PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Long-Term Investments 88.4% | |||||
Asset-Backed Securities 32.1% | |||||
Automobiles 1.7% | |||||
Avis Budget Rental Car Funding AESOP LLC, Series 2023-05A, Class C, 144A | 6.850 % | 04/20/28 | 500 | $494,702 | |
Enterprise Fleet Financing LLC, Series 2023-02, Class A2, 144A | 5.560 | 04/22/30 | 2,600 | 2,589,581 | |
Ford Credit Floorplan Master Owner Trust A, Series 2023-01, Class A1, 144A | 4.920 | 05/15/28 | 2,600 | 2,568,151 | |
Hertz Vehicle Financing III LP, Series 2021-02A, Class B, 144A | 2.120 | 12/27/27 | 200 | 175,370 | |
OneMain Direct Auto Receivables Trust, | |||||
Series 2019-01A, Class B, 144A | 3.950 | 11/14/28 | 1,700 | 1,605,138 | |
Series 2021-01A, Class D, 144A | 1.620 | 11/14/30 | 200 | 170,910 | |
Series 2022-01A, Class D, 144A | 5.900 | 12/16/30 | 2,900 | 2,786,460 | |
Series 2023-01A, Class D, 144A | 7.070 | 02/14/33 | 3,700 | 3,697,991 | |
Santander Bank Auto Credit-Linked Notes, | |||||
Series 2022-A, Class C, 144A | 7.375 | 05/15/32 | 383 | 375,617 | |
Series 2022-C, Class E, 144A | 11.366 | 12/15/32 | 213 | 214,612 | |
Series 2023-A, Class E, 144A | 10.068 | 06/15/33 | 656 | 654,517 | |
Santander Drive Auto Receivables Trust, | |||||
Series 2022-07, Class A2 | 5.810 | 01/15/26 | 1,332 | 1,331,044 | |
Series 2023-02, Class C | 5.470 | 12/16/30 | 1,250 | 1,229,232 | |
17,893,325 | |||||
Collateralized Loan Obligations 26.7% | |||||
AlbaCore EURO CLO DAC (Ireland), | |||||
Series 02A, Class B, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | 5.176(c) | 06/15/34 | EUR | 1,000 | 1,057,891 |
Series 02X, Class B, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | 5.176(c) | 06/15/34 | EUR | 4,000 | 4,231,564 |
Anchorage Capital Europe CLO DAC (Ireland), Series 06A, Class B2, 144A | 6.000 | 08/25/34 | EUR | 4,000 | 4,272,722 |
Ares European CLO DAC (Ireland), Series 2013-06A, Class B1RR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | 4.913(c) | 04/15/30 | EUR | 2,500 | 2,658,618 |
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%) | 7.908(c) | 07/15/30 | 8,815 | 8,859,377 | |
Bain Capital Credit CLO Ltd. (Cayman Islands), | |||||
Series 2019-02A, Class AR, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%) | 6.670(c) | 10/17/32 | 8,500 | 8,387,434 |
1
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Asset-Backed Securities (Continued) | |||||
Collateralized Loan Obligations (cont’d.) | |||||
Bain Capital Credit CLO Ltd. (Cayman Islands), (cont’d.) | |||||
Series 2022-01A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | 6.630 %(c) | 04/18/35 | 9,750 | $9,609,112 | |
Barings Euro CLO DAC (Ireland), Series 2020-01A, Class AR, 144A, 3 Month EURIBOR + 0.980% (Cap N/A, Floor 0.980%) | 4.626(c) | 10/21/34 | EUR | 3,000 | 3,205,065 |
Battalion CLO Ltd. (Cayman Islands), Series 2021-17A, Class A1, 144A, 3 Month SOFR + 1.522% (Cap N/A, Floor 1.260%) | 6.848(c) | 03/09/34 | 2,450 | 2,404,982 | |
Carlyle Euro CLO DAC (Ireland), | |||||
Series 2019-01A, Class A1R, 144A, 3 Month EURIBOR + 0.750% (Cap N/A, Floor 0.750%) | 4.276(c) | 03/15/32 | EUR | 1,750 | 1,885,919 |
Series 2019-01A, Class A2RB, 144A | 2.100 | 03/15/32 | EUR | 6,500 | 6,241,455 |
Carlyle Global Market Strategies CLO Ltd. (Cayman Islands), Series 2015-05A, Class A1RR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) | 6.668(c) | 01/20/32 | 6,228 | 6,201,098 | |
CIFC Funding Ltd. (Cayman Islands), Series 2015-01A, Class ARR, 144A, 3 Month SOFR + 1.372% (Cap N/A, Floor 1.110%) | 6.717(c) | 01/22/31 | 6,912 | 6,839,923 | |
Columbia Cent CLO Ltd. (Cayman Islands), Series 2020-29A, Class BR, 144A, 3 Month SOFR + 1.962% (Cap N/A, Floor 0.000%) | 7.288(c) | 10/20/34 | 11,335 | 10,922,214 | |
Crown City CLO (Cayman Islands), Series 2020-02A, Class A1AR, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | 6.666(c) | 04/20/35 | 2,750 | 2,699,606 | |
Elevation CLO Ltd. (Cayman Islands), Series 2017-06A, Class A1, 144A, 3 Month SOFR + 1.542% (Cap N/A, Floor 1.542%) | 6.850(c) | 07/15/29 | 1,403 | 1,395,201 | |
Ellington CLO Ltd. (Cayman Islands), Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.700% (Cap N/A, Floor 1.700%) | 7.021(c) | 02/15/29 | 3,419 | 3,408,947 | |
Elmwood CLO Ltd. (Cayman Islands), Series 2021-03A, Class A, 144A, 3 Month SOFR + 1.302% (Cap N/A, Floor 1.040%) | 6.628(c) | 10/20/34 | 4,250 | 4,204,920 | |
Generate CLO Ltd. (Cayman Islands), Series 02A, Class AR, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | 6.757(c) | 01/22/31 | 2,947 | 2,927,263 | |
KKR CLO Ltd. (Cayman Islands), | |||||
Series 11, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | 6.750(c) | 01/15/31 | 7,506 | 7,462,588 |
2
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Asset-Backed Securities (Continued) | |||||
Collateralized Loan Obligations (cont’d.) | |||||
KKR CLO Ltd. (Cayman Islands), (cont’d.) | |||||
Series 32A, Class A1, 144A, 3 Month SOFR + 1.582% (Cap N/A, Floor 1.320%) | 6.890 %(c) | 01/15/32 | 5,000 | $4,986,000 | |
Madison Park Funding Ltd. (Cayman Islands), | |||||
Series 2019-33A, Class AR, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%) | 6.598(c) | 10/15/32 | 5,500 | 5,448,198 | |
Series 2021-59A, Class A, 144A, 3 Month SOFR + 1.402% (Cap N/A, Floor 1.140%) | 6.712(c) | 01/18/34 | 9,500 | 9,443,000 | |
Medalist Partners Corporate Finance CLO Ltd. (Cayman Islands), Series 2021-01A, Class A1A, 144A, 3 Month SOFR + 1.492% (Cap N/A, Floor 1.230%) (original cost $5,000,000; purchased 10/08/21)(f) | 6.818(c) | 10/20/34 | 5,000 | 4,854,414 | |
MidOcean Credit CLO (Cayman Islands), | |||||
Series 2014-03A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%) | 6.715(c) | 04/21/31 | 6,855 | 6,790,652 | |
Series 2014-03A, Class BR, 144A, 3 Month SOFR + 2.062% (Cap N/A, Floor 1.800%) | 7.395(c) | 04/21/31 | 18,000 | 17,506,026 | |
Oaktree CLO Ltd. (Cayman Islands), Series 2022-02A, Class A1, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%) | 7.308(c) | 07/15/33 | 6,500 | 6,523,493 | |
OFSI BSL Ltd. (Cayman Islands), Series 2022-11A, Class A1, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | 7.410(c) | 07/18/31 | 10,000 | 10,021,760 | |
OZLM Ltd. (Cayman Islands), Series 2014-06A, Class A2AS, 144A, 3 Month SOFR + 2.012% (Cap N/A, Floor 0.000%) | 7.320(c) | 04/17/31 | 4,000 | 3,951,200 | |
Palmer Square CLO Ltd. (Cayman Islands), | |||||
Series 2014-01A, Class A1R2, 144A, 3 Month SOFR + 1.392% (Cap N/A, Floor 1.130%) | 6.700(c) | 01/17/31 | 3,977 | 3,968,117 | |
Series 2018-02A, Class A1A, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 0.000%) | 6.670(c) | 07/16/31 | 6,750 | 6,709,909 | |
Palmer Square Loan Funding Ltd. (Cayman Islands), Series 2022-03A, Class A2, 144A, 3 Month SOFR + 3.000% (Cap N/A, Floor 3.000%) | 8.308(c) | 04/15/31 | 13,000 | 13,008,386 | |
Penta CLO DAC (Ireland), Series 2018-05A, Class B1R, 144A, 3 Month EURIBOR + 1.550% (Cap N/A, Floor 1.550%) | 5.255(c) | 04/20/35 | EUR | 10,000 | 10,585,572 |
Rad CLO Ltd. (Cayman Islands), Series 2023-19A, Class A1, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%) | 7.095(c) | 04/20/35 | 7,000 | 7,039,614 |
3
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Asset-Backed Securities (Continued) | |||||
Collateralized Loan Obligations (cont’d.) | |||||
Rockford Tower CLO Ltd., Series 2022-02A, Class A1, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%) | 7.326 %(c) | 07/20/33 | 11,500 | $11,551,874 | |
Romark CLO Ltd. (Cayman Islands), Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.437% (Cap N/A, Floor 1.175%) | 6.788(c) | 07/25/31 | 5,000 | 4,972,599 | |
Romark WM-R Ltd. (Cayman Islands), Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%) | 6.618(c) | 04/20/31 | 1,469 | 1,456,085 | |
Silver Rock CLO Ltd. (Cayman Islands), Series 2021-02A, Class A, 144A, 3 Month SOFR + 1.452% (Cap N/A, Floor 1.190%) | 6.778(c) | 01/20/35 | 10,000 | 9,873,876 | |
St. Pauls CLO DAC (Ireland), Series 02A, Class AR4, 144A, 3 Month EURIBOR + 0.980% (Cap N/A, Floor 0.980%) | 4.701(c) | 10/25/35 | EUR | 8,000 | 8,531,313 |
Strata CLO Ltd. (Cayman Islands), Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.852% (Cap N/A, Floor 1.590%) | 7.160(c) | 01/15/31 | 5,804 | 5,787,964 | |
Venture CLO Ltd. (Cayman Islands), Series 2021-43A, Class A1, 144A, 3 Month SOFR + 1.502% (Cap N/A, Floor 1.240%) | 6.810(c) | 04/15/34 | 3,500 | 3,454,167 | |
Wellfleet CLO Ltd., Series 2017-03A, Class A1, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | 6.720(c) | 01/17/31 | 10,211 | 10,088,577 | |
Zais CLO Ltd. (Cayman Islands), Series 2015-03A, Class A2R, 144A, 3 Month SOFR + 2.452% (Cap N/A, Floor 0.000%) | 7.760(c) | 07/15/31 | 11,300 | 10,964,963 | |
276,393,658 | |||||
Consumer Loans 0.9% | |||||
Lendmark Funding Trust, Series 2021-01A, Class C, 144A | 3.410 | 11/20/31 | 200 | 165,513 | |
OneMain Financial Issuance Trust, Series 2023-01A, Class A, 144A | 5.500 | 06/14/38 | 4,800 | 4,773,559 | |
Oportun Issuance Trust, Series 2022-02, Class A, 144A | 5.940 | 10/09/29 | 1,096 | 1,091,337 | |
SoFi Consumer Loan Program Trust, Series 2022-01S, Class A, 144A | 6.210 | 04/15/31 | 3,375 | 3,375,586 | |
9,405,995 |
4
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Asset-Backed Securities (Continued) | |||||
Home Equity Loans 0.9% | |||||
Accredited Mortgage Loan Trust, Series 2004-03, Class 2A2, 1 Month SOFR + 1.314% (Cap 13.000%, Floor 1.200%) | 6.612 %(c) | 10/25/34 | 735 | $717,101 | |
Asset-Backed Securities Corp. Home Equity Loan Trust, | |||||
Series 2003-HE06, Class A2, 1 Month SOFR + 0.794% (Cap N/A, Floor 0.680%) | 6.092(c) | 11/25/33 | 1,015 | 1,003,353 | |
Series 2003-HE06, Class A3B, 1 Month SOFR + 1.074% (Cap N/A, Floor 0.960%) | 6.372(c) | 11/25/33 | 3,350 | 3,136,122 | |
Bear Stearns Asset-Backed Securities Trust, | |||||
Series 2002-02, Class A1, 1 Month SOFR + 0.774% (Cap 11.000%, Floor 0.660%) | 6.072(c) | 10/25/32 | 103 | 102,504 | |
Series 2003-03, Class A2, 1 Month SOFR + 1.294% (Cap 11.000%, Floor 1.180%) | 6.592(c) | 06/25/43 | 68 | 65,400 | |
Series 2003-HE01, Class M1, 1 Month SOFR + 1.209% (Cap N/A, Floor 1.095%) | 5.923(c) | 01/25/34 | 1,558 | 1,488,557 | |
Home Equity Asset Trust, Series 2004-07, Class A2, 1 Month SOFR + 0.954% (Cap N/A, Floor 0.840%) | 6.252(c) | 01/25/35 | 968 | 934,018 | |
MASTR Asset-Backed Securities Trust, Series 2003-WMC02, Class M2, 1 Month SOFR + 2.589% (Cap N/A, Floor 2.475%) | 4.382(c) | 08/25/33 | 538 | 545,772 | |
Morgan Stanley ABS Capital I, Inc. Trust, | |||||
Series 2003-HE03, Class M1, 1 Month SOFR + 1.134% (Cap N/A, Floor 1.020%) | 6.432(c) | 10/25/33 | 415 | 408,569 | |
Series 2003-NC10, Class M1, 1 Month SOFR + 1.134% (Cap N/A, Floor 1.020%) | 6.432(c) | 10/25/33 | 209 | 205,991 | |
Morgan Stanley Capital I, Inc. Trust, Series 2003-NC08, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) | 6.462(c) | 09/25/33 | 229 | 225,360 | |
8,832,747 | |||||
Other 0.5% | |||||
PNMAC FMSR Issuer Trust, Series 2018-FT01, Class A, 144A, 1 Month LIBOR + 3.350% (Cap N/A, Floor 0.000%) | 8.762(c) | 04/25/25 | 3,200 | 3,172,690 | |
Sierra Timeshare Receivables Funding LLC, Series 2023-02A, Class D, 144A | 9.720 | 04/20/40 | 1,700 | 1,718,532 | |
4,891,222 |
5
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Asset-Backed Securities (Continued) | |||||
Residential Mortgage-Backed Securities 1.2% | |||||
Chase Funding Trust, | |||||
Series 2002-03, Class 2A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | 6.052 %(c) | 08/25/32 | 234 | $220,961 | |
Series 2003-04, Class 1A5 | 4.863 | 05/25/33 | 323 | 303,903 | |
Citigroup Mortgage Loan Trust, Inc., | |||||
Series 2005-OPT01, Class M1, 1 Month SOFR + 0.744% (Cap N/A, Floor 0.630%) | 6.042(c) | 02/25/35 | 169 | 153,174 | |
Series 2005-WF01, Class A5 | 5.010(cc) | 11/25/34 | —(r) | 3 | |
Countrywide Asset-Backed Certificates, | |||||
Series 2003-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) | 6.462(c) | 07/25/33 | 264 | 259,245 | |
Series 2004-01, Class M1, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%) | 6.162(c) | 03/25/34 | 16 | 15,760 | |
Countrywide Asset-Backed Certificates Trust, Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) | 6.462(c) | 11/25/34 | 107 | 105,651 | |
Credit-Based Asset Servicing & Securitization LLC, Series 2003-CB03, Class AF1 | 3.379 | 12/25/32 | 69 | 63,205 | |
Finance America Mortgage Loan Trust, Series 2003-01, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) | 6.462(c) | 09/25/33 | 1,055 | 1,019,113 | |
First Franklin Mortgage Loan Trust, Series 2004-FF05, Class A2, 1 Month SOFR + 0.874% (Cap N/A, Floor 0.760%) | 6.172(c) | 08/25/34 | 374 | 347,731 | |
Fremont Home Loan Trust, Series 2004-04, Class M1, 1 Month SOFR + 0.909% (Cap N/A, Floor 0.795%) | 6.207(c) | 03/25/35 | 1,514 | 1,396,410 | |
Long Beach Mortgage Loan Trust, Series 2004-02, Class A1, 1 Month SOFR + 0.554% (Cap N/A, Floor 0.440%) | 5.852(c) | 06/25/34 | 541 | 510,954 | |
Morgan Stanley ABS Capital I, Inc. Trust, Series 2004-NC05, Class M1, 1 Month SOFR + 1.014% (Cap N/A, Floor 0.900%) | 6.312(c) | 05/25/34 | 156 | 145,729 | |
Rathlin Residential DAC (Ireland), Series 2021-01A, Class A, 144A, 1 Month EURIBOR + 2.000% (Cap N/A, Floor 0.000%) | 5.413(c) | 09/27/75 | EUR | 1,131 | 1,169,365 |
Structured Asset Investment Loan Trust, Series 2004-BNC01, Class A2, 1 Month SOFR + 1.114% (Cap N/A, Floor 1.000%) | 6.150(c) | 09/25/34 | 1,881 | 1,809,914 |
6
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Asset-Backed Securities (Continued) | |||||
Residential Mortgage-Backed Securities (cont’d.) | |||||
TFS (Spain), | |||||
Series 2018-03^ | 0.000 %(s) | 04/16/40 | EUR | —(r) | $1 |
Series 2018-03, Class A1, 1 Month EURIBOR + 3.000%^ | 6.446(c) | 03/15/26 | EUR | 4,962 | 4,686,747 |
12,207,866 | |||||
Student Loans 0.2% | |||||
Laurel Road Prime Student Loan Trust, | |||||
Series 2018-D, Class A, 144A | 0.000(cc) | 11/25/43 | 2,321 | 2,153,678 | |
Series 2019-A, Class R, 144A | 0.000 | 10/25/48 | 1,839 | 318,972 | |
2,472,650 | |||||
Total Asset-Backed Securities (cost $337,772,498) | 332,097,463 | ||||
Commercial Mortgage-Backed Securities 7.0% | |||||
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 | 1,645,650 | |
Series 2018-20TS, Class H, 144A (original cost $2,389,640; purchased 05/09/18)(f) | 3.100(cc) | 05/15/35 | 2,700 | 1,591,650 | |
Barclays Commercial Mortgage Securities Trust, | |||||
Series 2018-CHRS, Class B, 144A | 4.267(cc) | 08/05/38 | 2,650 | 2,128,367 | |
Series 2018-CHRS, Class C, 144A | 4.267(cc) | 08/05/38 | 900 | 678,521 | |
Series 2018-CHRS, Class D, 144A | 4.267(cc) | 08/05/38 | 1,490 | 1,002,348 | |
Benchmark Mortgage Trust, Series 2023-V03, Class XA, IO | 1.054(cc) | 07/15/56 | 50,616 | 1,772,522 | |
BPR Trust, Series 2021-TY, Class C, 144A, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) | 7.036(c) | 09/15/38 | 2,024 | 1,884,187 | |
BX Commercial Mortgage Trust, Series 2019-XL, Class J, 144A, 1 Month SOFR + 2.764% (Cap N/A, Floor 2.650%) | 7.986(c) | 10/15/36 | 5,653 | 5,472,152 | |
Commercial Mortgage Trust, Series 2015-LC19, Class XB, IO, 144A | 0.239(cc) | 02/10/48 | 123,049 | 376,259 | |
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE04, Class F, 144A, 1 Month SOFR + 2.697% (Cap N/A, Floor 2.650%) | 7.919(c) | 05/15/36 | 5,666 | 5,601,947 | |
DBWF Mortgage Trust, Series 2016-85T, Class E, 144A | 3.808(cc) | 12/10/36 | 15,500 | 9,147,370 |
7
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Commercial Mortgage-Backed Securities (Continued) | |||||
FHLMC Multifamily Structured Pass-Through Certificates, | |||||
Series K055, Class X1, IO | 1.340 %(cc) | 03/25/26 | 21,184 | $641,232 | |
Series KC02, Class X1, IO | 0.382(cc) | 03/25/24 | 120,301 | 348,752 | |
GS Mortgage Securities Corp., Series 2013-GC10, Class XB, IO, 144A | 0.252(cc) | 02/10/46 | 26,964 | 270 | |
GS Mortgage Securities Corportation Trust, Series 2021-IP, Class A, 144A, 1 Month SOFR + 1.064% (Cap N/A, Floor 0.950%) | 6.286(c) | 10/15/36 | 2,130 | 2,013,162 | |
GS Mortgage Securities Trust, Series 2014-GC20, Class XB, IO | 0.472(cc) | 04/10/47 | 28,307 | 49,735 | |
Independence Plaza Trust, Series 2018-INDP, Class E, 144A | 4.996 | 07/10/35 | 3,000 | 2,700,872 | |
JPMBB Commercial Mortgage Securities Trust, | |||||
Series 2014-C21, Class XB, IO | 0.302(cc) | 08/15/47 | 45,056 | 140,372 | |
Series 2015-C27, Class XB, IO | 0.405(cc) | 02/15/48 | 52,766 | 275,597 | |
JPMCC Commercial Mortgage Securities Trust, Series 2017-JP06, Class A5 | 3.490 | 07/15/50 | 5,000 | 4,562,818 | |
JPMorgan Chase Commercial Mortgage Securities Trust, | |||||
Series 2013-LC11, Class XB, IO | 0.513(cc) | 04/15/46 | 34,956 | 350 | |
Series 2016-JP03, Class A5 | 2.870 | 08/15/49 | 10,495 | 9,492,520 | |
Series 2018-AON, Class E, 144A | 4.613(cc) | 07/05/31 | 7,950 | 3,094,140 | |
Morgan Stanley Capital I Trust, | |||||
Series 2019-MEAD, Class C, 144A | 3.177(cc) | 11/10/36 | 2,020 | 1,707,968 | |
Series 2019-MEAD, Class D, 144A | 3.177(cc) | 11/10/36 | 3,000 | 2,445,787 | |
Series 2019-MEAD, Class E, 144A | 3.177(cc) | 11/10/36 | 2,505 | 1,897,281 | |
Salus European Loan Conduit DAC (United Kingdom), Series 33A, Class A, 144A, SONIA + 1.619% (Cap 6.500%, Floor 1.500%) | 6.580(c) | 01/23/29 | GBP | 9,500 | 11,743,751 |
Total Commercial Mortgage-Backed Securities (cost $85,871,308) | 72,415,580 | ||||
Convertible Bond 0.0% | |||||
Telecommunications | |||||
Digicel Group Holdings Ltd. (Jamaica), Sub. Notes, 144A, Cash coupon 7.000% or PIK N/A (original cost $8,885; purchased 06/23/20 - 04/03/23)(f) | 7.000 | 08/16/23(oo) | 47 | 5,137 |
8
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds 29.4% | |||||
Aerospace & Defense 0.8% | |||||
Bombardier, Inc. (Canada), | |||||
Sr. Unsec’d. Notes, 144A(a) | 7.500 % | 02/01/29 | 1,125 | $1,109,629 | |
Sr. Unsec’d. Notes, 144A(a) | 7.875 | 04/15/27 | 5,675 | 5,653,719 | |
Embraer Netherlands Finance BV (Brazil), Sr. Unsec’d. Notes, 144A | 7.000 | 07/28/30 | 1,770 | 1,788,762 | |
8,552,110 | |||||
Agriculture 0.0% | |||||
Vector Group Ltd., Sr. Sec’d. Notes, 144A | 5.750 | 02/01/29 | 475 | 413,419 | |
Airlines 0.3% | |||||
American Airlines 2013-1 Class A Pass-Through Trust, Pass-Through Certificates | 4.000 | 01/15/27 | 1,402 | 1,315,354 | |
Continental Airlines 2012-2 Class A Pass-Through Trust, Pass-Through Certificates | 4.000 | 04/29/26 | 66 | 63,980 | |
United Airlines 2013-1 Class A Pass-Through Trust, Pass-Through Certificates | 4.300 | 02/15/27 | 1,417 | 1,361,312 | |
United Airlines, Inc., | |||||
Sr. Sec’d. Notes, 144A | 4.375 | 04/15/26 | 645 | 610,935 | |
Sr. Sec’d. Notes, 144A | 4.625 | 04/15/29 | 170 | 154,119 | |
3,505,700 | |||||
Apparel 0.1% | |||||
Wolverine World Wide, Inc., Gtd. Notes, 144A | 4.000 | 08/15/29 | 825 | 647,844 | |
Auto Manufacturers 0.3% | |||||
Ford Motor Credit Co. LLC, | |||||
Sr. Unsec’d. Notes | 6.800 | 05/12/28 | 625 | 630,690 | |
Sr. Unsec’d. Notes | 6.950 | 03/06/26 | 450 | 454,433 | |
General Motors Co., Sr. Unsec’d. Notes(a) | 6.250 | 10/02/43 | 1,555 | 1,528,086 | |
2,613,209 |
9
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Auto Parts & Equipment 0.3% | |||||
Adient Global Holdings Ltd., Gtd. Notes, 144A | 4.875 % | 08/15/26 | 1,900 | $1,816,875 | |
American Axle & Manufacturing, Inc., Gtd. Notes(a) | 6.250 | 03/15/26 | 515 | 502,548 | |
Dana, Inc., Sr. Unsec’d. Notes | 4.500 | 02/15/32 | 800 | 669,390 | |
Nemak SAB de CV (Mexico), Sr. Unsec’d. Notes, 144A | 3.625 | 06/28/31 | 350 | 276,364 | |
3,265,177 | |||||
Banks 6.6% | |||||
Banco de Credito del Peru S.A. (Peru), Sub. Notes, 144A, MTN | 3.250(ff) | 09/30/31 | 1,055 | 931,386 | |
Banco Mercantil del Norte SA (Mexico), Jr. Sub. Notes, 144A | 6.625(ff) | 01/24/32(oo) | 1,110 | 882,866 | |
Bangkok Bank PCL (Thailand), Sub. Notes, 144A | 3.466(ff) | 09/23/36 | 945 | 771,602 | |
Bank Gospodarstwa Krajowego (Poland), Gov’t. Gtd. Notes, 144A, MTN(h) | 5.375 | 05/22/33 | 2,310 | 2,304,225 | |
Bank of America Corp., | |||||
Jr. Sub. Notes, Series JJ | 5.125(ff) | 06/20/24(oo) | 6,850 | 6,736,300 | |
Sr. Unsec’d. Notes, MTN(a) | 4.271(ff) | 07/23/29 | 1,450 | 1,377,723 | |
Barclays PLC (United Kingdom), Sr. Unsec’d. Notes | 7.437(ff) | 11/02/33 | 3,810 | 4,143,841 | |
Cassa Depositi e Prestiti SpA (Italy), Sr. Unsec’d. Notes, 144A | 5.750 | 05/05/26 | 400 | 394,583 | |
Citigroup, Inc., | |||||
Sr. Unsec’d. Notes | 2.976(ff) | 11/05/30 | 870 | 754,766 | |
Sr. Unsec’d. Notes | 3.200 | 10/21/26 | 1,145 | 1,074,165 | |
Sr. Unsec’d. Notes | 3.785(ff) | 03/17/33 | 1,240 | 1,096,196 | |
Sr. Unsec’d. Notes | 3.887(ff) | 01/10/28 | 980 | 928,944 | |
Sub. Notes | 4.400 | 06/10/25 | 405 | 394,787 | |
Goldman Sachs Group, Inc. (The), | |||||
Sr. Unsec’d. Notes | 3.814(ff) | 04/23/29 | 35 | 32,599 | |
Sr. Unsec’d. Notes | 3.850 | 01/26/27 | 3,940 | 3,759,409 | |
Sr. Unsec’d. Notes | 4.223(ff) | 05/01/29 | 135 | 128,014 | |
JPMorgan Chase & Co., | |||||
Jr. Sub. Notes, Series FF | 5.000(ff) | 08/01/24(oo) | 1,500 | 1,461,210 | |
Jr. Sub. Notes, Series HH | 4.600(ff) | 02/01/25(oo) | 15,325 | 14,482,126 | |
M&T Bank Corp., Sub. Notes | 4.000 | 07/15/24 | 325 | 317,610 |
10
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Banks (cont’d.) | |||||
Mizrahi Tefahot Bank Ltd. (Israel), Sub. Notes, 144A(a) | 3.077 %(ff) | 04/07/31 | 1,555 | $1,353,177 | |
Morgan Stanley, | |||||
Sr. Unsec’d. Notes | 6.342(ff) | 10/18/33 | 1,625 | 1,728,582 | |
Sr. Unsec’d. Notes, GMTN | 2.239(ff) | 07/21/32 | 2,865 | 2,278,960 | |
Sr. Unsec’d. Notes, GMTN | 3.772(ff) | 01/24/29 | 1,750 | 1,637,411 | |
Sr. Unsec’d. Notes, GMTN | 3.875 | 01/27/26 | 605 | 583,953 | |
Societe Generale SA (France), Sub. Notes, 144A | 6.221(ff) | 06/15/33 | 7,380 | 6,982,219 | |
UBS Group AG (Switzerland), | |||||
Sr. Unsec’d. Notes | 3.750 | 03/26/25 | 1,200 | 1,161,588 | |
Sr. Unsec’d. Notes, 144A | 4.488(ff) | 05/12/26 | 615 | 597,119 | |
Sr. Unsec’d. Notes, 144A | 6.537(ff) | 08/12/33 | 1,500 | 1,565,821 | |
Sr. Unsec’d. Notes, 144A, SOFR + 1.580% | 6.706(c) | 05/12/26 | 1,925 | 1,945,213 | |
Wells Fargo & Co., Sr. Unsec’d. Notes, MTN(h) | 4.808(ff) | 07/25/28 | 6,475 | 6,314,091 | |
68,120,486 | |||||
Beverages 0.0% | |||||
Anheuser-Busch InBev Worldwide, Inc. (Belgium), Gtd. Notes | 8.200 | 01/15/39 | 250 | 323,306 | |
Biotechnology 0.2% | |||||
Amgen, Inc., Sr. Unsec’d. Notes | 5.600 | 03/02/43 | 1,675 | 1,665,753 | |
Building Materials 0.2% | |||||
Cemex SAB de CV (Mexico), Gtd. Notes, 144A | 5.450 | 11/19/29 | 1,180 | 1,142,134 | |
JELD-WEN, Inc., Gtd. Notes, 144A | 4.625 | 12/15/25 | 550 | 540,583 | |
1,682,717 | |||||
Chemicals 0.9% | |||||
Ashland Services BV, Gtd. Notes | 2.000 | 01/30/28 | EUR | 1,200 | 1,130,040 |
Ashland, Inc., Sr. Unsec’d. Notes | 6.875 | 05/15/43 | 4,100 | 4,102,041 | |
Braskem Netherlands Finance BV (Brazil), Gtd. Notes, 144A(a) | 4.500 | 01/10/28 | 1,630 | 1,486,446 |
11
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
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 | $158,880 | |
Nutrien Ltd. (Canada), Sr. Unsec’d. Notes | 4.900 | 06/01/43 | 1,350 | 1,201,843 | |
Sasol Financing USA LLC (South Africa), Gtd. Notes | 4.375 | 09/18/26 | 350 | 316,463 | |
TPC Group, Inc., Sr. Sec’d. Notes, 144A | 13.000 | 12/16/27 | 1,058 | 1,061,039 | |
9,456,752 | |||||
Commercial Services 1.0% | |||||
Allied Universal Holdco LLC/Allied Universal Finance Corp., Sr. Sec’d. Notes, 144A | 6.625 | 07/15/26 | 1,000 | 956,109 | |
AMN Healthcare, Inc., Gtd. Notes, 144A | 4.000 | 04/15/29 | 1,200 | 1,065,618 | |
DP World Ltd. (United Arab Emirates), Sr. Unsec’d. Notes, 144A | 2.375 | 09/25/26 | EUR | 601 | 620,279 |
ERAC USA Finance LLC, | |||||
Gtd. Notes, 144A | 6.700 | 06/01/34 | 110 | 121,201 | |
Gtd. Notes, 144A | 7.000 | 10/15/37 | 1,725 | 1,975,058 | |
Nexi SpA (Italy), Sr. Unsec’d. Notes | 2.125 | 04/30/29 | EUR | 4,060 | 3,839,014 |
United Rentals North America, Inc., | |||||
Gtd. Notes | 3.750 | 01/15/32 | 325 | 275,157 | |
Gtd. Notes | 5.250 | 01/15/30 | 1,200 | 1,142,973 | |
9,995,409 | |||||
Computers 0.2% | |||||
CA Magnum Holdings (India), Sr. Sec’d. Notes, 144A | 5.375 | 10/31/26 | 1,625 | 1,490,937 | |
NCR Corp., Gtd. Notes, 144A | 6.125 | 09/01/29 | 550 | 558,985 | |
2,049,922 |
12
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Distribution/Wholesale 0.1% | |||||
H&E Equipment Services, Inc., Gtd. Notes, 144A | 3.875 % | 12/15/28 | 1,150 | $1,009,386 | |
Ritchie Bros Holdings, Inc. (Canada), Sr. Sec’d. Notes, 144A | 6.750 | 03/15/28 | 100 | 101,250 | |
1,110,636 | |||||
Diversified Financial Services 0.4% | |||||
Blackstone Private Credit Fund, Sr. Sec’d. Notes^ | 5.610 | 05/03/27 | 950 | 862,968 | |
Jefferies Finance LLC/JFIN Co-Issuer Corp., Sr. Unsec’d. Notes, 144A | 5.000 | 08/15/28 | 1,025 | 875,050 | |
Jefferies Financial Group, Inc., Sr. Unsec’d. Notes | 6.500 | 01/20/43 | 175 | 176,206 | |
Navient Corp., Sr. Unsec’d. Notes | 6.750 | 06/25/25 | 575 | 568,726 | |
OneMain Finance Corp., Gtd. Notes | 3.875 | 09/15/28 | 1,200 | 987,751 | |
Power Finance Corp. Ltd. (India), Sr. Unsec’d. Notes, EMTN(a) | 5.250 | 08/10/28 | 1,100 | 1,074,491 | |
4,545,192 | |||||
Electric 1.7% | |||||
AES Panama Generation Holdings SRL (Panama), Sr. Sec’d. Notes, 144A | 4.375 | 05/31/30 | 1,055 | 912,978 | |
American Electric Power Co., Inc., Jr. Sub. Notes | 5.699 | 08/15/25 | 2,075 | 2,073,534 | |
Calpine Corp., | |||||
Sr. Unsec’d. Notes, 144A | 4.625 | 02/01/29 | 1,500 | 1,292,653 | |
Sr. Unsec’d. Notes, 144A | 5.000 | 02/01/31 | 2,275 | 1,913,572 | |
Clean Renewable Power Mauritius Pte Ltd. (India), Sr. Sec’d. Notes, 144A | 4.250 | 03/25/27 | 442 | 390,851 | |
Duke Energy Carolinas LLC, First Ref. Mortgage | 4.000 | 09/30/42 | 50 | 41,390 | |
Eskom Holdings SOC Ltd. (South Africa), | |||||
Sr. Unsec’d. Notes, 144A | 7.125 | 02/11/25 | 2,145 | 2,128,441 | |
Sr. Unsec’d. Notes, 144A, MTN | 6.750 | 08/06/23 | 200 | 199,540 | |
Mercury Chile Holdco LLC (Chile), Sr. Sec’d. Notes | 6.500 | 01/24/27 | 1,400 | 1,295,000 | |
Mong Duong Finance Holdings BV (Vietnam), Sr. Sec’d. Notes | 5.125 | 05/07/29 | 1,295 | 1,166,957 |
13
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Electric (cont’d.) | |||||
NRG Energy, Inc., | |||||
Gtd. Notes, 144A | 3.625 % | 02/15/31 | 1,475 | $1,157,298 | |
Gtd. Notes, 144A | 3.875 | 02/15/32 | 1,050 | 812,174 | |
Jr. Sub. Notes, 144A | 10.250(ff) | 03/15/28(oo) | 275 | 267,354 | |
Tierra Mojada Luxembourg II Sarl (Mexico), Sr. Sec’d. Notes, 144A | 5.750 | 12/01/40 | 1,714 | 1,502,818 | |
Vistra Corp., | |||||
Jr. Sub. Notes, 144A | 7.000(ff) | 12/15/26(oo) | 450 | 405,474 | |
Jr. Sub. Notes, 144A | 8.000(ff) | 10/15/26(oo) | 1,575 | 1,498,098 | |
17,058,132 | |||||
Energy-Alternate Sources 0.1% | |||||
Aydem Yenilenebilir Enerji A/S (Turkey), Sr. Sec’d. Notes, 144A | 7.750 | 02/02/27 | 630 | 556,214 | |
Engineering & Construction 0.7% | |||||
Cellnex Finance Co. SA (Spain), Gtd. Notes, EMTN | 2.000 | 02/15/33 | EUR | 1,100 | 959,942 |
Cellnex Telecom SA (Spain), Sr. Unsec’d. Notes, EMTN | 1.750 | 10/23/30 | EUR | 700 | 631,092 |
IHS Holding Ltd. (Nigeria), Gtd. Notes, 144A | 6.250 | 11/29/28 | 850 | 699,550 | |
Mexico City Airport Trust (Mexico), | |||||
Sr. Sec’d. Notes, 144A | 3.875 | 04/30/28 | 2,000 | 1,866,000 | |
Sr. Sec’d. Notes, 144A | 4.250 | 10/31/26 | 218 | 208,288 | |
Sr. Sec’d. Notes, 144A | 5.500 | 10/31/46 | 415 | 357,921 | |
Sr. Sec’d. Notes, 144A | 5.500 | 07/31/47 | 2,655 | 2,286,619 | |
7,009,412 | |||||
Entertainment 0.5% | |||||
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 | 305 | 210,078 | |
Caesars Entertainment, Inc., Sr. Sec’d. Notes, 144A | 7.000 | 02/15/30 | 1,450 | 1,464,493 | |
CCM Merger, Inc., Sr. Unsec’d. Notes, 144A | 6.375 | 05/01/26 | 625 | 608,763 |
14
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Entertainment (cont’d.) | |||||
Codere Finance 2 Luxembourg SA (Spain), | |||||
Sr. Sec’d. Notes, Cash coupon 2.000% and PIK 10.750% (original cost $761,726; purchased 04/03/19 - 10/31/22)(f) | 12.750 % | 11/30/27(d) | EUR | 689 | $246,483 |
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 | 1,832,194 |
Codere New Holdco SA (Luxembourg), Sr. Sec’d. Notes, 144A, Cash coupon N/A or PIK 7.500% (original cost $1,099,426; purchased 11/19/21 - 10/31/22)(f) | 7.500 | 11/30/27(d) | EUR | 840 | 43,744 |
Penn Entertainment, Inc., Sr. Unsec’d. Notes, 144A(a) | 4.125 | 07/01/29 | 391 | 323,145 | |
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., Gtd. Notes, 144A | 5.875 | 09/01/31 | 625 | 461,645 | |
5,190,545 | |||||
Foods 0.4% | |||||
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s LP/Albertson’s LLC, Gtd. Notes, 144A | 6.500 | 02/15/28 | 450 | 448,337 | |
B&G Foods, Inc., Gtd. Notes | 5.250 | 09/15/27 | 625 | 538,557 | |
Bellis Finco PLC (United Kingdom), Gtd. Notes | 4.000 | 02/16/27 | GBP | 2,700 | 2,663,753 |
Lamb Weston Holdings, Inc., | |||||
Gtd. Notes, 144A | 4.125 | 01/31/30 | 175 | 154,442 | |
Gtd. Notes, 144A | 4.375 | 01/31/32 | 325 | 286,041 | |
Market Bidco Finco PLC (United Kingdom), Sr. Sec’d. Notes, 144A | 5.500 | 11/04/27 | GBP | 518 | 519,057 |
4,610,187 | |||||
Forest Products & Paper 0.1% | |||||
Georgia-Pacific LLC, Sr. Unsec’d. Notes | 7.375 | 12/01/25 | 400 | 414,911 | |
Suzano Austria GmbH (Brazil), Gtd. Notes(a) | 6.000 | 01/15/29 | 1,000 | 997,500 | |
1,412,411 |
15
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
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 | 1,500 | $1,453,898 | |
CenterPoint Energy Resources Corp., Sr. Unsec’d. Notes | 5.850 | 01/15/41 | 700 | 714,290 | |
ENN Clean Energy International Investment Ltd. (China), Gtd. Notes, 144A | 3.375 | 05/12/26 | 1,350 | 1,245,091 | |
Southern Co. Gas Capital Corp., Gtd. Notes | 4.400 | 06/01/43 | 1,375 | 1,125,432 | |
4,538,711 | |||||
Healthcare-Products 0.2% | |||||
Medline Borrower LP, | |||||
Sr. Sec’d. Notes, 144A | 3.875 | 04/01/29 | 250 | 219,063 | |
Sr. Unsec’d. Notes, 144A | 5.250 | 10/01/29 | 150 | 133,191 | |
Thermo Fisher Scientific, Inc., | |||||
Sr. Unsec’d. Notes, EMTN | 1.500 | 10/01/39 | EUR | 1,250 | 958,538 |
Sr. Unsec’d. Notes, EMTN | 1.875 | 10/01/49 | EUR | 825 | 581,890 |
1,892,682 | |||||
Healthcare-Services 0.4% | |||||
Aetna, Inc., Sr. Unsec’d. Notes | 4.500 | 05/15/42 | 530 | 456,141 | |
Elevance Health, Inc., | |||||
Sr. Unsec’d. Notes | 4.101 | 03/01/28 | 700 | 673,348 | |
Sr. Unsec’d. Notes | 4.650 | 01/15/43 | 120 | 109,282 | |
Sr. Unsec’d. Notes | 5.100 | 01/15/44 | 515 | 485,733 | |
Memorial Sloan-Kettering Cancer Center, Sr. Unsec’d. Notes | 4.125 | 07/01/52 | 75 | 63,820 | |
Tenet Healthcare Corp., | |||||
Sr. Sec’d. Notes, 144A | 6.750 | 05/15/31 | 1,425 | 1,420,798 | |
Sr. Unsec’d. Notes | 6.875 | 11/15/31 | 1,200 | 1,201,113 | |
4,410,235 | |||||
Home Builders 0.6% | |||||
Beazer Homes USA, Inc., | |||||
Gtd. Notes | 5.875 | 10/15/27 | 150 | 144,927 | |
Gtd. Notes | 7.250 | 10/15/29 | 3,475 | 3,418,114 |
16
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Home Builders (cont’d.) | |||||
Taylor Morrison Communities, Inc., Gtd. Notes, 144A | 5.875 % | 06/15/27 | 2,560 | $2,522,787 | |
6,085,828 | |||||
Housewares 0.0% | |||||
SWF Escrow Issuer Corp., Sr. Unsec’d. Notes, 144A | 6.500 | 10/01/29 | 325 | 201,507 | |
Insurance 0.7% | |||||
Hartford Financial Services Group, Inc. (The), | |||||
Sr. Unsec’d. Notes | 5.950 | 10/15/36 | 215 | 222,297 | |
Sr. Unsec’d. Notes | 6.100 | 10/01/41 | 280 | 284,962 | |
Liberty Mutual Group, Inc., Gtd. Notes, 144A | 4.569 | 02/01/29 | 1,614 | 1,577,090 | |
Lincoln National Corp., Sr. Unsec’d. Notes | 7.000 | 06/15/40 | 695 | 721,715 | |
Markel Group, Inc., Sr. Unsec’d. Notes | 5.000 | 03/30/43 | 3,125 | 2,670,050 | |
Principal Financial Group, Inc., Gtd. Notes | 4.350 | 05/15/43 | 245 | 199,189 | |
Teachers Insurance & Annuity Association of America, | |||||
Sub. Notes, 144A | 4.900 | 09/15/44 | 1,950 | 1,770,734 | |
Sub. Notes, 144A | 6.850 | 12/16/39 | 54 | 60,054 | |
7,506,091 | |||||
Internet 0.1% | |||||
Prosus NV (China), Sr. Unsec’d. Notes, 144A | 4.193 | 01/19/32 | 1,250 | 1,055,800 | |
Leisure Time 0.2% | |||||
Carnival Corp., Gtd. Notes, 144A | 5.750 | 03/01/27 | 350 | 323,750 | |
NCL Corp. Ltd., Sr. Sec’d. Notes, 144A | 8.375 | 02/01/28 | 925 | 963,156 | |
Royal Caribbean Cruises Ltd., | |||||
Gtd. Notes, 144A | 7.250 | 01/15/30 | 150 | 151,500 | |
Gtd. Notes, 144A | 9.250 | 01/15/29 | 600 | 636,666 |
17
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Leisure Time (cont’d.) | |||||
Viking Cruises Ltd., Gtd. Notes, 144A | 5.875 % | 09/15/27 | 350 | $325,847 | |
2,400,919 | |||||
Lodging 0.4% | |||||
Gohl Capital Ltd. (Malaysia), Gtd. Notes | 4.250 | 01/24/27 | 1,510 | 1,410,627 | |
MGM China Holdings Ltd. (Macau), Sr. Unsec’d. Notes, 144A | 4.750 | 02/01/27 | 700 | 640,938 | |
Sands China Ltd. (Macau), | |||||
Sr. Unsec’d. Notes | 5.625 | 08/08/25 | 203 | 199,284 | |
Sr. Unsec’d. Notes | 5.900 | 08/08/28 | 756 | 734,265 | |
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., Sr. Sec’d. Notes, 144A | 5.875 | 05/15/25 | 1,198 | 1,154,448 | |
4,139,562 | |||||
Machinery-Diversified 0.1% | |||||
Chart Industries, Inc., Sr. Sec’d. Notes, 144A | 7.500 | 01/01/30 | 1,100 | 1,128,576 | |
Media 1.5% | |||||
AMC Networks, Inc., Gtd. Notes | 5.000 | 04/01/24 | 1,075 | 1,057,888 | |
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unsec’d. Notes, 144A(a) | 4.750 | 03/01/30 | 1,300 | 1,125,098 | |
Charter Communications Operating LLC/Charter Communications Operating Capital, | |||||
Sr. Sec’d. Notes | 6.384 | 10/23/35 | 2,640 | 2,593,160 | |
Sr. Sec’d. Notes | 6.484 | 10/23/45 | 585 | 546,627 | |
CSC Holdings LLC, | |||||
Gtd. Notes, 144A | 5.375 | 02/01/28 | 1,600 | 1,335,571 | |
Gtd. Notes, 144A | 5.500 | 04/15/27 | 1,500 | 1,285,483 | |
Sr. Unsec’d. Notes(a) | 5.250 | 06/01/24 | 2,000 | 1,865,969 | |
Diamond Sports Group LLC/Diamond Sports Finance Co., Gtd. Notes, 144A (original cost $2,576,156; purchased 07/18/19 - 02/27/20)(f) | 6.625 | 08/15/27(d) | 2,785 | 80,810 | |
DISH Network Corp., Sr. Sec’d. Notes, 144A | 11.750 | 11/15/27 | 2,350 | 2,365,483 |
18
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Media (cont’d.) | |||||
Sinclair Television Group, Inc., Gtd. Notes, 144A | 5.125 % | 02/15/27 | 425 | $356,543 | |
Univision Communications, Inc., Sr. Sec’d. Notes, 144A | 5.125 | 02/15/25 | 800 | 787,550 | |
Virgin Media Secured Finance PLC (United Kingdom), | |||||
Sr. Sec’d. Notes | 4.125 | 08/15/30 | GBP | 700 | 714,245 |
Sr. Sec’d. Notes | 4.250 | 01/15/30 | GBP | 600 | 621,479 |
Ziggo BV (Netherlands), Sr. Sec’d. Notes | 2.875 | 01/15/30 | EUR | 1,270 | 1,169,564 |
15,905,470 | |||||
Mining 0.5% | |||||
AngloGold Ashanti Holdings PLC (Australia), Gtd. Notes(a) | 3.375 | 11/01/28 | 730 | 643,436 | |
First Quantum Minerals Ltd. (Zambia), Gtd. Notes, 144A | 6.875 | 10/15/27 | 600 | 586,875 | |
Freeport Indonesia PT (Indonesia), Sr. Unsec’d. Notes, 144A, MTN | 5.315 | 04/14/32 | 600 | 566,343 | |
Indonesia Asahan Aluminium Persero PT (Indonesia), Sr. Unsec’d. Notes | 6.530 | 11/15/28 | 1,650 | 1,687,414 | |
Vedanta Resources Finance II PLC (India), Gtd. Notes | 13.875 | 01/21/24 | 1,425 | 1,269,618 | |
4,753,686 | |||||
Oil & Gas 3.4% | |||||
Aker BP ASA (Norway), Gtd. Notes, 144A | 2.000 | 07/15/26 | 2,445 | 2,194,409 | |
Ascent Resources Utica Holdings LLC/ARU Finance Corp., | |||||
Gtd. Notes, 144A | 7.000 | 11/01/26 | 1,225 | 1,198,429 | |
Gtd. Notes, 144A(a) | 9.000 | 11/01/27 | 899 | 1,124,146 | |
Cenovus Energy, Inc. (Canada), Sr. Unsec’d. Notes | 5.400 | 06/15/47 | 1,835 | 1,673,817 | |
Citgo Holding, Inc., Sr. Sec’d. Notes, 144A | 9.250 | 08/01/24 | 75 | 74,959 | |
CITGO Petroleum Corp., Sr. Sec’d. Notes, 144A | 7.000 | 06/15/25 | 1,325 | 1,309,126 | |
Civitas Resources, Inc., Gtd. Notes, 144A | 8.375 | 07/01/28 | 200 | 205,746 |
19
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Oil & Gas (cont’d.) | |||||
CNX Resources Corp., Gtd. Notes, 144A | 7.250 % | 03/14/27 | 525 | $524,461 | |
CrownRock LP/CrownRock Finance, Inc., Sr. Unsec’d. Notes, 144A | 5.625 | 10/15/25 | 1,000 | 987,212 | |
Ecopetrol SA (Colombia), | |||||
Sr. Unsec’d. Notes(a) | 6.875 | 04/29/30 | 2,170 | 2,035,568 | |
Sr. Unsec’d. Notes | 8.625 | 01/19/29 | 2,105 | 2,164,466 | |
Sr. Unsec’d. Notes | 8.875 | 01/13/33 | 2,660 | 2,717,522 | |
Energian Israel Finance Ltd. (Israel), | |||||
Sr. Sec’d. Notes, 144A | 4.875 | 03/30/26 | 1,135 | 1,056,878 | |
Sr. Sec’d. Notes, 144A | 5.375 | 03/30/28 | 857 | 776,433 | |
Hilcorp Energy I LP/Hilcorp Finance Co., | |||||
Sr. Unsec’d. Notes, 144A | 6.250 | 11/01/28 | 700 | 670,070 | |
Sr. Unsec’d. Notes, 144A | 6.250 | 04/15/32 | 500 | 455,370 | |
Leviathan Bond Ltd. (Israel), Sr. Sec’d. Notes, 144A | 6.750 | 06/30/30 | 2,020 | 1,891,993 | |
Ovintiv, Inc., Gtd. Notes(a) | 5.650 | 05/15/28 | 2,145 | 2,132,288 | |
Petrobras Global Finance BV (Brazil), Gtd. Notes | 5.375 | 10/01/29 | GBP | 800 | 894,228 |
Petroleos Mexicanos (Mexico), | |||||
Gtd. Notes | 4.750 | 02/26/29 | EUR | 2,055 | 1,769,641 |
Gtd. Notes | 6.500 | 03/13/27 | 260 | 230,217 | |
Gtd. Notes | 6.700 | 02/16/32 | 2,660 | 2,047,934 | |
Gtd. Notes | 6.840 | 01/23/30 | 500 | 398,880 | |
Gtd. Notes, EMTN | 4.875 | 02/21/28 | EUR | 150 | 135,946 |
Precision Drilling Corp. (Canada), Gtd. Notes, 144A | 7.125 | 01/15/26 | 675 | 669,938 | |
Preem Holdings AB (Sweden), Sr. Unsec’d. Notes, 144A | 12.000 | 06/30/27 | EUR | 1,967 | 2,313,871 |
Transocean, Inc., Gtd. Notes, 144A | 7.250 | 11/01/25 | 3,025 | 2,975,844 | |
34,629,392 | |||||
Oil & Gas Services 0.0% | |||||
Cameron International Corp., Gtd. Notes | 5.950 | 06/01/41 | 100 | 91,892 | |
Packaging & Containers 0.2% | |||||
Ball Corp., Gtd. Notes(a) | 6.000 | 06/15/29 | 1,125 | 1,125,000 |
20
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Packaging & Containers (cont’d.) | |||||
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc., Sr. Sec’d. Notes, 144A(a) | 4.375 % | 10/15/28 | 1,300 | $1,153,342 | |
Sealed Air Corp./Sealed Air Corp. US, Gtd. Notes, 144A | 6.125 | 02/01/28 | 125 | 124,645 | |
2,402,987 | |||||
Pharmaceuticals 1.3% | |||||
AbbVie, Inc., | |||||
Sr. Unsec’d. Notes | 4.050 | 11/21/39 | 905 | 786,947 | |
Sr. Unsec’d. Notes | 4.550 | 03/15/35 | 4,155 | 3,953,038 | |
Bausch Health Cos., Inc., | |||||
Gtd. Notes, 144A | 5.000 | 01/30/28 | 400 | 185,000 | |
Gtd. Notes, 144A | 6.250 | 02/15/29 | 1,200 | 561,000 | |
Bristol-Myers Squibb Co., Sr. Unsec’d. Notes | 4.125 | 06/15/39 | 615 | 552,831 | |
Cigna Group (The), Gtd. Notes(h) | 4.375 | 10/15/28 | 3,990 | 3,860,085 | |
CVS Health Corp., Sr. Unsec’d. Notes | 5.875 | 06/01/53 | 390 | 395,866 | |
Organon & Co./Organon Foreign Debt Co-Issuer BV, Sr. Sec’d. Notes, 144A | 4.125 | 04/30/28 | 1,300 | 1,165,146 | |
Utah Acquisition Sub, Inc., Gtd. Notes | 5.250 | 06/15/46 | 520 | 420,358 | |
Viatris, Inc., Gtd. Notes | 4.000 | 06/22/50 | 2,190 | 1,481,194 | |
13,361,465 | |||||
Pipelines 1.4% | |||||
AI Candelaria Spain SA (Colombia), Sr. Sec’d. Notes, 144A | 5.750 | 06/15/33 | 920 | 696,739 | |
Antero Midstream Partners LP/Antero Midstream Finance Corp., Gtd. Notes, 144A | 7.875 | 05/15/26 | 900 | 919,769 | |
Eastern Gas Transmission & Storage, Inc., Sr. Unsec’d. Notes | 4.600 | 12/15/44 | 125 | 104,497 | |
Energy Transfer LP, | |||||
Jr. Sub. Notes, Series G | 7.125(ff) | 05/15/30(oo) | 3,360 | 2,958,199 | |
Sr. Unsec’d. Notes | 5.150 | 03/15/45 | 55 | 47,656 | |
Sr. Unsec’d. Notes | 5.300 | 04/15/47 | 125 | 109,359 | |
Sr. Unsec’d. Notes | 5.400 | 10/01/47 | 60 | 53,110 |
21
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
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 | $73,819 | |
Enterprise Products Operating LLC, | |||||
Gtd. Notes | 4.900 | 05/15/46 | 1,025 | 937,785 | |
Gtd. Notes | 4.950 | 10/15/54 | 800 | 727,851 | |
Magellan Midstream Partners LP, | |||||
Sr. Unsec’d. Notes | 4.200 | 12/01/42 | 125 | 91,236 | |
Sr. Unsec’d. Notes | 5.150 | 10/15/43 | 1,350 | 1,167,987 | |
MPLX LP, Sr. Unsec’d. Notes | 5.200 | 03/01/47 | 145 | 128,891 | |
NGPL PipeCo LLC, Sr. Unsec’d. Notes, 144A | 4.875 | 08/15/27 | 500 | 478,919 | |
ONEOK, Inc., Gtd. Notes | 4.950 | 07/13/47 | 1,060 | 883,650 | |
Rockies Express Pipeline LLC, | |||||
Sr. Unsec’d. Notes, 144A | 3.600 | 05/15/25 | 775 | 738,438 | |
Sr. Unsec’d. Notes, 144A | 6.875 | 04/15/40 | 1,850 | 1,691,479 | |
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | |||||
Gtd. Notes, 144A | 5.500 | 01/15/28 | 1,000 | 922,395 | |
Gtd. Notes, 144A | 7.500 | 10/01/25 | 125 | 125,476 | |
Venture Global Calcasieu Pass LLC, | |||||
Sr. Sec’d. Notes, 144A | 3.875 | 08/15/29 | 75 | 65,001 | |
Sr. Sec’d. Notes, 144A | 4.125 | 08/15/31 | 75 | 63,631 | |
Western Midstream Operating LP, Sr. Unsec’d. Notes | 5.300 | 03/01/48 | 910 | 780,069 | |
Williams Cos., Inc. (The), Sr. Unsec’d. Notes | 5.300 | 08/15/52 | 765 | 709,504 | |
14,475,460 | |||||
Real Estate 0.4% | |||||
Arabian Centres Sukuk Ltd. (Saudi Arabia), Gtd. Notes, 144A | 5.375 | 11/26/24 | 995 | 959,668 | |
Greystar Real Estate Partners LLC, Sr. Sec’d. Notes, 144A | 5.750 | 12/01/25 | 3,575 | 3,522,804 | |
4,482,472 | |||||
Real Estate Investment Trusts (REITs) 0.3% | |||||
Diversified Healthcare Trust, Gtd. Notes | 4.375 | 03/01/31 | 1,000 | 729,189 |
22
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Real Estate Investment Trusts (REITs) (cont’d.) | |||||
MPT Operating Partnership LP/MPT Finance Corp., Gtd. Notes | 0.993 % | 10/15/26 | EUR | 1,500 | $1,269,923 |
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, Sr. Sec’d. Notes, 144A | 7.500 | 06/01/25 | 900 | 905,305 | |
2,904,417 | |||||
Retail 0.7% | |||||
Brinker International, Inc., Gtd. Notes, 144A | 5.000 | 10/01/24 | 500 | 492,165 | |
eG Global Finance PLC (United Kingdom), | |||||
Sr. Sec’d. Notes | 6.250 | 10/30/25 | EUR | 231 | 244,331 |
Sr. Sec’d. Notes, 144A | 4.375 | 02/07/25 | EUR | 4,346 | 4,569,842 |
Falabella SA (Chile), Sr. Unsec’d. Notes, 144A | 3.375 | 01/15/32 | 1,200 | 953,328 | |
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., Gtd. Notes, 144A | 6.750 | 01/15/30 | 750 | 643,987 | |
Macy’s Retail Holdings LLC, Gtd. Notes(a) | 4.300 | 02/15/43 | 705 | 439,788 | |
7,343,441 | |||||
Telecommunications 1.6% | |||||
AT&T, Inc., | |||||
Sr. Unsec’d. Notes | 2.550 | 12/01/33 | 727 | 560,597 | |
Sr. Unsec’d. Notes | 3.500 | 09/15/53 | 929 | 630,537 | |
Sr. Unsec’d. Notes | 3.650 | 09/15/59 | 318 | 212,055 | |
Sr. Unsec’d. Notes | 4.500 | 05/15/35 | 695 | 626,794 | |
CT Trust (Guatemala), Sr. Sec’d. Notes, 144A | 5.125 | 02/03/32 | 760 | 628,231 | |
Digicel Group Holdings Ltd. (Jamaica), Sr. Unsec’d. Notes, 144A, Cash coupon 5.000% and PIK 3.000% (original cost $74,103; purchased 06/23/20 - 10/03/22)(f) | 8.000 | 04/01/25 | 259 | 112,400 | |
Digicel International Finance Ltd./Digicel International Holdings Ltd. (Jamaica), | |||||
Gtd. Notes, 144A (original cost $736,209; purchased 05/22/20 - 03/15/23)(f) | 8.000 | 12/31/26(d) | 2,424 | 509,073 | |
Gtd. Notes, 144A, Cash coupon 6.000% and PIK 7.000% (original cost $637,648; purchased 05/22/20 - 12/15/22)(f) | 13.000 | 12/31/25 | 692 | 493,346 |
23
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Telecommunications (cont’d.) | |||||
Digicel International Finance Ltd./Digicel International Holdings Ltd. (Jamaica), (cont’d.) | |||||
Sr. Sec’d. Notes, 144A (original cost $1,081,274; purchased 05/22/20)(f) | 8.750 % | 05/25/24 | 1,138 | $1,030,056 | |
Digicel Ltd. (Jamaica), Gtd. Notes, 144A (original cost $2,050,000; purchased 02/24/15)(f) | 6.750 | 12/31/23 | 2,050 | 389,500 | |
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 | 6.500 | 03/15/30 | 1,400 | 1,276,492 | |
Kaixo Bondco Telecom SA (Spain), Sr. Sec’d. Notes, 144A | 5.125 | 09/30/29 | EUR | 2,600 | 2,548,838 |
Level 3 Financing, Inc., | |||||
Sr. Sec’d. Notes, 144A | 3.400 | 03/01/27 | 465 | 410,296 | |
Sr. Sec’d. Notes, 144A | 10.500 | 05/15/30 | 275 | 284,884 | |
Millicom International Cellular SA (Guatemala), Sr. Unsec’d. Notes, 144A | 4.500 | 04/27/31 | 515 | 409,878 | |
Sprint LLC, | |||||
Gtd. Notes(a) | 7.125 | 06/15/24 | 2,000 | 2,018,645 | |
Gtd. Notes | 7.625 | 02/15/25 | 1,150 | 1,176,226 | |
Total Play Telecomunicaciones SA de CV (Mexico), Gtd. Notes, 144A | 6.375 | 09/20/28 | 480 | 273,600 | |
Verizon Communications, Inc., Sr. Unsec’d. Notes | 3.400 | 03/22/41 | 1,575 | 1,196,771 | |
Viasat, Inc., Sr. Unsec’d. Notes, 144A | 5.625 | 09/15/25 | 1,650 | 1,547,268 | |
16,335,489 | |||||
Transportation 0.1% | |||||
Burlington Northern Santa Fe LLC, Sr. Unsec’d. Notes | 5.050 | 03/01/41 | 295 | 288,992 | |
Indian Railway Finance Corp. Ltd. (India), Sr. Unsec’d. Notes, 144A, MTN | 3.570 | 01/21/32 | 360 | 311,796 | |
XPO, Inc., Gtd. Notes, 144A | 7.125 | 06/01/31 | 225 | 227,566 | |
828,354 | |||||
Total Corporate Bonds (cost $334,632,602) | 304,658,969 |
24
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans 1.1% | |||||
Airlines 0.0% | |||||
United Airlines, Inc., Class B Term Loan, 3 Month LIBOR + 3.750% | 9.292 %(c) | 04/21/28 | 390 | $390,475 | |
Computers 0.1% | |||||
McAfee Corp., Tranche B-1 Term Loan, 1 Month SOFR + 3.850% | 8.963(c) | 03/01/29 | 1,015 | 979,487 | |
Diversified Financial Services 0.2% | |||||
Avolon TLB Borrower 1 U.S. LLC (Ireland), Term B4 Loans, 1 Month SOFR + 1.600% | 6.855(c) | 02/12/27 | 598 | 594,246 | |
Hudson River Trading LLC, Term Loan, 3 Month SOFR + 3.262% | 8.631(c) | 03/20/28 | 1,177 | 1,151,390 | |
1,745,636 | |||||
Foods 0.1% | |||||
Casino Guichard-Perrachon (France), Facility B Loan, 3 Month EURIBOR + 4.000% | 7.672(c) | 08/31/25 | EUR | 1,710 | 1,022,329 |
Investment Companies 0.3% | |||||
Rainbow Midco Ltd. (United Kingdom), Term Loan, 3 Month EURIBOR + 7.750%^ | 10.947(c) | 02/22/30 | 2,611 | 2,784,190 | |
Media 0.0% | |||||
Diamond Sports Group LLC, | |||||
First Lien Term Loan, 1 Month SOFR + 10.100% | 12.775(c) | 05/25/26 | 41 | 30,582 | |
Second Lien Term Loan | 8.025 | 08/24/26 | 2,065 | 58,502 | |
89,084 | |||||
Metal Fabricate/Hardware 0.1% | |||||
Tank Holding Corp., | |||||
2023 Incremental Term Loan, 1 Month SOFR + 6.100%^ | 11.391(c) | 03/31/28 | 154 | 149,775 | |
Term Loan, 1 Month SOFR + 5.850% | 11.169(c) | 03/31/28 | 1,139 | 1,097,229 | |
1,247,004 |
25
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Retail 0.2% | |||||
Constellation Automotive Group Ltd. (United Kingdom), Facility 1 Loan, SONIA + 7.500% | 12.684 %(c) | 07/27/29 | GBP | 1,025 | $868,186 |
Great Outdoors Group LLC, Term B-2 Loan, 1 Month SOFR + 3.864% | 9.183(c) | 03/06/28 | 1,247 | 1,241,632 | |
2,109,818 | |||||
Telecommunications 0.1% | |||||
Digicel International Finance Ltd. (Jamaica), First Lien Initial Term B Loan, 6 Month LIBOR + 3.250% | 8.981(c) | 05/27/24 | 189 | 170,380 | |
Intelsat Jackson Holdings SA (Luxembourg), Term B Loan, 3 Month SOFR + 4.250% | 9.543(c) | 02/01/29 | 740 | 738,747 | |
909,127 | |||||
Total Floating Rate and Other Loans (cost $12,890,509) | 11,277,150 | ||||
Municipal Bonds 1.8% | |||||
California 0.3% | |||||
Bay Area Toll Authority, Revenue Bonds, BABs, Series F2 | 6.263 | 04/01/49 | 550 | 638,723 | |
Los Angeles Department of Water & Power, Water System Revenue, Taxable, Revenue Bonds, BABs, Series C | 6.008 | 07/01/39 | 1,730 | 1,840,623 | |
University of California, | |||||
Taxable, Revenue Bonds, Series AP | 3.931 | 05/15/45 | 625 | 565,140 | |
Taxable, Revenue Bonds, Series J | 4.131 | 05/15/45 | 675 | 603,814 | |
3,648,300 | |||||
Colorado 0.1% | |||||
Regional Transportation District Sales Tax Revenue, Revenue Bonds, BABs, Series B | 5.844 | 11/01/50 | 1,190 | 1,329,845 | |
Illinois 0.1% | |||||
State of Illinois, General Obligation Unlimited, Taxable | 5.100 | 06/01/33 | 865 | 845,328 |
26
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
New Jersey 0.3% | |||||
New Jersey Turnpike Authority, Taxable, Revenue Bonds, BABs, Series F | 7.414 % | 01/01/40 | 2,000 | $2,471,121 | |
Rutgers The State University of New Jersey, Taxable, Revenue Bonds, BABs, Series H | 5.665 | 05/01/40 | 200 | 209,339 | |
2,680,460 | |||||
Ohio 0.0% | |||||
Ohio State University (The), Taxable, Revenue Bonds, Series A | 4.800 | 06/01/2111 | 180 | 159,735 | |
Puerto Rico 1.0% | |||||
Commonwealth of Puerto Rico, General Obligation, Sub-Series C | 0.000(cc) | 11/01/43 | 8,692 | 4,454,832 | |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Revenue Bonds, Restructured, Series A-1(h) | 4.750 | 07/01/53 | 5,846 | 5,523,796 | |
9,978,628 | |||||
Texas 0.0% | |||||
City of San Antonio Electric & Gas Systems Revenue, Taxable, Revenue Bonds | 4.427 | 02/01/42 | 120 | 111,471 | |
Total Municipal Bonds (cost $20,172,428) | 18,753,767 | ||||
Residential Mortgage-Backed Securities 2.8% | |||||
Bellemeade Re Ltd., Series 2021-01A, Class M1C, 144A, 30 Day Average SOFR + 2.950% (Cap N/A, Floor 2.950%) | 8.019(c) | 03/25/31 | 960 | 974,671 | |
Chase Mortgage Finance Trust, Series 2007-A01, Class 1A3 | 4.522(cc) | 02/25/37 | 35 | 34,218 | |
Connecticut Avenue Securities Trust, | |||||
Series 2020-R01, Class 1M2, 144A, 30 Day Average SOFR + 2.164% (Cap N/A, Floor 0.000%) | 7.233(c) | 01/25/40 | 50 | 50,740 | |
Series 2021-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | 8.169(c) | 10/25/41 | 990 | 995,746 |
27
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Residential Mortgage-Backed Securities (Continued) | |||||
Connecticut Avenue Securities Trust, (cont’d.) | |||||
Series 2022-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.150% (Cap N/A, Floor 0.000%) | 8.219 %(c) | 12/25/41 | 1,718 | $1,727,045 | |
Series 2022-R02, Class 2M2, 144A, 30 Day Average SOFR + 3.000% (Cap N/A, Floor 0.000%) | 8.069(c) | 01/25/42 | 1,900 | 1,909,465 | |
Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) | 10.319(c) | 03/25/42 | 290 | 305,498 | |
Series 2023-R05, Class 1M2, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 3.100%) | 8.169(c) | 06/25/43 | 1,400 | 1,433,457 | |
Eagle Re Ltd., | |||||
Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.700% (Cap N/A, Floor 1.700%) | 6.850(c) | 11/25/28 | 1,893 | 1,894,329 | |
Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% (Cap N/A, Floor 3.450%) | 8.519(c) | 04/25/34 | 910 | 929,686 | |
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%) | 8.469(c) | 08/25/33 | 3,460 | 3,529,200 | |
FHLMC Structured Agency Credit Risk REMIC Trust, | |||||
Series 2021-DNA01, Class B1, 144A, 30 Day Average SOFR + 2.650% (Cap N/A, Floor 0.000%) | 7.719(c) | 01/25/51 | 835 | 818,559 | |
Series 2021-DNA05, Class B1, 144A, 30 Day Average SOFR + 3.050% (Cap N/A, Floor 0.000%) | 8.119(c) | 01/25/34 | 600 | 601,878 | |
Series 2021-DNA06, Class M2, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | 6.569(c) | 10/25/41 | 1,520 | 1,494,352 | |
Series 2021-DNA07, Class M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) | 6.869(c) | 11/25/41 | 100 | 98,124 | |
Series 2021-HQA01, Class B1, 144A, 30 Day Average SOFR + 3.000% (Cap N/A, Floor 0.000%) | 8.069(c) | 08/25/33 | 200 | 198,018 | |
Series 2021-HQA03, Class B1, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | 8.419(c) | 09/25/41 | 370 | 368,620 | |
Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | 7.169(c) | 09/25/41 | 100 | 98,000 |
28
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Residential Mortgage-Backed Securities (Continued) | |||||
FHLMC Structured Agency Credit Risk REMIC Trust, (cont’d.) | |||||
Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) | 7.969 %(c) | 04/25/42 | 1,920 | $1,953,340 | |
Series 2022-HQA03, Class M2, 144A, 30 Day Average SOFR + 5.350% (Cap N/A, Floor 0.000%) | 10.419(c) | 08/25/42 | 600 | 640,500 | |
GSMSC Resecuritization Trust, Series 2015-03R, Class 2A2, 144A, 1 Month SOFR + 0.254% (Cap N/A, Floor 0.140%) | 5.552(c) | 10/26/36 | 451 | 447,520 | |
JPMorgan Mortgage Trust, Series 2007-A01, Class 4A1 | 5.769(cc) | 07/25/35 | 18 | 18,086 | |
Legacy Mortgage Asset Trust, Series 2021-SL02, Class A, 144A | 1.875 | 10/25/68 | 174 | 159,570 | |
New Residential Mortgage Loan Trust, Series 2018-04A, Class A1S, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%) | 6.162(c) | 01/25/48 | 1,216 | 1,183,949 | |
Oaktown Re VII Ltd., Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | 7.969(c) | 04/25/34 | 1,000 | 1,014,315 | |
PNMAC GMSR Issuer Trust, | |||||
Series 2018-GT01, Class A, 144A, 1 Month LIBOR + 3.850% (Cap N/A, Floor 2.850%) | 9.262(c) | 02/25/25 | 1,650 | 1,649,168 | |
Series 2018-GT02, Class A, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 0.000%) | 8.062(c) | 08/25/25 | 2,400 | 2,379,120 | |
Radnor Re Ltd., | |||||
Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%) | 8.769(c) | 11/25/31 | 1,000 | 1,001,930 | |
Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.700% (Cap N/A, Floor 2.700%) | 7.767(c) | 07/25/33 | 750 | 751,875 | |
Retiro Mortgage Securities DAC (Spain), Series 01A, Class A1, 144A, 3 Month EURIBOR + 2.000% (Cap 5.000%, Floor 0.000%) | 5.000(c) | 07/30/75 | EUR | 314 | 339,589 |
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-37A, Class 3A7 | 6.433(cc) | 12/25/33 | 235 | 226,856 | |
Total Residential Mortgage-Backed Securities (cost $28,650,763) | 29,227,424 |
29
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Sovereign Bonds 3.3% | |||||
Bermuda Government International Bond (Bermuda), Sr. Unsec’d. Notes, 144A | 2.375 % | 08/20/30 | 685 | $570,941 | |
Brazil Minas SPE via State of Minas Gerais (Brazil), Gov’t. Gtd. Notes | 5.333 | 02/15/28 | 1,645 | 1,612,297 | |
Colombia Government International Bond (Colombia), Sr. Unsec’d. Notes | 7.500 | 02/02/34 | 1,375 | 1,387,829 | |
Dominican Republic International Bond (Dominican Republic), | |||||
Sr. Unsec’d. Notes | 5.500 | 02/22/29 | 261 | 247,559 | |
Sr. Unsec’d. Notes, 144A | 5.500 | 02/22/29 | 1,915 | 1,816,378 | |
Sr. Unsec’d. Notes, 144A | 5.950 | 01/25/27 | 1,570 | 1,550,030 | |
Hellenic Republic Government International Bond (Greece), | |||||
Sr. Unsec’d. Notes | 5.200 | 07/17/34 | EUR | 5,485 | 6,395,778 |
Sr. Unsec’d. Notes | 6.140 | 04/14/28 | EUR | 2,000 | 2,400,296 |
Indonesia Government International Bond (Indonesia), | |||||
Sr. Unsec’d. Notes | 1.100 | 03/12/33 | EUR | 410 | 332,678 |
Sr. Unsec’d. Notes | 1.450 | 09/18/26 | EUR | 805 | 811,926 |
Sr. Unsec’d. Notes | 3.375 | 07/30/25 | EUR | 2,655 | 2,867,357 |
Ivory Coast Government International Bond (Ivory Coast), | |||||
Sr. Unsec’d. Notes | 5.125 | 06/15/25 | EUR | 500 | 547,012 |
Sr. Unsec’d. Notes, 144A | 5.125 | 06/15/25 | EUR | 1,650 | 1,805,140 |
Romanian Government International Bond (Romania), Sr. Unsec’d. Notes, 144A, MTN | 5.000 | 09/27/26 | EUR | 4,200 | 4,645,931 |
Serbia International Bond (Serbia), | |||||
Sr. Unsec’d. Notes | 1.500 | 06/26/29 | EUR | 366 | 319,600 |
Sr. Unsec’d. Notes | 3.125 | 05/15/27 | EUR | 1,844 | 1,851,898 |
Sr. Unsec’d. Notes, 144A | 1.500 | 06/26/29 | EUR | 1,660 | 1,449,550 |
Sr. Unsec’d. Notes, 144A | 6.250 | 05/26/28 | 520 | 520,291 | |
Sr. Unsec’d. Notes, 144A | 6.500 | 09/26/33 | 915 | 915,357 | |
Ukraine Government International Bond (Ukraine), | |||||
Sr. Unsec’d. Notes | 4.375 | 01/27/32(d) | EUR | 1,866 | 576,518 |
Sr. Unsec’d. Notes | 8.994 | 02/01/26(d) | 350 | 112,525 | |
Sr. Unsec’d. Notes, 144A | 4.375 | 01/27/32(d) | EUR | 1,265 | 390,834 |
Sr. Unsec’d. Notes, 144A | 7.750 | 09/01/24(d) | 1,560 | 524,940 | |
Sr. Unsec’d. Notes, 144A | 8.994 | 02/01/26(d) | 800 | 257,200 | |
Total Sovereign Bonds (cost $37,325,814) | 33,909,865 |
30
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
U.S. Government Agency Obligations 6.7% | |||||
Federal Home Loan Mortgage Corp. | 2.500 % | 09/01/46 | 1,490 | $1,270,682 | |
Federal Home Loan Mortgage Corp. | 2.500 | 03/01/51 | 3,005 | 2,547,009 | |
Federal Home Loan Mortgage Corp. | 2.500 | 08/01/51 | 1,964 | 1,657,941 | |
Federal Home Loan Mortgage Corp. | 3.000 | 02/01/52 | 3,008 | 2,634,618 | |
Federal Home Loan Mortgage Corp. | 4.000 | 10/01/52 | 2,972 | 2,774,488 | |
Federal Home Loan Mortgage Corp. | 4.500 | 07/01/52 | 1,470 | 1,407,162 | |
Federal Home Loan Mortgage Corp. | 4.500 | 08/01/52 | 1,055 | 1,010,331 | |
Federal Home Loan Mortgage Corp. | 5.000 | 07/01/52 | 3,860 | 3,772,128 | |
Federal Home Loan Mortgage Corp. | 5.000 | 09/01/52 | 11,323 | 11,068,170 | |
Federal National Mortgage Assoc. | 2.000 | 11/01/50 | 3,912 | 3,180,896 | |
Federal National Mortgage Assoc. | 2.500 | 03/01/51 | 1,792 | 1,517,665 | |
Federal National Mortgage Assoc. | 4.500 | 06/01/52 | 1,941 | 1,858,253 | |
Federal National Mortgage Assoc. | 4.500 | 07/01/52 | 2,931 | 2,806,453 | |
Federal National Mortgage Assoc. | 4.500 | 08/01/52 | 4,500 | 4,308,085 | |
Federal National Mortgage Assoc. | 4.500 | 10/01/52 | 5,407 | 5,176,644 | |
Federal National Mortgage Assoc. | 5.000 | 07/01/52 | 2,430 | 2,374,571 | |
Federal National Mortgage Assoc. | 5.000 | 09/01/52 | 4,941 | 4,826,349 | |
Federal National Mortgage Assoc. | 5.500 | 10/01/52 | 942 | 935,309 | |
Federal National Mortgage Assoc. | 5.500 | 11/01/52 | 12,000 | 11,943,879 | |
Federal National Mortgage Assoc. | 6.000 | 11/01/52 | 1,104 | 1,112,972 | |
Federal National Mortgage Assoc. | 6.000 | 12/01/52 | 1,457 | 1,468,143 | |
Total U.S. Government Agency Obligations (cost $70,648,984) | 69,651,748 | ||||
U.S. Treasury Obligations 3.8% | |||||
U.S. Treasury Bonds | 1.375 | 11/15/40 | 4,545 | 2,974,845 | |
U.S. Treasury Bonds(h)(k) | 2.250 | 05/15/41 | 31,600 | 23,848,125 | |
U.S. Treasury Strips Coupon | 2.415(s) | 11/15/40 | 1,035 | 492,797 | |
U.S. Treasury Strips Coupon | 3.019(s) | 11/15/35 | 870 | 525,228 | |
U.S. Treasury Strips Coupon | 3.507(s) | 11/15/41 | 24,000 | 10,848,750 | |
U.S. Treasury Strips Coupon | 3.575(s) | 08/15/41 | 165 | 75,410 | |
Total U.S. Treasury Obligations (cost $43,716,041) | 38,765,155 |
Shares | |||||
Common Stocks 0.4% | |||||
Chemicals 0.1% | |||||
TPC Group, Inc.*^ | 56,219 | 1,405,475 |
31
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Description | Shares | Value | |||
Common Stocks (Continued) | |||||
Gas Utilities 0.1% | |||||
Ferrellgas Partners LP (Class B Stock) (original cost $1,794,337; purchased 10/25/19)(f) | 6,534 | $891,294 | |||
Hotels, Restaurants & Leisure 0.0% | |||||
Codere New Topco SA (Spain) (original cost $0; purchased 11/19/21)^(f) | 29,207 | — | |||
Oil, Gas & Consumable Fuels 0.1% | |||||
Chesapeake Energy Corp. (original cost $0; purchased 02/09/21)(f) | 16,760 | 1,413,538 | |||
Wireless Telecommunication Services 0.1% | |||||
Intelsat Emergence SA (Luxembourg)* | 19,703 | 430,176 | |||
Total Common Stocks (cost $2,309,071) | 4,140,483 |
Units | |||||
Rights* 0.0% | |||||
Wireless Telecommunication Services | |||||
Intelsat Jackson Holdings SA, Series A (Luxembourg), CVR, expiring 12/05/25^ | 2,061 | 19,643 | |||
Intelsat Jackson Holdings SA, Series B (Luxembourg), CVR, expiring 12/05/25^ | 2,061 | 4,080 | |||
Total Rights (cost $46) | 23,723 | ||||
Total Long-Term Investments (cost $973,998,949) | 914,926,464 |
Shares | |||||
Short-Term Investments 14.2% | |||||
Affiliated Mutual Funds 13.5% | |||||
PGIM Core Government Money Market Fund(wk) | 5,162,802 | 5,162,802 | |||
PGIM Core Short-Term Bond Fund(wk) | 12,492,317 | 114,179,779 |
32
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Description | Shares | Value | |||
Affiliated Mutual Funds (Continued) | |||||
PGIM Institutional Money Market Fund (cost $20,314,235; includes $20,221,235 of cash collateral for securities on loan)(b)(wk) | 20,340,375 | $20,328,171 | |||
Total Affiliated Mutual Funds (cost $139,268,323) | 139,670,752 | ||||
Option Purchased*~ 0.7% | |||||
(cost $493,823) | 6,943,460 | ||||
Total Short-Term Investments (cost $139,762,146) | 146,614,212 | ||||
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 102.6% (cost $1,113,761,095) | 1,061,540,676 | ||||
Options Written*~ (0.7)% | |||||
(premiums received $539,994) | (6,943,575) | ||||
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 101.9% (cost $1,113,221,101) | 1,054,597,101 | ||||
Liabilities in excess of other assets(z) (1.9)% | (19,797,893) | ||||
Net Assets 100.0% | $1,034,799,208 |
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings: |
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 | |
NZD—New Zealand Dollar | |
PEN—Peruvian Nuevo Sol | |
PHP—Philippine Peso | |
PLN—Polish Zloty | |
SGD—Singapore Dollar | |
THB—Thai Baht |
33
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
TWD—New Taiwanese 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. | |
BNYM—Bank of New York Mellon | |
BOA—Bank of America, N.A. | |
CDX—Credit Derivative Index | |
CITI—Citibank, N.A. | |
CLO—Collateralized Loan Obligation | |
CVR—Contingent Value Rights | |
DAC—Designated Activity Company | |
DB—Deutsche Bank AG | |
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 | |
Q—Quarterly payment frequency for swaps | |
REITs—Real Estate Investment Trust | |
REMIC—Real Estate Mortgage Investment Conduit | |
SCB—Standard Chartered Bank | |
SOFR—Secured Overnight Financing Rate | |
SONIA—Sterling Overnight Index Average | |
SSB—State Street Bank & Trust Company | |
T—Swap payment upon termination | |
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 $9,918,482 and 1.0% of net assets. |
34
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
(a) | All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $19,844,611; cash collateral of $20,221,235 (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 July 31, 2023. |
(cc) | Variable rate instrument. The rate shown is based on the latest available information as of July 31, 2023. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
(d) | Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity. |
(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 $22,963,303. The aggregate value of $15,139,289 is 1.5% 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. |
(wk) | PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Government Money Market Fund, PGIM Core Short-Term 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: |
Unfunded loan commitment outstanding at July 31, 2023:
Borrower | Principal Amount (000)# | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||
Tank Holdings Corp. , Delayed Draw Term Commitment, 0.000%(p), Maturity Date 03/31/28 (cost $65,041)^ | 66 | $64,350 | $— | $(691) |
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 | $6,943,460 | |||||||||
(cost $493,823) |
35
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
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 | $(6,943,460) | |||||||||
(premiums received $539,994) |
OTC Swaptions | |||||||||||||||||
Description | Call/ Put | Counterparty | Expiration Date | Strike | Receive | Pay | Notional Amount (000)# | Value | |||||||||
GS_21-PJA††^ | Put | GSI | 06/17/24 | 0.25% | 0.25%(M) | GS_21-PJA(M) | 16,440 | $(115) | |||||||||
(premiums received $0) | |||||||||||||||||
Total Options Written (premiums received $539,994) | $(6,943,575) |
†† | 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 July 31, 2023 | Unrealized Appreciation (Depreciation) | |||||||||
CDX.NA.IG.40.V1, 06/20/28 | Put | 10/18/23 | 0.75% | CDX.NA.IG.40. V1(Q) | 1.00%(Q) | 42,720 | $43,378 | $(14,828) | |||||||||
(cost $58,206) |
Options Written:
Centrally Cleared Swaptions | |||||||||||||||||
Description | Call/ Put | Expiration Date | Strike | Receive | Pay | Notional Amount (000)# | Value at July 31, 2023 | Unrealized Appreciation (Depreciation) | |||||||||
CDX.NA.IG.40.V1, 06/20/28 | Call | 10/18/23 | 0.63% | CDX.NA.IG.40. V1(Q) | 1.00%(Q) | 42,720 | $(49,844) | $(7,124) | |||||||||
(premiums received $42,720) |
36
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Futures contracts outstanding at July 31, 2023: | ||||||||
Number of Contracts | Type | Expiration Date | Current Notional Amount | Value / Unrealized Appreciation (Depreciation) | ||||
Long Position: | ||||||||
302 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2023 | $39,930,063 | $(1,123,156) | ||||
Short Positions: | ||||||||
620 | 2 Year U.S. Treasury Notes | Sep. 2023 | 125,879,375 | 1,525,505 | ||||
191 | 5 Year Euro-Bobl | Sep. 2023 | 24,337,422 | 309,528 | ||||
2,055 | 5 Year U.S. Treasury Notes | Sep. 2023 | 219,515,737 | 3,868,805 | ||||
120 | 10 Year Euro-Bund | Sep. 2023 | 17,548,020 | 292,300 | ||||
779 | 10 Year U.S. Treasury Notes | Sep. 2023 | 86,785,469 | 1,094,952 | ||||
262 | 10 Year U.S. Ultra Treasury Notes | Sep. 2023 | 30,649,908 | 752,982 | ||||
660 | 20 Year U.S. Treasury Bonds | Sep. 2023 | 82,128,750 | 1,561,356 | ||||
40 | Euro Schatz Index | Sep. 2023 | 4,620,099 | 30,330 | ||||
9,435,758 | ||||||||
$8,312,602 |
Forward foreign currency exchange contracts outstanding at July 31, 2023:
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 10/31/23 | JPM | AUD | 3,180 | $2,208,097 | $2,142,602 | $— | $(65,495) | ||||||
Brazilian Real, | |||||||||||||
Expiring 08/02/23 | CITI | BRL | 9,455 | 1,958,653 | 1,998,667 | 40,014 | — | ||||||
Expiring 08/02/23 | CITI | BRL | 3,076 | 639,000 | 650,129 | 11,129 | — | ||||||
Expiring 09/05/23 | GSI | BRL | 12,530 | 2,629,457 | 2,632,200 | 2,743 | — | ||||||
British Pound, | |||||||||||||
Expiring 10/19/23 | HSBC | GBP | 225 | 290,123 | 288,765 | — | (1,358) | ||||||
Expiring 10/31/23 | HSBC | GBP | 461 | 570,353 | 591,813 | 21,460 | — | ||||||
Expiring 10/31/23 | JPM | GBP | 320 | 400,000 | 410,523 | 10,523 | — | ||||||
Canadian Dollar, | |||||||||||||
Expiring 10/19/23 | UAG | CAD | 3,511 | 2,655,035 | 2,665,736 | 10,701 | — | ||||||
Chilean Peso, | |||||||||||||
Expiring 09/20/23 | DB | CLP | 2,695,963 | 3,195,000 | 3,195,866 | 866 | — | ||||||
Expiring 09/20/23 | GSI | CLP | 521,790 | 628,000 | 618,543 | — | (9,457) | ||||||
Expiring 09/20/23 | HSBC | CLP | 529,731 | 639,000 | 627,957 | — | (11,043) | ||||||
Chinese Renminbi, | |||||||||||||
Expiring 08/23/23 | BNP | CNH | 8,119 | 1,160,000 | 1,138,428 | — | (21,572) | ||||||
Expiring 08/23/23 | BNP | CNH | 4,620 | 639,000 | 647,891 | 8,891 | — | ||||||
Expiring 08/23/23 | BOA | CNH | 16,171 | 2,243,000 | 2,267,586 | 24,586 | — | ||||||
Expiring 08/23/23 | CITI | CNH | 15,498 | 2,172,000 | 2,173,269 | 1,269 | — | ||||||
Expiring 08/23/23 | GSI | CNH | 15,860 | 2,217,000 | 2,223,953 | 6,953 | — |
37
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at July 31, 2023 (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 08/23/23 | HSBC | CNH | 17,274 | $2,436,000 | $2,422,229 | $— | $(13,771) | ||||||
Expiring 08/23/23 | JPM | CNH | 16,200 | 2,265,000 | 2,271,604 | 6,604 | — | ||||||
Expiring 08/23/23 | JPM | CNH | 4,606 | 636,000 | 645,927 | 9,927 | — | ||||||
Expiring 08/23/23 | MSI | CNH | 25,939 | 3,644,000 | 3,637,304 | — | (6,696) | ||||||
Expiring 08/23/23 | SSB | CNH | 17,444 | 2,465,900 | 2,446,173 | — | (19,727) | ||||||
Expiring 08/23/23 | SSB | CNH | 16,321 | 2,277,000 | 2,288,700 | 11,700 | — | ||||||
Expiring 08/23/23 | SSB | CNH | 6,081 | 850,000 | 852,699 | 2,699 | — | ||||||
Colombian Peso, | |||||||||||||
Expiring 09/20/23 | BARC | COP | 14,359,646 | 3,374,326 | 3,609,161 | 234,835 | — | ||||||
Expiring 09/20/23 | CITI | COP | 11,432,920 | 2,522,161 | 2,873,556 | 351,395 | — | ||||||
Expiring 09/20/23 | DB | COP | 11,255,134 | 2,532,089 | 2,828,871 | 296,782 | — | ||||||
Expiring 09/20/23 | DB | COP | 4,838,777 | 1,068,000 | 1,216,181 | 148,181 | — | ||||||
Expiring 09/20/23 | GSI | COP | 6,126,678 | 1,524,000 | 1,539,882 | 15,882 | — | ||||||
Euro, | |||||||||||||
Expiring 10/19/23 | BNP | EUR | 1,070 | 1,187,197 | 1,181,028 | — | (6,169) | ||||||
Expiring 10/19/23 | CITI | EUR | 1,132 | 1,259,712 | 1,249,502 | — | (10,210) | ||||||
Expiring 10/19/23 | MSI | EUR | 468 | 525,000 | 516,415 | — | (8,585) | ||||||
Hungarian Forint, | |||||||||||||
Expiring 10/19/23 | UAG | HUF | 367,388 | 1,050,000 | 1,026,031 | — | (23,969) | ||||||
Indian Rupee, | |||||||||||||
Expiring 09/20/23 | JPM | INR | 321,646 | 3,910,000 | 3,905,055 | — | (4,945) | ||||||
Expiring 09/20/23 | JPM | INR | 102,822 | 1,254,000 | 1,248,349 | — | (5,651) | ||||||
Expiring 09/20/23 | MSI | INR | 235,597 | 2,860,000 | 2,860,348 | 348 | — | ||||||
Indonesian Rupiah, | |||||||||||||
Expiring 09/20/23 | MSI | IDR | 163,178,774 | 10,971,846 | 10,797,794 | — | (174,052) | ||||||
Israeli Shekel, | |||||||||||||
Expiring 09/20/23 | BARC | ILS | 5,857 | 1,651,000 | 1,596,148 | — | (54,852) | ||||||
Expiring 09/20/23 | CITI | ILS | 2,252 | 627,000 | 613,769 | — | (13,231) | ||||||
Japanese Yen, | |||||||||||||
Expiring 10/19/23 | BNYM | JPY | 203,245 | 1,493,105 | 1,446,626 | — | (46,479) | ||||||
Expiring 10/31/23 | BARC | JPY | 487,838 | 5,118,000 | 3,478,829 | — | (1,639,171) | ||||||
Expiring 10/31/23 | DB | JPY | 498,249 | 5,220,000 | 3,553,074 | — | (1,666,926) | ||||||
Expiring 10/31/23 | GSI | JPY | 874,045 | 8,971,000 | 6,232,918 | — | (2,738,082) | ||||||
Expiring 10/31/23 | MSI | JPY | 855,296 | 8,262,958 | 6,099,220 | — | (2,163,738) | ||||||
Mexican Peso, | |||||||||||||
Expiring 09/20/23 | BARC | MXN | 35,966 | 2,025,123 | 2,127,749 | 102,626 | — | ||||||
New Taiwanese Dollar, | |||||||||||||
Expiring 09/20/23 | SCB | TWD | 249,854 | 8,196,263 | 7,968,640 | — | (227,623) | ||||||
New Zealand Dollar, | |||||||||||||
Expiring 10/19/23 | BARC | NZD | 1,886 | 1,188,466 | 1,171,691 | — | (16,775) | ||||||
Peruvian Nuevo Sol, | |||||||||||||
Expiring 09/20/23 | CITI | PEN | 6,184 | 1,690,777 | 1,709,568 | 18,791 | — |
38
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at July 31, 2023 (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 (cont’d.), | |||||||||||||
Expiring 09/20/23 | CITI | PEN | 4,189 | $1,168,500 | $1,158,013 | $— | $(10,487) | ||||||
Expiring 09/20/23 | CITI | PEN | 3,707 | 1,033,500 | 1,024,819 | — | (8,681) | ||||||
Expiring 09/20/23 | CITI | PEN | 3,281 | 916,500 | 906,884 | — | (9,616) | ||||||
Expiring 09/20/23 | DB | PEN | 2,090 | 567,780 | 577,862 | 10,082 | — | ||||||
Philippine Peso, | |||||||||||||
Expiring 09/20/23 | HSBC | PHP | 103,874 | 1,890,000 | 1,896,591 | 6,591 | — | ||||||
Polish Zloty, | |||||||||||||
Expiring 10/19/23 | GSI | PLN | 6,395 | 1,607,000 | 1,590,422 | — | (16,578) | ||||||
Expiring 10/19/23 | JPM | PLN | 6,367 | 1,595,000 | 1,583,383 | — | (11,617) | ||||||
Singapore Dollar, | |||||||||||||
Expiring 09/20/23 | BNYM | SGD | 2,383 | 1,785,000 | 1,796,217 | 11,217 | — | ||||||
Expiring 09/20/23 | GSI | SGD | 3,763 | 2,834,000 | 2,837,077 | 3,077 | — | ||||||
South African Rand, | |||||||||||||
Expiring 09/20/23 | JPM | ZAR | 29,069 | 1,610,000 | 1,617,802 | 7,802 | — | ||||||
Expiring 09/20/23 | MSI | ZAR | 26,642 | 1,425,000 | 1,482,733 | 57,733 | — | ||||||
South Korean Won, | |||||||||||||
Expiring 09/20/23 | CITI | KRW | 1,991,353 | 1,569,000 | 1,563,059 | — | (5,941) | ||||||
Expiring 09/20/23 | CITI | KRW | 1,627,725 | 1,278,000 | 1,277,639 | — | (361) | ||||||
Expiring 09/20/23 | GSI | KRW | 3,359,478 | 2,628,000 | 2,636,932 | 8,932 | — | ||||||
Expiring 09/20/23 | SSB | KRW | 3,479,017 | 2,757,000 | 2,730,761 | — | (26,239) | ||||||
Swiss Franc, | |||||||||||||
Expiring 10/19/23 | SSB | CHF | 893 | 1,039,913 | 1,033,043 | — | (6,870) | ||||||
Thai Baht, | |||||||||||||
Expiring 09/20/23 | BOA | THB | 60,575 | 1,739,000 | 1,778,380 | 39,380 | — | ||||||
$144,742,834 | $137,180,586 | 1,483,719 | (9,045,967) |
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 10/19/23 | DB | AUD | 5,605 | $3,816,706 | $3,775,129 | $41,577 | $— | ||||||
Brazilian Real, | |||||||||||||
Expiring 08/02/23 | GSI | BRL | 12,530 | 2,645,223 | 2,648,797 | — | (3,574) | ||||||
Expiring 09/05/23 | SSB | BRL | 3,033 | 639,000 | 637,063 | 1,937 | — | ||||||
British Pound, | |||||||||||||
Expiring 10/19/23 | BOA | GBP | 1,034 | 1,338,858 | 1,327,275 | 11,583 | — | ||||||
Expiring 10/19/23 | DB | GBP | 15,075 | 19,581,176 | 19,351,150 | 230,026 | — | ||||||
Chilean Peso, | |||||||||||||
Expiring 09/20/23 | BNP | CLP | 521,424 | 639,000 | 618,110 | 20,890 | — |
39
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at July 31, 2023 (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.): | |||||||||||||
Chilean Peso (cont’d.), | |||||||||||||
Expiring 09/20/23 | HSBC | CLP | 4,490,872 | $5,514,671 | $5,323,598 | $191,073 | $— | ||||||
Expiring 09/20/23 | HSBC | CLP | 3,505,945 | 4,289,536 | 4,156,040 | 133,496 | — | ||||||
Chinese Renminbi, | |||||||||||||
Expiring 08/23/23 | CITI | CNH | 15,611 | 2,156,000 | 2,189,097 | — | (33,097) | ||||||
Expiring 08/23/23 | JPM | CNH | 16,181 | 2,238,000 | 2,268,949 | — | (30,949) | ||||||
Expiring 08/23/23 | MSI | CNH | 194,574 | 27,875,663 | 27,284,390 | 591,273 | — | ||||||
Expiring 08/23/23 | MSI | CNH | 17,243 | 2,397,000 | 2,417,896 | — | (20,896) | ||||||
Expiring 08/23/23 | SCB | CNH | 27,779 | 3,894,000 | 3,895,380 | — | (1,380) | ||||||
Colombian Peso, | |||||||||||||
Expiring 09/20/23 | CITI | COP | 6,423,251 | 1,624,700 | 1,614,423 | 10,277 | — | ||||||
Expiring 09/20/23 | CITI | COP | 2,731,009 | 636,000 | 686,413 | — | (50,413) | ||||||
Czech Koruna, | |||||||||||||
Expiring 10/19/23 | BARC | CZK | 27,213 | 1,279,638 | 1,248,575 | 31,063 | — | ||||||
Expiring 10/19/23 | BNP | CZK | 13,495 | 627,000 | 619,151 | 7,849 | — | ||||||
Euro, | |||||||||||||
Expiring 10/19/23 | BARC | EUR | 21,544 | 24,287,616 | 23,780,771 | 506,845 | — | ||||||
Expiring 10/19/23 | CITI | EUR | 1,132 | 1,263,708 | 1,249,502 | 14,206 | — | ||||||
Expiring 10/19/23 | MSI | EUR | 31,717 | 34,940,350 | 35,008,872 | — | (68,522) | ||||||
Expiring 10/19/23 | SSB | EUR | 34,988 | 38,956,210 | 38,619,573 | 336,637 | — | ||||||
Hungarian Forint, | |||||||||||||
Expiring 10/19/23 | BARC | HUF | 365,168 | 1,050,000 | 1,019,833 | 30,167 | — | ||||||
Indian Rupee, | |||||||||||||
Expiring 09/20/23 | BOA | INR | 521,922 | 6,299,412 | 6,336,569 | — | (37,157) | ||||||
Expiring 09/20/23 | SCB | INR | 339,526 | 4,101,000 | 4,122,127 | — | (21,127) | ||||||
Indonesian Rupiah, | |||||||||||||
Expiring 09/20/23 | CITI | IDR | 52,883,371 | 3,517,000 | 3,499,375 | 17,625 | — | ||||||
Israeli Shekel, | |||||||||||||
Expiring 09/20/23 | CITI | ILS | 3,070 | 850,000 | 836,701 | 13,299 | — | ||||||
Japanese Yen, | |||||||||||||
Expiring 10/31/23 | BOA | JPY | 1,325,555 | 12,988,000 | 9,452,696 | 3,535,304 | — | ||||||
Expiring 10/31/23 | BOA | JPY | 1,168,753 | 11,585,000 | 8,334,518 | 3,250,482 | — | ||||||
Expiring 10/31/23 | CITI | JPY | 399,802 | 4,148,827 | 2,851,035 | 1,297,792 | — | ||||||
Expiring 10/31/23 | CITI | JPY | 46,713 | 447,401 | 333,117 | 114,284 | — | ||||||
Mexican Peso, | |||||||||||||
Expiring 09/20/23 | BOA | MXN | 33,349 | 1,927,000 | 1,972,892 | — | (45,892) | ||||||
New Taiwanese Dollar, | |||||||||||||
Expiring 09/20/23 | BOA | TWD | 126,339 | 4,087,000 | 4,029,365 | 57,635 | — | ||||||
Expiring 09/20/23 | CITI | TWD | 126,613 | 4,077,000 | 4,038,087 | 38,913 | — | ||||||
Expiring 09/20/23 | DB | TWD | 65,072 | 2,085,000 | 2,075,347 | 9,653 | — | ||||||
Expiring 09/20/23 | HSBC | TWD | 111,570 | 3,623,000 | 3,558,331 | 64,669 | — | ||||||
Expiring 09/20/23 | MSI | TWD | 66,116 | 2,139,000 | 2,108,665 | 30,335 | — | ||||||
Expiring 09/20/23 | SCB | TWD | 67,710 | 2,191,000 | 2,159,473 | 31,527 | — |
40
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at July 31, 2023 (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.): | |||||||||||||
New Taiwanese Dollar (cont’d.), | |||||||||||||
Expiring 09/20/23 | SCB | TWD | 65,013 | $2,098,000 | $2,073,466 | $24,534 | $— | ||||||
Philippine Peso, | |||||||||||||
Expiring 09/20/23 | CITI | PHP | 33,374 | 594,436 | 609,360 | — | (14,924) | ||||||
Expiring 09/20/23 | HSBC | PHP | 104,460 | 1,905,733 | 1,907,292 | — | (1,559) | ||||||
Expiring 09/20/23 | HSBC | PHP | 97,200 | 1,778,267 | 1,774,728 | 3,539 | — | ||||||
Expiring 09/20/23 | JPM | PHP | 68,442 | 1,254,000 | 1,249,650 | 4,350 | — | ||||||
Polish Zloty, | |||||||||||||
Expiring 10/19/23 | HSBC | PLN | 8,369 | 2,101,957 | 2,081,205 | 20,752 | — | ||||||
Singapore Dollar, | |||||||||||||
Expiring 09/20/23 | GSI | SGD | 21,453 | 15,978,825 | 16,173,107 | — | (194,282) | ||||||
South African Rand, | |||||||||||||
Expiring 09/20/23 | DB | ZAR | 5,270 | 287,000 | 293,318 | — | (6,318) | ||||||
Expiring 09/20/23 | MSI | ZAR | 26,926 | 1,367,000 | 1,498,553 | — | (131,553) | ||||||
Expiring 09/20/23 | TD | ZAR | 17,036 | 853,613 | 948,141 | — | (94,528) | ||||||
South Korean Won, | |||||||||||||
Expiring 09/20/23 | JPM | KRW | 26,886,236 | 20,745,072 | 21,103,630 | — | (358,558) | ||||||
Swiss Franc, | |||||||||||||
Expiring 10/19/23 | GSI | CHF | 888 | 1,031,000 | 1,026,605 | 4,395 | — | ||||||
Thai Baht, | |||||||||||||
Expiring 09/20/23 | JPM | THB | 174,546 | 5,079,191 | 5,124,423 | — | (45,232) | ||||||
Expiring 09/20/23 | JPM | THB | 67,963 | 1,943,000 | 1,995,299 | — | (52,299) | ||||||
$302,772,789 | $293,307,062 | 10,677,987 | (1,212,260) | ||||||||||
$12,161,706 | $(10,258,227) |
Cross currency exchange contracts outstanding at July 31, 2023: | ||||||||||||||
Settlement | Type | Notional Amount (000) | In Exchange For (000) | Unrealized Appreciation | Unrealized Depreciation | Counterparty | ||||||||
OTC Cross Currency Exchange Contracts: | ||||||||||||||
10/31/23 | Buy | AUD | 6,309 | JPY | 422,703 | $1,236,494 | $— | DB | ||||||
10/31/23 | Buy | JPY | 648,099 | AUD | 9,489 | — | (1,771,771) | MSI | ||||||
$1,236,494 | $(1,771,771) |
41
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Credit default swap agreements outstanding at July 31, 2023:
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at July 31, 2023(4) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | |||||||||
OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^: | |||||||||||||||||
GS_21-PJA | 08/14/23 | 0.500%(M) | 9,429 | * | $6,407 | $(252) | $6,659 | GSI |
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): | ||||||||||||||||
United Mexican States | 12/20/24 | 1.000%(Q) | 1,000 | $(11,168) | $(3,305) | $(7,863) | BARC | |||||||||
United Mexican States | 12/20/24 | 1.000%(Q) | 440 | (4,914) | 861 | (5,775) | CITI | |||||||||
$(16,082) | $(2,444) | $(13,638) |
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at July 31, 2023(4) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | |||||||||
OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2): | |||||||||||||||||
Bank of America Corp. | 06/20/24 | 1.000%(Q) | 7,650 | 0.396% | $49,254 | $3,305 | $45,949 | GSI | |||||||||
Boeing Co. | 06/20/24 | 1.000%(Q) | 1,460 | 0.349% | 10,004 | 1,793 | 8,211 | GSI | |||||||||
General Motors Co. | 06/20/26 | 5.000%(Q) | 2,230 | 1.028% | 249,254 | 251,176 | (1,922) | GSI | |||||||||
Halliburton Co. | 12/20/26 | 1.000%(Q) | 910 | 0.443% | 16,937 | 5,913 | 11,024 | GSI | |||||||||
Host Hotels & Resorts LP | 06/20/24 | 1.000%(Q) | 500 | 0.336% | 3,480 | 1,721 | 1,759 | GSI | |||||||||
Petroleos Mexicanos | 12/20/24 | 1.000%(Q) | 1,000 | 3.787% | (35,435) | (14,504) | (20,931) | BARC | |||||||||
Petroleos Mexicanos | 12/20/24 | 1.000%(Q) | 440 | 3.787% | (15,592) | (11,532) | (4,060) | CITI | |||||||||
Simon Property Group LP | 06/20/26 | 1.000%(Q) | 1,980 | 0.524% | 27,711 | 13,283 | 14,428 | GSI | |||||||||
Verizon Communications, Inc. | 06/20/26 | 1.000%(Q) | 680 | 0.786% | 4,694 | 8,239 | (3,545) | GSI | |||||||||
Wells Fargo & Co. | 12/20/23 | 1.000%(Q) | 7,500 | 0.310% | 28,768 | 8,503 | 20,265 | MSI | |||||||||
$339,075 | $267,897 | $71,178 |
42
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Credit default swap agreements outstanding at July 31, 2023 (continued):
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at July 31, 2023(4) | Value at Trade Date | Value at July 31, 2023 | Unrealized Appreciation (Depreciation) | ||||||||
Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2): | |||||||||||||||
CDX.NA.HY.40.V1 | 06/20/28 | 5.000%(Q) | 37,610 | 4.094% | $1,229,061 | $1,540,765 | $311,704 |
The Fund entered into credit default swaps (“CDS”) to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.
(1) | If the Fund is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
(2) | If the Fund is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
(3) | Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(4) | Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. |
* | When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Fund is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair |
43
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. |
Interest rate swap agreements outstanding at July 31, 2023:
Notional Amount (000)# | Termination Date | Fixed Rate | Floating Rate | Value at Trade Date | Value at July 31, 2023 | Unrealized Appreciation (Depreciation) | ||||||||
Centrally Cleared Interest Rate Swap Agreements: | ||||||||||||||
GBP | 2,090 | 05/08/26 | 1.000%(A) | 1 Day SONIA(1)(A)/ 4.930% | $(28,953) | $315,343 | $344,296 | |||||||
GBP | 3,280 | 05/08/27 | 1.050%(A) | 1 Day SONIA(1)(A)/ 4.930% | 169,315 | 601,649 | 432,334 | |||||||
GBP | 1,340 | 05/08/31 | 1.150%(A) | 1 Day SONIA(1)(A)/ 4.930% | (30,882) | 371,486 | 402,368 | |||||||
6,572 | 03/08/25 | 4.946%(A) | 1 Day SOFR(2)(A)/ 5.310% | — | (11,303) | (11,303) | ||||||||
8,268 | 03/09/25 | 5.110%(A) | 1 Day SOFR(2)(A)/ 5.310% | — | 11,759 | 11,759 | ||||||||
$109,480 | $1,288,934 | $1,179,454 |
(1) | The Fund pays the fixed rate and receives the floating rate. |
(2) | The Fund pays the floating rate and receives the fixed rate. |
Total return swap agreements outstanding at July 31, 2023: | ||||||||||||||
Reference Entity | Financing Rate | Counterparty | Termination Date | Long (Short) Notional Amount (000)#(1) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation)(2) | |||||||
OTC Total Return Swap Agreements: | ||||||||||||||
Total Return Benchmark Bond Index(T)†† | 1 Day USOIS -54bps(T)/ 4.790% | JPM | 09/20/23 | (57,782) | $450,052 | $— | $450,052 | |||||||
Total Return Benchmark Bond Index(T) | 1 Day USOIS -67bps(T)/ 4.660% | GSI | 09/20/23 | (3,088) | (11,040) | — | (11,040) | |||||||
$439,012 | $— | $439,012 |
(1) | On a long total return swap, the Fund receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Fund makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate. |
(2) | Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation). |
†† | See the table below for the complete listing of swap constituents. |
The following table represents the individual positions and related values of underlying securities of Total Return Benchmark Bond Index total return swap with JPM, as of July 31, 2023, termination date 09/20/2023:
44
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Corporate Bond:
Reference Entity | Shares | Market Value | % of Total Index Value | |||
Sysco Corp. | 4,000,000 | $ 4,630,964 | 1.55% | |||
Morgan Stanley | 4,000,000 | 4,246,735 | 1.42% | |||
United Parcel Service, Inc. | 4,000,000 | 4,242,216 | 1.42% | |||
Northrop Grumman Corp. | 4,000,000 | 4,080,626 | 1.36% | |||
FedEx Corp. | 4,000,000 | 3,878,338 | 1.30% | |||
Conagra Brands, Inc. | 4,000,000 | 3,810,729 | 1.27% | |||
The Walt Disney Co. | 4,000,000 | 3,810,508 | 1.27% | |||
Keurig Dr Pepper, Inc. | 4,000,000 | 3,802,730 | 1.27% | |||
Wells Fargo & Co. | 4,000,000 | 3,795,730 | 1.27% | |||
TransCanada PipeLines Ltd. | 4,000,000 | 3,753,074 | 1.25% | |||
Telefonica Emisiones, S.A.U. | 4,000,000 | 3,727,817 | 1.25% | |||
Cigna Corp. | 4,000,000 | 3,714,999 | 1.24% | |||
Fox Corp. | 4,000,000 | 3,667,858 | 1.23% | |||
Intel Corp. | 4,000,000 | 3,663,180 | 1.22% | |||
ExxonMobil Corp. | 4,000,000 | 3,644,067 | 1.22% | |||
HCA, Inc. | 4,000,000 | 3,625,922 | 1.21% | |||
Thermo Fisher Scientific, Inc. | 4,000,000 | 3,593,857 | 1.20% | |||
Bristol-Myers Squibb Co. | 4,000,000 | 3,588,026 | 1.20% | |||
Eli Lilly and Co. | 4,000,000 | 3,587,746 | 1.20% | |||
Deere & Co. | 4,000,000 | 3,541,066 | 1.18% | |||
Johnson & Johnson | 4,000,000 | 3,531,178 | 1.18% | |||
McDonald’s Corp. | 4,000,000 | 3,485,063 | 1.16% | |||
T-Mobile USA, Inc. | 4,000,000 | 3,468,617 | 1.16% | |||
Mastercard, Inc. | 4,000,000 | 3,468,045 | 1.16% | |||
Bank of America Corp. | 4,000,000 | 3,394,807 | 1.13% | |||
Fiserv, Inc. | 4,000,000 | 3,369,322 | 1.13% | |||
Enterprise Products Operating LLC | 4,000,000 | 3,316,437 | 1.11% | |||
Progressive Corp. | 4,000,000 | 3,308,748 | 1.11% | |||
Union Electric Co. | 4,000,000 | 3,297,830 | 1.10% | |||
Equinor ASA | 4,000,000 | 3,264,157 | 1.09% | |||
NVIDIA Corp. | 4,000,000 | 3,263,920 | 1.09% | |||
Humana, Inc. | 4,000,000 | 3,248,700 | 1.09% | |||
Vodafone Group PLC | 4,000,000 | 3,244,356 | 1.08% | |||
Nike, Inc. | 4,000,000 | 3,226,640 | 1.08% | |||
Becton, Dickinson & Co. | 4,000,000 | 3,210,293 | 1.07% | |||
Caterpillar, Inc. | 4,000,000 | 3,152,001 | 1.05% | |||
Dollar General Corp. | 4,000,000 | 3,120,244 | 1.04% | |||
Global Payments, Inc. | 4,000,000 | 3,080,529 | 1.03% | |||
Southern California Edison Co. | 4,000,000 | 3,070,800 | 1.03% | |||
Oracle Corp. | 4,000,000 | 3,060,886 | 1.02% | |||
Union Pacific Corp. | 4,000,000 | 3,043,813 | 1.02% | |||
The Coca-Cola Co. | 4,000,000 | 3,037,604 | 1.02% | |||
Starbucks Corp. | 4,000,000 | 3,021,357 | 1.01% | |||
Carrier Global Corp. | 4,000,000 | 3,012,136 | 1.01% | |||
Paramount Global | 4,000,000 | 2,998,166 | 1.00% | |||
Suncor Energy, Inc | 4,000,000 | 2,992,666 | 1.00% |
45
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Corporate Bond (continued):
Reference Entity | Shares | Market Value | % of Total Index Value | |||
PepsiCo, Inc. | 4,000,000 | $2,990,073 | 1.00% | |||
Dow Chemical Co. | 4,000,000 | 2,985,225 | 1.00% | |||
UnitedHealth Group, Inc. | 4,000,000 | 2,969,911 | 0.99% | |||
eBay, Inc. | 4,000,000 | 2,960,022 | 0.99% | |||
Amazon.com, Inc. | 4,000,000 | 2,955,752 | 0.99% | |||
Verizon Communications, Inc. | 4,000,000 | 2,949,330 | 0.99% | |||
AstraZeneca PLC | 4,000,000 | 2,939,822 | 0.98% | |||
Entergy Corp. | 4,000,000 | 2,925,794 | 0.98% | |||
PayPal Holdings, Inc. | 4,000,000 | 2,912,027 | 0.97% | |||
Walgreens Boots Alliance, Inc. | 4,000,000 | 2,897,434 | 0.97% | |||
TotalEnergies Capital International SA | 4,000,000 | 2,896,239 | 0.97% | |||
Duke Energy Corp. | 4,000,000 | 2,879,193 | 0.96% | |||
Enbridge, Inc. | 4,000,000 | 2,862,989 | 0.96% | |||
Kinder Morgan, Inc. | 4,000,000 | 2,853,694 | 0.95% | |||
Walmart, Inc. | 4,000,000 | 2,833,870 | 0.95% | |||
Markel Group, Inc. | 4,000,000 | 2,832,954 | 0.95% | |||
Altria Group, Inc. | 4,000,000 | 2,828,355 | 0.95% | |||
Raytheon Technologies Corp. | 4,000,000 | 2,826,252 | 0.94% | |||
BP Capital Markets America, Inc. | 4,000,000 | 2,821,750 | 0.94% | |||
Rogers Communications, Inc. | 4,000,000 | 2,818,685 | 0.94% | |||
LYB International Finance III LLC | 4,000,000 | 2,816,584 | 0.94% | |||
Pfizer, Inc. | 4,000,000 | 2,802,715 | 0.94% | |||
Consolidated Edison Co. of New York, Inc. | 4,000,000 | 2,784,249 | 0.93% | |||
Bell Telephone Co. of Canada or Bell Canada (The) | 4,000,000 | 2,777,062 | 0.93% | |||
Apple, Inc. | 4,000,000 | 2,768,687 | 0.93% | |||
Norfolk Southern Corp. | 4,000,000 | 2,767,986 | 0.92% | |||
Southwestern Public Service Co. | 4,000,000 | 2,766,438 | 0.92% | |||
Salesforce, Inc. | 4,000,000 | 2,765,316 | 0.92% | |||
B.A.T. Capital Corp. | 4,000,000 | 2,751,426 | 0.92% | |||
Royalty Pharma PLC | 4,000,000 | 2,750,132 | 0.92% | |||
Microsoft Corp. | 4,000,000 | 2,746,079 | 0.92% | |||
Brookfield Finance, Inc. | 4,000,000 | 2,734,267 | 0.91% | |||
Alabama Power Co. | 4,000,000 | 2,733,973 | 0.91% | |||
Simon Property Group LP | 4,000,000 | 2,733,793 | 0.91% | |||
Biogen, Inc. | 4,000,000 | 2,727,699 | 0.91% | |||
Merck & Co., Inc. | 4,000,000 | 2,710,738 | 0.91% | |||
Southwestern Electric Power Co. | 4,000,000 | 2,705,724 | 0.90% | |||
Gilead Sciences, Inc. | 4,000,000 | 2,703,367 | 0.90% | |||
Glencore Funding LLC | 4,000,000 | 2,698,070 | 0.90% | |||
Virginia Electric and Power Co. | 4,000,000 | 2,697,712 | 0.90% | |||
Dell International LLC/EMC Corp. | 4,000,000 | 2,695,496 | 0.90% | |||
International Flavors & Fragrances, Inc. | 4,000,000 | 2,693,605 | 0.90% | |||
International Business Machines Corp. | 4,000,000 | 2,692,926 | 0.90% | |||
Comcast Corp. | 4,000,000 | 2,686,791 | 0.90% | |||
Lowe’s Cos., Inc. | 4,000,000 | 2,652,286 | 0.89% |
46
PGIM Absolute Return Bond Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Corporate Bond (continued):
Reference Entity | Shares | Market Value | % of Total Index Value | |||
Intercontinental Exchange, Inc. | 4,000,000 | $2,608,013 | 0.87% | |||
Berkshire Hathaway Energy Co. | 4,000,000 | 2,601,041 | 0.87% | |||
KKR Group Finance Co. II LLC | 4,000,000 | 2,591,262 | 0.87% | |||
Blackstone Holdings Finance Co. LLC | 4,000,000 | 2,567,854 | 0.86% | |||
American Tower Corp. | 4,000,000 | 2,496,132 | 0.83% | |||
$299,261,297 |
Other information regarding the Fund is available in the Fund’s most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).
47