PGIM National Muni Fund
Schedule of Investments as of November 30, 2022 (unaudited)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Long-Term Investments 96.4% | |||||
Municipal Bonds | |||||
Alabama 2.4% | |||||
Alabama Pub. Sch. & Clg. Auth. Rev., Social Bonds, Series A, Rfdg. | 5.000 % | 11/01/28 | 1,265 | $1,419,401 | |
Black Belt Energy Gas Dist. Rev., | |||||
Gas Proj. No. 8, Series A (Mandatory put date 12/01/29) | 4.000(cc) | 12/01/52 | 3,665 | 3,485,062 | |
Gas Proj., Series E (Mandatory put date 06/01/28) | 5.000(cc) | 05/01/53 | 5,000 | 5,218,327 | |
Proj. No. 5, Series A-1 (Mandatory put date 10/01/26) | 4.000(cc) | 10/01/49 | 3,000 | 2,965,567 | |
Rfdg. (Mandatory put date 12/01/31) | 4.000(cc) | 06/01/51 | 2,000 | 1,960,949 | |
Series D1, Rfdg. (Mandatory put date 06/01/27) | 4.000(cc) | 07/01/52 | 1,000 | 1,004,274 | |
Jefferson Cnty. Swr. Rev., | |||||
Sr. Lien, Warrants, Series A, Rfdg., AGM | 5.000 | 10/01/44 | 500 | 511,231 | |
Sr. Lien, Warrants, Series A, Rfdg., AGM | 5.250 | 10/01/48 | 500 | 514,673 | |
Mobile Indl. Dev. Brd. Rev., Alabama Pwr. Co. Barry, Rmkt. (Mandatory put date 06/26/25) | 1.000(cc) | 06/01/34 | 1,000 | 946,740 | |
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 | 1,506,526 | |
Southeast Alabama Gas Sply. Dist. Rev., Proj. No. 2, Series A (Mandatory put date 06/01/24) | 4.000(cc) | 06/01/49 | 1,365 | 1,366,966 | |
20,899,716 | |||||
Alaska 0.8% | |||||
Alaska Indl. Dev. & Export Auth. Rev., | |||||
Tanana Chiefs Conference Proj., Series A | 4.000 | 10/01/49 | 3,000 | 2,636,229 | |
Tanana Chiefs Conference Proj., Series A | 5.000 | 10/01/31 | 1,555 | 1,701,406 | |
Alaska Muni. Bond Bank Auth. Rev., Rfdg. | 5.000 | 12/01/26 | 1,350 | 1,453,796 | |
Northern Tob. Secur. Corp. Rev., Sr. Series A, Class 1, Rfdg. | 5.000 | 06/01/29 | 1,000 | 1,065,836 | |
6,857,267 | |||||
Arizona 2.8% | |||||
Arizona Hlth. Facs. Auth. Rev., Banner Hlth., Series B, 3 Month LIBOR + 0.810% | 3.318(c) | 01/01/37 | 2,280 | 2,107,683 | |
Arizona Indl. Dev. Auth. Rev., | |||||
Phoenix Children’s Hosp. Proj., Series A, Rfdg. | 5.000 | 02/01/28 | 1,000 | 1,086,182 | |
Phoenix Children’s Hosp., Series A | 5.000 | 02/01/29 | 650 | 713,106 | |
Phoenix Children’s Hosp., Series A | 5.000 | 02/01/30 | 300 | 331,819 |
1
PGIM National Muni Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Arizona (cont’d.) | |||||
Chandler Indl. Dev. Auth. Rev., Intel Corp., AMT (Mandatory put date 06/03/24) | 5.000 %(cc) | 06/01/49 | 1,035 | $1,043,600 | |
Maricopa Cnty. Indl. Dev. Auth. Rev., Banner Hlth., Series A | 5.000 | 01/01/41 | 1,140 | 1,185,036 | |
Maricopa Cnty. Spl. HealthCare Dist., Series D, GO | 5.000 | 07/01/28 | 850 | 942,349 | |
Phoenix Civic Impvt. Corp. Rev., | |||||
Jr. Lien, Series B, AMT | 5.000 | 07/01/29 | 2,000 | 2,145,247 | |
Jr. Lien, Series B, AMT | 5.000 | 07/01/49 | 1,630 | 1,652,190 | |
Series A, AMT | 5.000 | 07/01/47 | 2,000 | 2,016,420 | |
Sr. Lien, AMT | 5.000 | 07/01/48 | 2,000 | 2,015,906 | |
Sr. Lien, Rfdg., AMT | 5.000 | 07/01/32 | 1,200 | 1,210,791 | |
Pima Cnty. Indl. Dev. Auth. Rev., Tucson Elec. Pwr. Co. Proj., Rfdg. | 4.000 | 09/01/29 | 2,000 | 2,000,492 | |
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 | 1,307,037 | |
Salt Verde Finl. Corp. Rev., | |||||
Sr. Gas Rev., Sr. Bonds | 5.000 | 12/01/32 | 2,800 | 2,920,326 | |
Sr. Gas Rev., Sr. Bonds | 5.250 | 12/01/26 | 2,180 | 2,267,867 | |
24,946,051 | |||||
Arkansas 0.3% | |||||
Fayetteville Sales & Use Tax Rev., Sales & Use Tax | 2.875 | 11/01/32 | 3,000 | 2,837,333 | |
California 5.7% | |||||
Anaheim Pub. Fing. Auth. Lease Rev., Sr. Pub. Impvts. Proj., Series A, AGM | 6.000 | 09/01/24 | 2,675 | 2,781,771 | |
California Hlth. Facs. Fing. Auth. Rev., Stanford Healthcare, Series A | 5.000 | 08/15/54 | 1,000 | 1,020,726 | |
California Muni. Fin. Auth. Rev., | |||||
CHF-Davis I, LLC, West Vlg. Student Hsg. Proj., BAM, TCRs | 5.000 | 05/15/29 | 1,000 | 1,064,546 | |
Wste. Mgmt., Inc., Rmkt., Series A, AMT (Mandatory put date 12/01/23) | 0.700(cc) | 12/01/44 | 1,000 | 969,931 | |
California St., | |||||
GO | 5.000 | 03/01/45 | 3,000 | 3,093,531 | |
GO, Rfdg. | 4.000 | 09/01/26 | 3,000 | 3,151,171 | |
GO, Rfdg. | 5.000 | 08/01/45 | 500 | 518,054 | |
GO, Rfdg. | 5.000 | 08/01/46 | 1,500 | 1,568,792 | |
Var. Purp., GO, Rfdg. | 5.000 | 10/01/47 | 3,000 | 3,122,738 |
2
PGIM National Muni Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
California (cont’d.) | |||||
California St. Pub. Wks. Brd. Lease Rev., Series C, Rfdg. | 5.000 % | 08/01/28 | 875 | $977,419 | |
Golden St. Tob. Secur. Corp. Rev., | |||||
Series A-1, Rfdg. (Pre-refunded date 06/01/27)(ee) | 5.000 | 06/01/28 | 3,255 | 3,591,729 | |
Series A-1, Rfdg. (Pre-refunded date 06/01/27)(ee) | 5.000 | 06/01/29 | 1,400 | 1,546,965 | |
Series A-1, Rfdg. (Pre-refunded date 06/01/28)(ee) | 5.000 | 06/01/33 | 3,050 | 3,435,784 | |
Series A-1, Rfdg. (Pre-refunded date 06/01/28)(ee) | 5.000 | 06/01/35 | 1,545 | 1,740,699 | |
Long Beach Bond Fin. Auth. Nat. Gas Pur. Rev., | |||||
Series A | 5.000 | 11/15/35 | 1,300 | 1,333,953 | |
Series A | 5.500 | 11/15/37 | 1,000 | 1,071,468 | |
Los Angeles Calif. Dept. Arpts. Rev., | |||||
Los Angls. Int’l., Series A, AMT | 5.000 | 05/15/29 | 2,000 | 2,017,706 | |
Los Angls. Int’l., Series A, AMT | 5.000 | 05/15/38 | 2,500 | 2,520,701 | |
Sr. Series C, AMT | 5.000 | 05/15/28 | 1,075 | 1,162,417 | |
Sub. Los Angls. Int’l., Series A, AMT | 5.250 | 05/15/48 | 1,000 | 1,043,315 | |
Los Angeles Dept. of Wtr. & Pwr. Wtr. Sys. Rev., Series B | 5.000 | 07/01/34 | 2,500 | 2,535,193 | |
M-S-R Energy Auth. Rev., Series A | 6.500 | 11/01/39 | 2,000 | 2,409,304 | |
Pittsburg Redev. Agcy., Los Medanos Cmnty. Dev. Proj., Tax Alloc., AMBAC, CABS | 3.402(t) | 08/01/25 | 2,000 | 1,827,783 | |
Riverside Cnty. Pub. Fing. Auth. Rev., Cap. Facs. Proj. (Pre-refunded date 11/01/25)(ee) | 5.250 | 11/01/45 | 1,000 | 1,078,065 | |
San Diego Cnty. Regl. Arpt. Auth. Rev., | |||||
Sr. Series B, AMT (Pre-refunded 07/01/23)(ee) | 5.000 | 07/01/43 | 2,000 | 2,026,880 | |
Sr. Series B, AMT (Pre-refunded date 07/01/23)(ee) | 5.000 | 07/01/38 | 1,000 | 1,013,324 | |
San Francisco City & Cnty. Arpt. Commn. Rev., 2nd Series A, Rfdg., AMT | 5.250 | 05/01/33 | 1,000 | 1,008,311 | |
Walnut Energy Ctr. Auth. Rev., Rfdg. | 5.000 | 01/01/34 | 800 | 828,769 | |
50,461,045 | |||||
Colorado 4.6% | |||||
Colorado Hlth. Facs. Auth. Rev., | |||||
Commonspirit Hlth., Series A, Rfdg. | 5.000 | 08/01/27 | 1,725 | 1,833,581 | |
Commonspirit Hlth., Series A, Rfdg. | 5.000 | 08/01/29 | 2,070 | 2,220,539 | |
Commonspirit Hlth., Series A, Rfdg. | 5.000 | 08/01/34 | 2,500 | 2,619,732 | |
Commonspirit Hlth., Series B-2 (Mandatory put date 08/01/26) | 5.000(cc) | 08/01/49 | 2,465 | 2,572,885 |
3
PGIM National Muni Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Colorado (cont’d.) | |||||
Colorado Hlth. Facs. Auth. Rev., (cont’d.) | |||||
Intermountain Healthcare, Series C, Rfdg. (Mandatory put date 08/15/28) | 5.000 %(cc) | 05/15/62 | 3,000 | $3,343,777 | |
Colorado Springs Co. Util. Sys. Rev., Series C | 5.000 | 11/15/27 | 1,000 | 1,104,260 | |
Colorado St., COP | 6.000 | 12/15/41 | 4,000 | 4,747,262 | |
Denver City & Cnty. Arpt. Sys. Rev., | |||||
Series A, Rfdg., AMT | 5.000 | 11/15/27 | 1,055 | 1,122,263 | |
Series A, Rfdg., AMT | 5.000 | 11/15/29 | 3,000 | 3,244,706 | |
Series A, Rfdg., AMT | 5.500 | 11/15/40 | 3,750 | 4,081,823 | |
Sub. Sys., Series A, AMT | 5.500 | 11/15/26 | 1,650 | 1,685,855 | |
Sub. Sys., Series A, Rfdg., AMT | 5.000 | 12/01/34 | 2,300 | 2,412,539 | |
Sub. Sys., Series A, Rfdg., AMT | 5.000 | 12/01/35 | 1,000 | 1,044,467 | |
Sub. Sys., Series A, Rfdg., AMT | 5.250 | 12/01/43 | 3,000 | 3,115,001 | |
E-470 Pub. Hwy. Auth. Rev., | |||||
Sr. Rev., Series A, Rfdg. | 5.000 | 09/01/27 | 1,160 | 1,265,478 | |
Sr. Rev., Series A, Rfdg. | 5.000 | 09/01/28 | 1,275 | 1,410,700 | |
Sr. Series B, NATL | 3.041(t) | 09/01/25 | 2,000 | 1,840,536 | |
Regl. Trans. Dist. Rev., | |||||
Denver Transit Partners Eagle P3 Proj., Series A, Rfdg. | 5.000 | 07/15/28 | 400 | 421,532 | |
Denver Transit Partners Eagle P3 Proj., Series A, Rfdg. | 5.000 | 07/15/29 | 400 | 424,316 | |
40,511,252 | |||||
Connecticut 2.5% | |||||
Connecticut St., | |||||
Forward Delivery Social Bonds, Series D, GO, Rfdg. | 5.000 | 07/15/28 | 4,500 | 5,006,470 | |
Series A, GO | 4.000 | 01/15/33 | 2,000 | 2,070,136 | |
Series A, GO | 5.000 | 01/15/32 | 2,565 | 2,880,901 | |
Series B, GO, Rfdg. | 5.000 | 05/15/25 | 2,120 | 2,238,324 | |
Series C, GO | 5.000 | 06/15/28 | 1,200 | 1,333,195 | |
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 | 967,050 | |
Yale Univ., Series A-2, Rfdg. (Mandatory put date 07/01/26) | 2.000(cc) | 07/01/42 | 2,310 | 2,285,303 |
4
PGIM National Muni Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Connecticut (cont’d.) | |||||
Connecticut St. Spl. Tax Rev., | |||||
Series A | 5.000 % | 05/01/28 | 2,780 | $3,086,423 | |
Trans. Infrast., Series A | 5.000 | 01/01/38 | 2,195 | 2,339,808 | |
22,207,610 | |||||
District of Columbia 2.3% | |||||
Dist. of Columbia Rev., | |||||
Dist. of Columbia Int’l. Sch. | 5.000 | 07/01/49 | 1,275 | 1,231,933 | |
Friendship Pub. Chrt. Sch., Rfdg. | 5.000 | 06/01/36 | 1,385 | 1,400,030 | |
KIPP Chrt. Sch., Rfdg. (Pre-refunded date 07/01/23)(ee) | 6.000 | 07/01/43 | 850 | 867,196 | |
KIPP Chrt. Sch., Rfdg. (Pre-refunded date 07/01/23)(ee) | 6.000 | 07/01/48 | 725 | 739,673 | |
KIPP DC Iss., Series A, Rfdg. | 5.000 | 07/01/37 | 1,250 | 1,281,175 | |
Series C, Rfdg. | 5.000 | 12/01/28 | 1,500 | 1,694,565 | |
Dist. of Columbia Wtr. & Swr. Auth. Rev., Sub. Lien, Series A, Rfdg. | 5.000 | 10/01/39 | 1,650 | 1,734,301 | |
Metropolitan Washington D.C. Arpt. Auth. Dulles Toll Road Rev., Dulles Met. Rail, Series A, Rfdg. | 5.000 | 10/01/44 | 2,000 | 2,069,515 | |
Metropolitan Washington D.C. Arpt. Auth. Sys. Rev., | |||||
Forward Delivery, Series A, Rfdg., AMT | 5.000 | 10/01/32 | 1,500 | 1,611,699 | |
Rfdg., AMT | 5.000 | 10/01/26 | 3,860 | 4,073,559 | |
Series A, Rfdg., AMT | 5.000 | 10/01/44 | 1,000 | 1,008,288 | |
Washington Metropolitan Area Trans. Auth. Rev., Green Bond, Series A | 5.000 | 07/15/28 | 1,960 | 2,190,858 | |
19,902,792 | |||||
Florida 7.0% | |||||
Brevard Cnty. Hlth. Facs. Auth. Rev., Hlth. First Oblig. Grp., Series A, Rfdg. | 5.000 | 04/01/47 | 365 | 373,393 | |
Broward Cnty. Arpt. Sys. Rev., | |||||
Series A, AMT | 5.000 | 10/01/45 | 3,000 | 3,004,625 | |
Series A, AMT (Pre-refunded date 10/01/23)(ee) | 5.250 | 10/01/43 | 1,500 | 1,528,966 | |
Series B, Rfdg., AMT | 5.000 | 10/01/27 | 3,000 | 3,189,731 | |
Central Florida Expressway Auth. Rev., | |||||
Sr. Lien, Rfdg. | 4.000 | 07/01/41 | 2,000 | 1,948,897 | |
Sr. Lien, Series D | 5.000 | 07/01/29 | 780 | 875,654 | |
Cityplace CDD., Spl. Assmt., Rfdg. | 5.000 | 05/01/26 | 1,000 | 1,046,101 |
5
PGIM National Muni Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Florida (cont’d.) | |||||
Florida Dev. Fin. Corp. Rev., | |||||
Brightline Passenger Rail Expansion Proj., Rmkt., Series A (Mandatory put date 04/04/23) | 2.900 %(cc) | 12/01/56 | 4,000 | $3,999,988 | |
Mater Academy Proj., Series A | 5.000 | 06/15/56 | 500 | 481,086 | |
Nova Southeastern Univ. Proj., Series A, Rfdg. | 5.000 | 04/01/26 | 555 | 588,185 | |
Florida Higher Edl. Facs. Finl. Auth. Rev., | |||||
Nova Southeastern Univ. Proj., Rfdg. | 5.000 | 04/01/25 | 1,250 | 1,304,650 | |
Nova Southeastern Univ. Proj., Rfdg. | 5.000 | 04/01/28 | 1,420 | 1,503,037 | |
Grtr. Orlando Avtn. Auth. Rev., | |||||
Priority Sub. Series A, AMT | 5.000 | 10/01/42 | 5,000 | 5,095,237 | |
Series A, AMT | 5.000 | 10/01/54 | 1,500 | 1,526,443 | |
Hillsborough Cnty. Avtn. Auth. Rev., | |||||
Tampa Int’l. Arpt., Sub. Series A, Rfdg., AMT (Pre-refunded date 10/01/23)(ee) | 5.000 | 10/01/25 | 1,270 | 1,294,649 | |
Tampa Int’l. Arpt., Series E, AMT | 5.000 | 10/01/48 | 4,500 | 4,589,420 | |
JEA Elec. Sys. Rev., Sub. Series A, Rfdg. | 5.000 | 10/01/28 | 7,000 | 7,764,516 | |
Lee Cnty. Arpt. Rev., Series A, Rfdg., AMT | 5.000 | 10/01/28 | 3,000 | 3,202,442 | |
Miami Beach Redev. Agcy., Tax Incr. Rev. City Ctr., Tax Alloc. Rfdg., AGM | 5.000 | 02/01/44 | 1,500 | 1,512,764 | |
Miami Dade Cnty. Wtr. & Swr. Sys. Rev., Sub. Series | 5.000 | 10/01/27 | 2,215 | 2,422,310 | |
Orange Cnty. Hlth. Facs. Auth. Rev., | |||||
Orlando Hlth. Inc., Series A, Rfdg. | 5.000 | 10/01/33 | 1,510 | 1,571,140 | |
Orlando Hlth. Oblig. Grp., Series B, Rfdg. | 5.000 | 10/01/26 | 2,275 | 2,418,877 | |
Orlando Hlth., Inc., Series B, Rfdg. | 5.000 | 10/01/44 | 1,000 | 1,014,206 | |
Orlando Util. Commn. Rev., Series B (Mandatory put date 10/01/28) | 1.250(cc) | 10/01/46 | 3,475 | 2,865,319 | |
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 | 522,801 | |
Sarasota Cnty. Pub. Hosp. Dist. Rev., Sarasota Mem. Hosp. | 5.000 | 07/01/28 | 1,160 | 1,251,840 | |
South Miami Hlth. Facs. Auth., Inc. Rev., Baptist Hlth. South Florida, Rfdg. | 5.000 | 08/15/47 | 1,075 | 1,090,778 | |
Village CDD No. 6, | |||||
Spl. Assmt., Rfdg. | 4.000 | 05/01/27 | 305 | 314,707 | |
Spl. Assmt., Rfdg. | 4.000 | 05/01/28 | 315 | 322,809 | |
Spl. Assmt., Rfdg. | 4.000 | 05/01/29 | 335 | 341,794 | |
Village CDD No. 7, Spl. Assmt., Rfdg. | 4.000 | 05/01/23 | 995 | 1,001,283 |
6
PGIM National Muni Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Florida (cont’d.) | |||||
Village CDD No. 13, | |||||
Spl. Assmt. | 3.375 % | 05/01/34 | 480 | $413,365 | |
Spl. Assmt., 144A | 2.625 | 05/01/30 | 980 | 846,130 | |
61,227,143 | |||||
Georgia 3.6% | |||||
Atlanta GA Dept. Avtn. Rev., | |||||
Series B, Rfdg., AMT | 5.000 | 07/01/28 | 3,000 | 3,193,672 | |
Series B, Rfdg., AMT | 5.000 | 07/01/29 | 830 | 890,062 | |
Series B, Rfdg., AMT | 5.000 | 07/01/30 | 3,500 | 3,777,820 | |
Georgia Ports Auth. Rev., | |||||
Arpt. & Marina Imps. | 5.000 | 07/01/29 | 1,250 | 1,411,214 | |
Arpt. & Marina Imps. | 5.250 | 07/01/43 | 2,500 | 2,818,268 | |
Main Street Natural Gas, Inc. Rev., | |||||
Series A (Mandatory put date 09/01/27) | 4.000(cc) | 07/01/52 | 2,000 | 2,007,226 | |
Series B (Mandatory put date 12/01/24) | 4.000(cc) | 08/01/49 | 1,290 | 1,298,654 | |
Series C (Mandatory put date 09/01/26) | 4.000(cc) | 03/01/50 | 5,000 | 4,961,333 | |
Series C (Mandatory put date 12/01/28) | 4.000(cc) | 05/01/52 | 1,000 | 978,682 | |
Sub. Series C (Mandatory put date 12/01/23) | 4.000(cc) | 08/01/48 | 3,240 | 3,248,745 | |
Monroe Cnty. Dev. Auth. Rev., GA Pwr. Co. Plant Scherer Proj. No. 1 | 2.250 | 07/01/25 | 1,000 | 953,839 | |
Muni. Elec. Auth. of Georgia Rev., | |||||
Combined Cycle Proj., Series A, Rfdg. | 4.000 | 11/01/24 | 2,050 | 2,076,102 | |
Proj. One, Sub. Bonds, Series A, Rfdg. | 5.000 | 01/01/26 | 1,425 | 1,494,291 | |
Priv. Clgs. & Univs. Auth. Rev., Savannah Clg. of Art & Design Proj. (Pre-refunded date 04/01/24)(ee) | 5.000 | 04/01/44 | 2,120 | 2,187,187 | |
31,297,095 | |||||
Hawaii 0.9% | |||||
Hawaii St. Arpts. Sys. Rev., | |||||
Series A, AMT | 5.000 | 07/01/45 | 1,000 | 1,006,806 | |
Series A, AMT | 5.000 | 07/01/48 | 3,000 | 3,030,558 | |
Series A, AMT | 5.000 | 07/01/51 | 1,500 | 1,515,937 | |
Hawaii St. Dept. Budget & Fin. Rev., Pac. Hlth. Oblig., Series A, Rfdg. | 5.500 | 07/01/43 | 2,560 | 2,604,399 | |
8,157,700 |
7
PGIM National Muni Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Illinois 11.8% | |||||
Chicago, | |||||
Series B-Exchange, GO, Rfdg. | 4.000 % | 01/01/28 | 1,855 | $1,814,664 | |
Series C, GO, Rfdg. | 5.000 | 01/01/24 | 340 | 343,242 | |
Chicago Brd. of Ed., Series C, GO, Rfdg. | 5.000 | 12/01/22 | 1,500 | 1,500,041 | |
Chicago Brd. of Ed. Rev., Spl. Tax | 5.000 | 04/01/46 | 1,000 | 1,001,962 | |
Chicago O’Hare Int’l. Arpt. Rev., | |||||
Series A, Rfdg., AMT | 5.000 | 01/01/33 | 1,310 | 1,331,061 | |
Series B, Rfdg. | 5.000 | 01/01/32 | 1,500 | 1,558,023 | |
Sr. Lien, Series D | 5.250 | 01/01/42 | 2,000 | 2,077,558 | |
Chicago Trans. Auth. Rev., 2nd Lien | 5.000 | 12/01/46 | 3,000 | 3,031,996 | |
Chicago Wstewtr. Transmn. Rev., | |||||
2nd Lien | 5.000 | 01/01/39 | 2,550 | 2,563,730 | |
2nd Lien, Rmkt., Series C, Rfdg. | 5.000 | 01/01/29 | 355 | 367,909 | |
2nd Lien, Rmkt., Series C, Rfdg. | 5.000 | 01/01/31 | 2,450 | 2,536,160 | |
2nd Lien, Rmkt., Series C, Rfdg. | 5.000 | 01/01/39 | 2,000 | 2,022,968 | |
2nd Lien, Series A | 5.000 | 01/01/47 | 1,000 | 1,001,114 | |
Chicago Wtrwks. Rev., | |||||
2nd Lien, Rfdg. | 5.000 | 11/01/32 | 1,325 | 1,325,987 | |
2nd Lien, Rfdg. | 5.000 | 11/01/36 | 2,390 | 2,454,551 | |
2nd Lien, Series A-1 | 5.000 | 11/01/27 | 510 | 531,281 | |
2nd Lien, Series A-1 | 5.000 | 11/01/30 | 1,495 | 1,552,970 | |
Chicago, IL, | |||||
Series A, GO, Rfdg. | 5.000 | 01/01/33 | 4,000 | 4,026,718 | |
Series C, GO, Rfdg. | 5.000 | 01/01/26 | 1,000 | 1,020,678 | |
Cook Cnty., Series A, GO, Rfdg. | 5.000 | 11/15/28 | 1,050 | 1,154,529 | |
Cook Cnty. Sales Tax Rev., Series A, Rfdg. | 5.250 | 11/15/45 | 2,000 | 2,135,640 | |
Illinois Fin. Auth. Rev., | |||||
Northshore Univ. Hlth. Sys., Series A, Rfdg. | 5.000 | 08/15/26 | 1,500 | 1,605,594 | |
Northshore Univ. Hlth. Sys., Series A, Rfdg. | 5.000 | 08/15/28 | 1,110 | 1,219,661 | |
Northshore Univ. Hlth. Sys., Series A, Rfdg. | 5.000 | 08/15/29 | 2,000 | 2,221,568 | |
Univ. of Chicago, Series A, Rfdg. | 5.000 | 10/01/25 | 1,505 | 1,600,795 | |
Illinois St., | |||||
GO | 5.000 | 02/01/24 | 1,195 | 1,212,801 | |
GO | 5.000 | 11/01/30 | 500 | 515,981 | |
GO | 5.000 | 04/01/31 | 1,000 | 1,013,382 | |
GO | 5.250 | 02/01/29 | 2,000 | 2,032,393 | |
GO, Rfdg. | 5.000 | 02/01/25 | 1,380 | 1,412,749 |
8
PGIM National Muni Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Illinois (cont’d.) | |||||
Illinois St., (cont’d.) | |||||
Series A, GO | 5.000 % | 12/01/39 | 2,500 | $2,533,325 | |
Series A, GO, Rfdg. | 5.000 | 10/01/28 | 750 | 785,089 | |
Series C, GO | 5.000 | 11/01/29 | 1,000 | 1,039,983 | |
Series D, GO | 5.000 | 11/01/23 | 3,730 | 3,775,236 | |
Series D, GO | 5.000 | 11/01/26 | 6,150 | 6,366,598 | |
Series D, GO | 5.000 | 11/01/27 | 2,210 | 2,298,868 | |
Illinois St. Sales Tax Rev., Jr. Oblig. Build Illiois Bonds, Series C, Rfdg. | 5.000 | 06/15/28 | 1,650 | 1,764,267 | |
Illinois St. Toll Hwy. Auth. Rev., | |||||
Series A | 5.000 | 01/01/38 | 3,125 | 3,128,010 | |
Series C | 5.000 | 01/01/39 | 2,000 | 2,050,834 | |
Sr. Rev. Bonds, Series A, Rfdg. | 5.000 | 01/01/28 | 3,085 | 3,402,369 | |
Sr. Rev., Series C, Rfdg. | 5.000 | 01/01/31 | 3,455 | 3,905,500 | |
Metropolitan Pier & Exposition Auth. Dedicated St. Tax Rev., | |||||
McCormick Place Expansion, Series A, CABS, NATL | 4.769(t) | 12/15/34 | 10,000 | 5,669,146 | |
McCormick Place Expansion, Series A, CABS, NATL | 4.894(t) | 06/15/37 | 7,500 | 3,712,783 | |
Metropolitan Wtr. Reclamation Dist. of Grtr. Chicago, Green Bond, Series A, GO | 4.000 | 12/01/51 | 1,000 | 911,354 | |
Railsplitter Tob. Settlement Auth. Rev., | |||||
Tob. Set. Funded | 5.000 | 06/01/24 | 1,175 | 1,205,957 | |
Tob. Set. Funded | 5.000 | 06/01/27 | 2,975 | 3,158,734 | |
Tob. Set. Funded | 5.000 | 06/01/28 | 1,100 | 1,165,047 | |
Regl. Trans. Auth. Rev., Series A | 4.000 | 06/01/37 | 3,605 | 3,604,240 | |
Sales Tax Secur. Corp. Rev., | |||||
2nd Lien, Series A, Rfdg. | 5.000 | 01/01/26 | 2,250 | 2,360,135 | |
2nd Lien, Series A, Rfdg. | 5.000 | 01/01/29 | 1,500 | 1,619,598 | |
Springfield Elec. Rev., Sr. Lien, Rfdg., AGM | 4.000 | 03/01/40 | 1,000 | 922,866 | |
103,567,645 | |||||
Indiana 0.6% | |||||
Indiana Fin. Auth. Rev., | |||||
IN Univ. Hlth., Series A, Rfdg. | 5.000 | 12/01/25 | 2,280 | 2,421,639 | |
Indianapolis Pwr. & Light. Co. Proj., Series B, Rfdg., AMT (Mandatory put date 04/01/26) | 0.950(cc) | 12/01/38 | 625 | 582,060 |
9
PGIM National Muni Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Indiana (cont’d.) | |||||
Whiting Rev., BP Products North America, Rfdg., AMT (Mandatory put date 06/05/26) | 5.000 %(cc) | 12/01/44 | 2,025 | $2,078,305 | |
5,082,004 | |||||
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 | 8,000,006 | |
Kansas 0.3% | |||||
Wyandotte Cnty.-Kansas City Unified Govt. Util. Sys. Rev., Impvt., Series A | 5.000 | 09/01/45 | 2,170 | 2,214,222 | |
Kentucky 2.9% | |||||
Kentucky Pub. Energy Auth. Rev., | |||||
Gas Sply. Series C-1 (Mandatory put date 06/01/25) | 4.000(cc) | 12/01/49 | 7,435 | 7,390,931 | |
Gas Sply., Series B (Mandatory put date 01/01/25) | 4.000(cc) | 01/01/49 | 3,465 | 3,463,696 | |
Series A-1 (Mandatory put date 06/01/25) | 4.000(cc) | 12/01/49 | 3,370 | 3,369,645 | |
Series A-1 (Mandatory put date 08/01/30) | 4.000(cc) | 08/01/52 | 800 | 778,569 | |
Series C (Mandatory put date 02/01/28) | 4.000(cc) | 02/01/50 | 5,930 | 5,825,015 | |
Owen Cnty. Wtrwks. Sys. Rev., | |||||
American Wtr. Co., Rfdg. (Mandatory put date 09/01/23) | 0.700(cc) | 06/01/40 | 1,000 | 984,261 | |
American Wtr. Co., Series A, Rfdg. (Mandatory put date 10/01/29) | 2.450(cc) | 06/01/39 | 1,500 | 1,346,208 | |
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 | 1,880,838 | |
25,039,163 | |||||
Louisiana 0.5% | |||||
Louisiana Pub. Facs. Auth. Rev., | |||||
Franciscan Mis., Rfdg. (Pre-refunded date 07/01/25)(ee) | 5.000 | 07/01/39 | 10 | 10,596 | |
Franciscan Mis., Unrefunded, Rfdg. | 5.000 | 07/01/39 | 1,990 | 2,014,037 | |
Tulane Univ. of Louisiana, Rfdg. | 5.000 | 04/01/29 | 1,000 | 1,095,309 | |
Louisiana St. Hwy. Impt. Rev., Series A (Pre-refunded date 06/15/24)(ee) | 5.000 | 06/15/34 | 1,250 | 1,295,216 | |
4,415,158 |
10
PGIM National Muni Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Maine 0.3% | |||||
Maine Hlth. & Higher Edl. Facs. Auth. Rev., | |||||
Maine Hlth., Series A | 5.000 % | 07/01/27 | 1,200 | $1,293,529 | |
Maine Hlth., Series A | 5.000 | 07/01/28 | 1,140 | 1,242,316 | |
2,535,845 | |||||
Maryland 0.1% | |||||
Maryland St. Dept. of Trans. Rev., Series 2022B, Rfdg. | 5.000 | 12/01/28 | 1,000 | 1,129,412 | |
Massachusetts 0.7% | |||||
Massachusetts Bay Trans. Auth. Rev., Mass. Sales Tax, Series B, Rfdg., NATL | 5.500 | 07/01/27 | 1,325 | 1,488,039 | |
Massachusetts Dev. Fin. Agcy. Rev., Northeastern Univ. Issue, Rfdg. | 5.000 | 10/01/29 | 1,100 | 1,238,646 | |
Massachusetts St. Hlth. & Edl. Facs. Auth. Rev., Tufts Univ., Series M, Rfdg. | 5.500 | 02/15/28 | 3,000 | 3,407,189 | |
Massachusetts St. Port Auth. Rev., Series A, Rfdg., AMT | 5.000 | 07/01/27 | 320 | 342,070 | |
6,475,944 | |||||
Michigan 1.2% | |||||
Michigan Fin. Auth. Rev., | |||||
Beaumont-Spectrum Consolidation, Series A, Rfdg. | 5.000 | 04/15/29 | 1,000 | 1,115,024 | |
Sr. Series A, Class 1, Rfdg. | 5.000 | 06/01/28 | 1,500 | 1,572,180 | |
Sr. Series A, Class 1, Rfdg. | 5.000 | 06/01/30 | 1,000 | 1,056,813 | |
Sr. Series A, Class 1, Rfdg. | 5.000 | 06/01/32 | 2,250 | 2,381,304 | |
Sr. Series A, Class 1, Rfdg. | 5.000 | 06/01/33 | 2,750 | 2,892,891 | |
Wayne Cnty. Arpt. Auth. Rev., Det. Met. Arpt., Series D, Rfdg., AMT | 5.000 | 12/01/28 | 1,500 | 1,502,020 | |
10,520,232 | |||||
Minnesota 0.3% | |||||
Minneapolis St. Paul Metropolitan Arpt. Commn. Rev., Sub. Series B, Rfdg., AMT | 5.000 | 01/01/33 | 2,325 | 2,502,205 | |
Mississippi 0.1% | |||||
Mississippi Bus. Fin. Corp. Rev., Poll. Ctrl., Rfdg. | 3.200 | 09/01/28 | 500 | 477,747 |
11
PGIM National Muni Fund
Schedule of Investments as of November 30, 2022 (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 | $3,516,856 | |
Series C, Rfdg. (Mandatory put date 05/01/28) | 5.000(cc) | 05/01/52 | 4,000 | 4,383,154 | |
7,900,010 | |||||
Nebraska 0.7% | |||||
Central Plns. Energy. Proj. Rev., Proj. No. 4 (Mandatory put date 01/01/24) | 5.000(cc) | 03/01/50 | 4,445 | 4,481,363 | |
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 | 1,336,065 | |
5,817,428 | |||||
New Jersey 7.6% | |||||
Camden Cnty. Impvt. Auth. Rev., Cooper Hlth. Sys. Oblig. Grp. | 5.750 | 02/15/42 | 1,500 | 1,505,371 | |
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 | 1,099,884 | |
American Wtr. Co., Inc., Series B, Rfdg., AMT (Mandatory put date 06/01/23) | 1.200(cc) | 11/01/34 | 1,000 | 987,572 | |
NJ American Wtr. Co., Inc. Proj., Series D, Rfdg., AMT (Mandatory put date 12/01/27) | 1.100(cc) | 11/01/29 | 625 | 541,725 | |
Sch. Facs. Construction | 5.000 | 06/15/29 | 1,500 | 1,636,401 | |
Sch. Facs. Construction, Series PP, Rfdg. | 5.000 | 06/15/26 | 2,100 | 2,164,144 | |
Unrefunded Sch. Facs. Construction, Series NN, Rfdg. | 5.000 | 03/01/27 | 150 | 150,655 | |
New Jersey Edl. Facs. Auth. Rev., Montclair St. Univ., Series A, Rfdg. | 5.000 | 07/01/44 | 2,500 | 2,520,191 | |
New Jersey Healthcare Facs. Fing. Auth. Rev., | |||||
Hackensack Meridian Hlth., Series A, Rfdg. | 5.000 | 07/01/39 | 1,500 | 1,559,784 | |
RWJ Barnabas Hlth. Oblig. Grp., Series A, Rfdg. | 5.000 | 07/01/33 | 1,015 | 1,069,563 | |
RWJ Barnabas Hlth. Oblig. Grp., Series A, Rfdg. | 5.000 | 07/01/43 | 1,585 | 1,625,523 | |
RWJ Univ. Hosp., Series A | 5.500 | 07/01/43 | 1,000 | 1,015,250 | |
New Jersey Higher Ed. Student Assistance Auth. Rev., | |||||
Sr. Series A, Rfdg. | 5.000 | 12/01/25 | 550 | 572,165 | |
Sr. Series A, Rfdg. | 5.000 | 12/01/26 | 700 | 735,458 | |
New Jersey St. Sales Tax, Covid-19 GO Emergency Bonds, Series A, GO | 5.000 | 06/01/29 | 5,315 | 5,946,332 | |
New Jersey Tpke. Auth. Rev., | |||||
Series A | 5.000 | 01/01/28 | 1,505 | 1,556,930 | |
Series A | 5.000 | 01/01/48 | 2,155 | 2,262,376 |
12
PGIM National Muni Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
New Jersey (cont’d.) | |||||
New Jersey Tpke. Auth. Rev., (cont’d.) | |||||
Series B | 5.250 % | 01/01/52 | 2,000 | $2,192,955 | |
Series B, Rfdg. | 5.000 | 01/01/27 | 2,215 | 2,399,667 | |
Series D, Rfdg. | 5.000 | 01/01/28 | 2,150 | 2,294,429 | |
Series E, Rfdg. | 5.000 | 01/01/32 | 2,030 | 2,220,771 | |
New Jersey Trans. Tr. Fd. Auth. Rev., | |||||
Series AA, Rfdg. | 5.000 | 06/15/27 | 1,200 | 1,288,613 | |
Trans. Prog. Notes, Rmkt., Series BB-1 | 5.000 | 06/15/33 | 1,300 | 1,382,585 | |
Trans. Sys. Bond, Rfdg. | 5.000 | 12/15/26 | 500 | 534,177 | |
Trans. Sys., Series A, Rfdg. | 5.000 | 12/15/28 | 3,600 | 3,915,913 | |
Trans. Sys., Series A, Rfdg. | 5.000 | 12/15/36 | 1,250 | 1,304,119 | |
Trans. Sys., Series A, Rfdg. | 5.500 | 12/15/23 | 4,020 | 4,126,691 | |
Trans. Sys., Series D, Rfdg. | 5.000 | 12/15/24 | 2,555 | 2,657,034 | |
Tob. Settlement Fing. Corp. Rev., | |||||
Series A, Rfdg. | 5.000 | 06/01/23 | 1,305 | 1,317,447 | |
Series A, Rfdg. | 5.000 | 06/01/25 | 2,345 | 2,437,796 | |
Series A, Rfdg. | 5.000 | 06/01/27 | 2,685 | 2,825,169 | |
Series A, Rfdg. | 5.000 | 06/01/28 | 3,395 | 3,578,546 | |
Series A, Rfdg. | 5.000 | 06/01/29 | 3,030 | 3,186,402 | |
Series A, Rfdg. | 5.000 | 06/01/37 | 2,000 | 2,062,754 | |
66,674,392 | |||||
New Mexico 0.5% | |||||
Farmington Rev., | |||||
4 Corners Proj., Rmkt., Rfdg. | 1.800 | 04/01/29 | 1,500 | 1,294,607 | |
Pub. Svcs. Co. of San Juan, Series C, Rfdg. (Mandatory put date 06/01/24) | 1.150(cc) | 06/01/40 | 3,000 | 2,876,184 | |
4,170,791 | |||||
New York 5.1% | |||||
Long Island Pwr. Auth. Rev., | |||||
Notes | 1.000 | 09/01/25 | 4,100 | 3,771,575 | |
Series B, Rfdg. (Mandatory put date 09/01/26) | 1.500(cc) | 09/01/51 | 3,000 | 2,723,918 | |
New York, | |||||
Fiscal 2008, Rmkt., Series J-10, GO | 5.000 | 08/01/26 | 1,000 | 1,079,069 | |
Fiscal 2015, Rmkt., Sub-Series F-4, GO (Mandatory put date 12/01/25) | 5.000(cc) | 06/01/44 | 2,000 | 2,111,584 | |
New York City Trans. Fin. Auth. Future Tax Sec’d. Rev., | |||||
Future Tax Secured, Sub. Fiscal 2015, Series E-1 | 5.000 | 02/01/41 | 3,000 | 3,085,254 | |
Series A-1, Rfdg. | 5.000 | 11/01/27 | 2,055 | 2,275,719 | |
Sub. Series A-2 | 5.000 | 08/01/38 | 2,000 | 2,114,926 |
13
PGIM National Muni Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
New York (cont’d.) | |||||
New York City Trans. Fin. Auth. Future Tax Sec’d. Rev., (cont’d.) | |||||
Sub. Series F-1 | 5.000 % | 02/01/51 | 1,850 | $1,973,397 | |
New York City Wtr. & Swr. Sys. Rev., Sub. Series CC-2 | 5.000 | 06/15/28 | 2,330 | 2,534,859 | |
New York Liberty Dev. Corp. Rev., Series 1WTC, Rfdg. | 4.000 | 02/15/43 | 2,500 | 2,327,645 | |
New York St. Dorm. Auth. Rev., Mem. Sloan Kettering, Series 1, Rfdg. | 5.000 | 07/01/42 | 1,000 | 1,041,098 | |
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 | 3,827,015 | |
New York Trans. Dev. Corp. Rev., | |||||
JFK Int’l. Arpt. Proj. Terminal 4, Series A, Rfdg., AMT | 5.000 | 12/01/25 | 800 | 824,567 | |
Laguardia Arpt., Term. B Redev., Series A, AMT | 5.000 | 07/01/46 | 1,000 | 974,032 | |
Port Auth. of NY & NJ Rev., | |||||
Series 223, Rfdg., AMT | 5.000 | 07/15/28 | 1,500 | 1,611,246 | |
Series 226, Rfdg., AMT | 5.000 | 10/15/27 | 975 | 1,042,994 | |
Triborough Bridge & Tunnel Auth. Rev., | |||||
Green Bonds, Series E-2B, Rfdg. | 5.000 | 11/15/27 | 1,500 | 1,651,937 | |
Series A-1, Rfdg. | 5.000 | 05/15/51 | 2,500 | 2,653,650 | |
Series A-2, Rfdg. (Mandatory put date 05/15/28) | 2.000(cc) | 05/15/45 | 2,000 | 1,854,398 | |
TSASC, Inc. Rev., Series A, Rfdg. | 5.000 | 06/01/41 | 2,000 | 2,037,120 | |
Utility Debt Secur. Auth. Rev., Restructuring Bonds, Series TE-1, Rfdg. | 5.000 | 06/15/28 | 3,000 | 3,227,105 | |
44,743,108 | |||||
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 | 1,100 | 1,213,160 | |
North Carolina St. Rev., Grant Anticipation Rev. | 5.000 | 03/01/28 | 1,000 | 1,110,427 | |
North Carolina Tpke. Auth. Rev., BANS | 5.000 | 02/01/24 | 4,500 | 4,592,480 | |
6,916,067 | |||||
North Dakota 0.1% | |||||
Cass Cnty. Joint Wtr. Resource Dist., Series A, GO | 0.480 | 05/01/24 | 1,000 | 960,060 |
14
PGIM National Muni Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Ohio 4.6% | |||||
Akron Bath Copley Joint Township Hosp. Dist. Rev., Summa Hlth. Oblig. Grp. Hosp. Facs., Rfdg. | 5.000 % | 11/15/28 | 460 | $485,775 | |
Allen Cnty. Hosp. Facs. Rev., Bon Secours Mercy Hlth., Rfdg. | 5.000 | 12/01/30 | 1,100 | 1,224,129 | |
Buckeye Tob. Settlement Fing. Auth. Rev., | |||||
Sr. Series A-2, Class 1, Rfdg. | 5.000 | 06/01/28 | 2,800 | 2,975,212 | |
Sr. Series A-2, Class 1, Rfdg. | 5.000 | 06/01/30 | 1,125 | 1,207,669 | |
Sr. Series A-2, Class 1, Rfdg. | 5.000 | 06/01/31 | 3,930 | 4,216,986 | |
Sr. Series A-2, Class 1, Rfdg. | 5.000 | 06/01/33 | 3,480 | 3,702,659 | |
Franklin Cnty. Hosp. Facs. Rev., | |||||
Nationwide Children’s Hosp. Proj., Rfdg. | 4.000 | 11/01/47 | 2,400 | 2,185,581 | |
Ohio Hlth. Corp., Series A | 4.000 | 05/15/47 | 4,815 | 4,492,181 | |
Lancaster Port Auth. Rev., Series A, Rfdg. (Mandatory put date 02/01/25) | 5.000(cc) | 08/01/49 | 1,345 | 1,383,077 | |
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 | 440,768 | |
American Elec. Pwr. Co. Proj., Series C, Rfdg., AMT (Mandatory put date 10/01/24) | 2.100(cc) | 12/01/27 | 1,500 | 1,440,357 | |
Ohio Vlly. Elec. Corp. Proj., Rmkt., Series B (Mandatory put date 11/01/24) | 1.375(cc) | 02/01/26 | 750 | 710,221 | |
Ohio St., Common Sch. Series C, GO, Rfdg. | 5.000 | 03/15/27 | 1,000 | 1,095,618 | |
Ohio St. Rev., | |||||
Cleveland Clnc. Hlth. Sys., Series A, Rfdg. | 5.000 | 01/01/28 | 2,890 | 3,180,013 | |
Grant Anticipation Rev. Vehicle, Series 1-A | 5.000 | 12/15/28 | 800 | 898,166 | |
Ohio Turnpike & Infrast. Commn. Rev., Jr. Lien Infrast. Proj., Series A, Rfdg. | 5.000 | 02/15/29 | 1,000 | 1,122,098 | |
Ohio Wtr. Dev. Auth. Rev., Rfdg. | 5.000 | 06/01/46 | 8,825 | 9,659,591 | |
40,420,101 | |||||
Oklahoma 1.0% | |||||
Oklahoma Dev. Fin. Auth. Rev., Gilcrease Expressway West, AMT | 1.625 | 07/06/23 | 1,500 | 1,475,776 | |
Oklahoma Tpke. Auth. Rev., | |||||
2nd Sr. Series A, Rfdg. | 5.000 | 01/01/28 | 2,435 | 2,677,004 | |
Series A | 5.000 | 01/01/42 | 3,000 | 3,126,160 | |
Stillwater Util. Auth. Rev., Series A | 5.000 | 10/01/39 | 1,865 | 1,911,295 | |
9,190,235 |
15
PGIM National Muni Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Oregon 0.2% | |||||
Oregon Hlth. & Science Univ. Rev., Series B-1, Rfdg. (Mandatory put date 02/01/30) | 5.000 %(cc) | 07/01/46 | 2,000 | $2,210,966 | |
Pennsylvania 5.0% | |||||
Allegheny Cnty. Arpt. Auth. Rev., Series A, AMT | 5.000 | 01/01/27 | 2,000 | 2,105,586 | |
Bucks Cnty. Indl. Dev. Auth. Rev., Grand View Hosp. Proj. | 5.000 | 07/01/25 | 350 | 351,725 | |
Comnwlth. Fing. Auth. Rev., | |||||
Tob. Mstr. Settlement Payment Bonds | 5.000 | 06/01/25 | 2,405 | 2,518,037 | |
Tob. Mstr. Settlement Payment Bonds | 5.000 | 06/01/28 | 1,280 | 1,384,100 | |
Tob. Mstr. Settlement Payment Bonds | 5.000 | 06/01/34 | 1,095 | 1,166,080 | |
Delaware Vlly. Regl. Fin. Auth. Rev., Series A, AMBAC | 5.500 | 08/01/28 | 2,290 | 2,563,969 | |
Geisinger Auth. Rev., Geisinger Hlth. Sys. Oblig. Grp., Rfdg. (Mandatory put date 02/15/27) | 5.000(cc) | 04/01/43 | 1,100 | 1,162,876 | |
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 | 3,102,594 | |
Lehigh Cnty. Gen. Purp. Auth. Rev., Lehigh Vlly. Academy Regl. Chrt. Sch. | 4.000 | 06/01/57 | 1,445 | 1,107,204 | |
Luzerne Cnty. Indl. Dev. Auth. Rev., Pennsylvania American, Rfdg., AMT (Mandatory put date 12/03/29) | 2.450(cc) | 12/01/39 | 1,250 | 1,113,106 | |
Pennsylvania Econ. Dev. Fing. Auth. Rev., Wste. Mgmt., Inc. Proj., Series B, Rfdg., AMT (Mandatory put date 11/02/26) | 1.100(cc) | 06/01/31 | 1,250 | 1,133,454 | |
Pennsylvania Higher Edl. Facs. Auth. Rev., Univ. of Pennsylvania Hlth. Sys. | 5.000 | 08/15/49 | 2,245 | 2,323,487 | |
Pennsylvania Tpke. Commn. Rev., | |||||
Series A | 5.000 | 12/01/38 | 1,000 | 1,034,329 | |
Series A-1, Rfdg. | 5.000 | 12/01/40 | 1,500 | 1,542,467 | |
Series A-2, Rfdg. | 5.000 | 12/01/28 | 870 | 958,949 | |
Series B | 5.000 | 12/01/45 | 7,000 | 7,157,897 | |
Sub. Series A-1 | 5.000 | 12/01/25 | 1,425 | 1,511,937 | |
Sub. Series B, Rfdg. | 5.000 | 06/01/29 | 1,925 | 2,047,867 | |
Sub. Series B-1 | 5.250 | 06/01/47 | 2,000 | 2,059,895 | |
Philadelphia Arpt. Rev., Priv. Activ., Rfdg., AMT | 5.000 | 07/01/27 | 1,125 | 1,190,523 | |
Philadelphia Auth. for Indl. Dev. Rev., Children’s Hosp. Proj., Rfdg. | 4.000 | 07/01/37 | 1,075 | 1,072,048 |
16
PGIM National Muni Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Pennsylvania (cont’d.) | |||||
Philadelphia Gas Wks. Co. Rev., | |||||
16th Series A, AGM | 5.000 % | 08/01/28 | 625 | $693,443 | |
16th Series A, AGM | 5.000 | 08/01/29 | 1,000 | 1,123,975 | |
Philadelphia Wtr. & Wstewtr. Rev., Series A | 5.000 | 11/01/27 | 1,180 | 1,296,521 | |
Univ. of Pittsburgh Comnwlth. Sys. of Higher Ed. Rev., Rfdg. | 4.000 | 04/15/26 | 2,395 | 2,488,254 | |
44,210,323 | |||||
Puerto Rico 2.5% | |||||
Puerto Rico Comnwlth., Restructured, Series A, GO, CABS | 5.210(t) | 07/01/24 | 11,670 | 10,755,621 | |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Restructured, Series A-1 | 5.000 | 07/01/58 | 4,413 | 4,154,146 | |
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev., | |||||
Restructured, Series A-1 | 4.500 | 07/01/34 | 848 | 797,424 | |
Series A-1, CABS | 4.345(t) | 07/01/24 | 1,131 | 1,056,453 | |
Series A-1, CABS | 4.683(t) | 07/01/27 | 6,342 | 5,128,969 | |
21,892,613 | |||||
Rhode Island 1.1% | |||||
Rhode Island Hlth. & Edl. Bldg. Corp. Higher Ed. Facs. Rev., Clg. & Univ. Rev. | 5.250 | 08/15/43 | 3,965 | 4,197,573 | |
Tob. Settlement Fing. Corp. Rev., | |||||
Series A, Rfdg. | 5.000 | 06/01/24 | 680 | 692,163 | |
Series A, Rfdg. | 5.000 | 06/01/40 | 4,350 | 4,373,105 | |
9,262,841 | |||||
South Carolina 1.2% | |||||
South Carolina Ports Auth. Rev., AMT | 4.000 | 07/01/45 | 1,000 | 913,087 | |
South Carolina Pub. Svc. Auth. Rev., | |||||
Santee Cooper, Series A, Rfdg. (Pre-refunded date 12/01/23)(ee) | 5.750 | 12/01/43 | 3,000 | 3,095,654 | |
Series A, Rfdg. | 5.000 | 12/01/29 | 1,300 | 1,354,303 | |
Series A, Rfdg. | 5.000 | 12/01/31 | 4,595 | 5,018,685 | |
10,381,729 |
17
PGIM National Muni Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
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 | $1,011,799 | |
Tennessee 1.5% | |||||
Memphis Shelby Cnty. Arpt. Auth. Rev., Series A, AMT | 5.000 | 07/01/25 | 830 | 859,904 | |
Tennessee Energy Acq. Corp. Gas Rev., | |||||
Nat. Gas Utility Imps. (Mandatory put date 11/01/25) | 4.000(cc) | 11/01/49 | 9,750 | 9,680,042 | |
Series A | 5.250 | 09/01/26 | 2,605 | 2,699,962 | |
13,239,908 | |||||
Texas 5.5% | |||||
Central Texas Regl. Mobility Auth. Rev., | |||||
BANS, Sub. Series F | 5.000 | 01/01/25 | 2,000 | 2,064,000 | |
Series C | 5.000 | 01/01/27 | 800 | 845,122 | |
Sr. Lien, Series A (Pre-refunded 07/01/25)(ee) | 5.000 | 01/01/40 | 1,395 | 1,477,764 | |
Sr. Lien, Series A (Pre-refunded date 07/01/25)(ee) | 5.000 | 01/01/45 | 1,000 | 1,059,969 | |
Sr. Lien, Series D, Rfdg. | 5.000 | 01/01/29 | 1,000 | 1,096,430 | |
Clifton Higher Ed. Fin. Corp. Rev., | |||||
Idea Pub. Sch. | 6.000 | 08/15/43 | 1,000 | 1,017,345 | |
Idea Pub. Sch., Rfdg., PSFG | 5.000 | 08/15/39 | 1,000 | 1,028,265 | |
Dallas Hotel Occupancy Tax Rev., Rfdg. | 4.000 | 08/15/28 | 1,010 | 1,025,481 | |
Dallas-Fort Worth Int’l. Arpt. Rev., | |||||
Rfdg. | 5.000 | 11/01/27 | 1,455 | 1,567,338 | |
Series A, Rfdg. | 5.000 | 11/01/26 | 1,375 | 1,458,166 | |
Series B, Rfdg. | 5.000 | 11/01/26 | 1,475 | 1,564,214 | |
Grand Parkway Trans. Corp. Rev., 1st Tier Toll Rev., Series A | 5.125 | 10/01/43 | 2,000 | 2,013,131 | |
Harris Cnty. Cultrl. Ed. Facs. Fin. Corp. Rev., | |||||
Med. Facs. Mtg., Baylor Clg. of Medicine, Series A, Rfdg. (Mandatory put date 07/01/24) | 3.287(cc) | 11/15/46 | 2,000 | 2,018,051 | |
Mem. Hermann Hlth. Sys., Series C-3, Rfdg. (Mandatory put date 12/01/26) | 5.000(cc) | 06/01/32 | 2,380 | 2,536,230 | |
Texas Children’s Hosp., Series B, Rfdg. (Mandatory put date 10/01/24) | 5.000(cc) | 10/01/41 | 1,285 | 1,328,115 | |
Harris Cnty. Toll Road Auth. Rev., | |||||
1st Lien, Series A, Rfdg. | 5.000 | 08/15/29 | 1,710 | 1,938,971 | |
Sr. Lien, Series A, Rfdg. | 5.000 | 08/15/43 | 3,000 | 3,187,452 | |
Lower Colorado River Auth. Rev., | |||||
LCRA Transmn. Svcs. Corp. Proj., Rfdg. | 5.000 | 05/15/27 | 2,000 | 2,161,578 |
18
PGIM National Muni Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Texas (cont’d.) | |||||
Lower Colorado River Auth. Rev., (cont’d.) | |||||
LCRA Transmn. Svcs. Corp. Proj., Series A, Rfdg. | 6.000 % | 05/15/52 | 1,500 | $1,692,219 | |
Series B, Rfdg., AGM | 5.000 | 05/15/28 | 1,130 | 1,249,183 | |
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 | 1,220,448 | |
North Texas Twy. Auth. Rev., | |||||
1st Tier Bonds, Series A, Rfdg. | 5.000 | 01/01/25 | 1,925 | 2,009,680 | |
1st Tier, Series A, Rfdg. | 5.000 | 01/01/28 | 1,090 | 1,158,246 | |
2nd Tier, Rfdg. | 5.000 | 01/01/48 | 1,250 | 1,280,859 | |
2nd Tier, Series B, Rfdg. | 5.000 | 01/01/27 | 1,565 | 1,694,401 | |
2nd Tier, Series B, Rfdg. | 5.000 | 01/01/28 | 1,495 | 1,644,194 | |
Series B, Rfdg. | 5.000 | 01/01/45 | 2,000 | 2,033,982 | |
Tarrant Cnty. Cultrl. Edu. Facs. Fin. Corp. Rev., Christus Hlth. Series A (Mandatory put date 07/01/32) | 5.000(cc) | 07/01/53 | 3,000 | 3,240,929 | |
Texas Priv. Activ. Surf. Trans. Corp. Rev., | |||||
Sr. Lien, NTE Mobility Partners, Series 3A & 3B, AMT | 6.750 | 06/30/43 | 500 | 508,620 | |
Sr. Lien, NTE Mobility Partners, Series 3A & 3B, AMT | 7.000 | 12/31/38 | 1,500 | 1,535,774 | |
48,656,157 | |||||
Utah 1.6% | |||||
Cnty. of Utah Rev., IHC Hlth. Serv., Inc., Series B (Mandatory put date 08/01/26) | 5.000(cc) | 05/15/60 | 6,800 | 7,336,702 | |
Salt Lake City Corp. Arpt. Rev., | |||||
Series A, AMT | 5.000 | 07/01/23 | 2,000 | 2,019,742 | |
Series A, AMT | 5.000 | 07/01/28 | 2,070 | 2,210,302 | |
Series A, AMT | 5.250 | 07/01/48 | 2,000 | 2,048,932 | |
Utah Telecommunication Open Infrast. Agcy. Rev., Rfdg.(hh) | 5.500 | 06/01/40 | 500 | 560,444 | |
14,176,122 | |||||
Virginia 1.1% | |||||
Fairfax Cnty. Indl. Dev. Auth. Rev., Healthcare, Inova Hlth. Sys., Series A, Rfdg. | 4.000 | 05/15/48 | 2,550 | 2,342,628 | |
Hampton Roads Trans. Accountability Commn. Rev., BANS, Sr. Lien, Series A | 5.000 | 07/01/26 | 4,160 | 4,476,833 |
19
PGIM National Muni Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Virginia (cont’d.) | |||||
Virginia Small Bus. Fing. Auth. Rev., Sr. Lien Elizabeth River Crossing Opco, LLC Proj. Rfdg. | 4.000 % | 01/01/30 | 1,750 | $1,726,886 | |
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 | 717,306 | |
9,263,653 | |||||
Washington 2.4% | |||||
King Cnty., Series A, GO | 5.000 | 01/01/28 | 1,000 | 1,106,317 | |
Port of Seattle Rev., | |||||
Intermediate Lein Priv. Activ., Series C, Rfdg., AMT | 5.000 | 08/01/28 | 1,500 | 1,609,209 | |
Intermediate Lien Priv. Activ., Series C, Rfdg., AMT | 5.000 | 08/01/46 | 8,145 | 8,294,248 | |
Series A, AMT | 5.000 | 05/01/43 | 1,500 | 1,522,983 | |
Univ. of Washington Rev., | |||||
Forward Delivery, Series C, Rfdg. | 5.000 | 04/01/31 | 1,345 | 1,547,757 | |
Forward Delivery, Series C, Rfdg. | 5.000 | 04/01/32 | 1,460 | 1,675,743 | |
Washington Econ. Dev. Fin. Auth. Rev., Mura Cascade ELP LLC Proj. Rfdg., AMT (Mandatory put date 12/08/23), 144A(hh) | 3.900(cc) | 12/01/42 | 2,000 | 1,986,445 | |
Washington Healthcare Facs. Auth. Rev., | |||||
Multicare Hlth. Sys., Series B, Rfdg. | 5.000 | 08/15/26 | 670 | 705,730 | |
Overlake Hosp. Med. Ctr., Rfdg. | 5.000 | 07/01/38 | 2,690 | 2,716,922 | |
21,165,354 | |||||
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 | 1,508,485 | |
Wisconsin Hlth. & Edl. Facs. Auth. Rev., Ascension Hlth. Alliance, Rmkt., Series B-1, Rfdg. | 4.000 | 11/15/43 | 1,500 | 1,383,948 | |
2,892,433 | |||||
Total Long-Term Investments (cost $886,913,798) | 846,420,677 |
20
PGIM National Muni Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description | Shares | Value | |||
Short-Term Investment 2.3% | |||||
Affiliated Mutual Fund | |||||
PGIM Core Ultra Short Bond Fund (cost $19,884,704) | 19,884,704 | $19,884,704 | |||
TOTAL INVESTMENTS 98.7% (cost $906,798,502) | 866,305,381 | ||||
Other assets in excess of liabilities(z) 1.3% | 11,174,551 | ||||
Net Assets 100.0% | $877,479,932 |
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings: |
144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers. | |
AGM—Assured Guaranty Municipal Corp. | |
AMBAC—American Municipal Bond Assurance Corp. | |
AMT—Alternative Minimum Tax | |
BAM—Build America Mutual | |
BANS—Bond Anticipation Notes | |
CABS—Capital Appreciation Bonds | |
CDD—Community Development District | |
COP—Certificates of Participation | |
ETM—Escrowed to Maturity | |
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, 2022. |
(cc) | Variable rate instrument. The rate shown is based on the latest available information as of November 30, 2022. 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, 2022. |
(z) | Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments: |
21
PGIM National Muni Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Futures contracts outstanding at November 30, 2022: | ||||||||
Number of Contracts | Type | Expiration Date | Current Notional Amount | Value / Unrealized Appreciation (Depreciation) | ||||
Short Position: | ||||||||
230 | 20 Year U.S. Treasury Bonds | Mar. 2023 | $29,210,000 | $(316,876) |
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).
22