NPORT-EX 2 PI62700PRU05312025.htm
PGIM National Muni Fund
Schedule of Investments as of May 31, 2025 (unaudited)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Long-Term Investments 100.7%
Municipal Bonds 99.5%
Alabama 3.7%
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  $7,820,922
Gas Proj. No. 8, Series A (Mandatory put date 12/01/29) 4.000(cc) 12/01/52   2,895 2,862,416
Gas Proj., Series E (Mandatory put date 06/01/28) 5.000(cc) 05/01/53   5,000 5,154,528
Proj. No. 6, Series B (Mandatory put date 12/01/26) 4.000(cc) 10/01/52   3,000 2,995,627
Rfdg. (Mandatory put date 12/01/31) 4.000(cc) 06/01/51   5,540 5,503,604
Series B (Mandatory put date 09/01/32) 5.000(cc) 10/01/55   4,200 4,381,020
Series D1, Rfdg. (Mandatory put date 06/01/27) 4.000(cc) 07/01/52   1,000 1,006,244
     
 
Jefferson Cnty. Swr. Rev.,
Warrants, Rfdg. 		5.250 10/01/42   1,500 1,558,801
Mobile Indl. Dev. Brd. Rev.,
Alabama Pwr. Co. Barry, Rmkt. (Mandatory put date 06/26/25) 		1.000(cc) 06/01/34   1,000 998,002
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 1,597,975
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 2,610,997
Series A 5.000 11/01/26   2,060 2,084,552
          38,574,688
Alaska 1.0%
Alaska Indl. Dev. & Export Auth. Rev.,          
Tanana Chiefs Conference Proj., Series A 4.000 10/01/49   3,000 2,449,184
Tanana Chiefs Conference Proj., Series A 5.000 10/01/26   2,385 2,428,383
Tanana Chiefs Conference Proj., Series A 5.000 10/01/31   1,555 1,626,874
     
 
Alaska Muni. Bond Bank Auth. Rev.,
Rfdg. 		5.000 12/01/26   1,350 1,391,110
Alaska St.,
Series A, GO, Rfdg. 		5.000 08/01/35   1,000 1,128,790
Northern Tob. Secur. Corp. Rev.,
Sr. Series A, Class 1, Rfdg. 		5.000 06/01/31   1,000 1,066,534
          10,090,875
1
PGIM National Muni Fund
Schedule of Investments as of May 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Arizona 2.2%
Arizona Hlth. Facs. Auth. Rev.,
Banner Hlth., Series B (Mandatory put date 10/01/24) 		3.750 %(cc) 01/01/37   2,265  $2,193,858
Arizona Indl. Dev. Auth. Rev.,          
Ironwood Ranch Apts. Proj. (Mandatory put date 09/01/26) 5.000(cc) 02/01/58   3,000 3,057,862
Phoenix Children’s Hosp., Series A 5.000 02/01/30   300 323,013
Sustainable Bonds, Equitable Sch. Revolving Fd., Series A 5.250 11/01/48   3,000 3,026,144
     
 
Maricopa Cnty. Indl. Dev. Auth. Rev.,
Banner Hlth., Series A 		5.000 01/01/41   1,140 1,155,107
Phoenix Civic Impvt. Corp. Rev.,
Series A, AMT 		5.000 07/01/47   2,000 1,906,084
Pima Cnty. Ind. Dev. Auth. Rev.,
AZ Chart. Schs. Proj., Series R, Rfdg. 		4.000 07/01/26   1,735 1,738,798
Salt River Proj. Agric. Impvt. & Pwr. Dist. Elec. Sys. Rev.,          
Salt River Proj., Series A 5.000 01/01/47   1,925 1,972,246
Series B 5.000 05/01/42   2,500 2,660,375
Salt Verde Finl. Corp. Rev.,          
Sr. Gas Rev., Sr. Bonds 5.000 12/01/32   2,685 2,828,793
Sr. Gas Rev., Sr. Bonds 5.250 12/01/26   2,180 2,222,516
          23,084,796
Arkansas 0.3%
Fayetteville Sales & Use Tax Rev.,
Sales & Use Tax 		2.875 11/01/32   2,780 2,698,739
California 7.9%
California Muni. Fin. Auth. Rev.,
CHF-Davis I, LLC, West Vlg. Student Hsg. Proj., BAM, TCRs 		5.000 05/15/29   1,000 1,051,216
Freddie Mac Multifamily Cert. Rev.,          
FRETE 2023, ML18, Class X-CA 1.439(cc) 09/25/37   29,205 3,000,182
FRETE 2024, ML22, Class A-US 4.546(cc) 10/25/40   2,482 2,491,335
FRETE 2024, ML23, SPC, Sustainable Bonds, 144A 4.563(cc) 04/25/42   2,894 2,838,121
FRETE 2024, ML24 Trust, Green Bonds 4.156(cc) 05/25/41   3,970 3,734,496
Sustainable Bonds, Series ML-27, Class A, USM 4.759 08/25/41   3,241 3,213,503
     
 
Long Beach Bond Fin. Auth. Nat. Gas Pur. Rev.,
Series A 		5.000 11/15/35   1,300 1,376,758
Los Angeles Dept. Arpts. Rev.,
Sub., Pvt. Activity, Series A, Rfdg., AMT 		5.000 05/15/46   4,170 4,170,416
2
PGIM National Muni Fund
Schedule of Investments as of May 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
California (cont’d.)
Los Angeles Dept. of Wtr. & Pwr. Rev.,          
LA Dept. of Wtr. & Pwr. Sys., Series C 4.000 % 07/01/26   5,840  $5,854,381
Pwr. Sys. Sub. Series A-5, Rmkt., Rfdg., FRDD 3.100(cc) 07/01/35   2,060 2,060,000
Pwr. Sys., Series A-2, FRDD 3.000(cc) 07/01/51   11,930 11,930,000
Pwr. Sys., Series A-3, FRDD 3.110(cc) 07/01/51   8,100 8,100,000
Series A, Rfdg. 5.000 07/01/28   1,285 1,328,488
Series C-1, FRDD 3.100(cc) 07/01/57   11,000 11,000,000
Series F-1, Rfdg., FRDD 2.500(cc) 07/01/48   8,500 8,500,000
     
 
M-S-R Energy Auth. Rev.,
Series A 		6.500 11/01/39   2,000 2,330,699
Pittsburg Redev. Agcy.,
Los Medanos Cmnty. Dev. Proj., Tax Alloc., AMBAC, CABS 		3.178(t) 08/01/25   2,000 1,989,289
Port of Los Angeles Rev.,
Series A-1, Rfdg. AMT 		5.000 08/01/34   1,000 1,090,437
San Francisco City & Cnty. Arpt. Commn. Rev.,
2nd Series, San Francisco Intl. Arpt., Series A, Rfdg., AMT 		5.250 05/01/43   2,500 2,590,639
Southern Calif. Pub. Pwr. Auth. Rev.,
Canyon Pwr. Proj., Series B, Rfdg. (Mandatory put date 07/01/27) 		3.700(cc) 07/01/40   2,500 2,521,812
          81,171,772
Colorado 5.5%
Baseline Metropolitan Dist. No. 1,
Series A, GO, Rfdg. 		4.250 12/01/54   4,400 4,084,873
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 3,227,268
Commonspirit Hlth., Series A-1, Rfdg. 5.000 08/01/32   2,250 2,344,550
Commonspirit Hlth., Series B-1, Rfdg. (Mandatory put date 08/01/25) 5.000(cc) 08/01/49   2,605 2,605,121
Intermountain Healthcare, Series B, Rfdg. (Mandatory put date 08/17/26) 5.000(cc) 05/15/62   6,900 7,036,586
Intermountain Healthcare, Series C, Rfdg. (Mandatory put date 08/15/28) 5.000(cc) 05/15/62   3,100 3,260,870
Intermountain Hlth., Series A, Rfdg. 5.000 05/15/44   1,250 1,278,209
SCL Hlth. Sys., Series B, Rfdg. 4.000 01/01/40   3,060 2,886,029
     
 
Colorado Springs Co. Util. Sys. Rev.,
Series A-4 		5.000 11/15/43   3,080 3,132,796
Colorado St.,
COP 		6.000 12/15/39   4,000 4,542,109
3
PGIM National Muni Fund
Schedule of Investments as of May 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Colorado (cont’d.)
Denver City & Cnty. Arpt. Sys. Rev.,          
Series A, Rfdg., AMT 5.500 % 11/15/38   1,875  $2,005,838
Series A, Rfdg., AMT 5.500 11/15/42   1,875 1,966,899
Series D, Rfdg., AMT 5.750 11/15/35   1,000 1,105,127
Sub. Series B, Rfdg., AMT 5.500 11/15/41   1,000 1,067,401
Sub. Series B, Rfdg., AMT 5.500 11/15/42   1,000 1,061,442
Sub. Sys., Series A, Rfdg., AMT 5.000 12/01/34   2,375 2,416,605
Sub. Sys., Series A, Rfdg., AMT 5.000 12/01/35   1,130 1,150,429
Sub. Sys., Series A, Rfdg., AMT 5.250 12/01/43   3,000 3,045,869
     
 
E-470 Pub. Hwy. Auth. Rev.,
Sr. Series B, NATL 		3.248(t) 09/01/25   2,140 2,122,571
Regl. Trans. Dist. Rev.,          
Denver Transit Partners Eagle P3 Proj., Series A, Rfdg. 5.000 07/15/28   400 413,280
Denver Transit Partners Eagle P3 Proj., Series A, Rfdg. 5.000 07/15/29   400 417,194
     
 
Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado,
Series A, GO, 144A 		5.000 04/01/35   5,000 5,239,704
          56,410,770
Connecticut 1.4%
Connecticut St. Higher Ed. Supplement Loan Auth. Rev.,          
Chesla Loan Prog., Series B-1, AMT 5.250 11/15/32   2,630 2,783,360
Chesla Loan Prog., Series B-1, AMT 5.250 11/15/33   1,130 1,192,514
     
 
Connecticut St. Hlth. & Edl. Facs. Auth. Rev.,
Yale Univ., Series A-2, Rfdg. (Mandatory put date 07/01/26) 		2.000(cc) 07/01/42   2,310 2,266,220
Connecticut St. Spl. Tax Rev.,          
Series B 5.000 10/01/37   1,440 1,490,002
Trans. Infrast., Series A 5.000 01/01/38   2,195 2,249,363
     
 
Norwalk Hsg. Auth. Rev.,
Wall Street Place (Mandatory put date 09/01/27) 		3.050(cc) 09/01/58   2,000 1,980,808
Stamford Hsg. Auth. Rev.,
Mozaic Concierge Living Proj., Series D 		4.250 10/01/30   2,400 2,377,956
          14,340,223
District of Columbia 2.0%
Dist. of Columbia,
Series A, GO, Rfdg. 		5.000 10/15/38   3,000 3,125,710
4
PGIM National Muni Fund
Schedule of Investments as of May 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
District of Columbia (cont’d.)
Dist. of Columbia Rev.,          
Dist. of Columbia Int’l. Sch. 5.000 % 07/01/49   1,275  $1,220,118
Friendship Pub. Chart. Sch., Rfdg. 5.000 06/01/36   1,385 1,388,418
KIPP DC Proj., Series B, Rfdg. 5.000 07/01/25   500 500,577
Metropolitan Washington D.C. Arpt. Auth. Sys. Rev.,          
Rfdg., AMT 5.000 10/01/26   4,945 5,044,902
Series A, Rfdg. AMT 5.000 10/01/30   3,500 3,718,132
Series A, Rfdg., AMT 5.000 10/01/26   3,250 3,316,022
Series A, Rfdg., AMT 5.000 10/01/29   1,915 2,023,766
          20,337,645
Florida 6.9%
Broward Cnty. Arpt. Sys. Rev.,
Series A, AMT 		5.000 10/01/45   3,000 2,880,991
Central Florida Expressway Auth. Rev.,          
Sr. Lien, Rfdg. 4.000 07/01/41   2,000 1,879,797
Sr. Lien, Rfdg. 5.000 07/01/38   2,500 2,547,193
     
 
Cityplace CDD.,
Spl. Assmt., Rfdg. 		5.000 05/01/26   265 269,373
Florida Dev. Fin. Corp. Rev.,          
GFL Solid Wst. Southeast LLC Proj., Series A, AMT (Mandatory put date 10/01/31), 144A 4.375(cc) 10/01/54   3,000 2,980,953
Nova Southeastern Univ. Proj., Series A, Rfdg. 5.000 04/01/26   555 563,206
     
 
Florida Higher Edl. Facs. Finl. Auth. Rev.,
Nova Southeastern Univ. Proj., Rfdg. 		5.000 04/01/28   1,420 1,436,999
Fort Lauderdale Wtr. & Swr. Rev.,
Enabling Wrks. Proj., Series A 		5.500 09/01/53   2,500 2,646,192
Grtr. Orlando Avtn. Auth. Rev.,          
AMT 5.250 10/01/44   2,450 2,538,446
Priority Sub. Series A, AMT 5.000 10/01/42   5,000 4,956,039
Priority Sub. Series A, AMT 5.000 10/01/47   5,000 4,940,009
Series A, AMT 5.000 10/01/28   1,500 1,568,981
Series A, AMT 5.000 10/01/38   1,810 1,848,345
     
 
Hillsborough Cnty. Indl. Dev. Auth. Rev.,
Baycare Hlth. Sys., Series C, Rfdg. 		5.000 11/15/41   2,010 2,104,473
Jacksonville Hsg. Auth. Rev.,
Westwood Apartments 		5.000 02/01/34   3,200 3,407,760
JEA Elec. Sys. Rev.,          
Series 3-2024A, Rfdg. 5.000 10/01/39   1,000 1,074,528
Series Three 2024A, Rfdg. 5.000 10/01/37   2,500 2,739,150
5
PGIM National Muni Fund
Schedule of Investments as of May 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Florida (cont’d.)
Lee Cnty. Arpt. Rev.,          
AMT 5.250 % 10/01/43   1,000  $1,039,531
Series A, AMT, Rfdg. 5.000 10/01/28   1,500 1,557,605
Lee County Indl. Dev. Auth. Rev.,          
Shell Point 2024B-1 (Temps -85) 4.750 11/15/29   1,000 1,003,997
Shell Point, 2024B-3, Temps-50 4.125 11/15/29   1,000 1,001,030
     
 
Miami Beach Redev. Agcy.,
Tax Incr. Rev. City Ctr., Tax Alloc. Rfdg., AGM 		5.000 02/01/44   1,500 1,501,319
Miami Dade Cnty. Avtn. Rev.,
Series A, Rfdg., AMT 		5.000 10/01/34   2,500 2,630,844
Miami Dade Cnty. Edu. Facs. Auth. Rev.,
Univ. of Miami, Series B, Rfdg. 		5.250 04/01/41   3,470 3,687,815
Orange Cnty. Hlth. Facs. Auth. Rev.,          
Orlando Hlth. Oblig. Grp., Series B, Rfdg. 5.000 10/01/26   2,275 2,331,801
Orlando Hlth., Inc., Series A, Rfdg. 5.000 10/01/33   1,510 1,534,111
Orlando Hlth., Inc., Series B, Rfdg. 5.000 10/01/44   1,000 973,731
     
 
Orlando Util. Commn. Rev.,
Series B (Mandatory put date 10/01/28) 		1.250(cc) 10/01/46   3,475 3,164,906
Sarasota Cnty. Pub. Hosp. Dist. Rev.,
Sarasota Mem. Hosp. 		5.000 07/01/28   1,160 1,230,488
South Miami Hlth. Facs. Auth., Inc. Rev.,
Baptist Hlth. South Florida, Rfdg. 		5.000 08/15/47   1,075 1,048,915
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   1,000 999,559
Vlg. CDD No. 6,          
Spl. Assmt., Rfdg. 4.000 05/01/27   370 373,879
Spl. Assmt., Rfdg. 4.000 05/01/28   300 301,610
Spl. Assmt., Rfdg. 4.000 05/01/29   310 311,081
Vlg. CDD No. 13,          
2019 Spl. Assmt., Phase I, Ltd. Offering 3.550 05/01/39   2,625 2,348,248
2021 Spl. Assmt., Phase III 2.550 05/01/31   1,630 1,502,952
Spl. Assmt. 3.375 05/01/34   460 433,007
Spl. Assmt., 144A 2.625 05/01/30   2,405 2,182,685
          71,541,549
Georgia 4.8%
Atlanta Arpt. Passenger Facs. Charge Rev.,
Sub. Lien, Green Bond, Series E, AMT 		5.250 07/01/43   4,000 4,125,801
Atlanta GA Dept. Avtn. Rev.,          
Series B, Rfdg., AMT 5.000 07/01/29   830 875,439
Series B, Rfdg., AMT 5.250 07/01/41   1,000 1,047,729
6
PGIM National Muni Fund
Schedule of Investments as of May 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Georgia (cont’d.)
Atlanta GA Dept. Avtn. Rev., (cont’d.)          
Series B, Rfdg., AMT 5.250 % 07/01/43   2,000  $2,073,315
Series B, Rfdg., AMT 5.250 07/01/44   1,000 1,026,156
     
 
Atlanta Urban Residential Fin. Auth. Rev.,
GE Tower Apts., Series B (Mandatory put date 06/01/25) 		5.750(cc) 06/01/27   1,750 1,750,000
Burke Cnty. Dev. Auth. Rev.,
Georgia Pwr. Co. Plant Vogtle Proj., 5th Series, Rmkt. (Mandatory put date 06/13/28) 		3.700(cc) 10/01/32   1,685 1,689,267
Columbia Cnty. Hosp. Auth. Rev.,
Rev Anticipation CTFS, Wellstar Hlth. Sys. Inc. Proj., Series A 		5.125 04/01/48   1,220 1,231,332
DeKalb Cnty. Hsg. Auth. Rev.,          
Kensington Station Proj., Series A 4.000 12/01/33   4,000 3,957,036
Sr. Bond, Park at 500 Proj. 4.000 03/01/34   2,000 1,974,965
     
 
Gainesville & Hall Cnty. Hosp. Auth. Rev.,
RAN CTFs, NE Georgia Hlth. Sys. Inc. Proj. 		5.000 10/15/34   2,000 2,200,195
Georgia Ports Auth. Rev.,
Arpt. & Marina Imps. 		5.250 07/01/43   2,500 2,643,558
Main Street Natural Gas, Inc. Rev.,          
Series A (Mandatory put date 06/01/32) 5.000(cc) 06/01/55   2,500 2,641,759
Series A (Mandatory put date 09/01/31) 5.000(cc) 05/01/54   2,500 2,632,018
Series B (Mandatory put date 03/01/32) 5.000(cc) 12/01/54   4,500 4,746,706
Series E (Mandatory put date 12/01/32) 5.000(cc) 05/01/55   9,670 10,083,411
     
 
Monroe Cnty. Dev. Auth. Rev.,
GA Pwr. Co. Plant Scherer Proj. No. 1 		2.250 07/01/25   1,000 998,369
Muni. Elec. Auth. of Georgia Rev.,          
Proj. One Sub. Bonds, Series A, Rfdg. 5.000 01/01/43   1,000 1,031,829
Proj. One, Sub. Bonds, Series A, Rfdg. 5.000 01/01/26   1,425 1,439,409
Proj. One, Sub. Bonds, Series A, Rfdg., BAM 5.250 01/01/41   1,000 1,080,107
          49,248,401
Hawaii 0.7%
Hawaii St. Arpts. Sys. Rev.,
Series A, AMT 		5.000 07/01/45   1,000 1,000,910
Honolulu City & Cnty. Wstewtr. Sys. Rev.,          
Sr. 1st Bond Resolution, Series A, Rfdg. 5.000 07/01/37   2,500 2,781,900
Sr. 1st Bond Resolution, Series A, Rfdg. 5.000 07/01/38   3,400 3,734,339
          7,517,149
7
PGIM National Muni Fund
Schedule of Investments as of May 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Illinois 7.3%
Chicago,          
Chicago Works, Series A, GO 5.500 % 01/01/41   1,000  $1,017,111
Series A, GO, Rfdg. 5.000 01/01/30   4,000 4,155,240
Series C, GO, Rfdg., ETM(ee) 5.000 01/01/26   1,000 1,009,736
     
 
Chicago Brd. of Ed. Rev.,
Spl. Tax 		5.000 04/01/46   1,000 971,363
Chicago O’Hare Int’l. Arpt. Rev.,          
Series C, Rfdg., AMT 5.250 01/01/41   1,500 1,570,564
Series C, Rfdg., AMT 5.250 01/01/42   1,000 1,030,914
Sr. Lien, Series D 5.250 01/01/42   2,000 2,013,813
     
 
Chicago Trans. Auth. Rev.,
2nd Lien 		5.000 12/01/46   3,000 2,894,857
Chicago Wstewtr. Transmn. Rev.,
2nd Lien, Series A 		5.000 01/01/47   1,000 955,374
Chicago Wtrwks. Rev.,          
2nd Lien, Rfdg. 5.000 11/01/36   2,390 2,422,418
2nd Lien, Rmkt., Rfdg. 5.000 11/01/27   1,865 1,903,268
2nd Lien, Series A-1 5.000 11/01/27   510 520,468
     
 
Cook Cnty. Sales Tax Rev.,
Series A, Rfdg. 		5.250 11/15/45   2,155 2,218,106
Illinois Fin. Auth. Rev.,          
Univ. of Chicago, Series A, Rfdg. 5.000 10/01/25   1,505 1,513,832
Univ. of Chicago, Series A, Rfdg. 5.000 04/01/34   1,250 1,386,741
Illinois St.,          
GO 5.000 11/01/30   500 508,436
Series A, GO 5.000 11/01/25   1,500 1,510,256
Series A, GO 5.000 03/01/31   2,095 2,264,164
Series A, GO 5.000 12/01/39   2,500 2,509,018
Series A, GO, Rfdg. 5.000 10/01/28   750 790,101
Series B, GO 5.000 05/01/39   2,025 2,098,931
Series B, GO 5.250 05/01/45   1,000 1,016,311
Series C, GO 5.000 11/01/29   1,100 1,136,212
Series D, GO 5.000 11/01/25   4,285 4,315,604
Series D, GO 5.000 11/01/27   2,815 2,928,253
Series D, GO, Rfdg. 5.000 07/01/36   1,225 1,287,731
Illinois St. Sales Tax Rev.,          
Jr. Oblig. Build Illiois Bonds, Series C, Rfdg. 5.000 06/15/27   3,000 3,099,099
Jr. Oblig. Series A 5.000 06/15/28   1,650 1,729,043
Illinois St. Toll Hwy. Auth. Rev.,          
Series C 5.000 01/01/39   2,000 1,999,987
Sr. Series A 5.250 01/01/43   2,250 2,363,526
8
PGIM National Muni Fund
Schedule of Investments as of May 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Illinois (cont’d.)
Metropolitan Pier & Exposition Auth. Dedicated St. Tax
Rev., 		         
McCormick Place Expansion, Series A, CABS, NATL 4.510 %(t) 12/15/34   10,000  $6,534,175
McCormick Place Expansion, Series A, CABS, NATL 4.649(t) 06/15/37   7,500 4,312,191
     
 
Railsplitter Tob. Settlement Auth. Rev.,
Tob. Set. Funded (Pre-refunded date 06/01/26)(ee) 		5.000 06/01/28   1,175 1,199,048
Regl. Trans. Auth. Rev.,
Series A 		4.000 06/01/37   3,605 3,472,169
Sales Tax Secur. Corp. Rev.,          
2nd Lien, Series A, Rfdg. 5.000 01/01/26   2,430 2,453,337
2nd Lien, Series A, Rfdg. 5.000 01/01/30   1,500 1,602,066
Sr. Series D 5.000 01/01/35   600 639,363
          75,352,826
Indiana 1.4%
Indiana Fin. Auth. Rev.,          
IN Univ. Hlth., Series A, Rfdg. 5.000 12/01/25   2,280 2,302,016
Indiana Univ. Hlth., Series B-1 (Mandatory put date 07/01/28) 5.000(cc) 10/01/62   4,000 4,165,117
Indianapolis Pwr. & Light. Co. Proj., Series B, Rfdg., AMT (Mandatory put date 04/01/26) 0.950(cc) 12/01/38   625 613,405
Indianapolis Local Pub. Impvt. Bond Bank Rev.,          
Indianapolis Arpt. Auth. Proj., Series B-2, AMT, Rfdg. 5.000 01/01/32   3,000 3,192,158
Indianapolis Arpt. Auth. Proj., Series I2, AMT, Rfdg. 5.000 01/01/32   1,600 1,702,168
     
 
Whiting Rev.,
BP Products North America, Rfdg., AMT (Mandatory put date 06/05/26) 		5.000(cc) 12/01/44   2,025 2,050,595
          14,025,459
Kansas 0.5%
Kansas Dev. Fin. Auth. Rev.,
Adventhealth Oblig. Grp., Series B, Rfdg. (Mandatory put date 11/15/31) 		5.000(cc) 11/15/54   3,165 3,451,788
Wyandotte Cnty.-Kansas City Unified Govt. Util. Sys. Rev.,
Impvt., Series A 		5.000 09/01/45   2,170 2,136,802
          5,588,590
9
PGIM National Muni Fund
Schedule of Investments as of May 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Kentucky 3.3%
Kentucky Asset Liability Commn. Rev.,
Series B, Rfdg., AMT 		5.000 % 09/01/25   3,000  $3,013,552
Kentucky Pub. Energy Auth. Rev.,          
Gas Sply., Series C-1 (Mandatory put date 06/01/25) 4.000(cc) 12/01/49   8,150 8,150,000
Series A, Rfdg. (Mandatory put date 12/01/29) 5.250(cc) 06/01/55   6,000 6,296,351
Series A-1 (Mandatory put date 08/01/30) 4.000(cc) 08/01/52   4,925 4,897,030
Series A-1, Rfdg. (Mandatory put date 02/01/32) 5.250(cc) 04/01/54   5,370 5,721,061
Series C (Mandatory put date 02/01/28) 4.000(cc) 02/01/50   920 922,162
     
 
Kentucky Turnpike Auth. Rev.,
Revitalization Proj., Series A, Rfdg. 		5.000 07/01/26   1,310 1,339,323
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 1,424,871
Trimble Cnty. Rev.,
Louisville Gas & Elect. Proj., Rmkt., Series A, Rfdg., AMT (Mandatory put date 09/01/27) 		1.300(cc) 09/01/44   2,250 2,083,626
          33,847,976
Louisiana 0.5%
Louisiana Local Govt. Envirml. Facs. & Comnty. Dev. Auth. Rev.,
Christwood Proj., Rfdg., 144A 		4.250 11/15/30   1,000 987,319
Louisiana Pub. Facs. Auth. Rev.,          
Elementus Minerals LLC Proj. (Mandatory put date 11/01/25), 144A 5.000(cc) 10/01/43   2,500 2,509,769
Franciscan Mis., Rfdg. (Pre-refunded date 07/01/25)(ee) 5.000 07/01/39   10 10,015
Franciscan Mis., Unrefunded, Rfdg. 5.000 07/01/39   1,990 1,991,474
          5,498,577
Maine 0.2%
Maine Hlth. & Higher Edl. Facs. Auth. Rev.,
Northeastern Univ. Issue, Series B 		5.000 10/01/39   2,285 2,424,370
Maryland 0.1%
Maryland St. Trans. Auth. Rev.,
Series A, Rfdg. 		5.000 07/01/41   1,045 1,106,640
10
PGIM National Muni Fund
Schedule of Investments as of May 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Massachusetts 0.8%
Massachusetts Dev. Fin. Agcy. Rev.,          
Boston Univ. Issue, Series B-1, Rfdg. 5.000 % 10/01/35   1,900  $2,142,774
Harvard Univ., Series A, Rfdg. 5.000 07/15/40   2,500 2,736,180
Series B, Rfdg. 4.000 02/15/36   2,000 2,020,701
     
 
Massachusetts Edl. Fing. Auth. Rev.,
Sr. Series B, Rfdg., AMT 		5.000 07/01/28   1,000 1,035,393
Massachusetts St. Port Auth. Rev.,
Series A, Rfdg., AMT 		5.000 07/01/27   320 329,547
          8,264,595
Michigan 2.1%
Michigan Fin. Auth. Rev.,          
Beaumont-Spectrum Consolidation, Series A, Rfdg. 5.000 04/15/29   1,000 1,068,575
Sr. Series A, Class 1, Rfdg. 5.000 06/01/30   2,000 2,106,692
Sr. Series A, Class 1, Rfdg. 5.000 06/01/32   1,950 2,050,073
Sr. Series A-Class 1, Rfdg. 5.000 06/01/31   1,800 1,900,082
Sr. Series B-1, Class 2, Rfdg. 5.000 06/01/49   2,270 2,236,923
Sustainable Bonds, Henry Ford Hlth. Detroit Utl. Plant Proj. 5.500 02/28/49   1,245 1,300,764
     
 
Michigan St. Hosp. Fin. Auth. Rev.,
Corewell Hlth., Series B2, Rfdg. (Mandatory put date 06/01/35) 		5.000(cc) 08/15/55   2,665 2,878,876
Michigan St. Univ. Rev.,
Series A, Rfdg. 		5.000 08/15/39   2,000 2,133,119
Michigan Strategic Fd. Rev.,
Sustainable Bond, Recycled Board Machine Proj., AMT (Mandatory put date 10/01/26) 		4.000(cc) 10/01/61   6,150 6,117,793
          21,792,897
Minnesota 0.8%
Minneapolis Rev.,
Allina Hlth. Sys., Series B (Mandatory put date 11/15/30) 		5.000(cc) 11/15/53   1,120 1,204,133
Minneapolis St. Paul Metropolitan Arpt. Commn. Rev.,
Sub. Series B, Rfdg., AMT 		5.000 01/01/33   2,325 2,460,066
Minnesota Rural Wtr. Fin. Auth., Inc. Rev.,
Rfdg., BANS 		3.300 08/01/26   1,300 1,300,535
11
PGIM National Muni Fund
Schedule of Investments as of May 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Minnesota (cont’d.)
Ramsey Rev.,
Pact Chrt. Sch. Proj., Series A, Rfdg. 		5.000 % 06/01/32   2,000  $1,934,105
Washington Cnty. Cmnty. Dev. Agcy. Rev.,
Cottage Grove Bluestem Proj. (Mandatory put date 09/01/25) 		3.680(cc) 09/01/26   1,200 1,199,812
          8,098,651
Mississippi 0.1%
Mississippi Bus. Fin. Corp. Rev.,
Poll. Ctrl., Rfdg. 		3.200 09/01/28   500 494,343
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 3,123,833
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 1,273,474
          4,397,307
New Hampshire 3.1%
National Fin. Auth. Rev.,          
Sustainable Cert., Series 1-A, NFA Muni. Cert., ARC70 (Mandatory put date 10/01/34) 4.150 10/20/40   3,870 3,641,700
Sustainable Cert., Series 2024-3, Class A 4.034(cc) 10/20/51   3,980 3,543,271
New Hampshire Bus. Fin. Auth. Rev.,          
Caldwell Ranch Proj., 144A 4.875 12/01/33   1,400 1,378,584
Mult. Utility Imps., 144A 5.875 12/15/33   2,500 2,512,480
Silverado Proj., 144A 5.000 12/01/28   2,000 1,979,495
Sustainable Bonds, Muni. CTFS, Series 2025-1, Class A-1 4.087 01/20/41   1,997 1,880,990
Sustainable Cert., Series 2024-4, Class A-US 4.060(cc) 11/20/39   2,987 2,786,711
Sustainable CTFS 2025-1, Class A-1 (Mandatory put date 06/01/35)(hh) 4.750 06/20/41   3,000 3,000,090
Tamarron Proj., 144A 5.250 12/01/35   2,000 1,982,580
The Highlands Proj. 5.125 12/15/30   1,430 1,416,691
Univ. of Nevada Reno Proj., Series A, BAM 5.250 06/01/51   1,820 1,859,508
Valencia Proj., 144A 5.300 12/01/32   1,240 1,214,780
Wtr. Util. Imps., 144A 5.375 12/15/35   4,300 4,305,649
12
PGIM National Muni Fund
Schedule of Investments as of May 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
New Hampshire (cont’d.)
     
 
New Hampshire Hlth. & Edu. Facs. Auth. Act Rev.,
Series C, Rmkt., Rfdg. (Mandatory put date 08/03/27) 		3.300 %(cc) 06/01/38   1,000  $1,001,234
          32,503,763
New Jersey 5.1%
New Jersey Econ. Dev. Auth. Rev.,          
American Wtr. Co., Inc. Proj., Series D, Rfdg., AMT (Mandatory put date 12/01/27) 1.100(cc) 11/01/29   625 570,924
American Wtr. Co., Inc., Series A, Rfdg., AMT (Mandatory put date 12/03/29) 2.200(cc) 10/01/39   1,250 1,112,620
Sch. Facs. Construction 5.000 06/15/29   1,500 1,601,042
Series SSS, Rfdg. 5.250 06/15/36   1,000 1,097,208
New Jersey Healthcare Facs. Fing. Auth. Rev.,          
Greystone Svcs. Greystone Park Proj. Rfdg. 5.000 09/15/25   1,250 1,256,419
Hackensack Meridian Hlth., Series A, Rfdg. 5.000 07/01/39   1,500 1,512,689
RWJ Barnabas Hlth. Oblig. Grp., Series A, Rfdg. 5.000 07/01/33   1,015 1,028,596
New Jersey Higher Ed. Student Assistance Auth. Rev.,          
Sr. Bond, Series 1-B, Rfdg., AMT(hh) 5.000 12/01/34   2,660 2,743,132
Sr. Bond, Series 3, Rfdg., AMT(hh) 5.000 12/01/27   2,000 2,042,262
Sr. Bond, Series 3, Rfdg., AMT(hh) 5.000 12/01/28   1,500 1,542,649
Sr. Series A, Rfdg. 5.000 12/01/25   550 553,446
Sr. Series A, Rfdg. 5.000 12/01/26   700 712,556
New Jersey Tpke. Auth. Rev.,          
Series A, Rfdg. 5.000 01/01/35   1,000 1,006,790
Series C, Rfdg. 5.000 01/01/45   2,000 2,058,967
Series E, Rfdg. 5.000 01/01/32   4,110 4,273,676
New Jersey Trans. Tr. Fd. Auth. Rev.,          
Cap Apprec., Transn. Sys., Series A 4.674(t) 12/15/40   5,000 2,438,524
Series A, Rfdg. 5.000 06/15/34   2,100 2,307,772
Series AA, Rfdg. 5.000 06/15/27   1,200 1,244,079
Series AA, Rfdg. 5.250 06/15/41   1,910 2,020,616
Trans. Prog. Notes, Rmkt., Series BB-1 5.000 06/15/33   1,300 1,360,466
Trans. Prog., Series CC 5.000 06/15/41   3,500 3,614,790
Trans. Sys., Series A, Rfdg. 5.250 06/15/41   2,000 2,103,487
     
 
South Jersey Trans. Auth. Rev.,
Series A, Rfdg., BAM 		5.000 11/01/39   1,000 1,064,799
Tob. Settlement Fing. Corp. Rev.,          
Series A, Rfdg. 5.000 06/01/25   2,720 2,720,000
Series A, Rfdg. 5.000 06/01/26   2,765 2,800,691
Series A, Rfdg. 5.000 06/01/27   1,335 1,368,158
Series A, Rfdg. 5.000 06/01/30   3,135 3,237,810
13
PGIM National Muni Fund
Schedule of Investments as of May 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
New Jersey (cont’d.)
Tob. Settlement Fing. Corp. Rev., (cont’d.)          
Series A, Rfdg. 5.000 % 06/01/31   1,650  $1,693,760
Series A, Rfdg. 5.000 06/01/37   2,000 2,031,299
          53,119,227
New Mexico 0.1%
Farmington Rev.,
4 Corners Proj., Rmkt., Rfdg. 		1.800 04/01/29   1,500 1,346,910
New York 7.2%
Build NYC Resource Corp. Rev.,          
Sr. Arpt. Facs. Trips Oblig. Grp., AMT(hh) 5.500 07/01/42   1,120 1,172,597
Sr. Arpt. Facs. Trips Oblig. Grp., AMT(hh) 5.500 07/01/43   2,435 2,541,475
Long Island Pwr. Auth. Rev.,          
Notes 1.000 09/01/25   4,100 4,067,764
Series B, Rfdg. (Mandatory put date 09/01/26) 1.500(cc) 09/01/51   3,000 2,909,491
     
 
Monroe Cnty. Ind. Dev. Corp. Rev.,
Eugenio Maria De Hostos Chart. Sch. Proj., Series A, 144A 		5.000 07/01/34   830 837,905
New York,          
Fiscal 2015, Rmkt., Sub-Series F-4, GO (Mandatory put date 12/01/25) 5.000(cc) 06/01/44   2,000 2,000,000
Series C, Sub. Series C-1, GO 5.000 09/01/41   1,000 1,051,488
     
 
New York City Muni. Wtr. Fin. Auth. Rev.,
2nd Gen Resolution, Sub-Series CC-1, Rfdg. 		5.250 06/15/37   1,000 1,026,875
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 1,651,316
Sub. Series A-2 5.000 08/01/38   2,000 2,046,216
New York City Trans. Fin. Auth. Rev.,          
Multi-Modal Bonds, Sub. Series B 5.500 05/01/47   3,500 3,729,877
Sub. Fiscal 2025, Series D 5.250 05/01/43   5,000 5,343,825
Sub. Fiscal 2025, Series H, Sub. Series H-1, Multi Modal 5.000 11/01/39   5,000 5,344,392
Sub. Future Tax, Series A, Sub. Series A-1, Rfdg. 5.000 11/01/40   4,000 4,222,415
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 6,450,181
Bank of America Tower at One Bryant Park Proj., Rfdg. 2.450 09/15/69   4,000 3,737,422
     
 
New York St. Dorm. Auth. Rev.,
Series A, Rfdg. 		5.250 03/15/37   1,000 1,044,408
14
PGIM National Muni Fund
Schedule of Investments as of May 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
New York (cont’d.)
New York St. Hsg. Fin. Agcy. Rev.,          
Green Bonds, Series A-2 (Mandatory put date 06/15/29) 3.350 %(cc) 06/15/54   665  $669,582
Green Bonds, Series A-2 (Mandatory put date 12/15/30) 3.450(cc) 06/15/54   2,000 2,026,442
Hsg. 160 W 62nd Street, Series A-2, Rmkt. (Mandatory put date 04/01/32) 3.600(cc) 11/01/44   3,200 3,132,066
     
 
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 2,295,399
New York Trans. Dev. Corp. Rev.,          
JFK Int’l. Arpt. Proj. Term. 4, Series A, Rfdg., AMT 5.000 12/01/25   800 803,926
Laguardia Arpt., Term. B Redev., Series A, AMT 5.000 07/01/46   1,000 975,478
Laguardia Arpt., Term. C&D Redev. Proj., AMT 6.000 04/01/35   1,250 1,348,112
Sustainable Bond, JFK Int’l. Arpt. Term. One Proj., AGM 5.500 06/30/43   2,000 2,074,057
Sustainable Bond, John F. Kennedy Int’l. Arpt. Term. One Proj., AMT 6.000 06/30/54   1,500 1,560,087
Port Auth. of NY & NJ Rev.,          
Series 231ST, Rfdg., AMT 5.500 08/01/40   1,290 1,372,566
Series 246, AMT, Rfdg. 5.000 09/01/30   1,875 1,998,472
Series 246, Rfdg. AMT 5.000 09/01/28   1,500 1,572,286
     
 
Triborough Bridge & Tunnel Auth. Rev.,
Series A-2, Rfdg. (Mandatory put date 05/15/28) 		2.000(cc) 05/15/45   2,000 1,890,977
TSASC, Inc. Rev.,          
Series A, Rfdg. 5.000 06/01/25   1,000 1,000,000
Series A, Rfdg. 5.000 06/01/41   2,405 2,388,962
          74,286,059
North Carolina 0.4%
Charlotte Arpt. Rev.,
Series B, Rfdg. AMT 		5.000 07/01/30   1,125 1,197,012
Cumberland Cnty. Indl. Facs. & Pollution Ctl. Fin. Auth. Rev.,
Proj. Aero, AMT (Mandatory put date 11/01/25) 		3.750(cc) 12/01/27   3,075 3,070,404
          4,267,416
Ohio 3.3%
Allen Cnty. Hosp. Facs. Rev.,          
Bon Secours Mercy Hlth., Rfdg. 5.000 12/01/30   1,100 1,184,246
Series A, Rfdg. 5.000 08/01/25   1,030 1,032,662
15
PGIM National Muni Fund
Schedule of Investments as of May 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Ohio (cont’d.)
     
 
American Muni. Pwr., Inc. Rev.,
Prairie St. Energy Campus Proj., Series A, Rfdg. 		5.000 % 02/15/39   2,000  $2,114,225
Buckeye Tob. Settlement Fing. Auth. Rev.,          
Sr. Series A-2, Class 1, Rfdg. 5.000 06/01/28   8,415 8,721,090
Sr. Series A-2, Class 1, Rfdg. 5.000 06/01/33   3,560 3,715,236
     
 
Columbus Metropolitan Hsg. Auth. Rev.,
Orchards Proj. & The Eden Park Proj. 		5.000 12/01/34   4,000 4,203,387
Hamilton Cnty. Swr. Sys. Rev.,
Met Swr. Dept. of Greater Cincinnati, Series B, Rfdg. 		5.000 12/01/30   1,250 1,373,572
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   500 477,781
American Elec. Pwr. Co. Proj., Series A, Rmkt., Rfdg. AMT 3.750 01/01/29   1,500 1,482,345
Duke Energy Corp. Proj., Series A, AMT, Rfdg., (Mandatory put date 06/01/27) 4.250(cc) 11/01/39   1,500 1,510,788
     
 
Ohio St.,
Common Sch. Series C, GO, Rfdg. 		5.000 03/15/27   1,000 1,038,096
Ohio St. Univ. Rev.,
Multiyear Debt Issuance Prog. II, Series C 		5.250 12/01/46   3,500 3,666,989
Ohio Wtr. Dev. Auth. Rev.,
Fresh Wtr., Series A, Rfdg. 		5.250 06/01/26   995 1,012,483
Ohio Wtr. Dev. Auth. Wtr. Pollution Control Loan Fd. Rev.,
Sustainable Bonds, Series C 		5.000 12/01/33   2,000 2,252,352
          33,785,252
Oklahoma 0.8%
Oklahoma Inds. Auth. Rev.,
Oklahoma City Pub. Sch. Proj. 		5.000 04/01/28   1,000 1,053,386
Oklahoma Tpke. Auth. Rev.,          
Series A, Rfdg. 5.000 01/01/42   3,000 3,033,644
Sr. Bonds, Series B, Rfdg.(hh) 5.000 01/01/40   2,000 2,103,938
     
 
Tulsa Municipal Arpt. Trust Trustees Rev.,
American Airlines, Inc. Proj., Rfdg., AMT 		6.250 12/01/40   1,500 1,613,575
          7,804,543
Pennsylvania 3.9%
Bucks Cnty. Indl. Dev. Auth. Rev.,
Grand View Hosp. Proj. 		5.000 07/01/25   350 350,112
Chester Cnty. Indl. Dev. Auth. Rev.,
Avon Grove Chart. Sch. Nts. 		5.000 03/01/27   2,140 2,165,691
16
PGIM National Muni Fund
Schedule of Investments as of May 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Pennsylvania (cont’d.)
Comnwlth. Fing. Auth. Rev.,          
Tob. Mstr. Settlement Payment Bonds 5.000 % 06/01/25   3,520  $3,520,000
Tob. Mstr. Settlement Payment Bonds 5.000 06/01/28   2,280 2,385,583
Tob. Mstr. Settlement Payment Bonds 5.000 06/01/34   1,170 1,199,238
     
 
Delaware Vlly. Regl. Fin. Auth. Rev.,
Series A, AMBAC 		5.500 08/01/28   1,650 1,765,750
Luzerne Cnty. Indl. Dev. Auth. Rev.,
Pennsylvania American, Rfdg., AMT (Mandatory put date 12/03/29) 		2.450(cc) 12/01/39   1,250 1,126,189
Pennsylvania Econ. Dev. Fing. Auth. Rev.,          
The Penndot Major Bridges Package One Proj., P3 Proj., AGM, AMT 5.500 06/30/42   3,025 3,152,769
Wste. Mgmt., Inc. Proj., Series B, Rfdg., AMT (Mandatory put date 11/02/26) 1.100(cc) 06/01/31   1,250 1,200,729
Pennsylvania Higher Ed. Assistance Agcy. Rev.,          
Sr. Series 1A, AMT(hh) 5.000 06/01/33   2,500 2,612,256
Sr. Series 1A, AMT(hh) 5.000 06/01/34   3,000 3,124,822
     
 
Pennsylvania St. Univ. Rev.,
Series A 		5.000 09/01/41   2,400 2,412,670
Pennsylvania Tpke. Commn. Rev.,          
1st Series, Rfdg. 5.000 12/01/43   2,500 2,602,020
Series A 5.000 12/01/49   3,150 3,181,855
Series A-1, Rfdg. 5.000 12/01/40   1,635 1,635,000
Sub. Series A-1 5.000 12/01/25   1,425 1,438,890
Sub. Series B, Rfdg. 5.000 06/01/29   1,985 2,014,625
Sub. Series B-1 5.250 06/01/47   2,000 2,009,694
     
 
Philadelphia Auth. for Indl. Dev. Rev.,
Children’s Hosp. Proj., Rfdg. 		4.000 07/01/37   1,075 1,034,774
Philadelphia Gas Wks. Co. Rev.,          
16th Series A, AGM 5.000 08/01/28   625 658,429
16th Series A, AGM 5.000 08/01/29   1,000 1,068,191
          40,659,287
Puerto Rico 1.0%
Puerto Rico Ind. Tourist Edl. Med. & Envirml. Ctl. Facs. Fing. Auth. Rev.,
San Juan Cruise Term. Proj., Series 2023, Class A-1, AMT 		6.750 01/01/45   1,000 1,115,440
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev.,          
Restructured, Series A-1 4.500 07/01/34   848 838,938
17
PGIM National Muni Fund
Schedule of Investments as of May 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Puerto Rico (cont’d.)
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev., (cont’d.)          
Restructured, Series A-1, CABS 4.431 %(t) 07/01/33   1,962  $1,376,559
Series A-1, CABS 3.758(t) 07/01/27   7,012 6,487,940
          9,818,877
Rhode Island 1.0%
Rhode Island Hlth. & Edl. Bldg. Corp. Higher Ed. Facs. Rev.,
Clg. & Univ. Rev. 		5.250 08/15/43   3,965 4,039,429
Rhode Island Student Loan Auth. Rev.,
Sr. Series A, AMT 		5.000 12/01/32   2,000 2,081,764
Tob. Settlement Fing. Corp. Rev.,
Series A, Rfdg. 		5.000 06/01/40   4,350 4,349,737
          10,470,930
South Carolina 1.7%
Greenwood Cnty. Rev.,
Self Regional Healthcare, Rfdg. 		5.000 10/01/25   2,185 2,195,577
Patriots Energy Grp. Fing. Agcy. Rev.,          
Series A-1 (Mandatory put date 08/01/31) 5.250(cc) 10/01/54   2,500 2,656,562
Series B-1, Rfdg. (Mandatory put date 03/01/31) 5.250(cc) 02/01/54   2,250 2,387,422
South Carolina Jobs-Econ. Dev. Auth. Rev.,          
Foothill Affordable Hsg. Fndn., Paddock Club & Fairway Proj. (Mandatory put date 03/01/35) 4.000(cc) 03/01/62   3,200 3,063,133
Novant Hlth. Oblig. Grp., Series A 5.000 11/01/34   1,000 1,091,245
Novant Hlth. Oblig. Grp., Series A 5.250 11/01/41   1,000 1,056,342
     
 
South Carolina Pub. Svc. Auth. Rev.,
Series A, Rfdg. 		5.000 12/01/32   4,595 4,930,966
          17,381,247
Tennessee 2.2%
Knox Cnty. Hlth. Edl. & Hsg. Facs. Brd. Rev.,
Univ. of Tennessee Proj., Series B-1, BAM 		5.250 07/01/64   1,000 988,460
Memphis Shelby Cnty. Arpt. Auth. Rev.,
Series A, AMT 		5.000 07/01/25   830 830,773
Metropolitan Nashville Arpt. Auth. Rev.,
Sub. Series B, AMT 		5.000 07/01/27   1,800 1,843,099
Tennergy Corp. Rev.,          
Gas Sply. Series A (Mandatory put date 12/01/30) 5.500(cc) 10/01/53   770 813,674
Series A (Mandatory put date 09/01/28) 4.000(cc) 12/01/51   5,930 5,949,203
18
PGIM National Muni Fund
Schedule of Investments as of May 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Tennessee (cont’d.)
Tennessee Energy Acq. Corp. Gas Rev.,          
Nat. Gas Utility Imps. (Mandatory put date 11/01/25) 4.000 %(cc) 11/01/49   9,750  $9,753,963
Series A 5.250 09/01/26   2,675 2,700,045
          22,879,217
Texas 8.4%
Arlington Higher Edu. Fin. Corp. Rev.,
Trinity Basin Preparatory, Inc., PSFG 		5.000 08/15/48   1,000 1,017,191
Arlington Hsg. Fin. Corp. Rev.,
6900 Matlok Road (Mandatory put date 04/01/27) 		4.500(cc) 04/01/41   2,500 2,512,103
Bexar Cnty. Hsg. Fin. Corp. Rev.,
Pavilion at Culebra Apts. (Mandatory put date 03/01/26) 		4.050(cc) 03/01/28   2,500 2,502,866
Central Texas Regl. Mobility Auth. Rev.,          
Series C 5.000 01/01/27   800 807,664
Sr. Lien, Series A (Pre-refunded date 07/01/25)(ee) 5.000 01/01/40   1,395 1,396,997
Sr. Lien, Series A (Pre-refunded date 07/01/25)(ee) 5.000 01/01/45   1,000 1,001,432
Sr. Lien, Series D, Rfdg. 5.000 01/01/29   1,085 1,150,201
Central Texas Turnpike Sys. Rev.,          
1st Tier, Series B, Rfdg. (Mandatory put date 08/15/30) 5.000(cc) 08/15/42   2,000 2,117,713
2nd Tier, Series C, Rfdg. 5.000 08/15/41   2,000 2,092,325
Clifton Higher Ed. Fin. Corp. Rev.,          
Idea Pub. Sch., Rfdg., PSFG 5.000 08/15/38   1,200 1,260,931
Idea Pub. Sch., Rfdg., PSFG 5.000 08/15/39   1,000 1,001,217
Idea Pub. Sch., Rfdg., PSFG 5.000 08/15/39   1,000 1,045,282
International Leadership of Texas, Inc., Series A, Rfdg., PSFG 5.000 08/15/39   1,000 1,060,007
Dallas Fort Worth Int’l. Arpt. Rev.,          
Rfdg. 5.000 11/01/34   1,500 1,678,016
Rfdg. 5.000 11/01/36   1,125 1,237,235
     
 
Dallas Hotel Occupancy Tax Rev.,
Rfdg. 		4.000 08/15/28   1,010 1,014,703
EP Essential Hsg. WF PFC Rev.,
Home Essential Fun. Hsg. Prog. Tuscany Mesa Hills Proj. 		4.250 12/01/34   1,000 982,566
EP Tuscany Zaragosa PFC Rev.,
Home Essential Function Hsg. Prog. Tuscany Mesa Hills Proj. 		4.000 12/01/33   1,500 1,471,430
Galveston Wharves & Term. Rev.,          
1st Lien, Series A, AMT 5.500 08/01/40   1,150 1,199,168
1st Lien, Series A, AMT 5.500 08/01/42   400 413,286
19
PGIM National Muni Fund
Schedule of Investments as of May 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Texas (cont’d.)
Galveston Wharves & Term. Rev., (cont’d.)          
1st Lien, Series A, AMT 5.500 % 08/01/43   400  $410,618
Wharves & Term., 1st Lien, AMT 6.000 08/01/43   2,000 2,114,518
Harris Cnty. Cultrl. Ed. Facs. Fin. Corp. Rev.,          
Memorial Hermann Hlth. Sys. Series B, Rfdg. 5.000 07/01/34   3,000 3,309,475
Memorial Hermann Hlth. Sys., Series C-3, Rfdg. (Mandatory put date 12/01/26) 5.000(cc) 06/01/32   2,785 2,853,760
Harris Cnty. Toll Road Auth. Rev.,          
1st Lien, Series A, Rfdg. 5.000 08/15/29   1,710 1,847,196
1st Lien, Series A, Rfdg. 5.000 08/15/40   1,225 1,298,424
Series A, Rfdg. 5.000 08/15/35   2,000 2,190,129
Sr. Lien, Series A, Rfdg. 5.000 08/15/43   5,040 5,092,487
     
 
Houston Arpt. Sys. Rev.,
United Airlines, Inc. Term. Impvt. Proj., Series B, AMT 		5.500 07/15/38   2,300 2,375,150
Houston Combined Util. Sys. Rev.,          
Comb. 1st Lien, Series D, Rfdg. 5.000 11/15/34   3,000 3,002,310
Sub. 1st Lien, Series A, Rfdg. 5.000 11/15/25   2,000 2,017,865
     
 
Lakeside Place PFC Rev.,
Brookside Gardens Apts. (Mandatory put date 11/01/25) 		4.150(cc) 11/01/26   3,500 3,500,357
Lower Colorado River Auth. Rev.,          
LCRA Transmn. Svcs. Corp. Proj., Rfdg., AGM 5.000 05/15/27   1,335 1,387,773
LCRA Transmn. Svcs. Corp. Proj., Series A, Rfdg. 6.000 05/15/52   1,500 1,605,794
North Texas Twy. Auth. Rev.,          
1st Tier, Series A, Rfdg. 5.000 01/01/28   1,180 1,192,236
Cap. Apprec., Sys., 1st Tier, Series D, Rfdg. 4.521(t) 01/01/38   8,000 4,557,177
Series A, Rfdg. 5.000 01/01/30   1,765 1,780,906
Permanent Univ. Fd. Univ. of Texas Sys. Rev.,          
Series A, Rfdg. 5.000 07/01/39   4,500 5,009,986
Series A, Rfdg. 5.000 07/01/40   3,000 3,198,125
San Antonio Elec. & Gas Sys. Rev.,          
Series C, Rfdg. 5.500 02/01/49   1,000 1,059,609
Series D, Rfdg. 5.000 02/01/41   2,000 2,106,942
     
 
Tarrant Cnty. Cultrl. Ed. Facs. Fin. Corp. Rev.,
Christus Hlth. Series B, Rfdg. 		5.000 07/01/25   1,100 1,101,209
Texas Priv. Activity Bond Surface Trans. Corp. Rev.,
Bond Surface Trans. Corp., Sr. Lien, Rfdg. AMT 		5.500 06/30/40   1,900 1,969,351
Texas St.,
Mobility Fund, Series B, GO, Rfdg. 		5.000 10/01/36   1,870 1,871,295
Texas Trans. Commn. St. Hwy. Fd. Rev.,
Rfdg. 		5.000 10/01/33   3,000 3,378,535
          87,193,560
20
PGIM National Muni Fund
Schedule of Investments as of May 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Utah 2.0%
Intermountain Pwr. Agcy. Rev.,
Series A 		5.250 % 07/01/45   2,500  $2,563,836
Ogden City Sch. Dist.,          
GO 1.375 06/15/32   2,010 1,652,626
GO 1.500 06/15/33   1,420 1,140,070
GO 1.625 06/15/34   2,200 1,731,846
     
 
Salt Lake City Corp. Arpt. Rev.,
Series A, AMT 		5.250 07/01/48   3,850 3,858,306
Utah Cnty. Rev.,
IHC Hlth. Svcs., Inc., Series A 		5.000 05/15/43   2,545 2,594,855
Utah Telecommunication Open Infrast. Agcy. Rev.,
Rfdg. 		5.500 06/01/40   4,885 5,329,553
Utah Trans. Auth. Rev.,
Sr. Lien, Rfdg. 		5.000 06/15/40   2,000 2,136,771
          21,007,863
Virginia 0.6%
Alexandria Redev. & Hsg. Auth. Rev.,
431 S Columbus Street Block 4 Proj. (Mandatory put date 12/01/25) 		3.400(cc) 12/01/54   1,750 1,748,539
Fairfax Cnty. Ind. Dev. Auth. Rev.,
Healthcare Inova Hlth. Sys., Series B-2, Rmkt., Rfdg. (Mandatory put date 05/15/30) 		5.000(cc) 05/15/57   1,100 1,172,357
James City Cnty. Econ. Dev. Auth. Rev.,
Williamsburg Landing, Temps 50, Series C-3 		5.250 12/01/27   1,000 1,000,748
Virginia Small Bus. Fing. Auth. Rev.,
Sr. Lien Elizabeth River Crossing Opco, LLC Proj. Rfdg. 		4.000 01/01/30   1,750 1,743,094
          5,664,738
Washington 2.9%
Energy Northwest Rev.,
Proj. 1, Series B, Rfdg., ETM(ee) 		5.000 07/01/25   1,500 1,501,465
Port of Seattle Rev.,          
Intermediate Lien, Series B, Rfdg., AMT 5.250 07/01/41   3,250 3,383,021
Series A, AMT 5.000 05/01/26   1,800 1,825,787
Series A, AMT 5.000 05/01/43   1,675 1,641,669
Washington Healthcare Facs. Auth. Rev.,          
Multicare Hlth. Sys., Series B, Rfdg. 5.000 08/15/26   670 671,652
Overlake Hosp. Med. Ctr., Rfdg. 5.000 07/01/38   2,690 2,623,552
21
PGIM National Muni Fund
Schedule of Investments as of May 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Washington (cont’d.)
Washington St.,          
Series 2020A, GO 5.000 % 08/01/42   3,000  $3,074,226
Series R-2024C, GO, Rfdg. 5.000 08/01/40   1,100 1,175,096
Var. Purp., Series A, GO 5.000 08/01/42   2,000 2,033,396
Washington St. Hsg. Fin. Commn. Rev.,          
Sustainable Cert., Series 2023-1, Class X 1.450(cc) 04/20/37   32,361 3,193,361
Sustainable Cert., Series 2024-1, Class A 4.085(cc) 03/20/50   4,980 4,520,518
     
 
Washington St. Univ. Rev.,
Rfdg. 		5.000 04/01/38   3,565 3,896,884
Whatcom Cnty. Pub. Util. Dist. No. 1,
Series A, GO, AMT, BAM 		5.000 12/01/34   850 894,969
          30,435,596
West Virginia 0.4%
West Virginia Econ. Dev. Auth. Rev.,
Commercial Metals Co. Proj., AMT (Mandatory put date 05/15/32) 		4.625(cc) 04/15/55   2,000 1,991,061
West Virginia Parkways Auth. Rev.,
Sr. Turnpike Toll Rev. 		5.000 06/01/39   1,750 1,792,965
          3,784,026
Wisconsin 1.5%
Pub. Fin. Auth. Rev.,          
Astro Texas Land Proj., Rfdg., 144A 5.000 12/15/36   1,999 1,936,520
Class A, Series 1 4.100 09/25/39   3,965 3,770,273
Million Air Three LLC Gen. Avtn. Facs. Proj., Series A, Rfdg. AMT, 144A 5.500 09/01/30   450 456,868
Million Air Three LLC Gen. Avtn. Facs. Proj., Series A, Rfdg. AMT, 144A 5.750 09/01/35   715 724,085
Mountain Island Chrt. Sch., Ltd., Rfdg. 4.000 07/01/27   385 385,030
Nolina & Sorella Proj., RANS, 144A 5.500 12/15/32   2,578 2,491,908
Providence St. Joseph Hlth. Series 2021C, Rfdg. (Mandatory put date 10/01/30) 4.000(cc) 10/01/41   910 914,799
Providence St. Joseph Hlth. Series 2021C, Rfdg. (Pre-refunded date 10/01/30)(ee) 4.000(cc) 10/01/41   590 617,109
     
 
22
PGIM National Muni Fund
Schedule of Investments as of May 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Wisconsin (cont’d.)
     
Wisconsin Dept. of Trans. Rev.,
Series 1, Rfdg. 		5.000 % 07/01/29   3,000  $3,246,787
Wisconsin Hlth. & Edl. Facs. Auth. Rev.,
Forensic Science & Protective Med. Collaboration, Inc. Proj., 144A 		5.000 08/01/27   1,400 1,413,748
          15,957,127
     
 
Total Municipal Bonds
(cost $1,044,015,372) 		1,028,274,476
    
      Shares  
Unaffiliated Exchange-Traded Funds 1.2%  
iShares National Muni Bond ETF       71,440 7,419,044
Vanguard Tax-Exempt Bond Index ETF       103,000 5,026,400
     
 
Total Unaffiliated Exchange-Traded Funds
(cost $12,397,686) 		  12,445,444
     
 
   
Total Long-Term Investments
(cost $1,056,413,058) 		  1,040,719,920
   
Short-Term Investments 0.2%  
Affiliated Mutual Fund 0.1%  
PGIM Core Ultra Short Bond Fund
(cost $984,165)(wb) 		      984,165 984,165
    
  Interest
Rate 		  Maturity
Date 		Principal
Amount
(000)# 		 
U.S. Treasury Obligation(k)(n) 0.1%  
U.S. Treasury Bills
(cost $345,134) 		4.233 %   10/02/25   350 345,021
       
 
   
Total Short-Term Investments
(cost $1,329,299) 		1,329,186
   
TOTAL INVESTMENTS 100.9%
(cost $1,057,742,357) 		1,042,049,106
Liabilities in excess of other assets(z) (0.9)% (8,824,138)
   
Net Assets 100.0% $1,033,224,968
23
PGIM National Muni Fund
Schedule of Investments as of May 31, 2025 (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
  FRDD—Floating Rate Daily Demand Note
  GO—General Obligation
  NATL—National Public Finance Guarantee Corp.
  PFC—Public Facility Corporation
  PSFG—Permanent School Fund Guarantee
  RANS—Revenue Anticipation Notes
  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, 2025. 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.
(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.
(n) Rate shown reflects yield to maturity at purchased date.
(t) Represents zero coupon. Rate quoted represents effective yield at May 31, 2025.
(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:
Futures contracts outstanding at May 31, 2025:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Short Position:
112   30 Year U.S. Ultra Treasury Bonds   Sep. 2025    $12,999,000    $(224,572)
Other information regarding the Fund is available in the Fund’s most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).
24