PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Long-Term Investments 100.4% | |||||
Municipal Bonds 98.5% | |||||
Alabama 3.0% | |||||
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 | $7,785,877 | |
Gas Proj. No. 8, Series A (Mandatory put date 12/01/29) | 4.000(cc) | 12/01/52 | 2,895 | 2,787,133 | |
Gas Proj., Series E (Mandatory put date 06/01/28) | 5.000(cc) | 05/01/53 | 5,000 | 5,186,622 | |
Rfdg. (Mandatory put date 12/01/31) | 4.000(cc) | 06/01/51 | 4,285 | 4,231,576 | |
Series D1, Rfdg. (Mandatory put date 06/01/27) | 4.000(cc) | 07/01/52 | 1,000 | 999,610 | |
Jefferson Cnty. Swr. Rev., Warrants, Rfdg. | 5.250 | 10/01/41 | 1,500 | 1,637,581 | |
Mobile Indl. Dev. Brd. Rev., Alabama Pwr. Co. Barry, Rmkt. (Mandatory put date 06/26/25) | 1.000(cc) | 06/01/34 | 1,000 | 966,455 | |
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 | 1,554,165 | |
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 | 1,365,000 | |
Proj. No. 2, Series B, Rfdg. (Mandatory put date 05/01/32) | 5.000(cc) | 06/01/49 | 2,000 | 2,099,500 | |
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 | 2,626,569 | |
31,240,088 | |||||
Alaska 0.9% | |||||
Alaska Indl. Dev. & Export Auth. Rev., | |||||
Tanana Chiefs Conference Proj., Series A | 4.000 | 10/01/49 | 3,000 | 2,592,577 | |
Tanana Chiefs Conference Proj., Series A | 5.000 | 10/01/26 | 2,385 | 2,429,097 | |
Tanana Chiefs Conference Proj., Series A | 5.000 | 10/01/31 | 1,555 | 1,621,796 | |
Alaska Muni. Bond Bank Auth. Rev., Rfdg. | 5.000 | 12/01/26 | 1,350 | 1,389,627 | |
Northern Tob. Secur. Corp. Rev., Sr. Series A, Class 1, Rfdg. | 5.000 | 06/01/29 | 1,000 | 1,055,742 | |
9,088,839 | |||||
Arizona 3.6% | |||||
Arizona Hlth. Facs. Auth. Rev., Banner Hlth., Series B (Mandatory put date 06/01/24) | 4.520(cc) | 01/01/37 | 2,280 | 2,195,343 |
1
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (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., Series A | 5.000 % | 02/01/29 | 650 | $692,428 | |
Phoenix Children’s Hosp., Series A | 5.000 | 02/01/30 | 300 | 323,071 | |
Sustainable Bonds, Equitable Sch. Revolving Fd., Series A | 5.250 | 11/01/48 | 3,000 | 3,168,200 | |
Sustainable Bonds, Equitable Sch. Revolving Fd., Series A | 5.250 | 11/01/53 | 1,750 | 1,831,840 | |
Chandler Indl. Dev. Auth. Rev., | |||||
Intel Corp. Proj. Rmkt. AMT (Mandatory put date 06/01/29)(hh) | 4.000(cc) | 06/01/49 | 3,750 | 3,724,822 | |
Intel Corp., AMT (Mandatory put date 06/03/24) | 5.000(cc) | 06/01/49 | 1,035 | 1,035,000 | |
Maricopa Cnty. Indl. Dev. Auth. Rev., Banner Hlth., Series A | 5.000 | 01/01/41 | 1,140 | 1,179,068 | |
Maricopa Cnty. Spl. Healthcare Dist., Series D, GO | 5.000 | 07/01/28 | 850 | 902,339 | |
Phoenix Civic Impvt. Corp. Rev., | |||||
Jr. Lien, Series B, AMT | 5.000 | 07/01/29 | 2,000 | 2,085,144 | |
Jr. Lien, Series B, AMT | 5.000 | 07/01/49 | 1,630 | 1,658,268 | |
Series A, AMT | 5.000 | 07/01/47 | 2,000 | 2,023,563 | |
Sr. Lien, AMT | 5.000 | 07/01/48 | 2,000 | 2,035,903 | |
Pima Cnty. Ind. Dev. Auth. Rev., AZ Chart. Schs. Proj., Series R, Rfdg. | 4.000 | 07/01/26 | 2,685 | 2,648,630 | |
Salt River Proj. Agric. Impvt. & Pwr. Dist. Elec. Sys. Rev., | |||||
Salt River Proj., Series A | 5.000 | 01/01/47 | 1,925 | 2,062,646 | |
Salt River Proj., Series B | 5.250 | 01/01/53 | 4,000 | 4,361,504 | |
Salt Verde Finl. Corp. Rev., | |||||
Sr. Gas Rev., Sr. Bonds | 5.000 | 12/01/32 | 2,685 | 2,792,273 | |
Sr. Gas Rev., Sr. Bonds | 5.250 | 12/01/26 | 2,180 | 2,242,631 | |
36,962,673 | |||||
Arkansas 0.3% | |||||
Fayetteville Sales & Use Tax Rev., Sales & Use Tax | 2.875 | 11/01/32 | 3,000 | 2,947,509 | |
California 3.4% | |||||
Anaheim Pub. Fing. Auth. Lease Rev., Sr. Pub. Impvts. Proj., Series A, AGM | 6.000 | 09/01/24 | 1,395 | 1,402,353 | |
California Hlth. Facs. Fing. Auth. Rev., | |||||
Initial Entrance Fees, Series A | 3.850 | 11/15/27 | 1,000 | 988,899 | |
Stanford Healthcare, Series A | 5.000 | 08/15/54 | 1,000 | 1,006,407 | |
2
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
California (cont’d.) | |||||
California Muni. Fin. Auth. Rev., CHF-Davis I, LLC, West Vlg. Student Hsg. Proj., BAM, TCRs | 5.000 % | 05/15/29 | 1,000 | $1,048,346 | |
California St., | |||||
GO | 5.000 | 03/01/45 | 3,000 | 3,019,464 | |
GO, Rfdg. | 4.000 | 09/01/34 | 3,000 | 3,206,846 | |
Freddie Mac Multifamily Cert. Rev., | |||||
FRETE 2023, Series 2023 ML-18, Class X-CA | 1.441(cc) | 09/25/37 | 29,624 | 3,058,635 | |
Frete 2024 ML22, Class AUS | 4.683(cc) | 10/25/40 | 2,500 | 2,557,421 | |
Long Beach Bond Fin. Auth. Nat. Gas Pur. Rev., | |||||
Series A | 5.000 | 11/15/35 | 1,300 | 1,366,929 | |
Series A | 5.500 | 11/15/37 | 1,000 | 1,123,916 | |
Los Angeles Calif. Dept. Arpts. Rev., | |||||
Sr. Series C, AMT | 5.000 | 05/15/28 | 1,075 | 1,122,180 | |
Sub. Los Angls. Int’l., Series A, AMT | 5.250 | 05/15/48 | 1,000 | 1,028,558 | |
Los Angeles California Dept. Arpts. Rev., Sub., Pvt. Activity, Series A, Rfdg., AMT | 5.000 | 05/15/46 | 4,170 | 4,344,735 | |
Los Angeles Unif. Sch. Dist., Series A, GO, Rfdg. | 5.000 | 07/01/34 | 1,500 | 1,735,775 | |
M-S-R Energy Auth. Rev., Series A | 6.500 | 11/01/39 | 2,000 | 2,487,199 | |
Pittsburg Redev. Agcy., Los Medanos Cmnty. Dev. Proj., Tax Alloc., AMBAC, CABS | 3.580(t) | 08/01/25 | 2,000 | 1,918,712 | |
San Francisco City & Cnty. Arpt. Commn. Rev., San Francisco Int. Aprt., 2nd Series A, Rfdg., AMT(hh) | 5.250 | 05/01/41 | 2,500 | 2,696,654 | |
Walnut Energy Ctr. Auth. Rev., Rfdg. | 5.000 | 01/01/34 | 800 | 800,506 | |
34,913,535 | |||||
Colorado 5.3% | |||||
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 | 3,219,180 | |
Commonspirit Hlth., Series A, Rfdg. | 5.000 | 08/01/27 | 1,725 | 1,787,090 | |
Commonspirit Hlth., Series A-1, Rfdg. | 5.000 | 08/01/32 | 2,250 | 2,404,971 | |
Commonspirit Hlth., Series B-1, Rfdg. (Mandatory put date 08/01/25) | 5.000(cc) | 08/01/49 | 2,605 | 2,621,795 | |
Intermountain Healthcare, Series B, Rfdg. (Mandatory put date 08/17/26) | 5.000(cc) | 05/15/62 | 6,900 | 7,088,698 | |
Intermountain Healthcare, Series C, Rfdg. (Mandatory put date 08/15/28) | 5.000(cc) | 05/15/62 | 3,100 | 3,251,630 |
3
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Colorado (cont’d.) | |||||
Colorado Hlth. Facs. Auth. Rev., (cont’d.) | |||||
SCL Hlth. Sys., Series B, Rfdg. | 4.000 % | 01/01/40 | 3,060 | $3,046,941 | |
Colorado Springs Co. Util. Sys. Rev., Series A-4 | 5.000 | 11/15/43 | 3,080 | 3,222,092 | |
Colorado St., COP | 6.000 | 12/15/39 | 4,000 | 4,652,190 | |
Denver City & Cnty. Arpt. Sys. Rev., | |||||
Series A, Rfdg., AMT | 5.000 | 11/15/27 | 1,055 | 1,093,984 | |
Series A, Rfdg., AMT | 5.000 | 11/15/29 | 3,000 | 3,155,854 | |
Series A, Rfdg., AMT | 5.500 | 11/15/38 | 1,875 | 2,075,481 | |
Series A, Rfdg., AMT | 5.500 | 11/15/42 | 1,875 | 2,046,688 | |
Series D, Rfdg., AMT | 5.750 | 11/15/35 | 1,000 | 1,124,946 | |
Sub. Series B, Rfdg., AMT | 5.500 | 11/15/41 | 1,000 | 1,103,936 | |
Sub. Series B, Rfdg., AMT | 5.500 | 11/15/42 | 1,000 | 1,098,748 | |
Sub. Sys., Series A, Rfdg., AMT | 5.000 | 12/01/34 | 2,375 | 2,455,707 | |
Sub. Sys., Series A, Rfdg., AMT | 5.000 | 12/01/35 | 1,130 | 1,171,504 | |
Sub. Sys., Series A, Rfdg., AMT | 5.250 | 12/01/43 | 3,000 | 3,113,947 | |
E-470 Pub. Hwy. Auth. Rev., | |||||
Sr. Rev., Series A, Rfdg. | 5.000 | 09/01/27 | 1,160 | 1,212,336 | |
Sr. Rev., Series A, Rfdg. | 5.000 | 09/01/28 | 1,275 | 1,349,872 | |
Sr. Series B, NATL | 0.000(t) | 09/01/25 | 2,140 | 2,044,946 | |
Regl. Trans. Dist. Rev., | |||||
Denver Transit Partners Eagle P3 Proj., Series A, Rfdg. | 5.000 | 07/15/28 | 400 | 417,528 | |
Denver Transit Partners Eagle P3 Proj., Series A, Rfdg. | 5.000 | 07/15/29 | 400 | 420,254 | |
55,180,318 | |||||
Connecticut 1.5% | |||||
Connecticut St., Series B, GO, Rfdg. | 5.000 | 05/15/25 | 2,200 | 2,229,563 | |
Connecticut St. Hlth. & Edl. Facs. Auth. Rev., | |||||
Rmkt., Series 2015-A, Rfdg. (Mandatory put date 07/12/24) | 0.375(cc) | 07/01/35 | 1,000 | 993,865 | |
Yale Univ., Series A-2, Rfdg. (Mandatory put date 07/01/26) | 2.000(cc) | 07/01/42 | 2,310 | 2,202,602 | |
Connecticut St. Spl. Tax Rev., | |||||
Series B | 5.000 | 10/01/37 | 1,440 | 1,514,406 | |
Series B, Rfdg. | 5.000 | 01/01/25 | 2,600 | 2,621,606 |
4
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Connecticut (cont’d.) | |||||
Connecticut St. Spl. Tax Rev., (cont’d.) | |||||
Series B, Rfdg. | 5.000 % | 07/01/31 | 3,000 | $3,312,129 | |
Trans. Infrast., Series A | 5.000 | 01/01/38 | 2,195 | 2,282,471 | |
15,156,642 | |||||
District of Columbia 2.2% | |||||
Dist. of Columbia Rev., | |||||
Dist. of Columbia Int’l. Sch. | 5.000 | 07/01/49 | 1,275 | 1,264,197 | |
Friendship Pub. Chart. Sch., Rfdg. | 5.000 | 06/01/36 | 1,385 | 1,388,862 | |
KIPP DC Iss., Series A, Rfdg. | 5.000 | 07/01/37 | 1,250 | 1,277,383 | |
KIPP DC Proj., Series B, Rfdg. | 5.000 | 07/01/25 | 500 | 501,367 | |
Series A, GO, Rfdg. | 5.000 | 10/15/38 | 3,000 | 3,195,405 | |
Series C, Rfdg. | 5.000 | 12/01/28 | 1,500 | 1,610,023 | |
Dist. of Columbia Wtr. & Swr. Auth. Rev., Sub. Lien, Series A, Rfdg. | 5.000 | 10/01/39 | 1,710 | 1,736,403 | |
Metropolitan Washington D.C. Arpt. Auth. Dulles Toll Road Rev., Dulles Met. Rail, Series A, Rfdg. | 5.000 | 10/01/44 | 2,000 | 2,051,380 | |
Metropolitan Washington D.C. Arpt. Auth. Sys. Rev., | |||||
Forward Delivery, Series A, Rfdg., AMT | 5.000 | 10/01/32 | 1,500 | 1,582,196 | |
Rfdg., AMT | 5.000 | 10/01/26 | 3,860 | 3,953,973 | |
Series A, Rfdg. AMT | 5.000 | 10/01/30 | 3,500 | 3,697,334 | |
Series A, Rfdg., AMT | 5.000 | 10/01/44 | 1,000 | 1,000,295 | |
23,258,818 | |||||
Florida 6.2% | |||||
Brevard Cnty. Hlth. Facs. Auth. Rev., Hlth. First Oblig. Grp., Series A, Rfdg. | 5.000 | 04/01/47 | 445 | 462,910 | |
Broward Cnty. Arpt. Sys. Rev., | |||||
Series A, AMT | 5.000 | 10/01/45 | 3,000 | 3,019,172 | |
Series B, Rfdg., AMT | 5.000 | 10/01/27 | 3,000 | 3,099,489 | |
Central Florida Expressway Auth. Rev., | |||||
Sr. Lien, Rfdg. | 4.000 | 07/01/41 | 2,000 | 1,903,193 | |
Sr. Lien, Rfdg. | 5.000 | 07/01/38 | 2,500 | 2,577,272 | |
Sr. Lien, Series D | 5.000 | 07/01/29 | 780 | 837,423 | |
Cityplace CDD., Spl. Assmt., Rfdg. | 5.000 | 05/01/26 | 525 | 534,395 | |
Florida Dev. Fin. Corp. Rev., | |||||
Mater Academy Proj., Series A | 5.000 | 06/15/56 | 2,380 | 2,245,330 | |
Nova Southeastern Univ. Proj., Series A, Rfdg. | 5.000 | 04/01/26 | 555 | 570,061 |
5
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Florida (cont’d.) | |||||
Florida Higher Edl. Facs. Finl. Auth. Rev., | |||||
Nova Southeastern Univ. Proj., Rfdg. | 5.000 % | 04/01/25 | 1,250 | $1,265,073 | |
Nova Southeastern Univ. Proj., Rfdg. | 5.000 | 04/01/28 | 1,420 | 1,452,408 | |
Florida Insurance Assistance Interlocal Agcy., Inc. Rev., Series A, Rfdg. | 5.000 | 09/01/24 | 3,000 | 3,007,541 | |
Fort Lauderdale Wtr. & Swr. Rev., Enabling Wrks. Proj., Series A | 5.500 | 09/01/53 | 2,500 | 2,751,631 | |
Grtr. Orlando Avtn. Auth. Rev., | |||||
Priority Sub. Series A, AMT | 5.000 | 10/01/42 | 5,000 | 5,110,402 | |
Series A, AMT | 5.000 | 10/01/28 | 1,500 | 1,562,867 | |
Series A, AMT | 5.000 | 10/01/38 | 1,810 | 1,889,692 | |
Hillsborough Cnty. Avtn. Auth. Rev., Tampa Int’l. Arpt., Series E, AMT | 5.000 | 10/01/48 | 4,500 | 4,575,045 | |
Jacksonville Hsg. Auth. Rev., Westwood Apartments | 5.000 | 02/01/34 | 3,200 | 3,394,275 | |
Julington Creek Plantation CDD, Spl. Assmt., AGM | 4.625 | 05/01/54 | 1,560 | 1,500,506 | |
Martin Cnty. Hlth. Facs. Auth. Rev., Cleveland Clinic Hlth. Sys. Oblig. Grp., Hosp. Revs, Series A, Rfdg. | 4.000 | 01/01/46 | 2,200 | 2,020,949 | |
Miami Beach Redev. Agcy., Tax Incr. Rev. City Ctr., Tax Alloc. Rfdg., AGM | 5.000 | 02/01/44 | 1,500 | 1,500,453 | |
Orange Cnty. Hlth. Facs. Auth. Rev., | |||||
Orlando Hlth. Oblig. Grp., Series B, Rfdg. | 5.000 | 10/01/26 | 2,275 | 2,348,303 | |
Orlando Hlth., Inc., Series A, Rfdg. | 5.000 | 10/01/33 | 1,510 | 1,550,609 | |
Orlando Hlth., Inc., Series B, Rfdg. | 5.000 | 10/01/44 | 1,000 | 1,013,972 | |
Orlando Util. Commn. Rev., Series B (Mandatory put date 10/01/28) | 1.250(cc) | 10/01/46 | 3,475 | 2,994,838 | |
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 | 503,513 | |
Sarasota Cnty. Pub. Hosp. Dist. Rev., Sarasota Mem. Hosp. | 5.000 | 07/01/28 | 1,160 | 1,218,164 | |
South Miami Hlth. Facs. Auth., Inc. Rev., Baptist Hlth. South Florida, Rfdg. | 5.000 | 08/15/47 | 1,075 | 1,087,942 | |
St. John’s Cnty. Hsg. Fin. Auth. Rev., Oaks at St. John, Series A (Mandatory put date 07/01/25) | 3.550(cc) | 07/01/27 | 1,000 | 996,613 | |
Vlg. CDD No. 6, | |||||
Spl. Assmt., Rfdg. | 4.000 | 05/01/27 | 380 | 382,383 | |
Spl. Assmt., Rfdg. | 4.000 | 05/01/28 | 305 | 303,384 | |
Spl. Assmt., Rfdg. | 4.000 | 05/01/29 | 320 | 317,293 |
6
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Florida (cont’d.) | |||||
Vlg. CDD No. 13, | |||||
2019 Spl. Assmt., Phase I, Ltd. Offering | 3.550 % | 05/01/39 | 2,650 | $2,355,188 | |
2021 Spl. Assmt., Phase III | 2.550 | 05/01/31 | 1,630 | 1,449,424 | |
Spl. Assmt. | 3.375 | 05/01/34 | 470 | 431,868 | |
Spl. Assmt., 144A | 2.625 | 05/01/30 | 2,425 | 2,125,907 | |
64,359,488 | |||||
Georgia 4.3% | |||||
Atlanta Arpt. Passenger Facs. Charge Rev., Sub. Lien, Green Bond, Series E, AMT | 5.250 | 07/01/43 | 4,000 | 4,283,680 | |
Atlanta GA Dept. Avtn. Rev., | |||||
Series B, Rfdg., AMT | 5.000 | 07/01/28 | 3,000 | 3,119,374 | |
Series B, Rfdg., AMT | 5.000 | 07/01/29 | 830 | 868,253 | |
Atlanta Urban Residential Fin. Auth. Rev., GE Tower Apartments, Series B (Mandatory put date 06/01/25) | 5.750(cc) | 06/01/27 | 1,750 | 1,755,609 | |
Burke Cnty. Dev. Auth. Rev., Georgia Pwr. Co. Plant Vogtle Proj., 5th Series, Rmkt. (Mandatory put date 06/13/28)(hh) | 3.700(cc) | 10/01/32 | 1,685 | 1,672,349 | |
Cobb Cnty. Kennestone Hosp. Auth. Rev., Anticip. Certs., Wellstar Hlth. Sys. Inc. Proj., Series A | 4.000 | 04/01/52 | 3,490 | 3,236,022 | |
Columbia Cnty. Hosp. Auth. Rev., Rev Anticipation CTFS, Wellstar Hlth. Sys. Inc. Proj., Series A | 5.125 | 04/01/48 | 1,220 | 1,292,112 | |
DeKalb Cnty. Hsg. Auth. Rev., | |||||
Kensington Station Proj. Series A | 4.000 | 12/01/33 | 4,000 | 3,905,619 | |
Sr. Bond, Park at 500 Proj. | 4.000 | 03/01/34 | 2,000 | 1,915,987 | |
Fulton Cnty. Dev. Auth. Rev., Piedmont Healthcare Inc. Proj., Multimodal Bond, Series A | 4.000 | 07/01/49 | 4,265 | 3,854,587 | |
Georgia Ports Auth. Rev., Arpt. & Marina Imps. | 5.250 | 07/01/43 | 2,500 | 2,736,571 | |
Main Street Natural Gas, Inc. Rev., | |||||
Series A (Mandatory put date 06/01/30) | 5.000(cc) | 06/01/53 | 3,000 | 3,101,511 | |
Series A (Mandatory put date 09/01/27) | 4.000(cc) | 07/01/52 | 2,150 | 2,141,008 | |
Series A (Mandatory put date 09/01/31) | 5.000(cc) | 05/01/54 | 2,500 | 2,643,461 | |
Series B (Mandatory put date 12/01/24) | 4.000(cc) | 08/01/49 | 1,460 | 1,459,783 | |
Series C (Mandatory put date 12/01/28) | 4.000(cc) | 05/01/52 | 1,170 | 1,167,161 | |
Monroe Cnty. Dev. Auth. Rev., GA Pwr. Co. Plant Scherer Proj. No. 1 | 2.250 | 07/01/25 | 1,000 | 975,043 |
7
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Georgia (cont’d.) | |||||
Muni. Elec. Auth. of Georgia Rev., | |||||
Combined Cycle Proj., Series A, Rfdg. | 4.000 % | 11/01/24 | 2,650 | $2,648,887 | |
Proj. One, Sub. Bonds, Series A, Rfdg. | 5.000 | 01/01/26 | 1,425 | 1,446,906 | |
44,223,923 | |||||
Hawaii 0.4% | |||||
Hawaii St. Arpts. Sys. Rev., | |||||
Series A, AMT | 5.000 | 07/01/45 | 1,000 | 1,002,077 | |
Series A, AMT | 5.000 | 07/01/48 | 3,000 | 3,059,942 | |
4,062,019 | |||||
Idaho 0.2% | |||||
Idaho Hsg. & Fin. Association Rev., Series A | 5.250 | 08/15/48 | 2,000 | 2,189,674 | |
Illinois 9.7% | |||||
Chicago, | |||||
Chicago Works, Series A, GO | 5.500 | 01/01/41 | 1,000 | 1,058,625 | |
Series B-Exchange, GO, Rfdg. | 4.000 | 01/01/28 | 1,855 | 1,858,936 | |
Chicago Brd. of Ed. Rev., Spl. Tax | 5.000 | 04/01/46 | 1,000 | 1,009,324 | |
Chicago O’Hare Int’l. Arpt. Rev., | |||||
Series A, Rfdg., AMT | 5.000 | 01/01/33 | 1,310 | 1,310,847 | |
Series B, Rfdg. | 5.000 | 01/01/32 | 1,500 | 1,508,169 | |
Sr. Lien, Series D | 5.250 | 01/01/42 | 2,000 | 2,056,905 | |
Chicago Trans. Auth. Rev., 2nd Lien | 5.000 | 12/01/46 | 3,000 | 3,016,362 | |
Chicago Wstewtr. Transmn. Rev., | |||||
2nd Lien | 5.000 | 01/01/39 | 2,550 | 2,552,576 | |
2nd Lien Series C, Rmkt., Rfdg. | 5.000 | 01/01/29 | 5 | 5,026 | |
2nd Lien Series C, Rmkt., Rfdg. (Pre-refunded date 01/01/25)(ee) | 5.000 | 01/01/29 | 350 | 352,887 | |
2nd Lien, Rmkt., Series C, Rfdg. | 5.000 | 01/01/31 | 2,450 | 2,464,021 | |
2nd Lien, Rmkt., Series C, Rfdg. | 5.000 | 01/01/39 | 2,000 | 2,004,567 | |
2nd Lien, Series A | 5.000 | 01/01/47 | 1,000 | 1,014,912 | |
Chicago Wtrwks. Rev., | |||||
2nd Lien, Rfdg. | 5.000 | 11/01/36 | 2,390 | 2,457,383 | |
2nd Lien, Series A-1 | 5.000 | 11/01/27 | 510 | 523,302 | |
2nd Lien, Series A-1 | 5.000 | 11/01/30 | 1,495 | 1,533,203 | |
2nd Lien, Series B, Rfdg. | 5.000 | 11/01/24 | 1,075 | 1,079,968 |
8
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Illinois (cont’d.) | |||||
Chicago, IL, | |||||
Series A, GO, Rfdg. | 5.000 % | 01/01/33 | 4,000 | $4,231,699 | |
Series C, GO, Rfdg. | 5.000 | 01/01/26 | 1,000 | 1,014,083 | |
Cook Cnty., Series A, GO, Rfdg. | 5.000 | 11/15/24 | 375 | 377,112 | |
Cook Cnty. Sales Tax Rev., Series A, Rfdg. | 5.250 | 11/15/45 | 2,155 | 2,310,074 | |
Illinois Fin. Auth. Rev., | |||||
Northshore Univ. Hlth. Sys., Series A, Rfdg. | 5.000 | 08/15/26 | 1,500 | 1,546,179 | |
Northshore Univ. Hlth. Sys., Series A, Rfdg. | 5.000 | 08/15/28 | 1,110 | 1,178,209 | |
Univ. of Chicago, Series A, Rfdg. | 5.000 | 10/01/25 | 1,505 | 1,532,885 | |
Univ. of Chicago, Series A, Rfdg. | 5.000 | 04/01/34 | 1,250 | 1,413,586 | |
Illinois St., | |||||
GO | 5.000 | 11/01/30 | 500 | 511,417 | |
GO | 5.000 | 04/01/31 | 1,000 | 1,000,793 | |
GO | 5.250 | 02/01/29 | 2,000 | 2,001,914 | |
GO, Rfdg. | 5.000 | 02/01/25 | 1,925 | 1,938,947 | |
Series A, GO | 5.000 | 11/01/25 | 1,500 | 1,524,219 | |
Series A, GO | 5.000 | 03/01/31 | 2,095 | 2,252,025 | |
Series A, GO | 5.000 | 12/01/39 | 2,500 | 2,562,298 | |
Series A, GO, Rfdg. | 5.000 | 10/01/28 | 750 | 787,165 | |
Series B, GO | 5.000 | 05/01/25 | 1,000 | 1,009,766 | |
Series B, GO | 5.250 | 05/01/45 | 1,000 | 1,080,412 | |
Series C, GO | 5.000 | 11/01/29 | 1,100 | 1,136,634 | |
Series D, GO | 5.000 | 11/01/25 | 4,035 | 4,096,316 | |
Series D, GO | 5.000 | 11/01/27 | 2,815 | 2,924,394 | |
Series D, GO, Rfdg. | 5.000 | 07/01/24 | 1,225 | 1,225,675 | |
Series D, GO, Rfdg. | 5.000 | 07/01/36 | 1,225 | 1,330,921 | |
Illinois St. Sales Tax Rev., | |||||
Jr. Oblig. Build Illiois Bonds, Series C, Rfdg. | 5.000 | 06/15/27 | 3,000 | 3,120,194 | |
Jr. Oblig. Build Illiois Bonds, Series C, Rfdg. | 5.000 | 06/15/28 | 1,650 | 1,737,465 | |
Illinois St. Toll Hwy. Auth. Rev., | |||||
Series C | 5.000 | 01/01/39 | 2,000 | 2,009,068 | |
Sr. Series A | 5.250 | 01/01/43 | 2,250 | 2,475,180 | |
Metropolitan Pier & Exposition Auth. Dedicated St. Tax Rev., | |||||
McCormick Place Expansion, Series A, CABS, NATL | 4.225(t) | 12/15/34 | 10,000 | 6,435,807 | |
McCormick Place Expansion, Series A, CABS, NATL | 4.312(t) | 06/15/37 | 7,500 | 4,299,361 | |
Railsplitter Tob. Settlement Auth. Rev., | |||||
Tob. Set. Funded (Pre-refunded date 06/01/26)(ee) | 5.000 | 06/01/27 | 3,250 | 3,350,704 | |
Tob. Set. Funded (Pre-refunded date 06/01/26)(ee) | 5.000 | 06/01/28 | 1,100 | 1,133,977 | |
Tob. Set. Funded, ETM(ee) | 5.000 | 06/01/24 | 1,680 | 1,680,000 |
9
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Illinois (cont’d.) | |||||
Regl. Trans. Auth. Rev., Series A | 4.000 % | 06/01/37 | 3,605 | $3,558,748 | |
Sales Tax Secur. Corp. Rev., | |||||
2nd Lien, Series A, Rfdg. | 5.000 | 01/01/26 | 2,250 | 2,294,678 | |
2nd Lien, Series A, Rfdg. | 5.000 | 01/01/29 | 1,500 | 1,593,072 | |
Sr. Series D | 5.000 | 01/01/35 | 600 | 647,896 | |
Sr. Series D | 5.000 | 01/01/36 | 550 | 590,641 | |
Springfield Elec. Rev., Sr. Lien, Rfdg., AGM | 4.000 | 03/01/40 | 1,000 | 939,359 | |
100,659,886 | |||||
Indiana 1.5% | |||||
Indiana Fin. Auth. Rev., | |||||
IN Univ. Hlth., Series A, Rfdg. | 5.000 | 12/01/25 | 2,280 | 2,326,628 | |
Indiana Univ. Hlth., Series B-1 (Mandatory put date 07/01/28) | 5.000(cc) | 10/01/62 | 4,000 | 4,196,235 | |
Indianapolis Pwr. & Light. Co. Proj., Series B, Rfdg., AMT (Mandatory put date 04/01/26) | 0.950(cc) | 12/01/38 | 625 | 590,593 | |
Indianapolis Local Pub. Impvt. Bond Bank Rev., | |||||
City Moral Oblig., Sub. Series F-1, BAM | 5.250 | 03/01/67 | 4,000 | 4,195,837 | |
Indianapolis Arpt. Auth. Proj., Series I2, Rfdg., AMT | 5.000 | 01/01/32 | 1,600 | 1,685,242 | |
Whiting Rev., BP Products North America, Rfdg., AMT (Mandatory put date 06/05/26) | 5.000(cc) | 12/01/44 | 2,025 | 2,051,678 | |
15,046,213 | |||||
Kansas 0.2% | |||||
Wyandotte Cnty.-Kansas City Unified Govt. Util. Sys. Rev., Impvt., Series A | 5.000 | 09/01/45 | 2,170 | 2,177,203 | |
Kentucky 2.6% | |||||
Kentucky Asset Liability Commn. Rev., Proj. NTS, Federal Hwy. Trust Fund First, Series A, Rfdg. GARVEE(hh) | 5.000 | 09/01/25 | 3,000 | 3,051,555 | |
Kentucky Pub. Energy Auth. Rev., | |||||
Gas Sply., Series B (Mandatory put date 01/01/25) | 4.000(cc) | 01/01/49 | 3,465 | 3,463,152 | |
Gas Sply., Series C-1 (Mandatory put date 06/01/25) | 4.000(cc) | 12/01/49 | 8,150 | 8,140,479 | |
Series A-1 (Mandatory put date 08/01/30) | 4.000(cc) | 08/01/52 | 4,925 | 4,869,651 | |
Series A-1, Rfdg. (Mandatory put date 02/01/32) | 5.250(cc) | 04/01/54 | 3,370 | 3,587,871 |
10
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Kentucky (cont’d.) | |||||
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 | $1,363,212 | |
Trimble Cnty. Elec. Pwr. & Lt. Rev., Louisville Gas & Elect. Proj., Rmkt., Series A, Rfdg., AMT (Mandatory put date 09/01/27) | 1.300(cc) | 09/01/44 | 2,250 | 2,035,034 | |
26,510,954 | |||||
Louisiana 0.8% | |||||
Louisiana Local Govt. Envirnml. Facs. & Cmnty. Dev. Auth. Rev., American Biocarbon CT LLC Proj., Series 2021, Rmkt. AMT (Mandatory put date 06/25/24) | 4.000(cc) | 12/01/46 | 2,500 | 2,499,452 | |
Louisiana Pub. Facs. Auth. Rev., | |||||
Elementus Minerals LLC Proj. (Mandatory put date 11/01/25), 144A | 5.000(cc) | 10/01/43 | 2,500 | 2,512,487 | |
Franciscan Mis., Rfdg. (Pre-refunded date 07/01/25)(ee) | 5.000 | 07/01/39 | 10 | 10,160 | |
Franciscan Mis., Unrefunded, Rfdg. | 5.000 | 07/01/39 | 1,990 | 1,995,191 | |
Louisiana St. Hwy. Impt. Rev., Series A (Pre-refunded date 06/15/24)(ee) | 5.000 | 06/15/34 | 1,250 | 1,250,554 | |
8,267,844 | |||||
Maine 0.2% | |||||
Maine Hlth. & Higher Edl. Facs. Auth. Rev., | |||||
Maine Hlth., Series A | 5.000 | 07/01/27 | 1,200 | 1,238,811 | |
Maine Hlth., Series A | 5.000 | 07/01/28 | 1,140 | 1,188,700 | |
2,427,511 | |||||
Maryland 0.2% | |||||
Maryland St. Trans. Auth. Rev., Series A, Rfdg. | 5.000 | 07/01/41 | 2,045 | 2,253,285 | |
Massachusetts 0.9% | |||||
Massachusetts Dev. Fin. Agcy. Rev., | |||||
Beth Israel Lahey Hlth., Series M | 5.000 | 07/01/32 | 2,500 | 2,760,252 | |
Harvard Univ., Series A, Rfdg. | 5.000 | 07/15/40 | 2,500 | 2,937,973 | |
Series B, Rfdg. | 4.000 | 02/15/36 | 2,000 | 2,160,297 | |
11
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Massachusetts (cont’d.) | |||||
Massachusetts Edl. Fing. Auth. Rev., Sr. Series B, Rfdg., AMT | 5.000 % | 07/01/28 | 1,000 | $1,035,000 | |
Massachusetts St. Port Auth. Rev., Series A, Rfdg., AMT | 5.000 | 07/01/27 | 320 | 331,130 | |
9,224,652 | |||||
Michigan 1.9% | |||||
Michigan Fin. Auth. Rev., | |||||
Beaumont-Spectrum Consolidation, Series A, Rfdg. | 5.000 | 04/15/29 | 1,000 | 1,064,267 | |
Local Govt. Loan Prog., Series F1, Rfdg. | 4.000 | 10/01/24 | 3,250 | 3,249,293 | |
Sr. Series A, Class 1, Rfdg. | 5.000 | 06/01/30 | 2,000 | 2,121,301 | |
Sr. Series A, Class 1, Rfdg. | 5.000 | 06/01/32 | 3,750 | 3,965,942 | |
Sr. Series B-1, Class 2, Rfdg. | 5.000 | 06/01/49 | 3,500 | 3,572,708 | |
Sustainable Bonds, Henry Ford Hlth. Detroit Utl. Plant Proj. | 5.500 | 02/28/49 | 1,245 | 1,354,178 | |
Michigan St. Univ. Rev., Series A, Rfdg. | 5.000 | 08/15/39 | 2,000 | 2,203,853 | |
Michigan Strategic Fd. Rev., Sustainable Bond, Recycled Board Machine Proj., AMT (Mandatory put date 10/01/26) | 4.000(cc) | 10/01/61 | 2,000 | 1,990,967 | |
19,522,509 | |||||
Minnesota 0.5% | |||||
Minneapolis Rev., Allina Hlth. Sys., Series B (Mandatory put date 11/15/30) | 5.000(cc) | 11/15/53 | 1,000 | 1,052,616 | |
Minneapolis St. Paul Metropolitan Arpt. Commn. Rev., Sub. Series B, Rfdg., AMT | 5.000 | 01/01/33 | 2,325 | 2,441,905 | |
Minnesota Higher Ed. Facs. Auth. Rev., Univ. of St. Thomas, Series A | 4.125 | 10/01/53 | 1,000 | 948,289 | |
Washington Cnty. Cmnty. Dev. Agcy. Rev., Cottage Grove Bluestem Proj. (Mandatory put date 09/01/25) | 3.680(cc) | 09/01/26 | 1,200 | 1,201,309 | |
5,644,119 | |||||
Mississippi 0.8% | |||||
Mississippi Bus. Fin. Corp. Rev., | |||||
Chevron USA, Inc. Proj., Series A, FRDD | 3.970(cc) | 12/01/30 | 2,350 | 2,350,000 | |
Chevron USA, Inc., Series I, FRDD | 4.000(cc) | 11/01/35 | 1,975 | 1,975,000 |
12
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Mississippi (cont’d.) | |||||
Mississippi Bus. Fin. Corp. Rev., (cont’d.) | |||||
Chevron USA, Inc., Series L, FRDD | 3.900 %(cc) | 11/01/35 | 3,645 | $3,645,000 | |
Poll. Ctrl., Rfdg. | 3.200 | 09/01/28 | 500 | 479,262 | |
8,449,262 | |||||
Missouri 0.6% | |||||
Missouri St. Hlth. & Edl. Facs. Auth. Rev., | |||||
BJC Hlth. Sys. | 5.000 | 01/01/44 | 3,500 | 3,500,341 | |
BJC Hlth. Sys., Series A | 5.000 | 05/01/30 | 2,000 | 2,175,457 | |
5,675,798 | |||||
Nebraska 0.4% | |||||
Central Plns. Energy. Proj. Rev., Proj. No. 4, Series A, Rfdg., (Mandatory put date 11/01/29) | 5.000(cc) | 05/01/54 | 3,000 | 3,107,724 | |
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 | 1,283,703 | |
4,391,427 | |||||
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 | 1,977,477 | |
New Jersey 5.8% | |||||
Gloucester Cnty. Impvt. Auth. Rev., | |||||
Rowan Univ. Proj., BAM | 5.000 | 07/01/49 | 1,500 | 1,583,480 | |
Rowan Univ. Student Ctr. Proj., Loan Rev. Nts., Rfdg. | 4.000 | 02/27/25 | 1,450 | 1,451,607 | |
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 | 1,074,902 | |
NJ American Wtr. Co., Inc. Proj., Series D, Rfdg., AMT (Mandatory put date 12/01/27) | 1.100(cc) | 11/01/29 | 625 | 544,106 | |
Sch. Facs. Construction | 5.000 | 06/15/29 | 1,500 | 1,596,647 | |
Sch. Facs. Construction, Series PP, Rfdg. | 5.000 | 06/15/26 | 2,100 | 2,100,814 | |
Series SSS, Rfdg. | 5.250 | 06/15/36 | 1,000 | 1,138,986 | |
New Jersey Healthcare Facs. Fing. Auth. Rev., | |||||
Greystone Svcs. Greystone Park Proj. Rfdg. | 5.000 | 09/15/25 | 1,250 | 1,270,854 | |
Hackensack Meridian Hlth., Series A, Rfdg. | 5.000 | 07/01/39 | 1,500 | 1,546,485 | |
RWJ Barnabas Hlth. Oblig. Grp., Series A, Rfdg. | 5.000 | 07/01/33 | 1,015 | 1,036,921 |
13
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
New Jersey (cont’d.) | |||||
New Jersey Healthcare Facs. Fing. Auth. Rev., (cont’d.) | |||||
RWJ Univ. Hosp., Series A | 5.500 % | 07/01/43 | 1,000 | $1,003,594 | |
New Jersey Higher Ed. Student Assistance Auth. Rev., | |||||
Sr. Series A, Rfdg. | 5.000 | 12/01/25 | 550 | 555,872 | |
Sr. Series A, Rfdg. | 5.000 | 12/01/26 | 700 | 712,764 | |
New Jersey St., Covid-19 Gov. Emergency Bonds, Series A, GO | 5.000 | 06/01/28 | 3,205 | 3,396,743 | |
New Jersey Tpke. Auth. Rev., | |||||
Exchange, Series A, Rfdg.(hh) | 4.000 | 01/01/35 | 3,000 | 3,123,291 | |
Series A | 5.000 | 01/01/28 | 1,505 | 1,506,215 | |
Series A, Rfdg. | 5.000 | 01/01/35 | 1,000 | 1,016,956 | |
Series B | 5.250 | 01/01/49 | 2,750 | 3,042,762 | |
Series C, Rfdg.(hh) | 5.000 | 01/01/45 | 2,000 | 2,126,098 | |
Series E, Rfdg. | 5.000 | 01/01/32 | 4,110 | 4,308,515 | |
New Jersey Trans. Tr. Fd. Auth. Rev., | |||||
Series AA, Rfdg. | 5.000 | 06/15/27 | 1,200 | 1,248,850 | |
Trans. Prog. Notes, Rmkt., Series BB-1 | 5.000 | 06/15/33 | 1,300 | 1,371,081 | |
Trans. Sys., Series A, Rfdg. | 5.000 | 12/15/28 | 4,085 | 4,325,687 | |
Trans. Sys., Series A, Rfdg. | 5.000 | 12/15/36 | 1,250 | 1,314,793 | |
Trans. Sys., Series A, Rfdg. | 5.250 | 06/15/41 | 2,000 | 2,200,072 | |
Trans. Sys., Series D, Rfdg. | 5.000 | 12/15/24 | 2,555 | 2,571,355 | |
Tob. Settlement Fing. Corp. Rev., | |||||
Series A, Rfdg. | 5.000 | 06/01/25 | 2,620 | 2,645,368 | |
Series A, Rfdg. | 5.000 | 06/01/26 | 2,300 | 2,345,897 | |
Series A, Rfdg. | 5.000 | 06/01/27 | 710 | 734,118 | |
Series A, Rfdg. | 5.000 | 06/01/29 | 3,030 | 3,177,154 | |
Series A, Rfdg. | 5.000 | 06/01/31 | 1,650 | 1,721,970 | |
Series A, Rfdg. | 5.000 | 06/01/37 | 2,000 | 2,069,896 | |
59,863,853 | |||||
New Mexico 0.4% | |||||
Farmington Rev., | |||||
4 Corners Proj., Rmkt., Rfdg. | 1.800 | 04/01/29 | 1,500 | 1,292,757 | |
Pub. Svcs. Co. of San Juan, Series C, Rfdg. (Mandatory put date 06/01/24) | 1.150(cc) | 06/01/40 | 3,000 | 3,000,000 | |
4,292,757 | |||||
New York 7.7% | |||||
Long Island Pwr. Auth. Rev., | |||||
Notes | 1.000 | 09/01/25 | 4,100 | 3,935,463 | |
Series B, Rfdg. (Mandatory put date 09/01/26) | 1.500(cc) | 09/01/51 | 3,000 | 2,808,204 |
14
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
New York (cont’d.) | |||||
Metropolitan Trans. Auth. Rev., Sustainable Bond, Series D1 | 5.000 % | 11/15/45 | 4,000 | $4,175,541 | |
Nassau Cnty. Local Econ. Assistance Corp. Rev., Roosevelt Children Academy Chart. Sch. Proj., Series A | 5.000 | 07/01/55 | 1,000 | 942,494 | |
New York, | |||||
Fiscal 2015, Rmkt., Sub-Series F-4, GO (Mandatory put date 12/01/25) | 5.000(cc) | 06/01/44 | 2,000 | 2,029,604 | |
Series D, GO | 5.250 | 04/01/54 | 1,250 | 1,357,568 | |
Sub. Series F-1, GO, Rfdg. | 5.000 | 08/01/28 | 2,000 | 2,127,456 | |
New York City Hsg. Dev. Corp. Rev., 8 Spruce Street, Class E, Rfdg. | 3.500 | 02/15/48 | 3,500 | 3,478,571 | |
New York City Muni. Wtr. Fin. Auth. Rev., | |||||
2nd Gen Resolution, Sub-Series CC-1, Rfdg. | 5.250 | 06/15/37 | 1,000 | 1,034,313 | |
Sub. Series CC-2 | 5.000 | 06/15/28 | 2,330 | 2,414,704 | |
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 | 1,733,707 | |
Future Tax Sec’d., Sub. Fiscal 2015, Series E-1 | 5.000 | 02/01/41 | 3,300 | 3,310,945 | |
Sub. Series A-2 | 5.000 | 08/01/38 | 2,000 | 2,079,376 | |
New York City Trans. Fin. Auth. Rev., | |||||
Multi-Modal Bonds, Sub. Series B | 5.500 | 05/01/47 | 3,500 | 3,918,309 | |
Sub. Series D-1, Rfdg. | 5.000 | 11/01/40 | 2,000 | 2,195,422 | |
New York Liberty Dev. Corp. Rev., Bank of America Tower at One Bryant Park Proj., Class 3, Rfdg. | 2.800 | 09/15/69 | 7,000 | 6,220,166 | |
New York St. Dorm. Auth. Rev., | |||||
Mem. Sloan Kettering, Series 1, Rfdg. | 5.000 | 07/01/42 | 1,000 | 1,025,702 | |
Series A, Rfdg. | 5.250 | 03/15/37 | 1,000 | 1,067,535 | |
Series A, Rfdg. AGM(hh) | 5.000 | 10/01/25 | 1,350 | 1,375,623 | |
New York St. Envirnml Facs. Corp. Rev., New York City Muni. Wtr. Fin. Auth. Proj., Series A, Rfdg. | 5.000 | 06/15/34 | 1,500 | 1,728,968 | |
New York St. Thruway Auth. Rev., Series P, Rfdg. | 5.000 | 01/01/33 | 3,000 | 3,394,407 | |
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 | 2,346,794 | |
St. Personal Income Tax Gen. Purp., Series A, Bidding Grp. 2 | 5.000 | 03/15/43 | 2,090 | 2,171,926 | |
New York Trans. Dev. Corp. Rev., | |||||
Delta Air Lines, Inc., Laguar Arpt. Terminals C&D Redev. | 5.000 | 01/01/25 | 2,075 | 2,092,375 |
15
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
New York (cont’d.) | |||||
New York Trans. Dev. Corp. Rev., (cont’d.) | |||||
JFK Int’l. Arpt. Proj. Terminal 4, Series A, Rfdg., AMT | 5.000 % | 12/01/25 | 800 | $809,030 | |
Laguardia Arpt., Term. B Redev., Series A, AMT | 5.000 | 07/01/46 | 1,000 | 997,513 | |
Laguardia Arpt., Term. C&D Redev., Proj., AMT | 6.000 | 04/01/35 | 1,250 | 1,397,944 | |
Sustainable Bond, JFK Int’l. Arpt. Terminal One Proj., AGM | 5.500 | 06/30/43 | 2,000 | 2,151,079 | |
Sustainable Bond, John F. Kennedy Int’l. Arpt. Term. One Proj., AMT | 6.000 | 06/30/54 | 1,500 | 1,645,849 | |
Port Auth. of NY & NJ Rev., | |||||
Series 223, Rfdg., AMT | 5.000 | 07/15/28 | 1,500 | 1,561,030 | |
Series 226, Rfdg., AMT | 5.000 | 10/15/27 | 975 | 1,006,159 | |
Series 231ST, Rfdg., AMT | 5.500 | 08/01/40 | 1,290 | 1,428,693 | |
Rockland Cnty. Indl. Dev. Agcy. Rev., Rockland Gardens Proj. (Mandatory put date 05/01/25) | 4.650(cc) | 05/01/27 | 1,200 | 1,201,853 | |
Triborough Bridge & Tunnel Auth. Rev., Series A-2, Rfdg. (Mandatory put date 05/15/28) | 2.000(cc) | 05/15/45 | 2,000 | 1,827,948 | |
TSASC, Inc. Rev., Series A, Rfdg. | 5.000 | 06/01/41 | 2,405 | 2,427,198 | |
Utility Debt Secur. Auth. Rev., Restructuring Bonds, Series TE-1, Rfdg. | 5.000 | 06/15/28 | 3,000 | 3,093,689 | |
Westchester Cnty. Local Dev. Corp. Rev., NY Blood Ctr. Proj. | 5.000 | 07/01/38 | 1,150 | 1,227,125 | |
79,740,283 | |||||
North Carolina 0.2% | |||||
Charlotte Arpt. Rev., Series B, Rfdg. AMT | 5.000 | 07/01/30 | 1,125 | 1,181,504 | |
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 | 1,163,379 | |
2,344,883 | |||||
Ohio 3.3% | |||||
Akron Bath Copley Joint Township Hosp. Dist. Rev., Summa Hlth. Oblig. Grp. Hosp. Facs., Rfdg. | 5.000 | 11/15/28 | 460 | 473,946 | |
Allen Cnty. Hosp. Facs. Rev., | |||||
Bon Secours Mercy Hlth., Rfdg. | 5.000 | 12/01/30 | 1,100 | 1,177,115 | |
Series A, Rfdg. | 5.000 | 08/01/25 | 1,030 | 1,043,903 | |
American Muni. Pwr., Inc. Rev., Prairie St. Energy Campus Proj., Series A, Rfdg. | 5.000 | 02/15/39 | 2,000 | 2,186,193 |
16
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Ohio (cont’d.) | |||||
Buckeye Tob. Settlement Fing. Auth. Rev., | |||||
Sr. Series A-2, Class 1, Rfdg. | 5.000 % | 06/01/28 | 8,205 | $8,558,861 | |
Sr. Series A-2, Class 1, Rfdg. | 5.000 | 06/01/33 | 3,560 | 3,773,159 | |
Franklin Cnty. Hosp. Facs. Rev., Ohio Hlth. Corp., Series A | 4.000 | 05/15/47 | 4,960 | 4,588,041 | |
Hamilton Cnty. Swr. Sys. Rev., Met Swr. Dept. of Greater Cincinnati, Series B, Rfdg.(hh) | 5.000 | 12/01/30 | 1,250 | 1,358,311 | |
Lancaster Port Auth. Rev., Series A, Rfdg. (Mandatory put date 02/01/25) | 5.000(cc) | 08/01/49 | 1,345 | 1,353,347 | |
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 | 430,240 | |
American Elec. Pwr. Co. Proj., Series C, Rfdg., AMT (Mandatory put date 10/01/24) | 2.100(cc) | 12/01/27 | 1,500 | 1,483,104 | |
Ohio Vlly. Elec. Corp. Proj., Rmkt., Series B (Mandatory put date 11/01/24) | 1.375(cc) | 02/01/26 | 750 | 737,388 | |
Ohio St., Common Sch. Series C, GO, Rfdg. | 5.000 | 03/15/27 | 1,000 | 1,044,080 | |
Ohio St. Univ. Rev., Multiyear Debt Issuance Prog. II, Series C | 5.250 | 12/01/46 | 3,500 | 3,842,477 | |
Ohio Wtr. Dev. Auth. Wtr. Pollution Control Loan Fd. Rev., Sustainable Bonds, Series C | 5.000 | 12/01/33 | 2,000 | 2,291,148 | |
34,341,313 | |||||
Oklahoma 0.5% | |||||
Oklahoma Tpke. Auth. Rev., Series A | 5.000 | 01/01/42 | 3,000 | 3,033,855 | |
Stillwater Util. Auth. Rev., Series A | 5.000 | 10/01/39 | 1,865 | 1,869,094 | |
4,902,949 | |||||
Oregon 0.2% | |||||
Oregon St., Article XI, Q St. Proj., Series A, GO | 5.000 | 05/01/34 | 2,000 | 2,294,357 | |
Pennsylvania 5.0% | |||||
Bucks Cnty. Indl. Dev. Auth. Rev., Grand View Hosp. Proj. | 5.000 | 07/01/25 | 350 | 348,290 |
17
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Pennsylvania (cont’d.) | |||||
Chester Cnty. Indl. Dev. Auth. Rev., | |||||
Avon Grove Chart. Sch. Nts. | 5.000 % | 03/01/27 | 2,140 | $2,180,217 | |
Renaissance Academy Chart. Sch., Rfdg. | 5.000 | 10/01/34 | 1,500 | 1,458,083 | |
Comnwlth. Fing. Auth. Rev., | |||||
Tob. Mstr. Settlement Payment Bonds | 5.000 | 06/01/25 | 3,520 | 3,559,375 | |
Tob. Mstr. Settlement Payment Bonds | 5.000 | 06/01/28 | 2,280 | 2,385,116 | |
Tob. Mstr. Settlement Payment Bonds | 5.000 | 06/01/34 | 1,170 | 1,220,250 | |
Delaware Vlly. Regl. Fin. Auth. Rev., Series A, AMBAC | 5.500 | 08/01/28 | 2,015 | 2,170,390 | |
Gen. Auth. of Southcentral Pennsylvania Rev., | |||||
Wellspan Hlth. Oblig. Grp., Series A, Rfdg. | 5.000 | 06/01/34 | 3,000 | 3,416,570 | |
Wellspan Hlth. Oblig. Grp., Series A, Rfdg. (Pre-refunded date 06/01/24)(ee) | 5.000 | 06/01/44 | 3,450 | 3,450,000 | |
Lehigh Cnty. Gen. Purp. Auth. Rev., Lehigh Vlly. Academy Regl. Chart. Sch. | 4.000 | 06/01/57 | 1,445 | 1,133,139 | |
Luzerne Cnty. Indl. Dev. Auth. Rev., Pennsylvania American, Rfdg., AMT (Mandatory put date 12/03/29) | 2.450(cc) | 12/01/39 | 1,250 | 1,123,700 | |
Pennsylvania Econ. Dev. Fing. Auth. Rev., | |||||
The Penndot Major Bridges Package One Proj., P3 Proj., AGM, AMT | 5.500 | 06/30/42 | 3,025 | 3,333,155 | |
Wste. Mgmt., Inc. Proj., Series B, Rfdg., AMT (Mandatory put date 11/02/26) | 1.100(cc) | 06/01/31 | 1,250 | 1,145,500 | |
Pennsylvania St. Univ. Rev., Series A | 5.000 | 09/01/41 | 2,400 | 2,452,508 | |
Pennsylvania Tpke. Commn. Rev., | |||||
Series A | 5.000 | 12/01/38 | 1,000 | 1,007,025 | |
Series A | 5.000 | 12/01/49 | 3,150 | 3,278,363 | |
Series A-1, Rfdg. | 5.000 | 12/01/40 | 1,635 | 1,645,486 | |
Series A-1, Rfdg. | 5.000 | 12/01/45 | 7,305 | 7,335,720 | |
Series A-2, Rfdg. | 5.000 | 12/01/28 | 870 | 911,494 | |
Sub. Series A-1 | 5.000 | 12/01/25 | 1,425 | 1,453,721 | |
Sub. Series B, Rfdg. | 5.000 | 06/01/29 | 1,985 | 2,028,772 | |
Sub. Series B-1 | 5.250 | 06/01/47 | 2,000 | 2,049,254 | |
Philadelphia Auth. for Indl. Dev. Rev., Children’s Hosp. Proj., Rfdg. | 4.000 | 07/01/37 | 1,075 | 1,069,955 | |
Philadelphia Gas Wks. Co. Rev., | |||||
16th Series A, AGM | 5.000 | 08/01/28 | 625 | 659,886 | |
16th Series A, AGM | 5.000 | 08/01/29 | 1,000 | 1,067,463 | |
51,883,432 |
18
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Puerto Rico 2.1% | |||||
Puerto Rico Comnwlth., Restructured, Series A, GO, CABS | 2.875 %(t) | 07/01/24 | 5,934 | $5,919,694 | |
Puerto Rico Ind. Tourist Edl. Med. & Envirml. Ctl. Facs. Fing. Auth. Rev., San Juan Cruise Terminal Proj., Series 2023, Class A-1, AMT | 6.750 | 01/01/45 | 1,000 | 1,169,236 | |
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev., | |||||
Restructured, Series A-1 | 4.500 | 07/01/34 | 848 | 847,812 | |
Restructured, Series A-1, CABS | 4.147(t) | 07/01/33 | 1,890 | 1,301,688 | |
Restructured, Series A-1, CABS | 5.196(t) | 07/01/46 | 14,000 | 4,486,058 | |
Series A-1, CABS | 3.555(t) | 07/01/24 | 2,806 | 2,797,437 | |
Series A-1, CABS | 3.947(t) | 07/01/27 | 6,342 | 5,621,274 | |
22,143,199 | |||||
Rhode Island 0.9% | |||||
Rhode Island Hlth. & Edl. Bldg. Corp. Higher Ed. Facs. Rev., Clg. & Univ. Rev. | 5.250 | 08/15/43 | 3,965 | 4,160,598 | |
Tob. Settlement Fing. Corp. Rev., | |||||
Series A, Rfdg. | 5.000 | 06/01/24 | 680 | 680,000 | |
Series A, Rfdg. | 5.000 | 06/01/40 | 4,350 | 4,362,309 | |
9,202,907 | |||||
South Carolina 1.7% | |||||
Greenwood Cnty. Rev., Self Regional Healthcare, Rfdg. | 5.000 | 10/01/25 | 2,185 | 2,223,880 | |
Patriots Energy Grp. Fing. Agcy. Rev., | |||||
Series A-1 (Mandatory put date 08/01/31) | 5.250(cc) | 10/01/54 | 2,500 | 2,641,370 | |
Series B-1, Rfdg. (Mandatory put date 03/01/31) | 5.250(cc) | 02/01/54 | 2,250 | 2,402,286 | |
South Carolina Jobs-Econ. Dev. Auth. Rev., | |||||
Novant Hlth. Oblig. Grp., Series A | 4.250 | 11/01/47 | 1,500 | 1,458,727 | |
Novant Hlth. Oblig. Grp., Series A | 5.000 | 11/01/34 | 1,000 | 1,119,667 | |
Novant Hlth. Oblig. Grp., Series A | 5.250 | 11/01/41 | 1,000 | 1,104,502 | |
South Carolina Ports Auth. Rev., AMT | 4.000 | 07/01/45 | 1,000 | 870,889 | |
South Carolina Pub. Svc. Auth. Rev., | |||||
Series A, Rfdg. | 5.000 | 12/01/29 | 1,300 | 1,308,564 | |
Series A, Rfdg. | 5.000 | 12/01/32 | 4,595 | 4,886,749 | |
18,016,634 |
19
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Tennessee 2.9% | |||||
Knox Cnty. Hlth. Edl. & Hsg. Facs. Brd. Rev., Univ. of Tennessee Proj. Series B-1, BAM(hh) | 5.250 % | 07/01/64 | 1,000 | $1,036,967 | |
Memphis Shelby Cnty. Arpt. Auth. Rev., Series A, AMT | 5.000 | 07/01/25 | 830 | 836,560 | |
Metropolitan Govt. Nashville & Davidson Cnty. Sports Auth. Rev., Stadium Proj., Sr. Lien, Series A, AGM | 5.250 | 07/01/56 | 4,000 | 4,298,889 | |
Metropolitan Nashville Arpt. Auth. Rev., Sub. Series B, AMT | 5.000 | 07/01/27 | 1,800 | 1,855,085 | |
Tennergy Corp. Rev., | |||||
Gas Sply. Series A (Mandatory put date 12/01/30) | 5.500(cc) | 10/01/53 | 770 | 818,834 | |
Series A (Mandatory put date 09/01/28) | 4.000(cc) | 12/01/51 | 5,930 | 5,911,460 | |
Series A (Mandatory put date 10/01/24) | 5.000(cc) | 02/01/50 | 3,000 | 3,013,098 | |
Tennessee Energy Acq. Corp. Gas Rev., | |||||
Nat. Gas Utility Imps. (Mandatory put date 11/01/25) | 4.000(cc) | 11/01/49 | 9,750 | 9,735,752 | |
Series A | 5.250 | 09/01/26 | 2,605 | 2,655,632 | |
30,162,277 | |||||
Texas 11.2% | |||||
Arlington Higher Edu. Fin. Corp. Rev., Trinity Basin Preparatory, Inc., PSFG | 5.000 | 08/15/48 | 1,000 | 1,043,974 | |
Arlington Hsg. Fin. Corp. Rev., 6900 Matlok Road (Mandatory put date 04/01/27) | 4.500(cc) | 04/01/41 | 2,500 | 2,532,465 | |
Bexar Cnty. Hsg. Fin. Corp. Rev., Pavilion at Culebra Apts. (Mandatory put date 03/01/26) | 4.050(cc) | 03/01/28 | 2,500 | 2,508,324 | |
Central Texas Regl. Mobility Auth. Rev., | |||||
BANS, Sub. Series F | 5.000 | 01/01/25 | 2,075 | 2,075,241 | |
Series C | 5.000 | 01/01/27 | 800 | 805,548 | |
Sr. Lien, Series A (Pre-refunded date 07/01/25)(ee) | 5.000 | 01/01/40 | 1,395 | 1,417,401 | |
Sr. Lien, Series A (Pre-refunded date 07/01/25)(ee) | 5.000 | 01/01/45 | 1,000 | 1,015,031 | |
Sr. Lien, Series D, Rfdg. | 5.000 | 01/01/29 | 1,085 | 1,143,580 | |
Clifton Higher Ed. Fin. Corp. Rev., | |||||
Idea Pub. Sch. | 6.000 | 08/15/43 | 1,000 | 1,002,673 | |
Idea Pub. Sch., Rfdg., PSFG | 5.000 | 08/15/24 | 1,205 | 1,207,507 | |
Idea Pub. Sch., Rfdg., PSFG | 5.000 | 08/15/38 | 1,200 | 1,303,551 | |
Idea Pub. Sch., Rfdg., PSFG | 5.000 | 08/15/39 | 1,000 | 1,002,447 | |
Idea Pub. Sch., Rfdg., PSFG | 5.000 | 08/15/39 | 1,000 | 1,080,750 | |
International Leadership of Texas, Inc., Series A, Rfdg., PSFG | 5.000 | 08/15/39 | 1,000 | 1,087,658 | |
Dallas Hotel Occupancy Tax Rev., Rfdg. | 4.000 | 08/15/28 | 1,010 | 1,006,503 |
20
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Texas (cont’d.) | |||||
Dallas Independent Sch. Dist., GO, Rfdg., PSFG | 5.000 % | 02/15/48 | 3,000 | $3,190,267 | |
Dallas-Fort Worth Int’l. Arpt. Rev., Series B, Rfdg. | 5.000 | 11/01/26 | 1,475 | 1,530,822 | |
EP Tuscany Zaragosa PFC Rev., Home Essential Function Hsg. Prog. Tuscany Mesa Hills Proj. | 4.000 | 12/01/33 | 1,500 | 1,438,828 | |
Galveston Wharves & Term. Rev., Wharves & Terminal, 1st Lien, AMT | 6.000 | 08/01/43 | 2,000 | 2,207,794 | |
Gulf Coast Auth. Rev., Exxon Proj., Rfdg., FRDD | 2.250(cc) | 10/01/24 | 12,000 | 12,000,000 | |
Harris Cnty. Cultrl. Ed. Facs. Fin. Corp. Rev., | |||||
Mem. Hermann Hlth. Sys., Series C-3, Rfdg. (Mandatory put date 12/01/26) | 5.000(cc) | 06/01/32 | 2,505 | 2,573,036 | |
Memorial Hermann Hlth. Sys., Series A, Rfdg. | 5.000 | 12/01/29 | 1,910 | 2,056,602 | |
Memorial Hermann Hlth. Sys., Series B-2 (Mandatory put date 12/01/24) | 5.000(cc) | 07/01/49 | 550 | 552,596 | |
Texas Children’s Hosp., Series B, Rfdg. (Mandatory put date 10/01/24) | 5.000(cc) | 10/01/41 | 1,960 | 1,966,238 | |
Harris Cnty. Toll Road Auth. Rev., | |||||
1st Lien, Series A, Rfdg. | 5.000 | 08/15/29 | 1,710 | 1,841,820 | |
1st Lien, Series A, Rfdg.(hh) | 5.000 | 08/15/40 | 1,225 | 1,354,686 | |
Series A, Rfdg. | 5.000 | 08/15/35 | 2,000 | 2,244,737 | |
Sr. Lien, Series A, Rfdg. | 5.000 | 08/15/43 | 5,040 | 5,209,910 | |
Houston Arpt. Sys. Rev., Sub. Lien, Series A, Rfdg., AGM, AMT | 5.250 | 07/01/48 | 3,600 | 3,782,219 | |
Houston Combined Util. Sys. Rev., | |||||
Comb. 1st Lien, Series D, Rfdg. | 5.000 | 11/15/34 | 3,000 | 3,005,666 | |
Sub. 1st Lien, Series A, Rfdg. | 5.000 | 11/15/25 | 2,000 | 2,041,134 | |
Sub. 1st Lien, Series A, Rfdg. | 5.250 | 11/15/49 | 1,000 | 1,097,078 | |
Hutto Independent Sch. Dist., | |||||
GO, PSFG | 5.000 | 08/01/24 | 1,000 | 1,002,141 | |
GO, PSFG | 5.000 | 08/01/48 | 1,000 | 1,068,684 | |
Lakeside Place PFC Rev., Brookside Gardens Apartments (Mandatory put date 11/01/25) | 4.150(cc) | 11/01/26 | 3,500 | 3,515,699 | |
Lamar Consolidated Independent Sch. Dist., Series A, GO, PSFG | 5.000 | 02/15/58 | 2,000 | 2,113,853 | |
Lower Colorado River Auth. Rev., | |||||
LCRA Transmn. Svcs. Corp. Proj., Rfdg., AGM | 5.000 | 05/15/27 | 1,335 | 1,393,101 | |
LCRA Transmn. Svcs. Corp. Proj., Series A, Rfdg. | 6.000 | 05/15/52 | 1,500 | 1,676,026 | |
Rfdg. | 5.000 | 05/15/25 | 2,275 | 2,306,453 |
21
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Texas (cont’d.) | |||||
Lower Colorado River Auth. Rev., (cont’d.) | |||||
Series B, Rfdg., AGM | 5.000 % | 05/15/28 | 1,130 | $1,195,638 | |
North Texas Twy. Auth. Rev., | |||||
1st Tier Bonds, Series A, Rfdg. | 5.000 | 01/01/25 | 2,030 | 2,046,313 | |
1st Tier, Series A, Rfdg. | 5.000 | 01/01/28 | 1,180 | 1,202,271 | |
2nd Tier, Rfdg. | 5.000 | 01/01/48 | 1,250 | 1,277,812 | |
2nd Tier, Series B, Rfdg. | 5.000 | 01/01/27 | 1,640 | 1,704,862 | |
2nd Tier, Series B, Rfdg. | 5.000 | 01/01/28 | 1,495 | 1,576,817 | |
Series A, Rfdg. | 5.000 | 01/01/30 | 1,765 | 1,797,484 | |
Series B, Rfdg. | 5.000 | 01/01/45 | 2,000 | 2,003,735 | |
Northwest Independent Sch. Dist., GO, PSFG | 5.000 | 02/15/48 | 1,500 | 1,593,152 | |
Permanent Univ. Fd. Univ. of Texas Sys. Rev., | |||||
Series A, Rfdg. | 5.000 | 07/01/40 | 3,000 | 3,291,364 | |
Series B, Rfdg.(hh) | 5.000 | 07/01/36 | 2,500 | 2,907,934 | |
Tarrant Cnty. Cultrl. Ed. Facs. Fin. Corp. Rev., | |||||
Christus Hlth. Series A (Mandatory put date 07/01/32) | 5.000(cc) | 07/01/53 | 3,000 | 3,202,809 | |
Christus Hlth. Series B, Rfdg. | 5.000 | 07/01/25 | 1,100 | 1,114,129 | |
Texas Natural Gas Securitization Fin. Corp. Rev., Txbl. Customer Rate Relief Bonds, Tranche A-1 | 5.102 | 04/01/35 | 2,910 | 2,909,459 | |
Texas Priv. Activity Bond Surface Trans. Corp. Rev., Bond Surface Trans. Corp., Sr. Lien, Rfdg. AMT | 5.500 | 06/30/40 | 1,900 | 2,037,529 | |
Texas St., Mobility Fund, Series B, GO, Rfdg. | 5.000 | 10/01/36 | 1,870 | 1,892,950 | |
Texas Trans. Commn. St. Hwy. Fd. Rev., Rfdg. | 5.000 | 10/01/33 | 3,000 | 3,384,958 | |
116,541,259 | |||||
Utah 1.8% | |||||
Intermountain Pwr. Agcy. Rev., Series A | 5.250 | 07/01/45 | 2,500 | 2,733,757 | |
Ogden City Sch. Dist., | |||||
GO | 1.375 | 06/15/32 | 2,010 | 1,597,010 | |
GO | 1.500 | 06/15/33 | 1,420 | 1,116,415 | |
GO | 1.625 | 06/15/34 | 2,200 | 1,698,683 | |
Salt Lake City Arpt. Rev., Series A, AMT | 5.500 | 07/01/53 | 875 | 945,809 | |
Salt Lake City Corp. Arpt. Rev., | |||||
Series A, AMT | 5.000 | 07/01/28 | 2,070 | 2,163,185 | |
Series A, AMT | 5.250 | 07/01/48 | 2,000 | 2,052,060 |
22
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Utah (cont’d.) | |||||
Utah Cnty. Rev., IHC Hlth. Svcs., Inc., Series A | 5.000 % | 05/15/43 | 2,350 | $2,480,703 | |
Utah Telecommunication Open Infrast. Agcy. Rev., Rfdg. | 5.500 | 06/01/40 | 3,485 | 3,932,614 | |
18,720,236 | |||||
Virginia 0.3% | |||||
James City Cnty. Econ. Dev. Auth. Rev., Williamsburg Landing, Temps 50, Series C-3 | 5.250 | 12/01/27 | 1,000 | 991,915 | |
Virginia Small Bus. Fing. Auth. Rev., Sr. Lien Elizabeth River Crossing Opco, LLC Proj. Rfdg. | 4.000 | 01/01/30 | 1,750 | 1,717,814 | |
2,709,729 | |||||
Washington 1.8% | |||||
Energy Northwest Rev., Proj. 1, Series B, Rfdg. | 5.000 | 07/01/25 | 1,500 | 1,524,545 | |
King Cnty., Series A, GO | 5.000 | 01/01/28 | 1,000 | 1,058,239 | |
Port of Seattle Rev., | |||||
Intermediate Lien, Series C, AMT | 5.000 | 05/01/25 | 1,125 | 1,134,908 | |
Series A, AMT | 5.000 | 05/01/43 | 1,675 | 1,692,229 | |
Washington Healthcare Facs. Auth. Rev., Multicare Hlth. Sys., Series B, Rfdg. | 5.000 | 08/15/26 | 670 | 675,086 | |
Washington Hlthcare. Facs. Auth. Rev., Overlake Hosp. Med. Ctr., Rfdg. | 5.000 | 07/01/38 | 2,690 | 2,690,014 | |
Washington St., | |||||
Series 2020A, GO | 5.000 | 08/01/42 | 3,000 | 3,172,936 | |
Series R-2024C, GO, Rfdg. | 5.000 | 08/01/40 | 1,100 | 1,228,761 | |
Var. Purp., Series A, GO | 5.000 | 08/01/42 | 2,000 | 2,088,799 | |
Washington St. Hsg. Fin. Commn. Rev., Sustainable Cert., Series 2023-1, Class X | 1.448(cc) | 04/20/37 | 32,696 | 3,485,062 | |
18,750,579 | |||||
West Virginia 0.2% | |||||
West Virginia Parkways Auth. Rev., Sr. Turnpike Toll Rev. | 5.000 | 06/01/39 | 1,750 | 1,826,733 |
23
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Wisconsin 0.7% | |||||
Pub. Fin. Auth. Rev., | |||||
Mountain Island Chrt. Sch., Ltd., Rfdg. | 4.000 % | 07/01/27 | 505 | $482,552 | |
Providence St. Joseph Hlth., Series C, Rfdg. (Mandatory put date 10/01/30) | 4.000(cc) | 10/01/41 | 1,500 | 1,486,747 | |
Wisconsin Dept. of Trans. Rev., Series 1, Rfdg. | 5.000 | 07/01/29 | 3,000 | 3,245,609 | |
Wisconsin Hlth. & Edl. Facs. Auth. Rev., | |||||
Ascension Hlth. Alliance, Rmkt., Series B-1, Rfdg. | 4.000 | 11/15/43 | 1,000 | 948,403 | |
Forensic Science and Protective Med. Collaboration, Inc. Proj., 144A | 5.000 | 08/01/27 | 1,400 | 1,410,036 | |
7,573,347 | |||||
Total Municipal Bonds (cost $1,034,892,434) | 1,021,122,393 |
Shares | |||||||
Unaffiliated Exchange-Traded Fund 1.9% | |||||||
iShares National Muni Bond ETF (cost $19,660,714) | 187,690 | 19,846,340 | |||||
Total Long-Term Investments (cost $1,054,553,148) | 1,040,968,733 | ||||||
Short-Term Investments 1.0% | |||||||
Affiliated Mutual Fund 0.3% | |||||||
PGIM Core Ultra Short Bond Fund (cost $3,060,722)(wb) | 3,060,722 | 3,060,722 |
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PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Commercial Paper 0.7% | |||||
Board of Regents of The University of Texas System, (cost $7,000,000) | 3.650 % | 06/03/24 | 7,000 | $7,000,011 | |
Total Short-Term Investments (cost $10,060,722) | 10,060,733 | ||||
TOTAL INVESTMENTS 101.4% (cost $1,064,613,870) | 1,051,029,466 | ||||
Liabilities in excess of other assets(z) (1.4)% | (14,606,755) | ||||
Net Assets 100.0% | $1,036,422,711 |
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 | |
COP—Certificates of Participation | |
ETF—Exchange-Traded Fund | |
ETM—Escrowed to Maturity | |
FRDD—Floating Rate Daily Demand Note | |
GO—General Obligation | |
NATL—National Public Finance Guarantee Corp. | |
PFC—Public Facility Corporation | |
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, 2024. 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, 2024. |
(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: |
25
PGIM National Muni Fund
Schedule of Investments as of May 31, 2024 (unaudited) (continued)
Futures contracts outstanding at May 31, 2024: | ||||||||
Number of Contracts | Type | Expiration Date | Current Notional Amount | Value / Unrealized Appreciation (Depreciation) | ||||
Short Positions: | ||||||||
30 | 5 Year U.S. Treasury Notes | Sep. 2024 | $3,173,906 | $6,080 | ||||
129 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2024 | 15,794,438 | 232,315 | ||||
$238,395 |
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).
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