NPORT-EX 2 PI62700PRU113021.htm
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Long-Term Investments 100.5%
Municipal Bonds 
Alabama 2.0%
Alabama Pub. Sch. & Clg. Auth. Rev.,
Social Bonds, Series A, Rfdg. 		5.000 % 11/01/28   1,265  $1,603,554
Black Belt Energy Gas Dist. Rev.,          
Proj. No. 4, Series A-1 (Mandatory put date 12/01/25) 4.000(cc) 12/01/49   4,300 4,795,854
Proj. No. 5, Series A-1 (Mandatory put date 10/01/26) 4.000(cc) 10/01/49   3,000 3,398,434
Proj. No. 6, Series B (Mandatory put date 12/01/26) 4.000(cc) 10/01/52   3,000 3,416,003
Rfdg. (Mandatory put date 12/01/31) 4.000(cc) 06/01/51   2,000 2,440,996
Jefferson Cnty. Swr. Rev.,          
Sr. Lien, Warrants, Series A, Rfdg., AGM 5.000 10/01/44   500 543,742
Sr. Lien, Warrants, Series A, Rfdg., AGM 5.250 10/01/48   500 545,018
     
 
Mobile Indl. Dev. Brd. Rev.,
Alabama Pwr. Co. Barry, Rmkt. (Mandatory put date 06/26/25) 		1.000(cc) 06/01/34   1,000 1,012,766
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 1,626,525
Southeast Energy Auth. Cooperative Dist. Rev.,          
Proj. No. 1, Series A (Mandatory put date 10/01/28) 4.000(cc) 11/01/51   1,000 1,165,475
Proj. No. 2, Series B (Mandatory put date 12/01/31) 4.000(cc) 12/01/51   800 970,184
          21,518,551
Alaska 0.8%
Alaska Indl. Dev. & Export Auth. Rev.,          
Tanana Chiefs Conference Proj., Series A 4.000 10/01/49   3,000 3,390,765
Tanana Chiefs Conference Proj., Series A 5.000 10/01/31   1,555 1,967,329
     
 
Alaska Muni. Bond Bank Auth. Rev.,
Rfdg. 		5.000 12/01/26   1,350 1,619,739
Northern Tob. Secur. Corp. Rev.,
Sr. Series A, Class 1, Rfdg. 		5.000 06/01/29   1,000 1,272,777
Valdez Rev.,
Exxon Pipeline Co. Proj., Rfdg., FRDD (Mandatory put date 12/01/21) 		0.030(cc) 10/01/25   500 500,000
          8,750,610
Arizona 3.2%
Arizona Hlth. Facs. Auth. Rev.,
Banner Hlth., Series B, 3 Month LIBOR + 0.810% 		0.898(c) 01/01/37   2,280 2,287,405
Arizona Indl. Dev. Auth. Rev.,          
Phoenix Children’s Hosp. Proj., Series A, Rfdg. 5.000 02/01/28   1,000 1,237,478
1
PGIM National Muni Fund
Schedule of Investments as of November 30, 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 % 02/01/29   650  $820,734
Phoenix Children’s Hosp., Series A 5.000 02/01/30   300 386,422
     
 
Chandler Indl. Dev. Auth. Rev.,
Intel Corp., AMT (Mandatory put date 06/03/24) 		5.000(cc) 06/01/49   1,035 1,145,026
Maricopa Cnty. Indl. Dev. Auth. Rev.,
Banner Hlth., Series A 		5.000 01/01/41   1,000 1,218,391
Maricopa Cnty. Spl. HealthCare Dist.,
Series D, GO 		5.000 07/01/28   850 1,067,537
Phoenix Civic Impvt. Corp. Rev.,          
Jr. Lien, Series B, AMT 5.000 07/01/29   2,000 2,546,204
Series A, AMT 5.000 07/01/47   2,000 2,345,420
Sr. Lien, AMT 5.000 07/01/48   2,000 2,385,916
Sr. Lien, Rfdg., AMT 5.000 07/01/32   1,200 1,280,288
     
 
Pima Cnty. Indl. Dev. Auth. Rev.,
Tucson Elec. Pwr. Co. Proj., Rfdg. 		4.000 09/01/29   2,000 2,082,077
Salt River Proj. Agric. Impvt. & Pwr. Dist. Elec. Sys. Rev.,          
Forward Delivery Salt River Proj., Series A, Rfdg. 5.000 01/01/27   1,200 1,457,792
Forward Delivery, Series A, Rfdg. 5.000 01/01/28   875 1,091,523
Series A, Rfdg. 4.000 01/01/38   2,000 2,284,018
Salt Verde Finl. Corp. Rev.,          
Sr. Gas Rev., Sr. Bonds 5.000 12/01/32   2,800 3,656,739
Sr. Gas Rev., Sr. Bonds 5.000 12/01/37   3,505 4,903,180
Sr. Gas Rev., Sr. Bonds 5.250 12/01/26   2,180 2,620,299
          34,816,449
California 9.0%
Alameda Corridor Trans. Auth. Rev.,
2nd Sub. Lien, Series B, Rfdg. 		5.000 10/01/37   1,500 1,743,253
Anaheim Pub. Fing. Auth. Lease Rev.,
Sr. Pub. Impvts. Proj., Series A, AGM 		6.000 09/01/24   3,860 4,252,705
Bay Area Toll Auth. Rev.,
Series F-1 (Pre-refunded date 04/01/27)(ee) 		5.000 04/01/56   2,000 2,450,912
California Cnty. Tob. Secur. Agcy. Rev.,
Conv. Bonds, Asset Bkd., Series B, Rfdg. 		5.100 06/01/28   610 610,164
California Hlth. Facs. Fing. Auth. Rev.,          
Cedars Sinai Hlth. Sys., Series A, Rfdg.(hh) 4.000 08/15/48   3,000 3,557,909
Lucile Salter Packard Children’s Hosp. at Stanford, Series A, Rfdg.(hh) 4.000 05/15/51   2,500 2,856,053
Stanford Healthcare, Series A 5.000 08/15/54   1,000 1,140,378
     
 
2
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
California (cont’d.)
     
California Infrast. & Econ. Dev. Bank Rev.,
Brightline West Passenger Rail Proj., Rmkt., Series A, AMT (Mandatory put date 02/01/22), 144A 		0.200 %(cc) 01/01/50   1,550  $1,549,774
California Muni. Fin. Auth. Rev.,          
CHF-Davis I, LLC, West Vlg. Student Hsg. Proj., BAM, TCRs 5.000 05/15/29   1,000 1,250,690
ExxonMobil Proj., Rfdg., FRDD (Mandatory put date 12/01/21) 0.040(cc) 12/01/29   1,770 1,770,000
Sr. Lien-LINXS APM Proj., AMT 5.000 12/31/43   2,750 3,255,580
Wste. Mgmt., Inc., Rmkt., Series A, AMT (Mandatory put date 12/01/23) 0.700(cc) 12/01/44   1,000 999,361
California St.,          
GO 5.000 03/01/45   3,000 3,391,200
GO, Rfdg. 5.000 11/01/28   2,500 3,178,540
GO, Rfdg. 5.000 12/01/28   1,200 1,528,661
GO, Rfdg. 5.000 08/01/45   500 572,676
GO, Rfdg. 5.000 08/01/46   1,500 1,764,953
Var. Purp., GO 5.000 04/01/42   7,000 7,104,460
Var. Purp., GO 5.250 04/01/35   1,250 1,270,525
Var. Purp., GO, Rfdg. 5.000 10/01/47   3,000 3,495,779
California St. Pub. Wks. Brd. Lease Rev.,          
Forward Delivery, Series A, Rfdg. 5.000 02/01/28   2,360 2,934,214
Series C, Rfdg.(hh) 5.000 08/01/28   875 1,048,435
Golden St. Tob. Secur. Corp. Rev.,          
Series A-1, Rfdg. 5.000 06/01/26   1,075 1,262,764
Series A-1, Rfdg. 5.000 06/01/28   3,255 3,915,230
Series A-1, Rfdg. 5.000 06/01/29   1,400 1,682,691
Series A-1, Rfdg. 5.000 06/01/30   1,820 2,235,599
Series A-1, Rfdg. 5.000 06/01/33   3,050 3,718,689
Series A-1, Rfdg. 5.000 06/01/35   1,545 1,868,131
Long Beach Bond Fin. Auth. Nat. Gas Pur. Rev.,          
Series A 5.000 11/15/35   1,140 1,577,166
Series A 5.500 11/15/37   1,000 1,493,352
Los Angeles Calif. Dept. Arpts. Rev.,          
Los Angls. Int’l., Series A, AMT 5.000 05/15/29   2,000 2,133,302
Los Angls. Int’l., Series A, AMT 5.000 05/15/38   2,500 2,659,602
Sr. Series C, AMT 5.000 05/15/28   1,075 1,343,180
Sub. Los Angls. Int’l., Series A, AMT 5.250 05/15/48   1,000 1,233,342
     
 
Los Angeles Dept. of Wtr. & Pwr. Wtr. Sys. Rev.,
Series B 		5.000 07/01/34   2,500 2,680,632
M-S-R Energy Auth. Rev.,
Series A 		6.500 11/01/39   2,000 3,240,532
3
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
California (cont’d.)
     
Pittsburg Redev. Agcy.,
Los Medanos Cmnty. Dev. Proj., Tax Alloc., AMBAC, CABS 		0.905 %(t) 08/01/25   2,000  $1,934,829
Port of Oakland Rev.,
Sr. Lien, Series P, Rfdg., AMT (Pre-refunded date 05/01/33)(ee) 		5.000 05/01/33   1,750 1,782,682
Riverside Cnty. Pub. Fing. Auth. Rev.,
Cap. Facs. Proj. (Pre-refunded date 11/01/25)(ee) 		5.250 11/01/45   1,000 1,183,748
San Diego Cnty. Regl. Arpt. Auth. Rev.,          
Sr. Series B, AMT (Pre-refunded 07/01/23)(ee) 5.000 07/01/43   2,000 2,129,372
Sr. Series B, AMT (Pre-refunded date 07/01/23)(ee) 5.000 07/01/38   1,000 1,067,126
     
 
San Diego Cnty. Wtr. Auth. Rev.,
Green Bond, Series A, Rfdg. 		5.000 05/01/28   750 949,366
San Francisco City & Cnty. Arpt. Commn. Rev.,          
2nd Series A, Rfdg., AMT 5.250 05/01/33   1,000 1,065,697
Series A, Rfdg., AMT 5.000 05/01/31   3,000 3,931,301
     
 
Walnut Energy Ctr. Auth. Rev.,
Rfdg. 		5.000 01/01/34   800 891,811
          97,706,366
Colorado 2.7%
Colorado Hlth. Facs. Auth. Rev.,          
Commonspirit Hlth., Series A, Rfdg. 5.000 08/01/27   1,725 2,121,445
Commonspirit Hlth., Series A, Rfdg. 5.000 08/01/29   2,070 2,655,522
Commonspirit Hlth., Series A, Rfdg. 5.000 08/01/34   2,500 3,175,332
Commonspirit Hlth., Series B-2 (Mandatory put date 02/01/26) 5.000(cc) 08/01/49   2,465 2,895,373
Vail Vlly. Med. Ctr. Proj. 4.000 01/15/45   1,500 1,616,874
     
 
Colorado Springs Co. Util. Sys. Rev.,
Series C 		5.000 11/15/27   1,000 1,241,192
Denver City & Cnty. Arpt. Sys. Rev.,          
Series A, Rfdg., AMT 5.000 11/15/27   1,055 1,291,659
Series A, Rfdg., AMT 5.250 11/15/22   1,050 1,054,025
Sub. Sys., Series A, Rfdg., AMT 5.000 12/01/34   2,300 2,818,125
Sub. Sys., Series A, Rfdg., AMT 5.000 12/01/35   1,000 1,223,720
Sub. Sys., Series A, Rfdg., AMT 5.250 12/01/43   3,000 3,705,481
E-470 Pub. Hwy. Auth. Rev.,          
Sr. Rev., Series A, Rfdg. 5.000 09/01/27   1,160 1,426,843
Sr. Rev., Series A, Rfdg. 5.000 09/01/28   1,175 1,477,444
4
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Colorado (cont’d.)
Regl. Trans. Dist. Rev.,          
Denver Transit Partners Eagle P3 Proj., Series A, Rfdg. 5.000 % 07/15/28   400  $491,302
Denver Transit Partners Eagle P3 Proj., Series A, Rfdg. 5.000 07/15/29   400 500,162
     
 
Regl. Trans. Dist. Sales Tax Rev.,
Green Bond Fastracks Proj., Series B, Rfdg. 		5.000 11/01/28   1,425 1,804,150
          29,498,649
Connecticut 3.0%
Connecticut St.,          
Forward Delivery Social Bonds, Series D, GO, Rfdg. 5.000 07/15/28   4,500 5,667,972
Series 2021-A, GO 4.000 01/15/28   1,500 1,779,747
Series A, GO 4.000 01/15/33   2,000 2,402,594
Series A, GO 5.000 01/15/32   2,000 2,572,005
Series B, GO, Rfdg. 5.000 05/15/25   2,050 2,367,134
Series C, GO 5.000 06/15/28   1,200 1,508,905
Connecticut St. Hlth. & Ed. Facs. Auth. Rev.,          
Rmkt., Series 2015-A, Rfdg. (Mandatory put date 07/12/24) 0.375(cc) 07/01/35   1,000 997,403
Yale Univ., Series A-2, Rfdg. (Mandatory put date 07/01/26) 2.000(cc) 07/01/42   2,310 2,456,795
Connecticut St. Spl. Tax Rev.,          
Series A 5.000 05/01/28   2,500 3,127,400
Spl. Tax Oblig. Bonds, Series A 5.000 05/01/27   1,325 1,616,993
Spl. Tax Oblig. Bonds, Series A 5.000 05/01/29   4,065 5,198,395
Trans. Infrast., Series A 5.000 01/01/38   2,000 2,454,871
          32,150,214
Delaware 0.1%
Delaware Trans. Auth. Rev.,
Rfdg. 		5.000 07/01/28   1,150 1,451,897
District of Columbia 2.1%
Dist. of Columbia Rev.,          
Friendship Pub. Chrt. Sch., Rfdg. 5.000 06/01/36   1,385 1,569,153
KIPP Chrt. Sch., Rfdg. (Pre-refunded date 07/01/23)(ee) 6.000 07/01/43   850 926,954
KIPP Chrt. Sch., Rfdg. (Pre-refunded date 07/01/23)(ee) 6.000 07/01/48   725 790,637
5
PGIM National Muni Fund
Schedule of Investments as of November 30, 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 DC Iss., Series A, Rfdg. 5.000 % 07/01/37   1,250   $1,468,857
     
 
Metropolitan Washington D.C. Arpt. Auth. Dulles Toll Road Rev.,
Dulles Met. Rail, Series A, Rfdg. 		5.000 10/01/44   2,000 2,465,454
Metropolitan Washington D.C. Arpt. Auth. Sys. Rev.,          
Forward Delivery, Series A, Rfdg., AMT 5.000 10/01/32   1,500 1,933,236
Rfdg., AMT 5.000 10/01/26   3,335 3,980,815
Series A, Rfdg., AMT 5.000 10/01/28   3,000 3,751,539
Series A, Rfdg., AMT 5.000 10/01/31   2,500 2,594,407
Series A, Rfdg., AMT 5.000 10/01/44   1,000 1,109,221
     
 
Washington Metropolitan Area Trans. Auth. Rev.,
Green Bond, Series A 		5.000 07/15/28   1,960 2,470,776
          23,061,049
Florida 8.0%
Broward Cnty. Arpt. Sys. Rev.,          
Series A, AMT 5.000 10/01/45   3,000 3,399,456
Series A, AMT (Pre-refunded date 10/01/23)(ee) 5.250 10/01/43   1,500 1,633,797
Series B, Rfdg., AMT 5.000 10/01/27   3,000 3,667,433
Central Florida Expressway Auth. Rev.,          
Sr. Lien, Rfdg. 4.000 07/01/41   2,000 2,259,280
Sr. Lien, Rfdg., AGM 5.000 07/01/28   3,000 3,780,295
Sr. Lien, Series D 5.000 07/01/29   780 997,747
     
 
Citizens Ppty. Ins., Inc. Rev.,
Sr. Sec’d., Series A-1 		5.000 06/01/22   1,000 1,021,703
Cityplace CDD.,
Spl. Assmt., Rfdg. 		5.000 05/01/26   1,000 1,126,681
Davie Edl. Facs. Rev.,          
Nova Southeastern Univ. Proj., Series A (Pre-refunded date 04/01/23)(ee) 5.625 04/01/43   500 535,824
Nova Southeastern Univ. Proj., Series A (Pre-refunded date 04/01/23)(ee) 6.000 04/01/42   1,000 1,076,628
     
 
Florida Dev. Fin. Corp. Rev.,
Nova Southeastern Univ. Proj., Series A, Rfdg. 		5.000 04/01/26   555 650,386
Florida Higher Edl. Facs. Finl. Auth. Rev.,          
Nova Southeastern Univ. Proj., Rfdg. 5.000 04/01/25   1,050 1,196,154
Nova Southeastern Univ. Proj., Rfdg. 5.000 04/01/28   1,250 1,460,842
     
 
Gainesville Util. Sys. Rev.,
Series A-2 		5.000 10/01/51   3,000 3,871,683
6
PGIM National Muni Fund
Schedule of Investments as of November 30, 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  $5,996,338
Hillsborough Cnty. Avtn. Auth. Rev.,          
Tampa Int’l. Arpt., Sub. Series A, Rfdg., AMT 5.000 10/01/25   1,270 1,374,982
Tampa Int’l. Arpt., Series E, AMT 5.000 10/01/48   4,500 5,497,736
     
 
JEA Elec. Sys. Rev.,
Sub. Series A, Rfdg. 		5.000 10/01/28   9,000 11,225,852
Lee Cnty. Arpt. Rev.,
Series A, Rfdg., AMT 		5.000 10/01/28   3,000 3,713,312
Miami Beach Redev. Agcy.,
Tax Incr. Rev. City Ctr., Tax Alloc. Rfdg., AGM 		5.000 02/01/44   1,500 1,630,349
Miami Dade Cnty. Wtr. & Swr. Sys. Rev.,          
Series B, Rfdg., AGM 5.250 10/01/22   5,145 5,361,794
Sub. Series 5.000 10/01/27   2,215 2,730,715
Wtr. Util. Imps. 5.000 10/01/30   1,530 2,006,788
Orange Cnty. Hlth. Facs. Auth. Rev.,          
Orlando Hlth. Oblig. Grp., Series B, Rfdg. 5.000 10/01/26   2,100 2,518,499
Orlando Hlth., Inc., Series B, Rfdg. 5.000 10/01/44   1,000 1,175,896
     
 
Orlando Util. Commn. Rev.,
Series B (Mandatory put date 10/01/28) 		1.250(cc) 10/01/46   3,475 3,523,048
Palm Beach Cnty. Hlth. Facs. Auth. Rev.,
BRRH Corp. Oblig. Grp., Rfdg. (Pre-refunded date 12/01/24)(ee) 		5.000 12/01/31   500 568,134
Sarasota Cnty. Pub. Hosp. Dist. Rev.,          
Sarasota Mem. Hosp. 4.000 07/01/48   2,860 3,254,447
Sarasota Mem. Hosp. 5.000 07/01/28   1,160 1,441,770
     
 
South Miami Hlth. Facs. Auth., Inc. Rev.,
Baptist Hlth. South Florida, Rfdg. 		5.000 08/15/47   1,000 1,197,211
Tampa Hlth. Sys. Rev.,
Baycare Hlth. Sys., Series A, Rfdg. 		5.000 11/15/33   3,090 3,153,608
Village CDD No. 6,          
Spl. Assmt., Rfdg. 4.000 05/01/27   315 359,868
Spl. Assmt., Rfdg. 4.000 05/01/28   325 370,755
Spl. Assmt., Rfdg. 4.000 05/01/29   340 387,450
     
 
Village CDD No. 7,
Spl. Assmt., Rfdg. 		4.000 05/01/23   1,035 1,085,669
Village CDD No. 10,
Spl. Assmt. 		4.500 05/01/23   320 322,913
Village CDD No. 13,          
Spl. Assmt. 3.375 05/01/34   490 516,978
Spl. Assmt., 144A 2.625 05/01/30   1,000 1,002,198
          87,094,219
7
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Georgia 2.3%
Atlanta GA Dept. Avtn. Rev.,          
Series B, Rfdg., AMT 5.000 % 07/01/29   830  $1,051,220
Series B, Rfdg., AMT 5.000 07/01/30   1,500 1,935,819
     
 
Georgia Ports Auth. Rev.,
Arpt. & Marina Imps. 		5.000 07/01/29   1,250 1,608,743
Georgia St. Road & Twy. Auth. Rev.,
Grant Anticipation Rev. Vehicle 		5.000 06/01/27   2,630 3,217,936
Main Street Natural Gas, Inc. Rev.,          
Series C (Mandatory put date 09/01/26) 4.000(cc) 03/01/50   5,000 5,681,143
Series C (Mandatory put date 12/01/28) 4.000(cc) 05/01/52   1,000 1,177,000
Sub. Series C (Mandatory put date 12/01/23) 4.000(cc) 08/01/48   3,160 3,361,742
     
 
Monroe Cnty. Dev. Auth. Rev.,
GA Pwr. Co. Plant Scherer Proj. No. 1 		2.250 07/01/25   1,000 1,037,523
Muni. Elec. Auth. of Georgia Rev.,          
Combined Cycle Proj., Series A, Rfdg. 4.000 11/01/24   1,050 1,158,778
Proj. One, Sub. Bonds, Series A, Rfdg. 5.000 01/01/26   1,425 1,665,675
Priv. Clgs. & Univs. Auth. Rev.,          
Savannah Clg. of Art & Design Proj. 4.000 04/01/44   1,000 1,169,605
Savannah Clg. of Art & Design Proj. (Pre-refunded date 04/01/24)(ee) 5.000 04/01/44   2,120 2,351,160
          25,416,344
Hawaii 0.8%
Hawaii St. Arpts. Sys. Rev.,          
Series A, AMT 5.000 07/01/45   1,000 1,130,247
Series A, AMT 5.000 07/01/48   3,000 3,621,939
     
 
Hawaii St. Dept. Budget & Fin. Rev.,
Pac. Hlth. Oblig., Series A, Rfdg. 		5.500 07/01/43   2,560 2,769,659
Hawaii St. Hwy. Fd. Rev.,
Hwy. Imps. 		5.000 01/01/41   1,000 1,295,494
          8,817,339
Idaho 0.4%
Idaho Hlth. Facs. Auth. Rev.,
St. Luke’s Hlth. Sys. Proj., Series A, Rfdg.(hh) 		4.000 03/01/51   1,500 1,749,934
Idaho Hsg. & Fin. Assoc. Rev.,
Grant Anticipation Rev. Vehicle, Series A, Rfdg. 		5.000 07/15/29   1,905 2,430,195
          4,180,129
8
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Illinois 11.7%
Chicago Brd. of Ed.,
Series C, GO, Rfdg. 		5.000 % 12/01/22   1,500  $1,568,247
Chicago Brd. of Ed. Rev.,
Spl. Tax 		5.000 04/01/46   1,000 1,154,837
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 2,007,576
Series A, Rfdg., AMT 5.000 01/01/33   1,310 1,474,715
Series B, Rfdg. 5.000 01/01/32   1,500 1,695,240
Sr. Lien, Series D 5.250 01/01/42   2,000 2,390,352
Chicago Trans. Auth. Rev.,          
2nd Lien 5.000 12/01/46   3,000 3,516,476
Transit Imps. (Pre-refunded date 12/01/21)(ee) 5.250 12/01/40   1,000 1,000,000
Chicago Wstewtr. Transmn. Rev.,          
2nd Lien 5.000 01/01/39   2,550 2,748,532
2nd Lien, Rmkt., Series C, Rfdg. 5.000 01/01/29   355 400,647
2nd Lien, Rmkt., Series C, Rfdg. 5.000 01/01/31   450 507,179
2nd Lien, Rmkt., Series C, Rfdg. 5.000 01/01/39   2,000 2,228,289
2nd Lien, Series A 5.000 01/01/47   1,000 1,170,006
Chicago Wtrwks. Rev.,          
2nd Lien, Rfdg. 5.000 11/01/32   1,325 1,378,764
2nd Lien, Rfdg. 5.000 11/01/36   2,390 2,865,416
2nd Lien, Series A-1 5.000 11/01/27   510 608,427
2nd Lien, Series A-1 5.000 11/01/30   1,495 1,777,359
Chicago, IL,          
Proj. Series A, GO 5.250 01/01/35   1,950 1,957,427
Proj. Series A, GO, Rfdg. 5.250 01/01/29   1,185 1,314,419
Rmkt., Series 2002B, GO 5.250 01/01/28   1,850 2,123,231
Rmkt., Series 2002B, GO 5.500 01/01/37   600 689,021
Rmkt., Series 2003B, GO, Rfdg. 5.500 01/01/30   1,000 1,153,748
Series A, GO 5.500 01/01/33   960 1,105,534
Series C, GO, Rfdg. 5.000 01/01/23   270 271,028
Series C, GO, Rfdg. 5.000 01/01/24   340 372,816
Series C, GO, Rfdg. 5.000 01/01/26   1,000 1,181,946
     
 
Cook Cnty.,
Series A, GO, Rfdg. 		5.000 11/15/28   1,050 1,315,147
Illinois Fin. Auth. Rev.,          
Northshore Univ. Hlth. Sys., Series A, Rfdg. 5.000 08/15/26   1,500 1,805,297
Northshore Univ. Hlth. Sys., Series A, Rfdg. 5.000 08/15/28   1,110 1,405,026
Northshore Univ. Hlth. Sys., Series A, Rfdg. 5.000 08/15/29   2,000 2,584,978
OSF Healthcare Sys., Series B-2, Rfdg. (Mandatory put date 11/15/26) 5.000(cc) 05/15/50   1,300 1,535,097
9
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Illinois (cont’d.)
Illinois Fin. Auth. Rev., (cont’d.)          
Univ. of Chicago, Series A, Rfdg. 5.000 % 10/01/25   1,505  $1,754,670
Univ. of Chicago, Series A, Rfdg. 5.000 10/01/28   1,955 2,466,877
Illinois St.,          
GO 5.000 02/01/24   1,195 1,307,893
GO 5.000 11/01/30   500 590,383
GO 5.000 04/01/31   1,000 1,092,313
GO 5.250 02/01/29   2,000 2,185,800
GO, Rfdg. 5.000 08/01/24   2,000 2,061,950
GO, Rfdg. 5.000 02/01/25   1,315 1,486,937
Series A, GO 5.000 04/01/22   1,730 1,757,288
Series A, GO 5.000 12/01/39   2,500 2,956,518
Series A, GO, Rfdg. 5.000 10/01/28   750 919,303
Series C, GO 5.000 11/01/29   1,000 1,192,249
Series D, GO 5.000 11/01/22   1,950 2,032,291
Series D, GO 5.000 11/01/23   3,730 4,046,000
Series D, GO 5.000 11/01/26   6,150 7,288,664
Series D, GO 5.000 11/01/27   2,210 2,676,155
     
 
Illinois St. Sales Tax Rev.,
Jr. Oblig. Build Illiois Bonds, Series C, Rfdg. 		5.000 06/15/28   1,650 2,034,870
Illinois St. Toll Hwy. Auth. Rev.,          
Series A 5.000 01/01/38   3,125 3,274,408
Series C 5.000 01/01/39   2,000 2,250,092
Sr. Rev. Bonds, Series A, Rfdg. 5.000 01/01/28   5,000 6,179,959
Sr. Rev., Series C, Rfdg. 5.000 01/01/31   3,150 4,051,352
Metropolitan Pier & Exposition Auth. Dedicated St. Tax
Rev., 		         
McCormick Place Expansion, Series A, CABS, NATL 2.238(t) 12/15/34   10,000 7,481,065
McCormick Place Expansion, Series A, CABS, NATL 2.355(t) 06/15/37   7,500 5,212,751
     
 
Metropolitan Wtr. Reclamation Dist. of Grtr. Chicago,
Green Bond, Series A, GO(hh) 		4.000 12/01/51   1,000 1,190,667
Railsplitter Tob. Settlement Auth. Rev.,          
Tob. Set. Funded 5.000 06/01/27   1,470 1,736,812
Tob. Set. Funded 5.000 06/01/28   1,100 1,298,383
     
 
Regl. Trans. Auth. Rev.,
Series A 		4.000 06/01/37   3,605 4,042,140
Sales Tax Secur. Corp. Rev.,          
2nd Lien, Series A, Rfdg. 5.000 01/01/26   2,250 2,629,077
2nd Lien, Series A, Rfdg. 5.000 01/01/29   1,500 1,880,786
     
 
Springfield Elec. Rev.,
Sr. Lien, Rfdg., AGM 		4.000 03/01/40   1,000 1,086,274
          127,470,704
10
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Indiana 1.0%
Indiana Fin. Auth. Rev.,          
IN Univ. Hlth., Series A, Rfdg. 5.000 % 12/01/25   2,230  $2,617,627
Indianapolis Pwr. & Light. Co. Proj., Series B, Rfdg., AMT (Mandatory put date 04/01/26) 0.950(cc) 12/01/38   625 624,692
     
 
Indianapolis Loc. Pub. Impvt. Bank Rev.,
Courthouse & Jail Proj., Series A, Rfdg. 		4.000 02/01/44   4,250 4,907,167
Whiting, IN Rev.,
BP Products North America, Rfdg., AMT (Mandatory put date 06/05/26) 		5.000(cc) 12/01/44   2,025 2,377,232
          10,526,718
Iowa 0.9%
PEFA, Inc. Gas Proj. Rev.,
Series A-1 (Mandatory put date 09/01/26) 		5.000(cc) 09/01/49   7,815 9,202,281
Kansas 0.2%
Wyandotte Cnty.-Kansas City Unified Govt. Util. Sys. Rev.,
Impvt., Series A 		5.000 09/01/45   2,170 2,474,708
Kentucky 1.7%
Kentucky Pub. Energy Auth. Rev.,          
Gas Sply., Series B (Mandatory put date 01/01/25) 4.000(cc) 01/01/49   3,465 3,798,190
Series A-1 (Mandatory put date 06/01/25) 4.000(cc) 12/01/49   3,370 3,731,286
Series C (Mandatory put date 02/01/28) 4.000(cc) 02/01/50   5,360 6,236,448
Owen Cnty. Wtrwks. Sys. Rev.,          
American Wtr. Co., Rfdg. (Mandatory put date 09/01/23) 0.700(cc) 06/01/40   1,000 1,005,184
American Wtr. Co., Series A, Rfdg. (Mandatory put date 10/01/29) 2.450(cc) 06/01/39   1,500 1,631,203
     
 
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 2,249,787
          18,652,098
Louisiana 0.6%
Louisiana Pub. Facs. Auth. Rev.,          
Franciscan Mis., Rfdg. (Pre-refunded date 07/01/25)(ee) 5.000 07/01/39   10 11,601
Franciscan Mis., Unrefunded, Rfdg. 5.000 07/01/39   1,990 2,268,970
11
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Louisiana (cont’d.)
Louisiana Pub. Facs. Auth. Rev., (cont’d.)          
Tulane Univ. of Louisiana, Rfdg. 5.000 % 04/01/29   1,000   $1,270,554
     
 
Louisiana St. Hwy. Impt. Rev.,
Series A (Pre-refunded date 06/15/24)(ee) 		5.000 06/15/34   1,250 1,396,755
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 1,525,388
          6,473,268
Maine 0.3%
Maine Hlth. & Higher Edl. Facs. Auth. Rev.,          
Maine Hlth., Series A 5.000 07/01/27   1,200 1,477,038
Maine Hlth., Series A 5.000 07/01/28   1,140 1,435,813
          2,912,851
Maryland 0.5%
Maryland St. Dept. of Trans. Rev.,
Series 2022B, Rfdg.(hh) 		5.000 12/01/28   1,000 1,202,894
Maryland St. Trans. Auth. Rev.,
Series A, Rfdg. 		5.000 07/01/28   1,280 1,612,549
Washington Suburban Sanitary Commn. Rev.,
Consol. Pub. Impvt., 2nd Series 		4.000 06/01/40   2,150 2,421,307
          5,236,750
Massachusetts 0.6%
Massachusetts Bay Trans. Auth. Rev.,
Mass. Sales Tax, Series B, Rfdg., NATL 		5.500 07/01/27   1,325 1,665,215
Massachusetts St. Hlth. & Edl. Facs. Auth. Rev.,
Tufts Univ., Series M, Rfdg. 		5.500 02/15/28   3,000 3,797,325
Massachusetts St. Port Auth. Rev.,          
Series A, AMT (Pre-refunded date 07/01/22)(ee) 5.000 07/01/42   1,000 1,027,635
Series A, Rfdg., AMT 5.000 07/01/27   320 389,537
          6,879,712
Michigan 1.0%
Michigan Fin. Auth. Rev.,          
Sr. Series A, Class 1, Rfdg. 5.000 06/01/28   1,500 1,869,054
Sr. Series A, Class 1, Rfdg. 5.000 06/01/30   1,000 1,298,201
Sr. Series A, Class 1, Rfdg. 5.000 06/01/32   2,250 2,923,260
Sr. Series A, Class 1, Rfdg. 5.000 06/01/33   2,750 3,562,673
12
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Michigan (cont’d.)
     
 
Wayne Cnty. Arpt. Auth. Rev.,
Det. Met. Arpt., Series D, Rfdg., AMT 		5.000 % 12/01/28   1,500  $1,566,439
          11,219,627
Minnesota 0.2%
Rochester Rev.,
Mayo Clnc. 		4.000 11/15/48   2,000 2,282,995
Mississippi 0.1%
Mississippi Bus. Fin. Corp. Rev.,
Poll. Ctrl., Rfdg. 		3.200 09/01/28   500 527,743
Missouri 1.2%
Missouri St. Hlth. & Edl. Facs. Auth. Rev.,          
BJC Hlth. Sys. 5.000 01/01/44   3,500 3,808,756
Series C, Rfdg. (Mandatory put date 05/01/28) 5.000(cc) 05/01/52   4,000 5,023,821
     
 
Univ. of Missouri Rev.,
Series B, Rfdg. 		5.000 11/01/30   3,520 4,650,356
          13,482,933
Nebraska 1.1%
Central Plns. Energy. Proj. Rev.,
Proj. No. 4 (Mandatory put date 01/01/24) 		5.000(cc) 03/01/50   4,445 4,815,642
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 1,467,889
Nebraska Pub. Pwr. Dist. Rev.,
Series C, Rfdg. 		5.000 01/01/30   2,050 2,644,087
Omaha Pub. Pwr. Dist. Rev.,
Series A 		4.000 02/01/51   3,000 3,515,817
          12,443,435
New Hampshire 0.3%
New Hampshire Bus. Fin. Auth. Rev.,
Series A 		4.000 07/01/51   2,285 2,693,149
New Jersey 7.5%
Camden Cnty. Impvt. Auth. Rev.,
Cooper Hlth. Sys. Oblig. Grp. 		5.750 02/15/42   1,500 1,586,067
13
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
New Jersey (cont’d.)
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  $1,316,713
American Wtr. Co., Inc., Series B, Rfdg., AMT (Mandatory put date 06/01/23) 1.200(cc) 11/01/34   1,000 1,010,303
NJ American Wtr. Co., Inc. Proj., Series D, Rfdg., AMT (Mandatory put date 12/01/27) 1.100(cc) 11/01/29   625 620,399
Sch. Facs. Construction 5.000 06/15/29   1,500 1,888,493
Sch. Facs. Construction, Series NN, Rfdg. 5.000 03/01/27   2,950 3,113,556
Sch. Facs. Construction, Series PP, Rfdg. 5.000 06/15/26   2,100 2,328,335
Series BBB, Rfdg. 5.500 06/15/30   1,500 1,818,818
     
 
New Jersey Edl. Facs. Auth. Rev.,
Montclair St. Univ., Series A, Rfdg. 		5.000 07/01/44   2,500 2,753,349
New Jersey Healthcare Facs. Fing. Auth. Rev.,          
Hackensack Meridian Hlth., Series A, Rfdg. 5.000 07/01/39   1,500 1,809,014
RWJ Barnabas Hlth. Oblig. Grp., Series A, Rfdg. 5.000 07/01/33   1,015 1,200,972
RWJ Barnabas Hlth. Oblig. Grp., Series A, Rfdg. 5.000 07/01/43   1,585 1,872,672
RWJ Univ. Hosp., Series A 5.500 07/01/43   1,000 1,074,333
     
 
New Jersey St. Sales Tax,
Covid-19 GO Emergency Bonds, Series A, GO 		5.000 06/01/29   4,790 6,075,819
New Jersey Tpke. Auth. Rev.,          
Series A 5.000 01/01/28   1,505 1,677,142
Series A 5.000 01/01/48   2,155 2,660,840
Series A, Rfdg. (Pre-refunded date 07/01/22)(ee) 5.000 01/01/43   1,885 1,937,665
Series A, Rfdg. (Pre-refunded date 07/01/22)(ee) 5.000 01/01/43   1,115 1,146,152
Series B, Rfdg. 5.000 01/01/27   2,165 2,610,698
Series D, Rfdg. 5.000 01/01/28   2,150 2,562,769
Series E, Rfdg. 5.000 01/01/32   2,030 2,496,085
New Jersey Trans. Tr. Fd. Auth. Rev.,          
Series AA, Rfdg.(hh) 5.000 06/15/27   1,200 1,399,619
Trans. Prog. Notes, Rmkt., Series BB-1 5.000 06/15/33   1,000 1,232,812
Trans. Sys. Bond, Rfdg. 5.000 12/15/26   500 597,165
Trans. Sys., Series A, Rfdg. 5.000 12/15/28   3,600 4,486,631
Trans. Sys., Series A, Rfdg. 5.000 12/15/36   1,250 1,533,989
Trans. Sys., Series A, Rfdg. 5.500 12/15/23   3,590 3,949,401
Trans. Sys., Series D, Rfdg. 5.000 12/15/24   2,555 2,885,247
Tob. Settlement Fing. Corp. Rev.,          
Series A, Rfdg. 5.000 06/01/23   1,305 1,389,554
Series A, Rfdg. 5.000 06/01/25   2,345 2,682,916
Series A, Rfdg. 5.000 06/01/27   1,645 1,991,593
Series A, Rfdg. 5.000 06/01/28   2,320 2,871,517
Series A, Rfdg. 5.000 06/01/29   2,980 3,680,355
14
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
New Jersey (cont’d.)
Tob. Settlement Fing. Corp. Rev., (cont’d.)          
Series A, Rfdg. 5.000 % 06/01/37   2,000  $2,416,841
Series A, Rfdg. 5.250 06/01/46   5,500 6,642,714
          81,320,548
New Mexico 0.6%
Farmington Rev.,          
4 Corners Proj., Rmkt., Rfdg. 1.800 04/01/29   1,500 1,508,339
Pub. Svcs. Co. of San Juan, Series C, Rfdg. (Mandatory put date 06/01/24) 1.150(cc) 06/01/40   3,000 3,033,609
     
 
New Mexico Fin. Auth. Rev.,
Sub. Series A 		5.000 06/15/28   1,250 1,574,970
          6,116,918
New York 4.8%
Long Island Pwr. Auth. Rev.,          
Notes 1.000 09/01/25   4,100 4,103,134
Series B, Rfdg. (Mandatory put date 09/01/26) 1.500(cc) 09/01/51   3,000 3,078,456
New York,          
Fiscal 2008, Rmkt., Series J-10, GO 5.000 08/01/26   1,000 1,200,229
Fiscal 2015, Rmkt., Sub-Series F-4, GO (Mandatory put date 12/01/25) 5.000(cc) 06/01/44   2,000 2,310,364
     
 
New York City Indl. Dev. Agcy. Rev.,
Yankee Stadium Proj. Pilot, Series A, Rfdg., AGM 		5.000 03/01/28   750 930,709
New York City Trans. Fin. Auth. Future Tax Sec’d. Rev.,          
Series A-1, Rfdg. 5.000 11/01/27   2,000 2,482,015
Sub. Series D-1, Rfdg. 5.000 11/01/28   3,500 4,446,806
New York City Wtr. & Swr. Sys. Rev.,          
Sub. Series CC-2 5.000 06/15/28   2,330 2,822,980
Wtr. & Swr. 2nd Gen. Resolution, Series DD, Rfdg. 5.000 06/15/29   2,000 2,579,966
New York St. Dorm. Auth. Rev.,          
Mem. Sloan Kettering, Series 1, Rfdg. 5.000 07/01/42   1,000 1,207,580
New York Univ., Series A, Rfdg. 4.000 07/01/46   600 718,590
Series A, Rfdg. 5.000 03/15/29   3,025 3,857,159
     
 
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 4,093,850
New York St. Thruway Auth. Rev.,
Series A-1, Grp. 1, Rfdg. 		5.000 03/15/31   2,000 2,662,916
New York Trans. Dev. Corp. Rev.,          
JFK Int’l. Arpt. Proj. Terminal 4, Series A, Rfdg., AMT 5.000 12/01/25   800 921,013
15
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
New York (cont’d.)
New York Trans. Dev. Corp. Rev., (cont’d.)          
Laguardia Arpt., Term. B Redev., Series A, AMT 5.000 % 07/01/46   1,000  $1,101,754
Port Auth. of NY & NJ Rev.,          
Series 223, Rfdg., AMT 5.000 07/15/28   1,500 1,865,100
Series 226, Rfdg., AMT 5.000 10/15/27   975 1,195,014
Triborough Bridge & Tunnel Auth. Rev.,          
Series A-1, Rfdg. 5.000 05/15/51   2,500 3,230,241
Series A-2, Rfdg. (Mandatory put date 05/15/28) 2.000(cc) 05/15/45   2,000 2,140,343
     
 
TSASC, Inc. Rev.,
Series A, Rfdg. 		5.000 06/01/41   2,000 2,332,513
Util. Debt Secur. Auth. Rev.,
Series TE, Rfdg. 		5.000 12/15/41   2,585 2,810,414
          52,091,146
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 1,250,408
Charlotte NC Arpt. Spl. Facs. Rev.,
Series B, Rfdg., AMT 		4.000 07/01/51   1,200 1,397,276
North Carolina Eastern Muni. Pwr. Agcy., Pwr. Sys. Rev.,
Series A, Rfdg. (Pre-refunded date 01/01/22)(ee) 		6.000 01/01/26   650 652,969
North Carolina Med. Care Commn. Rev.,
Caromont Hlth., Series B (Mandatory put date 02/01/26) 		5.000(cc) 02/01/51   990 1,162,242
North Carolina St. Rev.,
Grant Anticipation Rev. 		5.000 03/01/28   1,000 1,247,976
North Carolina Tpke. Auth. Rev.,
BANS 		5.000 02/01/24   3,000 3,276,367
          8,987,238
North Dakota 0.1%
Cass Cnty. Joint Wtr. Resource Dist.,
Series A, GO 		0.480 05/01/24   1,000 987,300
Ohio 5.0%
Akron Bath Copley Joint Township Hosp. Dist. Rev.,
Summa Hlth. Oblig. Grp. Hosp. Facs., Rfdg. 		5.000 11/15/28   460 568,878
Allen Cnty. Hosp. Facs. Rev.,
Bon Secours Mercy Hlth., Rfdg. 		5.000 12/01/30   1,100 1,426,139
16
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Ohio (cont’d.)
American Muni. Pwr., Inc. Rev.,
Prairie St. Energy Campus Proj., Series A, Rfdg. 		5.000 % 02/15/30   2,225  $2,872,196
Buckeye Tob. Settlement Fing. Auth. Rev.,          
Sr. Series A-2, Class 1, Rfdg. 5.000 06/01/28   3,485 4,300,835
Sr. Series A-2, Class 1, Rfdg. 5.000 06/01/30   1,125 1,443,390
Sr. Series A-2, Class 1, Rfdg. 5.000 06/01/31   3,930 5,037,240
Sr. Series A-2, Class 1, Rfdg. 5.000 06/01/33   3,135 3,990,204
Franklin Cnty. Hosp. Facs. Rev.,          
Hosp. Facs. 4.125 05/15/45   2,000 2,181,503
Nationwide Children’s Hosp. Proj. 4.000 11/01/45   2,000 2,174,845
Nationwide Children’s Hosp. Proj., Rfdg. 4.000 11/01/47   2,400 2,662,484
Ohio Hlth. Corp., Series A 4.000 05/15/47   4,815 5,417,166
     
 
Lancaster Port Auth. Rev.,
Series A, Rfdg. (Mandatory put date 02/01/25) 		5.000(cc) 08/01/49   1,120 1,267,991
Montgomery Cnty. Rev.,
Dayton Children’s Hosp., Rfdg. 		4.000 08/01/46   1,350 1,566,596
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   500 517,355
American Elec. Pwr. Co. Proj., Series C, Rfdg., AMT (Mandatory put date 10/01/24) 2.100(cc) 12/01/27   1,500 1,549,622
Ohio Vlly. Elec. Corp. Proj., Rmkt., Series B (Mandatory put date 11/01/24) 1.375(cc) 02/01/26   750 748,877
     
 
Ohio St.,
Common Sch. Series C, GO, Rfdg. 		5.000 03/15/27   1,000 1,220,383
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 2,102,644
Ohio St. Rev.,          
Cleveland Clnc. Hlth. Sys., Series A, Rfdg. 4.000 01/01/36   2,500 2,892,537
Cleveland Clnc. Hlth. Sys., Series A, Rfdg. 5.000 01/01/28   2,595 3,221,743
Grant Anticipation Rev. Vehicle, Series 1-A 5.000 12/15/28   800 1,018,943
     
 
Ohio Wtr. Dev. Auth. Rev.,
Rfdg. 		5.000 06/01/46   5,000 6,608,875
          54,790,446
Oklahoma 1.4%
Oklahoma Dev. Fin. Auth. Rev.,          
Gilcrease Expressway West, AMT 1.625 07/06/23   1,500 1,507,887
St. Johns Hlth. Sys., Rfdg. (Pre-refunded date 02/15/22)(ee) 5.000 02/15/42   1,500 1,514,379
17
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Oklahoma (cont’d.)
Oklahoma Tpke. Auth. Rev.,          
2nd Sr. Series A, Rfdg. 5.000 % 01/01/28   2,340  $2,912,984
2nd Sr. Series A, Rfdg. 5.000 01/01/29   1,115 1,420,117
Series A 4.000 01/01/48   2,000 2,276,438
Series A 5.000 01/01/42   3,000 3,486,591
     
 
Stillwater Util. Auth. Rev.,
Series A 		5.000 10/01/39   1,865 2,081,748
          15,200,144
Pennsylvania 5.7%
Allegheny Cnty. Arpt. Auth. Rev.,
Series A, AMT 		5.000 01/01/27   2,000 2,400,504
Bucks Cnty. Indl. Dev. Auth. Rev.,
Grand View Hosp. Proj. 		5.000 07/01/25   350 392,976
Central Bradford Progress Auth. Rev.,
Guthrie Healthcare Sys., Rfdg. (Pre-refunded date 12/01/21)(ee) 		5.375 12/01/41   2,700 2,700,000
Chester Cnty. Indl. Dev. Auth. Rev.,
Sustainability Bonds-Longwood Gardens Inc., Proj. 		4.000 12/01/51   1,000 1,173,888
Comnwlth. Fing. Auth. Rev.,          
Tob. Mstr. Settlement Payment Bonds 5.000 06/01/25   2,225 2,560,801
Tob. Mstr. Settlement Payment Bonds 5.000 06/01/28   1,280 1,589,585
Tob. Mstr. Settlement Payment Bonds 5.000 06/01/34   1,095 1,338,614
     
 
Delaware Vlly. Regl. Fin. Auth. Rev.,
Series A, AMBAC 		5.500 08/01/28   2,000 2,579,359
Geisinger Auth. Rev.,
Geisinger Hlth. Sys. Oblig. Grp., Rfdg. (Mandatory put date 02/15/27) 		5.000(cc) 04/01/43   1,100 1,305,380
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 3,348,590
Luzerne Cnty. Indl. Dev. Auth. Rev.,
Pennsylvania American, Rfdg., AMT (Mandatory put date 12/03/29) 		2.450(cc) 12/01/39   1,250 1,348,912
Pennsylvania Econ. Dev. Fing. Auth.,
Wste. Mgmt., Inc. Proj., Series B, Rfdg., AMT (Mandatory put date 11/02/26) 		1.100(cc) 06/01/31   1,250 1,249,688
Pennsylvania Higher Edl. Facs. Auth. Rev.,          
Trustees Univ. of Pennsylvania, Series A 4.000 08/15/41   3,200 3,645,571
Univ. of Pennsylvania Hlth. Sys. 5.000 08/15/28   1,835 2,304,376
Univ. of Pennsylvania Hlth. Sys. 5.000 08/15/49   2,000 2,509,981
18
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Pennsylvania (cont’d.)
Pennsylvania Tpke. Commn. Rev.,          
Series A 5.000 % 12/01/38   1,000  $1,125,896
Series A-1, Rfdg. 5.000 12/01/40   1,500 1,713,242
Series A-2, Rfdg. 5.000 12/01/26   870 1,052,586
Series A-2, Rfdg. 5.000 12/01/28   870 1,078,474
Series B 5.000 12/01/45   7,000 8,085,665
Series B, Rfdg. 5.000 12/01/29   1,350 1,751,103
Series C, Rfdg. 4.000 12/01/51   500 589,820
Sub. Series A-1 5.000 12/01/25   1,100 1,289,506
Sub. Series B, Rfdg. 5.000 06/01/29   1,860 2,202,638
Sub. Series B-1 5.250 06/01/47   2,000 2,419,480
     
 
Philadelphia Arpt. Rev.,
Priv. Activ., Rfdg., AMT 		5.000 07/01/27   1,125 1,363,048
Philadelphia Auth. for Indl. Dev. Rev.,          
Children’s Hosp. Proj., Rfdg. 4.000 07/01/37   1,075 1,233,682
Children’s Hosp. Proj., Series A, Rfdg. 5.000 07/01/28   1,425 1,791,284
Philadelphia Gas Wks. Co. Rev.,          
16th Series A, AGM 5.000 08/01/28   625 777,910
16th Series A, AGM 5.000 08/01/29   1,000 1,269,434
     
 
Philadelphia, Wtr. & Wstewtr. Rev.,
Series A 		5.000 11/01/27   1,180 1,463,048
Univ. of Pittsburgh Comnwlth. Sys. of Higher Ed. Rev.,
Rfdg. 		4.000 04/15/26   2,250 2,560,456
          62,215,497
Puerto Rico 1.0%
Puerto Rico Comnwlth. Aqu. & Swr. Auth. Rev.,          
Sr. Lien, Series A 5.750 07/01/37   1,260 1,298,501
Sr. Lien, Series A 6.000 07/01/47   1,050 1,083,304
Puerto Rico Sales Tax Fing. Corp. Rev.,          
Restructured, Series A-1 4.500 07/01/34   848 935,602
Series A-1, CABS 1.519(t) 07/01/27   6,342 5,827,777
Series A-1, CABS 1.597(t) 07/01/24   1,466 1,406,912
          10,552,096
Rhode Island 0.8%
Rhode Island Hlth. & Edl. Bldg. Corp. Higher Ed. Facs. Rev.,
Clg. & Univ. Rev. 		5.250 08/15/43   3,815 4,757,631
Tob. Settlement Fing. Corp. Rev.,          
Series A, Rfdg. 5.000 06/01/22   325 331,914
19
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Rhode Island (cont’d.)
Tob. Settlement Fing. Corp. Rev., (cont’d.)          
Series A, Rfdg. 5.000 % 06/01/24   395  $435,382
Series A, Rfdg. 5.000 06/01/40   2,350 2,627,558
          8,152,485
South Carolina 1.3%
South Carolina Ports Auth. Rev.,
AMT 		4.000 07/01/45   1,000 1,076,952
South Carolina Pub. Svc. Auth. Rev.,          
Santee Cooper, Series A, Rfdg. 5.125 12/01/43   2,000 2,169,514
Santee Cooper, Series A, Rfdg. (Pre-refunded date 12/01/23)(ee) 5.750 12/01/43   3,000 3,323,620
Series A, Rfdg. 5.000 12/01/29   1,300 1,495,149
Series A, Rfdg. 5.000 12/01/31   4,595 6,027,627
          14,092,862
South Dakota 0.1%
Edl. Enhancement Fdg. Corp. Rev.,
Series B, Rfdg. (Pre-refunded 06/01/23)(ee) 		5.000 06/01/27   1,000 1,070,041
Tennessee 1.0%
Memphis Shelby Cnty. Arpt. Auth. Rev.,
Series A, AMT 		5.000 07/01/25   830 957,852
Tennergy Corp. Rev.,
Series A (Mandatory put date 09/01/28) 		4.000(cc) 12/01/51   5,100 5,948,531
Tennessee Energy Acq. Corp. Gas Rev.,          
Series A 5.250 09/01/26   2,605 3,060,541
Series C 5.000 02/01/22   1,050 1,057,311
          11,024,235
Texas 8.2%
Board of Regents of the Univ. of Texas Sys. Rev.,
Series B, Rfdg. 		5.000 08/15/29   2,100 2,728,810
Central Texas Regl. Mobility Auth. Rev.,          
BANS, Sub. Series F 5.000 01/01/25   1,250 1,385,043
Series C 5.000 01/01/27   800 929,477
Sr. Lien, Series A (Pre-refunded 07/01/25)(ee) 5.000 01/01/40   1,395 1,616,585
Sr. Lien, Series A (Pre-refunded date 07/01/25)(ee) 5.000 01/01/45   1,000 1,158,788
Sr. Lien, Series D, Rfdg. 5.000 01/01/29   1,000 1,256,745
20
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Texas (cont’d.)
Clifton Higher Ed. Fin. Corp. Rev.,          
Idea Pub. Sch. 6.000 % 08/15/43   1,000  $1,084,473
Idea Pub. Sch., Rfdg., PSFG 5.000 08/15/39   1,000 1,110,169
     
 
Dallas Hotel Occupancy Tax Rev.,
Rfdg. 		4.000 08/15/28   1,010 1,149,522
Dallas-Fort Worth Int’l. Arpt. Rev.,          
Rfdg. 5.000 11/01/27   1,355 1,671,096
Series A, Rfdg. 5.000 11/01/25   1,250 1,461,962
Series A, Rfdg. 5.000 11/01/26   1,235 1,485,547
Series B, Rfdg. 5.000 11/01/26   1,420 1,707,672
     
 
Grand Parkway Trans. Corp. Rev.,
1st Tier Toll Rev., Series A 		5.125 10/01/43   2,000 2,141,532
Gulf Coast Wste. Disp. Auth. Rev.,          
ExxonMobil Proj., FRDD (Mandatory put date 12/01/21) 0.050(cc) 09/01/25   10,650 10,650,000
ExxonMobil Proj., FRDD (Mandatory put date 12/01/21) 0.050(cc) 12/01/25   9,650 9,650,000
ExxonMobil Proj., Series A, FRDD (Mandatory put date 12/01/21) 0.040(cc) 06/01/30   2,100 2,100,000
Harris Cnty. Cultrl. Ed. Facs. Fin. Corp. Rev.,          
Med. Facs. Mtg., Baylor Clg. of Medicine, Series A, Rfdg. (Mandatory put date 07/01/24) 0.710(cc) 11/15/46   2,000 2,019,160
Mem. Hermann Hlth. Sys., Series C-3, Rfdg. (Mandatory put date 12/01/26) 5.000(cc) 06/01/32   2,310 2,784,656
Texas Children’s Hosp., Series B, Rfdg. (Mandatory put date 10/01/24) 5.000(cc) 10/01/41   1,160 1,306,445
Texas Children’s Hosp., Series B, Rfdg. (Mandatory put date 10/01/31) 5.000(cc) 10/01/51   2,130 2,851,392
Harris Cnty. Toll Road Auth. Rev.,          
1st Lien, Rfdg. 5.000 08/15/28   1,250 1,573,506
Sr. Lien, Series A, Rfdg. 5.000 08/15/43   3,000 3,679,442
Houston Arpt. Sys. Rev.,          
Sub. Lien, Series A, Rfdg., AMT (Pre-refunded date 07/01/22)(ee) 5.000 07/01/32   5,640 5,793,162
Sub. Lien, Series B, Rfdg. (Pre-refunded date 07/01/22)(ee) 5.000 07/01/32   2,000 2,055,265
Sub. Series A, Rfdg., AMT 4.000 07/01/46   1,250 1,451,623
Lower Colorado River Auth. Rev.,          
LCRA Transmn. Svcs. Corp. Proj., Rfdg. 5.000 05/15/27   1,750 2,128,524
Series B, Rfdg., AGM(hh) 5.000 05/15/28   1,130 1,382,667
     
 
21
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Texas (cont’d.)
     
Lower Neches Vlly. Auth. Indl. Dev. Corp. Rev.,
ExxonMobil Proj., Series B, Rfdg., FRDD (Mandatory put date 12/01/21) 		0.040 %(cc) 11/01/29   1,885  $1,885,000
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 1,246,909
North Texas Twy. Auth. Rev.,          
1st Tier, Series A, Rfdg. 5.000 01/01/28   785 917,329
2nd Tier, Rfdg. 5.000 01/01/48   1,250 1,515,921
2nd Tier, Series B, Rfdg. 5.000 01/01/27   1,370 1,648,208
2nd Tier, Series B, Rfdg. 5.000 01/01/28   1,295 1,597,966
Series A, Rfdg. 5.000 01/01/26   505 552,156
Series B, Rfdg. 5.000 01/01/45   2,000 2,243,923
     
 
Port Auth. of Houston of Harris Cnty. Texas Rev.,
Arpt. & Marina Imps.(hh) 		5.000 10/01/51   4,000 5,264,926
Texas Priv. Activ. Surf. Trans. Corp. Rev.,          
Sr. Lien, NTE Mobility Partners, Series 3A & 3B, AMT 6.750 06/30/43   500 550,926
Sr. Lien, NTE Mobility Partners, Series 3A & 3B, AMT 7.000 12/31/38   1,500 1,662,820
          89,399,347
Utah 2.2%
Cnty. of Utah Rev.,          
IHC Hlth. Serv., Inc., Series A, Rfdg. 4.000 05/15/41   5,000 5,764,672
IHC Hlth. Serv., Inc., Series B (Mandatory put date 08/01/26) 5.000(cc) 05/15/60   6,665 7,967,808
Salt Lake City Corp. Arpt. Rev.,          
Series A, AMT 5.000 07/01/23   2,000 2,144,157
Series A, AMT 5.000 07/01/28   2,070 2,560,478
Series A, AMT 5.000 07/01/51   2,000 2,504,269
Series A, AMT 5.250 07/01/48   2,000 2,444,128
          23,385,512
Virginia 1.2%
Fairfax Cnty. Indl. Dev. Auth. Rev.,          
Healthcare, Inova Hlth. Sys. 5.000 05/15/40   2,175 2,218,241
Healthcare, Inova Hlth. Sys., Series A, Rfdg. 4.000 05/15/48   3,000 3,419,188
     
 
Hampton Roads Trans. Accountability Commn. Rev.,
BANS, Sr. Lien, Series A 		5.000 07/01/26   3,820 4,559,424
22
PGIM National Muni Fund
Schedule of Investments as of November 30, 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  $2,286,595
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   750 761,273
          13,244,721
Washington 2.0%
King Cnty.,
Series A, GO 		5.000 01/01/28   1,000 1,247,700
Port of Seattle Rev.,          
Intermediate Lein Priv. Activ., Series C, Rfdg., AMT 5.000 08/01/28   1,500 1,863,399
Intermediate Lein Priv. Activ., Series C, Rfdg., AMT 5.000 08/01/46   2,000 2,533,261
Series A, AMT 5.000 05/01/43   1,500 1,770,183
     
 
Skagit Cnty. Pub. Hosp. Dist. No. 1 Rev.,
Rfdg. & Impvt., Series A 		5.000 12/01/37   1,000 1,079,494
Univ. of Washington Rev.,          
Forward Delivery, Series C, Rfdg. 5.000 04/01/31   1,250 1,660,757
Forward Delivery, Series C, Rfdg. 5.000 04/01/32   1,410 1,868,291
Forward Delivery, Series C, Rfdg. 5.000 04/01/34   1,000 1,321,331
Forward Delivery, Series C, Rfdg. 5.000 04/01/35   2,000 2,641,701
Washington Healthcare Facs. Auth. Rev.,          
Multicare Hlth. Sys., Series B, Rfdg. 5.000 08/15/26   670 778,156
Overlake Hosp. Med. Ctr., Rfdg. 5.000 07/01/38   2,690 2,974,441
Seattle Children’s Hosp., Series A (Pre-refunded date 10/01/22)(ee) 5.000 10/01/42   2,300 2,390,636
          22,129,350
West Virginia 0.7%
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   500 503,745
West Virginia Hosp. Fin. Auth. Rev.,
Cabell Huntington Hosp. Oblig., Series B, Rfdg. 		5.000 01/01/43   1,000 1,216,016
West Virginia Prkwys. Auth. Rev.,          
Sr. Lien 5.000 06/01/47   2,500 3,210,042
Sr. Tpke. Toll 4.000 06/01/47   1,970 2,255,821
          7,185,624
23
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Wisconsin 0.3%
Pub. Fin. Auth. Rev.,
Providence St. Joseph Hlth., Series C, Rfdg. (Mandatory put date 10/01/30) 		4.000 %(cc) 10/01/41   1,500  $1,825,239
Wisconsin Hlth. & Edl. Facs. Auth. Rev.,
Ascension Hlth. Alliance, Rmkt., Series B-1, Rfdg. 		4.000 11/15/43   1,500 1,736,590
          3,561,829
 
TOTAL INVESTMENTS 100.5%
(cost $1,036,419,772) 		1,092,448,127
Liabilities in excess of other assets(z) (0.5)% (5,910,420)
 
Net Assets 100.0% $1,086,537,707
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
  Rfdg—Refunding
  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, 2021.
(cc) Variable rate instrument. The rate shown is based on the latest available information as of November 30, 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 November 30, 2021.
(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:
24
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Futures contracts outstanding at November 30, 2021:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Short Position:
58   20 Year U.S. Treasury Bonds   Mar. 2022    $9,403,250    $(161,298)
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).
25