PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Long-Term Investments 100.5% | |||||
| Municipal Bonds | |||||
| Alabama 2.0% | |||||
| Alabama Pub. Sch. & Clg. Auth. Rev., Social Bonds, Series A, Rfdg. | 5.000 % | 11/01/28 | 1,265 | $1,603,554 | |
| Black Belt Energy Gas Dist. Rev., | |||||
| Proj. No. 4, Series A-1 (Mandatory put date 12/01/25) | 4.000(cc) | 12/01/49 | 4,300 | 4,795,854 | |
| Proj. No. 5, Series A-1 (Mandatory put date 10/01/26) | 4.000(cc) | 10/01/49 | 3,000 | 3,398,434 | |
| Proj. No. 6, Series B (Mandatory put date 12/01/26) | 4.000(cc) | 10/01/52 | 3,000 | 3,416,003 | |
| Rfdg. (Mandatory put date 12/01/31) | 4.000(cc) | 06/01/51 | 2,000 | 2,440,996 | |
| Jefferson Cnty. Swr. Rev., | |||||
| Sr. Lien, Warrants, Series A, Rfdg., AGM | 5.000 | 10/01/44 | 500 | 543,742 | |
| Sr. Lien, Warrants, Series A, Rfdg., AGM | 5.250 | 10/01/48 | 500 | 545,018 | |
| Mobile Indl. Dev. Brd. Rev., Alabama Pwr. Co. Barry, Rmkt. (Mandatory put date 06/26/25) | 1.000(cc) | 06/01/34 | 1,000 | 1,012,766 | |
| 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 | 1,626,525 | |
| Southeast Energy Auth. Cooperative Dist. Rev., | |||||
| Proj. No. 1, Series A (Mandatory put date 10/01/28) | 4.000(cc) | 11/01/51 | 1,000 | 1,165,475 | |
| Proj. No. 2, Series B (Mandatory put date 12/01/31) | 4.000(cc) | 12/01/51 | 800 | 970,184 | |
| 21,518,551 | |||||
| Alaska 0.8% | |||||
| Alaska Indl. Dev. & Export Auth. Rev., | |||||
| Tanana Chiefs Conference Proj., Series A | 4.000 | 10/01/49 | 3,000 | 3,390,765 | |
| Tanana Chiefs Conference Proj., Series A | 5.000 | 10/01/31 | 1,555 | 1,967,329 | |
| Alaska Muni. Bond Bank Auth. Rev., Rfdg. | 5.000 | 12/01/26 | 1,350 | 1,619,739 | |
| Northern Tob. Secur. Corp. Rev., Sr. Series A, Class 1, Rfdg. | 5.000 | 06/01/29 | 1,000 | 1,272,777 | |
| Valdez Rev., Exxon Pipeline Co. Proj., Rfdg., FRDD (Mandatory put date 12/01/21) | 0.030(cc) | 10/01/25 | 500 | 500,000 | |
| 8,750,610 | |||||
| Arizona 3.2% | |||||
| Arizona Hlth. Facs. Auth. Rev., Banner Hlth., Series B, 3 Month LIBOR + 0.810% | 0.898(c) | 01/01/37 | 2,280 | 2,287,405 | |
| Arizona Indl. Dev. Auth. Rev., | |||||
| Phoenix Children’s Hosp. Proj., Series A, Rfdg. | 5.000 | 02/01/28 | 1,000 | 1,237,478 | |
1
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Arizona (cont’d.) | |||||
| Arizona Indl. Dev. Auth. Rev., (cont’d.) | |||||
| Phoenix Children’s Hosp., Series A | 5.000 % | 02/01/29 | 650 | $820,734 | |
| Phoenix Children’s Hosp., Series A | 5.000 | 02/01/30 | 300 | 386,422 | |
| Chandler Indl. Dev. Auth. Rev., Intel Corp., AMT (Mandatory put date 06/03/24) | 5.000(cc) | 06/01/49 | 1,035 | 1,145,026 | |
| Maricopa Cnty. Indl. Dev. Auth. Rev., Banner Hlth., Series A | 5.000 | 01/01/41 | 1,000 | 1,218,391 | |
| Maricopa Cnty. Spl. HealthCare Dist., Series D, GO | 5.000 | 07/01/28 | 850 | 1,067,537 | |
| Phoenix Civic Impvt. Corp. Rev., | |||||
| Jr. Lien, Series B, AMT | 5.000 | 07/01/29 | 2,000 | 2,546,204 | |
| Series A, AMT | 5.000 | 07/01/47 | 2,000 | 2,345,420 | |
| Sr. Lien, AMT | 5.000 | 07/01/48 | 2,000 | 2,385,916 | |
| Sr. Lien, Rfdg., AMT | 5.000 | 07/01/32 | 1,200 | 1,280,288 | |
| Pima Cnty. Indl. Dev. Auth. Rev., Tucson Elec. Pwr. Co. Proj., Rfdg. | 4.000 | 09/01/29 | 2,000 | 2,082,077 | |
| Salt River Proj. Agric. Impvt. & Pwr. Dist. Elec. Sys. Rev., | |||||
| Forward Delivery Salt River Proj., Series A, Rfdg. | 5.000 | 01/01/27 | 1,200 | 1,457,792 | |
| Forward Delivery, Series A, Rfdg. | 5.000 | 01/01/28 | 875 | 1,091,523 | |
| Series A, Rfdg. | 4.000 | 01/01/38 | 2,000 | 2,284,018 | |
| Salt Verde Finl. Corp. Rev., | |||||
| Sr. Gas Rev., Sr. Bonds | 5.000 | 12/01/32 | 2,800 | 3,656,739 | |
| Sr. Gas Rev., Sr. Bonds | 5.000 | 12/01/37 | 3,505 | 4,903,180 | |
| Sr. Gas Rev., Sr. Bonds | 5.250 | 12/01/26 | 2,180 | 2,620,299 | |
| 34,816,449 | |||||
| California 9.0% | |||||
| Alameda Corridor Trans. Auth. Rev., 2nd Sub. Lien, Series B, Rfdg. | 5.000 | 10/01/37 | 1,500 | 1,743,253 | |
| Anaheim Pub. Fing. Auth. Lease Rev., Sr. Pub. Impvts. Proj., Series A, AGM | 6.000 | 09/01/24 | 3,860 | 4,252,705 | |
| Bay Area Toll Auth. Rev., Series F-1 (Pre-refunded date 04/01/27)(ee) | 5.000 | 04/01/56 | 2,000 | 2,450,912 | |
| California Cnty. Tob. Secur. Agcy. Rev., Conv. Bonds, Asset Bkd., Series B, Rfdg. | 5.100 | 06/01/28 | 610 | 610,164 | |
| California Hlth. Facs. Fing. Auth. Rev., | |||||
| Cedars Sinai Hlth. Sys., Series A, Rfdg.(hh) | 4.000 | 08/15/48 | 3,000 | 3,557,909 | |
| Lucile Salter Packard Children’s Hosp. at Stanford, Series A, Rfdg.(hh) | 4.000 | 05/15/51 | 2,500 | 2,856,053 | |
| Stanford Healthcare, Series A | 5.000 | 08/15/54 | 1,000 | 1,140,378 | |
2
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| California (cont’d.) | |||||
| California Infrast. & Econ. Dev. Bank Rev., Brightline West Passenger Rail Proj., Rmkt., Series A, AMT (Mandatory put date 02/01/22), 144A | 0.200 %(cc) | 01/01/50 | 1,550 | $1,549,774 | |
| California Muni. Fin. Auth. Rev., | |||||
| CHF-Davis I, LLC, West Vlg. Student Hsg. Proj., BAM, TCRs | 5.000 | 05/15/29 | 1,000 | 1,250,690 | |
| ExxonMobil Proj., Rfdg., FRDD (Mandatory put date 12/01/21) | 0.040(cc) | 12/01/29 | 1,770 | 1,770,000 | |
| Sr. Lien-LINXS APM Proj., AMT | 5.000 | 12/31/43 | 2,750 | 3,255,580 | |
| Wste. Mgmt., Inc., Rmkt., Series A, AMT (Mandatory put date 12/01/23) | 0.700(cc) | 12/01/44 | 1,000 | 999,361 | |
| California St., | |||||
| GO | 5.000 | 03/01/45 | 3,000 | 3,391,200 | |
| GO, Rfdg. | 5.000 | 11/01/28 | 2,500 | 3,178,540 | |
| GO, Rfdg. | 5.000 | 12/01/28 | 1,200 | 1,528,661 | |
| GO, Rfdg. | 5.000 | 08/01/45 | 500 | 572,676 | |
| GO, Rfdg. | 5.000 | 08/01/46 | 1,500 | 1,764,953 | |
| Var. Purp., GO | 5.000 | 04/01/42 | 7,000 | 7,104,460 | |
| Var. Purp., GO | 5.250 | 04/01/35 | 1,250 | 1,270,525 | |
| Var. Purp., GO, Rfdg. | 5.000 | 10/01/47 | 3,000 | 3,495,779 | |
| California St. Pub. Wks. Brd. Lease Rev., | |||||
| Forward Delivery, Series A, Rfdg. | 5.000 | 02/01/28 | 2,360 | 2,934,214 | |
| Series C, Rfdg.(hh) | 5.000 | 08/01/28 | 875 | 1,048,435 | |
| Golden St. Tob. Secur. Corp. Rev., | |||||
| Series A-1, Rfdg. | 5.000 | 06/01/26 | 1,075 | 1,262,764 | |
| Series A-1, Rfdg. | 5.000 | 06/01/28 | 3,255 | 3,915,230 | |
| Series A-1, Rfdg. | 5.000 | 06/01/29 | 1,400 | 1,682,691 | |
| Series A-1, Rfdg. | 5.000 | 06/01/30 | 1,820 | 2,235,599 | |
| Series A-1, Rfdg. | 5.000 | 06/01/33 | 3,050 | 3,718,689 | |
| Series A-1, Rfdg. | 5.000 | 06/01/35 | 1,545 | 1,868,131 | |
| Long Beach Bond Fin. Auth. Nat. Gas Pur. Rev., | |||||
| Series A | 5.000 | 11/15/35 | 1,140 | 1,577,166 | |
| Series A | 5.500 | 11/15/37 | 1,000 | 1,493,352 | |
| Los Angeles Calif. Dept. Arpts. Rev., | |||||
| Los Angls. Int’l., Series A, AMT | 5.000 | 05/15/29 | 2,000 | 2,133,302 | |
| Los Angls. Int’l., Series A, AMT | 5.000 | 05/15/38 | 2,500 | 2,659,602 | |
| Sr. Series C, AMT | 5.000 | 05/15/28 | 1,075 | 1,343,180 | |
| Sub. Los Angls. Int’l., Series A, AMT | 5.250 | 05/15/48 | 1,000 | 1,233,342 | |
| Los Angeles Dept. of Wtr. & Pwr. Wtr. Sys. Rev., Series B | 5.000 | 07/01/34 | 2,500 | 2,680,632 | |
| M-S-R Energy Auth. Rev., Series A | 6.500 | 11/01/39 | 2,000 | 3,240,532 | |
3
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| California (cont’d.) | |||||
| Pittsburg Redev. Agcy., Los Medanos Cmnty. Dev. Proj., Tax Alloc., AMBAC, CABS | 0.905 %(t) | 08/01/25 | 2,000 | $1,934,829 | |
| Port of Oakland Rev., Sr. Lien, Series P, Rfdg., AMT (Pre-refunded date 05/01/33)(ee) | 5.000 | 05/01/33 | 1,750 | 1,782,682 | |
| Riverside Cnty. Pub. Fing. Auth. Rev., Cap. Facs. Proj. (Pre-refunded date 11/01/25)(ee) | 5.250 | 11/01/45 | 1,000 | 1,183,748 | |
| San Diego Cnty. Regl. Arpt. Auth. Rev., | |||||
| Sr. Series B, AMT (Pre-refunded 07/01/23)(ee) | 5.000 | 07/01/43 | 2,000 | 2,129,372 | |
| Sr. Series B, AMT (Pre-refunded date 07/01/23)(ee) | 5.000 | 07/01/38 | 1,000 | 1,067,126 | |
| San Diego Cnty. Wtr. Auth. Rev., Green Bond, Series A, Rfdg. | 5.000 | 05/01/28 | 750 | 949,366 | |
| San Francisco City & Cnty. Arpt. Commn. Rev., | |||||
| 2nd Series A, Rfdg., AMT | 5.250 | 05/01/33 | 1,000 | 1,065,697 | |
| Series A, Rfdg., AMT | 5.000 | 05/01/31 | 3,000 | 3,931,301 | |
| Walnut Energy Ctr. Auth. Rev., Rfdg. | 5.000 | 01/01/34 | 800 | 891,811 | |
| 97,706,366 | |||||
| Colorado 2.7% | |||||
| Colorado Hlth. Facs. Auth. Rev., | |||||
| Commonspirit Hlth., Series A, Rfdg. | 5.000 | 08/01/27 | 1,725 | 2,121,445 | |
| Commonspirit Hlth., Series A, Rfdg. | 5.000 | 08/01/29 | 2,070 | 2,655,522 | |
| Commonspirit Hlth., Series A, Rfdg. | 5.000 | 08/01/34 | 2,500 | 3,175,332 | |
| Commonspirit Hlth., Series B-2 (Mandatory put date 02/01/26) | 5.000(cc) | 08/01/49 | 2,465 | 2,895,373 | |
| Vail Vlly. Med. Ctr. Proj. | 4.000 | 01/15/45 | 1,500 | 1,616,874 | |
| Colorado Springs Co. Util. Sys. Rev., Series C | 5.000 | 11/15/27 | 1,000 | 1,241,192 | |
| Denver City & Cnty. Arpt. Sys. Rev., | |||||
| Series A, Rfdg., AMT | 5.000 | 11/15/27 | 1,055 | 1,291,659 | |
| Series A, Rfdg., AMT | 5.250 | 11/15/22 | 1,050 | 1,054,025 | |
| Sub. Sys., Series A, Rfdg., AMT | 5.000 | 12/01/34 | 2,300 | 2,818,125 | |
| Sub. Sys., Series A, Rfdg., AMT | 5.000 | 12/01/35 | 1,000 | 1,223,720 | |
| Sub. Sys., Series A, Rfdg., AMT | 5.250 | 12/01/43 | 3,000 | 3,705,481 | |
| E-470 Pub. Hwy. Auth. Rev., | |||||
| Sr. Rev., Series A, Rfdg. | 5.000 | 09/01/27 | 1,160 | 1,426,843 | |
| Sr. Rev., Series A, Rfdg. | 5.000 | 09/01/28 | 1,175 | 1,477,444 | |
4
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Colorado (cont’d.) | |||||
| Regl. Trans. Dist. Rev., | |||||
| Denver Transit Partners Eagle P3 Proj., Series A, Rfdg. | 5.000 % | 07/15/28 | 400 | $491,302 | |
| Denver Transit Partners Eagle P3 Proj., Series A, Rfdg. | 5.000 | 07/15/29 | 400 | 500,162 | |
| Regl. Trans. Dist. Sales Tax Rev., Green Bond Fastracks Proj., Series B, Rfdg. | 5.000 | 11/01/28 | 1,425 | 1,804,150 | |
| 29,498,649 | |||||
| Connecticut 3.0% | |||||
| Connecticut St., | |||||
| Forward Delivery Social Bonds, Series D, GO, Rfdg. | 5.000 | 07/15/28 | 4,500 | 5,667,972 | |
| Series 2021-A, GO | 4.000 | 01/15/28 | 1,500 | 1,779,747 | |
| Series A, GO | 4.000 | 01/15/33 | 2,000 | 2,402,594 | |
| Series A, GO | 5.000 | 01/15/32 | 2,000 | 2,572,005 | |
| Series B, GO, Rfdg. | 5.000 | 05/15/25 | 2,050 | 2,367,134 | |
| Series C, GO | 5.000 | 06/15/28 | 1,200 | 1,508,905 | |
| Connecticut St. Hlth. & Ed. Facs. Auth. Rev., | |||||
| Rmkt., Series 2015-A, Rfdg. (Mandatory put date 07/12/24) | 0.375(cc) | 07/01/35 | 1,000 | 997,403 | |
| Yale Univ., Series A-2, Rfdg. (Mandatory put date 07/01/26) | 2.000(cc) | 07/01/42 | 2,310 | 2,456,795 | |
| Connecticut St. Spl. Tax Rev., | |||||
| Series A | 5.000 | 05/01/28 | 2,500 | 3,127,400 | |
| Spl. Tax Oblig. Bonds, Series A | 5.000 | 05/01/27 | 1,325 | 1,616,993 | |
| Spl. Tax Oblig. Bonds, Series A | 5.000 | 05/01/29 | 4,065 | 5,198,395 | |
| Trans. Infrast., Series A | 5.000 | 01/01/38 | 2,000 | 2,454,871 | |
| 32,150,214 | |||||
| Delaware 0.1% | |||||
| Delaware Trans. Auth. Rev., Rfdg. | 5.000 | 07/01/28 | 1,150 | 1,451,897 | |
| District of Columbia 2.1% | |||||
| Dist. of Columbia Rev., | |||||
| Friendship Pub. Chrt. Sch., Rfdg. | 5.000 | 06/01/36 | 1,385 | 1,569,153 | |
| KIPP Chrt. Sch., Rfdg. (Pre-refunded date 07/01/23)(ee) | 6.000 | 07/01/43 | 850 | 926,954 | |
| KIPP Chrt. Sch., Rfdg. (Pre-refunded date 07/01/23)(ee) | 6.000 | 07/01/48 | 725 | 790,637 | |
5
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| District of Columbia (cont’d.) | |||||
| Dist. of Columbia Rev., (cont’d.) | |||||
| KIPP DC Iss., Series A, Rfdg. | 5.000 % | 07/01/37 | 1,250 | $1,468,857 | |
| Metropolitan Washington D.C. Arpt. Auth. Dulles Toll Road Rev., Dulles Met. Rail, Series A, Rfdg. | 5.000 | 10/01/44 | 2,000 | 2,465,454 | |
| Metropolitan Washington D.C. Arpt. Auth. Sys. Rev., | |||||
| Forward Delivery, Series A, Rfdg., AMT | 5.000 | 10/01/32 | 1,500 | 1,933,236 | |
| Rfdg., AMT | 5.000 | 10/01/26 | 3,335 | 3,980,815 | |
| Series A, Rfdg., AMT | 5.000 | 10/01/28 | 3,000 | 3,751,539 | |
| Series A, Rfdg., AMT | 5.000 | 10/01/31 | 2,500 | 2,594,407 | |
| Series A, Rfdg., AMT | 5.000 | 10/01/44 | 1,000 | 1,109,221 | |
| Washington Metropolitan Area Trans. Auth. Rev., Green Bond, Series A | 5.000 | 07/15/28 | 1,960 | 2,470,776 | |
| 23,061,049 | |||||
| Florida 8.0% | |||||
| Broward Cnty. Arpt. Sys. Rev., | |||||
| Series A, AMT | 5.000 | 10/01/45 | 3,000 | 3,399,456 | |
| Series A, AMT (Pre-refunded date 10/01/23)(ee) | 5.250 | 10/01/43 | 1,500 | 1,633,797 | |
| Series B, Rfdg., AMT | 5.000 | 10/01/27 | 3,000 | 3,667,433 | |
| Central Florida Expressway Auth. Rev., | |||||
| Sr. Lien, Rfdg. | 4.000 | 07/01/41 | 2,000 | 2,259,280 | |
| Sr. Lien, Rfdg., AGM | 5.000 | 07/01/28 | 3,000 | 3,780,295 | |
| Sr. Lien, Series D | 5.000 | 07/01/29 | 780 | 997,747 | |
| Citizens Ppty. Ins., Inc. Rev., Sr. Sec’d., Series A-1 | 5.000 | 06/01/22 | 1,000 | 1,021,703 | |
| Cityplace CDD., Spl. Assmt., Rfdg. | 5.000 | 05/01/26 | 1,000 | 1,126,681 | |
| Davie Edl. Facs. Rev., | |||||
| Nova Southeastern Univ. Proj., Series A (Pre-refunded date 04/01/23)(ee) | 5.625 | 04/01/43 | 500 | 535,824 | |
| Nova Southeastern Univ. Proj., Series A (Pre-refunded date 04/01/23)(ee) | 6.000 | 04/01/42 | 1,000 | 1,076,628 | |
| Florida Dev. Fin. Corp. Rev., Nova Southeastern Univ. Proj., Series A, Rfdg. | 5.000 | 04/01/26 | 555 | 650,386 | |
| Florida Higher Edl. Facs. Finl. Auth. Rev., | |||||
| Nova Southeastern Univ. Proj., Rfdg. | 5.000 | 04/01/25 | 1,050 | 1,196,154 | |
| Nova Southeastern Univ. Proj., Rfdg. | 5.000 | 04/01/28 | 1,250 | 1,460,842 | |
| Gainesville Util. Sys. Rev., Series A-2 | 5.000 | 10/01/51 | 3,000 | 3,871,683 | |
6
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Florida (cont’d.) | |||||
| Grtr. Orlando Avtn. Auth. Rev., Priority Sub. Series A, AMT | 5.000 % | 10/01/42 | 5,000 | $5,996,338 | |
| Hillsborough Cnty. Avtn. Auth. Rev., | |||||
| Tampa Int’l. Arpt., Sub. Series A, Rfdg., AMT | 5.000 | 10/01/25 | 1,270 | 1,374,982 | |
| Tampa Int’l. Arpt., Series E, AMT | 5.000 | 10/01/48 | 4,500 | 5,497,736 | |
| JEA Elec. Sys. Rev., Sub. Series A, Rfdg. | 5.000 | 10/01/28 | 9,000 | 11,225,852 | |
| Lee Cnty. Arpt. Rev., Series A, Rfdg., AMT | 5.000 | 10/01/28 | 3,000 | 3,713,312 | |
| Miami Beach Redev. Agcy., Tax Incr. Rev. City Ctr., Tax Alloc. Rfdg., AGM | 5.000 | 02/01/44 | 1,500 | 1,630,349 | |
| Miami Dade Cnty. Wtr. & Swr. Sys. Rev., | |||||
| Series B, Rfdg., AGM | 5.250 | 10/01/22 | 5,145 | 5,361,794 | |
| Sub. Series | 5.000 | 10/01/27 | 2,215 | 2,730,715 | |
| Wtr. Util. Imps. | 5.000 | 10/01/30 | 1,530 | 2,006,788 | |
| Orange Cnty. Hlth. Facs. Auth. Rev., | |||||
| Orlando Hlth. Oblig. Grp., Series B, Rfdg. | 5.000 | 10/01/26 | 2,100 | 2,518,499 | |
| Orlando Hlth., Inc., Series B, Rfdg. | 5.000 | 10/01/44 | 1,000 | 1,175,896 | |
| Orlando Util. Commn. Rev., Series B (Mandatory put date 10/01/28) | 1.250(cc) | 10/01/46 | 3,475 | 3,523,048 | |
| 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 | 568,134 | |
| Sarasota Cnty. Pub. Hosp. Dist. Rev., | |||||
| Sarasota Mem. Hosp. | 4.000 | 07/01/48 | 2,860 | 3,254,447 | |
| Sarasota Mem. Hosp. | 5.000 | 07/01/28 | 1,160 | 1,441,770 | |
| South Miami Hlth. Facs. Auth., Inc. Rev., Baptist Hlth. South Florida, Rfdg. | 5.000 | 08/15/47 | 1,000 | 1,197,211 | |
| Tampa Hlth. Sys. Rev., Baycare Hlth. Sys., Series A, Rfdg. | 5.000 | 11/15/33 | 3,090 | 3,153,608 | |
| Village CDD No. 6, | |||||
| Spl. Assmt., Rfdg. | 4.000 | 05/01/27 | 315 | 359,868 | |
| Spl. Assmt., Rfdg. | 4.000 | 05/01/28 | 325 | 370,755 | |
| Spl. Assmt., Rfdg. | 4.000 | 05/01/29 | 340 | 387,450 | |
| Village CDD No. 7, Spl. Assmt., Rfdg. | 4.000 | 05/01/23 | 1,035 | 1,085,669 | |
| Village CDD No. 10, Spl. Assmt. | 4.500 | 05/01/23 | 320 | 322,913 | |
| Village CDD No. 13, | |||||
| Spl. Assmt. | 3.375 | 05/01/34 | 490 | 516,978 | |
| Spl. Assmt., 144A | 2.625 | 05/01/30 | 1,000 | 1,002,198 | |
| 87,094,219 | |||||
7
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Georgia 2.3% | |||||
| Atlanta GA Dept. Avtn. Rev., | |||||
| Series B, Rfdg., AMT | 5.000 % | 07/01/29 | 830 | $1,051,220 | |
| Series B, Rfdg., AMT | 5.000 | 07/01/30 | 1,500 | 1,935,819 | |
| Georgia Ports Auth. Rev., Arpt. & Marina Imps. | 5.000 | 07/01/29 | 1,250 | 1,608,743 | |
| Georgia St. Road & Twy. Auth. Rev., Grant Anticipation Rev. Vehicle | 5.000 | 06/01/27 | 2,630 | 3,217,936 | |
| Main Street Natural Gas, Inc. Rev., | |||||
| Series C (Mandatory put date 09/01/26) | 4.000(cc) | 03/01/50 | 5,000 | 5,681,143 | |
| Series C (Mandatory put date 12/01/28) | 4.000(cc) | 05/01/52 | 1,000 | 1,177,000 | |
| Sub. Series C (Mandatory put date 12/01/23) | 4.000(cc) | 08/01/48 | 3,160 | 3,361,742 | |
| Monroe Cnty. Dev. Auth. Rev., GA Pwr. Co. Plant Scherer Proj. No. 1 | 2.250 | 07/01/25 | 1,000 | 1,037,523 | |
| Muni. Elec. Auth. of Georgia Rev., | |||||
| Combined Cycle Proj., Series A, Rfdg. | 4.000 | 11/01/24 | 1,050 | 1,158,778 | |
| Proj. One, Sub. Bonds, Series A, Rfdg. | 5.000 | 01/01/26 | 1,425 | 1,665,675 | |
| Priv. Clgs. & Univs. Auth. Rev., | |||||
| Savannah Clg. of Art & Design Proj. | 4.000 | 04/01/44 | 1,000 | 1,169,605 | |
| Savannah Clg. of Art & Design Proj. (Pre-refunded date 04/01/24)(ee) | 5.000 | 04/01/44 | 2,120 | 2,351,160 | |
| 25,416,344 | |||||
| Hawaii 0.8% | |||||
| Hawaii St. Arpts. Sys. Rev., | |||||
| Series A, AMT | 5.000 | 07/01/45 | 1,000 | 1,130,247 | |
| Series A, AMT | 5.000 | 07/01/48 | 3,000 | 3,621,939 | |
| Hawaii St. Dept. Budget & Fin. Rev., Pac. Hlth. Oblig., Series A, Rfdg. | 5.500 | 07/01/43 | 2,560 | 2,769,659 | |
| Hawaii St. Hwy. Fd. Rev., Hwy. Imps. | 5.000 | 01/01/41 | 1,000 | 1,295,494 | |
| 8,817,339 | |||||
| Idaho 0.4% | |||||
| Idaho Hlth. Facs. Auth. Rev., St. Luke’s Hlth. Sys. Proj., Series A, Rfdg.(hh) | 4.000 | 03/01/51 | 1,500 | 1,749,934 | |
| Idaho Hsg. & Fin. Assoc. Rev., Grant Anticipation Rev. Vehicle, Series A, Rfdg. | 5.000 | 07/15/29 | 1,905 | 2,430,195 | |
| 4,180,129 | |||||
8
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Illinois 11.7% | |||||
| Chicago Brd. of Ed., Series C, GO, Rfdg. | 5.000 % | 12/01/22 | 1,500 | $1,568,247 | |
| Chicago Brd. of Ed. Rev., Spl. Tax | 5.000 | 04/01/46 | 1,000 | 1,154,837 | |
| Chicago O’Hare Int’l. Arpt. Rev., | |||||
| Gen. Arpt. Sr. Lien, Series B, Rfdg., AMT (Pre-refunded date 01/01/22)(ee) | 5.000 | 01/01/32 | 2,000 | 2,007,576 | |
| Series A, Rfdg., AMT | 5.000 | 01/01/33 | 1,310 | 1,474,715 | |
| Series B, Rfdg. | 5.000 | 01/01/32 | 1,500 | 1,695,240 | |
| Sr. Lien, Series D | 5.250 | 01/01/42 | 2,000 | 2,390,352 | |
| Chicago Trans. Auth. Rev., | |||||
| 2nd Lien | 5.000 | 12/01/46 | 3,000 | 3,516,476 | |
| Transit Imps. (Pre-refunded date 12/01/21)(ee) | 5.250 | 12/01/40 | 1,000 | 1,000,000 | |
| Chicago Wstewtr. Transmn. Rev., | |||||
| 2nd Lien | 5.000 | 01/01/39 | 2,550 | 2,748,532 | |
| 2nd Lien, Rmkt., Series C, Rfdg. | 5.000 | 01/01/29 | 355 | 400,647 | |
| 2nd Lien, Rmkt., Series C, Rfdg. | 5.000 | 01/01/31 | 450 | 507,179 | |
| 2nd Lien, Rmkt., Series C, Rfdg. | 5.000 | 01/01/39 | 2,000 | 2,228,289 | |
| 2nd Lien, Series A | 5.000 | 01/01/47 | 1,000 | 1,170,006 | |
| Chicago Wtrwks. Rev., | |||||
| 2nd Lien, Rfdg. | 5.000 | 11/01/32 | 1,325 | 1,378,764 | |
| 2nd Lien, Rfdg. | 5.000 | 11/01/36 | 2,390 | 2,865,416 | |
| 2nd Lien, Series A-1 | 5.000 | 11/01/27 | 510 | 608,427 | |
| 2nd Lien, Series A-1 | 5.000 | 11/01/30 | 1,495 | 1,777,359 | |
| Chicago, IL, | |||||
| Proj. Series A, GO | 5.250 | 01/01/35 | 1,950 | 1,957,427 | |
| Proj. Series A, GO, Rfdg. | 5.250 | 01/01/29 | 1,185 | 1,314,419 | |
| Rmkt., Series 2002B, GO | 5.250 | 01/01/28 | 1,850 | 2,123,231 | |
| Rmkt., Series 2002B, GO | 5.500 | 01/01/37 | 600 | 689,021 | |
| Rmkt., Series 2003B, GO, Rfdg. | 5.500 | 01/01/30 | 1,000 | 1,153,748 | |
| Series A, GO | 5.500 | 01/01/33 | 960 | 1,105,534 | |
| Series C, GO, Rfdg. | 5.000 | 01/01/23 | 270 | 271,028 | |
| Series C, GO, Rfdg. | 5.000 | 01/01/24 | 340 | 372,816 | |
| Series C, GO, Rfdg. | 5.000 | 01/01/26 | 1,000 | 1,181,946 | |
| Cook Cnty., Series A, GO, Rfdg. | 5.000 | 11/15/28 | 1,050 | 1,315,147 | |
| Illinois Fin. Auth. Rev., | |||||
| Northshore Univ. Hlth. Sys., Series A, Rfdg. | 5.000 | 08/15/26 | 1,500 | 1,805,297 | |
| Northshore Univ. Hlth. Sys., Series A, Rfdg. | 5.000 | 08/15/28 | 1,110 | 1,405,026 | |
| Northshore Univ. Hlth. Sys., Series A, Rfdg. | 5.000 | 08/15/29 | 2,000 | 2,584,978 | |
| OSF Healthcare Sys., Series B-2, Rfdg. (Mandatory put date 11/15/26) | 5.000(cc) | 05/15/50 | 1,300 | 1,535,097 | |
9
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Illinois (cont’d.) | |||||
| Illinois Fin. Auth. Rev., (cont’d.) | |||||
| Univ. of Chicago, Series A, Rfdg. | 5.000 % | 10/01/25 | 1,505 | $1,754,670 | |
| Univ. of Chicago, Series A, Rfdg. | 5.000 | 10/01/28 | 1,955 | 2,466,877 | |
| Illinois St., | |||||
| GO | 5.000 | 02/01/24 | 1,195 | 1,307,893 | |
| GO | 5.000 | 11/01/30 | 500 | 590,383 | |
| GO | 5.000 | 04/01/31 | 1,000 | 1,092,313 | |
| GO | 5.250 | 02/01/29 | 2,000 | 2,185,800 | |
| GO, Rfdg. | 5.000 | 08/01/24 | 2,000 | 2,061,950 | |
| GO, Rfdg. | 5.000 | 02/01/25 | 1,315 | 1,486,937 | |
| Series A, GO | 5.000 | 04/01/22 | 1,730 | 1,757,288 | |
| Series A, GO | 5.000 | 12/01/39 | 2,500 | 2,956,518 | |
| Series A, GO, Rfdg. | 5.000 | 10/01/28 | 750 | 919,303 | |
| Series C, GO | 5.000 | 11/01/29 | 1,000 | 1,192,249 | |
| Series D, GO | 5.000 | 11/01/22 | 1,950 | 2,032,291 | |
| Series D, GO | 5.000 | 11/01/23 | 3,730 | 4,046,000 | |
| Series D, GO | 5.000 | 11/01/26 | 6,150 | 7,288,664 | |
| Series D, GO | 5.000 | 11/01/27 | 2,210 | 2,676,155 | |
| Illinois St. Sales Tax Rev., Jr. Oblig. Build Illiois Bonds, Series C, Rfdg. | 5.000 | 06/15/28 | 1,650 | 2,034,870 | |
| Illinois St. Toll Hwy. Auth. Rev., | |||||
| Series A | 5.000 | 01/01/38 | 3,125 | 3,274,408 | |
| Series C | 5.000 | 01/01/39 | 2,000 | 2,250,092 | |
| Sr. Rev. Bonds, Series A, Rfdg. | 5.000 | 01/01/28 | 5,000 | 6,179,959 | |
| Sr. Rev., Series C, Rfdg. | 5.000 | 01/01/31 | 3,150 | 4,051,352 | |
| Metropolitan Pier & Exposition Auth. Dedicated St. Tax Rev., | |||||
| McCormick Place Expansion, Series A, CABS, NATL | 2.238(t) | 12/15/34 | 10,000 | 7,481,065 | |
| McCormick Place Expansion, Series A, CABS, NATL | 2.355(t) | 06/15/37 | 7,500 | 5,212,751 | |
| Metropolitan Wtr. Reclamation Dist. of Grtr. Chicago, Green Bond, Series A, GO(hh) | 4.000 | 12/01/51 | 1,000 | 1,190,667 | |
| Railsplitter Tob. Settlement Auth. Rev., | |||||
| Tob. Set. Funded | 5.000 | 06/01/27 | 1,470 | 1,736,812 | |
| Tob. Set. Funded | 5.000 | 06/01/28 | 1,100 | 1,298,383 | |
| Regl. Trans. Auth. Rev., Series A | 4.000 | 06/01/37 | 3,605 | 4,042,140 | |
| Sales Tax Secur. Corp. Rev., | |||||
| 2nd Lien, Series A, Rfdg. | 5.000 | 01/01/26 | 2,250 | 2,629,077 | |
| 2nd Lien, Series A, Rfdg. | 5.000 | 01/01/29 | 1,500 | 1,880,786 | |
| Springfield Elec. Rev., Sr. Lien, Rfdg., AGM | 4.000 | 03/01/40 | 1,000 | 1,086,274 | |
| 127,470,704 | |||||
10
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Indiana 1.0% | |||||
| Indiana Fin. Auth. Rev., | |||||
| IN Univ. Hlth., Series A, Rfdg. | 5.000 % | 12/01/25 | 2,230 | $2,617,627 | |
| Indianapolis Pwr. & Light. Co. Proj., Series B, Rfdg., AMT (Mandatory put date 04/01/26) | 0.950(cc) | 12/01/38 | 625 | 624,692 | |
| Indianapolis Loc. Pub. Impvt. Bank Rev., Courthouse & Jail Proj., Series A, Rfdg. | 4.000 | 02/01/44 | 4,250 | 4,907,167 | |
| Whiting, IN Rev., BP Products North America, Rfdg., AMT (Mandatory put date 06/05/26) | 5.000(cc) | 12/01/44 | 2,025 | 2,377,232 | |
| 10,526,718 | |||||
| Iowa 0.9% | |||||
| PEFA, Inc. Gas Proj. Rev., Series A-1 (Mandatory put date 09/01/26) | 5.000(cc) | 09/01/49 | 7,815 | 9,202,281 | |
| Kansas 0.2% | |||||
| Wyandotte Cnty.-Kansas City Unified Govt. Util. Sys. Rev., Impvt., Series A | 5.000 | 09/01/45 | 2,170 | 2,474,708 | |
| Kentucky 1.7% | |||||
| Kentucky Pub. Energy Auth. Rev., | |||||
| Gas Sply., Series B (Mandatory put date 01/01/25) | 4.000(cc) | 01/01/49 | 3,465 | 3,798,190 | |
| Series A-1 (Mandatory put date 06/01/25) | 4.000(cc) | 12/01/49 | 3,370 | 3,731,286 | |
| Series C (Mandatory put date 02/01/28) | 4.000(cc) | 02/01/50 | 5,360 | 6,236,448 | |
| Owen Cnty. Wtrwks. Sys. Rev., | |||||
| American Wtr. Co., Rfdg. (Mandatory put date 09/01/23) | 0.700(cc) | 06/01/40 | 1,000 | 1,005,184 | |
| American Wtr. Co., Series A, Rfdg. (Mandatory put date 10/01/29) | 2.450(cc) | 06/01/39 | 1,500 | 1,631,203 | |
| Trimble Cnty. Elec. Pwr. & Lt. Rev., Louisville Gas & Elect. Proj., Rmkt., Series A, Rfdg., AMT (Mandatory put date 09/01/27) | 1.300(cc) | 09/01/44 | 2,250 | 2,249,787 | |
| 18,652,098 | |||||
| Louisiana 0.6% | |||||
| Louisiana Pub. Facs. Auth. Rev., | |||||
| Franciscan Mis., Rfdg. (Pre-refunded date 07/01/25)(ee) | 5.000 | 07/01/39 | 10 | 11,601 | |
| Franciscan Mis., Unrefunded, Rfdg. | 5.000 | 07/01/39 | 1,990 | 2,268,970 | |
11
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Louisiana (cont’d.) | |||||
| Louisiana Pub. Facs. Auth. Rev., (cont’d.) | |||||
| Tulane Univ. of Louisiana, Rfdg. | 5.000 % | 04/01/29 | 1,000 | $1,270,554 | |
| Louisiana St. Hwy. Impt. Rev., Series A (Pre-refunded date 06/15/24)(ee) | 5.000 | 06/15/34 | 1,250 | 1,396,755 | |
| 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 | 1,525,388 | |
| 6,473,268 | |||||
| Maine 0.3% | |||||
| Maine Hlth. & Higher Edl. Facs. Auth. Rev., | |||||
| Maine Hlth., Series A | 5.000 | 07/01/27 | 1,200 | 1,477,038 | |
| Maine Hlth., Series A | 5.000 | 07/01/28 | 1,140 | 1,435,813 | |
| 2,912,851 | |||||
| Maryland 0.5% | |||||
| Maryland St. Dept. of Trans. Rev., Series 2022B, Rfdg.(hh) | 5.000 | 12/01/28 | 1,000 | 1,202,894 | |
| Maryland St. Trans. Auth. Rev., Series A, Rfdg. | 5.000 | 07/01/28 | 1,280 | 1,612,549 | |
| Washington Suburban Sanitary Commn. Rev., Consol. Pub. Impvt., 2nd Series | 4.000 | 06/01/40 | 2,150 | 2,421,307 | |
| 5,236,750 | |||||
| Massachusetts 0.6% | |||||
| Massachusetts Bay Trans. Auth. Rev., Mass. Sales Tax, Series B, Rfdg., NATL | 5.500 | 07/01/27 | 1,325 | 1,665,215 | |
| Massachusetts St. Hlth. & Edl. Facs. Auth. Rev., Tufts Univ., Series M, Rfdg. | 5.500 | 02/15/28 | 3,000 | 3,797,325 | |
| Massachusetts St. Port Auth. Rev., | |||||
| Series A, AMT (Pre-refunded date 07/01/22)(ee) | 5.000 | 07/01/42 | 1,000 | 1,027,635 | |
| Series A, Rfdg., AMT | 5.000 | 07/01/27 | 320 | 389,537 | |
| 6,879,712 | |||||
| Michigan 1.0% | |||||
| Michigan Fin. Auth. Rev., | |||||
| Sr. Series A, Class 1, Rfdg. | 5.000 | 06/01/28 | 1,500 | 1,869,054 | |
| Sr. Series A, Class 1, Rfdg. | 5.000 | 06/01/30 | 1,000 | 1,298,201 | |
| Sr. Series A, Class 1, Rfdg. | 5.000 | 06/01/32 | 2,250 | 2,923,260 | |
| Sr. Series A, Class 1, Rfdg. | 5.000 | 06/01/33 | 2,750 | 3,562,673 | |
12
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Michigan (cont’d.) | |||||
| Wayne Cnty. Arpt. Auth. Rev., Det. Met. Arpt., Series D, Rfdg., AMT | 5.000 % | 12/01/28 | 1,500 | $1,566,439 | |
| 11,219,627 | |||||
| Minnesota 0.2% | |||||
| Rochester Rev., Mayo Clnc. | 4.000 | 11/15/48 | 2,000 | 2,282,995 | |
| Mississippi 0.1% | |||||
| Mississippi Bus. Fin. Corp. Rev., Poll. Ctrl., Rfdg. | 3.200 | 09/01/28 | 500 | 527,743 | |
| Missouri 1.2% | |||||
| Missouri St. Hlth. & Edl. Facs. Auth. Rev., | |||||
| BJC Hlth. Sys. | 5.000 | 01/01/44 | 3,500 | 3,808,756 | |
| Series C, Rfdg. (Mandatory put date 05/01/28) | 5.000(cc) | 05/01/52 | 4,000 | 5,023,821 | |
| Univ. of Missouri Rev., Series B, Rfdg. | 5.000 | 11/01/30 | 3,520 | 4,650,356 | |
| 13,482,933 | |||||
| Nebraska 1.1% | |||||
| Central Plns. Energy. Proj. Rev., Proj. No. 4 (Mandatory put date 01/01/24) | 5.000(cc) | 03/01/50 | 4,445 | 4,815,642 | |
| 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 | 1,467,889 | |
| Nebraska Pub. Pwr. Dist. Rev., Series C, Rfdg. | 5.000 | 01/01/30 | 2,050 | 2,644,087 | |
| Omaha Pub. Pwr. Dist. Rev., Series A | 4.000 | 02/01/51 | 3,000 | 3,515,817 | |
| 12,443,435 | |||||
| New Hampshire 0.3% | |||||
| New Hampshire Bus. Fin. Auth. Rev., Series A | 4.000 | 07/01/51 | 2,285 | 2,693,149 | |
| New Jersey 7.5% | |||||
| Camden Cnty. Impvt. Auth. Rev., Cooper Hlth. Sys. Oblig. Grp. | 5.750 | 02/15/42 | 1,500 | 1,586,067 | |
13
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| New Jersey (cont’d.) | |||||
| New Jersey Econ. Dev. Auth. Rev., | |||||
| American Wtr. Co., Inc., Series A, Rfdg., AMT (Mandatory put date 12/03/29) | 2.200 %(cc) | 10/01/39 | 1,250 | $1,316,713 | |
| American Wtr. Co., Inc., Series B, Rfdg., AMT (Mandatory put date 06/01/23) | 1.200(cc) | 11/01/34 | 1,000 | 1,010,303 | |
| NJ American Wtr. Co., Inc. Proj., Series D, Rfdg., AMT (Mandatory put date 12/01/27) | 1.100(cc) | 11/01/29 | 625 | 620,399 | |
| Sch. Facs. Construction | 5.000 | 06/15/29 | 1,500 | 1,888,493 | |
| Sch. Facs. Construction, Series NN, Rfdg. | 5.000 | 03/01/27 | 2,950 | 3,113,556 | |
| Sch. Facs. Construction, Series PP, Rfdg. | 5.000 | 06/15/26 | 2,100 | 2,328,335 | |
| Series BBB, Rfdg. | 5.500 | 06/15/30 | 1,500 | 1,818,818 | |
| New Jersey Edl. Facs. Auth. Rev., Montclair St. Univ., Series A, Rfdg. | 5.000 | 07/01/44 | 2,500 | 2,753,349 | |
| New Jersey Healthcare Facs. Fing. Auth. Rev., | |||||
| Hackensack Meridian Hlth., Series A, Rfdg. | 5.000 | 07/01/39 | 1,500 | 1,809,014 | |
| RWJ Barnabas Hlth. Oblig. Grp., Series A, Rfdg. | 5.000 | 07/01/33 | 1,015 | 1,200,972 | |
| RWJ Barnabas Hlth. Oblig. Grp., Series A, Rfdg. | 5.000 | 07/01/43 | 1,585 | 1,872,672 | |
| RWJ Univ. Hosp., Series A | 5.500 | 07/01/43 | 1,000 | 1,074,333 | |
| New Jersey St. Sales Tax, Covid-19 GO Emergency Bonds, Series A, GO | 5.000 | 06/01/29 | 4,790 | 6,075,819 | |
| New Jersey Tpke. Auth. Rev., | |||||
| Series A | 5.000 | 01/01/28 | 1,505 | 1,677,142 | |
| Series A | 5.000 | 01/01/48 | 2,155 | 2,660,840 | |
| Series A, Rfdg. (Pre-refunded date 07/01/22)(ee) | 5.000 | 01/01/43 | 1,885 | 1,937,665 | |
| Series A, Rfdg. (Pre-refunded date 07/01/22)(ee) | 5.000 | 01/01/43 | 1,115 | 1,146,152 | |
| Series B, Rfdg. | 5.000 | 01/01/27 | 2,165 | 2,610,698 | |
| Series D, Rfdg. | 5.000 | 01/01/28 | 2,150 | 2,562,769 | |
| Series E, Rfdg. | 5.000 | 01/01/32 | 2,030 | 2,496,085 | |
| New Jersey Trans. Tr. Fd. Auth. Rev., | |||||
| Series AA, Rfdg.(hh) | 5.000 | 06/15/27 | 1,200 | 1,399,619 | |
| Trans. Prog. Notes, Rmkt., Series BB-1 | 5.000 | 06/15/33 | 1,000 | 1,232,812 | |
| Trans. Sys. Bond, Rfdg. | 5.000 | 12/15/26 | 500 | 597,165 | |
| Trans. Sys., Series A, Rfdg. | 5.000 | 12/15/28 | 3,600 | 4,486,631 | |
| Trans. Sys., Series A, Rfdg. | 5.000 | 12/15/36 | 1,250 | 1,533,989 | |
| Trans. Sys., Series A, Rfdg. | 5.500 | 12/15/23 | 3,590 | 3,949,401 | |
| Trans. Sys., Series D, Rfdg. | 5.000 | 12/15/24 | 2,555 | 2,885,247 | |
| Tob. Settlement Fing. Corp. Rev., | |||||
| Series A, Rfdg. | 5.000 | 06/01/23 | 1,305 | 1,389,554 | |
| Series A, Rfdg. | 5.000 | 06/01/25 | 2,345 | 2,682,916 | |
| Series A, Rfdg. | 5.000 | 06/01/27 | 1,645 | 1,991,593 | |
| Series A, Rfdg. | 5.000 | 06/01/28 | 2,320 | 2,871,517 | |
| Series A, Rfdg. | 5.000 | 06/01/29 | 2,980 | 3,680,355 | |
14
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (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 % | 06/01/37 | 2,000 | $2,416,841 | |
| Series A, Rfdg. | 5.250 | 06/01/46 | 5,500 | 6,642,714 | |
| 81,320,548 | |||||
| New Mexico 0.6% | |||||
| Farmington Rev., | |||||
| 4 Corners Proj., Rmkt., Rfdg. | 1.800 | 04/01/29 | 1,500 | 1,508,339 | |
| Pub. Svcs. Co. of San Juan, Series C, Rfdg. (Mandatory put date 06/01/24) | 1.150(cc) | 06/01/40 | 3,000 | 3,033,609 | |
| New Mexico Fin. Auth. Rev., Sub. Series A | 5.000 | 06/15/28 | 1,250 | 1,574,970 | |
| 6,116,918 | |||||
| New York 4.8% | |||||
| Long Island Pwr. Auth. Rev., | |||||
| Notes | 1.000 | 09/01/25 | 4,100 | 4,103,134 | |
| Series B, Rfdg. (Mandatory put date 09/01/26) | 1.500(cc) | 09/01/51 | 3,000 | 3,078,456 | |
| New York, | |||||
| Fiscal 2008, Rmkt., Series J-10, GO | 5.000 | 08/01/26 | 1,000 | 1,200,229 | |
| Fiscal 2015, Rmkt., Sub-Series F-4, GO (Mandatory put date 12/01/25) | 5.000(cc) | 06/01/44 | 2,000 | 2,310,364 | |
| New York City Indl. Dev. Agcy. Rev., Yankee Stadium Proj. Pilot, Series A, Rfdg., AGM | 5.000 | 03/01/28 | 750 | 930,709 | |
| New York City Trans. Fin. Auth. Future Tax Sec’d. Rev., | |||||
| Series A-1, Rfdg. | 5.000 | 11/01/27 | 2,000 | 2,482,015 | |
| Sub. Series D-1, Rfdg. | 5.000 | 11/01/28 | 3,500 | 4,446,806 | |
| New York City Wtr. & Swr. Sys. Rev., | |||||
| Sub. Series CC-2 | 5.000 | 06/15/28 | 2,330 | 2,822,980 | |
| Wtr. & Swr. 2nd Gen. Resolution, Series DD, Rfdg. | 5.000 | 06/15/29 | 2,000 | 2,579,966 | |
| New York St. Dorm. Auth. Rev., | |||||
| Mem. Sloan Kettering, Series 1, Rfdg. | 5.000 | 07/01/42 | 1,000 | 1,207,580 | |
| New York Univ., Series A, Rfdg. | 4.000 | 07/01/46 | 600 | 718,590 | |
| Series A, Rfdg. | 5.000 | 03/15/29 | 3,025 | 3,857,159 | |
| 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 | 4,093,850 | |
| New York St. Thruway Auth. Rev., Series A-1, Grp. 1, Rfdg. | 5.000 | 03/15/31 | 2,000 | 2,662,916 | |
| New York Trans. Dev. Corp. Rev., | |||||
| JFK Int’l. Arpt. Proj. Terminal 4, Series A, Rfdg., AMT | 5.000 | 12/01/25 | 800 | 921,013 | |
15
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| New York (cont’d.) | |||||
| New York Trans. Dev. Corp. Rev., (cont’d.) | |||||
| Laguardia Arpt., Term. B Redev., Series A, AMT | 5.000 % | 07/01/46 | 1,000 | $1,101,754 | |
| Port Auth. of NY & NJ Rev., | |||||
| Series 223, Rfdg., AMT | 5.000 | 07/15/28 | 1,500 | 1,865,100 | |
| Series 226, Rfdg., AMT | 5.000 | 10/15/27 | 975 | 1,195,014 | |
| Triborough Bridge & Tunnel Auth. Rev., | |||||
| Series A-1, Rfdg. | 5.000 | 05/15/51 | 2,500 | 3,230,241 | |
| Series A-2, Rfdg. (Mandatory put date 05/15/28) | 2.000(cc) | 05/15/45 | 2,000 | 2,140,343 | |
| TSASC, Inc. Rev., Series A, Rfdg. | 5.000 | 06/01/41 | 2,000 | 2,332,513 | |
| Util. Debt Secur. Auth. Rev., Series TE, Rfdg. | 5.000 | 12/15/41 | 2,585 | 2,810,414 | |
| 52,091,146 | |||||
| North Carolina 0.8% | |||||
| Charlotte Mecklenburg Hosp. Auth. Rev., Atrium Hlth. Oblig. Grp., Series C (Mandatory put date 12/01/28) | 5.000(cc) | 01/15/50 | 1,000 | 1,250,408 | |
| Charlotte NC Arpt. Spl. Facs. Rev., Series B, Rfdg., AMT | 4.000 | 07/01/51 | 1,200 | 1,397,276 | |
| North Carolina Eastern Muni. Pwr. Agcy., Pwr. Sys. Rev., Series A, Rfdg. (Pre-refunded date 01/01/22)(ee) | 6.000 | 01/01/26 | 650 | 652,969 | |
| North Carolina Med. Care Commn. Rev., Caromont Hlth., Series B (Mandatory put date 02/01/26) | 5.000(cc) | 02/01/51 | 990 | 1,162,242 | |
| North Carolina St. Rev., Grant Anticipation Rev. | 5.000 | 03/01/28 | 1,000 | 1,247,976 | |
| North Carolina Tpke. Auth. Rev., BANS | 5.000 | 02/01/24 | 3,000 | 3,276,367 | |
| 8,987,238 | |||||
| North Dakota 0.1% | |||||
| Cass Cnty. Joint Wtr. Resource Dist., Series A, GO | 0.480 | 05/01/24 | 1,000 | 987,300 | |
| Ohio 5.0% | |||||
| Akron Bath Copley Joint Township Hosp. Dist. Rev., Summa Hlth. Oblig. Grp. Hosp. Facs., Rfdg. | 5.000 | 11/15/28 | 460 | 568,878 | |
| Allen Cnty. Hosp. Facs. Rev., Bon Secours Mercy Hlth., Rfdg. | 5.000 | 12/01/30 | 1,100 | 1,426,139 | |
16
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (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 % | 02/15/30 | 2,225 | $2,872,196 | |
| Buckeye Tob. Settlement Fing. Auth. Rev., | |||||
| Sr. Series A-2, Class 1, Rfdg. | 5.000 | 06/01/28 | 3,485 | 4,300,835 | |
| Sr. Series A-2, Class 1, Rfdg. | 5.000 | 06/01/30 | 1,125 | 1,443,390 | |
| Sr. Series A-2, Class 1, Rfdg. | 5.000 | 06/01/31 | 3,930 | 5,037,240 | |
| Sr. Series A-2, Class 1, Rfdg. | 5.000 | 06/01/33 | 3,135 | 3,990,204 | |
| Franklin Cnty. Hosp. Facs. Rev., | |||||
| Hosp. Facs. | 4.125 | 05/15/45 | 2,000 | 2,181,503 | |
| Nationwide Children’s Hosp. Proj. | 4.000 | 11/01/45 | 2,000 | 2,174,845 | |
| Nationwide Children’s Hosp. Proj., Rfdg. | 4.000 | 11/01/47 | 2,400 | 2,662,484 | |
| Ohio Hlth. Corp., Series A | 4.000 | 05/15/47 | 4,815 | 5,417,166 | |
| Lancaster Port Auth. Rev., Series A, Rfdg. (Mandatory put date 02/01/25) | 5.000(cc) | 08/01/49 | 1,120 | 1,267,991 | |
| Montgomery Cnty. Rev., Dayton Children’s Hosp., Rfdg. | 4.000 | 08/01/46 | 1,350 | 1,566,596 | |
| 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 | 517,355 | |
| American Elec. Pwr. Co. Proj., Series C, Rfdg., AMT (Mandatory put date 10/01/24) | 2.100(cc) | 12/01/27 | 1,500 | 1,549,622 | |
| Ohio Vlly. Elec. Corp. Proj., Rmkt., Series B (Mandatory put date 11/01/24) | 1.375(cc) | 02/01/26 | 750 | 748,877 | |
| Ohio St., Common Sch. Series C, GO, Rfdg. | 5.000 | 03/15/27 | 1,000 | 1,220,383 | |
| Ohio St. Higher Edl. Facs. Commn. Rev., Cleveland Clnc. Hlth. Sys. Oblig., Series A-1, Rfdg. (Pre-refunded date 01/01/23)(ee) | 5.000 | 01/01/42 | 2,000 | 2,102,644 | |
| Ohio St. Rev., | |||||
| Cleveland Clnc. Hlth. Sys., Series A, Rfdg. | 4.000 | 01/01/36 | 2,500 | 2,892,537 | |
| Cleveland Clnc. Hlth. Sys., Series A, Rfdg. | 5.000 | 01/01/28 | 2,595 | 3,221,743 | |
| Grant Anticipation Rev. Vehicle, Series 1-A | 5.000 | 12/15/28 | 800 | 1,018,943 | |
| Ohio Wtr. Dev. Auth. Rev., Rfdg. | 5.000 | 06/01/46 | 5,000 | 6,608,875 | |
| 54,790,446 | |||||
| Oklahoma 1.4% | |||||
| Oklahoma Dev. Fin. Auth. Rev., | |||||
| Gilcrease Expressway West, AMT | 1.625 | 07/06/23 | 1,500 | 1,507,887 | |
| St. Johns Hlth. Sys., Rfdg. (Pre-refunded date 02/15/22)(ee) | 5.000 | 02/15/42 | 1,500 | 1,514,379 | |
17
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Oklahoma (cont’d.) | |||||
| Oklahoma Tpke. Auth. Rev., | |||||
| 2nd Sr. Series A, Rfdg. | 5.000 % | 01/01/28 | 2,340 | $2,912,984 | |
| 2nd Sr. Series A, Rfdg. | 5.000 | 01/01/29 | 1,115 | 1,420,117 | |
| Series A | 4.000 | 01/01/48 | 2,000 | 2,276,438 | |
| Series A | 5.000 | 01/01/42 | 3,000 | 3,486,591 | |
| Stillwater Util. Auth. Rev., Series A | 5.000 | 10/01/39 | 1,865 | 2,081,748 | |
| 15,200,144 | |||||
| Pennsylvania 5.7% | |||||
| Allegheny Cnty. Arpt. Auth. Rev., Series A, AMT | 5.000 | 01/01/27 | 2,000 | 2,400,504 | |
| Bucks Cnty. Indl. Dev. Auth. Rev., Grand View Hosp. Proj. | 5.000 | 07/01/25 | 350 | 392,976 | |
| Central Bradford Progress Auth. Rev., Guthrie Healthcare Sys., Rfdg. (Pre-refunded date 12/01/21)(ee) | 5.375 | 12/01/41 | 2,700 | 2,700,000 | |
| Chester Cnty. Indl. Dev. Auth. Rev., Sustainability Bonds-Longwood Gardens Inc., Proj. | 4.000 | 12/01/51 | 1,000 | 1,173,888 | |
| Comnwlth. Fing. Auth. Rev., | |||||
| Tob. Mstr. Settlement Payment Bonds | 5.000 | 06/01/25 | 2,225 | 2,560,801 | |
| Tob. Mstr. Settlement Payment Bonds | 5.000 | 06/01/28 | 1,280 | 1,589,585 | |
| Tob. Mstr. Settlement Payment Bonds | 5.000 | 06/01/34 | 1,095 | 1,338,614 | |
| Delaware Vlly. Regl. Fin. Auth. Rev., Series A, AMBAC | 5.500 | 08/01/28 | 2,000 | 2,579,359 | |
| Geisinger Auth. Rev., Geisinger Hlth. Sys. Oblig. Grp., Rfdg. (Mandatory put date 02/15/27) | 5.000(cc) | 04/01/43 | 1,100 | 1,305,380 | |
| Gen. Auth. of Southcentral Pennsylvania Rev., Wellspan Hlth. Oblig. Grp., Series A, Rfdg. (Pre-refunded date 06/01/24)(ee) | 5.000 | 06/01/44 | 3,000 | 3,348,590 | |
| Luzerne Cnty. Indl. Dev. Auth. Rev., Pennsylvania American, Rfdg., AMT (Mandatory put date 12/03/29) | 2.450(cc) | 12/01/39 | 1,250 | 1,348,912 | |
| Pennsylvania Econ. Dev. Fing. Auth., Wste. Mgmt., Inc. Proj., Series B, Rfdg., AMT (Mandatory put date 11/02/26) | 1.100(cc) | 06/01/31 | 1,250 | 1,249,688 | |
| Pennsylvania Higher Edl. Facs. Auth. Rev., | |||||
| Trustees Univ. of Pennsylvania, Series A | 4.000 | 08/15/41 | 3,200 | 3,645,571 | |
| Univ. of Pennsylvania Hlth. Sys. | 5.000 | 08/15/28 | 1,835 | 2,304,376 | |
| Univ. of Pennsylvania Hlth. Sys. | 5.000 | 08/15/49 | 2,000 | 2,509,981 | |
18
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Pennsylvania (cont’d.) | |||||
| Pennsylvania Tpke. Commn. Rev., | |||||
| Series A | 5.000 % | 12/01/38 | 1,000 | $1,125,896 | |
| Series A-1, Rfdg. | 5.000 | 12/01/40 | 1,500 | 1,713,242 | |
| Series A-2, Rfdg. | 5.000 | 12/01/26 | 870 | 1,052,586 | |
| Series A-2, Rfdg. | 5.000 | 12/01/28 | 870 | 1,078,474 | |
| Series B | 5.000 | 12/01/45 | 7,000 | 8,085,665 | |
| Series B, Rfdg. | 5.000 | 12/01/29 | 1,350 | 1,751,103 | |
| Series C, Rfdg. | 4.000 | 12/01/51 | 500 | 589,820 | |
| Sub. Series A-1 | 5.000 | 12/01/25 | 1,100 | 1,289,506 | |
| Sub. Series B, Rfdg. | 5.000 | 06/01/29 | 1,860 | 2,202,638 | |
| Sub. Series B-1 | 5.250 | 06/01/47 | 2,000 | 2,419,480 | |
| Philadelphia Arpt. Rev., Priv. Activ., Rfdg., AMT | 5.000 | 07/01/27 | 1,125 | 1,363,048 | |
| Philadelphia Auth. for Indl. Dev. Rev., | |||||
| Children’s Hosp. Proj., Rfdg. | 4.000 | 07/01/37 | 1,075 | 1,233,682 | |
| Children’s Hosp. Proj., Series A, Rfdg. | 5.000 | 07/01/28 | 1,425 | 1,791,284 | |
| Philadelphia Gas Wks. Co. Rev., | |||||
| 16th Series A, AGM | 5.000 | 08/01/28 | 625 | 777,910 | |
| 16th Series A, AGM | 5.000 | 08/01/29 | 1,000 | 1,269,434 | |
| Philadelphia, Wtr. & Wstewtr. Rev., Series A | 5.000 | 11/01/27 | 1,180 | 1,463,048 | |
| Univ. of Pittsburgh Comnwlth. Sys. of Higher Ed. Rev., Rfdg. | 4.000 | 04/15/26 | 2,250 | 2,560,456 | |
| 62,215,497 | |||||
| Puerto Rico 1.0% | |||||
| Puerto Rico Comnwlth. Aqu. & Swr. Auth. Rev., | |||||
| Sr. Lien, Series A | 5.750 | 07/01/37 | 1,260 | 1,298,501 | |
| Sr. Lien, Series A | 6.000 | 07/01/47 | 1,050 | 1,083,304 | |
| Puerto Rico Sales Tax Fing. Corp. Rev., | |||||
| Restructured, Series A-1 | 4.500 | 07/01/34 | 848 | 935,602 | |
| Series A-1, CABS | 1.519(t) | 07/01/27 | 6,342 | 5,827,777 | |
| Series A-1, CABS | 1.597(t) | 07/01/24 | 1,466 | 1,406,912 | |
| 10,552,096 | |||||
| Rhode Island 0.8% | |||||
| Rhode Island Hlth. & Edl. Bldg. Corp. Higher Ed. Facs. Rev., Clg. & Univ. Rev. | 5.250 | 08/15/43 | 3,815 | 4,757,631 | |
| Tob. Settlement Fing. Corp. Rev., | |||||
| Series A, Rfdg. | 5.000 | 06/01/22 | 325 | 331,914 | |
19
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Rhode Island (cont’d.) | |||||
| Tob. Settlement Fing. Corp. Rev., (cont’d.) | |||||
| Series A, Rfdg. | 5.000 % | 06/01/24 | 395 | $435,382 | |
| Series A, Rfdg. | 5.000 | 06/01/40 | 2,350 | 2,627,558 | |
| 8,152,485 | |||||
| South Carolina 1.3% | |||||
| South Carolina Ports Auth. Rev., AMT | 4.000 | 07/01/45 | 1,000 | 1,076,952 | |
| South Carolina Pub. Svc. Auth. Rev., | |||||
| Santee Cooper, Series A, Rfdg. | 5.125 | 12/01/43 | 2,000 | 2,169,514 | |
| Santee Cooper, Series A, Rfdg. (Pre-refunded date 12/01/23)(ee) | 5.750 | 12/01/43 | 3,000 | 3,323,620 | |
| Series A, Rfdg. | 5.000 | 12/01/29 | 1,300 | 1,495,149 | |
| Series A, Rfdg. | 5.000 | 12/01/31 | 4,595 | 6,027,627 | |
| 14,092,862 | |||||
| South Dakota 0.1% | |||||
| Edl. Enhancement Fdg. Corp. Rev., Series B, Rfdg. (Pre-refunded 06/01/23)(ee) | 5.000 | 06/01/27 | 1,000 | 1,070,041 | |
| Tennessee 1.0% | |||||
| Memphis Shelby Cnty. Arpt. Auth. Rev., Series A, AMT | 5.000 | 07/01/25 | 830 | 957,852 | |
| Tennergy Corp. Rev., Series A (Mandatory put date 09/01/28) | 4.000(cc) | 12/01/51 | 5,100 | 5,948,531 | |
| Tennessee Energy Acq. Corp. Gas Rev., | |||||
| Series A | 5.250 | 09/01/26 | 2,605 | 3,060,541 | |
| Series C | 5.000 | 02/01/22 | 1,050 | 1,057,311 | |
| 11,024,235 | |||||
| Texas 8.2% | |||||
| Board of Regents of the Univ. of Texas Sys. Rev., Series B, Rfdg. | 5.000 | 08/15/29 | 2,100 | 2,728,810 | |
| Central Texas Regl. Mobility Auth. Rev., | |||||
| BANS, Sub. Series F | 5.000 | 01/01/25 | 1,250 | 1,385,043 | |
| Series C | 5.000 | 01/01/27 | 800 | 929,477 | |
| Sr. Lien, Series A (Pre-refunded 07/01/25)(ee) | 5.000 | 01/01/40 | 1,395 | 1,616,585 | |
| Sr. Lien, Series A (Pre-refunded date 07/01/25)(ee) | 5.000 | 01/01/45 | 1,000 | 1,158,788 | |
| Sr. Lien, Series D, Rfdg. | 5.000 | 01/01/29 | 1,000 | 1,256,745 | |
20
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Texas (cont’d.) | |||||
| Clifton Higher Ed. Fin. Corp. Rev., | |||||
| Idea Pub. Sch. | 6.000 % | 08/15/43 | 1,000 | $1,084,473 | |
| Idea Pub. Sch., Rfdg., PSFG | 5.000 | 08/15/39 | 1,000 | 1,110,169 | |
| Dallas Hotel Occupancy Tax Rev., Rfdg. | 4.000 | 08/15/28 | 1,010 | 1,149,522 | |
| Dallas-Fort Worth Int’l. Arpt. Rev., | |||||
| Rfdg. | 5.000 | 11/01/27 | 1,355 | 1,671,096 | |
| Series A, Rfdg. | 5.000 | 11/01/25 | 1,250 | 1,461,962 | |
| Series A, Rfdg. | 5.000 | 11/01/26 | 1,235 | 1,485,547 | |
| Series B, Rfdg. | 5.000 | 11/01/26 | 1,420 | 1,707,672 | |
| Grand Parkway Trans. Corp. Rev., 1st Tier Toll Rev., Series A | 5.125 | 10/01/43 | 2,000 | 2,141,532 | |
| Gulf Coast Wste. Disp. Auth. Rev., | |||||
| ExxonMobil Proj., FRDD (Mandatory put date 12/01/21) | 0.050(cc) | 09/01/25 | 10,650 | 10,650,000 | |
| ExxonMobil Proj., FRDD (Mandatory put date 12/01/21) | 0.050(cc) | 12/01/25 | 9,650 | 9,650,000 | |
| ExxonMobil Proj., Series A, FRDD (Mandatory put date 12/01/21) | 0.040(cc) | 06/01/30 | 2,100 | 2,100,000 | |
| Harris Cnty. Cultrl. Ed. Facs. Fin. Corp. Rev., | |||||
| Med. Facs. Mtg., Baylor Clg. of Medicine, Series A, Rfdg. (Mandatory put date 07/01/24) | 0.710(cc) | 11/15/46 | 2,000 | 2,019,160 | |
| Mem. Hermann Hlth. Sys., Series C-3, Rfdg. (Mandatory put date 12/01/26) | 5.000(cc) | 06/01/32 | 2,310 | 2,784,656 | |
| Texas Children’s Hosp., Series B, Rfdg. (Mandatory put date 10/01/24) | 5.000(cc) | 10/01/41 | 1,160 | 1,306,445 | |
| Texas Children’s Hosp., Series B, Rfdg. (Mandatory put date 10/01/31) | 5.000(cc) | 10/01/51 | 2,130 | 2,851,392 | |
| Harris Cnty. Toll Road Auth. Rev., | |||||
| 1st Lien, Rfdg. | 5.000 | 08/15/28 | 1,250 | 1,573,506 | |
| Sr. Lien, Series A, Rfdg. | 5.000 | 08/15/43 | 3,000 | 3,679,442 | |
| Houston Arpt. Sys. Rev., | |||||
| Sub. Lien, Series A, Rfdg., AMT (Pre-refunded date 07/01/22)(ee) | 5.000 | 07/01/32 | 5,640 | 5,793,162 | |
| Sub. Lien, Series B, Rfdg. (Pre-refunded date 07/01/22)(ee) | 5.000 | 07/01/32 | 2,000 | 2,055,265 | |
| Sub. Series A, Rfdg., AMT | 4.000 | 07/01/46 | 1,250 | 1,451,623 | |
| Lower Colorado River Auth. Rev., | |||||
| LCRA Transmn. Svcs. Corp. Proj., Rfdg. | 5.000 | 05/15/27 | 1,750 | 2,128,524 | |
| Series B, Rfdg., AGM(hh) | 5.000 | 05/15/28 | 1,130 | 1,382,667 | |
21
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Texas (cont’d.) | |||||
| Lower Neches Vlly. Auth. Indl. Dev. Corp. Rev., ExxonMobil Proj., Series B, Rfdg., FRDD (Mandatory put date 12/01/21) | 0.040 %(cc) | 11/01/29 | 1,885 | $1,885,000 | |
| Matagorda Cnty. Navigation Dist. No. 1 Rev., Cent. Pwr. & Lt., Rmkt., Rfdg., AMT (Mandatory put date 09/01/23) | 0.900(cc) | 05/01/30 | 1,250 | 1,246,909 | |
| North Texas Twy. Auth. Rev., | |||||
| 1st Tier, Series A, Rfdg. | 5.000 | 01/01/28 | 785 | 917,329 | |
| 2nd Tier, Rfdg. | 5.000 | 01/01/48 | 1,250 | 1,515,921 | |
| 2nd Tier, Series B, Rfdg. | 5.000 | 01/01/27 | 1,370 | 1,648,208 | |
| 2nd Tier, Series B, Rfdg. | 5.000 | 01/01/28 | 1,295 | 1,597,966 | |
| Series A, Rfdg. | 5.000 | 01/01/26 | 505 | 552,156 | |
| Series B, Rfdg. | 5.000 | 01/01/45 | 2,000 | 2,243,923 | |
| Port Auth. of Houston of Harris Cnty. Texas Rev., Arpt. & Marina Imps.(hh) | 5.000 | 10/01/51 | 4,000 | 5,264,926 | |
| Texas Priv. Activ. Surf. Trans. Corp. Rev., | |||||
| Sr. Lien, NTE Mobility Partners, Series 3A & 3B, AMT | 6.750 | 06/30/43 | 500 | 550,926 | |
| Sr. Lien, NTE Mobility Partners, Series 3A & 3B, AMT | 7.000 | 12/31/38 | 1,500 | 1,662,820 | |
| 89,399,347 | |||||
| Utah 2.2% | |||||
| Cnty. of Utah Rev., | |||||
| IHC Hlth. Serv., Inc., Series A, Rfdg. | 4.000 | 05/15/41 | 5,000 | 5,764,672 | |
| IHC Hlth. Serv., Inc., Series B (Mandatory put date 08/01/26) | 5.000(cc) | 05/15/60 | 6,665 | 7,967,808 | |
| Salt Lake City Corp. Arpt. Rev., | |||||
| Series A, AMT | 5.000 | 07/01/23 | 2,000 | 2,144,157 | |
| Series A, AMT | 5.000 | 07/01/28 | 2,070 | 2,560,478 | |
| Series A, AMT | 5.000 | 07/01/51 | 2,000 | 2,504,269 | |
| Series A, AMT | 5.250 | 07/01/48 | 2,000 | 2,444,128 | |
| 23,385,512 | |||||
| Virginia 1.2% | |||||
| Fairfax Cnty. Indl. Dev. Auth. Rev., | |||||
| Healthcare, Inova Hlth. Sys. | 5.000 | 05/15/40 | 2,175 | 2,218,241 | |
| Healthcare, Inova Hlth. Sys., Series A, Rfdg. | 4.000 | 05/15/48 | 3,000 | 3,419,188 | |
| Hampton Roads Trans. Accountability Commn. Rev., BANS, Sr. Lien, Series A | 5.000 | 07/01/26 | 3,820 | 4,559,424 | |
22
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (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 | $2,286,595 | |
| 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 | 761,273 | |
| 13,244,721 | |||||
| Washington 2.0% | |||||
| King Cnty., Series A, GO | 5.000 | 01/01/28 | 1,000 | 1,247,700 | |
| Port of Seattle Rev., | |||||
| Intermediate Lein Priv. Activ., Series C, Rfdg., AMT | 5.000 | 08/01/28 | 1,500 | 1,863,399 | |
| Intermediate Lein Priv. Activ., Series C, Rfdg., AMT | 5.000 | 08/01/46 | 2,000 | 2,533,261 | |
| Series A, AMT | 5.000 | 05/01/43 | 1,500 | 1,770,183 | |
| Skagit Cnty. Pub. Hosp. Dist. No. 1 Rev., Rfdg. & Impvt., Series A | 5.000 | 12/01/37 | 1,000 | 1,079,494 | |
| Univ. of Washington Rev., | |||||
| Forward Delivery, Series C, Rfdg. | 5.000 | 04/01/31 | 1,250 | 1,660,757 | |
| Forward Delivery, Series C, Rfdg. | 5.000 | 04/01/32 | 1,410 | 1,868,291 | |
| Forward Delivery, Series C, Rfdg. | 5.000 | 04/01/34 | 1,000 | 1,321,331 | |
| Forward Delivery, Series C, Rfdg. | 5.000 | 04/01/35 | 2,000 | 2,641,701 | |
| Washington Healthcare Facs. Auth. Rev., | |||||
| Multicare Hlth. Sys., Series B, Rfdg. | 5.000 | 08/15/26 | 670 | 778,156 | |
| Overlake Hosp. Med. Ctr., Rfdg. | 5.000 | 07/01/38 | 2,690 | 2,974,441 | |
| Seattle Children’s Hosp., Series A (Pre-refunded date 10/01/22)(ee) | 5.000 | 10/01/42 | 2,300 | 2,390,636 | |
| 22,129,350 | |||||
| West Virginia 0.7% | |||||
| West Virginia Econ. Dev. Auth. Rev., Wheeling Pwr. Co. Mitchell Proj., Rmkt., Series A, Rfdg., AMT (Mandatory put date 04/01/22) | 3.000(cc) | 06/01/37 | 500 | 503,745 | |
| West Virginia Hosp. Fin. Auth. Rev., Cabell Huntington Hosp. Oblig., Series B, Rfdg. | 5.000 | 01/01/43 | 1,000 | 1,216,016 | |
| West Virginia Prkwys. Auth. Rev., | |||||
| Sr. Lien | 5.000 | 06/01/47 | 2,500 | 3,210,042 | |
| Sr. Tpke. Toll | 4.000 | 06/01/47 | 1,970 | 2,255,821 | |
| 7,185,624 | |||||
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PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Wisconsin 0.3% | |||||
| Pub. Fin. Auth. Rev., Providence St. Joseph Hlth., Series C, Rfdg. (Mandatory put date 10/01/30) | 4.000 %(cc) | 10/01/41 | 1,500 | $1,825,239 | |
| Wisconsin Hlth. & Edl. Facs. Auth. Rev., Ascension Hlth. Alliance, Rmkt., Series B-1, Rfdg. | 4.000 | 11/15/43 | 1,500 | 1,736,590 | |
| 3,561,829 | |||||
| TOTAL INVESTMENTS 100.5% (cost $1,036,419,772) | 1,092,448,127 | ||||
| Liabilities in excess of other assets(z) (0.5)% | (5,910,420) | ||||
| Net Assets 100.0% | $1,086,537,707 | ||||
| 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 | |
| ETM—Escrowed to Maturity | |
| FRDD—Floating Rate Daily Demand Note | |
| GO—General Obligation | |
| LIBOR—London Interbank Offered Rate | |
| NATL—National Public Finance Guarantee Corp. | |
| PSFG—Permanent School Fund Guarantee | |
| Rfdg—Refunding | |
| TCRs—Transferrable Custodial Receipts |
| # | Principal amount is shown in U.S. dollars unless otherwise stated. |
| (c) | Variable rate instrument. The interest rate shown reflects the rate in effect at November 30, 2021. |
| (cc) | Variable rate instrument. The rate shown is based on the latest available information as of November 30, 2021. 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 November 30, 2021. |
| (z) | Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments: |
24
PGIM National Muni Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
| Futures contracts outstanding at November 30, 2021: | ||||||||
| Number of Contracts | Type | Expiration Date | Current Notional Amount | Value / Unrealized Appreciation (Depreciation) | ||||
| Short Position: | ||||||||
| 58 | 20 Year U.S. Treasury Bonds | Mar. 2022 | $9,403,250 | $(161,298) | ||||
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).
25