PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (unaudited)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Long-Term Investments 97.8% | |||||
| Municipal Bonds 96.8% | |||||
| Alabama 3.1% | |||||
| Alabama Pub. Sch. & Clg. Auth. Rev., Social Bonds, Series A, Rfdg. | 5.000 % | 11/01/28 | 1,265 | $1,409,559 | |
| Black Belt Energy Gas Dist. Rev., | |||||
| Gas Proj. No. 7, Series C-1 (Mandatory put date 12/01/26) | 4.000(cc) | 10/01/52 | 7,815 | 7,674,390 | |
| Gas Proj. No. 8, Series A (Mandatory put date 12/01/29) | 4.000(cc) | 12/01/52 | 2,895 | 2,767,746 | |
| Gas Proj., Series E (Mandatory put date 06/01/28) | 5.000(cc) | 05/01/53 | 5,000 | 5,180,948 | |
| Proj. No. 5, Series A-1 (Mandatory put date 10/01/26) | 4.000(cc) | 10/01/49 | 2,285 | 2,244,922 | |
| Series D1, Rfdg. (Mandatory put date 06/01/27) | 4.000(cc) | 07/01/52 | 1,000 | 991,821 | |
| Jefferson Cnty. Swr. Rev., | |||||
| Sr. Lien, Warrants, Series A, Rfdg., AGM | 5.000 | 10/01/44 | 500 | 505,820 | |
| Sr. Lien, Warrants, Series A, Rfdg., AGM | 5.250 | 10/01/48 | 500 | 507,719 | |
| Mobile Indl. Dev. Brd. Rev., Alabama Pwr. Co. Barry, Rmkt. (Mandatory put date 06/26/25) | 1.000(cc) | 06/01/34 | 1,000 | 953,117 | |
| 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 | 1,490,191 | |
| 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 | 1,358,947 | |
| Southeast Energy Auth. Cooperative Dist. Rev., Proj. No. 5, Series A (Mandatory put date 07/01/29) | 5.250(cc) | 01/01/54 | 2,500 | 2,623,382 | |
| 27,708,562 | |||||
| Alaska 0.8% | |||||
| Alaska Indl. Dev. & Export Auth. Rev., | |||||
| Tanana Chiefs Conference Proj., Series A | 4.000 | 10/01/49 | 3,000 | 2,783,680 | |
| Tanana Chiefs Conference Proj., Series A | 5.000 | 10/01/31 | 1,555 | 1,704,165 | |
| Alaska Muni. Bond Bank Auth. Rev., Rfdg. | 5.000 | 12/01/26 | 1,350 | 1,429,640 | |
| Northern Tob. Secur. Corp. Rev., Sr. Series A, Class 1, Rfdg. | 5.000 | 06/01/29 | 1,000 | 1,070,765 | |
| 6,988,250 | |||||
| Arizona 2.5% | |||||
| Arizona Hlth. Facs. Auth. Rev., Banner Hlth., Series B | 4.278(cc) | 01/01/37 | 2,280 | 2,033,970 | |
1
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Arizona (cont’d.) | |||||
| Arizona Indl. Dev. Auth. Rev., | |||||
| Phoenix Children’s Hosp. Proj., Series A, Rfdg. | 5.000 % | 02/01/28 | 1,000 | $1,075,717 | |
| Phoenix Children’s Hosp., Series A | 5.000 | 02/01/29 | 650 | 712,236 | |
| Phoenix Children’s Hosp., Series A | 5.000 | 02/01/30 | 300 | 333,312 | |
| Chandler Indl. Dev. Auth. Rev., Intel Corp., AMT (Mandatory put date 06/03/24) | 5.000(cc) | 06/01/49 | 1,035 | 1,041,686 | |
| Maricopa Cnty. Indl. Dev. Auth. Rev., Banner Hlth., Series A | 5.000 | 01/01/41 | 1,140 | 1,179,673 | |
| Maricopa Cnty. Spl. Healthcare Dist., Series D, GO | 5.000 | 07/01/28 | 850 | 928,028 | |
| Phoenix Civic Impvt. Corp. Rev., | |||||
| Jr. Lien, Series B, AMT | 5.000 | 07/01/29 | 2,000 | 2,138,790 | |
| Jr. Lien, Series B, AMT | 5.000 | 07/01/49 | 1,630 | 1,664,554 | |
| Series A, AMT | 5.000 | 07/01/47 | 2,000 | 2,041,410 | |
| Sr. Lien, AMT | 5.000 | 07/01/48 | 2,000 | 2,047,646 | |
| Sr. Lien, Rfdg., AMT | 5.000 | 07/01/32 | 1,200 | 1,201,001 | |
| 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 | 1,285,696 | |
| Salt Verde Finl. Corp. Rev., | |||||
| Sr. Gas Rev., Sr. Bonds | 5.000 | 12/01/32 | 2,685 | 2,813,098 | |
| Sr. Gas Rev., Sr. Bonds | 5.250 | 12/01/26 | 2,180 | 2,229,511 | |
| 22,726,328 | |||||
| Arkansas 0.3% | |||||
| Fayetteville Sales & Use Tax Rev., Sales & Use Tax | 2.875 | 11/01/32 | 3,000 | 2,907,408 | |
| California 4.3% | |||||
| Anaheim Pub. Fing. Auth. Lease Rev., Sr. Pub. Impvts. Proj., Series A, AGM | 6.000 | 09/01/24 | 2,675 | 2,724,470 | |
| California Ed. Facs. Auth. Rev., Stanford Univ., Series U-6 | 5.000 | 05/01/45 | 1,135 | 1,329,613 | |
| California Hlth. Facs. Fing. Auth. Rev., Stanford Healthcare, Series A | 5.000 | 08/15/54 | 1,000 | 1,019,585 | |
| California Muni. Fin. Auth. Rev., | |||||
| CHF-Davis I, LLC, West Vlg. Student Hsg. Proj., BAM, TCRs | 5.000 | 05/15/29 | 1,000 | 1,065,352 | |
| Wste. Mgmt., Inc., Rmkt., Series A, AMT (Mandatory put date 12/01/23) | 0.700(cc) | 12/01/44 | 1,000 | 982,577 | |
| California St., | |||||
| GO | 5.000 | 03/01/45 | 3,000 | 3,073,393 | |
2
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| California (cont’d.) | |||||
| California St., (cont’d.) | |||||
| GO, Rfdg. | 4.000 % | 09/01/26 | 3,000 | $3,096,787 | |
| GO, Rfdg. | 5.000 | 10/01/27 | 750 | 812,947 | |
| GO, Rfdg. | 5.000 | 08/01/45 | 500 | 514,835 | |
| GO, Rfdg. | 5.000 | 08/01/46 | 1,500 | 1,563,661 | |
| Var. Purp., GO, Rfdg. | 5.000 | 10/01/47 | 3,000 | 3,109,691 | |
| Golden St. Tob. Secur. Corp. Rev., Series A-1, Rfdg. (Pre-refunded date 06/01/27)(ee) | 5.000 | 06/01/28 | 3,255 | 3,534,295 | |
| Long Beach Bond Fin. Auth. Nat. Gas Pur. Rev., | |||||
| Series A | 5.000 | 11/15/35 | 1,300 | 1,377,035 | |
| Series A | 5.500 | 11/15/37 | 1,000 | 1,085,056 | |
| Los Angeles Calif. Dept. Arpts. Rev., | |||||
| Sr. Series C, AMT | 5.000 | 05/15/28 | 1,075 | 1,151,262 | |
| Sub. Los Angls. Int’l., Series A, AMT | 5.250 | 05/15/48 | 1,000 | 1,033,755 | |
| Los Angeles Dept. of Wtr. & Pwr. Wtr. Sys. Rev., Series B | 5.000 | 07/01/34 | 2,500 | 2,503,899 | |
| M-S-R Energy Auth. Rev., Series A | 6.500 | 11/01/39 | 2,000 | 2,370,855 | |
| Pittsburg Redev. Agcy., Los Medanos Cmnty. Dev. Proj., Tax Alloc., AMBAC, CABS | 3.800(t) | 08/01/25 | 2,000 | 1,843,178 | |
| San Diego Cnty. Regl. Arpt. Auth. Rev., | |||||
| Sr. Series B, AMT (Pre-refunded date 07/01/23)(ee) | 5.000 | 07/01/38 | 1,000 | 1,001,027 | |
| Sr. Series B, AMT (Pre-refunded date 07/01/23)(ee) | 5.000 | 07/01/43 | 2,000 | 2,001,349 | |
| San Francisco City & Cnty. Arpt. Commn. Rev., 2nd Series A, Rfdg., AMT | 5.250 | 05/01/33 | 1,000 | 1,001,277 | |
| Walnut Energy Ctr. Auth. Rev., Rfdg. | 5.000 | 01/01/34 | 800 | 817,433 | |
| 39,013,332 | |||||
| Colorado 4.7% | |||||
| Colorado Hlth. Facs. Auth. Rev., | |||||
| Commonspirit Hlth., Series A, Rfdg. | 5.000 | 08/01/27 | 1,725 | 1,819,187 | |
| Commonspirit Hlth., Series A, Rfdg. | 5.000 | 08/01/29 | 2,070 | 2,233,858 | |
| Commonspirit Hlth., Series A, Rfdg. | 5.000 | 08/01/34 | 2,500 | 2,676,823 | |
| Commonspirit Hlth., Series B-2 (Mandatory put date 08/01/26) | 5.000(cc) | 08/01/49 | 2,465 | 2,545,720 | |
| Intermountain Healthcare, Series C, Rfdg. (Mandatory put date 08/15/28) | 5.000(cc) | 05/15/62 | 3,100 | 3,385,860 | |
| Colorado Springs Co. Util. Sys. Rev., Series A-4 | 5.000 | 11/15/43 | 3,080 | 3,274,600 | |
3
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Colorado (cont’d.) | |||||
| Colorado St., COP | 6.000 % | 12/15/41 | 4,000 | $4,736,717 | |
| Denver City & Cnty. Arpt. Sys. Rev., | |||||
| Series A, Rfdg., AMT | 5.000 | 11/15/27 | 1,055 | 1,114,479 | |
| Series A, Rfdg., AMT | 5.000 | 11/15/29 | 3,000 | 3,241,547 | |
| Series A, Rfdg., AMT | 5.500 | 11/15/40 | 3,750 | 4,194,726 | |
| Sub. Sys., Series A, AMT | 5.500 | 11/15/26 | 1,650 | 1,661,977 | |
| Sub. Sys., Series A, Rfdg., AMT | 5.000 | 12/01/34 | 2,300 | 2,433,523 | |
| Sub. Sys., Series A, Rfdg., AMT | 5.000 | 12/01/35 | 1,000 | 1,052,109 | |
| Sub. Sys., Series A, Rfdg., AMT | 5.250 | 12/01/43 | 3,000 | 3,115,169 | |
| E-470 Pub. Hwy. Auth. Rev., | |||||
| Sr. Rev., Series A, Rfdg. | 5.000 | 09/01/27 | 1,160 | 1,249,428 | |
| Sr. Rev., Series A, Rfdg. | 5.000 | 09/01/28 | 1,275 | 1,396,520 | |
| Sr. Series B, NATL | 3.368(t) | 09/01/25 | 2,000 | 1,855,038 | |
| Regl. Trans. Dist. Rev., | |||||
| Denver Transit Partners Eagle P3 Proj., Series A, Rfdg. | 5.000 | 07/15/28 | 400 | 423,616 | |
| Denver Transit Partners Eagle P3 Proj., Series A, Rfdg. | 5.000 | 07/15/29 | 400 | 427,775 | |
| 42,838,672 | |||||
| Connecticut 1.0% | |||||
| Connecticut St., Series B, GO, Rfdg. | 5.000 | 05/15/25 | 2,120 | 2,189,380 | |
| 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 | 970,054 | |
| Yale Univ., Series A-2, Rfdg. (Mandatory put date 07/01/26) | 2.000(cc) | 07/01/42 | 2,310 | 2,238,888 | |
| Connecticut St. Spl. Tax Rev., | |||||
| Series B | 5.000 | 10/01/37 | 1,030 | 1,107,118 | |
| Trans. Infrast., Series A | 5.000 | 01/01/38 | 2,195 | 2,336,062 | |
| 8,841,502 | |||||
| District of Columbia 2.3% | |||||
| Dist. of Columbia Rev., | |||||
| Dist. of Columbia Int’l. Sch. | 5.000 | 07/01/49 | 1,275 | 1,238,384 | |
| Friendship Pub. Chrt. Sch., Rfdg. | 5.000 | 06/01/36 | 1,385 | 1,400,730 | |
| KIPP Chrt. Sch., Rfdg. (Pre-refunded date 07/01/23)(ee) | 6.000 | 07/01/43 | 850 | 851,663 | |
4
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (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 Chrt. Sch., Rfdg. (Pre-refunded date 07/01/23)(ee) | 6.000 % | 07/01/48 | 725 | $726,418 | |
| KIPP DC Iss., Series A, Rfdg. | 5.000 | 07/01/37 | 1,250 | 1,262,158 | |
| Series A, GO, Rfdg. | 5.000 | 10/15/38 | 3,000 | 3,254,606 | |
| Series C, Rfdg. | 5.000 | 12/01/28 | 1,500 | 1,668,101 | |
| Dist. of Columbia Wtr. & Swr. Auth. Rev., Sub. Lien, Series A, Rfdg. | 5.000 | 10/01/39 | 1,710 | 1,782,319 | |
| Metropolitan Washington D.C. Arpt. Auth. Dulles Toll Road Rev., Dulles Met. Rail, Series A, Rfdg. | 5.000 | 10/01/44 | 2,000 | 2,045,879 | |
| Metropolitan Washington D.C. Arpt. Auth. Sys. Rev., | |||||
| Forward Delivery, Series A, Rfdg., AMT | 5.000 | 10/01/32 | 1,500 | 1,618,415 | |
| Rfdg., AMT | 5.000 | 10/01/26 | 3,860 | 4,005,297 | |
| Series A, Rfdg., AMT | 5.000 | 10/01/44 | 1,000 | 1,008,478 | |
| 20,862,448 | |||||
| Florida 6.8% | |||||
| Brevard Cnty. Hlth. Facs. Auth. Rev., Hlth. First Oblig. Grp., Series A, Rfdg. | 5.000 | 04/01/47 | 445 | 462,358 | |
| Broward Cnty. Arpt. Sys. Rev., | |||||
| Series A, AMT | 5.000 | 10/01/45 | 3,000 | 3,027,170 | |
| Series A, AMT (Pre-refunded date 10/01/23)(ee) | 5.250 | 10/01/43 | 1,500 | 1,505,983 | |
| Series B, Rfdg., AMT | 5.000 | 10/01/27 | 3,000 | 3,139,421 | |
| Central Florida Expressway Auth. Rev., | |||||
| Sr. Lien, Rfdg. | 4.000 | 07/01/41 | 2,000 | 1,952,067 | |
| Sr. Lien, Rfdg. | 5.000 | 07/01/38 | 2,500 | 2,621,416 | |
| Sr. Lien, Series D | 5.000 | 07/01/29 | 780 | 866,789 | |
| Cityplace CDD., Spl. Assmt., Rfdg. | 5.000 | 05/01/26 | 770 | 789,274 | |
| Florida Dev. Fin. Corp. Rev., | |||||
| Mater Academy Proj., Series A | 5.000 | 06/15/56 | 500 | 469,589 | |
| Nova Southeastern Univ. Proj., Series A, Rfdg. | 5.000 | 04/01/26 | 555 | 574,861 | |
| Florida Higher Edl. Facs. Finl. Auth. Rev., | |||||
| Nova Southeastern Univ. Proj., Rfdg. | 5.000 | 04/01/25 | 1,250 | 1,276,840 | |
| Nova Southeastern Univ. Proj., Rfdg. | 5.000 | 04/01/28 | 1,420 | 1,473,039 | |
| Grtr. Orlando Avtn. Auth. Rev., | |||||
| Priority Sub. Series A, AMT | 5.000 | 10/01/42 | 5,000 | 5,158,086 | |
| Series A, AMT | 5.000 | 10/01/28 | 1,500 | 1,594,242 | |
| Series A, AMT | 5.000 | 10/01/54 | 1,500 | 1,538,632 | |
5
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Florida (cont’d.) | |||||
| 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 | $1,274,036 | |
| Tampa Int’l. Arpt., Series E, AMT | 5.000 | 10/01/48 | 4,500 | 4,601,421 | |
| JEA Elec. Sys. Rev., Sub. Series A, Rfdg. | 5.000 | 10/01/28 | 7,000 | 7,632,002 | |
| Julington Creek Plantation CDD, Spl. Assmt., AGM | 4.625 | 05/01/54 | 1,560 | 1,495,021 | |
| Lee Cnty. Arpt. Rev., Series A, Rfdg., AMT | 5.000 | 10/01/28 | 3,000 | 3,186,916 | |
| Miami Beach Redev. Agcy., Tax Incr. Rev. City Ctr., Tax Alloc. Rfdg., AGM | 5.000 | 02/01/44 | 1,500 | 1,509,006 | |
| Miami Dade Cnty. Wtr. & Swr. Sys. Rev., Sub. Series | 5.000 | 10/01/27 | 2,215 | 2,398,323 | |
| Orange Cnty. Hlth. Facs. Auth. Rev., | |||||
| Orlando Hlth. Oblig. Grp., Series B, Rfdg. | 5.000 | 10/01/26 | 2,275 | 2,383,746 | |
| Orlando Hlth., Inc., Series A, Rfdg. | 5.000 | 10/01/33 | 1,510 | 1,590,767 | |
| Orlando Hlth., Inc., Series B, Rfdg. | 5.000 | 10/01/44 | 1,000 | 1,020,612 | |
| Orlando Util. Commn. Rev., Series B (Mandatory put date 10/01/28) | 1.250(cc) | 10/01/46 | 3,475 | 2,978,980 | |
| 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 | 511,680 | |
| Sarasota Cnty. Pub. Hosp. Dist. Rev., Sarasota Mem. Hosp. | 5.000 | 07/01/28 | 1,160 | 1,229,572 | |
| South Miami Hlth. Facs. Auth., Inc. Rev., Baptist Hlth. South Florida, Rfdg. | 5.000 | 08/15/47 | 1,075 | 1,099,092 | |
| Village CDD No. 6, | |||||
| Spl. Assmt., Rfdg. | 4.000 | 05/01/27 | 300 | 304,688 | |
| Spl. Assmt., Rfdg. | 4.000 | 05/01/28 | 315 | 319,294 | |
| Spl. Assmt., Rfdg. | 4.000 | 05/01/29 | 330 | 335,170 | |
| Village CDD No. 13, | |||||
| Spl. Assmt. | 3.375 | 05/01/34 | 475 | 416,329 | |
| Spl. Assmt., 144A | 2.625 | 05/01/30 | 975 | 846,175 | |
| 61,582,597 | |||||
| Georgia 3.7% | |||||
| Atlanta GA Dept. Avtn. Rev., | |||||
| Series B, Rfdg., AMT | 5.000 | 07/01/28 | 3,000 | 3,183,361 | |
| Series B, Rfdg., AMT | 5.000 | 07/01/29 | 830 | 887,369 | |
| Series B, Rfdg., AMT | 5.000 | 07/01/30 | 3,500 | 3,792,759 | |
6
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Georgia (cont’d.) | |||||
| Georgia Ports Auth. Rev., | |||||
| Arpt. & Marina Imps. | 5.000 % | 07/01/29 | 1,250 | $1,394,923 | |
| Arpt. & Marina Imps. | 5.250 | 07/01/43 | 2,500 | 2,802,690 | |
| Main Street Natural Gas, Inc. Rev., | |||||
| Series A (Mandatory put date 09/01/27) | 4.000(cc) | 07/01/52 | 2,000 | 1,988,178 | |
| Series B (Mandatory put date 03/01/30) | 5.000(cc) | 07/01/53 | 2,000 | 2,105,938 | |
| Series B (Mandatory put date 12/01/24) | 4.000(cc) | 08/01/49 | 1,420 | 1,412,945 | |
| Series C (Mandatory put date 09/01/26) | 4.000(cc) | 03/01/50 | 5,000 | 4,910,264 | |
| Series C (Mandatory put date 12/01/28) | 4.000(cc) | 05/01/52 | 1,000 | 977,438 | |
| Sub. Series C (Mandatory put date 12/01/23) | 4.000(cc) | 08/01/48 | 3,240 | 3,239,268 | |
| Monroe Cnty. Dev. Auth. Rev., GA Pwr. Co. Plant Scherer Proj. No. 1 | 2.250 | 07/01/25 | 1,000 | 951,780 | |
| Muni. Elec. Auth. of Georgia Rev., | |||||
| Combined Cycle Proj., Series A, Rfdg. | 4.000 | 11/01/24 | 2,050 | 2,053,821 | |
| Proj. One, Sub. Bonds, Series A, Rfdg. | 5.000 | 01/01/26 | 1,425 | 1,469,688 | |
| 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 | 2,145,887 | |
| 33,316,309 | |||||
| Hawaii 0.9% | |||||
| Hawaii St. Arpts. Sys. Rev., | |||||
| Series A, AMT | 5.000 | 07/01/45 | 1,000 | 1,007,107 | |
| Series A, AMT | 5.000 | 07/01/48 | 3,000 | 3,087,716 | |
| Series A, AMT | 5.000 | 07/01/51 | 1,500 | 1,552,124 | |
| Hawaii St. Dept. Budget & Fin. Rev., Pac. Hlth. Oblig., Series A, Rfdg. | 5.500 | 07/01/43 | 2,560 | 2,564,272 | |
| 8,211,219 | |||||
| Idaho 0.3% | |||||
| Idaho Hsg. & Fin. Association Rev., Series A | 5.250 | 08/15/48 | 2,000 | 2,223,982 | |
| Illinois 11.3% | |||||
| Chicago, | |||||
| Chicago Works, Series A, GO | 5.500 | 01/01/41 | 1,000 | 1,042,742 | |
| Series B-Exchange, GO, Rfdg. | 4.000 | 01/01/28 | 1,855 | 1,842,931 | |
| Series C, GO, Rfdg. | 5.000 | 01/01/24 | 340 | 340,898 | |
| Chicago Brd. of Ed. Rev., Spl. Tax | 5.000 | 04/01/46 | 1,000 | 1,005,327 | |
7
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Illinois (cont’d.) | |||||
| Chicago O’Hare Int’l. Arpt. Rev., | |||||
| Series A, Rfdg., AMT | 5.000 % | 01/01/33 | 1,310 | $1,327,952 | |
| Series B, Rfdg. | 5.000 | 01/01/32 | 1,500 | 1,541,155 | |
| Sr. Lien, Series D | 5.250 | 01/01/42 | 2,000 | 2,082,940 | |
| Chicago Trans. Auth. Rev., 2nd Lien | 5.000 | 12/01/46 | 3,000 | 3,070,610 | |
| Chicago Wstewtr. Transmn. Rev., | |||||
| 2nd Lien | 5.000 | 01/01/39 | 2,550 | 2,561,758 | |
| 2nd Lien Series C, Rmkt., Rfdg. | 5.000 | 01/01/29 | 5 | 5,092 | |
| 2nd Lien Series C, Rmkt., Rfdg. (Pre-refunded date 01/01/25)(ee) | 5.000 | 01/01/29 | 350 | 359,165 | |
| 2nd Lien, Rmkt., Series C, Rfdg. | 5.000 | 01/01/31 | 2,450 | 2,499,483 | |
| 2nd Lien, Rmkt., Series C, Rfdg. | 5.000 | 01/01/39 | 2,000 | 2,021,330 | |
| 2nd Lien, Series A | 5.000 | 01/01/47 | 1,000 | 1,009,927 | |
| Chicago Wtrwks. Rev., | |||||
| 2nd Lien, Rfdg. | 5.000 | 11/01/32 | 1,325 | 1,325,211 | |
| 2nd Lien, Rfdg. | 5.000 | 11/01/36 | 2,390 | 2,506,044 | |
| 2nd Lien, Series A-1 | 5.000 | 11/01/27 | 510 | 536,444 | |
| 2nd Lien, Series A-1 | 5.000 | 11/01/30 | 1,495 | 1,577,905 | |
| Chicago, IL, | |||||
| Series A, GO, Rfdg. | 5.000 | 01/01/33 | 4,000 | 4,246,896 | |
| Series C, GO, Rfdg. | 5.000 | 01/01/26 | 1,000 | 1,015,277 | |
| Cook Cnty., Series A, GO, Rfdg. | 5.000 | 11/15/28 | 1,050 | 1,139,358 | |
| Cook Cnty. Sales Tax Rev., Series A, Rfdg. | 5.250 | 11/15/45 | 2,000 | 2,144,691 | |
| Illinois Fin. Auth. Rev., | |||||
| Northshore Univ. Hlth. Sys., Series A, Rfdg. | 5.000 | 08/15/26 | 1,500 | 1,588,120 | |
| Northshore Univ. Hlth. Sys., Series A, Rfdg. | 5.000 | 08/15/28 | 1,110 | 1,219,545 | |
| Northshore Univ. Hlth. Sys., Series A, Rfdg. | 5.000 | 08/15/29 | 2,000 | 2,232,351 | |
| Univ. of Chicago, Series A, Rfdg. | 5.000 | 10/01/25 | 1,505 | 1,568,646 | |
| Illinois St., | |||||
| GO | 5.000 | 02/01/24 | 1,195 | 1,205,724 | |
| GO | 5.000 | 11/01/30 | 500 | 520,487 | |
| GO | 5.000 | 04/01/31 | 1,000 | 1,009,022 | |
| GO | 5.250 | 02/01/29 | 2,000 | 2,016,415 | |
| GO, Rfdg. | 5.000 | 02/01/25 | 1,380 | 1,413,141 | |
| Series A, GO | 5.000 | 12/01/39 | 2,500 | 2,555,831 | |
| Series A, GO, Rfdg. | 5.000 | 10/01/28 | 750 | 813,189 | |
| Series C, GO | 5.000 | 11/01/29 | 1,100 | 1,171,674 | |
| Series D, GO | 5.000 | 11/01/23 | 3,730 | 3,750,111 | |
| Series D, GO | 5.000 | 11/01/27 | 2,340 | 2,498,218 | |
8
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Illinois (cont’d.) | |||||
| Illinois St., (cont’d.) | |||||
| Series D, GO, Rfdg. | 5.000 % | 07/01/24 | 1,225 | $1,242,753 | |
| Series D, GO, Rfdg. | 5.000 | 07/01/36 | 1,225 | 1,308,252 | |
| Illinois St. Sales Tax Rev., | |||||
| Jr. Oblig. Build Illiois Bonds, Series C, Rfdg. | 5.000 | 06/15/27 | 3,000 | 3,133,060 | |
| Jr. Oblig. Build Illiois Bonds, Series C, Rfdg. | 5.000 | 06/15/28 | 1,650 | 1,742,782 | |
| Illinois St. Toll Hwy. Auth. Rev., | |||||
| Series A | 5.000 | 01/01/38 | 3,125 | 3,128,360 | |
| Series C | 5.000 | 01/01/39 | 2,000 | 2,046,424 | |
| Sr. Rev., Series C, Rfdg. | 5.000 | 01/01/31 | 3,455 | 3,888,298 | |
| Sr. Series A | 5.250 | 01/01/43 | 1,500 | 1,659,044 | |
| Metropolitan Pier & Exposition Auth. Dedicated St. Tax Rev., | |||||
| McCormick Place Expansion, Series A, CABS, NATL | 4.240(t) | 12/15/34 | 10,000 | 6,161,654 | |
| McCormick Place Expansion, Series A, CABS, NATL | 4.587(t) | 06/15/37 | 7,500 | 3,967,127 | |
| Railsplitter Tob. Settlement Auth. Rev., | |||||
| Tob. Set. Funded | 5.000 | 06/01/24 | 1,605 | 1,629,967 | |
| Tob. Set. Funded | 5.000 | 06/01/27 | 3,160 | 3,317,901 | |
| Tob. Set. Funded | 5.000 | 06/01/28 | 1,100 | 1,154,554 | |
| Regl. Trans. Auth. Rev., Series A | 4.000 | 06/01/37 | 3,605 | 3,611,193 | |
| Sales Tax Secur. Corp. Rev., | |||||
| 2nd Lien, Series A, Rfdg. | 5.000 | 01/01/26 | 2,250 | 2,334,378 | |
| 2nd Lien, Series A, Rfdg. | 5.000 | 01/01/29 | 1,500 | 1,630,430 | |
| Sr. Series D(hh) | 5.000 | 01/01/35 | 600 | 657,275 | |
| Sr. Series D(hh) | 5.000 | 01/01/36 | 550 | 593,469 | |
| Springfield Elec. Rev., Sr. Lien, Rfdg., AGM | 4.000 | 03/01/40 | 1,000 | 961,360 | |
| 102,933,891 | |||||
| Indiana 0.6% | |||||
| Indiana Fin. Auth. Rev., | |||||
| IN Univ. Hlth., Series A, Rfdg. | 5.000 | 12/01/25 | 2,280 | 2,361,738 | |
| Indianapolis Pwr. & Light. Co. Proj., Series B, Rfdg., AMT (Mandatory put date 04/01/26) | 0.950(cc) | 12/01/38 | 625 | 563,469 | |
| Whiting Rev., BP Products North America, Rfdg., AMT (Mandatory put date 06/05/26) | 5.000(cc) | 12/01/44 | 2,025 | 2,063,470 | |
| 4,988,677 | |||||
9
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Kansas 0.2% | |||||
| Wyandotte Cnty.-Kansas City Unified Govt. Util. Sys. Rev., Impvt., Series A | 5.000 % | 09/01/45 | 2,170 | $2,205,411 | |
| Kentucky 2.7% | |||||
| Kentucky Pub. Energy Auth. Rev., | |||||
| Gas Sply., Series B (Mandatory put date 01/01/25) | 4.000(cc) | 01/01/49 | 3,465 | 3,455,532 | |
| Gas Sply., Series C-1 (Mandatory put date 06/01/25) | 4.000(cc) | 12/01/49 | 8,150 | 8,069,878 | |
| Series A-1 (Mandatory put date 06/01/25) | 4.000(cc) | 12/01/49 | 3,370 | 3,334,159 | |
| Series C (Mandatory put date 02/01/28) | 4.000(cc) | 02/01/50 | 5,930 | 5,806,178 | |
| Owen Cnty. Wtrwks. Sys. Rev., | |||||
| American Wtr. Co., Rfdg. (Mandatory put date 09/01/23) | 0.700(cc) | 06/01/40 | 1,000 | 992,028 | |
| American Wtr. Co., Series A, Rfdg. (Mandatory put date 10/01/29) | 2.450(cc) | 06/01/39 | 1,500 | 1,322,472 | |
| 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 | 1,915,666 | |
| 24,895,913 | |||||
| Louisiana 0.6% | |||||
| Louisiana Pub. Facs. Auth. Rev., | |||||
| Franciscan Mis., Rfdg. (Pre-refunded date 07/01/25)(ee) | 5.000 | 07/01/39 | 10 | 10,346 | |
| Franciscan Mis., Unrefunded, Rfdg. | 5.000 | 07/01/39 | 1,990 | 2,005,423 | |
| Tulane Univ. of Louisiana Proj., Series A, Rfdg. | 5.000 | 10/15/48 | 1,000 | 1,066,139 | |
| Tulane Univ. of Louisiana, Rfdg. | 5.000 | 04/01/29 | 1,000 | 1,100,560 | |
| Louisiana St. Hwy. Impt. Rev., Series A (Pre-refunded date 06/15/24)(ee) | 5.000 | 06/15/34 | 1,250 | 1,270,154 | |
| 5,452,622 | |||||
| Maine 0.3% | |||||
| Maine Hlth. & Higher Edl. Facs. Auth. Rev., | |||||
| Maine Hlth., Series A | 5.000 | 07/01/27 | 1,200 | 1,267,865 | |
| Maine Hlth., Series A | 5.000 | 07/01/28 | 1,140 | 1,220,650 | |
| 2,488,515 | |||||
| Maryland 0.1% | |||||
| Maryland St. Dept. of Trans. Rev., Series 2022B, Rfdg. | 5.000 | 12/01/28 | 1,000 | 1,108,738 | |
10
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Massachusetts 0.4% | |||||
| Massachusetts St. Hlth. & Edl. Facs. Auth. Rev., Tufts Univ., Series M, Rfdg. | 5.500 % | 02/15/28 | 3,000 | $3,305,021 | |
| Massachusetts St. Port Auth. Rev., Series A, Rfdg., AMT | 5.000 | 07/01/27 | 320 | 338,119 | |
| 3,643,140 | |||||
| Michigan 2.0% | |||||
| Michigan Fin. Auth. Rev., | |||||
| Beaumont-Spectrum Consolidation, Series A, Rfdg. | 5.000 | 04/15/29 | 1,000 | 1,100,410 | |
| Sr. Series A, Class 1, Rfdg. | 5.000 | 06/01/28 | 1,500 | 1,601,511 | |
| Sr. Series A, Class 1, Rfdg. | 5.000 | 06/01/30 | 1,000 | 1,081,723 | |
| Sr. Series A, Class 1, Rfdg. | 5.000 | 06/01/32 | 2,250 | 2,433,966 | |
| Sr. Series A, Class 1, Rfdg. | 5.000 | 06/01/33 | 2,750 | 2,988,206 | |
| Michigan St. Univ. Rev., | |||||
| Series A, Rfdg. | 5.000 | 02/15/24 | 3,500 | 3,539,297 | |
| Series A, Rfdg. | 5.000 | 02/15/32 | 1,500 | 1,745,666 | |
| Series A, Rfdg. | 5.000 | 08/15/39 | 2,000 | 2,226,385 | |
| Wayne Cnty. Arpt. Auth. Rev., Det. Met. Arpt., Series D, Rfdg., AMT | 5.000 | 12/01/28 | 1,500 | 1,501,394 | |
| 18,218,558 | |||||
| Minnesota 0.9% | |||||
| Dakota Cnty. Cmnty. Dev. Agcy. Rev., Ree Aster House Apts. Proj. Rmkt.(hh) | 4.125 | 06/01/24 | 4,500 | 4,494,565 | |
| Minneapolis Rev., Allina Hlth. Sys., Series B (Mandatory put date 11/15/30) | 5.000(cc) | 11/15/53 | 1,000 | 1,112,367 | |
| Minneapolis St. Paul Metropolitan Arpt. Commn. Rev., Sub. Series B, Rfdg., AMT | 5.000 | 01/01/33 | 2,325 | 2,497,562 | |
| 8,104,494 | |||||
| Mississippi 0.1% | |||||
| Mississippi Bus. Fin. Corp. Rev., Poll. Ctrl., Rfdg. | 3.200 | 09/01/28 | 500 | 481,960 | |
| Missouri 1.1% | |||||
| Missouri St. Hlth. & Edl. Facs. Auth. Rev., | |||||
| BJC Hlth. Sys. | 5.000 | 01/01/44 | 3,500 | 3,519,149 | |
11
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Missouri (cont’d.) | |||||
| Missouri St. Hlth. & Edl. Facs. Auth. Rev., (cont’d.) | |||||
| BJC Hlth. Sys., Series A | 5.000 % | 05/01/30 | 2,150 | $2,401,098 | |
| Series C, Rfdg. (Mandatory put date 05/01/28) | 5.000(cc) | 05/01/52 | 4,000 | 4,333,085 | |
| 10,253,332 | |||||
| Nebraska 0.6% | |||||
| Central Plns. Energy. Proj. Rev., Proj. No. 4 (Mandatory put date 01/01/24) | 5.000(cc) | 03/01/50 | 4,445 | 4,459,264 | |
| 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 | 1,309,603 | |
| 5,768,867 | |||||
| New Jersey 7.6% | |||||
| Camden Cnty. Impvt. Auth. Rev., Cooper Hlth. Sys. Oblig. Grp. | 5.750 | 02/15/42 | 1,500 | 1,502,611 | |
| 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 | 1,065,965 | |
| American Wtr. Co., Inc., Series B, Rfdg., AMT (Mandatory put date 06/01/23) | 1.200(cc) | 11/01/34 | 1,000 | 1,000,000 | |
| NJ American Wtr. Co., Inc. Proj., Series D, Rfdg., AMT (Mandatory put date 12/01/27) | 1.100(cc) | 11/01/29 | 625 | 534,572 | |
| Sch. Facs. Construction | 5.000 | 06/15/29 | 1,500 | 1,629,839 | |
| Sch. Facs. Construction, Series PP, Rfdg. | 5.000 | 06/15/26 | 2,100 | 2,134,919 | |
| New Jersey Edl. Facs. Auth. Rev., Montclair St. Univ., Series A, Rfdg. | 5.000 | 07/01/44 | 2,500 | 2,521,779 | |
| New Jersey Healthcare Facs. Fing. Auth. Rev., | |||||
| Hackensack Meridian Hlth., Series A, Rfdg. | 5.000 | 07/01/39 | 1,500 | 1,561,026 | |
| RWJ Barnabas Hlth. Oblig. Grp., Series A, Rfdg. | 5.000 | 07/01/33 | 1,015 | 1,070,275 | |
| RWJ Barnabas Hlth. Oblig. Grp., Series A, Rfdg. | 5.000 | 07/01/43 | 1,585 | 1,621,514 | |
| RWJ Univ. Hosp., Series A | 5.500 | 07/01/43 | 1,000 | 1,000,636 | |
| New Jersey Higher Ed. Student Assistance Auth. Rev., | |||||
| Sr. Series A, Rfdg. | 5.000 | 12/01/25 | 550 | 564,386 | |
| Sr. Series A, Rfdg. | 5.000 | 12/01/26 | 700 | 727,514 | |
| New Jersey St. Sales Tax, Covid-19 GO Emergency Bonds, Series A, GO | 5.000 | 06/01/29 | 3,455 | 3,835,570 | |
| New Jersey Tpke. Auth. Rev., | |||||
| Series A | 5.000 | 01/01/28 | 1,505 | 1,531,857 | |
| Series A | 5.000 | 01/01/48 | 2,155 | 2,256,168 | |
| Series A, Rfdg. | 5.000 | 01/01/35 | 1,000 | 1,046,088 | |
12
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (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 | $2,185,419 | |
| Series B, Rfdg. | 5.000 | 01/01/27 | 2,215 | 2,354,774 | |
| Series E, Rfdg. | 5.000 | 01/01/32 | 4,110 | 4,453,376 | |
| New Jersey Trans. Tr. Fd. Auth. Rev., | |||||
| Series AA, Rfdg. | 5.000 | 06/15/27 | 1,200 | 1,268,716 | |
| Trans. Prog. Notes, Rmkt., Series BB-1 | 5.000 | 06/15/33 | 1,300 | 1,397,712 | |
| Trans. Sys., Series A, Rfdg. | 5.000 | 12/15/28 | 4,085 | 4,409,972 | |
| Trans. Sys., Series A, Rfdg. | 5.000 | 12/15/36 | 1,250 | 1,317,829 | |
| Trans. Sys., Series A, Rfdg.(hh) | 5.250 | 06/15/41 | 2,000 | 2,184,874 | |
| Trans. Sys., Series A, Rfdg. | 5.500 | 12/15/23 | 4,020 | 4,055,519 | |
| Trans. Sys., Series D, Rfdg. | 5.000 | 12/15/24 | 2,555 | 2,604,617 | |
| Tob. Settlement Fing. Corp. Rev., | |||||
| Series A, Rfdg. | 5.000 | 06/01/23 | 1,305 | 1,305,000 | |
| Series A, Rfdg. | 5.000 | 06/01/25 | 2,345 | 2,406,457 | |
| Series A, Rfdg. | 5.000 | 06/01/27 | 2,830 | 2,981,790 | |
| Series A, Rfdg. | 5.000 | 06/01/28 | 3,395 | 3,619,118 | |
| Series A, Rfdg. | 5.000 | 06/01/29 | 3,030 | 3,228,926 | |
| Series A, Rfdg. | 5.000 | 06/01/30 | 1,650 | 1,754,895 | |
| Series A, Rfdg. | 5.000 | 06/01/37 | 2,000 | 2,073,926 | |
| 69,207,639 | |||||
| New Mexico 0.5% | |||||
| Farmington Rev., | |||||
| 4 Corners Proj., Rmkt., Rfdg. | 1.800 | 04/01/29 | 1,500 | 1,304,651 | |
| Pub. Svcs. Co. of San Juan, Series C, Rfdg. (Mandatory put date 06/01/24) | 1.150(cc) | 06/01/40 | 3,000 | 2,904,427 | |
| 4,209,078 | |||||
| New York 5.4% | |||||
| Long Island Pwr. Auth. Rev., | |||||
| Notes | 1.000 | 09/01/25 | 4,100 | 3,872,344 | |
| Series B, Rfdg. (Mandatory put date 09/01/26) | 1.500(cc) | 09/01/51 | 3,000 | 2,820,172 | |
| Nassau Cnty. Local Econ. Assistance Corp. Rev., Roosevelt Children Academy Chart. Sch. Proj., Series A | 5.000 | 07/01/55 | 1,000 | 980,209 | |
| New York, Fiscal 2015, Rmkt., Sub-Series F-4, GO (Mandatory put date 12/01/25) | 5.000(cc) | 06/01/44 | 2,000 | 2,069,923 | |
| New York City Muni. Wtr. Fin. Auth. Rev., | |||||
| 2nd Gen Resolution, Sub-Series CC-1, Rfdg. | 5.250 | 06/15/37 | 1,000 | 1,076,203 | |
13
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| New York (cont’d.) | |||||
| New York City Muni. Wtr. Fin. Auth. Rev., (cont’d.) | |||||
| Sub. Series CC-2 | 5.000 % | 06/15/28 | 2,330 | $2,487,318 | |
| New York City Trans. Fin. Auth. Future Tax Sec’d. Rev., | |||||
| Future Tax Sec’d., Sub. Fiscal 2015, Series E-1 | 5.000 | 02/01/41 | 3,300 | 3,365,941 | |
| Sub. Series A-2 | 5.000 | 08/01/38 | 2,000 | 2,112,558 | |
| Sub. Series F-1 | 5.000 | 02/01/51 | 1,850 | 1,990,581 | |
| New York Liberty Dev. Corp. Rev., Series 1WTC, Rfdg. | 4.000 | 02/15/43 | 2,500 | 2,381,221 | |
| New York St. Dorm. Auth. Rev., | |||||
| Columbia Univ., Series A, Rfdg.(hh) | 5.000 | 10/01/33 | 1,500 | 1,821,298 | |
| Mem. Sloan Kettering, Series 1, Rfdg. | 5.000 | 07/01/42 | 1,000 | 1,049,786 | |
| Series A, Rfdg. | 5.250 | 03/15/37 | 1,000 | 1,092,013 | |
| New York St. Environ. Facs. Corp. Rev., Clean Wtr. & Drinking Revolving Fds. Pooled Fing., Series B, ETM(ee) | 5.500 | 10/15/23 | 3,190 | 3,213,899 | |
| New York St. Urban Dev. Corp. Rev., | |||||
| St. Personal Income Tax Gen. Purp., Series A, Bidding Grp. 1 | 5.000 | 03/15/42 | 2,255 | 2,392,644 | |
| St. Personal Income Tax Gen. Purp., Series A, Bidding Grp. 2 | 5.000 | 03/15/43 | 3,090 | 3,272,888 | |
| New York Trans. Dev. Corp. Rev., | |||||
| JFK Int’l. Arpt. Proj. Terminal 4, Series A, Rfdg., AMT | 5.000 | 12/01/25 | 800 | 813,515 | |
| Laguardia Arpt., Term. B Redev., Series A, AMT | 5.000 | 07/01/46 | 1,000 | 996,487 | |
| Port Auth. of NY & NJ Rev., | |||||
| Series 223, Rfdg., AMT | 5.000 | 07/15/28 | 1,500 | 1,601,900 | |
| Series 226, Rfdg., AMT | 5.000 | 10/15/27 | 975 | 1,032,182 | |
| Triborough Bridge & Tunnel Auth. Rev., | |||||
| Green Bonds, Series E-2B, Rfdg. | 5.000 | 11/15/27 | 1,500 | 1,625,549 | |
| Series A-2, Rfdg. (Mandatory put date 05/15/28) | 2.000(cc) | 05/15/45 | 2,000 | 1,858,963 | |
| TSASC, Inc. Rev., Series A, Rfdg. | 5.000 | 06/01/41 | 2,000 | 2,027,152 | |
| Utility Debt Secur. Auth. Rev., Restructuring Bonds, Series TE-1, Rfdg. | 5.000 | 06/15/28 | 3,000 | 3,192,645 | |
| 49,147,391 | |||||
14
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| North Carolina 0.6% | |||||
| 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 | $1,198,476 | |
| North Carolina Tpke. Auth. Rev., BANS, ETM(ee) | 5.000 | 02/01/24 | 4,500 | 4,546,635 | |
| 5,745,111 | |||||
| North Dakota 0.1% | |||||
| Cass Cnty. Joint Wtr. Resource Dist., Series A, GO | 0.480 | 05/01/24 | 1,000 | 965,872 | |
| Ohio 4.4% | |||||
| Akron Bath Copley Joint Township Hosp. Dist. Rev., Summa Hlth. Oblig. Grp. Hosp. Facs., Rfdg. | 5.000 | 11/15/28 | 460 | 485,325 | |
| Allen Cnty. Hosp. Facs. Rev., Bon Secours Mercy Hlth., Rfdg. | 5.000 | 12/01/30 | 1,100 | 1,223,256 | |
| Buckeye Tob. Settlement Fing. Auth. Rev., | |||||
| Sr. Series A-2, Class 1, Rfdg. | 5.000 | 06/01/29 | 8,005 | 8,495,242 | |
| Sr. Series A-2, Class 1, Rfdg. | 5.000 | 06/01/32 | 3,480 | 3,704,238 | |
| Franklin Cnty. Hosp. Facs. Rev., | |||||
| Nationwide Children’s Hosp. Proj., Rfdg. | 4.000 | 11/01/47 | 2,400 | 2,238,381 | |
| Ohio Hlth. Corp., Series A | 4.000 | 05/15/47 | 4,815 | 4,611,296 | |
| Lancaster Port Auth. Rev., Series A, Rfdg. (Mandatory put date 02/01/25) | 5.000(cc) | 08/01/49 | 1,345 | 1,359,339 | |
| 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 | 434,495 | |
| American Elec. Pwr. Co. Proj., Series C, Rfdg., AMT (Mandatory put date 10/01/24) | 2.100(cc) | 12/01/27 | 1,500 | 1,441,180 | |
| Ohio Vlly. Elec. Corp. Proj., Rmkt., Series B (Mandatory put date 11/01/24) | 1.375(cc) | 02/01/26 | 750 | 709,381 | |
| Ohio St., Common Sch. Series C, GO, Rfdg. | 5.000 | 03/15/27 | 1,000 | 1,072,899 | |
| Ohio St. Rev., | |||||
| Cleveland Clnc. Hlth. Sys., Series A, Rfdg. | 5.000 | 01/01/28 | 2,890 | 3,116,407 | |
| Grant Anticipation Rev. Vehicle, Series 1-A | 5.000 | 12/15/28 | 800 | 890,863 | |
| Ohio Wtr. Dev. Auth. Rev., Rfdg. | 5.000 | 06/01/46 | 9,280 | 10,086,910 | |
| 39,869,212 | |||||
15
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Oklahoma 0.6% | |||||
| Oklahoma Tpke. Auth. Rev., Series A | 5.000 % | 01/01/42 | 3,000 | $3,099,784 | |
| Stillwater Util. Auth. Rev., Series A | 5.000 | 10/01/39 | 1,865 | 1,902,666 | |
| 5,002,450 | |||||
| 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 | 2,204,873 | |
| Pennsylvania 5.9% | |||||
| Allegheny Cnty. Arpt. Auth. Rev., Series A, AMT | 5.000 | 01/01/27 | 2,000 | 2,080,061 | |
| Bucks Cnty. Indl. Dev. Auth. Rev., Grand View Hosp. Proj. | 5.000 | 07/01/25 | 350 | 348,647 | |
| Comnwlth. Fing. Auth. Rev., | |||||
| Tob. Mstr. Settlement Payment Bonds | 5.000 | 06/01/25 | 2,405 | 2,476,877 | |
| Tob. Mstr. Settlement Payment Bonds | 5.000 | 06/01/28 | 2,280 | 2,451,642 | |
| Tob. Mstr. Settlement Payment Bonds | 5.000 | 06/01/34 | 1,170 | 1,249,342 | |
| Delaware Vlly. Regl. Fin. Auth. Rev., Series A, AMBAC | 5.500 | 08/01/28 | 2,290 | 2,533,063 | |
| Geisinger Auth. Rev., Geisinger Hlth. Sys. Oblig. Grp., Rfdg. (Mandatory put date 02/15/27) | 5.000(cc) | 04/01/43 | 1,100 | 1,140,995 | |
| 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 | 3,047,272 | |
| Lehigh Cnty. Gen. Purp. Auth. Rev., Lehigh Vlly. Academy Regl. Chrt. Sch. | 4.000 | 06/01/57 | 1,445 | 1,122,369 | |
| Luzerne Cnty. Indl. Dev. Auth. Rev., Pennsylvania American, Rfdg., AMT (Mandatory put date 12/03/29) | 2.450(cc) | 12/01/39 | 1,250 | 1,120,291 | |
| Pennsylvania Econ. Dev. Fing. Auth. Rev., | |||||
| The Penndot Major Bridges Package One Proj., P3 Proj., AGM, AMT | 5.500 | 06/30/42 | 3,025 | 3,267,463 | |
| Wste. Mgmt., Inc. Proj., Series B, Rfdg., AMT (Mandatory put date 11/02/26) | 1.100(cc) | 06/01/31 | 1,250 | 1,138,910 | |
| Pennsylvania Higher Edl. Facs. Auth. Rev., Univ. of Pennsylvania Hlth. Sys. | 5.000 | 08/15/49 | 2,245 | 2,344,455 | |
| Pennsylvania St. Univ. Rev., Series A | 5.000 | 09/01/41 | 2,400 | 2,488,571 | |
16
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (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 | $1,017,890 | |
| Series A | 5.000 | 12/01/49 | 2,150 | 2,247,025 | |
| Series A-1, Rfdg. | 5.000 | 12/01/40 | 1,635 | 1,668,359 | |
| Series A-2, Rfdg. | 5.000 | 12/01/28 | 870 | 940,418 | |
| Series B | 5.000 | 12/01/45 | 7,145 | 7,294,475 | |
| Sub. Series A-1 | 5.000 | 12/01/25 | 1,425 | 1,476,992 | |
| Sub. Series B, Rfdg. | 5.000 | 06/01/29 | 1,985 | 2,078,512 | |
| Sub. Series B-1 | 5.250 | 06/01/47 | 2,000 | 2,055,817 | |
| Philadelphia Arpt. Rev., Priv. Activ., Rfdg., AMT | 5.000 | 07/01/27 | 1,125 | 1,172,001 | |
| Philadelphia Auth. for Indl. Dev. Rev., Children’s Hosp. Proj., Rfdg. | 4.000 | 07/01/37 | 1,075 | 1,078,128 | |
| Philadelphia Gas Wks. Co. Rev., | |||||
| 16th Series A, AGM | 5.000 | 08/01/28 | 625 | 680,648 | |
| 16th Series A, AGM | 5.000 | 08/01/29 | 1,000 | 1,104,876 | |
| Philadelphia Wtr. & Wstewtr. Rev., Series A | 5.000 | 11/01/27 | 1,180 | 1,268,362 | |
| Univ. of Pittsburgh Comnwlth. Sys. of Higher Ed. Rev., Rfdg. | 4.000 | 04/15/26 | 2,395 | 2,445,485 | |
| 53,338,946 | |||||
| Puerto Rico 2.5% | |||||
| Puerto Rico Comnwlth., Restructured, Series A, GO, CABS | 4.619(t) | 07/01/24 | 12,170 | 11,580,952 | |
| Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev., | |||||
| Restructured, Series A-1 | 4.500 | 07/01/34 | 848 | 845,767 | |
| Restructured, Series A-1 | 4.750 | 07/01/53 | 4,413 | 4,056,741 | |
| Series A-1, CABS | 4.228(t) | 07/01/24 | 1,131 | 1,080,753 | |
| Series A-1, CABS | 4.482(t) | 07/01/27 | 6,342 | 5,291,271 | |
| 22,855,484 | |||||
| Rhode Island 1.0% | |||||
| Rhode Island Hlth. & Edl. Bldg. Corp. Higher Ed. Facs. Rev., Clg. & Univ. Rev. | 5.250 | 08/15/43 | 3,965 | 4,211,171 | |
| Tob. Settlement Fing. Corp. Rev., | |||||
| Series A, Rfdg. | 5.000 | 06/01/24 | 680 | 688,719 | |
| Series A, Rfdg. | 5.000 | 06/01/40 | 4,350 | 4,324,275 | |
| 9,224,165 | |||||
17
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| South Carolina 1.1% | |||||
| South Carolina Ports Auth. Rev., AMT | 4.000 % | 07/01/45 | 1,000 | $942,554 | |
| 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 | 3,034,509 | |
| Series A, Rfdg. | 5.000 | 12/01/29 | 1,300 | 1,332,637 | |
| Series A, Rfdg. | 5.000 | 12/01/31 | 4,595 | 5,017,083 | |
| 10,326,783 | |||||
| South Dakota 0.1% | |||||
| Edl. Enhancement Fdg. Corp. Rev., Series B, Rfdg. (Pre-refunded date 06/01/23)(ee) | 5.000 | 06/01/27 | 1,000 | 1,000,000 | |
| Tennessee 1.5% | |||||
| Memphis Shelby Cnty. Arpt. Auth. Rev., Series A, AMT | 5.000 | 07/01/25 | 830 | 848,968 | |
| Tennergy Corp. Rev., Gas Sply. Series A (Mandatory put date 12/01/30) | 5.500(cc) | 10/01/53 | 770 | 812,864 | |
| Tennessee Energy Acq. Corp. Gas Rev., | |||||
| Nat. Gas Utility Imps. (Mandatory put date 11/01/25) | 4.000(cc) | 11/01/49 | 9,750 | 9,658,964 | |
| Series A | 5.250 | 09/01/26 | 2,605 | 2,651,070 | |
| 13,971,866 | |||||
| Texas 7.0% | |||||
| Arlington Hsg. Fin. Corp. Rev., 6900 Matlok Road (Mandatory put date 04/01/27) | 4.500(cc) | 04/01/41 | 2,500 | 2,537,667 | |
| Central Texas Regl. Mobility Auth. Rev., | |||||
| BANS, Sub. Series F | 5.000 | 01/01/25 | 2,000 | 2,028,002 | |
| Series C | 5.000 | 01/01/27 | 800 | 832,114 | |
| Sr. Lien, Series A (Pre-refunded date 07/01/25)(ee) | 5.000 | 01/01/40 | 1,395 | 1,444,235 | |
| Sr. Lien, Series A (Pre-refunded date 07/01/25)(ee) | 5.000 | 01/01/45 | 1,000 | 1,034,794 | |
| Sr. Lien, Series D, Rfdg. | 5.000 | 01/01/29 | 1,085 | 1,170,418 | |
| Clifton Higher Ed. Fin. Corp. Rev., | |||||
| Idea Pub. Sch. | 6.000 | 08/15/43 | 1,000 | 1,004,503 | |
| Idea Pub. Sch., Rfdg., PSFG | 5.000 | 08/15/39 | 1,000 | 1,011,460 | |
| Dallas Hotel Occupancy Tax Rev., Rfdg. | 4.000 | 08/15/28 | 1,010 | 1,030,728 | |
| Dallas Independent Sch. Dist., GO, Rfdg., PSFG | 5.000 | 02/15/48 | 3,000 | 3,248,253 | |
18
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Texas (cont’d.) | |||||
| Dallas-Fort Worth Int’l. Arpt. Rev., | |||||
| Rfdg. | 5.000 % | 11/01/27 | 1,455 | $1,569,894 | |
| Series A, Rfdg. | 5.000 | 11/01/26 | 1,375 | 1,457,832 | |
| Series B, Rfdg. | 5.000 | 11/01/26 | 1,475 | 1,563,561 | |
| Grand Parkway Trans. Corp. Rev., 1st Tier Toll Rev., Series A | 5.125 | 10/01/43 | 2,000 | 2,004,471 | |
| Harris Cnty. Cultrl. Ed. Facs. Fin. Corp. Rev., | |||||
| Med. Facs. Mtg., Baylor Clg. of Medicine, Series A, Rfdg. (Mandatory put date 07/01/24) | 4.174(cc) | 11/15/46 | 2,000 | 2,001,193 | |
| Mem. Hermann Hlth. Sys., Series C-3, Rfdg. (Mandatory put date 12/01/26) | 5.000(cc) | 06/01/32 | 2,380 | 2,483,146 | |
| Texas Children’s Hosp., Series B, Rfdg. (Mandatory put date 10/01/24) | 5.000(cc) | 10/01/41 | 1,285 | 1,311,689 | |
| Harris Cnty. Toll Road Auth. Rev., | |||||
| 1st Lien, Series A, Rfdg. | 5.000 | 08/15/29 | 1,710 | 1,917,371 | |
| Sr. Lien, Series A, Rfdg. | 5.000 | 08/15/43 | 5,040 | 5,282,301 | |
| Lower Colorado River Auth. Rev., | |||||
| LCRA Transmn. Svcs. Corp. Proj., Rfdg. | 5.000 | 05/15/27 | 2,000 | 2,145,209 | |
| LCRA Transmn. Svcs. Corp. Proj., Series A, Rfdg. | 6.000 | 05/15/52 | 1,500 | 1,707,093 | |
| Series B, Rfdg., AGM | 5.000 | 05/15/28 | 1,130 | 1,241,328 | |
| 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 | 1,234,359 | |
| North Texas Twy. Auth. Rev., | |||||
| 1st Tier Bonds, Series A, Rfdg. | 5.000 | 01/01/25 | 1,925 | 1,967,516 | |
| 1st Tier, Series A, Rfdg. | 5.000 | 01/01/28 | 1,180 | 1,226,521 | |
| 2nd Tier, Rfdg. | 5.000 | 01/01/48 | 1,250 | 1,289,994 | |
| 2nd Tier, Series B, Rfdg. | 5.000 | 01/01/27 | 1,640 | 1,743,099 | |
| 2nd Tier, Series B, Rfdg. | 5.000 | 01/01/28 | 1,495 | 1,619,077 | |
| Series A, Rfdg. | 5.000 | 01/01/30 | 1,765 | 1,839,734 | |
| Series B, Rfdg. | 5.000 | 01/01/45 | 2,000 | 2,033,739 | |
| Permanent Univ. Fd. Univ. of Texas Sys. Rev., Series A, Rfdg. | 5.000 | 07/01/40 | 3,000 | 3,353,500 | |
| 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 | 3,366,616 | |
| Texas Priv. Activ. Surf. Trans. Corp. Rev., | |||||
| Sr. Lien, NTE Mobility Partners, Series 3A & 3B, AMT | 6.750 | 06/30/43 | 500 | 501,910 | |
| Sr. Lien, NTE Mobility Partners, Series 3A & 3B, AMT | 7.000 | 12/31/38 | 1,500 | 1,505,308 | |
| Texas St. Rev., Mobility Fund, Series B, GO, Rfdg. | 5.000 | 10/01/36 | 1,870 | 1,957,341 | |
| 63,665,976 | |||||
19
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Utah 2.2% | |||||
| Salt Lake City Corp. Arpt. Rev., | |||||
| Series A, AMT | 5.000 % | 07/01/23 | 2,000 | $2,001,292 | |
| Series A, AMT | 5.000 | 07/01/28 | 2,070 | 2,180,739 | |
| Series A, AMT | 5.250 | 07/01/48 | 2,000 | 2,052,450 | |
| Utah Cnty. Rev., | |||||
| IHC Hlth. Svcs., Inc., Series A | 5.000 | 05/15/43 | 2,305 | 2,428,437 | |
| IHC Hlth. Svcs., Inc., Series B (Mandatory put date 08/01/26) | 5.000(cc) | 05/15/60 | 6,900 | 7,242,775 | |
| Utah Telecommunication Open Infrast. Agcy. Rev., Rfdg. | 5.500 | 06/01/40 | 3,210 | 3,618,825 | |
| 19,524,518 | |||||
| Virginia 1.0% | |||||
| Fairfax Cnty. Indl. Dev. Auth. Rev., Healthcare, Inova Hlth. Sys., Series A, Rfdg. | 4.000 | 05/15/48 | 2,550 | 2,402,876 | |
| Hampton Roads Trans. Accountability Commn. Rev., BANS, Sr. Lien, Series A(ee) | 5.000 | 07/01/26 | 4,160 | 4,394,047 | |
| Virginia Small Bus. Fing. Auth. Rev., Sr. Lien Elizabeth River Crossing Opco, LLC Proj. Rfdg. | 4.000 | 01/01/30 | 1,750 | 1,730,386 | |
| 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 | 724,083 | |
| 9,251,392 | |||||
| Washington 2.6% | |||||
| King Cnty., Series A, GO | 5.000 | 01/01/28 | 1,000 | 1,090,581 | |
| Port of Seattle Rev., | |||||
| Intermediate Lien Priv. Activ., Series C, Rfdg., AMT | 5.000 | 08/01/46 | 8,145 | 8,450,220 | |
| Series A, AMT | 5.000 | 05/01/43 | 1,675 | 1,716,091 | |
| Univ. of Washington Rev., Forward Delivery, Series C, Rfdg. | 5.000 | 04/01/32 | 1,460 | 1,658,835 | |
| Washington Econ. Dev. Fin. Auth. Rev., Mura Cascade ELP LLC Proj. Rfdg., AMT (Mandatory put date 12/08/23), 144A | 3.900(cc) | 12/01/42 | 2,000 | 1,995,578 | |
| Washington Healthcare Facs. Auth. Rev., | |||||
| Multicare Hlth. Sys., Series B, Rfdg. | 5.000 | 08/15/26 | 670 | 689,627 | |
| Overlake Hosp. Med. Ctr., Rfdg. | 5.000 | 07/01/38 | 2,690 | 2,664,408 | |
20
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Washington (cont’d.) | |||||
| Washington St. Rev., | |||||
| Series 2020A, GO | 5.000 % | 08/01/42 | 3,000 | $3,232,696 | |
| Var. Purp., Series A, GO | 5.000 | 08/01/42 | 2,000 | 2,132,195 | |
| 23,630,231 | |||||
| West Virginia 0.2% | |||||
| West Virginia Parkways Auth. Rev., Sr. Turnpike Toll Rev. | 5.000 | 06/01/39 | 1,750 | 1,871,800 | |
| Wisconsin 0.7% | |||||
| 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 | 1,488,910 | |
| Wisconsin Dept. of Trans. Rev., Series 1, Rfdg.(hh) | 5.000 | 07/01/29 | 3,000 | 3,235,972 | |
| Wisconsin Hlth. & Edl. Facs. Auth. Rev., Ascension Hlth. Alliance, Rmkt., Series B-1, Rfdg. | 4.000 | 11/15/43 | 1,500 | 1,437,455 | |
| 6,162,337 | |||||
| Total Municipal Bonds (cost $909,931,576) | 878,939,851 | ||||
| Shares | |||||||
| Unaffiliated Exchange-Traded Fund 1.0% | |||||||
| iShares National Muni Bond ETF (cost $9,650,132) | 90,603 | 9,637,441 | |||||
| Total Long-Term Investments (cost $919,581,708) | 888,577,292 | ||||||
| Short-Term Investment 2.2% | |||||||
| Affiliated Mutual Fund | |||||||
| PGIM Core Ultra Short Bond Fund (cost $19,939,756)(wb) | 19,939,756 | 19,939,756 | |||||
| TOTAL INVESTMENTS 100.0% (cost $939,521,464) | 908,517,048 | ||||||
| Liabilities in excess of other assets(z) (0.0)% | (259,064) | ||||||
| Net Assets 100.0% | $908,257,984 | ||||||
21
PGIM National Muni Fund
Schedule of Investments as of May 31, 2023 (unaudited) (continued)
| Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings: |
| 144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers. | |
| AGM—Assured Guaranty Municipal Corp. | |
| AMBAC—American Municipal Bond Assurance Corp. | |
| AMT—Alternative Minimum Tax | |
| BAM—Build America Mutual | |
| BANS—Bond Anticipation Notes | |
| CABS—Capital Appreciation Bonds | |
| CDD—Community Development District | |
| COP—Certificates of Participation | |
| ETF—Exchange-Traded Fund | |
| ETM—Escrowed to Maturity | |
| GO—General Obligation | |
| 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. |
| (cc) | Variable rate instrument. The rate shown is based on the latest available information as of May 31, 2023. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
| (ee) | All or partial escrowed to maturity and pre-refunded issues are secured by escrowed cash, a guaranteed investment contract and /or U.S. guaranteed obligations. |
| (hh) | When-issued security. |
| (t) | Represents zero coupon. Rate quoted represents effective yield at May 31, 2023. |
| (wb) | PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund. |
| (z) | Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments: |
| Futures contracts outstanding at May 31, 2023: | ||||||||
| Number of Contracts | Type | Expiration Date | Current Notional Amount | Value / Unrealized Appreciation (Depreciation) | ||||
| Short Position: | ||||||||
| 210 | 20 Year U.S. Treasury Bonds | Sep. 2023 | $26,952,188 | $(213,843) | ||||
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