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, 6th Floor |
| | Newark, New Jersey 07102 |
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Name and address of agent for service: | | Andrew R. French |
| | 655 Broad Street, 6th 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: | | 10/31/2022 |
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Date of reporting period: | | 10/31/2022 |
Item 1 – Reports to Stockholders

PGIM ABSOLUTE RETURN BOND FUND
ANNUAL REPORT
OCTOBER 31, 2022

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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. © 2022 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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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, 2022. The attention of the global economy and financial markets pivoted during the period from the COVID-19 pandemic to the challenge of rapidly rising inflation. While job growth remained strong, prices for a wide range of goods and services rose in response to economic re-openings, supply-chain disruptions, governmental stimulus, and Russia’s invasion of Ukraine. With inflation surging to a 40-year high, the Federal Reserve and other central banks aggressively hiked interest rates, prompting recession concerns. |
After rising to record levels at the end of 2021, stocks have fallen sharply in 2022 as investors worried about higher prices, slowing economic growth, geopolitical uncertainty, and new COVID-19 outbreaks. Equities rallied for a time during the summer but began falling again in late August on fears that the Fed would keep raising rates to tame inflation. For the entire 12-month period, equities suffered a broad-based global decline, although large-cap US stocks outperformed their small-cap counterparts. International developed and emerging markets trailed the US market during this time.
Rising rates and economic uncertainty drove fixed income prices broadly lower as well. US and global investment-grade bonds, along with US high yield corporate bonds and emerging market debt, all posted negative returns during the period.
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 provide access to active investment strategies across the global markets in the pursuit of consistent outperformance for investors. PGIM is the world’s 11th-largest investment manager with more than $1.5 trillion in assets under management. Our scale and investment expertise allow us to deliver a diversified suite of actively managed solutions across a broad spectrum of asset classes and investment styles.
Thank you for choosing our family of funds.
Sincerely,

Stuart S. Parker, President
PGIM Absolute Return Bond Fund
December 15, 2022
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 10/31/22 |
| One Year (%) | | Five Years (%) | | Ten Years (%) |
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Class A | | | | | | |
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(with sales charges) | | -5.48 | | 0.95 | | 1.77 |
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(without sales charges) | | -2.30 | | 1.62 | | 2.11 |
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Class C | | | | | | |
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(with sales charges) | | -4.00 | | 0.85 | | 1.35 |
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(without sales charges) | | -3.04 | | 0.85 | | 1.35 |
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Class Z | | | | | | |
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(without sales charges) | | -2.03 | | 1.89 | | 2.38 |
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Class R6 | | | | | | |
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(without sales charges) | | -1.87 | | 1.92 | | 2.41 |
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ICE BofA US 3-Month Treasury Bill Index | | 0.78 | | 1.16 | | 0.70 |
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ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index | | | | |
| | | |
| | 0.64 | | 1.34 | | 0.91 |
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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 3-Month Treasury Bill Index and 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, 2012) and the account values at the end of the current fiscal year (October 31, 2022), 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 graphs 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.
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 |
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 |
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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 3-Month Treasury Bill Index*—The ICE BofA US 3-Month Treasury Bill Index tracks the performance of US dollar-denominated US Treasury bills publicly issued in the US domestic market with a remaining term to final maturity of 3 months.
*ICE BofA US 3-Month Treasury Bill Index has replaced ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index as the Fund’s primary benchmark due to the pending discontinuation of LIBOR.
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.
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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| | | | |
|
Credit Quality expressed as a percentage of total investments as of 10/31/22 (%) | |
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AAA | | | 55.4 | |
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AA | | | 7.8 | |
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A | | | 3.1 | |
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BBB | | | 9.8 | |
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BB | | | 10.8 | |
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B | | | 4.3 | |
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CCC | | | 1.7 | |
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CC | | | 0.1 | |
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C | | | 0.1 | |
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Not Rated | | | 1.4 | |
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Cash/Cash Equivalents | | | 5.5 | |
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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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Distributions and Yields as of 10/31/22 | | | | | | |
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| | Total Distributions Paid for One Year ($) | | SEC 30-Day Subsidized Yield* (%) | | SEC 30-Day Unsubsidized Yield** (%) |
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Class A | | 0.22 | | 5.09 | | 5.09 |
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Class C | | 0.15 | | 4.43 | | 4.43 |
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Class Z | | 0.24 | | 5.47 | | 5.47 |
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Class R6 | | 0.25 | | 5.58 | | 5.58 |
*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.
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 –2.03% in the 12-month reporting period that ended October 31, 2022, underperforming the 0.78% return of the ICE BofA US 3-Month Treasury Bill Index (the Index).
What were the market conditions?
● | From a starting point of low yields, tight spreads, and high equity multiples, the shift in fundamentals—most notably, high inflation—drove a wholesale repricing of markets during the reporting period. Concerns about central bank tightening, hard economic landings, and the war in Ukraine led global credit spreads to be notably wider, while rate volatility increased as markets first began pricing in more aggressive Federal Open Market Committee policy tightening and then later began to price in a hard economic landing. |
● | Against the backdrop of historic lows in unemployment and generational highs in inflation, central banks signaled an increased willingness to accept more economic and market pain than they had been over the prior decade of low inflation. A succession of federal funds rate hikes—including outsized 75 basis-point (bp) hikes in June, July, and September—confirmed to markets that the Federal Reserve (the Fed) is fully focused on tackling inflation. (One basis point equals 0.01%.) |
● | At the August Jackson Hole symposium, Fed Chairman Jerome Powell’s speech was successful in lifting rate-hike expectations for 2022 and removing market pricing for rate cuts in 2023. While long-run inflation expectations remain relatively subdued at this point, Powell expressed the need to exercise vigilance about the trajectory of market expectations to avoid a self-fulfilling inflation spiral. Underpinning this escalation in rhetoric was the reality that Fed officials do not know how high they will ultimately take the fed funds rate in order to tame inflation. |
● | As a result, enormous volatility continued to be priced into US Treasuries, with sharply higher front-end rates and lower long-dated yields forming a substantially flatter US Treasury yield curve before the curve finally inverted during the last three months of the period. The 10-year/2-year Treasury spread declined from 1.10% on October 31, 2021 to –0.44% by the end of the period. |
● | Beginning the period at 1.55%, US 10-year Treasury yields ended the period at 4.05%. Meanwhile, the yield on the 2-year Treasury note ended the period at 4.49%, a rise of 404 bps since the beginning of the period. |
● | US investment-grade corporate spreads widened significantly as corporates were challenged by elevated inflationary pressures, a slower growth outlook, and higher event and geopolitical risk. US high yield bonds posted significant declines through much of 2022 as rate-hike concerns, high and persistent inflation, and recession fears overshadowed the strength of earnings and credit fundamentals. Securitized credit spreads widened, with collateralized loan obligation (CLO) and commercial mortgage-backed securities (CMBS) spreads trading well above their recent tights by the end of the period. The emerging markets sector posted negative total returns, and |
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| spreads widened as markets were pressured by tightening financial conditions and slowing growth in China and Europe. Meanwhile, agency mortgage-backed securities (MBS) underperformed Treasuries on concerns that the Fed may begin selling MBS if officials need to step up their inflation fight. |
What worked?
● | The Fund’s yield curve positioning, particularly along the US Treasury curve, contributed to performance during the reporting period. |
● | While overall security selection detracted during the period, selection in high yield bonds, CLOs, and municipal bonds contributed to performance. |
● | While overall sector allocation detracted from returns, allocations to investment-grade corporate bonds and CMBS contributed. |
● | Within credit, positioning in the upstream energy, midstream energy, downstream energy, and aerospace & defense sectors contributed to returns. |
● | In individual security selection, the Fund benefited from positioning in Chesapeake Energy Corp. (upstream energy), Bombardier Inc. (aerospace & defense), and JP Morgan Chase & Co. (banking). |
● | 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 contributed to performance for the period. |
What didn’t work?
● | During the period, the Fund’s long duration bias, in both developed market and 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.) |
● | Within security selection, positions in emerging markets, investment-grade corporate bonds, CMBS, and Treasuries detracted the most. |
● | Within sector allocation, allocations to CLOs, high yield bonds, and emerging markets detracted from performance. |
● | Within credit, positioning in foreign non-corporate bonds as well as the telecommunications and media & entertainment sectors detracted from performance. |
● | In individual security selection, positioning in Ukraine, the Republic of Belarus, and Digicel Group Ltd. (telecom) 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 held positions in Russia combined with the use of derivatives designed to offset the decline in value of certain Russian securities. The Fund also used interest rate futures and swaps during the period to help manage duration positioning and yield curve exposure, which detracted from
PGIM Absolute Return Bond Fund 9
Strategy and Performance Overview* (continued)
performance. 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 detracted during the period. In addition, the Fund traded foreign-exchange derivatives, which had a positive impact on performance over the period.
Current outlook
● | PGIM Fixed Income maintains that it will likely take another quarter to see a material downtrend in the key categories of services inflation. Such relief would come from a combination of a slowdown in labor demand, in line with other slowing measures of aggregate demand, and incremental gains in labor supply as workers with lower balances of savings are drawn back into the workforce. |
● | Based on its review of inflation and other macroeconomic data, PGIM Fixed Income believes the Fed is unlikely to soon stop raising rates and, as a result, recently raised its terminal rate projection to 4.75% by January—assuming 50-bp and 25-bp rate hikes in December and January, respectively. This would likely be followed by precautionary rate cuts by the end of the second quarter of 2023, as the downturn takes hold amid a negative fiscal impulse, mounting external shocks, and tighter financial conditions. |
● | Beyond the progression of events over the next few quarters or years, PGIM Fixed Income expects economic conditions to eventually return to a configuration more like pre-COVID-19 conditions, as an aging demographic and high debt burdens are likely to drive a return to moderate growth and inflation, which may lead to a lower interest rate environment. |
● | PGIM Fixed Income maintains its positive view of spread sectors over the medium to long term and holds allocations to structured products (CLOs, CMBS), investment-grade corporate bonds, high yield bonds, and emerging markets. Relative to the Index, the Fund is underweight MBS in favor of more attractive opportunities across spread sectors. |
● | In terms of calling the peak in long-term rates, given the economic strength and level of inflation, PGIM Fixed income believes it’s too early to preclude the possibility of higher highs. Yet, from a long-term perspective, exposure to developed market duration is becoming more compelling after the broad repricing and with the looming moderation in global growth. While acknowledging the immediate trajectory of inflation is going to dictate market volatility and the path of the US Treasury 10-year yield, PGIM Fixed Income’s base case is that implied volatility will ultimately decline, and the 10-year yield will stay below the terminal rate of this interest rate hiking cycle when it is eventually reached. In the meantime, the best course will be to focus on the micro-alpha opportunities within and across sectors, in PGIM Fixed Income’s view. |
*This strategy and performance overview, which discusses what strategies or holdings (including derivatives, if applicable) affected the Fund’s performance, is compiled based on how the Fund performed relative to the Fund’s benchmark index and is viewed for
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performance attribution purposes at the aggregate Fund level, which in most instances will not directly correlate to the amounts disclosed in the Statement of Operations which conform to US generally accepted accounting principles.
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, 2022. 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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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, 2022 | | Ending Account Value October 31, 2022 | | 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 | | $ 990.00 | | 0.99% | | $4.97 |
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| | Hypothetical | | $1,000.00 | | $1,020.21 | | 0.99% | | $5.04 |
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Class C | | Actual | | $1,000.00 | | $ 986.20 | | 1.77% | | $8.86 |
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| | Hypothetical | | $1,000.00 | | $1,016.28 | | 1.77% | | $9.00 |
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Class Z | | Actual | | $1,000.00 | | $ 991.40 | | 0.73% | | $3.66 |
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| | Hypothetical | | $1,000.00 | | $1,021.53 | | 0.73% | | $3.72 |
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Class R6 | | Actual | | $1,000.00 | | $ 992.70 | | 0.67% | | $3.37 |
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| | Hypothetical | | $1,000.00 | | $1,021.83 | | 0.67% | | $3.41 |
*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, 2022, and divided by the 365 days in the Fund’s fiscal year ended October 31, 2022 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.
PGIM Absolute Return Bond Fund 13
Schedule of Investments
as of October 31, 2022
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Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
LONG-TERM INVESTMENTS 93.4% | | | | | | | | | | | | | | |
| | | | |
ASSET-BACKED SECURITIES 23.8% | | | | | | | | | | | | | | |
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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 | | | $ | 168,026 | |
| | | | |
OneMain Direct Auto Receivables Trust, | | | | | | | | | | | | | | |
Series 2019-01A, Class B, 144A | | | 3.950 | | | 11/14/28 | | | 1,700 | | | | 1,579,145 | |
| | | | |
Santander Bank Auto Credit-Linked Notes, | | | | | | | | | | | | | | |
Series 2022-A, Class C, 144A | | | 7.375 | | | 05/15/32 | | | 623 | | | | 602,558 | |
| | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | 2,349,729 | |
| | | | |
Collateralized Loan Obligations 20.8% | | | | | | | | | | | | | | |
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AlbaCore EURO CLO DAC (Ireland), | | | | | | | | | | | | | | |
Series 02A, Class B, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | | | 2.650(c) | | | 06/15/34 | | EUR | 1,000 | | | | 872,273 | |
Series 02X, Class B, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | | | 2.650(c) | | | 06/15/34 | | EUR | 4,000 | | | | 3,489,090 | |
| | | | |
Anchorage Capital Europe CLO DAC (Ireland), | | | | | | | | | | | | | | |
Series 06A, Class B2, 144A | | | 6.000 | | | 08/25/34 | | EUR | 4,000 | | | | 3,802,829 | |
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Ares European CLO DAC (Ireland), | | | | | | | | | | | | | | |
Series 2013-06A, Class B1RR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | | | 2.628(c) | | | 04/15/30 | | EUR | 2,500 | | | | 2,301,842 | |
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Atlas Static Senior Loan Fund Ltd. (Cayman Islands), | | | | | | | | | | | | | | |
Series 2022-01A, Class A, 144A, 3 Month SOFR + 2.600% (Cap N/A, Floor 2.600%) | | | 5.100(c) | | | 07/15/30 | | | 10,000 | | | | 9,861,606 | |
| | | | |
Bain Capital Credit CLO Ltd. (Cayman Islands), | | | | | | | | | | | | | | |
Series 2019-02A, Class AR, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%) | | | 5.179(c) | | | 10/17/32 | | | 8,500 | | | | 8,195,203 | |
Series 2022-01A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | | | 5.249(c) | | | 04/18/35 | | | 9,750 | | | | 9,264,023 | |
| | | | |
Barings Euro CLO DAC (Ireland), | | | | | | | | | | | | | | |
Series 2020-01A, Class AR, 144A, 3 Month EURIBOR + 0.980% (Cap N/A, Floor 0.980%) | | | 2.442(c) | | | 10/21/34 | | EUR | 3,000 | | | | 2,802,931 | |
| | | | |
Carlyle Euro CLO DAC (Ireland), | | | | | | | | | | | | | | |
Series 2019-01A, Class A1R, 144A, 3 Month EURIBOR + 0.750% (Cap N/A, Floor 0.750%) | | | 1.750(c) | | | 03/15/32 | | EUR | 1,750 | | | | 1,664,260 | |
Series 2019-01A, Class A2RB, 144A | | | 2.100 | | | 03/15/32 | | EUR | 6,500 | | | | 5,426,842 | |
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Carlyle Global Market Strategies CLO Ltd. (Cayman Islands), | | | | | | | | | | | | | | |
Series 2015-05A, Class A1RR, 144A, 3 Month LIBOR + 1.080% (Cap N/A, Floor 1.080%) | | | 5.323(c) | | | 01/20/32 | | | 6,250 | | | | 6,087,714 | |
See Notes to Financial Statements.
PGIM Absolute Return Bond Fund 15
Schedule of Investments (continued)
as of October 31, 2022
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| | | | |
Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
ASSET-BACKED SECURITIES (Continued) | | | | | | | | | | | | | | |
| | | | |
Collateralized Loan Obligations (cont’d.) | | | | | | | | | | | | | | |
| | | | |
CIFC Funding Ltd. (Cayman Islands), | | | | | | | | | | | | | | |
Series 2015-01A, Class ARR, 144A, 3 Month LIBOR + 1.110% (Cap N/A, Floor 1.110%) | | | 5.435%(c) | | | 01/22/31 | | | 7,000 | | | $ | 6,816,249 | |
Crown City CLO (Cayman Islands), | | | | | | | | | | | | | | |
Series 2020-02A, Class A1AR, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | | | 5.303(c) | | | 04/20/35 | | | 2,750 | | | | 2,621,934 | |
Elevation CLO Ltd. (Cayman Islands), | | | | | | | | | | | | | | |
Series 2017-06A, Class A1, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 1.280%) | | | 5.359(c) | | | 07/15/29 | | | 2,073 | | | | 2,041,723 | |
Ellington CLO Ltd. (Cayman Islands), | | | | | | | | | | | | | | |
Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.700% (Cap N/A, Floor 1.700%) | | | 4.605(c) | | | 02/15/29 | | | 9,490 | | | | 9,393,484 | |
Elmwood CLO Ltd. (Cayman Islands), | | | | | | | | | | | | | | |
Series 2021-03A, Class A, 144A, 3 Month LIBOR + 1.040% (Cap N/A, Floor 1.040%) | | | 5.283(c) | | | 10/20/34 | | | 4,250 | | | | 4,085,627 | |
Generate CLO Ltd. (Cayman Islands), | | | | | | | | | | | | | | |
Series 02A, Class AR, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%) | | | 5.475(c) | | | 01/22/31 | | | 3,000 | | | | 2,940,128 | |
KKR CLO Ltd. (Cayman Islands), | | | | | | | | | | | | | | |
Series 11, Class AR, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 1.180%) | | | 5.259(c) | | | 01/15/31 | | | 8,000 | | | | 7,857,797 | |
Series 32A, Class A1, 144A, 3 Month LIBOR + 1.320% (Cap N/A, Floor 1.320%) | | | 5.399(c) | | | 01/15/32 | | | 5,000 | | | | 4,905,294 | |
Madison Park Funding Ltd. (Cayman Islands), | | | | | | | | | | | | | | |
Series 2019-33A, Class AR, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%) | | | 5.154(c) | | | 10/15/32 | | | 5,500 | | | | 5,356,143 | |
Series 2021-59A, Class A, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 1.140%) | | | 5.334(c) | | | 01/18/34 | | | 9,500 | | | | 9,198,470 | |
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%) | | | 5.473(c) | | | 10/20/34 | | | 5,000 | | | | 4,772,437 | |
MidOcean Credit CLO (Cayman Islands), | | | | | | | | | | | | | | |
Series 2014-03A, Class A1R, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%) | | | 5.398(c) | | | 04/21/31 | | | 7,411 | | | | 7,166,684 | |
Series 2014-03A, Class BR, 144A, 3 Month LIBOR + 1.800% (Cap N/A, Floor 1.800%) | | | 6.078(c) | | | 04/21/31 | | | 18,000 | | | | 16,681,064 | |
Oaktree CLO Ltd. (Cayman Islands), | | | | | | | | | | | | | | |
Series 2022-02A, Class A1, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%) | | | 4.825(c) | | | 07/15/33 | | | 6,500 | | | | 6,291,410 | |
See Notes to Financial Statements.
16
| | | | | | | | | | | | |
| | | | |
Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
ASSET-BACKED SECURITIES (Continued) | | | | | | | | | | | | |
| | | | |
Collateralized Loan Obligations (cont’d.) | | | | | | | | | | | | |
| | | | |
OFSI BSL Ltd. (Cayman Islands), | | | | | | | | | | | | |
Series 2022-11A, Class A1, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | | 6.029%(c) | | 07/18/31 | | | 10,000 | | | $ | 9,745,599 | |
OZLM Ltd. (Cayman Islands), | | | | | | | | | | | | |
Series 2014-06A, Class A2AS, 144A, 3 Month LIBOR + 1.750% (Cap N/A, Floor 0.000%) | | 5.829(c) | | 04/17/31 | | | 4,000 | | | | 3,753,004 | |
Palmer Square CLO Ltd. (Cayman Islands), | | | | | | | | | | | | |
Series 2014-01A, Class A1R2, 144A, 3 Month LIBOR + 1.130% (Cap N/A, Floor 1.130%) | | 5.209(c) | | 01/17/31 | | | 5,000 | | | | 4,909,829 | |
Series 2018-02A, Class A1A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 0.000%) | | 5.179(c) | | 07/16/31 | | | 6,750 | | | | 6,586,402 | |
Palmer Square Loan Funding Ltd. (Cayman Islands), | | | | | | | | | | | | |
Series 2022-03A, Class A2, 144A, 3 Month SOFR + 3.000% (Cap N/A, Floor 3.000%) | | 0.000(c) | | 04/15/31 | | | 13,000 | | | | 12,988,911 | |
Penta CLO DAC (Ireland), | | | | | | | | | | | | |
Series 2018-05A, Class B1R, 144A, 3 Month EURIBOR + 1.550% (Cap N/A, Floor 1.550%) | | 3.006(c) | | 04/20/35 | | EUR | 10,000 | | | | 8,998,910 | |
Rockford Tower CLO Ltd., | | | | | | | | | | | | |
Series 2022-02A, Class A1, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%) | | 4.328(c) | | 07/20/33 | | | 11,500 | | | | 11,249,222 | |
Romark CLO Ltd. (Cayman Islands), | | | | | | | | | | | | |
Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.175% (Cap N/A, Floor 1.175%) | | 5.533(c) | | 07/25/31 | | | 5,000 | | | | 4,857,149 | |
Romark WM-R Ltd. (Cayman Islands), | | | | | | | | | | | | |
Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%) | | 5.273(c) | | 04/20/31 | | | 1,484 | | | | 1,453,719 | |
Silver Rock CLO Ltd. (Cayman Islands), | | | | | | | | | | | | |
Series 2021-02A, Class A, 144A, 3 Month LIBOR + 1.190% (Cap N/A, Floor 1.190%) | | 5.433(c) | | 01/20/35 | | | 10,000 | | | | 9,520,718 | |
St. Pauls CLO DAC (Ireland), | | | | | | | | | | | | |
Series 02A, Class AR4, 144A, 3 Month EURIBOR + 0.980% (Cap N/A, Floor 0.980%) | | 2.523(c) | | 10/25/35 | | EUR | 8,000 | | | | 7,422,596 | |
Strata CLO Ltd. (Cayman Islands), | | | | | | | | | | | | |
Series 2018-01A, Class A, 144A, 3 Month LIBOR + 1.590% (Cap N/A, Floor 1.590%) | | 5.669(c) | | 01/15/31 | | | 19,000 | | | | 18,723,366 | |
Wellfleet CLO Ltd., | | | | | | | | | | | | |
Series 2017-03A, Class A1, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%) | | 5.229(c) | | 01/17/31 | | | 10,500 | | | | 10,262,577 | |
See Notes to Financial Statements.
PGIM Absolute Return Bond Fund 17
Schedule of Investments (continued)
as of October 31, 2022
| | | | | | | | | | | | |
| | | | |
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%) | | 6.269%(c) | | 07/15/31 | | | 11,300 | | | $ | 10,554,567 | |
Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.290% (Cap N/A, Floor 0.000%) | | 5.369(c) | | 04/15/30 | | | 4,220 | | | | 4,139,666 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 269,063,292 | |
| | | | |
Consumer Loans 0.5% | | | | | | | | | | | | |
| | | | |
Lendmark Funding Trust, | | | | | | | | | | | | |
Series 2021-01A, Class C, 144A | | 3.410 | | 11/20/31 | | | 200 | | | | 154,762 | |
Oportun Funding XIII LLC, | | | | | | | | | | | | |
Series 2019-A, Class B, 144A | | 3.870 | | 08/08/25 | | | 4,165 | | | | 4,028,597 | |
Oportun Issuance Trust, | | | | | | | | | | | | |
Series 2022-02, Class A, 144A | | 5.940 | | 10/09/29 | | | 2,798 | | | | 2,772,095 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 6,955,454 | |
| | | | |
Home Equity Loans 0.8% | | | | | | | | | | | | |
| | | | |
Accredited Mortgage Loan Trust, | | | | | | | | | | | | |
Series 2004-03, Class 2A2, 1 Month LIBOR + 1.200% (Cap 13.000%, Floor 1.200%) | | 4.786(c) | | 10/25/34 | | | 911 | | | | 885,779 | |
Asset-Backed Securities Corp. Home Equity Loan Trust, | | | | | | | | | | | | |
Series 2003-HE06, Class A2, 1 Month LIBOR + 0.680% (Cap N/A, Floor 0.680%) | | 4.266(c) | | 11/25/33 | | | 1,388 | | | | 1,357,442 | |
Series 2003-HE06, Class A3B, 1 Month LIBOR + 0.960% (Cap N/A, Floor 0.960%) | | 4.546(c) | | 11/25/33 | | | 3,422 | | | | 3,226,270 | |
Bear Stearns Asset-Backed Securities Trust, | | | | | | | | | | | | |
Series 2002-02, Class A1, 1 Month LIBOR + 0.660% (Cap 11.000%, Floor 0.660%) | | 4.246(c) | | 10/25/32 | | �� | 335 | | | | 327,958 | |
Series 2003-03, Class A2, 1 Month LIBOR + 1.180% (Cap 11.000%, Floor 1.180%) | | 4.766(c) | | 06/25/43 | | | 76 | | | | 71,521 | |
Series 2003-HE01, Class M1, 1 Month LIBOR + 1.095% (Cap N/A, Floor 1.095%) | | 4.681(c) | | 01/25/34 | | | 1,912 | | | | 1,849,790 | |
Home Equity Asset Trust, | | | | | | | | | | | | |
Series 2004-07, Class A2, 1 Month LIBOR + 0.840% (Cap N/A, Floor 0.840%) | | 4.426(c) | | 01/25/35 | | | 1,050 | | | | 999,384 | |
MASTR Asset-Backed Securities Trust, | | | | | | | | | | | | |
Series 2003-WMC02, Class M2, 1 Month LIBOR + 2.475% (Cap N/A, Floor 2.475%) | | 4.263(c) | | 08/25/33 | | | 610 | | | | 598,047 | |
See Notes to Financial Statements.
18
| | | | | | | | | | | | | | | | |
| | | | |
Description | | Interest Rate | | | Maturity Date | | | Principal Amount (000)# | | | Value | |
| | | | |
ASSET-BACKED SECURITIES (Continued) | | | | | | | | | | | | | | | | |
| | | | |
Home Equity Loans (cont’d.) | | | | | | | | | | | | | | | | |
| | | | |
Morgan Stanley ABS Capital I, Inc. Trust, | | | | | | | | | | | | | | | | |
Series 2003-HE03, Class M1, 1 Month LIBOR + 1.020% (Cap N/A, Floor 1.020%) | | | 4.606%(c) | | | | 10/25/33 | | | | 633 | | | $ | 616,785 | |
Series 2003-NC08, Class M1, 1 Month LIBOR + 1.050% (Cap N/A, Floor 1.050%) | | | 4.636(c) | | | | 09/25/33 | | | | 261 | | | | 254,852 | |
Series 2003-NC10, Class M1, 1 Month LIBOR + 1.020% (Cap N/A, Floor 1.020%) | | | 4.606(c) | | | | 10/25/33 | | | | 276 | | | | 268,167 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 10,455,995 | |
| | | | |
Other 0.2% | | | | | | | | | | | | | | | | |
PNMAC FMSR Issuer Trust, | | | | | | | | | | | | | | | | |
Series 2018-FT01, Class A, 144A, 1 Month LIBOR + 2.350% (Cap N/A, Floor 0.000%) | | | 5.936(c) | | | | 04/25/23 | | | | 3,200 | | | | 3,043,710 | |
| | | | |
Residential Mortgage-Backed Securities 1.0% | | | | | | | | | | | | | | | | |
| | | | |
Chase Funding Trust, | | | | | | | | | | | | | | | | |
Series 2002-03, Class 2A1, 1 Month LIBOR + 0.640% (Cap N/A, Floor 0.640%) | | | 4.226(c) | | | | 08/25/32 | | | | 245 | | | | 226,627 | |
Series 2003-04, Class 1A5 | | | 4.893 | | | | 05/25/33 | | | | 323 | | | | 300,564 | |
Citigroup Mortgage Loan Trust, Inc., | | | | | | | | | | | | | | | | |
Series 2005-OPT01, Class M1, 1 Month LIBOR + 0.630% (Cap N/A, Floor 0.630%) | | | 4.216(c) | | | | 02/25/35 | | | | 179 | | | | 163,041 | |
Series 2005-WF01, Class A5 | | | 5.010(cc) | | | | 11/25/34 | | | | —(r | ) | | | 53 | |
Countrywide Asset-Backed Certificates, | | | | | | | | | | | | | | | | |
Series 2003-BC04, Class M1, 1 Month LIBOR + 1.050% (Cap N/A, Floor 1.050%) | | | 4.636(c) | | | | 07/25/33 | | | | 364 | | | | 354,048 | |
Series 2004-01, Class M1, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%) | | | 4.336(c) | | | | 03/25/34 | | | | 17 | | | | 16,902 | |
Countrywide Asset-Backed Certificates Trust, | | | | | | | | | | | | | | | | |
Series 2004-BC04, Class M1, 1 Month LIBOR + 1.050% (Cap N/A, Floor 1.050%) | | | 4.636(c) | | | | 11/25/34 | | | | 145 | | | | 142,488 | |
Credit-Based Asset Servicing & Securitization LLC, | | | | | | | | | | | | | | | | |
Series 2003-CB03, Class AF1 | | | 3.379 | | | | 12/25/32 | | | | 78 | | | | 70,655 | |
Finance America Mortgage Loan Trust, | | | | | | | | | | | | | | | | |
Series 2003-01, Class M1, 1 Month LIBOR + 1.050% (Cap N/A, Floor 1.050%) | | | 4.636(c) | | | | 09/25/33 | | | | 1,090 | | | | 1,023,523 | |
First Franklin Mortgage Loan Trust, | | | | | | | | | | | | | | | | |
Series 2004-FF05, Class A2, 1 Month LIBOR + 0.760% (Cap N/A, Floor 0.760%) | | | 4.346(c) | | | | 08/25/34 | | | | 493 | | | | 465,550 | |
See Notes to Financial Statements.
PGIM Absolute Return Bond Fund 19
Schedule of Investments (continued)
as of October 31, 2022
| | | | | | | | | | | | | | | | |
| | | | |
Description | | Interest Rate | | | Maturity Date | | | Principal Amount (000)# | | | Value | |
| | | | |
ASSET-BACKED SECURITIES (Continued) | | | | | | | | | | | | | | | | |
| | | | |
Residential Mortgage-Backed Securities (cont’d.) | | | | | | | | | | | | | | | | |
| | | | |
Fremont Home Loan Trust, | | | | | | | | | | | | | | | | |
Series 2004-04, Class M1, 1 Month LIBOR + 0.795% (Cap N/A, Floor 0.795%) | | | 4.381%(c) | | | | 03/25/35 | | | | 1,657 | | | $ | 1,532,807 | |
Long Beach Mortgage Loan Trust, | | | | | | | | | | | | | | | | |
Series 2004-02, Class A1, 1 Month LIBOR + 0.440% (Cap N/A, Floor 0.440%) | | | 4.026(c) | | | | 06/25/34 | | | | 604 | | | | 558,894 | |
Morgan Stanley ABS Capital I, Inc. Trust, | | | | | | | | | | | | | | | | |
Series 2004-NC05, Class M1, 1 Month LIBOR + 0.900% (Cap N/A, Floor 0.900%) | | | 4.486(c) | | | | 05/25/34 | | | | 170 | | | | 156,497 | |
Rathlin Residential DAC (Ireland), | | | | | | | | | | | | | | | | |
Series 2021-01A, Class A, 144A, 1 Month EURIBOR + 2.000% | | | 2.698(c) | | | | 09/27/75 | | | EUR | 1,373 | | | | 1,293,405 | |
Structured Asset Investment Loan Trust, | | | | | | | | | | | | | | | | |
Series 2004-BNC01, Class A2, 1 Month LIBOR + 1.000% (Cap N/A, Floor 1.000%) | | | 4.084(c) | | | | 09/25/34 | | | | 1,881 | | | | 1,757,662 | |
TFS (Spain), | | | | | | | | | | | | | | | | |
Series 2018-03^ | | | 0.000(s) | | | | 04/16/40 | | | EUR | —(r | ) | | | 6,513 | |
Series 2018-03, Class A1, 1 Month EURIBOR + 3.000%^ | | | 3.845(c) | | | | 04/16/23 | | | EUR | 5,637 | | | | 5,297,435 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 13,366,664 | |
| | | | |
Student Loans 0.3% | | | | | | | | | | | | | | | | |
Laurel Road Prime Student Loan Trust, | | | | | | | | | | | | | | | | |
Series 2018-D, Class A, 144A | | | 0.000(cc) | | | | 11/25/43 | | | | 2,694 | | | | 2,500,083 | |
Series 2019-A, Class R, 144A | | | 0.000 | | | | 10/25/48 | | | | 2,149 | | | | 506,135 | |
SoFi RR Funding II Trust, | | | | | | | | | | | | | | | | |
Series 2019-01, Class A, 144A, 1 Month LIBOR + 1.250% (Cap N/A, Floor 1.250%) | | | 4.334(c) | | | | 11/29/24 | | | | 801 | | | | 800,959 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 3,807,177 | |
| | | | | | | | | | | | | | | | |
TOTAL ASSET-BACKED SECURITIES (cost $326,710,386) | | | | | | | | | | | | | | | 309,042,021 | |
| | | | | | | | | | | | | | | | |
| | | | |
COMMERCIAL MORTGAGE-BACKED SECURITIES 4.5% | | | | | | | | | | | | | | | | |
| | | | |
20 Times Square Trust, | | | | | | | | | | | | | | | | |
Series 2018-20TS, Class G, 144A (original cost $2,454,600; purchased 05/09/18)(f) | | | 3.100(cc) | | | | 05/15/35 | | | | 2,700 | | | | 2,122,512 | |
Series 2018-20TS, Class H, 144A (original cost $2,389,640; purchased 05/09/18)(f) | | | 3.100(cc) | | | | 05/15/35 | | | | 2,700 | | | | 1,973,850 | |
See Notes to Financial Statements.
20
| | | | | | | | | | | | | | |
| | | | |
Description | | Interest Rate | | Maturity Date | | | Principal Amount (000)# | | | Value | |
| | |
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued) | | | | | | | | | |
BPR Trust, | | | | | | | | | | | | | | |
Series 2021-TY, Class C, 144A, 1 Month LIBOR + 1.700% (Cap N/A, Floor 1.700%) | | 5.112%(c) | | | 09/15/38 | | | | 2,024 | | | $ | 1,874,812 | |
BX Commercial Mortgage Trust, | | | | | | | | | | | | | | |
Series 2019-XL, Class J, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 2.650%) | | 6.062(c) | | | 10/15/36 | | | | 5,653 | | | | 5,401,361 | |
Commercial Mortgage Trust, | | | | | | | | | | | | | | |
Series 2015-LC19, Class XB, IO, 144A | | 0.240(cc) | | | 02/10/48 | | | | 123,049 | | | | 592,481 | |
Credit Suisse Mortgage Capital Certificates, | | | | | | | | | | | | | | |
Series 2019-ICE04, Class F, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 2.650%) | | 6.062(c) | | | 05/15/36 | | | | 5,680 | | | | 5,448,034 | |
DBWF Mortgage Trust, | | | | | | | | | | | | | | |
Series 2016-85T, Class E, 144A | | 3.808(cc) | | | 12/10/36 | | | | 15,500 | | | | 12,321,928 | |
FHLMC Multifamily Structured Pass-Through Certificates, | | | | | | | | | | | | | | |
Series K055, Class X1, IO | | 1.347(cc) | | | 03/25/26 | | | | 21,583 | | | | 784,464 | |
Series KC02, Class X1, IO | | 0.381(cc) | | | 03/25/24 | | | | 121,726 | | | | 561,767 | |
GS Mortgage Securities Corp., | | | | | | | | | | | | | | |
Series 2013-GC10, Class XB, IO, 144A | | 0.468(cc) | | | 02/10/46 | | | | 103,126 | | | | 1,031 | |
GS Mortgage Securities Trust, | | | | | | | | | | | | | | |
Series 2014-GC20, Class XB, IO | | 0.472(cc) | | | 04/10/47 | | | | 28,307 | | | | 155,035 | |
Independence Plaza Trust, | | | | | | | | | | | | | | |
Series 2018-INDP, Class E, 144A | | 4.996 | | | 07/10/35 | | | | 5,200 | | | | 4,558,974 | |
JPMBB Commercial Mortgage Securities Trust, | | | | | | | | | | | | | | |
Series 2014-C21, Class XB, IO | | 0.299(cc) | | | 08/15/47 | | | | 45,056 | | | | 248,524 | |
Series 2015-C27, Class XB, IO | | 0.408(cc) | | | 02/15/48 | | | | 52,766 | | | | 437,573 | |
JPMorgan Chase Commercial Mortgage Securities Trust, | | | | | | | | | | | | | | |
Series 2013-LC11, Class XB, IO | | 0.508(cc) | | | 04/15/46 | | | | 34,956 | | | | 83,972 | |
Series 2018-AON, Class E, 144A | | 4.613(cc) | | | 07/05/31 | | | | 7,950 | | | | 6,452,369 | |
Morgan Stanley Bank of America Merrill Lynch Trust, | | | | | | | | | | | | | | |
Series 2013-C08, Class XB, IO, 144A | | 0.497(cc) | | | 12/15/48 | | | | 68,276 | | | | 2,711 | |
Morgan Stanley Capital I Trust, | | | | | | | | | | | | | | |
Series 2019-MEAD, Class C, 144A | | 3.177(cc) | | | 11/10/36 | | | | 2,020 | | | | 1,750,724 | |
Series 2019-MEAD, Class E, 144A | | 3.177(cc) | | | 11/10/36 | | | | 2,505 | | | | 2,063,445 | |
Salus European Loan Conduit DAC (United Kingdom), | | | | | | | | | | | | | | |
Series 33A, Class A, 144A, SONIA + 1.619% (Cap 6.500%, Floor 1.500%) | | 3.809(c) | | | 01/23/29 | | | GBP | 9,500 | | | | 10,833,797 | |
UBS-Barclays Commercial Mortgage Trust, | | | | | | | | | | | | | | |
Series 2013-C06, Class XB, IO, 144A | | 0.383(cc) | | | 04/10/46 | | | | 140,883 | | | | 156,338 | |
| | | | | | | | | | | | | | |
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $65,178,301) | | | | | | | | | | | | | 57,825,702 | |
| | | | | | | | | | | | | | |
See Notes to Financial Statements.
PGIM Absolute Return Bond Fund 21
Schedule of Investments (continued)
as of October 31, 2022
| | | | | | | | | | | | | | | | |
| | | | |
Description | | Interest Rate | | | Maturity Date | | | Principal Amount (000)# | | | Value | |
| | | | |
CONVERTIBLE BOND 0.0% | | | | | | | | | | | | | | | | |
| | | | |
Telecommunications | | | | | | | | | | | | | | | | |
Digicel Group Holdings Ltd. (Jamaica), | | | | | | | | | | | | | | | | |
Sub. Notes, 144A, Cash coupon 7.000% or PIK N/A | | | | | | | | | | | | | | | | |
(cost $7,306) | | | 7.000% | | | | 11/17/22(oo) | | | | 45 | | | $ | 3,158 | |
| | | | | | | | | | | | | | | | |
| | | | |
CORPORATE BONDS 20.4% | | | | | | | | | | | | | | | | |
| | | | |
Aerospace & Defense 0.8% | | | | | | | | | | | | | | | | |
Bombardier, Inc. (Canada), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 7.500 | | | | 12/01/24 | | | | 4,771 | | | | 4,766,229 | |
Sr. Unsec’d. Notes, 144A(a) | | | 7.875 | | | | 04/15/27 | | | | 5,675 | | | | 5,382,170 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 10,148,399 | |
| | | | |
Agriculture 0.0% | | | | | | | | | | | | | | | | |
Vector Group Ltd.,
| | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 5.750 | | | | 02/01/29 | | | | 475 | | | | 415,899 | |
| | | | |
Airlines 0.3% | | | | | | | | | | | | | | | | |
American Airlines 2013-1 Class A Pass-Through Trust, | | | | | | | | | | | | | | | | |
Pass-Through Certificates | | | 4.000 | | | | 01/15/27 | | | | 1,567 | | | | 1,333,590 | |
Continental Airlines 2012-2 Class A Pass-Through Trust, | | | | | | | | | | | | | | | | |
Pass-Through Certificates | | | 4.000 | | | | 04/29/26 | | | | 69 | | | | 64,356 | |
United Airlines 2013-1 Class A Pass-Through Trust, Pass-Through Certificates | | | 4.300 | | | | 02/15/27 | | | | 1,478 | | | | 1,370,384 | |
United Airlines, Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 4.375 | | | | 04/15/26 | | | | 645 | | | | 590,145 | |
Sr. Sec’d. Notes, 144A | | | 4.625 | | | | 04/15/29 | | | | 170 | | | | 145,948 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 3,504,423 | |
| | | | |
Auto Manufacturers 0.1% | | | | | | | | | | | | | | | | |
General Motors Co., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 6.250 | | | | 10/02/43 | | | | 1,555 | | | | 1,362,934 | |
| | | | |
Auto Parts & Equipment 0.3% | | | | | | | | | | | | | | | | |
Adient Global Holdings Ltd., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(a) | | | 4.875 | | | | 08/15/26 | | | | 1,900 | | | | 1,695,750 | |
American Axle & Manufacturing, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes(a) | | | 6.250 | | | | 03/15/26 | | | | 515 | | | | 489,252 | |
See Notes to Financial Statements.
22
| | | | | | | | | | | | | | | | |
| | | | |
Description | | Interest Rate | | | Maturity Date | | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | |
Auto Parts & Equipment (cont’d.) | | | | | | | | | | | | | | | | |
Cooper-Standard Automotive, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(a) | | | 5.625% | | | | 11/15/26 | | | | 1,050 | | | $ | 394,898 | |
Dana, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 4.500 | | | | 02/15/32 | | | | 800 | | | | 608,969 | |
Nemak SAB de CV (Mexico), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 3.625 | | | | 06/28/31 | | | | 350 | | | | 252,875 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 3,441,744 | |
| | | | |
Banks 5.5% | | | | | | | | | | | | | | | | |
Banco de Credito del Peru S.A. (Peru), | | | | | | | | | | | | | | | | |
Sub. Notes, 144A, MTN | | | 3.250(ff) | | | | 09/30/31 | | | | 1,055 | | | | 879,342 | |
Banco Mercantil del Norte SA (Mexico), | | | | | | | | | | | | | | | | |
Jr. Sub. Notes, 144A | | | 6.625(ff) | | | | 01/24/32 | (oo) | | | 1,110 | | | | 824,175 | |
Bangkok Bank PCL (Thailand), | | | | | | | | | | | | | | | | |
Sub. Notes, 144A | | | 3.466(ff) | | | | 09/23/36 | | | | 945 | | | | 645,284 | |
Bank of America Corp., | | | | | | | | | | | | | | | | |
Jr. Sub. Notes, Series JJ | | | 5.125(ff) | | | | 06/20/24 | (oo) | | | 6,850 | | | | 6,438,878 | |
Jr. Sub. Notes, Series MM | | | 4.300(ff) | | | | 01/28/25 | (oo) | | | 5,545 | | | | 4,547,645 | |
Sr. Unsec’d. Notes, MTN | | | 4.271(ff) | | | | 07/23/29 | | | | 1,450 | | | | 1,317,304 | |
Barclays PLC (United Kingdom), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 7.437(ff) | | | | 11/02/33 | | | | 3,810 | | | | 3,796,274 | |
Citigroup, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 2.976(ff) | | | | 11/05/30 | | | | 870 | | | | 709,916 | |
Sr. Unsec’d. Notes | | | 3.200 | | | | 10/21/26 | | | | 1,145 | | | | 1,043,700 | |
Sr. Unsec’d. Notes | | | 3.785(ff) | | | | 03/17/33 | | | | 1,240 | | | | 1,026,021 | |
Sr. Unsec’d. Notes | | | 3.887(ff) | | | | 01/10/28 | | | | 980 | | | | 897,462 | |
Sub. Notes | | | 4.400 | | | | 06/10/25 | | | | 405 | | | | 392,250 | |
Credit Suisse Group AG (Switzerland), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 3.750 | | | | 03/26/25 | | | | 1,200 | | | | 1,078,034 | |
Sr. Unsec’d. Notes, 144A | | | 6.537(ff) | | | | 08/12/33 | | | | 2,350 | | | | 2,023,763 | |
Development Bank of the Republic of Belarus JSC (Belarus), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(a) | | | 6.750 | | | | 05/02/24 | (d) | | | 1,155 | | | | 184,800 | |
Goldman Sachs Group, Inc. (The), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 3.814(ff) | | | | 04/23/29 | | | | 35 | | | | 31,054 | |
Sr. Unsec’d. Notes | | | 3.850 | | | | 01/26/27 | | | | 3,940 | | | | 3,656,310 | |
Sr. Unsec’d. Notes | | | 4.223(ff) | | | | 05/01/29 | | | | 135 | | | | 122,162 | |
Grupo Aval Ltd. (Colombia), | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 4.375 | | | | 02/04/30 | | | | 2,170 | | | | 1,497,707 | |
JPMorgan Chase & Co., | | | | | | | | | | | | | | | | |
Jr. Sub. Notes, Series FF | | | 5.000(ff) | | | | 08/01/24 | (oo) | | | 1,500 | | | | 1,372,946 | |
See Notes to Financial Statements.
PGIM Absolute Return Bond Fund 23
Schedule of Investments (continued)
as of October 31, 2022
| | | | | | | | | | | | | | | | |
| | | | |
Description | | Interest Rate | | | Maturity Date | | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | |
Banks (cont’d.) | | | | | | | | | | | | | | | | |
JPMorgan Chase & Co., (cont’d.) | | | | | | | | | | | | | | | | |
Jr. Sub. Notes, Series HH | | | 4.600%(ff) | | | | 02/01/25(oo) | | | | 15,325 | | | $ | 13,606,404 | |
M&T Bank Corp., | | | | | | | | | | | | | | | | |
Sub. Notes | | | 4.000 | | | | 07/15/24 | | | | 325 | | | | 318,448 | |
Mizrahi Tefahot Bank Ltd. (Israel), | | | | | | | | | | | | | | | | |
Sub. Notes, 144A | | | 3.077(ff) | | | | 04/07/31 | | | | 1,555 | | | | 1,294,537 | |
Morgan Stanley, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 3.217(ff) | | | | 04/22/42 | | | | 1,690 | | | | 1,151,125 | |
Sr. Unsec’d. Notes | | | 6.342(ff) | | | | 10/18/33 | | | | 1,625 | | | | 1,648,892 | |
Sr. Unsec’d. Notes, GMTN | | | 3.772(ff) | | | | 01/24/29 | | | | 1,750 | | | | 1,561,193 | |
Sr. Unsec’d. Notes, GMTN | | | 3.875 | | | | 01/27/26 | | | | 605 | | | | 572,973 | |
Societe Generale SA (France), | | | | | | | | | | | | | | | | |
Sub. Notes, 144A | | | 6.221(ff) | | | | 06/15/33 | | | | 7,380 | | | | 6,334,864 | |
State Street Corp., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 4.164(ff) | | | | 08/04/33 | | | | 3,675 | | | | 3,256,458 | |
UBS Group AG (Switzerland), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A, SOFR + 1.580% | | | 4.263(c) | | | | 05/12/26 | | | | 1,925 | | | | 1,903,553 | |
Sr. Unsec’d. Notes, 144A | | | 4.488(ff) | | | | 05/12/26 | | | | 615 | | | | 584,077 | |
Wells Fargo & Co., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, MTN | | | 4.808(ff) | | | | 07/25/28 | | | | 6,475 | | | | 6,140,522 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 70,858,073 | |
| | | | |
Beverages 0.0% | | | | | | | | | | | | | | | | |
Anheuser-Busch InBev Worldwide, Inc. (Belgium), | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 8.200 | | | | 01/15/39 | | | | 250 | | | | 297,307 | |
| | | | |
Building Materials 0.1% | | | | | | | | | | | | | | | | |
Cemex SAB de CV (Mexico), | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 5.450 | | | | 11/19/29 | | | | 1,180 | | | | 1,027,249 | |
Mohawk Industries, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 3.850 | | | | 02/01/23 | | | | 104 | | | | 104,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 1,131,249 | |
| | | | |
Chemicals 0.9% | | | | | | | | | | | | | | | | |
Ashland LLC, | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 6.875 | | | | 05/15/43 | | | | 4,100 | | | | 3,876,770 | |
Ashland Services BV, | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 2.000 | | | | 01/30/28 | | | EUR | 1,200 | | | | 967,960 | |
Braskem Netherlands Finance BV (Brazil), | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 4.500 | | | | 01/10/28 | | | | 1,630 | | | | 1,406,690 | |
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 | | | $ | 142,960 | |
Nutrien Ltd. (Canada), | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 4.900 | | | 06/01/43 | | | 1,350 | | | | 1,127,221 | |
Sasol Financing International Ltd. (South Africa), | | | | | | | | | | | | | | |
Gtd. Notes | | | 4.500 | | | 11/14/22 | | | 2,415 | | | | 2,405,823 | |
Sasol Financing USA LLC (South Africa), | | | | | | | | | | | | | | |
Gtd. Notes | | | 4.375 | | | 09/18/26 | | | 350 | | | | 306,468 | |
TPC Group, Inc., | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 10.500 | | | 08/01/24(d) | | | 1,700 | | | | 929,506 | |
Sr. Sec’d. Notes, 144A | | | 10.875 | | | 08/01/24(d) | | | 419 | | | | 402,434 | |
| | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | 11,565,832 | |
| | | | |
Commercial Services 0.5% | | | | | | | | | | | | | | |
ERAC USA Finance LLC, | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 6.700 | | | 06/01/34 | | | 110 | | | | 110,194 | |
Gtd. Notes, 144A | | | 7.000 | | | 10/15/37 | | | 1,725 | | | | 1,758,948 | |
Nexi SpA (Italy), | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes(a) | | | 2.125 | | | 04/30/29 | | EUR | 4,060 | | | | 3,192,669 | |
United Rentals North America, Inc., | | | | | | | | | | | | | | |
Gtd. Notes | | | 3.750 | | | 01/15/32 | | | 325 | | | | 262,919 | |
Gtd. Notes | | | 5.250 | | | 01/15/30 | | | 1,200 | | | | 1,112,719 | |
| | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | 6,437,449 | |
| | | | |
Computers 0.0% | | | | | | | | | | | | | | |
| | | | |
CA Magnum Holdings (India), | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 5.375 | | | 10/31/26 | | | 515 | | | | 431,313 | |
| | | | |
Diversified Financial Services 0.3% | | | | | | | | | | | | | | |
Blackstone Private Credit Fund, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes^ | | | 5.610 | | | 05/03/27 | | | 950 | | | | 853,675 | |
Jefferies Finance LLC/JFIN Co-Issuer Corp., | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 5.000 | | | 08/15/28 | | | 1,025 | | | | 805,556 | |
Jefferies Group LLC, | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 6.500 | | | 01/20/43 | | | 175 | | | | 160,699 | |
OneMain Finance Corp., | | | | | | | | | | | | | | |
Gtd. Notes | | | 3.875 | | | 09/15/28 | | | 1,200 | | | | 936,940 | |
Power Finance Corp. Ltd. (India), | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, EMTN | | | 5.250 | | | 08/10/28 | | | 1,100 | | | | 1,015,644 | |
| | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | 3,772,514 | |
See Notes to Financial Statements.
PGIM Absolute Return Bond Fund 25
Schedule of Investments (continued)
as of October 31, 2022
| | | | | | | | | | | | | | | | |
| | | | |
Description | | Interest Rate | | | Maturity Date | | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | |
Electric 1.0% | | | | | | | | | | | | | | | | |
| | | | |
AES Panama Generation Holdings SRL (Panama), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 4.375% | | | | 05/31/30 | | | | 1,065 | | | $ | 837,223 | |
Calpine Corp., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 4.625 | | | | 02/01/29 | | | | 1,500 | | | | 1,274,623 | |
Sr. Unsec’d. Notes, 144A | | | 5.000 | | | | 02/01/31 | | | | 2,275 | | | | 1,925,331 | |
Clean Renewable Power Mauritius Pte Ltd. (India), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 4.250 | | | | 03/25/27 | | | | 454 | | | | 349,291 | |
Duke Energy Carolinas LLC, | | | | | | | | | | | | | | | | |
First Ref. Mortgage(h) | | | 4.000 | | | | 09/30/42 | | | | 50 | | | | 38,816 | |
Eskom Holdings SOC Ltd. (South Africa), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 7.125 | | | | 02/11/25 | | | | 2,145 | | | | 1,996,593 | |
Sr. Unsec’d. Notes, 144A, MTN | | | 6.750 | | | | 08/06/23 | | | | 200 | | | | 195,125 | |
Evergy Kansas Central, Inc., | | | | | | | | | | | | | | | | |
First Mortgage(h) | | | 4.100 | | | | 04/01/43 | | | | 325 | | | | 249,412 | |
FEL Energy VI Sarl (Mexico), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 5.750 | | | | 12/01/40 | | | | 1,766 | | | | 1,182,475 | |
Mong Duong Finance Holdings BV (Vietnam), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes | | | 5.125 | | | | 05/07/29 | | | | 1,295 | | | | 897,435 | |
NRG Energy, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 3.625 | | | | 02/15/31 | | | | 1,475 | | | | 1,173,907 | |
Gtd. Notes, 144A | | | 3.875 | | | | 02/15/32 | | | | 1,050 | | | | 828,991 | |
Vistra Corp., | | | | | | | | | | | | | | | | |
Jr. Sub. Notes, 144A | | | 7.000(ff) | | | | 12/15/26(oo) | | | | 450 | | | | 399,918 | |
Jr. Sub. Notes, 144A | | | 8.000(ff) | | | | 10/15/26(oo) | | | | 1,575 | | | | 1,495,934 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 12,845,074 | |
| | | | |
Energy-Alternate Sources 0.0% | | | | | | | | | | | | | | | | |
| | | | |
Aydem Yenilenebilir Enerji A/S (Turkey), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 7.750 | | | | 02/02/27 | | | | 830 | | | | 611,243 | |
| | | | |
Engineering & Construction 0.3% | | | | | | | | | | | | | | | | |
Cellnex Finance Co. SA (Spain), | | | | | | | | | | | | | | | | |
Gtd. Notes, EMTN | | | 2.000 | | | | 02/15/33 | | | EUR | 1,100 | | | | 751,150 | |
Cellnex Telecom SA (Spain), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, EMTN | | | 1.750 | | | | 10/23/30 | | | EUR | 700 | | | | 512,019 | |
IHS Holding Ltd. (Nigeria), | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 6.250 | | | | 11/29/28 | | | | 850 | | | | 607,910 | |
Mexico City Airport Trust (Mexico), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 3.875 | | | | 04/30/28 | | | | 2,000 | | | | 1,670,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 3,541,079 | |
See Notes to Financial Statements.
26
| | | | | | | | | | | | | | | | |
| | | | |
Description | | Interest Rate | | | Maturity Date | | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | |
Entertainment 0.3% | | | | | | | | | | | | | | | | |
| | | | |
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% | | | 10.000% | | | | 06/15/26 | | | | 480 | | | $ | 254,880 | |
| | | | |
Codere Finance 2 Luxembourg SA (Spain), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, Cash coupon 2.000% and PIK 10.750% (original cost $726,973; purchased 04/03/19 - 04/30/22)(f) | | | 12.750 | | | | 11/30/27(d) | | | EUR | 654 | | | | 538,213 | |
Sr. Sec’d. Notes, 144A, Cash coupon 8.000% and PIK 3.000% (original cost $2,299,299; purchased 07/24/20 - 09/30/22)(f) | | | 11.000 | | | | 09/30/26(d) | | | EUR | 2,008 | | | | 1,845,531 | |
| | | | |
Codere New Holdco SA (Luxembourg), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A, Cash coupon N/A or PIK 7.500% (original cost $1,069,406; purchased 11/19/21 - 04/30/22)(f) | | | 7.500 | | | | 11/30/27(d) | | | EUR | 810 | | | | 429,732 | |
| | | | |
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 5.875 | | | | 09/01/31 | | | | 700 | | | | 496,790 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 3,565,146 | |
| | | | |
Foods 0.7% | | | | | | | | | | | | | | | | |
Bellis Finco PLC (United Kingdom), | | | | | | | | | | | | | | | | |
Gtd. Notes(a) | | | 4.000 | | | | 02/16/27 | | | GBP | 2,700 | | | | 2,150,536 | |
Kraft Heinz Foods Co., | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 4.625 | | | | 10/01/39 | | | | 440 | | | | 364,436 | |
Gtd. Notes | | | 5.200 | | | | 07/15/45 | | | | 3,105 | | | | 2,713,947 | |
Lamb Weston Holdings, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 4.125 | | | | 01/31/30 | | | | 250 | | | | 218,583 | |
Gtd. Notes, 144A | | | 4.375 | | | | 01/31/32 | | | | 350 | | | | 301,533 | |
Market Bidco Finco PLC (United Kingdom), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 5.500 | | | | 11/04/27 | | | GBP | 4,400 | | | | 3,816,229 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 9,565,264 | |
| | | | |
Forest Products & Paper 0.1% | | | | | | | | | | | | | | | | |
| | | | |
Georgia-Pacific LLC, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes(h) | | | 7.375 | | | | 12/01/25 | | | | 400 | | | | 422,932 | |
| | | | |
Suzano Austria GmbH (Brazil), | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 6.000 | | | | 01/15/29 | | | | 1,000 | | | | 949,125 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 1,372,057 | |
See Notes to Financial Statements.
PGIM Absolute Return Bond Fund 27
Schedule of Investments (continued)
as of October 31, 2022
| | | | | | | | | | | | | | | | |
| | | | |
Description | | Interest Rate | | | Maturity Date | | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | |
Gas 0.4% | | | | | | | | | | | | | | | | |
| | | | |
AmeriGas Partners LP/AmeriGas Finance Corp., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 5.500% | | | | 05/20/25 | | | | 2,425 | | | $ | 2,319,490 | |
| | | | |
CenterPoint Energy Resources Corp., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 5.850 | | | | 01/15/41 | | | | 700 | | | | 664,721 | |
| | | | |
ENN Clean Energy International Investment Ltd. (China), | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 3.375 | | | | 05/12/26 | | | | 1,350 | | | | 1,052,409 | |
Southern Co. Gas Capital Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 4.400 | | | | 06/01/43 | | | | 1,375 | | | | 1,048,599 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 5,085,219 | |
| | | | |
Healthcare-Products 0.2% | | | | | | | | | | | | | | | | |
Medline Borrower LP, | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 3.875 | | | | 04/01/29 | | | | 250 | | | | 204,199 | |
Sr. Unsec’d. Notes, 144A | | | 5.250 | | | | 10/01/29 | | | | 150 | | | | 116,922 | |
Medtronic Global Holdings SCA, | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 1.625 | | | | 03/07/31 | | | EUR | 160 | | | | 136,035 | |
Gtd. Notes | | | 2.250 | | | | 03/07/39 | | | EUR | 705 | | | | 534,178 | |
Thermo Fisher Scientific, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, EMTN | | | 1.500 | | | | 10/01/39 | | | EUR | 1,250 | | | | 825,146 | |
Sr. Unsec’d. Notes, EMTN | | | 1.875 | | | | 10/01/49 | | | EUR | 825 | | | | 514,054 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 2,330,534 | |
| | | | |
Healthcare-Services 0.2% | | | | | | | | | | | | | | | | |
| | | | |
Aetna, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 4.500 | | | | 05/15/42 | | | | 530 | | | | 421,898 | |
Elevance Health, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 4.101 | | | | 03/01/28 | | | | 700 | | | | 657,366 | |
Sr. Unsec’d. Notes | | | 4.650 | | | | 01/15/43 | | | | 120 | | | | 101,380 | |
Sr. Unsec’d. Notes | | | 5.100 | | | | 01/15/44 | | | | 515 | | | | 455,753 | |
Memorial Sloan-Kettering Cancer Center, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 4.125 | | | | 07/01/52 | | | | 75 | | | | 57,753 | |
Tenet Healthcare Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 6.125 | | | | 10/01/28 | | | | 125 | | | | 108,377 | |
Sr. Unsec’d. Notes(a) | | | 6.875 | | | | 11/15/31 | | | | 1,200 | | | | 1,021,002 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 2,823,529 | |
| | | | |
Home Builders 0.4% | | | | | | | | | | | | | | | | |
| | | | |
Beazer Homes USA, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 5.875 | | | | 10/15/27 | | | | 150 | | | | 125,945 | |
See Notes to Financial Statements.
28
| | | | | | | | | | | | | | | | |
| | | | |
Description | | Interest Rate | | | Maturity Date | | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | |
Home Builders (cont’d.) | | | | | | | | | | | | | | | | |
| | | | |
Beazer Homes USA, Inc., (cont’d.) | | | | | | | | | | | | | | | | |
Gtd. Notes(a) | | | 7.250% | | | | 10/15/29 | | | | 3,475 | | | $ | 2,875,682 | |
Taylor Morrison Communities, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 5.875 | | | | 06/15/27 | | | | 2,560 | | | | 2,407,326 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 5,408,953 | |
| | | | |
Housewares 0.0% | | | | | | | | | | | | | | | | |
| | | | |
SWF Escrow Issuer Corp., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 6.500 | | | | 10/01/29 | | | | 325 | | | | 186,759 | |
| | | | |
Insurance 0.6% | | | | | | | | | | | | | | | | |
| | | | |
Hartford Financial Services Group, Inc. (The), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 5.950 | | | | 10/15/36 | | | | 215 | | | | 206,096 | |
Sr. Unsec’d. Notes | | | 6.100 | | | | 10/01/41 | | | | 280 | | | | 267,822 | |
Liberty Mutual Group, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 4.250 | | | | 06/15/23 | | | | 436 | | | | 431,489 | |
Gtd. Notes, 144A | | | 4.569 | | | | 02/01/29 | | | | 1,614 | | | | 1,448,882 | |
Lincoln National Corp., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 7.000 | | | | 06/15/40 | | | | 695 | | | | 703,970 | |
Markel Corp., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 5.000 | | | | 03/30/43 | | | | 3,125 | | | | 2,602,785 | |
Principal Financial Group, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 4.350 | | | | 05/15/43 | | | | 245 | | | | 190,195 | |
Teachers Insurance & Annuity Association of America, | | | | | | | | | | | | | | | | |
Sub. Notes, 144A(h) | | | 4.900 | | | | 09/15/44 | | | | 1,950 | | | | 1,665,969 | |
Sub. Notes, 144A(h) | | | 6.850 | | | | 12/16/39 | | | | 54 | | | | 56,469 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 7,573,677 | |
| | | | |
Internet 0.1% | | | | | | | | | | | | | | | | |
| | | | |
Prosus NV (China), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 4.193 | | | | 01/19/32 | | | | 1,250 | | | | 888,913 | |
| | | | |
Lodging 0.2% | | | | | | | | | | | | | | | | |
| | | | |
Gohl Capital Ltd. (Malaysia), | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 4.250 | | | | 01/24/27 | | | | 1,510 | | | | 1,117,400 | |
See Notes to Financial Statements.
PGIM Absolute Return Bond Fund 29
Schedule of Investments (continued)
as of October 31, 2022
| | | | | | | | | | | | | | | | |
| | | | |
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 | | | $ | 518,000 | |
Sands China Ltd. (Macau), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 5.625 | | | | 08/08/25 | | | | 1,000 | | | | 877,500 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 2,512,900 | |
| | | | |
Media 0.6% | | | | | | | | | | | | | | | | |
| | | | |
CCO Holdings LLC/CCO Holdings Capital Corp., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(a) | | | 4.750 | | | | 03/01/30 | | | | 1,300 | | | | 1,083,130 | |
Charter Communications Operating LLC/Charter Communications Operating Capital, | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes | | | 6.384 | | | | 10/23/35 | | | | 2,640 | | | | 2,415,573 | |
Sr. Sec’d. Notes | | | 6.484 | | | | 10/23/45 | | | | 585 | | | | 517,158 | |
CSC Holdings LLC, | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(a) | | | 5.500 | | | | 04/15/27 | | | | 1,500 | | | | 1,412,792 | |
Diamond Sports Group LLC/Diamond Sports Finance Co., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 6.625 | | | | 08/15/27 | | | | 2,785 | | | | 142,053 | |
DISH DBS Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 5.000 | | | | 03/15/23 | | | | 200 | | | | 197,498 | |
Virgin Media Secured Finance PLC (United Kingdom), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes | | | 4.125 | | | | 08/15/30 | | | GBP | 700 | | | | 620,849 | |
Sr. Sec’d. Notes | | | 4.250 | | | | 01/15/30 | | | GBP | 600 | | | | 545,404 | |
Ziggo BV (Netherlands), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes | | | 2.875 | | | | 01/15/30 | | | EUR | 1,270 | | | | 975,791 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 7,910,248 | |
| | | | |
Mining 0.3% | | | | | | | | | | | | | | | | |
AngloGold Ashanti Holdings PLC (South Africa), | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 3.375 | | | | 11/01/28 | | | | 730 | | | | 580,259 | |
Freeport Indonesia PT (Indonesia), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A, MTN | | | 5.315 | | | | 04/14/32 | | | | 600 | | | | 500,250 | |
Indonesia Asahan Aluminium Persero PT (Indonesia), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 6.530 | | | | 11/15/28 | | | | 1,650 | | | | 1,599,778 | |
Vedanta Resources Finance II PLC (India), | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 13.875 | | | | 01/21/24 | | | | 1,425 | | | | 1,188,806 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 3,869,093 | |
See Notes to Financial Statements.
30
| | | | | | | | | | | | | | | | |
| | | | |
Description | | Interest Rate | | | Maturity Date | | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | |
Oil & Gas 1.6% | | | | | | | | | | | | | | | | |
| | | | |
Aker BP ASA (Norway), | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 2.000% | | | | 07/15/26 | | | | 3,635 | | | $ | 3,121,511 | |
Sr. Unsec’d. Notes, 144A | | | 3.000 | | | | 01/15/25 | | | | 1,000 | | | | 933,203 | |
Ascent Resources Utica Holdings LLC/ARU Finance Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 7.000 | | | | 11/01/26 | | | | 1,225 | | | | 1,206,867 | |
Gtd. Notes, 144A | | | 9.000 | | | | 11/01/27 | | | | 899 | | | | 1,093,051 | |
Cenovus Energy, Inc. (Canada), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 5.400 | | | | 06/15/47 | | | | 1,835 | | | | 1,558,640 | |
Citgo Holding, Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(a) | | | 9.250 | | | | 08/01/24 | | | | 75 | | | | 75,104 | |
Energean Israel Finance Ltd. (Israel), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 4.875 | | | | 03/30/26 | | | | 1,135 | | | | 1,021,500 | |
Sr. Sec’d. Notes, 144A | | | 5.375 | | | | 03/30/28 | | | | 770 | | | | 675,675 | |
Gazprom PJSC Via Gaz Capital SA (Russia), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 1.450 | | | | 03/06/23(d) | | | CHF | 1,500 | | | | 823,888 | |
Hilcorp Energy I LP/Hilcorp Finance Co., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 6.250 | | | | 11/01/28 | | | | 700 | | | | 659,172 | |
Leviathan Bond Ltd. (Israel), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 6.750 | | | | 06/30/30 | | | | 2,020 | | | | 1,793,129 | |
Petrobras Global Finance BV (Brazil), | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 5.375 | | | | 10/01/29 | | | GBP | 800 | | | | 765,374 | |
Petroleos Mexicanos (Mexico), | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 4.750 | | | | 02/26/29 | | | EUR | 795 | | | | 575,397 | |
Gtd. Notes | | | 6.500 | | | | 03/13/27 | | | | 260 | | | | 226,590 | |
Gtd. Notes, EMTN | | | 4.875 | | | | 02/21/28 | | | EUR | 250 | | | | 190,670 | |
Preem Holdings AB (Sweden), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 12.000 | | | | 06/30/27 | | | EUR | 2,200 | | | | 2,282,858 | |
Transocean, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 7.250 | | | | 11/01/25 | | | | 3,025 | | | | 2,669,562 | |
Tullow Oil PLC (Ghana), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 10.250 | | | | 05/15/26 | | | | 1,405 | | | | 1,197,763 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 20,869,954 | |
| | | | |
Oil & Gas Services 0.0% | | | | | | | | | | | | | | | | |
| | | | |
Cameron International Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 5.950 | | | | 06/01/41 | | | | 100 | | | | 87,965 | |
See Notes to Financial Statements.
PGIM Absolute Return Bond Fund 31
Schedule of Investments (continued)
as of October 31, 2022
| | | | | | | | | | | | | | | | |
| | | | |
Description | | Interest Rate | | | Maturity Date | | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | |
Packaging & Containers 0.2% | | | | | | | | | | | | | | | | |
| | | | |
ARD Finance SA (Luxembourg), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A, Cash coupon 5.000% or PIK 5.750% | | | 5.000% | | | | 06/30/27 | | | EUR | 2,203 | | | $ | 1,477,225 | |
Verallia SA (France), | | | | | | | | | | | | | | | | |
Gtd. Notes(a) | | | 1.625 | | | | 05/14/28 | | | EUR | 1,900 | | | | 1,552,377 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 3,029,602 | |
| | | | |
Pharmaceuticals 1.0% | | | | | | | | | | | | | | | | |
| | | | |
AbbVie, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 4.050 | | | | 11/21/39 | | | | 905 | | | | 728,972 | |
Sr. Unsec’d. Notes | | | 4.550 | | | | 03/15/35 | | | | 4,155 | | | | 3,697,697 | |
Bausch Health Cos., Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 5.000 | | | | 01/30/28 | | | | 400 | | | | 154,276 | |
Gtd. Notes, 144A | | | 6.250 | | | | 02/15/29 | | | | 1,200 | | | | 468,000 | |
Bristol-Myers Squibb Co., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes(h) | | | 4.125 | | | | 06/15/39 | | | | 615 | | | | 522,867 | |
Cigna Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes(h) | | | 4.375 | | | | 10/15/28 | | | | 3,990 | | | | 3,750,116 | |
CVS Health Corp., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 5.125 | | | | 07/20/45 | | | | 1,315 | | | | 1,128,154 | |
Sr. Unsec’d. Notes | | | 5.300 | | | | 12/05/43 | | | | 485 | | | | 428,238 | |
Utah Acquisition Sub, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 5.250 | | | | 06/15/46 | | | | 520 | | | | 359,386 | |
Viatris, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 4.000 | | | | 06/22/50 | | | | 2,190 | | | | 1,275,073 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 12,512,779 | |
| | | | |
Pipelines 1.2% | | | | | | | | | | | | | | | | |
| | | | |
AI Candelaria Spain SA (Colombia), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A (original cost $920,000;purchased 05/10/21)(f) | | | 5.750 | | | | 06/15/33 | | | | 920 | | | | 593,400 | |
Antero Midstream Partners LP/Antero Midstream Finance Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 7.875 | | | | 05/15/26 | | | | 900 | | | | 917,540 | |
Eastern Gas Transmission & Storage, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes(h) | | | 4.600 | | | | 12/15/44 | | | | 125 | | | | 97,090 | |
Energy Transfer LP, | | | | | | | | | | | | | | | | |
Jr. Sub. Notes, Series G | | | 7.125(ff) | | | | 05/15/30(oo) | | | | 3,360 | | | | 2,781,962 | |
Sr. Unsec’d. Notes | | | 5.150 | | | | 03/15/45 | | | | 55 | | | | 42,821 | |
Sr. Unsec’d. Notes | | | 5.300 | | | | 04/15/47 | | | | 125 | | | | 98,166 | |
Sr. Unsec’d. Notes | | | 5.400 | | | | 10/01/47 | | | | 60 | | | | 47,651 | |
See Notes to Financial Statements.
32
| | | | | | | | | | | | | | | | |
| | | | |
Description | | Interest Rate | | | Maturity Date | | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | |
Pipelines (cont’d.) | | | | | | | | | | | | | | | | |
| | | | |
Energy Transfer LP, (cont’d.) | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 6.250% | | | | 04/15/49 | | | | 75 | | | $ | 65,465 | |
Enterprise Products Operating LLC, | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 4.900 | | | | 05/15/46 | | | | 1,025 | | | | 840,458 | |
Gtd. Notes | | | 4.950 | | | | 10/15/54 | | | | 800 | | | | 628,678 | |
Kinder Morgan, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 5.450 | | | | 08/01/52 | | | | 2,340 | | | | 1,979,326 | |
Magellan Midstream Partners LP, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 4.200 | | | | 12/01/42 | | | | 125 | | | | 85,667 | |
Sr. Unsec’d. Notes | | | 5.150 | | | | 10/15/43 | | | | 1,350 | | | | 1,099,406 | |
MPLX LP, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 5.200 | | | | 03/01/47 | | | | 145 | | | | 115,890 | |
NGPL PipeCo LLC, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 4.875 | | | | 08/15/27 | | | | 500 | | | | 465,048 | |
ONEOK, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 4.950 | | | | 07/13/47 | | | | 1,060 | | | | 804,672 | |
Rockies Express Pipeline LLC, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 3.600 | | | | 05/15/25 | | | | 775 | | | | 718,996 | |
Sr. Unsec’d. Notes, 144A | | | 6.875 | | | | 04/15/40 | | | | 1,850 | | | | 1,523,354 | |
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 5.500 | | | | 01/15/28 | | | | 1,000 | | | | 895,768 | |
Gtd. Notes, 144A | | | 7.500 | | | | 10/01/25 | | | | 125 | | | | 126,610 | |
Venture Global Calcasieu Pass LLC, | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 3.875 | | | | 08/15/29 | | | | 75 | | | | 64,886 | |
Sr. Sec’d. Notes, 144A | | | 4.125 | | | | 08/15/31 | | | | 75 | | | | 64,119 | |
Western Midstream Operating LP, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 5.300 | | | | 03/01/48 | | | | 910 | | | | 727,448 | |
Williams Cos., Inc. (The), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 5.300 | | | | 08/15/52 | | | | 765 | | | | 645,461 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 15,429,882 | |
| | | | |
Real Estate 0.3% | | | | | | | | | | | | | | | | |
| | | | |
Arabian Centres Sukuk Ltd. (Saudi Arabia), | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 5.375 | | | | 11/26/24 | | | | 995 | | | | 913,908 | |
Greystar Real Estate Partners LLC, | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 5.750 | | | | 12/01/25 | | | | 3,575 | | | | 3,464,562 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 4,378,470 | |
See Notes to Financial Statements.
PGIM Absolute Return Bond Fund 33
Schedule of Investments (continued)
as of October 31, 2022
| | | | | | | | | | | | | | | | |
| | | | |
Description | | Interest Rate | | Maturity Date | | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | |
Real Estate Investment Trusts (REITs) 0.1% | | | | | | | | | | | | | | | | |
| | | | |
Diversified Healthcare Trust, | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 4.375 | % | | | 03/01/31 | | | | 1,000 | | | $ | 665,934 | |
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 7.875 | | | | 02/15/25 | | | | 500 | | | | 495,427 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 1,161,361 | |
| | | | |
Retail 0.7% | | | | | | | | | | | | | | | | |
| | | | |
AutoZone, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 4.750 | | | | 08/01/32 | | | | 1,305 | | | | 1,216,876 | |
Brinker International, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 5.000 | | | | 10/01/24 | | | | 500 | | | | 483,357 | |
eG Global Finance PLC (United Kingdom), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes | | | 6.250 | | | | 10/30/25 | | | EUR | 250 | | | | 212,910 | |
Sr. Sec’d. Notes, 144A | | | 4.375 | | | | 02/07/25 | | | EUR | 4,700 | | | | 3,973,814 | |
Falabella SA (Chile), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 3.375 | | | | 01/15/32 | | | | 1,200 | | | | 852,000 | |
JSM Global Sarl (Brazil), | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 4.750 | | | | 10/20/30 | | | | 1,800 | | | | 1,243,462 | |
Macy’s Retail Holdings LLC, | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 4.300 | | | | 02/15/43 | | | | 705 | | | | 418,293 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 8,400,712 | |
| | | | |
Telecommunications 1.1% | | | | | | | | | | | | | | | | |
| | | | |
AT&T, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 2.550 | | | | 12/01/33 | | | | 727 | | | | 536,331 | |
Sr. Unsec’d. Notes | | | 3.500 | | | | 09/15/53 | | | | 929 | | | | 597,124 | |
Sr. Unsec’d. Notes | | | 3.650 | | | | 09/15/59 | | | | 318 | | | | 201,407 | |
Sr. Unsec’d. Notes | | | 4.500 | | | | 05/15/35 | | | | 695 | | | | 600,017 | |
CT Trust (Guatemala), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 5.125 | | | | 02/03/32 | | | | 760 | | | | 605,055 | |
Digicel Group Holdings Ltd. (Jamaica), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A, Cash coupon 5.000% and PIK 3.000% | | | 8.000 | | | | 04/01/25 | | | | 259 | | | | 88,013 | |
Digicel International Finance Ltd./Digicel International Holdings Ltd. (Jamaica), | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 8.000 | | | | 12/31/26 | | | | 454 | | | | 265,238 | |
Gtd. Notes, 144A, Cash coupon 6.000% and PIK 7.000% | | | 13.000 | | | | 12/31/25 | | | | 669 | | | | 448,230 | |
Sr. Sec’d. Notes, 144A | | | 8.750 | | | | 05/25/24 | | | | 1,138 | | | | 964,112 | |
See Notes to Financial Statements.
34
| | | | | | | | | | | | | | | | |
| | | | |
Description | | Interest Rate | | | Maturity Date | | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | |
Telecommunications (cont’d.) | | | | | | | | | | | | | | | | |
Digicel Ltd. (Jamaica), | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 6.750% | | | | 03/01/23 | | | | 2,050 | | | $ | 1,086,500 | |
Intelsat Jackson Holdings SA (Luxembourg), | | | | | | | | | | | | | | | | |
Gtd. Notes^ | | | 5.500 | | | | 08/01/23(d) | | | | 2,000 | | | | 2 | |
Gtd. Notes, 144A^ | | | 8.500 | | | | 10/15/24(d) | | | | 50 | | | | — | |
Gtd. Notes, 144A^ | | | 9.750 | | | | 07/15/25(d) | | | | 50 | | | | — | |
Sr. Sec’d. Notes, 144A(a) | | | 6.500 | | | | 03/15/30 | | | | 1,400 | | | | 1,283,996 | |
Kaixo Bondco Telecom SA (Spain), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 5.125 | | | | 09/30/29 | | | EUR | 2,600 | | | | 2,062,523 | |
Level 3 Financing, Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 3.400 | | | | 03/01/27 | | | | 465 | | | | 400,852 | |
Lumen Technologies, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, Series P | | | 7.600 | | | | 09/15/39 | | | | 525 | | | | 362,777 | |
Millicom International Cellular SA (Colombia), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 4.500 | | | | 04/27/31 | | | | 515 | | | | 385,220 | |
Sprint Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 7.125 | | | | 06/15/24 | | | | 2,000 | | | | 2,031,256 | |
Gtd. Notes | | | 7.625 | | | | 02/15/25 | | | | 1,150 | | | | 1,187,428 | |
Total Play Telecomunicaciones SA de CV (Mexico), | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 6.375 | | | | 09/20/28 | | | | 480 | | | | 330,990 | |
Verizon Communications, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 3.400 | | | | 03/22/41 | | | | 1,575 | | | | 1,117,040 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 14,554,111 | |
| | | | |
Transportation 0.0% | | | | | | | | | | | | | | | | |
| | | | |
Burlington Northern Santa Fe LLC, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes(h) | | | 4.450 | | | | 01/15/53 | | | | 225 | | | | 188,914 | |
| | | | |
Indian Railway Finance Corp. Ltd. (India), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A, MTN | | | 3.570 | | | | 01/21/32 | | | | 360 | | | | 280,305 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 469,219 | |
| | | | | | | | | | | | | | | | |
| | | | |
TOTAL CORPORATE BONDS | | | | | | | | | | | | | | | | |
(cost $321,407,663) | | | | | | | | | | | | | | | 264,350,879 | |
| | | | | | | | | | | | | | | | |
| | | | |
FLOATING RATE AND OTHER LOANS 1.2% | | | | | | | | | | | | | | | | |
| | | | |
Airlines 0.0% | | | | | | | | | | | | | | | | |
| | | | |
United Airlines, Inc., | | | | | | | | | | | | | | | | |
Class B Term Loan, 3 Month LIBOR + 3.750% | | | 8.108(c) | | | | 04/21/28 | | | | 494 | | | | 481,446 | |
See Notes to Financial Statements.
PGIM Absolute Return Bond Fund 35
Schedule of Investments (continued)
as of October 31, 2022
| | | | | | | | | | | | | | | | |
| | | | |
Description | | Interest Rate | | | Maturity Date | | | Principal Amount (000)# | | | Value | |
| | | | |
FLOATING RATE AND OTHER LOANS (Continued) | | | | | | | | | | | | | | | | |
| | | | |
Chemicals 0.0% | | | | | | | | | | | | | | | | |
| | | | |
TPC Group, Inc., | | | | | | | | | | | | | | | | |
Term Loan DIP Facility, 1 - 3 Month SOFR + 10.114%^ | | | 13.383%(c) | | | | 03/01/23 | | | | 165 | | | $ | 165,211 | |
| | | | |
Computers 0.1% | | | | | | | | | | | | | | | | |
| | | | |
McAfee Corp., | | | | | | | | | | | | | | | | |
Tranche B-1 Term Loan, 1 Month SOFR + 3.750% | | | 6.870(c) | | | | 03/01/29 | | | | 1,022 | | | | 929,992 | |
| | | | |
Internet 0.1% | | | | | | | | | | | | | | | | |
| | | | |
Speedster Bidco GmbH (Germany), | | | | | | | | | | | | | | | | |
Second Lien Term Loan, 3 Month EURIBOR + 6.250% | | | 8.108(c) | | | | 03/31/28 | | | EUR | 2,400 | | | | 1,943,394 | |
| | | | |
Investment Companies 0.2% | | | | | | | | | | | | | | | | |
| | | | |
Rainbow Midco Ltd. (United Kingdom), | | | | | | | | | | | | | | | | |
Term Loan, 3 Month EURIBOR + 7.750%^ | | | 7.750(c) | | | | 02/22/30 | | | | 2,500 | | | | 2,322,387 | |
| | | | |
Media 0.0% | | | | | | | | | | | | | | | | |
| | | | |
Diamond Sports Group LLC, | | | | | | | | | | | | | | | | |
First Lien Term Loan, 1 Month SOFR + 8.100% | | | 11.208(c) | | | | 05/25/26 | | | | 41 | | | | 38,862 | |
Second Lien Term Loan, 1 Month SOFR + 3.350% | | | 6.458(c) | | | | 08/24/26 | | | | 2,070 | | | | 397,613 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 436,475 | |
| | | | |
Metal Fabricate/Hardware 0.1% | | | | | | | | | | | | | | | | |
| | | | |
Tank Holding Corp., | | | | | | | | | | | | | | | | |
Initial Term Loan, 1 Month SOFR + 5.850% | | | 9.579(c) | | | | 03/31/28 | | | | 1,147 | | | | 1,095,026 | |
| | | | |
Oil & Gas 0.2% | | | | | | | | | | | | | | | | |
| | | | |
Ascent Resources Utica Holdings LLC, | | | | | | | | | | | | | | | | |
Second Lien Term Loan, 3 Month LIBOR + 9.000% | | | 12.941(c) | | | | 11/01/25 | | | | 1,858 | | | | 1,947,803 | |
| | | | |
Retail 0.3% | | | | | | | | | | | | | | | | |
| | | | |
CD&R Firefly Bidco Ltd. (United Kingdom), | | | | | | | | | | | | | | | | |
Initial Term Loan, SONIA + 8.356% | | | 9.546(c) | | | | 06/19/26 | | | GBP | 3,300 | | | | 3,311,385 | |
| | | | |
Constellation Automotive Group Ltd. (United Kingdom), | | | | | | | | | | | | | | | | |
Facility 1 Loan, SONIA + 7.500% | | | 9.190(c) | | | | 07/27/29 | | | GBP | 1,025 | | | | 658,263 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 3,969,648 | |
See Notes to Financial Statements.
36
| | | | | | | | | | | | | | | | |
| | | | |
Description | | Interest Rate | | | Maturity Date | | | Principal Amount (000)# | | | Value | |
| | | | |
FLOATING RATE AND OTHER LOANS (Continued) | | | | | | | | | | | | | | | | |
| | | | |
Telecommunications 0.2% | | | | | | | | | | | | | | | | |
| | | | |
West Corp., | | | | | | | | | | | | | | | | |
Initial Term B Loan, 3 Month LIBOR + 4.000% | | | 8.415%(c) | | | | 10/10/24 | | | | 2,359 | | | $ | 2,065,121 | |
| | | | | | | | | | | | | | | | |
| | | | |
TOTAL FLOATING RATE AND OTHER LOANS | | | | | | | | | | | | | | | | |
(cost $18,916,272) | | | | | | | | | | | | | | | 15,356,503 | |
| | | | | | | | | | | | | | | | |
| | | | |
MUNICIPAL BONDS 1.4% | | | | | | | | | | | | | | | | |
| | | | |
California 0.3% | | | | | | | | | | | | | | | | |
| | | | |
Bay Area Toll Authority, | | | | | | | | | | | | | | | | |
Revenue Bonds, BABs, Series F2 | | | 6.263 | | | | 04/01/49 | | | | 550 | | | | 593,601 | |
Los Angeles Department of Water & Power, Water System Revenue, | | | | | | | | | | | | | | | | |
Taxable, Revenue Bonds, BABs, Series C | | | 6.008 | | | | 07/01/39 | | | | 1,730 | | | | 1,790,935 | |
University of California, | | | | | | | | | | | | | | | | |
Taxable, Revenue Bonds, Series AP | | | 3.931 | | | | 05/15/45 | | | | 625 | | | | 535,220 | |
Taxable, Revenue Bonds, Series J | | | 4.131 | | | | 05/15/45 | | | | 675 | | | | 567,964 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 3,487,720 | |
| | | | |
Colorado 0.1% | | | | | | | | | | | | | | | | |
| | | | |
Regional Transportation District Sales Tax Revenue, | | | | | | | | | | | | | | | | |
Revenue Bonds, BABs, Series B | | | 5.844 | | | | 11/01/50 | | | | 1,190 | | | | 1,234,847 | |
| | | | |
Illinois 0.1% | | | | | | | | | | | | | | | | |
| | | | |
State of Illinois, | | | | | | | | | | | | | | | | |
General Obligation Unlimited, Taxable | | | 5.100 | | | | 06/01/33 | | | | 865 | | | | 804,189 | |
| | | | |
New Jersey 0.2% | | | | | | | | | | | | | | | | |
| | | | |
New Jersey Turnpike Authority, | | | | | | | | | | | | | | | | |
Taxable, Revenue Bonds, BABs, Series F | | | 7.414 | | | | 01/01/40 | | | | 2,000 | | | | 2,346,244 | |
Rutgers The State University of New Jersey, | | | | | | | | | | | | | | | | |
Taxable, Revenue Bonds, BABs, Series H | | | 5.665 | | | | 05/01/40 | | | | 200 | | | | 197,897 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 2,544,141 | |
| | | | |
Ohio 0.0% | | | | | | | | | | | | | | | | |
| | | | |
Ohio State University (The), | | | | | | | | | | | | | | | | |
Taxable, Revenue Bonds, Series A | | | 4.800 | | | | 06/01/2111 | | | | 180 | | | | 143,331 | |
See Notes to Financial Statements.
PGIM Absolute Return Bond Fund 37
Schedule of Investments (continued)
as of October 31, 2022
| | | | | | | | | | | | | | | | |
| | | | |
Description | | Interest Rate | | | Maturity Date | | | Principal Amount (000)# | | | Value | |
| | | | |
MUNICIPAL BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | |
Puerto Rico 0.7% | | | | | | | | | | | | | | | | |
| | | | |
Commonwealth of Puerto Rico, | | | | | | | | | | | | | | | | |
General Obligation, Sub-Series C | | | 0.000%(cc) | | | | 11/01/43 | | | | 9,167 | | | $ | 4,288,093 | |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, | | | | | | | | | | | | | | | | |
Revenue Bonds, Restructured, Series A-1 | | | 4.750 | | | | 07/01/53 | | | | 5,846 | | | | 4,890,413 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 9,178,506 | |
| | | | |
Texas 0.0% | | | | | | | | | | | | | | | | |
| | | | |
City of San Antonio Electric & Gas Systems Revenue, | | | | | | | | | | | | | | | | |
Taxable, Revenue Bonds | | | 4.427 | | | | 02/01/42 | | | | 120 | | | | 107,656 | |
| | | | | | | | | | | | | | | | |
| | | | |
TOTAL MUNICIPAL BONDS | | | | | | | | | | | | | | | | |
(cost $20,376,806) | | | | | | | | | | | | | | | 17,500,390 | |
| | | | | | | | | | | | | | | | |
| | | | |
RESIDENTIAL MORTGAGE-BACKED SECURITIES 2.2% | | | | | | | | | | | | | | | | |
| | | | |
Banc of America Funding Trust, | | | | | | | | | | | | | | | | |
Series 2014-R05, Class 1A1, 144A, 6 Month LIBOR + 1.500% (Cap 11.000%, Floor 1.500%) | | | 5.683(c) | | | | 09/26/45 | | | | 31 | | | | 31,270 | |
Bellemeade Re Ltd., | | | | | | | | | | | | | | | | |
Series 2018-03A, Class M1B, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 1.850%) | | | 5.436(c) | | | | 10/25/28 | | | | 474 | | | | 472,794 | |
Series 2021-01A, Class M1C, 144A, 30 Day Average SOFR + 2.950% (Cap N/A, Floor 2.950%) | | | 5.947(c) | | | | 03/25/31 | | | | 960 | | | | 928,975 | |
Chase Mortgage Finance Trust, | | | | | | | | | | | | | | | | |
Series 2007-A01, Class 1A3 | | | 3.139(cc) | | | | 02/25/37 | | | | 41 | | | | 38,972 | |
Connecticut Avenue Securities Trust, | | | | | | | | | | | | | | | | |
Series 2020-R01, Class 1M2, 144A, 1 Month LIBOR + 2.050% (Cap N/A, Floor 2.050%) | | | 5.636(c) | | | | 01/25/40 | | | | 61 | | | | 60,096 | |
Series 2021-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | | | 6.097(c) | | | | 10/25/41 | | | | 990 | | | | 894,241 | |
Series 2022-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.150% (Cap N/A, Floor 0.000%) | | | 6.147(c) | | | | 12/25/41 | | | | 1,718 | | | | 1,526,085 | |
Series 2022-R02, Class 2B1, 144A, 30 Day Average SOFR + 4.500% (Cap N/A, Floor 0.000%) | | | 7.497(c) | | | | 01/25/42 | | | | 440 | | | | 394,350 | |
Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) | | | 8.247(c) | | | | 03/25/42 | | | | 290 | | | | 273,320 | |
See Notes to Financial Statements.
38
| | | | | | | | | | | | | | | | |
| | | | |
Description | | Interest Rate | | | Maturity Date | | | Principal Amount (000)# | | | Value | |
| | | | |
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued) | | | | | | | | | | | | | | | | |
Connecticut Avenue Securities Trust, (cont’d.) | | | | | | | | | | | | | | | | |
Series 2022-R08, Class 1B1, 144A, 30 Day Average SOFR + 5.600% (Cap N/A, Floor 5.600%) | | | 8.597%(c) | | | | 07/25/42 | | | | 1,520 | | | $ | 1,441,984 | |
Eagle Re Ltd., | | | | | | | | | | | | | | | | |
Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.700% (Cap N/A, Floor 1.700%) | | | 5.286(c) | | | | 11/25/28 | | | | 1,893 | | | | 1,878,041 | |
Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% (Cap N/A, Floor 3.450%) | | | 6.447(c) | | | | 04/25/34 | | | | 910 | | | | 879,949 | |
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%) | | | 6.397(c) | | | | 08/25/33 | | | | 3,260 | | | | 2,810,996 | |
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%) | | | 6.047(c) | | | | 01/25/34 | | | | 600 | | | | 521,552 | |
Series 2021-DNA07, Class B1, 144A, 30 Day Average SOFR + 3.650% (Cap N/A, Floor 0.000%) | | | 6.647(c) | | | | 11/25/41 | | | | 695 | | | | 611,221 | |
Series 2021-HQA03, Class B1, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | | | 6.347(c) | | | | 09/25/41 | | | | 570 | | | | 487,200 | |
Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) | | | 5.897(c) | | | | 04/25/42 | | | | 1,920 | | | | 1,780,802 | |
Series 2022-HQA03, Class M2, 144A, 30 Day Average SOFR + 5.350% (Cap N/A, Floor 0.000%) | | | 8.347(c) | | | | 08/25/42 | | | | 2,500 | | | | 2,335,315 | |
GSMSC Resecuritization Trust, | | | | | | | | | | | | | | | | |
Series 2015-03R, Class 2A2, 144A, 1 Month LIBOR + 0.140% (Cap N/A, Floor 0.140%) | | | 3.726(c) | | | | 10/26/36 | | | | 764 | | | | 752,847 | |
JPMorgan Mortgage Trust, | | | | | | | | | | | | | | | | |
Series 2007-A01, Class 4A1 | | | 3.940(cc) | | | | 07/25/35 | | | | 25 | | | | 24,133 | |
New Residential Mortgage Loan Trust, | | | | | | | | | | | | | | | | |
Series 2018-04A, Class A1S, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%) | | | 4.336(c) | | | | 01/25/48 | | | | 1,474 | | | | 1,419,993 | |
Oaktown Re II Ltd., | | | | | | | | | | | | | | | | |
Series 2018-01A, Class M1, 144A, 1 Month LIBOR + 1.550% (Cap N/A, Floor 0.000%) | | | 5.136(c) | | | | 07/25/28 | | | | 310 | | | | 309,432 | |
See Notes to Financial Statements.
PGIM Absolute Return Bond Fund 39
Schedule of Investments (continued)
as of October 31, 2022
| | | | | | | | | | | | | | | | |
| | | | |
Description | | Interest Rate | | | Maturity Date | | | Principal Amount (000)# | | | Value | |
| | | | |
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued) | | | | | | | | | | | | | | | | |
Oaktown Re VII Ltd., | | | | | | | | | | | | | | | | |
Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | | | 5.897%(c) | | | | 04/25/34 | | | | 1,000 | | | $ | 933,754 | |
PNMAC GMSR Issuer Trust, | | | | | | | | | | | | | | | | |
Series 2018-GT01, Class A, 144A, 1 Month LIBOR + 2.850% (Cap N/A, Floor 2.850%) | | | 6.436(c) | | | | 02/25/23 | | | | 1,650 | | | | 1,628,275 | |
Series 2018-GT02, Class A, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 0.000%) | | | 6.236(c) | | | | 08/25/25 | | | | 3,400 | | | | 3,330,799 | |
Radnor Re Ltd., | | | | | | | | | | | | | | | | |
Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 0.000%) | | | 4.986(c) | | | | 03/25/28 | | | | 92 | | | | 92,239 | |
Series 2018-01, Class M2, 144A, 1 Month LIBOR + 2.700% (Cap N/A, Floor 0.000%) | | | 6.286(c) | | | | 03/25/28 | | | | 1,240 | | | | 1,232,293 | |
Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%) | | | 6.697(c) | | | | 11/25/31 | | | | 1,000 | | | | 939,138 | |
Retiro Mortgage Securities DAC (Spain), | | | | | | | | | | | | | | | | |
Series 01A, Class A1, 144A, 3 Month EURIBOR + 2.000% (Cap 5.000%, Floor 0.000%) | | | 3.578(c) | | | | 07/30/75 | | | EUR | 845 | | | | 822,601 | |
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, | | | | | | | | | | | | | | | | |
Series 2003-37A, Class 3A7 | | | 3.397(cc) | | | | 12/25/33 | | | | 254 | | | | 241,559 | |
| | | | | | | | | | | | | | | | |
| | | | |
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES | | | | | | | | | | | | | | | | |
(cost $30,949,476) | | | | | | | | | | | | | | | 29,094,226 | |
| | | | | | | | | | | | | | | | |
| | | | |
SOVEREIGN BONDS 1.8% | | | | | | | | | | | | | | | | |
1MDB Global Investments Ltd. (Malaysia), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 4.400 | | | | 03/09/23 | | | | 1,000 | | | | 977,500 | |
Bermuda Government International Bond (Bermuda), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(a) | | | 2.375 | | | | 08/20/30 | | | | 685 | | | | 537,211 | |
Brazil Loan Trust 1 (Brazil), | | | | | | | | | | | | | | | | |
Gov’t. Gtd. Notes | | | 5.477 | | | | 07/24/23 | | | | 161 | | | | 159,228 | |
Brazil Minas SPE via State of Minas Gerais (Brazil), | | | | | | | | | | | | | | | | |
Gov’t. Gtd. Notes | | | 5.333 | | | | 02/15/28 | | | | 1,974 | | | | 1,892,943 | |
Dominican Republic International Bond (Dominican Republic), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 5.500 | | | | 02/22/29 | | | | 261 | | | | 226,874 | |
Sr. Unsec’d. Notes, 144A | | | 5.500 | | | | 02/22/29 | | | | 1,915 | | | | 1,664,614 | |
Sr. Unsec’d. Notes, 144A | | | 5.950 | | | | 01/25/27 | | | | 1,570 | | | | 1,461,866 | |
Hellenic Republic Government International Bond (Greece), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 5.200 | | | | 07/17/34 | | | EUR | 5,485 | | | | 5,374,422 | |
See Notes to Financial Statements.
40
| | | | | | | | | | | | | | | | |
| | | | |
Description | | Interest Rate | | | Maturity Date | | | Principal Amount (000)# | | | Value | |
| | | | |
SOVEREIGN BONDS (Continued) | | | | | | | | | | | | | | | | |
Hellenic Republic Government International Bond (Greece), (cont’d.) | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 6.140% | | | | 04/14/28 | | | EUR | 2,000 | | | $ | 2,115,883 | |
Indonesia Government International Bond (Indonesia), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 1.100 | | | | 03/12/33 | | | EUR | 410 | | | | 265,370 | |
Sr. Unsec’d. Notes | | | 1.450 | | | | 09/18/26 | | | EUR | 805 | | | | 696,248 | |
Sr. Unsec’d. Notes | | | 3.375 | | | | 07/30/25 | | | EUR | 2,655 | | | | 2,542,302 | |
Ivory Coast Government International Bond (Ivory Coast), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes(a) | | | 5.125 | | | | 06/15/25 | | | EUR | 500 | | | | 458,085 | |
Sr. Unsec’d. Notes, 144A | | | 5.125 | | | | 06/15/25 | | | EUR | 1,650 | | | | 1,511,680 | |
Serbia International Bond (Serbia), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 1.500 | | | | 06/26/29 | | | EUR | 366 | | | | 253,257 | |
Sr. Unsec’d. Notes | | | 3.125 | | | | 05/15/27 | | | EUR | 1,844 | | | | 1,549,325 | |
Sr. Unsec’d. Notes, 144A | | | 1.500 | | | | 06/26/29 | | | EUR | 1,660 | | | | 1,148,654 | |
Ukraine Government International Bond (Ukraine), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 4.375 | | | | 01/27/32(d) | | | EUR | 1,866 | | | | 276,611 | |
Sr. Unsec’d. Notes | | | 8.994 | | | | 02/01/26(d) | | | | 350 | | | | 64,269 | |
Sr. Unsec’d. Notes, 144A | | | 4.375 | | | | 01/27/32(d) | | | EUR | 1,265 | | | | 187,520 | |
Sr. Unsec’d. Notes, 144A | | | 7.750 | | | | 09/01/24(d) | | | | 1,560 | | | | 384,930 | |
Sr. Unsec’d. Notes, 144A | | | 8.994 | | | | 02/01/26(d) | | | | 800 | | | | 146,900 | |
| | | | | | | | | | | | | | | | |
| | | | |
TOTAL SOVEREIGN BONDS | | | | | | | | | | | | | | | | |
(cost $31,457,992) | | | | | | | | | | | | | | | 23,895,692 | |
| | | | | | | | | | | | | | | | |
| | | | |
U.S. GOVERNMENT AGENCY OBLIGATIONS 6.0% | | | | | | | | | | | | | | | | |
Federal National Mortgage Assoc. | | | 3.500 | | | | TBA(tt) | | | | 6,000 | | | | 5,272,907 | |
Federal National Mortgage Assoc. | | | 3.500 | | | | TBA | | | | 7,000 | | | | 6,148,716 | |
Federal National Mortgage Assoc. | | | 5.000 | | | | TBA(tt) | | | | 18,500 | | | | 17,838,770 | |
Federal National Mortgage Assoc. | | | 5.000 | | | | TBA | | | | 39,000 | | | | 37,561,875 | |
Federal National Mortgage Assoc. | | | 5.500 | | | | TBA | | | | 10,000 | | | | 9,842,524 | |
Government National Mortgage Assoc. | | | 3.500 | | | | TBA | | | | 500 | | | | 447,221 | |
Government National Mortgage Assoc. | | | 3.500 | | | | TBA(tt) | | | | 1,500 | | | | 1,342,367 | |
| | | | | | | | | | | | | | | | |
| | | | |
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS | | | | | | | | | | | | | | | | |
(cost $78,223,574) | | | | | | | | | | | | | | | 78,454,380 | |
| | | | | | | | | | | | | | | | |
| | | | |
U.S. TREASURY OBLIGATIONS 31.8% | | | | | | | | | | | | | | | | |
U.S. Treasury Bonds(h)(k) | | | 1.375 | | | | 11/15/40 | | | | 15,930 | | | | 9,839,264 | |
U.S. Treasury Bonds(h)(k) | | | 2.250 | | | | 05/15/41 | | | | 94,925 | | | | 68,464,656 | |
U.S. Treasury Bonds | | | 2.375 | | | | 02/15/42 | | | | 951 | | | | 694,527 | |
U.S. Treasury Bonds(h)(k) | | | 2.500 | | | | 02/15/45 | | | | 3,505 | | | | 2,521,957 | |
U.S. Treasury Bonds | | | 2.875 | | | | 05/15/52 | | | | 36,330 | | | | 28,212,516 | |
U.S. Treasury Bonds(k) | | | 3.625 | | | | 08/15/43 | | | | 11,120 | | | | 9,858,575 | |
U.S. Treasury Notes | | | 0.375 | | | | 01/31/26 | | | | 110,970 | | | | 97,497,548 | |
See Notes to Financial Statements.
PGIM Absolute Return Bond Fund 41
Schedule of Investments (continued)
as of October 31, 2022
| | | | | | | | | | | | | | | | |
| | | | |
Description | | Interest Rate | | | Maturity Date | | | Principal Amount (000)# | | | Value | |
| | | | |
U.S. TREASURY OBLIGATIONS(Continued) | | | | | | | | | | | | | | | | |
U.S. Treasury Notes | | | 1.375% | | | | 01/31/25 | | | | 20,645 | | | $ | 19,295,011 | |
U.S. Treasury Notes(k) | | | 1.500 | | | | 11/30/28 | | | | 19,740 | | | | 16,854,567 | |
U.S. Treasury Notes(k) | | | 2.250 | | | | 11/15/24 | | | | 60,395 | | | | 57,757,437 | |
U.S. Treasury Notes | | | 2.250 | | | | 11/15/27 | | | | 150 | | | | 136,313 | |
U.S. Treasury Notes | | | 2.375 | | | | 03/31/29 | | | | 24,875 | | | | 22,286,445 | |
U.S. Treasury Notes | | | 3.125 | | | | 08/31/29 | | | | 72,080 | | | | 67,563,738 | |
U.S. Treasury Strips Coupon | | | 2.415(s) | | | | 11/15/40 | | | | 1,035 | | | | 458,756 | |
U.S. Treasury Strips Coupon | | | 3.019(s) | | | | 11/15/35 | | | | 870 | | | | 491,550 | |
U.S. Treasury Strips Coupon | | | 3.507(s) | | | | 11/15/41 | | | | 24,000 | | | | 10,066,875 | |
U.S. Treasury Strips Coupon | | | 3.575(s) | | | | 08/15/41 | | | | 165 | | | | 70,654 | |
| | | | | | | | | | | | | | | | |
| | | | |
TOTAL U.S. TREASURY OBLIGATIONS | | | | | | | | | | | | | | | | |
(cost $456,294,042) | | | | | | | | | | | | | | | 412,070,389 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | Shares | | | | | |
| | | | |
COMMON STOCKS 0.3% | | | | | | | | | | | | | | | | |
| | | | |
Gas Utilities 0.1% | | | | | | | | | | | | | | | | |
| | | | |
Ferrellgas Partners LP (Class B Stock) (original cost $1,794,337; | | | | | | | | | | | | | | | | |
purchased 10/25/19)^(f) | | | | | | | | | | | 6,534 | | | | 1,362,600 | |
| | | | |
Hotels, Restaurants & Leisure 0.0% | | | | | | | | | | | | | | | | |
| | | | |
Codere New Topco SA (Spain) (original cost $0; purchased 11/19/21)^(f) | | | | | | | | | | | 29,207 | | | | — | |
| | | | |
Oil, Gas & Consumable Fuels 0.2% | | | | | | | | | | | | | | | | |
| | | | |
Chesapeake Energy Corp. | | | | | | | | | | | 16,760 | | | | 1,714,045 | |
| | | | |
Chesapeake Energy Corp. Backstop Commitment | | | | | | | | | | | 1,449 | | | | 148,190 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 1,862,235 | |
| | | | |
Wireless Telecommunication Services 0.0% | | | | | | | | | | | | | | | | |
| | | | |
Intelsat Emergence SA (Luxembourg)* | | | | | | | | | | | 19,659 | | | | 522,929 | |
| | | | | | | | | | | | | | | | |
| | | | |
TOTAL COMMON STOCKS | | | | | | | | | | | | | | | | |
(cost $1,964,040) | | | | | | | | | | | | | | | 3,747,764 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | Units | | | | | |
| | | | |
RIGHTS* 0.0% | | | | | | | | | | | | | | | | |
| | | | |
Wireless Telecommunication Services | | | | | | | | | | | | | | | | |
| | | | |
Intelsat Jackson Holdings SA, Series A (Luxembourg), CVR, expiring 12/05/25^ | | | | | | | | | | | 2,057 | | | | 19,605 | |
See Notes to Financial Statements.
42
| | | | | | | | |
| | |
Description | | Units | | | Value | |
| | |
RIGHTS* (Continued) | | | | | | | | |
| | |
Wireless Telecommunication Services (cont’d.) | | | | | | | | |
| | |
Intelsat Jackson Holdings SA, Series B (Luxembourg), CVR, expiring 12/05/25^ | | | 2,057 | | | $ | 4,072 | |
| | | | | | | | |
| | |
TOTAL RIGHTS | | | | | | | | |
(cost $0) | | | | | | | 23,677 | |
| | | | | | | | |
| | |
WARRANTS* 0.0% | | | | | | | | |
| | |
Chemicals | | | | | | | | |
| | |
TPC Group, Inc., expiring 08/01/24^ | | | | | | | | |
(cost $0) | | | 1,190,967 | | | | 119 | |
| | | | | | | | |
| | |
TOTAL LONG-TERM INVESTMENTS | | | | | | | | |
(cost $1,351,485,858) | | | | | | | 1,211,364,900 | |
| | | | | | | | |
| | |
| | Shares | | | | |
| | |
SHORT-TERM INVESTMENTS 14.5% | | | | | | | | |
| | |
AFFILIATED MUTUAL FUNDS 10.3% | | | | | | | | |
| | |
PGIM Core Short-Term Bond Fund(wc) | | | 12,040,788 | | | | 109,571,168 | |
| | |
PGIM Institutional Money Market Fund | | | | | | | | |
(cost $24,327,130; includes $24,264,779 of cash collateral for securities on loan)(b)(wc) | | | 24,358,169 | | | | 24,336,247 | |
| | | | | | | | |
| | |
TOTAL AFFILIATED MUTUAL FUNDS | | | | | | | | |
(cost $133,996,372) | | | | | | | 133,907,415 | |
| | | | | | | | |
| | |
UNAFFILIATED FUND 3.6% | | | | | | | | |
| | |
Dreyfus Government Cash Management (Institutional Shares) | | | | | | | | |
(cost $46,674,293) | | | 46,674,293 | | | | 46,674,293 | |
| | | | | | | | |
| | |
OPTIONS PURCHASED*~ 0.6% | | | | | | | | |
(cost $1,790,157) | | | | | | | 7,385,358 | |
| | | | | | | | |
| | |
TOTAL SHORT-TERM INVESTMENTS | | | | | | | | |
(cost $182,460,822) | | | | | | | 187,967,066 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 107.9% | | | | | | | | |
(cost $1,533,946,680) | | | | | | | 1,399,331,966 | |
| | | | | | | | |
See Notes to Financial Statements.
PGIM Absolute Return Bond Fund 43
Schedule of Investments (continued)
as of October 31, 2022
| | | | | | | | |
| | |
Description | | | | | Value | |
| | |
OPTIONS WRITTEN*~ (0.6)% | | | | | | | | |
(premiums received $1,861,279) | | | | | | $ | (7,272,841 | ) |
| | | | | | | | |
| | |
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 107.3% | | | | | | | | |
(cost $1,532,085,401) | | | | | | | 1,392,059,125 | |
| | |
Liabilities in excess of other assets(z) (7.3)% | | | | | | | (95,073,015 | ) |
| | | | | | | | |
| | |
NET ASSETS 100.0% | | | | | | $ | 1,296,986,110 | |
| | | | | | | | |
Below is a list of the abbreviation(s) used in the annual report:
AUD—Australian Dollar
BRL—Brazilian Real
CAD—Canadian Dollar
CHF—Swiss Franc
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
PEN—Peruvian Nuevo Sol
PHP—Philippine Peso
PLN—Polish Zloty
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
BARC—Barclays Bank PLC
BNP—BNP Paribas S.A.
BOA—Bank of America, N.A.
CDX—Credit Derivative Index
CIGM—Citigroup Global Markets, Inc.
CITI—Citibank, N.A.
CLO—Collateralized Loan Obligation
CMBX—Commercial Mortgage-Backed Index
CME—Chicago Mercantile Exchange
See Notes to Financial Statements.
44
CSI—Credit Suisse International
CVR—Contingent Value Rights
DB—Deutsche Bank AG
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
GSI—Goldman Sachs International
HSBC—HSBC Bank PLC
IO—Interest Only (Principal amount represents notional)
JPM—JPMorgan Chase Bank N.A.
LIBOR—London Interbank Offered Rate
LP—Limited Partnership
M—Monthly payment frequency for swaps
MASTR—Morgan Stanley Structured Asset Security
MSI—Morgan Stanley & Co International PLC
MTN—Medium Term Note
OTC—Over-the-counter
PIK—Payment-in-Kind
PJSC—Public Joint-Stock Company
Q—Quarterly payment frequency for swaps
REITs—Real Estate Investment Trust
REMIC—Real Estate Mortgage Investment Conduit
S—Semiannual payment frequency for swaps
SCB—Standard Chartered Bank
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
TBA—To Be Announced
TD—The Toronto-Dominion Bank
UAG—UBS AG
USOIS—United States Overnight Index Swap
* | 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. Excludes centrally cleared swaptions. |
^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $10,035,703 and 0.8% 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 $23,516,253; cash collateral of $24,264,779 (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, 2022. |
(cc) | Variable rate instrument. The rate shown is based on the latest available information as of October 31, 2022. 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. |
See Notes to Financial Statements.
PGIM Absolute Return Bond Fund 45
Schedule of Investments (continued)
as of October 31, 2022
(f) | Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the aggregate original cost of such securities is $11,654,255. The aggregate value of $8,865,838 is 0.7% of net assets. |
(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. |
(r) | Principal or notional amount is less than $500 par. |
(s) | Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date. |
(tt) | All or partial principal amount represents “TBA” mortgage dollar rolls. The aggregate mortgage dollar roll principal amount of 26,000,000 is 2.0% of net assets. |
(wc) | PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Short-Term Bond Fund, PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund, if applicable. |
(z) | Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments: |
Options Purchased:
OTC Traded
| | | | | | | | | | | | | | | | | | |
Description | | Call/ Put | | Counterparty | | Expiration Date | | Strike | | Contracts | | Notional Amount (000)# | | | Value | |
| | | | | | | |
Currency Option USD vs JPY | | Call | | BARC | | 10/27/23 | | 115.00 | | — | | | 39,000 | | | $ | 7,015,589 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | |
(cost $493,823) | | | | | | | | | | | | | | | | | | |
OTC Swaptions
| | | | | | | | | | | | | | | | | | | | | | | | |
Description | | Call/ Put | | Counterparty | | Expiration Date | | Strike | | Receive | | | Pay | | | Notional Amount (000)# | | | Value | |
CDX.NA.IG.38.V1, 06/20/27 | | Call | | BOA | | 11/16/22 | | 0.35% | | | 1.00%(Q) | | |
| CDX.NA.IG.38. V1(Q) | | | | 46,390 | | | $ | 114 | |
CDX.NA.IG.38.V1, 06/20/27 | | Call | | CITI | | 11/16/22 | | 0.35% | | | 1.00%(Q) | | |
| CDX.NA.IG.38. V1(Q) | | | | 46,410 | | | | 114 | |
CDX.NA.IG.38.V1, 06/20/27 | | Call | | GSI | | 11/16/22 | | 0.35% | | | 1.00%(Q) | | |
| CDX.NA.IG.38. V1(Q) | | | | 46,390 | | | | 114 | |
CDX.NA.IG.38.V1, 06/20/27 | | Call | | MSI | | 11/16/22 | | 0.35% | | | 1.00%(Q) | | |
| CDX.NA.IG.38. V1(Q) | | | | 64,380 | | | | 158 | |
CDX.NA.IG.38.V1, 06/20/27 | | Call | | MSI | | 11/16/22 | | 0.35% | | | 1.00%(Q) | | |
| CDX.NA.IG.38. V1(Q) | | | | 64,380 | | | | 159 | |
CDX.NA.HY.38.V2, 06/20/27 | | Put | | DB | | 11/16/22 | | $100.50 | |
| CDX.NA.HY.38. V2(Q) | | | | 5.00%(Q) | | | | 15,200 | | | | 126,034 | |
CDX.NA.IG.38.V1, 06/20/27 | | Put | | MSI | | 11/16/22 | | 0.85% | |
| CDX.NA.IG.38. V1(Q) | | | | 1.00%(Q) | | | | 64,380 | | | | 86,348 | |
CDX.NA.IG.38.V1, 06/20/27 | | Put | | MSI | | 11/16/22 | | 0.88% | |
| CDX.NA.IG.38. V1(Q) | | | | 1.00%(Q) | | | | 64,380 | | | | 65,834 | |
CDX.NA.IG.38.V1, 06/20/27 | | Put | | BOA | | 11/16/22 | | 0.90% | |
| CDX.NA.IG.38. V1(Q) | | | | 1.00%(Q) | | | | 46,390 | | | | 36,054 | |
See Notes to Financial Statements.
46
| | | | | | | | | | | | | | | | | | | | | | | | |
OTC Swaptions | | | | | | | | | | | | | | | | | | | | |
Description | | Call/ Put | | Counterparty | | Expiration Date | | Strike | | | Receive | | | Pay | | | Notional Amount (000)# | | Value | |
CDX.NA.IG.38.V1, 06/20/27 | | Put | | CITI | | 11/16/22 | | | 0.93% | | |
| CDX.NA.IG.38. V1(Q) | | | | 1.00%(Q) | | | 46,410 | | $ | 27,426 | |
CDX.NA.IG.38.V1, 06/20/27 | | Put | | GSI | | 11/16/22 | | | 0.93% | | |
| CDX.NA.IG.38. V1(Q) | | | | 1.00%(Q) | | | 46,390 | | | 27,414 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | |
Total OTC Swaptions (cost $1,296,334) | | | | | | | | | | | | | $ | 369,769 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | |
Total Options Purchased (cost $1,790,157) | | | | | | | | | | | | | $ | 7,385,358 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Options Written:
OTC Traded
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Description | | Call/ Put | | | Counterparty | | | Expiration Date | | | Strike | | | Contracts | | | Notional Amount (000)# | | | Value | |
| | | | | | | |
Currency Option USD vs JPY | | | Call | | | | BOA | | | | 10/27/23 | | | | 115.00 | | | | — | | | | 39,000 | | | $ | (7,015,590) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(premiums received $539,994) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
OTC Swaptions
| | | | | | | | | | | | | | | | | | | | | | | | |
Description | | Call/ Put | | Counterparty | | Expiration Date | | Strike | | | Receive | | | Pay | | | Notional Amount (000)# | | Value | |
CDX.NA.HY.38.V2, 06/20/27 | | Call | | DB | | 11/16/22 | | $ | 102.00 | | |
| CDX.NA.HY.38. V2(Q) | | | | 5.00%(Q) | | | 15,200 | | $ | (39,378 | ) |
CDX.NA.IG.38.V1, 06/20/27 | | Call | | MSI | | 11/16/22 | | | 0.75% | | |
| CDX.NA.IG.38. V1(Q) | | | | 1.00%(Q) | | | 64,380 | | | (27,638 | ) |
CDX.NA.IG.38.V1, 06/20/27 | | Call | | MSI | | 11/16/22 | | | 0.75% | | |
| CDX.NA.IG.38. V1(Q) | | | | 1.00%(Q) | | | 64,380 | | | (27,638 | ) |
CDX.NA.IG.38.V1, 06/20/27 | | Call | | BOA | | 11/16/22 | | | 0.78% | | |
| CDX.NA.IG.38. V1(Q) | | | | 1.00%(Q) | | | 46,390 | | | (33,715 | ) |
CDX.NA.IG.38.V1, 06/20/27 | | Call | | GSI | | 11/16/22 | | | 0.78% | | |
| CDX.NA.IG.38. V1(Q) | | | | 1.00%(Q) | | | 46,390 | | | (33,715 | ) |
CDX.NA.IG.38.V1, 06/20/27 | | Call | | CITI | | 11/16/22 | | | 0.80% | | |
| CDX.NA.IG.38. V1(Q) | | | | 1.00%(Q) | | | 46,410 | | | (52,636 | ) |
CDX.NA.HY.38.V2, 06/20/27 | | Put | | DB | | 11/16/22 | | | $96.00 | | | | 5.00%(Q) | | |
| CDX.NA.HY.38. V2(Q) | | | 15,200 | | | (16,634 | ) |
CDX.NA.IG.38.V1, 06/20/27 | | Put | | MSI | | 11/16/22 | | | 1.15% | | | | 1.00%(Q) | | |
| CDX.NA.IG.38. V1(Q) | | | 64,380 | | | (5,822 | ) |
CDX.NA.IG.38.V1, 06/20/27 | | Put | | MSI | | 11/16/22 | | | 1.20% | | | | 1.00%(Q) | | |
| CDX.NA.IG.38. V1(Q) | | | 64,380 | | | (4,741 | ) |
CDX.NA.IG.38.V1, 06/20/27 | | Put | | BOA | | 11/16/22 | | | 1.23% | | | | 1.00%(Q) | | |
| CDX.NA.IG.38. V1(Q) | | | 46,390 | | | (3,151 | ) |
CDX.NA.IG.38.V1, 06/20/27 | | Put | | GSI | | 11/16/22 | | | 1.25% | | | | 1.00%(Q) | | |
| CDX.NA.IG.38. V1(Q) | | | 46,390 | | | (2,940 | ) |
CDX.NA.IG.38.V1, 06/20/27 | | Put | | CITI | | 11/16/22 | | | 1.28% | | | | 1.00%(Q) | | |
| CDX.NA.IG.38. V1(Q) | | | 46,410 | | | (2,770 | ) |
See Notes to Financial Statements.
PGIM Absolute Return Bond Fund 47
Schedule of Investments (continued)
as of October 31, 2022
Options Written (continued):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
OTC Swaptions | | | | | | | | | | | | | | | | | | | | | |
Description | | Call/ Put | | Counterparty | | Expiration Date | | Strike | | | Receive | | | Pay | | | Notional Amount (000)# | | | Value | |
CDX.NA.IG.38.V1, 06/20/27 | | Put | | GSI | | 01/18/23 | | | 3.00% | | | | 1.00%(Q) | | |
| CDX.NA.IG.38. V1(Q) | | | | 46,610 | | | $ | (3,661) | |
CDX.NA.IG.39.V1, 12/20/27 | | Put | | BNP | | 11/16/22 | | | 1.38% | | | | 1.00%(Q) | | |
| CDX.NA.IG.39. V1(Q) | | | | 29,690 | | | | (2,333) | |
GS_21-PJA†† ^ | | Put | | GSI | | 06/17/24 | | | 0.25% | | | | 0.25%(M) | | | | GS_21-PJA(M) | | | | 16,440 | | | | (314) | |
GS_21-PJA^ | | Put | | GSI | | 11/15/24 | | | 0.50% | | | | 0.50%(S) | | | | GS_21-PJA(Q) | | | | 8,530 | | | | (165) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | |
Total OTC Swaptions (premiums received $1,321,285) | | | | | | | | | | | | | | | $ | (257,251 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | |
Total Options Written (premiums received $1,861,279) | | | | | | | | | | | | | | | $ | (7,272,841 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
†† | The value of the contract, GS_21-PJA is derived from the aggregate credit performance of a pool of senior prime jumbo mortgages. The pool of prime jumbo mortgages is reset monthly |
Options Purchased:
Centrally Cleared Swaptions
| | | | | | | | | | | | | | | | | | | | | | | | |
Description | | Call/ Put | | Expiration Date | | Strike | | Receive | | | Pay | | | Notional Amount (000)# | | Value at October 31, 2022 | | | Unrealized Appreciation (Depreciation) | |
CDX.NA.HY.39.V1, 12/20/27 | | Put | | 11/16/22 | | $85.00 | |
| CDX.NA.HY.39. V1(Q) | | | | 5.00%(Q) | | | 2,650 | | | 1,021 | | | | $ (6,515) | |
CDX.NA.IG.38.V1, 06/20/27 | | Put | | 12/21/22 | | 0.93% | |
| CDX.NA.IG.38. V1(Q) | | | | 1.00%(Q) | | | 64,040 | | | 128,433 | | | | (147,523) | |
CDX.NA.IG.39.V1, 12/20/27 | | Put | | 12/21/22 | | 1.00% | |
| CDX.NA.IG.39. V1(Q) | | | | 1.00%(Q) | | | 61,585 | | | 151,337 | | | | (101,161) | |
CDX.NA.IG.39.V1, 12/20/27 | | Put | | 12/21/22 | | 1.03% | |
| CDX.NA.IG.39. V1(Q) | | | | 1.00%(Q) | | | 53,000 | | | 115,648 | | | | (102,712) | |
CDX.NA.IG.39.V1, 12/20/27 | | Put | | 12/21/22 | | 1.05% | |
| CDX.NA.IG.39. V1(Q) | | | | 1.00%(Q) | | | 61,585 | | | 119,539 | | | | (89,850) | |
CDX.NA.IG.39.V1, 12/20/27 | | Put | | 01/18/23 | | 1.00% | |
| CDX.NA.IG.39. V1(Q) | | | | 1.00%(Q) | | | 65,320 | | | 227,758 | | | | (89,697) | |
CDX.NA.IG.39.V1, 12/20/27 | | Put | | 01/18/23 | | 1.03% | |
| CDX.NA.IG.39. V1(Q) | | | | 1.00%(Q) | | | 53,000 | | | 169,028 | | | | (90,672) | |
CDX.NA.IG.39.V1, 12/20/27 | | Put | | 01/18/23 | | 1.08% | |
| CDX.NA.IG.39. V1(Q) | | | | 1.00%(Q) | | | 48,190 | | | 129,121 | | | | (153,280) | |
CDX.NA.IG.39.V1, 12/20/27 | | Put | | 01/18/23 | | 1.10% | |
| CDX.NA.IG.39. V1(Q) | | | | 1.00%(Q) | | | 48,190 | | | 118,620 | | | | (151,244) | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Centrally Cleared Swaptions (cost $2,093,159) | | | | | | | | | | | | | $1,160,505 | | | | $(932,654) | |
| | | | | | | | | | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
48
Options Written:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Centrally Cleared Swaptions | | | | | | | | | | | | | | | | | | | | | |
Description | | Call/ Put | | Expiration Date | | Strike | | Receive | | | Pay | | | Notional Amount (000)# | | | Value at October 31, 2022 | | | Unrealized Appreciation (Depreciation) | |
CDX.NA.IG.38.V1, 06/20/27 | | Call | | 12/21/22 | | 0.83% | |
| CDX.NA.IG.38. V1(Q) | | | | 1.00%(Q) | | | | 64,040 | | | | (157,399) | | | $ | (17,095 | ) |
CDX.NA.IG.39.V1, 12/20/27 | | Call | | 12/21/22 | | 0.90% | |
| CDX.NA.IG.39. V1(Q) | | | | 1.00%(Q) | | | | 61,585 | | | | (164,320) | | | | (52,851 | ) |
CDX.NA.IG.39.V1, 12/20/27 | | Call | | 12/21/22 | | 0.93% | |
| CDX.NA.IG.39. V1(Q) | | | | 1.00%(Q) | | | | 114,585 | | | | (376,630) | | | | (108,945 | ) |
CDX.NA.IG.39.V1, 12/20/27 | | Call | | 01/18/23 | | 0.90% | |
| CDX.NA.IG.39. V1(Q) | | | | 1.00%(Q) | | | | 53,000 | | | | (160,717) | | | | (49,417 | ) |
CDX.NA.IG.39.V1, 12/20/27 | | Call | | 01/18/23 | | 0.93% | |
| CDX.NA.IG.39. V1(Q) | | | | 1.00%(Q) | | | | 65,320 | | | | (237,751) | | | | (54,855 | ) |
CDX.NA.IG.39.V1, 12/20/27 | | Call | | 01/18/23 | | 0.95% | |
| CDX.NA.IG.39. V1(Q) | | | | 1.00%(Q) | | | | 96,380 | | | | (413,494) | | | | (163,395 | ) |
CDX.NA.HY.38.V2, 06/20/27 | | Put | | 12/21/22 | | $91.00 | | | 5.00%(Q) | | |
| CDX.NA.HY.38. V2(Q) | | | | 11,980 | | | | (27,404) | | | | 132,517 | |
CDX.NA.HY.39.V1, 12/20/27 | | Put | | 01/18/23 | | $90.00 | | | 5.00%(Q) | | |
| CDX.NA.HY.39. V1(Q) | | | | 5,300 | | | | (26,314) | | | | 69,484 | |
CDX.NA.IG.38.V1, 06/20/27 | | Put | | 12/21/22 | | 1.20% | | | 1.00%(Q) | | |
| CDX.NA.IG.38. V1(Q) | | | | 64,040 | | | | (37,967) | | | | 89,529 | |
CDX.NA.IG.39.V1, 12/20/27 | | Put | | 12/21/22 | | 1.25% | | | 1.00%(Q) | | |
| CDX.NA.IG.39. V1(Q) | | | | 61,585 | | | | (50,936) | | | | 52,835 | |
CDX.NA.IG.39.V1, 12/20/27 | | Put | | 12/21/22 | | 1.28% | | | 1.00%(Q) | | |
| CDX.NA.IG.39. V1(Q) | | | | 53,000 | | | | (39,852) | | | | 50,778 | |
CDX.NA.IG.39.V1, 12/20/27 | | Put | | 12/21/22 | | 1.30% | | | 1.00%(Q) | | |
| CDX.NA.IG.39. V1(Q) | | | | 61,585 | | | | (42,205) | | | | 50,172 | |
CDX.NA.IG.39.V1, 12/20/27 | | Put | | 12/21/22 | | 1.50% | | | 1.00%(Q) | | |
| CDX.NA.IG.39. V1(Q) | | | | 59,380 | | | | (21,167) | | | | 146,916 | |
CDX.NA.IG.39.V1, 12/20/27 | | Put | | 01/18/23 | | 1.30% | | | 1.00%(Q) | | |
| CDX.NA.IG.39. V1(Q) | | | | 53,000 | | | | (69,740) | | | | 54,810 | |
CDX.NA.IG.39.V1, 12/20/27 | | Put | | 01/18/23 | | 1.33% | | | 1.00%(Q) | | |
| CDX.NA.IG.39. V1(Q) | | | | 65,320 | | | | (79,989) | | | | 47,385 | |
CDX.NA.IG.39.V1, 12/20/27 | | Put | | 01/18/23 | | 1.35% | | | 1.00%(Q) | | |
| CDX.NA.IG.39. V1(Q) | | | | 48,190 | | | | (54,988) | | | | 91,502 | |
CDX.NA.IG.39.V1, 12/20/27 | | Put | | 01/18/23 | | 1.40% | | | 1.00%(Q) | | |
| CDX.NA.IG.39. V1(Q) | | | | 48,190 | | | | (47,930) | | | | 74,954 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | |
Total Centrally Cleared Swaptions (premiums received $2,423,127) | | | | | | | | | | | $ | (2,008,803) | | | $ | 414,324 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures contracts outstanding at October 31, 2022:
| | | | | | | | | | | | | | | | |
Number of Contracts | | | Type | | Expiration Date | | | Current Notional Amount | | | Value / Unrealized Appreciation (Depreciation) | |
| | | |
| Short Positions: | | | | | | | | | | | | |
| 228 | | | 2 Year U.S. Treasury Notes | | | Dec. 2022 | | | $ | 46,599,281 | | | $ | 424,232 | |
See Notes to Financial Statements.
PGIM Absolute Return Bond Fund 49
Schedule of Investments (continued)
as of October 31, 2022
Futures contracts outstanding at October 31, 2022 (continued):
| | | | | | | | | | | | | | | | | | | | |
Number of Contracts | | | Type | | Expiration Date | | | Current Notional Amount | | | | | | Value / Unrealized Appreciation (Depreciation) | |
| | | | |
| Short Positions (cont’d): | | | | | | | | | | | | | | | | |
| 145 | | | 5 Year Euro-Bobl | | | Dec. 2022 | | | $ | 17,148,262 | | | | | | | $ | 459,520 | |
| 1,707 | | | 5 Year U.S.Treasury Notes | | | Dec. 2022 | | | | 181,955,531 | | | | | | | | 7,550,657 | |
| 130 | | | 10 Year Euro-Bund | | | Dec. 2022 | | | | 17,785,733 | | | | | | | | 914,267 | |
| 1,529 | | | 10 Year U.S. Treasury Notes | | | Dec. 2022 | | | | 169,097,844 | | | | | | | | 1,964,084 | |
| 242 | | | 10 Year U.S. Ultra Treasury Notes | | | Dec. 2022 | | | | 28,068,220 | | | | | | | | 2,449,717 | |
| 1,483 | | | 20 Year U.S. Treasury Bonds | | | Dec. 2022 | | | | 178,701,500 | | | | | | | | 21,150,614 | |
| 48 | | | 30 Year U.S. Ultra Treasury Bonds | | | Dec. 2022 | | | | 6,127,500 | | | | | | | | 881,149 | |
| 59 | | | Euro Schatz Index | | | Dec. 2022 | | | | 6,235,032 | | | | | | | | 69,083 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | 35,863,323 | |
| | | | | | | | | | | | | | | | | | | | |
Forward foreign currency exchange contracts outstanding at October 31, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
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 01/19/23 | | BNP | | | AUD | | | | 1,242 | | | $ | 797,000 | | | $ | 796,794 | | | $ | — | | | $ | (206 | ) |
Expiring 01/19/23 | | JPM | | | AUD | | | | 1,252 | | | | 799,000 | | | | 802,764 | | | | 3,764 | | | | — | |
Expiring 01/19/23 | | MSI | | | AUD | | | | 2,537 | | | | 1,603,283 | | | | 1,627,246 | | | | 23,963 | | | | — | |
Expiring 10/31/23 | | JPM | | | AUD | | | | 3,180 | | | | 2,208,097 | | | | 2,054,376 | | | | — | | | | (153,721 | ) |
Brazilian Real, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 11/03/22 | | CITI | | | BRL | | | | 4,317 | | | | 814,000 | | | | 835,141 | | | | 21,141 | | | | — | |
Expiring 11/03/22 | | GSI | | | BRL | | | | 7,351 | | | | 1,384,000 | | | | 1,421,967 | | | | 37,967 | | | | — | |
Expiring 11/03/22 | | GSI | | | BRL | | | | 3,777 | | | | 724,533 | | | | 730,575 | | | | 6,042 | | | | — | |
Expiring 12/02/22 | | CITI | | | BRL | | | | 13,544 | | | | 2,513,775 | | | | 2,603,214 | | | | 89,439 | | | | — | |
Canadian Dollar, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 01/19/23 | | HSBC | | | CAD | | | | 3,363 | | | | 2,436,549 | | | | 2,471,001 | | | | 34,452 | | | | — | |
Chilean Peso, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/21/22 | | BARC | | | CLP | | | | 907,180 | | | | 930,453 | | | | 953,086 | | | | 22,633 | | | | — | |
Expiring 12/21/22 | | BARC | | | CLP | | | | 665,889 | | | | 676,547 | | | | 699,584 | | | | 23,037 | | | | — | |
Chinese Renminbi, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 11/23/22 | | BOA | | | CNH | | | | 26,490 | | | | 3,837,000 | | | | 3,615,563 | | | | — | | | | (221,437 | ) |
Expiring 11/23/22 | | BOA | | | CNH | | | | 24,961 | | | | 3,620,000 | | | | 3,406,862 | | | | — | | | | (213,138 | ) |
Expiring 11/23/22 | | BOA | | | CNH | | | | 22,740 | | | | 3,110,000 | | | | 3,103,704 | | | | — | | | | (6,296 | ) |
Expiring 11/23/22 | | CITI | | | CNH | | | | 23,230 | | | | 3,208,000 | | | | 3,170,638 | | | | — | | | | (37,362 | ) |
Expiring 11/23/22 | | GSI | | | CNH | | | | 23,474 | | | | 3,280,000 | | | | 3,203,932 | | | | — | | | | (76,068 | ) |
Expiring 11/23/22 | | GSI | | | CNH | | | | 20,218 | | | | 2,866,000 | | | | 2,759,487 | | | | — | | | | (106,513 | ) |
Expiring 11/23/22 | | HSBC | | | CNH | | | | 25,846 | | | | 3,626,000 | | | | 3,527,579 | | | | — | | | | (98,421 | ) |
Expiring 11/23/22 | | HSBC | | | CNH | | | | 19,807 | | | | 2,871,000 | | | | 2,703,337 | | | | — | | | | (167,663 | ) |
Expiring 11/23/22 | | JPM | | | CNH | | | | 26,261 | | | | 3,771,000 | | | | 3,584,217 | | | | — | | | | (186,783 | ) |
Expiring 11/23/22 | | JPM | | | CNH | | | | 25,473 | | | | 3,658,000 | | | | 3,476,740 | | | | — | | | | (181,260 | ) |
See Notes to Financial Statements.
50
Forward foreign currency exchange contracts outstanding at October 31, 2022 (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.): | |
Chinese Renminbi (cont’d.), | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 11/23/22 | | JPM | | | CNH | | | | 5,568 | | | $ | 800,600 | | | $ | 759,916 | | | $ | — | | | $ | (40,684 | ) |
Colombian Peso, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/21/22 | | BARC | | | COP | | | | 2,140,438 | | | | 470,344 | | | | 429,532 | | | | — | | | | (40,812 | ) |
Expiring 12/21/22 | | BNP | | | COP | | | | 1,849,412 | | | | 401,000 | | | | 371,130 | | | | — | | | | (29,870 | ) |
Expiring 12/21/22 | | CITI | | | COP | | | | 7,624,344 | | | | 1,570,000 | | | | 1,530,013 | | | | — | | | | (39,987 | ) |
Expiring 12/21/22 | | MSI | | | COP | | | | 7,121,656 | | | | 1,446,999 | | | | 1,429,137 | | | | — | | | | (17,862 | ) |
Expiring 12/21/22 | | UAG | | | COP | | | | 14,576,994 | | | | 2,989,000 | | | | 2,925,235 | | | | — | | | | (63,765 | ) |
Euro, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 01/19/23 | | MSI | | | EUR | | | | 2,009 | | | | 2,011,665 | | | | 1,998,355 | | | | — | | | | (13,310 | ) |
Expiring 01/19/23 | | MSI | | | EUR | | | | 1,425 | | | | 1,441,107 | | | | 1,417,703 | | | | — | | | | (23,404 | ) |
Hungarian Forint, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/21/22 | | MSI | | | HUF | | | | 1,871,083 | | | | 4,316,223 | | | | 4,449,779 | | | | 133,556 | | | | — | |
Expiring 01/19/23 | | BARC | | | HUF | | | | 512,183 | | | | 1,180,800 | | | | 1,207,526 | | | | 26,726 | | | | — | |
Expiring 01/19/23 | | GSI | | | HUF | | | | 578,296 | | | | 1,344,000 | | | | 1,363,396 | | | | 19,396 | | | | — | |
Expiring 01/19/23 | | MSI | | | HUF | | | | 3,338,315 | | | | 7,600,779 | | | | 7,870,438 | | | | 269,659 | | | | — | |
Expiring 01/19/23 | | MSI | | | HUF | | | | 2,674,584 | | | | 5,856,326 | | | | 6,305,620 | | | | 449,294 | | | | — | |
Indian Rupee, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/21/22 | | MSI | | | INR | | | | 262,619 | | | | 3,191,000 | | | | 3,152,926 | | | | — | | | | (38,074 | ) |
Expiring 12/21/22 | | TD | | | INR | | | | 441,157 | | | | 5,525,169 | | | | 5,296,396 | | | | — | | | | (228,773 | ) |
Indonesian Rupiah, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/21/22 | | BOA | | | IDR | | | | 38,053,740 | | | | 2,495,000 | | | | 2,431,093 | | | | — | | | | (63,907 | ) |
Expiring 12/21/22 | | HSBC | | | IDR | | | | 68,342,430 | | | | 4,485,000 | | | | 4,366,109 | | | | — | | | | (118,891 | ) |
Expiring 12/21/22 | | HSBC | | | IDR | | | | 46,049,887 | | | | 3,029,000 | | | | 2,941,933 | | | | — | | | | (87,067 | ) |
Expiring 12/21/22 | | JPM | | | IDR | | | | 50,612,619 | | | | 3,266,911 | | | | 3,233,427 | | | | — | | | | (33,484 | ) |
Expiring 12/21/22 | | SCB | | | IDR | | | | 59,476,166 | | | | 3,865,000 | | | | 3,799,681 | | | | — | | | | (65,319 | ) |
Expiring 12/21/22 | | SCB | | | IDR | | | | 37,548,781 | | | | 2,461,000 | | | | 2,398,833 | | | | — | | | | (62,167 | ) |
Israeli Shekel, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/21/22 | | BARC | | | ILS | | | | 13,103 | | | | 3,756,000 | | | | 3,724,233 | | | | — | | | | (31,767 | ) |
Expiring 12/21/22 | | CITI | | | ILS | | | | 6,072 | | | | 1,733,581 | | | | 1,725,817 | | | | — | | | | (7,764 | ) |
Japanese Yen, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 10/31/23 | | BARC | | | JPY | | | | 487,838 | | | | 5,118,000 | | | | 3,459,075 | | | | — | | | | (1,658,925 | ) |
Expiring 10/31/23 | | DB | | | JPY | | | | 498,249 | | | | 5,220,000 | | | | 3,532,899 | | | | — | | | | (1,687,101 | ) |
Expiring 10/31/23 | | GSI | | | JPY | | | | 874,045 | | | | 8,971,000 | | | | 6,197,526 | | | | — | | | | (2,773,474 | ) |
Expiring 10/31/23 | | MSI | | | JPY | | | | 855,296 | | | | 8,262,958 | | | | 6,064,587 | | | | — | | | | (2,198,371 | ) |
Mexican Peso, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 04/28/23 | | JPM | | | MXN | | | | 72,679 | | | | 3,006,698 | | | | 3,547,618 | | | | 540,920 | | | | — | |
Expiring 04/28/23 | | MSI | | | MXN | | | | 231,058 | | | | 9,739,000 | | | | 11,278,363 | | | | 1,539,363 | | | | — | |
New Taiwanese Dollar, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/21/22 | | BOA | | | TWD | | | | 132,131 | | | | 4,183,000 | | | | 4,099,338 | | | | — | | | | (83,662 | ) |
Expiring 12/21/22 | | JPM | | | TWD | | | | 147,511 | | | | 4,655,000 | | | | 4,576,513 | | | | — | | | | (78,487 | ) |
Expiring 12/21/22 | | MSI | | | TWD | | | | 107,927 | | | | 3,449,000 | | | | 3,348,420 | | | | — | | | | (100,580 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
PGIM Absolute Return Bond Fund 51
Schedule of Investments (continued)
as of October 31, 2022
Forward foreign currency exchange contracts outstanding at October 31, 2022 (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.): | |
Peruvian Nuevo Sol, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/21/22 | | BARC | | | PEN | | | | 4,768 | | | $ | 1,196,470 | | | $ | 1,189,739 | | | $ | — | | | $ | (6,731 | ) |
Expiring 12/21/22 | | BARC | | | PEN | | | | 1,772 | | | | 442,530 | | | | 442,091 | | | | — | | | | (439 | ) |
Expiring 12/21/22 | | BNP | | | PEN | | | | 6,665 | | | | 1,693,693 | | | | 1,663,105 | | | | — | | | | (30,588 | ) |
Philippine Peso, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/21/22 | | CITI | | | PHP | | | | 187,851 | | | | 3,157,000 | | | | 3,220,032 | | | | 63,032 | | | | — | |
Polish Zloty, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 01/19/23 | | HSBC | | | PLN | | | | 11,546 | | | | 2,267,392 | | | | 2,382,591 | | | | 115,199 | | | | — | |
Expiring 01/19/23 | | JPM | | | PLN | | | | 14,129 | | | | 2,813,000 | | | | 2,915,514 | | | | 102,514 | | | | — | |
Expiring 01/19/23 | | JPM | | | PLN | | | | 8,952 | | | | 1,763,000 | | | | 1,847,298 | | | | 84,298 | | | | — | |
Expiring 01/19/23 | | MSI | | | PLN | | | | 9,062 | | | | 1,784,000 | | | | 1,869,938 | | | | 85,938 | | | | — | |
Singapore Dollar, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/21/22 | | JPM | | | SGD | | | | 5,581 | | | | 3,888,000 | | | | 3,943,659 | | | | 55,659 | | | | — | |
South African Rand, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/21/22 | | GSI | | | ZAR | | | | 29,291 | | | | 1,597,000 | | | | 1,588,266 | | | | — | | | | (8,734 | ) |
Expiring 12/21/22 | | JPM | | | ZAR | | | | 36,428 | | | | 2,000,000 | | | | 1,975,278 | | | | — | | | | (24,722 | ) |
Expiring 12/21/22 | | JPM | | | ZAR | | | | 29,907 | | | | 1,614,000 | | | | 1,621,664 | | | | 7,664 | | | | — | |
Expiring 12/21/22 | | JPM | | | ZAR | | | | 29,870 | | | | 1,695,000 | | | | 1,619,663 | | | | — | | | | (75,337 | ) |
Expiring 12/21/22 | | JPM | | | ZAR | | | | 23,829 | | | | 1,308,000 | | | | 1,292,088 | | | | — | | | �� | (15,912 | ) |
Expiring 12/21/22 | | MSI | | | ZAR | | | | 33,429 | | | | 1,836,000 | | | | 1,812,632 | | | | — | | | | (23,368 | ) |
Expiring 12/21/22 | | MSI | | | ZAR | | | | 29,303 | | | | 1,630,000 | | | | 1,588,948 | | | | — | | | | (41,052 | ) |
Expiring 12/21/22 | | MSI | | | ZAR | | | | 28,832 | | | | 1,584,000 | | | | 1,563,398 | | | | — | | | | (20,602 | ) |
Expiring 12/21/22 | | MSI | | | ZAR | | | | 24,475 | | | | 1,371,000 | | | | 1,327,127 | | | | — | | | | (43,873 | ) |
South Korean Won, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/21/22 | | BOA | | | KRW | | | | 4,702,104 | | | | 3,385,000 | | | | 3,297,740 | | | | — | | | | (87,260 | ) |
Expiring 12/21/22 | | CITI | | | KRW | | | | 2,282,624 | | | | 1,597,000 | | | | 1,600,879 | | | | 3,879 | | | | — | |
Expiring 12/21/22 | | JPM | | | KRW | | | | 4,321,725 | | | | 3,055,000 | | | | 3,030,968 | | | | — | | | | (24,032 | ) |
Expiring 12/21/22 | | JPM | | | KRW | | | | 3,649,946 | | | | 2,664,000 | | | | 2,559,827 | | | | — | | | | (104,173 | ) |
Expiring 12/21/22 | | JPM | | | KRW | | | | 3,205,719 | | | | 2,325,000 | | | | 2,248,276 | | | | — | | | | (76,724 | ) |
Thai Baht, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/21/22 | | BOA | | | THB | | | | 30,089 | | | | 797,000 | | | | 794,280 | | | | — | | | | (2,720 | ) |
Expiring 12/21/22 | | GSI | | | THB | | | | 159,803 | | | | 4,217,000 | | | | 4,218,409 | | | | 1,409 | | | | — | |
Expiring 12/21/22 | | GSI | | | THB | | | | 147,190 | | | | 3,890,000 | | | | 3,885,447 | | | | — | | | | (4,553 | ) |
Expiring 12/21/22 | | HSBC | | | THB | | | | 150,086 | | | | 4,107,000 | | | | 3,961,904 | | | | — | | | | (145,096 | ) |
Expiring 12/21/22 | | JPM | | | THB | | | | 97,225 | | | | 2,617,000 | | | | 2,566,498 | | | | — | | | | (50,502 | ) |
Expiring 12/21/22 | | JPM | | | THB | | | | 30,016 | | | | 797,000 | | | | 792,339 | | | | — | | | | (4,661 | ) |
Expiring 12/21/22 | | SCB | | | THB | | | | 98,030 | | | | 2,623,000 | | | | 2,587,761 | | | | — | | | | (35,239 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | $ | 232,289,482 | | | $ | 224,187,733 | | | | 3,760,944 | | | | (11,862,693 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
52
Forward foreign currency exchange contracts outstanding at October 31, 2022 (continued):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
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 01/19/23 | | HSBC | | | AUD | | | | 1,681 | | | $ | 1,055,809 | | | $ | 1,078,269 | | | $ | — | | | $ | (22,460 | ) |
Brazilian Real, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 11/03/22 | | CITI | | | BRL | | | | 13,544 | | | | 2,529,738 | | | | 2,620,129 | | | | — | | | | (90,391 | ) |
Expiring 11/03/22 | | CITI | | | BRL | | | | 1,900 | | | | 368,379 | | | | 367,553 | | | | 826 | | | | — | |
British Pound, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 01/19/23 | | TD | | | GBP | | | | 23,175 | | | | 25,808,049 | | | | 26,651,311 | | | | — | | | | (843,262 | ) |
Chilean Peso, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/21/22 | | BNP | | | CLP | | | | 1,560,104 | | | | 1,643,000 | | | | 1,639,049 | | | | 3,951 | | | | — | |
Expiring 12/21/22 | | MSI | | | CLP | | | | 1,359,313 | | | | 1,391,000 | | | | 1,428,098 | | | | — | | | | (37,098 | ) |
Expiring 12/21/22 | | MSI | | | CLP | | | | 1,131,911 | | | | 1,234,000 | | | | 1,189,189 | | | | 44,811 | | | | — | |
Expiring 12/21/22 | | TD | | | CLP | | | | 1,307,187 | | | | 1,442,000 | | | | 1,373,334 | | | | 68,666 | | | | — | |
Expiring 12/21/22 | | UAG | | | CLP | | | | 1,405,156 | | | | 1,421,000 | | | | 1,476,260 | | | | — | | | | (55,260 | ) |
Expiring 12/21/22 | | UAG | | | CLP | | | | 1,380,508 | | | | 1,522,177 | | | | 1,450,365 | | | | 71,812 | | | | — | |
Chinese Renminbi, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 11/23/22 | | CITI | | | CNH | | | | 20,936 | | | | 3,063,000 | | | | 2,857,427 | | | | 205,573 | | | | — | |
Expiring 11/23/22 | | GSI | | | CNH | | | | 243,553 | | | | 35,874,673 | | | | 33,241,715 | | | | 2,632,958 | | | | — | |
Expiring 11/23/22 | | GSI | | | CNH | | | | 25,737 | | | | 3,549,000 | | | | 3,512,752 | | | | 36,248 | | | | — | |
Expiring 11/23/22 | | GSI | | | CNH | | | | 24,928 | | | | 3,457,000 | | | | 3,402,370 | | | | 54,630 | | | | — | |
Expiring 11/23/22 | | JPM | | | CNH | | | | 24,277 | | | | 3,345,000 | | | | 3,313,515 | | | | 31,485 | | | | — | |
Expiring 11/23/22 | | JPM | | | CNH | | | | 24,275 | | | | 3,383,000 | | | | 3,313,259 | | | | 69,741 | | | | — | |
Expiring 11/23/22 | | JPM | | | CNH | | | | 20,433 | | | | 2,838,000 | | | | 2,788,813 | | | | 49,187 | | | | — | |
Expiring 11/23/22 | | JPM | | | CNH | | | | 19,749 | | | | 2,747,000 | | | | 2,695,484 | | | | 51,516 | | | | — | |
Expiring 11/23/22 | | SCB | | | CNH | | | | 16,282 | | | | 2,302,000 | | | | 2,222,286 | | | | 79,714 | | | | — | |
Expiring 11/23/22 | | UAG | | | CNH | | | | 20,427 | | | | 2,834,000 | | | | 2,788,054 | | | | 45,946 | | | | — | |
Colombian Peso, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/21/22 | | BARC | | | COP | | | | 5,304,933 | | | | 1,134,352 | | | | 1,064,566 | | | | 69,786 | | | | — | |
Expiring 12/21/22 | | BARC | | | COP | | | | 2,364,579 | | | | 504,648 | | | | 474,511 | | | | 30,137 | | | | — | |
Czech Koruna, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 01/19/23 | | BARC | | | CZK | | | | 86,331 | | | | 3,391,000 | | | | 3,468,919 | | | | — | | | | (77,919 | ) |
Expiring 01/19/23 | | BOA | | | CZK | | | | 161,687 | | | | 6,352,003 | | | | 6,496,812 | | | | — | | | | (144,809 | ) |
Expiring 01/19/23 | | GSI | | | CZK | | | | 208,317 | | | | 8,189,265 | | | | 8,370,463 | | | | — | | | | (181,198 | ) |
Expiring 01/19/23 | | HSBC | | | CZK | | | | 194,882 | | | | 7,653,105 | | | | 7,830,629 | | | | — | | | | (177,524 | ) |
Euro, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 01/19/23 | | BNP | | | EUR | | | | 50,632 | | | | 49,727,259 | | | | 50,376,071 | | | | — | | | | (648,812 | ) |
Expiring 01/19/23 | | SCB | | | EUR | | | | 34,607 | | | | 33,685,336 | | | | 34,432,130 | | | | — | | | | (746,794 | ) |
Hungarian Forint, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/21/22 | | MSI | | | HUF | | | | 823,686 | | | | 1,955,710 | | | | 1,958,877 | | | | — | | | | (3,167 | ) |
Expiring 12/21/22 | | MSI | | | HUF | | | | 588,234 | | | | 1,419,313 | | | | 1,398,929 | | | | 20,384 | | | | — | |
Indian Rupee, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/21/22 | | BOA | | | INR | | | | 229,218 | | | | 2,760,000 | | | | 2,751,920 | | | | 8,080 | | | | — | |
Expiring 12/21/22 | | HSBC | | | INR | | | | 67,675 | | | | 816,000 | | | | 812,485 | | | | 3,515 | | | | — | |
Expiring 12/21/22 | | JPM | | | INR | | | | 249,352 | | | | 3,108,000 | | | | 2,993,640 | | | | 114,360 | | | | — | |
See Notes to Financial Statements.
PGIM Absolute Return Bond Fund 53
Schedule of Investments (continued)
as of October 31, 2022
Forward foreign currency exchange contracts outstanding at October 31, 2022 (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 12/21/22 | | JPM | | | INR | | | | 229,600 | | | $ | 2,753,718 | | | $ | 2,756,507 | | | $ | — | | | $ | (2,789 | ) |
Expiring 12/21/22 | | MSI | | | INR | | | | 152,591 | | | | 1,836,000 | | | | 1,831,957 | | | | 4,043 | | | | — | |
Expiring 12/21/22 | | SCB | | | INR | | | | 68,178 | | | | 819,000 | | | | 818,520 | | | | 480 | | | | — | |
Indonesian Rupiah, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/21/22 | | MSI | | | IDR | | | | 56,078,896 | | | | 3,598,000 | | | | 3,582,643 | | | | 15,357 | | | | — | |
Expiring 12/21/22 | | SCB | | | IDR | | | | 15,903,922 | | | | 1,061,394 | | | | 1,016,035 | | | | 45,359 | | | | — | |
Israeli Shekel, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/21/22 | | BARC | | | ILS | | | | 10,288 | | | | 2,995,000 | | | | 2,924,117 | | | | 70,883 | | | | — | |
Expiring 12/21/22 | | BARC | | | ILS | | | | 8,597 | | | | 2,450,000 | | | | 2,443,596 | | | | 6,404 | | | | — | |
Expiring 12/21/22 | | BOA | | | ILS | | | | 8,363 | | | | 2,345,000 | | | | 2,376,922 | | | | — | | | | (31,922 | ) |
Expiring 12/21/22 | | CITI | | | ILS | | | | 9,576 | | | | 2,719,000 | | | | 2,721,738 | | | | — | | | | (2,738 | ) |
Expiring 12/21/22 | | CITI | | | ILS | | | | 8,231 | | | | 2,321,000 | | | | 2,339,434 | | | | — | | | | (18,434 | ) |
Expiring 12/21/22 | | CITI | | | ILS | | | | 4,921 | | | | 1,444,843 | | | | 1,398,742 | | | | 46,101 | | | | — | |
Expiring 12/21/22 | | CITI | | | ILS | | | | 4,420 | | | | 1,293,157 | | | | 1,256,417 | | | | 36,740 | | | | — | |
Expiring 12/21/22 | | CITI | | | ILS | | | | 2,351 | | | | 689,706 | | | | 668,288 | | | | 21,418 | | | | — | |
Japanese Yen, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 10/31/23 | | BOA | | | JPY | | | | 1,325,555 | | | | 12,988,000 | | | | 9,399,021 | | | | 3,588,979 | | | | — | |
Expiring 10/31/23 | | BOA | | | JPY | | | | 1,168,753 | | | | 11,585,000 | | | | 8,287,193 | | | | 3,297,807 | | | | — | |
Expiring 10/31/23 | | CITI | | | JPY | | | | 399,802 | | | | 4,148,827 | | | | 2,834,846 | | | | 1,313,981 | | | | — | |
Expiring 10/31/23 | | CITI | | | JPY | | | | 46,713 | | | | 447,401 | | | | 331,226 | | | | 116,175 | | | | — | |
Mexican Peso, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/21/22 | | BOA | | | MXN | | | | 60,719 | | | | 2,975,000 | | | | 3,036,487 | | | | — | | | | (61,487 | ) |
Expiring 12/21/22 | | HSBC | | | MXN | | | | 49,805 | | | | 2,430,513 | | | | 2,490,699 | | | | — | | | | (60,186 | ) |
Expiring 12/21/22 | | JPM | | | MXN | | | | 53,373 | | | | 2,596,000 | | | | 2,669,121 | | | | — | | | | (73,121 | ) |
Expiring 12/21/22 | | JPM | | | MXN | | | | 36,725 | | | | 1,797,000 | | | | 1,836,573 | | | | — | | | | (39,573 | ) |
Expiring 04/28/23 | | MSI | | | MXN | | | | 303,737 | | | | 13,188,761 | | | | 14,825,980 | | | | — | | | | (1,637,219 | ) |
New Taiwanese Dollar, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/21/22 | | JPM | | | TWD | | | | 369,998 | | | | 12,071,719 | | | | 11,479,162 | | | | 592,557 | | | | — | |
Peruvian Nuevo Sol, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/21/22 | | BARC | | | PEN | | | | 6,811 | | | | 1,736,546 | | | | 1,699,378 | | | | 37,168 | | | | — | |
Expiring 12/21/22 | | BARC | | | PEN | | | | 3,790 | | | | 960,169 | | | | 945,718 | | | | 14,451 | | | | — | |
Expiring 12/21/22 | | CITI | | | PEN | | | | 3,150 | | | | 785,000 | | | | 785,886 | | | | — | | | | (886 | ) |
Philippine Peso, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/21/22 | | HSBC | | | PHP | | | | 152,056 | | | | 2,646,069 | | | | 2,606,462 | | | | 39,607 | | | | — | |
Expiring 12/21/22 | | MSI | | | PHP | | | | 47,528 | | | | 797,000 | | | | 814,689 | | | | — | | | | (17,689 | ) |
Expiring 12/21/22 | | SCB | | | PHP | | | | 196,797 | | | | 3,391,000 | | | | 3,373,375 | | | | 17,625 | | | | — | |
Singapore Dollar, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/21/22 | | DB | | | SGD | | | | 4,804 | | | | 3,415,000 | | | | 3,394,992 | | | | 20,008 | | | | — | |
Expiring 12/21/22 | | GSI | | | SGD | | | | 5,523 | | | | 3,858,000 | | | | 3,902,897 | | | | — | | | | (44,897 | ) |
Expiring 12/21/22 | | SCB | | | SGD | | | | 5,098 | | | | 3,609,000 | | | | 3,602,545 | | | | 6,455 | | | | — | |
South African Rand, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/21/22 | | MSI | | | ZAR | | | | 87,585 | | | | 5,014,332 | | | | 4,749,188 | | | | 265,144 | | | | — | |
See Notes to Financial Statements.
54
Forward foreign currency exchange contracts outstanding at October 31, 2022 (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.): | |
South Korean Won, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/21/22 | | GSI | | | KRW | | | | 4,972,676 | | | $ | 3,480,000 | | | $ | 3,487,501 | | | $ | — | | | $ | (7,501 | ) |
Expiring 12/21/22 | | JPM | | | KRW | | | | 9,809,593 | | | | 7,108,349 | | | | 6,879,790 | | | | 228,559 | | | | — | |
Expiring 12/21/22 | | JPM | | | KRW | | | | 1,082,626 | | | | 784,000 | | | | 759,281 | | | | 24,719 | | | | — | |
Swiss Franc, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 01/19/23 | | CITI | | | CHF | | | | 606 | | | | 615,140 | | | | 611,018 | | | | 4,122 | | | | — | |
Thai Baht, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/21/22 | | GSI | | | THB | | | | 129,260 | | | | 3,569,000 | | | | 3,412,151 | | | | 156,849 | | | | — | |
Expiring 12/21/22 | | GSI | | | THB | | | | 88,645 | | | | 2,447,000 | | | | 2,340,009 | | | | 106,991 | | | | — | |
Expiring 12/21/22 | | HSBC | | | THB | | | | 117,353 | | | | 3,214,000 | | | | 3,097,823 | | | | 116,177 | | | | — | |
Expiring 12/21/22 | | JPM | | | THB | | | | 713,406 | | | | 19,580,770 | | | | 18,832,147 | | | | 748,623 | | | | — | |
Turkish Lira, | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 12/21/22 | | GSI | | | TRY | | | | 16,675 | | | | 848,616 | | | | 860,501 | | | | — | | | | (11,885 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | $ | 380,916,846 | | | $ | 371,319,759 | | | | 14,636,108 | | | | (5,039,021 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | $ | 18,397,052 | | | $ | (16,901,714 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Cross currency exchange contracts outstanding at October 31, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Settlement | | Type | | | Notional Amount (000) | | | In Exchange For (000) | | | Unrealized Appreciation | | | Unrealized Depreciation | | | Counterparty |
| | | | | | | | | | | | | | | | | |
| | | | | |
OTC Cross Currency Exchange Contracts: | | | | | | | | | | | | | | | | | | | |
01/19/23 | | | Buy | | | | AUD | | | | 1,225 | | | | EUR | | | | 789 | | | $ | 444 | | | $ | — | | | JPM |
01/19/23 | | | Buy | | | | CZK | | | | 77,364 | | | | EUR | | | | 3,124 | | | | 572 | | | | — | | | GSI |
01/19/23 | | | Buy | | | | HUF | | | | 587,513 | | | | EUR | | | | 1,388 | | | | 4,037 | | | | — | | | BOA |
01/19/23 | | | Buy | | | | HUF | | | | 763,192 | | | | EUR | | | | 1,794 | | | | 14,269 | | | | — | | | MSI |
01/19/23 | | | Buy | | | | PLN | | | | 7,358 | | | | EUR | | | | 1,528 | | | | — | | | | (1,574 | ) | | BOA |
01/19/23 | | | Buy | | | | PLN | | | | 13,626 | | | | EUR | | | | 2,799 | | | | 27,197 | | | | — | | | BOA |
10/31/23 | | | Buy | | | | AUD | | | | 6,309 | | | | JPY | | | | 422,703 | | | | 1,078,573 | | | | — | | | DB |
10/31/23 | | | Buy | | | | JPY | | | | 648,099 | | | | AUD | | | | 9,489 | | | | — | | | | (1,534,751 | ) | | MSI |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | $ | 1,125,092 | | | $ | (1,536,325 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Credit default swap agreements outstanding at October 31, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Reference Entity/ Obligation | | Termination Date | | | Fixed Rate | | | Notional Amount (000)#(3) | | | Fair Value | | | Upfront Premiums Paid (Received) | | | Unrealized Appreciation (Depreciation) | | | Counterparty | |
| | | | | | | | | | | | | | | | | | | | | |
OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)**: | |
Arab Republic of Egypt (D01) | | | 12/20/27 | | | | 1.000%(Q) | | | | 1,000 | | | $ | 329,166 | | | $ | 27 | | | $ | 329,139 | | | | MSI | |
See Notes to Financial Statements.
PGIM Absolute Return Bond Fund 55
Schedule of Investments (continued)
as of October 31, 2022
Credit default swap agreements outstanding at October 31, 2022 (continued):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Reference Entity/ Obligation | | Termination Date | | | Fixed Rate | | | Notional Amount (000)#(3) | | | Fair Value | | | Upfront Premiums Paid (Received) | | | Unrealized Appreciation (Depreciation) | | | Counterparty |
| | | | | | | | | | | | | | | | | | | | |
|
OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)**(cont’d.): |
Emirate of Abu Dhabi (D01) | | | 12/20/27 | | | | 1.000%(Q) | | | | 1,000 | | | $ | (19,415 | ) | | $ | 27 | | | $ | (19,442 | ) | | MSI |
Federation of Malaysia (D01) | | | 12/20/27 | | | | 1.000%(Q) | | | | 1,500 | | | | 3,294 | | | | 41 | | | | 3,253 | | | MSI |
Federative Republic of Brazil (D01) | | | 12/20/27 | | | | 1.000%(Q) | | | | 6,000 | | | | 448,567 | | | | 163 | | | | 448,404 | | | MSI |
Kingdom of Saudi Arabia (D01) | | | 12/20/27 | | | | 1.000%(Q) | | | | 1,000 | | | | (15,124 | ) | | | 27 | | | | (15,151 | ) | | MSI |
People’s Republic of China (D01) | | | 12/20/27 | | | | 1.000%(Q) | | | | 6,000 | | | | 55,722 | | | | 163 | | | | 55,559 | | | MSI |
Republic of Argentina (D01) | | | 12/20/27 | | | | 1.000%(Q) | | | | 1,000 | | | | 784,733 | | | | 27 | | | | 784,706 | | | MSI |
Republic of Chile (D01) | | | 12/20/27 | | | | 1.000%(Q) | | | | 1,500 | | | | 33,701 | | | | 41 | | | | 33,660 | | | MSI |
Republic of Colombia (D01) | | | 12/20/27 | | | | 1.000%(Q) | | | | 3,000 | | | | 315,539 | | | | 82 | | | | 315,457 | | | MSI |
Republic of Indonesia (D01) | | | 12/20/27 | | | | 1.000%(Q) | | | | 5,000 | | | | 78,759 | | | | 136 | | | | 78,623 | | | MSI |
Republic of Panama (D01) | | | 12/20/27 | | | | 1.000%(Q) | | | | 1,000 | | | | 27,303 | | | | 27 | | | | 27,276 | | | MSI |
Republic of Peru (D01) | | | 12/20/27 | | | | 1.000%(Q) | | | | 1,500 | | | | 35,123 | | | | 41 | | | | 35,082 | | | MSI |
Republic of Philippines (D01) | | | 12/20/27 | | | | 1.000%(Q) | | | | 1,000 | | | | 10,786 | | | | 27 | | | | 10,759 | | | MSI |
Republic of South Africa (D01) | | | 12/20/27 | | | | 1.000%(Q) | | | | 5,500 | | | | 468,089 | | | | 150 | | | | 467,939 | | | MSI |
Republic of Turkey (D01) | | | 12/20/27 | | | | 1.000%(Q) | | | | 6,000 | | | | 1,264,241 | | | | 163 | | | | 1,264,078 | | | MSI |
State of Qatar (D01) | | | 12/20/27 | | | | 1.000%(Q) | | | | 1,000 | | | | (19,496 | ) | | | 27 | | | | (19,523 | ) | | MSI |
Sultanate of Oman (D01) | | | 12/20/27 | | | | 1.000%(Q) | | | | 1,000 | | | | 57,828 | | | | 27 | | | | 57,801 | | | MSI |
United Mexican States (D01) | | | 12/20/27 | | | | 1.000%(Q) | | | | 6,000 | | | | 159,449 | | | | 163 | | | | 159,286 | | | MSI |
Arab Republic of Egypt (D02) | | | 12/20/27 | | | | 1.000%(Q) | | | | 2,000 | | | | 658,332 | | | | 1,376 | | | | 656,956 | | | JPM |
Emirate of Abu Dhabi (D02) | | | 12/20/27 | | | | 1.000%(Q) | | | | 2,000 | | | | (38,830 | ) | | | 1,376 | | | | (40,206 | ) | | JPM |
Federation of Malaysia (D02) | | | 12/20/27 | | | | 1.000%(Q) | | | | 3,000 | | | | 6,588 | | | | 2,065 | | | | 4,523 | | | JPM |
Federative Republic of Brazil (D02) | | | 12/20/27 | | | | 1.000%(Q) | | | | 12,000 | | | | 897,134 | | | | 8,258 | | | | 888,876 | | | JPM |
Kingdom of Saudi Arabia (D02) | | | 12/20/27 | | | | 1.000%(Q) | | | | 2,000 | | | | (30,247 | ) | | | 1,376 | | | | (31,623 | ) | | JPM |
People’s Republic of China (D02) | | | 12/20/27 | | | | 1.000%(Q) | | | | 12,000 | | | | 111,444 | | | | 8,258 | | | | 103,186 | | | JPM |
Republic of Argentina (D02) | | | 12/20/27 | | | | 1.000%(Q) | | | | 2,000 | | | | 1,569,466 | | | | 1,376 | | | | 1,568,090 | | | JPM |
Republic of Chile (D02) | | | 12/20/27 | | | | 1.000%(Q) | | | | 3,000 | | | | 67,401 | | | | 2,065 | | | | 65,336 | | | JPM |
Republic of Colombia (D02) | | | 12/20/27 | | | | 1.000%(Q) | | | | 6,000 | | | | 631,076 | | | | 4,129 | | | | 626,947 | | | JPM |
Republic of Indonesia (D02) | | | 12/20/27 | | | | 1.000%(Q) | | | | 10,000 | | | | 157,519 | | | | 6,882 | | | | 150,637 | | | JPM |
Republic of Panama (D02) | | | 12/20/27 | | | | 1.000%(Q) | | | | 2,000 | | | | 54,606 | | | | 1,376 | | | | 53,230 | | | JPM |
Republic of Peru (D02) | | | 12/20/27 | | | | 1.000%(Q) | | | | 3,000 | | | | 70,246 | | | | 2,065 | | | | 68,181 | | | JPM |
Republic of Philippines (D02) | | | 12/20/27 | | | | 1.000%(Q) | | | | 2,000 | | | | 21,572 | | | | 1,376 | | | | 20,196 | | | JPM |
Republic of South Africa (D02) | | | 12/20/27 | | | | 1.000%(Q) | | | | 11,000 | | | | 936,177 | | | | 7,570 | | | | 928,607 | | | JPM |
Republic of Turkey (D02) | | | 12/20/27 | | | | 1.000%(Q) | | | | 12,000 | | | | 2,528,482 | | | | 8,258 | | | | 2,520,224 | | | JPM |
State of Qatar (D02) | | | 12/20/27 | | | | 1.000%(Q) | | | | 2,000 | | | | (38,991 | ) | | | 1,376 | | | | (40,367 | ) | | JPM |
Sultanate of Oman (D02) | | | 12/20/27 | | | | 1.000%(Q) | | | | 2,000 | | | | 115,656 | | | | 1,376 | | | | 114,280 | | | JPM |
United Mexican States (D02) | | | 12/20/27 | | | | 1.000%(Q) | | | | 12,000 | | | | 318,898 | | | | 8,258 | | | | 310,640 | | | JPM |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | $ | 12,054,794 | | | $ | 70,175 | | | $ | 11,984,619 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
56
Credit default swap agreements outstanding at October 31, 2022 (continued):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Reference Entity/ Obligation | | Termination Date | | | Fixed Rate | | | Notional Amount (000)#(3) | | | Implied Credit Spread at October 31, 2022(4) | | | Fair Value | | | Upfront Premiums Paid (Received) | | | Unrealized Appreciation (Depreciation) | | | Counterparty | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
OTC Packaged Credit Default Swap Agreements on credit indices— Sell Protection(2)**: | |
CDX.EM.38.V1 (D01) | | | 12/20/27 | | | | 1.000%(Q) | | | | 50,000 | | | | 2.960 | % | | $ | (4,085,034 | ) | | $ | (6,252 | ) | | $ | (4,078,782 | ) | | | MSI | |
CDX.EM.38.V1 (D02) | | | 12/20/27 | | | | 1.000%(Q) | | | | 100,000 | | | | 2.960 | % | | | (8,170,068 | ) | | | (207,563 | ) | | | (7,962,505 | ) | | | JPM | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | (12,255,102 | ) | | $ | (213,815 | ) | | $ | (12,041,287 | ) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
** | The Fund entered into multiple credit default swap agreements in a packaged trade consisting of two parts. The Fund bought/sold protection on an Emerging Market CDX Index and bought/sold protection on the countries which comprise the index. The upfront premium is attached to the index of the trade for the Emerging Markets CDX package(s). Each swap is priced individually. If any of the component swaps are closed out early, the Index exposure will be reduced by an amount proportionate to the terminated swap(s). Individual packages in the tables above are denoted by the corresponding footnotes (D01-D02). |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Reference Entity/ Obligation | | Termination Date | | | Fixed Rate | | | Notional Amount (000)# (3) | | | Fair Value | | | Upfront Premiums Paid (Received) | | | Unrealized Appreciation (Depreciation) | | | Counterparty |
| | | | | | | | | | | | | | | | | | | | |
|
OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1): |
Gazprom PAO | | | 03/20/23 | | | | 1.000%(Q) | | | | 1,630 | | | $ | 314,804 | | | $ | 351,969 | | | | $(37,165 | ) | | BARC |
United Mexican States | | | 06/20/23 | | | | 1.000%(Q) | | | | 1,400 | | | | (5,759 | ) | | | 1,127 | | | | (6,886 | ) | | CITI |
United Mexican States | | | 06/20/23 | | | | 1.000%(Q) | | | | 1,385 | | | | (5,697 | ) | | | 2,767 | | | | (8,464 | ) | | CITI |
United Mexican States | | | 06/20/23 | | | | 1.000%(Q) | | | | 460 | | | | (1,892 | ) | | | 1,031 | | | | (2,923 | ) | | CITI |
United Mexican States | | | 06/20/23 | | | | 1.000%(Q) | | | | 460 | | | | (1,892 | ) | | | 945 | | | | (2,837 | ) | | CITI |
United Mexican States | | | 06/20/23 | | | | 1.000%(Q) | | | | 455 | | | | (1,871 | ) | | | 341 | | | | (2,212 | ) | | CITI |
United Mexican States | | | 06/20/23 | | | | 1.000%(Q) | | | | 240 | | | | (987 | ) | | | 193 | | | | (1,180 |