NPORT-EX 2 PI62700PRU05312023.htm
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (unaudited)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Long-Term Investments 97.8%
Municipal Bonds 96.8%
Alabama 3.1%
Alabama Pub. Sch. & Clg. Auth. Rev.,
Social Bonds, Series A, Rfdg. 		5.000 % 11/01/28   1,265  $1,409,559
Black Belt Energy Gas Dist. Rev.,          
Gas Proj. No. 7, Series C-1 (Mandatory put date 12/01/26) 4.000(cc) 10/01/52   7,815 7,674,390
Gas Proj. No. 8, Series A (Mandatory put date 12/01/29) 4.000(cc) 12/01/52   2,895 2,767,746
Gas Proj., Series E (Mandatory put date 06/01/28) 5.000(cc) 05/01/53   5,000 5,180,948
Proj. No. 5, Series A-1 (Mandatory put date 10/01/26) 4.000(cc) 10/01/49   2,285 2,244,922
Series D1, Rfdg. (Mandatory put date 06/01/27) 4.000(cc) 07/01/52   1,000 991,821
Jefferson Cnty. Swr. Rev.,          
Sr. Lien, Warrants, Series A, Rfdg., AGM 5.000 10/01/44   500 505,820
Sr. Lien, Warrants, Series A, Rfdg., AGM 5.250 10/01/48   500 507,719
     
 
Mobile Indl. Dev. Brd. Rev.,
Alabama Pwr. Co. Barry, Rmkt. (Mandatory put date 06/26/25) 		1.000(cc) 06/01/34   1,000 953,117
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 1,490,191
Southeast Alabama Gas Sply. Dist. Rev.,
Proj. No. 2, Series A (Mandatory put date 06/01/24) 		4.000(cc) 06/01/49   1,365 1,358,947
Southeast Energy Auth. Cooperative Dist. Rev.,
Proj. No. 5, Series A (Mandatory put date 07/01/29) 		5.250(cc) 01/01/54   2,500 2,623,382
          27,708,562
Alaska 0.8%
Alaska Indl. Dev. & Export Auth. Rev.,          
Tanana Chiefs Conference Proj., Series A 4.000 10/01/49   3,000 2,783,680
Tanana Chiefs Conference Proj., Series A 5.000 10/01/31   1,555 1,704,165
     
 
Alaska Muni. Bond Bank Auth. Rev.,
Rfdg. 		5.000 12/01/26   1,350 1,429,640
Northern Tob. Secur. Corp. Rev.,
Sr. Series A, Class 1, Rfdg. 		5.000 06/01/29   1,000 1,070,765
          6,988,250
Arizona 2.5%
Arizona Hlth. Facs. Auth. Rev.,
Banner Hlth., Series B 		4.278(cc) 01/01/37   2,280 2,033,970
1
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Arizona (cont’d.)
Arizona Indl. Dev. Auth. Rev.,          
Phoenix Children’s Hosp. Proj., Series A, Rfdg. 5.000 % 02/01/28   1,000  $1,075,717
Phoenix Children’s Hosp., Series A 5.000 02/01/29   650 712,236
Phoenix Children’s Hosp., Series A 5.000 02/01/30   300 333,312
     
 
Chandler Indl. Dev. Auth. Rev.,
Intel Corp., AMT (Mandatory put date 06/03/24) 		5.000(cc) 06/01/49   1,035 1,041,686
Maricopa Cnty. Indl. Dev. Auth. Rev.,
Banner Hlth., Series A 		5.000 01/01/41   1,140 1,179,673
Maricopa Cnty. Spl. Healthcare Dist.,
Series D, GO 		5.000 07/01/28   850 928,028
Phoenix Civic Impvt. Corp. Rev.,          
Jr. Lien, Series B, AMT 5.000 07/01/29   2,000 2,138,790
Jr. Lien, Series B, AMT 5.000 07/01/49   1,630 1,664,554
Series A, AMT 5.000 07/01/47   2,000 2,041,410
Sr. Lien, AMT 5.000 07/01/48   2,000 2,047,646
Sr. Lien, Rfdg., AMT 5.000 07/01/32   1,200 1,201,001
     
 
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 1,285,696
Salt Verde Finl. Corp. Rev.,          
Sr. Gas Rev., Sr. Bonds 5.000 12/01/32   2,685 2,813,098
Sr. Gas Rev., Sr. Bonds 5.250 12/01/26   2,180 2,229,511
          22,726,328
Arkansas 0.3%
Fayetteville Sales & Use Tax Rev.,
Sales & Use Tax 		2.875 11/01/32   3,000 2,907,408
California 4.3%
Anaheim Pub. Fing. Auth. Lease Rev.,
Sr. Pub. Impvts. Proj., Series A, AGM 		6.000 09/01/24   2,675 2,724,470
California Ed. Facs. Auth. Rev.,
Stanford Univ., Series U-6 		5.000 05/01/45   1,135 1,329,613
California Hlth. Facs. Fing. Auth. Rev.,
Stanford Healthcare, Series A 		5.000 08/15/54   1,000 1,019,585
California Muni. Fin. Auth. Rev.,          
CHF-Davis I, LLC, West Vlg. Student Hsg. Proj., BAM, TCRs 5.000 05/15/29   1,000 1,065,352
Wste. Mgmt., Inc., Rmkt., Series A, AMT (Mandatory put date 12/01/23) 0.700(cc) 12/01/44   1,000 982,577
California St.,          
GO 5.000 03/01/45   3,000 3,073,393
2
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
California (cont’d.)
California St., (cont’d.)          
GO, Rfdg. 4.000 % 09/01/26   3,000  $3,096,787
GO, Rfdg. 5.000 10/01/27   750 812,947
GO, Rfdg. 5.000 08/01/45   500 514,835
GO, Rfdg. 5.000 08/01/46   1,500 1,563,661
Var. Purp., GO, Rfdg. 5.000 10/01/47   3,000 3,109,691
     
 
Golden St. Tob. Secur. Corp. Rev.,
Series A-1, Rfdg. (Pre-refunded date 06/01/27)(ee) 		5.000 06/01/28   3,255 3,534,295
Long Beach Bond Fin. Auth. Nat. Gas Pur. Rev.,          
Series A 5.000 11/15/35   1,300 1,377,035
Series A 5.500 11/15/37   1,000 1,085,056
Los Angeles Calif. Dept. Arpts. Rev.,          
Sr. Series C, AMT 5.000 05/15/28   1,075 1,151,262
Sub. Los Angls. Int’l., Series A, AMT 5.250 05/15/48   1,000 1,033,755
     
 
Los Angeles Dept. of Wtr. & Pwr. Wtr. Sys. Rev.,
Series B 		5.000 07/01/34   2,500 2,503,899
M-S-R Energy Auth. Rev.,
Series A 		6.500 11/01/39   2,000 2,370,855
Pittsburg Redev. Agcy.,
Los Medanos Cmnty. Dev. Proj., Tax Alloc., AMBAC, CABS 		3.800(t) 08/01/25   2,000 1,843,178
San Diego Cnty. Regl. Arpt. Auth. Rev.,          
Sr. Series B, AMT (Pre-refunded date 07/01/23)(ee) 5.000 07/01/38   1,000 1,001,027
Sr. Series B, AMT (Pre-refunded date 07/01/23)(ee) 5.000 07/01/43   2,000 2,001,349
     
 
San Francisco City & Cnty. Arpt. Commn. Rev.,
2nd Series A, Rfdg., AMT 		5.250 05/01/33   1,000 1,001,277
Walnut Energy Ctr. Auth. Rev.,
Rfdg. 		5.000 01/01/34   800 817,433
          39,013,332
Colorado 4.7%
Colorado Hlth. Facs. Auth. Rev.,          
Commonspirit Hlth., Series A, Rfdg. 5.000 08/01/27   1,725 1,819,187
Commonspirit Hlth., Series A, Rfdg. 5.000 08/01/29   2,070 2,233,858
Commonspirit Hlth., Series A, Rfdg. 5.000 08/01/34   2,500 2,676,823
Commonspirit Hlth., Series B-2 (Mandatory put date 08/01/26) 5.000(cc) 08/01/49   2,465 2,545,720
Intermountain Healthcare, Series C, Rfdg. (Mandatory put date 08/15/28) 5.000(cc) 05/15/62   3,100 3,385,860
     
 
Colorado Springs Co. Util. Sys. Rev.,
Series A-4 		5.000 11/15/43   3,080 3,274,600
3
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Colorado (cont’d.)
     
Colorado St.,
COP 		6.000 % 12/15/41   4,000  $4,736,717
Denver City & Cnty. Arpt. Sys. Rev.,          
Series A, Rfdg., AMT 5.000 11/15/27   1,055 1,114,479
Series A, Rfdg., AMT 5.000 11/15/29   3,000 3,241,547
Series A, Rfdg., AMT 5.500 11/15/40   3,750 4,194,726
Sub. Sys., Series A, AMT 5.500 11/15/26   1,650 1,661,977
Sub. Sys., Series A, Rfdg., AMT 5.000 12/01/34   2,300 2,433,523
Sub. Sys., Series A, Rfdg., AMT 5.000 12/01/35   1,000 1,052,109
Sub. Sys., Series A, Rfdg., AMT 5.250 12/01/43   3,000 3,115,169
E-470 Pub. Hwy. Auth. Rev.,          
Sr. Rev., Series A, Rfdg. 5.000 09/01/27   1,160 1,249,428
Sr. Rev., Series A, Rfdg. 5.000 09/01/28   1,275 1,396,520
Sr. Series B, NATL 3.368(t) 09/01/25   2,000 1,855,038
Regl. Trans. Dist. Rev.,          
Denver Transit Partners Eagle P3 Proj., Series A, Rfdg. 5.000 07/15/28   400 423,616
Denver Transit Partners Eagle P3 Proj., Series A, Rfdg. 5.000 07/15/29   400 427,775
          42,838,672
Connecticut 1.0%
Connecticut St.,
Series B, GO, Rfdg. 		5.000 05/15/25   2,120 2,189,380
Connecticut St. Hlth. & Ed. Facs. Auth. Rev.,          
Rmkt., Series 2015-A, Rfdg. (Mandatory put date 07/12/24) 0.375(cc) 07/01/35   1,000 970,054
Yale Univ., Series A-2, Rfdg. (Mandatory put date 07/01/26) 2.000(cc) 07/01/42   2,310 2,238,888
Connecticut St. Spl. Tax Rev.,          
Series B 5.000 10/01/37   1,030 1,107,118
Trans. Infrast., Series A 5.000 01/01/38   2,195 2,336,062
          8,841,502
District of Columbia 2.3%
Dist. of Columbia Rev.,          
Dist. of Columbia Int’l. Sch. 5.000 07/01/49   1,275 1,238,384
Friendship Pub. Chrt. Sch., Rfdg. 5.000 06/01/36   1,385 1,400,730
KIPP Chrt. Sch., Rfdg. (Pre-refunded date 07/01/23)(ee) 6.000 07/01/43   850 851,663
4
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
District of Columbia (cont’d.)
Dist. of Columbia Rev., (cont’d.)          
KIPP Chrt. Sch., Rfdg. (Pre-refunded date 07/01/23)(ee) 6.000 % 07/01/48   725  $726,418
KIPP DC Iss., Series A, Rfdg. 5.000 07/01/37   1,250 1,262,158
Series A, GO, Rfdg. 5.000 10/15/38   3,000 3,254,606
Series C, Rfdg. 5.000 12/01/28   1,500 1,668,101
     
 
Dist. of Columbia Wtr. & Swr. Auth. Rev.,
Sub. Lien, Series A, Rfdg. 		5.000 10/01/39   1,710 1,782,319
Metropolitan Washington D.C. Arpt. Auth. Dulles Toll Road Rev.,
Dulles Met. Rail, Series A, Rfdg. 		5.000 10/01/44   2,000 2,045,879
Metropolitan Washington D.C. Arpt. Auth. Sys. Rev.,          
Forward Delivery, Series A, Rfdg., AMT 5.000 10/01/32   1,500 1,618,415
Rfdg., AMT 5.000 10/01/26   3,860 4,005,297
Series A, Rfdg., AMT 5.000 10/01/44   1,000 1,008,478
          20,862,448
Florida 6.8%
Brevard Cnty. Hlth. Facs. Auth. Rev.,
Hlth. First Oblig. Grp., Series A, Rfdg. 		5.000 04/01/47   445 462,358
Broward Cnty. Arpt. Sys. Rev.,          
Series A, AMT 5.000 10/01/45   3,000 3,027,170
Series A, AMT (Pre-refunded date 10/01/23)(ee) 5.250 10/01/43   1,500 1,505,983
Series B, Rfdg., AMT 5.000 10/01/27   3,000 3,139,421
Central Florida Expressway Auth. Rev.,          
Sr. Lien, Rfdg. 4.000 07/01/41   2,000 1,952,067
Sr. Lien, Rfdg. 5.000 07/01/38   2,500 2,621,416
Sr. Lien, Series D 5.000 07/01/29   780 866,789
     
 
Cityplace CDD.,
Spl. Assmt., Rfdg. 		5.000 05/01/26   770 789,274
Florida Dev. Fin. Corp. Rev.,          
Mater Academy Proj., Series A 5.000 06/15/56   500 469,589
Nova Southeastern Univ. Proj., Series A, Rfdg. 5.000 04/01/26   555 574,861
Florida Higher Edl. Facs. Finl. Auth. Rev.,          
Nova Southeastern Univ. Proj., Rfdg. 5.000 04/01/25   1,250 1,276,840
Nova Southeastern Univ. Proj., Rfdg. 5.000 04/01/28   1,420 1,473,039
Grtr. Orlando Avtn. Auth. Rev.,          
Priority Sub. Series A, AMT 5.000 10/01/42   5,000 5,158,086
Series A, AMT 5.000 10/01/28   1,500 1,594,242
Series A, AMT 5.000 10/01/54   1,500 1,538,632
5
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Florida (cont’d.)
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  $1,274,036
Tampa Int’l. Arpt., Series E, AMT 5.000 10/01/48   4,500 4,601,421
     
 
JEA Elec. Sys. Rev.,
Sub. Series A, Rfdg. 		5.000 10/01/28   7,000 7,632,002
Julington Creek Plantation CDD,
Spl. Assmt., AGM 		4.625 05/01/54   1,560 1,495,021
Lee Cnty. Arpt. Rev.,
Series A, Rfdg., AMT 		5.000 10/01/28   3,000 3,186,916
Miami Beach Redev. Agcy.,
Tax Incr. Rev. City Ctr., Tax Alloc. Rfdg., AGM 		5.000 02/01/44   1,500 1,509,006
Miami Dade Cnty. Wtr. & Swr. Sys. Rev.,
Sub. Series 		5.000 10/01/27   2,215 2,398,323
Orange Cnty. Hlth. Facs. Auth. Rev.,          
Orlando Hlth. Oblig. Grp., Series B, Rfdg. 5.000 10/01/26   2,275 2,383,746
Orlando Hlth., Inc., Series A, Rfdg. 5.000 10/01/33   1,510 1,590,767
Orlando Hlth., Inc., Series B, Rfdg. 5.000 10/01/44   1,000 1,020,612
     
 
Orlando Util. Commn. Rev.,
Series B (Mandatory put date 10/01/28) 		1.250(cc) 10/01/46   3,475 2,978,980
Palm Beach Cnty. Hlth. Facs. Auth. Rev.,
BRRH Corp. Oblig. Grp., Rfdg. (Pre-refunded date 12/01/24)(ee) 		5.000 12/01/31   500 511,680
Sarasota Cnty. Pub. Hosp. Dist. Rev.,
Sarasota Mem. Hosp. 		5.000 07/01/28   1,160 1,229,572
South Miami Hlth. Facs. Auth., Inc. Rev.,
Baptist Hlth. South Florida, Rfdg. 		5.000 08/15/47   1,075 1,099,092
Village CDD No. 6,          
Spl. Assmt., Rfdg. 4.000 05/01/27   300 304,688
Spl. Assmt., Rfdg. 4.000 05/01/28   315 319,294
Spl. Assmt., Rfdg. 4.000 05/01/29   330 335,170
Village CDD No. 13,          
Spl. Assmt. 3.375 05/01/34   475 416,329
Spl. Assmt., 144A 2.625 05/01/30   975 846,175
          61,582,597
Georgia 3.7%
Atlanta GA Dept. Avtn. Rev.,          
Series B, Rfdg., AMT 5.000 07/01/28   3,000 3,183,361
Series B, Rfdg., AMT 5.000 07/01/29   830 887,369
Series B, Rfdg., AMT 5.000 07/01/30   3,500 3,792,759
6
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Georgia (cont’d.)
Georgia Ports Auth. Rev.,          
Arpt. & Marina Imps. 5.000 % 07/01/29   1,250  $1,394,923
Arpt. & Marina Imps. 5.250 07/01/43   2,500 2,802,690
Main Street Natural Gas, Inc. Rev.,          
Series A (Mandatory put date 09/01/27) 4.000(cc) 07/01/52   2,000 1,988,178
Series B (Mandatory put date 03/01/30) 5.000(cc) 07/01/53   2,000 2,105,938
Series B (Mandatory put date 12/01/24) 4.000(cc) 08/01/49   1,420 1,412,945
Series C (Mandatory put date 09/01/26) 4.000(cc) 03/01/50   5,000 4,910,264
Series C (Mandatory put date 12/01/28) 4.000(cc) 05/01/52   1,000 977,438
Sub. Series C (Mandatory put date 12/01/23) 4.000(cc) 08/01/48   3,240 3,239,268
     
 
Monroe Cnty. Dev. Auth. Rev.,
GA Pwr. Co. Plant Scherer Proj. No. 1 		2.250 07/01/25   1,000 951,780
Muni. Elec. Auth. of Georgia Rev.,          
Combined Cycle Proj., Series A, Rfdg. 4.000 11/01/24   2,050 2,053,821
Proj. One, Sub. Bonds, Series A, Rfdg. 5.000 01/01/26   1,425 1,469,688
     
 
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 2,145,887
          33,316,309
Hawaii 0.9%
Hawaii St. Arpts. Sys. Rev.,          
Series A, AMT 5.000 07/01/45   1,000 1,007,107
Series A, AMT 5.000 07/01/48   3,000 3,087,716
Series A, AMT 5.000 07/01/51   1,500 1,552,124
     
 
Hawaii St. Dept. Budget & Fin. Rev.,
Pac. Hlth. Oblig., Series A, Rfdg. 		5.500 07/01/43   2,560 2,564,272
          8,211,219
Idaho 0.3%
Idaho Hsg. & Fin. Association Rev.,
Series A 		5.250 08/15/48   2,000 2,223,982
Illinois 11.3%
Chicago,          
Chicago Works, Series A, GO 5.500 01/01/41   1,000 1,042,742
Series B-Exchange, GO, Rfdg. 4.000 01/01/28   1,855 1,842,931
Series C, GO, Rfdg. 5.000 01/01/24   340 340,898
     
 
Chicago Brd. of Ed. Rev.,
Spl. Tax 		5.000 04/01/46   1,000 1,005,327
7
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Illinois (cont’d.)
Chicago O’Hare Int’l. Arpt. Rev.,          
Series A, Rfdg., AMT 5.000 % 01/01/33   1,310  $1,327,952
Series B, Rfdg. 5.000 01/01/32   1,500 1,541,155
Sr. Lien, Series D 5.250 01/01/42   2,000 2,082,940
     
 
Chicago Trans. Auth. Rev.,
2nd Lien 		5.000 12/01/46   3,000 3,070,610
Chicago Wstewtr. Transmn. Rev.,          
2nd Lien 5.000 01/01/39   2,550 2,561,758
2nd Lien Series C, Rmkt., Rfdg. 5.000 01/01/29   5 5,092
2nd Lien Series C, Rmkt., Rfdg. (Pre-refunded date 01/01/25)(ee) 5.000 01/01/29   350 359,165
2nd Lien, Rmkt., Series C, Rfdg. 5.000 01/01/31   2,450 2,499,483
2nd Lien, Rmkt., Series C, Rfdg. 5.000 01/01/39   2,000 2,021,330
2nd Lien, Series A 5.000 01/01/47   1,000 1,009,927
Chicago Wtrwks. Rev.,          
2nd Lien, Rfdg. 5.000 11/01/32   1,325 1,325,211
2nd Lien, Rfdg. 5.000 11/01/36   2,390 2,506,044
2nd Lien, Series A-1 5.000 11/01/27   510 536,444
2nd Lien, Series A-1 5.000 11/01/30   1,495 1,577,905
Chicago, IL,          
Series A, GO, Rfdg. 5.000 01/01/33   4,000 4,246,896
Series C, GO, Rfdg. 5.000 01/01/26   1,000 1,015,277
     
 
Cook Cnty.,
Series A, GO, Rfdg. 		5.000 11/15/28   1,050 1,139,358
Cook Cnty. Sales Tax Rev.,
Series A, Rfdg. 		5.250 11/15/45   2,000 2,144,691
Illinois Fin. Auth. Rev.,          
Northshore Univ. Hlth. Sys., Series A, Rfdg. 5.000 08/15/26   1,500 1,588,120
Northshore Univ. Hlth. Sys., Series A, Rfdg. 5.000 08/15/28   1,110 1,219,545
Northshore Univ. Hlth. Sys., Series A, Rfdg. 5.000 08/15/29   2,000 2,232,351
Univ. of Chicago, Series A, Rfdg. 5.000 10/01/25   1,505 1,568,646
Illinois St.,          
GO 5.000 02/01/24   1,195 1,205,724
GO 5.000 11/01/30   500 520,487
GO 5.000 04/01/31   1,000 1,009,022
GO 5.250 02/01/29   2,000 2,016,415
GO, Rfdg. 5.000 02/01/25   1,380 1,413,141
Series A, GO 5.000 12/01/39   2,500 2,555,831
Series A, GO, Rfdg. 5.000 10/01/28   750 813,189
Series C, GO 5.000 11/01/29   1,100 1,171,674
Series D, GO 5.000 11/01/23   3,730 3,750,111
Series D, GO 5.000 11/01/27   2,340 2,498,218
8
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Illinois (cont’d.)
Illinois St., (cont’d.)          
Series D, GO, Rfdg. 5.000 % 07/01/24   1,225  $1,242,753
Series D, GO, Rfdg. 5.000 07/01/36   1,225 1,308,252
Illinois St. Sales Tax Rev.,          
Jr. Oblig. Build Illiois Bonds, Series C, Rfdg. 5.000 06/15/27   3,000 3,133,060
Jr. Oblig. Build Illiois Bonds, Series C, Rfdg. 5.000 06/15/28   1,650 1,742,782
Illinois St. Toll Hwy. Auth. Rev.,          
Series A 5.000 01/01/38   3,125 3,128,360
Series C 5.000 01/01/39   2,000 2,046,424
Sr. Rev., Series C, Rfdg. 5.000 01/01/31   3,455 3,888,298
Sr. Series A 5.250 01/01/43   1,500 1,659,044
Metropolitan Pier & Exposition Auth. Dedicated St. Tax
Rev., 		         
McCormick Place Expansion, Series A, CABS, NATL 4.240(t) 12/15/34   10,000 6,161,654
McCormick Place Expansion, Series A, CABS, NATL 4.587(t) 06/15/37   7,500 3,967,127
Railsplitter Tob. Settlement Auth. Rev.,          
Tob. Set. Funded 5.000 06/01/24   1,605 1,629,967
Tob. Set. Funded 5.000 06/01/27   3,160 3,317,901
Tob. Set. Funded 5.000 06/01/28   1,100 1,154,554
     
 
Regl. Trans. Auth. Rev.,
Series A 		4.000 06/01/37   3,605 3,611,193
Sales Tax Secur. Corp. Rev.,          
2nd Lien, Series A, Rfdg. 5.000 01/01/26   2,250 2,334,378
2nd Lien, Series A, Rfdg. 5.000 01/01/29   1,500 1,630,430
Sr. Series D(hh) 5.000 01/01/35   600 657,275
Sr. Series D(hh) 5.000 01/01/36   550 593,469
     
 
Springfield Elec. Rev.,
Sr. Lien, Rfdg., AGM 		4.000 03/01/40   1,000 961,360
          102,933,891
Indiana 0.6%
Indiana Fin. Auth. Rev.,          
IN Univ. Hlth., Series A, Rfdg. 5.000 12/01/25   2,280 2,361,738
Indianapolis Pwr. & Light. Co. Proj., Series B, Rfdg., AMT (Mandatory put date 04/01/26) 0.950(cc) 12/01/38   625 563,469
     
 
Whiting Rev.,
BP Products North America, Rfdg., AMT (Mandatory put date 06/05/26) 		5.000(cc) 12/01/44   2,025 2,063,470
          4,988,677
9
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Kansas 0.2%
Wyandotte Cnty.-Kansas City Unified Govt. Util. Sys. Rev.,
Impvt., Series A 		5.000 % 09/01/45   2,170  $2,205,411
Kentucky 2.7%
Kentucky Pub. Energy Auth. Rev.,          
Gas Sply., Series B (Mandatory put date 01/01/25) 4.000(cc) 01/01/49   3,465 3,455,532
Gas Sply., Series C-1 (Mandatory put date 06/01/25) 4.000(cc) 12/01/49   8,150 8,069,878
Series A-1 (Mandatory put date 06/01/25) 4.000(cc) 12/01/49   3,370 3,334,159
Series C (Mandatory put date 02/01/28) 4.000(cc) 02/01/50   5,930 5,806,178
Owen Cnty. Wtrwks. Sys. Rev.,          
American Wtr. Co., Rfdg. (Mandatory put date 09/01/23) 0.700(cc) 06/01/40   1,000 992,028
American Wtr. Co., Series A, Rfdg. (Mandatory put date 10/01/29) 2.450(cc) 06/01/39   1,500 1,322,472
     
 
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 1,915,666
          24,895,913
Louisiana 0.6%
Louisiana Pub. Facs. Auth. Rev.,          
Franciscan Mis., Rfdg. (Pre-refunded date 07/01/25)(ee) 5.000 07/01/39   10 10,346
Franciscan Mis., Unrefunded, Rfdg. 5.000 07/01/39   1,990 2,005,423
Tulane Univ. of Louisiana Proj., Series A, Rfdg. 5.000 10/15/48   1,000 1,066,139
Tulane Univ. of Louisiana, Rfdg. 5.000 04/01/29   1,000 1,100,560
     
 
Louisiana St. Hwy. Impt. Rev.,
Series A (Pre-refunded date 06/15/24)(ee) 		5.000 06/15/34   1,250 1,270,154
          5,452,622
Maine 0.3%
Maine Hlth. & Higher Edl. Facs. Auth. Rev.,          
Maine Hlth., Series A 5.000 07/01/27   1,200 1,267,865
Maine Hlth., Series A 5.000 07/01/28   1,140 1,220,650
          2,488,515
Maryland 0.1%
Maryland St. Dept. of Trans. Rev.,
Series 2022B, Rfdg. 		5.000 12/01/28   1,000 1,108,738
10
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Massachusetts 0.4%
Massachusetts St. Hlth. & Edl. Facs. Auth. Rev.,
Tufts Univ., Series M, Rfdg. 		5.500 % 02/15/28   3,000  $3,305,021
Massachusetts St. Port Auth. Rev.,
Series A, Rfdg., AMT 		5.000 07/01/27   320 338,119
          3,643,140
Michigan 2.0%
Michigan Fin. Auth. Rev.,          
Beaumont-Spectrum Consolidation, Series A, Rfdg. 5.000 04/15/29   1,000 1,100,410
Sr. Series A, Class 1, Rfdg. 5.000 06/01/28   1,500 1,601,511
Sr. Series A, Class 1, Rfdg. 5.000 06/01/30   1,000 1,081,723
Sr. Series A, Class 1, Rfdg. 5.000 06/01/32   2,250 2,433,966
Sr. Series A, Class 1, Rfdg. 5.000 06/01/33   2,750 2,988,206
Michigan St. Univ. Rev.,          
Series A, Rfdg. 5.000 02/15/24   3,500 3,539,297
Series A, Rfdg. 5.000 02/15/32   1,500 1,745,666
Series A, Rfdg. 5.000 08/15/39   2,000 2,226,385
     
 
Wayne Cnty. Arpt. Auth. Rev.,
Det. Met. Arpt., Series D, Rfdg., AMT 		5.000 12/01/28   1,500 1,501,394
          18,218,558
Minnesota 0.9%
Dakota Cnty. Cmnty. Dev. Agcy. Rev.,
Ree Aster House Apts. Proj. Rmkt.(hh) 		4.125 06/01/24   4,500 4,494,565
Minneapolis Rev.,
Allina Hlth. Sys., Series B (Mandatory put date 11/15/30) 		5.000(cc) 11/15/53   1,000 1,112,367
Minneapolis St. Paul Metropolitan Arpt. Commn. Rev.,
Sub. Series B, Rfdg., AMT 		5.000 01/01/33   2,325 2,497,562
          8,104,494
Mississippi 0.1%
Mississippi Bus. Fin. Corp. Rev.,
Poll. Ctrl., Rfdg. 		3.200 09/01/28   500 481,960
Missouri 1.1%
Missouri St. Hlth. & Edl. Facs. Auth. Rev.,          
BJC Hlth. Sys. 5.000 01/01/44   3,500 3,519,149
11
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Missouri (cont’d.)
Missouri St. Hlth. & Edl. Facs. Auth. Rev., (cont’d.)          
BJC Hlth. Sys., Series A 5.000 % 05/01/30   2,150  $2,401,098
Series C, Rfdg. (Mandatory put date 05/01/28) 5.000(cc) 05/01/52   4,000 4,333,085
          10,253,332
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 4,459,264
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 1,309,603
          5,768,867
New Jersey 7.6%
Camden Cnty. Impvt. Auth. Rev.,
Cooper Hlth. Sys. Oblig. Grp. 		5.750 02/15/42   1,500 1,502,611
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 1,065,965
American Wtr. Co., Inc., Series B, Rfdg., AMT (Mandatory put date 06/01/23) 1.200(cc) 11/01/34   1,000 1,000,000
NJ American Wtr. Co., Inc. Proj., Series D, Rfdg., AMT (Mandatory put date 12/01/27) 1.100(cc) 11/01/29   625 534,572
Sch. Facs. Construction 5.000 06/15/29   1,500 1,629,839
Sch. Facs. Construction, Series PP, Rfdg. 5.000 06/15/26   2,100 2,134,919
     
 
New Jersey Edl. Facs. Auth. Rev.,
Montclair St. Univ., Series A, Rfdg. 		5.000 07/01/44   2,500 2,521,779
New Jersey Healthcare Facs. Fing. Auth. Rev.,          
Hackensack Meridian Hlth., Series A, Rfdg. 5.000 07/01/39   1,500 1,561,026
RWJ Barnabas Hlth. Oblig. Grp., Series A, Rfdg. 5.000 07/01/33   1,015 1,070,275
RWJ Barnabas Hlth. Oblig. Grp., Series A, Rfdg. 5.000 07/01/43   1,585 1,621,514
RWJ Univ. Hosp., Series A 5.500 07/01/43   1,000 1,000,636
New Jersey Higher Ed. Student Assistance Auth. Rev.,          
Sr. Series A, Rfdg. 5.000 12/01/25   550 564,386
Sr. Series A, Rfdg. 5.000 12/01/26   700 727,514
     
 
New Jersey St. Sales Tax,
Covid-19 GO Emergency Bonds, Series A, GO 		5.000 06/01/29   3,455 3,835,570
New Jersey Tpke. Auth. Rev.,          
Series A 5.000 01/01/28   1,505 1,531,857
Series A 5.000 01/01/48   2,155 2,256,168
Series A, Rfdg. 5.000 01/01/35   1,000 1,046,088
12
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
New Jersey (cont’d.)
New Jersey Tpke. Auth. Rev., (cont’d.)          
Series B 5.250 % 01/01/52   2,000  $2,185,419
Series B, Rfdg. 5.000 01/01/27   2,215 2,354,774
Series E, Rfdg. 5.000 01/01/32   4,110 4,453,376
New Jersey Trans. Tr. Fd. Auth. Rev.,          
Series AA, Rfdg. 5.000 06/15/27   1,200 1,268,716
Trans. Prog. Notes, Rmkt., Series BB-1 5.000 06/15/33   1,300 1,397,712
Trans. Sys., Series A, Rfdg. 5.000 12/15/28   4,085 4,409,972
Trans. Sys., Series A, Rfdg. 5.000 12/15/36   1,250 1,317,829
Trans. Sys., Series A, Rfdg.(hh) 5.250 06/15/41   2,000 2,184,874
Trans. Sys., Series A, Rfdg. 5.500 12/15/23   4,020 4,055,519
Trans. Sys., Series D, Rfdg. 5.000 12/15/24   2,555 2,604,617
Tob. Settlement Fing. Corp. Rev.,          
Series A, Rfdg. 5.000 06/01/23   1,305 1,305,000
Series A, Rfdg. 5.000 06/01/25   2,345 2,406,457
Series A, Rfdg. 5.000 06/01/27   2,830 2,981,790
Series A, Rfdg. 5.000 06/01/28   3,395 3,619,118
Series A, Rfdg. 5.000 06/01/29   3,030 3,228,926
Series A, Rfdg. 5.000 06/01/30   1,650 1,754,895
Series A, Rfdg. 5.000 06/01/37   2,000 2,073,926
          69,207,639
New Mexico 0.5%
Farmington Rev.,          
4 Corners Proj., Rmkt., Rfdg. 1.800 04/01/29   1,500 1,304,651
Pub. Svcs. Co. of San Juan, Series C, Rfdg. (Mandatory put date 06/01/24) 1.150(cc) 06/01/40   3,000 2,904,427
          4,209,078
New York 5.4%
Long Island Pwr. Auth. Rev.,          
Notes 1.000 09/01/25   4,100 3,872,344
Series B, Rfdg. (Mandatory put date 09/01/26) 1.500(cc) 09/01/51   3,000 2,820,172
     
 
Nassau Cnty. Local Econ. Assistance Corp. Rev.,
Roosevelt Children Academy Chart. Sch. Proj., Series A 		5.000 07/01/55   1,000 980,209
New York,
Fiscal 2015, Rmkt., Sub-Series F-4, GO (Mandatory put date 12/01/25) 		5.000(cc) 06/01/44   2,000 2,069,923
New York City Muni. Wtr. Fin. Auth. Rev.,          
2nd Gen Resolution, Sub-Series CC-1, Rfdg. 5.250 06/15/37   1,000 1,076,203
13
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
New York (cont’d.)
New York City Muni. Wtr. Fin. Auth. Rev., (cont’d.)          
Sub. Series CC-2 5.000 % 06/15/28   2,330  $2,487,318
New York City Trans. Fin. Auth. Future Tax Sec’d. Rev.,          
Future Tax Sec’d., Sub. Fiscal 2015, Series E-1 5.000 02/01/41   3,300 3,365,941
Sub. Series A-2 5.000 08/01/38   2,000 2,112,558
Sub. Series F-1 5.000 02/01/51   1,850 1,990,581
     
 
New York Liberty Dev. Corp. Rev.,
Series 1WTC, Rfdg. 		4.000 02/15/43   2,500 2,381,221
New York St. Dorm. Auth. Rev.,          
Columbia Univ., Series A, Rfdg.(hh) 5.000 10/01/33   1,500 1,821,298
Mem. Sloan Kettering, Series 1, Rfdg. 5.000 07/01/42   1,000 1,049,786
Series A, Rfdg. 5.250 03/15/37   1,000 1,092,013
     
 
New York St. Environ. Facs. Corp. Rev.,
Clean Wtr. & Drinking Revolving Fds. Pooled Fing., Series B, ETM(ee) 		5.500 10/15/23   3,190 3,213,899
New York St. Urban Dev. Corp. Rev.,          
St. Personal Income Tax Gen. Purp., Series A, Bidding Grp. 1 5.000 03/15/42   2,255 2,392,644
St. Personal Income Tax Gen. Purp., Series A, Bidding Grp. 2 5.000 03/15/43   3,090 3,272,888
New York Trans. Dev. Corp. Rev.,          
JFK Int’l. Arpt. Proj. Terminal 4, Series A, Rfdg., AMT 5.000 12/01/25   800 813,515
Laguardia Arpt., Term. B Redev., Series A, AMT 5.000 07/01/46   1,000 996,487
Port Auth. of NY & NJ Rev.,          
Series 223, Rfdg., AMT 5.000 07/15/28   1,500 1,601,900
Series 226, Rfdg., AMT 5.000 10/15/27   975 1,032,182
Triborough Bridge & Tunnel Auth. Rev.,          
Green Bonds, Series E-2B, Rfdg. 5.000 11/15/27   1,500 1,625,549
Series A-2, Rfdg. (Mandatory put date 05/15/28) 2.000(cc) 05/15/45   2,000 1,858,963
     
 
TSASC, Inc. Rev.,
Series A, Rfdg. 		5.000 06/01/41   2,000 2,027,152
Utility Debt Secur. Auth. Rev.,
Restructuring Bonds, Series TE-1, Rfdg. 		5.000 06/15/28   3,000 3,192,645
          49,147,391
14
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
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  $1,198,476
North Carolina Tpke. Auth. Rev.,
BANS, ETM(ee) 		5.000 02/01/24   4,500 4,546,635
          5,745,111
North Dakota 0.1%
Cass Cnty. Joint Wtr. Resource Dist.,
Series A, GO 		0.480 05/01/24   1,000 965,872
Ohio 4.4%
Akron Bath Copley Joint Township Hosp. Dist. Rev.,
Summa Hlth. Oblig. Grp. Hosp. Facs., Rfdg. 		5.000 11/15/28   460 485,325
Allen Cnty. Hosp. Facs. Rev.,
Bon Secours Mercy Hlth., Rfdg. 		5.000 12/01/30   1,100 1,223,256
Buckeye Tob. Settlement Fing. Auth. Rev.,          
Sr. Series A-2, Class 1, Rfdg. 5.000 06/01/29   8,005 8,495,242
Sr. Series A-2, Class 1, Rfdg. 5.000 06/01/32   3,480 3,704,238
Franklin Cnty. Hosp. Facs. Rev.,          
Nationwide Children’s Hosp. Proj., Rfdg. 4.000 11/01/47   2,400 2,238,381
Ohio Hlth. Corp., Series A 4.000 05/15/47   4,815 4,611,296
     
 
Lancaster Port Auth. Rev.,
Series A, Rfdg. (Mandatory put date 02/01/25) 		5.000(cc) 08/01/49   1,345 1,359,339
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   500 434,495
American Elec. Pwr. Co. Proj., Series C, Rfdg., AMT (Mandatory put date 10/01/24) 2.100(cc) 12/01/27   1,500 1,441,180
Ohio Vlly. Elec. Corp. Proj., Rmkt., Series B (Mandatory put date 11/01/24) 1.375(cc) 02/01/26   750 709,381
     
 
Ohio St.,
Common Sch. Series C, GO, Rfdg. 		5.000 03/15/27   1,000 1,072,899
Ohio St. Rev.,          
Cleveland Clnc. Hlth. Sys., Series A, Rfdg. 5.000 01/01/28   2,890 3,116,407
Grant Anticipation Rev. Vehicle, Series 1-A 5.000 12/15/28   800 890,863
     
 
Ohio Wtr. Dev. Auth. Rev.,
Rfdg. 		5.000 06/01/46   9,280 10,086,910
          39,869,212
15
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Oklahoma 0.6%
Oklahoma Tpke. Auth. Rev.,
Series A 		5.000 % 01/01/42   3,000  $3,099,784
Stillwater Util. Auth. Rev.,
Series A 		5.000 10/01/39   1,865 1,902,666
          5,002,450
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 2,204,873
Pennsylvania 5.9%
Allegheny Cnty. Arpt. Auth. Rev.,
Series A, AMT 		5.000 01/01/27   2,000 2,080,061
Bucks Cnty. Indl. Dev. Auth. Rev.,
Grand View Hosp. Proj. 		5.000 07/01/25   350 348,647
Comnwlth. Fing. Auth. Rev.,          
Tob. Mstr. Settlement Payment Bonds 5.000 06/01/25   2,405 2,476,877
Tob. Mstr. Settlement Payment Bonds 5.000 06/01/28   2,280 2,451,642
Tob. Mstr. Settlement Payment Bonds 5.000 06/01/34   1,170 1,249,342
     
 
Delaware Vlly. Regl. Fin. Auth. Rev.,
Series A, AMBAC 		5.500 08/01/28   2,290 2,533,063
Geisinger Auth. Rev.,
Geisinger Hlth. Sys. Oblig. Grp., Rfdg. (Mandatory put date 02/15/27) 		5.000(cc) 04/01/43   1,100 1,140,995
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 3,047,272
Lehigh Cnty. Gen. Purp. Auth. Rev.,
Lehigh Vlly. Academy Regl. Chrt. Sch. 		4.000 06/01/57   1,445 1,122,369
Luzerne Cnty. Indl. Dev. Auth. Rev.,
Pennsylvania American, Rfdg., AMT (Mandatory put date 12/03/29) 		2.450(cc) 12/01/39   1,250 1,120,291
Pennsylvania Econ. Dev. Fing. Auth. Rev.,          
The Penndot Major Bridges Package One Proj., P3 Proj., AGM, AMT 5.500 06/30/42   3,025 3,267,463
Wste. Mgmt., Inc. Proj., Series B, Rfdg., AMT (Mandatory put date 11/02/26) 1.100(cc) 06/01/31   1,250 1,138,910
     
 
Pennsylvania Higher Edl. Facs. Auth. Rev.,
Univ. of Pennsylvania Hlth. Sys. 		5.000 08/15/49   2,245 2,344,455
Pennsylvania St. Univ. Rev.,
Series A 		5.000 09/01/41   2,400 2,488,571
16
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (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  $1,017,890
Series A 5.000 12/01/49   2,150 2,247,025
Series A-1, Rfdg. 5.000 12/01/40   1,635 1,668,359
Series A-2, Rfdg. 5.000 12/01/28   870 940,418
Series B 5.000 12/01/45   7,145 7,294,475
Sub. Series A-1 5.000 12/01/25   1,425 1,476,992
Sub. Series B, Rfdg. 5.000 06/01/29   1,985 2,078,512
Sub. Series B-1 5.250 06/01/47   2,000 2,055,817
     
 
Philadelphia Arpt. Rev.,
Priv. Activ., Rfdg., AMT 		5.000 07/01/27   1,125 1,172,001
Philadelphia Auth. for Indl. Dev. Rev.,
Children’s Hosp. Proj., Rfdg. 		4.000 07/01/37   1,075 1,078,128
Philadelphia Gas Wks. Co. Rev.,          
16th Series A, AGM 5.000 08/01/28   625 680,648
16th Series A, AGM 5.000 08/01/29   1,000 1,104,876
     
 
Philadelphia Wtr. & Wstewtr. Rev.,
Series A 		5.000 11/01/27   1,180 1,268,362
Univ. of Pittsburgh Comnwlth. Sys. of Higher Ed. Rev.,
Rfdg. 		4.000 04/15/26   2,395 2,445,485
          53,338,946
Puerto Rico 2.5%
Puerto Rico Comnwlth.,
Restructured, Series A, GO, CABS 		4.619(t) 07/01/24   12,170 11,580,952
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev.,          
Restructured, Series A-1 4.500 07/01/34   848 845,767
Restructured, Series A-1 4.750 07/01/53   4,413 4,056,741
Series A-1, CABS 4.228(t) 07/01/24   1,131 1,080,753
Series A-1, CABS 4.482(t) 07/01/27   6,342 5,291,271
          22,855,484
Rhode Island 1.0%
Rhode Island Hlth. & Edl. Bldg. Corp. Higher Ed. Facs. Rev.,
Clg. & Univ. Rev. 		5.250 08/15/43   3,965 4,211,171
Tob. Settlement Fing. Corp. Rev.,          
Series A, Rfdg. 5.000 06/01/24   680 688,719
Series A, Rfdg. 5.000 06/01/40   4,350 4,324,275
          9,224,165
17
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
South Carolina 1.1%
South Carolina Ports Auth. Rev.,
AMT 		4.000 % 07/01/45   1,000  $942,554
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 3,034,509
Series A, Rfdg. 5.000 12/01/29   1,300 1,332,637
Series A, Rfdg. 5.000 12/01/31   4,595 5,017,083
          10,326,783
South Dakota 0.1%
Edl. Enhancement Fdg. Corp. Rev.,
Series B, Rfdg. (Pre-refunded date 06/01/23)(ee) 		5.000 06/01/27   1,000 1,000,000
Tennessee 1.5%
Memphis Shelby Cnty. Arpt. Auth. Rev.,
Series A, AMT 		5.000 07/01/25   830 848,968
Tennergy Corp. Rev.,
Gas Sply. Series A (Mandatory put date 12/01/30) 		5.500(cc) 10/01/53   770 812,864
Tennessee Energy Acq. Corp. Gas Rev.,          
Nat. Gas Utility Imps. (Mandatory put date 11/01/25) 4.000(cc) 11/01/49   9,750 9,658,964
Series A 5.250 09/01/26   2,605 2,651,070
          13,971,866
Texas 7.0%
Arlington Hsg. Fin. Corp. Rev.,
6900 Matlok Road (Mandatory put date 04/01/27) 		4.500(cc) 04/01/41   2,500 2,537,667
Central Texas Regl. Mobility Auth. Rev.,          
BANS, Sub. Series F 5.000 01/01/25   2,000 2,028,002
Series C 5.000 01/01/27   800 832,114
Sr. Lien, Series A (Pre-refunded date 07/01/25)(ee) 5.000 01/01/40   1,395 1,444,235
Sr. Lien, Series A (Pre-refunded date 07/01/25)(ee) 5.000 01/01/45   1,000 1,034,794
Sr. Lien, Series D, Rfdg. 5.000 01/01/29   1,085 1,170,418
Clifton Higher Ed. Fin. Corp. Rev.,          
Idea Pub. Sch. 6.000 08/15/43   1,000 1,004,503
Idea Pub. Sch., Rfdg., PSFG 5.000 08/15/39   1,000 1,011,460
     
 
Dallas Hotel Occupancy Tax Rev.,
Rfdg. 		4.000 08/15/28   1,010 1,030,728
Dallas Independent Sch. Dist.,
GO, Rfdg., PSFG 		5.000 02/15/48   3,000 3,248,253
18
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Texas (cont’d.)
Dallas-Fort Worth Int’l. Arpt. Rev.,          
Rfdg. 5.000 % 11/01/27   1,455  $1,569,894
Series A, Rfdg. 5.000 11/01/26   1,375 1,457,832
Series B, Rfdg. 5.000 11/01/26   1,475 1,563,561
     
 
Grand Parkway Trans. Corp. Rev.,
1st Tier Toll Rev., Series A 		5.125 10/01/43   2,000 2,004,471
Harris Cnty. Cultrl. Ed. Facs. Fin. Corp. Rev.,          
Med. Facs. Mtg., Baylor Clg. of Medicine, Series A, Rfdg. (Mandatory put date 07/01/24) 4.174(cc) 11/15/46   2,000 2,001,193
Mem. Hermann Hlth. Sys., Series C-3, Rfdg. (Mandatory put date 12/01/26) 5.000(cc) 06/01/32   2,380 2,483,146
Texas Children’s Hosp., Series B, Rfdg. (Mandatory put date 10/01/24) 5.000(cc) 10/01/41   1,285 1,311,689
Harris Cnty. Toll Road Auth. Rev.,          
1st Lien, Series A, Rfdg. 5.000 08/15/29   1,710 1,917,371
Sr. Lien, Series A, Rfdg. 5.000 08/15/43   5,040 5,282,301
Lower Colorado River Auth. Rev.,          
LCRA Transmn. Svcs. Corp. Proj., Rfdg. 5.000 05/15/27   2,000 2,145,209
LCRA Transmn. Svcs. Corp. Proj., Series A, Rfdg. 6.000 05/15/52   1,500 1,707,093
Series B, Rfdg., AGM 5.000 05/15/28   1,130 1,241,328
     
 
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 1,234,359
North Texas Twy. Auth. Rev.,          
1st Tier Bonds, Series A, Rfdg. 5.000 01/01/25   1,925 1,967,516
1st Tier, Series A, Rfdg. 5.000 01/01/28   1,180 1,226,521
2nd Tier, Rfdg. 5.000 01/01/48   1,250 1,289,994
2nd Tier, Series B, Rfdg. 5.000 01/01/27   1,640 1,743,099
2nd Tier, Series B, Rfdg. 5.000 01/01/28   1,495 1,619,077
Series A, Rfdg. 5.000 01/01/30   1,765 1,839,734
Series B, Rfdg. 5.000 01/01/45   2,000 2,033,739
     
 
Permanent Univ. Fd. Univ. of Texas Sys. Rev.,
Series A, Rfdg. 		5.000 07/01/40   3,000 3,353,500
Tarrant Cnty. Cultrl. Edu. Facs. Fin. Corp. Rev.,
Christus Hlth. Series A (Mandatory put date 07/01/32) 		5.000(cc) 07/01/53   3,000 3,366,616
Texas Priv. Activ. Surf. Trans. Corp. Rev.,          
Sr. Lien, NTE Mobility Partners, Series 3A & 3B, AMT 6.750 06/30/43   500 501,910
Sr. Lien, NTE Mobility Partners, Series 3A & 3B, AMT 7.000 12/31/38   1,500 1,505,308
     
 
Texas St. Rev.,
Mobility Fund, Series B, GO, Rfdg. 		5.000 10/01/36   1,870 1,957,341
          63,665,976
19
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Utah 2.2%
Salt Lake City Corp. Arpt. Rev.,          
Series A, AMT 5.000 % 07/01/23   2,000  $2,001,292
Series A, AMT 5.000 07/01/28   2,070 2,180,739
Series A, AMT 5.250 07/01/48   2,000 2,052,450
Utah Cnty. Rev.,          
IHC Hlth. Svcs., Inc., Series A 5.000 05/15/43   2,305 2,428,437
IHC Hlth. Svcs., Inc., Series B (Mandatory put date 08/01/26) 5.000(cc) 05/15/60   6,900 7,242,775
     
 
Utah Telecommunication Open Infrast. Agcy. Rev.,
Rfdg. 		5.500 06/01/40   3,210 3,618,825
          19,524,518
Virginia 1.0%
Fairfax Cnty. Indl. Dev. Auth. Rev.,
Healthcare, Inova Hlth. Sys., Series A, Rfdg. 		4.000 05/15/48   2,550 2,402,876
Hampton Roads Trans. Accountability Commn. Rev.,
BANS, Sr. Lien, Series A(ee) 		5.000 07/01/26   4,160 4,394,047
Virginia Small Bus. Fing. Auth. Rev.,
Sr. Lien Elizabeth River Crossing Opco, LLC Proj. Rfdg. 		4.000 01/01/30   1,750 1,730,386
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   750 724,083
          9,251,392
Washington 2.6%
King Cnty.,
Series A, GO 		5.000 01/01/28   1,000 1,090,581
Port of Seattle Rev.,          
Intermediate Lien Priv. Activ., Series C, Rfdg., AMT 5.000 08/01/46   8,145 8,450,220
Series A, AMT 5.000 05/01/43   1,675 1,716,091
     
 
Univ. of Washington Rev.,
Forward Delivery, Series C, Rfdg. 		5.000 04/01/32   1,460 1,658,835
Washington Econ. Dev. Fin. Auth. Rev.,
Mura Cascade ELP LLC Proj. Rfdg., AMT (Mandatory put date 12/08/23), 144A 		3.900(cc) 12/01/42   2,000 1,995,578
Washington Healthcare Facs. Auth. Rev.,          
Multicare Hlth. Sys., Series B, Rfdg. 5.000 08/15/26   670 689,627
Overlake Hosp. Med. Ctr., Rfdg. 5.000 07/01/38   2,690 2,664,408
20
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Washington (cont’d.)
Washington St. Rev.,          
Series 2020A, GO 5.000 % 08/01/42   3,000  $3,232,696
Var. Purp., Series A, GO 5.000 08/01/42   2,000 2,132,195
          23,630,231
West Virginia 0.2%
West Virginia Parkways Auth. Rev.,
Sr. Turnpike Toll Rev. 		5.000 06/01/39   1,750 1,871,800
Wisconsin 0.7%
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 1,488,910
Wisconsin Dept. of Trans. Rev.,
Series 1, Rfdg.(hh) 		5.000 07/01/29   3,000 3,235,972
Wisconsin Hlth. & Edl. Facs. Auth. Rev.,
Ascension Hlth. Alliance, Rmkt., Series B-1, Rfdg. 		4.000 11/15/43   1,500 1,437,455
          6,162,337
     
 
Total Municipal Bonds
(cost $909,931,576) 		878,939,851
    
      Shares  
Unaffiliated Exchange-Traded Fund 1.0%  
iShares National Muni Bond ETF
(cost $9,650,132) 		      90,603 9,637,441
     
 
   
Total Long-Term Investments
(cost $919,581,708) 		  888,577,292
   
Short-Term Investment 2.2%  
Affiliated Mutual Fund   
PGIM Core Ultra Short Bond Fund
(cost $19,939,756)(wb) 		      19,939,756 19,939,756
   
TOTAL INVESTMENTS 100.0%
(cost $939,521,464) 		  908,517,048
Liabilities in excess of other assets(z) (0.0)%   (259,064)
   
Net Assets 100.0%   $908,257,984
21
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
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
  COP—Certificates of Participation
  ETF—Exchange-Traded Fund
  ETM—Escrowed to Maturity
  GO—General Obligation
  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.
(cc) Variable rate instrument. The rate shown is based on the latest available information as of May 31, 2023. 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, 2023.
(wb) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund.
(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, 2023:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Short Position:
210   20 Year U.S. Treasury Bonds   Sep. 2023    $26,952,188    $(213,843)
Other information regarding the Fund is available in the Fund’s most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).
22