PGIM National Muni Fund
Schedule of Investments as of May 31, 2020 (unaudited)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Long-Term Investments 100.0% | |||||
| Municipal Bonds | |||||
| Alabama 0.6% | |||||
| Black Belt Energy Gas Dist. Rev., Proj. 4, Series A-1, (Mandatory put date 12/01/25) | 4.000 %(cc) | 12/01/49 | 2,865 | $3,158,634 | |
| Jefferson Cnty. Swr Rev., | |||||
| Sr. Lien, Warrants, Series A, Rfdg., AGM | 5.000 | 10/01/44 | 500 | 554,230 | |
| Sr. Lien, Warrants, Series A, Rfdg., AGM | 5.250 | 10/01/48 | 500 | 560,345 | |
| 4,273,209 | |||||
| Alaska 1.7% | |||||
| Alaska Indl. Dev. & Export Auth. Rev., Tanana Chiefs Conference Proj., Series A | 4.000 | 10/01/49 | 3,000 | 3,206,160 | |
| Valdez Marine Term Rev., Exxon Mobil Corp. Proj., Rfdg., FRDD (Mandatory put date 06/01/20) | 0.070(cc) | 12/01/29 | 9,860 | 9,860,000 | |
| 13,066,160 | |||||
| Arizona 3.6% | |||||
| Arizona Hlth. Facs. Auth. Rev., Banner Hlth., Series B, 3 Month LIBOR + 0.810% | 1.770(c) | 01/01/37 | 2,280 | 2,229,546 | |
| Chandler Indl. Dev. Auth. Rev., Intel Corp., AMT (Mandatory put date 06/03/24) | 5.000(cc) | 06/01/49 | 1,035 | 1,187,114 | |
| Maricopa Cnty. Indl. Dev. Auth. Rev., Banner Hlth., Series A | 5.000 | 01/01/41 | 1,000 | 1,199,420 | |
| Phoenix Civic Impvt. Corp. Rev., | |||||
| Jr. Lien, Series B, AMT | 5.000 | 07/01/29 | 2,000 | 2,438,060 | |
| Series A, AMT | 5.000 | 07/01/47 | 2,000 | 2,228,760 | |
| Sr. Lien, AMT | 5.000 | 07/01/48 | 2,000 | 2,245,740 | |
| Sr. Lien, Rfdg., AMT | 5.000 | 07/01/32 | 1,200 | 1,316,256 | |
| Pima Cnty. Indl. Dev. Auth. Rev., Tucson Elec. Pwr. Co. Proj., Rfdg. | 4.000 | 09/01/29 | 2,000 | 2,077,720 | |
| Salt River Proj. Agric. Impvt. & Pwr. Dist. Elec. Sys. Rev., Series A, Rfdg. | 4.000 | 01/01/38 | 2,000 | 2,295,540 | |
| Salt Verde Finl. Corp., | |||||
| Sr. Gas Rev., Sr. Bonds | 5.000 | 12/01/32 | 2,575 | 3,238,603 | |
| Sr. Gas Rev., Sr. Bonds | 5.000 | 12/01/37 | 3,505 | 4,517,069 | |
| Sr. Gas Rev., Sr. Bonds | 5.250 | 12/01/26 | 2,180 | 2,604,250 | |
| 27,578,078 | |||||
1
PGIM National Muni Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| California 12.1% | |||||
| Alameda Corridor Trans. Auth. Rev., 2nd Sub. Lien, Series B, Rfdg. | 5.000 % | 10/01/37 | 2,000 | $2,162,000 | |
| Anaheim Pub. Fing. Auth. Lease Rev., Sr. Pub. Impvts. Proj., Series A, AGM | 6.000 | 09/01/24 | 5,500 | 6,194,705 | |
| Bay Area Toll Auth. Rev., Series F-1 | 5.000 | 04/01/56 | 2,000 | 2,342,020 | |
| California Cnty. Tob. Secur. Agcy. Rev., Conv. Bonds, Asset Bkd., Series B, Rfdg. | 5.100 | 06/01/28 | 1,025 | 1,025,020 | |
| California Hlth. Facs. Fing. Auth. Rev., | |||||
| Stanford Healthcare, Series A | 5.000 | 08/15/54 | 1,000 | 1,138,080 | |
| Stanford Hosp. Series B, Rfdg. (Pre-refunded date 11/15/20)(ee) | 5.000 | 11/15/36 | 2,000 | 2,043,820 | |
| Sutter Hlth. Series D, Rfdg. | 5.250 | 08/15/31 | 1,000 | 1,046,950 | |
| California Muni. Fin. Auth. Rev., | |||||
| CHF-Davis I, LLC, West Village Student Hsg. Proj., BAM, TCRs | 5.000 | 05/15/29 | 1,000 | 1,185,900 | |
| Sr. Lien-LINXS APM Proj., AMT | 5.000 | 12/31/43 | 2,750 | 2,983,613 | |
| California Poll. Ctrl. Fing. Auth. Wtr. Facs. Rev., American Wtr. Cap. Corp. Proj., 144A | 5.250 | 08/01/40 | 1,250 | 1,257,712 | |
| California St., | |||||
| GO | 5.000 | 03/01/45 | 3,000 | 3,468,750 | |
| GO | 5.250 | 11/01/40 | 1,250 | 1,273,137 | |
| GO, Rfdg. | 5.000 | 08/01/45 | 500 | 583,470 | |
| GO, Rfdg. | 5.000 | 08/01/46 | 1,500 | 1,788,900 | |
| Var. Purp., GO | 5.000 | 04/01/42 | 7,000 | 7,502,180 | |
| Var. Purp., GO | 5.250 | 04/01/35 | 1,250 | 1,353,000 | |
| Var. Purp., GO | 6.000 | 03/01/33 | 500 | 502,070 | |
| Var. Purp., GO, Rfdg. | 5.000 | 09/01/41 | 4,250 | 4,466,835 | |
| Var. Purp., GO, Rfdg. | 5.000 | 10/01/41 | 1,250 | 1,318,888 | |
| Var. Purp., GO, Rfdg. | 5.000 | 10/01/47 | 3,000 | 3,551,250 | |
| California St. Univ. Rev., Series A, Systemwide, Rfdg. (Pre-refunded date 11/01/21)(ee) | 5.000 | 11/01/37 | 1,250 | 1,335,063 | |
| California Statewide Cmntys. Dev. Auth. Rev., Green Marin General Hosp. Proj., Series A | 4.000 | 08/01/45 | 750 | 777,293 | |
| Foothill-De Anza Cmnty. College Dist., Series C, GO (Pre-refunded date 08/01/21)(ee) | 5.000 | 08/01/40 | 1,250 | 1,320,750 | |
| Golden St. Tob. Secur. Corp. Rev., | |||||
| Series A-1, Rfdg. | 5.000 | 06/01/26 | 1,000 | 1,182,560 | |
| Series A-1, Rfdg. | 5.000 | 06/01/28 | 1,265 | 1,503,263 | |
| Series A-1, Rfdg. | 5.000 | 06/01/29 | 1,250 | 1,474,425 | |
| Series A-1, Rfdg. | 5.000 | 06/01/33 | 3,050 | 3,534,797 | |
2
PGIM National Muni Fund
Schedule of Investments as of May 31, 2020 (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 % | 06/01/35 | 1,545 | $1,777,183 | |
| Long Beach Bond Fin. Auth. Nat. Gas Pur. Rev., | |||||
| Series A | 5.000 | 11/15/35 | 1,140 | 1,494,859 | |
| Series A | 5.500 | 11/15/37 | 1,000 | 1,408,080 | |
| Los Angeles Calif. Dept. Arpts. Rev., | |||||
| Los Angls. Int’l., Series A, AMT | 5.000 | 05/15/29 | 2,000 | 2,197,360 | |
| Los Angls. Int’l., Series A, AMT | 5.000 | 05/15/38 | 2,500 | 2,737,550 | |
| Sub. Los Angls. Int’l., Rfdg., AMT | 5.000 | 05/15/43 | 2,000 | 2,358,720 | |
| Sub. Los Angls. Int’l., Series A, AMT | 5.250 | 05/15/48 | 1,000 | 1,177,400 | |
| Los Angeles Dept. of Wtr. Rev., Wtr. Sys., Series B | 5.000 | 07/01/34 | 2,500 | 2,828,525 | |
| M-S-R Energy Auth. Rev., Series A | 6.500 | 11/01/39 | 2,000 | 2,978,160 | |
| Pittsburg Redev. Agcy. Tax Alloc., Los Medanos Cmnty. Dev. Proj., AMBAC, CABS | 1.218(t) | 08/01/25 | 2,000 | 1,878,220 | |
| Port of Oakland Rev., | |||||
| Series O, Rfdg., AMT | 5.000 | 05/01/29 | 2,860 | 2,929,898 | |
| Sr. Lien., Series P, Rfdg., AMT | 5.000 | 05/01/33 | 1,750 | 1,867,740 | |
| Riverside Cnty. Pub. Fing. Auth. Rev., Cap. Facs. Proj. | 5.250 | 11/01/45 | 1,000 | 1,159,960 | |
| San Diego Cmnty. College Dist., Election of 2006, GO (Pre-refunded date 08/01/21)(ee) | 5.000 | 08/01/41 | 1,500 | 1,584,900 | |
| San Diego Cnty. Regl. Arpt. Auth. Rev., Sr. Series B, AMT | 5.000 | 07/01/43 | 2,000 | 2,129,400 | |
| San Francisco City & Cnty. Arpts. Comm. Rev., | |||||
| Second Series A, Rfdg., AMT | 5.250 | 05/01/33 | 1,000 | 1,093,830 | |
| Second Series F, Rfdg., AMT | 5.000 | 05/01/28 | 1,635 | 1,688,644 | |
| Walnut Energy Ctr. Auth. Rev., Rfdg. | 5.000 | 01/01/34 | 800 | 935,824 | |
| 92,542,704 | |||||
| Colorado 2.7% | |||||
| Colorado Hlth. Facs. Auth. Rev., | |||||
| Commonspirit Hlth. Series A, Rfdg. | 5.000 | 08/01/27 | 1,050 | 1,237,918 | |
| Commonspirit Hlth. Series A, Rfdg. | 5.000 | 08/01/29 | 2,020 | 2,441,210 | |
| Commonspirit Hlth. Series A, Rfdg. | 5.000 | 08/01/34 | 2,500 | 2,880,775 | |
| Commonspirit Hlth. Series B-2, (Mandatory put date 02/01/26) | 5.000(cc) | 08/01/49 | 2,465 | 2,827,454 | |
3
PGIM National Muni Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Colorado (cont’d.) | |||||
| Colorado Hlth. Facs. Auth. Rev., (cont’d.) | |||||
| Vail Valley Med. Ctr. | 4.000 % | 01/15/45 | 1,500 | $1,568,535 | |
| Denver City & Cnty. Arpt. Sys. Rev., | |||||
| Series A, Rfdg., AMT | 5.000 | 11/15/27 | 620 | 756,673 | |
| Series A, Rfdg., AMT | 5.250 | 11/15/22 | 1,050 | 1,111,824 | |
| Sub. Sys., Series A, Rfdg., AMT | 5.000 | 12/01/34 | 2,300 | 2,721,406 | |
| Sub. Sys., Series A, Rfdg., AMT | 5.000 | 12/01/35 | 1,000 | 1,180,150 | |
| Sub. Sys., Series A, Rfdg., AMT | 5.250 | 12/01/43 | 3,000 | 3,573,030 | |
| 20,298,975 | |||||
| Connecticut 1.7% | |||||
| Connecticut St., | |||||
| Series A, GO | 4.000 | 01/15/33 | 2,000 | 2,295,820 | |
| Series A, GO | 5.000 | 01/15/32 | 2,000 | 2,517,440 | |
| Series B, GO, Rfdg. | 5.000 | 05/15/25 | 2,000 | 2,366,660 | |
| Series C, GO | 5.000 | 06/15/28 | 1,000 | 1,257,940 | |
| Connecticut St. Dev. Auth. Rev., Light & Pwr. Co. Proj., Series A, Rfdg. | 4.375 | 09/01/28 | 1,000 | 1,047,940 | |
| Connecticut St. Spl. Tax Rev., | |||||
| Spl. Tax Oblig. Bonds, Series A | 5.000 | 05/01/27 | 1,000 | 1,230,290 | |
| Trans. Infrastructure, Series A | 5.000 | 01/01/38 | 2,000 | 2,373,800 | |
| 13,089,890 | |||||
| District of Columbia 2.7% | |||||
| Dist. of Columbia, Rev., | |||||
| Friendship Pub. Chrt. Sch., Rfdg. | 5.000 | 06/01/36 | 1,385 | 1,498,902 | |
| Gallaudet Univ. | 5.500 | 04/01/34 | 600 | 621,552 | |
| Kipp DC Iss., Series A, Rfdg. | 5.000 | 07/01/37 | 1,250 | 1,358,088 | |
| Kipp. Chrt. Sch., Rfdg. (Pre-refunded date 07/01/23)(ee) | 6.000 | 07/01/43 | 850 | 1,005,431 | |
| Kipp. Chrt. Sch., Rfdg. (Pre-refunded date 07/01/23)(ee) | 6.000 | 07/01/48 | 725 | 857,573 | |
| Metropolitan Washington D.C. Arpt. Auth. Dulles Toll Road Rev., Dulles Met. Rail, Series A, Rfdg. | 5.000 | 10/01/44 | 2,000 | 2,335,920 | |
| Metropolitan Washington D.C. Arpt. Auth. Sys. Rev., | |||||
| Forward Delivery, Series A, Rfdg., AMT(hh) | 5.000 | 10/01/32 | 1,500 | 1,899,240 | |
| Rfdg., AMT | 5.000 | 10/01/26 | 3,000 | 3,591,300 | |
| Series A, Rfdg., AMT | 5.000 | 10/01/31 | 2,500 | 2,690,925 | |
| Series A, Rfdg., AMT | 5.000 | 10/01/44 | 1,000 | 1,085,610 | |
4
PGIM National Muni Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| District of Columbia (cont’d.) | |||||
| Metropolitan Washington D.C. Arpt. Auth. Sys. Rev., (cont’d.) | |||||
| Series B, Rfdg., AMT | 5.000 % | 10/01/25 | 3,000 | $3,047,610 | |
| Series C, Rfdg. | 5.000 | 10/01/27 | 1,000 | 1,045,980 | |
| 21,038,131 | |||||
| Florida 7.9% | |||||
| Broward Cnty. Arpt. Sys. Rev., | |||||
| AMT | 5.000 | 10/01/47 | 1,390 | 1,564,667 | |
| Series A, AMT | 4.000 | 10/01/44 | 2,150 | 2,311,078 | |
| Series A, AMT | 5.000 | 10/01/45 | 3,000 | 3,296,670 | |
| Series A, AMT (Pre-refunded date 10/01/23)(ee) | 5.250 | 10/01/43 | 1,500 | 1,736,265 | |
| Series B, Rfdg., AMT | 5.000 | 10/01/27 | 3,000 | 3,600,360 | |
| Central Florida Expressway Auth. Rev., Sr. Lien, Rfdg. | 4.000 | 07/01/41 | 2,000 | 2,184,340 | |
| Citizens Ppty. Ins. Corp. Rev., Sr. Sec’d., Series A-1 | 5.000 | 06/01/22 | 1,000 | 1,086,170 | |
| Cityplace Cmnty. Dev. Dist., Spl. Assess., Rfdg. | 5.000 | 05/01/26 | 1,000 | 1,132,830 | |
| Davie Edl. Facs. Rev., | |||||
| Nova Southeastern Univ. Proj., Series A | 5.625 | 04/01/43 | 500 | 538,230 | |
| Nova Southeastern Univ. Proj., Series A | 6.000 | 04/01/42 | 1,000 | 1,081,100 | |
| Florida Higher Edl. Facs. Finl. Auth. Rev., | |||||
| Nova Southeastern Univ. Proj., Rfdg. | 5.000 | 04/01/25 | 1,050 | 1,184,390 | |
| Nova Southeastern Univ. Proj., Rfdg. | 5.000 | 04/01/28 | 1,250 | 1,420,687 | |
| Grtr. Orlando Avtn. Auth. Rev., Priority Sub. Series A, AMT | 5.000 | 10/01/42 | 5,000 | 5,726,450 | |
| Hillsborough Cnty. Avtn. Auth. Rev., | |||||
| Tampa Int’l. Arpt., Sub. Series A, Rfdg., AMT | 5.000 | 10/01/25 | 1,245 | 1,365,989 | |
| Tampa Int’l. Arpt., Series E, AMT | 5.000 | 10/01/48 | 4,500 | 5,014,935 | |
| Miami Beach Redev. Agcy. Tax Alloc., Tax Incr. Rev. City Ctr., Rfdg., AGM | 5.000 | 02/01/44 | 1,500 | 1,660,410 | |
| Miami Dade Cnty. Avtn. Rev., Miami Int’l. Arpt., Series B | 5.000 | 10/01/41 | 2,500 | 2,523,975 | |
| Miami Dade Cnty. Hlth. Facs. Auth. Rev., Nicklaus Children’s Hosp. Series A, Rfdg. | 5.000 | 08/01/42 | 1,955 | 2,209,795 | |
| Miami Dade Cnty. Wtr. & Swr. Sys. Rev., Series B, Rfdg., AGM | 5.250 | 10/01/22 | 5,000 | 5,586,450 | |
| Mid-Bay Bridge Auth. Rev., Series A, Rfdg. | 5.000 | 10/01/40 | 1,000 | 1,048,280 | |
| North Sumter Cnty. Util. Dependent Dist., Wtr. & Swr. Rev. | 5.750 | 10/01/43 | 1,500 | 1,523,880 | |
5
PGIM National Muni Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Florida (cont’d.) | |||||
| Orange Cnty. Hlth. Facs. Auth. Rev., Orlando Hlth. Inc., Series B, Rfdg. | 5.000 % | 10/01/44 | 1,000 | $1,144,400 | |
| Palm Beach Cnty. Hlth. Facs. Auth. Rev., BRRH Corp. Oblig. Grp., Rfdg. (Pre-refunded date 12/01/24)(ee) | 5.000 | 12/01/31 | 500 | 602,930 | |
| Sarasota Cnty. Pub. Hosp. Dist. Rev., Sarst. Mem. Hosp. | 4.000 | 07/01/48 | 2,860 | 3,062,288 | |
| South Miami Hlth. Facs. Auth. Inc., Rev., Baptist Hlth. South Florida, Rfdg. | 5.000 | 08/15/47 | 1,000 | 1,139,050 | |
| Tampa Hlth. Sys. Rev., Baycare Hlth. Sys., Series A, Rfdg. | 5.000 | 11/15/33 | 3,090 | 3,320,205 | |
| Village Cmnty. Dev. Dist. No. 6, | |||||
| Spl. Assess., Rfdg. | 4.000 | 05/01/27 | 340 | 398,330 | |
| Spl. Assess., Rfdg. | 4.000 | 05/01/28 | 350 | 405,423 | |
| Spl. Assess., Rfdg. | 4.000 | 05/01/29 | 360 | 411,523 | |
| Village Cmnty. Dev. Dist. No. 7, Spl. Assess., Rfdg. | 4.000 | 05/01/23 | 1,070 | 1,142,589 | |
| Village Cmnty. Dev. Dist. No.10, Spl. Assess. | 4.500 | 05/01/23 | 520 | 532,262 | |
| Village Cmnty. Dev. Dist. No.13, Spl. Assess. | 3.375 | 05/01/34 | 500 | 474,035 | |
| 60,429,986 | |||||
| Georgia 1.7% | |||||
| Atlanta Arpt. Rev., | |||||
| Gen. Series B, Rfdg., AMT | 5.000 | 01/01/30 | 500 | 510,455 | |
| Gen. Series C, Rfdg. | 6.000 | 01/01/30 | 3,250 | 3,340,610 | |
| Main Street Natural Gas, Inc., Rev., | |||||
| Series C, (Mandatory put date 09/01/26) | 4.000(cc) | 03/01/50 | 2,795 | 3,085,540 | |
| Sub. Series C, (Mandatory put date 12/01/23) | 4.000(cc) | 08/01/48 | 2,500 | 2,722,800 | |
| Monroe Cnty. Dev. Auth. Rev., GA Pwr. Co. Plant Scherer Proj. 1 | 2.250 | 07/01/25 | 1,000 | 1,013,660 | |
| Priv. Coll. & Univs. Auth. Rev., Savannah Clg. of Art & Design | 5.000 | 04/01/44 | 2,120 | 2,277,241 | |
| 12,950,306 | |||||
| Hawaii 0.9% | |||||
| Hawaii St. Arpts. Sys. Rev., | |||||
| Series A, AMT | 5.000 | 07/01/45 | 1,000 | 1,092,910 | |
| Series A, AMT | 5.000 | 07/01/48 | 3,000 | 3,384,240 | |
6
PGIM National Muni Fund
Schedule of Investments as of May 31, 2020 (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 | $2,747,400 | |
| 7,224,550 | |||||
| Illinois 12.9% | |||||
| Chicago Brd. of Ed., | |||||
| Series A, GO, Rfdg. | 4.000 | 12/01/20 | 500 | 501,660 | |
| Series C, GO, Rfdg. | 5.000 | 12/01/22 | 1,500 | 1,556,025 | |
| Chicago Brd. of Ed. Rev., Spl. Tax | 5.000 | 04/01/46 | 1,000 | 1,004,260 | |
| Chicago O’Hare Int’l. Arpt. Rev., | |||||
| Gen. Arpt. Sr. Lien, Series B, Rfdg., AMT | 5.000 | 01/01/32 | 2,000 | 2,087,920 | |
| Series A, Rfdg., AMT | 5.000 | 01/01/33 | 1,220 | 1,344,355 | |
| Series B, Rfdg. | 5.000 | 01/01/32 | 1,500 | 1,668,150 | |
| Sr. Lien, Series D | 5.250 | 01/01/42 | 2,000 | 2,292,820 | |
| Chicago Trans. Auth. Rev., | |||||
| 2nd Lien | 5.000 | 12/01/46 | 3,000 | 3,287,670 | |
| Transit Imps. | 5.250 | 12/01/40 | 1,000 | 1,056,840 | |
| Chicago Waterworks Rev., | |||||
| 2nd Lien, Rfdg. | 5.000 | 11/01/32 | 1,295 | 1,374,112 | |
| 2nd Lien, Rfdg. | 5.000 | 11/01/36 | 2,390 | 2,705,121 | |
| 2nd Lien, Series A-1 | 5.000 | 11/01/27 | 410 | 472,336 | |
| 2nd Lien, Series A-1 | 5.000 | 11/01/30 | 1,380 | 1,579,700 | |
| Chicago Wstewtr. Transmn. Rev., | |||||
| 2nd Lien | 5.000 | 01/01/39 | 2,000 | 2,153,000 | |
| 2nd Lien, Rmkt., Series C, Rfdg. | 5.000 | 01/01/39 | 2,000 | 2,152,780 | |
| 2nd Lien, Series A | 5.000 | 01/01/47 | 1,000 | 1,097,230 | |
| Chicago, IL, | |||||
| Proj. Series A, GO | 5.250 | 01/01/35 | 1,950 | 1,936,194 | |
| Proj. Series A, GO, Rfdg. | 5.250 | 01/01/29 | 1,185 | 1,192,785 | |
| Rmkt., Series 2002B, GO | 5.250 | 01/01/28 | 1,850 | 1,865,928 | |
| Rmkt., Series 2002B, GO | 5.500 | 01/01/37 | 600 | 603,726 | |
| Rmkt., Series 2003B, GO, Rfdg. | 5.500 | 01/01/30 | 1,000 | 1,014,090 | |
| Series A, GO | 5.500 | 01/01/33 | 960 | 969,629 | |
| Series C, GO, Rfdg. | 5.000 | 01/01/23 | 270 | 271,399 | |
| Series C, GO, Rfdg. | 5.000 | 01/01/24 | 340 | 342,842 | |
| Series C, GO, Rfdg. | 5.000 | 01/01/26 | 1,000 | 1,003,270 | |
| Illinois Fin. Auth. Rev., Northshore Univ. Hlth. Sys., Series A, Rfdg. | 5.000 | 08/15/28 | 1,110 | 1,394,748 | |
| Illinois St., | |||||
| GO | 5.000 | 02/01/24 | 1,195 | 1,219,199 | |
7
PGIM National Muni Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Illinois (cont’d.) | |||||
| Illinois St., (cont’d.) | |||||
| GO | 5.000 % | 11/01/30 | 500 | $506,140 | |
| GO | 5.000 | 04/01/31 | 1,000 | 1,007,280 | |
| GO | 5.250 | 02/01/29 | 2,000 | 2,033,240 | |
| GO, Rfdg. | 5.000 | 08/01/24 | 2,000 | 2,028,820 | |
| GO, Rfdg. | 5.000 | 02/01/25 | 1,315 | 1,340,524 | |
| Series A, GO | 5.000 | 04/01/22 | 1,730 | 1,754,255 | |
| Series A, GO | 5.000 | 12/01/39 | 2,500 | 2,516,450 | |
| Series A, GO, Rfdg. | 5.000 | 10/01/28 | 750 | 762,750 | |
| Series C, GO | 5.000 | 11/01/29 | 1,000 | 1,014,640 | |
| Series D, GO | 5.000 | 11/01/22 | 1,950 | 1,983,560 | |
| Series D, GO | 5.000 | 11/01/23 | 3,730 | 3,805,271 | |
| Series D, GO | 5.000 | 11/01/26 | 6,150 | 6,257,441 | |
| Series D, GO | 5.000 | 11/01/27 | 2,210 | 2,248,211 | |
| Illinois St. Sales Tax Rev., Build Illinois Bonds, Rfdg. | 5.000 | 06/15/20 | 2,000 | 2,000,880 | |
| Illinois St. Toll Hwy. Auth. Rev., | |||||
| Series A | 5.000 | 01/01/38 | 3,125 | 3,390,781 | |
| Series C | 5.000 | 01/01/39 | 2,000 | 2,253,200 | |
| Series C, Rfdg. | 5.000 | 01/01/31 | 3,000 | 3,851,670 | |
| Sr. Series B, Rfdg. | 5.000 | 01/01/31 | 1,500 | 1,925,835 | |
| Metropolitan Pier & Exposition Auth. Dedicated St. Tax Rev., McCormick Place Expansion, | |||||
| Series A, CABS, NATL | 4.336(t) | 12/15/34 | 10,000 | 5,358,600 | |
| Series A, CABS, NATL | 4.856(t) | 06/15/37 | 7,500 | 3,310,800 | |
| Railsplitter Tob. Settlement Auth. Rev., | |||||
| Series 2010 (Pre-refunded date 06/01/21)(ee) | 6.000 | 06/01/28 | 1,250 | 1,321,400 | |
| Tob. Set. Funded | 5.000 | 06/01/28 | 1,000 | 1,203,910 | |
| Regl. Trans. Auth. Rev., Series A | 4.000 | 06/01/37 | 3,605 | 3,728,003 | |
| Sales Tax Secur. Corp. Rev., | |||||
| 2nd Lien, Series A, Rfdg. | 5.000 | 01/01/26 | 2,250 | 2,572,830 | |
| 2nd Lien, Series A, Rfdg. | 5.000 | 01/01/29 | 1,500 | 1,763,685 | |
| Springfield Elec. Rev., Sr. Lien, Rfdg., AGM | 4.000 | 03/01/40 | 1,000 | 1,066,320 | |
| 99,154,285 | |||||
8
PGIM National Muni Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Indiana 0.9% | |||||
| Indianapolis Loc. Pub. Impvt. Bank Rev., Courthouse & Jail Proj., Series A, Rfdg. | 4.000 % | 02/01/44 | 4,250 | $4,882,400 | |
| Whiting, IN Rev., BP products, Rfdg., AMT (Mandatory put date 06/05/26) | 5.000(cc) | 12/01/44 | 1,500 | 1,712,910 | |
| 6,595,310 | |||||
| Iowa 1.0% | |||||
| PEFA, Inc., Gas Proj. Rev., Series A-1 (Mandatory put date 09/01/26) | 5.000(cc) | 09/01/49 | 6,500 | 7,523,360 | |
| Kansas 0.3% | |||||
| Wyandotte Cnty.-Kansas City Unified Govt. Util. Sys. Rev., Impvt., Series A | 5.000 | 09/01/45 | 2,170 | 2,538,401 | |
| Kentucky 1.6% | |||||
| Kentucky Pub. Energy Auth., Rev., | |||||
| Gas Sply., Series B, (Mandatory put date 01/01/25) | 4.000(cc) | 01/01/49 | 2,080 | 2,231,632 | |
| Series A-1, (Mandatory put date 06/01/25) | 4.000(cc) | 12/01/49 | 2,800 | 3,059,644 | |
| Var. Series C, (Mandatory put date 02/01/28) | 4.000(cc) | 02/01/50 | 4,965 | 5,524,208 | |
| Owen Cnty. Wtrwks. Sys. Rev., Var. American Waterworks, Series A, Rfdg. (Mandatory put date 10/01/29) | 2.450(cc) | 06/01/39 | 1,500 | 1,644,420 | |
| 12,459,904 | |||||
| Louisiana 0.7% | |||||
| Louisiana Pub. Facs. Auth. Rev., | |||||
| Franciscan Mis., Rfdg. (Pre-refunded date 07/01/25)(ee) | 5.000 | 07/01/39 | 10 | 12,430 | |
| Franciscan Mis., Unrefunded, Rfdg. | 5.000 | 07/01/39 | 1,990 | 2,190,154 | |
| Louisiana St. Hwy. Impt. Rev., Series A | 5.000 | 06/15/34 | 1,250 | 1,454,525 | |
| 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 | 1,563,630 | |
| 5,220,739 | |||||
9
PGIM National Muni Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Maryland 0.6% | |||||
| Frederick Cnty. Spl. Oblig. Urbana Cmnty. Dev. Auth., Spl. Tax, Series A, Rfdg. | 5.000 % | 07/01/40 | 1,990 | $1,994,756 | |
| Washington Suburban Sanitary Comm. Rev., Consol. Pub. Impvt., 2nd Series | 4.000 | 06/01/40 | 2,150 | 2,441,884 | |
| 4,436,640 | |||||
| Massachusetts 2.0% | |||||
| Massachusetts Bay Trans. Auth. Rev., Mass. Sales Tax, Series B, Rfdg., NATL | 5.500 | 07/01/27 | 1,325 | 1,767,855 | |
| Massachusetts St. Dev. Fin. Agcy. Rev., Series K-6, Partners Healthcare, Rfdg. (Pre-refunded date 07/01/20)(ee) | 5.375 | 07/01/41 | 5,000 | 5,021,350 | |
| Massachusetts St. Hlth. & Edl. Facs. Auth. Rev., Tufts Univ., Series M, Rfdg. | 5.500 | 02/15/28 | 3,000 | 4,037,580 | |
| Massachusetts St. Port Auth. Rev., | |||||
| Bosfuel Proj., Series A, Rfdg., AMT | 5.000 | 07/01/49 | 1,500 | 1,714,740 | |
| Series A, AMT | 5.000 | 07/01/42 | 1,000 | 1,062,180 | |
| Series A, Rfdg., AMT | 5.000 | 07/01/27 | 320 | 388,707 | |
| Series C, Rfdg., AMT | 5.000 | 07/01/49 | 1,000 | 1,175,210 | |
| 15,167,622 | |||||
| Michigan 0.5% | |||||
| Michigan Fin. Auth. Rev., CHE Trinity Hlth. Credit, Rfdg. | 4.000 | 12/01/36 | 1,200 | 1,339,668 | |
| Michigan St. Bldg. Auth. Rev., Facs. Prog., Series I-A, Rfdg. | 5.375 | 10/15/41 | 750 | 794,423 | |
| Wayne Cnty. Arpt. Auth. Rev., Det. Met. Arpt., Series D, Rfdg., AMT | 5.000 | 12/01/28 | 1,500 | 1,612,275 | |
| 3,746,366 | |||||
| Minnesota 0.4% | |||||
| Minneapolis-St. Paul Metropolitan Arpts. Comm. Rev., Sr. Series C | 5.000 | 01/01/46 | 1,000 | 1,148,930 | |
| Rochester Rev., My. Clnc. | 4.000 | 11/15/48 | 2,000 | 2,203,100 | |
| 3,352,030 | |||||
| Mississippi 0.1% | |||||
| Mississippi Business Fin. Corp. Rev., Poll. Ctrl. Rfdg. | 3.200 | 09/01/28 | 500 | 537,730 | |
10
PGIM National Muni Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Missouri 0.9% | |||||
| Missouri St. Hlth. & Edl. Facs. Auth. Rev., BJC Hlth. Sys. | 5.000 % | 01/01/44 | 3,500 | $3,909,290 | |
| Univ. of Missouri, Rev., Series B, Rfdg. | 5.000 | 11/01/30 | 2,000 | 2,755,360 | |
| 6,664,650 | |||||
| Nebraska 0.7% | |||||
| Central Plns. Energy. Proj. Rev., Proj. 4 (Mandatory put date 01/01/24) | 5.000(cc) | 03/01/50 | 4,000 | 4,411,680 | |
| Douglas Cnty. Hosp. Auth. No. 2, Rev., Children’s Hosp. Oblig. Grp. (Mandatory put date 11/15/25) | 5.000(cc) | 11/15/53 | 1,000 | 1,170,080 | |
| 5,581,760 | |||||
| New Jersey 7.5% | |||||
| Camden Cnty. Impvt. Auth. Rev., Cooper Hlth. Sys. Oblig. Grp. | 5.750 | 02/15/42 | 1,500 | 1,611,705 | |
| Cape May Cnty. Indl. Poll. Ctrl. Fing. Auth. Rev., Atlantic City Elec. Co., Series A, Rfdg., NATL | 6.800 | 03/01/21 | 2,615 | 2,736,545 | |
| New Jersey Econ. Dev. Auth. Rev., | |||||
| American Water Co. Inc., Series A, Rfdg., AMT (Mandatory put date 12/03/29) | 2.200(cc) | 10/01/39 | 1,250 | 1,294,537 | |
| American Wtr. Co., Series A, Rfdg. | 4.450 | 06/01/23 | 1,000 | 1,002,380 | |
| Sch. Facs. Construction | 5.000 | 06/15/29 | 1,500 | 1,629,195 | |
| Sch. Facs. Construction, Series NN, Rfdg. | 5.000 | 03/01/27 | 2,500 | 2,583,125 | |
| Sch. Facs. Construction, Series PP, Rfdg. | 5.000 | 06/15/26 | 2,000 | 2,093,880 | |
| Series BBB, Rfdg. | 5.500 | 06/15/30 | 1,500 | 1,635,645 | |
| New Jersey Edl. Facs. Auth. Rev., Montclair St. Univ., Series A, Rfdg. | 5.000 | 07/01/44 | 2,500 | 2,680,475 | |
| New Jersey Healthcare Facs. Fing. Auth. Rev., | |||||
| Hackensack Meridian Hlth., Series A, Rfdg. | 5.000 | 07/01/39 | 1,500 | 1,732,980 | |
| RWJ Barnabas Hlth. Oblig. Grp., Series A, Rfdg. | 5.000 | 07/01/43 | 1,500 | 1,680,585 | |
| RWJ Univ. Hosp., Series A | 5.500 | 07/01/43 | 1,000 | 1,098,960 | |
| Virtua Hlth., Rfdg. | 5.000 | 07/01/29 | 1,000 | 1,128,330 | |
| New Jersey St. Tpke. Auth., Rev., | |||||
| Series A | 5.000 | 01/01/48 | 2,155 | 2,545,572 | |
| Series A (Pre-refunded date 07/01/22)(ee) | 5.000 | 01/01/43 | 1,885 | 2,076,629 | |
| Series A, Unrefunded | 5.000 | 01/01/43 | 1,115 | 1,189,973 | |
| Series E, Rfdg. | 5.000 | 01/01/32 | 1,585 | 1,934,429 | |
| New Jersey St. Trans. Tr. Fd. Sys. Auth. Rev., | |||||
| Trans. Prog. Notes, Rmkt., Series BB-1 | 5.000 | 06/15/33 | 1,000 | 1,040,060 | |
11
PGIM National Muni Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| New Jersey (cont’d.) | |||||
| New Jersey St. Trans. Tr. Fd. Sys. Auth. Rev., (cont’d.) | |||||
| Trans. Sys., Rfdg. | 5.000 % | 12/15/28 | 1,000 | $1,086,550 | |
| Trans. Sys., Series A, Rfdg. | 5.000 | 12/15/28 | 3,565 | 3,873,551 | |
| Trans. Sys., Series A, Rfdg. | 5.000 | 12/15/36 | 1,250 | 1,280,112 | |
| Trans. Sys., Series A, Rfdg. | 5.500 | 12/15/23 | 3,000 | 3,203,010 | |
| Trans. Sys., Series B | 5.500 | 06/15/31 | 1,090 | 1,109,424 | |
| Trans. Sys., Series D, Rfdg. | 5.000 | 12/15/24 | 2,290 | 2,410,614 | |
| Tob. Settlement Fing. Corp. Rev., | |||||
| Series A, Rfdg. | 5.000 | 06/01/23 | 795 | 877,823 | |
| Series A, Rfdg. | 5.000 | 06/01/27 | 235 | 282,233 | |
| Series A, Rfdg. | 5.000 | 06/01/28 | 560 | 683,850 | |
| Series A, Rfdg. | 5.000 | 06/01/29 | 2,180 | 2,650,335 | |
| Series A, Rfdg. | 5.000 | 06/01/37 | 2,000 | 2,335,320 | |
| Series A, Rfdg. | 5.250 | 06/01/46 | 5,500 | 6,100,050 | |
| 57,587,877 | |||||
| New York 3.9% | |||||
| Metropolitan Trans. Auth. Rev., | |||||
| Bans, Sub. Series B-2A | 5.000 | 05/15/21 | 1,000 | 1,015,850 | |
| Series D, Rfdg. | 5.000 | 11/15/21 | 610 | 623,853 | |
| New York City Trans. Fin. Auth. Bldg. Aid. Rev., Sub. Series S-1A | 5.250 | 07/15/37 | 3,000 | 3,138,540 | |
| 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 | 3,165,180 | |
| New York Liberty Dev. Corp. Rev., 4 World Trade Center Proj., Rfdg. | 5.750 | 11/15/51 | 1,750 | 1,842,033 | |
| New York St. Dorm. Auth. Rev., | |||||
| Memorial Sloan Kettering, Series 1, Rfdg. | 5.000 | 07/01/42 | 1,000 | 1,202,660 | |
| Mount Sinai Sch. of Medicine, Series A, Rfdg. | 5.000 | 07/01/21 | 1,685 | 1,689,449 | |
| Rochester Inst. Tech., Series A, Rfdg., AMBAC | 5.250 | 07/01/20 | 2,100 | 2,108,820 | |
| Rochester Inst. Tech., Series A, Rfdg., AMBAC | 5.250 | 07/01/21 | 2,000 | 2,112,180 | |
| 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 | 4,338,262 | |
| New York Trans. Dev. Corp. Rev., Laguardia Arpt., Term. B Redev., Series A, AMT | 5.000 | 07/01/46 | 1,000 | 1,039,230 | |
| New York, NY, Series C-1, GO, Rfdg. | 5.000 | 08/01/31 | 1,860 | 2,450,959 | |
| Port Auth. of NY & NJ, Spl. Oblig. Rev., JFK Int’l. Air Terminal | 5.000 | 12/01/20 | 175 | 177,492 | |
12
PGIM National Muni Fund
Schedule of Investments as of May 31, 2020 (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 | $2,120,680 | |
| Util. Debt Secur. Auth. Rev., Series TE, Rfdg. | 5.000 | 12/15/41 | 2,585 | 2,924,074 | |
| 29,949,262 | |||||
| North Carolina 0.1% | |||||
| North Carolina Eastern Muni. Pwr. Agcy., Pwr. Sys. Rev., | |||||
| Series A, ETM(ee) | 6.400 | 01/01/21 | 150 | 155,553 | |
| Series A, Rfdg. (Pre-refunded date 01/01/22)(ee) | 6.000 | 01/01/26 | 650 | 709,534 | |
| 865,087 | |||||
| North Dakota 0.1% | |||||
| McLean Cnty. Solid Wste. Facs. Rev., Great River Energy Proj., Series A, Rfdg. | 4.875 | 07/01/26 | 1,000 | 1,002,780 | |
| Ohio 4.3% | |||||
| Allen Cnty. Hosp. Facs. Rev., Bon Secours Mercy Hlth., Rfdg. | 5.000 | 12/01/30 | 1,000 | 1,267,920 | |
| Buckeye Tob. Settlement Fing. Auth. Rev., | |||||
| Sr. Series A-2, Class 1, Rfdg. | 5.000 | 06/01/31 | 3,930 | 4,988,742 | |
| Sr. Series A-2, Class 1, Rfdg. | 5.000 | 06/01/33 | 2,000 | 2,493,360 | |
| Franklin Cnty. Hosp. Facs. Rev., | |||||
| Hosp. Facs. | 4.125 | 05/15/45 | 2,000 | 2,157,080 | |
| Nationwide Children’s Hosp., Proj. | 4.000 | 11/01/45 | 2,000 | 2,142,820 | |
| Nationwide Children’s Hosp., Rfdg. | 4.000 | 11/01/47 | 2,400 | 2,616,072 | |
| Ohio Hlth. Corp., Series A | 4.000 | 05/15/47 | 4,815 | 5,295,682 | |
| Ohio Hlth. Corp., Series A | 5.000 | 11/15/41 | 2,000 | 2,102,460 | |
| Lancaster Port Auth. Rev., Series A, Rfdg. (Mandatory put date 02/01/25) | 5.000(cc) | 08/01/49 | 750 | 861,008 | |
| Lucas Cnty. Hosp. Rev., Promedica Healthcare, Series A, Rfdg. (Pre-refunded date 11/15/21)(ee) | 6.500 | 11/15/37 | 875 | 955,395 | |
| Middleburg Heights Hosp. Rev. Facs., Southwest Gen., Rfdg. | 5.250 | 08/01/41 | 800 | 829,336 | |
| 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 | 502,235 | |
| American Elec. Pwr. Co. Proj., Series C, Rfdg., AMT (Mandatory put date 10/01/24) | 2.100(cc) | 12/01/27 | 1,500 | 1,498,485 | |
13
PGIM National Muni Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Ohio (cont’d.) | |||||
| Ohio St. Higher Edl. Facs., Comm. Rev., | |||||
| Case Western Resv. Univ., Series B | 6.500 % | 10/01/20 | 145 | $147,872 | |
| Cleveland Clinic Hlth. Sys. Oblig. Series A-1, Rfdg. (Pre-refunded date 01/01/23)(ee) | 5.000 | 01/01/42 | 2,000 | 2,246,040 | |
| Ohio St. Rev., Cleveland Clinic Hlth. Sys. Series A, Rfdg. | 4.000 | 01/01/36 | 2,500 | 2,814,450 | |
| 32,918,957 | |||||
| Oklahoma 1.4% | |||||
| Oklahoma St. Dev. Fin. Auth. Rev., | |||||
| Gilcrease Expressway West, AMT | 1.625 | 07/06/23 | 1,500 | 1,449,840 | |
| St. Johns Hlth. Sys., Rfdg. (Pre-refunded date 02/15/22)(ee) | 5.000 | 02/15/42 | 1,500 | 1,622,955 | |
| Oklahoma Tpke. Auth. Rev., | |||||
| Series A | 4.000 | 01/01/48 | 2,000 | 2,222,300 | |
| Series A | 5.000 | 01/01/42 | 3,000 | 3,533,820 | |
| Stillwater Util. Auth. Rev., Series A | 5.000 | 10/01/39 | 1,865 | 2,151,650 | |
| 10,980,565 | |||||
| Oregon 0.2% | |||||
| Port of Portland Arpt. Rev., Series 24B, AMT | 5.000 | 07/01/42 | 1,500 | 1,688,595 | |
| Pennsylvania 5.3% | |||||
| Central Bradford Progress Auth. Rev., Guthrie Healthcare Sys., Rfdg. (Pre-refunded date 12/01/21)(ee) | 5.375 | 12/01/41 | 2,700 | 2,910,465 | |
| Comnwlth. Fing. Auth. Rev., | |||||
| Tob. Mstr. Settlement Payment Bonds | 5.000 | 06/01/25 | 1,000 | 1,167,040 | |
| Tob. Mstr. Settlement Payment Bonds | 5.000 | 06/01/34 | 1,000 | 1,184,910 | |
| Geisinger Auth. Rev., Series A-1 | 5.125 | 06/01/41 | 2,000 | 2,074,540 | |
| Gen. Auth. of Southcentral Pennsylvania, Rev., Wellspan Hlth. Oblig. Grp., Series A, Rfdg. | 5.000 | 06/01/44 | 3,000 | 3,333,930 | |
| Luzerne Cnty. Indl. Dev. Auth. Rev., Pennsylvania American, Rfdg., AMT (Mandatory put date 12/03/29) | 2.450(cc) | 12/01/39 | 1,250 | 1,336,375 | |
| Pennsylvania Econ. Dev. Fing. Auth. Rev., UPMC, Series A-1 | 5.000 | 04/15/26 | 1,000 | 1,189,070 | |
14
PGIM National Muni Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Pennsylvania (cont’d.) | |||||
| Pennsylvania Higher Edl. Facs. Auth. Rev., | |||||
| Trustees Univ. of Pennsylvania, Series A | 4.000 % | 08/15/41 | 3,200 | $3,625,504 | |
| Univ. of Pennsylvania | 5.000 | 08/15/49 | 2,000 | 2,378,500 | |
| Pennsylvania Tpke. Comm. Rev., | |||||
| Series A | 5.000 | 12/01/38 | 1,000 | 1,120,010 | |
| Series A-1 | 5.000 | 12/01/47 | 1,000 | 1,167,320 | |
| Series A-1, Rfdg. | 5.000 | 12/01/40 | 1,500 | 1,696,725 | |
| Series A-2, Rfdg. | 5.000 | 12/01/28 | 500 | 618,485 | |
| Series B | 5.000 | 12/01/45 | 7,000 | 7,919,380 | |
| Sub. Series A-1 | 5.000 | 12/01/25 | 1,100 | 1,295,228 | |
| Sub. Series B, Rfdg. | 5.000 | 06/01/29 | 1,775 | 2,070,307 | |
| Sub. Series B-1 | 5.250 | 06/01/47 | 2,000 | 2,293,620 | |
| Philadelphia Auth. for Indl. Dev. Rev., Children’s Hosp., Rfdg. | 4.000 | 07/01/37 | 1,075 | 1,204,247 | |
| Union Cnty. Hosp. Auth. Rev., Evangelical Cmnty Hosp., Series B | 5.000 | 08/01/48 | 1,500 | 1,659,075 | |
| 40,244,731 | |||||
| Puerto Rico 1.0% | |||||
| Puerto Rico Comnwlth. Aqu. & Sew. Auth. Rev., | |||||
| Sr. Lien, Series A | 5.750 | 07/01/37 | 1,260 | 1,260,000 | |
| Sr. Lien, Series A | 6.000 | 07/01/47 | 1,050 | 1,049,990 | |
| Puerto Rico Sales Tax Fing. Corp. Rev., | |||||
| Series A-1, CABS | 3.074(t) | 07/01/24 | 473 | 417,531 | |
| Series A-1, CABS | 3.277(t) | 07/01/27 | 5,783 | 4,592,916 | |
| 7,320,437 | |||||
| Rhode Island 1.0% | |||||
| Rhode Island Hlth. & Edl. Bldg. Corp. Higher Ed. Facs. Rev., College & Univ. Rev. | 5.250 | 08/15/43 | 3,815 | 4,638,926 | |
| Tob. Settlement Fing. Corp. Rev., | |||||
| Series A, Rfdg. | 5.000 | 06/01/22 | 290 | 311,854 | |
| Series A, Rfdg. | 5.000 | 06/01/24 | 395 | 445,303 | |
| Series A, Rfdg. | 5.000 | 06/01/40 | 2,350 | 2,512,526 | |
| 7,908,609 | |||||
| South Carolina 0.9% | |||||
| South Carolina Prt. Auth. Rev., AMT | 4.000 | 07/01/45 | 1,000 | 1,046,580 | |
15
PGIM National Muni Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| South Carolina (cont’d.) | |||||
| South Carolina Pub. Svc. Auth. Rev., | |||||
| Santee Cooper, Series A, Rfdg. | 5.125 % | 12/01/43 | 2,000 | $2,127,940 | |
| Santee Cooper, Series A, Rfdg. (Pre-refunded date 12/01/23)(ee) | 5.750 | 12/01/43 | 3,000 | 3,569,550 | |
| 6,744,070 | |||||
| South Dakota 0.1% | |||||
| South Dakota Edl. Enhancement Fdg. Corp. Rev., Series B, Rfdg. | 5.000 | 06/01/27 | 1,000 | 1,108,420 | |
| Tennessee 0.5% | |||||
| Memphis Shelby Cnty. Arpt. Auth. Rev., Series B, Rfdg., AMT | 5.750 | 07/01/25 | 1,000 | 1,003,020 | |
| Tennessee Energy Acquisition Corp. Gas Rev., | |||||
| Series A | 5.250 | 09/01/26 | 1,740 | 2,041,629 | |
| Series C | 5.000 | 02/01/22 | 1,050 | 1,102,731 | |
| 4,147,380 | |||||
| Texas 8.9% | |||||
| Central Tex. Regl. Mobility Auth. Rev., | |||||
| Sr. Lien, Series A | 5.000 | 01/01/40 | 1,395 | 1,510,088 | |
| Sr. Lien, Series A | 5.000 | 01/01/45 | 1,000 | 1,071,000 | |
| Central Tex. Tpke. Sys. Rev., Series A, Rfdg. | 5.000 | 08/15/39 | 2,000 | 2,423,940 | |
| Clifton Higher Ed. Fin. Corp. Rev., | |||||
| Idea Pub. Sch. | 6.000 | 08/15/43 | 1,000 | 1,116,770 | |
| Idea Pub. Sch., Rfdg., PSFG | 5.000 | 08/15/39 | 1,000 | 1,144,110 | |
| 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 | 5,096,950 | |
| Grand Parkway Trans. Corp. Rev., First Tier Toll Rev., Series A | 5.125 | 10/01/43 | 2,000 | 2,097,540 | |
| Gulf Coast Wste. Disp. Auth. Rev., | |||||
| Exxon Mobil Corp. Proj., FRDD (Mandatory put date 06/01/20) | 0.100(cc) | 09/01/25 | 12,500 | 12,500,000 | |
| Exxon Mobil Corp. Proj., Rfdg., FRDD (Mandatory put date 06/01/20) | 0.070(cc) | 06/01/20 | 5,300 | 5,300,000 | |
| Exxon Mobil Corp. Proj., Series A, FRDD (Mandatory put date 06/01/20) | 0.100(cc) | 06/01/30 | 1,150 | 1,150,000 | |
16
PGIM National Muni Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Texas (cont’d.) | |||||
| Harris Cnty. Metro. Trans. Auth. Tax Rev., Series A. Rfdg. (Pre-refunded date 11/01/21)(ee) | 5.000 % | 11/01/36 | 3,000 | $3,204,390 | |
| Harris Cnty. Toll Road Auth. Rev., Sr. Lien, Series A, Rfdg. | 5.000 | 08/15/43 | 3,000 | 3,706,140 | |
| Houston Arpt. Sys. Rev., | |||||
| Sub. Lien, Series A, Rfdg., AMT | 5.000 | 07/01/25 | 760 | 787,611 | |
| Sub. Lien, Series A, Rfdg., AMT | 5.000 | 07/01/32 | 5,640 | 5,947,267 | |
| Sub. Lien, Series B, Rfdg. | 5.000 | 07/01/32 | 2,000 | 2,137,100 | |
| Sub. Series A, Rfdg., AMT | 5.000 | 07/01/41 | 1,000 | 1,173,860 | |
| Lower Colorado River Auth. Rev., LCRA Transmn. Svcs. Corp. Proj., Rfdg.(hh) | 5.000 | 05/15/27 | 750 | 950,610 | |
| Lower Neches Valley Auth. Indl. Dev. Corp. Rev., | |||||
| Exxon Mobil Corp. Proj., FRDD (Mandatory put date 06/01/20) | 0.090(cc) | 11/01/38 | 5,015 | 5,015,000 | |
| Exxon Mobil Corp. Proj., Series B, Rfdg., FRDD (Mandatory put date 06/01/20) | 0.060(cc) | 11/01/29 | 450 | 450,000 | |
| North Tex. Twy. Auth. Rev., | |||||
| First Tier, Series A, Rfdg. | 4.000 | 01/01/44 | 2,000 | 2,233,040 | |
| Second Tier, Rfdg. | 5.000 | 01/01/48 | 1,250 | 1,471,937 | |
| Series B, Rfdg. | 5.000 | 01/01/45 | 2,000 | 2,249,620 | |
| Spl. Projs., Series A (Pre-refunded date 09/01/21)(ee) | 5.500 | 09/01/41 | 1,000 | 1,065,630 | |
| Tex. Priv. Activ. Surf. Trans. Corp. Rev., | |||||
| Sr. Lien LBJ Infrastructure | 7.000 | 06/30/40 | 2,500 | 2,509,975 | |
| Sr. Lien NTE Mobility, Series 3A & 3B, AMT | 6.750 | 06/30/43 | 500 | 545,455 | |
| Sr. Lien NTE Mobility, Series 3A & 3B, AMT | 7.000 | 12/31/38 | 1,500 | 1,651,320 | |
| 68,509,353 | |||||
| Utah 1.4% | |||||
| Cnty. of Utah Rev., IHC Hlth. Serv. Inc., Series A, Rfdg. | 4.000 | 05/15/41 | 5,000 | 5,682,100 | |
| Salt Lake City Corp. Arpt. Rev., | |||||
| Series A, AMT | 5.000 | 07/01/28 | 2,000 | 2,436,760 | |
| Series A, AMT | 5.250 | 07/01/48 | 2,000 | 2,287,600 | |
| 10,406,460 | |||||
| Virginia 1.2% | |||||
| Arlington Cnty. Indl. Dev. Auth. Rev., Virginia Hosp. Ctr., Rfdg. | 5.000 | 07/01/26 | 500 | 596,475 | |
| Fairfax Cnty. Indl. Dev. Auth. Rev., | |||||
| Healthcare, Inova Hlth. Sys. | 5.000 | 05/15/40 | 2,000 | 2,139,940 | |
| Healthcare, Inova Hlth. Sys. Series A, Rfdg. | 4.000 | 05/15/48 | 3,000 | 3,316,860 | |
17
PGIM National Muni Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Virginia (cont’d.) | |||||
| Norfolk Econ. Dev. Auth. Rev., Sentara Healthcare, Series B, Rfdg. | 4.000 % | 11/01/48 | 2,000 | $2,176,880 | |
| Wise Cnty. Indl. Dev. Auth. Rev., VA Elec. & Pwr. Co., Rmkt., Series A (Mandatory put date 05/31/24) | 1.200(cc) | 11/01/40 | 750 | 749,452 | |
| 8,979,607 | |||||
| Washington 3.2% | |||||
| Port of Seattle Rev., Intermediate Lien, | |||||
| Series A, AMT | 5.000 | 05/01/43 | 1,500 | 1,700,130 | |
| Series B, Rfdg., AMT | 5.000 | 09/01/26 | 1,115 | 1,166,245 | |
| Series C, Rfdg., AMT | 5.000 | 02/01/24 | 2,500 | 2,560,475 | |
| Skagit Cnty. Pub. Hosp. Dist. No. 1, Rev., Rfdg. & Impvt., Series A | 5.000 | 12/01/37 | 1,000 | 1,047,310 | |
| Univ. of Washington, Rev., | |||||
| Forward Delivery, Series C, Rfdg.(hh) | 5.000 | 04/01/31 | 1,250 | 1,642,213 | |
| Forward Delivery, Series C, Rfdg.(hh) | 5.000 | 04/01/32 | 1,250 | 1,628,525 | |
| Forward Delivery, Series C, Rfdg.(hh) | 5.000 | 04/01/34 | 1,000 | 1,292,780 | |
| Forward Delivery, Series C, Rfdg.(hh) | 5.000 | 04/01/35 | 1,750 | 2,243,308 | |
| Washington St. Conv. Ctr. Pub. Facs. Dist. Rev., Revenue Bonds | 5.000 | 07/01/58 | 3,000 | 3,204,240 | |
| Washington St. Healthcare Facs. Auth. Rev., | |||||
| Overlake Hosp. Med. Ctr., Rfdg. | 5.000 | 07/01/38 | 2,690 | 2,885,482 | |
| Seattle Children’s Hosp., Series A | 5.000 | 10/01/42 | 2,000 | 2,161,960 | |
| Seattle Children’s Hosp., Series A | 5.000 | 10/01/47 | 1,000 | 1,181,400 | |
| Swedish Hlth. Svcs., Series A (Pre-refunded date 05/15/21)(ee) | 6.250 | 11/15/41 | 1,500 | 1,586,970 | |
| 24,301,038 | |||||
| West Virginia 0.6% | |||||
| Harrison Cnty. Comm. Rev., Monongahela Pwr. Co. Proj., Series A, Rfdg., AMT (Mandatory put date 10/15/21) | 3.000(cc) | 10/15/37 | 500 | 507,705 | |
| 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 | 512,400 | |
18
PGIM National Muni Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| West Virginia (cont’d.) | |||||
| West Virginia Hosp. Fin. Auth. Rev., Cabell Huntington Hosp. Oblig., Series B, Rfdg. | 5.000 % | 01/01/43 | 1,000 | $1,106,050 | |
| West Virginia Prkwys. Auth. Rev., Sr. Tpke. Toll | 4.000 | 06/01/47 | 1,970 | 2,244,973 | |
| 4,371,128 | |||||
| Wisconsin 0.2% | |||||
| Wisconsin Hlth. & Edl. Facs. Auth. Rev., Ascension Hlth. Alliance, Rmkt., Series B-1, Rfdg. | 4.000 | 11/15/43 | 1,500 | 1,661,115 | |
| TOTAL INVESTMENTS 100.0% (cost $731,119,049) | 766,166,257 | ||||
| Other assets in excess of liabilities(z) 0.0% | 380,047 | ||||
| Net Assets 100.0% | $766,546,304 | ||||
| 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 | |
| CABS—Capital Appreciation Bonds | |
| ETM—Escrowed to Maturity | |
| FRDD—Floating Rate Daily Demand Note | |
| GO—General Obligation | |
| LIBOR—London Interbank Offered Rate | |
| NATL—National Public Finance Guaranty Corp. | |
| PSFG—Permanent School Fund Guarantee | |
| TCRs—Transferrable Custodial Receipts |
| # | Principal amount is shown in U.S. dollars unless otherwise stated. |
| (c) | Variable rate instrument. The interest rate shown reflects the rate in effect at May 31, 2020. |
| (cc) | Variable rate instrument. The rate shown is based on the latest available information as of May 31, 2020. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
| (ee) | All or partial escrowed to maturity and pre-refunded issues are secured by escrowed cash, a guaranteed investment contract and /or U.S. guaranteed obligations. |
| (hh) | When-issued security. |
| (t) | Represents zero coupon. Rate quoted represents effective yield at May 31, 2020. |
| (z) | Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments: |
19
PGIM National Muni Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
| Futures contracts outstanding at May 31, 2020: | ||||||||
| Number of Contracts | Type | Expiration Date | Current Notional Amount | Value / Unrealized Appreciation (Depreciation) | ||||
| Short Position: | ||||||||
| 109 | 20 Year U.S. Treasury Bonds | Sep. 2020 | $19,442,875 | $(58,037) | ||||
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).
20