NPORT-EX 2 PI62700NationalMunihtml.htm
PGIM National Muni Fund
Schedule of Investments as of May 31, 2020 (unaudited)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Long-Term Investments 100.0%
Municipal Bonds 
Alabama 0.6%
Black Belt Energy Gas Dist. Rev.,
Proj. 4, Series A-1, (Mandatory put date 12/01/25) 		4.000 %(cc) 12/01/49   2,865  $3,158,634
Jefferson Cnty. Swr Rev.,          
Sr. Lien, Warrants, Series A, Rfdg., AGM 5.000 10/01/44   500 554,230
Sr. Lien, Warrants, Series A, Rfdg., AGM 5.250 10/01/48   500 560,345
          4,273,209
Alaska 1.7%
Alaska Indl. Dev. & Export Auth. Rev.,
Tanana Chiefs Conference Proj., Series A 		4.000 10/01/49   3,000 3,206,160
Valdez Marine Term Rev.,
Exxon Mobil Corp. Proj., Rfdg., FRDD (Mandatory put date 06/01/20) 		0.070(cc) 12/01/29   9,860 9,860,000
          13,066,160
Arizona 3.6%
Arizona Hlth. Facs. Auth. Rev.,
Banner Hlth., Series B, 3 Month LIBOR + 0.810% 		1.770(c) 01/01/37   2,280 2,229,546
Chandler Indl. Dev. Auth. Rev.,
Intel Corp., AMT (Mandatory put date 06/03/24) 		5.000(cc) 06/01/49   1,035 1,187,114
Maricopa Cnty. Indl. Dev. Auth. Rev.,
Banner Hlth., Series A 		5.000 01/01/41   1,000 1,199,420
Phoenix Civic Impvt. Corp. Rev.,          
Jr. Lien, Series B, AMT 5.000 07/01/29   2,000 2,438,060
Series A, AMT 5.000 07/01/47   2,000 2,228,760
Sr. Lien, AMT 5.000 07/01/48   2,000 2,245,740
Sr. Lien, Rfdg., AMT 5.000 07/01/32   1,200 1,316,256
     
 
Pima Cnty. Indl. Dev. Auth. Rev.,
Tucson Elec. Pwr. Co. Proj., Rfdg. 		4.000 09/01/29   2,000 2,077,720
Salt River Proj. Agric. Impvt. & Pwr. Dist. Elec. Sys. Rev.,
Series A, Rfdg. 		4.000 01/01/38   2,000 2,295,540
Salt Verde Finl. Corp.,          
Sr. Gas Rev., Sr. Bonds 5.000 12/01/32   2,575 3,238,603
Sr. Gas Rev., Sr. Bonds 5.000 12/01/37   3,505 4,517,069
Sr. Gas Rev., Sr. Bonds 5.250 12/01/26   2,180 2,604,250
          27,578,078
1
PGIM National Muni Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
California 12.1%
Alameda Corridor Trans. Auth. Rev.,
2nd Sub. Lien, Series B, Rfdg. 		5.000 % 10/01/37   2,000  $2,162,000
Anaheim Pub. Fing. Auth. Lease Rev.,
Sr. Pub. Impvts. Proj., Series A, AGM 		6.000 09/01/24   5,500 6,194,705
Bay Area Toll Auth. Rev.,
Series F-1 		5.000 04/01/56   2,000 2,342,020
California Cnty. Tob. Secur. Agcy. Rev.,
Conv. Bonds, Asset Bkd., Series B, Rfdg. 		5.100 06/01/28   1,025 1,025,020
California Hlth. Facs. Fing. Auth. Rev.,          
Stanford Healthcare, Series A 5.000 08/15/54   1,000 1,138,080
Stanford Hosp. Series B, Rfdg. (Pre-refunded date 11/15/20)(ee) 5.000 11/15/36   2,000 2,043,820
Sutter Hlth. Series D, Rfdg. 5.250 08/15/31   1,000 1,046,950
California Muni. Fin. Auth. Rev.,          
CHF-Davis I, LLC, West Village Student Hsg. Proj., BAM, TCRs 5.000 05/15/29   1,000 1,185,900
Sr. Lien-LINXS APM Proj., AMT 5.000 12/31/43   2,750 2,983,613
     
 
California Poll. Ctrl. Fing. Auth. Wtr. Facs. Rev.,
American Wtr. Cap. Corp. Proj., 144A 		5.250 08/01/40   1,250 1,257,712
California St.,          
GO 5.000 03/01/45   3,000 3,468,750
GO 5.250 11/01/40   1,250 1,273,137
GO, Rfdg. 5.000 08/01/45   500 583,470
GO, Rfdg. 5.000 08/01/46   1,500 1,788,900
Var. Purp., GO 5.000 04/01/42   7,000 7,502,180
Var. Purp., GO 5.250 04/01/35   1,250 1,353,000
Var. Purp., GO 6.000 03/01/33   500 502,070
Var. Purp., GO, Rfdg. 5.000 09/01/41   4,250 4,466,835
Var. Purp., GO, Rfdg. 5.000 10/01/41   1,250 1,318,888
Var. Purp., GO, Rfdg. 5.000 10/01/47   3,000 3,551,250
     
 
California St. Univ. Rev.,
Series A, Systemwide, Rfdg. (Pre-refunded date 11/01/21)(ee) 		5.000 11/01/37   1,250 1,335,063
California Statewide Cmntys. Dev. Auth. Rev.,
Green Marin General Hosp. Proj., Series A 		4.000 08/01/45   750 777,293
Foothill-De Anza Cmnty. College Dist.,
Series C, GO (Pre-refunded date 08/01/21)(ee) 		5.000 08/01/40   1,250 1,320,750
Golden St. Tob. Secur. Corp. Rev.,          
Series A-1, Rfdg. 5.000 06/01/26   1,000 1,182,560
Series A-1, Rfdg. 5.000 06/01/28   1,265 1,503,263
Series A-1, Rfdg. 5.000 06/01/29   1,250 1,474,425
Series A-1, Rfdg. 5.000 06/01/33   3,050 3,534,797
2
PGIM National Muni Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
California (cont’d.)
Golden St. Tob. Secur. Corp. Rev., (cont’d.)          
Series A-1, Rfdg. 5.000 % 06/01/35   1,545  $1,777,183
Long Beach Bond Fin. Auth. Nat. Gas Pur. Rev.,          
Series A 5.000 11/15/35   1,140 1,494,859
Series A 5.500 11/15/37   1,000 1,408,080
Los Angeles Calif. Dept. Arpts. Rev.,          
Los Angls. Int’l., Series A, AMT 5.000 05/15/29   2,000 2,197,360
Los Angls. Int’l., Series A, AMT 5.000 05/15/38   2,500 2,737,550
Sub. Los Angls. Int’l., Rfdg., AMT 5.000 05/15/43   2,000 2,358,720
Sub. Los Angls. Int’l., Series A, AMT 5.250 05/15/48   1,000 1,177,400
     
 
Los Angeles Dept. of Wtr. Rev.,
Wtr. Sys., Series B 		5.000 07/01/34   2,500 2,828,525
M-S-R Energy Auth. Rev.,
Series A 		6.500 11/01/39   2,000 2,978,160
Pittsburg Redev. Agcy. Tax Alloc., Los Medanos Cmnty. Dev. Proj.,
AMBAC, CABS 		1.218(t) 08/01/25   2,000 1,878,220
Port of Oakland Rev.,          
Series O, Rfdg., AMT 5.000 05/01/29   2,860 2,929,898
Sr. Lien., Series P, Rfdg., AMT 5.000 05/01/33   1,750 1,867,740
     
 
Riverside Cnty. Pub. Fing. Auth. Rev.,
Cap. Facs. Proj. 		5.250 11/01/45   1,000 1,159,960
San Diego Cmnty. College Dist.,
Election of 2006, GO (Pre-refunded date 08/01/21)(ee) 		5.000 08/01/41   1,500 1,584,900
San Diego Cnty. Regl. Arpt. Auth. Rev.,
Sr. Series B, AMT 		5.000 07/01/43   2,000 2,129,400
San Francisco City & Cnty. Arpts. Comm. Rev.,          
Second Series A, Rfdg., AMT 5.250 05/01/33   1,000 1,093,830
Second Series F, Rfdg., AMT 5.000 05/01/28   1,635 1,688,644
     
 
Walnut Energy Ctr. Auth. Rev.,
Rfdg. 		5.000 01/01/34   800 935,824
          92,542,704
Colorado 2.7%
Colorado Hlth. Facs. Auth. Rev.,          
Commonspirit Hlth. Series A, Rfdg. 5.000 08/01/27   1,050 1,237,918
Commonspirit Hlth. Series A, Rfdg. 5.000 08/01/29   2,020 2,441,210
Commonspirit Hlth. Series A, Rfdg. 5.000 08/01/34   2,500 2,880,775
Commonspirit Hlth. Series B-2, (Mandatory put date 02/01/26) 5.000(cc) 08/01/49   2,465 2,827,454
3
PGIM National Muni Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Colorado (cont’d.)
Colorado Hlth. Facs. Auth. Rev., (cont’d.)          
Vail Valley Med. Ctr. 4.000 % 01/15/45   1,500  $1,568,535
Denver City & Cnty. Arpt. Sys. Rev.,          
Series A, Rfdg., AMT 5.000 11/15/27   620 756,673
Series A, Rfdg., AMT 5.250 11/15/22   1,050 1,111,824
Sub. Sys., Series A, Rfdg., AMT 5.000 12/01/34   2,300 2,721,406
Sub. Sys., Series A, Rfdg., AMT 5.000 12/01/35   1,000 1,180,150
Sub. Sys., Series A, Rfdg., AMT 5.250 12/01/43   3,000 3,573,030
          20,298,975
Connecticut 1.7%
Connecticut St.,          
Series A, GO 4.000 01/15/33   2,000 2,295,820
Series A, GO 5.000 01/15/32   2,000 2,517,440
Series B, GO, Rfdg. 5.000 05/15/25   2,000 2,366,660
Series C, GO 5.000 06/15/28   1,000 1,257,940
     
 
Connecticut St. Dev. Auth. Rev.,
Light & Pwr. Co. Proj., Series A, Rfdg. 		4.375 09/01/28   1,000 1,047,940
Connecticut St. Spl. Tax Rev.,          
Spl. Tax Oblig. Bonds, Series A 5.000 05/01/27   1,000 1,230,290
Trans. Infrastructure, Series A 5.000 01/01/38   2,000 2,373,800
          13,089,890
District of Columbia 2.7%
Dist. of Columbia, Rev.,          
Friendship Pub. Chrt. Sch., Rfdg. 5.000 06/01/36   1,385 1,498,902
Gallaudet Univ. 5.500 04/01/34   600 621,552
Kipp DC Iss., Series A, Rfdg. 5.000 07/01/37   1,250 1,358,088
Kipp. Chrt. Sch., Rfdg. (Pre-refunded date 07/01/23)(ee) 6.000 07/01/43   850 1,005,431
Kipp. Chrt. Sch., Rfdg. (Pre-refunded date 07/01/23)(ee) 6.000 07/01/48   725 857,573
     
 
Metropolitan Washington D.C. Arpt. Auth. Dulles Toll Road Rev.,
Dulles Met. Rail, Series A, Rfdg. 		5.000 10/01/44   2,000 2,335,920
Metropolitan Washington D.C. Arpt. Auth. Sys. Rev.,          
Forward Delivery, Series A, Rfdg., AMT(hh) 5.000 10/01/32   1,500 1,899,240
Rfdg., AMT 5.000 10/01/26   3,000 3,591,300
Series A, Rfdg., AMT 5.000 10/01/31   2,500 2,690,925
Series A, Rfdg., AMT 5.000 10/01/44   1,000 1,085,610
4
PGIM National Muni Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
District of Columbia (cont’d.)
Metropolitan Washington D.C. Arpt. Auth. Sys. Rev., (cont’d.)          
Series B, Rfdg., AMT 5.000 % 10/01/25   3,000  $3,047,610
Series C, Rfdg. 5.000 10/01/27   1,000 1,045,980
          21,038,131
Florida 7.9%
Broward Cnty. Arpt. Sys. Rev.,          
AMT 5.000 10/01/47   1,390 1,564,667
Series A, AMT 4.000 10/01/44   2,150 2,311,078
Series A, AMT 5.000 10/01/45   3,000 3,296,670
Series A, AMT (Pre-refunded date 10/01/23)(ee) 5.250 10/01/43   1,500 1,736,265
Series B, Rfdg., AMT 5.000 10/01/27   3,000 3,600,360
     
 
Central Florida Expressway Auth. Rev.,
Sr. Lien, Rfdg. 		4.000 07/01/41   2,000 2,184,340
Citizens Ppty. Ins. Corp. Rev.,
Sr. Sec’d., Series A-1 		5.000 06/01/22   1,000 1,086,170
Cityplace Cmnty. Dev. Dist.,
Spl. Assess., Rfdg. 		5.000 05/01/26   1,000 1,132,830
Davie Edl. Facs. Rev.,          
Nova Southeastern Univ. Proj., Series A 5.625 04/01/43   500 538,230
Nova Southeastern Univ. Proj., Series A 6.000 04/01/42   1,000 1,081,100
Florida Higher Edl. Facs. Finl. Auth. Rev.,          
Nova Southeastern Univ. Proj., Rfdg. 5.000 04/01/25   1,050 1,184,390
Nova Southeastern Univ. Proj., Rfdg. 5.000 04/01/28   1,250 1,420,687
     
 
Grtr. Orlando Avtn. Auth. Rev.,
Priority Sub. Series A, AMT 		5.000 10/01/42   5,000 5,726,450
Hillsborough Cnty. Avtn. Auth. Rev.,          
Tampa Int’l. Arpt., Sub. Series A, Rfdg., AMT 5.000 10/01/25   1,245 1,365,989
Tampa Int’l. Arpt., Series E, AMT 5.000 10/01/48   4,500 5,014,935
     
 
Miami Beach Redev. Agcy. Tax Alloc.,
Tax Incr. Rev. City Ctr., Rfdg., AGM 		5.000 02/01/44   1,500 1,660,410
Miami Dade Cnty. Avtn. Rev.,
Miami Int’l. Arpt., Series B 		5.000 10/01/41   2,500 2,523,975
Miami Dade Cnty. Hlth. Facs. Auth. Rev.,
Nicklaus Children’s Hosp. Series A, Rfdg. 		5.000 08/01/42   1,955 2,209,795
Miami Dade Cnty. Wtr. & Swr. Sys. Rev.,
Series B, Rfdg., AGM 		5.250 10/01/22   5,000 5,586,450
Mid-Bay Bridge Auth. Rev.,
Series A, Rfdg. 		5.000 10/01/40   1,000 1,048,280
North Sumter Cnty. Util. Dependent Dist.,
Wtr. & Swr. Rev. 		5.750 10/01/43   1,500 1,523,880
5
PGIM National Muni Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Florida (cont’d.)
     
Orange Cnty. Hlth. Facs. Auth. Rev.,
Orlando Hlth. Inc., Series B, Rfdg. 		5.000 % 10/01/44   1,000  $1,144,400
Palm Beach Cnty. Hlth. Facs. Auth. Rev.,
BRRH Corp. Oblig. Grp., Rfdg. (Pre-refunded date 12/01/24)(ee) 		5.000 12/01/31   500 602,930
Sarasota Cnty. Pub. Hosp. Dist. Rev.,
Sarst. Mem. Hosp. 		4.000 07/01/48   2,860 3,062,288
South Miami Hlth. Facs. Auth. Inc., Rev.,
Baptist Hlth. South Florida, Rfdg. 		5.000 08/15/47   1,000 1,139,050
Tampa Hlth. Sys. Rev.,
Baycare Hlth. Sys., Series A, Rfdg. 		5.000 11/15/33   3,090 3,320,205
Village Cmnty. Dev. Dist. No. 6,          
Spl. Assess., Rfdg. 4.000 05/01/27   340 398,330
Spl. Assess., Rfdg. 4.000 05/01/28   350 405,423
Spl. Assess., Rfdg. 4.000 05/01/29   360 411,523
     
 
Village Cmnty. Dev. Dist. No. 7,
Spl. Assess., Rfdg. 		4.000 05/01/23   1,070 1,142,589
Village Cmnty. Dev. Dist. No.10,
Spl. Assess. 		4.500 05/01/23   520 532,262
Village Cmnty. Dev. Dist. No.13,
Spl. Assess. 		3.375 05/01/34   500 474,035
          60,429,986
Georgia 1.7%
Atlanta Arpt. Rev.,          
Gen. Series B, Rfdg., AMT 5.000 01/01/30   500 510,455
Gen. Series C, Rfdg. 6.000 01/01/30   3,250 3,340,610
Main Street Natural Gas, Inc., Rev.,          
Series C, (Mandatory put date 09/01/26) 4.000(cc) 03/01/50   2,795 3,085,540
Sub. Series C, (Mandatory put date 12/01/23) 4.000(cc) 08/01/48   2,500 2,722,800
     
 
Monroe Cnty. Dev. Auth. Rev.,
GA Pwr. Co. Plant Scherer Proj. 1 		2.250 07/01/25   1,000 1,013,660
Priv. Coll. & Univs. Auth. Rev.,
Savannah Clg. of Art & Design 		5.000 04/01/44   2,120 2,277,241
          12,950,306
Hawaii 0.9%
Hawaii St. Arpts. Sys. Rev.,          
Series A, AMT 5.000 07/01/45   1,000 1,092,910
Series A, AMT 5.000 07/01/48   3,000 3,384,240
6
PGIM National Muni Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Hawaii (cont’d.)
     
 
Hawaii St. Dept. Budget & Fin. Rev.,
Pac. Hlth. Oblig., Series A, Rfdg. 		5.500 % 07/01/43   2,500  $2,747,400
          7,224,550
Illinois 12.9%
Chicago Brd. of Ed.,          
Series A, GO, Rfdg. 4.000 12/01/20   500 501,660
Series C, GO, Rfdg. 5.000 12/01/22   1,500 1,556,025
     
 
Chicago Brd. of Ed. Rev.,
Spl. Tax 		5.000 04/01/46   1,000 1,004,260
Chicago O’Hare Int’l. Arpt. Rev.,          
Gen. Arpt. Sr. Lien, Series B, Rfdg., AMT 5.000 01/01/32   2,000 2,087,920
Series A, Rfdg., AMT 5.000 01/01/33   1,220 1,344,355
Series B, Rfdg. 5.000 01/01/32   1,500 1,668,150
Sr. Lien, Series D 5.250 01/01/42   2,000 2,292,820
Chicago Trans. Auth. Rev.,          
2nd Lien 5.000 12/01/46   3,000 3,287,670
Transit Imps. 5.250 12/01/40   1,000 1,056,840
Chicago Waterworks Rev.,          
2nd Lien, Rfdg. 5.000 11/01/32   1,295 1,374,112
2nd Lien, Rfdg. 5.000 11/01/36   2,390 2,705,121
2nd Lien, Series A-1 5.000 11/01/27   410 472,336
2nd Lien, Series A-1 5.000 11/01/30   1,380 1,579,700
Chicago Wstewtr. Transmn. Rev.,          
2nd Lien 5.000 01/01/39   2,000 2,153,000
2nd Lien, Rmkt., Series C, Rfdg. 5.000 01/01/39   2,000 2,152,780
2nd Lien, Series A 5.000 01/01/47   1,000 1,097,230
Chicago, IL,          
Proj. Series A, GO 5.250 01/01/35   1,950 1,936,194
Proj. Series A, GO, Rfdg. 5.250 01/01/29   1,185 1,192,785
Rmkt., Series 2002B, GO 5.250 01/01/28   1,850 1,865,928
Rmkt., Series 2002B, GO 5.500 01/01/37   600 603,726
Rmkt., Series 2003B, GO, Rfdg. 5.500 01/01/30   1,000 1,014,090
Series A, GO 5.500 01/01/33   960 969,629
Series C, GO, Rfdg. 5.000 01/01/23   270 271,399
Series C, GO, Rfdg. 5.000 01/01/24   340 342,842
Series C, GO, Rfdg. 5.000 01/01/26   1,000 1,003,270
     
 
Illinois Fin. Auth. Rev.,
Northshore Univ. Hlth. Sys., Series A, Rfdg. 		5.000 08/15/28   1,110 1,394,748
Illinois St.,          
GO 5.000 02/01/24   1,195 1,219,199
7
PGIM National Muni Fund
Schedule of Investments as of May 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 % 11/01/30   500  $506,140
GO 5.000 04/01/31   1,000 1,007,280
GO 5.250 02/01/29   2,000 2,033,240
GO, Rfdg. 5.000 08/01/24   2,000 2,028,820
GO, Rfdg. 5.000 02/01/25   1,315 1,340,524
Series A, GO 5.000 04/01/22   1,730 1,754,255
Series A, GO 5.000 12/01/39   2,500 2,516,450
Series A, GO, Rfdg. 5.000 10/01/28   750 762,750
Series C, GO 5.000 11/01/29   1,000 1,014,640
Series D, GO 5.000 11/01/22   1,950 1,983,560
Series D, GO 5.000 11/01/23   3,730 3,805,271
Series D, GO 5.000 11/01/26   6,150 6,257,441
Series D, GO 5.000 11/01/27   2,210 2,248,211
     
 
Illinois St. Sales Tax Rev.,
Build Illinois Bonds, Rfdg. 		5.000 06/15/20   2,000 2,000,880
Illinois St. Toll Hwy. Auth. Rev.,          
Series A 5.000 01/01/38   3,125 3,390,781
Series C 5.000 01/01/39   2,000 2,253,200
Series C, Rfdg. 5.000 01/01/31   3,000 3,851,670
Sr. Series B, Rfdg. 5.000 01/01/31   1,500 1,925,835
Metropolitan Pier & Exposition Auth. Dedicated St. Tax
Rev., McCormick Place Expansion, 		         
Series A, CABS, NATL 4.336(t) 12/15/34   10,000 5,358,600
Series A, CABS, NATL 4.856(t) 06/15/37   7,500 3,310,800
Railsplitter Tob. Settlement Auth. Rev.,          
Series 2010 (Pre-refunded date 06/01/21)(ee) 6.000 06/01/28   1,250 1,321,400
Tob. Set. Funded 5.000 06/01/28   1,000 1,203,910
     
 
Regl. Trans. Auth. Rev.,
Series A 		4.000 06/01/37   3,605 3,728,003
Sales Tax Secur. Corp. Rev.,          
2nd Lien, Series A, Rfdg. 5.000 01/01/26   2,250 2,572,830
2nd Lien, Series A, Rfdg. 5.000 01/01/29   1,500 1,763,685
     
 
Springfield Elec. Rev.,
Sr. Lien, Rfdg., AGM 		4.000 03/01/40   1,000 1,066,320
          99,154,285
8
PGIM National Muni Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Indiana 0.9%
Indianapolis Loc. Pub. Impvt. Bank Rev.,
Courthouse & Jail Proj., Series A, Rfdg. 		4.000 % 02/01/44   4,250  $4,882,400
Whiting, IN Rev.,
BP products, Rfdg., AMT (Mandatory put date 06/05/26) 		5.000(cc) 12/01/44   1,500 1,712,910
          6,595,310
Iowa 1.0%
PEFA, Inc., Gas Proj. Rev.,
Series A-1 (Mandatory put date 09/01/26) 		5.000(cc) 09/01/49   6,500 7,523,360
Kansas 0.3%
Wyandotte Cnty.-Kansas City Unified Govt. Util. Sys. Rev.,
Impvt., Series A 		5.000 09/01/45   2,170 2,538,401
Kentucky 1.6%
Kentucky Pub. Energy Auth., Rev.,          
Gas Sply., Series B, (Mandatory put date 01/01/25) 4.000(cc) 01/01/49   2,080 2,231,632
Series A-1, (Mandatory put date 06/01/25) 4.000(cc) 12/01/49   2,800 3,059,644
Var. Series C, (Mandatory put date 02/01/28) 4.000(cc) 02/01/50   4,965 5,524,208
     
 
Owen Cnty. Wtrwks. Sys. Rev.,
Var. American Waterworks, Series A, Rfdg. (Mandatory put date 10/01/29) 		2.450(cc) 06/01/39   1,500 1,644,420
          12,459,904
Louisiana 0.7%
Louisiana Pub. Facs. Auth. Rev.,          
Franciscan Mis., Rfdg. (Pre-refunded date 07/01/25)(ee) 5.000 07/01/39   10 12,430
Franciscan Mis., Unrefunded, Rfdg. 5.000 07/01/39   1,990 2,190,154
     
 
Louisiana St. Hwy. Impt. Rev.,
Series A 		5.000 06/15/34   1,250 1,454,525
St. Charles Parish Gulf Zone Opp. Zone Rev.,
Valero Energy Corp. (Mandatory put date 06/01/22) 		4.000(cc) 12/01/40   1,500 1,563,630
          5,220,739
9
PGIM National Muni Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Maryland 0.6%
Frederick Cnty. Spl. Oblig. Urbana Cmnty. Dev. Auth.,
Spl. Tax, Series A, Rfdg. 		5.000 % 07/01/40   1,990  $1,994,756
Washington Suburban Sanitary Comm. Rev.,
Consol. Pub. Impvt., 2nd Series 		4.000 06/01/40   2,150 2,441,884
          4,436,640
Massachusetts 2.0%
Massachusetts Bay Trans. Auth. Rev.,
Mass. Sales Tax, Series B, Rfdg., NATL 		5.500 07/01/27   1,325 1,767,855
Massachusetts St. Dev. Fin. Agcy. Rev.,
Series K-6, Partners Healthcare, Rfdg. (Pre-refunded date 07/01/20)(ee) 		5.375 07/01/41   5,000 5,021,350
Massachusetts St. Hlth. & Edl. Facs. Auth. Rev.,
Tufts Univ., Series M, Rfdg. 		5.500 02/15/28   3,000 4,037,580
Massachusetts St. Port Auth. Rev.,          
Bosfuel Proj., Series A, Rfdg., AMT 5.000 07/01/49   1,500 1,714,740
Series A, AMT 5.000 07/01/42   1,000 1,062,180
Series A, Rfdg., AMT 5.000 07/01/27   320 388,707
Series C, Rfdg., AMT 5.000 07/01/49   1,000 1,175,210
          15,167,622
Michigan 0.5%
Michigan Fin. Auth. Rev.,
CHE Trinity Hlth. Credit, Rfdg. 		4.000 12/01/36   1,200 1,339,668
Michigan St. Bldg. Auth. Rev.,
Facs. Prog., Series I-A, Rfdg. 		5.375 10/15/41   750 794,423
Wayne Cnty. Arpt. Auth. Rev.,
Det. Met. Arpt., Series D, Rfdg., AMT 		5.000 12/01/28   1,500 1,612,275
          3,746,366
Minnesota 0.4%
Minneapolis-St. Paul Metropolitan Arpts. Comm. Rev.,
Sr. Series C 		5.000 01/01/46   1,000 1,148,930
Rochester Rev.,
My. Clnc. 		4.000 11/15/48   2,000 2,203,100
          3,352,030
Mississippi 0.1%
Mississippi Business Fin. Corp. Rev.,
Poll. Ctrl. Rfdg. 		3.200 09/01/28   500 537,730
10
PGIM National Muni Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Missouri 0.9%
Missouri St. Hlth. & Edl. Facs. Auth. Rev.,
BJC Hlth. Sys. 		5.000 % 01/01/44   3,500  $3,909,290
Univ. of Missouri, Rev.,
Series B, Rfdg. 		5.000 11/01/30   2,000 2,755,360
          6,664,650
Nebraska 0.7%
Central Plns. Energy. Proj. Rev.,
Proj. 4 (Mandatory put date 01/01/24) 		5.000(cc) 03/01/50   4,000 4,411,680
Douglas Cnty. Hosp. Auth. No. 2, Rev.,
Children’s Hosp. Oblig. Grp. (Mandatory put date 11/15/25) 		5.000(cc) 11/15/53   1,000 1,170,080
          5,581,760
New Jersey 7.5%
Camden Cnty. Impvt. Auth. Rev.,
Cooper Hlth. Sys. Oblig. Grp. 		5.750 02/15/42   1,500 1,611,705
Cape May Cnty. Indl. Poll. Ctrl. Fing. Auth. Rev.,
Atlantic City Elec. Co., Series A, Rfdg., NATL 		6.800 03/01/21   2,615 2,736,545
New Jersey Econ. Dev. Auth. Rev.,          
American Water Co. Inc., Series A, Rfdg., AMT (Mandatory put date 12/03/29) 2.200(cc) 10/01/39   1,250 1,294,537
American Wtr. Co., Series A, Rfdg. 4.450 06/01/23   1,000 1,002,380
Sch. Facs. Construction 5.000 06/15/29   1,500 1,629,195
Sch. Facs. Construction, Series NN, Rfdg. 5.000 03/01/27   2,500 2,583,125
Sch. Facs. Construction, Series PP, Rfdg. 5.000 06/15/26   2,000 2,093,880
Series BBB, Rfdg. 5.500 06/15/30   1,500 1,635,645
     
 
New Jersey Edl. Facs. Auth. Rev.,
Montclair St. Univ., Series A, Rfdg. 		5.000 07/01/44   2,500 2,680,475
New Jersey Healthcare Facs. Fing. Auth. Rev.,          
Hackensack Meridian Hlth., Series A, Rfdg. 5.000 07/01/39   1,500 1,732,980
RWJ Barnabas Hlth. Oblig. Grp., Series A, Rfdg. 5.000 07/01/43   1,500 1,680,585
RWJ Univ. Hosp., Series A 5.500 07/01/43   1,000 1,098,960
Virtua Hlth., Rfdg. 5.000 07/01/29   1,000 1,128,330
New Jersey St. Tpke. Auth., Rev.,          
Series A 5.000 01/01/48   2,155 2,545,572
Series A (Pre-refunded date 07/01/22)(ee) 5.000 01/01/43   1,885 2,076,629
Series A, Unrefunded 5.000 01/01/43   1,115 1,189,973
Series E, Rfdg. 5.000 01/01/32   1,585 1,934,429
New Jersey St. Trans. Tr. Fd. Sys. Auth. Rev.,          
Trans. Prog. Notes, Rmkt., Series BB-1 5.000 06/15/33   1,000 1,040,060
11
PGIM National Muni Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
New Jersey (cont’d.)
New Jersey St. Trans. Tr. Fd. Sys. Auth. Rev., (cont’d.)          
Trans. Sys., Rfdg. 5.000 % 12/15/28   1,000  $1,086,550
Trans. Sys., Series A, Rfdg. 5.000 12/15/28   3,565 3,873,551
Trans. Sys., Series A, Rfdg. 5.000 12/15/36   1,250 1,280,112
Trans. Sys., Series A, Rfdg. 5.500 12/15/23   3,000 3,203,010
Trans. Sys., Series B 5.500 06/15/31   1,090 1,109,424
Trans. Sys., Series D, Rfdg. 5.000 12/15/24   2,290 2,410,614
Tob. Settlement Fing. Corp. Rev.,          
Series A, Rfdg. 5.000 06/01/23   795 877,823
Series A, Rfdg. 5.000 06/01/27   235 282,233
Series A, Rfdg. 5.000 06/01/28   560 683,850
Series A, Rfdg. 5.000 06/01/29   2,180 2,650,335
Series A, Rfdg. 5.000 06/01/37   2,000 2,335,320
Series A, Rfdg. 5.250 06/01/46   5,500 6,100,050
          57,587,877
New York 3.9%
Metropolitan Trans. Auth. Rev.,          
Bans, Sub. Series B-2A 5.000 05/15/21   1,000 1,015,850
Series D, Rfdg. 5.000 11/15/21   610 623,853
     
 
New York City Trans. Fin. Auth. Bldg. Aid. Rev.,
Sub. Series S-1A 		5.250 07/15/37   3,000 3,138,540
New York City Trans. Fin. Auth. Future Tax Sec’d. Rev.,
Future Tax Sec’d., Sub. Series D-1 		5.000 11/01/38   3,000 3,165,180
New York Liberty Dev. Corp. Rev.,
4 World Trade Center Proj., Rfdg. 		5.750 11/15/51   1,750 1,842,033
New York St. Dorm. Auth. Rev.,          
Memorial Sloan Kettering, Series 1, Rfdg. 5.000 07/01/42   1,000 1,202,660
Mount Sinai Sch. of Medicine, Series A, Rfdg. 5.000 07/01/21   1,685 1,689,449
Rochester Inst. Tech., Series A, Rfdg., AMBAC 5.250 07/01/20   2,100 2,108,820
Rochester Inst. Tech., Series A, Rfdg., AMBAC 5.250 07/01/21   2,000 2,112,180
     
 
New York St. Environ. Facs. Corp. Rev., Clean Wtr. & Drinking Revolving Fds. Pooled Fing.,
Series B, ETM(ee) 		5.500 10/15/23   3,750 4,338,262
New York Trans. Dev. Corp. Rev.,
Laguardia Arpt., Term. B Redev., Series A, AMT 		5.000 07/01/46   1,000 1,039,230
New York, NY,
Series C-1, GO, Rfdg. 		5.000 08/01/31   1,860 2,450,959
Port Auth. of NY & NJ, Spl. Oblig. Rev.,
JFK Int’l. Air Terminal 		5.000 12/01/20   175 177,492
12
PGIM National Muni Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
New York (cont’d.)
     
TSASC, Inc., Rev.,
Series A, Rfdg. 		5.000 % 06/01/41   2,000  $2,120,680
Util. Debt Secur. Auth. Rev.,
Series TE, Rfdg. 		5.000 12/15/41   2,585 2,924,074
          29,949,262
North Carolina 0.1%
North Carolina Eastern Muni. Pwr. Agcy., Pwr. Sys. Rev.,          
Series A, ETM(ee) 6.400 01/01/21   150 155,553
Series A, Rfdg. (Pre-refunded date 01/01/22)(ee) 6.000 01/01/26   650 709,534
          865,087
North Dakota 0.1%
McLean Cnty. Solid Wste. Facs. Rev.,
Great River Energy Proj., Series A, Rfdg. 		4.875 07/01/26   1,000 1,002,780
Ohio 4.3%
Allen Cnty. Hosp. Facs. Rev.,
Bon Secours Mercy Hlth., Rfdg. 		5.000 12/01/30   1,000 1,267,920
Buckeye Tob. Settlement Fing. Auth. Rev.,          
Sr. Series A-2, Class 1, Rfdg. 5.000 06/01/31   3,930 4,988,742
Sr. Series A-2, Class 1, Rfdg. 5.000 06/01/33   2,000 2,493,360
Franklin Cnty. Hosp. Facs. Rev.,          
Hosp. Facs. 4.125 05/15/45   2,000 2,157,080
Nationwide Children’s Hosp., Proj. 4.000 11/01/45   2,000 2,142,820
Nationwide Children’s Hosp., Rfdg. 4.000 11/01/47   2,400 2,616,072
Ohio Hlth. Corp., Series A 4.000 05/15/47   4,815 5,295,682
Ohio Hlth. Corp., Series A 5.000 11/15/41   2,000 2,102,460
     
 
Lancaster Port Auth. Rev.,
Series A, Rfdg. (Mandatory put date 02/01/25) 		5.000(cc) 08/01/49   750 861,008
Lucas Cnty. Hosp. Rev.,
Promedica Healthcare, Series A, Rfdg. (Pre-refunded date 11/15/21)(ee) 		6.500 11/15/37   875 955,395
Middleburg Heights Hosp. Rev. Facs.,
Southwest Gen., Rfdg. 		5.250 08/01/41   800 829,336
Ohio Air Quality Dev. Auth. Rev.,          
American Elec. Pwr. Co. Proj., Series A, (Mandatory put date 10/01/29) 2.400(cc) 12/01/38   500 502,235
American Elec. Pwr. Co. Proj., Series C, Rfdg., AMT (Mandatory put date 10/01/24) 2.100(cc) 12/01/27   1,500 1,498,485
13
PGIM National Muni Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Ohio (cont’d.)
Ohio St. Higher Edl. Facs., Comm. Rev.,          
Case Western Resv. Univ., Series B 6.500 % 10/01/20   145  $147,872
Cleveland Clinic Hlth. Sys. Oblig. Series A-1, Rfdg. (Pre-refunded date 01/01/23)(ee) 5.000 01/01/42   2,000 2,246,040
     
 
Ohio St. Rev.,
Cleveland Clinic Hlth. Sys. Series A, Rfdg. 		4.000 01/01/36   2,500 2,814,450
          32,918,957
Oklahoma 1.4%
Oklahoma St. Dev. Fin. Auth. Rev.,          
Gilcrease Expressway West, AMT 1.625 07/06/23   1,500 1,449,840
St. Johns Hlth. Sys., Rfdg. (Pre-refunded date 02/15/22)(ee) 5.000 02/15/42   1,500 1,622,955
Oklahoma Tpke. Auth. Rev.,          
Series A 4.000 01/01/48   2,000 2,222,300
Series A 5.000 01/01/42   3,000 3,533,820
     
 
Stillwater Util. Auth. Rev.,
Series A 		5.000 10/01/39   1,865 2,151,650
          10,980,565
Oregon 0.2%
Port of Portland Arpt. Rev.,
Series 24B, AMT 		5.000 07/01/42   1,500 1,688,595
Pennsylvania 5.3%
Central Bradford Progress Auth. Rev.,
Guthrie Healthcare Sys., Rfdg. (Pre-refunded date 12/01/21)(ee) 		5.375 12/01/41   2,700 2,910,465
Comnwlth. Fing. Auth. Rev.,          
Tob. Mstr. Settlement Payment Bonds 5.000 06/01/25   1,000 1,167,040
Tob. Mstr. Settlement Payment Bonds 5.000 06/01/34   1,000 1,184,910
     
 
Geisinger Auth. Rev.,
Series A-1 		5.125 06/01/41   2,000 2,074,540
Gen. Auth. of Southcentral Pennsylvania, Rev.,
Wellspan Hlth. Oblig. Grp., Series A, Rfdg. 		5.000 06/01/44   3,000 3,333,930
Luzerne Cnty. Indl. Dev. Auth. Rev.,
Pennsylvania American, Rfdg., AMT (Mandatory put date 12/03/29) 		2.450(cc) 12/01/39   1,250 1,336,375
Pennsylvania Econ. Dev. Fing. Auth. Rev.,
UPMC, Series A-1 		5.000 04/15/26   1,000 1,189,070
14
PGIM National Muni Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Pennsylvania (cont’d.)
Pennsylvania Higher Edl. Facs. Auth. Rev.,          
Trustees Univ. of Pennsylvania, Series A 4.000 % 08/15/41   3,200  $3,625,504
Univ. of Pennsylvania 5.000 08/15/49   2,000 2,378,500
Pennsylvania Tpke. Comm. Rev.,          
Series A 5.000 12/01/38   1,000 1,120,010
Series A-1 5.000 12/01/47   1,000 1,167,320
Series A-1, Rfdg. 5.000 12/01/40   1,500 1,696,725
Series A-2, Rfdg. 5.000 12/01/28   500 618,485
Series B 5.000 12/01/45   7,000 7,919,380
Sub. Series A-1 5.000 12/01/25   1,100 1,295,228
Sub. Series B, Rfdg. 5.000 06/01/29   1,775 2,070,307
Sub. Series B-1 5.250 06/01/47   2,000 2,293,620
     
 
Philadelphia Auth. for Indl. Dev. Rev.,
Children’s Hosp., Rfdg. 		4.000 07/01/37   1,075 1,204,247
Union Cnty. Hosp. Auth. Rev.,
Evangelical Cmnty Hosp., Series B 		5.000 08/01/48   1,500 1,659,075
          40,244,731
Puerto Rico 1.0%
Puerto Rico Comnwlth. Aqu. & Sew. Auth. Rev.,          
Sr. Lien, Series A 5.750 07/01/37   1,260 1,260,000
Sr. Lien, Series A 6.000 07/01/47   1,050 1,049,990
Puerto Rico Sales Tax Fing. Corp. Rev.,          
Series A-1, CABS 3.074(t) 07/01/24   473 417,531
Series A-1, CABS 3.277(t) 07/01/27   5,783 4,592,916
          7,320,437
Rhode Island 1.0%
Rhode Island Hlth. & Edl. Bldg. Corp. Higher Ed. Facs. Rev.,
College & Univ. Rev. 		5.250 08/15/43   3,815 4,638,926
Tob. Settlement Fing. Corp. Rev.,          
Series A, Rfdg. 5.000 06/01/22   290 311,854
Series A, Rfdg. 5.000 06/01/24   395 445,303
Series A, Rfdg. 5.000 06/01/40   2,350 2,512,526
          7,908,609
South Carolina 0.9%
South Carolina Prt. Auth. Rev.,
AMT 		4.000 07/01/45   1,000 1,046,580
15
PGIM National Muni Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
South Carolina (cont’d.)
South Carolina Pub. Svc. Auth. Rev.,          
Santee Cooper, Series A, Rfdg. 5.125 % 12/01/43   2,000  $2,127,940
Santee Cooper, Series A, Rfdg. (Pre-refunded date 12/01/23)(ee) 5.750 12/01/43   3,000 3,569,550
          6,744,070
South Dakota 0.1%
South Dakota Edl. Enhancement Fdg. Corp. Rev.,
Series B, Rfdg. 		5.000 06/01/27   1,000 1,108,420
Tennessee 0.5%
Memphis Shelby Cnty. Arpt. Auth. Rev.,
Series B, Rfdg., AMT 		5.750 07/01/25   1,000 1,003,020
Tennessee Energy Acquisition Corp. Gas Rev.,          
Series A 5.250 09/01/26   1,740 2,041,629
Series C 5.000 02/01/22   1,050 1,102,731
          4,147,380
Texas 8.9%
Central Tex. Regl. Mobility Auth. Rev.,          
Sr. Lien, Series A 5.000 01/01/40   1,395 1,510,088
Sr. Lien, Series A 5.000 01/01/45   1,000 1,071,000
     
 
Central Tex. Tpke. Sys. Rev.,
Series A, Rfdg. 		5.000 08/15/39   2,000 2,423,940
Clifton Higher Ed. Fin. Corp. Rev.,          
Idea Pub. Sch. 6.000 08/15/43   1,000 1,116,770
Idea Pub. Sch., Rfdg., PSFG 5.000 08/15/39   1,000 1,144,110
     
 
Dallas-Fort Worth Int’l. Arpt. Rev.,
Series E, Rfdg., AMT (Pre-refunded date 11/01/20)(ee) 		5.000 11/01/35   5,000 5,096,950
Grand Parkway Trans. Corp. Rev.,
First Tier Toll Rev., Series A 		5.125 10/01/43   2,000 2,097,540
Gulf Coast Wste. Disp. Auth. Rev.,          
Exxon Mobil Corp. Proj., FRDD (Mandatory put date 06/01/20) 0.100(cc) 09/01/25   12,500 12,500,000
Exxon Mobil Corp. Proj., Rfdg., FRDD (Mandatory put date 06/01/20) 0.070(cc) 06/01/20   5,300 5,300,000
Exxon Mobil Corp. Proj., Series A, FRDD (Mandatory put date 06/01/20) 0.100(cc) 06/01/30   1,150 1,150,000
     
 
16
PGIM National Muni Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Texas (cont’d.)
     
Harris Cnty. Metro. Trans. Auth. Tax Rev.,
Series A. Rfdg. (Pre-refunded date 11/01/21)(ee) 		5.000 % 11/01/36   3,000  $3,204,390
Harris Cnty. Toll Road Auth. Rev.,
Sr. Lien, Series A, Rfdg. 		5.000 08/15/43   3,000 3,706,140
Houston Arpt. Sys. Rev.,          
Sub. Lien, Series A, Rfdg., AMT 5.000 07/01/25   760 787,611
Sub. Lien, Series A, Rfdg., AMT 5.000 07/01/32   5,640 5,947,267
Sub. Lien, Series B, Rfdg. 5.000 07/01/32   2,000 2,137,100
Sub. Series A, Rfdg., AMT 5.000 07/01/41   1,000 1,173,860
     
 
Lower Colorado River Auth. Rev.,
LCRA Transmn. Svcs. Corp. Proj., Rfdg.(hh) 		5.000 05/15/27   750 950,610
Lower Neches Valley Auth. Indl. Dev. Corp. Rev.,          
Exxon Mobil Corp. Proj., FRDD (Mandatory put date 06/01/20) 0.090(cc) 11/01/38   5,015 5,015,000
Exxon Mobil Corp. Proj., Series B, Rfdg., FRDD (Mandatory put date 06/01/20) 0.060(cc) 11/01/29   450 450,000
North Tex. Twy. Auth. Rev.,          
First Tier, Series A, Rfdg. 4.000 01/01/44   2,000 2,233,040
Second Tier, Rfdg. 5.000 01/01/48   1,250 1,471,937
Series B, Rfdg. 5.000 01/01/45   2,000 2,249,620
Spl. Projs., Series A (Pre-refunded date 09/01/21)(ee) 5.500 09/01/41   1,000 1,065,630
Tex. Priv. Activ. Surf. Trans. Corp. Rev.,          
Sr. Lien LBJ Infrastructure 7.000 06/30/40   2,500 2,509,975
Sr. Lien NTE Mobility, Series 3A & 3B, AMT 6.750 06/30/43   500 545,455
Sr. Lien NTE Mobility, Series 3A & 3B, AMT 7.000 12/31/38   1,500 1,651,320
          68,509,353
Utah 1.4%
Cnty. of Utah Rev.,
IHC Hlth. Serv. Inc., Series A, Rfdg. 		4.000 05/15/41   5,000 5,682,100
Salt Lake City Corp. Arpt. Rev.,          
Series A, AMT 5.000 07/01/28   2,000 2,436,760
Series A, AMT 5.250 07/01/48   2,000 2,287,600
          10,406,460
Virginia 1.2%
Arlington Cnty. Indl. Dev. Auth. Rev.,
Virginia Hosp. Ctr., Rfdg. 		5.000 07/01/26   500 596,475
Fairfax Cnty. Indl. Dev. Auth. Rev.,          
Healthcare, Inova Hlth. Sys. 5.000 05/15/40   2,000 2,139,940
Healthcare, Inova Hlth. Sys. Series A, Rfdg. 4.000 05/15/48   3,000 3,316,860
17
PGIM National Muni Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Virginia (cont’d.)
     
 
Norfolk Econ. Dev. Auth. Rev.,
Sentara Healthcare, Series B, Rfdg. 		4.000 % 11/01/48   2,000  $2,176,880
Wise Cnty. Indl. Dev. Auth. Rev.,
VA Elec. & Pwr. Co., Rmkt., Series A (Mandatory put date 05/31/24) 		1.200(cc) 11/01/40   750 749,452
          8,979,607
Washington 3.2%
Port of Seattle Rev., Intermediate Lien,          
Series A, AMT 5.000 05/01/43   1,500 1,700,130
Series B, Rfdg., AMT 5.000 09/01/26   1,115 1,166,245
Series C, Rfdg., AMT 5.000 02/01/24   2,500 2,560,475
     
 
Skagit Cnty. Pub. Hosp. Dist. No. 1, Rev.,
Rfdg. & Impvt., Series A 		5.000 12/01/37   1,000 1,047,310
Univ. of Washington, Rev.,          
Forward Delivery, Series C, Rfdg.(hh) 5.000 04/01/31   1,250 1,642,213
Forward Delivery, Series C, Rfdg.(hh) 5.000 04/01/32   1,250 1,628,525
Forward Delivery, Series C, Rfdg.(hh) 5.000 04/01/34   1,000 1,292,780
Forward Delivery, Series C, Rfdg.(hh) 5.000 04/01/35   1,750 2,243,308
     
 
Washington St. Conv. Ctr. Pub. Facs. Dist. Rev.,
Revenue Bonds 		5.000 07/01/58   3,000 3,204,240
Washington St. Healthcare Facs. Auth. Rev.,          
Overlake Hosp. Med. Ctr., Rfdg. 5.000 07/01/38   2,690 2,885,482
Seattle Children’s Hosp., Series A 5.000 10/01/42   2,000 2,161,960
Seattle Children’s Hosp., Series A 5.000 10/01/47   1,000 1,181,400
Swedish Hlth. Svcs., Series A (Pre-refunded date 05/15/21)(ee) 6.250 11/15/41   1,500 1,586,970
          24,301,038
West Virginia 0.6%
Harrison Cnty. Comm. Rev.,
Monongahela Pwr. Co. Proj., Series A, Rfdg., AMT (Mandatory put date 10/15/21) 		3.000(cc) 10/15/37   500 507,705
West Virginia Econ. Dev. Auth. Rev.,
Wheeling Pwr. Co. Mitche, Series A, Rfdg., AMT (Mandatory put date 04/01/22) 		3.000(cc) 06/01/37   500 512,400
18
PGIM National Muni Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
West Virginia (cont’d.)
West Virginia Hosp. Fin. Auth. Rev.,
Cabell Huntington Hosp. Oblig., Series B, Rfdg. 		5.000 % 01/01/43   1,000  $1,106,050
West Virginia Prkwys. Auth. Rev.,
Sr. Tpke. Toll 		4.000 06/01/47   1,970 2,244,973
          4,371,128
Wisconsin 0.2%
Wisconsin Hlth. & Edl. Facs. Auth. Rev.,
Ascension Hlth. Alliance, Rmkt., Series B-1, Rfdg. 		4.000 11/15/43   1,500 1,661,115
 
TOTAL INVESTMENTS 100.0%
(cost $731,119,049) 		766,166,257
Other assets in excess of liabilities(z) 0.0% 380,047
 
Net Assets 100.0% $766,546,304
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
  ETM—Escrowed to Maturity
  FRDD—Floating Rate Daily Demand Note
  GO—General Obligation
  LIBOR—London Interbank Offered Rate
  NATL—National Public Finance Guaranty Corp.
  PSFG—Permanent School Fund Guarantee
  TCRs—Transferrable Custodial Receipts
    
# 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 May 31, 2020.
(cc) Variable rate instrument. The rate shown is based on the latest available information as of May 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.
(ee) All or partial escrowed to maturity and pre-refunded issues are secured by escrowed cash, a guaranteed investment contract and /or U.S. guaranteed obligations.
(hh) When-issued security.
(t) Represents zero coupon. Rate quoted represents effective yield at May 31, 2020.
(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:
19
PGIM National Muni Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Futures contracts outstanding at May 31, 2020:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Short Position:
109   20 Year U.S. Treasury Bonds   Sep. 2020    $19,442,875    $(58,037)
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).
20