PGIM National Muni Fund
Schedule of Investments as of November 30, 2019 (unaudited)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Long-Term Investments 101.0% | |||||
| Municipal Bonds | |||||
| Alabama 0.8% | |||||
| Black Belt Energy Gas Dist. Rev., Proj. 4, Series A-1 (Mandatory put date 12/01/25) | 4.000 %(cc) | 12/01/49 | 2,000 | $2,227,600 | |
| Jefferson Cnty. Sewer Rev., | |||||
| Sr. Lien, Warrants, Series A, Rfdg., AGM | 5.000 | 10/01/44 | 500 | 563,795 | |
| Sr. Lien, Warrants, Series A, Rfdg., AGM | 5.250 | 10/01/48 | 500 | 568,190 | |
| Lower Alabama Gas Dist. Rev., | |||||
| Series A | 5.000 | 09/01/31 | 1,000 | 1,274,760 | |
| Series A | 5.000 | 09/01/46 | 1,000 | 1,388,530 | |
| 6,022,875 | |||||
| Alaska 2.2% | |||||
| Alaska Indl. Dev. & Export Auth. Rev., Tanana Chiefs Conference Proj., Series A | 4.000 | 10/01/49 | 3,000 | 3,178,200 | |
| Valdez Marine Term Rev., | |||||
| Exxon Mobil Corp. Proj., Rfdg., FRDD (Mandatory put date 12/02/19) | 1.140(cc) | 12/01/29 | 11,890 | 11,890,000 | |
| Exxon Pipeline Co. Proj., Rfdg., FRDD (Mandatory put date 12/02/19) | 1.140(cc) | 10/01/25 | 1,000 | 1,000,000 | |
| 16,068,200 | |||||
| Arizona 3.1% | |||||
| Maricopa Cnty. Indl. Dev. Auth. Rev., Banner Hlth., Series A | 5.000 | 01/01/41 | 1,000 | 1,196,070 | |
| Phoenix Civic Impvt. Corp. Rev., | |||||
| Junior Lien, Series B, AMT | 5.000 | 07/01/49 | 1,570 | 1,877,296 | |
| Series A, AMT | 5.000 | 07/01/47 | 2,000 | 2,332,140 | |
| Sr. Lien, AMT | 5.000 | 07/01/48 | 2,000 | 2,352,240 | |
| Pima Cnty. Indl. Dev. Auth. Rev., Tucson Elec. Pwr. Co. Proj., Rfdg. | 4.000 | 09/01/29 | 2,000 | 2,122,800 | |
| Salt River Proj. Agric. Impvt. & Pwr. Dist. Elec. Sys. Rev., Series A, Rfdg. | 4.000 | 01/01/38 | 2,000 | 2,228,740 | |
| Salt Verde Finl. Corp., | |||||
| Sr. Gas Rev., Sr. Bonds | 5.000 | 12/01/32 | 2,575 | 3,319,793 | |
| Sr. Gas Rev., Sr. Bonds | 5.000 | 12/01/37 | 3,505 | 4,687,447 | |
| Sr. Gas Rev., Sr. Bonds | 5.250 | 12/01/26 | 2,155 | 2,618,066 | |
| 22,734,592 | |||||
1
PGIM National Muni Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds(Continued) | |||||
| California 13.6% | |||||
| Alameda Corridor Trans. Auth. Rev., 2nd Sub. Lien, Series B, Rfdg. | 5.000 % | 10/01/37 | 2,000 | $2,329,740 | |
| Anaheim Pub. Fing. Auth. Lease Rev., Sr. Pub. Impvts. Proj., Series A, AGM | 6.000 | 09/01/24 | 5,500 | 6,290,240 | |
| Bay Area Toll Auth. Rev., Series F-1 | 5.000 | 04/01/56 | 2,000 | 2,380,840 | |
| California Cnty. Tob. Secur. Agcy. Rev., Conv. Bonds, Asset Bkd., Series B, Rfdg. | 5.100 | 06/01/28 | 1,025 | 1,025,410 | |
| California Hlth. Facs. Fing. Auth. Rev., | |||||
| Kaiser Permanente, Sub. Series A-2, Rfdg. | 4.000 | 11/01/44 | 2,000 | 2,217,480 | |
| Stanford Healthcare, Series A | 5.000 | 08/15/54 | 1,000 | 1,138,910 | |
| Stanford Hosp., Series B, Rfdg. (Pre-refunded date 11/15/20)(ee) | 5.000 | 11/15/36 | 2,000 | 2,076,180 | |
| Sutter Hlth., Series D, Rfdg. | 5.250 | 08/15/31 | 1,000 | 1,067,860 | |
| California Muni. Fin. Auth. Rev., Sr. Lien-LINXS APM Proj., Series A, AMT | 5.000 | 12/31/47 | 2,500 | 2,908,875 | |
| California Poll. Ctrl. Fing. Auth. Wtr. Facs. Rev., Amern. Wtr. Cap. Corp. Proj., 144A | 5.250 | 08/01/40 | 1,250 | 1,278,250 | |
| California St., | |||||
| GO | 5.000 | 03/01/45 | 3,000 | 3,477,480 | |
| GO | 5.250 | 11/01/40 | 1,250 | 1,293,375 | |
| GO, Rfdg. | 5.000 | 08/01/45 | 500 | 585,545 | |
| GO, Rfdg. | 5.000 | 08/01/46 | 1,500 | 1,787,805 | |
| Var. Purp., GO | 5.000 | 10/01/29 | 20 | 20,059 | |
| Var. Purp., GO | 5.000 | 04/01/42 | 7,000 | 7,562,170 | |
| Var. Purp., GO | 5.250 | 04/01/35 | 1,250 | 1,363,525 | |
| Var. Purp., GO | 5.500 | 11/01/39 | 880 | 881,883 | |
| Var. Purp., GO | 6.000 | 03/01/33 | 1,500 | 1,518,150 | |
| Var. Purp., GO, Rfdg. | 5.000 | 09/01/41 | 4,250 | 4,515,752 | |
| Var. Purp., GO, Rfdg. | 5.000 | 10/01/41 | 1,250 | 1,327,975 | |
| Var. Purp., GO, Rfdg. | 5.000 | 10/01/47 | 3,000 | 3,549,780 | |
| California St. Univ. Rev., Series A, Systemwide, Rfdg. | 5.000 | 11/01/37 | 1,250 | 1,339,788 | |
| California Statewide Cmntys. Dev. Auth. Rev., | |||||
| Cottage Hlth. Oblig. Grp., Rfdg. | 5.000 | 11/01/40 | 2,100 | 2,160,711 | |
| Green Marin General Hosp. Proj., Series A | 4.000 | 08/01/45 | 750 | 783,533 | |
| Sutter Hlth., Series A (Pre-refunded date 08/15/20)(ee) | 6.000 | 08/15/42 | 3,000 | 3,104,790 | |
| Foothill-De Anza Cmnty. College Dist., Series C, GO (Pre-refunded date 08/01/21)(ee) | 5.000 | 08/01/40 | 1,250 | 1,333,888 | |
| Golden St. Tob. Secur. Corp. Rev., | |||||
| Series A-1, Rfdg. | 5.000 | 06/01/26 | 1,000 | 1,190,090 | |
2
PGIM National Muni Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds(Continued) | |||||
| California (cont’d.) | |||||
| Golden St. Tob. Secur. Corp. Rev., (cont’d.) | |||||
| Series A-1, Rfdg. | 5.000 % | 06/01/28 | 1,265 | $1,524,110 | |
| Series A-1, Rfdg. | 5.000 | 06/01/29 | 1,250 | 1,490,675 | |
| Series A-1, Rfdg. | 5.000 | 06/01/35 | 1,545 | 1,821,941 | |
| Long Beach Bond Fin. Auth. Nat. Gas Pur. Rev., | |||||
| Series A | 5.000 | 11/15/35 | 1,140 | 1,505,347 | |
| Series A | 5.500 | 11/15/37 | 1,000 | 1,410,980 | |
| Los Angeles Calif. Dept. Arpts. Rev., | |||||
| Los Angls. Int’l., Series A, AMT | 5.000 | 05/15/38 | 2,500 | 2,771,175 | |
| Series A, Rfdg., AMT | 4.000 | 05/15/44 | 1,000 | 1,124,890 | |
| Sub. Los Angls. Int’l., Rfdg., AMT | 5.000 | 05/15/43 | 2,000 | 2,430,940 | |
| Sub. Los Angls. Int’l., Series A, AMT | 5.250 | 05/15/48 | 1,000 | 1,221,610 | |
| Los Angeles Dept. of Wtr. Rev., Wtr. Sys., Series B | 5.000 | 07/01/34 | 2,500 | 2,833,800 | |
| M-S-R Energy Auth. Rev., Series A | 6.500 | 11/01/39 | 2,000 | 3,095,920 | |
| Pittsburg Redev. Agcy. Tax Alloc., Los Medanos Cmnty. Dev. Proj., AMBAC, CABS | 1.649(s) | 08/01/25 | 2,000 | 1,822,160 | |
| Port of Oakland Rev., Sr. Lien., Series P, Rfdg., AMT | 5.000 | 05/01/33 | 1,750 | 1,902,338 | |
| Riverside Cnty. Pub. Fing. Auth. Rev., Cap. Facs. Proj. | 5.250 | 11/01/45 | 1,000 | 1,191,470 | |
| San Diego Cmnty. College Dist., Election of 2006, GO (Pre-refunded date 08/01/21)(ee) | 5.000 | 08/01/41 | 1,500 | 1,599,075 | |
| San Diego Cnty. Regl. Arpt. Auth. Rev., Sr. Series B, AMT | 5.000 | 07/01/43 | 2,000 | 2,213,200 | |
| San Francisco City & Cnty. Arpts. Comm. Rev., | |||||
| Second Series A, Rfdg., AMT | 5.250 | 05/01/33 | 1,000 | 1,123,980 | |
| Second Series F, Rfdg., AMT | 5.000 | 05/01/28 | 1,635 | 1,716,864 | |
| Series A, Rfdg., AMT | 5.000 | 05/01/49 | 3,500 | 4,228,245 | |
| Southern Calif. Tob. Secur. Auth. Rev., San Diego Co., Asset security, Rfdg. | 5.000 | 06/01/48 | 1,000 | 1,181,070 | |
| Walnut Energy Ctr. Auth. Rev., Rfdg. | 5.000 | 01/01/34 | 800 | 932,600 | |
| 99,652,474 | |||||
| Colorado 2.5% | |||||
| Colorado Hlth. Facs. Auth. Rev., | |||||
| Adventist Hlth. Sys./Sunbelt, Series A | 4.000 | 11/15/48 | 2,555 | 2,791,976 | |
| Commonspirit Hlth. Series A, Rfdg. | 5.000 | 08/01/29 | 2,000 | 2,475,160 | |
3
PGIM National Muni Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds(Continued) | |||||
| Colorado (cont’d.) | |||||
| Colorado Hlth. Facs. Auth. Rev., (cont’d.) | |||||
| Commonspirit Hlth. Series A, Rfdg. | 5.000 % | 08/01/34 | 2,500 | $3,033,550 | |
| Vail Valley Med. Ctr. | 4.000 | 01/15/45 | 1,500 | 1,597,470 | |
| Denver City & Cnty. Arpt. Sys. Rev., | |||||
| Series A, Rfdg., AMT | 5.250 | 11/15/22 | 1,000 | 1,075,990 | |
| Sub. Sys., Series A, Rfdg., AMT | 5.000 | 12/01/34 | 2,300 | 2,798,364 | |
| Sub. Sys., Series A, Rfdg., AMT | 5.000 | 12/01/35 | 1,000 | 1,212,360 | |
| Sub. Sys., Series A, Rfdg., AMT | 5.250 | 12/01/43 | 3,000 | 3,654,180 | |
| 18,639,050 | |||||
| Connecticut 0.8% | |||||
| Connecticut St., Series C, GO | 5.000 | 06/15/28 | 1,000 | 1,251,090 | |
| Connecticut St. Dev. Auth. Rev., Light & Pwr. Co. Proj., Series A, Rfdg. | 4.375 | 09/01/28 | 1,000 | 1,051,810 | |
| Connecticut St. Hlth. & Edl. Facs. Auth. Rev., Western Conn. Hlth., Series M (Pre-refunded date 07/01/21)(ee) | 5.375 | 07/01/41 | 1,250 | 1,332,975 | |
| Connecticut St. Spl. Tax Rev., Trans. Infrastructure, Series A | 5.000 | 01/01/38 | 2,000 | 2,392,720 | |
| 6,028,595 | |||||
| District of Columbia 2.2% | |||||
| Dist. of Columbia, Rev., | |||||
| Friendship Pub. Chrt. Schl., Rfdg. | 5.000 | 06/01/46 | 1,385 | 1,563,042 | |
| Gallaudet Univ. | 5.500 | 04/01/34 | 600 | 631,230 | |
| Kipp. Chrt. Schl., Rfdg. (Pre-refunded date 07/01/23)(ee) | 6.000 | 07/01/43 | 850 | 992,137 | |
| Kipp. Chrt. Schl., Rfdg. (Pre-refunded date 07/01/23)(ee) | 6.000 | 07/01/48 | 725 | 846,234 | |
| Kipp. Issue, Series A, Rfdg. | 5.000 | 07/01/48 | 1,250 | 1,437,875 | |
| Metropolitan Washington D.C. Arpt. Auth. Dulles Toll Road Rev., Dulles Met. Rail, Series A, Rfdg. | 5.000 | 10/01/44 | 2,000 | 2,421,460 | |
| Metropolitan Washington D.C. Arpt. Auth. Sys. Rev., | |||||
| Series A, Rfdg., AMT | 5.000 | 10/01/31 | 2,500 | 2,732,725 | |
| Series A, Rfdg., AMT | 5.000 | 10/01/44 | 1,000 | 1,125,770 | |
| Series B, Rfdg., AMT | 5.000 | 10/01/25 | 3,000 | 3,090,450 | |
| Series C, Rfdg. | 5.000 | 10/01/27 | 1,000 | 1,064,460 | |
| 15,905,383 | |||||
4
PGIM National Muni Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds(Continued) | |||||
| Florida 9.1% | |||||
| Broward Cnty. FL Arpt. Sys. Rev., | |||||
| AMT | 5.000 % | 10/01/47 | 1,000 | $1,158,460 | |
| Series A, AMT | 4.000 | 10/01/44 | 2,150 | 2,377,104 | |
| Series A, AMT | 5.000 | 10/01/45 | 3,000 | 3,402,900 | |
| Series A, AMT (Pre-refunded date 10/01/23)(ee) | 5.250 | 10/01/43 | 1,500 | 1,717,005 | |
| Central Florida Expressway Auth. Rev., Sr. Lien, Rfdg. | 4.000 | 07/01/41 | 2,000 | 2,186,600 | |
| Citizens Ppty. Ins. Corp. Rev., Sr. Sec’d., Series A-1 | 5.000 | 06/01/22 | 1,000 | 1,091,990 | |
| Cityplace Cmnty. Dev. Dist., Spl. Assess., Rfdg. | 5.000 | 05/01/26 | 1,000 | 1,125,520 | |
| Davie Edl. Facs. Rev., | |||||
| Nova Southeastern Univ. Proj., Series A | 5.625 | 04/01/43 | 500 | 552,490 | |
| Nova Southeastern Univ. Proj., Series A | 6.000 | 04/01/42 | 1,000 | 1,118,510 | |
| Florida Higher Edl. Facs. Finl. Auth. Rev., Edl. Facs., Ringling Clg., Proj. | 5.000 | 03/01/47 | 2,500 | 2,830,450 | |
| Grtr. Orlando Avtn. Auth. Rev., | |||||
| Priority Sub., Series A, AMT | 5.000 | 10/01/42 | 5,000 | 5,881,100 | |
| Priority Sub., Series A, AMT | 5.000 | 10/01/52 | 1,000 | 1,168,260 | |
| Series A, AMT | 4.000 | 10/01/49 | 3,000 | 3,305,730 | |
| Series A, AMT | 5.000 | 10/01/44 | 750 | 909,412 | |
| Hillsborough Cnty. Avtn. Auth. Rev., Tampa Int’l. Arpt., Series E, AMT | 5.000 | 10/01/48 | 4,500 | 5,370,570 | |
| Miami Beach Redev. Agcy. Tax Alloc., Tax Incr. Rev. City Ctr., Rfdg., AGM | 5.000 | 02/01/44 | 1,500 | 1,675,950 | |
| Miami Dade Cnty. Avtn. Rev., Miami Int’l. Arpt., Series B | 5.000 | 10/01/41 | 2,500 | 2,568,275 | |
| Miami Dade Cnty. Hlth. Facs. Auth. Rev., Nicklaus Children’s Hospital, Series A, Rfdg. | 5.000 | 08/01/42 | 1,955 | 2,306,138 | |
| Miami Dade Cnty. Wtr. & Swr. Sys. Rev., Series B, Rfdg., AGM | 5.250 | 10/01/22 | 5,000 | 5,535,450 | |
| Mid-Bay Bridge Auth. Rev., Series A, Rfdg. | 5.000 | 10/01/40 | 1,000 | 1,119,680 | |
| North Sumter Cnty. Util. Dependent Dist., Wtr. & Swr. Rev. | 5.750 | 10/01/43 | 1,500 | 1,549,560 | |
| Orange Cnty. Hlth. Facs. Auth. Rev., | |||||
| Orlando Hlth. Inc., Series B, Rfdg. | 5.000 | 10/01/44 | 1,000 | 1,176,790 | |
| Orlando Hlth. Oblig. Grp., Series B | 5.000 | 10/01/47 | 1,500 | 1,807,860 | |
| Palm Beach Cnty. Hlth. Facs. Auth. Rev., | |||||
| Baptist Hlth. South Florida, Rfdg. | 4.000 | 08/15/49 | 3,275 | 3,577,381 | |
| BRRH Corp. Oblig. Grp., Rfdg. (Pre-refunded date 12/01/24)(ee) | 5.000 | 12/01/31 | 500 | 590,355 | |
5
PGIM National Muni Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds(Continued) | |||||
| Florida (cont’d.) | |||||
| Sarasota Cnty. Pub. Hosp. Dist. Rev., Sarst. Mem. Hosp. | 4.000 % | 07/01/48 | 2,860 | $3,119,945 | |
| South Lake Cnty. Hosp. Dist. Rev., South Lake Hosp., Inc., Rfdg. (Pre-refunded date 04/01/20)(ee) | 5.250 | 10/01/34 | 750 | 760,118 | |
| South Miami Hlth. Facs. Auth. Rev., Baptist Hlth. South FL., Rfdg. | 5.000 | 08/15/47 | 1,000 | 1,172,090 | |
| Tampa FL. Hlth. Sys. Rev., Baycare Hlth. Sys., Series A, Rfdg. | 5.000 | 11/15/33 | 3,000 | 3,250,620 | |
| Village Cmnty. Dev. Dist. No. 13, Spl. Assess., 144A | 3.375 | 05/01/34 | 500 | 508,755 | |
| Village Cmnty. Dev. Dist. No. 6, | |||||
| Spl. Assess., Rfdg. | 4.000 | 05/01/27 | 340 | 377,448 | |
| Spl. Assess., Rfdg. | 4.000 | 05/01/28 | 350 | 384,829 | |
| Spl. Assess., Rfdg. | 4.000 | 05/01/29 | 365 | 398,737 | |
| Village Cmnty. Dev. Dist. No.10, Spl. Assess. | 4.500 | 05/01/23 | 715 | 762,404 | |
| 66,838,486 | |||||
| Georgia 2.6% | |||||
| Atlanta Arpt. Rev., | |||||
| Gen., Series B, Rfdg., AMT | 5.000 | 01/01/30 | 500 | 518,805 | |
| Gen., Series C, Rfdg. | 6.000 | 01/01/30 | 3,250 | 3,414,775 | |
| Series B, AMT | 4.000 | 07/01/49 | 3,000 | 3,311,340 | |
| Brookhaven Dev. Auth. Rev., | |||||
| Children’s Healthcare of Atlantic, Series A | 4.000 | 07/01/44 | 3,800 | 4,241,028 | |
| Children’s Healthcare of Atlantic, Series A | 4.000 | 07/01/49 | 2,000 | 2,218,680 | |
| Main Street Natural Gas, Inc., Rev., Series C (Mandatory put date 09/01/26) | 4.000(cc) | 03/01/50 | 2,000 | 2,255,740 | |
| Monroe Cnty. Dev. Auth. Rev., GA Pwr. Co. Plant Scherer Proj. 1 | 2.250 | 07/01/25 | 1,000 | 1,003,450 | |
| Priv. Coll. & Univs. Auth. Rev., Savannah Clg. of Art & Design | 5.000 | 04/01/44 | 2,120 | 2,366,323 | |
| 19,330,141 | |||||
| Hawaii 1.0% | |||||
| Hawaii St. Arpts. Sys. Rev., | |||||
| Series A, AMT | 5.000 | 07/01/45 | 1,000 | 1,136,110 | |
| Series A, AMT | 5.000 | 07/01/48 | 3,000 | 3,589,080 | |
6
PGIM National Muni Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds(Continued) | |||||
| Hawaii (cont’d.) | |||||
| Hawaii St. Dept. Budget & Fin. Rev., Pac. Hlth. Oblig., Series A, Rfdg. | 5.500 % | 07/01/43 | 2,500 | $2,787,775 | |
| 7,512,965 | |||||
| Illinois 12.5% | |||||
| Chicago Board of Ed., | |||||
| Series A, GO, Rfdg. | 4.000 | 12/01/20 | 500 | 509,215 | |
| Series C, GO, Rfdg. | 5.000 | 12/01/22 | 1,500 | 1,620,870 | |
| Chicago Board of Ed. Rev., Spl. Tax | 5.000 | 04/01/46 | 1,000 | 1,116,890 | |
| Chicago O’Hare Int’l. Arpt. Rev., | |||||
| Gen. Arpt. Sr. Lien, Series B, Rfdg., AMT | 5.000 | 01/01/32 | 2,000 | 2,132,140 | |
| Sr. Lien, Series D | 5.250 | 01/01/42 | 2,000 | 2,390,280 | |
| Sr. Lien, Series A, AMT, Rfdg. | 5.000 | 01/01/48 | 1,050 | 1,241,772 | |
| Chicago Trans. Auth. Rev., | |||||
| 2nd Lien | 5.000 | 12/01/46 | 3,000 | 3,368,520 | |
| Transit Imps. | 5.250 | 12/01/40 | 1,000 | 1,055,770 | |
| Chicago Waterworks Rev., | |||||
| 2nd Lien, Rfdg. | 5.000 | 11/01/32 | 1,295 | 1,408,856 | |
| 2nd Lien, Rfdg. | 5.000 | 11/01/36 | 2,140 | 2,483,620 | |
| 2nd Lien, Series A-1 | 5.000 | 11/01/27 | 410 | 486,125 | |
| 2nd Lien, Series A-1 | 5.000 | 11/01/30 | 1,380 | 1,617,250 | |
| Chicago Wstewtr. Transmn. Rev., | |||||
| 2nd Lien | 5.000 | 01/01/39 | 2,000 | 2,177,300 | |
| 2nd Lien, Rmkt., Series C, Rfdg. | 5.000 | 01/01/39 | 2,000 | 2,222,900 | |
| 2nd Lien, Series A | 5.000 | 01/01/47 | 1,000 | 1,129,390 | |
| Chicago, IL, | |||||
| Proj., Series A, GO, Rfdg. | 5.250 | 01/01/29 | 500 | 551,160 | |
| Proj., Series A, GO, Rfdg., AGM | 5.000 | 01/01/29 | 5,000 | 5,010,750 | |
| Series C, GO, Rfdg. | 5.000 | 01/01/23 | 270 | 284,334 | |
| Series C, GO, Rfdg. | 5.000 | 01/01/24 | 340 | 373,742 | |
| Series C, GO, Rfdg. | 5.000 | 01/01/26 | 1,000 | 1,133,770 | |
| Illinois Fin. Auth. Rev., | |||||
| Advocate Healthcare Netw. Rfdg. | 4.000 | 05/01/44 | 1,030 | 1,094,540 | |
| Provena Hlth., Series A, Rfdg. (Pre-refunded date 05/01/20)(ee) | 6.000 | 05/01/28 | 1,500 | 1,529,715 | |
| Illinois St., | |||||
| GO | 5.000 | 04/01/31 | 1,000 | 1,093,860 | |
| GO | 5.000 | 05/01/39 | 1,000 | 1,078,610 | |
| GO | 5.250 | 02/01/29 | 2,000 | 2,215,200 | |
| Series A, GO | 5.000 | 04/01/20 | 265 | 267,841 | |
| Series A, GO | 5.000 | 12/01/42 | 2,500 | 2,789,350 | |
7
PGIM National Muni Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds(Continued) | |||||
| Illinois (cont’d.) | |||||
| Illinois St., (cont’d.) | |||||
| Series B, GO, Rfdg. | 5.250 % | 01/01/20 | 1,505 | $1,509,124 | |
| Series C, GO | 5.000 | 11/01/29 | 750 | 855,802 | |
| Series D, GO | 5.000 | 11/01/22 | 1,950 | 2,109,276 | |
| Series D, GO | 5.000 | 11/01/23 | 4,945 | 5,441,181 | |
| Series D, GO | 5.000 | 11/01/27 | 9,250 | 10,647,212 | |
| Illinois St. Sales Tax Rev., Build Illinois Bonds, Rfdg. | 5.000 | 06/15/20 | 2,000 | 2,034,340 | |
| Illinois St. Toll Hwy. Auth. Rev., | |||||
| Series A | 4.000 | 01/01/44 | 1,000 | 1,108,930 | |
| Series A | 5.000 | 01/01/38 | 3,125 | 3,420,500 | |
| Series C | 5.000 | 01/01/39 | 2,000 | 2,278,100 | |
| Sr. Series B, Rfdg. | 5.000 | 01/01/31 | 1,500 | 1,910,670 | |
| Metropolitan Pier & Exposition Auth. Dedicated St. Tax Rev., McCormick Place Expansion, | |||||
| Series A, CABS, NATL | 3.188(s) | 12/15/34 | 10,000 | 6,213,700 | |
| Series A, CABS, NATL | 3.343(s) | 06/15/37 | 7,500 | 4,192,125 | |
| Railsplitter Tob. Settlement Auth. Rev., | |||||
| Series 2010 (Pre-refunded date 06/01/21)(ee) | 6.000 | 06/01/28 | 1,250 | 1,339,325 | |
| Tob. Set. Funded | 5.000 | 06/01/28 | 1,000 | 1,195,110 | |
| Regl. Trans. Auth. Rev., Series A | 4.000 | 06/01/37 | 3,605 | 3,884,532 | |
| Springfield Elec. Rev., Sr. Lien, Rfdg., AGM | 4.000 | 03/01/40 | 1,000 | 1,061,150 | |
| 91,584,847 | |||||
| Indiana 0.9% | |||||
| Indianapolis Loc. Pub. Impvt. Bank Rev., Courthouse & Jail Proj., Series A, Rfdg. | 4.000 | 02/01/44 | 4,250 | 4,780,187 | |
| Whiting, IN Rev., BP products, Rfdg., AMT (Mandatory put date 06/05/26) | 5.000(cc) | 12/01/44 | 1,500 | 1,772,415 | |
| 6,552,602 | |||||
| Iowa 0.2% | |||||
| PEFA, Inc., Gas Proj. Rev., Series A-1 (Mandatory put date 09/01/26) | 5.000(cc) | 09/01/49 | 1,515 | 1,788,351 | |
8
PGIM National Muni Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds(Continued) | |||||
| Kansas 0.3% | |||||
| Wyandotte Cnty.-Kansas City Unified Govt. Util. Sys. Rev., Impvt., Series A | 5.000 % | 09/01/45 | 2,170 | $2,503,898 | |
| Kentucky 0.8% | |||||
| Kentucky Econ. Dev. Fin. Auth. Hosp. Facs. Rev., Owensboro Med. Hlth. Sys., Series A (Pre-refunded date 06/01/20)(ee) | 6.375 | 06/01/40 | 2,500 | 2,564,150 | |
| Kentucky Pub. Energy Auth., Rev., Series A-1, (Mandatory put date 06/01/25) | 4.000(cc) | 12/01/49 | 310 | 342,172 | |
| Owen Cnty. Wtrwks. Sys. Rev., | |||||
| Amer. Wtr. Co. Proj., Series A | 6.250 | 06/01/39 | 500 | 500,480 | |
| Amer. Wtr. Co., Series B | 5.625 | 09/01/39 | 540 | 540,453 | |
| Var. American Waterworks, Series A, Rfdg. (Mandatory put date 10/01/29) | 2.450(cc) | 06/01/39 | 1,500 | 1,537,260 | |
| 5,484,515 | |||||
| Louisiana 1.0% | |||||
| East Baton Rouge Sewerage Comm. Rev., Series A, Rfdg. | 4.000 | 02/01/45 | 2,000 | 2,221,840 | |
| Louisiana Pub. Facs. Auth. Rev., | |||||
| Franciscan Mis., Rfdg. (Pre-refunded date 07/01/25)(ee) | 5.000 | 07/01/39 | 10 | 12,017 | |
| Franciscan Mis., Unrefunded, Rfdg. | 5.000 | 07/01/39 | 1,990 | 2,270,928 | |
| Louisiana St. Hwy. Impt. Rev., Series A | 5.000 | 06/15/34 | 1,250 | 1,424,538 | |
| St. Charles Parish Gulf Zone Opp. Zone Rev., Valero Energy Corp. (Mandatory put date 06/01/22) | 4.000(cc) | 12/01/40 | 1,500 | 1,583,595 | |
| 7,512,918 | |||||
| Maryland 0.7% | |||||
| Frederick Cnty. Spl. Oblig. Urbana Cmnty. Dev. Auth., Spl. Tax, Series A, Rfdg. | 5.000 | 07/01/40 | 1,995 | 2,028,556 | |
| Maryland St. Hlth. & Higher Edl. Facs. Auth. Rev., Lifebridge Hlth. (Pre-refunded date 07/01/21)(ee) | 6.000 | 07/01/41 | 400 | 430,356 | |
| Washington Suburban Sanitary Comm. Rev., Consol. Pub. Impt., 2nd Series | 4.000 | 06/01/40 | 2,150 | 2,390,606 | |
| 4,849,518 | |||||
9
PGIM National Muni Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds(Continued) | |||||
| Massachusetts 2.5% | |||||
| Massachusetts Bay Trans. Auth. Rev., Mass. Sales Tax, Series B, Rfdg., NATL | 5.500 % | 07/01/27 | 1,325 | $1,723,507 | |
| Massachusetts St. Dev. Fin. Agcy. Rev., | |||||
| Atrius Hlth., Series A, Rfdg. | 5.000 | 06/01/39 | 1,850 | 2,196,338 | |
| Series A, Rfdg. | 5.000 | 07/01/44 | 1,000 | 1,172,020 | |
| Series K-6, Partners Healthcare, Rfdg. (Pre-refunded date 07/01/20)(ee) | 5.375 | 07/01/41 | 5,000 | 5,123,800 | |
| Massachusetts St. Hlth. & Edl. Facs. Auth. Rev., Tufts Univ., Series M, Rfdg. | 5.500 | 02/15/28 | 3,000 | 3,919,620 | |
| Massachusetts St. Port Auth. Rev., | |||||
| Bosfuel Proj., Series A, AMT, Rfdg. | 5.000 | 07/01/49 | 1,500 | 1,780,575 | |
| Series A, AMT | 5.000 | 07/01/42 | 1,000 | 1,076,460 | |
| Series C, Rfdg., AMT | 5.000 | 07/01/49 | 1,000 | 1,213,780 | |
| 18,206,100 | |||||
| Michigan 0.9% | |||||
| Michigan Fin. Auth. Rev., Henry Ford Hlth. Sys., Series. A | 5.000 | 11/15/48 | 1,000 | 1,211,790 | |
| Michigan St. Bldg. Auth. Rev., Facs. Prog., Series I-A, Rfdg. | 5.375 | 10/15/41 | 750 | 800,603 | |
| Michigan Strtg. Fnd. Rev., I-75 Imp. Proj., AMT, AGM | 4.500 | 06/30/48 | 1,250 | 1,374,237 | |
| Michigan St. Univ. Rev., Brd. of Trustees, Series B, Rfdg. | 5.000 | 02/15/48 | 1,000 | 1,213,700 | |
| Wayne Cnty. Arpt. Auth. Rev., Det. Met. Arpt., Series D, Rfdg., AMT | 5.000 | 12/01/28 | 1,500 | 1,647,510 | |
| 6,247,840 | |||||
| Minnesota 0.6% | |||||
| Minneapolis-St. Paul Metropolitan Arpts. Comm. Rev., Sr., Series C | 5.000 | 01/01/46 | 1,000 | 1,182,940 | |
| Rochester Rev., My. Clnc. | 4.000 | 11/15/48 | 2,000 | 2,203,940 | |
| St. Cloud Rev., Centracare Hlth., Rfdg. | 5.000 | 05/01/48 | 1,000 | 1,204,370 | |
| 4,591,250 | |||||
10
PGIM National Muni Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds(Continued) | |||||
| Mississippi 0.3% | |||||
| Mississippi Business Fin. Corp. Rev., Var. Chevron Corp., Series F, FRDD (Mandatory put date 12/02/19) | 1.150 %(cc) | 11/01/35 | 2,500 | $2,500,000 | |
| Missouri 0.5% | |||||
| Missouri St. Hlth. & Edl. Facs. Auth. Rev., BJC Hlth. Sys. | 5.000 | 01/01/44 | 3,500 | 3,874,570 | |
| Nebraska 0.7% | |||||
| Cntrl. Plns. Energy. Proj. Rev., | |||||
| Proj. 4 (Mandatory put date 01/01/24) | 5.000(cc) | 03/01/50 | 2,000 | 2,238,920 | |
| Rfdg. (Mandatory put date 08/01/25) | 4.000(cc) | 12/01/49 | 2,500 | 2,802,100 | |
| 5,041,020 | |||||
| Nevada 0.4% | |||||
| Clark Cnty. Passenger Facs. Charge Rev., Las Vegas McCarran Int’l. Arpt., Series A | 5.125 | 07/01/34 | 3,000 | 3,008,730 | |
| New Jersey 6.0% | |||||
| Camden Cnty. Impvt. Auth. Rev., Cooper Hlth. Sys. Oblig. Grp. | 5.750 | 02/15/42 | 1,500 | 1,655,445 | |
| Cape May Cnty. Indl. Poll. Ctrl. Fing. Auth. Rev., Atlantic City Elec. Co., Series A, Rfdg., NATL | 6.800 | 03/01/21 | 2,615 | 2,787,486 | |
| New Jersey Econ. Dev. Auth. Rev., | |||||
| Series BBB, Rfdg. | 5.500 | 06/15/30 | 1,500 | 1,801,980 | |
| Series MMM, Rfdg. | 5.000 | 06/15/34 | 1,500 | 1,768,545 | |
| New Jersey Edl. Facs. Auth. Rev., Montclair St. Univ., Series A, Rfdg. | 5.000 | 07/01/44 | 2,500 | 2,830,225 | |
| New Jersey Healthcare Facs. Fing. Auth. Rev., | |||||
| AHS Hosp. Corp., Rfdg. (Pre-refunded date 07/01/21)(ee) | 6.000 | 07/01/41 | 500 | 538,120 | |
| Hackensack Meridian Hlth., Series A, Rfdg. | 5.000 | 07/01/39 | 1,500 | 1,792,830 | |
| RWJ Barnabas Hlth. Oblig. Grp., Series A, Rfdg. | 5.000 | 07/01/43 | 1,500 | 1,755,600 | |
| RWJ Univ. Hosp., Series A | 5.500 | 07/01/43 | 1,000 | 1,123,960 | |
| Virtua Hlth., Rfdg. | 5.000 | 07/01/29 | 1,000 | 1,137,910 | |
| New Jersey St. Tpke. Auth., Rev., | |||||
| Series A | 5.000 | 01/01/48 | 2,155 | 2,605,675 | |
| Series A (Pre-refunded date 07/01/22)(ee) | 5.000 | 01/01/43 | 1,885 | 2,070,333 | |
| Series A, Unrefunded | 5.000 | 01/01/43 | 1,115 | 1,204,378 | |
| Series B, Rfdg. | 5.000 | 01/01/40 | 1,000 | 1,207,680 | |
11
PGIM National Muni Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds(Continued) | |||||
| New Jersey (cont’d.) | |||||
| New Jersey St. Tpke. Auth., Rev., (cont’d.) | |||||
| Series E, Rfdg. | 5.000 % | 01/01/32 | 1,500 | $1,845,795 | |
| New Jersey St. Trans. Tr. Fd. Sys. Auth. Rev., | |||||
| Series BB | 5.000 | 06/15/35 | 1,000 | 1,159,770 | |
| Trans. Sys., Series A, Rfdg. | 5.000 | 12/15/28 | 1,700 | 2,047,123 | |
| Trans. Sys., Series A, Rfdg. | 5.000 | 12/15/36 | 1,250 | 1,448,525 | |
| Trans. Sys., Series AA | 5.250 | 06/15/43 | 1,500 | 1,749,660 | |
| Transn. Sys, Series A, Rfdg. | 5.500 | 12/15/23 | 3,000 | 3,441,120 | |
| Transn. Sys, Series B | 5.500 | 06/15/31 | 1,000 | 1,058,160 | |
| Tob. Settlement Fing. Corp. Rev., | |||||
| Series A, Rfdg. | 5.000 | 06/01/29 | 1,545 | 1,912,587 | |
| Series A, Rfdg. | 5.000 | 06/01/46 | 2,500 | 2,855,925 | |
| Series A, Rfdg. | 5.250 | 06/01/46 | 2,000 | 2,329,780 | |
| 44,128,612 | |||||
| New York 4.4% | |||||
| New York City Trans. Fin. Auth. Bldg. Aid. Rev., Sub. Series S-1A | 5.250 | 07/15/37 | 3,000 | 3,185,130 | |
| New York City Trans. Fin. Auth. Future Tax Sec’d. Rev., Future Tax Sec’d., Sub. Series D-1 | 5.000 | 11/01/38 | 3,000 | 3,203,280 | |
| New York Liberty Dev. Corp. Rev., 4 World Trade Center Proj., Rfdg. | 5.750 | 11/15/51 | 1,750 | 1,892,118 | |
| New York St. Dorm. Auth. Rev., | |||||
| Memorial Sloan Kettering, Series 1, Rfdg. | 5.000 | 07/01/42 | 1,000 | 1,214,740 | |
| Mount Sinai Sch. of Medicine, Series A, Rfdg. | 5.000 | 07/01/21 | 1,685 | 1,722,053 | |
| Rochester Inst. Tech., Series A, Rfdg., AMBAC | 5.250 | 07/01/20 | 2,100 | 2,149,896 | |
| Rochester Inst. Tech., Series A, Rfdg., AMBAC | 5.250 | 07/01/21 | 2,000 | 2,128,660 | |
| New York St. Environ. Facs. Corp. Rev., Clean Wtr. & Drinking Revolving Fds. Pooled Fing., Series B, ETM(ee) | 5.500 | 10/15/23 | 3,750 | 4,337,625 | |
| New York St. Thruway Auth. Rev., Series B, Rfdg. | 4.000 | 01/01/50 | 1,500 | 1,667,085 | |
| New York Trans. Dev. Corp. Rev., Laguardia Arpt., Term. B Redev., Series A, AMT | 5.000 | 07/01/46 | 2,000 | 2,208,240 | |
| Port Auth. of NY & NJ, Spl. Oblig. Rev., | |||||
| Consolidated Bonds, Series 218, AMT | 4.000 | 11/01/47 | 1,250 | 1,383,625 | |
| Consolidated Bonds, Series 218, AMT | 5.000 | 11/01/44 | 1,500 | 1,828,890 | |
| JFK Int’l. Air Terminal | 5.000 | 12/01/20 | 340 | 351,655 | |
12
PGIM National Muni Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds(Continued) | |||||
| New York (cont’d.) | |||||
| TSASC, Inc., Rev., Series A, Rfdg. | 5.000 % | 06/01/41 | 2,000 | $2,246,600 | |
| Utility Debt Sec. Auth. Rev., Series TE, Rfdg. | 5.000 | 12/15/41 | 2,585 | 2,929,865 | |
| 32,449,462 | |||||
| North Carolina 0.1% | |||||
| North Carolina Eastern Muni. Pwr. Agcy., Pwr. Sys. Rev., | |||||
| Series A, ETM(ee) | 6.400 | 01/01/21 | 290 | 298,993 | |
| Series A, Rfdg. (Pre-refunded date 01/01/22)(ee) | 6.000 | 01/01/26 | 650 | 715,039 | |
| 1,014,032 | |||||
| North Dakota 0.1% | |||||
| McLean Cnty. Solid Wste. Facs. Rev., Great River Energy Proj., Series A, Rfdg. | 4.875 | 07/01/26 | 1,000 | 1,018,110 | |
| Ohio 4.2% | |||||
| Buckeye Tob. Settlement Fing. Auth. Rev., Asset Bkd. Sr. Turbo, Series A-2 | 5.875 | 06/01/30 | 2,000 | 2,007,440 | |
| Franklin Cnty. Hosp. Facs. Rev., | |||||
| Hospital Facs. | 4.125 | 05/15/45 | 2,000 | 2,152,440 | |
| Nationwide Children’s Hosp. Proj. | 4.000 | 11/01/45 | 2,000 | 2,134,000 | |
| Nationwide Children’s Hosp., Rfdg. | 4.000 | 11/01/47 | 2,400 | 2,591,952 | |
| Ohio Hlth. Corp., Series A | 4.000 | 05/15/47 | 4,815 | 5,259,762 | |
| Ohio Hlth. Corp., Series A | 5.000 | 11/15/41 | 2,000 | 2,121,980 | |
| Hancock Cnty. Hosp. Rev., | |||||
| Blanchard Valley Regl. Hlth. Ctr., Rfdg. (Pre-refunded date 06/01/21)(ee) | 6.250 | 12/01/34 | 400 | 430,372 | |
| Christ Hosp. Proj. | 5.000 | 06/01/42 | 1,250 | 1,332,537 | |
| Hilliard Sch. Dist. Sch. Impvt., CABS, GO, Rfdg., NATL | —(p) | 12/01/19 | 1,720 | 1,720,000 | |
| Lancaster Port Auth. Rev., Series A, Rfdg. (Mandatory put date 02/01/25) | 5.000(cc) | 08/01/49 | 750 | 869,228 | |
| Lucas Cnty. Hosp. Rev., | |||||
| Promedica Healthcare, Series A, Rfdg. (Pre-refunded date 11/15/21)(ee) | 6.000 | 11/15/41 | 750 | 820,538 | |
| Promedica Healthcare, Series A, Rfdg. (Pre-refunded date 11/15/21)(ee) | 6.500 | 11/15/37 | 875 | 965,702 | |
| Middleburg Heights Hosp. Rev. Facs., Southwest Gen., Rfdg. | 5.250 | 08/01/41 | 800 | 843,840 | |
13
PGIM National Muni Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds(Continued) | |||||
| Ohio (cont’d.) | |||||
| Ohio Air Quality Dev. Auth. Rev., | |||||
| American Electric Power Co. Proj., Series A, (Mandatory put date 10/01/29) | 2.400 %(cc) | 12/01/38 | 500 | $505,125 | |
| American Electric Power Co. Proj., Series C, Rfdg., AMT (Mandatory put date 10/01/24) | 2.100(cc) | 12/01/27 | 1,500 | 1,503,930 | |
| Ohio St. Higher Edl. Facs., Comm. Rev., | |||||
| Case Western Resv. Univ., Series B | 6.500 | 10/01/20 | 145 | 151,306 | |
| Cleveland Clinic Hlth. Sys. Oblig., Series A-1, Rfdg. (Pre-refunded date 01/01/23)(ee) | 5.000 | 01/01/42 | 2,000 | 2,233,800 | |
| Ohio St. Rev., Cleveland Clinic Hlth. Sys., Series A, Rfdg. | 4.000 | 01/01/36 | 2,500 | 2,821,500 | |
| 30,465,452 | |||||
| Oklahoma 1.3% | |||||
| Oklahoma St. Dev. Fin. Auth. Rev., St. Johns Hlth. Sys., Rfdg. (Pre-refunded date 02/15/22)(ee) | 5.000 | 02/15/42 | 1,500 | 1,622,790 | |
| Oklahoma Tpke. Auth. Rev., | |||||
| Series A | 4.000 | 01/01/48 | 2,000 | 2,188,240 | |
| Series A | 5.000 | 01/01/42 | 3,000 | 3,529,380 | |
| Stillwater OK Util. Auth. Rev., Series A | 5.000 | 10/01/39 | 1,865 | 2,134,325 | |
| 9,474,735 | |||||
| Oregon 0.2% | |||||
| Port of Portland Arpt. Rev., Series 24B, AMT | 5.000 | 07/01/42 | 1,500 | 1,746,285 | |
| Pennsylvania 5.2% | |||||
| Central Bradford Progress Auth. Rev., Guthrie Healthcare Sys., Rfdg. (Pre-refunded date 12/01/21)(ee) | 5.375 | 12/01/41 | 2,700 | 2,912,679 | |
| Commonwealth Fing. Auth. Rev., Tob. Mstr. Settlement Payment Bonds | 5.000 | 06/01/34 | 1,000 | 1,212,640 | |
| Geisinger Auth. Rev., Series A-1 | 5.125 | 06/01/41 | 2,000 | 2,096,880 | |
| Gen. Auth. of Southcentral PA, Rev., Wellspan Hlth. Oblig. Grp., Series A, Rfdg. | 5.000 | 06/01/44 | 3,000 | 3,327,090 | |
| Lehigh Cnty. Rev., Lehigh Valley Hlth. Netw. Rfdg. | 4.000 | 07/01/49 | 1,500 | 1,625,475 | |
14
PGIM National Muni Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds(Continued) | |||||
| Pennsylvania (cont’d.) | |||||
| Luzerne Cnty. Indl. Dev. Auth. Rev., Pennsylvania American, AMT, Rfdg. (Mandatory put date 12/03/29) | 2.450 %(cc) | 12/01/39 | 1,250 | $1,257,100 | |
| Pennsylvania Higher Edl. Facs. Auth. Rev., | |||||
| Trustees Univ. of Pennsylvania, Series A | 4.000 | 08/15/41 | 3,200 | 3,564,192 | |
| Univ. of Pennsylvania | 5.000 | 08/15/49 | 2,000 | 2,416,360 | |
| Pennsylvania Tpke. Comm. Rev., | |||||
| Series A | 5.000 | 12/01/38 | 1,000 | 1,144,860 | |
| Series A-1 | 5.000 | 12/01/47 | 1,000 | 1,190,110 | |
| Series A-1, Rfdg. | 5.000 | 12/01/40 | 1,500 | 1,735,200 | |
| Series B | 5.000 | 12/01/45 | 7,000 | 8,107,540 | |
| Sub. Series A | 5.000 | 12/01/44 | 2,000 | 2,404,980 | |
| Sub. Series B-1 | 5.250 | 06/01/47 | 2,000 | 2,371,120 | |
| Philadelphia Auth. for Indl. Dev. Rev., Children’s Hospital, Rfdg. | 4.000 | 07/01/37 | 1,075 | 1,202,839 | |
| Union Cnty. Hosp. Auth. Rev., Evangelical Cmnty Hosp., Series B | 5.000 | 08/01/48 | 1,500 | 1,725,150 | |
| 38,294,215 | |||||
| Puerto Rico 1.2% | |||||
| Puerto Rico Comnwlth. Aqu. & Sew. Auth. Rev., | |||||
| Sr. Lien, Series A | 5.750 | 07/01/37 | 1,260 | 1,329,754 | |
| Sr. Lien, Series A | 6.000 | 07/01/47 | 1,050 | 1,115,772 | |
| Puerto Rico Sales Tax Fing. Corp. Rev., | |||||
| Series A-1 | 4.750 | 07/01/53 | 1,000 | 1,032,550 | |
| Series A-1 | 5.000 | 07/01/58 | 1,743 | 1,832,119 | |
| Series A-1, CABS | 2.802(s) | 07/01/24 | 444 | 390,782 | |
| Series A-1, CABS | 2.993(s) | 07/01/27 | 2,935 | 2,342,600 | |
| Series A-2 | 4.329 | 07/01/40 | 1,000 | 1,011,550 | |
| 9,055,127 | |||||
| Rhode Island 0.7% | |||||
| Rhode Island Hlth. & Edl. Bldg. Corp. Higher Ed. Facs. Rev., College & Univ. Rev. | 5.250 | 08/15/43 | 3,815 | 4,671,735 | |
| Tob. Settlement Fing. Corp. Rev., Series A, Rfdg. | 5.000 | 06/01/40 | 400 | 444,448 | |
| 5,116,183 | |||||
15
PGIM National Muni Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds(Continued) | |||||
| South Carolina 0.9% | |||||
| South Carolina Prt. Auth. Rev., AMT | 4.000 % | 07/01/45 | 1,000 | $1,053,630 | |
| South Carolina Pub. Svc. Auth. Rev., | |||||
| Santee Cooper, Series A, Rfdg. | 5.125 | 12/01/43 | 2,000 | 2,226,000 | |
| Santee Cooper, Series A, Rfdg. (Pre-refunded date 12/01/23)(ee) | 5.750 | 12/01/43 | 3,000 | 3,519,240 | |
| 6,798,870 | |||||
| South Dakota 0.4% | |||||
| South Dakota Edl. Enhancement Fdg. Corp. Rev., Series B, Rfdg. | 5.000 | 06/01/27 | 1,000 | 1,106,960 | |
| South Dakota St. Hlth. & Edl. Facs. Auth. Rev., Avera Hlth., Series A, Rfdg. (Pre-refunded date 07/01/21)(ee) | 5.000 | 07/01/42 | 1,600 | 1,696,944 | |
| 2,803,904 | |||||
| Tennessee 0.6% | |||||
| Chattanooga Hlth. Edl. & Hsg. Facs. Brd. Rev., Catholic Hlth. Initiatives, Series A (Pre-refunded date 01/01/23)(ee) | 5.250 | 01/01/45 | 1,500 | 1,681,155 | |
| Memphis Shelby Cnty. Arpt. Auth. Rev., Series B, Rfdg., AMT | 5.750 | 07/01/25 | 1,000 | 1,024,980 | |
| Tennessee Energy Acquisition Corp. Gas Rev., | |||||
| Series A | 5.250 | 09/01/26 | 440 | 524,247 | |
| Series C | 5.000 | 02/01/22 | 1,000 | 1,065,800 | |
| 4,296,182 | |||||
| Texas 9.3% | |||||
| Austin Conv. Enterprises, Inc., Rev., First Tier Conv. Ctr., Series A, Rfdg. | 5.000 | 01/01/29 | 1,800 | 2,127,348 | |
| Central Tex. Regl. Mobility Auth. Rev., | |||||
| Sr. Lien, Rfdg. (Pre-refunded date 01/01/21)(ee) | 6.000 | 01/01/41 | 1,000 | 1,051,330 | |
| Sr. Lien, Series A | 5.000 | 01/01/40 | 1,395 | 1,596,577 | |
| Sr. Lien, Series A | 5.000 | 01/01/45 | 1,000 | 1,139,390 | |
| Clifton Higher Ed. Fin. Corp. Rev., | |||||
| Idea Pub. Sch. | 6.000 | 08/15/43 | 1,000 | 1,143,800 | |
| Idea Pub. Sch., Rfdg., PSFG | 5.000 | 08/15/39 | 1,000 | 1,143,980 | |
| Dallas-Fort Worth Int’l. Arpt. Rev., Series E, Rfdg., AMT (Pre-refunded date 11/01/20)(ee) | 5.000 | 11/01/35 | 5,000 | 5,162,050 | |
16
PGIM National Muni Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds(Continued) | |||||
| Texas (cont’d.) | |||||
| Grand Parkway Trans. Corp. Rev., First Tier Toll Rev., Series A | 5.125 % | 10/01/43 | 2,000 | $2,215,180 | |
| Gulf Coast Wste. Disp. Auth. Rev., | |||||
| Exxon Mobil Corp. Proj., FRDD (Mandatory put date 12/02/19) | 1.180(cc) | 09/01/25 | 12,000 | 12,000,000 | |
| Exxon Mobil Corp. Proj., FRDD (Mandatory put date 12/02/19) | 1.180(cc) | 12/01/25 | 12,740 | 12,740,000 | |
| Exxon Mobil Corp. Proj., Series B, FRDD (Mandatory put date 12/02/19) | 1.150(cc) | 06/01/25 | 850 | 850,000 | |
| Harris Cnty. Metro. Trans. Auth. Rev., Series A. Rfdg. | 5.000 | 11/01/36 | 3,000 | 3,202,410 | |
| Harris Cnty. Toll Road Auth. Rev., Sr. Lien, Series A, Rfdg. | 5.000 | 08/15/43 | 3,000 | 3,625,350 | |
| Houston Arpt. Sys. Rev., | |||||
| Sub. Lien, Series A, Rfdg., AMT | 5.000 | 07/01/25 | 575 | 608,442 | |
| Sub. Lien, Series A, Rfdg., AMT | 5.000 | 07/01/32 | 1,000 | 1,082,100 | |
| Sub. Lien, Series B, Rfdg. | 5.000 | 07/01/32 | 2,000 | 2,184,840 | |
| Sub. Series A, Rfdg., AMT | 5.000 | 07/01/41 | 1,000 | 1,202,330 | |
| Lower Neches Valley Auth. Indl. Dev. Corp. Rev., Exxon Mobil Corp. Proj., Series B, Rfdg., FRDD (Mandatory put date 12/02/19) | 1.150(cc) | 11/01/29 | 2,100 | 2,100,000 | |
| North Tex. Twy. Auth. Rev., | |||||
| First Tier, Series A, Rfdg. | 4.000 | 01/01/44 | 2,000 | 2,233,940 | |
| First Tier, Sys., Rfdg. (Pre-refunded date 01/01/21)(ee) | 6.000 | 01/01/38 | 1,000 | 1,051,310 | |
| Rfdg. | 5.000 | 01/01/48 | 1,250 | 1,482,350 | |
| Series B, Rfdg. | 5.000 | 01/01/45 | 2,000 | 2,274,360 | |
| Spl. Projs., Series A (Pre-refunded date 09/01/21)(ee) | 5.500 | 09/01/41 | 1,000 | 1,074,170 | |
| Texas Priv. Activ. Surf. Trans. Corp. Rev., | |||||
| Sr. Lien LBJ Infrastructure | 7.000 | 06/30/40 | 2,500 | 2,579,600 | |
| Sr. Lien NTE Mobility, Series 3A & 3B, AMT | 6.750 | 06/30/43 | 500 | 580,795 | |
| Sr. Lien NTE Mobility, Series 3A & 3B, AMT | 7.000 | 12/31/38 | 1,500 | 1,762,410 | |
| 68,214,062 | |||||
| Utah 1.1% | |||||
| Cnty. of Utah UT Rev., IHC Hlth. Serv. Inc., Series A, Rfdg. | 4.000 | 05/15/41 | 5,000 | 5,590,050 | |
| Salt Lake City Corp. Arpt. Rev., Series A, AMT | 5.250 | 07/01/48 | 2,000 | 2,405,800 | |
| 7,995,850 | |||||
17
PGIM National Muni Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds(Continued) | |||||
| Virginia 1.1% | |||||
| Fairfax Cnty. Indl. Dev. Auth. Rev., | |||||
| Healthcare, Inova Hlth. Sys. | 5.000 % | 05/15/40 | 2,000 | $2,154,340 | |
| Healthcare, Inova Hlth. Sys., Series A, Rfdg. | 4.000 | 05/15/48 | 3,000 | 3,290,220 | |
| Norfolk Econ. Dev. Auth. Rev., Sentara Healthcare, Series B, Rfdg. | 4.000 | 11/01/48 | 2,000 | 2,231,960 | |
| 7,676,520 | |||||
| Washington 3.2% | |||||
| Port of Seattle Rev., Intermediate Lien, | |||||
| Intermediate Lien, AMT | 5.000 | 04/01/44 | 1,000 | 1,199,980 | |
| Series A, AMT | 5.000 | 05/01/43 | 1,500 | 1,757,145 | |
| Series B, Rfdg., AMT | 5.000 | 09/01/26 | 1,115 | 1,183,595 | |
| Series C, Rfdg., AMT | 5.000 | 02/01/24 | 2,500 | 2,602,875 | |
| Skagit Cnty. Pub. Hosp. Dist. No. 1 Rev., | |||||
| Rfdg. & Impvt., Series A | 5.000 | 12/01/37 | 1,000 | 1,094,950 | |
| Valley Hospital | 5.750 | 12/01/35 | 625 | 647,450 | |
| Washington St. Conv. Ctr. Pub. Facs. Dist. Rev., Revenue Bonds | 5.000 | 07/01/58 | 3,000 | 3,536,640 | |
| Washington St. Healthcare Facs. Auth. Rev., | |||||
| Overlake Hosp. Med. Ctr., Rfdg. | 5.000 | 07/01/38 | 2,690 | 3,028,079 | |
| Providence Hlth. & Svcs., Series A (Pre-refunded date 04/01/20)(ee) | 5.000 | 10/01/39 | 3,500 | 3,544,135 | |
| Seattle Children’s Hospital, Series A | 5.000 | 10/01/42 | 2,000 | 2,172,680 | |
| Seattle Children’s Hospital, Series A | 5.000 | 10/01/47 | 1,000 | 1,175,540 | |
| Swedish Hlth. Svcs., Series A (Pre-refunded date 05/15/21)(ee) | 6.250 | 11/15/41 | 1,500 | 1,609,845 | |
| 23,552,914 | |||||
| West Virginia 0.6% | |||||
| Harrison Cnty. Comm. Rev., Var. Monongahela Pwr. Co. Proj., Series A, Rfdg., AMT (Mandatory put date 10/15/21) | 3.000(cc) | 10/15/37 | 500 | 511,805 | |
| West Virginia Econ. Dev. Auth. Rev., Wheeling Pwr. Co. Mitche, Series A, Rfdg., AMT (Mandatory put date 04/01/22) | 3.000(cc) | 06/01/37 | 500 | 513,170 | |
| West Virginia Hosp. Fin. Auth. Rev., Cabell Huntington Hosp. Oblig., Series B, Rfdg. | 5.000 | 01/01/43 | 1,000 | 1,167,300 | |
| West Virginia Prkwys. Auth. Rev., Senior Turnpike Toll Rev | 4.000 | 06/01/47 | 1,970 | 2,185,518 | |
| 4,377,793 | |||||
18
PGIM National Muni Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds(Continued) | |||||
| Wisconsin 0.2% | |||||
| Wisconsin Hlth. & Edl. Facs. Auth. Rev., Ascension Hlth. Alliance, Rmkt., Series B-1, Rfdg. | 4.000 % | 11/15/43 | 1,500 | $1,656,390 | |
| TOTAL INVESTMENTS 101.0% (cost $693,427,064) | 742,613,618 | ||||
| Liabilities in excess of other assets (1.0)% | (7,691,093) | ||||
| Net Assets 100.0% | $734,922,525 | ||||
| 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 | |
| CABS—Capital Appreciation Bonds | |
| ETM—Escrowed to Maturity | |
| FRDD—Floating Rate Daily Demand Note | |
| GO—General Obligation | |
| NATL—National Public Finance Guaranty Corp. | |
| PSFG—Permanent School Fund Guarantee | |
| Rfdg—Refunding |
| # | 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 November 30, 2019. 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. |
| (p) | Interest rate not available as of November 30, 2019. |
| (s) | Represents zero coupon. Rate quoted represents effective yield at November 30, 2019. |
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).
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