PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Long-Term Investments 88.7% | |||||
Asset-Backed Securities 26.2% | |||||
Automobiles 1.7% | |||||
Avis Budget Rental Car Funding AESOP LLC, | |||||
Series 2022-05A, Class C, 144A | 6.240 % | 04/20/27 | 1,100 | $1,104,153 | |
Series 2023-01A, Class C, 144A | 6.230 | 04/20/29 | 600 | 605,532 | |
Series 2023-02A, Class C, 144A | 6.180 | 10/20/27 | 800 | 803,590 | |
Series 2023-05A, Class C, 144A | 6.850 | 04/20/28 | 500 | 507,828 | |
Series 2023-08A, Class C, 144A | 7.340 | 02/20/30 | 2,700 | 2,817,156 | |
Series 2024-01A, Class C, 144A | 6.480 | 06/20/30 | 2,200 | 2,216,332 | |
Bayview Opportunity Master Fund Trust, Series 2024-CAR1F, Class A, 144A | 6.971 | 09/28/28 | 1,000 | 1,007,425 | |
Enterprise Fleet Financing LLC, Series 2023-02, Class A2, 144A | 5.560 | 04/22/30 | 2,600 | 2,608,276 | |
Ford Credit Auto Owner Trust, Series 2023-02, Class D, 144A | 6.600 | 02/15/36 | 1,200 | 1,215,591 | |
Ford Credit Floorplan Master Owner Trust, Series 2023-01, Class A1, 144A | 4.920 | 05/15/28 | 2,600 | 2,608,227 | |
Hertz Vehicle Financing III LP, Series 2021-02A, Class B, 144A | 2.120 | 12/27/27 | 200 | 182,591 | |
OneMain Direct Auto Receivables Trust, | |||||
Series 2019-01A, Class B, 144A | 3.950 | 11/14/28 | 1,700 | 1,646,452 | |
Series 2021-01A, Class D, 144A | 1.620 | 11/14/30 | 200 | 179,865 | |
Series 2022-01A, Class D, 144A | 5.900 | 12/16/30 | 2,900 | 2,859,635 | |
Series 2023-01A, Class D, 144A | 7.070 | 02/14/33 | 3,700 | 3,747,854 | |
Santander Bank Auto Credit-Linked Notes, | |||||
Series 2022-A, Class C, 144A | 7.375 | 05/15/32 | 253 | 252,967 | |
Series 2022-C, Class E, 144A | 11.366 | 12/15/32 | 152 | 153,553 | |
Series 2023-A, Class E, 144A | 10.068 | 06/15/33 | 474 | 477,533 | |
Series 2023-B, Class G, 144A | 17.128 | 12/15/33 | 900 | 903,188 | |
Santander Drive Auto Receivables Trust, | |||||
Series 2022-07, Class A2 | 5.810 | 01/15/26 | 372 | 372,125 | |
Series 2023-02, Class C | 5.470 | 12/16/30 | 1,250 | 1,253,744 | |
27,523,617 | |||||
Collateralized Loan Obligations 22.3% | |||||
AlbaCore EURO CLO DAC (Ireland), | |||||
Series 02A, Class B, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | 5.575(c) | 06/15/34 | EUR | 1,000 | 1,058,541 |
Series 02X, Class B, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | 5.575(c) | 06/15/34 | EUR | 4,000 | 4,234,163 |
1
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Asset-Backed Securities (Continued) | |||||
Collateralized Loan Obligations (cont’d.) | |||||
Anchorage Capital Europe CLO DAC (Ireland), Series 06A, Class B1R, 144A, 3 Month EURIBOR + 2.750% (Cap N/A, Floor 2.750%) | 6.619 %(c) | 01/22/38 | EUR | 5,000 | $5,429,847 |
Apex Credit CLO LLC (Cayman Islands), Series 2021-02A, Class A1A, 144A, 3 Month SOFR + 1.492% (Cap N/A, Floor 1.230%) | 6.809(c) | 10/20/34 | 5,000 | 4,998,457 | |
Arbour CLO DAC (Ireland), Series 04A, Class BRR, 144A, 3 Month EURIBOR + 1.300% (Cap N/A, Floor 1.300%) | 5.242(c) | 04/15/34 | EUR | 5,000 | 5,252,359 |
Ares European CLO DAC (Ireland), Series 2013-06A, Class B1RR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | 5.192(c) | 04/15/30 | EUR | 2,500 | 2,661,055 |
Atlas Static Senior Loan Fund Ltd. (Cayman Islands), Series 2022-01A, Class AR, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 7.064(c) | 07/15/30 | 7,637 | 7,668,303 | |
Bain Capital Credit CLO Ltd. (Cayman Islands), | |||||
Series 2019-02A, Class AR, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) | 6.678(c) | 10/17/32 | 8,500 | 8,498,391 | |
Series 2022-01A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | 6.618(c) | 04/18/35 | 9,750 | 9,740,250 | |
Barings Euro CLO DAC (Ireland), Series 2020-01A, Class AR, 144A, 3 Month EURIBOR + 0.980% (Cap N/A, Floor 0.980%) | 4.950(c) | 10/21/34 | EUR | 3,000 | 3,193,326 |
Battalion CLO Ltd. (Cayman Islands), | |||||
Series 2016-10A, Class A1R2, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | 6.750(c) | 01/25/35 | 4,740 | 4,734,668 | |
Series 2021-17A, Class A1, 144A, 3 Month SOFR + 1.522% (Cap N/A, Floor 1.260%) | 6.839(c) | 03/09/34 | 2,450 | 2,456,417 | |
BlueMountain CLO Ltd. (Cayman Islands), Series 2019-24A, Class AR, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) | 6.679(c) | 04/20/34 | 4,280 | 4,270,156 | |
Carlyle Euro CLO DAC (Ireland), | |||||
Series 2019-01A, Class A1R, 144A, 3 Month EURIBOR + 0.750% (Cap N/A, Floor 0.750%) | 4.675(c) | 03/15/32 | EUR | 1,749 | 1,871,503 |
Series 2019-01A, Class A2RB, 144A | 2.100 | 03/15/32 | EUR | 6,500 | 6,414,279 |
CIFC Funding Ltd. (Cayman Islands), Series 2015-01A, Class ARR, 144A, 3 Month SOFR + 1.372% (Cap N/A, Floor 1.110%) | 6.689(c) | 01/22/31 | 5,979 | 5,983,484 | |
Columbia Cent CLO Ltd. (Cayman Islands), Series 2020-29A, Class BR, 144A, 3 Month SOFR + 1.962% (Cap N/A, Floor 0.000%) | 7.279(c) | 10/20/34 | 11,335 | 11,323,639 |
2
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Asset-Backed Securities (Continued) | |||||
Collateralized Loan Obligations (cont’d.) | |||||
Crown City CLO (Cayman Islands), Series 2020-02A, Class A1AR, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | 6.658 %(c) | 04/20/35 | 2,750 | $2,749,761 | |
Elevation CLO Ltd. (Cayman Islands), | |||||
Series 2017-06A, Class A1, 144A, 3 Month SOFR + 1.542% (Cap N/A, Floor 1.542%) | 6.856(c) | 07/15/29 | 442 | 442,884 | |
Series 2023-17A, Class A1, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | 7.234(c) | 10/20/36 | 10,000 | 10,063,857 | |
Ellington CLO Ltd. (Cayman Islands), Series 2017-02A, Class A, 144A, 3 Month SOFR + 1.962% (Cap N/A, Floor 1.700%) | 7.341(c) | 02/15/29 | 2,152 | 2,153,124 | |
Elmwood CLO Ltd. (Cayman Islands), Series 2021-03A, Class A, 144A, 3 Month SOFR + 1.302% (Cap N/A, Floor 1.040%) | 6.619(c) | 10/20/34 | 4,250 | 4,250,000 | |
Generate CLO Ltd. (Cayman Islands), Series 02A, Class AR, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | 6.729(c) | 01/22/31 | 2,585 | 2,587,897 | |
ICG Euro CLO DAC (Ireland), | |||||
Series 2023-02A, Class A1, 144A, 3 Month EURIBOR + 1.730% (Cap N/A, Floor 1.730%) | 5.659(c) | 01/26/38 | EUR | 6,000 | 6,510,105 |
Series 2023-02A, Class B1, 144A, 3 Month EURIBOR + 2.750% (Cap N/A, Floor 2.750%) | 6.679(c) | 01/26/38 | EUR | 5,000 | 5,422,272 |
Invesco Euro CLO (Ireland), Series 06A, Class B1, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | 5.592(c) | 07/15/34 | EUR | 5,750 | 6,096,600 |
Jubilee CLO DAC (Ireland), Series 2018-21A, Class BR, 144A, 3 Month EURIBOR + 1.400% (Cap N/A, Floor 1.400%) | 5.342(c) | 04/15/35 | EUR | 10,000 | 10,563,247 |
KKR CLO Ltd. (Cayman Islands), Series 32A, Class A1, 144A, 3 Month SOFR + 1.582% (Cap N/A, Floor 1.320%) | 6.896(c) | 01/15/32 | 5,000 | 5,009,893 | |
Madison Park Funding Ltd. (Cayman Islands), | |||||
Series 2019-33A, Class AR, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%) | 6.604(c) | 10/15/32 | 5,500 | 5,494,437 | |
Series 2021-59A, Class A, 144A, 3 Month SOFR + 1.402% (Cap N/A, Floor 1.140%) | 6.700(c) | 01/18/34 | 9,500 | 9,509,968 | |
MidOcean Credit CLO (Cayman Islands), Series 2014-03A, Class BR, 144A, 3 Month SOFR + 2.062% (Cap N/A, Floor 1.800%) | 7.379(c) | 04/21/31 | 18,000 | 18,002,711 | |
Oak Hill European Credit Partners (Ireland), Series 2021-08A, Class B1, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | 5.244(c) | 04/18/35 | EUR | 12,000 | 12,562,385 |
3
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Asset-Backed Securities (Continued) | |||||
Collateralized Loan Obligations (cont’d.) | |||||
Oaktree CLO Ltd. (Cayman Islands), Series 2020-01A, Class AR, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | 6.726 %(c) | 07/15/34 | 6,195 | $6,193,749 | |
OFSI BSL Ltd. (Cayman Islands), Series 2022-11A, Class A1R, 144A, 3 Month SOFR + 2.050% (Cap N/A, Floor 2.050%) | 7.348(c) | 10/18/35 | 10,000 | 10,017,691 | |
OZLM Ltd. (Cayman Islands), Series 2014-06A, Class A2AS, 144A, 3 Month SOFR + 2.012% (Cap N/A, Floor 0.000%) | 7.328(c) | 04/17/31 | 4,000 | 3,999,932 | |
Palmer Square European CLO DAC (Ireland), Series 2022-02A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) | 5.542(c) | 01/15/38 | EUR | 10,000 | 10,827,438 |
Palmer Square Loan Funding Ltd. (Cayman Islands), Series 2022-03A, Class A2, 144A, 3 Month SOFR + 3.000% (Cap N/A, Floor 3.000%) | 8.314(c) | 04/15/31 | 13,000 | 13,011,786 | |
Penta CLO DAC (Ireland), Series 2018-05A, Class B1R, 144A, 3 Month EURIBOR + 1.550% (Cap N/A, Floor 1.550%) | 5.520(c) | 04/20/35 | EUR | 10,000 | 10,571,635 |
Rad CLO Ltd. (Cayman Islands), Series 2023-19A, Class A1, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%) | 7.318(c) | 04/20/35 | 7,000 | 7,048,844 | |
Rockford Tower CLO Ltd., Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | 7.168(c) | 10/20/35 | 11,500 | 11,569,728 | |
Romark CLO Ltd. (Cayman Islands), Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.437% (Cap N/A, Floor 1.175%) | 6.761(c) | 07/25/31 | 4,405 | 4,408,852 | |
Romark WM-R Ltd. (Cayman Islands), Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%) | 6.609(c) | 04/20/31 | 1,276 | 1,277,825 | |
Silver Rock CLO Ltd. (Cayman Islands), Series 2021-02A, Class A, 144A, 3 Month SOFR + 1.452% (Cap N/A, Floor 1.190%) | 6.769(c) | 01/20/35 | 10,000 | 9,981,695 | |
Sona Fios CLO DAC (Ireland), Series 01A, Class A1, 144A, 3 Month EURIBOR + 1.850% (Cap N/A, Floor 1.850%) | 5.714(c) | 07/15/36 | EUR | 13,250 | 14,359,383 |
St. Pauls CLO DAC (Ireland), Series 02A, Class AR4, 144A, 3 Month EURIBOR + 0.980% (Cap N/A, Floor 0.980%) | 4.928(c) | 10/25/35 | EUR | 8,000 | 8,533,504 |
Tikehau US CLO Ltd. (Bermuda), Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | 7.311(c) | 01/15/36 | 13,250 | 13,270,092 |
4
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Asset-Backed Securities (Continued) | |||||
Collateralized Loan Obligations (cont’d.) | |||||
Trinitas CLO Ltd. (Cayman Islands), Series 2023-26A, Class B, 144A, 3 Month SOFR + 2.500% (Cap N/A, Floor 2.500%) | 7.818 %(c) | 01/20/35 | 3,750 | $3,749,873 | |
Trinitas CLO Ltd. (Bermuda), Series 2024-24A, Class A1, 144A | 0.000(cc) | 04/05/37 | 6,000 | 6,000,000 | |
Venture CLO Ltd. (Cayman Islands), Series 2021-43A, Class A1, 144A, 3 Month SOFR + 1.502% (Cap N/A, Floor 1.240%) | 6.816(c) | 04/15/34 | 3,500 | 3,512,773 | |
Warwick Capital CLO Ltd. (United Kingdom), Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | 7.327(c) | 01/15/37 | 12,500 | 12,515,626 | |
Wellfleet CLO Ltd., Series 2017-03A, Class A1, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | 6.728(c) | 01/17/31 | 7,855 | 7,856,127 | |
Zais CLO Ltd. (Cayman Islands), Series 2015-03A, Class A2R, 144A, 3 Month SOFR + 2.452% (Cap N/A, Floor 0.000%) | 7.766(c) | 07/15/31 | 11,300 | 11,307,919 | |
361,222,451 | |||||
Consumer Loans 0.5% | |||||
OneMain Financial Issuance Trust, | |||||
Series 2023-01A, Class A, 144A | 5.500 | 06/14/38 | 4,800 | 4,863,048 | |
Series 2023-01A, Class D, 144A | 7.490 | 06/14/38 | 200 | 206,465 | |
Series 2023-02A, Class D, 144A | 7.520 | 09/15/36 | 2,500 | 2,592,096 | |
Oportun Issuance Trust, Series 2022-02, Class A, 144A | 5.940 | 10/09/29 | 220 | 219,754 | |
SoFi Consumer Loan Program Trust, Series 2022-01S, Class A, 144A | 6.210 | 04/15/31 | 893 | 893,078 | |
8,774,441 | |||||
Equipment 0.1% | |||||
Auxilior Term Funding LLC, Series 2023-01A, Class D, 144A | 7.270 | 12/16/30 | 1,500 | 1,528,403 | |
Home Equity Loans 0.6% | |||||
Accredited Mortgage Loan Trust, Series 2004-03, Class 2A2, 1 Month SOFR + 1.314% (Cap 13.000%, Floor 1.200%) | 6.650(c) | 10/25/34 | 644 | 630,859 |
5
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Asset-Backed Securities (Continued) | |||||
Home Equity Loans (cont’d.) | |||||
Asset-Backed Securities Corp. Home Equity Loan Trust, | |||||
Series 2003-HE06, Class A2, 1 Month SOFR + 0.794% (Cap N/A, Floor 0.680%) | 6.130 %(c) | 11/25/33 | 589 | $597,961 | |
Series 2003-HE06, Class A3B, 1 Month SOFR + 1.074% (Cap N/A, Floor 0.960%) | 6.410(c) | 11/25/33 | 3,267 | 3,158,640 | |
Bear Stearns Asset-Backed Securities Trust, | |||||
Series 2002-02, Class A1, 1 Month SOFR + 0.774% (Cap 11.000%, Floor 0.660%) | 6.110(c) | 10/25/32 | 42 | 42,099 | |
Series 2003-03, Class A2, 1 Month SOFR + 1.294% (Cap 11.000%, Floor 1.180%) | 6.630(c) | 06/25/43 | 61 | 61,158 | |
Series 2003-HE01, Class M1, 1 Month SOFR + 1.209% (Cap N/A, Floor 1.095%) | 5.789(c) | 01/25/34 | 1,493 | 1,440,895 | |
Home Equity Asset Trust, Series 2004-07, Class A2, 1 Month SOFR + 0.954% (Cap N/A, Floor 0.840%) | 6.290(c) | 01/25/35 | 900 | 875,062 | |
JPMorgan Mortgage Trust, Series 2023-HE03, Class M1, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | 7.445(c) | 05/25/54 | 1,019 | 1,022,872 | |
MASTR Asset-Backed Securities Trust, Series 2003-WMC02, Class M2, 1 Month SOFR + 2.589% (Cap N/A, Floor 2.475%) | 4.330(c) | 08/25/33 | 482 | 496,112 | |
Morgan Stanley ABS Capital I, Inc. Trust, | |||||
Series 2003-HE03, Class M1, 1 Month SOFR + 1.134% (Cap N/A, Floor 1.020%) | 6.470(c) | 10/25/33 | 229 | 227,269 | |
Series 2003-NC08, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) | 6.500(c) | 09/25/33 | 211 | 209,680 | |
Series 2003-NC10, Class M1, 1 Month SOFR + 1.134% (Cap N/A, Floor 1.020%) | 6.470(c) | 10/25/33 | 178 | 175,917 | |
Towd Point Mortgage Trust, Series 2024-CES01, Class A1A, 144A | 5.848(cc) | 01/25/64 | 700 | 699,891 | |
9,638,415 | |||||
Other 0.2% | |||||
Goodleap Sustainable Home Solutions Trust, | |||||
Series 2023-03C, Class A, 144A | 6.500 | 07/20/55 | 479 | 492,674 | |
Series 2023-04C, Class A, 144A | 6.480 | 03/20/57 | 986 | 1,023,628 | |
Sierra Timeshare Receivables Funding LLC, Series 2023-02A, Class D, 144A | 9.720 | 04/20/40 | 1,285 | 1,321,241 | |
2,837,543 |
6
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Asset-Backed Securities (Continued) | |||||
Residential Mortgage-Backed Securities 0.7% | |||||
Chase Funding Trust, | |||||
Series 2002-03, Class 2A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | 6.090 %(c) | 08/25/32 | 232 | $221,442 | |
Series 2003-04, Class 1A5 | 4.923 | 05/25/33 | 300 | 290,261 | |
Citigroup Mortgage Loan Trust, Inc., Series 2005-OPT01, Class M1, 1 Month SOFR + 0.744% (Cap N/A, Floor 0.630%) | 6.080(c) | 02/25/35 | 165 | 149,694 | |
Countrywide Asset-Backed Certificates, | |||||
Series 2003-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) | 6.500(c) | 07/25/33 | 235 | 231,725 | |
Series 2004-01, Class M1, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%) | 6.200(c) | 03/25/34 | 15 | 15,364 | |
Countrywide Asset-Backed Certificates Trust, Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) | 6.500(c) | 11/25/34 | 65 | 64,508 | |
Credit-Based Asset Servicing & Securitization LLC, Series 2003-CB03, Class AF1 | 3.379 | 12/25/32 | 66 | 62,085 | |
Finance America Mortgage Loan Trust, Series 2003-01, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) | 6.500(c) | 09/25/33 | 986 | 959,456 | |
First Franklin Mortgage Loan Trust, Series 2004-FF05, Class A2, 1 Month SOFR + 0.874% (Cap N/A, Floor 0.760%) | 6.210(c) | 08/25/34 | 363 | 327,086 | |
Fremont Home Loan Trust, Series 2004-04, Class M1, 1 Month SOFR + 0.909% (Cap N/A, Floor 0.795%) | 6.245(c) | 03/25/35 | 1,453 | 1,344,054 | |
Long Beach Mortgage Loan Trust, Series 2004-02, Class A1, 1 Month SOFR + 0.554% (Cap N/A, Floor 0.440%) | 5.890(c) | 06/25/34 | 513 | 494,352 | |
Morgan Stanley ABS Capital I, Inc. Trust, Series 2004-NC05, Class M1, 1 Month SOFR + 1.014% (Cap N/A, Floor 0.900%) | 6.350(c) | 05/25/34 | 149 | 140,222 | |
Rathlin Residential DAC (Ireland), Series 2021-01A, Class A, 144A, 1 Month EURIBOR + 2.000% (Cap N/A, Floor 0.000%) | 5.868(c) | 09/27/75 | EUR | 911 | 971,642 |
Structured Asset Investment Loan Trust, Series 2004-BNC01, Class A2, 1 Month SOFR + 1.114% (Cap N/A, Floor 1.000%) | 6.470(c) | 09/25/34 | 1,764 | 1,726,723 |
7
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (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 + 3.250%^ | 7.130(c) | 03/15/26 | EUR | 4,413 | 4,054,160 |
11,052,775 | |||||
Student Loans 0.1% | |||||
Laurel Road Prime Student Loan Trust, | |||||
Series 2018-D, Class A, 144A | 0.000(cc) | 11/25/43 | 2,143 | 2,038,191 | |
Series 2019-A, Class R, 144A | 0.000 | 10/25/48 | 1,689 | 348,008 | |
2,386,199 | |||||
Total Asset-Backed Securities (cost $427,301,749) | 424,963,844 | ||||
Commercial Mortgage-Backed Securities 5.1% | |||||
20 Times Square Trust, | |||||
Series 2018-20TS, Class G, 144A (original cost $2,454,600; purchased 05/09/18)(f) | 3.203(cc) | 05/15/35 | 2,700 | 1,943,767 | |
Series 2018-20TS, Class H, 144A (original cost $2,389,640; purchased 05/09/18)(f) | 3.203(cc) | 05/15/35 | 2,700 | 1,889,768 | |
Barclays Commercial Mortgage Securities Trust, | |||||
Series 2018-CHRS, Class B, 144A | 4.409(cc) | 08/05/38 | 2,650 | 2,274,987 | |
Series 2018-CHRS, Class C, 144A | 4.409(cc) | 08/05/38 | 900 | 737,383 | |
Series 2018-CHRS, Class D, 144A | 4.409(cc) | 08/05/38 | 1,490 | 1,156,663 | |
Benchmark Mortgage Trust, Series 2023-V03, Class XA, IO | 1.053(cc) | 07/15/56 | 50,606 | 1,608,793 | |
BPR Trust, | |||||
Series 2021-TY, Class C, 144A, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) | 7.148(c) | 09/15/38 | 2,024 | 1,996,617 | |
Series 2023-BRK02, Class C, 144A | 8.630(cc) | 11/05/28 | 4,300 | 4,529,235 | |
BX Commercial Mortgage Trust, Series 2019-XL, Class J, 144A, 1 Month SOFR + 2.764% (Cap N/A, Floor 2.650%) | 8.098(c) | 10/15/36 | 5,653 | 5,494,037 | |
Commercial Mortgage Trust, Series 2015-LC19, Class XB, IO, 144A | 0.325(cc) | 02/10/48 | 123,049 | 217,957 | |
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE04, Class F, 144A, 1 Month SOFR + 2.697% (Cap N/A, Floor 2.650%) | 8.031(c) | 05/15/36 | 5,666 | 5,630,157 | |
DBWF Mortgage Trust, Series 2016-85T, Class E, 144A | 3.935(cc) | 12/10/36 | 15,500 | 9,777,088 |
8
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (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 | 1.470 %(cc) | 03/25/26 | 20,918 | $511,399 | |
Series KC02, Class X1, IO | 0.510(cc) | 03/25/24 | 112,917 | 305,124 | |
GS Mortgage Securities Corp. Trust, Series 2021-IP, Class A, 144A, 1 Month SOFR + 1.064% (Cap N/A, Floor 0.950%) | 6.398(c) | 10/15/36 | 2,130 | 2,082,075 | |
GS Mortgage Securities Trust, | |||||
Series 2013-GC10, Class XB, IO, 144A | 0.403(cc) | 02/10/46 | 26,492 | 265 | |
Series 2014-GC20, Class XB, IO | 0.598(cc) | 04/10/47 | 28,307 | 283 | |
Independence Plaza Trust, Series 2018-INDP, Class E, 144A | 4.996 | 07/10/35 | 3,000 | 2,776,427 | |
JPMBB Commercial Mortgage Securities Trust, | |||||
Series 2014-C21, Class XB, IO | 0.431(cc) | 08/15/47 | 45,056 | 55,144 | |
Series 2015-C27, Class XB, IO | 0.542(cc) | 02/15/48 | 52,766 | 158,947 | |
JPMCC Commercial Mortgage Securities Trust, Series 2017-JP06, Class A5 | 3.490 | 07/15/50 | 5,000 | 4,646,101 | |
JPMorgan Chase Commercial Mortgage Securities Trust, | |||||
Series 2013-LC11, Class XB, IO | 0.644(cc) | 04/15/46 | 34,956 | 350 | |
Series 2016-JP03, Class A5 | 2.870 | 08/15/49 | 10,495 | 9,845,722 | |
Series 2018-AON, Class E, 144A | 4.767(cc) | 07/05/31 | 7,950 | 2,850,680 | |
Morgan Stanley Capital I Trust, | |||||
Series 2019-MEAD, Class C, 144A | 3.283(cc) | 11/10/36 | 2,020 | 1,775,990 | |
Series 2019-MEAD, Class D, 144A | 3.283(cc) | 11/10/36 | 3,000 | 2,570,241 | |
Series 2019-MEAD, Class E, 144A | 3.283(cc) | 11/10/36 | 2,505 | 2,068,188 | |
ONE Mortgage Trust, | |||||
Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) | 6.947(c) | 03/15/36 | 2,350 | 2,173,750 | |
Series 2021-PARK, Class E, 144A, 1 Month SOFR + 1.864% (Cap N/A, Floor 1.750%) | 7.197(c) | 03/15/36 | 1,400 | 1,285,137 | |
Salus European Loan Conduit DAC (United Kingdom), Series 33A, Class A, 144A, SONIA + 1.619% (Cap 6.850%, Floor 1.500%) | 6.850(c) | 01/23/29 | GBP | 9,500 | 11,680,818 |
Total Commercial Mortgage-Backed Securities (cost $93,039,070) | 82,043,093 | ||||
Corporate Bonds 23.8% | |||||
Aerospace & Defense 0.5% | |||||
Bombardier, Inc. (Canada), | |||||
Sr. Unsec’d. Notes, 144A(a) | 7.500 | 02/01/29 | 1,125 | 1,144,688 |
9
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Aerospace & Defense (cont’d.) | |||||
Bombardier, Inc. (Canada), (cont’d.) | |||||
Sr. Unsec’d. Notes, 144A | 7.875 % | 04/15/27 | 4,938 | $4,924,618 | |
Embraer Netherlands Finance BV (Brazil), Gtd. Notes, 144A | 7.000 | 07/28/30 | 1,770 | 1,853,632 | |
7,922,938 | |||||
Agriculture 0.0% | |||||
Vector Group Ltd., Sr. Sec’d. Notes, 144A | 5.750 | 02/01/29 | 475 | 438,219 | |
Airlines 0.2% | |||||
American Airlines 2013-1 Class A Pass-Through Trust, Pass-Through Certificates | 4.000 | 01/15/27 | 1,323 | 1,272,695 | |
Continental Airlines 2012-2 Class A Pass-Through Trust, Pass-Through Certificates | 4.000 | 04/29/26 | 63 | 61,842 | |
United Airlines 2013-1 Class A Pass-Through Trust, Pass-Through Certificates | 4.300 | 02/15/27 | 1,355 | 1,321,894 | |
United Airlines, Inc., | |||||
Sr. Sec’d. Notes, 144A | 4.375 | 04/15/26 | 645 | 622,769 | |
Sr. Sec’d. Notes, 144A | 4.625 | 04/15/29 | 170 | 157,467 | |
3,436,667 | |||||
Apparel 0.0% | |||||
Wolverine World Wide, Inc., Gtd. Notes, 144A | 4.000 | 08/15/29 | 825 | 664,815 | |
Auto Manufacturers 0.3% | |||||
Ford Motor Credit Co. LLC, | |||||
Sr. Unsec’d. Notes | 3.375 | 11/13/25 | 2,650 | 2,543,481 | |
Sr. Unsec’d. Notes | 6.800 | 05/12/28 | 625 | 648,821 | |
Sr. Unsec’d. Notes | 6.950 | 03/06/26 | 450 | 460,118 | |
General Motors Co., Sr. Unsec’d. Notes | 6.250 | 10/02/43 | 1,555 | 1,587,750 | |
5,240,170 |
10
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Auto Parts & Equipment 0.2% | |||||
Adient Global Holdings Ltd., Gtd. Notes, 144A | 4.875 % | 08/15/26 | 1,900 | $1,847,750 | |
American Axle & Manufacturing, Inc., Gtd. Notes | 6.250 | 03/15/26 | 370 | 365,734 | |
Dana, Inc., Sr. Unsec’d. Notes | 4.500 | 02/15/32 | 800 | 686,832 | |
Nemak SAB de CV (Mexico), Sr. Unsec’d. Notes, 144A | 3.625 | 06/28/31 | 350 | 280,875 | |
3,181,191 | |||||
Banks 5.3% | |||||
ABN AMRO Bank NV (Netherlands), Sr. Non-Preferred Notes, 144A, MTN | 6.575(ff) | 10/13/26 | 3,700 | 3,756,704 | |
Banco de Credito del Peru S.A. (Peru), Sub. Notes, 144A, MTN | 3.250(ff) | 09/30/31 | 1,055 | 957,940 | |
Banco Mercantil del Norte SA (Mexico), Jr. Sub. Notes, 144A | 6.625(ff) | 01/24/32(oo) | 1,110 | 937,950 | |
Bangkok Bank PCL (Thailand), Sub. Notes, 144A | 3.466(ff) | 09/23/36 | 945 | 788,158 | |
Bank of America Corp., | |||||
Jr. Sub. Notes, Series JJ | 5.125(ff) | 06/20/24(oo) | 6,850 | 6,805,993 | |
Sr. Unsec’d. Notes, MTN | 4.271(ff) | 07/23/29 | 1,450 | 1,404,639 | |
Barclays PLC (United Kingdom), Sr. Unsec’d. Notes | 7.437(ff) | 11/02/33 | 3,810 | 4,224,270 | |
Cassa Depositi e Prestiti SpA (Italy), Sr. Unsec’d. Notes, 144A | 5.750 | 05/05/26 | 2,415 | 2,411,776 | |
Citigroup, Inc., | |||||
Sr. Unsec’d. Notes | 2.976(ff) | 11/05/30 | 870 | 779,909 | |
Sr. Unsec’d. Notes | 3.200 | 10/21/26 | 1,145 | 1,095,389 | |
Sr. Unsec’d. Notes | 3.785(ff) | 03/17/33 | 1,240 | 1,119,091 | |
Sr. Unsec’d. Notes | 3.887(ff) | 01/10/28 | 980 | 951,808 | |
Sub. Notes | 4.400 | 06/10/25 | 405 | 400,581 | |
Deutsche Bank AG (Germany), Sr. Non-Preferred Notes | 6.819(ff) | 11/20/29 | 3,300 | 3,461,964 | |
Freedom Mortgage Corp., Sr. Unsec’d. Notes, 144A | 12.000 | 10/01/28 | 175 | 191,994 | |
Goldman Sachs Group, Inc. (The), | |||||
Sr. Unsec’d. Notes | 3.814(ff) | 04/23/29 | 35 | 33,326 | |
Sr. Unsec’d. Notes | 3.850 | 01/26/27 | 3,940 | 3,842,687 | |
Sr. Unsec’d. Notes | 4.223(ff) | 05/01/29 | 135 | 130,549 | |
Sr. Unsec’d. Notes | 6.484(ff) | 10/24/29 | 3,110 | 3,300,865 |
11
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Banks (cont’d.) | |||||
JPMorgan Chase & Co., | |||||
Jr. Sub. Notes, Series FF | 5.000 %(ff) | 08/01/24(oo) | 1,500 | $1,483,659 | |
Jr. Sub. Notes, Series HH | 4.600(ff) | 02/01/25(oo) | 15,325 | 14,910,982 | |
KeyCorp, Sr. Unsec’d. Notes, MTN | 2.550 | 10/01/29 | 2,370 | 2,037,346 | |
M&T Bank Corp., Sub. Notes | 4.000 | 07/15/24 | 325 | 322,253 | |
Mizrahi Tefahot Bank Ltd. (Israel), Sub. Notes, 144A | 3.077(ff) | 04/07/31 | 1,555 | 1,388,809 | |
Morgan Stanley, | |||||
Sr. Unsec’d. Notes | 6.407(ff) | 11/01/29 | 2,570 | 2,722,988 | |
Sr. Unsec’d. Notes, GMTN | 2.239(ff) | 07/21/32 | 2,865 | 2,342,108 | |
Sr. Unsec’d. Notes, GMTN | 3.772(ff) | 01/24/29 | 1,750 | 1,671,229 | |
Sr. Unsec’d. Notes, GMTN | 3.875 | 01/27/26 | 605 | 594,174 | |
Sr. Unsec’d. Notes, MTN | 1.928(ff) | 04/28/32 | 2,230 | 1,799,115 | |
Societe Generale SA (France), Sr. Unsec’d. Notes, 144A | 6.066(ff) | 01/19/35 | 7,380 | 7,392,324 | |
Truist Financial Corp., Sr. Unsec’d. Notes, MTN | 7.161(ff) | 10/30/29 | 1,005 | 1,084,701 | |
UBS Group AG (Switzerland), | |||||
Sr. Unsec’d. Notes | 3.750 | 03/26/25 | 1,200 | 1,178,322 | |
Sr. Unsec’d. Notes, 144A | 4.488(ff) | 05/12/26 | 615 | 606,936 | |
Sr. Unsec’d. Notes, 144A | 6.537(ff) | 08/12/33 | 1,500 | 1,590,075 | |
Sr. Unsec’d. Notes, 144A, SOFR + 1.580% | 6.940(c) | 05/12/26 | 1,925 | 1,935,971 | |
Wells Fargo & Co., Sr. Unsec’d. Notes, MTN | 4.808(ff) | 07/25/28 | 6,475 | 6,438,411 | |
86,094,996 | |||||
Beverages 0.0% | |||||
Anheuser-Busch InBev Worldwide, Inc. (Belgium), Gtd. Notes | 8.200 | 01/15/39 | 250 | 333,326 | |
Biotechnology 0.1% | |||||
Amgen, Inc., Sr. Unsec’d. Notes | 5.600 | 03/02/43 | 1,675 | 1,724,302 | |
Building Materials 0.2% | |||||
Cemex SAB de CV (Mexico), Gtd. Notes, 144A | 5.450 | 11/19/29 | 1,180 | 1,164,011 | |
JELD-WEN, Inc., | |||||
Gtd. Notes, 144A | 4.625 | 12/15/25 | 149 | 145,474 |
12
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Building Materials (cont’d.) | |||||
JELD-WEN, Inc., (cont’d.) | |||||
Gtd. Notes, 144A | 4.875 % | 12/15/27 | 800 | $762,816 | |
Masonite International Corp., Gtd. Notes, 144A | 5.375 | 02/01/28 | 1,335 | 1,291,612 | |
Summit Materials LLC/Summit Materials Finance Corp., Gtd. Notes, 144A | 7.250 | 01/15/31 | 500 | 519,627 | |
3,883,540 | |||||
Chemicals 0.9% | |||||
Ashland Services BV, Gtd. Notes | 2.000 | 01/30/28 | EUR | 1,200 | 1,189,851 |
Ashland, Inc., Sr. Unsec’d. Notes | 6.875 | 05/15/43 | 4,100 | 4,060,838 | |
Braskem Netherlands Finance BV (Brazil), | |||||
Gtd. Notes, 144A | 4.500 | 01/10/28 | 1,630 | 1,405,467 | |
Gtd. Notes, 144A | 8.500 | 01/12/31 | 1,585 | 1,501,756 | |
FMC Corp., Sr. Unsec’d. Notes | 3.450 | 10/01/29 | 3,223 | 2,919,367 | |
LYB International Finance BV, Gtd. Notes | 5.250 | 07/15/43 | 175 | 166,341 | |
Nutrien Ltd. (Canada), Sr. Unsec’d. Notes | 4.900 | 06/01/43 | 1,350 | 1,258,000 | |
Rain Carbon, Inc., Sr. Sec’d. Notes, 144A | 12.250 | 09/01/29 | 225 | 222,591 | |
Sasol Financing USA LLC (South Africa), Gtd. Notes | 4.375 | 09/18/26 | 350 | 326,047 | |
TPC Group, Inc., Sr. Sec’d. Notes, 144A | 13.000 | 12/16/27 | 1,058 | 1,076,165 | |
14,126,423 | |||||
Commercial Services 0.4% | |||||
Allied Universal Holdco LLC/Allied Universal Finance Corp., Sr. Sec’d. Notes, 144A | 6.625 | 07/15/26 | 1,000 | 986,208 | |
AMN Healthcare, Inc., Gtd. Notes, 144A | 4.000 | 04/15/29 | 1,200 | 1,088,912 | |
DP World Ltd. (United Arab Emirates), Sr. Unsec’d. Notes, 144A | 2.375 | 09/25/26 | EUR | 601 | 621,085 |
ERAC USA Finance LLC, | |||||
Gtd. Notes, 144A | 6.700 | 06/01/34 | 110 | 123,726 |
13
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Commercial Services (cont’d.) | |||||
ERAC USA Finance LLC, (cont’d.) | |||||
Gtd. Notes, 144A | 7.000 % | 10/15/37 | 1,725 | $2,014,892 | |
GTCR W-2 Merger Sub LLC, Sr. Sec’d. Notes, 144A | 7.500 | 01/15/31 | 200 | 208,381 | |
United Rentals North America, Inc., | |||||
Gtd. Notes | 3.750 | 01/15/32 | 325 | 286,021 | |
Gtd. Notes | 5.250 | 01/15/30 | 1,200 | 1,178,940 | |
6,508,165 | |||||
Computers 0.2% | |||||
CA Magnum Holdings (India), Sr. Sec’d. Notes, 144A | 5.375 | 10/31/26 | 1,625 | 1,517,344 | |
NCR Atleos Corp., Sr. Sec’d. Notes, 144A | 9.500 | 04/01/29 | 761 | 816,478 | |
2,333,822 | |||||
Distribution/Wholesale 0.1% | |||||
H&E Equipment Services, Inc., Gtd. Notes, 144A | 3.875 | 12/15/28 | 1,150 | 1,044,131 | |
Ritchie Bros Holdings, Inc. (Canada), Sr. Sec’d. Notes, 144A | 6.750 | 03/15/28 | 100 | 102,688 | |
1,146,819 | |||||
Diversified Financial Services 0.6% | |||||
Blackstone Private Credit Fund, Sr. Sec’d. Notes^ | 5.610 | 05/03/27 | 950 | 920,205 | |
Cantor Fitzgerald LP, Sr. Unsec’d. Notes, 144A | 7.200 | 12/12/28 | 1,285 | 1,326,979 | |
Capital One Financial Corp., Sr. Unsec’d. Notes | 7.624(ff) | 10/30/31 | 935 | 1,032,721 | |
Jefferies Finance LLC/JFIN Co-Issuer Corp., Sr. Unsec’d. Notes, 144A | 5.000 | 08/15/28 | 1,025 | 924,343 | |
Jefferies Financial Group, Inc., Sr. Unsec’d. Notes | 6.500 | 01/20/43 | 175 | 185,404 | |
Nationstar Mortgage Holdings, Inc., Gtd. Notes, 144A | 5.750 | 11/15/31 | 1,675 | 1,545,517 | |
Navient Corp., Sr. Unsec’d. Notes | 6.750 | 06/25/25 | 575 | 578,908 | |
OneMain Finance Corp., Gtd. Notes | 3.875 | 09/15/28 | 1,200 | 1,052,379 |
14
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Diversified Financial Services (cont’d.) | |||||
PennyMac Financial Services, Inc., Gtd. Notes, 144A | 7.875 % | 12/15/29 | 710 | $732,603 | |
Power Finance Corp. Ltd. (India), Sr. Unsec’d. Notes, EMTN | 5.250 | 08/10/28 | 1,100 | 1,099,010 | |
9,398,069 | |||||
Electric 1.3% | |||||
AES Panama Generation Holdings SRL (Panama), Sr. Sec’d. Notes, 144A | 4.375 | 05/31/30 | 1,046 | 894,271 | |
American Electric Power Co., Inc., Jr. Sub. Notes | 5.699 | 08/15/25 | 2,075 | 2,090,886 | |
Calpine Corp., | |||||
Sr. Unsec’d. Notes, 144A | 4.625 | 02/01/29 | 1,500 | 1,385,776 | |
Sr. Unsec’d. Notes, 144A | 5.000 | 02/01/31 | 2,695 | 2,444,745 | |
Clean Renewable Power Mauritius Pte Ltd. (India), Sr. Sec’d. Notes, 144A | 4.250 | 03/25/27 | 428 | 395,438 | |
Duke Energy Carolinas LLC, First Ref. Mortgage | 4.000 | 09/30/42 | 50 | 42,182 | |
Eskom Holdings SOC Ltd. (South Africa), Sr. Unsec’d. Notes, 144A | 7.125 | 02/11/25 | 2,145 | 2,131,594 | |
Israel Electric Corp. Ltd. (Israel), Sr. Sec’d. Notes, 144A, GMTN | 4.250 | 08/14/28 | 3,000 | 2,771,250 | |
Mercury Chile Holdco LLC (Chile), Sr. Sec’d. Notes | 6.500 | 01/24/27 | 1,400 | 1,302,000 | |
Mong Duong Finance Holdings BV (Vietnam), Sr. Sec’d. Notes | 5.125 | 05/07/29 | 1,194 | 1,115,239 | |
NRG Energy, Inc., | |||||
Gtd. Notes, 144A | 3.625 | 02/15/31 | 1,475 | 1,263,405 | |
Gtd. Notes, 144A | 3.875 | 02/15/32 | 1,050 | 896,045 | |
Jr. Sub. Notes, 144A | 10.250(ff) | 03/15/28(oo) | 275 | 289,564 | |
Tierra Mojada Luxembourg II Sarl (Mexico), Sr. Sec’d. Notes, 144A | 5.750 | 12/01/40 | 1,696 | 1,478,795 | |
Vistra Corp., | |||||
Jr. Sub. Notes, 144A | 7.000(ff) | 12/15/26(oo) | 450 | 438,530 | |
Jr. Sub. Notes, 144A | 8.000(ff) | 10/15/26(oo) | 1,575 | 1,580,596 | |
20,520,316 | |||||
Energy-Alternate Sources 0.0% | |||||
Aydem Yenilenebilir Enerji A/S (Turkey), Sr. Sec’d. Notes, 144A | 7.750 | 02/02/27 | 630 | 590,428 |
15
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Engineering & Construction 0.5% | |||||
Cellnex Finance Co. SA (Spain), Gtd. Notes, EMTN | 2.000 % | 02/15/33 | EUR | 1,100 | $1,018,300 |
Cellnex Telecom SA (Spain), Sr. Unsec’d. Notes, EMTN | 1.750 | 10/23/30 | EUR | 700 | 668,374 |
IHS Holding Ltd. (Nigeria), Gtd. Notes, 144A | 6.250 | 11/29/28 | 850 | 714,000 | |
Mexico City Airport Trust (Mexico), | |||||
Sr. Sec’d. Notes, 144A | 3.875 | 04/30/28 | 2,000 | 1,854,560 | |
Sr. Sec’d. Notes, 144A | 4.250 | 10/31/26 | 218 | 209,162 | |
Sr. Sec’d. Notes, 144A | 5.500 | 10/31/46 | 415 | 341,350 | |
Sr. Sec’d. Notes, 144A | 5.500 | 07/31/47 | 3,395 | 2,784,919 | |
7,590,665 | |||||
Entertainment 0.3% | |||||
Caesars Entertainment, Inc., | |||||
Sr. Sec’d. Notes, 144A | 6.250 | 07/01/25 | 350 | 351,692 | |
Sr. Sec’d. Notes, 144A | 6.500 | 02/15/32 | 655 | 661,447 | |
Sr. Sec’d. Notes, 144A | 7.000 | 02/15/30 | 1,450 | 1,493,530 | |
CCM Merger, Inc., Sr. Unsec’d. Notes, 144A | 6.375 | 05/01/26 | 625 | 618,505 | |
Codere Finance 2 Luxembourg SA (Spain), | |||||
Sr. Sec’d. Notes, Cash coupon 2.000% and PIK 10.750% | 12.750 | 11/30/27(d) | EUR | 689 | 22,350 |
Sr. Sec’d. Notes, 144A, Cash coupon 8.000% and PIK 3.000%^ | 11.000 | 09/30/26(d) | EUR | 2,008 | 651,025 |
Sr. Sec’d. Notes, 144A | 13.000 | 09/30/24 | EUR | 330 | 353,477 |
Penn Entertainment, Inc., Sr. Unsec’d. Notes, 144A | 4.125 | 07/01/29 | 391 | 335,820 | |
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., Gtd. Notes, 144A | 5.875 | 09/01/31 | 625 | 453,491 | |
4,941,337 | |||||
Environmental Control 0.0% | |||||
GFL Environmental, Inc. (Canada), Sr. Sec’d. Notes, 144A | 6.750 | 01/15/31 | 310 | 316,200 |
16
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Foods 0.3% | |||||
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s LP/Albertson’s LLC, Gtd. Notes, 144A | 6.500 % | 02/15/28 | 450 | $454,758 | |
B&G Foods, Inc., Gtd. Notes | 5.250 | 09/15/27 | 1,275 | 1,149,757 | |
Bellis Finco PLC (United Kingdom), Gtd. Notes | 4.000 | 02/16/27 | GBP | 2,700 | 3,119,881 |
Lamb Weston Holdings, Inc., | |||||
Gtd. Notes, 144A | 4.125 | 01/31/30 | 175 | 159,729 | |
Gtd. Notes, 144A | 4.375 | 01/31/32 | 325 | 291,428 | |
5,175,553 | |||||
Forest Products & Paper 0.1% | |||||
Georgia-Pacific LLC, Sr. Unsec’d. Notes | 7.375 | 12/01/25 | 400 | 415,656 | |
Suzano Austria GmbH (Brazil), Gtd. Notes | 6.000 | 01/15/29 | 1,000 | 1,005,710 | |
1,421,366 | |||||
Gas 0.3% | |||||
AmeriGas Partners LP/AmeriGas Finance Corp., Sr. Unsec’d. Notes | 5.500 | 05/20/25 | 1,500 | 1,474,528 | |
CenterPoint Energy Resources Corp., Sr. Unsec’d. Notes | 5.850 | 01/15/41 | 700 | 732,574 | |
ENN Clean Energy International Investment Ltd. (China), Gtd. Notes, 144A | 3.375 | 05/12/26 | 1,350 | 1,269,276 | |
Southern Co. Gas Capital Corp., Gtd. Notes | 4.400 | 06/01/43 | 1,375 | 1,171,036 | |
4,647,414 | |||||
Healthcare-Products 0.1% | |||||
Medline Borrower LP, | |||||
Sr. Sec’d. Notes, 144A | 3.875 | 04/01/29 | 275 | 249,018 | |
Sr. Unsec’d. Notes, 144A | 5.250 | 10/01/29 | 125 | 116,561 | |
Thermo Fisher Scientific, Inc., | |||||
Sr. Unsec’d. Notes, EMTN | 1.500 | 10/01/39 | EUR | 1,250 | 1,021,248 |
Sr. Unsec’d. Notes, EMTN | 1.875 | 10/01/49 | EUR | 825 | 625,870 |
2,012,697 |
17
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Healthcare-Services 0.4% | |||||
Aetna, Inc., Sr. Unsec’d. Notes | 4.500 % | 05/15/42 | 530 | $465,223 | |
DaVita, Inc., Gtd. Notes, 144A | 4.625 | 06/01/30 | 2,625 | 2,321,915 | |
Elevance Health, Inc., | |||||
Sr. Unsec’d. Notes | 4.101 | 03/01/28 | 700 | 686,440 | |
Sr. Unsec’d. Notes | 4.650 | 01/15/43 | 120 | 110,970 | |
Sr. Unsec’d. Notes | 5.100 | 01/15/44 | 515 | 498,333 | |
Tenet Healthcare Corp., | |||||
Sr. Sec’d. Notes, 144A | 6.750 | 05/15/31 | 1,425 | 1,458,378 | |
Sr. Unsec’d. Notes(a) | 6.875 | 11/15/31 | 1,200 | 1,235,878 | |
6,777,137 | |||||
Home Builders 0.4% | |||||
Beazer Homes USA, Inc., | |||||
Gtd. Notes | 5.875 | 10/15/27 | 150 | 146,321 | |
Gtd. Notes(a) | 7.250 | 10/15/29 | 3,475 | 3,492,779 | |
M/I Homes, Inc., Gtd. Notes | 4.950 | 02/01/28 | 1,000 | 957,250 | |
Taylor Morrison Communities, Inc., Gtd. Notes, 144A | 5.875 | 06/15/27 | 2,560 | 2,560,120 | |
7,156,470 | |||||
Housewares 0.0% | |||||
SWF Escrow Issuer Corp., Sr. Unsec’d. Notes, 144A | 6.500 | 10/01/29 | 325 | 224,424 | |
Insurance 0.5% | |||||
Hartford Financial Services Group, Inc. (The), | |||||
Sr. Unsec’d. Notes | 5.950 | 10/15/36 | 215 | 228,513 | |
Sr. Unsec’d. Notes | 6.100 | 10/01/41 | 280 | 299,556 | |
Liberty Mutual Group, Inc., Gtd. Notes, 144A | 4.569 | 02/01/29 | 1,614 | 1,575,332 | |
Lincoln National Corp., Sr. Unsec’d. Notes | 7.000 | 06/15/40 | 695 | 782,119 | |
Markel Group, Inc., Sr. Unsec’d. Notes | 5.000 | 03/30/43 | 3,125 | 2,783,068 | |
Principal Financial Group, Inc., Gtd. Notes | 4.350 | 05/15/43 | 245 | 221,298 |
18
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Insurance (cont’d.) | |||||
Teachers Insurance & Annuity Association of America, | |||||
Sub. Notes, 144A | 4.900 % | 09/15/44 | 1,950 | $1,826,866 | |
Sub. Notes, 144A | 6.850 | 12/16/39 | 54 | 62,398 | |
7,779,150 | |||||
Internet 0.3% | |||||
Prosus NV (China), Sr. Unsec’d. Notes, 144A(a) | 4.193 | 01/19/32 | 1,250 | 1,068,750 | |
United Group BV (Slovenia), Sr. Sec’d. Notes, 144A | 6.750 | 02/15/31 | EUR | 2,950 | 3,177,704 |
4,246,454 | |||||
Iron/Steel 0.0% | |||||
Mineral Resources Ltd. (Australia), Sr. Unsec’d. Notes, 144A | 9.250 | 10/01/28 | 575 | 605,187 | |
Leisure Time 0.4% | |||||
Carnival Corp., | |||||
Gtd. Notes, 144A | 5.750 | 03/01/27 | 350 | 345,625 | |
Gtd. Notes, 144A | 6.000 | 05/01/29 | 875 | 844,375 | |
NCL Corp. Ltd., | |||||
Sr. Sec’d. Notes, 144A | 8.125 | 01/15/29 | 550 | 575,437 | |
Sr. Sec’d. Notes, 144A | 8.375 | 02/01/28 | 925 | 967,032 | |
Royal Caribbean Cruises Ltd., | |||||
Gtd. Notes, 144A | 7.250 | 01/15/30 | 150 | 156,296 | |
Gtd. Notes, 144A | 9.250 | 01/15/29 | 600 | 645,186 | |
Sr. Unsec’d. Notes, 144A | 5.500 | 08/31/26 | 950 | 940,500 | |
Viking Cruises Ltd., Gtd. Notes, 144A | 5.875 | 09/15/27 | 650 | 627,828 | |
Viking Ocean Cruises Ship VII Ltd., Sr. Sec’d. Notes, 144A | 5.625 | 02/15/29 | 1,100 | 1,072,324 | |
6,174,603 | |||||
Lodging 0.5% | |||||
Gohl Capital Ltd. (Malaysia), Gtd. Notes | 4.250 | 01/24/27 | 1,510 | 1,444,693 | |
MGM China Holdings Ltd. (Macau), Sr. Unsec’d. Notes, 144A | 4.750 | 02/01/27 | 700 | 654,500 |
19
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Lodging (cont’d.) | |||||
MGM Resorts International, Gtd. Notes(a) | 4.750 % | 10/15/28 | 2,400 | $2,265,764 | |
Sands China Ltd. (Macau), | |||||
Sr. Unsec’d. Notes | 5.375 | 08/08/25 | 203 | 199,955 | |
Sr. Unsec’d. Notes | 5.650 | 08/08/28 | 756 | 740,578 | |
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., Sr. Sec’d. Notes, 144A | 5.875 | 05/15/25 | 1,198 | 1,184,228 | |
Wynn Macau Ltd. (Macau), | |||||
Sr. Unsec’d. Notes, 144A | 5.500 | 01/15/26 | 475 | 458,969 | |
Sr. Unsec’d. Notes, 144A | 5.500 | 10/01/27 | 1,025 | 960,617 | |
7,909,304 | |||||
Machinery-Diversified 0.1% | |||||
Chart Industries, Inc., Sr. Sec’d. Notes, 144A | 7.500 | 01/01/30 | 1,100 | 1,131,987 | |
Maxim Crane Works Holdings Capital LLC, Sec’d. Notes, 144A | 11.500 | 09/01/28 | 400 | 417,850 | |
1,549,837 | |||||
Media 1.2% | |||||
Altice Finco SA (Luxembourg), Sec’d. Notes | 4.750 | 01/15/28 | EUR | 4,025 | 3,667,244 |
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unsec’d. Notes, 144A | 4.750 | 03/01/30 | 1,300 | 1,155,048 | |
Charter Communications Operating LLC/Charter Communications Operating Capital, | |||||
Sr. Sec’d. Notes | 6.384 | 10/23/35 | 2,640 | 2,661,129 | |
Sr. Sec’d. Notes | 6.484 | 10/23/45 | 585 | 561,656 | |
CSC Holdings LLC, | |||||
Gtd. Notes, 144A | 5.375 | 02/01/28 | 1,600 | 1,376,123 | |
Gtd. Notes, 144A(a) | 5.500 | 04/15/27 | 1,500 | 1,346,807 | |
Sr. Unsec’d. Notes | 5.250 | 06/01/24 | 2,000 | 1,996,720 | |
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 | 187,988 | |
Sec’d. Notes, 144A (original cost $147,813; purchased 01/31/24)(f) | 5.375 | 08/15/26(d) | 2,150 | 149,163 | |
DISH Network Corp., Sr. Sec’d. Notes, 144A | 11.750 | 11/15/27 | 2,625 | 2,738,965 |
20
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (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 | 275 | $260,124 | |
Univision Communications, Inc., Sr. Sec’d. Notes, 144A | 8.000 | 08/15/28 | 2,185 | 2,221,738 | |
Virgin Media Secured Finance PLC (United Kingdom), | |||||
Sr. Sec’d. Notes | 4.125 | 08/15/30 | GBP | 700 | 757,140 |
Sr. Sec’d. Notes | 4.250 | 01/15/30 | GBP | 600 | 666,640 |
Ziggo BV (Netherlands), Sr. Sec’d. Notes | 2.875 | 01/15/30 | EUR | 370 | 360,433 |
20,106,918 | |||||
Mining 0.2% | |||||
AngloGold Ashanti Holdings PLC (Australia), Gtd. Notes | 3.375 | 11/01/28 | 730 | 657,000 | |
First Quantum Minerals Ltd. (Zambia), Gtd. Notes, 144A | 6.875 | 10/15/27 | 600 | 532,914 | |
Freeport Indonesia PT (Indonesia), Sr. Unsec’d. Notes, 144A, MTN | 5.315 | 04/14/32 | 600 | 581,316 | |
Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT (Indonesia), Sr. Unsec’d. Notes | 6.530 | 11/15/28 | 1,650 | 1,723,734 | |
3,494,964 | |||||
Oil & Gas 2.5% | |||||
Aker BP ASA (Norway), Sr. Unsec’d. Notes, 144A | 2.000 | 07/15/26 | 2,445 | 2,263,301 | |
Ascent Resources Utica Holdings LLC/ARU Finance Corp., | |||||
Gtd. Notes, 144A | 7.000 | 11/01/26 | 1,225 | 1,225,721 | |
Gtd. Notes, 144A | 9.000 | 11/01/27 | 899 | 1,141,451 | |
Cenovus Energy, Inc. (Canada), Sr. Unsec’d. Notes(a) | 5.400 | 06/15/47 | 1,092 | 1,029,352 | |
CITGO Petroleum Corp., Sr. Sec’d. Notes, 144A | 7.000 | 06/15/25 | 1,325 | 1,323,626 | |
Civitas Resources, Inc., | |||||
Gtd. Notes, 144A | 8.375 | 07/01/28 | 200 | 210,311 | |
Gtd. Notes, 144A | 8.625 | 11/01/30 | 225 | 240,458 | |
CNX Resources Corp., Gtd. Notes, 144A | 7.250 | 03/14/27 | 525 | 527,147 |
21
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Oil & Gas (cont’d.) | |||||
Crescent Energy Finance LLC, Gtd. Notes, 144A | 9.250 % | 02/15/28 | 450 | $469,521 | |
CrownRock LP/CrownRock Finance, Inc., Sr. Unsec’d. Notes, 144A | 5.625 | 10/15/25 | 1,000 | 996,684 | |
Ecopetrol SA (Colombia), | |||||
Sr. Unsec’d. Notes | 6.875 | 04/29/30 | 2,170 | 2,105,768 | |
Sr. Unsec’d. Notes | 8.625 | 01/19/29 | 2,105 | 2,223,406 | |
Sr. Unsec’d. Notes | 8.875 | 01/13/33 | 2,660 | 2,805,901 | |
Energian Israel Finance Ltd. (Israel), | |||||
Sr. Sec’d. Notes, 144A | 4.875 | 03/30/26 | 1,135 | 1,044,200 | |
Sr. Sec’d. Notes, 144A | 5.375 | 03/30/28 | 857 | 746,661 | |
Hilcorp Energy I LP/Hilcorp Finance Co., | |||||
Sr. Unsec’d. Notes, 144A | 6.250 | 11/01/28 | 700 | 697,427 | |
Sr. Unsec’d. Notes, 144A | 6.250 | 04/15/32 | 500 | 482,856 | |
Leviathan Bond Ltd. (Israel), Sr. Sec’d. Notes, 144A | 6.750 | 06/30/30 | 600 | 537,420 | |
Ovintiv, Inc., Gtd. Notes | 5.650 | 05/15/28 | 2,145 | 2,182,828 | |
Permian Resources Operating LLC, Gtd. Notes, 144A | 8.000 | 04/15/27 | 1,025 | 1,061,466 | |
Petrobras Global Finance BV (Brazil), | |||||
Gtd. Notes | 5.375 | 10/01/29 | GBP | 800 | 949,046 |
Gtd. Notes | 6.625 | 01/16/34 | GBP | 100 | 120,050 |
Petroleos Mexicanos (Mexico), | |||||
Gtd. Notes | 4.750 | 02/26/29 | EUR | 2,055 | 1,868,280 |
Gtd. Notes | 5.350 | 02/12/28 | 2,000 | 1,747,340 | |
Gtd. Notes | 6.500 | 03/13/27 | 260 | 243,360 | |
Gtd. Notes | 6.700 | 02/16/32 | 2,660 | 2,158,457 | |
Gtd. Notes | 6.840 | 01/23/30 | 500 | 427,050 | |
Gtd. Notes(a) | 6.875 | 10/16/25 | 1,540 | 1,520,642 | |
Gtd. Notes, EMTN | 4.875 | 02/21/28 | EUR | 1,550 | 1,480,356 |
Precision Drilling Corp. (Canada), Gtd. Notes, 144A | 7.125 | 01/15/26 | 617 | 614,668 | |
Preem Holdings AB (Sweden), Sr. Unsec’d. Notes, 144A | 12.000 | 06/30/27 | EUR | 1,980 | 2,321,668 |
Southwestern Energy Co., | |||||
Gtd. Notes | 4.750 | 02/01/32 | 650 | 602,052 | |
Gtd. Notes | 5.375 | 02/01/29 | 725 | 709,262 | |
Transocean, Inc., Gtd. Notes, 144A | 7.250 | 11/01/25 | 3,025 | 2,999,257 | |
41,076,993 |
22
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Oil & Gas Services 0.0% | |||||
Cameron International Corp., Gtd. Notes | 5.950 % | 06/01/41 | 100 | $100,358 | |
Packaging & Containers 0.2% | |||||
Ball Corp., Gtd. Notes | 6.000 | 06/15/29 | 1,125 | 1,135,266 | |
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc., Sr. Sec’d. Notes, 144A | 4.375 | 10/15/28 | 1,300 | 1,212,840 | |
Sealed Air Corp./Sealed Air Corp. US, Gtd. Notes, 144A | 6.125 | 02/01/28 | 125 | 125,600 | |
2,473,706 | |||||
Pharmaceuticals 0.9% | |||||
AbbVie, Inc., | |||||
Sr. Unsec’d. Notes | 4.050 | 11/21/39 | 905 | 819,115 | |
Sr. Unsec’d. Notes | 4.550 | 03/15/35 | 4,155 | 4,068,453 | |
AdaptHealth LLC, | |||||
Gtd. Notes, 144A | 4.625 | 08/01/29 | 750 | 593,094 | |
Gtd. Notes, 144A | 6.125 | 08/01/28 | 800 | 700,107 | |
Bausch Health Cos., Inc., | |||||
Gtd. Notes, 144A | 5.000 | 01/30/28 | 400 | 172,000 | |
Gtd. Notes, 144A | 6.250 | 02/15/29 | 1,200 | 504,000 | |
Cigna Group (The), Gtd. Notes | 4.375 | 10/15/28 | 3,990 | 3,935,398 | |
CVS Health Corp., Sr. Unsec’d. Notes | 5.875 | 06/01/53 | 390 | 400,670 | |
Organon & Co./Organon Foreign Debt Co-Issuer BV, | |||||
Sr. Sec’d. Notes, 144A | 4.125 | 04/30/28 | 650 | 593,868 | |
Sr. Unsec’d. Notes, 144A | 5.125 | 04/30/31 | 650 | 558,945 | |
Utah Acquisition Sub, Inc., Gtd. Notes | 5.250 | 06/15/46 | 520 | 442,086 | |
Viatris, Inc., Gtd. Notes | 4.000 | 06/22/50 | 2,190 | 1,549,066 | |
14,336,802 | |||||
Pipelines 1.6% | |||||
AI Candelaria Spain SA (Colombia), Sr. Sec’d. Notes, 144A | 5.750 | 06/15/33 | 920 | 715,300 |
23
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Pipelines (cont’d.) | |||||
Antero Midstream Partners LP/Antero Midstream Finance Corp., | |||||
Gtd. Notes, 144A | 6.625 % | 02/01/32 | 690 | $687,350 | |
Gtd. Notes, 144A | 7.875 | 05/15/26 | 900 | 921,305 | |
Eastern Gas Transmission & Storage, Inc., Sr. Unsec’d. Notes | 4.600 | 12/15/44 | 125 | 107,409 | |
Energy Transfer LP, | |||||
Jr. Sub. Notes, Series G | 7.125(ff) | 05/15/30(oo) | 3,360 | 3,248,121 | |
Sr. Unsec’d. Notes | 5.150 | 03/15/45 | 55 | 50,375 | |
Sr. Unsec’d. Notes | 5.300 | 04/15/47 | 125 | 115,079 | |
Sr. Unsec’d. Notes | 5.400 | 10/01/47 | 60 | 55,873 | |
Sr. Unsec’d. Notes | 6.250 | 04/15/49 | 75 | 77,787 | |
Magellan Midstream Partners LP, | |||||
Gtd. Notes | 4.200 | 12/01/42 | 125 | 98,259 | |
Gtd. Notes | 5.150 | 10/15/43 | 1,350 | 1,253,575 | |
MPLX LP, Sr. Unsec’d. Notes | 5.200 | 03/01/47 | 145 | 134,560 | |
NGPL PipeCo LLC, Sr. Unsec’d. Notes, 144A | 4.875 | 08/15/27 | 500 | 491,561 | |
ONEOK, Inc., | |||||
Gtd. Notes | 4.950 | 07/13/47 | 255 | 227,897 | |
Gtd. Notes | 5.650 | 11/01/28 | 3,435 | 3,541,954 | |
Rockies Express Pipeline LLC, | |||||
Sr. Unsec’d. Notes, 144A | 3.600 | 05/15/25 | 775 | 752,051 | |
Sr. Unsec’d. Notes, 144A | 6.875 | 04/15/40 | 1,850 | 1,833,961 | |
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Gtd. Notes, 144A | 5.500 | 01/15/28 | 1,000 | 956,072 | |
Targa Resources Corp., Gtd. Notes | 6.150 | 03/01/29 | 2,914 | 3,044,172 | |
Venture Global Calcasieu Pass LLC, | |||||
Sr. Sec’d. Notes, 144A | 3.875 | 08/15/29 | 75 | 66,999 | |
Sr. Sec’d. Notes, 144A | 4.125 | 08/15/31 | 75 | 66,393 | |
Western Midstream Operating LP, | |||||
Sr. Unsec’d. Notes | 4.500 | 03/01/28 | 4,990 | 4,849,656 | |
Sr. Unsec’d. Notes | 5.300 | 03/01/48 | 910 | 796,984 | |
Williams Cos., Inc. (The), Sr. Unsec’d. Notes | 5.150 | 03/15/34 | 1,340 | 1,344,247 | |
25,436,940 |
24
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Real Estate 0.1% | |||||
Arabian Centres Sukuk Ltd. (Saudi Arabia), Gtd. Notes, 144A | 5.375 % | 11/26/24 | 995 | $974,478 | |
Real Estate Investment Trusts (REITs) 0.4% | |||||
Brixmor Operating Partnership LP, Sr. Unsec’d. Notes | 4.125 | 05/15/29 | 1,441 | 1,367,379 | |
Diversified Healthcare Trust, | |||||
Gtd. Notes | 4.375 | 03/01/31 | 1,000 | 754,847 | |
Gtd. Notes | 9.750 | 06/15/25 | 25 | 24,900 | |
Sr. Unsec’d. Notes | 4.750 | 02/15/28 | 25 | 19,617 | |
GLP Capital LP/GLP Financing II, Inc., Gtd. Notes | 5.300 | 01/15/29 | 2,770 | 2,731,781 | |
MPT Operating Partnership LP/MPT Finance Corp., Gtd. Notes(a) | 5.000 | 10/15/27 | 450 | 341,334 | |
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, Sr. Sec’d. Notes, 144A | 7.500 | 06/01/25 | 900 | 904,975 | |
6,144,833 | |||||
Retail 0.7% | |||||
Brinker International, Inc., Gtd. Notes, 144A | 5.000 | 10/01/24 | 500 | 496,265 | |
eG Global Finance PLC (United Kingdom), | |||||
Sr. Sec’d. Notes, 144A | 11.000 | 11/30/28 | EUR | 3,800 | 4,349,980 |
Sr. Sec’d. Notes, 144A | 12.000 | 11/30/28 | 2,575 | 2,714,179 | |
Falabella SA (Chile), Sr. Unsec’d. Notes, 144A | 3.375 | 01/15/32 | 1,805 | 1,335,700 | |
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., Gtd. Notes, 144A | 6.750 | 01/15/30 | 1,075 | 966,357 | |
Sally Holdings LLC/Sally Capital, Inc., Gtd. Notes | 5.625 | 12/01/25 | 1,825 | 1,805,970 | |
11,668,451 | |||||
Telecommunications 1.3% | |||||
AT&T, Inc., | |||||
Sr. Unsec’d. Notes | 2.550 | 12/01/33 | 727 | 590,061 | |
Sr. Unsec’d. Notes | 3.500 | 09/15/53 | 519 | 369,581 | |
Sr. Unsec’d. Notes | 3.650 | 09/15/59 | 318 | 223,922 | |
Sr. Unsec’d. Notes | 4.500 | 05/15/35 | 695 | 655,955 |
25
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Telecommunications (cont’d.) | |||||
AT&T, Inc., (cont’d.) | |||||
Sr. Unsec’d. Notes | 5.400 % | 02/15/34 | 600 | $615,665 | |
CT Trust (Guatemala), Sr. Sec’d. Notes, 144A | 5.125 | 02/03/32 | 760 | 661,200 | |
Digicel Group Holdings Ltd. (Jamaica), | |||||
Sr. Sec’d. Notes, Series 1A14, 144A (original cost $52,921; purchased 11/14/23)^(f) | 0.000 | 12/31/30 | 47 | 52,922 | |
Sr. Sec’d. Notes, Series 1B14, 144A (original cost $15; purchased 11/14/23)^(f) | 0.000 | 12/31/30 | 147 | — | |
Sr. Sec’d. Notes, Series 3A14, 144A (original cost $2,250; purchased 11/14/23)^(f) | 0.000 | 12/31/30 | 1 | 2,250 | |
Sr. Sec’d. Notes, Series 3B14, 144A (original cost $4; purchased 11/14/23)^(f) | 0.000 | 12/31/30 | 45 | — | |
Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./DIFL US LLC (Jamaica), Sr. Sec’d. Notes, Cash coupon 9.000% and PIK 1.500% (original cost $1,073,648; purchased 01/29/24 - 01/30/24)(f) | 9.000 | 05/25/27 | 1,163 | 1,096,505 | |
Digicel MidCo Ltd./DIFL US II LLC (Jamaica), Sr. Unsec’d. Notes, PIK 10.500% (original cost $493,046; purchased 01/30/24)(f) | 10.500 | 11/25/28 | 764 | 504,214 | |
Intelsat Jackson Holdings SA (Luxembourg), Sr. Sec’d. Notes, 144A | 6.500 | 03/15/30 | 1,400 | 1,320,270 | |
Level 3 Financing, Inc., | |||||
Gtd. Notes, 144A (original cost $103,250; purchased 11/03/23 - 11/08/23)(f) | 4.250 | 07/01/28 | 175 | 98,000 | |
Gtd. Notes, 144A (original cost $65,875; purchased 11/03/23)(f) | 4.625 | 09/15/27 | 100 | 61,500 | |
Sr. Sec’d. Notes, 144A (original cost $463,977; purchased 11/14/19)(f) | 3.400 | 03/01/27 | 465 | 456,863 | |
Sr. Sec’d. Notes, 144A (original cost $262,625; purchased 03/31/23)(f) | 10.500 | 05/15/30 | 275 | 274,070 | |
Millicom International Cellular SA (Guatemala), Sr. Unsec’d. Notes, 144A | 4.500 | 04/27/31 | 515 | 429,381 | |
Sprint LLC, | |||||
Gtd. Notes | 7.125 | 06/15/24 | 2,000 | 2,008,977 | |
Gtd. Notes | 7.625 | 02/15/25 | 835 | 848,762 | |
Gtd. Notes | 7.625 | 03/01/26 | 315 | 328,804 | |
TalkTalk Telecom Group Ltd. (United Kingdom), Gtd. Notes(a) | 3.875 | 02/20/25 | GBP | 7,025 | 7,359,663 |
26
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Telecommunications (cont’d.) | |||||
Total Play Telecomunicaciones SA de CV (Mexico), Gtd. Notes, 144A | 6.375 % | 09/20/28 | 480 | $208,800 | |
Verizon Communications, Inc., Sr. Unsec’d. Notes | 3.400 | 03/22/41 | 1,575 | 1,245,195 | |
Viasat, Inc., Sr. Unsec’d. Notes, 144A | 5.625 | 09/15/25 | 1,650 | 1,600,406 | |
21,012,966 | |||||
Transportation 0.2% | |||||
Burlington Northern Santa Fe LLC, Sr. Unsec’d. Notes | 5.050 | 03/01/41 | 295 | 295,090 | |
GN Bondco LLC, Sr. Sec’d. Notes, 144A | 9.500 | 10/15/31 | 1,650 | 1,627,454 | |
Indian Railway Finance Corp. Ltd. (India), Sr. Unsec’d. Notes, 144A, MTN | 3.570 | 01/21/32 | 360 | 319,529 | |
XPO, Inc., | |||||
Gtd. Notes, 144A | 7.125 | 06/01/31 | 225 | 230,451 | |
Gtd. Notes, 144A | 7.125 | 02/01/32 | 385 | 392,684 | |
2,865,208 | |||||
Total Corporate Bonds (cost $399,301,868) | 385,764,621 | ||||
Floating Rate and Other Loans 0.6% | |||||
Airlines 0.0% | |||||
United Airlines, Inc., Class B Term Loan, 1 Month SOFR + 3.864% | 9.201(c) | 04/21/28 | 388 | 388,532 | |
Auto Parts & Equipment 0.0% | |||||
Tenneco, Inc., Term A Loan, 3 Month SOFR + 4.850% | 10.219(c) | 11/17/28 | 598 | 540,136 | |
Computers 0.1% | |||||
McAfee Corp., Tranche B-1 Term Loan, 1 Month SOFR + 3.850% | 9.203(c) | 03/01/29 | 1,010 | 997,005 | |
Diversified Financial Services 0.1% | |||||
Hudson River Trading LLC, Term Loan, 1 Month SOFR + 3.114% | 8.447(c) | 03/20/28 | 1,171 | 1,159,809 |
27
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Investment Companies 0.2% | |||||
Rainbow Midco Ltd. (United Kingdom), Term Loan, 3 Month EURIBOR + 7.750%^ | 23.402 %(c) | 02/22/30 | EUR | 2,754 | $3,032,871 |
Media 0.0% | |||||
Diamond Sports Group LLC, | |||||
First Lien Term Loan, 1 Month SOFR + 10.100% | 12.775(c) | 05/25/26 | 41 | 38,303 | |
Second Lien Term Loan | 8.175 | 08/24/26 | 2,065 | 134,641 | |
172,944 | |||||
Metal Fabricate/Hardware 0.1% | |||||
Tank Holding Corp., | |||||
2023 Incremental Term Loan, 1 Month SOFR + 6.100% | 11.437(c) | 03/31/28 | 153 | 148,259 | |
Delayed Draw Term Commitment, 1 Month SOFR + 6.100% | 11.437(c) | 03/31/28 | 22 | 21,499 | |
Term Loan, 1 Month SOFR + 5.850% | 11.183(c) | 03/31/28 | 1,133 | 1,094,520 | |
1,264,278 | |||||
Retail 0.1% | |||||
Constellation Automotive Group Ltd. (United Kingdom), Facility 1 Loan, SONIA + 7.500% | 12.743(c) | 07/27/29 | GBP | 1,025 | 941,762 |
Great Outdoors Group LLC, Term B-2 Loan, 1 Month SOFR + 3.864% | 9.197(c) | 03/06/28 | 1,240 | 1,236,296 | |
2,178,058 | |||||
Telecommunications 0.0% | |||||
Digicel International Finance Ltd. (Jamaica), Term Loan, 3 Month SOFR + 6.750% | 12.063(c) | 05/29/27 | 192 | 177,091 | |
Level 3 Financing, Inc., Tranche B 2027 Term Loan, 1 Month SOFR + 1.864%^ | 7.197(c) | 03/01/27 | 180 | 172,800 | |
Lumen Technologies, Inc., | |||||
Term B Loan, 1 Month SOFR + 2.364% | 7.697(c) | 03/15/27 | 60 | 41,139 | |
Term Loan | —(p) | 06/01/28 | 23 | 20,406 | |
411,436 | |||||
Total Floating Rate and Other Loans (cost $11,009,535) | 10,145,069 |
28
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds 1.2% | |||||
California 0.2% | |||||
Bay Area Toll Authority, Revenue Bonds, BABs, Series F2 | 6.263 % | 04/01/49 | 550 | $637,952 | |
Los Angeles Department of Water & Power, Water System Revenue, Taxable, Revenue Bonds, BABs, Series C | 6.008 | 07/01/39 | 1,730 | 1,871,315 | |
University of California, | |||||
Taxable, Revenue Bonds, Series AP | 3.931 | 05/15/45 | 625 | 578,596 | |
Taxable, Revenue Bonds, Series J | 4.131 | 05/15/45 | 675 | 606,410 | |
3,694,273 | |||||
Colorado 0.1% | |||||
Regional Transportation District Sales Tax Revenue, Revenue Bonds, BABs, Series B | 5.844 | 11/01/50 | 1,190 | 1,296,345 | |
Illinois 0.1% | |||||
State of Illinois, General Obligation Unlimited, Taxable | 5.100 | 06/01/33 | 865 | 857,963 | |
New Jersey 0.2% | |||||
New Jersey Turnpike Authority, Taxable, Revenue Bonds, BABs, Series F | 7.414 | 01/01/40 | 2,000 | 2,483,075 | |
Rutgers The State University of New Jersey, Taxable, Revenue Bonds, BABs, Series H | 5.665 | 05/01/40 | 200 | 210,615 | |
2,693,690 | |||||
Ohio 0.0% | |||||
Ohio State University (The), Taxable, Revenue Bonds, Series A | 4.800 | 06/01/2111 | 180 | 165,498 | |
Puerto Rico 0.6% | |||||
Commonwealth of Puerto Rico, General Obligation, Sub-Series C | 0.000(cc) | 11/01/43 | 8,138 | 4,516,371 | |
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev., Revenue Bonds, Restructured, Series A-1 | 4.750 | 07/01/53 | 5,846 | 5,727,735 | |
10,244,106 |
29
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Texas 0.0% | |||||
City of San Antonio Electric & Gas Systems Revenue, Taxable, Revenue Bonds | 4.427 % | 02/01/42 | 120 | $114,838 | |
Total Municipal Bonds (cost $19,893,095) | 19,066,713 | ||||
Residential Mortgage-Backed Securities 2.1% | |||||
Bayview Financing Trust, Series 2023-01F, Class A, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 4.000%)^ | 9.328(c) | 07/01/26 | 1,125 | 1,124,523 | |
Chase Mortgage Finance Trust, Series 2007-A01, Class 1A3 | 5.418(cc) | 02/25/37 | 28 | 26,664 | |
Connecticut Avenue Securities Trust, | |||||
Series 2020-R01, Class 1M2, 144A, 30 Day Average SOFR + 2.164% (Cap N/A, Floor 0.000%) | 7.509(c) | 01/25/40 | 44 | 44,129 | |
Series 2021-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | 8.445(c) | 10/25/41 | 600 | 614,814 | |
Series 2022-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.150% (Cap N/A, Floor 0.000%) | 8.495(c) | 12/25/41 | 318 | 325,746 | |
Series 2022-R02, Class 2M2, 144A, 30 Day Average SOFR + 3.000% (Cap N/A, Floor 0.000%) | 8.345(c) | 01/25/42 | 1,900 | 1,947,500 | |
Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%) | 11.595(c) | 03/25/42 | 1,000 | 1,113,042 | |
Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) | 10.595(c) | 03/25/42 | 290 | 313,906 | |
Series 2022-R04, Class 1M2, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | 8.445(c) | 03/25/42 | 1,000 | 1,041,226 | |
Series 2023-R05, Class 1M2, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 3.100%) | 8.444(c) | 06/25/43 | 1,400 | 1,472,357 | |
Series 2023-R08, Class 1M2, 144A, 30 Day Average SOFR + 2.500% (Cap N/A, Floor 0.000%) | 7.845(c) | 10/25/43 | 1,290 | 1,333,186 |
30
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Residential Mortgage-Backed Securities (Continued) | |||||
Eagle Re Ltd., | |||||
Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% (Cap N/A, Floor 3.450%) | 8.795 %(c) | 04/25/34 | 910 | $931,328 | |
Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 2.000%) | 7.345(c) | 09/26/33 | 400 | 401,316 | |
FHLMC Structured Agency Credit Risk REMIC Trust, | |||||
Series 2020-DNA02, Class B1, 144A, 30 Day Average SOFR + 2.614% (Cap N/A, Floor 0.000%) | 7.959(c) | 02/25/50 | 500 | 514,758 | |
Series 2021-DNA01, Class B1, 144A, 30 Day Average SOFR + 2.650% (Cap N/A, Floor 0.000%) | 7.995(c) | 01/25/51 | 835 | 868,926 | |
Series 2021-DNA02, Class B1, 144A, 30 Day Average SOFR + 3.400% (Cap N/A, Floor 0.000%) | 8.745(c) | 08/25/33 | 3,460 | 3,763,598 | |
Series 2021-DNA02, Class M2, 144A, 30 Day Average SOFR + 2.300% (Cap N/A, Floor 0.000%) | 7.645(c) | 08/25/33 | 1,738 | 1,770,744 | |
Series 2021-DNA03, Class B1, 144A, 30 Day Average SOFR + 3.500% (Cap N/A, Floor 0.000%) | 8.845(c) | 10/25/33 | 200 | 219,626 | |
Series 2021-DNA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | 7.445(c) | 10/25/33 | 200 | 202,376 | |
Series 2021-DNA06, Class M2, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | 6.845(c) | 10/25/41 | 1,520 | 1,518,562 | |
Series 2021-DNA07, Class M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) | 7.145(c) | 11/25/41 | 100 | 100,625 | |
Series 2021-HQA01, Class B1, 144A, 30 Day Average SOFR + 3.000% (Cap N/A, Floor 0.000%) | 8.345(c) | 08/25/33 | 200 | 212,245 | |
Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | 7.445(c) | 09/25/41 | 100 | 100,435 | |
Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) | 7.695(c) | 12/25/41 | 100 | 100,344 | |
Series 2022-DNA01, Class M1B, 144A, 30 Day Average SOFR + 1.850% (Cap N/A, Floor 0.000%) | 7.195(c) | 01/25/42 | 500 | 500,940 |
31
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (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-DNA01, Class M2, 144A, 30 Day Average SOFR + 2.500% (Cap N/A, Floor 0.000%) | 7.845 %(c) | 01/25/42 | 70 | $70,650 | |
Series 2022-DNA02, Class M1B, 144A, 30 Day Average SOFR + 2.400% (Cap N/A, Floor 0.000%) | 7.745(c) | 02/25/42 | 1,400 | 1,429,743 | |
Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) | 8.245(c) | 04/25/42 | 2,020 | 2,095,750 | |
Series 2022-DNA04, Class M1B, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | 8.695(c) | 05/25/42 | 200 | 210,361 | |
Series 2022-HQA03, Class M2, 144A, 30 Day Average SOFR + 5.350% (Cap N/A, Floor 0.000%) | 10.695(c) | 08/25/42 | 600 | 648,345 | |
GSMSC Resecuritization Trust, Series 2015-03R, Class 2A2, 144A, 1 Month SOFR + 0.254% (Cap N/A, Floor 0.140%) | 5.590(c) | 10/26/36 | 191 | 190,530 | |
JPMorgan Mortgage Trust, Series 2007-A01, Class 4A1 | 5.672(cc) | 07/25/35 | 8 | 8,118 | |
Legacy Mortgage Asset Trust, Series 2021-SL02, Class A, 144A | 1.875 | 10/25/68 | 158 | 149,509 | |
New Residential Mortgage Loan Trust, Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%) | 6.200(c) | 01/25/48 | 1,066 | 1,024,229 | |
Oaktown Re VII Ltd., Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | 8.245(c) | 04/25/34 | 1,000 | 1,013,585 | |
PMT Credit Risk Transfer Trust, Series 2019-02R, Class A, 144A, 1 Month SOFR + 3.864% (Cap N/A, Floor 2.750%) | 9.201(c) | 05/30/25 | 2,506 | 2,507,302 | |
PNMAC GMSR Issuer Trust, Series 2018-GT02, Class A, 144A, 1 Month SOFR + 3.515% (Cap N/A, Floor 0.115%) | 8.851(c) | 08/25/25 | 2,223 | 2,234,213 | |
Radnor Re Ltd., | |||||
Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%) | 9.045(c) | 11/25/31 | 1,000 | 1,023,704 | |
Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.700% (Cap N/A, Floor 2.700%) | 8.045(c) | 07/25/33 | 750 | 755,533 | |
32
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Residential Mortgage-Backed Securities (Continued) | |||||
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-37A, Class 3A7 | 7.158 %(cc) | 12/25/33 | 198 | $188,000 | |
Total Residential Mortgage-Backed Securities (cost $32,863,926) | 34,112,488 | ||||
Sovereign Bonds 3.6% | |||||
Bermuda Government International Bond (Bermuda), Sr. Unsec’d. Notes, 144A | 2.375 | 08/20/30 | 685 | 575,777 | |
Brazil Minas SPE via State of Minas Gerais (Brazil), Gov’t. Gtd. Notes(a) | 5.333 | 02/15/28 | 1,645 | 1,621,740 | |
Colombia Government International Bond (Colombia), Sr. Unsec’d. Notes | 7.500 | 02/02/34 | 1,375 | 1,403,187 | |
Dominican Republic International Bond (Dominican Republic), | |||||
Sr. Unsec’d. Notes | 5.500 | 02/22/29 | 261 | 252,439 | |
Sr. Unsec’d. Notes, 144A | 5.500 | 02/22/29 | 1,915 | 1,852,188 | |
Sr. Unsec’d. Notes, 144A | 5.950 | 01/25/27 | 1,570 | 1,570,785 | |
Sr. Unsec’d. Notes, 144A | 6.875 | 01/29/26 | 550 | 558,525 | |
Hellenic Republic Government International Bond (Greece), | |||||
Sr. Unsec’d. Notes | 5.200 | 07/17/34 | EUR | 5,485 | 6,502,581 |
Sr. Unsec’d. Notes | 6.140 | 04/14/28 | EUR | 2,000 | 2,399,781 |
Indonesia Government International Bond (Indonesia), | |||||
Sr. Unsec’d. Notes | 1.100 | 03/12/33 | EUR | 410 | 350,039 |
Sr. Unsec’d. Notes | 1.450 | 09/18/26 | EUR | 805 | 821,028 |
Sr. Unsec’d. Notes | 3.375 | 07/30/25 | EUR | 2,655 | 2,843,923 |
Ivory Coast Government International Bond (Ivory Coast), | |||||
Sr. Unsec’d. Notes | 5.125 | 06/15/25 | EUR | 500 | 548,466 |
Sr. Unsec’d. Notes, 144A | 5.125 | 06/15/25 | EUR | 1,650 | 1,809,938 |
Sr. Unsec’d. Notes, 144A | 7.625 | 01/30/33 | 3,025 | 2,997,775 | |
Morocco Government International Bond (Morocco), Sr. Unsec’d. Notes | 2.375 | 12/15/27 | 10,000 | 8,950,000 | |
Pakistan Government International Bond (Pakistan), Sr. Unsec’d. Notes | 8.250 | 04/15/24 | 3,779 | 3,693,972 | |
Romanian Government International Bond (Romania), | |||||
Sr. Unsec’d. Notes, 144A | 6.375 | 01/30/34 | 2,132 | 2,174,853 | |
Sr. Unsec’d. Notes, 144A, MTN | 5.000 | 09/27/26 | EUR | 4,200 | 4,670,615 |
33
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Sovereign Bonds (Continued) | |||||
Romanian Government International Bond (Romania), (cont’d.) | |||||
Sr. Unsec’d. Notes, EMTN | 6.625 % | 09/27/29 | EUR | 4,500 | $5,203,570 |
Serbia International Bond (Serbia), | |||||
Sr. Unsec’d. Notes | 1.500 | 06/26/29 | EUR | 366 | 331,756 |
Sr. Unsec’d. Notes | 3.125 | 05/15/27 | EUR | 2,544 | 2,625,582 |
Sr. Unsec’d. Notes, 144A | 1.500 | 06/26/29 | EUR | 1,660 | 1,504,686 |
Sr. Unsec’d. Notes, 144A | 6.250 | 05/26/28 | 520 | 531,115 | |
Sr. Unsec’d. Notes, 144A | 6.500 | 09/26/33 | 915 | 934,650 | |
Ukraine Government International Bond (Ukraine), | |||||
Sr. Unsec’d. Notes | 4.375 | 01/27/32(d) | EUR | 1,866 | 421,466 |
Sr. Unsec’d. Notes | 8.994 | 02/01/26(d) | 350 | 100,975 | |
Sr. Unsec’d. Notes, 144A | 4.375 | 01/27/32(d) | EUR | 1,265 | 285,721 |
Sr. Unsec’d. Notes, 144A | 7.750 | 09/01/24(d) | 1,560 | 448,500 | |
Sr. Unsec’d. Notes, 144A | 8.994 | 02/01/26(d) | 800 | 230,800 | |
Total Sovereign Bonds (cost $61,296,651) | 58,216,433 | ||||
U.S. Government Agency Obligations 6.3% | |||||
Federal Home Loan Mortgage Corp. | 2.000 | 11/01/50 | 2,354 | 1,911,395 | |
Federal Home Loan Mortgage Corp. | 2.500 | 09/01/46 | 1,446 | 1,233,500 | |
Federal Home Loan Mortgage Corp. | 2.500 | 03/01/51 | 2,888 | 2,447,306 | |
Federal Home Loan Mortgage Corp. | 2.500 | 07/01/51 | 510 | 429,995 | |
Federal Home Loan Mortgage Corp. | 3.000 | 07/01/46 | 4,210 | 3,826,697 | |
Federal Home Loan Mortgage Corp. | 3.000 | 02/01/52 | 2,890 | 2,529,820 | |
Federal Home Loan Mortgage Corp. | 3.500 | 10/01/45 | 2,813 | 2,623,982 | |
Federal Home Loan Mortgage Corp. | 3.500 | 09/01/46 | 7,134 | 6,667,151 | |
Federal Home Loan Mortgage Corp. | 4.500 | 07/01/52 | 1,429 | 1,382,108 | |
Federal Home Loan Mortgage Corp. | 4.500 | 08/01/52 | 1,024 | 990,664 | |
Federal Home Loan Mortgage Corp. | 5.000 | 07/01/52 | 4,896 | 4,838,187 | |
Federal Home Loan Mortgage Corp.(h) | 5.000 | 09/01/52 | 10,999 | 10,870,625 | |
Federal Home Loan Mortgage Corp. | 5.500 | 11/01/52 | 493 | 496,089 | |
Federal National Mortgage Assoc. | 2.000 | 11/01/50 | 5,651 | 4,586,871 | |
Federal National Mortgage Assoc. | 2.000 | 12/01/50 | 6,332 | 5,137,947 | |
Federal National Mortgage Assoc. | 2.500 | 02/01/51 | 1,555 | 1,316,571 | |
Federal National Mortgage Assoc. | 2.500 | 03/01/51 | 1,720 | 1,455,682 | |
Federal National Mortgage Assoc. | 3.000 | 08/01/43 | 405 | 367,171 | |
Federal National Mortgage Assoc. | 3.000 | 04/01/48 | 5,673 | 5,146,420 | |
Federal National Mortgage Assoc. | 3.000 | 07/01/51 | 540 | 473,889 | |
Federal National Mortgage Assoc. | 3.000 | 02/01/52 | 516 | 452,354 | |
Federal National Mortgage Assoc. | 3.000 | 04/01/52 | 5,566 | 4,875,256 | |
Federal National Mortgage Assoc. | 4.500 | 06/01/52 | 3,057 | 2,955,915 | |
Federal National Mortgage Assoc. | 4.500 | 07/01/52 | 2,842 | 2,747,917 | |
Federal National Mortgage Assoc. | 4.500 | 08/01/52 | 4,360 | 4,216,368 | |
Federal National Mortgage Assoc. | 4.500 | 10/01/52 | 5,249 | 5,076,012 |
34
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
U.S. Government Agency Obligations (Continued) | |||||
Federal National Mortgage Assoc. | 5.000 % | 07/01/52 | 2,340 | $2,312,570 | |
Federal National Mortgage Assoc. | 5.000 | 09/01/52 | 4,759 | 4,703,735 | |
Federal National Mortgage Assoc. | 5.500 | 10/01/52 | 900 | 903,824 | |
Federal National Mortgage Assoc.(h)(k) | 5.500 | 11/01/52 | 11,540 | 11,604,031 | |
Federal National Mortgage Assoc. | 5.500 | 12/01/52 | 1,484 | 1,490,580 | |
Federal National Mortgage Assoc. | 6.000 | 11/01/52 | 1,051 | 1,068,674 | |
Federal National Mortgage Assoc. | 6.000 | 12/01/52 | 1,402 | 1,424,263 | |
Total U.S. Government Agency Obligations (cost $101,121,946) | 102,563,569 | ||||
U.S. Treasury Obligations 19.5% | |||||
U.S. Treasury Bonds(k) | 2.250 | 05/15/41 | 26,700 | 20,041,687 | |
U.S. Treasury Bonds(h)(kk) | 3.375 | 11/15/48 | 35,125 | 29,900,156 | |
U.S. Treasury Bonds | 3.625 | 02/15/53 | 22,665 | 20,334,755 | |
U.S. Treasury Bonds | 4.125 | 08/15/53 | 575 | 565,027 | |
U.S. Treasury Notes | 0.375 | 04/30/25 | 52,500 | 49,856,543 | |
U.S. Treasury Notes | 2.625 | 04/15/25 | 30,000 | 29,312,109 | |
U.S. Treasury Notes | 3.875 | 09/30/29 | 4,110 | 4,102,615 | |
U.S. Treasury Notes | 3.875 | 12/31/29 | 11,595 | 11,571,448 | |
U.S. Treasury Notes | 4.000 | 12/15/25 | 45,845 | 45,624,729 | |
U.S. Treasury Notes | 4.250 | 05/31/25 | 60,500 | 60,289,668 | |
U.S. Treasury Notes | 4.625 | 06/30/25 | 28,500 | 28,569,024 | |
U.S. Treasury Notes | 4.625 | 09/30/30 | 4,665 | 4,855,973 | |
U.S. Treasury Strips Coupon | 2.415(s) | 11/15/40 | 1,035 | 489,240 | |
U.S. Treasury Strips Coupon | 3.019(s) | 11/15/35 | 870 | 532,739 | |
U.S. Treasury Strips Coupon | 3.507(s) | 11/15/41 | 24,000 | 10,750,313 | |
U.S. Treasury Strips Coupon | 3.575(s) | 08/15/41 | 165 | 74,830 | |
Total U.S. Treasury Obligations (cost $316,319,260) | 316,870,856 |
Shares | |||||
Common Stocks 0.3% | |||||
Chemicals 0.1% | |||||
TPC Group, Inc.*^ | 56,219 | 1,574,132 | |||
Gas Utilities 0.1% | |||||
Ferrellgas Partners LP (Class B Stock) (original cost $1,794,337; purchased 10/25/19)(f) | 6,534 | 1,074,166 | |||
Oil, Gas & Consumable Fuels 0.1% | |||||
Chesapeake Energy Corp. | 12,570 | 969,273 |
35
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Description | Shares | Value | |||
Common Stocks (Continued) | |||||
Wireless Telecommunication Services 0.0% | |||||
Digicel International Finance Ltd. (Jamaica) (original cost $178,523; purchased 01/29/24 - 01/30/24)*(f) | 147,816 | $266,069 | |||
Intelsat Emergence SA (Luxembourg)* | 19,703 | 543,073 | |||
809,142 | |||||
Total Common Stocks (cost $2,487,594) | 4,426,713 | ||||
Preferred Stock 0.0% | |||||
Wireless Telecommunication Services | |||||
Digicel International Finance Ltd. (Jamaica) (original cost $412,480; purchased 01/26/24 - 01/29/24)*^(f) (cost $412,480) | 47,467 | 474,670 | |||
Total Long-Term Investments (cost $1,465,047,174) | 1,438,648,069 |
Short-Term Investments 12.5% | |||||
Affiliated Mutual Funds | |||||
PGIM Core Government Money Market Fund (7-day effective yield 5.560%)(wb) | 71,602,505 | 71,602,505 | |||
PGIM Core Short-Term Bond Fund(wb) | 12,909,473 | 117,992,583 | |||
PGIM Institutional Money Market Fund (7-day effective yield 5.727%) (cost $13,481,621; includes $13,388,803 of cash collateral for securities on loan)(b)(wb) | 13,501,394 | 13,497,344 | |||
Total Short-Term Investments (cost $202,683,212) | 203,092,432 | ||||
TOTAL INVESTMENTS, BEFORE OPTION WRITTEN 101.2% (cost $1,667,730,386) | 1,641,740,501 | ||||
Option Written*~ (0.0)% | |||||
(premiums received $0) | (29) | ||||
TOTAL INVESTMENTS, NET OF OPTION WRITTEN 101.2% (cost $1,667,730,386) | 1,641,740,472 | ||||
Liabilities in excess of other assets(z) (1.2)% | (19,428,858) | ||||
Net Assets 100.0% | $1,622,311,614 |
36
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
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 | |
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 | |
TRY—Turkish Lira | |
TWD—New Taiwanese Dollar | |
USD—US Dollar | |
ZAR—South African Rand |
144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers. | |
A—Annual payment frequency for swaps | |
ABS—Asset-Backed Security | |
BABs—Build America Bonds | |
BARC—Barclays Bank PLC | |
BNP—BNP Paribas S.A. | |
BNYM—Bank of New York Mellon | |
BOA—Bank of America, N.A. | |
CDX—Credit Derivative Index | |
CITI—Citibank, N.A. | |
CLO—Collateralized Loan Obligation | |
CME—Chicago Mercantile Exchange | |
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. | |
LP—Limited Partnership |
37
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
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 | |
STRIPs—Separate Trading of Registered Interest and Principal of Securities | |
T—Swap payment upon termination | |
TBA—To Be Announced | |
TD—The Toronto-Dominion Bank | |
UAG—UBS AG | |
USOIS—United States Overnight Index Swap |
* | Non-income producing security. |
# | Principal or notional amount is shown in U.S. dollars unless otherwise stated. |
~ | See tables subsequent to the Schedule of Investments for options detail. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments. |
^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $12,066,968 and 0.7% of net assets. |
(a) | All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $13,121,510; cash collateral of $13,388,803 (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 January 31, 2024. |
(cc) | Variable rate instrument. The rate shown is based on the latest available information as of January 31, 2024. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
(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 $12,471,160. The aggregate value of $8,531,915 is 0.5% 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. |
(kk) | Represents security, or a portion thereof, segregated as collateral for TBA securities. |
(oo) | Perpetual security. Maturity date represents next call date. |
(p) | Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end. |
(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. |
38
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
(tt) | All or partial principal amount represents “TBA” mortgage dollar rolls. The aggregate mortgage dollar roll principal amount of $(7,500,000) is (0.5)% of net assets. |
(wb) | Represents an investment in a Fund affiliated with the Manager. |
(z) | Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments: |
Unfunded loan commitment outstanding at January 31, 2024:
Borrower | Principal Amount (000)# | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||
Tank Holding Corp. , Delayed Draw Term Commitment, 1.000%, Maturity Date 03/31/28 (cost $43,202) | 44 | $42,467 | $— | $(735) |
Forward Commitment Contract: | |||||||||||
U.S. Government Agency Obligation | Interest Rate | Maturity Date | Settlement Date | Principal Amount (000)# | Value | ||||||
Federal National Mortgage Assoc. (proceeds receivable $7,498,535) | 5.500% | TBA(tt) | 02/13/24 | $(7,500) | $(7,521,348) |
Option Written:
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 | $(29) | |||||||||
(premiums received $0) |
†† | 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. |
Futures contracts outstanding at January 31, 2024: | ||||||||
Number of Contracts | Type | Expiration Date | Current Notional Amount | Value / Unrealized Appreciation (Depreciation) | ||||
Long Positions: | ||||||||
403 | 3 Month CME SOFR | Mar. 2024 | $95,354,838 | $79,046 | ||||
267 | 3 Month CME SOFR | Jun. 2024 | 63,355,763 | 173,028 | ||||
151 | 3 Month CME SOFR | Sep. 2024 | 36,009,725 | 219,482 | ||||
471,556 | ||||||||
Short Positions: | ||||||||
719 | 2 Year U.S. Treasury Notes | Mar. 2024 | 147,866,844 | (105,731) | ||||
171 | 5 Year Euro-Bobl | Mar. 2024 | 21,904,308 | (223,249) | ||||
2,638 | 5 Year U.S. Treasury Notes | Mar. 2024 | 285,934,482 | (4,836,524) | ||||
117 | 10 Year Euro-Bund | Mar. 2024 | 17,177,132 | (383,046) | ||||
328 | 10 Year U.S. Treasury Notes | Mar. 2024 | 36,843,627 | (617,510) | ||||
212 | 10 Year U.S. Ultra Treasury Notes | Mar. 2024 | 24,777,500 | (902,104) |
39
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Futures contracts outstanding at January 31, 2024 (continued): | ||||||||
Number of Contracts | Type | Expiration Date | Current Notional Amount | Value / Unrealized Appreciation (Depreciation) | ||||
Short Positions (cont’d): | ||||||||
749 | 20 Year U.S. Treasury Bonds | Mar. 2024 | $91,635,469 | $(4,916,647) | ||||
169 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2024 | 21,837,969 | (531,798) | ||||
31 | Euro Schatz Index | Mar. 2024 | 3,557,546 | (10,914) | ||||
(12,527,523) | ||||||||
$(12,055,967) |
Forward foreign currency exchange contracts outstanding at January 31, 2024:
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||
OTC Forward Foreign Currency Exchange Contracts: | |||||||||||||
Brazilian Real, | |||||||||||||
Expiring 02/02/24 | BNYM | BRL | 9,023 | $1,828,000 | $1,820,760 | $— | $(7,240) | ||||||
Expiring 02/02/24 | CITI | BRL | 9,690 | 1,963,000 | 1,955,423 | — | (7,577) | ||||||
Expiring 02/02/24 | CITI | BRL | 7,261 | 1,467,000 | 1,465,215 | — | (1,785) | ||||||
Expiring 02/02/24 | SSB | BRL | 9,900 | 2,001,000 | 1,997,819 | — | (3,181) | ||||||
Expiring 04/02/24 | DB | BRL | 30,683 | 6,196,735 | 6,155,405 | — | (41,330) | ||||||
Canadian Dollar, | |||||||||||||
Expiring 04/19/24 | BNP | CAD | 3,357 | 2,497,917 | 2,499,487 | 1,570 | — | ||||||
Chilean Peso, | |||||||||||||
Expiring 03/20/24 | DB | CLP | 385,308 | 440,000 | 412,854 | — | (27,146) | ||||||
Chinese Renminbi, | |||||||||||||
Expiring 04/24/24 | HSBC | CNH | 24,573 | 3,438,000 | 3,437,519 | — | (481) | ||||||
Colombian Peso, | |||||||||||||
Expiring 03/20/24 | CITI | COP | 2,605,223 | 646,217 | 663,022 | 16,805 | — | ||||||
Expiring 03/20/24 | GSI | COP | 3,411,458 | 835,937 | 868,206 | 32,269 | — | ||||||
Expiring 03/20/24 | GSI | COP | 3,384,383 | 834,959 | 861,315 | 26,356 | — | ||||||
Czech Koruna, | |||||||||||||
Expiring 04/19/24 | MSI | CZK | 12,332 | 540,841 | 535,918 | — | (4,923) | ||||||
Euro, | |||||||||||||
Expiring 02/06/24 | CITI | EUR | 2,962 | 3,206,457 | 3,201,828 | — | (4,629) | ||||||
Expiring 02/06/24 | CITI | EUR | 2,962 | 3,205,850 | 3,201,828 | — | (4,022) | ||||||
Indian Rupee, | |||||||||||||
Expiring 03/20/24 | HSBC | INR | 278,488 | 3,344,000 | 3,345,121 | 1,121 | — | ||||||
Expiring 03/20/24 | MSI | INR | 456,892 | 5,488,000 | 5,488,060 | 60 | — | ||||||
Expiring 03/20/24 | SSB | INR | 286,013 | 3,417,771 | 3,435,506 | 17,735 | — | ||||||
Expiring 03/20/24 | UAG | INR | 275,347 | 3,290,958 | 3,307,391 | 16,433 | — | ||||||
Indonesian Rupiah, | |||||||||||||
Expiring 03/20/24 | BOA | IDR | 42,278,028 | 2,717,534 | 2,678,121 | — | (39,413) | ||||||
Expiring 03/20/24 | HSBC | IDR | 41,548,725 | 2,651,000 | 2,631,923 | — | (19,077) | ||||||
Expiring 03/20/24 | HSBC | IDR | 40,570,400 | 2,600,000 | 2,569,951 | — | (30,049) |
40
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at January 31, 2024 (continued):
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): | |||||||||||||
Indonesian Rupiah (cont’d.), | |||||||||||||
Expiring 03/20/24 | JPM | IDR | 18,176,299 | $1,165,500 | $1,151,386 | $— | $(14,114) | ||||||
Expiring 03/20/24 | SCB | IDR | 40,940,576 | 2,632,000 | 2,593,399 | — | (38,601) | ||||||
Israeli Shekel, | |||||||||||||
Expiring 03/20/24 | BOA | ILS | 9,592 | 2,596,366 | 2,634,139 | 37,773 | — | ||||||
Expiring 03/20/24 | CITI | ILS | 8,435 | 2,278,000 | 2,316,287 | 38,287 | — | ||||||
Japanese Yen, | |||||||||||||
Expiring 04/19/24 | BOA | JPY | 292,453 | 2,048,775 | 2,011,789 | — | (36,986) | ||||||
Mexican Peso, | |||||||||||||
Expiring 03/20/24 | GSI | MXN | 39,647 | 2,260,000 | 2,284,537 | 24,537 | — | ||||||
Expiring 03/20/24 | HSBC | MXN | 61,754 | 3,531,953 | 3,558,444 | 26,491 | — | ||||||
Expiring 03/20/24 | JPM | MXN | 33,278 | 1,929,000 | 1,917,548 | — | (11,452) | ||||||
Expiring 03/20/24 | JPM | MXN | 32,245 | 1,893,000 | 1,858,041 | — | (34,959) | ||||||
Expiring 03/20/24 | TD | MXN | 30,834 | 1,752,000 | 1,776,760 | 24,760 | — | ||||||
New Zealand Dollar, | |||||||||||||
Expiring 04/19/24 | CITI | NZD | 1,886 | 1,160,402 | 1,153,079 | — | (7,323) | ||||||
Peruvian Nuevo Sol, | |||||||||||||
Expiring 03/20/24 | BNP | PEN | 1,128 | 300,381 | 296,134 | — | (4,247) | ||||||
Expiring 03/20/24 | CITI | PEN | 3,157 | 827,050 | 828,895 | 1,845 | — | ||||||
Expiring 03/20/24 | MSI | PEN | 3,901 | 1,034,432 | 1,024,341 | — | (10,091) | ||||||
Philippine Peso, | |||||||||||||
Expiring 03/20/24 | CITI | PHP | 185,995 | 3,305,000 | 3,306,280 | 1,280 | — | ||||||
Expiring 03/20/24 | CITI | PHP | 165,380 | 2,963,000 | 2,939,814 | — | (23,186) | ||||||
Expiring 03/20/24 | JPM | PHP | 167,255 | 3,008,000 | 2,973,153 | — | (34,847) | ||||||
Expiring 03/20/24 | MSI | PHP | 290,369 | 5,175,000 | 5,161,642 | — | (13,358) | ||||||
Expiring 03/20/24 | MSI | PHP | 182,287 | 3,247,000 | 3,240,350 | — | (6,650) | ||||||
Expiring 03/20/24 | SCB | PHP | 209,869 | 3,726,000 | 3,730,656 | 4,656 | — | ||||||
Expiring 03/20/24 | SCB | PHP | 205,281 | 3,673,000 | 3,649,109 | — | (23,891) | ||||||
Expiring 03/20/24 | SCB | PHP | 164,459 | 2,933,000 | 2,923,437 | — | (9,563) | ||||||
Singapore Dollar, | |||||||||||||
Expiring 03/20/24 | BNYM | SGD | 1,628 | 1,228,000 | 1,216,492 | — | (11,508) | ||||||
Expiring 03/20/24 | CITI | SGD | 2,455 | 1,855,000 | 1,833,736 | — | (21,264) | ||||||
Expiring 03/20/24 | CITI | SGD | 2,380 | 1,794,000 | 1,778,059 | — | (15,941) | ||||||
South African Rand, | |||||||||||||
Expiring 03/20/24 | CITI | ZAR | 64,824 | 3,438,789 | 3,447,961 | 9,172 | — | ||||||
Expiring 03/20/24 | CITI | ZAR | 29,922 | 1,587,211 | 1,591,535 | 4,324 | — | ||||||
Expiring 03/20/24 | HSBC | ZAR | 56,377 | 2,986,725 | 2,998,691 | 11,966 | — | ||||||
Expiring 03/20/24 | SSB | ZAR | 22,089 | 1,178,000 | 1,174,918 | — | (3,082) | ||||||
Expiring 03/20/24 | TD | ZAR | 64,864 | 3,467,067 | 3,450,107 | — | (16,960) | ||||||
South Korean Won, | |||||||||||||
Expiring 03/20/24 | SSB | KRW | 2,456,451 | 1,870,000 | 1,845,775 | — | (24,225) | ||||||
Thai Baht, | |||||||||||||
Expiring 03/20/24 | HSBC | THB | 80,385 | 2,364,000 | 2,274,614 | — | (89,386) |
41
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at January 31, 2024 (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.): | |||||||||||||
Thai Baht (cont’d.), | |||||||||||||
Expiring 03/20/24 | HSBC | THB | 79,791 | $2,256,000 | $2,257,784 | $1,784 | $— | ||||||
Expiring 03/20/24 | HSBC | THB | 77,084 | 2,223,000 | 2,181,197 | — | (41,803) | ||||||
Expiring 03/20/24 | MSI | THB | 81,021 | 2,345,000 | 2,292,589 | — | (52,411) | ||||||
Turkish Lira, | |||||||||||||
Expiring 03/20/24 | BARC | TRY | 32,783 | 1,042,000 | 1,029,046 | — | (12,954) | ||||||
Expiring 03/20/24 | BARC | TRY | 27,390 | 857,000 | 859,745 | 2,745 | — | ||||||
$136,541,827 | $136,094,141 | 301,969 | (749,655) |
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 04/19/24 | MSI | AUD | 1,710 | $1,145,608 | $1,124,674 | $20,934 | $— | ||||||
Brazilian Real, | |||||||||||||
Expiring 02/02/24 | CITI | BRL | 5,374 | 1,090,315 | 1,084,390 | 5,925 | — | ||||||
Expiring 02/02/24 | DB | BRL | 30,501 | 6,196,878 | 6,154,826 | 42,052 | — | ||||||
British Pound, | |||||||||||||
Expiring 04/19/24 | HSBC | GBP | 20,480 | 26,086,981 | 25,968,885 | 118,096 | — | ||||||
Expiring 04/19/24 | JPM | GBP | 619 | 784,000 | 784,526 | — | (526) | ||||||
Chilean Peso, | |||||||||||||
Expiring 03/20/24 | MSI | CLP | 409,183 | 464,195 | 438,436 | 25,759 | — | ||||||
Chinese Renminbi, | |||||||||||||
Expiring 04/24/24 | MSI | CNH | 143,384 | 20,078,723 | 20,058,218 | 20,505 | — | ||||||
Colombian Peso, | |||||||||||||
Expiring 03/20/24 | BARC | COP | 8,878,395 | 2,230,000 | 2,259,525 | — | (29,525) | ||||||
Czech Koruna, | |||||||||||||
Expiring 04/19/24 | BARC | CZK | 24,753 | 1,077,072 | 1,075,694 | 1,378 | — | ||||||
Expiring 04/19/24 | BARC | CZK | 24,478 | 1,065,928 | 1,063,744 | 2,184 | — | ||||||
Expiring 04/19/24 | BOA | CZK | 55,040 | 2,408,000 | 2,391,880 | 16,120 | — | ||||||
Euro, | |||||||||||||
Expiring 02/06/24 | CITI | EUR | 8,785 | 9,529,123 | 9,496,532 | 32,591 | — | ||||||
Expiring 04/19/24 | BOA | EUR | 29,885 | 32,631,402 | 32,405,828 | 225,574 | — | ||||||
Expiring 04/19/24 | CITI | EUR | 870 | 946,000 | 943,716 | 2,284 | — | ||||||
Expiring 04/19/24 | CITI | EUR | 856 | 944,000 | 928,381 | 15,619 | — | ||||||
Expiring 04/19/24 | CITI | EUR | 853 | 932,000 | 925,379 | 6,621 | — | ||||||
Expiring 04/19/24 | DB | EUR | 700 | 762,678 | 759,061 | 3,617 | — | ||||||
Expiring 04/19/24 | HSBC | EUR | 20,670 | 22,584,193 | 22,413,322 | 170,871 | — | ||||||
Expiring 04/19/24 | SSB | EUR | 48,352 | 53,135,446 | 52,430,612 | 704,834 | — | ||||||
Expiring 04/19/24 | TD | EUR | 44,828 | 48,953,020 | 48,608,741 | 344,279 | — |
42
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at January 31, 2024 (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.): | |||||||||||||
Hungarian Forint, | |||||||||||||
Expiring 04/19/24 | BOA | HUF | 977,689 | $2,780,527 | $2,733,851 | $46,676 | $— | ||||||
Expiring 04/19/24 | GSI | HUF | 1,801,415 | 5,177,374 | 5,037,187 | 140,187 | — | ||||||
Expiring 04/19/24 | UAG | HUF | 638,535 | 1,779,000 | 1,785,495 | — | (6,495) | ||||||
Israeli Shekel, | |||||||||||||
Expiring 03/20/24 | CITI | ILS | 8,064 | 2,209,000 | 2,214,552 | — | (5,552) | ||||||
Expiring 03/20/24 | CITI | ILS | 1,836 | 497,567 | 504,208 | — | (6,641) | ||||||
Expiring 03/20/24 | GSI | ILS | 8,029 | 2,195,000 | 2,204,814 | — | (9,814) | ||||||
New Taiwanese Dollar, | |||||||||||||
Expiring 03/20/24 | CITI | TWD | 192,767 | 6,276,000 | 6,199,287 | 76,713 | — | ||||||
Expiring 03/20/24 | JPM | TWD | 870,660 | 28,417,653 | 27,999,929 | 417,724 | — | ||||||
Expiring 03/20/24 | SCB | TWD | 125,742 | 4,107,000 | 4,043,790 | 63,210 | — | ||||||
Peruvian Nuevo Sol, | |||||||||||||
Expiring 03/20/24 | BARC | PEN | 9,569 | 2,557,255 | 2,512,435 | 44,820 | — | ||||||
Expiring 03/20/24 | CITI | PEN | 6,175 | 1,649,559 | 1,621,167 | 28,392 | — | ||||||
Expiring 03/20/24 | SCB | PEN | 8,623 | 2,270,469 | 2,264,058 | 6,411 | — | ||||||
Philippine Peso, | |||||||||||||
Expiring 03/20/24 | CITI | PHP | 111,929 | 2,017,313 | 1,989,657 | 27,656 | — | ||||||
Expiring 03/20/24 | SCB | PHP | 131,793 | 2,374,654 | 2,342,775 | 31,879 | — | ||||||
Expiring 03/20/24 | SSB | PHP | 167,228 | 2,989,308 | 2,972,665 | 16,643 | — | ||||||
Expiring 03/20/24 | SSB | PHP | 122,044 | 2,195,977 | 2,169,463 | 26,514 | — | ||||||
Polish Zloty, | |||||||||||||
Expiring 04/19/24 | CITI | PLN | 3,042 | 752,172 | 758,945 | — | (6,773) | ||||||
Expiring 04/19/24 | GSI | PLN | 6,962 | 1,718,828 | 1,736,899 | — | (18,071) | ||||||
Expiring 04/19/24 | HSBC | PLN | 1,482 | 367,507 | 369,852 | — | (2,345) | ||||||
Singapore Dollar, | |||||||||||||
Expiring 03/20/24 | BNYM | SGD | 5,509 | 4,121,367 | 4,115,536 | 5,831 | — | ||||||
Expiring 03/20/24 | BOA | SGD | 4,547 | 3,397,000 | 3,397,092 | — | (92) | ||||||
Expiring 03/20/24 | HSBC | SGD | 5,165 | 3,889,000 | 3,858,948 | 30,052 | — | ||||||
Expiring 03/20/24 | SSB | SGD | 2,580 | 1,928,000 | 1,927,315 | 685 | — | ||||||
South Korean Won, | |||||||||||||
Expiring 03/20/24 | BARC | KRW | 7,073,152 | 5,393,506 | 5,314,760 | 78,746 | — | ||||||
Expiring 03/20/24 | BOA | KRW | 2,831,217 | 2,155,000 | 2,127,374 | 27,626 | — | ||||||
Expiring 03/20/24 | UAG | KRW | 3,033,687 | 2,272,000 | 2,279,510 | — | (7,510) | ||||||
Thai Baht, | |||||||||||||
Expiring 03/20/24 | CITI | THB | 76,693 | 2,194,000 | 2,170,144 | 23,856 | — | ||||||
Expiring 03/20/24 | GSI | THB | 65,402 | 1,870,000 | 1,850,625 | 19,375 | — | ||||||
Expiring 03/20/24 | JPM | THB | 99,689 | 2,826,000 | 2,820,846 | 5,154 | — | ||||||
Expiring 03/20/24 | MSI | THB | 47,574 | 1,338,442 | 1,346,158 | — | (7,716) | ||||||
$336,762,040 | $333,985,707 | 2,877,393 | (101,060) | ||||||||||
$3,179,362 | $(850,715) |
43
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Credit default swap agreements outstanding at January 31, 2024:
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at January 31, 2024(4) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | |||||||||
OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)**: | |||||||||||||||||
Arab Republic of Egypt | 12/20/28 | 1.000%(Q) | 2,000 | 11.712% | $(677,934) | $(1,543) | $(676,391) | GSI | |||||||||
Dominican Republic | 12/20/28 | 1.000%(Q) | 2,000 | 1.824% | (68,853) | (1,543) | (67,310) | GSI | |||||||||
Emirate of Abu Dhabi | 12/20/28 | 1.000%(Q) | 2,000 | 0.438% | 52,404 | (1,543) | 53,947 | GSI | |||||||||
Federal Republic of Nigeria | 12/20/28 | 1.000%(Q) | 2,000 | 5.558% | (351,251) | (1,543) | (349,708) | GSI | |||||||||
Federation of Malaysia | 12/20/28 | 1.000%(Q) | 3,000 | 0.447% | 77,170 | (2,314) | 79,484 | GSI | |||||||||
Federative Republic of Brazil | 12/20/28 | 1.000%(Q) | 9,000 | 1.372% | (135,424) | (6,942) | (128,482) | GSI | |||||||||
Kingdom of Bahrain | 12/20/28 | 1.000%(Q) | 2,000 | 2.101% | (91,456) | (1,543) | (89,913) | GSI | |||||||||
Kingdom of Morocco | 12/20/28 | 1.000%(Q) | 2,000 | 1.056% | (2,495) | (1,543) | (952) | GSI | |||||||||
Kingdom of Saudi Arabia | 12/20/28 | 1.000%(Q) | 4,000 | 0.592% | 77,053 | (3,085) | 80,138 | GSI | |||||||||
People’s Republic of China | 12/20/28 | 1.000%(Q) | 9,000 | 0.646% | 151,175 | (6,942) | 158,117 | GSI | |||||||||
Republic of Argentina | 12/20/28 | 1.000%(Q) | 2,000 | 35.270% | (1,306,386) | (1,543) | (1,304,843) | GSI | |||||||||
Republic of Chile | 12/20/28 | 1.000%(Q) | 7,000 | 0.541% | 151,427 | (5,399) | 156,826 | GSI | |||||||||
Republic of Colombia | 12/20/28 | 1.000%(Q) | 6,000 | 1.700% | (175,189) | (4,628) | (170,561) | GSI | |||||||||
Republic of Indonesia | 12/20/28 | 1.000%(Q) | 9,000 | 0.744% | 112,075 | (6,942) | 119,017 | GSI | |||||||||
Republic of Panama | 12/20/28 | 1.000%(Q) | 2,000 | 1.997% | (82,995) | (1,543) | (81,452) | GSI | |||||||||
Republic of Peru | 12/20/28 | 1.000%(Q) | 3,000 | 0.687% | 45,259 | (2,314) | 47,573 | GSI | |||||||||
Republic of Philippines | 12/20/28 | 1.000%(Q) | 3,000 | 0.633% | 52,256 | (2,314) | 54,570 | GSI | |||||||||
Republic of South Africa | 12/20/28 | 1.000%(Q) | 9,000 | 2.284% | (482,701) | (6,942) | (475,759) | GSI | |||||||||
Republic of Turkey | 12/20/28 | 1.000%(Q) | 9,000 | 3.268% | (835,543) | (6,942) | (828,601) | GSI | |||||||||
State of Qatar | 12/20/28 | 1.000%(Q) | 2,000 | 0.491% | 47,672 | (1,543) | 49,215 | GSI |
44
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Credit default swap agreements outstanding at January 31, 2024 (continued):
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at January 31, 2024(4) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | |||||||||
OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)**(cont’d.): | |||||||||||||||||
Sultanate of Oman | 12/20/28 | 1.000%(Q) | 2,000 | 1.163% | $(11,919) | $(1,543) | $(10,376) | GSI | |||||||||
United Mexican States | 12/20/28 | 1.000%(Q) | 9,000 | 0.900% | 50,381 | (6,942) | 57,323 | GSI | |||||||||
$(3,405,274) | $(77,136) | $(3,328,138) |
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | |||||||||
OTC Packaged Credit Default Swap Agreement on credit indices— Buy Protection(1)**: | ||||||||||||||||
CDX.EM.40.V1 | 12/20/28 | 1.000%(Q) | 100,000 | $3,386,103 | $(22,037) | $3,408,140 | GSI |
** | The Fund entered into multiple credit default swap agreements in a packaged trade consisting of two parts. The Fund bought/sold protection on an Emerging Market CDX Index and bought/sold protection on the countries which comprise the index. The upfront premium is attached to the index of the trade for the Emerging Markets CDX package(s). Each swap is priced individually. If any of the component swaps are closed out early, the Index exposure will be reduced by an amount proportionate to the terminated swap(s). |
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at January 31, 2024(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 | 02/14/24 | 0.500%(M) | 11,411 | * | $7,438 | $(74) | $7,512 | 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): | ||||||||||||||||
Israel Electric Corp. Ltd. | 09/20/28 | 1.000%(Q) | 3,000 | $75,104 | $67,464 | $7,640 | BARC | |||||||||
Kingdom of Morocco | 12/20/27 | 1.000%(Q) | 10,000 | (69,551) | — | (69,551) | BARC | |||||||||
Romanian Government International Bond | 12/20/29 | 1.000%(Q) | EUR | 4,500 | 150,843 | 205,650 | (54,807) | BARC |
45
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Credit default swap agreements outstanding at January 31, 2024 (continued):
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)(cont’d.): | ||||||||||||||||
United Mexican States | 12/20/24 | 1.000%(Q) | 1,000 | $(8,512) | $(2,106) | $(6,406) | BARC | |||||||||
United Mexican States | 12/20/24 | 1.000%(Q) | 440 | (3,746) | 548 | (4,294) | CITI | |||||||||
$144,138 | $271,556 | $(127,418) |
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at January 31, 2024(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 | 0.221% | $32,033 | $1,428 | $30,605 | GSI | |||||||||
Boeing Co. | 06/20/24 | 1.000%(Q) | 1,460 | 0.339% | 5,454 | 775 | 4,679 | GSI | |||||||||
General Motors Co. | 06/20/26 | 5.000%(Q) | 2,230 | 0.668% | 232,124 | 207,327 | 24,797 | GSI | |||||||||
Halliburton Co. | 12/20/26 | 1.000%(Q) | 910 | 0.317% | 18,035 | 5,034 | 13,001 | GSI | |||||||||
Host Hotels & Resorts LP | 06/20/24 | 1.000%(Q) | 500 | 0.225% | 2,087 | 744 | 1,343 | GSI | |||||||||
Petroleos Mexicanos | 12/20/24 | 1.000%(Q) | 1,000 | 2.336% | (10,345) | (9,240) | (1,105) | BARC | |||||||||
Petroleos Mexicanos | 12/20/24 | 1.000%(Q) | 440 | 2.336% | (4,552) | (7,347) | 2,795 | CITI | |||||||||
Simon Property Group LP | 06/20/26 | 1.000%(Q) | 1,980 | 0.433% | 27,845 | 10,964 | 16,881 | GSI | |||||||||
U.S. Treasury Notes | 06/20/24 | 0.250%(Q) | EUR | 1,025 | 0.214% | 485 | (625) | 1,110 | BNP | ||||||||
U.S. Treasury Notes | 12/20/24 | 0.250%(Q) | EUR | 1,000 | 0.234% | 471 | (2,096) | 2,567 | BNP | ||||||||
Verizon Communications, Inc. | 06/20/26 | 1.000%(Q) | 680 | 0.505% | 8,442 | 6,801 | 1,641 | GSI | |||||||||
$312,079 | $213,765 | $98,314 |
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at January 31, 2024(4) | Value at Trade Date | Value at January 31, 2024 | Unrealized Appreciation (Depreciation) | ||||||||
Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2): | |||||||||||||||
CDX.NA.HY.41.V1 | 12/20/28 | 5.000%(Q) | 75,200 | 3.607% | $2,893,823 | $4,623,247 | $1,729,424 |
46
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Credit default swap agreements outstanding at January 31, 2024 (continued):
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 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. |
47
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Currency swap agreements outstanding at January 31, 2024: | ||||||||||||||||||
Notional Amount (000)# | Fund Receives | Notional Amount (000)# | Fund Pays | Counterparty | Termination Date | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||
OTC Currency Swap Agreement: | ||||||||||||||||||
4,500 | 3.100%(A) | EUR | 4,883 | 1 Day SOFR(A)/ 5.320% | JPM | 09/27/29 | $(104,342) | $— | $(104,342) |
Interest rate swap agreements outstanding at January 31, 2024:
Notional Amount (000)# | Termination Date | Fixed Rate | Floating Rate | Value at Trade Date | Value at January 31, 2024 | Unrealized Appreciation (Depreciation) | ||||||||
Centrally Cleared Interest Rate Swap Agreements: | ||||||||||||||
GBP | 2,090 | 05/08/26 | 1.000%(A) | 1 Day SONIA(1)(A)/ 5.188% | $(28,953) | $253,425 | $282,378 | |||||||
GBP | 3,280 | 05/08/27 | 1.050%(A) | 1 Day SONIA(1)(A)/ 5.188% | 169,315 | 472,439 | 303,124 | |||||||
GBP | 1,340 | 05/08/31 | 1.150%(A) | 1 Day SONIA(1)(A)/ 5.188% | (30,882) | 304,142 | 335,024 | |||||||
95,120 | 08/31/24 | 5.384%(T) | 1 Day SOFR(2)(T)/ 5.320% | — | 152,380 | 152,380 | ||||||||
6,572 | 03/08/25 | 4.946%(A) | 1 Day SOFR(2)(A)/ 5.320% | — | 8,774 | 8,774 | ||||||||
8,268 | 03/09/25 | 5.110%(A) | 1 Day SOFR(2)(A)/ 5.320% | — | 37,728 | 37,728 | ||||||||
24,570 | 08/31/25 | 4.805%(A) | 1 Day SOFR(1)(A)/ 5.320% | — | (124,929) | (124,929) | ||||||||
12,090 | 09/25/26 | 4.699%(A) | 1 Day SOFR(1)(A)/ 5.320% | 2,236 | (215,930) | (218,166) | ||||||||
10,000 | 12/15/27 | 3.709%(A) | 1 Day SOFR(1)(A)/ 5.320% | — | 7,129 | 7,129 | ||||||||
$111,716 | $895,158 | $783,442 |
(1) | The Fund pays the fixed rate and receives the floating rate. |
(2) | The Fund pays the floating rate and receives the fixed rate. |
48
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Total return swap agreements outstanding at January 31, 2024: | ||||||||||||||
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 -45bps(T)/ 4.880% | GSI | 03/20/24 | (2,944) | $(216,941) | $— | $(216,941) | |||||||
Total Return Benchmark Bond Index(T)†† | 1 Day USOIS -54bps(T)/ 4.790% | JPM | 03/20/24 | (53,964) | (4,404,926) | — | (4,404,926) | |||||||
$(4,621,867) | $— | $(4,621,867) |
(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 swap constituents. To the extent that any swap is composed of greater than 50 constituents, the Fund is only required to disclose the top 50. |
The following table represents the top 50 individual positions and related values of underlying securities of Total Return
Benchmark Bond Index total return swap with JPM, as of January 31, 2024, termination date 03/20/2024:
Benchmark Bond Index total return swap with JPM, as of January 31, 2024, termination date 03/20/2024:
Corporate Bond:
Reference Entity | Shares | Market Value | % of Total Index Value | |||
Sysco Corp. | 4,000,000 | $ 4,737,060 | 1.55% | |||
Morgan Stanley | 4,000,000 | 4,349,026 | 1.42% | |||
United Parcel Service, Inc. | 4,000,000 | 4,235,501 | 1.39% | |||
Northrop Grumman Corp. | 4,000,000 | 4,079,093 | 1.34% | |||
Dell International LLC/EMC Corp. | 4,000,000 | 4,017,633 | 1.32% | |||
Telefonica Emisiones, S.A.U. | 4,000,000 | 3,932,813 | 1.29% | |||
FedEx Corp. | 4,000,000 | 3,928,907 | 1.29% | |||
Wells Fargo & Co. | 4,000,000 | 3,888,837 | 1.27% | |||
Keurig Dr Pepper, Inc. | 4,000,000 | 3,886,555 | 1.27% | |||
TransCanada PipeLines Ltd. | 4,000,000 | 3,874,563 | 1.27% | |||
Conagra Brands, Inc. | 4,000,000 | 3,870,743 | 1.27% | |||
The Walt Disney Co. | 4,000,000 | 3,860,592 | 1.26% | |||
Fox Corp. | 4,000,000 | 3,826,359 | 1.25% | |||
Intel Corp. | 4,000,000 | 3,768,387 | 1.23% | |||
Cigna Corp. | 4,000,000 | 3,743,591 | 1.23% | |||
HCA, Inc. | 4,000,000 | 3,722,759 | 1.22% | |||
ExxonMobil Corp. | 4,000,000 | 3,637,562 | 1.19% | |||
Thermo Fisher Scientific, Inc. | 4,000,000 | 3,579,138 | 1.17% | |||
T-Mobile USA, Inc. | 4,000,000 | 3,552,507 | 1.16% |
49
PGIM Absolute Return Bond Fund
Schedule of Investments as of January 31, 2024 (unaudited) (continued)
Corporate Bond (continued):
Reference Entity | Shares | Market Value | % of Total Index Value | |||
Eli Lilly and Co. | 4,000,000 | $3,536,145 | 1.16% | |||
Bristol-Myers Squibb Co. | 4,000,000 | 3,534,990 | 1.16% | |||
Fiserv, Inc. | 4,000,000 | 3,495,369 | 1.14% | |||
Johnson & Johnson | 4,000,000 | 3,487,776 | 1.14% | |||
McDonald’s Corp. | 4,000,000 | 3,482,983 | 1.14% | |||
Mastercard, Inc. | 4,000,000 | 3,473,816 | 1.14% | |||
Deere & Co. | 4,000,000 | 3,458,104 | 1.13% | |||
Enterprise Products Operating LLC | 4,000,000 | 3,431,283 | 1.12% | |||
Bank of America Corp. | 4,000,000 | 3,384,450 | 1.11% | |||
Progressive Corp. | 4,000,000 | 3,381,946 | 1.11% | |||
Vodafone Group PLC | 4,000,000 | 3,347,684 | 1.10% | |||
NVIDIA Corp. | 4,000,000 | 3,300,774 | 1.08% | |||
Equinor ASA | 4,000,000 | 3,285,582 | 1.08% | |||
Humana, Inc. | 4,000,000 | 3,275,419 | 1.07% | |||
Union Electric Co. | 4,000,000 | 3,268,165 | 1.07% | |||
Becton, Dickinson & Co. | 4,000,000 | 3,239,654 | 1.06% | |||
Global Payments, Inc. | 4,000,000 | 3,237,468 | 1.06% | |||
Paramount Global | 4,000,000 | 3,224,320 | 1.06% | |||
Nike, Inc. | 4,000,000 | 3,194,081 | 1.05% | |||
Dollar General Corp. | 4,000,000 | 3,190,735 | 1.04% | |||
Oracle Corp. | 4,000,000 | 3,159,447 | 1.03% | |||
Caterpillar, Inc. | 4,000,000 | 3,123,638 | 1.02% | |||
Southern California Edison Co. | 4,000,000 | 3,116,820 | 1.02% | |||
Carrier Global Corp. | 4,000,000 | 3,103,456 | 1.02% | |||
Starbucks Corp. | 4,000,000 | 3,064,949 | 1.00% | |||
Dow Chemical Co. | 4,000,000 | 3,063,938 | 1.00% | |||
Verizon Communications, Inc. | 4,000,000 | 3,062,388 | 1.00% | |||
eBay, Inc. | 4,000,000 | 3,058,669 | 1.00% | |||
Union Pacific Corp. | 4,000,000 | 3,056,251 | 1.00% | |||
Suncor Energy, Inc. | 4,000,000 | 3,049,973 | 1.00% | |||
Rogers Communications, Inc. | 4,000,000 | 3,036,328 | 0.99% | |||
$175,618,227 | ||||||
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).
50