NPORT-EX 2 PI62700PRU113023.htm
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