NPORT-EX 2 PI62700PGIMNationalMunFd.htm
PGIM National Muni Fund
Schedule of Investments as of May 31, 2021 (unaudited)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Long-Term Investments 99.9%
Municipal Bonds 
Alabama 1.7%
Alabama Pub. Sch. & Clg. Auth. Rev.,
Social Bonds, Series A, Rfdg. 		5.000 % 11/01/28   1,265  $1,642,425
Black Belt Energy Gas Dist. Rev.,          
Proj. 4, Series A-1 (Mandatory put date 12/01/25) 4.000(cc) 12/01/49   3,990 4,538,386
Proj. 5, Series A-1 (Mandatory put date 10/01/26) 4.000(cc) 10/01/49   3,000 3,467,790
Rfdg. (Mandatory put date 12/01/31) 4.000(cc) 06/01/51   2,000 2,486,020
Jefferson Cnty. Swr. Rev.,          
Sr. Lien, Warrants, Series A, Rfdg., AGM 5.000 10/01/44   500 554,205
Sr. Lien, Warrants, Series A, Rfdg., AGM 5.250 10/01/48   500 555,910
     
 
Mobile Indl. Dev. Brd. Rev.,
Alabama Pwr. Co. Barry, Rmkt. (Mandatory put date 06/26/25) 		1.000(cc) 06/01/34   1,000 1,018,780
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 1,639,184
Southeast Energy Auth. Cooperative Dist. Rev.,
Proj. 1, Series A (Mandatory put date 10/01/28) 		4.000(cc) 11/01/51   1,000 1,188,770
          17,091,470
Alaska 1.2%
Alaska Indl. Dev. & Export Auth. Rev.,          
Tanana Chiefs Conference Proj., Series A 4.000 10/01/49   3,000 3,364,350
Tanana Chiefs Conference Proj., Series A 5.000 10/01/31   1,555 1,959,595
     
 
Alaska Muni. Bond Bank Auth. Rev.,
Rfdg. 		5.000 12/01/26   1,350 1,660,298
Valdez Rev.,          
Exxon Pipeline Co. Proj., Series B, Rfdg., FRDD (Mandatory put date 06/01/21) 0.010(cc) 12/01/33   400 400,000
Exxon Pipeline Co. Proj., Series C, Rfdg., FRDD (Mandatory put date 06/01/21) 0.010(cc) 12/01/33   1,400 1,400,000
ExxonMobil Proj., Rfdg., FRDD (Mandatory put date 06/01/21) 0.020(cc) 12/01/29   3,025 3,025,000
          11,809,243
Arizona 3.2%
Arizona Hlth. Facs. Auth. Rev.,
Banner Hlth., Series B, 3 Month LIBOR + 0.810% 		0.945(c) 01/01/37   2,280 2,273,554
Arizona Indl. Dev. Auth. Rev.,          
Phoenix Children’s Hosp., Series A 5.000 02/01/29   650 841,158
1
PGIM National Muni Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Arizona (cont’d.)
Arizona Indl. Dev. Auth. Rev., (cont’d.)          
Phoenix Children’s Hosp., Series A 5.000 % 02/01/30   300   $395,361
     
 
Chandler Indl. Dev. Auth. Rev.,
Intel Corp., AMT (Mandatory put date 06/03/24) 		5.000(cc) 06/01/49   1,035 1,170,844
Maricopa Cnty. Indl. Dev. Auth. Rev.,
Banner Hlth., Series A 		5.000 01/01/41   1,000 1,229,900
Maricopa Cnty. Spl. HealthCare Dist.,
Series D, GO(hh) 		5.000 07/01/28   850 1,085,000
Phoenix Civic Impvt. Corp. Rev.,          
Jr. Lien, Series B, AMT 5.000 07/01/29   2,000 2,573,900
Series A, AMT 5.000 07/01/47   2,000 2,376,940
Sr. Lien, AMT 5.000 07/01/48   2,000 2,414,080
Sr. Lien, Rfdg., AMT 5.000 07/01/32   1,200 1,306,140
     
 
Pima Cnty. Indl. Dev. Auth. Rev.,
Tucson Elec. Pwr. Co. Proj., Rfdg. 		4.000 09/01/29   2,000 2,125,300
Salt River Proj. Agric. Impvt. & Pwr. Dist. Elec. Sys. Rev.,          
Forward Delivery, Series A, Rfdg.(hh) 5.000 01/01/28   875 1,094,249
Series A, Rfdg. 4.000 01/01/38   2,000 2,309,520
Salt Verde Finl. Corp. Rev.,          
Sr. Gas Rev., Sr. Bonds 5.000 12/01/32   2,800 3,699,528
Sr. Gas Rev., Sr. Bonds 5.000 12/01/37   3,505 4,889,755
Sr. Gas Rev., Sr. Bonds 5.250 12/01/26   2,180 2,665,464
          32,450,693
California 10.5%
Alameda Corridor Trans. Auth. Rev.,
2nd Sub. Lien, Series B, Rfdg. 		5.000 10/01/37   1,500 1,781,580
Anaheim Pub. Fing. Auth. Lease Rev.,
Sr. Pub. Impvts. Proj., Series A, AGM 		6.000 09/01/24   4,945 5,418,335
Bay Area Toll Auth. Rev.,
Series F-1 (Pre-refunded date 04/01/27)(ee) 		5.000 04/01/56   2,000 2,505,140
California Cnty. Tob. Secur. Agcy. Rev.,
Conv. Bonds, Asset Bkd., Series B, Rfdg. 		5.100 06/01/28   845 853,518
California Hlth. Facs. Fing. Auth. Rev.,          
Lucile Salter Packard Children’s Hosp. at Stanford, Series A, Rfdg.(hh) 4.000 05/15/51   2,500 2,857,000
Stanford Healthcare, Series A 5.000 08/15/54   1,000 1,166,020
Sutter Hlth., Series D, Rfdg. (Pre-refunded date 08/15/21)(ee) 5.250 08/15/31   1,000 1,010,430
California Muni. Fin. Auth. Rev.,          
CHF-Davis I, LLC, West Village Student Hsg. Proj., BAM, TCRs 5.000 05/15/29   1,000 1,259,470
2
PGIM National Muni Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
California (cont’d.)
California Muni. Fin. Auth. Rev., (cont’d.)          
ExxonMobil Proj., Rfdg., FRDD (Mandatory put date 06/01/21) 0.030 %(cc) 12/01/29   3,370  $3,370,000
Sr. Lien-LINXS APM Proj., AMT 5.000 12/31/43   2,750 3,294,528
Wste. Mgmt., Inc., Rmkt., Series A, AMT (Mandatory put date 12/01/23) 0.700(cc) 12/01/44   1,000 1,009,470
California St.,          
GO 5.000 03/01/45   3,000 3,434,250
GO, Rfdg. 5.000 11/01/28   2,500 3,247,300
GO, Rfdg. 5.000 12/01/28   1,200 1,561,428
GO, Rfdg. 5.000 08/01/45   500 580,560
GO, Rfdg. 5.000 08/01/46   1,500 1,791,375
Var. Purp., GO 5.000 04/01/42   7,000 7,267,190
Var. Purp., GO 5.250 04/01/35   1,250 1,302,250
Var. Purp., GO, Rfdg. 5.000 09/01/41   4,250 4,301,255
Var. Purp., GO, Rfdg. 5.000 10/01/41   1,250 1,269,300
Var. Purp., GO, Rfdg. 5.000 10/01/47   3,000 3,547,590
     
 
California St. Pub. Wks. Brd. Lease Rev.,
Forward Delivery, Series A, Rfdg.(hh) 		5.000 02/01/28   2,360 2,910,848
California St. Univ. Rev.,
Systemwide, Series A, Rfdg. (Pre-refunded date 11/01/21)(ee) 		5.000 11/01/37   1,250 1,275,225
Foothill-De Anza Cmnty. Clg. Dist.,
Series C, GO (Pre-refunded date 08/01/21)(ee) 		5.000 08/01/40   1,250 1,260,025
Golden St. Tob. Secur. Corp. Rev.,          
Series A-1, Rfdg. 5.000 06/01/26   1,025 1,234,151
Series A-1, Rfdg. 5.000 06/01/28   3,255 4,004,985
Series A-1, Rfdg. 5.000 06/01/29   1,250 1,533,062
Series A-1, Rfdg. 5.000 06/01/30   1,820 2,251,941
Series A-1, Rfdg. 5.000 06/01/33   3,050 3,717,828
Series A-1, Rfdg. 5.000 06/01/35   1,545 1,888,376
Long Beach Bond Fin. Auth. Nat. Gas Pur. Rev.,          
Series A 5.000 11/15/35   1,140 1,587,176
Series A 5.500 11/15/37   1,000 1,498,720
Los Angeles Calif. Dept. Arpts. Rev.,          
Los Angls. Int’l., Series A, AMT 5.000 05/15/29   2,000 2,177,740
Los Angls. Int’l., Series A, AMT 5.000 05/15/38   2,500 2,711,100
Sr. Series C, AMT 5.000 05/15/28   1,075 1,366,626
Sub. Los Angls. Int’l., Series A, AMT 5.250 05/15/48   1,000 1,228,950
Sub. P3 Proj., Series A, Rfdg., AMT 5.000 05/15/27   655 808,552
     
 
Los Angeles Dept. of Wtr. Rev.,
Wtr. Sys., Series B 		5.000 07/01/34   2,500 2,744,275
3
PGIM National Muni Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
California (cont’d.)
     
M-S-R Energy Auth. Rev.,
Series A 		6.500 % 11/01/39   2,000  $3,290,020
Pittsburg Redev. Agcy.,
Los Medanos Cmnty. Dev. Proj., Tax Alloc., AMBAC, CABS 		0.974(t) 08/01/25   2,000 1,920,580
Port of Oakland Rev.,
Sr. Lien, Series P, Rfdg., AMT (Pre-refunded date 05/01/22)(ee) 		5.000 05/01/33   1,750 1,820,542
Riverside Cnty. Pub. Fing. Auth. Rev.,
Cap. Facs. Proj. 		5.250 11/01/45   1,000 1,176,250
San Diego Cmnty. Clg. Dist.,
Election of 2006, GO (Pre-refunded date 08/01/21)(ee) 		5.000 08/01/41   1,500 1,512,255
San Diego Cnty. Regl. Arpt. Auth. Rev.,          
Sr. Series B, AMT 5.000 07/01/38   1,000 1,089,220
Sr. Series B, AMT 5.000 07/01/43   2,000 2,173,660
     
 
San Diego Cnty. Wtr. Auth. Rev.,
Green Bond, Series A, Rfdg. 		5.000 05/01/28   750 970,238
San Francisco City & Cnty. Arpt. Commn. Rev.,          
2nd Series A, Rfdg., AMT 5.250 05/01/33   1,000 1,089,710
Series A, Rfdg., AMT 5.000 05/01/31   3,000 3,997,560
     
 
Walnut Energy Ctr. Auth. Rev.,
Rfdg. 		5.000 01/01/34   800 910,056
          106,977,660
Colorado 2.9%
Colorado Hlth. Facs. Auth. Rev.,          
Commonspirit Hlth., Series A, Rfdg. 5.000 08/01/27   1,725 2,165,048
Commonspirit Hlth., Series A, Rfdg. 5.000 08/01/29   2,070 2,691,642
Commonspirit Hlth., Series A, Rfdg. 5.000 08/01/34   2,500 3,210,975
Commonspirit Hlth., Series B-2 (Mandatory put date 08/01/26) 5.000(cc) 08/01/49   2,465 2,960,243
Vail Valley Med. Ctr. Proj. 4.000 01/15/45   1,500 1,637,865
     
 
Colorado Springs Co. Util. Sys. Rev.,
Series C 		5.000 11/15/27   1,000 1,272,260
Denver City & Cnty. Arpt. Sys. Rev.,          
Series A, Rfdg., AMT 5.000 11/15/27   885 1,099,789
Series A, Rfdg., AMT 5.250 11/15/22   1,050 1,073,688
Sub. Sys., Series A, Rfdg., AMT 5.000 12/01/34   2,300 2,861,936
Sub. Sys., Series A, Rfdg., AMT 5.000 12/01/35   1,000 1,240,050
Sub. Sys., Series A, Rfdg., AMT 5.250 12/01/43   3,000 3,695,820
4
PGIM National Muni Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Colorado (cont’d.)
E-470 Pub. Hwy. Auth.,          
Sr. Rev., Series A, Rfdg. 5.000 % 09/01/27   1,160  $1,449,675
Sr. Rev., Series A, Rfdg. 5.000 09/01/28   1,000 1,277,970
Regl. Trans. Dist. Rev.,          
Denver Transit Partners Eagle P3 Proj., Series A, Rfdg. 5.000 07/15/28   400 504,708
Denver Transit Partners Eagle P3 Proj., Series A, Rfdg. 5.000 07/15/29   400 511,464
     
 
Regl. Trans. Dist. Sales Tax Rev.,
Green Bond Fastracks Proj., Series B, Rfdg. 		5.000 11/01/28   1,425 1,846,714
          29,499,847
Connecticut 3.1%
Connecticut St.,          
Forward Delivery Social Bonds, Series D, GO, Rfdg.(hh) 5.000 07/15/28   4,500 5,710,545
Series 2021-A, GO 4.000 01/15/28   1,500 1,803,030
Series A, GO 4.000 01/15/33   2,000 2,426,060
Series A, GO 5.000 01/15/32   2,000 2,604,400
Series B, GO, Rfdg. 5.000 05/15/25   2,050 2,413,752
Series C, GO 5.000 06/15/28   1,200 1,533,156
     
 
Connecticut St. Dev. Auth. Rev.,
Light & Pwr. Co. Proj., Series A, Rfdg. 		4.375 09/01/28   1,000 1,010,280
Connecticut St. Hlth. & Ed. Facs. Auth. Rev.,
Yale Univ., Series A-2, Rfdg. (Mandatory put date 07/01/26) 		2.000(cc) 07/01/42   1,815 1,938,983
Connecticut St. Spl. Tax Rev.,          
Series A 5.000 05/01/28   2,500 3,187,125
Spl. Tax Oblig. Bonds, Series A 5.000 05/01/27   1,165 1,450,087
Spl. Tax Oblig. Bonds, Series A 5.000 05/01/29   4,000 5,205,120
Trans. Infrastructure, Series A 5.000 01/01/38   2,000 2,466,780
          31,749,318
Delaware 0.1%
Delaware Trans. Auth. Rev.,
Rfdg. 		5.000 07/01/28   1,150 1,482,258
District of Columbia 2.0%
Dist. of Columbia Rev.,          
Friendship Pub. Chrt. Sch., Rfdg. 5.000 06/01/36   1,385 1,577,584
5
PGIM National Muni Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
District of Columbia (cont’d.)
Dist. of Columbia Rev., (cont’d.)          
KIPP Chrt. Sch., Rfdg. (Pre-refunded date 07/01/23)(ee) 6.000 % 07/01/43   850  $952,799
KIPP Chrt. Sch., Rfdg. (Pre-refunded date 07/01/23)(ee) 6.000 07/01/48   725 812,682
KIPP DC Iss., Series A, Rfdg. 5.000 07/01/37   1,250 1,483,687
     
 
Metropolitan Washington D.C. Arpt. Auth. Dulles Toll Road Rev.,
Dulles Met. Rail, Series A, Rfdg. 		5.000 10/01/44   2,000 2,495,800
Metropolitan Washington D.C. Arpt. Auth. Sys. Rev.,          
Forward Delivery, Series A, Rfdg., AMT 5.000 10/01/32   1,500 2,014,290
Rfdg., AMT 5.000 10/01/26   3,335 4,081,673
Series A, Rfdg., AMT 5.000 10/01/31   2,500 2,652,675
Series A, Rfdg., AMT 5.000 10/01/44   1,000 1,137,640
Series C, Rfdg. 5.000 10/01/27   1,000 1,015,530
     
 
Washington Metropolitan Area Trans. Auth. Rev.,
Green Bond, Series A(hh) 		5.000 07/15/28   1,875 2,407,725
          20,632,085
Florida 7.2%
Broward Cnty. Arpt. Sys. Rev.,          
Series A, AMT 5.000 10/01/45   3,000 3,434,670
Series A, AMT (Pre-refunded date 10/01/23)(ee) 5.250 10/01/43   1,500 1,666,560
Series B, Rfdg., AMT 5.000 10/01/27   3,000 3,721,260
Central Florida Expressway Auth. Rev.,          
Sr. Lien, Rfdg. 4.000 07/01/41   2,000 2,286,220
Sr. Lien, Rfdg., AGM 5.000 07/01/28   3,000 3,851,880
     
 
Citizens Ppty. Ins., Inc. Rev.,
Sr. Sec’d., Series A-1 		5.000 06/01/22   1,000 1,047,290
Cityplace CDD.,
Spl. Assmt., Rfdg. 		5.000 05/01/26   1,000 1,147,250
Davie Edl. Facs. Rev.,          
Nova Southeastern Univ. Proj., Series A (Pre-refunded date 04/01/23)(ee) 5.625 04/01/43   500 549,300
Nova Southeastern Univ. Proj., Series A (Pre-refunded date 04/01/23)(ee) 6.000 04/01/42   1,000 1,105,450
     
 
Florida Dev. Fin. Corp. Rev.,
Nova Southeastern Univ. Proj., Series A, Rfdg. 		5.000 04/01/26   555 650,271
Florida Higher Edl. Facs. Finl. Auth. Rev.,          
Nova Southeastern Univ. Proj., Rfdg. 5.000 04/01/25   1,050 1,200,434
Nova Southeastern Univ. Proj., Rfdg. 5.000 04/01/28   1,250 1,461,487
6
PGIM National Muni Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Florida (cont’d.)
     
 
Grtr. Orlando Avtn. Auth. Rev.,
Priority Sub. Series A, AMT 		5.000 % 10/01/42   5,000  $6,025,100
Hillsborough Cnty. Avtn. Auth. Rev.,          
Tampa Int’l. Arpt., Sub. Series A, Rfdg., AMT 5.000 10/01/25   1,270 1,403,223
Tampa Int’l. Arpt., Series E, AMT 5.000 10/01/48   4,500 5,506,200
     
 
JEA Elec. Sys. Rev.,
Sub. Series A, Rfdg. 		5.000 10/01/28   9,000 11,401,471
Miami Beach Redev. Agcy.,
Tax Incr. Rev. City Ctr., Tax Alloc. Rfdg., AGM 		5.000 02/01/44   1,500 1,661,220
Miami Dade Cnty. Wtr. & Swr. Sys. Rev.,          
Series B, Rfdg., AGM 5.250 10/01/22   5,145 5,494,500
Wtr. Util. Imps. 5.000 10/01/30   1,530 2,060,987
     
 
Orange Cnty. Hlth. Facs. Auth. Rev.,
Orlando Hlth., Inc., Series B, Rfdg. 		5.000 10/01/44   1,000 1,188,370
Orlando Util. Commn. Rev.,
Series B, (Mandatory put date 10/01/28) 		1.250(cc) 10/01/46   2,475 2,538,533
Palm Beach Cnty. Hlth. Facs. Auth. Rev.,
BRRH Corp. Oblig. Grp., Rfdg. (Pre-refunded date 12/01/24)(ee) 		5.000 12/01/31   500 579,980
Sarasota Cnty. Pub. Hosp. Dist. Rev.,          
Sarasota Mem. Hosp. 4.000 07/01/48   2,860 3,244,355
Sarasota Mem. Hosp. 5.000 07/01/28   1,160 1,483,060
     
 
South Miami Hlth. Facs. Auth., Inc. Rev.,
Baptist Hlth. South Florida, Rfdg. 		5.000 08/15/47   1,000 1,215,430
Tampa Hlth. Sys. Rev.,
Baycare Hlth. Sys., Series A, Rfdg. 		5.000 11/15/33   3,090 3,218,977
Village CDD No. 6,          
Spl. Assess., Rfdg. 4.000 05/01/27   325 376,629
Spl. Assess., Rfdg. 4.000 05/01/28   335 387,602
Spl. Assess., Rfdg. 4.000 05/01/29   345 397,333
     
 
Village CDD No. 7,
Spl. Assess., Rfdg. 		4.000 05/01/23   1,055 1,125,801
Village CDD No. 10,
Spl. Assess. 		4.500 05/01/23   320 329,363
Village CDD No. 13,          
Spl. Assess. 3.375 05/01/34   495 533,422
Spl. Assess., 144A 2.625 05/01/30   1,000 1,028,430
          73,322,058
7
PGIM National Muni Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Georgia 1.9%
Atlanta GA Dept. Avtn. Rev.,
Series B, Rfdg., AMT 		5.000 % 07/01/29   830  $1,073,223
Georgia St. Road & Twy. Auth. Rev.,
Grant Anticipation Rev. Vehicle 		5.000 06/01/27   2,630 3,290,998
Main Street Natural Gas, Inc. Rev.,          
Series C (Mandatory put date 09/01/26) 4.000(cc) 03/01/50   4,370 5,041,057
Sub. Series C (Mandatory put date 12/01/23) 4.000(cc) 08/01/48   3,160 3,426,862
     
 
Monroe Cnty. Dev. Auth. Rev.,
GA Pwr. Co. Plant Scherer Proj. 1 		2.250 07/01/25   1,000 1,048,970
Muni. Elec. Auth. of Georgia Rev.,          
Combined Cycle Proj., Series A, Rfdg. 4.000 11/01/24   1,050 1,175,601
Proj. One, Sub. Bonds, Series A, Rfdg. 5.000 01/01/26   1,425 1,691,504
     
 
Priv. Clgs. & Univs. Auth. Rev.,
Savannah Clg. of Art & Design Proj. 		5.000 04/01/44   2,120 2,361,977
          19,110,192
Hawaii 0.9%
Hawaii St. Arpts. Sys. Rev.,          
Series A, AMT 5.000 07/01/45   1,000 1,155,010
Series A, AMT 5.000 07/01/48   3,000 3,690,510
     
 
Hawaii St. Dept. Budget & Fin. Rev.,
Pac. Hlth. Oblig., Series A, Rfdg. 		5.500 07/01/43   2,560 2,844,185
Hawaii St. Hwy. Fd. Rev.,
Hwy. Imps.(hh) 		5.000 01/01/41   1,000 1,311,730
          9,001,435
Idaho 0.2%
Idaho Hsg. & Fin. Assoc. Rev.,
Grant Anticipation Rev. Vehicle, Series A, Rfdg. 		5.000 07/15/29   1,405 1,835,253
Illinois 12.0%
Chicago Brd. of Ed. Rev.,          
Series C, GO, Rfdg. 5.000 12/01/22   1,500 1,597,320
Spl. Tax 5.000 04/01/46   1,000 1,128,540
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 2,054,000
Series A, Rfdg., AMT 5.000 01/01/33   1,310 1,501,784
Series B, Rfdg. 5.000 01/01/32   1,500 1,733,940
Sr. Lien, Series D 5.250 01/01/42   2,000 2,454,340
8
PGIM National Muni Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Illinois (cont’d.)
Chicago Trans. Auth. Rev.,          
2nd Lien 5.000 % 12/01/46   3,000  $3,582,420
Transit Imps. (Pre-refunded date 12/01/21)(ee) 5.250 12/01/40   1,000 1,025,310
Chicago Wstewtr. Transmn. Rev.,          
2nd Lien 5.000 01/01/39   2,000 2,218,460
2nd Lien, Rmkt., Series C, Rfdg. 5.000 01/01/29   355 408,861
2nd Lien, Rmkt., Series C, Rfdg. 5.000 01/01/31   450 517,711
2nd Lien, Rmkt., Series C, Rfdg. 5.000 01/01/39   2,000 2,277,260
2nd Lien, Series A 5.000 01/01/47   1,000 1,196,930
Chicago Wtrwks. Rev.,          
2nd Lien, Rfdg. 5.000 11/01/32   1,325 1,403,109
2nd Lien, Rfdg. 5.000 11/01/36   2,390 2,875,959
2nd Lien, Series A-1 5.000 11/01/27   510 613,938
2nd Lien, Series A-1 5.000 11/01/30   1,495 1,795,764
Chicago, IL,          
Proj. Series A, GO 5.250 01/01/35   1,950 1,956,591
Proj. Series A, GO, Rfdg. 5.250 01/01/29   1,185 1,312,909
Rmkt., Series 2002B, GO 5.250 01/01/28   1,850 2,117,899
Rmkt., Series 2002B, GO 5.500 01/01/37   600 685,914
Rmkt., Series 2003B, GO, Rfdg. 5.500 01/01/30   1,000 1,150,610
Series A, GO 5.500 01/01/33   960 1,102,435
Series C, GO, Rfdg. 5.000 01/01/23   270 276,480
Series C, GO, Rfdg. 5.000 01/01/24   340 375,367
Series C, GO, Rfdg. 5.000 01/01/26   1,000 1,168,980
     
 
Cook Cnty.,
Series A, GO, Rfdg. 		5.000 11/15/28   1,050 1,341,028
Illinois Fin. Auth. Rev.,          
Northshore Univ. Hlth. Sys., Series A, Rfdg. 5.000 08/15/26   1,500 1,829,115
Northshore Univ. Hlth. Sys., Series A, Rfdg. 5.000 08/15/28   1,110 1,419,923
Northshore Univ. Hlth. Sys., Series A, Rfdg. 5.000 08/15/29   2,000 2,606,500
OSF Healthcare Sys., Series B-2, Rfdg. (Mandatory put date 11/15/26) 5.000(cc) 05/15/50   1,300 1,564,940
Univ. of Chicago, Series A, Rfdg.(hh) 5.000 10/01/28   1,500 1,904,550
Illinois St.,          
GO 5.000 02/01/24   1,195 1,330,692
GO 5.000 11/01/30   500 597,875
GO 5.000 04/01/31   1,000 1,095,100
GO 5.250 02/01/29   2,000 2,208,360
GO, Rfdg. 5.000 08/01/24   2,000 2,104,720
GO, Rfdg. 5.000 02/01/25   1,315 1,511,329
Series A, GO 5.000 04/01/22   1,730 1,795,965
Series A, GO 5.000 12/01/39   2,500 2,969,750
9
PGIM National Muni Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Illinois (cont’d.)
Illinois St., (cont’d.)          
Series A, GO, Rfdg. 5.000 % 10/01/28   750  $932,250
Series C, GO 5.000 11/01/29   1,000 1,210,350
Series D, GO 5.000 11/01/22   1,950 2,076,380
Series D, GO 5.000 11/01/23   3,730 4,133,213
Series D, GO 5.000 11/01/26   6,150 7,423,788
Series D, GO 5.000 11/01/27   2,210 2,717,946
Illinois St. Toll Hwy. Auth. Rev.,          
Series A 5.000 01/01/38   3,125 3,344,719
Series C 5.000 01/01/39   2,000 2,298,520
Sr. Rev. Bonds, Series A, Rfdg. 5.000 01/01/28   5,000 6,322,000
Sr. Rev., Series C, Rfdg. 5.000 01/01/31   3,000 3,937,380
Metropolitan Pier & Exposition Auth. Dedicated St. Tax
Rev., 		         
McCormick Place Expansion, Series A, CABS, NATL 2.398(t) 12/15/34   10,000 7,240,900
McCormick Place Expansion, Series A, CABS, NATL 2.555(t) 06/15/37   7,500 4,990,875
Railsplitter Tob. Settlement Auth. Rev.,          
Series 2010 (Pre-refunded date 06/01/21)(ee) 6.000 06/01/28   1,250 1,250,000
Tob. Set. Funded 5.000 06/01/27   1,150 1,388,291
Tob. Set. Funded 5.000 06/01/28   1,055 1,272,309
     
 
Regl. Trans. Auth. Rev.,
Series A 		4.000 06/01/37   3,605 4,029,813
Sales Tax Secur. Corp. Rev.,          
2nd Lien, Series A, Rfdg. 5.000 01/01/26   2,250 2,660,175
2nd Lien, Series A, Rfdg. 5.000 01/01/29   1,500 1,897,920
     
 
Springfield Elec. Rev.,
Sr. Lien, Rfdg., AGM 		4.000 03/01/40   1,000 1,097,230
          123,036,737
Indiana 1.0%
Indiana Fin. Auth. Rev.,          
IN Univ. Hlth., Series A, Rfdg. 5.000 12/01/25   2,130 2,552,869
Indianapolis Pwr. & Light. Co. Proj., Series B, Rfdg., AMT (Mandatory put date 04/01/26) 0.950(cc) 12/01/38   625 623,544
     
 
Indianapolis Loc. Pub. Impvt. Bank Rev.,
Courthouse & Jail Proj., Series A, Rfdg. 		4.000 02/01/44   4,250 4,931,530
Whiting, IN Rev.,
BP Products North America, Rfdg., AMT (Mandatory put date 06/05/26) 		5.000(cc) 12/01/44   2,025 2,436,905
          10,544,848
10
PGIM National Muni Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Iowa 0.9%
Iowa Tob. Settlement Auth. Rev.,
Sr. Series A-2, Class 1, Rfdg. 		5.000 % 06/01/30   200  $262,572
PEFA, Inc. Gas Proj. Rev.,
Series A-1 (Mandatory put date 09/01/26) 		5.000(cc) 09/01/49   7,815 9,384,799
          9,647,371
Kansas 0.2%
Wyandotte Cnty.-Kansas City Unified Govt. Util. Sys. Rev.,
Impvt., Series A 		5.000 09/01/45   2,170 2,532,238
Kentucky 1.8%
Kentucky Pub. Energy Auth. Rev.,          
Gas Sply., Series B (Mandatory put date 01/01/25) 4.000(cc) 01/01/49   3,210 3,571,350
Series A-1 (Mandatory put date 06/01/25) 4.000(cc) 12/01/49   3,370 3,787,071
Series C (Mandatory put date 02/01/28) 4.000(cc) 02/01/50   5,230 6,220,928
Owen Cnty. Wtrwks. Sys. Rev.,          
American Wtr. Co., Rfdg. (Mandatory put date 09/01/23) 0.700(cc) 06/01/40   1,000 1,001,040
American Wtr. Co., Series A, Rfdg. (Mandatory put date 10/01/29) 2.450(cc) 06/01/39   1,500 1,618,905
     
 
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 2,249,685
          18,448,979
Louisiana 0.6%
Louisiana Pub. Facs. Auth. Rev.,          
Franciscan Mis., Rfdg. (Pre-refunded date 07/01/25)(ee) 5.000 07/01/39   10 11,852
Franciscan Mis., Unrefunded, Rfdg. 5.000 07/01/39   1,990 2,320,201
Tulane Univ. of Louisiana, Rfdg. 5.000 04/01/29   1,000 1,286,160
     
 
Louisiana St. Hwy. Impt. Rev.,
Series A (Pre-refunded date 06/15/24)(ee) 		5.000 06/15/34   1,250 1,429,325
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 1,551,915
          6,599,453
11
PGIM National Muni Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Maine 0.3%
Maine Hlth. & Higher Edl. Facs. Auth. Rev.,          
Maine Hlth., Series A 5.000 % 07/01/27   1,200  $1,495,272
Maine Hlth., Series A 5.000 07/01/28   1,140 1,454,138
          2,949,410
Maryland 0.4%
Maryland St. Trans. Auth. Rev.,
Series A, Rfdg. 		5.000 07/01/28   1,280 1,646,861
Washington Suburban Sanitary Commn. Rev.,
Consol. Pub. Impvt., 2nd Series 		4.000 06/01/40   2,150 2,460,696
          4,107,557
Massachusetts 0.7%
Massachusetts Bay Trans. Auth. Rev.,
Mass. Sales Tax, Series B, Rfdg., NATL 		5.500 07/01/27   1,325 1,700,796
Massachusetts St. Hlth. & Edl. Facs. Auth. Rev.,
Tufts Univ., Series M, Rfdg. 		5.500 02/15/28   3,000 3,924,810
Massachusetts St. Port Auth. Rev.,          
Series A, AMT (Pre-refunded date 07/01/22)(ee) 5.000 07/01/42   1,000 1,050,570
Series A, Rfdg., AMT 5.000 07/01/27   320 397,200
          7,073,376
Michigan 1.2%
Michigan Fin. Auth. Rev.,          
Sr. Series A, Class 1, Rfdg. 5.000 06/01/28   1,500 1,902,645
Sr. Series A, Class 1, Rfdg. 5.000 06/01/29   250 322,772
Sr. Series A, Class 1, Rfdg. 5.000 06/01/30   1,000 1,315,110
Sr. Series A, Class 1, Rfdg. 5.000 06/01/32   2,250 2,953,980
Sr. Series A, Class 1, Rfdg. 5.000 06/01/33   2,750 3,591,472
     
 
Michigan St. Bldg. Auth. Rev.,
Facs. Prog., Series I-A, Rfdg. (Pre-refunded date 10/15/21)(ee) 		5.375 10/15/41   750 764,453
Wayne Cnty. Arpt. Auth. Rev.,
Det. Met. Arpt., Series D, Rfdg., AMT 		5.000 12/01/28   1,500 1,603,215
          12,453,647
Minnesota 0.2%
Rochester Rev.,
Mayo. Clnc. 		4.000 11/15/48   2,000 2,277,660
12
PGIM National Muni Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Mississippi 1.0%
Mississippi Bus. Fin. Corp. Rev.,          
Chevron USA, Inc. Proj., Series E, FRDD (Mandatory put date 06/01/21) 0.010 %(cc) 12/01/30   1,170  $1,170,000
Chevron USA, Inc., Series F, FRDD (Mandatory put date 06/01/21) 0.020(cc) 11/01/35   7,565 7,565,000
Chevron USA, Inc., Series L, FRDD (Mandatory put date 06/01/21) 0.010(cc) 11/01/35   1,350 1,350,000
Poll. Ctrl., Rfdg. 3.200 09/01/28   500 527,370
          10,612,370
Missouri 1.0%
Missouri St. Hlth. & Edl. Facs. Auth. Rev.,          
BJC Hlth. Sys. 5.000 01/01/44   3,500 3,878,525
Series C, Rfdg. (Mandatory put date 05/01/28) 5.000(cc) 05/01/52   2,500 3,182,000
     
 
Univ. of Missouri Rev.,
Series B, Rfdg. 		5.000 11/01/30   2,555 3,451,166
          10,511,691
Nebraska 0.6%
Central Plns. Energy. Proj. Rev.,
Proj. 4 (Mandatory put date 01/01/24) 		5.000(cc) 03/01/50   4,445 4,934,172
Douglas Cnty. Hosp. Auth. No. 2 Rev.,
Children’s Hosp. Oblig. Grp. (Mandatory put date 11/15/25) 		5.000(cc) 11/15/53   1,270 1,500,492
          6,434,664
New Jersey 8.0%
Camden Cnty. Impvt. Auth. Rev.,
Cooper Hlth. Sys. Oblig. Grp. 		5.750 02/15/42   1,500 1,624,530
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 1,326,287
American Wtr. Co., Inc., Series B, Rfdg., AMT (Mandatory put date 06/01/23) 1.200(cc) 11/01/34   1,000 1,014,720
NJ American Wtr. Co., Inc. Proj., Series D, Rfdg., AMT (Mandatory put date 12/01/27) 1.100(cc) 11/01/29   625 621,163
Sch. Facs. Construction 5.000 06/15/29   1,500 1,905,690
Sch. Facs. Construction, Series NN, Rfdg. 5.000 03/01/27   2,950 3,185,823
Sch. Facs. Construction, Series PP, Rfdg. 5.000 06/15/26   2,100 2,381,400
Series BBB, Rfdg. 5.500 06/15/30   1,500 1,853,550
13
PGIM National Muni Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
New Jersey (cont’d.)
     
 
New Jersey Edl. Facs. Auth. Rev.,
Montclair St. Univ., Series A, Rfdg. 		5.000 % 07/01/44   2,500  $2,806,700
New Jersey Healthcare Facs. Fing. Auth. Rev.,          
Hackensack Meridian Hlth., Series A, Rfdg. 5.000 07/01/39   1,500 1,825,110
RWJ Barnabas Hlth. Oblig. Grp., Series A, Rfdg. 5.000 07/01/33   1,015 1,227,186
RWJ Barnabas Hlth. Oblig. Grp., Series A, Rfdg. 5.000 07/01/43   1,585 1,903,791
RWJ Univ. Hosp., Series A 5.500 07/01/43   1,000 1,099,260
Virtua Hlth., Rfdg. 5.000 07/01/29   1,000 1,116,240
     
 
New Jersey St. Sales Tax Rev.,
Covid-19 GO Emergency Bonds, Series A, GO 		5.000 06/01/29   3,370 4,364,554
New Jersey Tpke. Auth. Rev.,          
Series A 5.000 01/01/28   1,505 1,711,772
Series A 5.000 01/01/48   2,155 2,675,476
Series A (Pre-refunded date 07/01/22)(ee) 5.000 01/01/43   1,885 1,984,622
Series A (Pre-refunded date 07/01/22)(ee) 5.000 01/01/43   1,115 1,173,682
Series B, Rfdg. 5.000 01/01/27   2,125 2,614,494
Series D, Rfdg. 5.000 01/01/28   2,150 2,614,185
Series E, Rfdg. 5.000 01/01/32   2,030 2,520,346
New Jersey Trans. Tr. Fd. Auth. Rev.,          
Series AA, Rfdg.(hh) 5.000 06/15/27   1,200 1,400,484
Trans. Prog. Notes, Rmkt., Series BB-1 5.000 06/15/33   1,000 1,230,400
Trans. Sys. Bond, Rfdg. 5.000 12/15/26   500 607,960
Trans. Sys., Series A, Rfdg. 5.000 12/15/28   3,565 4,497,034
Trans. Sys., Series A, Rfdg. 5.000 12/15/36   1,250 1,531,787
Trans. Sys., Series A, Rfdg. 5.500 12/15/23   3,550 4,005,287
Trans. Sys., Series B 5.500 06/15/31   1,090 1,092,006
Trans. Sys., Series D, Rfdg. 5.000 12/15/24   2,455 2,833,954
Tob. Settlement Fing. Corp. Rev.,          
Series A, Rfdg. 5.000 06/01/23   1,105 1,206,770
Series A, Rfdg. 5.000 06/01/25   2,345 2,750,802
Series A, Rfdg. 5.000 06/01/27   1,570 1,948,590
Series A, Rfdg. 5.000 06/01/28   2,320 2,953,662
Series A, Rfdg. 5.000 06/01/29   2,480 3,128,917
Series A, Rfdg. 5.000 06/01/37   2,000 2,452,080
Series A, Rfdg. 5.250 06/01/46   5,500 6,634,430
          81,824,744
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 3,046,440
14
PGIM National Muni Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
New York 6.0%
Long Island Pwr. Auth. Rev.,
Notes 		1.000 % 09/01/25   4,000  $4,030,480
Metropolitan Trans. Auth. Rev.,          
Series D, Rfdg. 5.000 11/15/21   690 704,925
Series D, Rfdg. 5.000 11/15/21   1,395 1,425,174
     
 
New York City Indl. Dev. Agcy. Rev.,
Yankee Stadium Proj. Pilot, Series A, Rfdg., AGM 		5.000 03/01/28   750 938,977
New York City Trans. Fin. Auth. Bldg. Aid. Rev.,
Sub. Series S-1A 		5.250 07/15/37   3,000 3,017,940
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 3,058,530
Future Tax Sec’d., Sub. Series D-1, Rfdg. 5.000 11/01/28   3,390 4,396,254
New York City Wtr. & Swr. Sys. Rev.,          
Sub. Series CC-2 5.000 06/15/28   2,330 2,894,536
Wtr. & Swr. 2nd Gen. Resolution, Series DD, Rfdg. 5.000 06/15/29   2,500 3,302,450
     
 
New York Liberty Dev. Corp. Rev.,
4 World Trade Center Proj., Rfdg. 		5.750 11/15/51   1,750 1,787,887
New York St. Dorm. Auth. Rev.,          
Mem. Sloan Kettering, Series 1, Rfdg. 5.000 07/01/42   1,000 1,220,660
Mount Sinai Sch. of Medicine, Series A, Rfdg. 5.000 07/01/21   1,685 1,691,235
Rochester Inst. Tech., Series A, Rfdg., AMBAC 5.250 07/01/21   2,000 2,008,280
Series A, Rfdg. 5.000 03/15/29   3,025 3,933,710
St. Johns Univ., Series A, Rfdg. 4.000 07/01/48   2,625 3,130,181
     
 
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 4,202,550
New York Trans. Dev. Corp. Rev.,          
JFK Int’l. Arpt. Proj. Terminal 4, Series A, Rfdg., AMT 5.000 12/01/25   800 948,552
Laguardia Arpt., Term. B Redev., Series A, AMT 5.000 07/01/46   1,000 1,119,360
New York, NY,          
Fiscal 2008, Rmkt., Series J-10, GO 5.000 08/01/26   1,000 1,220,640
Fiscal 2015, Rmkt., Sub-Series F-4, GO, (Mandatory put date 12/01/25) 5.000(cc) 06/01/44   2,000 2,346,500
Port Auth. of NY & NJ Rev.,          
Series 223, Rfdg., AMT 5.000 07/15/28   1,500 1,914,495
Series 226, Rfdg., AMT(hh) 5.000 10/15/27   975 1,218,438
Triborough Bridge & Tunnel Auth. Rev.,          
Series A-1, Rfdg. 4.000 05/15/46   2,500 2,995,050
Series A-2, Rfdg. (Mandatory put date 05/15/28) 2.000(cc) 05/15/45   2,000 2,156,140
     
 
15
PGIM National Muni Fund
Schedule of Investments as of May 31, 2021 (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  $2,329,040
Util. Debt Secur. Auth. Rev.,
Series TE, Rfdg. 		5.000 12/15/41   2,585 2,876,123
          60,868,107
North Carolina 0.8%
Charlotte Mecklenburg Hosp. Auth. Rev.,
Atrium Hlth. Oblig. Grp., Series C (Mandatory put date 12/01/28) 		5.000(cc) 01/15/50   1,000 1,287,410
Charlotte NC Arpt. Spl. Facs. Rev.,
Series B, Rfdg., AMT 		4.000 07/01/51   1,200 1,428,096
North Carolina Eastern Muni. Pwr. Agcy., Pwr. Sys. Rev.,
Series A, Rfdg. (Pre-refunded date 01/01/22)(ee) 		6.000 01/01/26   650 672,315
North Carolina Med. Care Commn. Rev.,
Caromont Hlth., Series B, (Mandatory put date 02/01/26) 		5.000(cc) 02/01/51   990 1,190,267
North Carolina Tpke. Auth. Rev.,
BANS 		5.000 02/01/24   3,000 3,365,010
          7,943,098
Ohio 4.4%
Akron Bath Copley Joint Township Hosp. Dist. Rev.,
Summa Hlth. Oblig. Grp. Hosp. Facs., Rfdg. 		5.000 11/15/28   460 579,706
Allen Cnty. Hosp. Facs. Rev.,
Bon Secours Mercy Hlth., Rfdg. 		5.000 12/01/30   1,100 1,449,580
Buckeye Tob. Settlement Fing. Auth. Rev.,          
Sr. Series A-2, Class 1, Rfdg. 5.000 06/01/28   3,485 4,406,504
Sr. Series A-2, Class 1, Rfdg. 5.000 06/01/29   405 521,401
Sr. Series A-2, Class 1, Rfdg. 5.000 06/01/31   3,930 5,123,541
Sr. Series A-2, Class 1, Rfdg. 5.000 06/01/33   3,135 4,042,959
Franklin Cnty. Hosp. Facs. Rev.,          
Hosp. Facs. 4.125 05/15/45   2,000 2,225,820
Nationwide Children’s Hosp. Proj. 4.000 11/01/45   2,000 2,175,940
Nationwide Children’s Hosp. Proj., Rfdg. 4.000 11/01/47   2,400 2,659,632
Ohio Hlth. Corp., Series A 4.000 05/15/47   4,815 5,519,771
Ohio Hlth. Corp., Series A (Pre-refunded date 11/15/21)(ee) 5.000 11/15/41   2,000 2,044,240
     
 
Lancaster Port Auth. Rev.,
Series A, Rfdg. (Mandatory put date 02/01/25) 		5.000(cc) 08/01/49   1,120 1,290,509
16
PGIM National Muni Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Ohio (cont’d.)
     
Lucas Cnty. Hosp. Rev.,
Promedica Healthcare, Series A, Rfdg. (Pre-refunded date 11/15/21)(ee) 		6.500 % 11/15/37   875  $900,287
Middleburg Heights Hosp. Rev. Facs.,
Southwest Gen., Rfdg. 		5.250 08/01/41   800 806,624
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   500 522,025
American Elec. Pwr. Co. Proj., Series C, Rfdg., AMT (Mandatory put date 10/01/24) 2.100(cc) 12/01/27   1,500 1,566,045
     
 
Ohio St. Higher Edl. Facs. Commn. Rev.,
Cleveland Clnc. Hlth. Sys. Oblig. Series A-1, Rfdg. (Pre-refunded date 01/01/23)(ee) 		5.000 01/01/42   2,000 2,153,080
Ohio St. Rev.,          
Cleveland Clnc. Hlth. Sys. Series A, Rfdg. 4.000 01/01/36   2,500 2,933,250
Cleveland Clnc. Hlth. Sys. Series A, Rfdg. 5.000 01/01/28   2,370 3,020,162
Grant Anticipation Rev. Vehicle, Series 1-A(hh) 5.000 12/15/28   800 1,037,904
          44,978,980
Oklahoma 1.5%
Oklahoma Dev. Fin. Auth. Rev.,          
Gilcrease Expressway West, AMT 1.625 07/06/23   1,500 1,512,105
St. Johns Hlth. Sys., Rfdg. (Pre-refunded date 02/15/22)(ee) 5.000 02/15/42   1,500 1,551,225
Oklahoma Tpke. Auth. Rev.,          
2nd Sr. Series A, Rfdg. 5.000 01/01/28   2,265 2,881,307
2nd Sr. Series A, Rfdg. 5.000 01/01/29   1,000 1,301,500
Series A 4.000 01/01/48   2,000 2,247,520
Series A 5.000 01/01/42   3,000 3,561,930
     
 
Stillwater Util. Auth. Rev.,
Series A 		5.000 10/01/39   1,865 2,117,931
          15,173,518
Pennsylvania 5.4%
Bucks Cnty. Indl. Dev. Auth. Rev.,
Grand View Hosp. Proj. 		5.000 07/01/25   350 399,049
Central Bradford Progress Auth. Rev.,
Guthrie Healthcare Sys., Rfdg. (Pre-refunded date 12/01/21)(ee) 		5.375 12/01/41   2,700 2,769,984
Comnwlth. Fing. Auth. Rev.,          
Tob. Mstr. Settlement Payment Bonds 5.000 06/01/25   2,125 2,479,514
17
PGIM National Muni Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Pennsylvania (cont’d.)
Comnwlth. Fing. Auth. Rev., (cont’d.)          
Tob. Mstr. Settlement Payment Bonds 5.000 % 06/01/28   1,280  $1,610,099
Tob. Mstr. Settlement Payment Bonds 5.000 06/01/34   1,095 1,346,160
     
 
Delaware Vlly. Regl. Fin. Auth. Rev.,
Series A, AMBAC 		5.500 08/01/28   2,000 2,614,300
Geisinger Auth. Rev.,          
Geisinger Hlth. Sys. Oblig. Grp., Rfdg. (Mandatory put date 02/15/27) 5.000(cc) 04/01/43   1,000 1,221,750
Series A-1 5.125 06/01/41   2,000 2,000,000
     
 
Gen. Auth. of Southcentral Pennsylvania Rev.,
Wellspan Hlth. Oblig. Grp., Series A, Rfdg. (Pre-refunded date 06/01/24)(ee) 		5.000 06/01/44   3,000 3,421,950
Luzerne Cnty. Indl. Dev. Auth. Rev.,
Pennsylvania American, Rfdg., AMT (Mandatory put date 12/03/29) 		2.450(cc) 12/01/39   1,250 1,363,500
Pennsylvania Econ. Dev. Fing. Auth. Rev.,
Wste. Mgmt., Inc. Proj., Series A, AMT (Mandatory put date 08/02/21) 		0.700(cc) 08/01/37   1,000 1,000,740
Pennsylvania Higher Edl. Facs. Auth. Rev.,          
Trustees Univ. of Pennsylvania, Series A 4.000 08/15/41   3,200 3,654,176
Univ. of Pennsylvania Hlth. Sys. 5.000 08/15/28   1,735 2,233,656
Univ. of Pennsylvania Hlth. Sys. 5.000 08/15/49   2,000 2,495,800
Pennsylvania Tpke. Commn. Rev.,          
Series A 5.000 12/01/38   1,000 1,151,970
Series A-1, Rfdg. 5.000 12/01/40   1,500 1,753,425
Series A-2, Rfdg. 5.000 12/01/26   790 978,960
Series A-2, Rfdg. 5.000 12/01/28   815 1,035,881
Series B 5.000 12/01/45   7,000 8,245,020
Sub. Series A-1 5.000 12/01/25   1,100 1,308,813
Sub. Series B, Rfdg. 5.000 06/01/29   1,860 2,238,845
Sub. Series B-1 5.250 06/01/47   2,000 2,420,640
     
 
Philadelphia Auth. for Indl. Dev. Rev.,
Children’s Hosp., Rfdg. 		4.000 07/01/37   1,075 1,240,754
Philadelphia Gas Wks. Co. Rev.,          
16th Series A, AGM 5.000 08/01/28   625 791,369
16th Series A, AGM 5.000 08/01/29   1,000 1,288,650
     
 
Philadelphia, Wtr. & Wstewtr. Rev.,
Series A 		5.000 11/01/27   1,180 1,483,508
Univ. of Pittsburgh Comnwlth. Sys. of Higher Ed. Rev.,
Rfdg. 		4.000 04/15/26   2,250 2,607,728
          55,156,241
18
PGIM National Muni Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Puerto Rico 0.9%
Puerto Rico Comnwlth. Aqu. & Swr. Auth. Rev.,          
Sr. Lien, Series A 5.750 % 07/01/37   1,260  $1,317,683
Sr. Lien, Series A 6.000 07/01/47   1,050 1,100,925
Puerto Rico Sales Tax Fing. Corp. Rev.,          
Series A-1, CABS 1.766(t) 07/01/24   1,559 1,476,654
Series A-1, CABS 1.827(t) 07/01/27   6,342 5,677,358
          9,572,620
Rhode Island 0.8%
Rhode Island Hlth. & Edl. Bldg. Corp. Higher Ed. Facs. Rev.,
Clg. & Univ. Rev. 		5.250 08/15/43   3,815 4,751,506
Tob. Settlement Fing. Corp. Rev.,          
Series A, Rfdg. 5.000 06/01/22   325 340,314
Series A, Rfdg. 5.000 06/01/24   395 448,475
Series A, Rfdg. 5.000 06/01/40   2,350 2,617,830
          8,158,125
South Carolina 1.4%
South Carolina Prt. Auth. Rev.,
AMT 		4.000 07/01/45   1,000 1,095,500
South Carolina Pub. Svc. Auth. Rev.,          
Santee Cooper, Series A, Rfdg. 5.125 12/01/43   2,000 2,213,480
Santee Cooper, Series A, Rfdg. (Pre-refunded date 12/01/23)(ee) 5.750 12/01/43   3,000 3,412,980
Series A, Rfdg. 5.000 12/01/29   1,300 1,521,273
Series A, Rfdg. 5.000 12/01/31   4,595 6,125,411
          14,368,644
South Dakota 0.1%
Edl. Enhancement Fdg. Corp. Rev.,
Series B, Rfdg. 		5.000 06/01/27   1,000 1,091,320
Tennessee 0.9%
Memphis Shelby Cnty. Arpt. Auth. Rev.,
Series A, AMT 		5.000 07/01/25   775 908,021
Tennergy Corp. Rev.,
Series A (Mandatory put date 09/01/28) 		4.000(cc) 12/01/51   3,500 4,164,790
19
PGIM National Muni Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Tennessee (cont’d.)
Tennessee Energy Acq. Corp. Gas Rev.,          
Series A 5.250 % 09/01/26   2,605  $3,108,677
Series C 5.000 02/01/22   1,050 1,080,282
          9,261,770
Texas 7.1%
Central Texas Regl. Mobility Auth. Rev.,          
BANS, Sub. Series F 5.000 01/01/25   1,250 1,419,238
Series C 5.000 01/01/27   800 946,624
Sr. Lien, Series A 5.000 01/01/40   1,395 1,613,959
Sr. Lien, Series A 5.000 01/01/45   1,000 1,152,270
Clifton Higher Ed. Fin. Corp. Rev.,          
Idea Pub. Sch. 6.000 08/15/43   1,000 1,107,320
Idea Pub. Sch., Rfdg., PSFG 5.000 08/15/39   1,000 1,131,540
Dallas-Fort Worth Int’l. Arpt. Rev.,          
Rfdg. 5.000 11/01/27   1,280 1,613,888
Series A, Rfdg. 5.000 11/01/25   1,250 1,493,900
Series A, Rfdg. 5.000 11/01/26   875 1,076,224
     
 
Grand Parkway Trans. Corp. Rev.,
1st Tier Toll Rev., Series A 		5.125 10/01/43   2,000 2,167,240
Gulf Coast Wste. Disp. Auth. Rev.,          
ExxonMobil Proj., FRDD (Mandatory put date 06/01/21) 0.040(cc) 09/01/25   14,350 14,350,000
ExxonMobil Proj., FRDD (Mandatory put date 06/01/21) 0.040(cc) 12/01/25   5,470 5,470,000
ExxonMobil Proj., Series A, FRDD (Mandatory put date 06/01/21) 0.030(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   2,310 2,836,056
Texas Children’s Hosp., Series B, Rfdg. (Mandatory put date 10/01/24) 5.000(cc) 10/01/41   1,160 1,337,735
     
 
Harris Cnty. Metro. Trans. Auth. Tax Rev.,
Series A, Rfdg. (Pre-refunded date 11/01/21)(ee) 		5.000 11/01/36   3,000 3,060,120
Harris Cnty. Toll Road Auth. Rev.,          
1st Lien, Rfdg. 5.000 08/15/28   1,250 1,612,688
Sr. Lien, Series A, Rfdg. 5.000 08/15/43   3,000 3,709,800
Houston Arpt. Sys. Rev.,          
Sub. Lien, Series A, Rfdg., AMT (Pre-refunded date 07/01/21)(ee) 5.000 07/01/25   1,045 1,048,929
Sub. Lien, Series A, Rfdg., AMT (Pre-refunded date 07/01/22)(ee) 5.000 07/01/32   5,640 5,922,395
20
PGIM National Muni Fund
Schedule of Investments as of May 31, 2021 (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 B, Rfdg. (Pre-refunded date 07/01/22)(ee) 5.000 % 07/01/32   2,000   $2,104,180
     
 
Lower Colorado River Auth. Rev.,
LCRA Transmn. Svcs. Corp. Proj., Rfdg. 		5.000 05/15/27   1,750 2,174,603
Lower Neches Vlly. Auth. Indl. Dev. Corp. Rev.,
ExxonMobil Proj., Series B, Rfdg., FRDD (Mandatory put date 06/01/21) 		0.030(cc) 11/01/29   2,935 2,935,000
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 1,253,400
North Texas Twy. Auth. Rev.,          
1st Tier, Series A, Rfdg. 5.000 01/01/28   650 776,958
2nd Tier, Rfdg. 5.000 01/01/48   1,250 1,529,212
2nd Tier, Series B, Rfdg. 5.000 01/01/27   970 1,197,902
2nd Tier, Series B, Rfdg. 5.000 01/01/28   1,255 1,588,692
Series A, Rfdg. 5.000 01/01/26   505 565,125
Series B, Rfdg. 5.000 01/01/45   2,000 2,289,660
Spl. Projs., Series A (Pre-refunded date 09/01/21)(ee) 5.500 09/01/41   1,000 1,013,080
Texas Priv. Activ. Surf. Trans. Corp. Rev.,          
Sr. Lien, NTE Mobility Partners, Series 3A & 3B, AMT 6.750 06/30/43   500 561,450
Sr. Lien, NTE Mobility Partners, Series 3A & 3B, AMT 7.000 12/31/38   1,500 1,696,995
          72,966,183
Utah 2.1%
Cnty. of Utah Rev.,          
IHC Hlth. Serv., Inc., Series A, Rfdg. 4.000 05/15/41   5,000 5,819,050
IHC Hlth. Serv., Inc., Series B (Mandatory put date 08/01/26) 5.000(cc) 05/15/60   6,560 8,005,759
Salt Lake City Corp. Arpt. Rev.,          
Series A, AMT 5.000 07/01/23   2,000 2,186,480
Series A, AMT 5.000 07/01/28   2,070 2,599,754
Series A, AMT 5.250 07/01/48   2,000 2,410,360
          21,021,403
Virginia 0.9%
Fairfax Cnty. Indl. Dev. Auth. Rev.,          
Healthcare, Inova Hlth. Sys. 5.000 05/15/40   2,175 2,268,612
Healthcare, Inova Hlth. Sys., Series A, Rfdg. 4.000 05/15/48   3,000 3,423,270
     
 
21
PGIM National Muni Fund
Schedule of Investments as of May 31, 2021 (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  $2,286,960
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   750 766,680
          8,745,522
Washington 1.9%
Port of Seattle Rev.,          
Intermediate Lien, Series C, Rfdg., AMT 5.000 02/01/24   2,500 2,506,050
Series A, AMT 5.000 05/01/43   1,500 1,768,365
Series B, Rfdg., AMT 5.000 09/01/26   1,115 1,127,499
     
 
Skagit Cnty. Pub. Hosp. Dist. No. 1 Rev.,
Rfdg. & Impvt., Series A 		5.000 12/01/37   1,000 1,102,230
Univ. of Washington Rev.,          
Forward Delivery, Series C, Rfdg. 5.000 04/01/31   1,250 1,665,212
Forward Delivery, Series C, Rfdg. 5.000 04/01/32   1,250 1,654,238
Forward Delivery, Series C, Rfdg. 5.000 04/01/34   1,000 1,315,690
Forward Delivery, Series C, Rfdg. 5.000 04/01/35   1,750 2,297,523
Washington Healthcare Facs. Auth. Rev.,          
Multicare Hlth. Sys., Series B, Rfdg. 5.000 08/15/26   620 734,210
Overlake Hosp. Med. Ctr., Rfdg. 5.000 07/01/38   2,690 3,017,427
Seattle Children’s Hosp., Series A (Pre-refunded date 10/01/22)(ee) 5.000 10/01/42   2,300 2,445,889
          19,634,333
West Virginia 0.4%
Harrison Cnty. Commn. Rev.,
Monongahela Pwr. Co. Proj., Series A, Rfdg., AMT (Mandatory put date 10/15/21) 		3.000(cc) 10/15/37   500 503,960
West Virginia Econ. Dev. Auth. Rev.,
Wheeling Pwr. Co. Mitchell Proj., Rmkt., Series A, Rfdg., AMT (Mandatory put date 04/01/22) 		3.000(cc) 06/01/37   500 509,975
West Virginia Hosp. Fin. Auth. Rev.,
Cabell Huntington Hosp. Oblig., Series B, Rfdg. 		5.000 01/01/43   1,000 1,214,220
West Virginia Prkwys. Auth. Rev.,
Sr. Tpke. Toll 		4.000 06/01/47   1,970 2,237,231
          4,465,386
22
PGIM National Muni Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Wisconsin 0.2%
Wisconsin Hlth. & Edl. Facs. Auth. Rev.,
Ascension Hlth. Alliance, Rmkt., Series B-1, Rfdg. 		4.000 % 11/15/43   1,500  $1,732,755
     
 
 
Total Long-Term Investments
(cost $958,803,193) 		1,022,200,702
 
Short-Term Investments 1.0%
Municipal Bonds 
Pennsylvania 0.0%
Westmoreland Cnty. Indl. Dev. Auth. Rev.,
Excela Hlth. Proj., Series A, Rfdg. 		4.000 07/01/21   250 250,720
Texas 1.0%
Texas St. Rev.,
TRANS 		4.000 08/26/21   10,200 10,292,514
     
 
 
Total Short-Term Investments
(cost $10,543,382) 		10,543,234
 
TOTAL INVESTMENTS 100.9%
(cost $969,346,575) 		1,032,743,936
Liabilities in excess of other assets(z) (0.9)% (9,422,327)
 
Net Assets 100.0% $1,023,321,609
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
  BANS—Bond Anticipation Notes
  CABS—Capital Appreciation Bonds
  CDD—Community Development District
  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
23
PGIM National Muni Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
  TCRs—Transferrable Custodial Receipts
  TRANS—Tax and Revenue Anticipation Notes
    
# 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, 2021.
(cc) Variable rate instrument. The rate shown is based on the latest available information as of May 31, 2021. 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, 2021.
(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, 2021:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Short Position:
85   20 Year U.S. Treasury Bonds   Sep. 2021    $13,305,156    $(43,219)
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).
24