06/01/28)(ee) 5.000 06/01/33   1,405 1,629,090
Series A-1, Rfdg., EMT(ee) 5.000 06/01/25   360 389,608
Series A-1, Rfdg., EMT(ee) 5.000 06/01/27   765 866,808
     
 
Inland Vlly. Dev. Agcy.,
Tax Alloc., Series A, Rfdg. 		5.000 09/01/44   500 510,650
Irvine Unif. Sch. Dist.,
Spl. Tax, Series A 		4.000 09/01/28   750 786,253
Jurupa Pub. Fing. Auth.,
Spl. Tax, Series A, Rfdg. 		5.000 09/01/42   1,250 1,290,915
La Mesa-Spring Vlly. Sch. Dist.,
Elect. of 2002, Series B, CABS, GO, Rfdg., NATL 		1.789(s) 08/01/23   2,000 1,958,777
Lincoln Pub. Fing. Auth.,
Twelve Bridges, Tax Alloc., Sub. Series B, Rfdg. 		6.000 09/02/27   912 915,091
Long Beach Bond Fin. Auth. Nat. Gas Pur. Rev.,          
Series A 5.000 11/15/35   2,725 3,113,755
Series A 5.500 11/15/30   1,475 1,705,199
Series A 5.500 11/15/32   440 515,422
Los Angeles Calif. Dept. Arpts. Rev.,          
Series A, AMT 5.000 05/15/38   2,500 2,550,708
Series A, AMT 5.250 05/15/48   1,000 1,081,333
Series B, Rfdg., AMT 5.000 05/15/31   1,080 1,198,394
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PGIM California Muni Income Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Los Angeles Calif. Dept. Arpts. Rev., (cont’d.)          
Sr. Series C, AMT 5.000 % 05/15/28   1,000  $1,112,752
Sub. Series C, Rfdg. 5.000 05/15/24   390 413,432
Sub-P3. Proj., Series A, Rfdg., AMT 5.000 05/15/28   1,250 1,403,202
     
 
Los Angeles Cnty. Regional Fing. Auth. Rev.,
Montecedro, Inc. Proj., Series A 		5.000 11/15/44   1,250 1,265,093
Los Angeles Dept. of Wstewtr. Sys. Rev.,
Green Bond, Sub. Series A 		4.000 06/01/42   1,500 1,551,514
Los Angeles Dept. of Wtr. & Pwr. Rev.,
Pwr. Sys., Series A 		5.000 07/01/51   1,185 1,365,235
Los Angeles Dept. of Wtr. & Pwr. Wtr. Sys. Rev.,
Series B 		5.000 07/01/34   2,500 2,576,034
Metro. Wtr. Dist. of Southern Calif. Rev.,
Sub. Series C, Rmkt. (Mandatory put date 05/21/24) 		0.930(cc) 07/01/47   2,000 2,014,713
M-S-R Energy Auth. Rev.,
Series A 		6.500 11/01/39   1,000 1,277,790
Northern Calif. Energy Auth. Rev.,
Series A (Mandatory put date 07/01/24) 		4.000(cc) 07/01/49   4,075 4,181,292
Northern Calif. Tob. Secur. Auth. Rev.,
Sr. Bonds, Series A, Rfdg. 		5.000 06/01/28   1,000 1,096,271
Northern Calif. Transmn. Agy. Rev.,
Calif.- Oregon Proj., Series A, Rfdg. 		5.000 05/01/39   750 802,775
Orange Cnty. Cmnty. Facs. Dist.,          
Spl. Tax, No. 2015-1 Esencia Vlg., Series A 5.250 08/15/45   2,150 2,273,477
Spl. Tax, No. 2017-1 Esencia Vlg., Series A 5.000 08/15/47   1,500 1,580,060
     
 
Orange Cnty. Trans. Auth. Rev.,
Express Lane Sr. Lien 91, Rfdg. 		5.000 08/15/29   1,000 1,036,527
Pittsburg Successor Agy. Redev. Agy.,          
Los Medanos Cmnty. Dev. Proj., Tax Alloc., AMBAC, CABS 2.850(s) 08/01/26   1,375 1,221,994
Tax Alloc., Sub. Series A, Rfdg., AGM 5.000 09/01/29   1,750 1,906,400
Port of Oakland Rev.,          
Inter Lien, Series E, Rfdg. 5.000 11/01/26   750 825,637
Intermediate Lien, Series H, Rfdg., AMT 5.000 05/01/28   1,875 2,080,621
     
 
Poway Unif. Sch. Dist. Pub. Fing. Auth.,
Spl. Tax, Cmnty. Fasc. Dist. No. 14, Series A, Rfdg. 		5.000 09/01/35   1,000 1,049,928
Puerto Rico Comnwlth.,
Restructured, Series A, CABS, GO 		4.015(s) 07/01/24   2,941 2,707,354
Puerto Rico Comnwlth. Aqu. & Swr. Auth. Rev.,          
Sr. Lien, Series A 5.750 07/01/37   390 391,112
Sr. Lien, Series A 6.000 07/01/47   325 325,950
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev.,          
Series A-1, CABS 3.740(s) 07/01/24   930 860,817
Series A-1, CABS 3.996(s) 07/01/27   2,072 1,694,337
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PGIM California Muni Income Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
     
 
Rancho Cucamonga Redev. Agy. Successor Agy.,
Rancho Redev. Proj. Area, Tax Alloc., Rfdg., AGM 		5.000 % 09/01/32   450  $476,601
Redding Elec. Sys. Rev., RIBS,
NATL, ETM(ee) 		11.316(e) 07/01/22   295 297,951
Riverside Cnty. Infrast. Fing. Auth. Rev.,          
Series A, Rfdg. (Pre-refunded date 11/01/25)(ee) 4.000 11/01/37   190 202,131
Unrefunded, Series A, Rfdg. 4.000 11/01/37   1,080 1,104,885
     
 
Riverside Cnty. Pub. Fing. Auth. Rev.,
Cap. Facs. Proj. (Pre-refunded 11/01/25)(ee) 		5.250 11/01/45   1,000 1,108,791
Roseville,          
Spl. Tax, WestPark Cmnty. Facs. Dist. No. 1, Pub. Facs., Rfdg. 5.000 09/01/28   300 321,066
Spl. Tax, WestPark Cmnty. Facs. Dist. No. 1, Pub. Facs., Rfdg. 5.000 09/01/37   500 524,846
     
 
Sacramento Area Flood Ctrl. Agy.,
Series A, Spl. Assmt., Rfdg. 		5.000 10/01/41   1,000 1,082,504
Sacramento Cnty.,
Spl. Tax, Cmnty. Facs. Dist. No. 2004-1, Mcclellan Park, Rfdg. 		5.000 09/01/40   1,085 1,161,064
San Diego Cnty. Regl. Arpt. Auth. Rev.,          
Sr. Series B, AMT (Pre-refunded date 07/01/23)(ee) 5.000 07/01/30   650 672,316
Sr. Series B, AMT (Pre-refunded date 07/01/23)(ee) 5.000 07/01/43   2,000 2,067,159
Sub. Series B, Rfdg., AMT 5.000 07/01/28   1,000 1,100,181
Sub. Series C, Rfdg., AMT 5.000 07/01/24   625 654,721
     
 
San Diego Pub. Facs. Fing. Auth. Rev.,
Cap. Impt. Projs., Series A 		5.000 10/15/44   1,000 1,059,165
San Francisco City & Cnty. Arpt. Commn. Rev.,          
2nd Series A, Rfdg. 5.000 05/01/27   400 438,836
2nd Series A, Rfdg., AMT 5.250 05/01/33   545 559,132
Series A, Rfdg., AMT 5.000 05/01/31   500 572,985
Series D, Rfdg., AMT 5.000 05/01/26   1,720 1,873,767
Series H, Rfdg., AMT 5.000 05/01/24   250 262,849
Spl. Facs. Lease, Rfdg., AMT 5.000 01/01/23   650 662,242
Unrefunded, 2nd Series G, Rfdg., AMT 5.000 05/01/27   500 543,183
     
 
San Leandro Cmnty. Facs. Dist. No. 1,
Spl. Tax Dist. No. 1 		6.500 09/01/25   1,530 1,535,229
Sanger Unif. Sch. Dist.,
COPS Cap. Proj. COP, Rfdg., AGM 		5.000 06/01/52   965 980,199
Santa Margarita Wtr. Dist.,
Spl. Tax, Cmnty. Facs. Dist. No. 2013-1 		5.625 09/01/36   315 325,303
Santa Maria Joint Union H.S. Dist.,
Elect. of 2004, CABS, GO, NATL 		2.973(s) 08/01/29   1,250 1,011,611
Santa Monica Cmnty. Clg. Dist.,
Elect. of 2002, Series A, GO, NATL 		2.687(s) 08/01/28   1,055 894,850
5
PGIM California Muni Income Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
     
Southern Calif. Tob. Secur. Auth. Rev.,
San Diego Co., Asset security, Rfdg. 		5.000 % 06/01/25   1,755  $1,864,189
Stockton Pub. Fing. Auth. Rev.,
Delta Wtr. Sply. Proj., Series A, Rmkt. (Pre-refunded date 10/01/23)(ee) 		6.250 10/01/40   700 742,306
Univ. of California Reg. Med. Ctr. Rev.,
Series P 		5.000 05/15/36   1,500 1,745,523
Univ. of California Rev.,
Gen. Series AK, Rfdg. (Mandatory put date 05/15/23) 		5.000(cc) 05/15/48   1,530 1,580,358
Vernon Elec. Sys. Rev.,
Series A 		5.000 04/01/28   2,000 2,200,424
Walnut Energy Ctr. Auth. Rev.,
Rfdg. 		5.000 01/01/34   1,000 1,055,973
 
TOTAL INVESTMENTS 100.3%
(cost $204,493,801) 		201,532,778
Liabilities in excess of other assets(z) (0.3)% (535,995)
 
Net Assets 100.0% $200,996,783
           
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
  COP—Certificates of Participation
  ETM—Escrowed to Maturity
  FRDD—Floating Rate Daily Demand Note
  GO—General Obligation
  NATL—National Public Finance Guarantee Corp.
  Rfdg—Refunding
  RIBS—Residual Interest Bonds
  TCRs—Transferrable Custodial Receipts
    
# Principal amount is shown in U.S. dollars unless otherwise stated.
(cc) Variable rate instrument. The rate shown is based on the latest available information as of May 31, 2022. 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.
6
PGIM California Muni Income Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
(e) Inverse floating rate bond. The coupon is inversely indexed to a floating rate. The rate shown is the rate at May 31, 2022.
(ee) All or partial escrowed to maturity and pre-refunded issues are secured by escrowed cash, a guaranteed investment contract and /or U.S. guaranteed obligations.
(hh) When-issued security.
(s) Represents zero coupon. Rate quoted represents effective yield at May 31, 2022.
(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, 2022:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Short Position:
39   20 Year U.S. Treasury Bonds   Sep. 2022    $5,438,063    $15,866
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).
7