NPORT-EX 2 PI62700PRU053122.htm
PGIM National Muni Fund
Schedule of Investments as of May 31, 2022 (unaudited)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Long-Term Investments 99.3%
Municipal Bonds 
Alabama 3.2%
Alabama Pub. Sch. & Clg. Auth. Rev.,
Social Bonds, Series A, Rfdg. 		5.000 % 11/01/28   1,265  $1,470,553
Black Belt Energy Gas Dist. Rev.,          
Gas Proj. No. 8, Series A (Mandatory put date 12/01/29) 4.000(cc) 12/01/52   3,665 3,752,067
Proj. No. 4, Series A-1 (Mandatory put date 12/01/25) 4.000(cc) 12/01/49   4,300 4,438,016
Proj. No. 5, Series A-1 (Mandatory put date 10/01/26) 4.000(cc) 10/01/49   3,000 3,092,036
Proj. No. 6, Series B (Mandatory put date 12/01/26) 4.000(cc) 10/01/52   9,750 10,103,854
Rfdg. (Mandatory put date 12/01/31) 4.000(cc) 06/01/51   2,000 2,107,400
Jefferson Cnty. Swr. Rev.,          
Sr. Lien, Warrants, Series A, Rfdg., AGM 5.000 10/01/44   500 524,170
Sr. Lien, Warrants, Series A, Rfdg., AGM 5.250 10/01/48   500 525,747
     
 
Mobile Indl. Dev. Brd. Rev.,
Alabama Pwr. Co. Barry, Rmkt. (Mandatory put date 06/26/25) 		1.000(cc) 06/01/34   1,000 958,574
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 1,527,503
Southeast Energy Auth. Cooperative Dist. Rev.,
Proj. No. 2, Series B (Mandatory put date 12/01/31) 		4.000(cc) 12/01/51   800 818,832
          29,318,752
Alaska 1.0%
Alaska Indl. Dev. & Export Auth. Rev.,          
Tanana Chiefs Conference Proj., Series A 4.000 10/01/49   3,000 2,943,232
Tanana Chiefs Conference Proj., Series A 5.000 10/01/31   1,555 1,748,121
     
 
Alaska Muni. Bond Bank Auth. Rev.,
Rfdg. 		5.000 12/01/26   1,350 1,490,723
Northern Tob. Secur. Corp. Rev.,
Sr. Series A, Class 1, Rfdg. 		5.000 06/01/29   1,000 1,109,107
Valdez Rev.,          
Exxon Pipeline Co. Proj., Series C, Rfdg., FRDD (Mandatory put date 06/01/22) 0.600(cc) 12/01/33   750 750,000
ExxonMobil Proj., Rfdg., FRDD (Mandatory put date 06/01/22) 0.580(cc) 12/01/29   1,000 1,000,000
          9,041,183
1
PGIM National Muni Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Arizona 3.3%
Arizona Hlth. Facs. Auth. Rev.,
Banner Hlth., Series B, 3 Month LIBOR + 0.810% 		1.458 %(c) 01/01/37   2,280  $2,142,372
Arizona Indl. Dev. Auth. Rev.,          
Phoenix Children’s Hosp. Proj., Series A, Rfdg. 5.000 02/01/28   1,000 1,116,173
Phoenix Children’s Hosp., Series A 5.000 02/01/29   650 731,792
Phoenix Children’s Hosp., Series A 5.000 02/01/30   300 340,190
     
 
Chandler Indl. Dev. Auth. Rev.,
Intel Corp., AMT (Mandatory put date 06/03/24) 		5.000(cc) 06/01/49   1,035 1,085,616
Maricopa Cnty. Indl. Dev. Auth. Rev.,
Banner Hlth., Series A 		5.000 01/01/41   1,140 1,228,683
Maricopa Cnty. Spl. HealthCare Dist.,
Series D, GO 		5.000 07/01/28   850 962,833
Phoenix Civic Impvt. Corp. Rev.,          
Jr. Lien, Series B, AMT 5.000 07/01/29   2,000 2,219,624
Series A, AMT 5.000 07/01/47   2,000 2,132,830
Sr. Lien, AMT 5.000 07/01/48   2,000 2,153,926
Sr. Lien, Rfdg., AMT 5.000 07/01/32   1,200 1,233,681
     
 
Pima Cnty. Indl. Dev. Auth. Rev.,
Tucson Elec. Pwr. Co. Proj., Rfdg. 		4.000 09/01/29   2,000 2,026,419
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 1,340,614
Series A, Rfdg. 4.000 01/01/38   2,000 2,064,367
Salt Verde Finl. Corp. Rev.,          
Sr. Gas Rev., Sr. Bonds 5.000 12/01/32   2,800 3,108,054
Sr. Gas Rev., Sr. Bonds 5.000 12/01/37   3,505 3,953,662
Sr. Gas Rev., Sr. Bonds 5.250 12/01/26   2,180 2,384,305
          30,225,141
California 6.9%
Alameda Corridor Trans. Auth. Rev.,
2nd Sub. Lien, Series B, Rfdg. 		5.000 10/01/37   1,500 1,581,183
Anaheim Pub. Fing. Auth. Lease Rev.,
Sr. Pub. Impvts. Proj., Series A, AGM 		6.000 09/01/24   3,860 4,069,150
Bay Area Toll Auth. Rev.,
Series F-1 (Pre-refunded date 04/01/27)(ee) 		5.000 04/01/56   2,000 2,266,941
California Hlth. Facs. Fing. Auth. Rev.,          
Cedars Sinai Hlth. Sys., Series A, Rfdg. 5.000 08/15/51   3,000 3,369,865
Stanford Healthcare, Series A 5.000 08/15/54   1,000 1,053,742
California Muni. Fin. Auth. Rev.,          
CHF-Davis I, LLC, West Vlg. Student Hsg. Proj., BAM, TCRs 5.000 05/15/29   1,000 1,121,946
2
PGIM National Muni Fund
Schedule of Investments as of May 31, 2022 (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 06/01/22) 0.590 %(cc) 12/01/29   435  $435,000
Sr. Lien-LINXS APM Proj., AMT 5.000 12/31/43   2,750 2,855,360
Wste. Mgmt., Inc., Rmkt., Series A, AMT (Mandatory put date 12/01/23) 0.700(cc) 12/01/44   1,000 972,086
California St.,          
GO 5.000 03/01/45   3,000 3,183,344
GO, Rfdg. 5.000 08/01/45   500 532,538
GO, Rfdg. 5.000 08/01/46   1,500 1,617,821
Var. Purp., GO, Rfdg. 5.000 10/01/47   3,000 3,234,056
     
 
California St. Pub. Wks. Brd. Lease Rev.,
Series C, Rfdg.(hh) 		5.000 08/01/28   875 965,834
Golden St. Tob. Secur. Corp. Rev.,          
Series A-1, Rfdg. (Pre-refunded date 06/01/27)(ee) 5.000 06/01/28   3,255 3,708,638
Series A-1, Rfdg. (Pre-refunded date 06/01/27)(ee) 5.000 06/01/29   1,400 1,592,904
Series A-1, Rfdg. (Pre-refunded date 06/01/28)(ee) 5.000 06/01/33   3,050 3,536,459
Series A-1, Rfdg. (Pre-refunded date 06/01/28)(ee) 5.000 06/01/35   1,545 1,793,328
Long Beach Bond Fin. Auth. Nat. Gas Pur. Rev.,          
Series A 5.000 11/15/35   1,300 1,485,461
Series A 5.500 11/15/37   1,000 1,208,614
Los Angeles Calif. Dept. Arpts. Rev.,          
Los Angls. Int’l., Series A, AMT 5.000 05/15/29   2,000 2,048,416
Los Angls. Int’l., Series A, AMT 5.000 05/15/38   2,500 2,550,708
Sr. Series C, AMT 5.000 05/15/28   1,075 1,196,209
Sub. Los Angls. Int’l., Series A, AMT 5.250 05/15/48   1,000 1,081,333
     
 
Los Angeles Dept. of Wtr. & Pwr. Wtr. Sys. Rev.,
Series B 		5.000 07/01/34   2,500 2,576,034
M-S-R Energy Auth. Rev.,
Series A 		6.500 11/01/39   2,000 2,555,579
Pittsburg Redev. Agcy.,
Los Medanos Cmnty. Dev. Proj., Tax Alloc., AMBAC, CABS 		2.649(t) 08/01/25   2,000 1,839,977
Riverside Cnty. Pub. Fing. Auth. Rev.,
Cap. Facs. Proj. (Pre-refunded date 11/01/25)(ee) 		5.250 11/01/45   1,000 1,108,791
San Diego Cnty. Regl. Arpt. Auth. Rev.,          
Sr. Series B, AMT (Pre-refunded 07/01/23)(ee) 5.000 07/01/43   2,000 2,067,159
Sr. Series B, AMT (Pre-refunded date 07/01/23)(ee) 5.000 07/01/38   1,000 1,035,011
San Francisco City & Cnty. Arpt. Commn. Rev.,          
2nd Series A, Rfdg., AMT 5.250 05/01/33   1,000 1,025,930
Series A, Rfdg., AMT 5.000 05/01/31   3,000 3,437,908
3
PGIM National Muni Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
California (cont’d.)
     
 
Walnut Energy Ctr. Auth. Rev.,
Rfdg. 		5.000 % 01/01/34   800  $844,778
          63,952,103
Colorado 2.7%
Colorado Hlth. Facs. Auth. Rev.,          
Commonspirit Hlth., Series A, Rfdg. 5.000 08/01/27   1,725 1,881,476
Commonspirit Hlth., Series A, Rfdg. 5.000 08/01/29   2,070 2,290,573
Commonspirit Hlth., Series A, Rfdg. 5.000 08/01/34   2,500 2,707,376
Commonspirit Hlth., Series B-2 (Mandatory put date 08/01/26) 5.000(cc) 08/01/49   2,465 2,632,985
Vail Vlly. Med. Ctr. Proj. 4.000 01/15/45   1,500 1,487,127
     
 
Colorado Springs Co. Util. Sys. Rev.,
Series C 		5.000 11/15/27   1,000 1,140,516
Denver City & Cnty. Arpt. Sys. Rev.,          
Series A, Rfdg., AMT 5.000 11/15/27   1,055 1,166,763
Sub. Sys., Series A, Rfdg., AMT 5.000 12/01/34   2,300 2,472,315
Sub. Sys., Series A, Rfdg., AMT 5.000 12/01/35   1,000 1,070,897
Sub. Sys., Series A, Rfdg., AMT 5.250 12/01/43   3,000 3,256,385
E-470 Pub. Hwy. Auth. Rev.,          
Sr. Rev., Series A, Rfdg. 5.000 09/01/27   1,160 1,296,096
Sr. Rev., Series A, Rfdg. 5.000 09/01/28   1,275 1,444,737
Sr. Series B, NATL 2.715(t) 09/01/25   2,000 1,832,017
Regl. Trans. Dist. Rev.,          
Denver Transit Partners Eagle P3 Proj., Series A, Rfdg. 5.000 07/15/28   400 431,331
Denver Transit Partners Eagle P3 Proj., Series A, Rfdg. 5.000 07/15/29   400 433,617
          25,544,211
Connecticut 2.4%
Connecticut St.,          
Forward Delivery Social Bonds, Series D, GO, Rfdg. 5.000 07/15/28   4,500 5,152,548
Series A, GO 4.000 01/15/33   2,000 2,117,728
Series A, GO 5.000 01/15/32   2,475 2,840,155
Series B, GO, Rfdg. 5.000 05/15/25   2,050 2,210,395
Series C, GO 5.000 06/15/28   1,200 1,372,641
Connecticut St. Hlth. & Ed. Facs. Auth. Rev.,          
Rmkt., Series 2015-A, Rfdg. (Mandatory put date 07/12/24) 0.375(cc) 07/01/35   1,000 953,490
4
PGIM National Muni Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Connecticut (cont’d.)
Connecticut St. Hlth. & Ed. Facs. Auth. Rev., (cont’d.)          
Yale Univ., Series A-2, Rfdg. (Mandatory put date 07/01/26) 2.000 %(cc) 07/01/42   2,310  $2,259,142
Connecticut St. Spl. Tax Rev.,          
Series A 5.000 05/01/28   2,780 3,175,662
Trans. Infrast., Series A 5.000 01/01/38   2,000 2,199,633
          22,281,394
Delaware 0.1%
Delaware Trans. Auth. Rev.,
Rfdg. 		5.000 07/01/28   1,150 1,323,180
District of Columbia 2.1%
Dist. of Columbia Rev.,          
Dist. of Columbia Int’l. Sch. 5.000 07/01/49   1,275 1,305,062
Friendship Pub. Chrt. Sch., Rfdg. 5.000 06/01/36   1,385 1,438,988
KIPP Chrt. Sch., Rfdg. (Pre-refunded date 07/01/23)(ee) 6.000 07/01/43   850 890,376
KIPP Chrt. Sch., Rfdg. (Pre-refunded date 07/01/23)(ee) 6.000 07/01/48   725 759,439
KIPP DC Iss., Series A, Rfdg. 5.000 07/01/37   1,250 1,308,552
     
 
Metropolitan Washington D.C. Arpt. Auth. Dulles Toll Road Rev.,
Dulles Met. Rail, Series A, Rfdg. 		5.000 10/01/44   2,000 2,177,766
Metropolitan Washington D.C. Arpt. Auth. Sys. Rev.,          
Forward Delivery, Series A, Rfdg., AMT 5.000 10/01/32   1,500 1,686,519
Rfdg., AMT 5.000 10/01/26   3,860 4,218,463
Series A, Rfdg., AMT 5.000 10/01/31   2,500 2,521,778
Series A, Rfdg., AMT 5.000 10/01/44   1,000 1,031,529
     
 
Washington Metropolitan Area Trans. Auth. Rev.,
Green Bond, Series A 		5.000 07/15/28   1,960 2,237,563
          19,576,035
Florida 7.3%
Brevard Cnty. Hlth. Facs. Auth. Rev.,
Hlth. First Oblig. Grp., Series A, Rfdg. 		5.000 04/01/47   275 303,446
Broward Cnty. Arpt. Sys. Rev.,          
Series A, AMT 5.000 10/01/45   3,000 3,120,862
Series A, AMT (Pre-refunded date 10/01/23)(ee) 5.250 10/01/43   1,500 1,565,448
Series B, Rfdg., AMT 5.000 10/01/27   3,000 3,308,556
5
PGIM National Muni Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Florida (cont’d.)
Central Florida Expressway Auth. Rev.,          
Sr. Lien, Rfdg. 4.000 % 07/01/41   2,000  $2,011,469
Sr. Lien, Series D 5.000 07/01/29   780 893,328
     
 
Citizens Ppty. Ins., Inc. Rev.,
Sr. Sec’d., Series A-1 		5.000 06/01/22   1,000 1,000,000
Cityplace CDD.,
Spl. Assmt., Rfdg. 		5.000 05/01/26   1,000 1,063,790
Davie Edl. Facs. Rev.,          
Nova Southeastern Univ. Proj., Series A (Pre-refunded date 04/01/23)(ee) 5.625 04/01/43   500 517,058
Nova Southeastern Univ. Proj., Series A (Pre-refunded date 04/01/23)(ee) 6.000 04/01/42   1,000 1,037,026
Florida Dev. Fin. Corp. Rev.,          
Mater Academy Proj., Series A 5.000 06/15/56   500 515,916
Nova Southeastern Univ. Proj., Series A, Rfdg. 5.000 04/01/26   555 606,929
Florida Higher Edl. Facs. Finl. Auth. Rev.,          
Nova Southeastern Univ. Proj., Rfdg. 5.000 04/01/25   1,250 1,342,299
Nova Southeastern Univ. Proj., Rfdg. 5.000 04/01/28   1,420 1,550,285
Grtr. Orlando Avtn. Auth. Rev.,          
Priority Sub. Series A, AMT 5.000 10/01/42   5,000 5,287,640
Series A, AMT 5.000 10/01/54   1,500 1,609,728
Hillsborough Cnty. Avtn. Auth. Rev.,          
Tampa Int’l. Arpt., Sub. Series A, Rfdg., AMT (Pre-refunded date 10/01/23)(ee) 5.000 10/01/25   1,270 1,321,446
Tampa Int’l. Arpt., Series E, AMT 5.000 10/01/48   4,500 4,845,042
     
 
JEA Elec. Sys. Rev.,
Sub. Series A, Rfdg. 		5.000 10/01/28   7,000 7,933,063
Lee Cnty. Arpt. Rev.,
Series A, Rfdg., AMT 		5.000 10/01/28   3,000 3,318,231
Miami Beach Redev. Agcy.,
Tax Incr. Rev. City Ctr., Tax Alloc. Rfdg., AGM 		5.000 02/01/44   1,500 1,554,236
Miami Dade Cnty. Wtr. & Swr. Sys. Rev.,          
Series B, Rfdg., AGM 5.250 10/01/22   5,145 5,214,607
Sub. Series 5.000 10/01/27   2,215 2,499,767
Orange Cnty. Hlth. Facs. Auth. Rev.,          
Orlando Hlth. Oblig. Grp., Series B, Rfdg. 5.000 10/01/26   2,100 2,310,662
Orlando Hlth., Inc., Series B, Rfdg. 5.000 10/01/44   1,000 1,070,318
     
 
Orlando Util. Commn. Rev.,
Series B (Mandatory put date 10/01/28) 		1.250(cc) 10/01/46   3,475 3,129,843
Palm Beach Cnty. Hlth. Facs. Auth. Rev.,
BRRH Corp. Oblig. Grp., Rfdg. (Pre-refunded date 12/01/24)(ee) 		5.000 12/01/31   500 536,966
6
PGIM National Muni Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Florida (cont’d.)
Sarasota Cnty. Pub. Hosp. Dist. Rev.,          
Sarasota Mem. Hosp. 4.000 % 07/01/48   2,860  $2,874,443
Sarasota Mem. Hosp. 5.000 07/01/28   1,160 1,334,365
     
 
South Miami Hlth. Facs. Auth., Inc. Rev.,
Baptist Hlth. South Florida, Rfdg. 		5.000 08/15/47   1,075 1,145,208
Village CDD No. 6,          
Spl. Assmt., Rfdg. 4.000 05/01/27   305 322,658
Spl. Assmt., Rfdg. 4.000 05/01/28   320 337,546
Spl. Assmt., Rfdg. 4.000 05/01/29   335 350,627
     
 
Village CDD No. 7,
Spl. Assmt., Rfdg. 		4.000 05/01/23   1,010 1,029,543
Village CDD No. 13,          
Spl. Assmt. 3.375 05/01/34   485 454,273
Spl. Assmt., 144A 2.625 05/01/30   995 909,111
          68,225,735
Georgia 2.7%
Atlanta GA Dept. Avtn. Rev.,          
Series B, Rfdg., AMT 5.000 07/01/28   3,000 3,339,473
Series B, Rfdg., AMT 5.000 07/01/29   830 931,183
Series B, Rfdg., AMT 5.000 07/01/30   1,500 1,696,995
     
 
Georgia Ports Auth. Rev.,
Arpt. & Marina Imps. 		5.000 07/01/29   1,250 1,450,892
Main Street Natural Gas, Inc. Rev.,          
Series B (Mandatory put date 12/01/24) 4.000(cc) 08/01/49   1,290 1,342,594
Series C (Mandatory put date 09/01/26) 4.000(cc) 03/01/50   5,000 5,082,323
Series C (Mandatory put date 12/01/28) 4.000(cc) 05/01/52   1,000 1,023,900
Sub. Series C (Mandatory put date 12/01/23) 4.000(cc) 08/01/48   3,240 3,310,524
     
 
Monroe Cnty. Dev. Auth. Rev.,
GA Pwr. Co. Plant Scherer Proj. No. 1 		2.250 07/01/25   1,000 967,104
Muni. Elec. Auth. of Georgia Rev.,          
Combined Cycle Proj., Series A, Rfdg. 4.000 11/01/24   2,050 2,120,862
Proj. One, Sub. Bonds, Series A, Rfdg. 5.000 01/01/26   1,425 1,534,607
     
 
Priv. Clgs. & Univs. Auth. Rev.,
Savannah Clg. of Art & Design Proj. (Pre-refunded date 04/01/24)(ee) 		5.000 04/01/44   2,120 2,239,267
          25,039,724
7
PGIM National Muni Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Hawaii 1.2%
Hawaii St. Arpts. Sys. Rev.,          
Series A, AMT 5.000 % 07/01/45   1,000  $1,036,012
Series A, AMT 5.000 07/01/48   3,000 3,193,033
Series A, AMT 5.000 07/01/51   3,750 4,125,954
     
 
Hawaii St. Dept. Budget & Fin. Rev.,
Pac. Hlth. Oblig., Series A, Rfdg. 		5.500 07/01/43   2,560 2,656,099
          11,011,098
Illinois 12.3%
Chicago Brd. of Ed.,
Series C, GO, Rfdg. 		5.000 12/01/22   1,500 1,519,102
Chicago Brd. of Ed. Rev.,
Spl. Tax 		5.000 04/01/46   1,000 1,060,652
Chicago O’Hare Int’l. Arpt. Rev.,          
Series A, Rfdg., AMT 5.000 01/01/33   1,310 1,365,323
Series B, Rfdg. 5.000 01/01/32   1,500 1,589,635
Sr. Lien, Series D 5.250 01/01/42   2,000 2,143,133
     
 
Chicago Trans. Auth. Rev.,
2nd Lien 		5.000 12/01/46   3,000 3,197,353
Chicago Wstewtr. Transmn. Rev.,          
2nd Lien 5.000 01/01/39   2,550 2,604,188
2nd Lien, Rmkt., Series C, Rfdg. 5.000 01/01/29   355 375,361
2nd Lien, Rmkt., Series C, Rfdg. 5.000 01/01/31   2,450 2,581,862
2nd Lien, Rmkt., Series C, Rfdg. 5.000 01/01/39   2,000 2,081,861
2nd Lien, Series A 5.000 01/01/47   1,000 1,057,199
Chicago Wtrwks. Rev.,          
2nd Lien, Rfdg. 5.000 11/01/32   1,325 1,335,799
2nd Lien, Rfdg. 5.000 11/01/36   2,390 2,578,959
2nd Lien, Series A-1 5.000 11/01/27   510 555,053
2nd Lien, Series A-1 5.000 11/01/30   1,495 1,598,030
Chicago, IL,          
Series A, GO, Rfdg. 5.000 01/01/33   4,000 4,299,515
Series B-Exchange, GO, Rfdg. 4.000 01/01/28   1,855 1,884,686
Series C, GO, Rfdg. 5.000 01/01/24   340 349,288
Series C, GO, Rfdg. 5.000 01/01/26   1,000 1,049,090
     
 
Cook Cnty.,
Series A, GO, Rfdg. 		5.000 11/15/28   1,050 1,193,802
Illinois Fin. Auth. Rev.,          
Northshore Univ. Hlth. Sys., Series A, Rfdg. 5.000 08/15/26   1,500 1,649,093
Northshore Univ. Hlth. Sys., Series A, Rfdg. 5.000 08/15/28   1,110 1,253,027
Northshore Univ. Hlth. Sys., Series A, Rfdg. 5.000 08/15/29   2,000 2,277,082
8
PGIM National Muni Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Illinois (cont’d.)
Illinois Fin. Auth. Rev., (cont’d.)          
OSF Healthcare Sys., Series B-2, Rfdg. (Mandatory put date 11/15/26) 5.000 %(cc) 05/15/50   1,300  $1,419,310
Univ. of Chicago, Series A, Rfdg. 5.000 10/01/25   1,505 1,640,758
Univ. of Chicago, Series A, Rfdg. 5.000 10/01/28   1,955 2,240,666
Illinois St.,          
GO 5.000 02/01/24   1,195 1,241,812
GO 5.000 11/01/30   500 531,756
GO 5.000 04/01/31   1,000 1,036,117
GO 5.250 02/01/29   2,000 2,079,471
GO, Rfdg. 5.000 08/01/24   2,000 2,010,259
GO, Rfdg. 5.000 02/01/25   1,315 1,387,826
Series A, GO 5.000 12/01/39   2,500 2,614,122
Series A, GO, Rfdg. 5.000 10/01/28   750 822,292
Series C, GO 5.000 11/01/29   1,000 1,071,340
Series D, GO 5.000 11/01/22   1,950 1,974,008
Series D, GO 5.000 11/01/23   3,730 3,865,381
Series D, GO 5.000 11/01/26   6,150 6,607,770
Series D, GO 5.000 11/01/27   2,210 2,419,083
     
 
Illinois St. Sales Tax Rev.,
Jr. Oblig. Build Illiois Bonds, Series C, Rfdg. 		5.000 06/15/28   1,650 1,825,246
Illinois St. Toll Hwy. Auth. Rev.,          
Series A 5.000 01/01/38   3,125 3,166,296
Series C 5.000 01/01/39   2,000 2,103,701
Sr. Rev. Bonds, Series A, Rfdg. 5.000 01/01/28   5,000 5,654,670
Sr. Rev., Series C, Rfdg. 5.000 01/01/31   3,455 3,997,627
Metropolitan Pier & Exposition Auth. Dedicated St. Tax
Rev., 		         
McCormick Place Expansion, Series A, CABS, NATL 4.176(t) 12/15/34   10,000 5,955,072
McCormick Place Expansion, Series A, CABS, NATL 4.259(t) 06/15/37   7,500 3,978,805
     
 
Metropolitan Wtr. Reclamation Dist. of Grtr. Chicago,
Green Bond, Series A, GO 		4.000 12/01/51   1,000 1,012,484
Railsplitter Tob. Settlement Auth. Rev.,          
Tob. Set. Funded 5.000 06/01/24   910 952,037
Tob. Set. Funded 5.000 06/01/27   2,850 3,072,122
Tob. Set. Funded 5.000 06/01/28   1,100 1,184,791
     
 
Regl. Trans. Auth. Rev.,
Series A 		4.000 06/01/37   3,605 3,640,640
Sales Tax Secur. Corp. Rev.,          
2nd Lien, Series A, Rfdg. 5.000 01/01/26   2,250 2,429,214
2nd Lien, Series A, Rfdg. 5.000 01/01/29   1,500 1,685,579
9
PGIM National Muni Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Illinois (cont’d.)
     
 
Springfield Elec. Rev.,
Sr. Lien, Rfdg., AGM 		4.000 % 03/01/40   1,000  $1,012,416
          114,231,764
Indiana 1.0%
Indiana Fin. Auth. Rev.,          
IN Univ. Hlth., Series A, Rfdg. 5.000 12/01/25   2,280 2,469,733
Indianapolis Pwr. & Light. Co. Proj., Series B, Rfdg., AMT (Mandatory put date 04/01/26) 0.950(cc) 12/01/38   625 572,620
     
 
Indianapolis Loc. Pub. Impvt. Bank Rev.,
Courthouse & Jail Proj., Series A, Rfdg. 		4.000 02/01/44   4,250 4,323,846
Whiting, IN Rev.,
BP Products North America, Rfdg., AMT (Mandatory put date 06/05/26) 		5.000(cc) 12/01/44   2,025 2,166,316
          9,532,515
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 8,280,030
Kansas 0.2%
Wyandotte Cnty.-Kansas City Unified Govt. Util. Sys. Rev.,
Impvt., Series A 		5.000 09/01/45   2,170 2,267,690
Kentucky 2.4%
Kentucky Pub. Energy Auth. Rev.,          
Gas Sply., Series B (Mandatory put date 01/01/25) 4.000(cc) 01/01/49   3,465 3,560,008
Series A-1 (Mandatory put date 06/01/25) 4.000(cc) 12/01/49   3,370 3,502,975
Series C (Mandatory put date 02/01/28) 4.000(cc) 02/01/50   10,530 10,867,140
Owen Cnty. Wtrwks. Sys. Rev.,          
American Wtr. Co., Rfdg. (Mandatory put date 09/01/23) 0.700(cc) 06/01/40   1,000 984,009
American Wtr. Co., Series A, Rfdg. (Mandatory put date 10/01/29) 2.450(cc) 06/01/39   1,500 1,367,664
     
 
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 1,953,099
          22,234,895
10
PGIM National Muni Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Louisiana 0.7%
Louisiana Pub. Facs. Auth. Rev.,          
Franciscan Mis., Rfdg. (Pre-refunded date 07/01/25)(ee) 5.000 % 07/01/39   10  $10,880
Franciscan Mis., Unrefunded, Rfdg. 5.000 07/01/39   1,990 2,082,129
Tulane Univ. of Louisiana, Rfdg. 5.000 04/01/29   1,000 1,134,966
     
 
Louisiana St. Hwy. Impt. Rev.,
Series A (Pre-refunded date 06/15/24)(ee) 		5.000 06/15/34   1,250 1,326,313
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 1,500,000
          6,054,288
Maine 0.3%
Maine Hlth. & Higher Edl. Facs. Auth. Rev.,          
Maine Hlth., Series A 5.000 07/01/27   1,200 1,329,148
Maine Hlth., Series A 5.000 07/01/28   1,140 1,276,755
          2,605,903
Maryland 0.5%
Maryland St. Dept. of Trans. Rev.,
Series 2022B, Rfdg.(hh) 		5.000 12/01/28   1,000 1,116,835
Maryland St. Trans. Auth. Rev.,
Series A, Rfdg. 		5.000 07/01/28   1,280 1,476,154
Washington Suburban Sanitary Commn. Rev.,
Consol. Pub. Impvt., 2nd Series 		4.000 06/01/40   2,150 2,204,674
          4,797,663
Massachusetts 0.7%
Massachusetts Bay Trans. Auth. Rev.,
Mass. Sales Tax, Series B, Rfdg., NATL 		5.500 07/01/27   1,325 1,528,888
Massachusetts St. Hlth. & Edl. Facs. Auth. Rev.,
Tufts Univ., Series M, Rfdg. 		5.500 02/15/28   3,000 3,485,438
Massachusetts St. Port Auth. Rev.,          
Series A, AMT (Pre-refunded date 07/01/22)(ee) 5.000 07/01/42   1,000 1,002,833
Series A, Rfdg., AMT 5.000 07/01/27   320 352,592
          6,369,751
Michigan 1.2%
Michigan Fin. Auth. Rev.,          
Beaumont-Spectrum Consolidation, Series A, Rfdg. 5.000 04/15/29   1,000 1,134,705
11
PGIM National Muni Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Michigan (cont’d.)
Michigan Fin. Auth. Rev., (cont’d.)          
Sr. Series A, Class 1, Rfdg. 5.000 % 06/01/28   1,500  $1,649,761
Sr. Series A, Class 1, Rfdg. 5.000 06/01/30   1,000 1,122,557
Sr. Series A, Class 1, Rfdg. 5.000 06/01/32   2,250 2,497,799
Sr. Series A, Class 1, Rfdg. 5.000 06/01/33   2,750 3,034,425
     
 
Wayne Cnty. Arpt. Auth. Rev.,
Det. Met. Arpt., Series D, Rfdg., AMT 		5.000 12/01/28   1,500 1,518,778
          10,958,025
Minnesota 0.2%
Minnesota Muni. Gas Agcy. Rev.,
Series A (Mandatory put date 12/01/27) 		4.000(cc) 12/01/52   2,000 2,099,710
Mississippi 0.1%
Mississippi Bus. Fin. Corp. Rev.,          
Chevron USA, Inc., Series C, FRDD (Mandatory put date 06/01/22) 0.600(cc) 11/01/35   130 130,000
Chevron USA, Inc., Series F, FRDD (Mandatory put date 06/01/22) 0.580(cc) 11/01/35   420 420,000
Chevron USA, Inc., Series I, FRDD (Mandatory put date 06/01/22) 0.600(cc) 11/01/35   300 300,000
Poll. Ctrl., Rfdg. 3.200 09/01/28   500 494,528
          1,344,528
Missouri 0.9%
Missouri St. Hlth. & Edl. Facs. Auth. Rev.,          
BJC Hlth. Sys. 5.000 01/01/44   3,500 3,574,651
Series C, Rfdg. (Mandatory put date 05/01/28) 5.000(cc) 05/01/52   4,000 4,514,540
          8,089,191
Nebraska 0.6%
Central Plns. Energy. Proj. Rev.,
Proj. No. 4 (Mandatory put date 01/01/24) 		5.000(cc) 03/01/50   4,445 4,605,788
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 1,370,748
          5,976,536
12
PGIM National Muni Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
New Jersey 7.9%
Camden Cnty. Impvt. Auth. Rev.,
Cooper Hlth. Sys. Oblig. Grp. 		5.750 % 02/15/42   1,500  $1,530,256
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 1,157,959
American Wtr. Co., Inc., Series B, Rfdg., AMT (Mandatory put date 06/01/23) 1.200(cc) 11/01/34   1,000 989,344
Facs. Construction, Series NN, Rfdg. (Pre-refunded 03/01/23)(ee) 5.000 03/01/27   1,100 1,129,201
NJ American Wtr. Co., Inc. Proj., Series D, Rfdg., AMT (Mandatory put date 12/01/27) 1.100(cc) 11/01/29   625 561,999
Sch. Facs. Construction 5.000 06/15/29   1,500 1,652,408
Sch. Facs. Construction, Series PP, Rfdg. 5.000 06/15/26   2,100 2,203,458
Series BBB, Rfdg. (Pre-refunded date 12/15/26)(ee) 5.500 06/15/30   1,500 1,720,988
Unrefunded Sch. Facs. Construction, Series NN, Rfdg. 5.000 03/01/27   150 152,814
     
 
New Jersey Edl. Facs. Auth. Rev.,
Montclair St. Univ., Series A, Rfdg. 		5.000 07/01/44   2,500 2,578,749
New Jersey Healthcare Facs. Fing. Auth. Rev.,          
Hackensack Meridian Hlth., Series A, Rfdg. 5.000 07/01/39   1,500 1,632,798
RWJ Barnabas Hlth. Oblig. Grp., Series A, Rfdg. 5.000 07/01/33   1,015 1,090,871
RWJ Barnabas Hlth. Oblig. Grp., Series A, Rfdg. 5.000 07/01/43   1,585 1,678,016
RWJ Univ. Hosp., Series A 5.500 07/01/43   1,000 1,027,214
New Jersey Higher Ed. Student Assistance Auth. Rev.,          
Sr. Series A, Rfdg. 5.000 12/01/25   550 590,492
Sr. Series A, Rfdg. 5.000 12/01/26   700 761,808
     
 
New Jersey St. Sales Tax,
Covid-19 GO Emergency Bonds, Series A, GO 		5.000 06/01/29   4,865 5,565,440
New Jersey Tpke. Auth. Rev.,          
Series A 5.000 01/01/28   1,505 1,590,670
Series A 5.000 01/01/48   2,155 2,384,030
Series A, Rfdg. (Pre-refunded date 07/01/22)(ee) 5.000 01/01/43   1,115 1,118,567
Series B, Rfdg. 5.000 01/01/27   2,215 2,467,910
Series D, Rfdg. 5.000 01/01/28   2,150 2,378,109
Series E, Rfdg. 5.000 01/01/32   2,030 2,277,640
New Jersey Trans. Tr. Fd. Auth. Rev.,          
Series AA, Rfdg. 5.000 06/15/27   1,200 1,308,418
Trans. Prog. Notes, Rmkt., Series BB-1 5.000 06/15/33   1,300 1,397,058
Trans. Sys. Bond, Rfdg. 5.000 12/15/26   500 542,332
Trans. Sys., Series A, Rfdg. 5.000 12/15/28   3,600 3,957,553
Trans. Sys., Series A, Rfdg. 5.000 12/15/36   1,250 1,337,329
Trans. Sys., Series A, Rfdg. 5.500 12/15/23   3,590 3,766,968
Trans. Sys., Series D, Rfdg. 5.000 12/15/24   2,555 2,708,534
13
PGIM National Muni Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
New Jersey (cont’d.)
Tob. Settlement Fing. Corp. Rev.,          
Series A, Rfdg. 5.000 % 06/01/23   1,305  $1,342,550
Series A, Rfdg. 5.000 06/01/25   2,345 2,488,844
Series A, Rfdg. 5.000 06/01/27   2,325 2,527,525
Series A, Rfdg. 5.000 06/01/28   2,670 2,935,866
Series A, Rfdg. 5.000 06/01/29   3,030 3,327,291
Series A, Rfdg. 5.000 06/01/37   2,000 2,100,657
Series A, Rfdg. 5.250 06/01/46   5,500 5,911,134
          73,892,800
New Mexico 0.5%
Farmington Rev.,          
4 Corners Proj., Rmkt., Rfdg. 1.800 04/01/29   1,500 1,337,301
Pub. Svcs. Co. of San Juan, Series C, Rfdg. (Mandatory put date 06/01/24) 1.150(cc) 06/01/40   3,000 2,900,730
          4,238,031
New York 4.3%
Long Island Pwr. Auth. Rev.,          
Notes 1.000 09/01/25   4,100 3,855,203
Series B, Rfdg. (Mandatory put date 09/01/26) 1.500(cc) 09/01/51   3,000 2,896,990
New York,          
Fiscal 2008, Rmkt., Series J-10, GO 5.000 08/01/26   1,000 1,115,785
Fiscal 2015, Rmkt., Sub-Series F-4, GO (Mandatory put date 12/01/25) 5.000(cc) 06/01/44   2,000 2,173,343
     
 
New York City Trans. Fin. Auth. Future Tax Sec’d. Rev.,
Series A-1, Rfdg. 		5.000 11/01/27   2,000 2,273,059
New York City Wtr. & Swr. Sys. Rev.,
Sub. Series CC-2 		5.000 06/15/28   2,330 2,601,026
New York Liberty Dev. Corp. Rev.,
Series 1WTC, Rfdg. 		4.000 02/15/43   2,500 2,547,961
New York St. Dorm. Auth. Rev.,          
Mem. Sloan Kettering, Series 1, Rfdg. 5.000 07/01/42   1,000 1,079,631
Series A, Rfdg. 5.000 03/15/29   3,025 3,504,034
     
 
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 3,932,333
New York Trans. Dev. Corp. Rev.,          
JFK Int’l. Arpt. Proj. Terminal 4, Series A, Rfdg., AMT 5.000 12/01/25   800 841,287
Laguardia Arpt., Term. B Redev., Series A, AMT 5.000 07/01/46   1,000 1,035,342
14
PGIM National Muni Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
New York (cont’d.)
Port Auth. of NY & NJ Rev.,          
Series 223, Rfdg., AMT 5.000 % 07/15/28   1,500  $1,682,503
Series 226, Rfdg., AMT 5.000 10/15/27   975 1,085,221
Triborough Bridge & Tunnel Auth. Rev.,          
Series A-1, Rfdg. 5.000 05/15/51   2,500 2,819,032
Series A-2, Rfdg. (Mandatory put date 05/15/28) 2.000(cc) 05/15/45   2,000 1,954,514
     
 
TSASC, Inc. Rev.,
Series A, Rfdg. 		5.000 06/01/41   2,000 2,104,498
Util. Debt Secur. Auth. Rev.,
Series TE, Rfdg. 		5.000 12/15/41   2,585 2,666,235
          40,167,997
North Carolina 0.6%
Charlotte Mecklenburg Hosp. Auth. Rev.,
Atrium Hlth. Oblig. Grp., Series C (Mandatory put date 12/01/28) 		5.000(cc) 01/15/50   1,100 1,246,609
North Carolina St. Rev.,
Grant Anticipation Rev. 		5.000 03/01/28   1,000 1,132,955
North Carolina Tpke. Auth. Rev.,
BANS 		5.000 02/01/24   3,000 3,126,719
          5,506,283
North Dakota 0.1%
Cass Cnty. Joint Wtr. Resource Dist.,
Series A, GO 		0.480 05/01/24   1,000 959,104
Ohio 5.5%
Akron Bath Copley Joint Township Hosp. Dist. Rev.,
Summa Hlth. Oblig. Grp. Hosp. Facs., Rfdg. 		5.000 11/15/28   460 508,863
Allen Cnty. Hosp. Facs. Rev.,
Bon Secours Mercy Hlth., Rfdg. 		5.000 12/01/30   1,100 1,255,009
Buckeye Tob. Settlement Fing. Auth. Rev.,          
Sr. Series A-2, Class 1, Rfdg. 5.000 06/01/28   3,485 3,818,928
Sr. Series A-2, Class 1, Rfdg. 5.000 06/01/30   1,125 1,250,452
Sr. Series A-2, Class 1, Rfdg. 5.000 06/01/31   3,930 4,364,745
Sr. Series A-2, Class 1, Rfdg. 5.000 06/01/33   3,480 3,816,773
Franklin Cnty. Hosp. Facs. Rev.,          
Hosp. Facs. 4.125 05/15/45   2,000 2,011,304
Nationwide Children’s Hosp. Proj. 4.000 11/01/45   2,000 2,004,064
Nationwide Children’s Hosp. Proj., Rfdg. 4.000 11/01/47   2,400 2,402,275
15
PGIM National Muni Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Ohio (cont’d.)
Franklin Cnty. Hosp. Facs. Rev., (cont’d.)          
Nationwide Children’s Hosp., Series B, Rfdg., FRDD (Mandatory put date 06/01/22) 0.620 %(cc) 11/01/42   4,370  $4,370,000
Ohio Hlth. Corp., Series A 4.000 05/15/47   4,815 4,833,045
     
 
Lancaster Port Auth. Rev.,
Series A, Rfdg. (Mandatory put date 02/01/25) 		5.000(cc) 08/01/49   1,345 1,425,385
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   500 468,008
American Elec. Pwr. Co. Proj., Series C, Rfdg., AMT (Mandatory put date 10/01/24) 2.100(cc) 12/01/27   1,500 1,459,349
Ohio Vlly. Elec. Corp. Proj., Rmkt., Series B (Mandatory put date 11/01/24) 1.375(cc) 02/01/26   750 710,209
     
 
Ohio St.,
Common Sch. Series C, GO, Rfdg. 		5.000 03/15/27   1,000 1,125,955
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 2,044,110
Ohio St. Rev.,          
Cleveland Clnc. Hlth. Sys., Series A, Rfdg. 5.000 01/01/28   2,890 3,261,795
Grant Anticipation Rev. Vehicle, Series 1-A 5.000 12/15/28   800 927,929
     
 
Ohio Turnpike & Infrast. Commn. Rev.,
Jr. Lien Infrast. Proj., Series A, Rfdg.(hh) 		5.000 02/15/29   1,000 1,108,254
Ohio Wtr. Dev. Auth. Rev.,
Rfdg. 		5.000 06/01/46   6,640 7,672,862
          50,839,314
Oklahoma 1.0%
Oklahoma Dev. Fin. Auth. Rev.,
Gilcrease Expressway West, AMT 		1.625 07/06/23   1,500 1,476,847
Oklahoma Tpke. Auth. Rev.,          
2nd Sr. Series A, Rfdg. 5.000 01/01/28   2,340 2,654,113
Series A 5.000 01/01/42   3,000 3,205,521
     
 
Stillwater Util. Auth. Rev.,
Series A 		5.000 10/01/39   1,865 1,971,048
          9,307,529
Oregon 0.2%
Oregon Hlth. & Science Univ. Rev.,
Series B-1, Rfdg. (Mandatory put date 02/01/30) 		5.000(cc) 07/01/46   2,000 2,260,979
16
PGIM National Muni Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Pennsylvania 5.6%
Allegheny Cnty. Arpt. Auth. Rev.,
Series A, AMT 		5.000 % 01/01/27   2,000  $2,173,927
Bucks Cnty. Indl. Dev. Auth. Rev.,
Grand View Hosp. Proj. 		5.000 07/01/25   350 363,148
Comnwlth. Fing. Auth. Rev.,          
Tob. Mstr. Settlement Payment Bonds 5.000 06/01/25   2,280 2,439,089
Tob. Mstr. Settlement Payment Bonds 5.000 06/01/28   1,280 1,436,491
Tob. Mstr. Settlement Payment Bonds 5.000 06/01/34   1,095 1,192,833
     
 
Delaware Vlly. Regl. Fin. Auth. Rev.,
Series A, AMBAC 		5.500 08/01/28   2,200 2,518,352
Geisinger Auth. Rev.,
Geisinger Hlth. Sys. Oblig. Grp., Rfdg. (Mandatory put date 02/15/27) 		5.000(cc) 04/01/43   1,100 1,196,301
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 3,184,756
Lehigh Cnty. Gen. Purp. Auth. Rev.,
Lehigh Vlly. Academy Regl. Chrt. Sch. 		4.000 06/01/57   1,445 1,251,151
Luzerne Cnty. Indl. Dev. Auth. Rev.,
Pennsylvania American, Rfdg., AMT (Mandatory put date 12/03/29) 		2.450(cc) 12/01/39   1,250 1,176,898
Pennsylvania Econ. Dev. Fing. Auth. Rev.,
Wste. Mgmt., Inc. Proj., Series B, Rfdg., AMT (Mandatory put date 11/02/26) 		1.100(cc) 06/01/31   1,250 1,159,177
Pennsylvania Higher Edl. Facs. Auth. Rev.,          
Trustees Univ. of Pennsylvania, Series A 4.000 08/15/41   3,200 3,270,853
Univ. of Pennsylvania Hlth. Sys. 5.000 08/15/49   2,000 2,168,154
Pennsylvania Tpke. Commn. Rev.,          
Series A 5.000 12/01/38   1,000 1,045,849
Series A-1, Rfdg. 5.000 12/01/40   1,500 1,567,565
Series A-2, Rfdg. 5.000 12/01/26   895 1,000,044
Series A-2, Rfdg. 5.000 12/01/28   870 986,299
Series B 5.000 12/01/45   7,000 7,335,676
Sub. Series A-1 5.000 12/01/25   1,425 1,540,853
Sub. Series B, Rfdg. 5.000 06/01/29   1,860 2,020,656
Sub. Series B-1 5.250 06/01/47   2,000 2,143,662
Philadelphia Arpt. Rev.,          
Priv. Activ., Rfdg., AMT 5.000 07/01/27   1,125 1,230,002
Priv. Activ., Rfdg., AMT 5.000 07/01/51   2,380 2,578,400
     
 
Philadelphia Auth. for Indl. Dev. Rev.,
Children’s Hosp. Proj., Rfdg. 		4.000 07/01/37   1,075 1,100,188
17
PGIM National Muni Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Pennsylvania (cont’d.)
Philadelphia Gas Wks. Co. Rev.,          
16th Series A, AGM 5.000 % 08/01/28   625  $702,921
16th Series A, AGM 5.000 08/01/29   1,000 1,133,464
     
 
Philadelphia, Wtr. & Wstewtr. Rev.,
Series A 		5.000 11/01/27   1,180 1,315,964
Univ. of Pittsburgh Comnwlth. Sys. of Higher Ed. Rev.,
Rfdg. 		4.000 04/15/26   2,250 2,386,935
          51,619,608
Puerto Rico 3.3%
Puerto Rico Comnwlth.,
Restructured, Series A, GO, CABS 		4.015(t) 07/01/24   17,954 16,524,668
Puerto Rico Comnwlth. Aqu. & Swr. Auth. Rev.,          
Sr. Lien, Series A 5.750 07/01/37   1,260 1,263,593
Sr. Lien, Series A 6.000 07/01/47   1,050 1,053,071
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev.,          
Restructured, Series A-1 4.500 07/01/34   848 857,816
Restructured, Series A-1 5.000 07/01/58   4,413 4,486,785
Series A-1, CABS 3.740(t) 07/01/24   1,466 1,356,944
Series A-1, CABS 3.996(t) 07/01/27   6,342 5,186,044
          30,728,921
Rhode Island 1.1%
Rhode Island Hlth. & Edl. Bldg. Corp. Higher Ed. Facs. Rev.,
Clg. & Univ. Rev. 		5.250 08/15/43   3,965 4,352,911
Tob. Settlement Fing. Corp. Rev.,          
Series A, Rfdg. 5.000 06/01/22   325 325,000
Series A, Rfdg. 5.000 06/01/24   680 716,728
Series A, Rfdg. 5.000 06/01/40   4,350 4,519,590
          9,914,229
South Carolina 1.2%
South Carolina Ports Auth. Rev.,
AMT 		4.000 07/01/45   1,000 967,715
South Carolina Pub. Svc. Auth. Rev.,          
Santee Cooper, Series A, Rfdg. (Pre-refunded date 12/01/23)(ee) 5.750 12/01/43   3,000 3,175,867
18
PGIM National Muni Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
South Carolina (cont’d.)
South Carolina Pub. Svc. Auth. Rev., (cont’d.)          
Series A, Rfdg. 5.000 % 12/01/29   1,300  $1,391,629
Series A, Rfdg. 5.000 12/01/31   4,595 5,223,383
          10,758,594
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 1,032,558
Tennessee 0.4%
Memphis Shelby Cnty. Arpt. Auth. Rev.,
Series A, AMT 		5.000 07/01/25   830 886,524
Tennessee Energy Acq. Corp. Gas Rev.,
Series A 		5.250 09/01/26   2,605 2,800,639
          3,687,163
Texas 6.5%
Central Texas Regl. Mobility Auth. Rev.,          
BANS, Sub. Series F 5.000 01/01/25   1,250 1,313,203
Series C 5.000 01/01/27   800 862,011
Sr. Lien, Series A (Pre-refunded 07/01/25)(ee) 5.000 01/01/40   1,395 1,519,113
Sr. Lien, Series A (Pre-refunded date 07/01/25)(ee) 5.000 01/01/45   1,000 1,088,427
Sr. Lien, Series D, Rfdg. 5.000 01/01/29   1,000 1,111,254
Clifton Higher Ed. Fin. Corp. Rev.,          
Idea Pub. Sch. 6.000 08/15/43   1,000 1,041,636
Idea Pub. Sch., Rfdg., PSFG 5.000 08/15/39   1,000 1,046,505
     
 
Dallas Hotel Occupancy Tax Rev.,
Rfdg. 		4.000 08/15/28   1,010 1,070,765
Dallas-Fort Worth Int’l. Arpt. Rev.,          
Rfdg. 5.000 11/01/27   1,455 1,624,023
Series A, Rfdg. 5.000 11/01/25   1,250 1,355,212
Series A, Rfdg. 5.000 11/01/26   1,375 1,514,542
Series B, Rfdg. 5.000 11/01/26   1,475 1,624,695
     
 
Grand Parkway Trans. Corp. Rev.,
1st Tier Toll Rev., Series A 		5.125 10/01/43   2,000 2,036,110
Gulf Coast Wste. Disp. Auth. Rev.,          
ExxonMobil Proj., FRDD (Mandatory put date 06/01/22) 0.610(cc) 09/01/25   3,220 3,220,000
ExxonMobil Proj., FRDD (Mandatory put date 06/01/22) 0.610(cc) 12/01/25   4,685 4,685,000
19
PGIM National Muni Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Texas (cont’d.)
Harris Cnty. Cultrl. Ed. Facs. Fin. Corp. Rev.,          
Med. Facs. Mtg., Baylor Clg. of Medicine, Series A, Rfdg. (Mandatory put date 07/01/24) 1.210 %(cc) 11/15/46   2,000  $2,021,205
Mem. Hermann Hlth. Sys., Series C-3, Rfdg. (Mandatory put date 12/01/26) 5.000(cc) 06/01/32   2,380 2,613,714
Texas Children’s Hosp., Series B, Rfdg. (Mandatory put date 10/01/24) 5.000(cc) 10/01/41   1,160 1,238,200
     
 
Harris Cnty. Toll Road Auth. Rev.,
Sr. Lien, Series A, Rfdg. 		5.000 08/15/43   3,000 3,278,121
Houston Arpt. Sys. Rev.,          
Sub. Lien, Series A, Rfdg., AMT (Pre-refunded date 07/01/22)(ee) 5.000 07/01/32   5,640 5,657,512
Sub. Lien, Series B, Rfdg. (Pre-refunded date 07/01/22)(ee) 5.000 07/01/32   2,000 2,006,527
Lower Colorado River Auth. Rev.,          
LCRA Transmn. Svcs. Corp. Proj., Rfdg. 5.000 05/15/27   2,000 2,226,013
Series B, Rfdg., AGM 5.000 05/15/28   1,130 1,285,340
Lower Neches Vlly. Auth. Indl. Dev. Corp. Rev.,          
ExxonMobil Proj., FRDD (Mandatory put date 06/01/22) 0.590(cc) 11/01/38   1,050 1,050,000
ExxonMobil Proj., Series A, Rfdg., FRDD (Mandatory put date 06/01/22) 0.600(cc) 11/01/29   2,250 2,250,000
     
 
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 1,217,252
North Texas Twy. Auth. Rev.,          
1st Tier, Series A, Rfdg. 5.000 01/01/28   785 855,100
2nd Tier, Rfdg. 5.000 01/01/48   1,250 1,353,300
2nd Tier, Series B, Rfdg. 5.000 01/01/27   1,565 1,734,283
2nd Tier, Series B, Rfdg. 5.000 01/01/28   1,445 1,624,468
Series A, Rfdg. 5.000 01/01/26   505 526,873
Series B, Rfdg. 5.000 01/01/45   2,000 2,080,976
Texas Priv. Activ. Surf. Trans. Corp. Rev.,          
Sr. Lien, NTE Mobility Partners, Series 3A & 3B, AMT 6.750 06/30/43   500 519,477
Sr. Lien, NTE Mobility Partners, Series 3A & 3B, AMT 7.000 12/31/38   1,500 1,572,640
          60,223,497
Utah 1.7%
Cnty. of Utah Rev.,
IHC Hlth. Serv., Inc., Series B (Mandatory put date 08/01/26) 		5.000(cc) 05/15/60   6,800 7,434,317
20
PGIM National Muni Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Utah (cont’d.)
Salt Lake City Corp. Arpt. Rev.,          
Series A, AMT 5.000 % 07/01/23   2,000  $2,060,659
Series A, AMT 5.000 07/01/28   2,070 2,292,740
Series A, AMT 5.000 07/01/51   2,000 2,186,485
Series A, AMT 5.250 07/01/48   2,000 2,161,977
          16,136,178
Virginia 1.1%
Fairfax Cnty. Indl. Dev. Auth. Rev.,
Healthcare, Inova Hlth. Sys., Series A, Rfdg. 		4.000 05/15/48   3,000 2,979,564
Hampton Roads Trans. Accountability Commn. Rev.,
BANS, Sr. Lien, Series A 		5.000 07/01/26   3,910 4,352,417
Virginia Small Bus. Fing. Auth. Rev.,
Sr. Lien Elizabeth River Crossing Opco, LLC Proj. Rfdg.(hh) 		4.000 01/01/30   1,750 1,829,668
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   750 731,884
          9,893,533
Washington 2.7%
King Cnty.,
Series A, GO 		5.000 01/01/28   1,000 1,136,379
Port of Seattle Rev.,          
Intermediate Lein Priv. Activ., Series C, Rfdg., AMT 5.000 08/01/28   1,500 1,678,016
Intermediate Lien Priv. Activ., Series C, Rfdg., AMT 5.000 08/01/46   8,145 8,770,780
Series A, AMT 5.000 05/01/43   1,500 1,561,365
Univ. of Washington Rev.,          
Forward Delivery, Series C, Rfdg. 5.000 04/01/31   1,250 1,460,463
Forward Delivery, Series C, Rfdg. 5.000 04/01/32   1,410 1,636,022
Forward Delivery, Series C, Rfdg. 5.000 04/01/34   1,000 1,153,076
Forward Delivery, Series C, Rfdg. 5.000 04/01/35   2,000 2,299,316
Washington Healthcare Facs. Auth. Rev.,          
Multicare Hlth. Sys., Series B, Rfdg. 5.000 08/15/26   670 722,962
Overlake Hosp. Med. Ctr., Rfdg. 5.000 07/01/38   2,690 2,784,123
Seattle Children’s Hosp., Series A (Pre-refunded date 10/01/22)(ee) 5.000 10/01/42   2,300 2,330,450
          25,532,952
21
PGIM National Muni Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
West Virginia 0.3%
West Virginia Hosp. Fin. Auth. Rev.,
Cabell Huntington Hosp. Oblig., Series B, Rfdg. 		5.000 % 01/01/43   1,000  $1,048,079
West Virginia Prkwys. Auth. Rev.,
Sr. Tpke. Toll 		4.000 06/01/47   1,970 1,996,520
          3,044,599
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 1,593,416
Wisconsin Hlth. & Edl. Facs. Auth. Rev.,
Ascension Hlth. Alliance, Rmkt., Series B-1, Rfdg. 		4.000 11/15/43   1,500 1,486,484
          3,079,900
 
TOTAL INVESTMENTS 99.3%
(cost $946,903,112) 		923,204,814
Other assets in excess of liabilities(z) 0.7% 6,688,253
 
Net Assets 100.0% $929,893,067
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 May 31, 2022.
22
PGIM National Muni Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
(cc) Variable rate instrument. The rate shown is based on the latest available information as of May 31, 2022. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
(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, 2022.
(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:
Futures contracts outstanding at May 31, 2022:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Short Position:
265   20 Year U.S. Treasury Bonds   Sep. 2022    $36,950,938    $104,652
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).
23