PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) as of October 31, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Long-Term Investments 109.9% | |||||
Asset-Backed Securities 6.9% | |||||
Collateralized Loan Obligations | |||||
Atlas Static Senior Loan Fund Ltd. (Cayman Islands), Series 2022-01A, Class A, 144A, 3 Month SOFR + 2.600% (Cap N/A, Floor 2.600%) | 5.100 %(c) | 07/15/30 | 4,250 | $4,191,183 | |
CIFC Funding Ltd. (Cayman Islands), Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.040% (Cap N/A, Floor 0.000%) | 5.283(c) | 04/20/31 | 2,500 | 2,433,921 | |
KKR Static CLO Ltd. (Cayman Islands), Series 2022-02A, Class A1, 144A | —(p) | 10/20/31 | 4,000 | 4,000,000 | |
Madison Park Funding Ltd. (Cayman Islands), Series 2015-18A, Class ARR, 144A, 3 Month LIBOR + 0.940% (Cap N/A, Floor 0.940%) | 5.218(c) | 10/21/30 | 4,000 | 3,900,510 | |
Neuberger Berman CLO Ltd. (Cayman Islands), Series 2014-17A, Class AR2, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 1.030%) | 5.355(c) | 04/22/29 | 2,231 | 2,189,657 | |
Palmer Square CLO Ltd. (Cayman Islands), Series 2015-02A, Class A1R2, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 0.000%) | 5.343(c) | 07/20/30 | 2,468 | 2,414,362 | |
Palmer Square Loan Funding Ltd. (Cayman Islands), Series 2022-03A, Class A1A, 144A | —(p) | 04/15/31 | 3,500 | 3,498,806 | |
Signal Peak CLO Ltd., Series 2018-05A, Class A, 144A, 3 Month LIBOR + 1.110% (Cap N/A, Floor 1.110%) | 5.468(c) | 04/25/31 | 2,000 | 1,952,817 | |
Voya CLO Ltd. (Cayman Islands), Series 2015-03A, Class A1R, 144A, 3 Month LIBOR + 1.190% (Cap N/A, Floor 1.190%) | 5.433(c) | 10/20/31 | 4,000 | 3,894,170 | |
Total Asset-Backed Securities (cost $28,678,700) | 28,475,426 | ||||
Corporate Bonds 93.1% | |||||
Aerospace & Defense 2.9% | |||||
Bombardier, Inc. (Canada), | |||||
Sr. Unsec’d. Notes, 144A | 6.000 | 02/15/28 | 1,425 | 1,266,469 | |
Sr. Unsec’d. Notes, 144A | 7.125 | 06/15/26 | 1,200 | 1,138,344 | |
Sr. Unsec’d. Notes, 144A | 7.500 | 12/01/24 | 1,981 | 1,979,019 | |
Sr. Unsec’d. Notes, 144A | 7.500 | 03/15/25 | 1,042 | 1,022,223 | |
Sr. Unsec’d. Notes, 144A | 7.875 | 04/15/27 | 375 | 355,650 | |
Spirit AeroSystems, Inc., Sec’d. Notes, 144A | 7.500 | 04/15/25 | 875 | 852,165 |
1
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Aerospace & Defense (cont’d.) | |||||
TransDigm UK Holdings PLC, Gtd. Notes | 6.875 % | 05/15/26 | 650 | $633,271 | |
TransDigm, Inc., | |||||
Gtd. Notes | 5.500 | 11/15/27 | 2,900 | 2,633,741 | |
Gtd. Notes | 7.500 | 03/15/27 | 775 | 764,247 | |
Sr. Sec’d. Notes, 144A | 6.250 | 03/15/26 | 1,425 | 1,405,199 | |
12,050,328 | |||||
Airlines 1.5% | |||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd., Sr. Sec’d. Notes, 144A(aa) | 5.500 | 04/20/26 | 4,700 | 4,465,000 | |
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., Sr. Sec’d. Notes, 144A | 5.750 | 01/20/26 | 500 | 461,485 | |
United Airlines, Inc., Sr. Sec’d. Notes, 144A | 4.375 | 04/15/26 | 1,480 | 1,354,131 | |
6,280,616 | |||||
Apparel 0.6% | |||||
Hanesbrands, Inc., Gtd. Notes, 144A | 4.875 | 05/15/26 | 893 | 819,625 | |
William Carter Co. (The), Gtd. Notes, 144A | 5.625 | 03/15/27 | 1,797 | 1,727,623 | |
2,547,248 | |||||
Auto Manufacturers 0.5% | |||||
Allison Transmission, Inc., Sr. Unsec’d. Notes, 144A | 4.750 | 10/01/27 | 1,075 | 991,513 | |
Jaguar Land Rover Automotive PLC (United Kingdom), Gtd. Notes, 144A | 7.750 | 10/15/25 | 650 | 600,749 | |
PM General Purchaser LLC, Sr. Sec’d. Notes, 144A | 9.500 | 10/01/28 | 300 | 257,612 | |
1,849,874 |
2
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Auto Parts & Equipment 1.2% | |||||
Adient Global Holdings Ltd., Gtd. Notes, 144A | 4.875 % | 08/15/26 | 1,800 | $1,606,500 | |
American Axle & Manufacturing, Inc., | |||||
Gtd. Notes | 6.250 | 03/15/26 | 84 | 79,800 | |
Gtd. Notes | 6.500 | 04/01/27 | 1,200 | 1,107,601 | |
Dana, Inc., Sr. Unsec’d. Notes | 5.375 | 11/15/27 | 2,000 | 1,810,792 | |
Titan International, Inc., Sr. Sec’d. Notes | 7.000 | 04/30/28 | 375 | 349,338 | |
4,954,031 | |||||
Banks 0.2% | |||||
Popular, Inc. (Puerto Rico), Sr. Unsec’d. Notes | 6.125 | 09/14/23 | 850 | 852,125 | |
Building Materials 1.2% | |||||
Eco Material Technologies, Inc., Sr. Sec’d. Notes, 144A | 7.875 | 01/31/27 | 450 | 421,026 | |
JELD-WEN, Inc., Gtd. Notes, 144A | 4.875 | 12/15/27 | 1,425 | 1,062,322 | |
Standard Industries, Inc., | |||||
Sr. Unsec’d. Notes, 144A | 4.750 | 01/15/28 | 1,925 | 1,687,131 | |
Sr. Unsec’d. Notes, 144A | 5.000 | 02/15/27 | 1,800 | 1,645,162 | |
Summit Materials LLC/Summit Materials Finance Corp., Gtd. Notes, 144A | 6.500 | 03/15/27 | 225 | 216,285 | |
5,031,926 | |||||
Chemicals 2.4% | |||||
Avient Corp., Sr. Unsec’d. Notes, 144A | 5.750 | 05/15/25 | 2,474 | 2,425,277 | |
Cornerstone Chemical Co., Sr. Sec’d. Notes, 144A | 6.750 | 08/15/24 | 395 | 296,766 | |
Rain CII Carbon LLC/CII Carbon Corp., Sec’d. Notes, 144A | 7.250 | 04/01/25 | 1,862 | 1,597,311 | |
SPCM SA (France), Sr. Unsec’d. Notes, 144A | 3.125 | 03/15/27 | 2,025 | 1,774,406 | |
TPC Group, Inc., | |||||
Sr. Sec’d. Notes, 144A | 10.500 | 08/01/24(d) | 149 | 81,468 |
3
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Chemicals (cont’d.) | |||||
TPC Group, Inc., (cont’d.) | |||||
Sr. Sec’d. Notes, 144A | 10.875 % | 08/01/24(d) | 287 | $275,435 | |
Venator Finance Sarl/Venator Materials LLC, | |||||
Gtd. Notes, 144A (original cost $403,959; purchased 07/13/21)(f) | 5.750 | 07/15/25 | 411 | 135,630 | |
Sr. Sec’d. Notes, 144A (original cost $3,798,921; purchased 03/02/21 - 01/03/22)(aa)(f) | 9.500 | 07/01/25 | 3,375 | 2,109,375 | |
WR Grace Holdings LLC, | |||||
Sr. Sec’d. Notes, 144A | 4.875 | 06/15/27 | 450 | 393,680 | |
Sr. Sec’d. Notes, 144A | 5.625 | 10/01/24 | 675 | 661,488 | |
9,750,836 | |||||
Commercial Services 5.2% | |||||
Adtalem Global Education, Inc., Sr. Sec’d. Notes, 144A | 5.500 | 03/01/28 | 446 | 406,746 | |
Allied Universal Holdco LLC/Allied Universal Finance Corp., | |||||
Sr. Sec’d. Notes, 144A(aa) | 6.625 | 07/15/26 | 7,000 | 6,700,723 | |
Sr. Unsec’d. Notes, 144A | 9.750 | 07/15/27 | 597 | 519,098 | |
Alta Equipment Group, Inc., Sec’d. Notes, 144A | 5.625 | 04/15/26 | 1,925 | 1,661,786 | |
AMN Healthcare, Inc., Gtd. Notes, 144A | 4.625 | 10/01/27 | 950 | 888,702 | |
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., | |||||
Gtd. Notes, 144A | 5.750 | 07/15/27 | 825 | 754,875 | |
Gtd. Notes, 144A | 5.750 | 07/15/27 | 1,625 | 1,482,821 | |
Brink’s Co. (The), Gtd. Notes, 144A | 5.500 | 07/15/25 | 825 | 803,515 | |
Herc Holdings, Inc., Gtd. Notes, 144A | 5.500 | 07/15/27 | 2,576 | 2,437,473 | |
Hertz Corp. (The), Gtd. Notes, 144A | 4.625 | 12/01/26 | 250 | 213,019 | |
MPH Acquisition Holdings LLC, Sr. Sec’d. Notes, 144A | 5.500 | 09/01/28 | 600 | 520,586 | |
Verscend Escrow Corp., Sr. Unsec’d. Notes, 144A(aa) | 9.750 | 08/15/26 | 5,235 | 5,249,635 | |
21,638,979 |
4
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Computers 0.5% | |||||
CA Magnum Holdings (India), Sr. Sec’d. Notes, 144A | 5.375 % | 10/31/26 | 250 | $209,375 | |
NCR Corp., Gtd. Notes, 144A | 5.750 | 09/01/27 | 545 | 525,747 | |
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., Sr. Sec’d. Notes, 144A | 5.750 | 06/01/25 | 1,500 | 1,480,021 | |
2,215,143 | |||||
Distribution/Wholesale 0.0% | |||||
H&E Equipment Services, Inc., Gtd. Notes, 144A | 3.875 | 12/15/28 | 200 | 169,149 | |
Diversified Financial Services 4.3% | |||||
Bread Financial Holdings, Inc., Gtd. Notes, 144A | 4.750 | 12/15/24 | 2,675 | 2,352,535 | |
goeasy Ltd. (Canada), | |||||
Gtd. Notes, 144A | 4.375 | 05/01/26 | 450 | 388,823 | |
Gtd. Notes, 144A(aa) | 5.375 | 12/01/24 | 4,241 | 3,960,246 | |
Home Point Capital, Inc., Gtd. Notes, 144A | 5.000 | 02/01/26 | 550 | 325,295 | |
LD Holdings Group LLC, | |||||
Gtd. Notes, 144A | 6.125 | 04/01/28 | 1,075 | 602,009 | |
Gtd. Notes, 144A | 6.500 | 11/01/25 | 850 | 577,729 | |
LFS Topco LLC, Gtd. Notes, 144A | 5.875 | 10/15/26 | 550 | 434,982 | |
Nationstar Mortgage Holdings, Inc., Gtd. Notes, 144A | 6.000 | 01/15/27 | 1,075 | 963,765 | |
OneMain Finance Corp., | |||||
Gtd. Notes | 6.125 | 03/15/24 | 500 | 488,605 | |
Gtd. Notes(aa) | 6.875 | 03/15/25 | 3,025 | 2,934,003 | |
Gtd. Notes(aa) | 7.125 | 03/15/26 | 4,150 | 3,995,293 | |
VistaJet Malta Finance PLC/XO Management Holding, Inc. (Switzerland), Sr. Unsec’d. Notes, 144A | 7.875 | 05/01/27 | 675 | 614,250 | |
17,637,535 |
5
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Electric 1.8% | |||||
Calpine Corp., | |||||
Sr. Sec’d. Notes, 144A | 4.500 % | 02/15/28 | 500 | $450,082 | |
Sr. Sec’d. Notes, 144A(aa) | 5.250 | 06/01/26 | 1,716 | 1,637,188 | |
NRG Energy, Inc., | |||||
Gtd. Notes | 5.750 | 01/15/28 | 250 | 237,983 | |
Gtd. Notes | 6.625 | 01/15/27 | 207 | 207,101 | |
Vistra Operations Co. LLC, | |||||
Gtd. Notes, 144A(aa) | 5.000 | 07/31/27 | 3,750 | 3,459,460 | |
Gtd. Notes, 144A | 5.500 | 09/01/26 | 1,500 | 1,438,866 | |
7,430,680 | |||||
Electrical Components & Equipment 0.9% | |||||
Energizer Holdings, Inc., Gtd. Notes, 144A | 6.500 | 12/31/27 | 675 | 617,263 | |
WESCO Distribution, Inc., | |||||
Gtd. Notes, 144A | 7.125 | 06/15/25 | 1,950 | 1,969,519 | |
Gtd. Notes, 144A | 7.250 | 06/15/28 | 1,200 | 1,217,041 | |
3,803,823 | |||||
Electronics 0.5% | |||||
Likewize Corp., Sr. Sec’d. Notes, 144A(aa) | 9.750 | 10/15/25 | 2,075 | 1,881,803 | |
Energy-Alternate Sources 0.2% | |||||
Enviva Partners LP/Enviva Partners Finance Corp., Gtd. Notes, 144A | 6.500 | 01/15/26 | 700 | 671,459 | |
Entertainment 4.9% | |||||
Caesars Entertainment, Inc., Sr. Sec’d. Notes, 144A(aa) | 6.250 | 07/01/25 | 6,250 | 6,101,680 | |
CCM Merger, Inc., Sr. Unsec’d. Notes, 144A | 6.375 | 05/01/26 | 1,350 | 1,239,065 | |
Golden Entertainment, Inc., Sr. Unsec’d. Notes, 144A | 7.625 | 04/15/26 | 1,000 | 989,077 | |
International Game Technology PLC, Sr. Sec’d. Notes, 144A | 6.500 | 02/15/25 | 2,500 | 2,502,100 | |
Motion Bondco DAC (United Kingdom), Gtd. Notes, 144A | 6.625 | 11/15/27 | 1,100 | 917,818 |
6
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Entertainment (cont’d.) | |||||
Penn Entertainment, Inc., Sr. Unsec’d. Notes, 144A(aa) | 5.625 % | 01/15/27 | 3,880 | $3,534,290 | |
Scientific Games International, Inc., Gtd. Notes, 144A | 8.625 | 07/01/25 | 875 | 901,797 | |
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Sr. Unsec’d. Notes, 144A(aa) | 7.750 | 04/15/25 | 4,109 | 4,005,079 | |
20,190,906 | |||||
Foods 3.3% | |||||
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s LP/Albertson’s LLC, | |||||
Gtd. Notes, 144A | 3.250 | 03/15/26 | 737 | 663,512 | |
Gtd. Notes, 144A(aa) | 4.625 | 01/15/27 | 2,675 | 2,480,962 | |
B&G Foods, Inc., Gtd. Notes | 5.250 | 04/01/25 | 2,750 | 2,498,129 | |
Chobani LLC/Chobani Finance Corp., Inc., Gtd. Notes, 144A | 7.500 | 04/15/25 | 2,525 | 2,398,764 | |
Market Bidco Finco PLC (United Kingdom), Sr. Sec’d. Notes, 144A | 5.500 | 11/04/27 | GBP | 600 | 520,395 |
Pilgrim’s Pride Corp., Gtd. Notes, 144A(aa) | 5.875 | 09/30/27 | 4,500 | 4,402,039 | |
Post Holdings, Inc., Gtd. Notes, 144A | 5.750 | 03/01/27 | 88 | 85,250 | |
US Foods, Inc., Sr. Sec’d. Notes, 144A | 6.250 | 04/15/25 | 675 | 675,120 | |
13,724,171 | |||||
Gas 0.8% | |||||
AmeriGas Partners LP/AmeriGas Finance Corp., | |||||
Sr. Unsec’d. Notes | 5.625 | 05/20/24 | 1,200 | 1,174,312 | |
Sr. Unsec’d. Notes | 5.750 | 05/20/27 | 1,625 | 1,500,014 | |
Sr. Unsec’d. Notes | 5.875 | 08/20/26 | 550 | 516,822 | |
3,191,148 | |||||
Healthcare-Services 4.5% | |||||
HCA, Inc., | |||||
Gtd. Notes(aa) | 5.875 | 02/15/26 | 4,214 | 4,178,135 |
7
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Healthcare-Services (cont’d.) | |||||
HCA, Inc., (cont’d.) | |||||
Gtd. Notes | 7.050 % | 12/01/27 | 792 | $807,040 | |
Legacy LifePoint Health LLC, | |||||
Sr. Sec’d. Notes, 144A | 4.375 | 02/15/27 | 150 | 118,432 | |
Sr. Sec’d. Notes, 144A | 6.750 | 04/15/25 | 2,725 | 2,413,183 | |
Prime Healthcare Services, Inc., Sr. Sec’d. Notes, 144A(aa) | 7.250 | 11/01/25 | 3,533 | 3,081,378 | |
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., Gtd. Notes, 144A(aa) | 9.750 | 12/01/26 | 4,050 | 3,234,755 | |
Tenet Healthcare Corp., | |||||
Gtd. Notes, 144A | 6.125 | 10/01/28 | 875 | 758,640 | |
Sr. Sec’d. Notes(aa) | 4.625 | 07/15/24 | 3,205 | 3,123,936 | |
Sr. Sec’d. Notes, 144A | 4.875 | 01/01/26 | 250 | 236,306 | |
Sr. Sec’d. Notes, 144A | 5.125 | 11/01/27 | 600 | 549,915 | |
18,501,720 | |||||
Home Builders 5.3% | |||||
Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unsec’d. Notes, 144A | 6.625 | 01/15/28 | 600 | 513,005 | |
Beazer Homes USA, Inc., Gtd. Notes(aa) | 5.875 | 10/15/27 | 3,775 | 3,169,610 | |
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), Gtd. Notes, 144A | 6.250 | 09/15/27 | 2,887 | 2,511,690 | |
Century Communities, Inc., Gtd. Notes | 6.750 | 06/01/27 | 1,000 | 955,300 | |
Empire Communities Corp. (Canada), Sr. Unsec’d. Notes, 144A | 7.000 | 12/15/25 | 3,420 | 2,949,750 | |
Forestar Group, Inc., Gtd. Notes, 144A | 3.850 | 05/15/26 | 2,030 | 1,744,334 | |
KB Home, Gtd. Notes | 6.875 | 06/15/27 | 432 | 417,969 | |
M/I Homes, Inc., Gtd. Notes | 4.950 | 02/01/28 | 950 | 815,508 | |
Mattamy Group Corp. (Canada), Sr. Unsec’d. Notes, 144A(aa) | 5.250 | 12/15/27 | 3,200 | 2,728,032 | |
Meritage Homes Corp., Gtd. Notes | 6.000 | 06/01/25 | 1,115 | 1,089,368 |
8
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Home Builders (cont’d.) | |||||
Shea Homes LP/Shea Homes Funding Corp., Sr. Unsec’d. Notes, 144A | 4.750 % | 02/15/28 | 550 | $463,817 | |
STL Holding Co. LLC, Sr. Unsec’d. Notes, 144A | 7.500 | 02/15/26 | 1,155 | 1,005,903 | |
Taylor Morrison Communities, Inc., Gtd. Notes, 144A | 5.875 | 06/15/27 | 1,296 | 1,218,709 | |
TRI Pointe Group, Inc./TRI Pointe Homes, Inc., Gtd. Notes | 5.875 | 06/15/24 | 700 | 690,094 | |
Tri Pointe Homes, Inc., Gtd. Notes | 5.250 | 06/01/27 | 1,850 | 1,603,740 | |
21,876,829 | |||||
Internet 2.5% | |||||
Cablevision Lightpath LLC, Sr. Sec’d. Notes, 144A | 3.875 | 09/15/27 | 2,120 | 1,814,243 | |
Cogent Communications Group, Inc., Sr. Sec’d. Notes, 144A | 3.500 | 05/01/26 | 700 | 633,823 | |
Go Daddy Operating Co. LLC/GD Finance Co., Inc., Gtd. Notes, 144A | 5.250 | 12/01/27 | 600 | 567,230 | |
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc., Sr. Sec’d. Notes, 144A | 4.750 | 04/30/27 | 1,435 | 1,291,658 | |
NortonLifeLock, Inc., Sr. Unsec’d. Notes, 144A(aa) | 5.000 | 04/15/25 | 6,150 | 5,979,355 | |
10,286,309 | |||||
Iron/Steel 0.4% | |||||
Big River Steel LLC/BRS Finance Corp., Sr. Sec’d. Notes, 144A | 6.625 | 01/31/29 | 1,859 | 1,760,584 | |
Leisure Time 0.1% | |||||
Viking Cruises Ltd., Gtd. Notes, 144A | 6.250 | 05/15/25 | 500 | 435,000 | |
Lodging 3.0% | |||||
Las Vegas Sands Corp., Sr. Unsec’d. Notes | 3.500 | 08/18/26 | 500 | 435,694 | |
MGM Resorts International, | |||||
Gtd. Notes(aa) | 4.625 | 09/01/26 | 4,585 | 4,161,189 |
9
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Lodging (cont’d.) | |||||
MGM Resorts International, (cont’d.) | |||||
Gtd. Notes | 5.750 % | 06/15/25 | 75 | $72,755 | |
Gtd. Notes(aa) | 6.750 | 05/01/25 | 3,162 | 3,120,309 | |
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., Sr. Sec’d. Notes, 144A(aa) | 5.875 | 05/15/25 | 3,896 | 3,649,059 | |
Wynn Macau Ltd. (Macau), | |||||
Sr. Unsec’d. Notes, 144A | 5.500 | 01/15/26 | 650 | 445,250 | |
Sr. Unsec’d. Notes, 144A | 5.500 | 10/01/27 | 700 | 420,196 | |
12,304,452 | |||||
Machinery-Diversified 1.6% | |||||
Maxim Crane Works Holdings Capital LLC, Sec’d. Notes, 144A(aa) | 10.125 | 08/01/24 | 3,996 | 3,847,201 | |
TK Elevator US Newco, Inc. (Germany), Sr. Sec’d. Notes, 144A(aa) | 5.250 | 07/15/27 | 3,175 | 2,845,594 | |
6,692,795 | |||||
Media 11.6% | |||||
AMC Networks, Inc., Gtd. Notes | 5.000 | 04/01/24 | 700 | 680,354 | |
CCO Holdings LLC/CCO Holdings Capital Corp., | |||||
Sr. Unsec’d. Notes, 144A(aa) | 5.000 | 02/01/28 | 1,560 | 1,407,623 | |
Sr. Unsec’d. Notes, 144A(aa) | 5.125 | 05/01/27 | 4,515 | 4,183,508 | |
Sr. Unsec’d. Notes, 144A(aa) | 5.500 | 05/01/26 | 3,724 | 3,580,284 | |
CSC Holdings LLC, | |||||
Gtd. Notes, 144A | 5.375 | 02/01/28 | 1,500 | 1,383,233 | |
Gtd. Notes, 144A(aa) | 5.500 | 04/15/27 | 4,520 | 4,257,212 | |
Sr. Unsec’d. Notes | 5.250 | 06/01/24 | 750 | 727,597 | |
Sr. Unsec’d. Notes, 144A | 7.500 | 04/01/28 | 200 | 172,919 | |
DISH DBS Corp., | |||||
Gtd. Notes(aa) | 5.000 | 03/15/23 | 4,550 | 4,493,073 | |
Gtd. Notes | 5.875 | 11/15/24 | 1,850 | 1,706,262 | |
Gtd. Notes | 7.750 | 07/01/26 | 2,595 | 2,192,216 | |
Gray Television, Inc., Gtd. Notes, 144A(aa) | 5.875 | 07/15/26 | 5,373 | 5,071,928 | |
iHeartCommunications, Inc., | |||||
Gtd. Notes | 8.375 | 05/01/27 | 1,145 | 1,029,387 |
10
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Media (cont’d.) | |||||
iHeartCommunications, Inc., (cont’d.) | |||||
Sr. Sec’d. Notes | 6.375 % | 05/01/26 | 1,665 | $1,582,806 | |
Midcontinent Communications/Midcontinent Finance Corp., Gtd. Notes, 144A | 5.375 | 08/15/27 | 2,010 | 1,829,293 | |
Nexstar Media, Inc., Gtd. Notes, 144A | 5.625 | 07/15/27 | 1,500 | 1,412,044 | |
Radiate Holdco LLC/Radiate Finance, Inc., Sr. Sec’d. Notes, 144A(aa) | 4.500 | 09/15/26 | 3,350 | 2,860,400 | |
Sinclair Television Group, Inc., Gtd. Notes, 144A | 5.125 | 02/15/27 | 400 | 335,922 | |
Univision Communications, Inc., Sr. Sec’d. Notes, 144A(aa) | 5.125 | 02/15/25 | 5,985 | 5,781,078 | |
Videotron Ltd. (Canada), Gtd. Notes, 144A(aa) | 5.375 | 06/15/24 | 3,214 | 3,192,948 | |
47,880,087 | |||||
Mining 2.5% | |||||
Constellium SE, Gtd. Notes, 144A | 5.875 | 02/15/26 | 2,250 | 2,089,687 | |
First Quantum Minerals Ltd. (Zambia), | |||||
Gtd. Notes, 144A | 6.500 | 03/01/24 | 500 | 487,750 | |
Gtd. Notes, 144A | 7.500 | 04/01/25 | 2,280 | 2,195,640 | |
Hudbay Minerals, Inc. (Canada), Gtd. Notes, 144A | 4.500 | 04/01/26 | 2,920 | 2,557,978 | |
New Gold, Inc. (Canada), Gtd. Notes, 144A | 7.500 | 07/15/27 | 600 | 517,313 | |
Novelis Corp., Gtd. Notes, 144A | 3.250 | 11/15/26 | 2,945 | 2,593,110 | |
10,441,478 | |||||
Miscellaneous Manufacturing 0.3% | |||||
Amsted Industries, Inc., Gtd. Notes, 144A | 5.625 | 07/01/27 | 1,300 | 1,207,466 | |
Office/Business Equipment 1.0% | |||||
CDW LLC/CDW Finance Corp., Gtd. Notes(aa) | 4.125 | 05/01/25 | 4,282 | 4,071,077 |
11
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Oil & Gas 4.8% | |||||
Aethon United BR LP/Aethon United Finance Corp., Sr. Unsec’d. Notes, 144A | 8.250 % | 02/15/26 | 850 | $867,334 | |
Ascent Resources Utica Holdings LLC/ARU Finance Corp., Gtd. Notes, 144A | 7.000 | 11/01/26 | 3,000 | 2,955,593 | |
Athabasca Oil Corp. (Canada), Sec’d. Notes, 144A | 9.750 | 11/01/26 | 1,635 | 1,737,188 | |
Chesapeake Energy Corp., Gtd. Notes, 144A | 5.500 | 02/01/26 | 2,936 | 2,841,917 | |
CNX Resources Corp., Gtd. Notes, 144A | 7.250 | 03/14/27 | 325 | 322,437 | |
Endeavor Energy Resources LP/EER Finance, Inc., Sr. Unsec’d. Notes, 144A | 5.750 | 01/30/28 | 600 | 584,125 | |
MEG Energy Corp. (Canada), Gtd. Notes, 144A | 7.125 | 02/01/27 | 800 | 814,040 | |
Nabors Industries, Inc., Gtd. Notes, 144A | 7.375 | 05/15/27 | 900 | 886,766 | |
Occidental Petroleum Corp., Sr. Unsec’d. Notes | 5.875 | 09/01/25 | 2,425 | 2,446,786 | |
Parkland Corp. (Canada), Gtd. Notes, 144A | 5.875 | 07/15/27 | 975 | 924,807 | |
Preem Holdings AB (Sweden), Sr. Unsec’d. Notes, 144A | 12.000 | 06/30/27 | EUR | 1,000 | 1,037,663 |
Range Resources Corp., | |||||
Gtd. Notes | 4.875 | 05/15/25 | 500 | 482,794 | |
Gtd. Notes | 5.000 | 03/15/23 | 2,000 | 1,995,718 | |
Southwestern Energy Co., Gtd. Notes | 8.375 | 09/15/28 | 900 | 934,119 | |
Sunoco LP/Sunoco Finance Corp., Gtd. Notes | 6.000 | 04/15/27 | 1,200 | 1,175,716 | |
20,007,003 | |||||
Packaging & Containers 1.4% | |||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., | |||||
Sr. Sec’d. Notes, 144A | 4.125 | 08/15/26 | 525 | 451,500 | |
Sr. Unsec’d. Notes, 144A | 5.250 | 08/15/27 | 1,325 | 915,840 | |
Graham Packaging Co., Inc., Gtd. Notes, 144A | 7.125 | 08/15/28 | 500 | 410,656 |
12
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Packaging & Containers (cont’d.) | |||||
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada), Sr. Sec’d. Notes, 144A | 6.000 % | 09/15/28 | 1,700 | $1,275,000 | |
LABL, Inc., | |||||
Sr. Sec’d. Notes, 144A | 6.750 | 07/15/26 | 250 | 238,403 | |
Sr. Unsec’d. Notes, 144A | 10.500 | 07/15/27 | 1,000 | 916,183 | |
Owens-Brockway Glass Container, Inc., Gtd. Notes, 144A | 6.625 | 05/13/27 | 299 | 285,930 | |
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC, Sr. Sec’d. Notes, 144A | 4.000 | 10/15/27 | 225 | 199,127 | |
Trident TPI Holdings, Inc., Gtd. Notes, 144A | 9.250 | 08/01/24 | 1,000 | 934,950 | |
5,627,589 | |||||
Pharmaceuticals 1.8% | |||||
AdaptHealth LLC, Gtd. Notes, 144A | 6.125 | 08/01/28 | 1,550 | 1,434,817 | |
Bausch Health Americas, Inc., Gtd. Notes, 144A | 8.500 | 01/31/27 | 7,909 | 3,557,643 | |
P&L Development LLC/PLD Finance Corp., Sr. Sec’d. Notes, 144A(aa) | 7.750 | 11/15/25 | 3,414 | 2,640,833 | |
7,633,293 | |||||
Pipelines 2.3% | |||||
Antero Midstream Partners LP/Antero Midstream Finance Corp., | |||||
Gtd. Notes, 144A | 5.750 | 03/01/27 | 175 | 166,618 | |
Gtd. Notes, 144A | 7.875 | 05/15/26 | 2,525 | 2,574,210 | |
EQM Midstream Partners LP, Sr. Unsec’d. Notes, 144A | 6.000 | 07/01/25 | 505 | 489,486 | |
Global Partners LP/GLP Finance Corp., Gtd. Notes | 7.000 | 08/01/27 | 750 | 719,300 | |
Rockies Express Pipeline LLC, Sr. Unsec’d. Notes, 144A | 3.600 | 05/15/25 | 475 | 440,675 | |
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | |||||
Gtd. Notes, 144A | 6.000 | 03/01/27 | 1,384 | 1,314,218 |
13
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Pipelines (cont’d.) | |||||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., (cont’d.) | |||||
Gtd. Notes, 144A | 7.500 % | 10/01/25 | 1,500 | $1,519,316 | |
Western Midstream Operating LP, | |||||
Sr. Unsec’d. Notes | 3.350(cc) | 02/01/25 | 2,100 | 1,996,118 | |
Sr. Unsec’d. Notes | 3.950 | 06/01/25 | 500 | 475,078 | |
9,695,019 | |||||
Real Estate 1.1% | |||||
Five Point Operating Co. LP/Five Point Capital Corp., Gtd. Notes, 144A | 7.875 | 11/15/25 | 3,025 | 2,524,005 | |
Greystar Real Estate Partners LLC, Sr. Sec’d. Notes, 144A | 5.750 | 12/01/25 | 100 | 96,911 | |
Howard Hughes Corp. (The), Gtd. Notes, 144A | 5.375 | 08/01/28 | 2,372 | 2,045,707 | |
4,666,623 | |||||
Real Estate Investment Trusts (REITs) 3.9% | |||||
Diversified Healthcare Trust, Gtd. Notes(aa) | 9.750 | 06/15/25 | 2,934 | 2,771,504 | |
MPT Operating Partnership LP/MPT Finance Corp., Gtd. Notes | 5.000 | 10/15/27 | 1,900 | 1,624,531 | |
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, Sr. Sec’d. Notes, 144A | 7.500 | 06/01/25 | 2,750 | 2,757,233 | |
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, Sr. Sec’d. Notes, 144A(aa) | 7.875 | 02/15/25 | 8,425 | 8,347,950 | |
VICI Properties LP/VICI Note Co., Inc., Gtd. Notes, 144A | 4.500 | 09/01/26 | 901 | 823,905 | |
16,325,123 | |||||
Retail 2.1% | |||||
At Home Group, Inc., Sr. Sec’d. Notes, 144A | 4.875 | 07/15/28 | 100 | 72,653 | |
Brinker International, Inc., | |||||
Gtd. Notes, 144A | 5.000 | 10/01/24 | 725 | 700,868 | |
Sr. Unsec’d. Notes | 3.875 | 05/15/23 | 1,800 | 1,779,935 |
14
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Retail (cont’d.) | |||||
eG Global Finance PLC (United Kingdom), | |||||
Sr. Sec’d. Notes | 4.375 % | 02/07/25 | EUR | 200 | $169,094 |
Sr. Sec’d. Notes | 6.250 | 10/30/25 | EUR | 308 | 262,305 |
Sr. Sec’d. Notes, 144A | 6.750 | 02/07/25 | 1,325 | 1,202,438 | |
Sr. Sec’d. Notes, 144A(aa) | 8.500 | 10/30/25 | 4,910 | 4,506,742 | |
Ferrellgas LP/Ferrellgas Finance Corp., Sr. Unsec’d. Notes, 144A (original cost $158,813; purchased 08/25/22)(f) | 5.375 | 04/01/26 | 175 | 158,819 | |
8,852,854 | |||||
Semiconductors 0.8% | |||||
Microchip Technology, Inc., Gtd. Notes(aa) | 4.250 | 09/01/25 | 3,630 | 3,461,430 | |
Software 2.3% | |||||
Boxer Parent Co., Inc., Sr. Sec’d. Notes, 144A(aa) | 7.125 | 10/02/25 | 2,000 | 1,968,725 | |
Camelot Finance SA, Sr. Sec’d. Notes, 144A(aa) | 4.500 | 11/01/26 | 5,720 | 5,376,800 | |
SS&C Technologies, Inc., Gtd. Notes, 144A | 5.500 | 09/30/27 | 2,500 | 2,323,436 | |
9,668,961 | |||||
Telecommunications 6.2% | |||||
Altice France SA (France), Sr. Sec’d. Notes, 144A | 8.125 | 02/01/27 | 2,820 | 2,575,365 | |
Digicel International Finance Ltd./Digicel International Holdings Ltd. (Jamaica), | |||||
Gtd. Notes, 144A, Cash coupon 6.000% and PIK 7.000% | 13.000 | 12/31/25 | 1,663 | 1,114,261 | |
Sr. Sec’d. Notes, 144A | 8.750 | 05/25/24 | 600 | 508,740 | |
Sr. Sec’d. Notes, 144A | 8.750 | 05/25/24 | 3,160 | 2,676,717 | |
Digicel Ltd. (Jamaica), Gtd. Notes, 144A | 6.750 | 03/01/23 | 1,000 | 530,000 | |
Iliad Holding SASU (France), Sr. Sec’d. Notes, 144A | 6.500 | 10/15/26 | 1,575 | 1,455,709 | |
Level 3 Financing, Inc., Sr. Sec’d. Notes, 144A | 3.400 | 03/01/27 | 1,200 | 1,034,457 |
15
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Telecommunications (cont’d.) | |||||
Quebecor Media, Inc. (Canada), Sr. Unsec’d. Notes | 5.750 % | 01/15/23 | 1,795 | $1,786,025 | |
Sprint Corp., | |||||
Gtd. Notes | 7.625 | 02/15/25 | 2,030 | 2,096,069 | |
Gtd. Notes(aa) | 7.625 | 03/01/26 | 5,150 | 5,365,871 | |
Viasat, Inc., | |||||
Sr. Sec’d. Notes, 144A | 5.625 | 04/15/27 | 550 | 508,368 | |
Sr. Unsec’d. Notes, 144A(aa) | 5.625 | 09/15/25 | 3,460 | 3,189,029 | |
Zayo Group Holdings, Inc., Sr. Sec’d. Notes, 144A(aa) | 4.000 | 03/01/27 | 3,720 | 2,873,132 | |
25,713,743 | |||||
Transportation 0.5% | |||||
XPO Escrow Sub LLC, Sr. Unsec’d. Notes, 144A | 7.500 | 11/15/27 | 275 | 274,467 | |
XPO Logistics, Inc., Gtd. Notes, 144A | 6.250 | 05/01/25 | 1,603 | 1,620,813 | |
1,895,280 | |||||
Trucking & Leasing 0.2% | |||||
Fortress Transportation & Infrastructure Investors LLC, Sr. Unsec’d. Notes, 144A | 5.500 | 05/01/28 | 850 | 725,551 | |
Total Corporate Bonds (cost $430,377,152) | 385,602,046 | ||||
Floating Rate and other Loans 9.9% | |||||
Airlines 0.6% | |||||
United Airlines, Inc., Class B Term Loan, 3 Month LIBOR + 3.750% | 8.108(c) | 04/21/28 | 2,648 | 2,578,747 |
16
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and other Loans (Continued) | |||||
Chemicals 0.3% | |||||
Diamond BC BV, Term Loan B, 3 Month LIBOR + 2.750% | 7.165 %(c) | 09/29/28 | 1,390 | $1,296,751 | |
TPC Group, Inc., Term Loan^ | —(p) | 03/01/23 | 14 | 14,480 | |
1,311,231 | |||||
Commercial Services 0.7% | |||||
Cimpress PLC, Tranche B-1 Term Loan, 1 Month LIBOR + 3.500% | 7.254(c) | 05/17/28 | 988 | 807,281 | |
Trans Union LLC, 2021 Incremental Term B-6 Loan, 1 Month LIBOR + 2.250% | 6.004(c) | 12/01/28 | 1,123 | 1,103,956 | |
Verscend Holding Corp., New Term Loan B, 1 Month LIBOR + 4.000% | 7.754(c) | 08/27/25 | 987 | 971,678 | |
2,882,915 | |||||
Electric 0.2% | |||||
Heritage Power LLC, Term Loan B, 3 Month LIBOR + 6.000% | 10.415(c) | 07/30/26 | 2,534 | 812,065 | |
Entertainment 0.6% | |||||
Golden Entertainment, Inc., Term B Facility Loan (First Lien), 1 Month LIBOR + 3.000% | 6.600(c) | 10/21/24 | 2,332 | 2,308,290 | |
Insurance 0.2% | |||||
Asurion LLC, New B-9 Term Loan, 1 Month LIBOR + 3.250% | 7.004(c) | 07/31/27 | 1,010 | 887,629 | |
Packaging & Containers 0.8% | |||||
Trident TPI Holdings, Inc., | |||||
First Lien Tranche B-3 Delayed Draw Term Loan, 3 Month LIBOR + 4.000% | 7.674(c) | 09/15/28 | 35 | 32,924 | |
First Lien Tranche B-3 Initial Term Loan, 3 Month LIBOR + 4.000% | 7.674(c) | 09/15/28 | 390 | 369,257 | |
Tranche B-1 Term Loan, 3 Month LIBOR + 3.250% | 6.924(c) | 10/17/24 | 2,863 | 2,810,675 | |
3,212,856 |
17
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and other Loans (Continued) | |||||
Retail 0.5% | |||||
LBM Acquisition LLC, First Lien Initial Term Loan, 1 Month LIBOR + 3.750% | 7.121 %(c) | 12/17/27 | 1,234 | $1,052,681 | |
White Cap Buyer LLC, Term Loan, 1 Month LIBOR + 3.750% | 7.479(c) | 10/19/27 | 891 | 842,004 | |
1,894,685 | |||||
Software 3.3% | |||||
athenahealth, Inc., Initial Term Loan, 1 Month SOFR + 3.500% | 6.967(c) | 02/15/29 | 1,578 | 1,432,957 | |
Boxer Parent Co., Inc., | |||||
2021 Replacement Dollar Term Loan, 1 Month LIBOR + 3.750% | 7.504(c) | 10/02/25 | 4,358 | 4,182,453 | |
Second Lien Incremental Term Loan, 1 Month LIBOR + 5.500% | 9.254(c) | 02/27/26 | 150 | 136,406 | |
Dun & Bradstreet Corp., Term Loan B, 1 Month LIBOR + 3.250% | 6.846(c) | 02/06/26 | 3,721 | 3,656,323 | |
Finastra USA, Inc., First Lien Dollar Term Loan, 6 Month LIBOR + 3.500% | 6.871(c) | 06/13/24 | 3,527 | 3,180,153 | |
Rackspace Technology Global, Inc., Term B Loan, 3 Month LIBOR + 2.750% | 5.617(c) | 02/15/28 | 450 | 284,296 | |
Skillsoft Finance II, Inc., Initial Term Loan, 1 Month SOFR + 5.364% | 8.473(c) | 07/14/28 | 1,233 | 1,010,072 | |
13,882,660 | |||||
Telecommunications 2.7% | |||||
Intelsat Jackson Holdings SA (Luxembourg), Term B Loan, 6 Month SOFR + 4.500% | 7.445(c) | 02/01/29 | 2,848 | 2,736,532 | |
MLN US Holdco LLC, | |||||
Term Loan, 3 Month LIBOR + 6.440% | 10.894(c) | 10/18/27 | 21 | 20,374 | |
Term Loan, 3 Month LIBOR + 6.800% | 11.254(c) | 10/18/27 | 48 | 43,361 | |
Term Loan, 3 Month LIBOR + 8.750% | 12.502(c) | 10/18/27 | 4 | 3,200 | |
Viasat, Inc., Initial Term Loan, 1 Month SOFR + 4.614%^ | 8.343(c) | 03/02/29 | 1,450 | 1,348,603 |
18
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and other Loans (Continued) | |||||
Telecommunications (cont’d.) | |||||
West Corp., Initial Term B Loan, 3 Month LIBOR + 4.000% | 8.415 %(c) | 10/10/24 | 5,609 | $4,910,536 | |
Xplornet Communications, Inc. (Canada), First Lien Refinancing Term Loan, 1 Month LIBOR + 4.000% | 7.754(c) | 10/02/28 | 2,534 | 2,173,248 | |
11,235,854 | |||||
Total Floating Rate and other Loans (cost $45,388,054) | 41,006,932 |
Units | |||||
Warrants* 0.0% | |||||
Chemicals | |||||
TPC Group, Inc., expiring 08/01/24^ (cost $0) | 104,385 | 10 | |||
Total Long-Term Investments (cost $504,443,906) | 455,084,414 |
Shares | |||||
Short-Term Investment 19.7% | |||||
Unaffiliated Fund | |||||
Dreyfus Government Cash Management (Institutional Shares) (cost $81,350,228) | 81,350,228 | 81,350,228 | |||
TOTAL INVESTMENTS 129.6% (cost $585,794,134) | 536,434,642 | ||||
Liabilities in excess of other assets(z) (29.6)% | (122,490,951) | ||||
Net Assets 100.0% | $413,943,691 |
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings: |
EUR | Euro |
19
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2022
GBP | British Pound |
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. |
CDX | Credit Derivative Index |
CLO | Collateralized Loan Obligation |
LIBOR | London Interbank Offered Rate |
LP | Limited Partnership |
PIK | Payment-in-Kind |
REITs | Real Estate Investment Trust |
SOFR | Secured Overnight Financing Rate |
* | Non-income producing security. |
# | Principal or notional amount is shown in U.S. dollars unless otherwise stated. |
^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $1,363,093 and 0.3% of net assets. |
(aa) | Represents security, or a portion thereof, with aggregate value of $164,553,989 segregated as collateral for amount of $125,000,000 borrowed and outstanding as of October 31, 2022. |
(c) | Variable rate instrument. The interest rate shown reflects the rate in effect at October 31, 2022. |
(cc) | Variable rate instrument. The rate shown is based on the latest available information as of October 31, 2022. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
(d) | Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity. |
(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 $4,361,693. The aggregate value of $2,403,824 is 0.6% of net assets. |
(p) | Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end. |
(z) | Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments: |
Unfunded loan commitments outstanding at October 31, 2022:
Borrower | Principal Amount (000)# | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||
athenahealth, Inc., Term Loan, 1 Month LIBOR + 3.500%, 3.500%(c), Maturity Date 02/15/29 (cost $268,116) | 268 | $243,483 | $24,633 | $— | ||||
Trident TPI Holdings, Inc., First Lien Tranche B-3 Delayed Draw Term Loan, 1 Month LIBOR + 4.000%, 4.000%(c), Maturity Date 09/15/28 (cost $20,795) | 21 | 19,681 | 1,114 | — | ||||
$263,164 | $25,747 | $— |
20
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2022
Forward foreign currency exchange contracts outstanding at October 31, 2022:
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||
OTC Forward Foreign Currency Exchange Contracts: | |||||||||||||
British Pound, | |||||||||||||
Expiring 11/02/22 | BNP | GBP | 534 | $604,583 | $612,423 | $7,840 | $— | ||||||
Euro, | |||||||||||||
Expiring 11/02/22 | BNP | EUR | 1,465 | 1,454,762 | 1,447,767 | — | (6,995) | ||||||
$2,059,345 | $2,060,190 | 7,840 | (6,995) |
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||
OTC Forward Foreign Currency Exchange Contracts: | |||||||||||||
British Pound, | |||||||||||||
Expiring 11/02/22 | JPM | GBP | 534 | $577,902 | $612,423 | $— | $(34,521) | ||||||
Expiring 12/02/22 | BNP | GBP | 534 | 605,023 | 612,952 | — | (7,929) | ||||||
Euro, | |||||||||||||
Expiring 11/02/22 | BOA | EUR | 1,465 | 1,414,915 | 1,447,767 | — | (32,852) | ||||||
Expiring 12/02/22 | BNP | EUR | 1,465 | 1,457,854 | 1,450,960 | 6,894 | — | ||||||
$4,055,694 | $4,124,102 | 6,894 | (75,302) | ||||||||||
$14,734 | $(82,297) |
Credit default swap agreement outstanding at October 31, 2022:
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Value at Trade Date | Value at October 31, 2022 | Unrealized Appreciation (Depreciation) | ||||||||
Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1): | ||||||||||||||
CDX.NA.IG.39.V1 | 12/20/32 | 1.000%(Q) | 5,450 | $128,010 | $96,000 | $(32,010) |
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at October 31, 2022(4) | Value at Trade Date | Value at October 31, 2022 | Unrealized Appreciation (Depreciation) | ||||||||
Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2): | |||||||||||||||
CDX.NA.HY.38.V2 | 06/20/27 | 5.000%(Q) | 52,826 | 4.795% | $(1,266,162) | $703,346 | $1,969,508 |
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.
21
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2022
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. |
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).
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