NPORT-EX 2 PI62700PRU053124.htm
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Long-Term Investments 100.4%
Municipal Bonds 98.5%
Alabama 3.0%
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  $7,785,877
Gas Proj. No. 8, Series A (Mandatory put date 12/01/29) 4.000(cc) 12/01/52   2,895 2,787,133
Gas Proj., Series E (Mandatory put date 06/01/28) 5.000(cc) 05/01/53   5,000 5,186,622
Rfdg. (Mandatory put date 12/01/31) 4.000(cc) 06/01/51   4,285 4,231,576
Series D1, Rfdg. (Mandatory put date 06/01/27) 4.000(cc) 07/01/52   1,000 999,610
     
 
Jefferson Cnty. Swr. Rev.,
Warrants, Rfdg. 		5.250 10/01/41   1,500 1,637,581
Mobile Indl. Dev. Brd. Rev.,
Alabama Pwr. Co. Barry, Rmkt. (Mandatory put date 06/26/25) 		1.000(cc) 06/01/34   1,000 966,455
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 1,554,165
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 1,365,000
Proj. No. 2, Series B, Rfdg. (Mandatory put date 05/01/32) 5.000(cc) 06/01/49   2,000 2,099,500
     
 
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 2,626,569
          31,240,088
Alaska 0.9%
Alaska Indl. Dev. & Export Auth. Rev.,          
Tanana Chiefs Conference Proj., Series A 4.000 10/01/49   3,000 2,592,577
Tanana Chiefs Conference Proj., Series A 5.000 10/01/26   2,385 2,429,097
Tanana Chiefs Conference Proj., Series A 5.000 10/01/31   1,555 1,621,796
     
 
Alaska Muni. Bond Bank Auth. Rev.,
Rfdg. 		5.000 12/01/26   1,350 1,389,627
Northern Tob. Secur. Corp. Rev.,
Sr. Series A, Class 1, Rfdg. 		5.000 06/01/29   1,000 1,055,742
          9,088,839
Arizona 3.6%
Arizona Hlth. Facs. Auth. Rev.,
Banner Hlth., Series B (Mandatory put date 06/01/24) 		4.520(cc) 01/01/37   2,280 2,195,343
1
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (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., Series A 5.000 % 02/01/29   650  $692,428
Phoenix Children’s Hosp., Series A 5.000 02/01/30   300 323,071
Sustainable Bonds, Equitable Sch. Revolving Fd., Series A 5.250 11/01/48   3,000 3,168,200
Sustainable Bonds, Equitable Sch. Revolving Fd., Series A 5.250 11/01/53   1,750 1,831,840
Chandler Indl. Dev. Auth. Rev.,          
Intel Corp. Proj. Rmkt. AMT (Mandatory put date 06/01/29)(hh) 4.000(cc) 06/01/49   3,750 3,724,822
Intel Corp., AMT (Mandatory put date 06/03/24) 5.000(cc) 06/01/49   1,035 1,035,000
     
 
Maricopa Cnty. Indl. Dev. Auth. Rev.,
Banner Hlth., Series A 		5.000 01/01/41   1,140 1,179,068
Maricopa Cnty. Spl. Healthcare Dist.,
Series D, GO 		5.000 07/01/28   850 902,339
Phoenix Civic Impvt. Corp. Rev.,          
Jr. Lien, Series B, AMT 5.000 07/01/29   2,000 2,085,144
Jr. Lien, Series B, AMT 5.000 07/01/49   1,630 1,658,268
Series A, AMT 5.000 07/01/47   2,000 2,023,563
Sr. Lien, AMT 5.000 07/01/48   2,000 2,035,903
     
 
Pima Cnty. Ind. Dev. Auth. Rev.,
AZ Chart. Schs. Proj., Series R, Rfdg. 		4.000 07/01/26   2,685 2,648,630
Salt River Proj. Agric. Impvt. & Pwr. Dist. Elec. Sys. Rev.,          
Salt River Proj., Series A 5.000 01/01/47   1,925 2,062,646
Salt River Proj., Series B 5.250 01/01/53   4,000 4,361,504
Salt Verde Finl. Corp. Rev.,          
Sr. Gas Rev., Sr. Bonds 5.000 12/01/32   2,685 2,792,273
Sr. Gas Rev., Sr. Bonds 5.250 12/01/26   2,180 2,242,631
          36,962,673
Arkansas 0.3%
Fayetteville Sales & Use Tax Rev.,
Sales & Use Tax 		2.875 11/01/32   3,000 2,947,509
California 3.4%
Anaheim Pub. Fing. Auth. Lease Rev.,
Sr. Pub. Impvts. Proj., Series A, AGM 		6.000 09/01/24   1,395 1,402,353
California Hlth. Facs. Fing. Auth. Rev.,          
Initial Entrance Fees, Series A 3.850 11/15/27   1,000 988,899
Stanford Healthcare, Series A 5.000 08/15/54   1,000 1,006,407
     
 
2
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
California (cont’d.)
     
California Muni. Fin. Auth. Rev.,
CHF-Davis I, LLC, West Vlg. Student Hsg. Proj., BAM, TCRs 		5.000 % 05/15/29   1,000  $1,048,346
California St.,          
GO 5.000 03/01/45   3,000 3,019,464
GO, Rfdg. 4.000 09/01/34   3,000 3,206,846
Freddie Mac Multifamily Cert. Rev.,          
FRETE 2023, Series 2023 ML-18, Class X-CA 1.441(cc) 09/25/37   29,624 3,058,635
Frete 2024 ML22, Class AUS 4.683(cc) 10/25/40   2,500 2,557,421
Long Beach Bond Fin. Auth. Nat. Gas Pur. Rev.,          
Series A 5.000 11/15/35   1,300 1,366,929
Series A 5.500 11/15/37   1,000 1,123,916
Los Angeles Calif. Dept. Arpts. Rev.,          
Sr. Series C, AMT 5.000 05/15/28   1,075 1,122,180
Sub. Los Angls. Int’l., Series A, AMT 5.250 05/15/48   1,000 1,028,558
     
 
Los Angeles California Dept. Arpts. Rev.,
Sub., Pvt. Activity, Series A, Rfdg., AMT 		5.000 05/15/46   4,170 4,344,735
Los Angeles Unif. Sch. Dist.,
Series A, GO, Rfdg. 		5.000 07/01/34   1,500 1,735,775
M-S-R Energy Auth. Rev.,
Series A 		6.500 11/01/39   2,000 2,487,199
Pittsburg Redev. Agcy.,
Los Medanos Cmnty. Dev. Proj., Tax Alloc., AMBAC, CABS 		3.580(t) 08/01/25   2,000 1,918,712
San Francisco City & Cnty. Arpt. Commn. Rev.,
San Francisco Int. Aprt., 2nd Series A, Rfdg., AMT(hh) 		5.250 05/01/41   2,500 2,696,654
Walnut Energy Ctr. Auth. Rev.,
Rfdg. 		5.000 01/01/34   800 800,506
          34,913,535
Colorado 5.3%
Colorado Hlth. Facs. Auth. Rev.,          
Adventhealth Oblig. Grp., Series B, Rfdg. (Mandatory put date 11/15/30) 5.000(cc) 11/15/36   3,000 3,219,180
Commonspirit Hlth., Series A, Rfdg. 5.000 08/01/27   1,725 1,787,090
Commonspirit Hlth., Series A-1, Rfdg. 5.000 08/01/32   2,250 2,404,971
Commonspirit Hlth., Series B-1, Rfdg. (Mandatory put date 08/01/25) 5.000(cc) 08/01/49   2,605 2,621,795
Intermountain Healthcare, Series B, Rfdg. (Mandatory put date 08/17/26) 5.000(cc) 05/15/62   6,900 7,088,698
Intermountain Healthcare, Series C, Rfdg. (Mandatory put date 08/15/28) 5.000(cc) 05/15/62   3,100 3,251,630
3
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Colorado (cont’d.)
Colorado Hlth. Facs. Auth. Rev., (cont’d.)          
SCL Hlth. Sys., Series B, Rfdg. 4.000 % 01/01/40   3,060   $3,046,941
     
 
Colorado Springs Co. Util. Sys. Rev.,
Series A-4 		5.000 11/15/43   3,080 3,222,092
Colorado St.,
COP 		6.000 12/15/39   4,000 4,652,190
Denver City & Cnty. Arpt. Sys. Rev.,          
Series A, Rfdg., AMT 5.000 11/15/27   1,055 1,093,984
Series A, Rfdg., AMT 5.000 11/15/29   3,000 3,155,854
Series A, Rfdg., AMT 5.500 11/15/38   1,875 2,075,481
Series A, Rfdg., AMT 5.500 11/15/42   1,875 2,046,688
Series D, Rfdg., AMT 5.750 11/15/35   1,000 1,124,946
Sub. Series B, Rfdg., AMT 5.500 11/15/41   1,000 1,103,936
Sub. Series B, Rfdg., AMT 5.500 11/15/42   1,000 1,098,748
Sub. Sys., Series A, Rfdg., AMT 5.000 12/01/34   2,375 2,455,707
Sub. Sys., Series A, Rfdg., AMT 5.000 12/01/35   1,130 1,171,504
Sub. Sys., Series A, Rfdg., AMT 5.250 12/01/43   3,000 3,113,947
E-470 Pub. Hwy. Auth. Rev.,          
Sr. Rev., Series A, Rfdg. 5.000 09/01/27   1,160 1,212,336
Sr. Rev., Series A, Rfdg. 5.000 09/01/28   1,275 1,349,872
Sr. Series B, NATL 0.000(t) 09/01/25   2,140 2,044,946
Regl. Trans. Dist. Rev.,          
Denver Transit Partners Eagle P3 Proj., Series A, Rfdg. 5.000 07/15/28   400 417,528
Denver Transit Partners Eagle P3 Proj., Series A, Rfdg. 5.000 07/15/29   400 420,254
          55,180,318
Connecticut 1.5%
Connecticut St.,
Series B, GO, Rfdg. 		5.000 05/15/25   2,200 2,229,563
Connecticut St. Hlth. & Edl. Facs. Auth. Rev.,          
Rmkt., Series 2015-A, Rfdg. (Mandatory put date 07/12/24) 0.375(cc) 07/01/35   1,000 993,865
Yale Univ., Series A-2, Rfdg. (Mandatory put date 07/01/26) 2.000(cc) 07/01/42   2,310 2,202,602
Connecticut St. Spl. Tax Rev.,          
Series B 5.000 10/01/37   1,440 1,514,406
Series B, Rfdg. 5.000 01/01/25   2,600 2,621,606
4
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Connecticut (cont’d.)
Connecticut St. Spl. Tax Rev., (cont’d.)          
Series B, Rfdg. 5.000 % 07/01/31   3,000  $3,312,129
Trans. Infrast., Series A 5.000 01/01/38   2,195 2,282,471
          15,156,642
District of Columbia 2.2%
Dist. of Columbia Rev.,          
Dist. of Columbia Int’l. Sch. 5.000 07/01/49   1,275 1,264,197
Friendship Pub. Chart. Sch., Rfdg. 5.000 06/01/36   1,385 1,388,862
KIPP DC Iss., Series A, Rfdg. 5.000 07/01/37   1,250 1,277,383
KIPP DC Proj., Series B, Rfdg. 5.000 07/01/25   500 501,367
Series A, GO, Rfdg. 5.000 10/15/38   3,000 3,195,405
Series C, Rfdg. 5.000 12/01/28   1,500 1,610,023
     
 
Dist. of Columbia Wtr. & Swr. Auth. Rev.,
Sub. Lien, Series A, Rfdg. 		5.000 10/01/39   1,710 1,736,403
Metropolitan Washington D.C. Arpt. Auth. Dulles Toll Road Rev.,
Dulles Met. Rail, Series A, Rfdg. 		5.000 10/01/44   2,000 2,051,380
Metropolitan Washington D.C. Arpt. Auth. Sys. Rev.,          
Forward Delivery, Series A, Rfdg., AMT 5.000 10/01/32   1,500 1,582,196
Rfdg., AMT 5.000 10/01/26   3,860 3,953,973
Series A, Rfdg. AMT 5.000 10/01/30   3,500 3,697,334
Series A, Rfdg., AMT 5.000 10/01/44   1,000 1,000,295
          23,258,818
Florida 6.2%
Brevard Cnty. Hlth. Facs. Auth. Rev.,
Hlth. First Oblig. Grp., Series A, Rfdg. 		5.000 04/01/47   445 462,910
Broward Cnty. Arpt. Sys. Rev.,          
Series A, AMT 5.000 10/01/45   3,000 3,019,172
Series B, Rfdg., AMT 5.000 10/01/27   3,000 3,099,489
Central Florida Expressway Auth. Rev.,          
Sr. Lien, Rfdg. 4.000 07/01/41   2,000 1,903,193
Sr. Lien, Rfdg. 5.000 07/01/38   2,500 2,577,272
Sr. Lien, Series D 5.000 07/01/29   780 837,423
     
 
Cityplace CDD.,
Spl. Assmt., Rfdg. 		5.000 05/01/26   525 534,395
Florida Dev. Fin. Corp. Rev.,          
Mater Academy Proj., Series A 5.000 06/15/56   2,380 2,245,330
Nova Southeastern Univ. Proj., Series A, Rfdg. 5.000 04/01/26   555 570,061
5
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Florida (cont’d.)
Florida Higher Edl. Facs. Finl. Auth. Rev.,          
Nova Southeastern Univ. Proj., Rfdg. 5.000 % 04/01/25   1,250  $1,265,073
Nova Southeastern Univ. Proj., Rfdg. 5.000 04/01/28   1,420 1,452,408
     
 
Florida Insurance Assistance Interlocal Agcy., Inc. Rev.,
Series A, Rfdg. 		5.000 09/01/24   3,000 3,007,541
Fort Lauderdale Wtr. & Swr. Rev.,
Enabling Wrks. Proj., Series A 		5.500 09/01/53   2,500 2,751,631
Grtr. Orlando Avtn. Auth. Rev.,          
Priority Sub. Series A, AMT 5.000 10/01/42   5,000 5,110,402
Series A, AMT 5.000 10/01/28   1,500 1,562,867
Series A, AMT 5.000 10/01/38   1,810 1,889,692
     
 
Hillsborough Cnty. Avtn. Auth. Rev.,
Tampa Int’l. Arpt., Series E, AMT 		5.000 10/01/48   4,500 4,575,045
Jacksonville Hsg. Auth. Rev.,
Westwood Apartments 		5.000 02/01/34   3,200 3,394,275
Julington Creek Plantation CDD,
Spl. Assmt., AGM 		4.625 05/01/54   1,560 1,500,506
Martin Cnty. Hlth. Facs. Auth. Rev.,
Cleveland Clinic Hlth. Sys. Oblig. Grp., Hosp. Revs, Series A, Rfdg. 		4.000 01/01/46   2,200 2,020,949
Miami Beach Redev. Agcy.,
Tax Incr. Rev. City Ctr., Tax Alloc. Rfdg., AGM 		5.000 02/01/44   1,500 1,500,453
Orange Cnty. Hlth. Facs. Auth. Rev.,          
Orlando Hlth. Oblig. Grp., Series B, Rfdg. 5.000 10/01/26   2,275 2,348,303
Orlando Hlth., Inc., Series A, Rfdg. 5.000 10/01/33   1,510 1,550,609
Orlando Hlth., Inc., Series B, Rfdg. 5.000 10/01/44   1,000 1,013,972
     
 
Orlando Util. Commn. Rev.,
Series B (Mandatory put date 10/01/28) 		1.250(cc) 10/01/46   3,475 2,994,838
Palm Beach Cnty. Hlth. Facs. Auth. Rev.,
BRRH Corp. Oblig. Grp., Rfdg. (Pre-refunded date 12/01/24)(ee) 		5.000 12/01/31   500 503,513
Sarasota Cnty. Pub. Hosp. Dist. Rev.,
Sarasota Mem. Hosp. 		5.000 07/01/28   1,160 1,218,164
South Miami Hlth. Facs. Auth., Inc. Rev.,
Baptist Hlth. South Florida, Rfdg. 		5.000 08/15/47   1,075 1,087,942
St. John’s Cnty. Hsg. Fin. Auth. Rev.,
Oaks at St. John, Series A (Mandatory put date 07/01/25) 		3.550(cc) 07/01/27   1,000 996,613
Vlg. CDD No. 6,          
Spl. Assmt., Rfdg. 4.000 05/01/27   380 382,383
Spl. Assmt., Rfdg. 4.000 05/01/28   305 303,384
Spl. Assmt., Rfdg. 4.000 05/01/29   320 317,293
6
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Florida (cont’d.)
Vlg. CDD No. 13,          
2019 Spl. Assmt., Phase I, Ltd. Offering 3.550 % 05/01/39   2,650  $2,355,188
2021 Spl. Assmt., Phase III 2.550 05/01/31   1,630 1,449,424
Spl. Assmt. 3.375 05/01/34   470 431,868
Spl. Assmt., 144A 2.625 05/01/30   2,425 2,125,907
          64,359,488
Georgia 4.3%
Atlanta Arpt. Passenger Facs. Charge Rev.,
Sub. Lien, Green Bond, Series E, AMT 		5.250 07/01/43   4,000 4,283,680
Atlanta GA Dept. Avtn. Rev.,          
Series B, Rfdg., AMT 5.000 07/01/28   3,000 3,119,374
Series B, Rfdg., AMT 5.000 07/01/29   830 868,253
     
 
Atlanta Urban Residential Fin. Auth. Rev.,
GE Tower Apartments, Series B (Mandatory put date 06/01/25) 		5.750(cc) 06/01/27   1,750 1,755,609
Burke Cnty. Dev. Auth. Rev.,
Georgia Pwr. Co. Plant Vogtle Proj., 5th Series, Rmkt. (Mandatory put date 06/13/28)(hh) 		3.700(cc) 10/01/32   1,685 1,672,349
Cobb Cnty. Kennestone Hosp. Auth. Rev.,
Anticip. Certs., Wellstar Hlth. Sys. Inc. Proj., Series A 		4.000 04/01/52   3,490 3,236,022
Columbia Cnty. Hosp. Auth. Rev.,
Rev Anticipation CTFS, Wellstar Hlth. Sys. Inc. Proj., Series A 		5.125 04/01/48   1,220 1,292,112
DeKalb Cnty. Hsg. Auth. Rev.,          
Kensington Station Proj. Series A 4.000 12/01/33   4,000 3,905,619
Sr. Bond, Park at 500 Proj. 4.000 03/01/34   2,000 1,915,987
     
 
Fulton Cnty. Dev. Auth. Rev.,
Piedmont Healthcare Inc. Proj., Multimodal Bond, Series A 		4.000 07/01/49   4,265 3,854,587
Georgia Ports Auth. Rev.,
Arpt. & Marina Imps. 		5.250 07/01/43   2,500 2,736,571
Main Street Natural Gas, Inc. Rev.,          
Series A (Mandatory put date 06/01/30) 5.000(cc) 06/01/53   3,000 3,101,511
Series A (Mandatory put date 09/01/27) 4.000(cc) 07/01/52   2,150 2,141,008
Series A (Mandatory put date 09/01/31) 5.000(cc) 05/01/54   2,500 2,643,461
Series B (Mandatory put date 12/01/24) 4.000(cc) 08/01/49   1,460 1,459,783
Series C (Mandatory put date 12/01/28) 4.000(cc) 05/01/52   1,170 1,167,161
     
 
Monroe Cnty. Dev. Auth. Rev.,
GA Pwr. Co. Plant Scherer Proj. No. 1 		2.250 07/01/25   1,000 975,043
7
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Georgia (cont’d.)
Muni. Elec. Auth. of Georgia Rev.,          
Combined Cycle Proj., Series A, Rfdg. 4.000 % 11/01/24   2,650  $2,648,887
Proj. One, Sub. Bonds, Series A, Rfdg. 5.000 01/01/26   1,425 1,446,906
          44,223,923
Hawaii 0.4%
Hawaii St. Arpts. Sys. Rev.,          
Series A, AMT 5.000 07/01/45   1,000 1,002,077
Series A, AMT 5.000 07/01/48   3,000 3,059,942
          4,062,019
Idaho 0.2%
Idaho Hsg. & Fin. Association Rev.,
Series A 		5.250 08/15/48   2,000 2,189,674
Illinois 9.7%
Chicago,          
Chicago Works, Series A, GO 5.500 01/01/41   1,000 1,058,625
Series B-Exchange, GO, Rfdg. 4.000 01/01/28   1,855 1,858,936
     
 
Chicago Brd. of Ed. Rev.,
Spl. Tax 		5.000 04/01/46   1,000 1,009,324
Chicago O’Hare Int’l. Arpt. Rev.,          
Series A, Rfdg., AMT 5.000 01/01/33   1,310 1,310,847
Series B, Rfdg. 5.000 01/01/32   1,500 1,508,169
Sr. Lien, Series D 5.250 01/01/42   2,000 2,056,905
     
 
Chicago Trans. Auth. Rev.,
2nd Lien 		5.000 12/01/46   3,000 3,016,362
Chicago Wstewtr. Transmn. Rev.,          
2nd Lien 5.000 01/01/39   2,550 2,552,576
2nd Lien Series C, Rmkt., Rfdg. 5.000 01/01/29   5 5,026
2nd Lien Series C, Rmkt., Rfdg. (Pre-refunded date 01/01/25)(ee) 5.000 01/01/29   350 352,887
2nd Lien, Rmkt., Series C, Rfdg. 5.000 01/01/31   2,450 2,464,021
2nd Lien, Rmkt., Series C, Rfdg. 5.000 01/01/39   2,000 2,004,567
2nd Lien, Series A 5.000 01/01/47   1,000 1,014,912
Chicago Wtrwks. Rev.,          
2nd Lien, Rfdg. 5.000 11/01/36   2,390 2,457,383
2nd Lien, Series A-1 5.000 11/01/27   510 523,302
2nd Lien, Series A-1 5.000 11/01/30   1,495 1,533,203
2nd Lien, Series B, Rfdg. 5.000 11/01/24   1,075 1,079,968
8
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Illinois (cont’d.)
Chicago, IL,          
Series A, GO, Rfdg. 5.000 % 01/01/33   4,000  $4,231,699
Series C, GO, Rfdg. 5.000 01/01/26   1,000 1,014,083
     
 
Cook Cnty.,
Series A, GO, Rfdg. 		5.000 11/15/24   375 377,112
Cook Cnty. Sales Tax Rev.,
Series A, Rfdg. 		5.250 11/15/45   2,155 2,310,074
Illinois Fin. Auth. Rev.,          
Northshore Univ. Hlth. Sys., Series A, Rfdg. 5.000 08/15/26   1,500 1,546,179
Northshore Univ. Hlth. Sys., Series A, Rfdg. 5.000 08/15/28   1,110 1,178,209
Univ. of Chicago, Series A, Rfdg. 5.000 10/01/25   1,505 1,532,885
Univ. of Chicago, Series A, Rfdg. 5.000 04/01/34   1,250 1,413,586
Illinois St.,          
GO 5.000 11/01/30   500 511,417
GO 5.000 04/01/31   1,000 1,000,793
GO 5.250 02/01/29   2,000 2,001,914
GO, Rfdg. 5.000 02/01/25   1,925 1,938,947
Series A, GO 5.000 11/01/25   1,500 1,524,219
Series A, GO 5.000 03/01/31   2,095 2,252,025
Series A, GO 5.000 12/01/39   2,500 2,562,298
Series A, GO, Rfdg. 5.000 10/01/28   750 787,165
Series B, GO 5.000 05/01/25   1,000 1,009,766
Series B, GO 5.250 05/01/45   1,000 1,080,412
Series C, GO 5.000 11/01/29   1,100 1,136,634
Series D, GO 5.000 11/01/25   4,035 4,096,316
Series D, GO 5.000 11/01/27   2,815 2,924,394
Series D, GO, Rfdg. 5.000 07/01/24   1,225 1,225,675
Series D, GO, Rfdg. 5.000 07/01/36   1,225 1,330,921
Illinois St. Sales Tax Rev.,          
Jr. Oblig. Build Illiois Bonds, Series C, Rfdg. 5.000 06/15/27   3,000 3,120,194
Jr. Oblig. Build Illiois Bonds, Series C, Rfdg. 5.000 06/15/28   1,650 1,737,465
Illinois St. Toll Hwy. Auth. Rev.,          
Series C 5.000 01/01/39   2,000 2,009,068
Sr. Series A 5.250 01/01/43   2,250 2,475,180
Metropolitan Pier & Exposition Auth. Dedicated St. Tax
Rev., 		         
McCormick Place Expansion, Series A, CABS, NATL 4.225(t) 12/15/34   10,000 6,435,807
McCormick Place Expansion, Series A, CABS, NATL 4.312(t) 06/15/37   7,500 4,299,361
Railsplitter Tob. Settlement Auth. Rev.,          
Tob. Set. Funded (Pre-refunded date 06/01/26)(ee) 5.000 06/01/27   3,250 3,350,704
Tob. Set. Funded (Pre-refunded date 06/01/26)(ee) 5.000 06/01/28   1,100 1,133,977
Tob. Set. Funded, ETM(ee) 5.000 06/01/24   1,680 1,680,000
9
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Illinois (cont’d.)
     
 
Regl. Trans. Auth. Rev.,
Series A 		4.000 % 06/01/37   3,605  $3,558,748
Sales Tax Secur. Corp. Rev.,          
2nd Lien, Series A, Rfdg. 5.000 01/01/26   2,250 2,294,678
2nd Lien, Series A, Rfdg. 5.000 01/01/29   1,500 1,593,072
Sr. Series D 5.000 01/01/35   600 647,896
Sr. Series D 5.000 01/01/36   550 590,641
     
 
Springfield Elec. Rev.,
Sr. Lien, Rfdg., AGM 		4.000 03/01/40   1,000 939,359
          100,659,886
Indiana 1.5%
Indiana Fin. Auth. Rev.,          
IN Univ. Hlth., Series A, Rfdg. 5.000 12/01/25   2,280 2,326,628
Indiana Univ. Hlth., Series B-1 (Mandatory put date 07/01/28) 5.000(cc) 10/01/62   4,000 4,196,235
Indianapolis Pwr. & Light. Co. Proj., Series B, Rfdg., AMT (Mandatory put date 04/01/26) 0.950(cc) 12/01/38   625 590,593
Indianapolis Local Pub. Impvt. Bond Bank Rev.,          
City Moral Oblig., Sub. Series F-1, BAM 5.250 03/01/67   4,000 4,195,837
Indianapolis Arpt. Auth. Proj., Series I2, Rfdg., AMT 5.000 01/01/32   1,600 1,685,242
     
 
Whiting Rev.,
BP Products North America, Rfdg., AMT (Mandatory put date 06/05/26) 		5.000(cc) 12/01/44   2,025 2,051,678
          15,046,213
Kansas 0.2%
Wyandotte Cnty.-Kansas City Unified Govt. Util. Sys. Rev.,
Impvt., Series A 		5.000 09/01/45   2,170 2,177,203
Kentucky 2.6%
Kentucky Asset Liability Commn. Rev.,
Proj. NTS, Federal Hwy. Trust Fund First, Series A, Rfdg. GARVEE(hh) 		5.000 09/01/25   3,000 3,051,555
Kentucky Pub. Energy Auth. Rev.,          
Gas Sply., Series B (Mandatory put date 01/01/25) 4.000(cc) 01/01/49   3,465 3,463,152
Gas Sply., Series C-1 (Mandatory put date 06/01/25) 4.000(cc) 12/01/49   8,150 8,140,479
Series A-1 (Mandatory put date 08/01/30) 4.000(cc) 08/01/52   4,925 4,869,651
Series A-1, Rfdg. (Mandatory put date 02/01/32) 5.250(cc) 04/01/54   3,370 3,587,871
10
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Kentucky (cont’d.)
     
 
Owen Cnty. Wtrwks. Sys. Rev.,
American Wtr. Co., Series A, Rfdg. (Mandatory put date 10/01/29) 		2.450 %(cc) 06/01/39   1,500  $1,363,212
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 2,035,034
          26,510,954
Louisiana 0.8%
Louisiana Local Govt. Envirnml. Facs. & Cmnty. Dev. Auth. Rev.,
American Biocarbon CT LLC Proj., Series 2021, Rmkt. AMT (Mandatory put date 06/25/24) 		4.000(cc) 12/01/46   2,500 2,499,452
Louisiana Pub. Facs. Auth. Rev.,          
Elementus Minerals LLC Proj. (Mandatory put date 11/01/25), 144A 5.000(cc) 10/01/43   2,500 2,512,487
Franciscan Mis., Rfdg. (Pre-refunded date 07/01/25)(ee) 5.000 07/01/39   10 10,160
Franciscan Mis., Unrefunded, Rfdg. 5.000 07/01/39   1,990 1,995,191
     
 
Louisiana St. Hwy. Impt. Rev.,
Series A (Pre-refunded date 06/15/24)(ee) 		5.000 06/15/34   1,250 1,250,554
          8,267,844
Maine 0.2%
Maine Hlth. & Higher Edl. Facs. Auth. Rev.,          
Maine Hlth., Series A 5.000 07/01/27   1,200 1,238,811
Maine Hlth., Series A 5.000 07/01/28   1,140 1,188,700
          2,427,511
Maryland 0.2%
Maryland St. Trans. Auth. Rev.,
Series A, Rfdg. 		5.000 07/01/41   2,045 2,253,285
Massachusetts 0.9%
Massachusetts Dev. Fin. Agcy. Rev.,          
Beth Israel Lahey Hlth., Series M 5.000 07/01/32   2,500 2,760,252
Harvard Univ., Series A, Rfdg. 5.000 07/15/40   2,500 2,937,973
Series B, Rfdg. 4.000 02/15/36   2,000 2,160,297
     
 
11
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Massachusetts (cont’d.)
     
Massachusetts Edl. Fing. Auth. Rev.,
Sr. Series B, Rfdg., AMT 		5.000 % 07/01/28   1,000  $1,035,000
Massachusetts St. Port Auth. Rev.,
Series A, Rfdg., AMT 		5.000 07/01/27   320 331,130
          9,224,652
Michigan 1.9%
Michigan Fin. Auth. Rev.,          
Beaumont-Spectrum Consolidation, Series A, Rfdg. 5.000 04/15/29   1,000 1,064,267
Local Govt. Loan Prog., Series F1, Rfdg. 4.000 10/01/24   3,250 3,249,293
Sr. Series A, Class 1, Rfdg. 5.000 06/01/30   2,000 2,121,301
Sr. Series A, Class 1, Rfdg. 5.000 06/01/32   3,750 3,965,942
Sr. Series B-1, Class 2, Rfdg. 5.000 06/01/49   3,500 3,572,708
Sustainable Bonds, Henry Ford Hlth. Detroit Utl. Plant Proj. 5.500 02/28/49   1,245 1,354,178
     
 
Michigan St. Univ. Rev.,
Series A, Rfdg. 		5.000 08/15/39   2,000 2,203,853
Michigan Strategic Fd. Rev.,
Sustainable Bond, Recycled Board Machine Proj., AMT (Mandatory put date 10/01/26) 		4.000(cc) 10/01/61   2,000 1,990,967
          19,522,509
Minnesota 0.5%
Minneapolis Rev.,
Allina Hlth. Sys., Series B (Mandatory put date 11/15/30) 		5.000(cc) 11/15/53   1,000 1,052,616
Minneapolis St. Paul Metropolitan Arpt. Commn. Rev.,
Sub. Series B, Rfdg., AMT 		5.000 01/01/33   2,325 2,441,905
Minnesota Higher Ed. Facs. Auth. Rev.,
Univ. of St. Thomas, Series A 		4.125 10/01/53   1,000 948,289
Washington Cnty. Cmnty. Dev. Agcy. Rev.,
Cottage Grove Bluestem Proj. (Mandatory put date 09/01/25) 		3.680(cc) 09/01/26   1,200 1,201,309
          5,644,119
Mississippi 0.8%
Mississippi Bus. Fin. Corp. Rev.,          
Chevron USA, Inc. Proj., Series A, FRDD 3.970(cc) 12/01/30   2,350 2,350,000
Chevron USA, Inc., Series I, FRDD 4.000(cc) 11/01/35   1,975 1,975,000
12
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Mississippi (cont’d.)
Mississippi Bus. Fin. Corp. Rev., (cont’d.)          
Chevron USA, Inc., Series L, FRDD 3.900 %(cc) 11/01/35   3,645  $3,645,000
Poll. Ctrl., Rfdg. 3.200 09/01/28   500 479,262
          8,449,262
Missouri 0.6%
Missouri St. Hlth. & Edl. Facs. Auth. Rev.,          
BJC Hlth. Sys. 5.000 01/01/44   3,500 3,500,341
BJC Hlth. Sys., Series A 5.000 05/01/30   2,000 2,175,457
          5,675,798
Nebraska 0.4%
Central Plns. Energy. Proj. Rev.,
Proj. No. 4, Series A, Rfdg., (Mandatory put date 11/01/29) 		5.000(cc) 05/01/54   3,000 3,107,724
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 1,283,703
          4,391,427
New Hampshire 0.2%
New Hampshire Bus. Fin. Auth. Rev.,
Univ. of Nevada Reno Proj., Series A, BAM 		5.250 06/01/51   1,820 1,977,477
New Jersey 5.8%
Gloucester Cnty. Impvt. Auth. Rev.,          
Rowan Univ. Proj., BAM 5.000 07/01/49   1,500 1,583,480
Rowan Univ. Student Ctr. Proj., Loan Rev. Nts., Rfdg. 4.000 02/27/25   1,450 1,451,607
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 1,074,902
NJ American Wtr. Co., Inc. Proj., Series D, Rfdg., AMT (Mandatory put date 12/01/27) 1.100(cc) 11/01/29   625 544,106
Sch. Facs. Construction 5.000 06/15/29   1,500 1,596,647
Sch. Facs. Construction, Series PP, Rfdg. 5.000 06/15/26   2,100 2,100,814
Series SSS, Rfdg. 5.250 06/15/36   1,000 1,138,986
New Jersey Healthcare Facs. Fing. Auth. Rev.,          
Greystone Svcs. Greystone Park Proj. Rfdg. 5.000 09/15/25   1,250 1,270,854
Hackensack Meridian Hlth., Series A, Rfdg. 5.000 07/01/39   1,500 1,546,485
RWJ Barnabas Hlth. Oblig. Grp., Series A, Rfdg. 5.000 07/01/33   1,015 1,036,921
13
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
New Jersey (cont’d.)
New Jersey Healthcare Facs. Fing. Auth. Rev., (cont’d.)          
RWJ Univ. Hosp., Series A 5.500 % 07/01/43   1,000  $1,003,594
New Jersey Higher Ed. Student Assistance Auth. Rev.,          
Sr. Series A, Rfdg. 5.000 12/01/25   550 555,872
Sr. Series A, Rfdg. 5.000 12/01/26   700 712,764
     
 
New Jersey St.,
Covid-19 Gov. Emergency Bonds, Series A, GO 		5.000 06/01/28   3,205 3,396,743
New Jersey Tpke. Auth. Rev.,          
Exchange, Series A, Rfdg.(hh) 4.000 01/01/35   3,000 3,123,291
Series A 5.000 01/01/28   1,505 1,506,215
Series A, Rfdg. 5.000 01/01/35   1,000 1,016,956
Series B 5.250 01/01/49   2,750 3,042,762
Series C, Rfdg.(hh) 5.000 01/01/45   2,000 2,126,098
Series E, Rfdg. 5.000 01/01/32   4,110 4,308,515
New Jersey Trans. Tr. Fd. Auth. Rev.,          
Series AA, Rfdg. 5.000 06/15/27   1,200 1,248,850
Trans. Prog. Notes, Rmkt., Series BB-1 5.000 06/15/33   1,300 1,371,081
Trans. Sys., Series A, Rfdg. 5.000 12/15/28   4,085 4,325,687
Trans. Sys., Series A, Rfdg. 5.000 12/15/36   1,250 1,314,793
Trans. Sys., Series A, Rfdg. 5.250 06/15/41   2,000 2,200,072
Trans. Sys., Series D, Rfdg. 5.000 12/15/24   2,555 2,571,355
Tob. Settlement Fing. Corp. Rev.,          
Series A, Rfdg. 5.000 06/01/25   2,620 2,645,368
Series A, Rfdg. 5.000 06/01/26   2,300 2,345,897
Series A, Rfdg. 5.000 06/01/27   710 734,118
Series A, Rfdg. 5.000 06/01/29   3,030 3,177,154
Series A, Rfdg. 5.000 06/01/31   1,650 1,721,970
Series A, Rfdg. 5.000 06/01/37   2,000 2,069,896
          59,863,853
New Mexico 0.4%
Farmington Rev.,          
4 Corners Proj., Rmkt., Rfdg. 1.800 04/01/29   1,500 1,292,757
Pub. Svcs. Co. of San Juan, Series C, Rfdg. (Mandatory put date 06/01/24) 1.150(cc) 06/01/40   3,000 3,000,000
          4,292,757
New York 7.7%
Long Island Pwr. Auth. Rev.,          
Notes 1.000 09/01/25   4,100 3,935,463
Series B, Rfdg. (Mandatory put date 09/01/26) 1.500(cc) 09/01/51   3,000 2,808,204
14
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
New York (cont’d.)
     
 
Metropolitan Trans. Auth. Rev.,
Sustainable Bond, Series D1 		5.000 % 11/15/45   4,000  $4,175,541
Nassau Cnty. Local Econ. Assistance Corp. Rev.,
Roosevelt Children Academy Chart. Sch. Proj., Series A 		5.000 07/01/55   1,000 942,494
New York,          
Fiscal 2015, Rmkt., Sub-Series F-4, GO (Mandatory put date 12/01/25) 5.000(cc) 06/01/44   2,000 2,029,604
Series D, GO 5.250 04/01/54   1,250 1,357,568
Sub. Series F-1, GO, Rfdg. 5.000 08/01/28   2,000 2,127,456
     
 
New York City Hsg. Dev. Corp. Rev.,
8 Spruce Street, Class E, Rfdg. 		3.500 02/15/48   3,500 3,478,571
New York City Muni. Wtr. Fin. Auth. Rev.,          
2nd Gen Resolution, Sub-Series CC-1, Rfdg. 5.250 06/15/37   1,000 1,034,313
Sub. Series CC-2 5.000 06/15/28   2,330 2,414,704
New York City Trans. Fin. Auth. Future Tax Sec’d. Rev.,          
Future Tax Sec., Sub. Series D-1 5.500 11/01/45   1,560 1,733,707
Future Tax Sec’d., Sub. Fiscal 2015, Series E-1 5.000 02/01/41   3,300 3,310,945
Sub. Series A-2 5.000 08/01/38   2,000 2,079,376
New York City Trans. Fin. Auth. Rev.,          
Multi-Modal Bonds, Sub. Series B 5.500 05/01/47   3,500 3,918,309
Sub. Series D-1, Rfdg. 5.000 11/01/40   2,000 2,195,422
     
 
New York Liberty Dev. Corp. Rev.,
Bank of America Tower at One Bryant Park Proj., Class 3, Rfdg. 		2.800 09/15/69   7,000 6,220,166
New York St. Dorm. Auth. Rev.,          
Mem. Sloan Kettering, Series 1, Rfdg. 5.000 07/01/42   1,000 1,025,702
Series A, Rfdg. 5.250 03/15/37   1,000 1,067,535
Series A, Rfdg. AGM(hh) 5.000 10/01/25   1,350 1,375,623
     
 
New York St. Envirnml Facs. Corp. Rev.,
New York City Muni. Wtr. Fin. Auth. Proj., Series A, Rfdg. 		5.000 06/15/34   1,500 1,728,968
New York St. Thruway Auth. Rev.,
Series P, Rfdg. 		5.000 01/01/33   3,000 3,394,407
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 2,346,794
St. Personal Income Tax Gen. Purp., Series A, Bidding Grp. 2 5.000 03/15/43   2,090 2,171,926
New York Trans. Dev. Corp. Rev.,          
Delta Air Lines, Inc., Laguar Arpt. Terminals C&D Redev. 5.000 01/01/25   2,075 2,092,375
15
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (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.)          
JFK Int’l. Arpt. Proj. Terminal 4, Series A, Rfdg., AMT 5.000 % 12/01/25   800  $809,030
Laguardia Arpt., Term. B Redev., Series A, AMT 5.000 07/01/46   1,000 997,513
Laguardia Arpt., Term. C&D Redev., Proj., AMT 6.000 04/01/35   1,250 1,397,944
Sustainable Bond, JFK Int’l. Arpt. Terminal One Proj., AGM 5.500 06/30/43   2,000 2,151,079
Sustainable Bond, John F. Kennedy Int’l. Arpt. Term. One Proj., AMT 6.000 06/30/54   1,500 1,645,849
Port Auth. of NY & NJ Rev.,          
Series 223, Rfdg., AMT 5.000 07/15/28   1,500 1,561,030
Series 226, Rfdg., AMT 5.000 10/15/27   975 1,006,159
Series 231ST, Rfdg., AMT 5.500 08/01/40   1,290 1,428,693
     
 
Rockland Cnty. Indl. Dev. Agcy. Rev.,
Rockland Gardens Proj. (Mandatory put date 05/01/25) 		4.650(cc) 05/01/27   1,200 1,201,853
Triborough Bridge & Tunnel Auth. Rev.,
Series A-2, Rfdg. (Mandatory put date 05/15/28) 		2.000(cc) 05/15/45   2,000 1,827,948
TSASC, Inc. Rev.,
Series A, Rfdg. 		5.000 06/01/41   2,405 2,427,198
Utility Debt Secur. Auth. Rev.,
Restructuring Bonds, Series TE-1, Rfdg. 		5.000 06/15/28   3,000 3,093,689
Westchester Cnty. Local Dev. Corp. Rev.,
NY Blood Ctr. Proj. 		5.000 07/01/38   1,150 1,227,125
          79,740,283
North Carolina 0.2%
Charlotte Arpt. Rev.,
Series B, Rfdg. AMT 		5.000 07/01/30   1,125 1,181,504
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 1,163,379
          2,344,883
Ohio 3.3%
Akron Bath Copley Joint Township Hosp. Dist. Rev.,
Summa Hlth. Oblig. Grp. Hosp. Facs., Rfdg. 		5.000 11/15/28   460 473,946
Allen Cnty. Hosp. Facs. Rev.,          
Bon Secours Mercy Hlth., Rfdg. 5.000 12/01/30   1,100 1,177,115
Series A, Rfdg. 5.000 08/01/25   1,030 1,043,903
     
 
American Muni. Pwr., Inc. Rev.,
Prairie St. Energy Campus Proj., Series A, Rfdg. 		5.000 02/15/39   2,000 2,186,193
16
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Ohio (cont’d.)
Buckeye Tob. Settlement Fing. Auth. Rev.,          
Sr. Series A-2, Class 1, Rfdg. 5.000 % 06/01/28   8,205  $8,558,861
Sr. Series A-2, Class 1, Rfdg. 5.000 06/01/33   3,560 3,773,159
     
 
Franklin Cnty. Hosp. Facs. Rev.,
Ohio Hlth. Corp., Series A 		4.000 05/15/47   4,960 4,588,041
Hamilton Cnty. Swr. Sys. Rev.,
Met Swr. Dept. of Greater Cincinnati, Series B, Rfdg.(hh) 		5.000 12/01/30   1,250 1,358,311
Lancaster Port Auth. Rev.,
Series A, Rfdg. (Mandatory put date 02/01/25) 		5.000(cc) 08/01/49   1,345 1,353,347
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   500 430,240
American Elec. Pwr. Co. Proj., Series C, Rfdg., AMT (Mandatory put date 10/01/24) 2.100(cc) 12/01/27   1,500 1,483,104
Ohio Vlly. Elec. Corp. Proj., Rmkt., Series B (Mandatory put date 11/01/24) 1.375(cc) 02/01/26   750 737,388
     
 
Ohio St.,
Common Sch. Series C, GO, Rfdg. 		5.000 03/15/27   1,000 1,044,080
Ohio St. Univ. Rev.,
Multiyear Debt Issuance Prog. II, Series C 		5.250 12/01/46   3,500 3,842,477
Ohio Wtr. Dev. Auth. Wtr. Pollution Control Loan Fd. Rev.,
Sustainable Bonds, Series C 		5.000 12/01/33   2,000 2,291,148
          34,341,313
Oklahoma 0.5%
Oklahoma Tpke. Auth. Rev.,
Series A 		5.000 01/01/42   3,000 3,033,855
Stillwater Util. Auth. Rev.,
Series A 		5.000 10/01/39   1,865 1,869,094
          4,902,949
Oregon 0.2%
Oregon St.,
Article XI, Q St. Proj., Series A, GO 		5.000 05/01/34   2,000 2,294,357
Pennsylvania 5.0%
Bucks Cnty. Indl. Dev. Auth. Rev.,
Grand View Hosp. Proj. 		5.000 07/01/25   350 348,290
17
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Pennsylvania (cont’d.)
Chester Cnty. Indl. Dev. Auth. Rev.,          
Avon Grove Chart. Sch. Nts. 5.000 % 03/01/27   2,140  $2,180,217
Renaissance Academy Chart. Sch., Rfdg. 5.000 10/01/34   1,500 1,458,083
Comnwlth. Fing. Auth. Rev.,          
Tob. Mstr. Settlement Payment Bonds 5.000 06/01/25   3,520 3,559,375
Tob. Mstr. Settlement Payment Bonds 5.000 06/01/28   2,280 2,385,116
Tob. Mstr. Settlement Payment Bonds 5.000 06/01/34   1,170 1,220,250
     
 
Delaware Vlly. Regl. Fin. Auth. Rev.,
Series A, AMBAC 		5.500 08/01/28   2,015 2,170,390
Gen. Auth. of Southcentral Pennsylvania Rev.,          
Wellspan Hlth. Oblig. Grp., Series A, Rfdg. 5.000 06/01/34   3,000 3,416,570
Wellspan Hlth. Oblig. Grp., Series A, Rfdg. (Pre-refunded date 06/01/24)(ee) 5.000 06/01/44   3,450 3,450,000
     
 
Lehigh Cnty. Gen. Purp. Auth. Rev.,
Lehigh Vlly. Academy Regl. Chart. Sch. 		4.000 06/01/57   1,445 1,133,139
Luzerne Cnty. Indl. Dev. Auth. Rev.,
Pennsylvania American, Rfdg., AMT (Mandatory put date 12/03/29) 		2.450(cc) 12/01/39   1,250 1,123,700
Pennsylvania Econ. Dev. Fing. Auth. Rev.,          
The Penndot Major Bridges Package One Proj., P3 Proj., AGM, AMT 5.500 06/30/42   3,025 3,333,155
Wste. Mgmt., Inc. Proj., Series B, Rfdg., AMT (Mandatory put date 11/02/26) 1.100(cc) 06/01/31   1,250 1,145,500
     
 
Pennsylvania St. Univ. Rev.,
Series A 		5.000 09/01/41   2,400 2,452,508
Pennsylvania Tpke. Commn. Rev.,          
Series A 5.000 12/01/38   1,000 1,007,025
Series A 5.000 12/01/49   3,150 3,278,363
Series A-1, Rfdg. 5.000 12/01/40   1,635 1,645,486
Series A-1, Rfdg. 5.000 12/01/45   7,305 7,335,720
Series A-2, Rfdg. 5.000 12/01/28   870 911,494
Sub. Series A-1 5.000 12/01/25   1,425 1,453,721
Sub. Series B, Rfdg. 5.000 06/01/29   1,985 2,028,772
Sub. Series B-1 5.250 06/01/47   2,000 2,049,254
     
 
Philadelphia Auth. for Indl. Dev. Rev.,
Children’s Hosp. Proj., Rfdg. 		4.000 07/01/37   1,075 1,069,955
Philadelphia Gas Wks. Co. Rev.,          
16th Series A, AGM 5.000 08/01/28   625 659,886
16th Series A, AGM 5.000 08/01/29   1,000 1,067,463
          51,883,432
18
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Puerto Rico 2.1%
Puerto Rico Comnwlth.,
Restructured, Series A, GO, CABS 		2.875 %(t) 07/01/24   5,934  $5,919,694
Puerto Rico Ind. Tourist Edl. Med. & Envirml. Ctl. Facs. Fing. Auth. Rev.,
San Juan Cruise Terminal Proj., Series 2023, Class A-1, AMT 		6.750 01/01/45   1,000 1,169,236
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev.,          
Restructured, Series A-1 4.500 07/01/34   848 847,812
Restructured, Series A-1, CABS 4.147(t) 07/01/33   1,890 1,301,688
Restructured, Series A-1, CABS 5.196(t) 07/01/46   14,000 4,486,058
Series A-1, CABS 3.555(t) 07/01/24   2,806 2,797,437
Series A-1, CABS 3.947(t) 07/01/27   6,342 5,621,274
          22,143,199
Rhode Island 0.9%
Rhode Island Hlth. & Edl. Bldg. Corp. Higher Ed. Facs. Rev.,
Clg. & Univ. Rev. 		5.250 08/15/43   3,965 4,160,598
Tob. Settlement Fing. Corp. Rev.,          
Series A, Rfdg. 5.000 06/01/24   680 680,000
Series A, Rfdg. 5.000 06/01/40   4,350 4,362,309
          9,202,907
South Carolina 1.7%
Greenwood Cnty. Rev.,
Self Regional Healthcare, Rfdg. 		5.000 10/01/25   2,185 2,223,880
Patriots Energy Grp. Fing. Agcy. Rev.,          
Series A-1 (Mandatory put date 08/01/31) 5.250(cc) 10/01/54   2,500 2,641,370
Series B-1, Rfdg. (Mandatory put date 03/01/31) 5.250(cc) 02/01/54   2,250 2,402,286
South Carolina Jobs-Econ. Dev. Auth. Rev.,          
Novant Hlth. Oblig. Grp., Series A 4.250 11/01/47   1,500 1,458,727
Novant Hlth. Oblig. Grp., Series A 5.000 11/01/34   1,000 1,119,667
Novant Hlth. Oblig. Grp., Series A 5.250 11/01/41   1,000 1,104,502
     
 
South Carolina Ports Auth. Rev.,
AMT 		4.000 07/01/45   1,000 870,889
South Carolina Pub. Svc. Auth. Rev.,          
Series A, Rfdg. 5.000 12/01/29   1,300 1,308,564
Series A, Rfdg. 5.000 12/01/32   4,595 4,886,749
          18,016,634
19
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Tennessee 2.9%
Knox Cnty. Hlth. Edl. & Hsg. Facs. Brd. Rev.,
Univ. of Tennessee Proj. Series B-1, BAM(hh) 		5.250 % 07/01/64   1,000  $1,036,967
Memphis Shelby Cnty. Arpt. Auth. Rev.,
Series A, AMT 		5.000 07/01/25   830 836,560
Metropolitan Govt. Nashville & Davidson Cnty. Sports Auth. Rev.,
Stadium Proj., Sr. Lien, Series A, AGM 		5.250 07/01/56   4,000 4,298,889
Metropolitan Nashville Arpt. Auth. Rev.,
Sub. Series B, AMT 		5.000 07/01/27   1,800 1,855,085
Tennergy Corp. Rev.,          
Gas Sply. Series A (Mandatory put date 12/01/30) 5.500(cc) 10/01/53   770 818,834
Series A (Mandatory put date 09/01/28) 4.000(cc) 12/01/51   5,930 5,911,460
Series A (Mandatory put date 10/01/24) 5.000(cc) 02/01/50   3,000 3,013,098
Tennessee Energy Acq. Corp. Gas Rev.,          
Nat. Gas Utility Imps. (Mandatory put date 11/01/25) 4.000(cc) 11/01/49   9,750 9,735,752
Series A 5.250 09/01/26   2,605 2,655,632
          30,162,277
Texas 11.2%
Arlington Higher Edu. Fin. Corp. Rev.,
Trinity Basin Preparatory, Inc., PSFG 		5.000 08/15/48   1,000 1,043,974
Arlington Hsg. Fin. Corp. Rev.,
6900 Matlok Road (Mandatory put date 04/01/27) 		4.500(cc) 04/01/41   2,500 2,532,465
Bexar Cnty. Hsg. Fin. Corp. Rev.,
Pavilion at Culebra Apts. (Mandatory put date 03/01/26) 		4.050(cc) 03/01/28   2,500 2,508,324
Central Texas Regl. Mobility Auth. Rev.,          
BANS, Sub. Series F 5.000 01/01/25   2,075 2,075,241
Series C 5.000 01/01/27   800 805,548
Sr. Lien, Series A (Pre-refunded date 07/01/25)(ee) 5.000 01/01/40   1,395 1,417,401
Sr. Lien, Series A (Pre-refunded date 07/01/25)(ee) 5.000 01/01/45   1,000 1,015,031
Sr. Lien, Series D, Rfdg. 5.000 01/01/29   1,085 1,143,580
Clifton Higher Ed. Fin. Corp. Rev.,          
Idea Pub. Sch. 6.000 08/15/43   1,000 1,002,673
Idea Pub. Sch., Rfdg., PSFG 5.000 08/15/24   1,205 1,207,507
Idea Pub. Sch., Rfdg., PSFG 5.000 08/15/38   1,200 1,303,551
Idea Pub. Sch., Rfdg., PSFG 5.000 08/15/39   1,000 1,002,447
Idea Pub. Sch., Rfdg., PSFG 5.000 08/15/39   1,000 1,080,750
International Leadership of Texas, Inc., Series A, Rfdg., PSFG 5.000 08/15/39   1,000 1,087,658
     
 
Dallas Hotel Occupancy Tax Rev.,
Rfdg. 		4.000 08/15/28   1,010 1,006,503
20
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Texas (cont’d.)
     
Dallas Independent Sch. Dist.,
GO, Rfdg., PSFG 		5.000 % 02/15/48   3,000  $3,190,267
Dallas-Fort Worth Int’l. Arpt. Rev.,
Series B, Rfdg. 		5.000 11/01/26   1,475 1,530,822
EP Tuscany Zaragosa PFC Rev.,
Home Essential Function Hsg. Prog. Tuscany Mesa Hills Proj. 		4.000 12/01/33   1,500 1,438,828
Galveston Wharves & Term. Rev.,
Wharves & Terminal, 1st Lien, AMT 		6.000 08/01/43   2,000 2,207,794
Gulf Coast Auth. Rev.,
Exxon Proj., Rfdg., FRDD 		2.250(cc) 10/01/24   12,000 12,000,000
Harris Cnty. Cultrl. Ed. Facs. Fin. Corp. Rev.,          
Mem. Hermann Hlth. Sys., Series C-3, Rfdg. (Mandatory put date 12/01/26) 5.000(cc) 06/01/32   2,505 2,573,036
Memorial Hermann Hlth. Sys., Series A, Rfdg. 5.000 12/01/29   1,910 2,056,602
Memorial Hermann Hlth. Sys., Series B-2 (Mandatory put date 12/01/24) 5.000(cc) 07/01/49   550 552,596
Texas Children’s Hosp., Series B, Rfdg. (Mandatory put date 10/01/24) 5.000(cc) 10/01/41   1,960 1,966,238
Harris Cnty. Toll Road Auth. Rev.,          
1st Lien, Series A, Rfdg. 5.000 08/15/29   1,710 1,841,820
1st Lien, Series A, Rfdg.(hh) 5.000 08/15/40   1,225 1,354,686
Series A, Rfdg. 5.000 08/15/35   2,000 2,244,737
Sr. Lien, Series A, Rfdg. 5.000 08/15/43   5,040 5,209,910
     
 
Houston Arpt. Sys. Rev.,
Sub. Lien, Series A, Rfdg., AGM, AMT 		5.250 07/01/48   3,600 3,782,219
Houston Combined Util. Sys. Rev.,          
Comb. 1st Lien, Series D, Rfdg. 5.000 11/15/34   3,000 3,005,666
Sub. 1st Lien, Series A, Rfdg. 5.000 11/15/25   2,000 2,041,134
Sub. 1st Lien, Series A, Rfdg. 5.250 11/15/49   1,000 1,097,078
Hutto Independent Sch. Dist.,          
GO, PSFG 5.000 08/01/24   1,000 1,002,141
GO, PSFG 5.000 08/01/48   1,000 1,068,684
     
 
Lakeside Place PFC Rev.,
Brookside Gardens Apartments (Mandatory put date 11/01/25) 		4.150(cc) 11/01/26   3,500 3,515,699
Lamar Consolidated Independent Sch. Dist.,
Series A, GO, PSFG 		5.000 02/15/58   2,000 2,113,853
Lower Colorado River Auth. Rev.,          
LCRA Transmn. Svcs. Corp. Proj., Rfdg., AGM 5.000 05/15/27   1,335 1,393,101
LCRA Transmn. Svcs. Corp. Proj., Series A, Rfdg. 6.000 05/15/52   1,500 1,676,026
Rfdg. 5.000 05/15/25   2,275 2,306,453
21
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Texas (cont’d.)
Lower Colorado River Auth. Rev., (cont’d.)          
Series B, Rfdg., AGM 5.000 % 05/15/28   1,130  $1,195,638
North Texas Twy. Auth. Rev.,          
1st Tier Bonds, Series A, Rfdg. 5.000 01/01/25   2,030 2,046,313
1st Tier, Series A, Rfdg. 5.000 01/01/28   1,180 1,202,271
2nd Tier, Rfdg. 5.000 01/01/48   1,250 1,277,812
2nd Tier, Series B, Rfdg. 5.000 01/01/27   1,640 1,704,862
2nd Tier, Series B, Rfdg. 5.000 01/01/28   1,495 1,576,817
Series A, Rfdg. 5.000 01/01/30   1,765 1,797,484
Series B, Rfdg. 5.000 01/01/45   2,000 2,003,735
     
 
Northwest Independent Sch. Dist.,
GO, PSFG 		5.000 02/15/48   1,500 1,593,152
Permanent Univ. Fd. Univ. of Texas Sys. Rev.,          
Series A, Rfdg. 5.000 07/01/40   3,000 3,291,364
Series B, Rfdg.(hh) 5.000 07/01/36   2,500 2,907,934
Tarrant Cnty. Cultrl. Ed. Facs. Fin. Corp. Rev.,          
Christus Hlth. Series A (Mandatory put date 07/01/32) 5.000(cc) 07/01/53   3,000 3,202,809
Christus Hlth. Series B, Rfdg. 5.000 07/01/25   1,100 1,114,129
     
 
Texas Natural Gas Securitization Fin. Corp. Rev.,
Txbl. Customer Rate Relief Bonds, Tranche A-1 		5.102 04/01/35   2,910 2,909,459
Texas Priv. Activity Bond Surface Trans. Corp. Rev.,
Bond Surface Trans. Corp., Sr. Lien, Rfdg. AMT 		5.500 06/30/40   1,900 2,037,529
Texas St.,
Mobility Fund, Series B, GO, Rfdg. 		5.000 10/01/36   1,870 1,892,950
Texas Trans. Commn. St. Hwy. Fd. Rev.,
Rfdg. 		5.000 10/01/33   3,000 3,384,958
          116,541,259
Utah 1.8%
Intermountain Pwr. Agcy. Rev.,
Series A 		5.250 07/01/45   2,500 2,733,757
Ogden City Sch. Dist.,          
GO 1.375 06/15/32   2,010 1,597,010
GO 1.500 06/15/33   1,420 1,116,415
GO 1.625 06/15/34   2,200 1,698,683
     
 
Salt Lake City Arpt. Rev.,
Series A, AMT 		5.500 07/01/53   875 945,809
Salt Lake City Corp. Arpt. Rev.,          
Series A, AMT 5.000 07/01/28   2,070 2,163,185
Series A, AMT 5.250 07/01/48   2,000 2,052,060
22
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Utah (cont’d.)
     
 
Utah Cnty. Rev.,
IHC Hlth. Svcs., Inc., Series A 		5.000 % 05/15/43   2,350  $2,480,703
Utah Telecommunication Open Infrast. Agcy. Rev.,
Rfdg. 		5.500 06/01/40   3,485 3,932,614
          18,720,236
Virginia 0.3%
James City Cnty. Econ. Dev. Auth. Rev.,
Williamsburg Landing, Temps 50, Series C-3 		5.250 12/01/27   1,000 991,915
Virginia Small Bus. Fing. Auth. Rev.,
Sr. Lien Elizabeth River Crossing Opco, LLC Proj. Rfdg. 		4.000 01/01/30   1,750 1,717,814
          2,709,729
Washington 1.8%
Energy Northwest Rev.,
Proj. 1, Series B, Rfdg. 		5.000 07/01/25   1,500 1,524,545
King Cnty.,
Series A, GO 		5.000 01/01/28   1,000 1,058,239
Port of Seattle Rev.,          
Intermediate Lien, Series C, AMT 5.000 05/01/25   1,125 1,134,908
Series A, AMT 5.000 05/01/43   1,675 1,692,229
     
 
Washington Healthcare Facs. Auth. Rev.,
Multicare Hlth. Sys., Series B, Rfdg. 		5.000 08/15/26   670 675,086
Washington Hlthcare. Facs. Auth. Rev.,
Overlake Hosp. Med. Ctr., Rfdg. 		5.000 07/01/38   2,690 2,690,014
Washington St.,          
Series 2020A, GO 5.000 08/01/42   3,000 3,172,936
Series R-2024C, GO, Rfdg. 5.000 08/01/40   1,100 1,228,761
Var. Purp., Series A, GO 5.000 08/01/42   2,000 2,088,799
     
 
Washington St. Hsg. Fin. Commn. Rev.,
Sustainable Cert., Series 2023-1, Class X 		1.448(cc) 04/20/37   32,696 3,485,062
          18,750,579
West Virginia 0.2%
West Virginia Parkways Auth. Rev.,
Sr. Turnpike Toll Rev. 		5.000 06/01/39   1,750 1,826,733
23
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Wisconsin 0.7%
Pub. Fin. Auth. Rev.,          
Mountain Island Chrt. Sch., Ltd., Rfdg. 4.000 % 07/01/27   505  $482,552
Providence St. Joseph Hlth., Series C, Rfdg. (Mandatory put date 10/01/30) 4.000(cc) 10/01/41   1,500 1,486,747
     
 
Wisconsin Dept. of Trans. Rev.,
Series 1, Rfdg. 		5.000 07/01/29   3,000 3,245,609
Wisconsin Hlth. & Edl. Facs. Auth. Rev.,          
Ascension Hlth. Alliance, Rmkt., Series B-1, Rfdg. 4.000 11/15/43   1,000 948,403
Forensic Science and Protective Med. Collaboration, Inc. Proj., 144A 5.000 08/01/27   1,400 1,410,036
          7,573,347
     
 
Total Municipal Bonds
(cost $1,034,892,434) 		1,021,122,393
    
      Shares  
Unaffiliated Exchange-Traded Fund 1.9%  
iShares National Muni Bond ETF
(cost $19,660,714) 		      187,690 19,846,340
     
 
   
Total Long-Term Investments
(cost $1,054,553,148) 		  1,040,968,733
   
Short-Term Investments 1.0%  
Affiliated Mutual Fund 0.3%  
PGIM Core Ultra Short Bond Fund
(cost $3,060,722)(wb) 		      3,060,722 3,060,722
    
24
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Commercial Paper 0.7%
Board of Regents of The University of Texas System,
(cost $7,000,000) 		3.650 % 06/03/24   7,000  $7,000,011
     
 
 
Total Short-Term Investments
(cost $10,060,722) 		10,060,733
 
TOTAL INVESTMENTS 101.4%
(cost $1,064,613,870) 		1,051,029,466
Liabilities in excess of other assets(z) (1.4)% (14,606,755)
 
Net Assets 100.0% $1,036,422,711
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
  CA—Credit Agricole Securities Inc.
  CABS—Capital Appreciation Bonds
  CDD—Community Development District
  COP—Certificates of Participation
  ETF—Exchange-Traded Fund
  ETM—Escrowed to Maturity
  FRDD—Floating Rate Daily Demand Note
  GO—General Obligation
  NATL—National Public Finance Guarantee Corp.
  PFC—Public Facility Corporation
  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, 2024. 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, 2024.
(wb) Represents an investment in a Fund affiliated with the Manager.
(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:
25
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Futures contracts outstanding at May 31, 2024:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Short Positions:
30   5 Year U.S. Treasury Notes   Sep. 2024    $3,173,906    $6,080
129   30 Year U.S. Ultra Treasury Bonds   Sep. 2024   15,794,438   232,315
                $238,395
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).
26