PGIM National Muni Fund
Schedule of Investments as of November 30, 2023 (unaudited)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Long-Term Investments 96.4% | |||||
| Municipal Bonds 94.4% | |||||
| Alabama 2.9% | |||||
| 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 | $7,728,865 | |
| Gas Proj. No. 8, Series A (Mandatory put date 12/01/29) | 4.000(cc) | 12/01/52 | 2,895 | 2,773,089 | |
| Gas Proj., Series E (Mandatory put date 06/01/28) | 5.000(cc) | 05/01/53 | 5,000 | 5,162,426 | |
| Proj. No. 5, Series A-1 (Mandatory put date 10/01/26) | 4.000(cc) | 10/01/49 | 2,285 | 2,279,566 | |
| Rfdg. (Mandatory put date 12/01/31) | 4.000(cc) | 06/01/51 | 2,000 | 1,972,682 | |
| Series D1, Rfdg. (Mandatory put date 06/01/27) | 4.000(cc) | 07/01/52 | 1,000 | 995,139 | |
| Jefferson Cnty. Swr. Rev., | |||||
| Sr. Lien, Warrants, Series A, Rfdg., AGM | 5.000 | 10/01/44 | 500 | 506,591 | |
| Sr. Lien, Warrants, Series A, Rfdg., AGM | 5.250 | 10/01/48 | 500 | 507,991 | |
| Mobile Indl. Dev. Brd. Rev., Alabama Pwr. Co. Barry, Rmkt. (Mandatory put date 06/26/25) | 1.000(cc) | 06/01/34 | 1,000 | 952,853 | |
| 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 | 1,533,971 | |
| 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 | 1,363,947 | |
| 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 | 2,614,603 | |
| 28,391,723 | |||||
| Alaska 0.9% | |||||
| Alaska Indl. Dev. & Export Auth. Rev., | |||||
| Tanana Chiefs Conference Proj., Series A | 4.000 | 10/01/49 | 3,000 | 2,714,397 | |
| Tanana Chiefs Conference Proj., Series A | 5.000 | 10/01/26 | 2,385 | 2,462,344 | |
| Tanana Chiefs Conference Proj., Series A | 5.000 | 10/01/31 | 1,555 | 1,649,648 | |
| Alaska Muni. Bond Bank Auth. Rev., Rfdg. | 5.000 | 12/01/26 | 1,350 | 1,426,347 | |
| Northern Tob. Secur. Corp. Rev., Sr. Series A, Class 1, Rfdg. | 5.000 | 06/01/29 | 1,000 | 1,078,665 | |
| 9,331,401 | |||||
| Arizona 2.7% | |||||
| Arizona Hlth. Facs. Auth. Rev., Banner Hlth., Series B | 4.597(cc) | 01/01/37 | 2,280 | 2,057,649 | |
1
PGIM National Muni Fund
Schedule of Investments as of November 30, 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 | $1,078,144 | |
| Phoenix Children’s Hosp., Series A | 5.000 | 02/01/29 | 650 | 712,090 | |
| Phoenix Children’s Hosp., Series A | 5.000 | 02/01/30 | 300 | 333,169 | |
| Chandler Indl. Dev. Auth. Rev., Intel Corp., AMT (Mandatory put date 06/03/24) | 5.000(cc) | 06/01/49 | 1,035 | 1,038,551 | |
| Maricopa Cnty. Indl. Dev. Auth. Rev., Banner Hlth., Series A | 5.000 | 01/01/41 | 1,140 | 1,185,853 | |
| Maricopa Cnty. Spl. Healthcare Dist., Series D, GO | 5.000 | 07/01/28 | 850 | 930,072 | |
| Phoenix Civic Impvt. Corp. Rev., | |||||
| Jr. Lien, Series B, AMT | 5.000 | 07/01/29 | 2,000 | 2,145,468 | |
| Jr. Lien, Series B, AMT | 5.000 | 07/01/49 | 1,630 | 1,661,485 | |
| Series A, AMT | 5.000 | 07/01/47 | 2,000 | 2,031,584 | |
| Sr. Lien, AMT | 5.000 | 07/01/48 | 2,000 | 2,040,120 | |
| 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 | 1,282,009 | |
| Salt River Proj., Series A | 5.000 | 01/01/47 | 1,925 | 2,100,883 | |
| Salt River Proj., Series B | 5.250 | 01/01/53 | 3,000 | 3,322,323 | |
| Salt Verde Finl. Corp. Rev., | |||||
| Sr. Gas Rev., Sr. Bonds | 5.000 | 12/01/32 | 2,685 | 2,833,994 | |
| Sr. Gas Rev., Sr. Bonds | 5.250 | 12/01/26 | 2,180 | 2,246,138 | |
| 26,999,532 | |||||
| Arkansas 0.3% | |||||
| Fayetteville Sales & Use Tax Rev., Sales & Use Tax | 2.875 | 11/01/32 | 3,000 | 2,999,295 | |
| California 3.1% | |||||
| Anaheim Pub. Fing. Auth. Lease Rev., Sr. Pub. Impvts. Proj., Series A, AGM | 6.000 | 09/01/24 | 1,395 | 1,424,445 | |
| California Cmnty. Choice Fing. Auth. Rev., Sustainability Bond, Clean Energy Proj., Series G (Mandatory put date 04/01/30)(hh) | 5.250(cc) | 11/01/54 | 2,220 | 2,315,837 | |
| California Hlth. Facs. Fing. Auth. Rev., Stanford Healthcare, Series A | 5.000 | 08/15/54 | 1,000 | 1,015,581 | |
| California Muni. Fin. Auth. Rev., | |||||
| CHF-Davis I, LLC, West Vlg. Student Hsg. Proj., BAM, TCRs | 5.000 | 05/15/29 | 1,000 | 1,059,455 | |
| Wste. Mgmt., Inc., Rmkt., Series A, AMT (Mandatory put date 12/02/24) | 4.250(cc) | 12/01/44 | 1,000 | 1,000,000 | |
2
PGIM National Muni Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| California (cont’d.) | |||||
| California St., | |||||
| GO | 5.000 % | 03/01/45 | 3,000 | $3,048,456 | |
| GO, Rfdg. | 4.000 | 09/01/26 | 3,000 | 3,101,202 | |
| Freddie Mac Multifamily Variable Rate Cert. Rev., FRETE 2023, Series 2023 ML-18, Class X-CA | 1.507(cc) | 09/25/37 | 29,820 | 3,064,767 | |
| Long Beach Bond Fin. Auth. Nat. Gas Pur. Rev., | |||||
| Series A | 5.000 | 11/15/35 | 1,300 | 1,393,235 | |
| Series A | 5.500 | 11/15/37 | 1,000 | 1,113,022 | |
| Los Angeles Calif. Dept. Arpts. Rev., | |||||
| Sr. Series C, AMT | 5.000 | 05/15/28 | 1,075 | 1,154,674 | |
| Sub. Los Angls. Int’l., Series A, AMT | 5.250 | 05/15/48 | 1,000 | 1,043,610 | |
| Los Angeles California Dept. Arpts. Rev., Sub., Pvt. Activity, Series A, Rfdg., AMT | 5.000 | 05/15/46 | 4,170 | 4,385,612 | |
| M-S-R Energy Auth. Rev., Series A | 6.500 | 11/01/39 | 2,000 | 2,477,850 | |
| Pittsburg Redev. Agcy., Los Medanos Cmnty. Dev. Proj., Tax Alloc., AMBAC, CABS | 3.248(t) | 08/01/25 | 2,000 | 1,895,259 | |
| San Francisco City & Cnty. Arpt. Commn. Rev., 2nd Series A, Rfdg., AMT | 5.250 | 05/01/33 | 1,000 | 1,002,691 | |
| Walnut Energy Ctr. Auth. Rev., Rfdg. | 5.000 | 01/01/34 | 800 | 810,531 | |
| 31,306,227 | |||||
| Colorado 6.0% | |||||
| Colorado Hlth. Facs. Auth. Rev., | |||||
| Adventhealth Oblig. Grp., Series B, Rfdg. (Mandatory put date 11/15/30) | 5.000(cc) | 11/15/36 | 3,000 | 3,338,470 | |
| Commonspirit Hlth., Series A, Rfdg. | 5.000 | 08/01/27 | 1,725 | 1,805,731 | |
| Commonspirit Hlth., Series A, Rfdg. | 5.000 | 08/01/29 | 2,070 | 2,228,024 | |
| Commonspirit Hlth., Series A, Rfdg. | 5.000 | 08/01/34 | 2,500 | 2,657,910 | |
| Commonspirit Hlth., Series B-1, Rfdg. (Mandatory put date 08/01/25) | 5.000(cc) | 08/01/49 | 2,490 | 2,518,423 | |
| Intermountain Healthcare, Series B, Rfdg. (Mandatory put date 08/17/26) | 5.000(cc) | 05/15/62 | 6,900 | 7,267,064 | |
| Intermountain Healthcare, Series C, Rfdg. (Mandatory put date 08/15/28) | 5.000(cc) | 05/15/62 | 3,100 | 3,349,880 | |
| SCL Hlth. Sys., Series B, Rfdg. | 4.000 | 01/01/40 | 3,060 | 3,010,891 | |
| Colorado Springs Co. Util. Sys. Rev., Series A-4 | 5.000 | 11/15/43 | 3,080 | 3,264,194 | |
3
PGIM National Muni Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Colorado (cont’d.) | |||||
| Colorado St., COP | 6.000 % | 12/15/39 | 4,000 | $4,781,754 | |
| Denver City & Cnty. Arpt. Sys. Rev., | |||||
| Series A, Rfdg., AMT | 5.000 | 11/15/27 | 1,055 | 1,115,305 | |
| Series A, Rfdg., AMT | 5.000 | 11/15/29 | 3,000 | 3,236,883 | |
| Series A, Rfdg., AMT | 5.500 | 11/15/38 | 1,875 | 2,082,147 | |
| Series A, Rfdg., AMT | 5.500 | 11/15/42 | 1,875 | 2,045,339 | |
| Series D, Rfdg., AMT | 5.750 | 11/15/35 | 1,000 | 1,144,294 | |
| Sub. Series B, Rfdg., AMT | 5.500 | 11/15/41 | 1,000 | 1,113,738 | |
| Sub. Series B, Rfdg., AMT | 5.500 | 11/15/42 | 1,000 | 1,110,900 | |
| Sub. Sys., Series A, AMT | 5.500 | 11/15/26 | 1,650 | 1,654,955 | |
| Sub. Sys., Series A, Rfdg., AMT | 5.000 | 12/01/34 | 2,300 | 2,440,909 | |
| Sub. Sys., Series A, Rfdg., AMT | 5.000 | 12/01/35 | 1,000 | 1,048,818 | |
| Sub. Sys., Series A, Rfdg., AMT | 5.250 | 12/01/43 | 3,000 | 3,101,549 | |
| E-470 Pub. Hwy. Auth. Rev., | |||||
| Sr. Rev., Series A, Rfdg. | 5.000 | 09/01/27 | 1,160 | 1,240,494 | |
| Sr. Rev., Series A, Rfdg. | 5.000 | 09/01/28 | 1,275 | 1,387,375 | |
| Sr. Series B, NATL | 3.238(t) | 09/01/25 | 2,000 | 1,890,497 | |
| Regl. Trans. Dist. Rev., | |||||
| Denver Transit Partners Eagle P3 Proj., Series A, Rfdg. | 5.000 | 07/15/28 | 400 | 418,029 | |
| Denver Transit Partners Eagle P3 Proj., Series A, Rfdg. | 5.000 | 07/15/29 | 400 | 423,569 | |
| 59,677,142 | |||||
| Connecticut 1.3% | |||||
| Connecticut St., Series B, GO, Rfdg. | 5.000 | 05/15/25 | 2,120 | 2,182,306 | |
| 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 | 984,321 | |
| Yale Univ., Series A-2, Rfdg. (Mandatory put date 07/01/26) | 2.000(cc) | 07/01/42 | 2,310 | 2,171,589 | |
| Connecticut St. Spl. Tax Rev., | |||||
| Series B | 5.000 | 10/01/37 | 1,440 | 1,532,768 | |
| Series B, Rfdg. | 5.000 | 07/01/31 | 3,000 | 3,461,333 | |
| Trans. Infrast., Series A | 5.000 | 01/01/38 | 2,195 | 2,312,799 | |
| 12,645,116 | |||||
4
PGIM National Muni Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| District of Columbia 2.5% | |||||
| Dist. of Columbia Rev., | |||||
| Dist. of Columbia Int’l. Sch. | 5.000 % | 07/01/49 | 1,275 | $1,277,377 | |
| Friendship Pub. Chart. Sch., Rfdg. | 5.000 | 06/01/36 | 1,385 | 1,406,623 | |
| KIPP DC Iss., Series A, Rfdg. | 5.000 | 07/01/37 | 1,250 | 1,284,845 | |
| Series A, GO, Rfdg. | 5.000 | 10/15/38 | 3,000 | 3,239,156 | |
| Series A, Rfdg.(hh) | 5.000 | 10/01/34 | 1,200 | 1,417,250 | |
| Series C, Rfdg. | 5.000 | 12/01/28 | 1,500 | 1,662,178 | |
| Dist. of Columbia Wtr. & Swr. Auth. Rev., Sub. Lien, Series A, Rfdg. | 5.000 | 10/01/39 | 1,710 | 1,749,356 | |
| Metropolitan Washington D.C. Arpt. Auth. Dulles Toll Road Rev., Dulles Met. Rail, Series A, Rfdg. | 5.000 | 10/01/44 | 2,000 | 2,065,675 | |
| Metropolitan Washington D.C. Arpt. Auth. Sys. Rev., | |||||
| Forward Delivery, Series A, Rfdg., AMT | 5.000 | 10/01/32 | 1,500 | 1,628,200 | |
| Rfdg., AMT | 5.000 | 10/01/26 | 3,860 | 4,020,175 | |
| Series A, Rfdg. AMT | 5.000 | 10/01/30 | 3,500 | 3,765,534 | |
| Series A, Rfdg., AMT | 5.000 | 10/01/44 | 1,000 | 1,004,953 | |
| 24,521,322 | |||||
| Florida 6.4% | |||||
| Brevard Cnty. Hlth. Facs. Auth. Rev., Hlth. First Oblig. Grp., Series A, Rfdg. | 5.000 | 04/01/47 | 445 | 463,493 | |
| Broward Cnty. Arpt. Sys. Rev., | |||||
| Series A, AMT | 5.000 | 10/01/45 | 3,000 | 3,012,194 | |
| Series B, Rfdg., AMT | 5.000 | 10/01/27 | 3,000 | 3,143,898 | |
| Central Florida Expressway Auth. Rev., | |||||
| Sr. Lien, Rfdg. | 4.000 | 07/01/41 | 2,000 | 1,964,872 | |
| Sr. Lien, Rfdg. | 5.000 | 07/01/38 | 2,500 | 2,613,256 | |
| Sr. Lien, Series D | 5.000 | 07/01/29 | 780 | 864,198 | |
| Cityplace CDD., Spl. Assmt., Rfdg. | 5.000 | 05/01/26 | 770 | 788,137 | |
| Florida Dev. Fin. Corp. Rev., | |||||
| Mater Academy Proj., Series A | 5.000 | 06/15/56 | 2,270 | 2,272,068 | |
| Nova Southeastern Univ. Proj., Series A, Rfdg. | 5.000 | 04/01/26 | 555 | 574,014 | |
| Florida Higher Edl. Facs. Finl. Auth. Rev., | |||||
| Nova Southeastern Univ. Proj., Rfdg. | 5.000 | 04/01/25 | 1,250 | 1,273,607 | |
| Nova Southeastern Univ. Proj., Rfdg. | 5.000 | 04/01/28 | 1,420 | 1,471,228 | |
| Florida Insurance Assistance Interlocal Agcy., Inc. Rev., Series A, Rfdg. | 5.000 | 09/01/24 | 3,000 | 3,030,400 | |
| Fort Lauderdale Wtr. & Swr. Rev., Enabling Wrks. Proj., Series A | 5.500 | 09/01/53 | 2,500 | 2,810,660 | |
5
PGIM National Muni Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Florida (cont’d.) | |||||
| Grtr. Orlando Avtn. Auth. Rev., | |||||
| Priority Sub. Series A, AMT | 5.000 % | 10/01/42 | 5,000 | $5,120,217 | |
| Series A, AMT | 5.000 | 10/01/28 | 1,500 | 1,602,509 | |
| Series A, AMT | 5.000 | 10/01/54 | 1,500 | 1,521,236 | |
| Hillsborough Cnty. Avtn. Auth. Rev., Tampa Int’l. Arpt., Series E, AMT | 5.000 | 10/01/48 | 4,500 | 4,564,990 | |
| Julington Creek Plantation CDD, Spl. Assmt., AGM | 4.625 | 05/01/54 | 1,560 | 1,543,350 | |
| Lee Cnty. Arpt. Rev., Series A, Rfdg., AMT | 5.000 | 10/01/28 | 3,000 | 3,173,914 | |
| Martin Cnty. Hlth. Facs. Auth. Rev., Cleveland Clinic Hlth. Sys. Oblig. Grp., Hosp. Revs, Series A, Rfdg. | 4.000 | 01/01/46 | 2,105 | 2,027,199 | |
| Miami Beach Redev. Agcy., Tax Incr. Rev. City Ctr., Tax Alloc. Rfdg., AGM | 5.000 | 02/01/44 | 1,500 | 1,504,518 | |
| Miami Dade Cnty. Wtr. & Swr. Sys. Rev., Sub. Series | 5.000 | 10/01/27 | 2,215 | 2,373,923 | |
| Orange Cnty. Hlth. Facs. Auth. Rev., | |||||
| Orlando Hlth. Oblig. Grp., Series B, Rfdg. | 5.000 | 10/01/26 | 2,275 | 2,376,211 | |
| Orlando Hlth., Inc., Series A, Rfdg. | 5.000 | 10/01/33 | 1,510 | 1,571,449 | |
| Orlando Hlth., Inc., Series B, Rfdg. | 5.000 | 10/01/44 | 1,000 | 1,018,954 | |
| Orlando Util. Commn. Rev., Series B (Mandatory put date 10/01/28) | 1.250(cc) | 10/01/46 | 3,475 | 3,035,272 | |
| 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 | 509,656 | |
| Sarasota Cnty. Pub. Hosp. Dist. Rev., Sarasota Mem. Hosp. | 5.000 | 07/01/28 | 1,160 | 1,234,683 | |
| South Miami Hlth. Facs. Auth., Inc. Rev., Baptist Hlth. South Florida, Rfdg. | 5.000 | 08/15/47 | 1,075 | 1,088,955 | |
| Village CDD No. 6, | |||||
| Spl. Assmt., Rfdg. | 4.000 | 05/01/27 | 295 | 299,955 | |
| Spl. Assmt., Rfdg. | 4.000 | 05/01/28 | 310 | 312,868 | |
| Spl. Assmt., Rfdg. | 4.000 | 05/01/29 | 325 | 327,259 | |
| Village CDD No. 13, | |||||
| Spl. Assmt. | 3.375 | 05/01/34 | 470 | 412,700 | |
| Spl. Assmt., 144A | 2.625 | 05/01/30 | 2,425 | 2,101,081 | |
| Vlg. CDD No. 13, 2021 Spl. Assmt., Phase III | 2.550 | 05/01/31 | 1,630 | 1,419,717 | |
| 63,422,641 | |||||
6
PGIM National Muni Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Georgia 4.0% | |||||
| Atlanta Arpt. Passenger Facs. Charge Rev., Sub. Lien, Green Bond, Series E, AMT | 5.250 % | 07/01/43 | 4,000 | $4,313,096 | |
| Atlanta GA Dept. Avtn. Rev., | |||||
| Series B, Rfdg., AMT | 5.000 | 07/01/28 | 3,000 | 3,214,682 | |
| Series B, Rfdg., AMT | 5.000 | 07/01/29 | 830 | 895,780 | |
| Cobb Cnty. Kennestone Hosp. Auth. Rev., Anticip. Certs., Wellstar Hlth. Sys. Inc. Proj., Series A | 4.000 | 04/01/52 | 4,990 | 4,616,001 | |
| Columbia Cnty. Hosp. Auth. Rev., Rev Anticipation CTFS, Wellstar Hlth. Sys. Inc. Proj., Series A | 5.125 | 04/01/48 | 1,220 | 1,286,837 | |
| Fulton Cnty. Dev. Auth. Rev., Piedmont Healthcare Inc. Proj., Multimodal Bond, Series A | 4.000 | 07/01/49 | 3,265 | 3,000,274 | |
| Georgia Ports Auth. Rev., Arpt. & Marina Imps. | 5.250 | 07/01/43 | 2,500 | 2,801,190 | |
| Main Street Natural Gas, Inc. Rev., | |||||
| Series A (Mandatory put date 09/01/27) | 4.000(cc) | 07/01/52 | 2,150 | 2,137,838 | |
| Series B (Mandatory put date 12/01/24) | 4.000(cc) | 08/01/49 | 1,460 | 1,457,510 | |
| Series C (Mandatory put date 09/01/26) | 4.000(cc) | 03/01/50 | 5,000 | 5,011,129 | |
| Series C (Mandatory put date 12/01/28) | 4.000(cc) | 05/01/52 | 1,000 | 980,350 | |
| Sub. Series C (Mandatory put date 12/01/23) | 4.000(cc) | 08/01/48 | 3,240 | 3,240,000 | |
| Monroe Cnty. Dev. Auth. Rev., GA Pwr. Co. Plant Scherer Proj. No. 1 | 2.250 | 07/01/25 | 1,000 | 961,375 | |
| Muni. Elec. Auth. of Georgia Rev., | |||||
| Combined Cycle Proj., Series A, Rfdg. | 4.000 | 11/01/24 | 2,050 | 2,056,564 | |
| Proj. One, Sub. Bonds, Series A, Rfdg. | 5.000 | 01/01/26 | 1,425 | 1,466,129 | |
| 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 | 2,133,232 | |
| 39,571,987 | |||||
| Hawaii 0.4% | |||||
| Hawaii St. Arpts. Sys. Rev., | |||||
| Series A, AMT | 5.000 | 07/01/45 | 1,000 | 1,007,147 | |
| Series A, AMT | 5.000 | 07/01/48 | 3,000 | 3,063,968 | |
| 4,071,115 | |||||
| Idaho 0.2% | |||||
| Idaho Hsg. & Fin. Association Rev., Series A | 5.250 | 08/15/48 | 2,000 | 2,213,278 | |
7
PGIM National Muni Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Illinois 10.3% | |||||
| Chicago, | |||||
| Chicago Works, Series A, GO | 5.500 % | 01/01/41 | 1,000 | $1,049,917 | |
| Series B-Exchange, GO, Rfdg. | 4.000 | 01/01/28 | 1,855 | 1,879,566 | |
| Series C, GO, Rfdg. | 5.000 | 01/01/24 | 340 | 340,309 | |
| Chicago Brd. of Ed. Rev., Spl. Tax | 5.000 | 04/01/46 | 1,000 | 994,177 | |
| Chicago O’Hare Int’l. Arpt. Rev., | |||||
| Series A, Rfdg., AMT | 5.000 | 01/01/33 | 1,310 | 1,321,933 | |
| Series B, Rfdg. | 5.000 | 01/01/32 | 1,500 | 1,530,182 | |
| Sr. Lien, Series D | 5.250 | 01/01/42 | 2,000 | 2,080,281 | |
| Chicago Trans. Auth. Rev., 2nd Lien | 5.000 | 12/01/46 | 3,000 | 3,030,544 | |
| Chicago Wstewtr. Transmn. Rev., | |||||
| 2nd Lien | 5.000 | 01/01/39 | 2,550 | 2,553,302 | |
| 2nd Lien Series C, Rmkt., Rfdg. | 5.000 | 01/01/29 | 5 | 5,091 | |
| 2nd Lien Series C, Rmkt., Rfdg. (Pre-refunded date 01/01/25)(ee) | 5.000 | 01/01/29 | 350 | 357,344 | |
| 2nd Lien, Rmkt., Series C, Rfdg. | 5.000 | 01/01/31 | 2,450 | 2,494,582 | |
| 2nd Lien, Rmkt., Series C, Rfdg. | 5.000 | 01/01/39 | 2,000 | 2,021,895 | |
| 2nd Lien, Series A | 5.000 | 01/01/47 | 1,000 | 1,022,016 | |
| Chicago Wtrwks. Rev., | |||||
| 2nd Lien, Rfdg. | 5.000 | 11/01/36 | 2,390 | 2,450,502 | |
| 2nd Lien, Series A-1 | 5.000 | 11/01/27 | 510 | 533,305 | |
| 2nd Lien, Series A-1 | 5.000 | 11/01/30 | 1,495 | 1,554,794 | |
| Chicago, IL, | |||||
| Series A, GO, Rfdg. | 5.000 | 01/01/33 | 4,000 | 4,289,363 | |
| Series C, GO, Rfdg. | 5.000 | 01/01/26 | 1,000 | 1,026,087 | |
| Cook Cnty. Sales Tax Rev., Series A, Rfdg. | 5.250 | 11/15/45 | 2,000 | 2,167,586 | |
| Illinois Fin. Auth. Rev., | |||||
| Northshore Univ. Hlth. Sys., Series A, Rfdg. | 5.000 | 08/15/26 | 1,500 | 1,575,489 | |
| Northshore Univ. Hlth. Sys., Series A, Rfdg. | 5.000 | 08/15/28 | 1,110 | 1,209,280 | |
| Northshore Univ. Hlth. Sys., Series A, Rfdg. | 5.000 | 08/15/29 | 2,000 | 2,210,689 | |
| Univ. of Chicago, Series A, Rfdg. | 5.000 | 10/01/25 | 1,505 | 1,560,477 | |
| Illinois St., | |||||
| GO | 5.000 | 02/01/24 | 1,195 | 1,197,505 | |
| GO | 5.000 | 11/01/30 | 500 | 521,566 | |
| GO | 5.000 | 04/01/31 | 1,000 | 1,004,465 | |
| GO | 5.250 | 02/01/29 | 2,000 | 2,004,908 | |
| GO, Rfdg. | 5.000 | 02/01/25 | 1,520 | 1,543,767 | |
| Series A, GO | 5.000 | 11/01/25 | 1,500 | 1,540,217 | |
| Series A, GO | 5.000 | 03/01/31 | 2,095 | 2,298,609 | |
8
PGIM National Muni Fund
Schedule of Investments as of November 30, 2023 (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 | $2,581,443 | |
| Series A, GO, Rfdg. | 5.000 | 10/01/28 | 750 | 803,782 | |
| Series C, GO | 5.000 | 11/01/29 | 1,100 | 1,159,266 | |
| Series D, GO | 5.000 | 11/01/25 | 700 | 718,768 | |
| Series D, GO | 5.000 | 11/01/27 | 2,815 | 2,979,075 | |
| Series D, GO, Rfdg. | 5.000 | 07/01/24 | 1,225 | 1,234,110 | |
| Series D, GO, Rfdg. | 5.000 | 07/01/36 | 1,225 | 1,338,860 | |
| Illinois St. Sales Tax Rev., | |||||
| Jr. Oblig. Build Illiois Bonds, Series C, Rfdg. | 5.000 | 06/15/27 | 3,000 | 3,165,126 | |
| Jr. Oblig. Build Illiois Bonds, Series C, Rfdg. | 5.000 | 06/15/28 | 1,650 | 1,763,709 | |
| Illinois St. Toll Hwy. Auth. Rev., | |||||
| Series A | 5.000 | 01/01/38 | 3,125 | 3,125,083 | |
| Series C | 5.000 | 01/01/39 | 2,000 | 2,032,168 | |
| Sr. Rev., Series C, Rfdg. | 5.000 | 01/01/31 | 3,455 | 3,864,656 | |
| Sr. Series A | 5.250 | 01/01/43 | 2,005 | 2,225,403 | |
| Metropolitan Pier & Exposition Auth. Dedicated St. Tax Rev., | |||||
| McCormick Place Expansion, Series A, CABS, NATL | 3.934(t) | 12/15/34 | 10,000 | 6,503,898 | |
| McCormick Place Expansion, Series A, CABS, NATL | 4.277(t) | 06/15/37 | 7,500 | 4,228,665 | |
| Railsplitter Tob. Settlement Auth. Rev., | |||||
| Tob. Set. Funded (Pre-refunded date 06/01/26)(ee) | 5.000 | 06/01/27 | 3,160 | 3,316,028 | |
| Tob. Set. Funded (Pre-refunded date 06/01/26)(ee) | 5.000 | 06/01/28 | 1,100 | 1,156,484 | |
| Tob. Set. Funded, ETM(ee) | 5.000 | 06/01/24 | 1,680 | 1,693,393 | |
| Regl. Trans. Auth. Rev., Series A | 4.000 | 06/01/37 | 3,605 | 3,595,434 | |
| Sales Tax Secur. Corp. Rev., | |||||
| 2nd Lien, Series A, Rfdg. | 5.000 | 01/01/26 | 2,250 | 2,331,765 | |
| 2nd Lien, Series A, Rfdg. | 5.000 | 01/01/29 | 1,500 | 1,637,733 | |
| Sr. Series D | 5.000 | 01/01/35 | 600 | 666,376 | |
| Sr. Series D | 5.000 | 01/01/36 | 550 | 597,991 | |
| Springfield Elec. Rev., Sr. Lien, Rfdg., AGM | 4.000 | 03/01/40 | 1,000 | 966,885 | |
| 103,055,849 | |||||
| Indiana 1.4% | |||||
| Indiana Fin. Auth. Rev., | |||||
| IN Univ. Hlth., Series A, Rfdg. | 5.000 | 12/01/25 | 2,280 | 2,363,632 | |
| Indiana Univ. Hlth., Series B-1 (Mandatory put date 07/01/28) | 5.000(cc) | 10/01/62 | 4,000 | 4,300,435 | |
| Indianapolis Pwr. & Light. Co. Proj., Series B, Rfdg., AMT (Mandatory put date 04/01/26) | 0.950(cc) | 12/01/38 | 625 | 580,574 | |
9
PGIM National Muni Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Indiana (cont’d.) | |||||
| Indianapolis Local Pub. Impvt. Bond Bank Rev., City Moral Oblig., Sub. Series F-1, BAM(hh) | 5.250 % | 03/01/67 | 4,000 | $4,146,248 | |
| Whiting Rev., BP Products North America, Rfdg., AMT (Mandatory put date 06/05/26) | 5.000(cc) | 12/01/44 | 2,025 | 2,056,766 | |
| 13,447,655 | |||||
| Kansas 0.2% | |||||
| Wyandotte Cnty.-Kansas City Unified Govt. Util. Sys. Rev., Impvt., Series A | 5.000 | 09/01/45 | 2,170 | 2,205,774 | |
| Kentucky 1.8% | |||||
| Kentucky Pub. Energy Auth. Rev., | |||||
| Gas Sply., Series B (Mandatory put date 01/01/25) | 4.000(cc) | 01/01/49 | 3,465 | 3,439,596 | |
| Gas Sply., Series C-1 (Mandatory put date 06/01/25) | 4.000(cc) | 12/01/49 | 8,150 | 8,112,374 | |
| Series A-1 (Mandatory put date 06/01/25) | 4.000(cc) | 12/01/49 | 3,370 | 3,350,903 | |
| Owen Cnty. Wtrwks. Sys. Rev., American Wtr. Co., Series A, Rfdg. (Mandatory put date 10/01/29) | 2.450(cc) | 06/01/39 | 1,500 | 1,400,982 | |
| 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 | 1,968,947 | |
| 18,272,802 | |||||
| Louisiana 0.6% | |||||
| Louisiana Pub. Facs. Auth. Rev., | |||||
| Elementus Minerals LLC Proj. (Mandatory put date 11/01/25), 144A | 5.000(cc) | 10/01/43 | 2,500 | 2,539,550 | |
| Franciscan Mis., Rfdg. (Pre-refunded date 07/01/25)(ee) | 5.000 | 07/01/39 | 10 | 10,313 | |
| Franciscan Mis., Unrefunded, Rfdg. | 5.000 | 07/01/39 | 1,990 | 2,008,827 | |
| Louisiana St. Hwy. Impt. Rev., Series A (Pre-refunded date 06/15/24)(ee) | 5.000 | 06/15/34 | 1,250 | 1,262,677 | |
| 5,821,367 | |||||
10
PGIM National Muni Fund
Schedule of Investments as of November 30, 2023 (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 | $1,262,980 | |
| Maine Hlth., Series A | 5.000 | 07/01/28 | 1,140 | 1,215,315 | |
| 2,478,295 | |||||
| Massachusetts 0.6% | |||||
| Comnwlth. Massachusetts Trans. Fd. Rev., Rail Enhancement Prog., Series B | 5.000 | 06/01/49 | 3,000 | 3,239,646 | |
| Massachusetts Dev. Fin. Agcy. Rev., Beth Israel Lahey Hlth., Series M(hh) | 5.000 | 07/01/32 | 2,500 | 2,806,460 | |
| Massachusetts St. Port Auth. Rev., Series A, Rfdg., AMT | 5.000 | 07/01/27 | 320 | 336,860 | |
| 6,382,966 | |||||
| Michigan 2.4% | |||||
| Michigan Fin. Auth. Rev., | |||||
| Beaumont-Spectrum Consolidation, Series A, Rfdg. | 5.000 | 04/15/29 | 1,000 | 1,096,454 | |
| Local Govt. Loan Prog., Series F1, Rfdg. | 4.000 | 10/01/24 | 1,250 | 1,246,016 | |
| Sr. Series A, Class 1, Rfdg. | 5.000 | 06/01/30 | 2,000 | 2,189,657 | |
| Sr. Series A, Class 1, Rfdg. | 5.000 | 06/01/32 | 3,750 | 4,110,460 | |
| Sr. Series B-1, Class 2, Rfdg. | 5.000 | 06/01/49 | 3,500 | 3,617,722 | |
| Michigan St. Trunk Line Rev., Rebuilding MI Prog. | 5.250 | 11/15/49 | 2,000 | 2,224,633 | |
| Michigan St. Univ. Rev., | |||||
| Series A, Rfdg. | 5.000 | 02/15/24 | 3,500 | 3,513,365 | |
| Series A, Rfdg. | 5.000 | 02/15/32 | 1,500 | 1,739,616 | |
| Series A, Rfdg. | 5.000 | 08/15/39 | 2,000 | 2,256,497 | |
| Wayne Cnty. Arpt. Auth. Rev., Det. Met. Arpt., Series D, Rfdg., AMT | 5.000 | 12/01/28 | 1,500 | 1,500,000 | |
| 23,494,420 | |||||
| Minnesota 0.6% | |||||
| Dakota Cnty. Cmnty. Dev. Agcy. Rev., Ree Aster House Apts. Proj. Rmkt. | 4.125 | 06/01/24 | 1,890 | 1,890,218 | |
| Minneapolis Rev., Allina Hlth. Sys., Series B (Mandatory put date 11/15/30) | 5.000(cc) | 11/15/53 | 1,000 | 1,085,787 | |
| Minneapolis St. Paul Metropolitan Arpt. Commn. Rev., Sub. Series B, Rfdg., AMT | 5.000 | 01/01/33 | 2,325 | 2,530,603 | |
| 5,506,608 | |||||
11
PGIM National Muni Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Mississippi 0.1% | |||||
| Mississippi Bus. Fin. Corp. Rev., Poll. Ctrl., Rfdg. | 3.200 % | 09/01/28 | 500 | $486,753 | |
| Missouri 0.6% | |||||
| Missouri St. Hlth. & Edl. Facs. Auth. Rev., | |||||
| BJC Hlth. Sys. | 5.000 | 01/01/44 | 3,500 | 3,503,143 | |
| BJC Hlth. Sys., Series A | 5.000 | 05/01/30 | 2,000 | 2,250,042 | |
| 5,753,185 | |||||
| Nebraska 0.9% | |||||
| Central Plns. Energy. Proj. Rev., | |||||
| Proj. No. 4 (Mandatory put date 01/01/24) | 5.000(cc) | 03/01/50 | 4,445 | 4,453,185 | |
| Proj. No. 4, Series A, Rfdg., (Mandatory put date 11/01/29) | 5.000(cc) | 05/01/54 | 3,000 | 3,123,364 | |
| 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 | 1,299,754 | |
| 8,876,303 | |||||
| New Hampshire 0.2% | |||||
| New Hampshire Bus. Fin. Auth. Rev., Univ. of Nevada Reno Proj., Series A, BAM | 5.250 | 06/01/51 | 1,820 | 1,931,685 | |
| New Jersey 5.7% | |||||
| 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 | 1,080,245 | |
| NJ American Wtr. Co., Inc. Proj., Series D, Rfdg., AMT (Mandatory put date 12/01/27) | 1.100(cc) | 11/01/29 | 625 | 538,244 | |
| Sch. Facs. Construction | 5.000 | 06/15/29 | 1,500 | 1,647,619 | |
| Sch. Facs. Construction, Series PP, Rfdg. | 5.000 | 06/15/26 | 2,100 | 2,121,182 | |
| New Jersey Healthcare Facs. Fing. Auth. Rev., | |||||
| Hackensack Meridian Hlth., Series A, Rfdg. | 5.000 | 07/01/39 | 1,500 | 1,556,657 | |
| RWJ Barnabas Hlth. Oblig. Grp., Series A, Rfdg. | 5.000 | 07/01/33 | 1,015 | 1,064,157 | |
| RWJ Univ. Hosp., Series A | 5.500 | 07/01/43 | 1,000 | 1,001,249 | |
| New Jersey Higher Ed. Student Assistance Auth. Rev., | |||||
| Sr. Series A, Rfdg. | 5.000 | 12/01/25 | 550 | 563,370 | |
| Sr. Series A, Rfdg. | 5.000 | 12/01/26 | 700 | 726,834 | |
| New Jersey Hlthcare. Facs. Fing. Auth. Rev., RWJ Barnabas Hlth. Oblig. Grp., Series A, Rfdg. | 5.000 | 07/01/43 | 1,585 | 1,605,564 | |
12
PGIM National Muni Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| New Jersey (cont’d.) | |||||
| New Jersey St., Covid-19 Gov. Emergency Bonds, Series A, GO | 5.000 % | 06/01/28 | 3,205 | $3,489,223 | |
| New Jersey Tpke. Auth. Rev., | |||||
| Series A | 5.000 | 01/01/28 | 1,505 | 1,521,444 | |
| Series A | 5.000 | 01/01/48 | 2,155 | 2,252,478 | |
| Series A, Rfdg. | 5.000 | 01/01/35 | 1,000 | 1,040,034 | |
| Series B | 5.250 | 01/01/52 | 2,000 | 2,187,867 | |
| Series E, Rfdg. | 5.000 | 01/01/32 | 4,110 | 4,439,262 | |
| New Jersey Trans. Tr. Fd. Auth. Rev., | |||||
| Series AA, Rfdg. | 5.000 | 06/15/27 | 1,200 | 1,277,401 | |
| Trans. Prog. Notes, Rmkt., Series BB-1 | 5.000 | 06/15/33 | 1,300 | 1,408,353 | |
| Trans. Sys., Series A, Rfdg. | 5.000 | 12/15/28 | 4,085 | 4,460,529 | |
| Trans. Sys., Series A, Rfdg. | 5.000 | 12/15/36 | 1,250 | 1,333,218 | |
| Trans. Sys., Series A, Rfdg. | 5.250 | 06/15/41 | 2,000 | 2,222,423 | |
| Trans. Sys., Series A, Rfdg. | 5.500 | 12/15/23 | 4,020 | 4,022,440 | |
| Trans. Sys., Series D, Rfdg. | 5.000 | 12/15/24 | 2,555 | 2,603,004 | |
| Tob. Settlement Fing. Corp. Rev., | |||||
| Series A, Rfdg. | 5.000 | 06/01/25 | 2,345 | 2,397,240 | |
| Series A, Rfdg. | 5.000 | 06/01/26 | 2,300 | 2,383,654 | |
| Series A, Rfdg. | 5.000 | 06/01/27 | 530 | 556,554 | |
| Series A, Rfdg. | 5.000 | 06/01/29 | 3,030 | 3,217,749 | |
| Series A, Rfdg. | 5.000 | 06/01/31 | 1,650 | 1,744,537 | |
| Series A, Rfdg. | 5.000 | 06/01/37 | 2,000 | 2,070,626 | |
| 56,533,157 | |||||
| New Mexico 0.4% | |||||
| Farmington Rev., | |||||
| 4 Corners Proj., Rmkt., Rfdg. | 1.800 | 04/01/29 | 1,500 | 1,274,809 | |
| Pub. Svcs. Co. of San Juan, Series C, Rfdg. (Mandatory put date 06/01/24) | 1.150(cc) | 06/01/40 | 3,000 | 2,950,272 | |
| 4,225,081 | |||||
| New York 7.3% | |||||
| Long Island Pwr. Auth. Rev., | |||||
| Notes | 1.000 | 09/01/25 | 4,100 | 3,896,889 | |
| Series B, Rfdg. (Mandatory put date 09/01/26) | 1.500(cc) | 09/01/51 | 3,000 | 2,815,366 | |
| Series F, Rfdg. | 5.000 | 09/01/33 | 3,125 | 3,720,619 | |
| Nassau Cnty. Local Econ. Assistance Corp. Rev., Roosevelt Children Academy Chart. Sch. Proj., Series A | 5.000 | 07/01/55 | 1,000 | 979,956 | |
13
PGIM National Muni Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| New York (cont’d.) | |||||
| New York, | |||||
| Fiscal 2015, Rmkt., Sub-Series F-4, GO (Mandatory put date 12/01/25) | 5.000 %(cc) | 06/01/44 | 2,000 | $2,056,784 | |
| Fiscal 2024, Series A, GO | 5.000 | 08/01/33 | 1,450 | 1,715,999 | |
| Fiscal 2024, Series A, GO | 5.000 | 08/01/51 | 2,000 | 2,147,990 | |
| Sub. Series F-1, GO, Rfdg. | 5.000 | 08/01/28 | 2,000 | 2,202,411 | |
| New York City Muni. Wtr. Fin. Auth. Rev., | |||||
| 2nd Gen Resolution, Sub-Series CC-1, Rfdg. | 5.250 | 06/15/37 | 1,000 | 1,071,350 | |
| Sub. Series CC-2 | 5.000 | 06/15/28 | 2,330 | 2,487,969 | |
| New York City Trans. Fin. Auth. Future Tax Sec’d. Rev., | |||||
| Future Tax Sec., Sub. Series D-1 | 5.500 | 11/01/45 | 1,560 | 1,773,533 | |
| Future Tax Sec’d., Sub. Fiscal 2015, Series E-1 | 5.000 | 02/01/41 | 3,300 | 3,346,580 | |
| Sub. Series A-2 | 5.000 | 08/01/38 | 2,000 | 2,112,515 | |
| New York City Trans. Fin. Auth. Rev., Multi-Modal Bonds, Sub. Series B | 5.500 | 05/01/47 | 3,500 | 4,011,203 | |
| New York Liberty Dev. Corp. Rev., Series 1WTC, Rfdg. | 4.000 | 02/15/43 | 2,500 | 2,429,170 | |
| New York St. Dorm. Auth. Rev., | |||||
| Mem. Sloan Kettering, Series 1, Rfdg. | 5.000 | 07/01/42 | 1,000 | 1,037,831 | |
| Series A | 4.000 | 07/01/50 | 3,000 | 2,781,969 | |
| Series A, Rfdg. | 5.000 | 03/15/33 | 2,000 | 2,363,365 | |
| Series A, Rfdg. | 5.250 | 03/15/37 | 1,000 | 1,086,269 | |
| 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 | 2,384,605 | |
| St. Personal Income Tax Gen. Purp., Series A, Bidding Grp. 2 | 5.000 | 03/15/43 | 3,090 | 3,259,934 | |
| New York State Thruway Auth. Rev., Green Bonds, Bidding Grp. 1, Series C | 5.000 | 03/15/55 | 3,000 | 3,206,020 | |
| New York Trans. Dev. Corp. Rev., | |||||
| JFK Int’l. Arpt. Proj. Terminal 4, Series A, Rfdg., AMT | 5.000 | 12/01/25 | 800 | 815,982 | |
| Laguardia Arpt., Term. B Redev., Series A, AMT | 5.000 | 07/01/46 | 1,000 | 995,345 | |
| Laguardia Arpt., Term. C&D Redev., Proj., AMT | 6.000 | 04/01/35 | 1,250 | 1,348,866 | |
| Sustainable Bond, JFK Int’l. Arpt. Terminal One Proj., AGM(hh) | 5.500 | 06/30/43 | 2,000 | 2,109,900 | |
| Port Auth. of NY & NJ Rev., | |||||
| Series 223, Rfdg., AMT | 5.000 | 07/15/28 | 1,500 | 1,595,901 | |
| Series 226, Rfdg., AMT | 5.000 | 10/15/27 | 975 | 1,025,467 | |
| Rockland Cnty. Indl. Dev. Agcy. Rev., Rockland Gardens Proj. (Mandatory put date 05/01/25) | 4.650(cc) | 05/01/27 | 1,200 | 1,206,034 | |
14
PGIM National Muni Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| New York (cont’d.) | |||||
| Triborough Bridge & Tunnel Auth. Rev., Series A-2, Rfdg. (Mandatory put date 05/15/28) | 2.000 %(cc) | 05/15/45 | 2,000 | $1,885,081 | |
| TSASC, Inc. Rev., Series A, Rfdg. | 5.000 | 06/01/41 | 2,405 | 2,417,280 | |
| Utility Debt Secur. Auth. Rev., | |||||
| Restructuring Bonds, Series TE-1, Rfdg. | 5.000 | 06/15/28 | 3,000 | 3,167,142 | |
| TE, Series 1, Rfdg.(hh) | 5.000 | 06/15/31 | 3,000 | 3,357,716 | |
| 72,813,041 | |||||
| North Carolina 0.7% | |||||
| Charlotte Arpt. Rev., Series B, Rfdg. AMT | 5.000 | 07/01/30 | 1,125 | 1,221,145 | |
| 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 | 1,192,227 | |
| North Carolina Tpke. Auth. Rev., BANS, ETM(ee) | 5.000 | 02/01/24 | 4,500 | 4,512,637 | |
| 6,926,009 | |||||
| North Dakota 0.1% | |||||
| Cass Cnty. Joint Wtr. Resource Dist., Series A, GO | 0.480 | 05/01/24 | 1,000 | 984,415 | |
| Ohio 3.3% | |||||
| Akron Bath Copley Joint Township Hosp. Dist. Rev., Summa Hlth. Oblig. Grp. Hosp. Facs., Rfdg. | 5.000 | 11/15/28 | 460 | 484,949 | |
| Allen Cnty. Hosp. Facs. Rev., Bon Secours Mercy Hlth., Rfdg. | 5.000 | 12/01/30 | 1,100 | 1,221,857 | |
| Buckeye Tob. Settlement Fing. Auth. Rev., | |||||
| Sr. Series A-2, Class 1, Rfdg. | 5.000 | 06/01/28 | 8,005 | 8,539,474 | |
| Sr. Series A-2, Class 1, Rfdg. | 5.000 | 06/01/33 | 3,480 | 3,781,275 | |
| Franklin Cnty. Hosp. Facs. Rev., Ohio Hlth. Corp., Series A | 4.000 | 05/15/47 | 4,960 | 4,692,851 | |
| Lancaster Port Auth. Rev., Series A, Rfdg. (Mandatory put date 02/01/25) | 5.000(cc) | 08/01/49 | 1,345 | 1,358,506 | |
| 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 | 434,391 | |
| American Elec. Pwr. Co. Proj., Series C, Rfdg., AMT (Mandatory put date 10/01/24) | 2.100(cc) | 12/01/27 | 1,500 | 1,458,085 | |
15
PGIM National Muni Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Ohio (cont’d.) | |||||
| Ohio Air Quality Dev. Auth. Rev., (cont’d.) | |||||
| Ohio Vlly. Elec. Corp. Proj., Rmkt., Series B (Mandatory put date 11/01/24) | 1.375 %(cc) | 02/01/26 | 750 | $720,233 | |
| Ohio St., Common Sch. Series C, GO, Rfdg. | 5.000 | 03/15/27 | 1,000 | 1,071,930 | |
| Ohio St. Rev., Cleveland Clnc. Hlth. Sys., Series A, Rfdg. | 5.000 | 01/01/28 | 2,890 | 3,129,950 | |
| Ohio St. Univ. Rev., Multiyear Debt Issuance Prog. II, Series C | 5.250 | 12/01/46 | 3,500 | 3,926,604 | |
| Ohio Wtr. Dev. Auth. Wtr. Pollution Control Loan Fd. Rev., Sustainable Bonds, Series C(hh) | 5.000 | 12/01/33 | 2,000 | 2,389,371 | |
| 33,209,476 | |||||
| Oklahoma 0.5% | |||||
| Oklahoma Tpke. Auth. Rev., Series A | 5.000 | 01/01/42 | 3,000 | 3,069,254 | |
| Stillwater Util. Auth. Rev., Series A | 5.000 | 10/01/39 | 1,865 | 1,897,304 | |
| 4,966,558 | |||||
| Pennsylvania 5.5% | |||||
| Allegheny Cnty. Arpt. Auth. Rev., Series A, AMT | 5.000 | 01/01/27 | 2,000 | 2,077,202 | |
| Bucks Cnty. Indl. Dev. Auth. Rev., Grand View Hosp. Proj. | 5.000 | 07/01/25 | 350 | 346,586 | |
| Chester Cnty. Indl. Dev. Auth. Rev., Renaissance Academy Chart. Sch., Rfdg. | 5.000 | 10/01/34 | 1,500 | 1,505,293 | |
| Comnwlth. Fing. Auth. Rev., | |||||
| Tob. Mstr. Settlement Payment Bonds | 5.000 | 06/01/25 | 2,825 | 2,891,889 | |
| Tob. Mstr. Settlement Payment Bonds | 5.000 | 06/01/28 | 2,280 | 2,440,588 | |
| Tob. Mstr. Settlement Payment Bonds | 5.000 | 06/01/34 | 1,170 | 1,243,467 | |
| Delaware Vlly. Regl. Fin. Auth. Rev., Series A, AMBAC | 5.500 | 08/01/28 | 2,015 | 2,219,767 | |
| Geisinger Auth. Rev., Geisinger Hlth. Sys. Oblig. Grp., Rfdg. (Mandatory put date 02/15/27) | 5.000(cc) | 04/01/43 | 1,100 | 1,140,094 | |
| 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 | 3,028,166 | |
| Lehigh Cnty. Gen. Purp. Auth. Rev., Lehigh Vlly. Academy Regl. Chart. Sch. | 4.000 | 06/01/57 | 1,445 | 1,176,635 | |
16
PGIM National Muni Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Pennsylvania (cont’d.) | |||||
| Luzerne Cnty. Indl. Dev. Auth. Rev., Pennsylvania American, Rfdg., AMT (Mandatory put date 12/03/29) | 2.450 %(cc) | 12/01/39 | 1,250 | $1,150,851 | |
| Pennsylvania Econ. Dev. Fing. Auth. Rev., | |||||
| The Penndot Major Bridges Package One Proj., P3 Proj., AGM, AMT | 5.500 | 06/30/42 | 3,025 | 3,263,865 | |
| Wste. Mgmt., Inc. Proj., Series B, Rfdg., AMT (Mandatory put date 11/02/26) | 1.100(cc) | 06/01/31 | 1,250 | 1,149,964 | |
| Pennsylvania St. Univ. Rev., | |||||
| Series A | 5.000 | 09/01/41 | 2,400 | 2,490,407 | |
| Univ. & Clg. Imps. | 5.250 | 09/01/53 | 1,500 | 1,650,588 | |
| Pennsylvania Tpke. Commn. Rev., | |||||
| Series A | 5.000 | 12/01/38 | 1,000 | 1,016,803 | |
| Series A | 5.000 | 12/01/49 | 3,150 | 3,301,144 | |
| Series A-1, Rfdg. | 5.000 | 12/01/40 | 1,635 | 1,647,065 | |
| Series A-1, Rfdg. | 5.000 | 12/01/45 | 7,305 | 7,339,054 | |
| Series A-2, Rfdg. | 5.000 | 12/01/28 | 870 | 940,563 | |
| Sub. Series A-1 | 5.000 | 12/01/25 | 1,425 | 1,480,190 | |
| Sub. Series B, Rfdg. | 5.000 | 06/01/29 | 1,985 | 2,084,413 | |
| Sub. Series B-1 | 5.250 | 06/01/47 | 2,000 | 2,074,671 | |
| Philadelphia Auth. for Indl. Dev. Rev., Children’s Hosp. Proj., Rfdg. | 4.000 | 07/01/37 | 1,075 | 1,094,839 | |
| Philadelphia Gas Wks. Co. Rev., | |||||
| 16th Series A, AGM | 5.000 | 08/01/28 | 625 | 677,478 | |
| 16th Series A, AGM | 5.000 | 08/01/29 | 1,000 | 1,099,483 | |
| Univ. of Pittsburgh Comnwlth. Sys. of Higher Ed. Rev., | |||||
| Rfdg. | 4.000 | 04/15/26 | 2,395 | 2,443,082 | |
| Univ. Capital Proj. Bonds, Series A | 5.000 | 02/15/34 | 1,500 | 1,798,786 | |
| 54,772,933 | |||||
| Puerto Rico 2.0% | |||||
| Puerto Rico Comnwlth., Restructured, Series A, GO, CABS | 3.873(t) | 07/01/24 | 5,934 | 5,802,633 | |
| Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev., | |||||
| Restructured, Series A-1 | 4.500 | 07/01/34 | 848 | 844,833 | |
| Restructured, Series A-1 | 4.750 | 07/01/53 | 4,413 | 4,190,314 | |
| Restructured, Series A-1, CABS | 4.104(t) | 07/01/33 | 1,890 | 1,280,305 | |
| Series A-1, CABS | 3.431(t) | 07/01/24 | 2,806 | 2,750,691 | |
| Series A-1, CABS | 3.924(t) | 07/01/27 | 6,342 | 5,517,042 | |
| 20,385,818 | |||||
17
PGIM National Muni Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Rhode Island 0.9% | |||||
| Rhode Island Hlth. & Edl. Bldg. Corp. Higher Ed. Facs. Rev., Clg. & Univ. Rev. | 5.250 % | 08/15/43 | 3,965 | $4,202,609 | |
| Tob. Settlement Fing. Corp. Rev., | |||||
| Series A, Rfdg. | 5.000 | 06/01/24 | 680 | 684,850 | |
| Series A, Rfdg. | 5.000 | 06/01/40 | 4,350 | 4,379,166 | |
| 9,266,625 | |||||
| South Carolina 1.5% | |||||
| Patriots Energy Grp. Fing. Agcy. Rev., | |||||
| Series A-1 (Mandatory put date 08/01/31) | 5.250(cc) | 10/01/54 | 2,500 | 2,653,661 | |
| Series B-1, Rfdg. (Mandatory put date 03/01/31) | 5.250(cc) | 02/01/54 | 2,250 | 2,386,272 | |
| South Carolina Ports Auth. Rev., AMT | 4.000 | 07/01/45 | 1,000 | 918,032 | |
| 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 | 3,000,000 | |
| Series A, Rfdg. | 5.000 | 12/01/29 | 1,300 | 1,325,787 | |
| Series A, Rfdg. | 5.000 | 12/01/32 | 4,595 | 4,983,320 | |
| 15,267,072 | |||||
| Tennessee 2.7% | |||||
| Memphis Shelby Cnty. Arpt. Auth. Rev., Series A, AMT | 5.000 | 07/01/25 | 830 | 845,791 | |
| Metropolitan Govt. Nashville & Davidson Cnty. Sports Auth. Rev., Stadium Proj., Sr. Lien, Series A, AGM | 5.250 | 07/01/56 | 4,000 | 4,311,780 | |
| Tennergy Corp. Rev., | |||||
| Gas Sply. Series A (Mandatory put date 12/01/30) | 5.500(cc) | 10/01/53 | 770 | 800,546 | |
| Series A (Mandatory put date 09/01/28) | 4.000(cc) | 12/01/51 | 5,930 | 5,837,477 | |
| Series A (Mandatory put date 10/01/24) | 5.000(cc) | 02/01/50 | 3,000 | 3,017,577 | |
| Tennessee Energy Acq. Corp. Gas Rev., | |||||
| Nat. Gas Utility Imps. (Mandatory put date 11/01/25) | 4.000(cc) | 11/01/49 | 9,750 | 9,686,577 | |
| Series A | 5.250 | 09/01/26 | 2,605 | 2,662,384 | |
| 27,162,132 | |||||
| Texas 8.6% | |||||
| Arlington Higher Edu. Fin. Corp. Rev., Trinity Basin Preparatory, Inc., PSFG | 5.000 | 08/15/48 | 1,000 | 1,060,353 | |
18
PGIM National Muni Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Texas (cont’d.) | |||||
| Arlington Hsg. Fin. Corp. Rev., 6900 Matlok Road (Mandatory put date 04/01/27) | 4.500 %(cc) | 04/01/41 | 2,500 | $2,545,831 | |
| Bexar Cnty. Hsg. Fin. Corp. Rev., Pavilion at Culebra Apts. (Mandatory put date 03/01/26) | 4.050(cc) | 03/01/28 | 2,500 | 2,525,268 | |
| Central Texas Regl. Mobility Auth. Rev., | |||||
| BANS, Sub. Series F | 5.000 | 01/01/25 | 2,000 | 2,015,707 | |
| Series C | 5.000 | 01/01/27 | 800 | 816,754 | |
| Sr. Lien, Series A (Pre-refunded date 07/01/25)(ee) | 5.000 | 01/01/40 | 1,395 | 1,437,717 | |
| Sr. Lien, Series A (Pre-refunded date 07/01/25)(ee) | 5.000 | 01/01/45 | 1,000 | 1,030,442 | |
| Sr. Lien, Series D, Rfdg. | 5.000 | 01/01/29 | 1,085 | 1,177,060 | |
| Clifton Higher Ed. Fin. Corp. Rev., | |||||
| Idea Pub. Sch. | 6.000 | 08/15/43 | 1,000 | 1,001,680 | |
| Idea Pub. Sch., Rfdg., PSFG | 5.000 | 08/15/39 | 1,000 | 1,009,919 | |
| Dallas Hotel Occupancy Tax Rev., Rfdg. | 4.000 | 08/15/28 | 1,010 | 1,025,357 | |
| Dallas Independent Sch. Dist., GO, Rfdg., PSFG | 5.000 | 02/15/48 | 3,000 | 3,226,340 | |
| Dallas-Fort Worth Int’l. Arpt. Rev., | |||||
| Series A, Rfdg. | 5.000 | 11/01/26 | 1,375 | 1,455,624 | |
| Series B, Rfdg. | 5.000 | 11/01/26 | 1,475 | 1,561,495 | |
| EP Tuscany Zaragosa PFC Rev., Home Essential Function Hsg. Prog. Tuscany Mesa Hills Proj.(hh) | 4.000 | 12/01/33 | 1,500 | 1,459,620 | |
| Galveston Wharves & Term. Rev., Wharves & Terminal, 1st Lien, AMT | 6.000 | 08/01/43 | 750 | 829,115 | |
| Harris Cnty. Cultrl. Ed. Facs. Fin. Corp. Rev., | |||||
| Med. Facs. Mtg., Baylor Clg. of Medicine, Series A, Rfdg. (Mandatory put date 07/01/24) | 4.447(cc) | 11/15/46 | 2,000 | 1,999,882 | |
| Mem. Hermann Hlth. Sys., Series C-3, Rfdg. (Mandatory put date 12/01/26) | 5.000(cc) | 06/01/32 | 2,380 | 2,479,513 | |
| Texas Children’s Hosp., Series B, Rfdg. (Mandatory put date 10/01/24) | 5.000(cc) | 10/01/41 | 1,285 | 1,303,619 | |
| Harris Cnty. Toll Road Auth. Rev., | |||||
| 1st Lien, Series A, Rfdg. | 5.000 | 08/15/29 | 1,710 | 1,915,853 | |
| Series A, Rfdg. | 5.000 | 08/15/35 | 2,000 | 2,332,573 | |
| Sr. Lien, Series A, Rfdg. | 5.000 | 08/15/43 | 5,040 | 5,249,586 | |
| Houston Arpt. Sys. Rev., Sub. Lien, Series A, Rfdg., AGM, AMT | 5.250 | 07/01/48 | 3,000 | 3,182,259 | |
| Houston Combined Util. Sys. Rev., Comb. 1st Lien, Series D, Rfdg. | 5.000 | 11/15/34 | 3,000 | 3,021,445 | |
19
PGIM National Muni Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Texas (cont’d.) | |||||
| Hutto Independent Sch. Dist., | |||||
| GO, PSFG | 5.000 % | 08/01/24 | 1,000 | $1,011,103 | |
| GO, PSFG | 5.000 | 08/01/48 | 1,000 | 1,082,775 | |
| Lakeside Place PFC Rev., Brookside Gardens Apartments (Mandatory put date 11/01/25) | 4.150(cc) | 11/01/26 | 3,500 | 3,547,213 | |
| Lamar Consolidated Independent Sch. Dist., Series A, GO, PSFG | 5.000 | 02/15/58 | 2,000 | 2,142,860 | |
| Lower Colorado River Auth. Rev., | |||||
| LCRA Transmn. Svcs. Corp. Proj., Rfdg. | 5.000 | 05/15/27 | 2,000 | 2,135,220 | |
| LCRA Transmn. Svcs. Corp. Proj., Series A, Rfdg. | 6.000 | 05/15/52 | 1,500 | 1,700,062 | |
| Series B, Rfdg., AGM | 5.000 | 05/15/28 | 1,130 | 1,229,154 | |
| North Texas Twy. Auth. Rev., | |||||
| 1st Tier Bonds, Series A, Rfdg. | 5.000 | 01/01/25 | 1,925 | 1,965,015 | |
| 1st Tier, Series A, Rfdg. | 5.000 | 01/01/28 | 1,180 | 1,229,413 | |
| 2nd Tier, Rfdg. | 5.000 | 01/01/48 | 1,250 | 1,287,782 | |
| 2nd Tier, Series B, Rfdg. | 5.000 | 01/01/27 | 1,640 | 1,742,963 | |
| 2nd Tier, Series B, Rfdg. | 5.000 | 01/01/28 | 1,495 | 1,619,444 | |
| Series A, Rfdg. | 5.000 | 01/01/30 | 1,765 | 1,842,526 | |
| Series B, Rfdg. | 5.000 | 01/01/45 | 2,000 | 2,022,335 | |
| Northwest Independent Sch. Dist., GO, PSFG | 5.000 | 02/15/48 | 1,500 | 1,609,116 | |
| Permanent Univ. Fd. Univ. of Texas Sys. Rev., Series A, Rfdg. | 5.000 | 07/01/40 | 3,000 | 3,367,251 | |
| 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 | 3,308,757 | |
| Texas Natural Gas Securitization Fin. Corp. Rev., Txbl. Customer Rate Relief Bonds, Tranche A-1 | 5.102 | 04/01/35 | 3,000 | 2,990,416 | |
| Texas Priv. Activity Bond Surface Trans. Corp. Rev., Bond Surface Trans. Corp., Sr. Lien, Rfdg. AMT | 5.500 | 06/30/40 | 1,900 | 2,026,707 | |
| Texas St., Mobility Fund, Series B, GO, Rfdg. | 5.000 | 10/01/36 | 1,870 | 1,914,772 | |
| 85,437,896 | |||||
| Utah 1.4% | |||||
| Intermountain Pwr. Agcy. Rev., Series A | 5.250 | 07/01/45 | 2,500 | 2,788,361 | |
| Salt Lake City Arpt. Rev., Series A, AMT | 5.500 | 07/01/53 | 875 | 943,557 | |
| Salt Lake City Corp. Arpt. Rev., | |||||
| Series A, AMT | 5.000 | 07/01/28 | 2,070 | 2,194,758 | |
20
PGIM National Muni Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Utah (cont’d.) | |||||
| Salt Lake City Corp. Arpt. Rev., (cont’d.) | |||||
| Series A, AMT | 5.250 % | 07/01/48 | 2,000 | $2,059,210 | |
| Utah Cnty. Rev., IHC Hlth. Svcs., Inc., Series A | 5.000 | 05/15/43 | 2,305 | 2,442,314 | |
| Utah Telecommunication Open Infrast. Agcy. Rev., Rfdg. | 5.500 | 06/01/40 | 3,485 | 3,929,697 | |
| 14,357,897 | |||||
| Virginia 0.2% | |||||
| Virginia Small Bus. Fing. Auth. Rev., Sr. Lien Elizabeth River Crossing Opco, LLC Proj. Rfdg. | 4.000 | 01/01/30 | 1,750 | 1,717,524 | |
| 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 | 739,935 | |
| 2,457,459 | |||||
| Washington 2.1% | |||||
| King Cnty., Series A, GO | 5.000 | 01/01/28 | 1,000 | 1,090,740 | |
| Port of Seattle Rev., | |||||
| Intermediate Lien Priv. Activ., Series C, Rfdg., AMT | 5.000 | 08/01/46 | 3,975 | 4,094,545 | |
| Series A, AMT | 5.000 | 05/01/43 | 1,675 | 1,688,678 | |
| Washington Econ. Dev. Fin. Auth. Rev., Green Bond, Mura Cascade ELP LLC Proj. Rfdg., AMT (Mandatory put date 12/08/23), 144A | 3.900(cc) | 12/01/42 | 2,000 | 2,000,079 | |
| Washington Healthcare Facs. Auth. Rev., Multicare Hlth. Sys., Series B, Rfdg. | 5.000 | 08/15/26 | 670 | 681,594 | |
| Washington Hlthcare. Facs. Auth. Rev., Overlake Hosp. Med. Ctr., Rfdg. | 5.000 | 07/01/38 | 2,690 | 2,687,483 | |
| Washington St., | |||||
| Series 2020A, GO | 5.000 | 08/01/42 | 3,000 | 3,223,166 | |
| Var. Purp., Series A, GO | 5.000 | 08/01/42 | 2,000 | 2,124,692 | |
| Washington St. Hsg. Fin. Commn. Rev., Sustainable Cert., Series 2023-1, Class X | 1.492(cc) | 04/20/37 | 32,801 | 3,595,858 | |
| 21,186,835 | |||||
| West Virginia 0.2% | |||||
| West Virginia Parkways Auth. Rev., Sr. Turnpike Toll Rev. | 5.000 | 06/01/39 | 1,750 | 1,846,699 | |
21
PGIM National Muni Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Wisconsin 0.6% | |||||
| 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 | $1,518,112 | |
| Wisconsin Dept. of Trans. Rev., Series 1, Rfdg.(hh) | 5.000 | 07/01/29 | 3,000 | 3,254,414 | |
| Wisconsin Hlth. & Edl. Facs. Auth. Rev., Ascension Hlth. Alliance, Rmkt., Series B-1, Rfdg. | 4.000 | 11/15/43 | 1,000 | 984,345 | |
| 5,756,871 | |||||
| Total Municipal Bonds (cost $950,117,593) | 940,420,415 | ||||
| Shares | |||||||
| Unaffiliated Exchange-Traded Fund 2.0% | |||||||
| iShares National Muni Bond ETF (cost $19,660,713) | 187,690 | 19,992,739 | |||||
| Total Long-Term Investments (cost $969,778,306) | 960,413,154 | ||||||
| Short-Term Investment 4.2% | |||||||
| Affiliated Mutual Fund | |||||||
| PGIM Core Ultra Short Bond Fund (cost $42,218,221)(wb) | 42,218,221 | 42,218,221 | |||||
| TOTAL INVESTMENTS 100.6% (cost $1,011,996,527) | 1,002,631,375 | ||||||
| Liabilities in excess of other assets(z) (0.6)% | (6,383,813) | ||||||
| Net Assets 100.0% | $996,247,562 | ||||||
| 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 | |
| CA—Credit Agricole Securities Inc. | |
| CABS—Capital Appreciation Bonds | |
| CDD—Community Development District |
22
PGIM National Muni Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
| 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 November 30, 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 November 30, 2023. |
| (wb) | Represents an investment in a Fund affiliated with the Manager. |
| (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 November 30, 2023: | ||||||||
| Number of Contracts | Type | Expiration Date | Current Notional Amount | Value / Unrealized Appreciation (Depreciation) | ||||
| Short Positions: | ||||||||
| 33 | 5 Year U.S. Treasury Notes | Mar. 2024 | $3,526,101 | $(22,722) | ||||
| 135 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2024 | 16,605,000 | (220,636) | ||||
| $(243,358) | ||||||||
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).
23