NPORT-EX 2 PI62700PGIMNationalMunFd.htm
PGIM National Muni Fund
Schedule of Investments as of November 30, 2020 (unaudited)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Long-Term Investments 100.1%
Municipal Bonds 
Alabama 1.4%
Alabama Pub. Sch. & Clg. Auth. Rev.,
Social Bonds, Series A, Rfdg. 		5.000 % 11/01/28   1,000  $1,336,440
Black Belt Energy Gas Dist. Rev.,          
Proj. 4, Series A-1 (Mandatory put date 12/01/25) 4.000(cc) 12/01/49   3,485 4,018,065
Proj. 5, Series A-1 (Mandatory put date 10/01/26) 4.000(cc) 10/01/49   2,500 2,932,975
Jefferson Cnty. Swr Rev.,          
Sr. Lien, Warrants, Series A, Rfdg., AGM 5.000 10/01/44   500 554,700
Sr. Lien, Warrants, Series A, Rfdg., AGM 5.250 10/01/48   500 556,705
     
 
Mobile Indl. Dev. Brd. Rev.,
Alabama Pwr. Co. Barry, Rmkt. (Mandatory put date 06/26/25) 		1.000(cc) 06/01/34   1,000 1,019,050
Selma Indl. Dev. Brd. Rev.,
Int’l Paper Co. Proj., Series A, Rfdg. (Mandatory put date 06/16/25) 		1.375(cc) 05/01/34   1,600 1,641,984
          12,059,919
Alaska 1.4%
Alaska Indl. Dev. & Export Auth. Rev.,          
Tanana Chiefs Conference Proj., Series A 4.000 10/01/49   3,000 3,391,920
Tanana Chiefs Conference Proj., Series A 5.000 10/01/31   1,555 2,000,663
     
 
Alaska Muni. Bond Bank Auth. Rev.,
Rfdg. 		5.000 12/01/26   1,350 1,647,270
Valdez Marine Term Rev.,          
Exxon Pipeline Co. Proj., Rfdg., FRDD (Mandatory put date 12/01/20) 0.120(cc) 10/01/25   1,000 1,000,000
Exxon Pipeline Co. Proj., Series B, Rfdg., FRDD (Mandatory put date 12/01/20) 0.100(cc) 12/01/33   750 750,000
ExxonMobil Corp. Proj., Rfdg., FRDD (Mandatory put date 12/01/20) 0.120(cc) 12/01/29   3,140 3,140,000
          11,929,853
Arizona 3.5%
Arizona Hlth. Facs. Auth. Rev.,
Banner Hlth., Series B, 3 Month LIBOR + 0.810% 		0.961(c) 01/01/37   2,280 2,165,324
Arizona Indl. Dev. Auth. Rev.,          
Phoenix Children’s Hosp., Series A 5.000 02/01/29   350 456,288
Phoenix Children’s Hosp., Series A 5.000 02/01/30   300 397,407
     
 
Chandler Indl. Dev. Auth. Rev.,
Intel Corp., AMT (Mandatory put date 06/03/24) 		5.000(cc) 06/01/49   1,035 1,188,832
1
PGIM National Muni Fund
Schedule of Investments as of November 30, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Arizona (cont’d.)
     
Maricopa Cnty. Indl. Dev. Auth. Rev.,
Banner Hlth., Series A 		5.000 % 01/01/41   1,000  $1,219,280
Phoenix Civic Impvt. Corp. Rev.,          
Jr. Lien, Series B, AMT 5.000 07/01/29   2,000 2,585,380
Series A, AMT 5.000 07/01/47   2,000 2,332,180
Sr. Lien, AMT 5.000 07/01/48   2,000 2,377,320
Sr. Lien, Rfdg., AMT 5.000 07/01/32   1,200 1,318,008
     
 
Pima Cnty. Indl. Dev. Auth. Rev.,
Tucson Elec. Pwr. Co. Proj., Rfdg. 		4.000 09/01/29   2,000 2,120,420
Salt River Proj. Agric. Impvt. & Pwr. Dist. Elec. Sys. Rev.,          
Forward Delivery, Series A, Rfdg.(hh) 5.000 01/01/28   875 1,097,381
Series A, Rfdg. 4.000 01/01/38   2,000 2,339,660
Salt Verde Finl. Corp.,          
Sr. Gas Rev., Sr. Bonds 5.000 12/01/32   2,575 3,449,702
Sr. Gas Rev., Sr. Bonds 5.000 12/01/37   3,505 4,951,969
Sr. Gas Rev., Sr. Bonds 5.250 12/01/26   2,180 2,675,056
          30,674,207
California 11.1%
Alameda Corridor Trans. Auth. Rev.,
2nd Sub. Lien, Series B, Rfdg. 		5.000 10/01/37   1,500 1,742,400
Anaheim Pub. Fing. Auth. Lease Rev.,
Sr. Pub. Impvts. Proj., Series A, AGM 		6.000 09/01/24   4,945 5,565,598
Bay Area Toll Auth. Rev.,
Series F-1 		5.000 04/01/56   2,000 2,388,620
California Cnty. Tob. Secur. Agcy. Rev.,
Conv. Bonds, Asset Bkd., Series B, Rfdg. 		5.100 06/01/28   845 845,161
California Hlth. Facs. Fing. Auth. Rev.,          
Stanford Healthcare, Series A 5.000 08/15/54   1,000 1,175,700
Sutter Hlth. Series D, Rfdg. (Pre-refunded date 08/15/21)(ee) 5.250 08/15/31   1,000 1,035,940
California Muni. Fin. Auth. Rev.,          
CHF-Davis I, LLC, West Village Student Hsg. Proj., BAM, TCRs 5.000 05/15/29   1,000 1,268,400
Sr. Lien-LINXS APM Proj., AMT 5.000 12/31/43   2,750 3,181,777
California St.,          
GO 5.000 03/01/45   3,000 3,485,490
GO, Rfdg. 5.000 11/01/28   2,500 3,339,200
GO, Rfdg. 5.000 08/01/45   500 590,445
GO, Rfdg. 5.000 08/01/46   1,500 1,810,815
GO, Unrefunded 6.000 03/01/33   365 365,058
Var. Purp., GO 5.000 04/01/42   7,000 7,397,180
2
PGIM National Muni Fund
Schedule of Investments as of November 30, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
California (cont’d.)
California St., (cont’d.)          
Var. Purp., GO 5.250 % 04/01/35   1,250  $1,329,550
Var. Purp., GO, Rfdg. 5.000 09/01/41   4,250 4,388,380
Var. Purp., GO, Rfdg. 5.000 10/01/41   1,250 1,295,050
Var. Purp., GO, Rfdg. 5.000 10/01/47   3,000 3,598,020
     
 
California St. Pub. Wks. Brd. Lease Rev.,
Forward Delivery, Series A, Rfdg.(hh) 		5.000 02/01/28   2,360 2,895,012
California St. Univ. Rev.,
Series A, Systemwide, Rfdg. (Pre-refunded date 11/01/21)(ee) 		5.000 11/01/37   1,250 1,304,488
Foothill-De Anza Cmnty. Clg. Dist.,
Series C, GO (Pre-refunded date 08/01/21)(ee) 		5.000 08/01/40   1,250 1,289,987
Golden St. Tob. Secur. Corp. Rev.,          
Series A-1, Rfdg. 5.000 06/01/26   1,025 1,243,745
Series A-1, Rfdg. 5.000 06/01/28   3,105 3,840,264
Series A-1, Rfdg. 5.000 06/01/29   1,250 1,533,088
Series A-1, Rfdg. 5.000 06/01/30   505 629,998
Series A-1, Rfdg. 5.000 06/01/33   3,050 3,729,570
Series A-1, Rfdg. 5.000 06/01/35   1,545 1,847,001
Long Beach Bond Fin. Auth. Nat. Gas Pur. Rev.,          
Series A 5.000 11/15/35   1,140 1,591,349
Series A 5.500 11/15/37   1,000 1,497,250
Los Angeles Calif. Dept. Arpts. Rev.,          
Los Angls. Int’l., Series A, AMT 5.000 05/15/29   2,000 2,204,660
Los Angls. Int’l., Series A, AMT 5.000 05/15/38   2,500 2,736,625
Sr. Series C, AMT 5.000 05/15/28   1,000 1,283,560
Sub. Los Angls. Int’l., Series A, AMT 5.250 05/15/48   1,000 1,226,190
     
 
Los Angeles Dept. of Wtr. Rev.,
Wtr. Sys., Series B 		5.000 07/01/34   2,500 2,797,500
M-S-R Energy Auth. Rev.,
Series A 		6.500 11/01/39   2,000 3,307,400
Pittsburg Redev. Agcy. Tax Alloc.,
Los Medanos Cmnty. Dev. Proj., AMBAC, CABS 		0.896(t) 08/01/25   2,000 1,918,240
Port of Oakland Rev.,          
Series O, Rfdg., AMT 5.000 05/01/29   2,860 2,911,223
Sr. Lien, Series P, Rfdg., AMT 5.000 05/01/33   1,750 1,855,490
     
 
Riverside Cnty. Pub. Fing. Auth. Rev.,
Cap. Facs. Proj. 		5.250 11/01/45   1,000 1,188,340
San Diego Cmnty. Clg. Dist.,
Election of 2006, GO (Pre-refunded date 08/01/21)(ee) 		5.000 08/01/41   1,500 1,547,985
3
PGIM National Muni Fund
Schedule of Investments as of November 30, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
California (cont’d.)
San Diego Cnty. Regl. Arpt. Auth. Rev.,          
Sr. Series B, AMT 5.000 % 07/01/38   1,000  $1,098,820
Sr. Series B, AMT 5.000 07/01/43   2,000 2,188,920
     
 
San Diego Cnty. Wtr. Auth. Rev.,
Green Bond, Series A, Rfdg.(hh) 		5.000 05/01/28   750 980,355
San Francisco City & Cnty. Arpts. Comm. Rev.,          
Second Series A, Rfdg., AMT 5.250 05/01/33   1,000 1,101,430
Second Series F, Rfdg., AMT 5.000 05/01/28   1,635 1,663,514
     
 
Walnut Energy Ctr. Auth. Rev.,
Rfdg. 		5.000 01/01/34   800 927,672
          97,142,460
Colorado 2.8%
Colorado Hlth. Facs. Auth. Rev.,          
Commonspirit Hlth. Series A, Rfdg. 5.000 08/01/27   1,425 1,754,289
Commonspirit Hlth. Series A, Rfdg. 5.000 08/01/29   2,070 2,654,775
Commonspirit Hlth. Series A, Rfdg. 5.000 08/01/34   2,500 3,197,100
Commonspirit Hlth. Series B-2 (Mandatory put date 02/01/26) 5.000(cc) 08/01/49   2,465 2,932,487
Vail Valley Med. Ctr. 4.000 01/15/45   1,500 1,613,520
Denver City & Cnty. Arpt. Sys. Rev.,          
Series A, Rfdg., AMT 5.000 11/15/27   830 1,044,887
Series A, Rfdg., AMT 5.250 11/15/22   1,050 1,097,240
Sub. Sys., Series A, Rfdg., AMT 5.000 12/01/34   2,300 2,846,020
Sub. Sys., Series A, Rfdg., AMT 5.000 12/01/35   1,000 1,233,200
Sub. Sys., Series A, Rfdg., AMT 5.250 12/01/43   3,000 3,718,620
E-470 Pub. Highway Auth.,          
Sr. Rev., Series A, Rfdg. 5.000 09/01/27   900 1,154,439
Sr. Rev., Series A, Rfdg. 5.000 09/01/28   1,000 1,312,110
          24,558,687
Connecticut 2.2%
Connecticut St.,          
Series A, GO 4.000 01/15/33   2,000 2,435,340
Series A, GO 5.000 01/15/32   2,000 2,651,020
Series B, GO, Rfdg. 5.000 05/15/25   2,000 2,401,760
Series C, GO 5.000 06/15/28   1,000 1,307,560
     
 
Connecticut St. Dev. Auth. Rev.,
Light & Pwr. Co. Proj., Series A, Rfdg. 		4.375 09/01/28   1,000 1,028,230
Connecticut St. Spl. Tax Rev.,          
Spl. Tax Oblig. Bonds, Series A 5.000 05/01/27   1,165 1,476,474
4
PGIM National Muni Fund
Schedule of Investments as of November 30, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Connecticut (cont’d.)
Connecticut St. Spl. Tax Rev., (cont’d.)          
Spl. Tax Oblig. Bonds, Series A 5.000 % 05/01/29   4,000  $5,299,880
Trans. Infrastructure, Series A 5.000 01/01/38   2,000 2,479,060
          19,079,324
Delaware 0.2%
Delaware Trans. Auth. Rev.,
Rfdg. 		5.000 07/01/28   1,150 1,528,476
District of Columbia 2.1%
Dist. of Columbia, Rev.,          
Friendship Pub. Chrt. Sch., Rfdg. 5.000 06/01/36   1,385 1,505,938
Gallaudet Univ. 5.500 04/01/34   600 608,910
Kipp DC Iss., Series A, Rfdg. 5.000 07/01/37   1,250 1,414,962
Kipp. Chrt. Sch., Rfdg. (Pre-refunded date 07/01/23)(ee) 6.000 07/01/43   850 976,140
Kipp. Chrt. Sch., Rfdg. (Pre-refunded date 07/01/23)(ee) 6.000 07/01/48   725 832,583
     
 
Metropolitan Washington D.C. Arpt. Auth. Dulles Toll Road Rev.,
Dulles Met. Rail, Series A, Rfdg. 		5.000 10/01/44   2,000 2,440,660
Metropolitan Washington D.C. Arpt. Auth. Sys. Rev.,          
Forward Delivery, Series A, Rfdg., AMT 5.000 10/01/32   1,500 1,969,440
Rfdg., AMT 5.000 10/01/26   3,075 3,802,330
Series A, Rfdg., AMT 5.000 10/01/31   2,500 2,692,450
Series A, Rfdg., AMT 5.000 10/01/44   1,000 1,119,540
Series C, Rfdg. 5.000 10/01/27   1,000 1,036,630
          18,399,583
Florida 7.7%
Broward Cnty. Arpt. Sys. Rev.,          
Series A, AMT 5.000 10/01/45   3,000 3,411,060
Series A, AMT (Pre-refunded date 10/01/23)(ee) 5.250 10/01/43   1,500 1,700,145
Series B, Rfdg., AMT 5.000 10/01/27   3,000 3,760,740
     
 
Central Florida Expressway Auth. Rev.,
Sr. Lien, Rfdg. 		4.000 07/01/41   2,000 2,267,140
Citizens Ppty. Ins. Corp. Rev.,
Sr. Sec’d., Series A-1 		5.000 06/01/22   1,000 1,068,580
Cityplace Cmnty. Dev. Dist.,
Spl. Assess., Rfdg. 		5.000 05/01/26   1,000 1,164,890
5
PGIM National Muni Fund
Schedule of Investments as of November 30, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Florida (cont’d.)
Davie Edl. Facs. Rev.,          
Nova Southeastern Univ. Proj., Series A (Pre-refunded date 04/01/23)(ee) 5.625 % 04/01/43   500  $561,850
Nova Southeastern Univ. Proj., Series A (Pre-refunded date 04/01/23)(ee) 6.000 04/01/42   1,000 1,132,410
     
 
Florida Dev. Fin. Corp. Rev.,
Nova Southeastern Univ. Proj., Series A, Rfdg. 		5.000 04/01/26   555 661,937
Florida Higher Edl. Facs. Finl. Auth. Rev.,          
Nova Southeastern Univ. Proj., Rfdg. 5.000 04/01/25   1,050 1,218,325
Nova Southeastern Univ. Proj., Rfdg. 5.000 04/01/28   1,250 1,484,275
     
 
Grtr. Orlando Avtn. Auth. Rev.,
Priority Sub. Series A, AMT 		5.000 10/01/42   5,000 5,921,550
Hillsborough Cnty. Avtn. Auth. Rev.,          
Tampa Int’l. Arpt., Sub. Series A, Rfdg., AMT 5.000 10/01/25   1,245 1,393,516
Tampa Int’l. Arpt., Series E, AMT 5.000 10/01/48   4,500 5,313,060
     
 
JEA Elec. Sys. Rev.,
Sub. Series A, Rfdg. 		5.000 10/01/28   9,000 11,583,901
Miami Beach Redev. Agcy. Tax Alloc.,
Tax Incr. Rev. City Ctr., Rfdg., AGM 		5.000 02/01/44   1,500 1,684,335
Miami Dade Cnty. Avtn. Rev.,
Miami Int’l. Arpt., Series B 		5.000 10/01/41   2,500 2,507,125
Miami Dade Cnty. Wtr. & Swr. Sys. Rev.,
Series B, Rfdg., AGM 		5.250 10/01/22   5,000 5,441,500
Orange Cnty. Hlth. Facs. Auth. Rev.,
Orlando Hlth. Inc., Series B, Rfdg. 		5.000 10/01/44   1,000 1,173,950
Palm Beach Cnty. Hlth. Facs. Auth. Rev.,
BRRH Corp. Oblig. Grp., Rfdg. (Pre-refunded date 12/01/24)(ee) 		5.000 12/01/31   500 592,560
Sarasota Cnty. Pub. Hosp. Dist. Rev.,          
Sarst. Mem. Hosp. 4.000 07/01/48   2,860 3,217,100
Sarst. Mem. Hosp. 5.000 07/01/28   1,160 1,497,328
     
 
South Miami Hlth. Facs. Auth. Inc., Rev.,
Baptist Hlth. South Florida, Rfdg. 		5.000 08/15/47   1,000 1,184,350
Tampa Hlth. Sys. Rev.,
Baycare Hlth. Sys., Series A, Rfdg. 		5.000 11/15/33   3,090 3,279,201
Village Cmnty. Dev. Dist. No. 6,          
Spl. Assess., Rfdg. 4.000 05/01/27   330 387,341
Spl. Assess., Rfdg. 4.000 05/01/28   340 397,222
Spl. Assess., Rfdg. 4.000 05/01/29   350 404,842
     
 
Village Cmnty. Dev. Dist. No. 7,
Spl. Assess., Rfdg. 		4.000 05/01/23   1,075 1,134,275
6
PGIM National Muni Fund
Schedule of Investments as of November 30, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Florida (cont’d.)
     
Village Cmnty. Dev. Dist. No. 10,
Spl. Assess. 		4.500 % 05/01/23   520  $537,514
Village Cmnty. Dev. Dist. No. 13,          
Spl. Assess. 3.375 05/01/34   500 526,110
Spl. Assess., 144A 2.625 05/01/30   1,000 1,008,620
          67,616,752
Georgia 2.1%
Atlanta Arpt. Rev.,          
Gen. Series B, Rfdg., AMT 5.000 01/01/30   500 501,800
Gen. Series C, Rfdg. 6.000 01/01/30   3,250 3,264,788
Main Street Natural Gas, Inc., Rev.,          
Series C (Mandatory put date 09/01/26) 4.000(cc) 03/01/50   4,340 5,093,250
Sub. Series C (Mandatory put date 12/01/23) 4.000(cc) 08/01/48   2,850 3,128,160
     
 
Monroe Cnty. Dev. Auth. Rev.,
GA Pwr. Co. Plant Scherer Proj. 1 		2.250 07/01/25   1,000 1,044,280
Muni. Elec. Auth. of Georgia Rev.,          
Combined Cycle Proj., Series A, Rfdg.(hh) 4.000 11/01/24   1,050 1,192,905
Proj. One, Sub. Bonds, Series A, Rfdg. 5.000 01/01/26   1,425 1,725,191
     
 
Priv. Clgs. & Univs. Auth. Rev.,
Savannah Clg. of Art & Design 		5.000 04/01/44   2,120 2,335,858
          18,286,232
Hawaii 0.9%
Hawaii St. Arpts. Sys. Rev.,          
Series A, AMT 5.000 07/01/45   1,000 1,141,760
Series A, AMT 5.000 07/01/48   3,000 3,504,690
     
 
Hawaii St. Dept. Budget & Fin. Rev.,
Pac. Hlth. Oblig., Series A, Rfdg. 		5.500 07/01/43   2,560 2,906,957
          7,553,407
Illinois 12.6%
Chicago Brd. of Ed. Rev.,          
Series A, GO, Rfdg. 4.000 12/01/20   500 500,010
Series C, GO, Rfdg. 5.000 12/01/22   1,500 1,552,650
Spl. Tax 5.000 04/01/46   1,000 1,088,860
Chicago O’Hare Int’l. Arpt. Rev.,          
Gen. Arpt. Sr. Lien, Series B, Rfdg., AMT (Pre-refunded date 01/01/22)(ee) 5.000 01/01/32   2,000 2,099,200
Series A, Rfdg., AMT 5.000 01/01/33   1,220 1,408,783
7
PGIM National Muni Fund
Schedule of Investments as of November 30, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Illinois (cont’d.)
Chicago O’Hare Int’l. Arpt. Rev., (cont’d.)          
Series B, Rfdg. 5.000 % 01/01/32   1,500  $1,750,875
Sr. Lien, Series D 5.250 01/01/42   2,000 2,385,600
Chicago Trans. Auth. Rev.,          
2nd Lien 5.000 12/01/46   3,000 3,408,810
Transit Imps. (Pre-refunded date 12/01/21)(ee) 5.250 12/01/40   1,000 1,050,150
Chicago Wstewtr. Transmn. Rev.,          
2nd Lien 5.000 01/01/39   2,000 2,209,360
2nd Lien, Rmkt., Series C, Rfdg. 5.000 01/01/29   355 411,995
2nd Lien, Rmkt., Series C, Rfdg. 5.000 01/01/31   450 520,740
2nd Lien, Rmkt., Series C, Rfdg. 5.000 01/01/39   2,000 2,280,120
2nd Lien, Series A 5.000 01/01/47   1,000 1,152,740
Chicago Wtrwks. Rev.,          
2nd Lien, Rfdg. 5.000 11/01/32   1,295 1,394,197
2nd Lien, Rfdg. 5.000 11/01/36   2,390 2,913,147
2nd Lien, Series A-1 5.000 11/01/27   510 617,452
2nd Lien, Series A-1 5.000 11/01/30   1,380 1,669,124
Chicago, IL,          
Proj. Series A, GO 5.250 01/01/35   1,950 1,952,301
Proj. Series A, GO, Rfdg. 5.250 01/01/29   1,185 1,249,405
Rmkt., Series 2002B, GO 5.250 01/01/28   1,850 1,983,052
Rmkt., Series 2002B, GO 5.500 01/01/37   600 635,760
Rmkt., Series 2003B, GO, Rfdg. 5.500 01/01/30   1,000 1,076,760
Series A, GO 5.500 01/01/33   960 1,022,227
Series C, GO, Rfdg. 5.000 01/01/23   270 275,657
Series C, GO, Rfdg. 5.000 01/01/24   340 359,142
Series C, GO, Rfdg. 5.000 01/01/26   1,000 1,081,950
Illinois Fin. Auth. Rev.,          
Northshore Univ. Hlth. Sys., Series A, Rfdg. 5.000 08/15/28   1,110 1,446,652
OSF Healthcare Sys., Series B-2, Rfdg. (Mandatory put date 11/15/26) 5.000(cc) 05/15/50   1,300 1,570,153
Illinois St.,          
GO 5.000 02/01/24   1,195 1,283,155
GO 5.000 11/01/30   500 541,340
GO 5.000 04/01/31   1,000 1,053,580
GO 5.250 02/01/29   2,000 2,139,200
GO, Rfdg. 5.000 08/01/24   2,000 2,086,760
GO, Rfdg. 5.000 02/01/25   1,315 1,427,932
Series A, GO 5.000 04/01/22   1,730 1,799,754
Series A, GO 5.000 12/01/39   2,500 2,668,525
Series A, GO, Rfdg. 5.000 10/01/28   750 842,722
Series C, GO 5.000 11/01/29   1,000 1,062,620
8
PGIM National Muni Fund
Schedule of Investments as of November 30, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Illinois (cont’d.)
Illinois St., (cont’d.)          
Series D, GO 5.000 % 11/01/22   1,950  $2,014,233
Series D, GO 5.000 11/01/23   3,730 3,890,763
Series D, GO 5.000 11/01/26   6,150 6,617,338
Series D, GO 5.000 11/01/27   2,210 2,387,551
Illinois St. Toll Hwy. Auth. Rev.,          
Series A 5.000 01/01/38   3,125 3,391,187
Series C 5.000 01/01/39   2,000 2,307,920
Sr. Rev. Bonds, Series A, Rfdg. 5.000 01/01/28   5,000 6,434,700
Sr. Rev., Series C, Rfdg. 5.000 01/01/31   3,000 3,994,320
Metropolitan Pier & Exposition Auth. Dedicated St. Tax
Rev., 		         
McCormick Place Expansion, Series A, CABS, NATL 3.269(t) 12/15/34   10,000 6,342,700
McCormick Place Expansion, Series A, CABS, NATL 3.372(t) 06/15/37   7,500 4,313,550
Railsplitter Tob. Settlement Auth. Rev.,          
Series 2010 (Pre-refunded date 06/01/21)(ee) 6.000 06/01/28   1,250 1,286,100
Tob. Set. Funded 5.000 06/01/28   1,055 1,284,040
     
 
Regl. Trans. Auth. Rev.,
Series A 		4.000 06/01/37   3,605 3,967,158
Sales Tax Secur. Corp. Rev.,          
2nd Lien, Series A, Rfdg. 5.000 01/01/26   2,250 2,647,193
2nd Lien, Series A, Rfdg. 5.000 01/01/29   1,500 1,869,045
     
 
Springfield Elec. Rev.,
Sr. Lien, Rfdg., AGM 		4.000 03/01/40   1,000 1,082,450
          109,802,708
Indiana 0.8%
Indianapolis Loc. Pub. Impvt. Bank Rev.,
Courthouse & Jail Proj., Series A, Rfdg. 		4.000 02/01/44   4,250 4,971,140
Whiting, IN Rev.,
BP products, Rfdg., AMT (Mandatory put date 06/05/26) 		5.000(cc) 12/01/44   1,500 1,816,800
          6,787,940
Iowa 0.9%
PEFA, Inc., Gas Proj. Rev.,
Series A-1 (Mandatory put date 09/01/26) 		5.000(cc) 09/01/49   6,500 7,940,660
9
PGIM National Muni Fund
Schedule of Investments as of November 30, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Kansas 0.3%
Wyandotte Cnty.-Kansas City Unified Govt. Util. Sys. Rev.,
Impvt., Series A 		5.000 % 09/01/45   2,170  $2,522,712
Kentucky 2.1%
Kentucky Pub. Energy Auth., Rev.,          
Gas Sply., Series B (Mandatory put date 01/01/25) 4.000(cc) 01/01/49   2,855 3,203,595
Series A-1 (Mandatory put date 06/01/25) 4.000(cc) 12/01/49   3,370 3,819,861
Series C (Mandatory put date 02/01/28) 4.000(cc) 02/01/50   5,070 6,068,486
Owen Cnty. Wtrwks. Sys. Rev.,          
American Wtr. Co., Rfdg. (Mandatory put date 09/01/23) 0.700(cc) 06/01/40   1,000 995,850
American Wtr. Co., Series A, Rfdg. (Mandatory put date 10/01/29) 2.450(cc) 06/01/39   1,500 1,652,040
     
 
Trimble Cnty. Elec. Pwr. & Lt. Rev.,
Louisville Gas & Elect. Proj., Rmkt., Series A, Rfdg., AMT (Mandatory put date 09/01/27) 		1.300(cc) 09/01/44   2,250 2,255,715
          17,995,547
Louisiana 0.8%
Louisiana Pub. Facs. Auth. Rev.,          
Franciscan Mis., Rfdg. (Pre-refunded date 07/01/25)(ee) 5.000 07/01/39   10 12,142
Franciscan Mis., Unrefunded, Rfdg. 5.000 07/01/39   1,990 2,290,689
Tulane Univ. of Louisiana, Rfdg. 5.000 04/01/29   1,000 1,316,190
     
 
Louisiana St. Hwy. Impt. Rev.,
Series A 		5.000 06/15/34   1,250 1,431,137
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 1,559,415
          6,609,573
Maine 0.1%
Maine Hlth. & Higher Edl. Facs. Auth. Rev.,
Maine Hlth., Series A 		5.000 07/01/27   600 756,522
Maryland 0.3%
Washington Suburban Sanitary Comm. Rev.,
Consol. Pub. Impvt., 2nd Series 		4.000 06/01/40   2,150 2,474,220
10
PGIM National Muni Fund
Schedule of Investments as of November 30, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Massachusetts 0.8%
Massachusetts Bay Trans. Auth. Rev.,
Mass. Sales Tax, Series B, Rfdg., NATL 		5.500 % 07/01/27   1,325  $1,755,810
Massachusetts St. Hlth. & Edl. Facs. Auth. Rev.,
Tufts Univ., Series M, Rfdg. 		5.500 02/15/28   3,000 4,029,330
Massachusetts St. Port Auth. Rev.,          
Series A, AMT 5.000 07/01/42   1,000 1,061,430
Series A, Rfdg., AMT 5.000 07/01/27   320 402,426
          7,248,996
Michigan 1.5%
Michigan Fin. Auth. Rev.,          
McLaren Hlth., Series D-2, Rfdg. (Mandatory put date 08/09/21) 0.610(cc) 10/15/38   1,000 999,787
Sr. Series A, Class 1, Rfdg. 5.000 06/01/28   1,000 1,292,450
Sr. Series A, Class 1, Rfdg. 5.000 06/01/29   250 328,960
Sr. Series A, Class 1, Rfdg. 5.000 06/01/30   1,000 1,338,250
Sr. Series A, Class 1, Rfdg. 5.000 06/01/32   2,250 2,989,710
Sr. Series A, Class 1, Rfdg. 5.000 06/01/33   2,750 3,622,465
     
 
Michigan St. Bldg. Auth. Rev.,
Facs. Prog., Series I-A, Rfdg. (Pre-refunded date 10/15/21)(ee) 		5.375 10/15/41   750 783,833
Wayne Cnty. Arpt. Auth. Rev.,
Det. Met. Arpt., Series D, Rfdg., AMT 		5.000 12/01/28   1,500 1,618,215
          12,973,670
Minnesota 0.3%
Rochester Rev.,
Mayo. Clnc. 		4.000 11/15/48   2,000 2,264,480
Mississippi 0.3%
Mississippi Bus. Fin. Corp. Rev.,          
Chevron USA, Inc., Series F, FRDD (Mandatory put date 12/01/20) 0.120(cc) 11/01/35   2,100 2,100,000
Poll. Ctrl. Rfdg. 3.200 09/01/28   500 528,905
          2,628,905
11
PGIM National Muni Fund
Schedule of Investments as of November 30, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Missouri 0.8%
Missouri St. Hlth. & Edl. Facs. Auth. Rev.,
BJC Hlth. Sys. 		5.000 % 01/01/44   3,500  $3,908,170
Univ. of Missouri, Rev.,
Series B, Rfdg. 		5.000 11/01/30   2,505 3,484,180
          7,392,350
Nebraska 0.7%
Central Plns. Energy. Proj. Rev.,
Proj. 4 (Mandatory put date 01/01/24) 		5.000(cc) 03/01/50   4,390 4,949,900
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 1,205,410
          6,155,310
New Jersey 8.2%
Camden Cnty. Impvt. Auth. Rev.,
Cooper Hlth. Sys. Oblig. Grp. 		5.750 02/15/42   1,500 1,631,340
Cape May Cnty. Indl. Poll. Ctrl. Fing. Auth. Rev.,
Atlantic City Elec. Co., Series A, Rfdg., NATL 		6.800 03/01/21   2,615 2,656,500
New Jersey Econ. Dev. Auth. Rev.,          
American Wtr. Co., Inc., Series A, Rfdg., AMT (Mandatory put date 12/03/29) 2.200(cc) 10/01/39   1,250 1,347,575
American Wtr. Co., Inc., Series B, Rfdg., AMT (Mandatory put date 06/01/23) 1.200(cc) 11/01/34   1,000 1,013,220
Sch. Facs. Construction 5.000 06/15/29   1,500 1,829,385
Sch. Facs. Construction, Series NN, Rfdg. 5.000 03/01/27   2,950 3,178,773
Sch. Facs. Construction, Series PP, Rfdg. 5.000 06/15/26   2,100 2,342,151
Series BBB, Rfdg. 5.500 06/15/30   1,500 1,800,825
     
 
New Jersey Edl. Facs. Auth. Rev.,
Montclair St. Univ., Series A, Rfdg. 		5.000 07/01/44   2,500 2,747,575
New Jersey Healthcare Facs. Fing. Auth. Rev.,          
Hackensack Meridian Hlth., Series A, Rfdg. 5.000 07/01/39   1,500 1,816,080
RWJ Barnabas Hlth. Oblig. Grp., Series A, Rfdg. 5.000 07/01/43   1,585 1,857,842
RWJ Univ. Hosp., Series A 5.500 07/01/43   1,000 1,107,800
Virtua Hlth., Rfdg. 5.000 07/01/29   1,000 1,134,060
     
 
New Jersey St. Sales Tax Rev.,
Covid-19 GO Emergency Bonds, Series A, GO 		5.000 06/01/29   2,500 3,191,675
New Jersey St. Tpke. Auth., Rev.,          
Series A 5.000 01/01/28   1,150 1,328,745
Series A 5.000 01/01/48   2,155 2,617,118
Series A (Pre-refunded date 07/01/22)(ee) 5.000 01/01/43   1,885 2,026,997
12
PGIM National Muni Fund
Schedule of Investments as of November 30, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
New Jersey (cont’d.)
New Jersey St. Tpke. Auth., Rev., (cont’d.)          
Series A, Unrefunded 5.000 % 01/01/43   1,115  $1,183,249
Series B, Rfdg. 5.000 01/01/27   1,965 2,462,086
Series E, Rfdg. 5.000 01/01/32   1,685 2,109,940
New Jersey St. Trans. Tr. Fd. Sys. Auth. Rev.,          
Trans. Prog. Notes, Rmkt., Series BB-1 5.000 06/15/33   1,000 1,190,080
Trans. Sys. Bond, Rfdg. 5.000 12/15/26   500 590,135
Trans. Sys., Series A, Rfdg. 5.000 12/15/28   3,565 4,320,032
Trans. Sys., Series A, Rfdg. 5.000 12/15/36   1,250 1,470,663
Trans. Sys., Series A, Rfdg. 5.500 12/15/23   3,255 3,662,493
Trans. Sys., Series B 5.500 06/15/31   1,090 1,115,353
Trans. Sys., Series D, Rfdg. 5.000 12/15/24   2,290 2,594,959
Tob. Settlement Fing. Corp. Rev.,          
Series A, Rfdg. 5.000 06/01/23   1,055 1,170,480
Series A, Rfdg. 5.000 06/01/27   1,120 1,400,739
Series A, Rfdg. 5.000 06/01/28   1,660 2,117,479
Series A, Rfdg. 5.000 06/01/29   2,480 3,142,582
Series A, Rfdg. 5.000 06/01/37   2,000 2,436,240
Series A, Rfdg. 5.250 06/01/46   5,500 6,609,845
          71,204,016
New Mexico 0.3%
Farmington Rev.,
Pub. Svcs. Co. of San Juan, Series C, Rfdg. (Mandatory put date 06/01/24) 		1.150(cc) 06/01/40   3,000 3,013,590
New York 4.6%
Metropolitan Trans. Auth. Rev.,          
Bans, Sub. Series B-2A 5.000 05/15/21   2,625 2,650,253
Series D, Rfdg. 5.000 11/15/21   635 649,681
Series D, Rfdg. 5.000 11/15/21   1,195 1,222,628
     
 
Monroe Cnty. Indl. Dev. Corp. Rev.,
Rochester Regl. Hlth. Proj., Series A, Rfdg. 		5.000 12/01/27   700 870,142
New York City Indl. Dev. Agcy. Rev.,
Yankee Stadium Proj. Pilot, Series A, Rfdg., AGM 		5.000 03/01/28   500 637,490
New York City Trans. Fin. Auth. Bldg. Aid. Rev.,
Sub. Series S-1A 		5.250 07/15/37   3,000 3,084,240
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 3,117,360
Future Tax Sec’d., Sub. Series D-1, Rfdg. 5.000 11/01/28   3,000 3,952,440
     
 
13
PGIM National Muni Fund
Schedule of Investments as of November 30, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
New York (cont’d.)
     
New York Liberty Dev. Corp. Rev.,
4 World Trade Center Proj., Rfdg. 		5.750 % 11/15/51   1,750  $1,833,930
New York St. Dorm. Auth. Rev.,          
Mem. Sloan Kettering, Series 1, Rfdg. 5.000 07/01/42   1,000 1,228,710
Mount Sinai Sch. of Medicine, Series A, Rfdg. 5.000 07/01/21   1,685 1,690,611
Rans, Sub. Series B 5.000 03/31/21   1,750 1,777,160
Rochester Inst. Tech., Series A, Rfdg., AMBAC 5.250 07/01/21   2,000 2,060,780
     
 
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 4,298,100
New York Trans. Dev. Corp. Rev.,          
JFK Int’l. Arpt. Proj. Terminal 4, Series A, Rfdg., AMT(hh) 5.000 12/01/25   800 933,288
Laguardia Arpt., Term. B Redev., Series A, AMT 5.000 07/01/46   1,000 1,088,270
New York, NY,          
Fiscal 2008, Rmkt., Series J-10, GO 5.000 08/01/26   1,000 1,239,820
Series C-1, GO, Rfdg. 5.000 08/01/31   1,860 2,507,429
     
 
Port Auth. of NY & NJ, Spl. Oblig. Rev.,
JFK Int’l. Air Terminal 		5.000 12/01/20   175 175,018
TSASC, Inc., Rev.,
Series A, Rfdg. 		5.000 06/01/41   2,000 2,281,260
Util. Debt Secur. Auth. Rev.,
Series TE, Rfdg. 		5.000 12/15/41   2,585 2,924,979
          40,223,589
North Carolina 0.5%
North Carolina Eastern Muni. Pwr. Agcy., Pwr. Sys. Rev.,          
Series A, ETM(ee) 6.400 01/01/21   150 150,756
Series A, Rfdg. (Pre-refunded date 01/01/22)(ee) 6.000 01/01/26   650 690,645
     
 
North Carolina Tpke. Auth. Rev.,
Bans 		5.000 02/01/24   3,000 3,397,410
          4,238,811
Ohio 4.7%
Akron Bath Copley Joint Township Hosp. Dist. Rev.,
Summa Hlth. Oblig. Grp. Hosp. Facs., Rfdg. 		5.000 11/15/28   460 582,158
Allen Cnty. Hosp. Facs. Rev.,
Bon Secours Mercy Hlth., Rfdg. 		5.000 12/01/30   1,100 1,464,496
Buckeye Tob. Settlement Fing. Auth. Rev.,          
Sr. Series A-2, Class 1, Rfdg. 5.000 06/01/28   3,345 4,307,892
Sr. Series A-2, Class 1, Rfdg. 5.000 06/01/29   365 478,599
14
PGIM National Muni Fund
Schedule of Investments as of November 30, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Ohio (cont’d.)
Buckeye Tob. Settlement Fing. Auth. Rev., (cont’d.)          
Sr. Series A-2, Class 1, Rfdg. 5.000 % 06/01/31   3,930  $5,234,132
Sr. Series A-2, Class 1, Rfdg. 5.000 06/01/33   2,060 2,702,596
Franklin Cnty. Hosp. Facs. Rev.,          
Hosp. Facs. 4.125 05/15/45   2,000 2,188,880
Nationwide Children’s Hosp. Proj. 4.000 11/01/45   2,000 2,181,060
Nationwide Children’s Hosp. Proj., Rfdg. 4.000 11/01/47   2,400 2,691,840
Ohio Hlth. Corp., Series A 4.000 05/15/47   4,815 5,461,462
Ohio Hlth. Corp., Series A (Pre-refunded date 11/15/21)(ee) 5.000 11/15/41   2,000 2,090,840
     
 
Lancaster Port Auth. Rev.,
Series A, Rfdg. (Mandatory put date 02/01/25) 		5.000(cc) 08/01/49   950 1,119,005
Lucas Cnty. Hosp. Rev.,
Promedica Healthcare, Series A, Rfdg. (Pre-refunded date 11/15/21)(ee) 		6.500 11/15/37   875 927,220
Middleburg Heights Hosp. Rev. Facs.,
Southwest Gen., Rfdg. 		5.250 08/01/41   800 826,640
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   500 520,905
American Elec. Pwr. Co. Proj., Series C, Rfdg., AMT (Mandatory put date 10/01/24) 2.100(cc) 12/01/27   1,500 1,555,740
     
 
Ohio St. Higher Edl. Facs., Comm. Rev.,
Cleveland Clnc. Hlth. Sys. Oblig. Series A-1, Rfdg. (Pre-refunded date 01/01/23)(ee) 		5.000 01/01/42   2,000 2,196,960
Ohio St. Rev.,          
Cleveland Clnc. Hlth. Sys. Series A, Rfdg. 4.000 01/01/36   2,500 2,919,025
Cleveland Clnc. Hlth. Sys. Series A, Rfdg. 5.000 01/01/28   1,250 1,619,437
          41,068,887
Oklahoma 1.4%
Oklahoma St. Dev. Fin. Auth. Rev.,          
Gilcrease Expressway West, AMT 1.625 07/06/23   1,500 1,497,240
St. Johns Hlth. Sys., Rfdg. (Pre-refunded date 02/15/22)(ee) 5.000 02/15/42   1,500 1,586,340
Oklahoma Tpke. Auth. Rev.,          
Series A 4.000 01/01/48   2,000 2,234,620
Series A 5.000 01/01/42   3,000 3,540,810
Series A, Rfdg. 5.000 01/01/29   1,000 1,331,830
15
PGIM National Muni Fund
Schedule of Investments as of November 30, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Oklahoma (cont’d.)
     
 
Stillwater Util. Auth. Rev.,
Series A 		5.000 % 10/01/39   1,865  $2,156,127
          12,346,967
Oregon 0.1%
Medford Hosp. Facs. Auth. Rev.,
Asante Proj., Series A, Rfdg. 		5.000 08/15/27   470 591,363
Pennsylvania 5.4%
Central Bradford Progress Auth. Rev.,
Guthrie Healthcare Sys., Rfdg. (Pre-refunded date 12/01/21)(ee) 		5.375 12/01/41   2,700 2,839,374
Comnwlth. Fing. Auth. Rev.,          
Tob. Mstr. Settlement Payment Bonds 5.000 06/01/25   1,560 1,864,996
Tob. Mstr. Settlement Payment Bonds 5.000 06/01/28   1,000 1,295,910
Tob. Mstr. Settlement Payment Bonds 5.000 06/01/34   1,000 1,245,100
Geisinger Auth. Rev.,          
Geisinger Hlth. Sys. Oblig. Grp., Rfdg. (Mandatory put date 02/15/27) 5.000(cc) 04/01/43   1,000 1,226,480
Series A-1 5.125 06/01/41   2,000 2,040,200
     
 
Gen. Auth. of Southcentral Pennsylvania, Rev.,
Wellspan Hlth. Oblig. Grp., Series A, Rfdg. 		5.000 06/01/44   3,000 3,380,520
Luzerne Cnty. Indl. Dev. Auth. Rev.,
Pennsylvania American, Rfdg., AMT (Mandatory put date 12/03/29) 		2.450(cc) 12/01/39   1,250 1,364,800
Pennsylvania Econ. Dev. Fing. Auth. Rev.,          
UPMC, Series A-1 5.000 04/15/26   1,000 1,229,750
Wste. Mgmt. Inc. Proj., Series A, AMT (Mandatory put date 08/02/21) 0.700(cc) 08/01/37   1,000 999,960
Pennsylvania Higher Edl. Facs. Auth. Rev.,          
Trustees Univ. of Pennsylvania, Series A 4.000 08/15/41   3,200 3,647,648
Univ. of Pennsylvania Hlth. Sys. 5.000 08/15/28   600 789,378
Univ. of Pennsylvania Hlth. Sys. 5.000 08/15/49   2,000 2,488,140
Pennsylvania Tpke. Comm. Rev.,          
Series A 5.000 12/01/38   1,000 1,156,900
Series A-1, Rfdg. 5.000 12/01/40   1,500 1,744,320
Series A-2, Rfdg. 5.000 12/01/26   565 712,877
Series A-2, Rfdg. 5.000 12/01/28   715 916,687
Series B 5.000 12/01/45   7,000 8,108,030
Sub. Series A-1 5.000 12/01/25   1,100 1,326,083
Sub. Series B, Rfdg. 5.000 06/01/29   1,775 2,148,354
16
PGIM National Muni Fund
Schedule of Investments as of November 30, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Pennsylvania (cont’d.)
Pennsylvania Tpke. Comm. Rev., (cont’d.)          
Sub. Series B-1 5.250 % 06/01/47   2,000   $2,364,980
     
 
Philadelphia Auth. for Indl. Dev. Rev.,
Children’s Hosp., Rfdg. 		4.000 07/01/37   1,075 1,234,455
Philadelphia Gas Wks. Co. Rev.,          
16th Series A, AGM 5.000 08/01/28   625 812,000
16th Series A, AGM 5.000 08/01/29   1,000 1,322,050
     
 
Philadelphia, Wtr. & Wstewtr. Rev.,
Series A 		5.000 11/01/27   930 1,191,218
          47,450,210
Puerto Rico 1.1%
Puerto Rico Comnwlth. Aqu. & Sew. Auth. Rev.,          
Sr. Lien, Series A 5.750 07/01/37   1,260 1,320,694
Sr. Lien, Series A 6.000 07/01/47   1,050 1,103,823
Puerto Rico Sales Tax Fing. Corp. Rev.,          
Series A-1, CABS 2.080(t) 07/01/24   1,526 1,416,860
Series A-1, CABS 2.082(t) 07/01/27   6,342 5,533,205
          9,374,582
Rhode Island 0.9%
Rhode Island Hlth. & Edl. Bldg. Corp. Higher Ed. Facs. Rev.,
Clg. & Univ. Rev. 		5.250 08/15/43   3,815 4,630,609
Tob. Settlement Fing. Corp. Rev.,          
Series A, Rfdg. 5.000 06/01/22   325 345,966
Series A, Rfdg. 5.000 06/01/24   395 444,600
Series A, Rfdg. 5.000 06/01/40   2,350 2,611,719
          8,032,894
South Carolina 1.2%
South Carolina Prt. Auth. Rev.,
AMT 		4.000 07/01/45   1,000 1,069,710
South Carolina Pub. Svc. Auth. Rev.,          
Santee Cooper, Series A, Rfdg. 5.125 12/01/43   2,000 2,227,200
Santee Cooper, Series A, Rfdg. (Pre-refunded date 12/01/23)(ee) 5.750 12/01/43   3,000 3,488,040
Series A, Rfdg. 5.000 12/01/29   1,195 1,423,162
Series A, Rfdg. 5.000 12/01/31   1,595 2,139,134
          10,347,246
17
PGIM National Muni Fund
Schedule of Investments as of November 30, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
South Dakota 0.1%
South Dakota Edl. Enhancement Fdg. Corp. Rev.,
Series B, Rfdg. 		5.000 % 06/01/27   1,000  $1,110,260
Tennessee 0.5%
Tennessee Energy Acquisition Corp. Gas Rev.,          
Series A 5.250 09/01/26   2,375 2,913,484
Series C 5.000 02/01/22   1,050 1,098,877
          4,012,361
Texas 7.2%
Central Tex. Regl. Mobility Auth. Rev.,          
Bans, Sub. Series F 5.000 01/01/25   950 1,086,449
Sr. Lien, Series A 5.000 01/01/40   1,395 1,601,028
Sr. Lien, Series A 5.000 01/01/45   1,000 1,139,710
Clifton Higher Ed. Fin. Corp. Rev.,          
Idea Pub. Sch. 6.000 08/15/43   1,000 1,107,660
Idea Pub. Sch., Rfdg., PSFG 5.000 08/15/39   1,000 1,153,130
Dallas-Fort Worth Int’l. Arpt. Rev.,          
Rfdg. 5.000 11/01/27   1,000 1,278,880
Series A, Rfdg. 5.000 11/01/26   500 623,740
     
 
Grand Parkway Trans. Corp. Rev.,
First Tier Toll Rev., Series A 		5.125 10/01/43   2,000 2,190,420
Gulf Coast Wste. Disp. Auth. Rev.,          
ExxonMobil Corp. Proj., FRDD (Mandatory put date 12/01/20) 0.140(cc) 09/01/25   18,350 18,350,000
ExxonMobil Corp. Proj., FRDD (Mandatory put date 12/01/20) 0.140(cc) 12/01/25   2,700 2,700,000
ExxonMobil Corp. Proj., Series A, FRDD (Mandatory put date 12/01/20) 0.130(cc) 06/01/30   210 210,000
Harris Cnty. Cultrl. Ed. Facs. Fin. Corp. Rev.,          
Mem. Hermann Hlth. Sys., Series C-3, Rfdg. (Mandatory put date 12/01/26) 5.000(cc) 06/01/32   2,250 2,810,655
Texas Children’s Hosp., Series B, Rfdg. (Mandatory put date 10/01/24) 5.000(cc) 10/01/41   1,060 1,241,599
     
 
Harris Cnty. Metro. Trans. Auth. Tax Rev.,
Series A, Rfdg. (Pre-refunded date 11/01/21)(ee) 		5.000 11/01/36   3,000 3,130,800
Harris Cnty. Toll Road Auth. Rev.,
Sr. Lien, Series A, Rfdg. 		5.000 08/15/43   3,000 3,701,760
Houston Arpt. Sys. Rev.,          
Sub. Lien, Series A, Rfdg., AMT (Pre-refunded date 07/01/21)(ee) 5.000 07/01/25   1,045 1,072,912
18
PGIM National Muni Fund
Schedule of Investments as of November 30, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Texas (cont’d.)
Houston Arpt. Sys. Rev., (cont’d.)          
Sub. Lien, Series A, Rfdg., AMT (Pre-refunded date 07/01/22)(ee) 5.000 % 07/01/32   5,640  $6,045,403
Sub. Lien, Series B, Rfdg. (Pre-refunded date 07/01/22)(ee) 5.000 07/01/32   2,000 2,149,940
     
 
Lower Colorado River Auth. Rev.,
LCRA Transmn. Svcs. Corp. Proj., Rfdg. 		5.000 05/15/27   750 952,778
Lower Neches Valley Auth. Indl. Dev. Corp. Rev.,
ExxonMobil Corp. Proj., Series B, Rfdg., FRDD (Mandatory put date 12/01/20) 		0.130(cc) 11/01/29   850 850,000
Matagorda Cnty. Navigation Dist. No. 1, Rev.,
Cent. Pwr. & Lt., Rmkt., Rfdg., AMT (Mandatory put date 09/01/23) 		0.900(cc) 05/01/30   1,250 1,233,912
North Tex. Twy. Auth. Rev.,          
First Tier, Series A, Rfdg. 5.000 01/01/28   650 791,486
Second Tier, Rfdg. 5.000 01/01/48   1,250 1,514,600
Second Tier, Series B, Rfdg. 5.000 01/01/27   585 735,836
Series B, Rfdg. 5.000 01/01/45   2,000 2,307,420
Spl. Projs., Series A (Pre-refunded date 09/01/21)(ee) 5.500 09/01/41   1,000 1,039,460
Tex. Priv. Activ. Surf. Trans. Corp. Rev.,          
Sr. Lien, NTE Mobility, Series 3A & 3B, AMT 6.750 06/30/43   500 557,260
Sr. Lien, NTE Mobility, Series 3A & 3B, AMT 7.000 12/31/38   1,500 1,689,675
          63,266,513
Utah 1.9%
Cnty. of Utah Rev.,          
IHC Hlth. Serv. Inc., Series A, Rfdg. 4.000 05/15/41   5,000 5,768,500
IHC Hlth. Serv. Inc., Series B (Mandatory put date 08/01/26) 5.000(cc) 05/15/60   2,600 3,236,558
Salt Lake City Corp. Arpt. Rev.,          
Series A, AMT 5.000 07/01/23   2,000 2,227,900
Series A, AMT 5.000 07/01/28   2,070 2,650,055
Series A, AMT 5.250 07/01/48   2,000 2,458,440
          16,341,453
Virginia 1.1%
Arlington Cnty. Indl. Dev. Auth. Rev.,
Virginia Hosp. Ctr., Rfdg. 		5.000 07/01/26   500 618,875
Fairfax Cnty. Indl. Dev. Auth. Rev.,          
Healthcare, Inova Hlth. Sys. 5.000 05/15/40   2,175 2,302,912
Healthcare, Inova Hlth. Sys. Series A, Rfdg. 4.000 05/15/48   3,000 3,428,310
19
PGIM National Muni Fund
Schedule of Investments as of November 30, 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  $2,264,780
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   750 766,365
          9,381,242
Washington 2.4%
Port of Seattle Rev.,          
Intermediate Lien, Series C, Rfdg., AMT 5.000 02/01/24   2,500 2,517,275
Series A, AMT 5.000 05/01/43   1,500 1,745,055
Series B, Rfdg., AMT 5.000 09/01/26   1,115 1,152,877
     
 
Skagit Cnty. Pub. Hosp. Dist. No. 1, Rev.,
Rfdg. & Impvt., Series A 		5.000 12/01/37   1,000 1,081,770
Univ. of Washington, Rev.,          
Forward Delivery, Series C, Rfdg.(hh) 5.000 04/01/31   1,250 1,660,025
Forward Delivery, Series C, Rfdg.(hh) 5.000 04/01/32   1,250 1,649,900
Forward Delivery, Series C, Rfdg.(hh) 5.000 04/01/34   1,000 1,320,220
Forward Delivery, Series C, Rfdg.(hh) 5.000 04/01/35   1,750 2,298,642
Washington St. Healthcare Facs. Auth. Rev.,          
Multicare Hlth. Sys. Series B, Rfdg. 5.000 08/15/26   600 719,526
Overlake Hosp. Med. Ctr., Rfdg. 5.000 07/01/38   2,690 3,039,808
Seattle Children’s Hosp., Series A 5.000 10/01/42   2,000 2,143,920
Swedish Hlth. Svcs., Series A (Pre-refunded date 05/15/21)(ee) 6.250 11/15/41   1,500 1,541,415
          20,870,433
West Virginia 0.5%
Harrison Cnty. Comm. Rev.,
Monongahela Pwr. Co. Proj., Series A, Rfdg., AMT (Mandatory put date 10/15/21) 		3.000(cc) 10/15/37   500 507,945
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   500 514,685
West Virginia Hosp. Fin. Auth. Rev.,
Cabell Huntington Hosp. Oblig., Series B, Rfdg. 		5.000 01/01/43   1,000 1,192,200
West Virginia Prkwys. Auth. Rev.,
Sr. Tpke. Toll 		4.000 06/01/47   1,970 2,265,973
          4,480,803
20
PGIM National Muni Fund
Schedule of Investments as of November 30, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Wisconsin 0.3%
Wisconsin Hlth. & Edl. Facs. Auth. Rev.,          
Ascension Hlth. Alliance, Rmkt., Series B-1, Rfdg. 4.000 % 11/15/43   1,500  $1,725,960
Marshfield Clnc. Hlth. Sys., Series B-2, Rfdg. (Mandatory put date 02/15/27) 5.000(cc) 02/15/51   1,000 1,208,160
          2,934,120
 
TOTAL INVESTMENTS 100.1%
(cost $814,346,164) 		872,671,833
Liabilities in excess of other assets(z) (0.1)% (814,048)
 
Net Assets 100.0% $871,857,785
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 Guarantee 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 November 30, 2020.
(cc) Variable rate instrument. The rate shown is based on the latest available information as of November 30, 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 November 30, 2020.
(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:
21
PGIM National Muni Fund
Schedule of Investments as of November 30, 2020 (unaudited) (continued)
Futures contracts outstanding at November 30, 2020:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Short Position:
65   20 Year U.S. Treasury Bonds   Mar. 2021    $11,368,906    $(18,168)
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).
22