UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT
COMPANIES
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Investment Company Act file number: | | 811-09101 |
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Exact name of registrant as specified in charter: | | Prudential Investment Portfolios 9 |
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Address of principal executive offices: | | 655 Broad Street, 17th Floor |
| | Newark, New Jersey 07102 |
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Name and address of agent for service: | | Andrew R. French |
| | 655 Broad Street, 17th Floor |
| | Newark, New Jersey 07102 |
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Registrant’s telephone number, including area code: | | 800-225-1852 |
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Date of fiscal year end: | | 10/31/2021 |
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Date of reporting period: | | 10/31/2021 |
Item 1 – Reports to Stockholders

PGIM ABSOLUTE RETURN BOND FUND
ANNUAL REPORT
OCTOBER 31, 2021

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To enroll in e-delivery, go to pgim.com/investments/resource/edelivery |
Table of Contents
This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.
The views expressed in this report and information about the Fund’s portfolio holdings are for the period covered by this report and are subject to change thereafter.
Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. © 2021 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.
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2 | | Visit our website at pgim.com/investments |
Letter from the President
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 | | Dear Shareholder: We hope you find the annual report for the PGIM Absolute Return Bond Fund informative and useful. The report covers performance for the 12-month period that ended October 31, 2021. The global economy and markets continued to recover throughout the period from the ongoing impact of the COVID-19 pandemic. The Federal Reserve slashed interest rates and kept them near zero to encourage borrowing. Congress passed stimulus bills worth several trillion dollars to help consumers and businesses. And several effective COVID-19 vaccines received regulatory approval. Those measures were enough to offset the fear of rising inflation and supply chain challenges that threatened to disrupt growth. |
At the start of the period, stocks had recovered most of the steep losses they had suffered at the onset of the pandemic. Equities rallied as states reopened their economies but became more volatile as investors worried that a surge in COVID-19 infections would stall the recovery. However, rising corporate profits and economic growth, the resolution of the US presidential election, and the global rollout of approved vaccines lifted equity markets to record levels, helping stocks around the globe post gains for the full period.
Throughout this volatile period, investors sought safety in fixed income. Investment-grade bonds in the US and the overall global bond market declined slightly during the period as the economy recovered, but emerging market debt rose. While the 10-year US Treasury yield hovered near record lows early in the period after a significant rally in interest rates, rates moved higher later on as investors began to focus on stronger economic growth and the prospects of higher inflation. The Fed also took several aggressive actions to keep the bond markets running smoothly, implementing many of the relief programs that proved to be successful in helping end the global financial crisis in 2008-09.
Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals. Your financial advisor can help you create a diversified investment plan that may include funds covering all the basic asset classes and that reflects your personal investor profile and risk tolerance. However, diversification and asset allocation strategies do not assure a profit or protect against loss in declining markets.
At PGIM Investments, we consider it a great privilege and responsibility to help investors participate in opportunities across global markets while meeting their toughest investment challenges. PGIM is a top-10 global investment manager with more than $1.5 trillion in assets under management. This scale and investment expertise allow us to deliver actively managed funds and strategies to meet the needs of investors around the globe.
Thank you for choosing our family of funds.
Sincerely,

Stuart S. Parker, President
PGIM Absolute Return Bond Fund
December 15, 2021
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PGIM Absolute Return Bond Fund | | 3 |
Your Fund’s Performance (unaudited)
Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website at pgim.com/investments or by calling (800) 225-1852.
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| | Average Annual Total Returns as of 10/31/21 | |
| | One Year (%) | | | Five Years (%) | | | Ten Years (%) | |
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Class A | | | | | | | | | | | | |
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(with sales charges) | | | 2.28 | | | | 2.60 | | | | 2.56 | |
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(without sales charges) | | | 5.71 | | | | 3.28 | | | | 2.90 | |
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Class C | | | | | | | | | | | | |
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(with sales charges) | | | 4.03 | | | | 2.50 | | | | 2.14 | |
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(without sales charges) | | | 5.03 | | | | 2.50 | | | | 2.14 | |
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Class Z | | | | | | | | | | | | |
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(without sales charges) | | | 5.96 | | | | 3.54 | | | | 3.17 | |
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Class R6 | | | | | | | | | | | | |
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(without sales charges) | | | 6.07 | | | | 3.56 | | | | 3.21 | |
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ICE BofA USD 3-Month Deposit Offered Rate Constant Maturity Index | | | | | | | | | |
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| | | 0.19 | | | | 1.43 | | | | 0.90 | |
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Bloomberg US Aggregate Bond Index | | | | | | | | | | | | |
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| | | -0.48 | | | | 3.10 | | | | 3.00 | |
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4 | | Visit our website at pgim.com/investments |
Growth of a $10,000 Investment (unaudited)

The graph compares a $10,000 investment in the Fund’s Class Z shares with a similar investment in the ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index by portraying the initial account values at the beginning of the 10-year period for Class Z shares (October 31, 2011) and the account values at the end of the current fiscal year (October 31, 2021), as measured on a quarterly basis. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested. The line graph provides information for Class Z shares only. As indicated in the tables provided earlier, performance for other share classes will vary due to the differing fees and expenses applicable to each share class (as indicated in the following paragraphs). Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.
Past performance does not predict future performance. Total returns and the ending account values in the graph include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. The Fund’s total returns do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares.
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PGIM Absolute Return Bond Fund | | 5 |
Your Fund’s Performance (continued)
The returns in the tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. The average annual total returns take into account applicable sales charges, which are described for each share class in the table below.
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| | Class A | | Class C | | Class Z | | Class R6 |
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Maximum initial sales charge | | 3.25% of the public offering price | | None | | None | | None |
Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption) | | 1.00% on sales of $500,000 or more made within 12 months of purchase | | 1.00% on sales made within 12 months of purchase | | None | | None |
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets) | | 0.25% | | 1.00% | | None | | None |
Benchmark Definitions
ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index—The ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index is an unmanaged index which tracks the performance of a synthetic asset paying LIBOR to a stated maturity. The Index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following business day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument.
Source: ICE BofA, used with permission.
Bloomberg US Aggregate Bond Index—The Bloomberg US Aggregate Bond Index is unmanaged and represents securities that are taxable and dollar denominated. It covers the US investment-grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities.
Investors cannot invest directly in an index. The returns for the Indexes would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes that may be paid by an investor.
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6 | | Visit our website at pgim.com/investments |
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Distributions and Yields as of 10/31/21 | | | | | | |
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| | Total Distributions Paid for 12 Months ($) | | SEC 30-Day Subsidized Yield* (%) | | SEC 30-Day Unsubsidized Yield** (%) |
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Class A | | 0.23 | | 2.22 | | 2.22 |
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Class C | | 0.16 | | 1.62 | | 1.62 |
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Class Z | | 0.25 | | 2.57 | | 2.65 |
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Class R6 | | 0.26 | | 2.70 | | 2.70 |
*SEC 30-Day Subsidized Yield (%)—A standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the Fund’s net expenses (net of any expense waivers or reimbursements). The investor experience is represented by the SEC 30-Day Subsidized Yield.
**SEC 30-Day Unsubsidized Yield (%)—A standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the Fund’s gross expenses. The investor experience is represented by the SEC 30-Day Subsidized Yield.
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Credit Quality expressed as a percentage of total investments as of 10/31/21 (%) | | | |
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AAA | | | 26.4 | |
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AA | | | 7.4 | |
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A | | | 4.4 | |
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BBB | | | 15.7 | |
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BB | | | 14.7 | |
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B | | | 6.7 | |
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CCC | | | 4.3 | |
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CC | | | 0.3 | |
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Not Rated | | | 5.4 | |
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Cash/Cash Equivalents | | | 14.7 | |
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Total | | | 100.0 | |
Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global Ratings (S&P), or Fitch, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable S&P/Fitch rating tier nomenclature. These rating agencies are independent and are widely used. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.
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PGIM Absolute Return Bond Fund | | 7 |
Strategy and Performance Overview (unaudited)
How did the Fund perform?
The PGIM Absolute Return Bond Fund’s Class Z shares returned 5.96% in the 12-month reporting period that ended October 31, 2021, outperforming the 0.19% return of the ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index (the Index).
What were the market conditions?
· | | The strong global rebound from the depths of the COVID-19 pandemic continued throughout the reporting period, as economies continued to respond to the unprecedented monetary and fiscal stimulus programs. The effective rollout of COVID-19 vaccines, along with clear messaging from both President Biden and the Federal Reserve (the Fed) on the potential for further stimulus, shifted the prospects for growth and inflation, kicking off a robust “reflation trade” in bond markets, which caused the US Treasury yield curve to steepen over the period. (A yield curve is a line graph that illustrates the relationship between the yields and maturities of fixed income securities. It is created by plotting the yields of different maturities for the same type of bonds.) |
· | | Although yields for short-term Treasuries remained well anchored during the first quarter of 2021 by the Fed’s commitment to maintain its low-rate policy, longer-term Treasuries sold off sharply, with the yield on the benchmark US 10-year Treasury note rising from 0.92% on December 31, 2020 to 1.74% by March 31, 2021. Similarly, the yield on the 30-year Treasury bond rose from 1.65% to 2.41% over the same period. |
· | | Market volatility for rates then eased in the second and third quarters of 2021, with long-term US Treasury yields declining gradually before rising again in late September after the Fed signaled it could begin tapering its monthly bond purchases shortly after its November meeting. The US 10-year and 30-year Treasury yields ended the period at 1.55% and 1.93%, respectively. Meanwhile, the yield on the 2-year Treasury note rose sharply the last month of the period as markets began pricing in two rate hikes in 2022, ending October 31, 2021 at 0.45%—a rise of 28 basis points (bps) over the period. (One basis point equals 0.01%.) Despite flattening over the last six months of the period as the market pulled forward its expectation for rate hikes, the US Treasury yield curve steepened during the period, with the 10-year and 2-year Treasury spread rising from 0.74% to 1.07% as of October 31, 2021. |
· | | Spread markets continued to tighten, supported by the Fed’s monetary responses, fiscal stimulus, the rollout of COVID-19 vaccines, better-than-expected corporate earnings, and surging growth in the US, Europe, and some emerging market economies. (Spread markets are non-government-related sectors of the fixed income market, such as investment grade corporate bonds, high yield bonds, or asset-backed securities.) Strengthening economic fundamentals coupled with aggressive central bank measures (e.g., zero interest rate policies and asset purchases) drove corporate and securitized asset spreads tighter, with many sectors rallying to, or through, their pre-COVID-19 levels. |
· | | The US investment grade corporate market performed well, with spreads tightening to near-historic levels by the end of the period, supported by better-than-expected |
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8 | | Visit our website at pgim.com/investments |
| corporate earnings, positive vaccination progress, and a favorable technical backdrop. Strengthening fundamentals generally kept securitized credit on a tightening trajectory as well, with commercial mortgage-backed securities (CMBS) spreads trading well below their pre-pandemic tights by the end of the period. US high yield bond spreads tightened as fundamentals remained supportive. Meanwhile, emerging market spreads tightened, boosting returns as investor appetite remained strong amid a global search for yield. |
What worked?
· | | Security selection and sector allocation both contributed to the Fund’s performance over the reporting period. |
· | | Within security selection, positions in high yield, emerging markets, investment grade corporates, CMBS, sovereigns, non-agency mortgage-backed securities, collateralized loan obligations (CLOs), bank loans, asset-backed securities (ABS), municipal bonds, and agency securities all contributed. |
· | | Within sector allocation, allocations to high yield, CLOs, bank loans, emerging markets, municipal bonds, and ABS were the largest contributors. |
· | | Within credit, positioning in upstream and midstream energy, foreign non-corporates, aerospace & defense, and gaming, lodging, & leisure were the largest contributors to performance. |
· | | In individual security selection, the Fund benefited from positioning in Chesapeake Energy Corp. (upstream energy), Transocean Ltd. (upstream energy), and Ferrellgas Partners, LP (midstream energy). |
· | | The Fund occasionally features a modest notional exposure to non-US-dollar currencies across a diversified basket of currencies in faster-growing emerging and developed countries. The Fund’s foreign-exchange currency market (FX) positioning was a contributor to performance for the period. |
What didn’t work?
· | | During the reporting period, the Fund’s long duration bias, principally in emerging market rates, detracted from returns. (Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates.) The Fund’s yield curve flattener positioning also detracted as the curve steepened over the period. (A yield curve flattener is an interest rate environment in which long-term rates are decreasing more quickly than short-term rates.) |
· | | Although overall sector allocation contributed to performance, allocations to CMBS and investment grade corporates detracted from results. |
· | | Within credit, positions in consumer non-cyclicals, healthcare & pharmaceuticals, chemicals, and cable & satellite were the largest detractors from performance. |
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PGIM Absolute Return Bond Fund | | 9 |
Strategy and Performance Overview (continued)
· | | In individual security selection, overweights to Ashland Global Holdings Inc. (chemicals), Kraft Heinz Foods Co. (consumer non-cyclical), and Sinclair Broadcast Group Inc. (media & entertainment) relative to the Index detracted from performance. |
Did the Fund use derivatives?
The Fund uses derivatives when they facilitate implementation of the overall investment approach. During the reporting period, the Fund used interest rate futures, options, and swaps to help manage duration positioning and yield curve exposure. Over the period, futures and options contributed to performance while swaps detracted. Credit default swaps and credit default swap index (CDX) positions were used to either add risk exposure to certain issuers or to hedge credit risk imposed by certain issuers. Overall, credit derivative exposure contributed during the period. In addition, the Fund traded foreign-exchange derivatives, which had a negative impact on performance over the period.
Current outlook
· | | As the Fed’s tapering approached, PGIM Fixed Income believed the Fed would likely draw a clear distinction between the removal of accommodation via reduction in asset purchases and tightening of policy through rate hikes in the federal funds rate target. |
· | | Looking beyond the next year or two, PGIM Fixed Income believes the secular fundamental drivers—such as aging demographics and high debt levels—that pushed rates lower for decades are likely to reassert themselves with even more downward force on rates in a post-COVID world of older populations and markedly higher debt levels. As a result, many central bankers may end up leaving administered rates near, or at, their effective lower bounds, and rate hike cycles will likely continue cresting at progressively lower levels. From that perspective, the third quarter 2021 increase in longer-term rates—which lifted them back up to levels that reflect a substantial and permanent rise in administered rates over the coming years—has probably already overshot fundamentals, in PGIM Fixed Income’s view. |
· | | As for spread sectors, PGIM Fixed Income continues to expect the ongoing economic expansion to support credit fundamentals and, in turn, to allow credit products to continue outperforming. Given the relatively narrow level of spreads, however, excess returns are likely to be more modest, deriving primarily from incremental yield and rolling down the spread curve rather than from the kinds of wholesale spread compression seen since March 2020. (Roll-down return is a strategy for selling a bond as it approaches its maturity date. In general, as a bond’s maturity date grows closer, its interest rate moves closer to zero. Since there is an inverse relationship between bond yields and prices, bond prices increase as their interest rates decrease.) |
· | | PGIM Fixed Income maintains its positive view of the spread sectors over the medium to long term, and the Fund holds allocations to an array of credit sectors, including investment grade and high yield corporates, high-quality structured products, and emerging markets. While valuations are now a bit full, with spreads in many sectors |
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10 | | Visit our website at pgim.com/investments |
| tighter than historical norms, PGIM Fixed Income generally expects ongoing spread sector outperformance. However, this outlook is not without caveats. First, the relatively narrow level of spreads diminishes the pace and magnitude of further outperformance. Additionally, narrower spreads leave little room for error, and the uncertain course of the long-term economic recovery warrants a discerning approach to credit selection. |
· | | Within structured products, PGIM Fixed Income is biased to own the top of the capital structure, as near-zero policy rates and ongoing Fed purchases support a spread tightening environment. In investment grade corporates, PGIM Fixed Income is looking to take advantage of spread compression in select higher-yielding BBB-rated bonds, solid credits in stressed industries, and cyclicals. PGIM Fixed Income remains constructive on high yield over the medium term as improving fundamentals and a decline in defaults is expected to drive spread compression going forward, and it believes the prospects for emerging market debt performance are encouraging given the supportive backdrop, attractive valuations, and global search for yield. |
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PGIM Absolute Return Bond Fund | | 11 |
Fees and Expenses (unaudited)
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemptions, as applicable, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses, as applicable. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 held through the six-month period ended October 31, 2021. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.
Actual Expenses
The first line for each share class in the table on the following page provides information about actual account values and actual expenses. You may use the information on this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value ÷ $1,000 = 8.6), then multiply the result by the number on the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line for each share class in the table on the following page provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
The Fund’s transfer agent may charge additional fees to holders of certain accounts that are not included in the expenses shown in the table on the following page. These fees apply to individual retirement accounts (IRAs) and Section 403(b) accounts. As of the close of the six-month period covered by the table, IRA fees included an annual maintenance fee of $15 per account (subject to a maximum annual maintenance fee of $25 for all accounts held by the same shareholder). Section 403(b) accounts are charged an annual $25 fiduciary maintenance fee. Some of the fees may vary in amount, or may be waived, based on your total account balance or the number of PGIM funds, including the Fund, that you own. You should consider the additional fees that were charged to your Fund account over the six-month period when you estimate the total ongoing expenses paid over the period and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information
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12 | | Visit our website at pgim.com/investments |
provided in the expense table. Additional fees have the effect of reducing investment returns.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
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PGIM Absolute Return Bond Fund | | Beginning Account Value May 1, 2021 | | Ending Account Value October 31, 2021 | | Annualized Expense Ratio Based on the Six-Month Period | | Expenses Paid During the Six-Month Period* |
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Class A | | Actual | | $ 1,000.00 | | $ 1,009.70 | | 0.95% | | $ 4.81 |
| | Hypothetical | | $ 1,000.00 | | $ 1,020.42 | | 0.95% | | $ 4.84 |
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Class C | | Actual | | $ 1,000.00 | | $ 1,006.00 | | 1.69% | | $ 8.55 |
| | Hypothetical | | $ 1,000.00 | | $ 1,016.69 | | 1.69% | | $ 8.59 |
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Class Z | | Actual | | $ 1,000.00 | | $ 1,010.90 | | 0.72% | | $ 3.65 |
| | Hypothetical | | $ 1,000.00 | | $ 1,021.58 | | 0.72% | | $ 3.67 |
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Class R6 | | Actual | | $ 1,000.00 | | $ 1,010.30 | | 0.63% | | $ 3.19 |
| | Hypothetical | | $ 1,000.00 | | $ 1,022.03 | | 0.63% | | $ 3.21 |
*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended October 31, 2021, and divided by the 365 days in the Fund’s fiscal year ended October 31, 2021 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.
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PGIM Absolute Return Bond Fund | | 13 |
Schedule of Investments
as of October 31, 2021
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Description | | Interest Rate | | Maturity Date | | | | Principal Amount (000)# | | | Value | |
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LONG-TERM INVESTMENTS 85.4% | | | | | | | | | | | | | | |
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ASSET-BACKED SECURITIES 26.6% | | | | | | | | | | | | | | |
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Automobiles 0.2% | | | | | | | | | | | | | | |
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Hertz Vehicle Financing III LP, | | | | | | | | | | | | | | |
Series 2021-02A, Class B, 144A | | 2.120% | | 12/27/27 | | | | | 200 | | | $ | 199,207 | |
OneMain Direct Auto Receivables Trust, | | | | | | | | | | | | | | |
Series 2019-01A, Class B, 144A | | 3.950 | | 11/14/28 | | | | | 1,700 | | | | 1,834,128 | |
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| | | | | | | | | | | | | 2,033,335 | |
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Collateralized Loan Obligations 19.0% | | | | | | | | | | | | | | |
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Anchorage Credit Opportunities CLO Ltd. (Cayman Islands), | | | | | | | | | | | | | | |
Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.950% (Cap N/A, Floor 1.950%) | | 2.082(c) | | 01/20/32 | | | | | 15,000 | | | | 15,026,886 | |
Ares European CLO DAC (Ireland), | | | | | | | | | | | | | | |
Series 2013-06A, Class B1RR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | | 1.250(c) | | 04/15/30 | | EUR | | | 2,500 | | | | 2,887,369 | |
Barings Euro CLO DAC (Ireland), | | | | | | | | | | | | | | |
Series 2020-01A, Class AR, 144A | | 0.000(cc) | | 10/21/34 | | EUR | | | 3,000 | | | | 3,468,000 | |
Brookside Mill CLO Ltd. (Cayman Islands), | | | | | | | | | | | | | | |
Series 2013-01A, Class BR, 144A, 3 Month LIBOR + 1.350% (Cap N/A, Floor 0.000%) | | 1.472(c) | | 01/17/28 | | | | | 4,000 | | | | 4,002,573 | |
Carlyle Euro CLO DAC (Ireland), | | | | | | | | | | | | | | |
Series 2019-01A, Class A1R, 144A, 3 Month EURIBOR + 0.750% (Cap N/A, Floor 0.750%) | | 0.750(c) | | 03/15/32 | | EUR | | | 1,750 | | | | 2,015,238 | |
Series 2019-01A, Class A2RB, 144A | | 2.100 | | 03/15/32 | | EUR | | | 6,500 | | | | 7,522,901 | |
Elevation CLO Ltd. (Cayman Islands), | | | | | | | | | | | | | | |
Series 2017-06A, Class A1, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 0.000%) | | 1.404(c) | | 07/15/29 | | | | | 2,500 | | | | 2,501,881 | |
Series 2017-07A, Class A, 144A, 3 Month LIBOR + 1.220% (Cap N/A, Floor 0.000%) | | 1.344(c) | | 07/15/30 | | | | | 4,000 | | | | 4,002,466 | |
Ellington CLO Ltd. (Cayman Islands), | | | | | | | | | | | | | | |
Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.700% (Cap N/A, Floor 1.700%) | | 1.825(c) | | 02/15/29 | | | | | 16,536 | | | | 16,537,723 | |
Generate CLO Ltd. (Cayman Islands), | | | | | | | | | | | | | | |
Series 02A, Class AR, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 0.000%) | | 1.278(c) | | 01/22/31 | | | | | 3,000 | | | | 2,999,997 | |
KKR CLO Ltd. (Cayman Islands), | | | | | | | | | | | | | | |
Series 11, Class AR, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 0.000%) | | 1.304(c) | | 01/15/31 | | | | | 8,000 | | | | 8,003,079 | |
Series 32A, Class A1, 144A, 3 Month LIBOR + 1.320% (Cap N/A, Floor 1.320%) | | 1.444(c) | | 01/15/32 | | | | | 5,000 | | | | 5,003,622 | |
| | |
See Notes to Financial Statements. |
PGIM Absolute Return Bond Fund | | 15 |
Schedule of Investments (continued)
as of October 31, 2021
| | | | | | | | | | | | | | |
| | | | | |
Description | | Interest Rate | | Maturity Date | | | | Principal Amount (000)# | | | Value | |
| | | | | |
ASSET-BACKED SECURITIES (Continued) | | | | | | | | | | | | | | |
| | | | | |
Collateralized Loan Obligations (cont’d.) | | | | | | | | | | | | | | |
| | | | | |
Medalist Partners Corporate Finance CLO Ltd. (Cayman Islands), | | | | | | | | | | | | | | |
Series 2021-01A, Class A1A, 144A, 3 Month LIBOR + 1.230% (Cap N/A, Floor 1.230%) | | 1.441%(c) | | 10/20/34 | | | | | 5,000 | | | $ | 4,998,750 | |
MidOcean Credit CLO (Cayman Islands), | | | | | | | | | | | | | | |
Series 2014-03A, Class A1R, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%) | | 1.250(c) | | 04/21/31 | | | | | 7,411 | | | | 7,411,092 | |
Series 2014-03A, Class BR, 144A, 3 Month LIBOR + 1.800% (Cap N/A, Floor 1.800%) | | 1.930(c) | | 04/21/31 | | | | | 18,000 | | | | 17,982,437 | |
OZLM Ltd. (Cayman Islands), | | | | | | | | | | | | | | |
Series 2014-06A, Class A2AS, 144A, 3 Month LIBOR + 1.750% (Cap N/A, Floor 0.000%) | | 1.872(c) | | 04/17/31 | | | | | 4,000 | | | | 4,000,179 | |
Palmer Square CLO Ltd. (Cayman Islands), | | | | | | | | | | | | | | |
Series 2014-01A, Class A1R2, 144A, 3 Month LIBOR + 1.130% (Cap N/A, Floor 1.130%) | | 1.252(c) | | 01/17/31 | | | | | 5,000 | | | | 5,001,179 | |
Penta CLO DAC (Ireland), | | | | | | | | | | | | | | |
Series 2018-05A, Class B1R, 144A, 3 Month EURIBOR + 1.550% (Cap N/A, Floor 1.550%) | | 1.550(c) | | 04/20/35 | | EUR | | | 10,000 | | | | 11,538,694 | |
Romark CLO Ltd. (Cayman Islands), | | | | | | | | | | | | | | |
Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.175% (Cap N/A, Floor 1.175%) | | 1.299(c) | | 07/25/31 | | | | | 5,000 | | | | 5,000,011 | |
Romark WM-R Ltd. (Cayman Islands), | | | | | | | | | | | | | | |
Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%) | | 1.162(c) | | 04/20/31 | | | | | 1,484 | | | | 1,485,026 | |
Strata CLO Ltd. (Cayman Islands), | | | | | | | | | | | | | | |
Series 2018-01A, Class A, 144A, 3 Month LIBOR + 1.590% (Cap N/A, Floor 1.590%) | | 1.714(c) | | 01/15/31 | | | | | 19,000 | | | | 18,986,901 | |
Trinitas CLO Ltd. (Cayman Islands), | | | | | | | | | | | | | | |
Series 2017-07A, Class A, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 0.000%) | | 1.334(c) | | 01/25/31 | | | | | 4,500 | | | | 4,502,108 | |
Venture CLO Ltd. (Cayman Islands), | | | | | | | | | | | | | | |
Series 2015-21A, Class AR, 144A, 3 Month LIBOR + 0.880% (Cap N/A, Floor 0.000%) | | 1.004(c) | | 07/15/27 | | | | | 2,112 | | | | 2,111,988 | |
Voya CLO Ltd. (Cayman Islands), | | | | | | | | | | | | | | |
Series 2013-01A, Class A1AR, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 0.000%) | | 1.334(c) | | 10/15/30 | | | | | 2,739 | | | | 2,740,342 | |
Wellfleet CLO Ltd. (Cayman Islands), | | | | | | | | | | | | | | |
Series 2017-03A, Class A1, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%) | | 1.272(c) | | 01/17/31 | | | | | 10,500 | | | | 10,502,844 | |
|
See Notes to Financial Statements. 16 |
| | | | | | | | | | | | | | | | |
| | | | | |
Description | | Interest Rate | | Maturity Date | | | | | Principal Amount (000)# | | | Value | |
| | | | | |
ASSET-BACKED SECURITIES (Continued) | | | | | | | | | | | | | | | | |
| | | | | |
Collateralized Loan Obligations (cont’d.) | | | | | | | | | | | | | | | | |
| | | | | |
Zais CLO Ltd. (Cayman Islands), | | | | | | | | | | | | | | | | |
Series 2015-03A, Class A2R, 144A, 3 Month LIBOR + 2.190% (Cap N/A, Floor 0.000%) | | 2.314%(c) | | 07/15/31 | | | | | | | 11,300 | | | $ | 11,305,248 | |
Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.290% (Cap N/A, Floor 0.000%) | | 1.414(c) | | 04/15/30 | | | | | | | 4,642 | | | | 4,637,749 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 186,176,283 | |
| | | | | |
Consumer Loans 1.0% | | | | | | | | | | | | | | | | |
| | | | | |
Lendmark Funding Trust, | | | | | | | | | | | | | | | | |
Series 2021-01A, Class C, 144A | | 3.410 | | 11/20/31 | | | | | | | 200 | | | | 204,157 | |
Oportun Funding XIII LLC, | | | | | | | | | | | | | | | | |
Series 2019-A, Class B, 144A | | 3.870 | | 08/08/25 | | | | | | | 4,860 | | | | 4,932,653 | |
PNMAC GMSR Issuer Trust, | | | | | | | | | | | | | | | | |
Series 2018-GT01, Class A, 144A, 1 Month LIBOR + 2.850% (Cap N/A, Floor 2.850%) | | 2.939(c) | | 02/25/23 | | | | | | | 1,650 | | | | 1,653,838 | |
Series 2018-GT02, Class A, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 0.000%) | | 2.739(c) | | 08/25/25 | | | | | | | 3,400 | | | | 3,398,982 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 10,189,630 | |
| | | | | |
Home Equity Loans 1.4% | | | | | | | | | | | | | | | | |
| | | | | |
Accredited Mortgage Loan Trust, | | | | | | | | | | | | | | | | |
Series 2004-03, Class 2A2, 1 Month LIBOR + 1.200% (Cap 13.000%, Floor 1.200%) | | 1.289(c) | | 10/25/34 | | | | | | | 1,324 | | | | 1,324,864 | |
Asset-Backed Securities Corp. Home Equity Loan Trust, | | | | | | | | | | | | | | | | |
Series 2003-HE06, Class A2, 1 Month LIBOR + 0.680% (Cap N/A, Floor 0.680%) | | 0.769(c) | | 11/25/33 | | | | | | | 1,758 | | | | 1,742,543 | |
Series 2003-HE06, Class A3B, 1 Month LIBOR + 0.960% (Cap N/A, Floor 0.960%) | | 1.049(c) | | 11/25/33 | | | | | | | 3,546 | | | | 3,485,428 | |
Bear Stearns Asset-Backed Securities I Trust, | | | | | | | | | | | | | | | | |
Series 2004-HE11, Class M2, 1 Month LIBOR + 1.575% (Cap N/A, Floor 1.575%) | | 1.664(c) | | 12/25/34 | | | | | | | 380 | | | | 380,776 | |
Bear Stearns Asset-Backed Securities Trust, | | | | | | | | | | | | | | | | |
Series 2002-02, Class A1, 1 Month LIBOR + 0.660% (Cap 11.000%, Floor 0.660%) | | 0.749(c) | | 10/25/32 | | | | | | | 460 | | | | 458,427 | |
Series 2003-03, Class A2, 1 Month LIBOR + 1.180% (Cap 11.000%, Floor 1.180%) | | 1.269(c) | | 06/25/43 | | | | | | | 83 | | | | 82,929 | |
Series 2003-HE01, Class M1, 1 Month LIBOR + 1.095% (Cap N/A, Floor 1.095%) | | 1.184(c) | | 01/25/34 | | | | | | | 2,418 | | | | 2,420,894 | |
| | |
See Notes to Financial Statements. |
PGIM Absolute Return Bond Fund | | 17 |
Schedule of Investments (continued)
as of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | | | |
Description | | Interest Rate | | Maturity Date | | | | | Principal Amount (000)# | | | Value | |
| | | | | |
ASSET-BACKED SECURITIES (Continued) | | | | | | | | | | | | | | | | |
| | | | | |
Home Equity Loans (cont’d.) | | | | | | | | | | | | | | | | |
| | | | | |
Home Equity Asset Trust, | | | | | | | | | | | | | | | | |
Series 2004-07, Class A2, 1 Month LIBOR + 0.840% (Cap N/A, Floor 0.840%) | | 0.929%(c) | | 01/25/35 | | | | | | | 1,050 | | | $ | 1,040,738 | |
MASTR Asset-Backed Securities Trust, | | | | | | | | | | | | | | | | |
Series 2003-WMC02, Class M2, 1 Month LIBOR + 2.475% (Cap N/A, Floor 2.475%) | | 2.564(c) | | 08/25/33 | | | | | | | 802 | | | | 813,634 | |
Morgan Stanley ABS Capital I, Inc. Trust, | | | | | | | | | | | | | | | | |
Series 2003-HE03, Class M1, 1 Month LIBOR + 1.020% (Cap N/A, Floor 1.020%) | | 1.109(c) | | 10/25/33 | | | | | | | 1,147 | | | | 1,148,596 | |
Series 2003-NC08, Class M1, 1 Month LIBOR + 1.050% (Cap N/A, Floor 1.050%) | | 1.139(c) | | 09/25/33 | | | | | | | 331 | | | | 331,446 | |
Series 2003-NC10, Class M1, 1 Month LIBOR + 1.020% (Cap N/A, Floor 1.020%) | | 1.109(c) | | 10/25/33 | | | | | | | 356 | | | | 356,135 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 13,586,410 | |
| | | | | |
Other 0.3% | | | | | | | | | | | | | | | | |
| | | | | |
PNMAC FMSR Issuer Trust, | | | | | | | | | | | | | | | | |
Series 2018-FT01, Class A, 144A, 1 Month LIBOR + 2.350% (Cap N/A, Floor 0.000%) | | 2.439(c) | | 04/25/23 | | | | | | | 3,200 | | | | 3,203,195 | |
| | | | | |
Residential Mortgage-Backed Securities 2.1% | | | | | | | | | | | | | | | | |
| | | | | |
Chase Funding Trust, | | | | | | | | | | | | | | | | |
Series 2002-03, Class 2A1, 1 Month LIBOR + 0.640% (Cap N/A, Floor 0.640%) | | 0.729(c) | | 08/25/32 | | | | | | | 245 | | | | 238,916 | |
Series 2003-04, Class 1A5 | | 5.014 | | 05/25/33 | | | | | | | 415 | | | | 419,717 | |
Citigroup Mortgage Loan Trust, Inc., | | | | | | | | | | | | | | | | |
Series 2005-OPT01, Class M1, 1 Month LIBOR + 0.630% (Cap N/A, Floor 0.630%) | | 0.719(c) | | 02/25/35 | | | | | | | 209 | | | | 206,190 | |
Series 2005-WF01, Class A5 | | 5.010(cc) | | 11/25/34 | | | | | | | 1 | | | | 577 | |
Countrywide Asset-Backed Certificates, | | | | | | | | | | | | | | | | |
Series 2003-BC04, Class M1, 1 Month LIBOR + 1.050% (Cap N/A, Floor 1.050%) | | 1.139(c) | | 07/25/33 | | | | | | | 472 | | | | 473,000 | |
Series 2004-01, Class M1, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%) | | 0.839(c) | | 03/25/34 | | | | | | | 22 | | | | 22,356 | |
Series 2004-BC04, Class M1, 1 Month LIBOR + 1.050% (Cap N/A, Floor 1.050%) | | 1.139(c) | | 11/25/34 | | | | | | | 224 | | | | 225,160 | |
Credit-Based Asset Servicing & Securitization LLC, | | | | | | | | | | | | | | | | |
Series 2003-CB03, Class AF1 | | 3.379 | | 12/25/32 | | | | | | | 89 | | | | 88,536 | |
Finance America Mortgage Loan Trust, | | | | | | | | | | | | | | | | |
Series 2003-01, Class M1, 1 Month LIBOR + 1.050% (Cap N/A, Floor 1.050%) | | 1.139(c) | | 09/25/33 | | | | | | | 1,243 | | | | 1,233,660 | |
|
See Notes to Financial Statements. 18 |
| | | | | | | | | | | | | | | | |
| | | | | |
Description | | Interest Rate | | Maturity Date | | | | | Principal Amount (000)# | | | Value | |
| | | | | |
ASSET-BACKED SECURITIES (Continued) | | | | | | | | | | | | | | | | |
| | | | | |
Residential Mortgage-Backed Securities (cont’d.) | | | | | | | | | | | | | | | | |
| | | | | |
First Franklin Mortgage Loan Trust, | | | | | | | | | | | | | | | | |
Series 2004-FF05, Class A2, 1 Month LIBOR + 0.760% (Cap N/A, Floor 0.760%) | | 0.849%(c) | | 08/25/34 | | | | | | | 563 | | | $ | 564,311 | |
Fremont Home Loan Trust, | | | | | | | | | | | | | | | | |
Series 2004-04, Class M1, 1 Month LIBOR + 0.795% (Cap N/A, Floor 0.795%) | | 0.884(c) | | 03/25/35 | | | | | | | 1,934 | | | | 1,914,464 | |
Long Beach Mortgage Loan Trust, | | | | | | | | | | | | | | | | |
Series 2004-02, Class A1, 1 Month LIBOR + 0.440% (Cap N/A, Floor 0.440%) | | 0.529(c) | | 06/25/34 | | | | | | | 695 | | | | 681,901 | |
Morgan Stanley ABS Capital I, Inc. Trust, | | | | | | | | | | | | | | | | |
Series 2004-NC05, Class M1, 1 Month LIBOR + 0.900% (Cap N/A, Floor 0.900%) | | 0.989(c) | | 05/25/34 | | | | | | | 188 | | | | 184,465 | |
Rathlin Residential DAC (Ireland), | | | | | | | | | | | | | | | | |
Series 2021-01A, Class A, 144A, 1 Month EURIBOR + 2.000% | | 1.443(c) | | 09/27/75 | | | EUR | | | | 1,820 | | | | 2,062,964 | |
Structured Asset Investment Loan Trust, | | | | | | | | | | | | | | | | |
Series 2004-BNC01, Class A2, 1 Month LIBOR + 1.000% (Cap N/A, Floor 1.000%) | | 1.089(c) | | 09/25/34 | | | | | | | 1,942 | | | | 1,943,199 | |
TFS (Spain), | | | | | | | | | | | | | | | | |
Series 2018-03, Class A1, 1 Month EURIBOR + 3.000% | | 3.000(c) | | 04/16/23 | | | EUR | | | | 9,702 | | | | 9,814,059 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 20,073,475 | |
| | | | | |
Student Loans 2.6% | | | | | | | | | | | | | | | | |
| | | | | |
Laurel Road Prime Student Loan Trust, | | | | | | | | | | | | | | | | |
Series 2018-D, Class A, 144A | | 0.000(cc) | | 11/25/43 | | | | | | | 3,960 | | | | 4,099,169 | |
Series 2019-A, Class R, 144A | | 0.000 | | 10/25/48 | | | | | | | 3,087 | | | | 522,420 | |
SoFi Alternative Trust, | | | | | | | | | | | | | | | | |
Series 2019-B, Class PT, 144A | | 0.000(cc) | | 12/15/45 | | | | | | | 4,708 | | | | 4,860,605 | |
Series 2019-D, Class 1PT, 144A | | 2.847(cc) | | 01/16/46 | | | | | | | 4,952 | | | | 5,103,490 | |
Series 2019-F, Class PT1, 144A | | 3.932(cc) | | 02/15/45 | | | | | | | 5,780 | | | | 5,896,191 | |
SoFi RR Funding II Trust, | | | | | | | | | | | | | | | | |
Series 2019-01, Class A, 144A, 1 Month LIBOR + 1.250% (Cap N/A, Floor 1.250%) | | 1.336(c) | | 11/29/24 | | | | | | | 4,431 | | | | 4,426,192 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 24,908,067 | |
| | | | | | | | | | | | | | | | |
TOTAL ASSET-BACKED SECURITIES (cost $261,030,618) | | | | | | | | | | | | | | | 260,170,395 | |
| | | | | | | | | | | | | | | | |
| | |
See Notes to Financial Statements. |
PGIM Absolute Return Bond Fund | | 19 |
Schedule of Investments (continued)
as of October 31, 2021
| | | | | | | | | | | | | | |
| | | | | |
Description | | Interest Rate | | Maturity Date | | | | Principal Amount (000)# | | | Value | |
| | | | | |
BANK LOANS 1.7% | | | | | | | | | | | | | | |
| | | | | |
Airlines 0.0% | | | | | | | | | | | | | | |
| | | | | |
United Airlines, Inc., | | | | | | | | | | | | | | |
Class B Term Loan, 1 Month LIBOR + 3.750% | | 4.500%(c) | | 04/21/28 | | | | | 249 | | | $ | 251,948 | |
| | | | | |
Internet 0.3% | | | | | | | | | | | | | | |
| | | | | |
Speedster Bidco GmbH (Germany), | | | | | | | | | | | | | | |
Second Lien Term Loan, 6 Month EURIBOR + 6.000% (Cap N/A, Floor 0.000%) | | 6.000(c) | | 03/31/28 | | EUR | | | 2,400 | | | | 2,788,272 | |
| | | | | |
Media 0.0% | | | | | | | | | | | | | | |
| | | | | |
Diamond Sports Group LLC, | | | | | | | | | | | | | | |
Term Loan, 1 Month LIBOR + 3.250% | | 3.340(c) | | 08/24/26 | | | | | 378 | | | | 196,786 | |
| | | | | |
Oil & Gas 0.2% | | | | | | | | | | | | | | |
| | | | | |
Ascent Resources Utica Holdings LLC, | | | | | | | | | | | | | | |
Second Lien Term Loan, 3 Month LIBOR + 9.000% | | 10.000(c) | | 11/01/25 | | | | | 1,858 | | | | 2,032,652 | |
| | | | | |
Retail 0.9% | | | | | | | | | | | | | | |
| | | | | |
CD&R Firefly Bidco Ltd. (United Kingdom), | | | | | | | | | | | | | | |
Initial Term Loan, 3 Month GBP LIBOR + 8.356%^ | | 8.412(c) | | 06/21/26 | | GBP | | | 3,300 | | | | 4,516,215 | |
Constellation Automotive Group Ltd. (United Kingdom), | | | | | | | | | | | | | | |
Facility 1 Loan, 1 - 3 Month GBP LIBOR + 7.500% (Cap N/A, Floor 0.000%) | | 7.525(c) | | 07/16/29 | | GBP | | | 1,025 | | | | 1,423,805 | |
Stonegate Pub Co. Ltd., | | | | | | | | | | | | | | |
First Lien Initial Term B Loan, 3 Month GBP LIBOR + 8.500%^ | | 8.606(c) | | 03/06/28 | | GBP | | | 1,900 | | | | 2,587,243 | |
| | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | 8,527,263 | |
| | | | | |
Telecommunications 0.3% | | | | | | | | | | | | | | |
| | | | | |
Intelsat Jackson Holdings SA (Luxembourg), | | | | | | | | | | | | | | |
DIP Term Loan, 3 Month LIBOR + 4.750% | | 5.750(c) | | 07/13/22 | | | | | 921 | | | | 927,279 | |
West Corp., | | | | | | | | | | | | | | |
Initial Term B Loan, 3 Month LIBOR + 4.000% | | 5.000(c) | | 10/10/24 | | | | | 2,401 | | | | 2,358,472 | |
| | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | 3,285,751 | |
| | | | | | | | | | | | | | |
TOTAL BANK LOANS (cost $16,437,499) | | | | | | | | | | | | | 17,082,672 | |
| | | | | | | | | | | | | | |
|
See Notes to Financial Statements. 20 |
| | | | | | | | | | | | | | | | |
| | | | | |
Description | | Interest Rate | | Maturity Date | | | | | Principal Amount (000)# | | | Value | |
| | | | | |
COMMERCIAL MORTGAGE-BACKED SECURITIES 7.5% | | | | | | | | | | | | | | | | |
20 Times Square Trust, | | | | | | | | | | | | | | | | |
Series 2018-20TS, Class G, 144A | | 3.100%(cc) | | 05/15/35 | | | | | | | 2,700 | | | $ | 2,502,129 | |
Series 2018-20TS, Class H, 144A | | 3.100(cc) | | 05/15/35 | | | | | | | 2,700 | | | | 2,459,092 | |
Barclays Commercial Mortgage Securities Trust, | | | | | | | | | | | | | | | | |
Series 2018-TALL, Class D, 144A, 1 Month LIBOR + 1.449% (Cap N/A, Floor 1.449%) | | 1.539(c) | | 03/15/37 | | | | | | | 11,875 | | | | 11,427,823 | |
BX Commercial Mortgage Trust, | | | | | | | | | | | | | | | | |
Series 2019-XL, Class J, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 2.650%) | | 2.740(c) | | 10/15/36 | | | | | | | 5,653 | | | | 5,638,430 | |
Series 2020-BXLP, Class G, 144A, 1 Month LIBOR + 2.500% (Cap N/A, Floor 2.500%) | | 2.590(c) | | 12/15/36 | | | | | | | 3,414 | | | | 3,397,261 | |
Commercial Mortgage Trust, | | | | | | | | | | | | | | | | |
Series 2012-CR01, Class XA, IO | | 1.874(cc) | | 05/15/45 | | | | | | | 8,250 | | | | 20,906 | |
Series 2015-LC19, Class XB, IO, 144A | | 0.251(cc) | | 02/10/48 | | | | | | | 123,049 | | | | 979,876 | |
DBWF Mortgage Trust, | | | | | | | | | | | | | | | | |
Series 2016-85T, Class E, 144A | | 3.808(cc) | | 12/10/36 | | | | | | | 15,500 | | | | 14,959,530 | |
FHLMC Multifamily Structured Pass-Through Certificates, | | | | | | | | | | | | | | | | |
Series K018, Class X1, IO | | 1.234(cc) | | 01/25/22 | | | | | | | 7,813 | | | | 623 | |
Series K020, Class X1, IO | | 1.337(cc) | | 05/25/22 | | | | | | | 17,410 | | | | 73,325 | |
Series K021, Class X1, IO | | 1.376(cc) | | 06/25/22 | | | | | | | 3,666 | | | | 10,755 | |
Series K025, Class X1, IO | | 0.781(cc) | | 10/25/22 | | | | | | | 82,453 | | | | 506,229 | |
Series K055, Class X1, IO | | 1.356(cc) | | 03/25/26 | | | | | | | 22,308 | | | | 1,146,304 | |
Series KC02, Class X1, IO | | 0.373(cc) | | 03/25/24 | | | | | | | 141,070 | | | | 1,038,331 | |
GS Mortgage Securities Corp., | | | | | | | | | | | | | | | | |
Series 2013-GC10, Class XB, IO, 144A | | 0.487(cc) | | 02/10/46 | | | | | | | 103,126 | | | | 645,692 | |
GS Mortgage Securities Trust, | | | | | | | | | | | | | | | | |
Series 2014-GC20, Class XB, IO | | 0.427(cc) | | 04/10/47 | | | | | | | 28,307 | | | | 283,795 | |
Independence Plaza Trust, | | | | | | | | | | | | | | | | |
Series 2018-INDP, Class E, 144A | | 4.996 | | 07/10/35 | | | | | | | 5,200 | | | | 5,102,946 | |
JPMBB Commercial Mortgage Securities Trust, | | | | | | | | | | | | | | | | |
Series 2014-C21, Class XB, IO | | 0.301(cc) | | 08/15/47 | | | | | | | 45,056 | | | | 424,648 | |
Series 2015-C27, Class XB, IO | | 0.408(cc) | | 02/15/48 | | | | | | | 52,766 | | | | 702,173 | |
JPMorgan Chase Commercial Mortgage Securities Corp., | | | | | | | | | | | | | | | | |
Series 2018-AON, Class E, 144A | | 4.613(cc) | | 07/05/31 | | | | | | | 7,950 | | | | 8,138,641 | |
JPMorgan Chase Commercial Mortgage Securities Trust, | | | | | | | | | | | | | | | | |
Series 2013-LC11, Class XB, IO | | 0.509(cc) | | 04/15/46 | | | | | | | 34,956 | | | | 250,046 | |
Morgan Stanley Bank of America Merrill Lynch Trust, | | | | | | | | | | | | | | | | |
Series 2012-C05, Class XB, IO, 144A | | 0.210(cc) | | 08/15/45 | | | | | | | 65,968 | | | | 100,139 | |
Series 2013-C08, Class XB, IO, 144A | | 0.497(cc) | | 12/15/48 | | | | | | | 68,276 | | | | 338,895 | |
| | |
See Notes to Financial Statements. |
PGIM Absolute Return Bond Fund | | 21 |
Schedule of Investments (continued)
as of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | | | |
Description | | Interest Rate | | Maturity Date | | | | | Principal Amount (000)# | | | Value | |
| | | | | |
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued) | | | | | | | | | | | | | | | | |
| | | | | |
Salus European Loan Conduit DAC (United Kingdom), | | | | | | | | | | | | | | | | |
Series 33A, Class A, 144A, 3 Month GBP LIBOR + 1.500% (Cap 6.500%, Floor 1.500%) | | 1.704%(c) | | 01/23/29 | | | GBP | | | | 9,500 | | | $ | 13,033,734 | |
| | | | | |
UBS-Barclays Commercial Mortgage Trust, Series 2013-C06, Class XB, IO, 144A | | 0.373(cc) | | 04/10/46 | | | | | | | 140,883 | | | | 712,065 | |
| | | | | | | | | | | | | | | | |
| | | | | |
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $72,587,604) | | | | | | | | | | | | | | | 73,893,388 | |
| | | | | | | | | | | | | | | | |
| | | | | |
CONVERTIBLE BOND 0.0% | | | | | | | | | | | | | | | | |
| | | | | |
Telecommunications | | | | | | | | | | | | | | | | |
| | | | | |
Digicel Group Holdings Ltd. (Jamaica), | | | | | | | | | | | | | | | | |
Sub. Notes, 144A, Cash coupon 7.000% or PIK N/A | | | | | | | | | | | | | | | | |
(cost $4,307) | | 7.000 | | 11/15/21(oo) | | | | | | | 42 | | | | 38,328 | |
| | | | | | | | | | | | | | | | |
| | | | | |
CORPORATE BONDS 30.1% | | | | | | | | | | | | | | | | |
| | | | | |
Advertising 0.1% | | | | | | | | | | | | | | | | |
| | | | | |
National CineMedia LLC, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 5.750 | | 08/15/26 | | | | | | | 1,100 | | | | 884,051 | |
| | | | | |
Aerospace & Defense 1.2% | | | | | | | | | | | | | | | | |
| | | | | |
Bombardier, Inc. (Canada), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 7.500 | | 12/01/24 | | | | | | | 5,325 | | | | 5,543,131 | |
Sr. Unsec’d. Notes, 144A | | 7.875 | | 04/15/27 | | | | | | | 5,675 | | | | 5,901,824 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 11,444,955 | |
| | | | | |
Agriculture 0.1% | | | | | | | | | | | | | | | | |
| | | | | |
Vector Group Ltd., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 5.750 | | 02/01/29 | | | | | | | 475 | | | | 473,847 | |
| | | | | |
Airlines 0.5% | | | | | | | | | | | | | | | | |
| | | | | |
American Airlines 2013-1 Class A Pass-Through Trust, | | | | | | | | | | | | | | | | |
Pass-Through Certificates | | 4.000 | | 01/15/27 | | | | | | | 1,704 | | | | 1,656,477 | |
Continental Airlines 2007-1 Class A Pass-Through Trust, | | | | | | | | | | | | | | | | |
Pass-Through Certificates | | 5.983 | | 10/19/23 | | | | | | | 183 | | | | 185,949 | |
|
See Notes to Financial Statements. 22 |
| | | | | | | | | | | | | | | | |
| | | | | |
Description | | Interest Rate | | Maturity Date | | | | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | | |
Airlines (cont’d.) | | | | | | | | | | | | | | | | |
| | | | | |
Continental Airlines 2012-2 Class A Pass-Through Trust, | | | | | | | | | | | | | | | | |
Pass-Through Certificates | | 4.000% | | 04/29/26 | | | | | | | 75 | | | $ | 78,632 | |
United Airlines 2013-1 Class A Pass-Through Trust, | | | | | | | | | | | | | | | | |
Pass-Through Certificates | | 4.300 | | 02/15/27 | | | | | | | 1,600 | | | | 1,701,803 | |
United Airlines, Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 4.375 | | 04/15/26 | | | | | | | 645 | | | | 667,849 | |
Sr. Sec’d. Notes, 144A | | 4.625 | | 04/15/29 | | | | | | | 170 | | | | 175,311 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 4,466,021 | |
| | | | | |
Auto Manufacturers 0.2% | | | | | | | | | | | | | | | | |
| | | | | |
General Motors Co., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 6.250 | | 10/02/43 | | | | | | | 1,555 | | | | 2,121,312 | |
| | | | | |
Auto Parts & Equipment 0.6% | | | | | | | | | | | | | | | | |
| | | | | |
Adient Global Holdings Ltd., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(a) | | 4.875 | | 08/15/26 | | | | | | | 1,900 | | | | 1,935,869 | |
American Axle & Manufacturing, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes | | 6.250 | | 03/15/26 | | | | | | | 2,200 | | | | 2,260,557 | |
Cooper-Standard Automotive, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(a) | | 5.625 | | 11/15/26 | | | | | | | 1,800 | | | | 1,443,801 | |
Nemak SAB de CV (Mexico), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 3.625 | | 06/28/31 | | | | | | | 350 | | | | 327,307 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 5,967,534 | |
| | | | | |
Banks 5.5% | | | | | | | | | | | | | | | | |
| | | | | |
Banco de Credito del Peru (Peru), | | | | | | | | | | | | | | | | |
Sub. Notes, 144A, MTN | | 3.250(ff) | | 09/30/31 | | | | | | | 1,055 | | | | 1,044,122 | |
Bangkok Bank PCL (Thailand), | | | | | | | | | | | | | | | | |
Sub. Notes, 144A | | 3.466(ff) | | 09/23/36 | | | | | | | 945 | | | | 939,425 | |
Bank of America Corp., | | | | | | | | | | | | | | | | |
Jr. Sub. Notes, Series JJ | | 5.125(ff) | | 06/20/24(oo) | | | | | | | 6,850 | | | | 7,225,874 | |
Jr. Sub. Notes, Series MM | | 4.300(ff) | | 01/28/25(oo) | | | | | | | 5,545 | | | | 5,637,138 | |
Sr. Unsec’d. Notes, MTN | | 4.271(ff) | | 07/23/29 | | | | | | | 1,450 | | | | 1,628,805 | |
Citigroup, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 2.976(ff) | | 11/05/30 | | | | | | | 870 | | | | 905,772 | |
Sr. Unsec’d. Notes | | 3.200 | | 10/21/26 | | | | | | | 1,145 | | | | 1,217,316 | |
Sr. Unsec’d. Notes | | 3.887(ff) | | 01/10/28 | | | | | | | 980 | | | | 1,067,242 | |
Sr. Unsec’d. Notes | | 8.125 | | 07/15/39 | | | | | | | 620 | | | | 1,051,929 | |
Sub. Notes | | 4.400 | | 06/10/25 | | | | | | | 405 | | | | 443,081 | |
| | |
See Notes to Financial Statements. |
PGIM Absolute Return Bond Fund | | 23 |
Schedule of Investments (continued)
as of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | | | |
Description | | Interest Rate | | Maturity Date | | | | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | | |
Banks (cont’d.) | | | | | | | | | | | | | | | | |
| | | | | |
Credit Suisse Group AG (Switzerland), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 3.750% | | 03/26/25 | | | | | | | 1,200 | | | $ | 1,285,441 | |
Development Bank of the Republic of Belarus JSC (Belarus), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(a) | | 6.750 | | 05/02/24 | | | | | | | 1,505 | | | | 1,418,811 | |
Goldman Sachs Group, Inc. (The), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 3.814(ff) | | 04/23/29 | | | | | | | 35 | | | | 38,328 | |
Sr. Unsec’d. Notes | | 3.850 | | 01/26/27 | | | | | | | 3,940 | | | | 4,265,567 | |
Sr. Unsec’d. Notes | | 4.223(ff) | | 05/01/29 | | | | | | | 135 | | | | 151,218 | |
Grupo Aval Ltd. (Colombia), | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.375 | | 02/04/30 | | | | | | | 2,170 | | | | 2,121,175 | |
JPMorgan Chase & Co., | | | | | | | | | | | | | | | | |
Jr. Sub. Notes, Series FF | | 5.000(ff) | | 08/01/24(oo) | | | | | | | 1,500 | | | | 1,554,035 | |
Jr. Sub. Notes, Series HH | | 4.600(ff) | | 02/01/25(oo) | | | | | | | 15,325 | | | | 15,655,417 | |
Jr. Sub. Notes, Series I, 3 Month LIBOR + 3.470% | | 3.599(c) | | 01/30/22(oo) | | | | | | | 64 | | | | 64,230 | |
Mizrahi Tefahot Bank Ltd. (Israel), | | | | | | | | | | | | | | | | |
Sub. Notes, 144A(a) | | 3.077(ff) | | 04/07/31 | | | | | | | 1,555 | | | | 1,553,088 | |
Morgan Stanley, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes(a) | | 4.375 | | 01/22/47 | | | | | | | 1,260 | | | | 1,591,966 | |
Sr. Unsec’d. Notes, GMTN | | 3.772(ff) | | 01/24/29 | | | | | | | 1,750 | | | | 1,920,584 | |
Sr. Unsec’d. Notes, GMTN | | 3.875 | | 01/27/26 | | | | | | | 605 | | | | 660,390 | |
People’s United Bank NA, | | | | | | | | | | | | | | | | |
Sub. Notes | | 4.000 | | 07/15/24 | | | | | | | 325 | | | | 344,343 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 53,785,297 | |
| | | | | |
Beverages 0.0% | | | | | | | | | | | | | | | | |
| | | | | |
Anheuser-Busch InBev Worldwide, Inc. (Belgium), | | | | | | | | | | | | | | | | |
Gtd. Notes | | 8.200 | | 01/15/39 | | | | | | | 250 | | | | 411,934 | |
| | | | | |
Building Materials 0.1% | | | | | | | | | | | | | | | | |
| | | | | |
Cemex SAB de CV (Mexico), | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 5.450 | | 11/19/29 | | | | | | | 1,180 | | | | 1,277,589 | |
| | | | | |
Chemicals 1.6% | | | | | | | | | | | | | | | | |
| | | | | |
Ashland LLC, | | | | | | | | | | | | | | | | |
Gtd. Notes | | 6.875 | | 05/15/43 | | | | | | | 4,100 | | | | 5,322,197 | |
Ashland Services BV, | | | | | | | | | | | | | | | | |
Gtd. Notes | | 2.000 | | 01/30/28 | | | EUR | | | | 1,200 | | | | 1,423,614 | |
Braskem Netherlands Finance BV (Brazil), | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.500 | | 01/10/28 | | | | | | | 1,630 | | | | 1,666,620 | |
|
See Notes to Financial Statements. 24 |
| | | | | | | | | | | | | | | | |
| | | | | |
Description | | Interest Rate | | Maturity Date | | | | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | | |
Chemicals (cont’d.) | | | | | | | | | | | | | | | | |
| | | | | |
LYB International Finance BV, | | | | | | | | | | | | | | | | |
Gtd. Notes | | 5.250% | | 07/15/43 | | | | | | | 175 | | | $ | 226,007 | |
Nutrien Ltd. (Canada), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 4.900 | | 06/01/43 | | | | | | | 1,350 | | | | 1,722,399 | |
Sasol Financing International Ltd. (South Africa), | | | | | | | | | | | | | | | | |
Gtd. Notes(a) | | 4.500 | | 11/14/22 | | | | | | | 2,415 | | | | 2,468,807 | |
Sasol Financing USA LLC (South Africa), | | | | | | | | | | | | | | | | |
Gtd. Notes | | 4.375 | | 09/18/26 | | | | | | | 350 | | | | 356,059 | |
TPC Group, Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 10.500 | | 08/01/24 | | | | | | | 1,700 | | | | 1,540,359 | |
Sr. Sec’d. Notes, 144A | | 10.875 | | 08/01/24 | | | | | | | 419 | | | | 446,955 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 15,173,017 | |
| | | | | |
Commercial Services 0.9% | | | | | | | | | | | | | | | | |
| | | | | |
ERAC USA Finance LLC, | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 6.700 | | 06/01/34 | | | | | | | 110 | | | | 152,789 | |
Gtd. Notes, 144A(h) | | 7.000 | | 10/15/37 | | | | | | | 1,725 | | | | 2,569,559 | |
Nexi SpA (Italy), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 2.125 | | 04/30/29 | | | EUR | | | | 4,060 | | | | 4,640,950 | |
United Rentals North America, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes | | 3.750 | | 01/15/32 | | | | | | | 325 | | | | 324,357 | |
Gtd. Notes | | 5.250 | | 01/15/30 | | | | | | | 1,200 | | | | 1,299,666 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 8,987,321 | |
| | | | | |
Computers 0.0% | | | | | | | | | | | | | | | | |
| | | | | |
CA Magnum Holdings (India), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 5.375 | | 10/31/26 | | | | | | | 215 | | | | 221,468 | |
| | | | | |
Diversified Financial Services 0.3% | | | | | | | | | | | | | | | | |
| | | | | |
Jefferies Group LLC, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 6.500 | | 01/20/43 | | | | | | | 175 | | | | 244,360 | |
OneMain Finance Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes | | 3.875 | | 09/15/28 | | | | | | | 1,200 | | | | 1,170,804 | |
Power Finance Corp. Ltd. (India), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, EMTN | | 5.250 | | 08/10/28 | | | | | | | 1,100 | | | | 1,230,516 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 2,645,680 | |
| | | | | |
Electric 1.5% | | | | | | | | | | | | | | | | |
| | | | | |
AES Panama Generation Holdings SRL (Panama), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 4.375 | | 05/31/30 | | | | | | | 1,065 | | | | 1,095,249 | |
| | |
See Notes to Financial Statements. |
PGIM Absolute Return Bond Fund | | 25 |
Schedule of Investments (continued)
as of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | | | |
Description | | Interest Rate | | Maturity Date | | | | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | | |
Electric (cont’d.) | | | | | | | | | | | | | | | | |
| | | | | |
Calpine Corp., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(a) | | 4.625% | | 02/01/29 | | | | | | | 1,500 | | | $ | 1,458,447 | |
Sr. Unsec’d. Notes, 144A | | 5.000 | | 02/01/31 | | | | | | | 2,275 | | | | 2,228,903 | |
Clean Renewable Power Mauritius Pte Ltd. (India), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 4.250 | | 03/25/27 | | | | | | | 475 | | | | 483,678 | |
Duke Energy Carolinas LLC, | | | | | | | | | | | | | | | | |
First Ref. Mortgage | | 4.000 | | 09/30/42 | | | | | | | 50 | | | | 57,651 | |
Eskom Holdings SOC Ltd. (South Africa), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 7.125 | | 02/11/25 | | | | | | | 2,145 | | | | 2,237,693 | |
Sr. Unsec’d. Notes, 144A, MTN | | 6.750 | | 08/06/23 | | | | | | | 200 | | | | 206,553 | |
Evergy Kansas Central, Inc., | | | | | | | | | | | | | | | | |
First Mortgage | | 4.100 | | 04/01/43 | | | | | | | 325 | | | | 383,308 | |
FEL Energy VI Sarl (Mexico), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 5.750 | | 12/01/40 | | | | | | | 1,865 | | | | 1,845,808 | |
Instituto Costarricense de Electricidad (Costa Rica), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 6.950 | | 11/10/21 | | | | | | | 500 | | | | 500,623 | |
Mong Duong Finance Holdings BV (Vietnam), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes | | 5.125 | | 05/07/29 | | | | | | | 1,295 | | | | 1,288,133 | |
NRG Energy, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 3.625 | | 02/15/31 | | | | | | | 1,000 | | | | 973,967 | |
Gtd. Notes, 144A | | 3.875 | | 02/15/32 | | | | | | | 500 | | | | 489,973 | |
Vistra Corp., | | | | | | | | | | | | | | | | |
Jr. Sub. Notes, 144A | | 8.000(ff) | | 10/15/26(oo) | | | | | | | 1,575 | | | | 1,653,269 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 14,903,255 | |
| | | | | |
Electronics 0.0% | | | | | | | | | | | | | | | | |
| | | | | |
Jabil, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 4.700 | | 09/15/22 | | | | | | | 80 | | | | 82,785 | |
| | | | | |
Energy-Alternate Sources 0.3% | | | | | | | | | | | | | | | | |
| | | | | |
Aydem Yenilenebilir Enerji A/S (Turkey), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 7.750 | | 02/02/27 | | | | | | | 830 | | | | 788,962 | |
Greenko Dutch BV (India), | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 3.850 | | 03/29/26 | | | | | | | 1,803 | | | | 1,818,831 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 2,607,793 | |
| | | | | |
Engineering & Construction 0.4% | | | | | | | | | | | | | | | | |
| | | | | |
Cellnex Finance Co. SA (Spain), | | | | | | | | | | | | | | | | |
Gtd. Notes, EMTN | | 2.000 | | 02/15/33 | | | EUR | | | | 1,100 | | | | 1,213,293 | |
|
See Notes to Financial Statements. 26 |
| | | | | | | | | | | | | | | | |
| | | | | |
Description | | Interest Rate | | Maturity Date | | | | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | | |
Engineering & Construction (cont’d.) | | | | | | | | | | | | | | | | |
| | | | | |
Cellnex Telecom SA (Spain), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, EMTN | | 1.750% | | 10/23/30 | | | EUR | | | | 700 | | | $ | 781,222 | |
Mexico City Airport Trust (Mexico), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 3.875 | | 04/30/28 | | | | | | | 2,000 | | | | 2,071,129 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 4,065,644 | |
| | | | | |
Entertainment 0.6% | | | | | | | | | | | | | | | | |
| | | | | |
AMC Entertainment Holdings, Inc., | | | | | | | | | | | | | | | | |
Sec’d. Notes, 144A, Cash coupon 10.000% or PIK 12.000% or Cash coupon 5.000% and PIK 6.000% | | 12.000 | | 06/15/26 | | | | | | | 480 | | | | 476,802 | |
Codere Finance 2 Luxembourg SA (Spain), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, Cash coupon 4.500% and PIK 6.250% | | 10.750 | | 11/01/23(d) | | | EUR | | | | 2,414 | | | | 1,741,868 | |
Sr. Sec’d. Notes, 144A | | 10.750 | | 09/30/23(d) | | | EUR | | | | 1,216 | | | | 1,528,323 | |
Sr. Sec’d. Notes, 144A | | 10.750 | | 09/30/23(d) | | | EUR | | | | 421 | | | | 522,688 | |
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 5.625 | | 09/01/29 | | | | | | | 525 | | | | 534,842 | |
Gtd. Notes, 144A | | 5.875 | | 09/01/31 | | | | | | | 700 | | | | 714,023 | |
Scientific Games International, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 8.250 | | 03/15/26 | | | | | | | 450 | | | | 477,539 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 5,996,085 | |
| | | | | |
Foods 1.1% | | | | | | | | | | | | | | | | |
| | | | | |
Bellis Finco PLC (United Kingdom), | | | | | | | | | | | | | | | | |
Gtd. Notes(a) | | 4.000 | | 02/16/27 | | | GBP | | | | 2,700 | | | | 3,484,057 | |
JBS USA Food Co., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 5.750 | | 01/15/28 | | | | | | | 1,950 | | | | 2,035,853 | |
Kraft Heinz Foods Co., | | | | | | | | | | | | | | | | |
Gtd. Notes | | 4.625 | | 10/01/39 | | | | | | | 440 | | | | 515,511 | |
Gtd. Notes | | 4.875 | | 10/01/49 | | | | | | | 2,980 | | | | 3,696,493 | |
Lamb Weston Holdings, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.125 | | 01/31/30 | | | | | | | 350 | | | | 350,410 | |
Gtd. Notes, 144A | | 4.375 | | 01/31/32 | | | | | | | 350 | | | | 350,473 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 10,432,797 | |
| | |
See Notes to Financial Statements. |
PGIM Absolute Return Bond Fund | | 27 |
Schedule of Investments (continued)
as of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | | | |
Description | | Interest Rate | | Maturity Date | | | | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | | |
Forest Products & Paper 0.2% | | | | | | | | | | | | | | | | |
| | | | | |
Georgia-Pacific LLC, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 7.375% | | 12/01/25 | | | | | | | 400 | | | $ | 492,945 | |
Suzano Austria GmbH (Brazil), | | | | | | | | | | | | | | | | |
Gtd. Notes | | 6.000 | | 01/15/29 | | | | | | | 1,000 | | | | 1,149,375 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 1,642,320 | |
| | | | | |
Gas 0.7% | | | | | | | | | | | | | | | | |
| | | | | |
AmeriGas Partners LP/AmeriGas Finance Corp., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 5.500 | | 05/20/25 | | | | | | | 2,900 | | | | 3,147,939 | |
CenterPoint Energy Resources Corp., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes(a) | | 5.850 | | 01/15/41 | | | | | | | 700 | | | | 967,660 | |
ENN Clean Energy International Investment Ltd. (China), | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 3.375 | | 05/12/26 | | | | | | | 1,350 | | | | 1,339,817 | |
Southern Co. Gas Capital Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes | | 4.400 | | 06/01/43 | | | | | | | 1,375 | | | | 1,606,949 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 7,062,365 | |
| | | | | |
Healthcare-Products 0.4% | | | | | | | | | | | | | | | | |
| | | | | |
Medtronic Global Holdings SCA, | | | | | | | | | | | | | | | | |
Gtd. Notes | | 1.625 | | 03/07/31 | | | EUR | | | | 160 | | | | 199,971 | |
Gtd. Notes | | 2.250 | | 03/07/39 | | | EUR | | | | 705 | | | | 948,623 | |
Mozart Debt Merger Sub, Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 3.875 | | 04/01/29 | | | | | | | 250 | | | | 248,799 | |
Sr. Unsec’d. Notes, 144A | | 5.250 | | 10/01/29 | | | | | | | 150 | | | | 152,458 | |
Thermo Fisher Scientific, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, EMTN | | 1.500 | | 10/01/39 | | | EUR | | | | 1,250 | | | | 1,479,039 | |
Sr. Unsec’d. Notes, EMTN | | 1.875 | | 10/01/49 | | | EUR | | | | 825 | | | | 1,015,554 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 4,044,444 | |
| | | | | |
Healthcare-Services 0.3% | | | | | | | | | | | | | | | | |
| | | | | |
Aetna, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 2.750 | | 11/15/22 | | | | | | | 450 | | | | 457,813 | |
Sr. Unsec’d. Notes | | 4.500 | | 05/15/42 | | | | | | | 530 | | | | 634,350 | |
Anthem, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 4.101 | | 03/01/28 | | | | | | | 700 | | | | 786,703 | |
Sr. Unsec’d. Notes | | 4.650 | | 01/15/43 | | | | | | | 120 | | | | 148,419 | |
Sr. Unsec’d. Notes | | 5.100 | | 01/15/44 | | | | | | | 515 | | | | 674,213 | |
|
See Notes to Financial Statements. 28 |
| | | | | | | | | | | | | | | | |
| | | | | |
Description | | Interest Rate | | Maturity Date | | | | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | | |
Healthcare-Services (cont’d.) | | | | | | | | | | | | | | | | |
| | | | | |
Memorial Sloan-Kettering Cancer Center, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 4.125% | | 07/01/52 | | | | | | | 75 | | | $ | 95,326 | |
Tenet Healthcare Corp., | | | | | | | | | | | | | | | | |
Sec’d. Notes, 144A | | 6.250 | | 02/01/27 | | | | | | | 25 | | | | 25,965 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 2,822,789 | |
| | | | | |
Home Builders 0.7% | | | | | | | | | | | | | | | | |
| | | | | |
Beazer Homes USA, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes(a) | | 7.250 | | 10/15/29 | | | | | | | 3,625 | | | | 3,960,909 | |
Taylor Morrison Communities, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 5.875 | | 06/15/27 | | | | | | | 2,560 | | | | 2,873,554 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 6,834,463 | |
| | | | | |
Insurance 1.2% | | | | | | | | | | | | | | | | |
| | | | | |
Hartford Financial Services Group, Inc. (The), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 5.950 | | 10/15/36 | | | | | | | 215 | | | | 291,171 | |
Sr. Unsec’d. Notes | | 6.100 | | 10/01/41 | | | | | | | 280 | | | | 396,959 | |
Liberty Mutual Group, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.250 | | 06/15/23 | | | | | | | 436 | | | | 459,514 | |
Gtd. Notes, 144A | | 4.569 | | 02/01/29 | | | | | | | 1,614 | | | | 1,861,394 | |
Lincoln National Corp., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 7.000 | | 06/15/40 | | | | | | | 695 | | | | 1,062,399 | |
Markel Corp., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 5.000 | | 03/30/43 | | | | | | | 3,125 | | | | 3,801,540 | |
Principal Financial Group, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes | | 4.350 | | 05/15/43 | | | | | | | 975 | | | | 1,179,265 | |
Teachers Insurance & Annuity Association of America, | | | | | | | | | | | | | | | | |
Sub. Notes, 144A | | 4.900 | | 09/15/44 | | | | | | | 1,950 | | | | 2,551,784 | |
Sub. Notes, 144A | | 6.850 | | 12/16/39 | | | | | | | 54 | | | | 81,157 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 11,685,183 | |
| | | | | |
Lodging 0.3% | | | | | | | | | | | | | | | | |
| | | | | |
Gohl Capital Ltd. (Malaysia), | | | | | | | | | | | | | | | | |
Gtd. Notes | | 4.250 | | 01/24/27 | | | | | | | 1,510 | | | | 1,568,120 | |
Marriott International, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 3.250 | | 09/15/22 | | | | | | | 75 | | | | 76,169 | |
| | |
See Notes to Financial Statements. |
PGIM Absolute Return Bond Fund | | 29 |
Schedule of Investments (continued)
as of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | | | |
Description | | Interest Rate | | Maturity Date | | | | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | | |
Lodging (cont’d.) | | | | | | | | | | | | | | | | |
| | | | | |
MGM China Holdings Ltd. (Macau), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 4.750% | | 02/01/27 | | | | | | | 700 | | | $ | 671,671 | |
Sands China Ltd. (Macau), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes(a) | | 5.125 | | 08/08/25 | | | | | | | 1,000 | | | | 1,062,607 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 3,378,567 | |
| | | | | |
Media 1.1% | | | | | | | | | | | | | | | | |
| | | | | |
CCO Holdings LLC/CCO Holdings Capital Corp., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 4.750 | | 03/01/30 | | | | | | | 1,300 | | | | 1,343,718 | |
Charter Communications Operating LLC/Charter Communications Operating Capital, | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes | | 6.384 | | 10/23/35 | | | | | | | 2,640 | | | | 3,429,708 | |
Sr. Sec’d. Notes | | 6.484 | | 10/23/45 | | | | | | | 585 | | | | 805,697 | |
CSC Holdings LLC, | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 5.500 | | 04/15/27 | | | | | | | 1,500 | | | | 1,548,824 | |
Diamond Sports Group LLC/Diamond Sports Finance Co., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 6.625 | | 08/15/27 | | | | | | | 2,785 | | | | 832,937 | |
Virgin Media Secured Finance PLC (United Kingdom), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes | | 4.125 | | 08/15/30 | | | GBP | | | | 700 | | | | 949,603 | |
Sr. Sec’d. Notes | | 4.250 | | 01/15/30 | | | GBP | | | | 600 | | | | 817,090 | |
Ziggo BV (Netherlands), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes | | 2.875 | | 01/15/30 | | | EUR | | | | 1,270 | | | | 1,464,751 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 11,192,328 | |
| | | | | |
Mining 0.3% | | | | | | | | | | | | | | | | |
| | | | | |
AngloGold Ashanti Holdings PLC (Tanzania), | | | | | | | | | | | | | | | | |
Gtd. Notes | | 3.375 | | 11/01/28 | | | | | | | 730 | | | | 726,551 | |
Indonesia Asahan Aluminium Persero PT (Indonesia), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 6.530 | | 11/15/28 | | | | | | | 1,650 | | | | 1,990,037 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 2,716,588 | |
| | | | | |
Oil & Gas 2.1% | | | | | | | | | | | | | | | | |
| | | | | |
Ascent Resources Utica Holdings LLC/ARU Finance Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 7.000 | | 11/01/26 | | | | | | | 1,225 | | | | 1,264,733 | |
Gtd. Notes, 144A | | 9.000 | | 11/01/27 | | | | | | | 974 | | | | 1,331,930 | |
|
See Notes to Financial Statements. 30 |
| | | | | | | | | | | | | | | | |
| | | | | |
Description | | Interest Rate | | Maturity Date | | | | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | | |
Oil & Gas (cont’d.) | | | | | | | | | | | | | | | | |
| | | | | |
Cenovus Energy, Inc. (Canada), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 5.400% | | 06/15/47 | | | | | | | 1,835 | | | $ | 2,299,814 | |
Citgo Holding, Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 9.250 | | 08/01/24 | | | | | | | 450 | | | | 459,563 | |
ConocoPhillips, | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.875 | | 10/01/47 | | | | | | | 275 | | | | 365,038 | |
Ecopetrol SA (Colombia), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 4.625 | | 11/02/31 | | | | | | | 900 | | | | 892,596 | |
Energean Israel Finance Ltd. (Israel), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 4.875 | | 03/30/26 | | | | | | | 450 | | | | 457,806 | |
Sr. Sec’d. Notes, 144A | | 5.375 | | 03/30/28 | | | | | | | 720 | | | | 729,030 | |
Hilcorp Energy I LP/Hilcorp Finance Co., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 6.250 | | 11/01/28 | | | | | | | 700 | | | | 718,177 | |
Leviathan Bond Ltd. (Israel), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 6.750 | | 06/30/30 | | | | | | | 2,020 | | | | 2,235,736 | |
Petrobras Global Finance BV (Brazil), | | | | | | | | | | | | | | | | |
Gtd. Notes | | 5.375 | | 10/01/29 | | | GBP | | | | 800 | | | | 1,170,705 | |
Petroleos Mexicanos (Mexico), | | | | | | | | | | | | | | | | |
Gtd. Notes | | 4.750 | | 02/26/29 | | | EUR | | | | 795 | | | | 909,145 | |
Gtd. Notes | | 6.350 | | 02/12/48 | | | | | | | 1,238 | | | | 1,054,605 | |
Gtd. Notes | | 6.500 | | 03/13/27 | | | | | | | 260 | | | | 277,160 | |
Gtd. Notes | | 6.840 | | 01/23/30 | | | | | | | 405 | | | | 423,140 | |
Gtd. Notes, EMTN | | 4.875 | | 02/21/28 | | | EUR | | | | 250 | | | | 290,837 | |
Qatar Energy (Qatar), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 3.125 | | 07/12/41 | | | | | | | 425 | | | | 431,408 | |
Range Resources Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes | | 9.250 | | 02/01/26 | | | | | | | 850 | | | | 920,381 | |
Transocean, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 7.250 | | 11/01/25 | | | | | | | 3,025 | | | | 2,494,302 | |
Tullow Oil PLC (Ghana), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 10.250 | | 05/15/26 | | | | | | | 1,605 | | | | 1,687,246 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 20,413,352 | |
| | | | | |
Oil & Gas Services 0.0% | | | | | | | | | | | | | | | | |
| | | | | |
Cameron International Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes | | 5.950 | | 06/01/41 | | | | | | | 100 | | | | 128,657 | |
| | |
See Notes to Financial Statements. |
PGIM Absolute Return Bond Fund | | 31 |
Schedule of Investments (continued)
as of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | | | |
Description | | Interest Rate | | Maturity Date | | | | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | | |
Packaging & Containers 0.6% | | | | | | | | | | | | | | | | |
| | | | | |
ARD Finance SA (Luxembourg), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A, Cash coupon 5.000% or PIK 5.750% | | 5.000% | | 06/30/27 | | | EUR | | | | 3,000 | | | $ | 3,565,650 | |
Verallia SA (France), | | | | | | | | | | | | | | | | |
Gtd. Notes | | 1.625 | | 05/14/28 | | | EUR | | | | 1,900 | | | | 2,245,819 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 5,811,469 | |
| | | | | |
Pharmaceuticals 1.9% | | | | | | | | | | | | | | | | |
| | | | | |
AbbVie, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 4.050 | | 11/21/39 | | | | | | | 905 | | | | 1,037,599 | |
Sr. Unsec’d. Notes(h) | | 4.550 | | 03/15/35 | | | | | | | 4,155 | | | | 4,947,202 | |
Bausch Health Cos., Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 5.000 | | 01/30/28 | | | | | | | 400 | | | | 370,364 | |
Gtd. Notes, 144A | | 6.250 | | 02/15/29 | | | | | | | 1,200 | | | | 1,162,491 | |
Bristol-Myers Squibb Co., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes(h) | | 4.125 | | 06/15/39 | | | | | | | 615 | | | | 735,125 | |
Cigna Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes(h) | | 4.375 | | 10/15/28 | | | | | | | 3,990 | | | | 4,573,406 | |
CVS Health Corp., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 5.125 | | 07/20/45 | | | | | | | 1,315 | | | | 1,724,962 | |
Sr. Unsec’d. Notes | | 5.300 | | 12/05/43 | | | | | | | 485 | | | | 639,715 | |
Utah Acquisition Sub, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes | | 5.250 | | 06/15/46 | | | | | | | 520 | | | | 646,194 | |
Viatris, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes | | 4.000 | | 06/22/50 | | | | | | | 2,190 | | | | 2,372,429 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 18,209,487 | |
| | | | | |
Pipelines 1.7% | | | | | | | | | | | | | | | | |
| | | | | |
AI Candelaria Spain SLU (Colombia), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 5.750 | | 06/15/33 | | | | | | | 920 | | | | 905,304 | |
Eastern Gas Transmission & Storage, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 4.600 | | 12/15/44 | | | | | | | 125 | | | | 151,280 | |
Energy Transfer LP, | | | | | | | | | | | | | | | | |
Jr. Sub. Notes, Series G | | 7.125(ff) | | 05/15/30(oo) | | | | | | | 3,360 | | | | 3,512,010 | |
Sr. Unsec’d. Notes | | 5.150 | | 03/15/45 | | | | | | | 55 | | | | 64,069 | |
Sr. Unsec’d. Notes | | 5.300 | | 04/15/47 | | | | | | | 125 | | | | 147,863 | |
Sr. Unsec’d. Notes | | 5.400 | | 10/01/47 | | | | | | | 60 | | | | 72,306 | |
Sr. Unsec’d. Notes | | 6.250 | | 04/15/49 | | | | | | | 75 | | | | 99,786 | |
Enterprise Products Operating LLC, | | | | | | | | | | | | | | | | |
Gtd. Notes | | 4.950 | | 10/15/54 | | | | | | | 1,825 | | | | 2,343,486 | |
|
See Notes to Financial Statements. 32 |
| | | | | | | | | | | | | | | | |
| | | | | |
Description | | Interest Rate | | Maturity Date | | | | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | | |
Pipelines (cont’d.) | | | | | | | | | | | | | | | | |
| | | | | |
Magellan Midstream Partners LP, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 4.200% | | 12/01/42 | | | | | | | 125 | | | $ | 133,757 | |
Sr. Unsec’d. Notes(h) | | 5.150 | | 10/15/43 | | | | | | | 1,350 | | | | 1,642,525 | |
MPLX LP, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 5.200 | | 03/01/47 | | | | | | | 145 | | | | 178,674 | |
NGPL PipeCo LLC, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 4.875 | | 08/15/27 | | | | | | | 500 | | | | 561,996 | |
ONEOK, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes | | 4.950 | | 07/13/47 | | | | | | | 1,060 | | | | 1,257,693 | |
Rockies Express Pipeline LLC, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 3.600 | | 05/15/25 | | | | | | | 775 | | | | 807,118 | |
Sr. Unsec’d. Notes, 144A | | 6.875 | | 04/15/40 | | | | | | | 1,850 | | | | 2,097,627 | |
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 5.500 | | 01/15/28 | | | | | | | 1,000 | | | | 1,003,384 | |
Gtd. Notes, 144A | | 7.500 | | 10/01/25 | | | | | | | 125 | | | | 135,172 | |
Venture Global Calcasieu Pass LLC, | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 3.875 | | 08/15/29 | | | | | | | 75 | | | | 76,391 | |
Sr. Sec’d. Notes, 144A | | 4.125 | | 08/15/31 | | | | | | | 75 | | | | 77,688 | |
Western Midstream Operating LP, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 5.300 | | 03/01/48 | | | | | | | 910 | | | | 1,064,460 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 16,332,589 | |
| | | | | |
Real Estate 0.5% | | | | | | | | | | | | | | | | |
| | | | | |
Arabian Centres Sukuk Ltd. (Saudi Arabia), | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 5.375 | | 11/26/24 | | | | | | | 995 | | | | 1,036,684 | |
Greystar Real Estate Partners LLC, | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 5.750 | | 12/01/25 | | | | | | | 3,575 | | | | 3,636,941 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 4,673,625 | |
| | | | | |
Real Estate Investment Trusts (REITs) 0.1% | | | | | | | | | | | | | | | | |
| | | | | |
Diversified Healthcare Trust, | | | | | | | | | | | | | | | | |
Gtd. Notes | | 4.375 | | 03/01/31 | | | | | | | 1,000 | | | | 971,952 | |
| | | | | |
Retail 1.0% | | | | | | | | | | | | | | | | |
| | | | | |
Brinker International, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 5.000 | | 10/01/24 | | | | | | | 1,000 | | | | 1,059,263 | |
eG Global Finance PLC (United Kingdom), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes | | 6.250 | | 10/30/25 | | | EUR | | | | 250 | | | | 293,268 | |
Sr. Sec’d. Notes, 144A | | 4.375 | | 02/07/25 | | | EUR | | | | 4,700 | | | | 5,360,737 | |
| | |
See Notes to Financial Statements. |
PGIM Absolute Return Bond Fund | | 33 |
Schedule of Investments (continued)
as of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | | | |
Description | | Interest Rate | | Maturity Date | | | | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | | |
Retail (cont’d.) | | | | | | | | | | | | | | | | |
| | | | | |
Falabella SA (Chile), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 3.375% | | 01/15/32 | | | | | | | 1,200 | | | $ | 1,190,624 | |
JSM Global Sarl (Brazil), | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.750 | | 10/20/30 | | | | | | | 1,800 | | | | 1,712,701 | |
Macy’s Retail Holdings LLC, | | | | | | | | | | | | | | | | |
Gtd. Notes | | 4.300 | | 02/15/43 | | | | | | | 705 | | | | 605,133 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 10,221,726 | |
| | | | | |
Savings & Loans 0.0% | | | | | | | | | | | | | | | | |
| | | | | |
People’s United Financial, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 3.650 | | 12/06/22 | | | | | | | 325 | | | | 332,758 | |
| | | | | |
Telecommunications 2.0% | | | | | | | | | | | | | | | | |
| | | | | |
AT&T, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 2.550 | | 12/01/33 | | | | | | | 1,542 | | | | 1,495,471 | |
Sr. Unsec’d. Notes | | 3.500 | | 09/15/53 | | | | | | | 929 | | | | 942,571 | |
Sr. Unsec’d. Notes | | 3.650 | | 09/15/59 | | | | | | | 318 | | | | 323,219 | |
Digicel Group Holdings Ltd. (Jamaica), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, Cash coupon 8.000% and PIK 2.000% | | 10.000 | | 04/01/24 | | | | | | | 809 | | | | 816,322 | |
Sr. Unsec’d. Notes, 144A, Cash coupon 5.000% and PIK 3.000% | | 8.000 | | 04/01/25 | | | | | | | 251 | | | | 242,774 | |
Digicel International Finance Ltd./Digicel International Holdings Ltd. (Jamaica), Gtd. Notes, 144A | | 8.000 | | 12/31/26 | | | | | | | 454 | | | | 443,311 | |
Gtd. Notes, 144A, Cash coupon 6.000% and PIK 7.000% | | 13.000 | | 12/31/25 | | | | | | | 625 | | | | 640,393 | |
Sr. Sec’d. Notes, 144A(a) | | 8.750 | | 05/25/24 | | | | | | | 1,138 | | | | 1,181,680 | |
Digicel Ltd. (Jamaica), | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 6.750 | | 03/01/23 | | | | | | | 2,050 | | | | 1,982,545 | |
Intelsat Jackson Holdings SA (Luxembourg), | | | | | | | | | | | | | | | | |
Gtd. Notes | | 5.500 | | 08/01/23(d) | | | | | | | 2,000 | | | | 1,009,590 | |
Gtd. Notes, 144A | | 8.500 | | 10/15/24(d) | | | | | | | 50 | | | | 25,928 | |
Gtd. Notes, 144A | | 9.750 | | 07/15/25(d) | | | | | | | 50 | | | | 25,783 | |
Kaixo Bondco Telecom SA (Spain), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 5.125 | | 09/30/29 | | | EUR | | | | 2,600 | | | | 2,981,097 | |
Level 3 Financing, Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 3.400 | | 03/01/27 | | | | | | | 465 | | | | 484,496 | |
Lumen Technologies, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, Series P(a) | | 7.600 | | 09/15/39 | | | | | | | 825 | | | | 911,036 | |
|
See Notes to Financial Statements. 34 |
| | | | | | | | | | | | | | | | |
| | | | | |
Description | | Interest Rate | | Maturity Date | | | | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | | |
Telecommunications (cont’d.) | | | | | | | | | | | | | | | | |
| | | | | |
Millicom International Cellular SA (Colombia), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 4.500% | | 04/27/31 | | | | | | | 515 | | | $ | 529,633 | |
Sprint Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes | | 7.125 | | 06/15/24 | | | | | | | 2,000 | | | | 2,259,593 | |
Gtd. Notes | | 7.625 | | 02/15/25 | | | | | | | 1,150 | | | | 1,337,784 | |
Total Play Telecomunicaciones SA de CV (Mexico), | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 6.375 | | 09/20/28 | | | | | | | 480 | | | | 473,153 | |
Verizon Communications, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 3.400 | | 03/22/41 | | | | | | | 1,575 | | | | 1,651,071 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 19,757,450 | |
| | | | | |
Textiles 0.0% | | | | | | | | | | | | | | | | |
| | | | | |
Mohawk Industries, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 3.850 | | 02/01/23 | | | | | | | 104 | | | | 107,274 | |
| | | | | | | | | | | | | | | | |
| | | | | |
TOTAL CORPORATE BONDS (cost $281,573,410) | | | | | | | | | | | | | | | 294,287,771 | |
| | | | | | | | | | | | | | | | |
| | | | | |
MUNICIPAL BONDS 1.9% | | | | | | | | | | | | | | | | |
| | | | | |
California 0.5% | | | | | | | | | | | | | | | | |
| | | | | |
Bay Area Toll Authority, | | | | | | | | | | | | | | | | |
Revenue Bonds, BABs, Series F2 | | 6.263 | | 04/01/49 | | | | | | | 550 | | | | 904,347 | |
Los Angeles Department of Water & Power, Water | | | | | | | | | | | | | | | | |
System Revenue, | | | | | | | | | | | | | | | | |
Taxable, Revenue Bonds, BABs, Series C | | 6.008 | | 07/01/39 | | | | | | | 1,730 | | | | 2,267,844 | |
University of California, | | | | | | | | | | | | | | | | |
Taxable, Revenue Bonds, Series AP | | 3.931 | | 05/15/45 | | | | | | | 625 | | | | 722,173 | |
Taxable, Revenue Bonds, Series J | | 4.131 | | 05/15/45 | | | | | | | 675 | | | | 807,828 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 4,702,192 | |
| | | | | |
Colorado 0.2% | | | | | | | | | | | | | | | | |
| | | | | |
Regional Transportation District Sales Tax Revenue, | | | | | | | | | | | | | | | | |
Revenue Bonds, BABs, Series B | | 5.844 | | 11/01/50 | | | | | | | 1,190 | | | | 1,914,795 | |
| | | | | |
Illinois 0.1% | | | | | | | | | | | | | | | | |
| | | | | |
Chicago O’Hare International Airport, | | | | | | | | | | | | | | | | |
Revenue Bonds, BABs, Series B | | 6.395 | | 01/01/40 | | | | | | | 360 | | | | 544,438 | |
State of Illinois, | | | | | | | | | | | | | | | | |
General Obligation Unlimited, Taxable, Pension | | 5.100 | | 06/01/33 | | | | | | | 865 | | | | 1,005,431 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 1,549,869 | |
| | |
See Notes to Financial Statements. |
PGIM Absolute Return Bond Fund | | 35 |
Schedule of Investments (continued)
as of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | | | |
Description | | Interest Rate | | Maturity Date | | | | | Principal Amount (000)# | | | Value | |
| | | | | |
MUNICIPAL BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | | |
New Jersey 0.4% | | | | | | | | | | | | | | | | |
| | | | | |
New Jersey Turnpike Authority, | | | | | | | | | | | | | | | | |
Taxable, Revenue Bonds, BABs, Series F | | 7.414% | | 01/01/40 | | | | | | | 2,000 | | | $ | 3,287,586 | |
Rutgers The State University of New Jersey, | | | | | | | | | | | | | | | | |
Taxable, Revenue Bonds, BABs, Series H | | 5.665 | | 05/01/40 | | | | | | | 200 | | | | 273,487 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 3,561,073 | |
| | | | | |
Ohio 0.0% | | | | | | | | | | | | | | | | |
| | | | | |
Ohio State University (The), | | | | | | | | | | | | | | | | |
Taxable, Revenue Bonds, Series A | | 4.800 | | 06/01/2111 | | | | | | | 180 | | | | 275,609 | |
| | | | | |
Puerto Rico 0.7% | | | | | | | | | | | | | | | | |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, | | | | | | | | | | | | | | | | |
Revenue Bonds, Restructured, Series A-1 | | 4.750 | | 07/01/53 | | | | | | | 5,846 | | | | 6,502,482 | |
| | | | | |
Texas 0.0% | | | | | | | | | | | | | | | | |
| | | | | |
City of San Antonio TX Electric & Gas Systems Revenue, | | | | | | | | | | | | | | | | |
Taxable, Revenue Bonds | | 4.427 | | 02/01/42 | | | | | | | 120 | | | | 148,064 | |
| | | | | | | | | | | | | | | | |
| | | | | |
TOTAL MUNICIPAL BONDS (cost $15,861,615) | | | | | | | | | | | | | | | 18,654,084 | |
| | | | | | | | | | | | | | | | |
| | | | |
RESIDENTIAL MORTGAGE-BACKED SECURITIES 2.5% | | | | | | | | | | | | | | |
Banc of America Funding Corp., | | | | | | | | | | | | | | | | |
Series 2015-R03, Class 1A1, 144A, 1 Month LIBOR + 0.190% | | 0.279(c) | | 03/27/36 | | | | | | | 2,002 | | | | 1,992,925 | |
Banc of America Funding Trust, | | | | | | | | | | | | | | | | |
Series 2014-R05, Class 1A1, 144A, 6 Month LIBOR + 1.500% (Cap 11.000%, Floor 1.500%) | | 1.655(c) | | 09/26/45 | | | | | | | 509 | | | | 513,465 | |
Bellemeade Re Ltd. (Bermuda), | | | | | | | | | | | | | | | | |
Series 2018-01A, Class M1B, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 0.000%) | | 1.689(c) | | 04/25/28 | | | | | | | 573 | | | | 572,727 | |
Series 2018-03A, Class M1B, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 1.850%) | | 1.939(c) | | 10/25/28 | | | | | | | 1,795 | | | | 1,795,423 | |
Series 2021-01A, Class M1C, 144A, 30 Day | | | | | | | | | | | | | | | | |
Average SOFR + 2.950% (Cap N/A, Floor 2.950%) | | 2.999(c) | | 03/25/31 | | | | | | | 960 | | | | 993,609 | |
Chase Mortgage Finance Trust, | | | | | | | | | | | | | | | | |
Series 2007-A01, Class 1A3 | | 2.363(cc) | | 02/25/37 | | | | | | | 54 | | | | 54,652 | |
|
See Notes to Financial Statements. 36 |
| | | | | | | | | | | | | | | | |
| | | | | |
Description | | Interest Rate | | Maturity Date | | | | | Principal Amount (000)# | | | Value | |
| | | | |
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued) | | | | | | | | | | | | | | |
Connecticut Avenue Securities Trust, | | | | | | | | | | | | | | | | |
Series 2020-R01, Class 1M2, 144A, 1 Month LIBOR + 2.050% (Cap N/A, Floor 2.050%) | | 2.139%(c) | | 01/25/40 | | | | | | | 116 | | | $ | 116,173 | |
Series 2021-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | | 3.150(c) | | 10/25/41 | | | | | | | 990 | | | | 994,412 | |
Eagle Re Ltd. (Bermuda), | | | | | | | | | | | | | | | | |
Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.700% (Cap N/A, Floor 1.700%) | | 1.789(c) | | 11/25/28 | | | | | | | 1,893 | | | | 1,894,585 | |
Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% (Cap N/A, Floor 3.450%) | | 3.499(c) | | 04/25/34 | | | | | | | 910 | | | | 910,000 | |
FHLMC Structured Agency Credit Risk Debt Notes, | | | | | | | | | | | | | | | | |
Series 2021-DNA02, Class B1, 144A, 30 Day Average SOFR + 3.400% (Cap N/A, Floor 0.000%) | | 3.449(c) | | 08/25/33 | | | | | | | 3,260 | | | | 3,344,305 | |
FHLMC Structured Agency Credit Risk REMIC Trust, | | | | | | | | | | | | | | | | |
Series 2021-DNA05, Class B1, 144A, 30 Day Average SOFR + 3.050% (Cap N/A, Floor 0.000%) | | 3.099(c) | | 01/25/34 | | | | | | | 600 | | | | 606,750 | |
Series 2021-HQA03, Class B1, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | | 3.399(c) | | 09/25/41 | | | | | | | 570 | | | | 564,553 | |
GSMSC Resecuritization Trust, | | | | | | | | | | | | | | | | |
Series 2015-03R, Class 1A2, 144A, 1 Month LIBOR + 0.140% (Cap N/A, Floor 0.140%) | | 0.229(c) | | 01/26/37 | | | | | | | 512 | | | | 509,103 | |
Series 2015-03R, Class 2A1, 144A, 1 Month LIBOR + 0.140% (Cap N/A, Floor 0.140%) | | 0.229(c) | | 10/26/36 | | | | | | | 258 | | | | 256,827 | |
Series 2015-03R, Class 2A2, 144A, 1 Month LIBOR + 0.140% (Cap N/A, Floor 0.140%) | | 0.229(c) | | 10/26/36 | | | | | | | 1,400 | | | | 1,371,716 | |
Home Re Ltd. (Bermuda), | | | | | | | | | | | | | | | | |
Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 0.000%) | | 1.689(c) | | 10/25/28 | | | | | | | 550 | | | | 551,213 | |
JPMorgan Mortgage Trust, | | | | | | | | | | | | | | | | |
Series 2007-A01, Class 4A1 | | 2.307(cc) | | 07/25/35 | | | | | | | 45 | | | | 44,870 | |
New Residential Mortgage Loan Trust, | | | | | | | | | | | | | | | | |
Series 2018-04A, Class A1S, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%) | | 0.839(c) | | 01/25/48 | | | | | | | 2,104 | | | | 2,103,516 | |
Oaktown Re II Ltd. (Bermuda), | | | | | | | | | | | | | | | | |
Series 2018-01A, Class M1, 144A, 1 Month LIBOR + 1.550% (Cap N/A, Floor 0.000%) | | 1.639(c) | | 07/25/28 | | | | | | | 310 | | | | 309,840 | |
| | |
See Notes to Financial Statements. |
PGIM Absolute Return Bond Fund | | 37 |
Schedule of Investments (continued)
as of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | | | |
Description | | Interest Rate | | Maturity Date | | | | | Principal Amount (000)# | | | Value | |
| | | | |
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued) | | | | | | | | | | | | | | |
Oaktown Re VII Ltd. (Bermuda), | | | | | | | | | | | | | | | | |
Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | | 2.950%(c) | | 04/25/34 | | | | | | | 1,000 | | | $ | 1,000,000 | |
Radnor Re Ltd. (Bermuda), | | | | | | | | | | | | | | | | |
Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 0.000%) | | 1.489(c) | | 03/25/28 | | | | | | | 92 | | | | 92,282 | |
Series 2018-01, Class M2, 144A, 1 Month LIBOR + 2.700% (Cap N/A, Floor 0.000%) | | 2.789(c) | | 03/25/28 | | | | | | | 1,240 | | | | 1,248,118 | |
Series 2020-02, Class M1C, 144A, 1 Month LIBOR + 4.600% (Cap N/A, Floor 4.600%) | | 4.689(c) | | 10/25/30 | | | | | | | 773 | | | | 774,359 | |
Retiro Mortgage Securities DAC (Ireland), | | | | | | | | | | | | | | | | |
Series 01A, Class A1, 144A, 3 Month EURIBOR + 2.000% (Cap 5.000%, Floor 0.000%) | | 1.453(c) | | 07/30/75 | | | EUR | | | | 1,741 | | | | 2,002,122 | |
Structured Asset Securities Corp., | | | | | | | | | | | | | | | | |
Series 2003-37A, Class 3A7 | | 2.345(cc) | | 12/25/33 | | | | | | | 310 | | | | 314,538 | |
| | | | | | | | | | | | | | | | |
| | | | | |
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $24,436,512) | | | | | | | | | | | | | | | 24,932,083 | |
| | | | | | | | | | | | | | | | |
| | | | | |
SOVEREIGN BONDS 3.8% | | | | | | | | | | | | | | | | |
1MDB Global Investments Ltd. (Malaysia), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 4.400 | | 03/09/23 | | | | | | | 1,000 | | | | 1,004,326 | |
Argentine Republic Government International Bond (Argentina), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 0.500(cc) | | 07/09/30 | | | | | | | 494 | | | | 169,431 | |
Bermuda Government International Bond (Bermuda), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 2.375 | | 08/20/30 | | | | | | | 685 | | | | 680,139 | |
Brazil Loan Trust 1 (Brazil), | | | | | | | | | | | | | | | | |
Gov’t. Gtd. Notes | | 5.477 | | 07/24/23 | | | | | | | 307 | | | | 316,137 | |
Brazil Minas SPE via State of Minas Gerais (Brazil), | | | | | | | | | | | | | | | | |
Gov’t. Gtd. Notes | | 5.333 | | 02/15/28 | | | | | | | 2,303 | | | | 2,442,938 | |
Dominican Republic International Bond (Dominican Republic), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 5.950 | | 01/25/27 | | | | | | | 1,570 | | | | 1,752,251 | |
Hellenic Republic Government International Bond (Greece), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 5.200 | | 07/17/34 | | | EUR | | | | 5,485 | | | | 8,975,230 | |
Sr. Unsec’d. Notes | | 6.140 | | 04/14/28 | | | EUR | | | | 2,000 | | | | 3,023,839 | |
Hungary Government International Bond (Hungary), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 3.125 | | 09/21/51 | | | | | | | 220 | | | | 215,107 | |
Indonesia Government International Bond (Indonesia), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 1.100 | | 03/12/33 | | | EUR | | | | 410 | | | | 454,999 | |
|
See Notes to Financial Statements. 38 |
| | | | | | | | | | | | | | | | |
| | | | | |
Description | | Interest Rate | | Maturity Date | | | | | Principal Amount (000)# | | | Value | |
| | | | | |
SOVEREIGN BONDS (Continued) | | | | | | | | | | | | | | | | |
Indonesia Government International Bond (Indonesia), (cont’d.) | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 1.450% | | 09/18/26 | | | EUR | | | | 805 | | | $ | 958,497 | |
Sr. Unsec’d. Notes | | 3.375 | | 07/30/25 | | | EUR | | | | 2,655 | | | | 3,371,818 | |
Ivory Coast Government International Bond (Ivory Coast), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 5.125 | | 06/15/25 | | | EUR | | | | 500 | | | | 632,626 | |
Sr. Unsec’d. Notes, 144A | | 5.125 | | 06/15/25 | | | EUR | | | | 1,650 | | | | 2,087,666 | |
Romanian Government International Bond (Romania), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, EMTN | | 4.125 | | 03/11/39 | | | EUR | | | | 1,759 | | | | 2,226,551 | |
Serbia International Bond (Serbia), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 1.500 | | 06/26/29 | | | EUR | | | | 1,660 | | | | 1,881,332 | |
Ukraine Government International Bond (Ukraine), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 8.994 | | 02/01/24 | | | | | | | 350 | | | | 382,891 | |
Sr. Unsec’d. Notes, 144A | | 4.375 | | 01/27/30 | | | EUR | | | | 1,465 | | | | 1,577,082 | |
Sr. Unsec’d. Notes, 144A | | 7.750 | | 09/01/22 | | | | | | | 1,960 | | | | 2,031,144 | |
Sr. Unsec’d. Notes, 144A | | 8.994 | | 02/01/24 | | | | | | | 800 | | | | 875,179 | |
Sr. Unsec’d. Notes, 144A | | 9.750 | | 11/01/28 | | | | | | | 1,800 | | | | 2,089,611 | |
| | | | | | | | | | | | | | | | |
| | | | | |
TOTAL SOVEREIGN BONDS (cost $32,572,161) | | | | | | | | | | | | | | | 37,148,794 | |
| | | | | | | | | | | | | | | | |
| | | | | |
U.S. TREASURY OBLIGATIONS 9.5% | | | | | | | | | | | | | | | | |
U.S. Treasury Bonds(h)(k) | | 1.375 | | 11/15/40 | | | | | | | 15,930 | | | | 14,391,759 | |
U.S. Treasury Bonds | | 2.250 | | 05/15/41 | | | | | | | 3,925 | | | | 4,101,012 | |
U.S. Treasury Bonds | | 2.375 | | 05/15/51 | | | | | | | 2,155 | | | | 2,369,490 | |
U.S. Treasury Bonds(h)(k) | | 2.500 | | 02/15/45 | | | | | | | 3,505 | | | | 3,837,975 | |
U.S. Treasury Bonds(k) | | 3.625 | | 08/15/43 | | | | | | | 1,920 | | | | 2,479,200 | |
U.S. Treasury Notes | | 0.375 | | 01/31/26 | | | | | | | 31,300 | | | | 30,358,555 | |
U.S. Treasury Notes | | 1.375 | | 01/31/25 | | | | | | | 32,840 | | | | 33,412,135 | |
U.S. Treasury Notes(k) | | 2.250 | | 11/15/24 | | | | | | | 395 | | | | 412,559 | |
U.S. Treasury Notes | | 2.250 | | 11/15/27 | | | | | | | 150 | | | | 157,852 | |
U.S. Treasury Strips Coupon(k) | | 2.415(s) | | 11/15/40 | | | | | | | 1,200 | | | | 802,781 | |
U.S. Treasury Strips Coupon(k) | | 3.019(s) | | 11/15/35 | | | | | | | 870 | | | | 670,987 | |
| | | | | | | | | | | | | | | | |
| | | | | |
TOTAL U.S. TREASURY OBLIGATIONS (cost $92,630,876) | | | | | | | | | | | | | | | 92,994,305 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | Shares | | | | |
| | | | | |
COMMON STOCKS 1.8% | | | | | | | | | | | | | | | | |
| | | | | |
Gas Utilities 0.5% | | | | | | | | | | | | | | | | |
| | | | | |
Ferrellgas Partners LP (Class B Stock) | | | | | | | | | | | 17,034 | | | | 4,386,255 | |
| | |
See Notes to Financial Statements. |
PGIM Absolute Return Bond Fund | | 39 |
Schedule of Investments (continued)
as of October 31, 2021
| | | | | | | | | | |
| | | |
Description | | | | Shares | | | Value | |
| | | |
COMMON STOCKS (Continued) | | | | | | | | | | |
| | | |
Oil, Gas & Consumable Fuels 1.3% | | | | | | | | | | |
| | | |
Chesapeake Energy Corp. | | | | | 202,044 | | | $ | 12,878,285 | |
Chesapeake Energy Corp. Backstop Commitment | | | | | 1,449 | | | | 92,359 | |
| | | | | | | | | | |
| | | |
| | | | | | | | | 12,970,644 | |
| | | | | | | | | | |
| | | |
TOTAL COMMON STOCKS (cost $6,277,660) | | | | | | | | | 17,356,899 | |
| | | | | | | | | | |
| | | |
| | | | Units | | | | |
| | | |
WARRANTS* 0.0% | | | | | | | | | | |
| | | |
Chemicals | | | | | | | | | | |
| | | |
TPC Group, Inc., expiring 08/01/24^ (cost $0) | | | | | 1,190,967 | | | | 5,598 | |
| | | | | | | | | | |
| | | |
TOTAL LONG-TERM INVESTMENTS (cost $803,412,262) | | | | | | | | | 836,564,317 | |
| | | | | | | | | | |
| | | |
| | | | Shares | | | | |
| | | |
SHORT-TERM INVESTMENTS 14.7% | | | | | | | | | | |
| | | |
AFFILIATED MUTUAL FUNDS 14.5% | | | | | | | | | | |
PGIM Core Ultra Short Bond Fund(wa) | | | | | 127,420,190 | | | | 127,420,190 | |
PGIM Institutional Money Market Fund | | | | | | | | | | |
(cost $14,739,985; includes $14,739,294 of cash collateral for securities on loan)(b)(wa) | | | | | 14,759,135 | | | | 14,750,279 | |
| | | | | | | | | | |
| | | |
TOTAL AFFILIATED MUTUAL FUNDS (cost $142,160,175) | | | | | | | | | 142,170,469 | |
| | | | | | | | | | |
| | | |
OPTIONS PURCHASED*~ 0.2% (cost $9,001,625) | | | | | | | | | 1,693,327 | |
| | | | | | | | | | |
| | | |
TOTAL SHORT-TERM INVESTMENTS (cost $151,161,800) | | | | | | | | | 143,863,796 | |
| | | | | | | | | | |
| | | |
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 100.1% (cost $954,574,062) | | | | | | | | | 980,428,113 | |
| | | | | | | | | | |
|
See Notes to Financial Statements. 40 |
| | | | |
| |
Description | | Value | |
| |
OPTIONS WRITTEN*~ (0.2)% | | | | |
(premiums received $10,279,599) | | $ | (1,766,841 | ) |
| | | | |
| |
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 99.9% (cost $944,294,463) | | | 978,661,272 | |
| |
Other assets in excess of liabilities(z) 0.1% | | | 794,738 | |
| | | | |
| |
NET ASSETS 100.0% | | $ | 979,456,010 | |
| | | | |
Below is a list of the abbreviation(s) used in the annual report:
AUD—Australian Dollar
BRL—Brazilian Real
CAD—Canadian Dollar
CLP—Chilean Peso
CNH—Chinese Renminbi
COP—Colombian Peso
CZK—Czech Koruna
EUR—Euro
GBP—British Pound
HUF—Hungarian Forint
IDR—Indonesian Rupiah
ILS—Israeli Shekel
INR—Indian Rupee
JPY—Japanese Yen
KRW—South Korean Won
MXN—Mexican Peso
NZD—New Zealand Dollar
PEN—Peruvian Nuevo Sol
PHP—Philippine Peso
PLN—Polish Zloty
RUB—Russian Ruble
SGD—Singapore Dollar
THB—Thai Baht
TRY—Turkish Lira
TWD—New Taiwanese Dollar
USD—US Dollar
ZAR—South African Rand
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.
A—Annual payment frequency for swaps
ABS—Asset-Backed Security
BABs—Build America Bonds
BBR—New Zealand Bank Bill Rate
BROIS—Brazil Overnight Index Swap
BUBOR—Budapest Interbank Offered Rate
CDX—Credit Derivative Index
CLO—Collateralized Loan Obligation
CLOIS—Sinacofi Chile Interbank Rate Average
CMBX—Commercial Mortgage-Backed Index
COOIS—Colombia Overnight Interbank Reference Rate
| | |
See Notes to Financial Statements. |
PGIM Absolute Return Bond Fund | | 41 |
Schedule of Investments (continued)
as of October 31, 2021
CPI—Consumer Price Index
DIP—Debtor-In-Possession
EMTN—Euro Medium Term Note
EURIBOR—Euro Interbank Offered Rate
FHLMC—Federal Home Loan Mortgage Corporation
GMTN—Global Medium Term Note
IO—Interest Only (Principal amount represents notional)
JIBAR—Johannesburg Interbank Agreed Rate
LIBOR—London Interbank Offered Rate
LP—Limited Partnership
M—Monthly payment frequency for swaps
MASTR—Morgan Stanley Structured Asset Security
MTN—Medium Term Note
NSA—Non-Seasonally Adjusted
OTC—Over-the-counter
PIK—Payment-in-Kind
Q—Quarterly payment frequency for swaps
REITs—Real Estate Investment Trust
REMICS—Real Estate Mortgage Investment Conduit Security
S—Semiannual payment frequency for swaps
SOFR—Secured Overnight Financing Rate
SONIA—Sterling Overnight Index Average
Strips—Separate Trading of Registered Interest and Principal of Securities
T—Swap payment upon termination
WIBOR—Warsaw Interbank Offered Rate
* | Non-income producing security. |
# | Principal or notional amount is shown in U.S. dollars unless otherwise stated. |
~ | See tables subsequent to the Schedule of Investments for options detail. |
^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $7,052,669 and 0.7% of net assets. |
(a) | All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $14,303,258; cash collateral of $14,739,294 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day. |
(b) | Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment. |
(c) | Variable rate instrument. The interest rate shown reflects the rate in effect at October 31, 2021. |
(cc) | Variable rate instrument. The rate shown is based on the latest available information as of October 31, 2021. 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. |
(d) | Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity. |
(ff) | Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end. |
(h) | Represents security, or a portion thereof, segregated as collateral for OTC derivatives. |
(k) | Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives. |
(oo) | Perpetual security. Maturity date represents next call date. |
(s) | Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date. |
(wa) | PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund, if applicable. |
|
See Notes to Financial Statements. 42 |
(z) | Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments: |
Unfunded loan commitment outstanding at October 31, 2021:
| | | | | | | | | | | | | | | | | | | | |
Borrower | | Principal Amount (000)# | | Current Value | | Unrealized Appreciation | | Unrealized Depreciation |
| | | | |
Intelsat Jackson Holdings SA, DIP Term Loan, 3 Month LIBOR + 3.600%, 3.600%(c), Maturity Date 07/13/22 (cost $182,194) | | | | 184 | | | | $ | 185,456 | | | | $ | 3,262 | | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | |
Options Purchased:
OTC Traded
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Description | | Call/ Put | | Counterparty | | Expiration Date | | | Strike | | | Contracts | | | Notional Amount (000)# | | | Value | |
| | | | | | | | |
Currency Option EUR vs USD | | Call | | Deutsche Bank AG | | | 11/18/21 | | | | 1.21 | | | | — | | | | EUR | | | | 6,563 | | | $ | 61 | |
Currency Option EUR vs USD | | Call | | Bank of America, N.A. | | | 11/18/21 | | | | 1.31 | | | | — | | | | EUR | | | | 26,250 | | | | — | |
Currency Option USD vs JPY | | Call | | Barclays Bank PLC | | | 10/27/23 | | | | 115.00 | | | | — | | | | | | | | 39,000 | | | | 1,016,122 | |
Currency Option USD vs MXN | | Call | | Goldman Sachs International | | | 02/23/22 | | | | 26.00 | | | | — | | | | | | | | 34,500 | | | | 28,568 | |
Currency Option USD vs MXN | | Call | | Barclays Bank PLC | | | 02/23/22 | | | | 31.50 | | | | — | | | | | | | | 69,000 | | | | 8,020 | |
Currency Option USD vs MXN | | Call | | Goldman Sachs International | | | 02/23/22 | | | | 36.00 | | | | — | | | | | | | | 28,000 | | | | 1,110 | |
Currency Option AUD vs JPY | | Put | | BNP Paribas S.A. | | | 01/26/22 | | | | 55.00 | | | | — | | | | AUD | | | | 144,000 | | | | 671 | |
Currency Option AUD vs JPY | | Put | | Deutsche Bank AG | | | 01/26/22 | | | | 63.00 | | | | — | | | | AUD | | | | 72,000 | | | | 2,174 | |
Currency Option USD vs TWD | | Put | | Deutsche Bank AG | | | 12/21/21 | | | | 24.30 | | | | — | | | | | | | | 60,000 | | | | 402 | |
Currency Option USD vs TWD | | Put | | JPMorgan Chase Bank, N.A. | | | 12/21/21 | | | | 25.80 | | | | — | | | | | | | | 20,000 | | | | 1,120 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total OTC Traded (cost $ 8,438,466) | | | | | | | | | | | | | | | | | | | | | | $ | 1,058,248 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
OTC Swaptions
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Description | | Call/ Put | | Counterparty | | Expiration Date | | Strike | | | Receive | | | Pay | | | Notional Amount (000)# | | | Value | |
| | | | | | | | |
CDX.NA.IG.37.V1, 12/20/26 | | Call | | Barclays Bank PLC | | 12/15/21 | | | 0.35% | | | | 1.00%(Q) | | | | CDX.NA.IG.37. V1(Q) | | | | 52,430 | | | $ | 18 | |
CDX.NA.IG.37.V1, 12/20/26 | | Call | | Goldman Sachs International | | 12/15/21 | | | 0.35% | | | | 1.00%(Q) | | | | CDX.NA.IG.37. V1(Q) | | | | 52,430 | | | | 18 | |
| | |
See Notes to Financial Statements. |
PGIM Absolute Return Bond Fund | | 43 |
Schedule of Investments (continued)
as of October 31, 2021
Options Purchased (continued):
OTC Swaptions
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Description | | Call/ Put | | | Counterparty | | Expiration Date | | | Strike | | | Receive | | Pay | | Notional Amount (000)# | | | Value | |
| | | | | | | | |
CDX.NA.IG.37.V1, 12/20/26 | | | Call | | | BNP Paribas S.A. | | | 01/19/22 | | | | 0.35% | | | 1.00%(Q) | | CDX.NA.IG.37. V1(Q) | | | 44,120 | | | $ | 52 | |
CDX.NA.IG.37.V1, 12/20/26 | | | Call | | | Morgan Stanley & Co. International PLC | | | 01/19/22 | | | | 0.35% | | | 1.00%(Q) | | CDX.NA.IG.37. V1(Q) | | | 51,150 | | | | 60 | |
CDX.NA.IG.37.V1, 12/20/26 | | | Call | | | Deutsche Bank AG | | | 02/16/22 | | | | 0.35% | | | 1.00%(Q) | | CDX.NA.IG.37. V1(Q) | | | 51,150 | | | | 118 | |
CDX.NA.IG.37.V1, 12/20/26 | | | Call | | | Morgan Stanley & Co. International PLC | | | 02/16/22 | | | | 0.35% | | | 1.00%(Q) | | CDX.NA.IG.37. V1(Q) | | | 52,430 | | | | 121 | |
CDX.NA.IG.37.V1, 12/20/26 | | | Put | | | Barclays Bank PLC | | | 12/15/21 | | | | 0.55% | | | CDX.NA.IG.37. V1(Q) | | 1.00%(Q) | | | 52,430 | | | | 70,826 | |
CDX.NA.IG.37.V1, 12/20/26 | | | Put | | | Goldman Sachs International | | | 12/15/21 | | | | 0.55% | | | CDX.NA.IG.37. V1(Q) | | 1.00%(Q) | | | 52,430 | | | | 70,826 | |
CDX.NA.IG.37.V1, 12/20/26 | | | Put | | | BNP Paribas S.A. | | | 01/19/22 | | | | 0.55% | | | CDX.NA.IG.37. V1(Q) | | 1.00%(Q) | | | 44,120 | | | | 95,523 | |
CDX.NA.IG.37.V1, 12/20/26 | | | Put | | | Morgan Stanley & Co. International PLC | | | 01/19/22 | | | | 0.55% | | | CDX.NA.IG.37. V1(Q) | | 1.00%(Q) | | | 51,150 | | | | 110,743 | |
CDX.NA.IG.37.V1, 12/20/26 | | | Put | | | Deutsche Bank AG | | | 02/16/22 | | | | 0.55% | | | CDX.NA.IG.37. V1(Q) | | 1.00%(Q) | | | 51,150 | | | | 141,615 | |
CDX.NA.IG.37.V1, 12/20/26 | | | Put | | | Morgan Stanley & Co. International PLC | | | 02/16/22 | | | | 0.55% | | | CDX.NA.IG.37. V1(Q) | | 1.00%(Q) | | | 52,430 | | | | 145,159 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total OTC Swaptions (cost $563,159) | | | | | | | | | | | | | | | | | | $ | 635,079 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total Options Purchased (cost $9,001,625) | | | | | | | | | | | | | | | | | | $ | 1,693,327 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Options Written:
OTC Traded
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Description | | Call/ Put | | | Counterparty | | Expiration Date | | Strike | | | Contracts | | Notional Amount (000)# | | | Value | |
| | | | | | | | |
Currency Option EUR vs USD | | | Call | | | Bank of America, N.A. | | 11/18/21 | | | 1.21 | | | — | | | EUR | | | | 6,563 | | | $ | (61 | ) |
Currency Option EUR vs USD | | | Call | | | Deutsche Bank AG | | 11/18/21 | | | 1.31 | | | — | | | EUR | | | | 26,250 | | | | — | |
Currency Option USD vs JPY | | | Call | | | Bank of America, N.A. | | 10/27/23 | | | 115.00 | | | — | | | | | | | 39,000 | | | | (1,016,122 | ) |
Currency Option USD vs MXN | | | Call | | | Barclays Bank PLC | | 02/23/22 | | | 26.00 | | | — | | | | | | | 34,500 | | | | (28,568 | ) |
|
See Notes to Financial Statements. 44 |
Options Written (continued):
OTC Traded
| | | | | | | | | | | | | | | | | | | | | | | | |
Description | | Call/ Put | | Counterparty | | Expiration Date | | Strike | | | Contracts | | Notional Amount (000)# | | | Value | |
Currency Option USD vs MXN | | Call | | Goldman Sachs International | | 02/23/22 | | | 31.50 | | | — | | | | | | | 69,000 | | | $ | (8,020 | ) |
Currency Option USD vs MXN | | Call | | Citibank, N.A. | | 02/23/22 | | | 36.00 | | | — | | | | | | | 28,000 | | | | (1,110 | ) |
Currency Option AUD vs JPY | | Put | | Deutsche Bank AG | | 01/26/22 | | | 55.00 | | | — | | | AUD | | | | 144,000 | | | | (671 | ) |
Currency Option AUD vs JPY | | Put | | BNP Paribas S.A. | | 01/26/22 | | | 63.00 | | | — | | | AUD | | | | 72,000 | | | | (2,174 | ) |
Currency Option USD vs TWD | | Put | | JPMorgan Chase Bank, N.A. | | 12/21/21 | | | 24.30 | | | — | | | | | | | 60,000 | | | | (402 | ) |
Currency Option USD vs TWD | | Put | | Deutsche Bank AG | | 12/21/21 | | | 25.80 | | | — | | | | | | | 20,000 | | | | (1,120 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total OTC Traded (premiums received $9,491,139) | | | | | | | | | | | | | | | | | | $ | (1,058,248 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
OTC Swaptions
| | | | | | | | | | | | | | | | | | | | | | |
Description | | Call/ Put | | Counterparty | | Expiration Date | | Strike | | Receive | | Pay | | | Notional Amount (000)# | | | Value | |
| | | | | | | | |
CDX.NA.IG.37.V1, 12/20/26 | | Call | | Barclays Bank PLC | | 12/15/21 | | 0.50% | | CDX.NA.IG.37.V1(Q) | | | 1.00%(Q) | | | | 52,430 | | | $ | (24,085 | ) |
CDX.NA.IG.37.V1, 12/20/26 | | Call | | Goldman Sachs International | | 12/15/21 | | 0.50% | | CDX.NA.IG.37.V1(Q) | | | 1.00%(Q) | | | | 52,430 | | | | (24,085 | ) |
CDX.NA.IG.37.V1, 12/20/26 | | Call | | BNP Paribas S.A. | | 01/19/22 | | 0.50% | | CDX.NA.IG.37.V1(Q) | | | 1.00%(Q) | | | | 44,120 | | | | (33,605 | ) |
CDX.NA.IG.37.V1, 12/20/26 | | Call | | Morgan Stanley & Co. International PLC | | 01/19/22 | | 0.50% | | CDX.NA.IG.37.V1(Q) | | | 1.00%(Q) | | | | 51,150 | | | | (38,960 | ) |
CDX.NA.IG.37.V1, 12/20/26 | | Call | | Deutsche Bank AG | | 02/16/22 | | 0.50% | | CDX.NA.IG.37.V1(Q) | | | 1.00%(Q) | | | | 51,150 | | | | (49,159 | ) |
CDX.NA.IG.37.V1, 12/20/26 | | Call | | Morgan Stanley & Co. International PLC | | 02/16/22 | | 0.50% | | CDX.NA.IG.37.V1(Q) | | | 1.00%(Q) | | | | 52,430 | | | | (50,389 | ) |
CDX.NA.HY.37.V1, 12/20/26 | | Put | | Barclays Bank PLC | | 11/17/21 | | $107.00 | | 5.00%(Q) | | | CDX.NA.HY.37.V1(Q) | | | | 10,250 | | | | (14,446 | ) |
CDX.NA.IG.37.V1, 12/20/26 | | Put | | Barclays Bank PLC | | 12/15/21 | | 0.65% | | 1.00%(Q) | | | CDX.NA.IG.37.V1(Q) | | | | 52,430 | | | | (32,550 | ) |
CDX.NA.IG.37.V1, 12/20/26 | | Put | | Goldman Sachs International | | 12/15/21 | | 0.65% | | 1.00%(Q) | | | CDX.NA.IG.37.V1(Q) | | | | 52,430 | | | | (32,550 | ) |
CDX.NA.IG.37.V1, 12/20/26 | | Put | | BNP Paribas S.A. | | 01/19/22 | | 0.70% | | 1.00%(Q) | | | CDX.NA.IG.37.V1(Q) | | | | 44,120 | | | | (43,908 | ) |
| | |
See Notes to Financial Statements. |
PGIM Absolute Return Bond Fund | | 45 |
Schedule of Investments (continued)
as of October 31, 2021
Options Written (continued):
OTC Swaptions
| | | | | | | | | | | | | | | | | | | | | | | | |
Description | | Call/ Put | | Counterparty | | Expiration Date | | Strike | | Receive | | | Pay | | | Notional Amount (000)# | | | Value | |
| | | | | | | | |
CDX.NA.IG.37.V1, 12/20/26 | | Put | | Morgan Stanley & Co. International PLC | | 01/19/22 | | 0.70% | | | 1.00%(Q) | | | | CDX.NA.IG.37. V1(Q) | | | | 51,150 | | | $ | (50,904 | ) |
CDX.NA.IG.37.V1, 12/20/26 | | Put | | Deutsche Bank AG | | 02/16/22 | | 0.70% | | | 1.00%(Q) | | | | CDX.NA.IG.37. V1(Q) | | | | 51,150 | | | | (73,606 | ) |
CDX.NA.IG.37.V1, 12/20/26 | | Put | | Morgan Stanley & Co. International PLC | | 02/16/22 | | 0.70% | | | 1.00%(Q) | | | | CDX.NA.IG.37. V1(Q) | | | | 52,430 | | | | (75,448 | ) |
GS_21-PJA†† ^ | | Put | | Goldman Sachs International | | 06/17/24 | | 0.25% | | | 0.25%(M) | | | | GS_21-PJA(M) | | | | 16,440 | | | | (2,317 | ) |
iTraxx.XO.35. V1, 06/20/26 | | Put | | Barclays Bank PLC | | 06/15/22 | | 7.00% | | | 5.00%(Q) | | | | iTraxx.XO.35. V1(Q) | | | EUR | 10,130 | | | | (59,808 | ) |
iTraxx.XO.35. V1, 06/20/26 | | Put | | Barclays Bank PLC | | 06/15/22 | | 9.00% | | | 5.00%(Q) | | | | iTraxx.XO.35. V1(Q) | | | EUR | 9,710 | | | | (36,584 | ) |
iTraxx.XO.36. V1, 12/20/26 | | Put | | Morgan Stanley & Co. International PLC | | 01/19/22 | | 5.00% | | | 5.00%(Q) | | | | iTraxx.XO.36. V1(Q) | | | EUR | 4,200 | | | | (8,123 | ) |
iTraxx.XO.36. V1, 12/20/26^ | | Put | | Barclays Bank PLC | | 09/21/22 | | 9.00% | | | 5.00%(Q) | | | | iTraxx.XO.36. V1(Q) | | | EUR | 8,170 | | | | (58,066 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total OTC Swaptions (premiums received $788,460) | | | | | | | | | | | | | | | | $ | (708,593 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Options Written (premiums received $10,279,599) | | | | | | | | | | | | | | | | $ | (1,766,841 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
†† The value of the contract, GS_21-PJA, is derived from a pool of senior prime jumbo mortgages.
Futures contracts outstanding at October 31, 2021:
| | | | | | | | | | | | | | | | | | | | |
Number of Contracts | | | Type | | Expiration Date | | | Current Notional Amount | | | Value / Unrealized Appreciation (Depreciation) | |
| Long Positions: | | | | | | | | | | | | | | | | |
| 80 | | | 5 Year U.S. Treasury Notes | | | Dec. 2021 | | | $ | 9,740,000 | | | | | | | $ | (135,944 | ) |
| 117 | | | 10 Year U.S. Ultra Treasury Notes | | | Dec. 2021 | | | | 16,968,656 | | | | | | | | (203,534 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | | | | | (339,478 | ) |
| | | | | | | | | | | | | | | | | | | | |
| Short Positions: | | | | | | | | | | | | | | | | |
| 10 | | | 30 Day Federal Funds | | | Apr. 2022 | | | | 4,161,583 | | | | | | | | 7,693 | |
| 58 | | | 30 Day Federal Funds | | | May 2022 | | | | 24,127,513 | | | | | | | | 55,492 | |
| 48 | | | 30 Day Federal Funds | | | Jun. 2022 | | | | 19,957,596 | | | | | | | | 54,925 | |
| 14 | | | 30 Day Federal Funds | | | Jul. 2022 | | | | 5,817,757 | | | | | | | | 19,520 | |
| 3,270 | | | 2 Year U.S. Treasury Notes | | | Dec. 2021 | | | | 716,947,500 | | | | | | | | 3,046,789 | |
|
See Notes to Financial Statements. 46 |
Futures contracts outstanding at October 31, 2021 (continued):
| | | | | | | | | | | | | | | | | | | | |
Number of Contracts | | | Type | | Expiration Date | | | Current Notional Amount | | | Value / Unrealized Appreciation (Depreciation) | |
| | | | |
| Short Positions (cont’d): | | | | | | | | | | | | | | | | |
| 217 | | | 5 Year Euro-Bobl | | | Dec. 2021 | | | $ | 33,553,964 | | | | | | | $ | 483,693 | |
| 177 | | | 10 Year Euro-Bund | | | Dec. 2021 | | | | 34,399,369 | | | | | | | | 883,568 | |
| 810 | | | 10 Year U.S. Treasury Notes | | | Dec. 2021 | | | | 105,869,535 | | | | | | | | 1,608,901 | |
| 247 | | | 20 Year U.S. Treasury Bonds | | | Dec. 2021 | | | | 39,728,406 | | | | | | | | 562,043 | |
| 24 | | | 30 Year U.S. Ultra Treasury Bonds | | | Dec. 2021 | | | | 4,713,750 | | | | | | | | 39,153 | |
| 137 | | | Euro Schatz Index | | | Dec. 2021 | | | | 17,731,329 | | | | | | | | 50,036 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 6,811,813 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | 6,472,335 | |
| | | | | | | | | | | | | | | | | | | | |
Forward foreign currency exchange contracts outstanding at October 31, 2021:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase Contracts | | Counterparty | | Notional Amount (000) | | | Value at Settlement Date | | | Current Value | | | Unrealized Appreciation | | | Unrealized Depreciation | |
| | | | | |
OTC Forward Foreign Currency Exchange Contracts: | | | | | | | | | | | | | | | | | | | | | |
Australian Dollar, | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 01/19/22 | | HSBC Bank PLC | | | AUD | | | | 822 | | | $ | 605,115 | | | $ | 618,839 | | | $ | 13,724 | | | | | | | $ | — | |
Expiring 01/28/22 | | Citibank, N.A. | | | AUD | | | | 1,415 | | | | 929,273 | | | | 1,064,689 | | | | 135,416 | | | | | | | | — | |
Expiring 01/28/22 | | Morgan Stanley & Co. International PLC | | | AUD | | | | 5,569 | | | | 4,204,659 | | | | 4,190,294 | | | | — | | | | | | | | (14,365 | ) |
Expiring 01/28/22 | | Morgan Stanley & Co. International PLC | | | AUD | | | | 108 | | | | 79,085 | | | | 81,590 | | | | 2,505 | | | | | | | | — | |
Expiring 10/31/23 | | JPMorgan Chase Bank, N.A. | | | AUD | | | | 3,180 | | | | 2,208,097 | | | | 2,364,845 | | | | 156,748 | | | | | | | | — | |
Brazilian Real, | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 11/03/21 | | Credit Suisse International | | | BRL | | | | 28,416 | | | | 5,336,767 | | | | 5,029,746 | | | | — | | | | | | | | (307,021 | ) |
Expiring 11/03/21 | | Deutsche Bank AG | | | BRL | | | | 2,198 | | | | 395,000 | | | | 388,984 | | | | — | | | | | | | | (6,016 | ) |
Expiring 11/03/21 | | Goldman Sachs International | | | BRL | | | | 2,709 | | | | 490,000 | | | | 479,544 | | | | — | | | | | | | | (10,456 | ) |
Expiring 11/03/21 | | JPMorgan Chase Bank, N.A. | | | BRL | | | | 2,179 | | | | 401,000 | | | | 385,703 | | | | — | | | | | | | | (15,297 | ) |
Expiring 11/03/21 | | JPMorgan Chase Bank, N.A. | | | BRL | | | | 1,387 | | | | 261,000 | | | | 245,461 | | | | — | | | | | | | | (15,539 | ) |
Expiring 12/02/21 | | Credit Suisse International | | | BRL | | | | 36,888 | | | | 6,482,222 | | | | 6,492,376 | | | | 10,154 | | | | | | | | — | |
Expiring 01/28/22 | | Citibank, N.A. | | | BRL | | | | 2,966 | | | | 560,000 | | | | 514,910 | | | | — | | | | | | | | (45,090 | ) |
Expiring 01/28/22 | | Deutsche Bank AG | | | BRL | | | | 25,948 | | | | 4,434,000 | | | | 4,504,157 | | | | 70,157 | | | | | | | | — | |
Expiring 01/28/22 | | JPMorgan Chase Bank, N.A. | | | BRL | | | | 15,244 | | | | 2,727,534 | | | | 2,646,171 | | | | — | | | | | | | | (81,363 | ) |
| | |
See Notes to Financial Statements. |
PGIM Absolute Return Bond Fund | | 47 |
Schedule of Investments (continued)
as of October 31, 2021
Forward foreign currency exchange contracts outstanding at October 31, 2021 (continued):
| | | | | | | | | | | | | | | | | | | | | | | | |
Purchase Contracts | | Counterparty | | Notional Amount (000) | | | Value at Settlement Date | | | Current Value | | | Unrealized Appreciation | | | Unrealized Depreciation | |
| | | | |
OTC Forward Foreign Currency Exchange Contracts (cont’d.): | | | | | | | | | | | | | | | | | |
Brazilian Real (cont’d.), | | | | | | | | | | | | | | | | | | | | | | |
Expiring 01/28/22 | | Morgan Stanley & Co. International PLC | | BRL | | | 19,492 | | | $ | 3,580,779 | | | $ | 3,383,524 | | | $ | — | | | $ | (197,255 | ) |
British Pound, | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 01/28/22 | | Morgan Stanley & Co. International PLC | | GBP | | | 625 | | | | 862,819 | | | | 855,540 | | | | — | | | | (7,279 | ) |
Canadian Dollar, | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 01/19/22 | | JPMorgan Chase Bank, N.A. | | CAD | | | 3,484 | | | | 2,794,258 | | | | 2,815,508 | | | | 21,250 | | | | — | |
Chilean Peso, | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/15/21 | | Barclays Bank PLC | | CLP | | | 532,326 | | | | 653,000 | | | | 650,901 | | | | — | | | | (2,099 | ) |
Expiring 12/15/21 | | BNP Paribas S.A. | | CLP | | | 425,309 | | | | 514,000 | | | | 520,047 | | | | 6,047 | | | | — | |
Expiring 12/15/21 | | BNP Paribas S.A. | | CLP | | | 318,630 | | | | 390,000 | | | | 389,605 | | | | — | | | | (395 | ) |
Expiring 12/15/21 | | BNP Paribas S.A. | | CLP | | | 221,341 | | | | 265,000 | | | | 270,645 | | | | 5,645 | | | | — | |
Expiring 12/15/21 | | BNP Paribas S.A. | | CLP | | | 207,823 | | | | 257,000 | | | | 254,115 | | | | — | | | | (2,885 | ) |
Expiring 12/15/21 | | Citibank, N.A. | | CLP | | | 377,340 | | | | 474,000 | | | | 461,392 | | | | — | | | | (12,608 | ) |
Expiring 12/15/21 | | Citibank, N.A. | | CLP | | | 285,344 | | | | 356,000 | | | | 348,904 | | | | — | | | | (7,096 | ) |
Expiring 12/15/21 | | JPMorgan Chase Bank, N.A. | | CLP | | | 209,022 | | | | 264,000 | | | | 255,581 | | | | — | | | | (8,419 | ) |
Expiring 12/15/21 | | UBS AG | | CLP | | | 1,798,903 | | | | 2,247,000 | | | | 2,199,607 | | | | — | | | | (47,393 | ) |
Chinese Renminbi, | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 11/18/21 | | Citibank, N.A. | | CNH | | | 2,200 | | | | 339,000 | | | | 342,789 | | | | 3,789 | | | | — | |
Expiring 11/18/21 | | JPMorgan Chase Bank, N.A. | | CNH | | | 51,258 | | | | 7,853,509 | | | | 7,987,948 | | | | 134,439 | | | | — | |
Expiring 11/18/21 | | JPMorgan Chase Bank, N.A. | | CNH | | | 5,895 | | | | 914,000 | | | | 918,646 | | | | 4,646 | | | | — | |
Expiring 11/18/21 | | JPMorgan Chase Bank, N.A. | | CNH | | | 5,812 | | | | 902,000 | | | | 905,753 | | | | 3,753 | | | | — | |
Expiring 11/18/21 | | JPMorgan Chase Bank, N.A. | | CNH | | | 4,241 | | | | 657,000 | | | | 660,892 | | | | 3,892 | | | | — | |
Expiring 11/18/21 | | Standard Chartered Bank | | CNH | | | 7,985 | | | | 1,247,000 | | | | 1,244,409 | | | | — | | | | (2,591 | ) |
Expiring 01/28/22 | | JPMorgan Chase Bank, N.A. | | CNH | | | 3,291 | | | | 497,363 | | | | 509,558 | | | | 12,195 | | | | — | |
Expiring 01/28/22 | | The Toronto-Dominion Bank | | CNH | | | 6,956 | | | | 1,066,738 | | | | 1,077,212 | | | | 10,474 | | | | — | |
Colombian Peso, | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/15/21 | | BNP Paribas S.A. | | COP | | | 2,343,356 | | | | 615,999 | | | | 620,287 | | | | 4,288 | | | | — | |
Expiring 12/15/21 | | Goldman Sachs International | | COP | | | 1,464,762 | | | | 386,000 | | | | 387,724 | | | | 1,724 | | | | — | |
Czech Koruna, | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 01/19/22 | | BNP Paribas S.A. | | CZK | | | 10,763 | | | | 484,999 | | | | 483,263 | | | | — | | | | (1,736 | ) |
|
See Notes to Financial Statements. 48 |
Forward foreign currency exchange contracts outstanding at October 31, 2021 (continued):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase Contracts | | Counterparty | | Notional Amount (000) | | | Value at Settlement Date | | | Current Value | | | Unrealized Appreciation | | | Unrealized Depreciation | |
| | | | |
OTC Forward Foreign Currency Exchange Contracts (cont’d.): | | | | | | | | | | | | | | | | | |
Euro, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 11/22/21 | | Bank of America, N.A. | | | EUR | | | | 952 | | | $ | 1,122,313 | | | $ | 1,101,010 | | | $ | — | | | $ | (21,303 | ) |
Expiring 11/22/21 | | Deutsche Bank AG | | | EUR | | | | 417 | | | | 496,797 | | | | 482,270 | | | | — | | | | (14,527 | ) |
Expiring 01/19/22 | | Bank of America, N.A. | | | EUR | | | | 3,687 | | | | 4,284,293 | | | | 4,270,764 | | | | — | | | | (13,529 | ) |
Hungarian Forint, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 01/19/22 | | Goldman Sachs International | | | HUF | | | | 157,231 | | | | 506,000 | | | | 503,397 | | | | — | | | | (2,603 | ) |
Expiring 01/19/22 | | HSBC Bank PLC | | | HUF | | | | 172,203 | | | | 554,000 | | | | 551,329 | | | | — | | | | (2,671 | ) |
Expiring 01/19/22 | | HSBC Bank PLC | | | HUF | | | | 166,685 | | | | 534,000 | | | | 533,665 | | | | — | | | | (335 | ) |
Indian Rupee, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/15/21 | | Citibank, N.A. | | | INR | | | | 112,970 | | | | 1,530,091 | | | | 1,498,402 | | | | — | | | | (31,689 | ) |
Expiring 12/15/21 | | Citibank, N.A. | | | INR | | | | 57,525 | | | | 780,000 | | | | 762,997 | | | | — | | | | (17,003 | ) |
Expiring 12/15/21 | | HSBC Bank PLC | | | INR | | | | 55,618 | | | | 754,000 | | | | 737,704 | | | | — | | | | (16,296 | ) |
Expiring 12/15/21 | | HSBC Bank PLC | | | INR | | | | 52,603 | | | | 713,000 | | | | 697,713 | | | | — | | | | (15,287 | ) |
Expiring 12/15/21 | | JPMorgan Chase Bank, N.A. | | | INR | | | | 44,313 | | | | 596,000 | | | | 587,751 | | | | — | | | | (8,249 | ) |
Expiring 12/15/21 | | JPMorgan Chase Bank, N.A. | | | INR | | | | 43,988 | | | | 592,000 | | | | 583,450 | | | | — | | | | (8,550 | ) |
Expiring 12/15/21 | | JPMorgan Chase Bank, N.A. | | | INR | | | | 27,641 | | | | 372,000 | | | | 366,620 | | | | — | | | | (5,380 | ) |
Expiring 12/15/21 | | Morgan Stanley & Co. International PLC | | | INR | | | | 48,088 | | | | 637,999 | | | | 637,826 | | | | — | | | | (173 | ) |
Expiring 12/15/21 | | Morgan Stanley & Co. International PLC | | | INR | | | | 48,027 | | | | 640,000 | | | | 637,020 | | | | — | | | | (2,980 | ) |
Expiring 12/15/21 | | Morgan Stanley & Co. International PLC | | | INR | | | | 47,883 | | | | 639,000 | | | | 635,102 | | | | — | | | | (3,898 | ) |
Expiring 12/15/21 | | Morgan Stanley & Co. International PLC | | | INR | | | | 47,800 | | | | 633,000 | | | | 634,012 | | | | 1,012 | | | | — | |
Expiring 12/15/21 | | Morgan Stanley & Co. International PLC | | | INR | | | | 35,590 | | | | 479,000 | | | | 472,053 | | | | — | | | | (6,947 | ) |
Expiring 12/15/21 | | Morgan Stanley & Co. International PLC | | | INR | | | | 29,175 | | | | 389,000 | | | | 386,970 | | | | — | | | | (2,030 | ) |
Expiring 12/15/21 | | Standard Chartered | | | | | | | | | | | | | | | | | | | | | | | | |
| | Bank | | | INR | | | | 76,711 | | | | 1,017,000 | | | | 1,017,472 | | | | 472 | | | | — | |
Expiring 12/15/21 | | UBS AG | | | INR | | | | 47,356 | | | | 636,000 | | | | 628,117 | | | | — | | | | (7,883 | ) |
Expiring 02/25/22 | | JPMorgan Chase Bank, N.A. | | | INR | | | | 139,894 | | | | 1,830,000 | | | | 1,838,023 | | | | 8,023 | | | | — | |
Expiring 02/25/22 | | Standard Chartered Bank | | | INR | | | | 200,001 | | | | 2,673,214 | | | | 2,627,748 | | | | — | | | | (45,466 | ) |
Indonesian Rupiah, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/15/21 | | Barclays Bank PLC | | | IDR | | | | 5,446,791 | | | | 378,000 | | | | 381,012 | | | | 3,012 | | | | — | |
Expiring 12/15/21 | | Citibank, N.A. | | | IDR | | | | 28,653,210 | | | | 1,963,086 | | | | 2,004,337 | | | | 41,251 | | | | — | |
| | |
See Notes to Financial Statements. |
PGIM Absolute Return Bond Fund | | 49 |
Schedule of Investments (continued)
as of October 31, 2021
Forward foreign currency exchange contracts outstanding at October 31, 2021 (continued):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase Contracts | | Counterparty | | Notional Amount (000) | | | Value at Settlement Date | | | Current Value | | | Unrealized Appreciation | | | Unrealized Depreciation | |
| | | |
OTC Forward Foreign Currency Exchange Contracts (cont’d.): | | | | | | | | | | | | | |
Indonesian Rupiah (cont’d.), | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/15/21 | | Goldman Sachs International | | | IDR | | | | 5,575,560 | | | $ | 388,000 | | | $ | 390,019 | | | $ | 2,019 | | | $ | — | |
Expiring 12/15/21 | | Goldman Sachs International | | | IDR | | | | 5,279,184 | | | | 366,000 | | | | 369,287 | | | | 3,287 | | | | — | |
Expiring 12/15/21 | | HSBC Bank PLC | | | IDR | | | | 7,683,462 | | | | 533,000 | | | | 537,470 | | | | 4,470 | | | | — | |
Expiring 12/15/21 | | HSBC Bank PLC | | | IDR | | | | 5,452,537 | | | | 378,000 | | | | 381,414 | | | | 3,414 | | | | — | |
Expiring 12/15/21 | | HSBC Bank PLC | | | IDR | | | | 3,755,520 | | | | 256,000 | | | | 262,705 | | | | 6,705 | | | | — | |
Expiring 12/15/21 | | JPMorgan Chase Bank, N.A. | | | IDR | | | | 5,319,120 | | | | 370,000 | | | | 372,081 | | | | 2,081 | | | | — | |
Expiring 12/15/21 | | JPMorgan Chase Bank, N.A. | | | IDR | | | | 3,853,036 | | | | 268,000 | | | | 269,526 | | | | 1,526 | | | | — | |
Expiring 12/15/21 | | JPMorgan Chase Bank, N.A. | | | IDR | | | | 3,790,248 | | | | 264,000 | | | | 265,134 | | | | 1,134 | | | | — | |
Expiring 12/15/21 | | Morgan Stanley & Co. International PLC | | | IDR | | | | 7,561,250 | | | | 526,000 | | | | 528,921 | | | | 2,921 | | | | — | |
Expiring 12/15/21 | | Morgan Stanley & Co. International PLC | | | IDR | | | | 7,317,639 | | | | 509,000 | | | | 511,880 | | | | 2,880 | | | | — | |
Expiring 12/15/21 | | Morgan Stanley & Co. International PLC | | | IDR | | | | 5,750,741 | | | | 401,000 | | | | 402,274 | | | | 1,274 | | | | — | |
Expiring 12/15/21 | | Morgan Stanley & Co. International PLC | | | IDR | | | | 3,710,245 | | | | 253,000 | | | | 259,538 | | | | 6,538 | | | | — | |
Israeli Shekel, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/15/21 | | Citibank, N.A. | | | ILS | | | | 1,222 | | | | 382,000 | | | | 386,465 | | | | 4,465 | | | | — | |
Japanese Yen, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 01/19/22 | | Barclays Bank PLC | | | JPY | | | | 132,979 | | | | 1,170,238 | | | | 1,167,964 | | | | — | | | | (2,274 | ) |
Expiring 01/28/22 | | Citibank, N.A. | | | JPY | | | | 538,981 | | | | 5,262,454 | | | | 4,734,270 | | | | — | | | | (528,184 | ) |
Expiring 01/28/22 | | Deutsche Bank AG | | | JPY | | | | 406,777 | | | | 3,862,000 | | | | 3,573,025 | | | | — | | | | (288,975 | ) |
Expiring 01/28/22 | | Deutsche Bank AG | | | JPY | | | | 153,253 | | | | 1,470,000 | | | | 1,346,133 | | | | — | | | | (123,867 | ) |
Expiring 01/28/22 | | Deutsche Bank AG | | | JPY | | | | 102,273 | | | | 944,000 | | | | 898,340 | | | | — | | | | (45,660 | ) |
Expiring 05/31/22 | | Citibank, N.A. | | | JPY | | | | 92,578 | | | | 849,426 | | | | 814,455 | | | | — | | | | (34,971 | ) |
Expiring 05/31/22 | | Deutsche Bank AG | | | JPY | | | | 662,163 | | | | 6,130,000 | | | | 5,825,376 | | | | — | | | | (304,624 | ) |
Expiring 10/31/23 | | Barclays Bank PLC | | | JPY | | | | 487,838 | | | | 5,118,000 | | | | 4,368,747 | | | | — | | | | (749,253 | ) |
Expiring 10/31/23 | | Deutsche Bank AG | | | JPY | | | | 498,249 | | | | 5,219,999 | | | | 4,461,984 | | | | — | | | | (758,015 | ) |
Expiring 10/31/23 | | Goldman Sachs International | | | JPY | | | | 874,045 | | | | 8,971,000 | | | | 7,827,359 | | | | — | | | | (1,143,641 | ) |
Expiring 10/31/23 | | Morgan Stanley & Co. International PLC | | | JPY | | | | 855,296 | | | | 8,262,958 | | | | 7,659,460 | | | | — | | | | (603,498 | ) |
Mexican Peso, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/15/21 | | BNP Paribas S.A. | | | MXN | | | | 8,182 | | | | 407,000 | | | | 394,532 | | | | — | | | | (12,468 | ) |
Expiring 12/15/21 | | Citibank, N.A. | | | MXN | | | | 13,408 | | | | 660,000 | | | | 646,539 | | | | — | | | | (13,461 | ) |
Expiring 12/15/21 | | Citibank, N.A. | | | MXN | | | | 11,320 | | | | 537,000 | | | | 545,863 | | | | 8,863 | | | | — | |
|
See Notes to Financial Statements. 50 |
Forward foreign currency exchange contracts outstanding at October 31, 2021 (continued):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase Contracts | | Counterparty | | Notional Amount (000) | | | Value at Settlement Date | | | Current Value | | | Unrealized Appreciation | | | Unrealized Depreciation | |
OTC Forward Foreign Currency Exchange Contracts (cont’d.): | | | | | | | | | | | | | | | | | |
Mexican Peso (cont’d.), | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/15/21 | | Goldman Sachs International | | | MXN | | | | 46,753 | | | $ | 2,310,602 | | | $ | 2,254,497 | | | $ | — | | | $ | (56,105 | ) |
Expiring 12/15/21 | | Goldman Sachs International | | | MXN | | | | 15,561 | | | | 766,000 | | | | 750,371 | | | | — | | | | (15,629 | ) |
Expiring 12/15/21 | | Goldman Sachs International | | | MXN | | | | 12,102 | | | | 594,000 | | | | 583,558 | | | | — | | | | (10,442 | ) |
Expiring 12/15/21 | | Goldman Sachs International | | | MXN | | | | 11,575 | | | | 556,000 | | | | 558,176 | | | | 2,176 | | | | — | |
Expiring 12/15/21 | | Goldman Sachs International | | | MXN | | | | 7,720 | | | | 375,000 | | | | 372,271 | | | | — | | | | (2,729 | ) |
Expiring 12/15/21 | | JPMorgan Chase Bank, N.A. | | | MXN | | | | 7,360 | | | | 365,000 | | | | 354,914 | | | | — | | | | (10,086 | ) |
Expiring 12/15/21 | | Morgan Stanley & Co. International PLC | | | MXN | | | | 46,753 | | | | 2,309,369 | | | | 2,254,496 | | | | — | | | | (54,873 | ) |
Expiring 02/25/22 | | Bank of America, N.A. | | | MXN | | | | 47,307 | | | | 2,005,107 | | | | 2,254,225 | | | | 249,118 | | | | — | |
Expiring 02/25/22 | | Morgan Stanley & Co. International PLC | | | MXN | | | | 28,900 | | | | 1,360,406 | | | | 1,377,101 | | | | 16,695 | | | | — | |
Expiring 04/28/23 | | JPMorgan Chase Bank, N.A. | | | MXN | | | | 72,679 | | | | 3,006,698 | | | | 3,202,592 | | | | 195,894 | | | | — | |
Expiring 04/28/23 | | Morgan Stanley & Co. International PLC | | | MXN | | | | 231,058 | | | | 9,739,000 | | | | 10,181,479 | | | | 442,479 | | | | — | |
New Taiwanese Dollar, | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/15/21 | | Standard Chartered Bank | | | TWD | | | | 34,611 | | | | 1,252,164 | | | | 1,246,584 | | | | — | | | | (5,580 | ) |
Expiring 12/15/21 | | UBS AG | | | TWD | | | | 20,270 | | | | 737,000 | | | | 730,079 | | | | — | | | | (6,921 | ) |
Expiring 12/23/21 | | Citibank, N.A. | | | TWD | | | | 21,613 | | | | 789,307 | | | | 778,823 | | | | — | | | | (10,484 | ) |
Expiring 12/23/21 | | Deutsche Bank AG | | | TWD | | | | 18,134 | | | | 651,000 | | | | 653,473 | | | | 2,473 | | | | — | |
Peruvian Nuevo Sol, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/15/21 | | Goldman Sachs International | | | PEN | | | | 1,067 | | | | 259,000 | | | | 266,825 | | | | 7,825 | | | | — | |
Philippine Peso, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/15/21 | | HSBC Bank PLC | | | PHP | | | | 39,163 | | | | 767,000 | | | | 773,178 | | | | 6,178 | | | | — | |
Expiring 12/15/21 | | HSBC Bank PLC | | | PHP | | | | 37,900 | | | | 743,000 | | | | 748,251 | | | | 5,251 | | | | — | |
Expiring 12/15/21 | | JPMorgan Chase Bank, N.A. | | | PHP | | | | 99,753 | | | | 1,978,239 | | | | 1,969,373 | | | | — | | | | (8,866 | ) |
Expiring 12/15/21 | | JPMorgan Chase Bank, N.A. | | | PHP | | | | 53,146 | | | | 1,038,000 | | | | 1,049,230 | | | | 11,230 | | | | — | |
Expiring 12/15/21 | | JPMorgan Chase Bank, N.A. | | | PHP | | | | 39,538 | | | | 776,000 | | | | 780,581 | | | | 4,581 | | | | — | |
Expiring 12/15/21 | | Morgan Stanley & Co. International PLC | | | PHP | | | | 33,340 | | | | 648,000 | | | | 658,209 | | | | 10,209 | | | | — | |
| | |
See Notes to Financial Statements. |
PGIM Absolute Return Bond Fund | | 51 |
Schedule of Investments (continued)
as of October 31, 2021
Forward foreign currency exchange contracts outstanding at October 31, 2021 (continued):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase Contracts | | Counterparty | | Notional Amount (000) | | | Value at Settlement Date | | | Current Value | | | Unrealized Appreciation | | | Unrealized Depreciation | |
| | | | |
OTC Forward Foreign Currency Exchange Contracts (cont’d.): | | | | | | | | | | | | | | | | | |
Philippine Peso (cont’d.), | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/15/21 | | Standard Chartered Bank | | | PHP | | | | 52,471 | | | $ | 1,027,000 | | | $ | 1,035,921 | | | $ | 8,921 | | | $ | — | |
Polish Zloty, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 01/19/22 | | Citibank, N.A. | | | PLN | | | | 2,495 | | | | 632,000 | | | | 624,254 | | | | — | | | | (7,746 | ) |
Expiring 01/19/22 | | Morgan Stanley & Co. International PLC | | | PLN | | | | 1,993 | | | | 505,000 | | | | 498,546 | | | | — | | | | (6,454 | ) |
Russian Ruble, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 11/22/21 | | Deutsche Bank AG | | | RUB | | | | 153,565 | | | | 1,982,000 | | | | 2,155,239 | | | | 173,239 | | | | — | |
Expiring 11/22/21 | | Morgan Stanley & Co. International PLC | | | RUB | | | | 176,513 | | | | 2,206,000 | | | | 2,477,303 | | | | 271,303 | | | | — | |
Expiring 12/15/21 | | Barclays Bank PLC | | | RUB | | | | 236,162 | | | | 3,171,065 | | | | 3,294,876 | | | | 123,811 | | | | — | |
Expiring 12/15/21 | | Barclays Bank PLC | | | RUB | | | | 18,663 | | | | 251,000 | | | | 260,378 | | | | 9,378 | | | | — | |
Expiring 12/15/21 | | Credit Suisse International | | | RUB | | | | 21,090 | | | | 285,000 | | | | 294,249 | | | | 9,249 | | | | — | |
Expiring 12/15/21 | | Goldman Sachs International | | | RUB | | | | 17,092 | | | | 232,000 | | | | 238,464 | | | | 6,464 | | | | — | |
Expiring 12/15/21 | | Morgan Stanley & Co. International PLC | | | RUB | | | | 236,162 | | | | 3,185,737 | | | | 3,294,876 | | | | 109,139 | | | | — | |
Singapore Dollar, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/15/21 | | Goldman Sachs International | | | SGD | | | | 532 | | | | 395,000 | | | | 394,176 | | | | — | | | | (824 | ) |
Expiring 12/15/21 | | JPMorgan Chase Bank, N.A. | | | SGD | | | | 1,195 | | | | 881,000 | | | | 885,734 | | | | 4,734 | | | | — | |
Expiring 12/15/21 | | JPMorgan Chase Bank, N.A. | | | SGD | | | | 530 | | | | 395,000 | | | | 393,227 | | | | — | | | | (1,773 | ) |
South African Rand, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/15/21 | | Barclays Bank PLC | | | ZAR | | | | 7,122 | | | | 476,000 | | | | 463,513 | | | | — | | | | (12,487 | ) |
Expiring 12/15/21 | | Barclays Bank PLC | | | ZAR | | | | 5,757 | | | | 389,000 | | | | 374,660 | | | | — | | | | (14,340 | ) |
Expiring 12/15/21 | | Goldman Sachs International | | | ZAR | | | | 5,476 | | | | 375,000 | | | | 356,391 | | | | — | | | | (18,609 | ) |
Expiring 12/15/21 | | Goldman Sachs International | | | ZAR | | | | 3,856 | | | | 261,000 | | | | 250,943 | | | | — | | | | (10,057 | ) |
Expiring 12/15/21 | | JPMorgan Chase Bank, N.A. | | | ZAR | | | | 8,946 | | | | 589,001 | | | | 582,219 | | | | — | | | | (6,782 | ) |
Expiring 12/15/21 | | JPMorgan Chase Bank, N.A. | | | ZAR | | | | 8,774 | | | | 592,000 | | | | 571,056 | | | | — | | | | (20,944 | ) |
Expiring 12/15/21 | | JPMorgan Chase Bank, N.A. | | | ZAR | | | | 7,140 | | | | 476,000 | | | | 464,708 | | | | — | | | | (11,292 | ) |
Expiring 12/15/21 | | JPMorgan Chase Bank, N.A. | | | ZAR | | | | 5,422 | | | | 356,000 | | | | 352,872 | | | | — | | | | (3,128 | ) |
Expiring 12/15/21 | | JPMorgan Chase Bank, N.A. | | | ZAR | | | | 4,014 | | | | 266,000 | | | | 261,241 | | | | — | | | | (4,759 | ) |
|
See Notes to Financial Statements. 52 |
Forward foreign currency exchange contracts outstanding at October 31, 2021 (continued):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase Contracts | | Counterparty | | Notional Amount (000) | | | Value at Settlement Date | | | Current Value | | | Unrealized Appreciation | | | Unrealized Depreciation | |
| | | | |
OTC Forward Foreign Currency Exchange Contracts (cont’d.): | | | | | | | | | | | | | | | | | |
South African Rand (cont’d.), | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/23/21 | | Goldman Sachs International | | | ZAR | | | | 73,237 | | | $ | 3,878,000 | | | $ | 4,761,175 | | | $ | 883,175 | | | $ | — | |
Expiring 05/31/22 | | Morgan Stanley & Co. International PLC | | | ZAR | | | | 10,977 | | | | 706,260 | | | | 698,825 | | | | — | | | | (7,435 | ) |
Expiring 05/31/22 | | Morgan Stanley & Co. International PLC | | | ZAR | | | | 7,904 | | | | 515,310 | | | | 503,147 | | | | — | | | | (12,163 | ) |
South Korean Won, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/15/21 | | Goldman Sachs International | | | KRW | | | | 448,640 | | | | 382,000 | | | | 381,523 | | | | — | | | | (477 | ) |
Expiring 12/15/21 | | HSBC Bank PLC | | | KRW | | | | 761,919 | | | | 645,000 | | | | 647,935 | | | | 2,935 | | | | — | |
Expiring 12/15/21 | | Morgan Stanley & Co. International PLC | | | KRW | | | | 5,270,607 | | | | 4,500,407 | | | | 4,482,118 | | | | — | | | | (18,289 | ) |
Expiring 12/15/21 | | Standard Chartered Bank | | | KRW | | | | 759,252 | | | | 649,000 | | | | 645,667 | | | | — | | | | (3,333 | ) |
Thai Baht, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/15/21 | | HSBC Bank PLC | | | THB | | | | 21,934 | | | | 666,000 | | | | 660,805 | | | | — | | | | (5,195 | ) |
Expiring 12/15/21 | | JPMorgan Chase Bank, N.A. | | | THB | | | | 14,618 | | | | 444,000 | | | | 440,403 | | | | — | | | | (3,597 | ) |
Expiring 12/15/21 | | Standard Chartered Bank | | | THB | | | | 22,196 | | | | 658,000 | | | | 668,706 | | | | 10,706 | | | | — | |
Expiring 12/15/21 | | Standard Chartered Bank | | | THB | | | | 16,836 | | | | 515,000 | | | | 507,209 | | | | — | | | | (7,791 | ) |
Expiring 12/15/21 | | UBS AG | | | THB | | | | 19,460 | | | | 585,000 | | | | 586,262 | | | | 1,262 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | $ | 201,340,756 | | | $ | 198,635,591 | | | | 3,274,618 | | | | (5,979,783 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Sale Contracts | | Counterparty | | Notional Amount (000) | | | Value at Settlement Date | | | Current Value | | | Unrealized Appreciation | | | Unrealized Depreciation | |
| | | | |
OTC Forward Foreign Currency Exchange Contracts: | | | | | | | | | | | | | | | | | |
Australian Dollar, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 01/19/22 | | Morgan Stanley & Co. International PLC | | | AUD | | | | 4,407 | | | $ | 3,248,017 | | | $ | 3,316,252 | | | $ | — | | | $ | (68,235 | ) |
Expiring 05/31/22 | | Morgan Stanley & Co. International PLC | | | AUD | | | | 1,263 | | | | 953,616 | | | | 949,581 | | | | 4,035 | | | | — | |
Brazilian Real, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 11/03/21 | | Credit Suisse International | | | BRL | | | | 36,888 | | | | 6,517,382 | | | | 6,529,437 | | | | — | | | | (12,055 | ) |
Expiring 01/28/22 | | Citibank, N.A. | | | BRL | | | | 24,184 | | | | 4,311,000 | | | | 4,197,914 | | | | 113,086 | | | | — | |
Expiring 01/28/22 | | Citibank, N.A. | | | BRL | | | | 2,181 | | | | 414,751 | | | | 378,556 | | | | 36,195 | | | | — | |
Expiring 01/28/22 | | Deutsche Bank AG | | | BRL | | | | 37,286 | | | | 8,109,155 | | | | 6,472,292 | | | | 1,636,863 | | | | — | |
| | |
See Notes to Financial Statements. |
PGIM Absolute Return Bond Fund | | 53 |
Schedule of Investments (continued)
as of October 31, 2021
Forward foreign currency exchange contracts outstanding at October 31, 2021 (continued):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Sale Contracts | | Counterparty | | Notional Amount (000) | | | Value at Settlement Date | | | Current Value | | | Unrealized Appreciation | | | Unrealized Depreciation | |
|
OTC Forward Foreign Currency Exchange Contracts (cont’d.): | |
British Pound, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 01/19/22 | | Barclays Bank PLC | | | GBP | | | | 19,964 | | | $ | 27,142,596 | | | $ | 27,329,102 | | | $ | — | | | $ | (186,506 | ) |
Expiring 01/28/22 | | JPMorgan Chase Bank, N.A. | | | GBP | | | | 625 | | | | 817,100 | | | | 855,539 | | | | — | | | | (38,439 | ) |
Chilean Peso, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/15/21 | | BNP Paribas S.A. | | | CLP | | | | 1,387,039 | | | | 1,772,822 | | | | 1,696,000 | | | | 76,822 | | | | — | |
Expiring 12/15/21 | | Citibank, N.A. | | | CLP | | | | 206,180 | | | | 261,000 | | | | 252,106 | | | | 8,894 | | | | — | |
Expiring 12/15/21 | | Morgan Stanley & Co. International PLC | | | CLP | | | | 413,687 | | | | 507,001 | | | | 505,836 | | | | 1,165 | | | | — | |
Expiring 12/15/21 | | UBS AG | | | CLP | | | | 506,184 | | | | 626,000 | | | | 618,936 | | | | 7,064 | | | | — | |
Chinese Renminbi, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 11/18/21 | | Citibank, N.A. | | | CNH | | | | 8,844 | | | | 1,357,000 | | | | 1,378,263 | | | | — | | | | (21,263 | ) |
Expiring 11/18/21 | | Citibank, N.A. | | | CNH | | | | 3,878 | | | | 607,000 | | | | 604,413 | | | | 2,587 | | | | — | |
Expiring 11/18/21 | | Citibank, N.A. | | | CNH | | | | 3,294 | | | | 506,000 | | | | 513,396 | | | | — | | | | (7,396 | ) |
Expiring 11/18/21 | | Citibank, N.A. | | | CNH | | | | 2,904 | | | | 447,000 | | | | 452,492 | | | | — | | | | (5,492 | ) |
Expiring 11/18/21 | | Citibank, N.A. | | | CNH | | | | 2,654 | | | | 409,000 | | | | 413,669 | | | | — | | | | (4,669 | ) |
Expiring 11/18/21 | | HSBC Bank PLC | | | CNH | | | | 4,190 | | | | 647,000 | | | | 652,964 | | | | — | | | | (5,964 | ) |
Expiring 11/18/21 | | HSBC Bank PLC | | | CNH | | | | 4,096 | | | | 640,000 | | | | 638,285 | | | | 1,715 | | | | — | |
Expiring 11/18/21 | | HSBC Bank PLC | | | CNH | | | | 3,349 | | | | 513,000 | | | | 521,852 | | | | — | | | | (8,852 | ) |
Expiring 11/18/21 | | JPMorgan Chase Bank, N.A. | | | CNH | | | | 4,224 | | | | 647,000 | | | | 658,215 | | | | — | | | | (11,215 | ) |
Expiring 11/18/21 | | JPMorgan Chase Bank, N.A. | | | CNH | | | | 3,317 | | | | 507,000 | | | | 516,852 | | | | — | | | | (9,852 | ) |
Expiring 11/18/21 | | JPMorgan Chase Bank, N.A. | | | CNH | | | | 2,628 | | | | 405,000 | | | | 409,528 | | | | — | | | | (4,528 | ) |
Expiring 11/18/21 | | JPMorgan Chase Bank, N.A. | | | CNH | | | | 2,486 | | | | 383,000 | | | | 387,375 | | | | — | | | | (4,375 | ) |
Expiring 11/18/21 | | JPMorgan Chase Bank, N.A. | | | CNH | | | | 2,478 | | | | 382,000 | | | | 386,104 | | | | — | | | | (4,104 | ) |
Expiring 11/18/21 | | Morgan Stanley & Co. International PLC | | | CNH | | | | 5,050 | | | | 772,000 | | | | 787,020 | | | | — | | | | (15,020 | ) |
Expiring 01/28/22 | | Deutsche Bank AG | | | CNH | | | | 6,953 | | | | 1,068,913 | | | | 1,076,731 | | | | — | | | | (7,818 | ) |
Expiring 01/28/22 | | Deutsche Bank AG | | | CNH | | | | 3,291 | | | | 478,000 | | | | 509,557 | | | | — | | | | (31,557 | ) |
Colombian Peso, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/15/21 | | BNP Paribas S.A. | | | COP | | | | 2,151,528 | | | | 571,000 | | | | 569,511 | | | | 1,489 | | | | — | |
Expiring 12/15/21 | | BNP Paribas S.A. | | | COP | | | | 1,481,126 | | | | 384,000 | | | | 392,055 | | | | — | | | | (8,055 | ) |
Expiring 12/15/21 | | Citibank, N.A. | | | COP | | | | 2,438,872 | | | | 633,000 | | | | 645,571 | | | | — | | | | (12,571 | ) |
Expiring 12/15/21 | | Goldman Sachs International | | | COP | | | | 1,821,307 | | | | 481,000 | | | | 482,101 | | | | — | | | | (1,101 | ) |
Expiring 12/15/21 | | JPMorgan Chase Bank, N.A. | | | COP | | | | 5,357,160 | | | | 1,417,932 | | | | 1,418,044 | | | | — | | | | (112 | ) |
Expiring 12/15/21 | | Morgan Stanley & Co. International PLC | | | COP | | | | 2,068,364 | | | | 535,000 | | | | 547,497 | | | | — | | | | (12,497 | ) |
|
See Notes to Financial Statements. 54 |
Forward foreign currency exchange contracts outstanding at October 31, 2021 (continued):
| | | | | | | | | | | | | | | | | | | | | | |
Sale Contracts | | Counterparty | | Notional Amount (000) | | | Value at Settlement Date | | | Current Value | | | Unrealized Appreciation | | | Unrealized Depreciation | |
| | | | |
OTC Forward Foreign Currency Exchange Contracts (cont’d.): | | | | | | | | | | | | | | | | | |
Colombian Peso (cont’d.), | | | | | | | | | | | | | | | | | | | | |
Expiring 12/15/21 | | Morgan Stanley & Co. International PLC | | COP | 1,488,096 | | | $ | 386,000 | | | $ | 393,900 | | | $ | — | | | $ | (7,900 | ) |
Expiring 12/15/21 | | UBS AG | | COP | 2,435,155 | | | | 631,000 | | | | 644,587 | | | | — | | | | (13,587 | ) |
Expiring 12/15/21 | | UBS AG | | COP | 1,958,986 | | | | 519,000 | | | | 518,545 | | | | 455 | | | | — | |
Expiring 12/15/21 | | UBS AG | | COP | 978,435 | | | | 255,000 | | | | 258,992 | | | | — | | | | (3,992 | ) |
Expiring 12/15/21 | | UBS AG | | COP | 963,840 | | | | 251,000 | | | | 255,129 | | | | — | | | | (4,129 | ) |
Czech Koruna, | | | | | | | | | | | | | | | | | | | | | | |
Expiring 01/19/22 | | Barclays Bank PLC | | CZK | 16,066 | | | | 728,772 | | | | 721,353 | | | | 7,419 | | | | — | |
Euro, | | | | | | | | | | | | | | | | | | | | | | |
Expiring 11/22/21 | | Citibank, N.A. | | EUR | 509 | | | | 606,703 | | | | 589,108 | | | | 17,595 | | | | — | |
Expiring 11/22/21 | | Morgan Stanley & Co. International PLC | | EUR | 860 | | | | 1,025,453 | | | | 994,172 | | | | 31,281 | | | | — | |
Expiring 01/19/22 | | Goldman Sachs International | | EUR | 19,825 | | | | 22,953,384 | | | | 22,966,121 | | | | — | | | | (12,737 | ) |
Expiring 01/19/22 | | HSBC Bank PLC | | EUR | 22,337 | | | | 25,865,866 | | | | 25,876,442 | | | | — | | | | (10,576 | ) |
Expiring 01/19/22 | | Morgan Stanley & Co. International PLC | | EUR | 1,627 | | | | 1,890,584 | | | | 1,885,012 | | | | 5,572 | | | | — | |
Expiring 01/19/22 | | UBS AG | | EUR | 22,097 | | | | 25,605,008 | | | | 25,598,478 | | | | 6,530 | | | | — | |
Expiring 01/19/22 | | UBS AG | | EUR | 13,273 | | | | 15,378,645 | | | | 15,375,625 | | | | 3,020 | | | | — | |
Hungarian Forint, | | | | | | | | | | | | | | | | | | | | | | |
Expiring 01/19/22 | | Goldman Sachs International | | HUF | 791,308 | | | | 2,529,999 | | | | 2,533,475 | | | | — | | | | (3,476 | ) |
Expiring 01/19/22 | | HSBC Bank PLC | | HUF | 791,308 | | | | 2,530,889 | | | | 2,533,475 | | | | — | | | | (2,586 | ) |
Indian Rupee, | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/15/21 | | Citibank, N.A. | | INR | 36,297 | | | | 486,000 | | | | 481,433 | | | | 4,567 | | | | — | |
Expiring 12/15/21 | | Credit Suisse International | | INR | 47,829 | | | | 634,000 | | | | 634,392 | | | | — | | | | (392 | ) |
Expiring 12/15/21 | | Credit Suisse International | | INR | 39,129 | | | | 517,000 | | | | 518,999 | | | | — | | | | (1,999 | ) |
Expiring 12/15/21 | | Goldman Sachs International | | INR | 49,953 | | | | 668,000 | | | | 662,565 | | | | 5,435 | | | | — | |
Expiring 12/15/21 | | HSBC Bank PLC | | INR | 78,190 | | | | 1,032,000 | | | | 1,037,092 | | | | — | | | | (5,092 | ) |
Expiring 12/15/21 | | JPMorgan Chase Bank, N.A. | | INR | 59,517 | | | | 783,000 | | | | 789,424 | | | | — | | | | (6,424 | ) |
Expiring 12/15/21 | | JPMorgan Chase Bank, N.A. | | INR | 46,506 | | | | 620,000 | | | | 616,839 | | | | 3,161 | | | | — | |
Expiring 12/15/21 | | JPMorgan Chase Bank, N.A. | | INR | 44,514 | | | | 595,000 | | | | 590,419 | | | | 4,581 | | | | — | |
Expiring 12/15/21 | | Morgan Stanley & Co. International PLC | | INR | 67,718 | | | | 892,000 | | | | 898,194 | | | | — | | | | (6,194 | ) |
Expiring 12/15/21 | | Standard Chartered Bank | | INR | 49,272 | | | | 648,000 | | | | 653,537 | | | | — | | | | (5,537 | ) |
| | |
See Notes to Financial Statements. |
PGIM Absolute Return Bond Fund | | 55 |
Schedule of Investments (continued)
as of October 31, 2021
Forward foreign currency exchange contracts outstanding at October 31, 2021 (continued):
| | | | | | | | | | | | | | | | | | | | | | |
Sale Contracts | | Counterparty | | Notional Amount (000) | | | Value at Settlement Date | | | Current Value | | | Unrealized Appreciation | | | Unrealized Depreciation | |
|
OTC Forward Foreign Currency Exchange Contracts (cont’d.): | |
Indian Rupee (cont’d.), | | | | | | | | | | | | | | | | | |
Expiring 12/15/21 | | UBS AG | | INR | 48,815 | | | $ | 650,000 | | | $ | 647,470 | | | $ | 2,530 | | | $ | — | |
Expiring 02/25/22 | | JPMorgan Chase Bank, N.A. | | INR | 179,467 | | | | 2,319,000 | | | | 2,357,960 | | | | — | | | | (38,960 | ) |
Expiring 02/25/22 | | Morgan Stanley & Co. International PLC | | INR | 164,184 | | | | 2,095,000 | | | | 2,157,158 | | | | — | | | | (62,158 | ) |
Indonesian Rupiah, | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/15/21 | | HSBC Bank PLC | | IDR | 19,410,860 | | | | 1,366,000 | | | | 1,357,821 | | | | 8,179 | | | | — | |
Expiring 12/15/21 | | Morgan Stanley & Co. International PLC | | IDR | 3,779,587 | | | | 259,000 | | | | 264,388 | | | | — | | | | (5,388 | ) |
Expiring 12/15/21 | | Standard Chartered Bank | | IDR | 8,507,632 | | | | 592,000 | | | | 595,122 | | | | — | | | | (3,122 | ) |
Israeli Shekel, | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/15/21 | | Bank of America, N.A. | | ILS | 1,248 | | | | 388,000 | | | | 394,555 | | | | — | | | | (6,555 | ) |
Expiring 12/15/21 | | Barclays Bank PLC | | ILS | 4,190 | | | | 1,300,000 | | | | 1,324,696 | | | | — | | | | (24,696 | ) |
Expiring 12/15/21 | | Barclays Bank PLC | | ILS | 1,982 | | | | 617,000 | | | | 626,455 | | | | — | | | | (9,455 | ) |
Expiring 12/15/21 | | BNP Paribas S.A. | | ILS | 1,440 | | | | 447,505 | | | | 455,094 | | | | — | | | | (7,589 | ) |
Expiring 12/15/21 | | Citibank, N.A. | | ILS | 2,855 | | | | 888,000 | | | | 902,538 | | | | — | | | | (14,538 | ) |
Expiring 12/15/21 | | Citibank, N.A. | | ILS | 1,257 | | | | 390,000 | | | | 397,437 | | | | — | | | | (7,437 | ) |
Expiring 12/15/21 | | Citibank, N.A. | | ILS | 1,248 | | | | 386,000 | | | | 394,681 | | | | — | | | | (8,681 | ) |
Expiring 12/15/21 | | Goldman Sachs International | | ILS | 1,237 | | | | 384,000 | | | | 390,900 | | | | — | | | | (6,900 | ) |
Expiring 12/15/21 | | JPMorgan Chase Bank, N.A. | | ILS | 1,678 | | | | 518,000 | | | | 530,312 | | | | — | | | | (12,312 | ) |
Japanese Yen, | | | | | | | | | | | | | | | | | | | | | | |
Expiring 01/28/22 | | Citibank, N.A. | | JPY | 634,903 | | | | 5,972,189 | | | | 5,576,833 | | | | 395,356 | | | | — | |
Expiring 01/28/22 | | Citibank, N.A. | | JPY | 601,760 | | | | 5,760,948 | | | | 5,285,708 | | | | 475,240 | | | | — | |
Expiring 01/28/22 | | Citibank, N.A. | | JPY | 410,350 | | | | 3,967,301 | | | | 3,604,410 | | | | 362,891 | | | | — | |
Expiring 01/28/22 | | Citibank, N.A. | | JPY | 93,027 | | | | 852,053 | | | | 817,127 | | | | 34,926 | | | | — | |
Expiring 05/31/22 | | Citibank, N.A. | | JPY | 293,864 | | | | 2,846,550 | | | | 2,585,265 | | | | 261,285 | | | | — | |
Expiring 05/31/22 | | Deutsche Bank AG | | JPY | 349,393 | | | | 3,323,000 | | | | 3,073,781 | | | | 249,219 | | | | — | |
Expiring 10/31/23 | | Bank of America, N.A. | | JPY | 1,325,555 | | | | 12,988,000 | | | | 11,870,787 | | | | 1,117,213 | | | | — | |
Expiring 10/31/23 | | Bank of America, N.A. | | JPY | 1,168,753 | | | | 11,585,000 | | | | 10,466,568 | | | | 1,118,432 | | | | — | |
Expiring 10/31/23 | | Citibank, N.A. | | JPY | 399,802 | | | | 4,148,827 | | | | 3,580,357 | | | | 568,470 | | | | — | |
Expiring 10/31/23 | | Citibank, N.A. | | JPY | 46,713 | | | | 447,401 | | | | 418,332 | | | | 29,069 | | | | — | |
Mexican Peso, | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/15/21 | | JPMorgan Chase Bank, N.A. | | MXN | 12,152 | | | | 596,000 | | | | 585,964 | | | | 10,036 | | | | — | |
Expiring 12/15/21 | | JPMorgan Chase Bank, N.A. | | MXN | 11,990 | | | | 592,000 | | | | 578,195 | | | | 13,805 | | | | — | |
Expiring 12/15/21 | | JPMorgan Chase Bank, N.A. | | MXN | 11,975 | | | | 594,000 | | | | 577,427 | | | | 16,573 | | | | — | |
Expiring 02/25/22 | | Barclays Bank PLC | | MXN | 45,503 | | | | 1,924,000 | | | | 2,168,240 | | | | — | | | | (244,240 | ) |
|
See Notes to Financial Statements. 56 |
Forward foreign currency exchange contracts outstanding at October 31, 2021 (continued):
| | | | | | | | | | | | | | | | | | | | | | |
Sale Contracts | | Counterparty | | Notional Amount (000) | | | Value at Settlement Date | | | Current Value | | | Unrealized Appreciation | | | Unrealized Depreciation | |
| | | | |
OTC Forward Foreign Currency Exchange Contracts (cont’d.): | | | | | | | | | | | | | | | | | |
Mexican Peso (cont’d.), | | | | | | | | | | | | | | | | | |
Expiring 02/25/22 | | Deutsche Bank AG | | MXN | 16,101 | | | $ | 750,000 | | | $ | 767,209 | | | $ | — | | | $ | (17,209 | ) |
Expiring 02/25/22 | | Goldman Sachs International | | MXN | 14,604 | | | | 589,000 | | | | 695,876 | | | | — | | | | (106,876 | ) |
Expiring 04/28/23 | | Morgan Stanley & Co. International PLC | | MXN | 303,737 | | | | 13,188,761 | | | | 13,384,071 | | | | — | | | | (195,310 | ) |
New Taiwanese Dollar, | | | | | | | | | | | | | | | | | |
Expiring 12/15/21 | | Credit Suisse International | | TWD | 17,586 | | | | 635,000 | | | | 633,382 | | | | 1,618 | | | | — | |
Expiring 12/15/21 | | Credit Suisse International | | TWD | 12,830 | | | | 466,000 | | | | 462,102 | | | | 3,898 | | | | — | |
Expiring 12/15/21 | | Goldman Sachs International | | TWD | 17,681 | | | | 636,000 | | | | 636,808 | | | | — | | | | (808 | ) |
Expiring 12/15/21 | | JPMorgan Chase Bank, N.A. | | TWD | 34,481 | | | | 1,241,000 | | | | 1,241,906 | | | | — | | | | (906 | ) |
Expiring 12/15/21 | | JPMorgan Chase Bank, N.A. | | TWD | 18,392 | | | | 663,000 | | | | 662,409 | | | | 591 | | | | — | |
Expiring 12/23/21 | | JPMorgan Chase Bank, N.A. | | TWD | 39,747 | | | | 1,509,000 | | | | 1,432,296 | | | | 76,704 | | | | — | |
Peruvian Nuevo Sol, | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/15/21 | | Standard Chartered Bank | | PEN | 1,500 | | | | 379,000 | | | | 375,149 | | | | 3,851 | | | | — | |
Philippine Peso, | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/15/21 | | Citibank, N.A. | | PHP | 44,660 | | | | 876,000 | | | | 881,707 | | | | — | | | | (5,707 | ) |
Expiring 12/15/21 | | Citibank, N.A. | | PHP | 19,764 | | | | 393,000 | | | | 390,191 | | | | 2,809 | | | | — | |
Expiring 12/15/21 | | Goldman Sachs International | | PHP | 32,585 | | | | 645,000 | | | | 643,319 | | | | 1,681 | | | | — | |
Expiring 12/15/21 | | JPMorgan Chase Bank, N.A. | | PHP | 38,927 | | | | 769,000 | | | | 768,514 | | | | 486 | | | | — | |
Expiring 12/15/21 | | JPMorgan Chase Bank, N.A. | | PHP | 19,419 | | | | 386,000 | | | | 383,371 | | | | 2,629 | | | | — | |
Russian Ruble, | | | | | | | | | | | | | | | | | | | | | | |
Expiring 11/22/21 | | Citibank, N.A. | | RUB | 41,475 | | | | 556,999 | | | | 582,084 | | | | — | | | | (25,085 | ) |
Expiring 11/22/21 | | Deutsche Bank AG | | RUB | 273,335 | | | | 3,606,000 | | | | 3,836,164 | | | | — | | | | (230,164 | ) |
Expiring 11/22/21 | | Deutsche Bank AG | | RUB | 14,383 | | | | 190,000 | | | | 201,861 | | | | — | | | | (11,861 | ) |
Expiring 12/15/21 | | Bank of America, N.A. | | RUB | 26,811 | | | | 364,000 | | | | 374,058 | | | | — | | | | (10,058 | ) |
Expiring 12/15/21 | | Bank of America, N.A. | | RUB | 19,290 | | | | 265,000 | | | | 269,124 | | | | — | | | | (4,124 | ) |
Expiring 12/15/21 | | Citibank, N.A. | | RUB | 52,617 | | | | 714,000 | | | | 734,102 | | | | — | | | | (20,102 | ) |
Expiring 12/15/21 | | Citibank, N.A. | | RUB | 45,984 | | | | 623,000 | | | | 641,560 | | | | — | | | | (18,560 | ) |
Expiring 12/15/21 | | Citibank, N.A. | | RUB | 44,037 | | | | 595,000 | | | | 614,392 | | | | — | | | | (19,392 | ) |
Expiring 12/15/21 | | Citibank, N.A. | | RUB | 29,455 | | | | 399,000 | | | | 410,946 | | | | — | | | | (11,946 | ) |
Expiring 12/15/21 | | Citibank, N.A. | | RUB | 21,627 | | | | 293,000 | | | | 301,732 | | | | — | | | | (8,732 | ) |
| | |
See Notes to Financial Statements. |
PGIM Absolute Return Bond Fund | | 57 |
Schedule of Investments (continued)
as of October 31, 2021
Forward foreign currency exchange contracts outstanding at October 31, 2021 (continued):
| | | | | | | | | | | | | | | | | | | | | | |
Sale Contracts | | Counterparty | | Notional Amount (000) | | | Value at Settlement Date | | | Current Value | | | Unrealized Appreciation | | | Unrealized Depreciation | |
OTC Forward Foreign Currency Exchange Contracts (cont’d.): | |
Russian Ruble (cont’d.), | | | | | | | | | | | | | | | | | |
Expiring 12/15/21 | | Credit Suisse International | | RUB | 49,436 | | | $ | 670,000 | | | $ | 689,719 | | | $ | — | | | $ | (19,719 | ) |
Expiring 12/15/21 | | Credit Suisse International | | RUB | 37,609 | | | | 517,000 | | | | 524,707 | | | | — | | | | (7,707 | ) |
Expiring 12/15/21 | | Morgan Stanley & Co. International PLC | | RUB | 38,528 | | | | 521,000 | | | | 537,529 | | | | — | | | | (16,529 | ) |
Expiring 12/15/21 | | Morgan Stanley & Co. International PLC | | RUB | 35,399 | | | | 498,000 | | | | 493,879 | | | | 4,121 | | | | — | |
Expiring 12/15/21 | | Morgan Stanley & Co. International PLC | | RUB | 18,176 | | | | 244,000 | | | | 253,590 | | | | — | | | | (9,590 | ) |
Expiring 12/15/21 | | Standard Chartered Bank | | RUB | 37,687 | | | | 513,000 | | | | 525,804 | | | | — | | | | (12,804 | ) |
Expiring 12/15/21 | | Standard Chartered Bank | | RUB | 18,744 | | | | 254,000 | | | | 261,511 | | | | — | | | | (7,511 | ) |
Singapore Dollar, | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/15/21 | | BNP Paribas S.A. | | SGD | 846 | | | | 625,000 | | | | 627,586 | | | | — | | | | (2,586 | ) |
Expiring 12/15/21 | | Citibank, N.A. | | SGD | 547 | | | | <