PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Long-Term Investments 95.1% | |||||
Bank Loans 5.8% | |||||
Airlines 0.5% | |||||
AAdvantage Loyalty IP Ltd., Initial Term Loan, 3 Month LIBOR + 4.750% | 5.500 %(c) | 04/20/28 | 41,383 | $42,631,524 | |
United Airlines, Inc., Class B Term Loan, 3 Month LIBOR + 3.750% | 4.500(c) | 04/21/28 | 70,147 | 70,673,103 | |
113,304,627 | |||||
Auto Manufacturers 0.1% | |||||
Navistar, Inc., Tranche B Term Loan, 3 Month LIBOR + 3.500% | 3.610(c) | 11/06/24 | 15,401 | 15,391,551 | |
Chemicals 0.4% | |||||
Hexion, Inc., Senior Secured Term B Loan, 3 Month LIBOR + 3.500% | 3.710(c) | 07/01/26 | 9,545 | 9,521,419 | |
PQ Corp., New Term Loan, 3 Month LIBOR + 3.000% | 4.000(c) | 02/07/27 | 1,002 | 1,000,612 | |
Solenis International LP, | |||||
First Lien Initial Dollar Term Loan, 3 Month LIBOR + 4.000% | 4.162(c) | 06/26/25 | 26,724 | 26,694,816 | |
Second Lien Initial Term Loan, 3 Month LIBOR + 8.500% | 8.635(c) | 06/26/26 | 54,684 | 54,547,672 | |
91,764,519 | |||||
Commercial Services 0.1% | |||||
MPH Acquisition Holdings LLC, Initial Term Loan, 3 Month LIBOR + 2.750% | 3.750(c) | 06/07/23 | 13,486 | 13,469,495 | |
Verscend Holding Corp., New Term Loan B, 1 Month LIBOR + 4.000% | 4.093(c) | 08/27/25 | 21,187 | 21,202,363 | |
34,671,858 | |||||
Computers 0.6% | |||||
Everi Payments, Inc., Term Loan, 1 Month LIBOR + 10.500%^ | 11.500(c) | 05/09/24 | 4,193 | 4,361,045 |
1
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Bank Loans (Continued) | |||||
Computers (cont’d.) | |||||
McAfee LLC, Term B USD Loan, 1 Month LIBOR + 3.750% | 3.843 %(c) | 09/30/24 | 68,045 | $68,054,814 | |
Peraton Corp., First Lien Term B Loan, 1 Month LIBOR + 3.750% | 4.500(c) | 02/01/28 | 71,620 | 71,683,957 | |
144,099,816 | |||||
Electric 0.2% | |||||
Heritage Power LLC, Term Loan B, 1 - 3 Month LIBOR + 6.000% | 7.000(c) | 07/30/26 | 37,203 | 34,768,870 | |
PG&E Corp., Term Loan B, 3 Month LIBOR + 3.000% | 3.500(c) | 06/23/25 | 3,340 | 3,316,091 | |
38,084,961 | |||||
Electronics 0.1% | |||||
Tiger Merger Sub Co., Non-FILO Term Loan, 1 Month LIBOR + 3.500% | 3.593(c) | 06/30/25 | 21,965 | 21,997,572 | |
Engineering & Construction 0.1% | |||||
Landry’s Finance Acquisition Co., 2020 Initial Term Loan, 3 Month LIBOR + 12.000%^ | 13.000(c) | 10/06/23 | 21,265 | 23,604,217 | |
Entertainment 0.3% | |||||
Golden Entertainment, Inc., Term B Facility Loan (First Lien), 1 Month LIBOR + 3.000% | 3.750(c) | 10/21/24 | 12,183 | 12,092,025 | |
Scientific Games International, Inc., Initial Term B-5 Loan, 1 Month LIBOR + 2.750% | 2.843(c) | 08/14/24 | 30,657 | 30,324,664 | |
Twin River Worldwide Holdings, Inc., Term B-1 Facility Loan, 3 Month LIBOR + 8.000%^ | 9.000(c) | 05/11/26 | 14,441 | 15,307,327 | |
57,724,016 | |||||
Insurance 0.1% | |||||
Asurion LLC, | |||||
New B-8 Term Loan, 1 Month LIBOR + 3.250% | 3.343(c) | 12/23/26 | 3,793 | 3,773,933 | |
New B-9 Term Loan, 1 Month LIBOR + 3.250% | 3.343(c) | 07/31/27 | 7,375 | 7,338,125 | |
Replacement B-6 Term Loan, 1 Month LIBOR + 3.000% | 3.093(c) | 11/03/23 | 4,839 | 4,825,806 | |
Second Lien Term Loan B3, 1 Month LIBOR + 5.250% | 5.343(c) | 01/31/28 | 2,850 | 2,879,688 | |
18,817,552 |
2
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Bank Loans (Continued) | |||||
Media 0.2% | |||||
Diamond Sports Group LLC, Term Loan, 1 Month LIBOR + 3.250% | 3.350 %(c) | 08/24/26 | 7,280 | $5,201,560 | |
iHeartCommunications, Inc., | |||||
New Term Loan, 1 Month LIBOR + 3.000% | 3.093(c) | 05/01/26 | 17,316 | 17,129,626 | |
Second Amendment Incremental Term Loan, 1 Month LIBOR + 4.000% | 4.750(c) | 05/01/26 | 26,734 | 26,444,644 | |
Radiate Holdco LLC, Term B Loan, 1 Month LIBOR + 3.500% | 4.250(c) | 09/25/26 | 1,118 | 1,119,029 | |
49,894,859 | |||||
Oil & Gas 0.4% | |||||
Ascent Resources Utica Holdings LLC, Second Lien Term Loan, 3 Month LIBOR + 9.000% | 10.000(c) | 11/01/25 | 58,174 | 64,136,835 | |
Citgo Holding, Inc., Term Loan, 3 Month LIBOR + 7.000% | 8.000(c) | 08/01/23 | 18,290 | 18,106,676 | |
Citgo Petroleum Corp., 2019 Incremental Term B Loan, 3 Month LIBOR + 6.250% | 7.250(c) | 03/28/24 | 15,973 | 15,993,318 | |
98,236,829 | |||||
Pharmaceuticals 0.1% | |||||
Milano Acquisition Corp., Term B Loan, 3 Month LIBOR + 4.000% | 4.750(c) | 10/01/27 | 25,393 | 25,408,433 | |
Retail 0.3% | |||||
EG America LLC, Project Becker Additional Facility, 3 Month LIBOR + 4.250% | 4.750(c) | 03/31/26 | 14,260 | 14,182,754 | |
Great Outdoors Group, LLC, Term B-1 Loan, 6 Month LIBOR + 4.250% | 5.000(c) | 03/06/28 | 51,571 | 51,931,745 | |
Serta Simmons Bedding LLC, New Money Facility 2016, 1 Month LIBOR + 7.500% | 8.500(c) | 08/10/23 | 5,139 | 5,169,155 | |
71,283,654 | |||||
Software 1.3% | |||||
Boxer Parent Co., Inc., 2021 Replacement Dollar Term Loan, 1 Month LIBOR + 3.750% | 3.843(c) | 10/02/25 | 16,996 | 16,904,275 | |
BY Crown Parent LLC, Additional B-1 Term Loan, 1 Month LIBOR + 3.000% | 4.000(c) | 02/02/26 | 2,989 | 2,981,588 |
3
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Bank Loans (Continued) | |||||
Software (cont’d.) | |||||
Camelot Co. (Luxembourg), Amendment No. 2 Incremental Term Loans, 1 Month LIBOR + 3.000% | 4.000 %(c) | 10/30/26 | 21,446 | $21,446,250 | |
Championx Holding, Inc., Dollar Term Loan (Second Lien), 1 - 6 Month LIBOR + 7.250% | 8.250(c) | 06/13/25 | 30,459 | 30,801,696 | |
Dun & Bradstreet Corp, Term Loan B, 1 Month LIBOR + 3.250% | 3.340(c) | 02/06/26 | 41,015 | 40,882,729 | |
Finastra USA, Inc., First Lien Dollar Term Loan, 3 Month LIBOR + 3.500% | 4.500(c) | 06/13/24 | 24,887 | 24,558,407 | |
Greeneden US Holdings II LLC, B-4 Dollar Term Loan, 1 Month LIBOR + 4.000% | 4.750(c) | 12/01/27 | 19,032 | 19,067,985 | |
Informatica LLC, | |||||
Dollar 2020 Term Loan, 1 Month LIBOR + 3.250% | 3.343(c) | 02/25/27 | 10,425 | 10,362,599 | |
Second Lien Initial Loan | 7.125 | 02/25/25 | 13,375 | 13,642,500 | |
Rackspace Technology Global, Inc., Term B Loan, 3 Month LIBOR + 2.750% | 3.500(c) | 02/15/28 | 21,800 | 21,693,485 | |
TIBCO Software, Inc., | |||||
Second Lien Term Loan, 1 Month LIBOR + 7.250% | 7.350(c) | 03/03/28 | 31,797 | 32,220,982 | |
Term Loan B-3, 1 Month LIBOR + 3.750% | 3.850(c) | 06/30/26 | 50,384 | 50,094,065 | |
284,656,561 | |||||
Telecommunications 1.0% | |||||
Crown Subsea Communications Holding, Inc., Initial Term Loan, 3 Month LIBOR + 5.000% | 5.750(c) | 04/27/27 | 9,974 | 9,998,495 | |
Digicel International Finance Ltd. (Saint Lucia), First Lien Initial Term B Loan, 6 Month LIBOR + 3.250% | 3.430(c) | 05/27/24 | 10,447 | 10,006,582 | |
Intelsat Jackson Holdings SA (Luxembourg), | |||||
SuperPriority Secured DIP Term Loan, 3 Month LIBOR + 5.500% | 6.500(c) | 07/13/22 | 22,909 | 23,092,223 | |
Tranche B-3 Term Loan, PRIME + 4.750% | 8.000(c) | 11/27/23 | 14,105 | 14,313,608 | |
Tranche B-5 Term Loan | 8.625 | 01/02/24 | 14,070 | 14,301,564 | |
Iridium Satellite LLC, Term B-1 Loan, 1 Month LIBOR + 2.750% | 3.750(c) | 11/04/26 | 5,665 | 5,677,794 | |
West Corp., Initial Term B Loan, 1 - 3 Month LIBOR + 4.000% | 5.000(c) | 10/10/24 | 71,369 | 69,391,649 |
4
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Bank Loans (Continued) | |||||
Telecommunications (cont’d.) | |||||
Windstream Services LLC, Initial Term Loan, 1 Month LIBOR + 6.250% | 7.250 %(c) | 09/21/27 | 6,307 | $6,316,722 | |
Xplornet Communications, Inc. (Canada), Initial Term Loan, 1 Month LIBOR + 4.750% | 4.843(c) | 06/10/27 | 69,055 | 69,108,632 | |
222,207,269 | |||||
Total Bank Loans (cost $1,283,645,018) | 1,311,148,294 | ||||
Convertible Bond 0.0% | |||||
Telecommunications | |||||
Digicel Group Holdings Ltd. (Jamaica), Sub. Notes, 144A, Cash coupon 7.000% or PIK N/A (cost $793,686) | 7.000 | 06/14/21(oo) | 11,198 | 8,398,272 | |
Corporate Bonds 86.7% | |||||
Advertising 0.6% | |||||
Lamar Media Corp., Gtd. Notes, 144A | 3.625 | 01/15/31 | 7,425 | 7,159,377 | |
National CineMedia LLC, | |||||
Sr. Sec’d. Notes, 144A(a) | 5.875 | 04/15/28 | 14,828 | 14,155,234 | |
Sr. Unsec’d. Notes(a) | 5.750 | 08/15/26 | 20,190 | 17,713,107 | |
Terrier Media Buyer, Inc., Gtd. Notes, 144A(a) | 8.875 | 12/15/27 | 91,800 | 98,493,355 | |
137,521,073 | |||||
Aerospace & Defense 1.6% | |||||
Boeing Co. (The), | |||||
Sr. Unsec’d. Notes | 5.150 | 05/01/30 | 71,301 | 83,713,311 | |
Sr. Unsec’d. Notes | 5.805 | 05/01/50 | 87,655 | 113,355,971 | |
Sr. Unsec’d. Notes | 5.930 | 05/01/60 | 33,726 | 44,188,120 | |
Spirit AeroSystems, Inc., Sec’d. Notes, 144A(a) | 7.500 | 04/15/25 | 27,900 | 29,784,336 | |
SSL Robotics LLC, Sr. Sec’d. Notes, 144A | 9.750 | 12/31/23 | 27,000 | 29,843,264 | |
TransDigm UK Holdings PLC, Gtd. Notes | 6.875 | 05/15/26 | 4,875 | 5,143,158 | |
TransDigm, Inc., | |||||
Gtd. Notes(a) | 5.500 | 11/15/27 | 26,793 | 27,814,695 |
5
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Aerospace & Defense (cont’d.) | |||||
TransDigm, Inc., (cont’d.) | |||||
Gtd. Notes | 6.375 % | 06/15/26 | 9,977 | $10,329,895 | |
Gtd. Notes, 144A(a) | 4.625 | 01/15/29 | 25,375 | 25,060,619 | |
369,233,369 | |||||
Agriculture 0.3% | |||||
Vector Group Ltd., | |||||
Gtd. Notes, 144A | 10.500 | 11/01/26 | 8,053 | 8,554,284 | |
Sr. Sec’d. Notes, 144A | 5.750 | 02/01/29 | 59,900 | 60,529,556 | |
69,083,840 | |||||
Airlines 0.7% | |||||
American Airlines, Inc., Sr. Sec’d. Notes, 144A | 11.750 | 07/15/25 | 10,175 | 12,775,375 | |
American Airlines, Inc./AAdvantage Loyalty IP Ltd., | |||||
Sr. Sec’d. Notes, 144A | 5.500 | 04/20/26 | 3,600 | 3,802,617 | |
Sr. Sec’d. Notes, 144A | 5.750 | 04/20/29 | 51,800 | 55,423,662 | |
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., Sr. Sec’d. Notes, 144A(a) | 5.750 | 01/20/26 | 18,375 | 19,524,150 | |
United Airlines, Inc., | |||||
Sr. Sec’d. Notes, 144A | 4.375 | 04/15/26 | 50,397 | 52,238,892 | |
Sr. Sec’d. Notes, 144A | 4.625 | 04/15/29 | 18,910 | 19,584,000 | |
163,348,696 | |||||
Apparel 0.3% | |||||
Hanesbrands, Inc., Gtd. Notes, 144A(a) | 5.375 | 05/15/25 | 9,255 | 9,754,390 | |
Levi Strauss & Co., Sr. Unsec’d. Notes(a) | 5.000 | 05/01/25 | 910 | 928,728 | |
William Carter Co. (The), | |||||
Gtd. Notes, 144A | 5.500 | 05/15/25 | 23,166 | 24,444,765 | |
Gtd. Notes, 144A | 5.625 | 03/15/27 | 8,715 | 9,130,121 | |
Wolverine World Wide, Inc., | |||||
Gtd. Notes, 144A | 5.000 | 09/01/26 | 13,320 | 13,620,291 | |
Gtd. Notes, 144A | 6.375 | 05/15/25 | 12,375 | 13,190,087 | |
71,068,382 |
6
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Auto Manufacturers 2.5% | |||||
Allison Transmission, Inc., | |||||
Gtd. Notes, 144A(a) | 3.750 % | 01/30/31 | 5,150 | $4,948,040 | |
Sr. Unsec’d. Notes, 144A | 4.750 | 10/01/27 | 2,263 | 2,370,326 | |
Sr. Unsec’d. Notes, 144A(a) | 5.875 | 06/01/29 | 10,500 | 11,418,034 | |
Ford Holdings LLC, Gtd. Notes | 9.300 | 03/01/30 | 1,900 | 2,502,326 | |
Ford Motor Co., | |||||
Sr. Unsec’d. Notes | 4.750 | 01/15/43 | 138,490 | 140,145,197 | |
Sr. Unsec’d. Notes(a) | 5.291 | 12/08/46 | 95,963 | 102,362,289 | |
Sr. Unsec’d. Notes | 7.400 | 11/01/46 | 7,450 | 9,313,468 | |
Sr. Unsec’d. Notes | 7.500 | 08/01/26 | 400 | 467,023 | |
Sr. Unsec’d. Notes | 8.500 | 04/21/23 | 2,475 | 2,763,527 | |
Sr. Unsec’d. Notes | 8.900 | 01/15/32 | 2,700 | 3,609,017 | |
Sr. Unsec’d. Notes | 9.000 | 04/22/25 | 61,200 | 74,768,312 | |
Sr. Unsec’d. Notes(a) | 9.625 | 04/22/30 | 12,300 | 17,157,154 | |
Ford Motor Credit Co. LLC, | |||||
Sr. Unsec’d. Notes | 3.350 | 11/01/22 | 3,860 | 3,953,491 | |
Sr. Unsec’d. Notes(a) | 4.000 | 11/13/30 | 17,950 | 18,338,216 | |
Sr. Unsec’d. Notes(a) | 5.584 | 03/18/24 | 10,375 | 11,324,913 | |
Jaguar Land Rover Automotive PLC (United Kingdom), Sr. Unsec’d. Notes, 144A(a) | 7.750 | 10/15/25 | 29,200 | 31,805,637 | |
Navistar International Corp., | |||||
Gtd. Notes, 144A | 6.625 | 11/01/25 | 67,212 | 69,552,278 | |
Sr. Sec’d. Notes, 144A(a) | 9.500 | 05/01/25 | 23,930 | 25,909,526 | |
PM General Purchaser LLC, Sr. Sec’d. Notes, 144A | 9.500 | 10/01/28 | 35,851 | 39,196,430 | |
571,905,204 | |||||
Auto Parts & Equipment 1.5% | |||||
Adient Global Holdings Ltd., Gtd. Notes, 144A | 4.875 | 08/15/26 | 74,274 | 76,164,793 | |
Adient US LLC, Sr. Sec’d. Notes, 144A | 9.000 | 04/15/25 | 10,859 | 11,998,622 | |
American Axle & Manufacturing, Inc., | |||||
Gtd. Notes(a) | 6.250 | 04/01/25 | 8,100 | 8,375,375 | |
Gtd. Notes(a) | 6.250 | 03/15/26 | 39,009 | 40,245,909 | |
Gtd. Notes(a) | 6.500 | 04/01/27 | 43,643 | 46,345,325 | |
Gtd. Notes(a) | 6.875 | 07/01/28 | 5,651 | 6,132,276 | |
Cooper-Standard Automotive, Inc., Gtd. Notes, 144A | 5.625 | 11/15/26 | 26,081 | 22,450,457 |
7
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Auto Parts & Equipment (cont’d.) | |||||
Dana Financing Luxembourg Sarl, Gtd. Notes, 144A | 5.750 % | 04/15/25 | 8,739 | $9,023,774 | |
Dana, Inc., | |||||
Sr. Unsec’d. Notes | 4.250 | 09/01/30 | 7,975 | 8,233,754 | |
Sr. Unsec’d. Notes(a) | 5.375 | 11/15/27 | 14,475 | 15,407,247 | |
Sr. Unsec’d. Notes(a) | 5.625 | 06/15/28 | 9,229 | 9,955,573 | |
IHO Verwaltungs GmbH (Germany), Sr. Sec’d. Notes, 144A, Cash coupon 4.750% or PIK 5.500% | 4.750 | 09/15/26 | 2,725 | 2,798,564 | |
Tenneco, Inc., | |||||
Sr. Sec’d. Notes, 144A(a) | 5.125 | 04/15/29 | 50,250 | 50,247,494 | |
Sr. Sec’d. Notes, 144A(a) | 7.875 | 01/15/29 | 9,700 | 10,872,057 | |
Titan International, Inc., Sr. Sec’d. Notes, 144A(a) | 7.000 | 04/30/28 | 13,700 | 14,271,375 | |
332,522,595 | |||||
Banks 0.3% | |||||
CIT Group, Inc., Sub. Notes(a) | 6.125 | 03/09/28 | 11,425 | 13,901,399 | |
Citigroup, Inc., Jr. Sub. Notes | 3.875(ff) | 02/18/26(oo) | 26,150 | 26,353,663 | |
Freedom Mortgage Corp., Sr. Unsec’d. Notes, 144A | 7.625 | 05/01/26 | 26,490 | 27,538,996 | |
67,794,058 | |||||
Building Materials 2.0% | |||||
Cemex SAB de CV (Mexico), | |||||
Sr. Sec’d. Notes, 144A | 5.450 | 11/19/29 | 31,375 | 34,444,772 | |
Sr. Sec’d. Notes, 144A | 7.375 | 06/05/27 | 2,680 | 3,025,817 | |
Cornerstone Building Brands, Inc., Gtd. Notes, 144A(a) | 6.125 | 01/15/29 | 32,885 | 35,113,924 | |
Griffon Corp., Gtd. Notes(a) | 5.750 | 03/01/28 | 48,595 | 51,340,770 | |
JELD-WEN, Inc., | |||||
Gtd. Notes, 144A(a) | 4.625 | 12/15/25 | 15,940 | 16,231,905 | |
Gtd. Notes, 144A(a) | 4.875 | 12/15/27 | 10,914 | 11,311,879 | |
Sr. Sec’d. Notes, 144A(a) | 6.250 | 05/15/25 | 3,271 | 3,493,737 | |
Masonite International Corp., Gtd. Notes, 144A | 5.375 | 02/01/28 | 1,906 | 2,020,131 |
8
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Building Materials (cont’d.) | |||||
Patrick Industries, Inc., | |||||
Gtd. Notes, 144A | 7.500 % | 10/15/27 | 12,225 | $13,259,380 | |
Sr. Unsec’d. Notes, 144A | 4.750 | 05/01/29 | 14,550 | 14,519,475 | |
Smyrna Ready Mix Concrete LLC, Sr. Sec’d. Notes, 144A | 6.000 | 11/01/28 | 13,800 | 14,323,907 | |
SRM Escrow Issuer LLC, Sr. Sec’d. Notes, 144A | 6.000 | 11/01/28 | 45,158 | 47,100,567 | |
Standard Industries, Inc., | |||||
Sr. Unsec’d. Notes, 144A(a) | 3.375 | 01/15/31 | 26,100 | 24,759,693 | |
Sr. Unsec’d. Notes, 144A(a) | 4.375 | 07/15/30 | 45,172 | 45,707,177 | |
Sr. Unsec’d. Notes, 144A(a) | 4.750 | 01/15/28 | 20,295 | 21,084,094 | |
Sr. Unsec’d. Notes, 144A(a) | 5.000 | 02/15/27 | 23,535 | 24,368,978 | |
Summit Materials LLC/Summit Materials Finance Corp., | |||||
Gtd. Notes, 144A | 5.125 | 06/01/25 | 7,235 | 7,325,437 | |
Gtd. Notes, 144A | 5.250 | 01/15/29 | 23,585 | 24,935,737 | |
Gtd. Notes, 144A | 6.500 | 03/15/27 | 4,845 | 5,116,980 | |
U.S. Concrete, Inc., | |||||
Gtd. Notes(a) | 6.375 | 06/01/24 | 29,958 | 30,482,265 | |
Gtd. Notes, 144A | 5.125 | 03/01/29 | 29,400 | 30,087,462 | |
460,054,087 | |||||
Chemicals 3.1% | |||||
Ashland LLC, Gtd. Notes | 6.875 | 05/15/43 | 36,370 | 45,922,670 | |
Axalta Coating Systems LLC, Gtd. Notes, 144A(a) | 3.375 | 02/15/29 | 19,610 | 18,927,324 | |
Chemours Co. (The), | |||||
Gtd. Notes(a) | 5.375 | 05/15/27 | 24,840 | 26,774,828 | |
Gtd. Notes(a) | 7.000 | 05/15/25 | 60,122 | 61,954,920 | |
Gtd. Notes, 144A(a) | 5.750 | 11/15/28 | 37,300 | 39,837,449 | |
Cornerstone Chemical Co., Sr. Sec’d. Notes, 144A(a) | 6.750 | 08/15/24 | 41,923 | 38,997,880 | |
Hexion, Inc., Gtd. Notes, 144A(a) | 7.875 | 07/15/27 | 45,016 | 48,545,696 | |
Ingevity Corp., Gtd. Notes, 144A | 3.875 | 11/01/28 | 12,000 | 11,862,098 | |
Nouryon Holding BV (Netherlands), Sr. Unsec’d. Notes, 144A(a) | 8.000 | 10/01/26 | 46,176 | 48,786,113 | |
NOVA Chemicals Corp. (Canada), | |||||
Sr. Unsec’d. Notes, 144A(a) | 4.875 | 06/01/24 | 3,395 | 3,566,326 | |
Sr. Unsec’d. Notes, 144A(a) | 5.000 | 05/01/25 | 7,100 | 7,568,738 |
9
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Chemicals (cont’d.) | |||||
NOVA Chemicals Corp. (Canada), (cont’d.) | |||||
Sr. Unsec’d. Notes, 144A(a) | 5.250 % | 06/01/27 | 29,233 | $31,367,909 | |
Rain CII Carbon LLC/CII Carbon Corp., Sec’d. Notes, 144A | 7.250 | 04/01/25 | 34,829 | 35,776,145 | |
SCIH Salt Holdings, Inc., Sr. Unsec’d. Notes, 144A(a) | 6.625 | 05/01/29 | 6,000 | 5,959,910 | |
TPC Group, Inc., | |||||
Sr. Sec’d. Notes, 144A | 10.500 | 08/01/24 | 71,803 | 67,273,834 | |
Sr. Sec’d. Notes, 144A | 10.875 | 08/01/24 | 17,269 | 18,646,503 | |
Tronox, Inc., | |||||
Gtd. Notes, 144A | 4.625 | 03/15/29 | 39,825 | 40,784,011 | |
Sr. Sec’d. Notes, 144A | 6.500 | 05/01/25 | 26,992 | 28,693,964 | |
Valvoline, Inc., | |||||
Gtd. Notes, 144A | 4.250 | 02/15/30 | 17,055 | 17,429,085 | |
Sr. Unsec’d. Notes, 144A | 3.625 | 06/15/31 | 19,525 | 18,940,109 | |
Venator Finance Sarl/Venator Materials LLC, | |||||
Gtd. Notes, 144A(a) | 5.750 | 07/15/25 | 42,122 | 41,605,789 | |
Sr. Sec’d. Notes, 144A | 9.500 | 07/01/25 | 17,495 | 19,614,246 | |
W.R. Grace & Co.-Conn., Gtd. Notes, 144A(a) | 4.875 | 06/15/27 | 17,304 | 18,227,055 | |
697,062,602 | |||||
Coal 0.1% | |||||
Coronado Finance Pty Ltd. (Australia), Sr. Sec’d. Notes, 144A | 10.750 | 05/15/26 | 16,025 | 16,219,640 | |
Commercial Services 4.1% | |||||
Adtalem Global Education, Inc., Sr. Sec’d. Notes, 144A | 5.500 | 03/01/28 | 11,512 | 11,539,181 | |
Allied Universal Holdco LLC/Allied Universal Finance Corp., | |||||
Sr. Sec’d. Notes, 144A | 6.625 | 07/15/26 | 40,095 | 42,572,661 | |
Sr. Unsec’d. Notes, 144A(a) | 6.000 | 06/01/29 | 33,950 | 34,452,298 | |
Sr. Unsec’d. Notes, 144A | 9.750 | 07/15/27 | 50,732 | 55,937,360 | |
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, | |||||
Sr. Sec’d. Notes, 144A | 4.625 | 06/01/28 | 27,265 | 27,305,090 | |
Sr. Sec’d. Notes, 144A | 4.625 | 06/01/28 | 18,560 | 18,463,755 | |
Alta Equipment Group, Inc., Sec’d. Notes, 144A | 5.625 | 04/15/26 | 16,200 | 16,624,718 |
10
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Commercial Services (cont’d.) | |||||
AMN Healthcare, Inc., | |||||
Gtd. Notes, 144A | 4.000 % | 04/15/29 | 16,897 | $16,934,870 | |
Gtd. Notes, 144A | 4.625 | 10/01/27 | 24,500 | 25,368,363 | |
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., | |||||
Gtd. Notes, 144A(a) | 4.750 | 04/01/28 | 24,400 | 25,149,111 | |
Gtd. Notes, 144A | 5.750 | 07/15/27 | 370 | 389,670 | |
Avis Budget Finance PLC, Gtd. Notes | 4.750 | 01/30/26 | EUR | 11,000 | 13,664,607 |
Brink’s Co. (The), | |||||
Gtd. Notes, 144A(a) | 4.625 | 10/15/27 | 2,173 | 2,237,184 | |
Gtd. Notes, 144A(a) | 5.500 | 07/15/25 | 23,530 | 24,993,361 | |
Carriage Services, Inc., Gtd. Notes, 144A | 4.250 | 05/15/29 | 12,825 | 12,804,862 | |
Celestial-Saturn Merger Sub, Inc., Sr. Sec’d. Notes, 144A | 4.500 | 05/01/28 | 19,775 | 19,541,666 | |
CoreCivic, Inc., Gtd. Notes | 8.250 | 04/15/26 | 8,075 | 7,881,815 | |
Gartner, Inc., | |||||
Gtd. Notes, 144A | 3.750 | 10/01/30 | 8,975 | 9,010,782 | |
Gtd. Notes, 144A(a) | 4.500 | 07/01/28 | 1,355 | 1,425,040 | |
Laureate Education, Inc., Gtd. Notes, 144A | 8.250 | 05/01/25 | 43,300 | 45,086,125 | |
Metis Merger Sub LLC, Sr. Unsec’d. Notes, 144A | 6.500 | 05/15/29 | 42,855 | 42,177,164 | |
NESCO Holdings II, Inc., Sec’d. Notes, 144A | 5.500 | 04/15/29 | 14,450 | 14,897,401 | |
Nielsen Co. Luxembourg Sarl (The), Gtd. Notes, 144A(a) | 5.000 | 02/01/25 | 8,024 | 8,241,395 | |
Nielsen Finance LLC/Nielsen Finance Co., | |||||
Gtd. Notes, 144A | 4.500 | 07/15/29 | 12,950 | 12,971,589 | |
Gtd. Notes, 144A(a) | 5.625 | 10/01/28 | 17,155 | 18,142,351 | |
Gtd. Notes, 144A(a) | 5.875 | 10/01/30 | 12,980 | 14,052,820 | |
Sr. Unsec’d. Notes, 144A | 4.750 | 07/15/31 | 10,425 | 10,413,375 | |
Service Corp. International, | |||||
Sr. Unsec’d. Notes | 3.375 | 08/15/30 | 14,439 | 14,019,241 | |
Sr. Unsec’d. Notes | 4.000 | 05/15/31 | 23,875 | 24,325,205 | |
StoneMor, Inc., Sr. Sec’d. Notes, 144A | 8.500 | 05/15/29 | 15,825 | 15,583,736 | |
United Rentals North America, Inc., | |||||
Gtd. Notes(a) | 3.875 | 02/15/31 | 20,520 | 20,630,969 | |
Gtd. Notes(a) | 4.000 | 07/15/30 | 19,925 | 20,309,931 | |
Gtd. Notes(a) | 4.875 | 01/15/28 | 72,360 | 76,379,233 |
11
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Commercial Services (cont’d.) | |||||
United Rentals North America, Inc., (cont’d.) | |||||
Gtd. Notes(a) | 5.250 % | 01/15/30 | 48,715 | $53,211,483 | |
Gtd. Notes | 5.500 | 05/15/27 | 8,830 | 9,338,644 | |
Gtd. Notes | 5.875 | 09/15/26 | 37,504 | 39,016,564 | |
Verscend Escrow Corp., Sr. Unsec’d. Notes, 144A | 9.750 | 08/15/26 | 117,518 | 124,644,730 | |
929,738,350 | |||||
Computers 2.1% | |||||
Ahead DB Holdings LLC, Gtd. Notes, 144A(a) | 6.625 | 05/01/28 | 4,800 | 4,865,492 | |
Banff Merger Sub, Inc., Sr. Unsec’d. Notes, 144A | 9.750 | 09/01/26 | 117,088 | 124,006,695 | |
Dell International LLC/EMC Corp., Gtd. Notes, 144A | 7.125 | 06/15/24 | 9,250 | 9,449,601 | |
Everi Payments, Inc., Gtd. Notes, 144A(a) | 7.500 | 12/15/25 | 57,151 | 59,235,795 | |
NCR Corp., | |||||
Gtd. Notes, 144A(a) | 5.000 | 10/01/28 | 15,425 | 15,876,841 | |
Gtd. Notes, 144A | 5.125 | 04/15/29 | 27,300 | 28,002,979 | |
Gtd. Notes, 144A(a) | 5.250 | 10/01/30 | 12,000 | 12,443,451 | |
Gtd. Notes, 144A(a) | 5.750 | 09/01/27 | 11,642 | 12,257,966 | |
Gtd. Notes, 144A(a) | 8.125 | 04/15/25 | 7,180 | 7,823,044 | |
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., | |||||
Sr. Sec’d. Notes, 144A | 5.750 | 06/01/25 | 25,215 | 26,619,510 | |
Sr. Unsec’d. Notes, 144A | 6.750 | 06/01/25 | 164,180 | 167,104,157 | |
467,685,531 | |||||
Distribution/Wholesale 0.5% | |||||
Avient Corp., Sr. Unsec’d. Notes, 144A | 5.750 | 05/15/25 | 8,225 | 8,687,195 | |
Core & Main Holdings LP, Sr. Unsec’d. Notes, 144A, Cash coupon 8.625% or PIK 9.375%(a) | 8.625 | 09/15/24 | 44,344 | 45,395,661 | |
H&E Equipment Services, Inc., Gtd. Notes, 144A(a) | 3.875 | 12/15/28 | 62,289 | 60,301,466 | |
114,384,322 |
12
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Diversified Financial Services 2.3% | |||||
Alliance Data Systems Corp., Gtd. Notes, 144A | 4.750 % | 12/15/24 | 27,673 | $28,520,023 | |
Antares Holdings LP (Canada), Sr. Unsec’d. Notes, 144A | 3.950 | 07/15/26 | 4,800 | 4,984,753 | |
Fairstone Financial, Inc. (Canada), Sr. Unsec’d. Notes, 144A | 7.875 | 07/15/24 | 14,550 | 15,182,099 | |
goeasy Ltd. (Canada), | |||||
Gtd. Notes, 144A(a) | 4.375 | 05/01/26 | 16,875 | 17,097,091 | |
Gtd. Notes, 144A | 5.375 | 12/01/24 | 4,723 | 4,883,195 | |
Home Point Capital, Inc., Gtd. Notes, 144A(a) | 5.000 | 02/01/26 | 31,225 | 30,083,595 | |
LD Holdings Group LLC, Gtd. Notes, 144A | 6.125 | 04/01/28 | 14,625 | 14,492,568 | |
LPL Holdings, Inc., Gtd. Notes, 144A(a) | 4.000 | 03/15/29 | 45,600 | 45,327,836 | |
Nationstar Mortgage Holdings, Inc., | |||||
Gtd. Notes, 144A | 5.125 | 12/15/30 | 43,400 | 42,243,349 | |
Gtd. Notes, 144A | 5.500 | 08/15/28 | 2,935 | 2,906,453 | |
Gtd. Notes, 144A | 6.000 | 01/15/27 | 43,670 | 45,076,183 | |
OneMain Finance Corp., | |||||
Gtd. Notes | 4.000 | 09/15/30 | 25,350 | 24,532,813 | |
Gtd. Notes(a) | 5.375 | 11/15/29 | 11,468 | 12,237,238 | |
Gtd. Notes(a) | 6.625 | 01/15/28 | 51,436 | 58,376,251 | |
Gtd. Notes | 6.875 | 03/15/25 | 37,725 | 42,722,202 | |
Gtd. Notes | 7.125 | 03/15/26 | 71,010 | 82,615,494 | |
Gtd. Notes | 8.250 | 10/01/23 | 1,568 | 1,776,507 | |
PennyMac Financial Services, Inc., | |||||
Gtd. Notes, 144A(a) | 4.250 | 02/15/29 | 21,950 | 21,312,461 | |
Gtd. Notes, 144A | 5.375 | 10/15/25 | 24,700 | 25,984,840 | |
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc., Gtd. Notes, 144A | 3.875 | 03/01/31 | 3,925 | 3,838,798 | |
524,193,749 | |||||
Electric 3.8% | |||||
Calpine Corp., | |||||
Sr. Sec’d. Notes, 144A(a) | 3.750 | 03/01/31 | 8,910 | 8,418,555 | |
Sr. Sec’d. Notes, 144A | 4.500 | 02/15/28 | 17,483 | 17,669,464 | |
Sr. Sec’d. Notes, 144A | 5.250 | 06/01/26 | 5,690 | 5,855,819 | |
Sr. Unsec’d. Notes, 144A | 4.625 | 02/01/29 | 56,385 | 55,014,055 | |
Sr. Unsec’d. Notes, 144A(a) | 5.000 | 02/01/31 | 84,391 | 81,765,343 | |
Sr. Unsec’d. Notes, 144A(a) | 5.125 | 03/15/28 | 169,874 | 171,148,408 |
13
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Electric (cont’d.) | |||||
Keystone Power Pass-Through Holders LLC/Conemaugh Power Pass-Through Holders, | |||||
Gtd. Notes, 144A | 9.000 % | 12/01/23 | 1,369 | $1,313,861 | |
Sub. Notes, 144A, Cash coupon 13.000% or PIK 13.000% | 13.000 | 06/01/24 | 9,738 | 7,778,515 | |
Mirant Corp., Sr. Unsec’d. Notes, 144A^ | 0.000(cc) | 07/15/49 | 2,675 | 2,675 | |
NRG Energy, Inc., | |||||
Gtd. Notes | 5.750 | 01/15/28 | 31,953 | 33,843,849 | |
Gtd. Notes | 6.625 | 01/15/27 | 61,061 | 63,354,822 | |
Gtd. Notes | 7.250 | 05/15/26 | 9,110 | 9,457,453 | |
Gtd. Notes, 144A | 3.375 | 02/15/29 | 18,401 | 17,759,141 | |
Gtd. Notes, 144A(a) | 3.625 | 02/15/31 | 27,966 | 26,846,995 | |
Gtd. Notes, 144A | 5.250 | 06/15/29 | 5,355 | 5,642,278 | |
PG&E Corp., | |||||
Sr. Sec’d. Notes(a) | 5.000 | 07/01/28 | 30,855 | 30,845,363 | |
Sr. Sec’d. Notes(a) | 5.250 | 07/01/30 | 93,565 | 94,801,362 | |
Vistra Operations Co. LLC, | |||||
Gtd. Notes, 144A(a) | 5.000 | 07/31/27 | 77,897 | 79,711,274 | |
Gtd. Notes, 144A(a) | 5.500 | 09/01/26 | 35,237 | 36,409,907 | |
Gtd. Notes, 144A(a) | 5.625 | 02/15/27 | 88,367 | 91,848,974 | |
Sr. Unsec’d. Notes, 144A | 4.375 | 05/01/29 | 27,125 | 27,274,814 | |
866,762,927 | |||||
Electrical Components & Equipment 0.3% | |||||
Energizer Holdings, Inc., Gtd. Notes, 144A(a) | 4.375 | 03/31/29 | 11,572 | 11,425,460 | |
WESCO Distribution, Inc., | |||||
Gtd. Notes, 144A(a) | 7.125 | 06/15/25 | 26,080 | 28,174,758 | |
Gtd. Notes, 144A(a) | 7.250 | 06/15/28 | 26,517 | 29,407,541 | |
69,007,759 | |||||
Electronics 0.3% | |||||
Brightstar Escrow Corp., Sr. Sec’d. Notes, 144A | 9.750 | 10/15/25 | 23,175 | 25,080,130 | |
Sensata Technologies BV, | |||||
Gtd. Notes, 144A | 4.000 | 04/15/29 | 15,375 | 15,395,144 | |
Gtd. Notes, 144A | 4.875 | 10/15/23 | 9,193 | 9,840,199 | |
Gtd. Notes, 144A(a) | 5.000 | 10/01/25 | 1,225 | 1,356,773 | |
Gtd. Notes, 144A | 5.625 | 11/01/24 | 950 | 1,052,618 |
14
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Electronics (cont’d.) | |||||
Sensata Technologies, Inc., Gtd. Notes, 144A(a) | 3.750 % | 02/15/31 | 9,200 | $8,998,495 | |
61,723,359 | |||||
Engineering & Construction 0.4% | |||||
AECOM, Gtd. Notes(a) | 5.125 | 03/15/27 | 35,874 | 39,715,059 | |
PowerTeam Services LLC, Sr. Sec’d. Notes, 144A | 9.033 | 12/04/25 | 21,800 | 24,043,159 | |
TopBuild Corp., Gtd. Notes, 144A | 3.625 | 03/15/29 | 17,200 | 16,954,833 | |
80,713,051 | |||||
Entertainment 4.0% | |||||
AMC Entertainment Holdings, Inc., Sec’d. Notes, 144A, Cash coupon 10.000% / PIK 12.000% or Cash coupon 5.000% and PIK 6.000% | 12.000 | 06/15/26 | 24,149 | 23,786,003 | |
Bally’s Corp., Gtd. Notes, 144A | 6.750 | 06/01/27 | 74,667 | 79,385,077 | |
Caesars Entertainment, Inc., | |||||
Sr. Sec’d. Notes, 144A | 6.250 | 07/01/25 | 15,600 | 16,449,358 | |
Sr. Unsec’d. Notes, 144A(a) | 8.125 | 07/01/27 | 24,315 | 26,943,501 | |
Caesars Resort Collection LLC/CRC Finco, Inc., Gtd. Notes, 144A(a) | 5.250 | 10/15/25 | 108,133 | 108,975,613 | |
CCM Merger, Inc., Sr. Unsec’d. Notes, 144A | 6.375 | 05/01/26 | 12,920 | 13,553,363 | |
Cedar Fair LP, Gtd. Notes(a) | 5.250 | 07/15/29 | 12,223 | 12,445,856 | |
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Operations LLC, Gtd. Notes, 144A(a) | 6.500 | 10/01/28 | 11,206 | 11,934,390 | |
Churchill Downs, Inc., | |||||
Gtd. Notes, 144A | 4.750 | 01/15/28 | 4,375 | 4,502,170 | |
Gtd. Notes, 144A | 5.500 | 04/01/27 | 1,985 | 2,064,403 | |
Golden Entertainment, Inc., Sr. Unsec’d. Notes, 144A(a) | 7.625 | 04/15/26 | 48,778 | 52,134,818 | |
International Game Technology PLC, | |||||
Sr. Sec’d. Notes, 144A(a) | 4.125 | 04/15/26 | 7,575 | 7,827,591 | |
Sr. Sec’d. Notes, 144A(a) | 5.250 | 01/15/29 | 38,879 | 41,338,864 | |
Sr. Sec’d. Notes, 144A(a) | 6.250 | 01/15/27 | 25,620 | 29,020,792 |
15
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Entertainment (cont’d.) | |||||
International Game Technology PLC, (cont’d.) | |||||
Sr. Sec’d. Notes, 144A(a) | 6.500 % | 02/15/25 | 15,281 | $16,976,105 | |
Jacobs Entertainment, Inc., Sec’d. Notes, 144A | 7.875 | 02/01/24 | 41,912 | 43,663,728 | |
Merlin Entertainments Ltd. (United Kingdom), Sec’d. Notes, 144A | 5.750 | 06/15/26 | 2,450 | 2,580,371 | |
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., Sr. Sec’d. Notes, 144A(a) | 4.875 | 05/01/29 | 21,420 | 21,449,740 | |
Motion Bondco DAC (United Kingdom), Gtd. Notes, 144A(a) | 6.625 | 11/15/27 | 51,500 | 52,145,627 | |
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance, Inc., Sr. Unsec’d. Notes, 144A | 8.500 | 11/15/27 | 42,100 | 44,987,474 | |
Penn National Gaming, Inc., Sr. Unsec’d. Notes, 144A(a) | 5.625 | 01/15/27 | 54,234 | 56,286,203 | |
Scientific Games International, Inc., | |||||
Gtd. Notes | 5.500 | 02/15/26 | EUR | 11,350 | 13,989,492 |
Gtd. Notes, 144A(a) | 8.250 | 03/15/26 | 89,617 | 96,430,006 | |
Gtd. Notes, 144A(a) | 8.625 | 07/01/25 | 46,166 | 50,318,992 | |
Sr. Sec’d. Notes, 144A | 5.000 | 10/15/25 | 2,100 | 2,163,593 | |
Six Flags Entertainment Corp., Gtd. Notes, 144A(a) | 4.875 | 07/31/24 | 26,137 | 26,426,657 | |
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | |||||
Gtd. Notes, 144A(a) | 5.125 | 10/01/29 | 17,755 | 18,495,362 | |
Sr. Unsec’d. Notes, 144A(a) | 7.750 | 04/15/25 | 18,362 | 19,789,076 | |
896,064,225 | |||||
Foods 2.9% | |||||
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s LP/Albertson’s LLC, | |||||
Gtd. Notes, 144A(a) | 3.500 | 03/15/29 | 58,705 | 56,325,975 | |
Gtd. Notes, 144A(a) | 4.625 | 01/15/27 | 25,060 | 25,939,959 | |
Gtd. Notes, 144A(a) | 4.875 | 02/15/30 | 11,948 | 12,451,485 | |
Gtd. Notes, 144A(a) | 5.875 | 02/15/28 | 2,500 | 2,659,375 | |
B&G Foods, Inc., Gtd. Notes(a) | 5.250 | 09/15/27 | 51,786 | 53,551,261 | |
C&S Group Enterprises LLC, Gtd. Notes, 144A(a) | 5.000 | 12/15/28 | 32,684 | 31,224,863 | |
Chobani LLC/Chobani Finance Corp., Inc., | |||||
Gtd. Notes, 144A(a) | 7.500 | 04/15/25 | 13,313 | 13,846,620 |
16
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Foods (cont’d.) | |||||
Chobani LLC/Chobani Finance Corp., Inc., (cont’d.) | |||||
Sr. Sec’d. Notes, 144A | 4.625 % | 11/15/28 | 16,320 | $16,844,729 | |
JBS USA LUX SA/JBS USA Finance, Inc., Gtd. Notes, 144A(a) | 6.750 | 02/15/28 | 17,000 | 18,620,572 | |
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., | |||||
Gtd. Notes, 144A | 3.750 | 12/01/31 | 16,750 | 16,979,005 | |
Gtd. Notes, 144A(a) | 6.500 | 04/15/29 | 50,633 | 56,760,742 | |
Sr. Unsec’d. Notes, 144A(a) | 5.500 | 01/15/30 | 19,423 | 21,412,814 | |
Kraft Heinz Foods Co., | |||||
Gtd. Notes | 4.375 | 06/01/46 | 48,125 | 51,591,605 | |
Gtd. Notes(a) | 4.875 | 10/01/49 | 33,000 | 37,868,684 | |
Gtd. Notes | 5.000 | 07/15/35 | 10,005 | 11,832,778 | |
Gtd. Notes | 5.000 | 06/04/42 | 14,175 | 16,498,983 | |
Gtd. Notes | 5.200 | 07/15/45 | 10,200 | 12,158,746 | |
Gtd. Notes | 5.500 | 06/01/50 | 32,000 | 39,771,348 | |
Pilgrim’s Pride Corp., | |||||
Gtd. Notes, 144A(a) | 4.250 | 04/15/31 | 46,836 | 47,353,550 | |
Gtd. Notes, 144A(a) | 5.875 | 09/30/27 | 50,540 | 53,753,114 | |
Post Holdings, Inc., | |||||
Gtd. Notes, 144A(a) | 4.625 | 04/15/30 | 7,945 | 7,998,083 | |
Gtd. Notes, 144A(a) | 5.500 | 12/15/29 | 18,004 | 19,228,441 | |
Gtd. Notes, 144A(a) | 5.625 | 01/15/28 | 8,426 | 8,896,580 | |
Sr. Unsec’d. Notes, 144A(a) | 4.500 | 09/15/31 | 6,250 | 6,178,180 | |
U.S. Foods, Inc., Gtd. Notes, 144A(a) | 4.750 | 02/15/29 | 14,000 | 13,955,705 | |
653,703,197 | |||||
Gas 0.8% | |||||
AmeriGas Partners LP/AmeriGas Finance Corp., | |||||
Sr. Unsec’d. Notes | 5.500 | 05/20/25 | 57,838 | 63,500,890 | |
Sr. Unsec’d. Notes | 5.625 | 05/20/24 | 20,195 | 22,261,768 | |
Sr. Unsec’d. Notes | 5.750 | 05/20/27 | 42,093 | 46,749,562 | |
Sr. Unsec’d. Notes | 5.875 | 08/20/26 | 40,677 | 45,335,150 | |
177,847,370 | |||||
Healthcare-Services 3.7% | |||||
Catalent Pharma Solutions, Inc., Gtd. Notes, 144A(a) | 3.125 | 02/15/29 | 10,725 | 10,339,412 | |
DaVita, Inc., | |||||
Gtd. Notes, 144A | 3.750 | 02/15/31 | 64,472 | 61,811,586 |
17
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Healthcare-Services (cont’d.) | |||||
DaVita, Inc., (cont’d.) | |||||
Gtd. Notes, 144A(a) | 4.625 % | 06/01/30 | 87,985 | $89,848,268 | |
HCA, Inc., | |||||
Gtd. Notes(a) | 3.500 | 09/01/30 | 34,411 | 35,349,793 | |
Gtd. Notes | 5.375 | 02/01/25 | 4,782 | 5,347,672 | |
Gtd. Notes | 5.625 | 09/01/28 | 19,711 | 22,978,493 | |
Gtd. Notes | 5.875 | 02/01/29 | 8,782 | 10,305,742 | |
Gtd. Notes | 7.500 | 12/15/23 | 12,480 | 14,294,553 | |
Legacy LifePoint Health LLC, Sr. Sec’d. Notes, 144A | 6.750 | 04/15/25 | 15,485 | 16,423,183 | |
LifePoint Health, Inc., Gtd. Notes, 144A(a) | 5.375 | 01/15/29 | 5,300 | 5,186,495 | |
MEDNAX, Inc., Gtd. Notes, 144A(a) | 6.250 | 01/15/27 | 45,856 | 48,640,540 | |
Prime Healthcare Services, Inc., Sr. Sec’d. Notes, 144A | 7.250 | 11/01/25 | 50,539 | 54,090,997 | |
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., Gtd. Notes, 144A(a) | 9.750 | 12/01/26 | 104,907 | 113,071,504 | |
Surgery Center Holdings, Inc., | |||||
Gtd. Notes, 144A(a) | 6.750 | 07/01/25 | 18,172 | 18,488,172 | |
Gtd. Notes, 144A(a) | 10.000 | 04/15/27 | 18,696 | 20,425,717 | |
Tenet Healthcare Corp., | |||||
Gtd. Notes, 144A | 6.125 | 10/01/28 | 124,860 | 130,318,135 | |
Sec’d. Notes | 5.125 | 05/01/25 | 4,002 | 4,058,188 | |
Sec’d. Notes, 144A | 6.250 | 02/01/27 | 50,653 | 52,896,434 | |
Sr. Sec’d. Notes | 4.625 | 07/15/24 | 12,693 | 12,860,675 | |
Sr. Sec’d. Notes, 144A | 4.250 | 06/01/29 | 57,925 | 57,925,030 | |
Sr. Sec’d. Notes, 144A | 4.625 | 06/15/28 | 11,343 | 11,617,776 | |
Sr. Sec’d. Notes, 144A | 4.875 | 01/01/26 | 16,760 | 17,306,909 | |
Sr. Unsec’d. Notes(a) | 6.750 | 06/15/23 | 8,664 | 9,413,627 | |
Sr. Unsec’d. Notes | 6.875 | 11/15/31 | 22,850 | 25,598,755 | |
848,597,656 | |||||
Home Builders 3.9% | |||||
Ashton Woods USA LLC/Ashton Woods Finance Co., | |||||
Sr. Unsec’d. Notes, 144A | 6.625 | 01/15/28 | 9,649 | 10,326,032 | |
Sr. Unsec’d. Notes, 144A | 6.750 | 08/01/25 | 33,221 | 34,527,863 | |
Sr. Unsec’d. Notes, 144A | 9.875 | 04/01/27 | 24,066 | 27,186,040 | |
Beazer Homes USA, Inc., | |||||
Gtd. Notes(a) | 5.875 | 10/15/27 | 45,583 | 48,271,230 | |
Gtd. Notes | 6.750 | 03/15/25 | 31,376 | 32,496,862 |
18
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Home Builders (cont’d.) | |||||
Beazer Homes USA, Inc., (cont’d.) | |||||
Gtd. Notes | 7.250 % | 10/15/29 | 77,353 | $86,679,288 | |
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | |||||
Gtd. Notes, 144A | 4.875 | 02/15/30 | 27,644 | 27,210,888 | |
Gtd. Notes, 144A | 6.250 | 09/15/27 | 37,329 | 39,390,348 | |
Sr. Unsec’d. Notes, 144A(a) | 5.000 | 06/15/29 | 13,000 | 13,053,851 | |
Century Communities, Inc., Gtd. Notes | 6.750 | 06/01/27 | 33,588 | 36,120,241 | |
Forestar Group, Inc., | |||||
Gtd. Notes, 144A | 3.850 | 05/15/26 | 14,425 | 14,490,281 | |
Gtd. Notes, 144A | 5.000 | 03/01/28 | 14,075 | 14,694,401 | |
KB Home, | |||||
Gtd. Notes | 4.000 | 06/15/31 | 15,725 | 15,720,588 | |
Gtd. Notes(a) | 4.800 | 11/15/29 | 17,614 | 18,927,903 | |
Gtd. Notes(a) | 6.875 | 06/15/27 | 26,375 | 31,208,698 | |
Gtd. Notes | 7.000 | 12/15/21 | 787 | 801,538 | |
Gtd. Notes | 7.500 | 09/15/22 | 525 | 565,688 | |
Gtd. Notes | 7.625 | 05/15/23 | 8,400 | 9,144,243 | |
M/I Homes, Inc., | |||||
Gtd. Notes(a) | 4.950 | 02/01/28 | 33,264 | 34,979,175 | |
Gtd. Notes | 5.625 | 08/01/25 | 13,591 | 14,076,657 | |
Mattamy Group Corp. (Canada), | |||||
Sr. Unsec’d. Notes, 144A(a) | 4.625 | 03/01/30 | 39,778 | 39,689,135 | |
Sr. Unsec’d. Notes, 144A(a) | 5.250 | 12/15/27 | 26,381 | 27,494,449 | |
Meritage Homes Corp., | |||||
Gtd. Notes(a) | 5.125 | 06/06/27 | 16,600 | 18,705,019 | |
Gtd. Notes | 6.000 | 06/01/25 | 12,025 | 13,730,597 | |
New Home Co., Inc. (The), Gtd. Notes, 144A(a) | 7.250 | 10/15/25 | 6,215 | 6,605,097 | |
Shea Homes LP/Shea Homes Funding Corp., | |||||
Sr. Unsec’d. Notes, 144A | 4.750 | 02/15/28 | 22,530 | 22,565,265 | |
Sr. Unsec’d. Notes, 144A | 4.750 | 04/01/29 | 10,289 | 10,275,748 | |
STL Holding Co. LLC, Sr. Unsec’d. Notes, 144A | 7.500 | 02/15/26 | 16,550 | 17,253,201 | |
Taylor Morrison Communities, Inc., | |||||
Gtd. Notes, 144A | 5.750 | 01/15/28 | 14,598 | 16,232,092 | |
Gtd. Notes, 144A | 5.875 | 06/15/27 | 40,035 | 44,967,660 | |
Gtd. Notes, 144A | 6.625 | 07/15/27 | 47,023 | 50,650,471 | |
Sr. Unsec’d. Notes, 144A | 5.125 | 08/01/30 | 45,766 | 49,113,922 |
19
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Home Builders (cont’d.) | |||||
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., | |||||
Gtd. Notes, 144A | 5.625 % | 03/01/24 | 23,245 | $25,308,813 | |
Gtd. Notes, 144A | 5.875 | 04/15/23 | 16,125 | 17,273,906 | |
Tri Pointe Homes, Inc., | |||||
Gtd. Notes | 5.250 | 06/01/27 | 2,150 | 2,295,805 | |
Gtd. Notes | 5.700 | 06/15/28 | 20,695 | 22,697,076 | |
894,730,071 | |||||
Home Furnishings 0.1% | |||||
Tempur Sealy International, Inc., Gtd. Notes, 144A | 4.000 | 04/15/29 | 26,839 | 26,881,081 | |
Household Products/Wares 0.3% | |||||
ACCO Brands Corp., Gtd. Notes, 144A(a) | 4.250 | 03/15/29 | 31,300 | 30,832,430 | |
Central Garden & Pet Co., Gtd. Notes, 144A | 4.125 | 04/30/31 | 8,450 | 8,492,266 | |
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada), | |||||
Gtd. Notes, 144A(a) | 7.000 | 12/31/27 | 18,924 | 19,241,078 | |
Sr. Sec’d. Notes, 144A | 5.000 | 12/31/26 | 5,450 | 5,542,405 | |
Spectrum Brands, Inc., | |||||
Gtd. Notes, 144A(a) | 3.875 | 03/15/31 | 4,490 | 4,376,837 | |
Gtd. Notes, 144A | 5.000 | 10/01/29 | 4,975 | 5,278,021 | |
73,763,037 | |||||
Housewares 0.2% | |||||
Scotts Miracle-Gro Co. (The), | |||||
Gtd. Notes(a) | 4.500 | 10/15/29 | 15,154 | 15,770,578 | |
Gtd. Notes, 144A | 4.000 | 04/01/31 | 27,325 | 26,926,447 | |
42,697,025 | |||||
Insurance 0.1% | |||||
BroadStreet Partners, Inc., Sr. Unsec’d. Notes, 144A | 5.875 | 04/15/29 | 12,575 | 12,556,006 | |
Internet 0.4% | |||||
Cablevision Lightpath LLC, | |||||
Sr. Sec’d. Notes, 144A | 3.875 | 09/15/27 | 25,790 | 25,139,118 |
20
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Internet (cont’d.) | |||||
Cablevision Lightpath LLC, (cont’d.) | |||||
Sr. Unsec’d. Notes, 144A | 5.625 % | 09/15/28 | 15,803 | $15,934,991 | |
Go Daddy Operating Co. LLC/GD Finance Co., Inc., Gtd. Notes, 144A | 3.500 | 03/01/29 | 17,425 | 16,793,937 | |
NortonLifeLock, Inc., Sr. Unsec’d. Notes, 144A(a) | 5.000 | 04/15/25 | 34,320 | 34,736,873 | |
92,604,919 | |||||
Iron/Steel 0.5% | |||||
Big River Steel LLC/BRS Finance Corp., Sr. Sec’d. Notes, 144A(a) | 6.625 | 01/31/29 | 45,245 | 49,318,645 | |
TMS International Corp., Sr. Unsec’d. Notes, 144A | 6.250 | 04/15/29 | 10,625 | 11,050,041 | |
United States Steel Corp., Sr. Unsec���d. Notes | 6.875 | 03/01/29 | 49,420 | 51,719,944 | |
112,088,630 | |||||
Leisure Time 0.4% | |||||
NCL Corp. Ltd., | |||||
Sr. Sec’d. Notes, 144A | 10.250 | 02/01/26 | 32,355 | 37,889,893 | |
Sr. Sec’d. Notes, 144A | 12.250 | 05/15/24 | 2,495 | 3,017,754 | |
Sr. Unsec’d. Notes, 144A(a) | 3.625 | 12/15/24 | 11,279 | 10,787,517 | |
Viking Cruises Ltd., | |||||
Gtd. Notes, 144A | 5.875 | 09/15/27 | 1,850 | 1,791,571 | |
Sr. Unsec’d. Notes, 144A | 7.000 | 02/15/29 | 9,325 | 9,577,261 | |
Viking Ocean Cruises Ship VII Ltd., Sr. Sec’d. Notes, 144A | 5.625 | 02/15/29 | 6,525 | 6,612,591 | |
Vista Outdoor, Inc., Gtd. Notes, 144A | 4.500 | 03/15/29 | 22,975 | 22,939,428 | |
92,616,015 | |||||
Lodging 2.3% | |||||
Boyd Gaming Corp., | |||||
Gtd. Notes(a) | 4.750 | 12/01/27 | 15,307 | 15,650,874 | |
Gtd. Notes(a) | 6.000 | 08/15/26 | 5,150 | 5,357,709 | |
Gtd. Notes(a) | 6.375 | 04/01/26 | 26,956 | 27,849,154 | |
Gtd. Notes, 144A(a) | 8.625 | 06/01/25 | 24,172 | 26,624,966 | |
Sr. Unsec’d. Notes, 144A | 4.750 | 06/15/31 | 22,125 | 22,354,365 | |
Genting New York LLC/GENNY Capital, Inc., Sr. Unsec’d. Notes, 144A(a) | 3.300 | 02/15/26 | 2,125 | 2,132,309 |
21
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Lodging (cont’d.) | |||||
Hilton Domestic Operating Co., Inc., | |||||
Gtd. Notes(a) | 4.875 % | 01/15/30 | 12,000 | $12,772,133 | |
Gtd. Notes, 144A(a) | 3.625 | 02/15/32 | 35,874 | 35,175,512 | |
Gtd. Notes, 144A(a) | 4.000 | 05/01/31 | 31,800 | 32,103,322 | |
Gtd. Notes, 144A(a) | 5.375 | 05/01/25 | 6,155 | 6,474,339 | |
Gtd. Notes, 144A(a) | 5.750 | 05/01/28 | 7,225 | 7,784,755 | |
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., Gtd. Notes(a) | 4.875 | 04/01/27 | 20,820 | 21,700,998 | |
MGM Resorts International, | |||||
Gtd. Notes(a) | 4.625 | 09/01/26 | 3,920 | 4,123,865 | |
Gtd. Notes(a) | 4.750 | 10/15/28 | 56,619 | 59,791,168 | |
Gtd. Notes(a) | 5.500 | 04/15/27 | 43,198 | 47,107,565 | |
Gtd. Notes(a) | 5.750 | 06/15/25 | 2,173 | 2,384,768 | |
Gtd. Notes(a) | 6.750 | 05/01/25 | 76,654 | 82,127,134 | |
Station Casinos LLC, | |||||
Gtd. Notes, 144A | 4.500 | 02/15/28 | 4,525 | 4,576,457 | |
Gtd. Notes, 144A(a) | 5.000 | 10/01/25 | 15,103 | 15,350,101 | |
Travel + Leisure Co., | |||||
Sr. Sec’d. Notes | 6.600 | 10/01/25 | 2,224 | 2,506,788 | |
Sr. Sec’d. Notes, 144A | 4.625 | 03/01/30 | 6,850 | 7,065,122 | |
Wynn Macau Ltd. (Macau), | |||||
Sr. Unsec’d. Notes, 144A(a) | 4.875 | 10/01/24 | 11,025 | 11,203,644 | |
Sr. Unsec’d. Notes, 144A(a) | 5.125 | 12/15/29 | 15,250 | 15,753,516 | |
Sr. Unsec’d. Notes, 144A | 5.500 | 01/15/26 | 10,400 | 10,899,461 | |
Sr. Unsec’d. Notes, 144A | 5.500 | 10/01/27 | 5,750 | 6,017,229 | |
Sr. Unsec’d. Notes, 144A(a) | 5.625 | 08/26/28 | 30,360 | 31,920,181 | |
516,807,435 | |||||
Machinery-Construction & Mining 0.1% | |||||
Terex Corp., Gtd. Notes, 144A(a) | 5.000 | 05/15/29 | 23,925 | 24,874,570 | |
Machinery-Diversified 0.4% | |||||
GrafTech Finance, Inc., Sr. Sec’d. Notes, 144A | 4.625 | 12/15/28 | 17,534 | 17,945,205 | |
Maxim Crane Works Holdings Capital LLC, Sec’d. Notes, 144A | 10.125 | 08/01/24 | 61,117 | 63,429,998 |
22
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Machinery-Diversified (cont’d.) | |||||
Vertical Holdco GmbH (Germany), Gtd. Notes, 144A(a) | 7.625 % | 07/15/28 | 2,111 | $2,277,209 | |
Vertical US Newco, Inc. (Germany), Sr. Sec’d. Notes, 144A | 5.250 | 07/15/27 | 13,525 | 14,069,957 | |
97,722,369 | |||||
Media 6.6% | |||||
CCO Holdings LLC/CCO Holdings Capital Corp., | |||||
Sr. Unsec’d. Notes(a) | 4.500 | 05/01/32 | 140,296 | 141,509,819 | |
Sr. Unsec’d. Notes, 144A(a) | 4.250 | 02/01/31 | 68,175 | 68,041,188 | |
Sr. Unsec’d. Notes, 144A | 4.500 | 06/01/33 | 13,900 | 13,880,541 | |
Sr. Unsec’d. Notes, 144A | 4.750 | 03/01/30 | 15,350 | 15,929,425 | |
Sr. Unsec’d. Notes, 144A(a) | 5.000 | 02/01/28 | 27,600 | 28,913,710 | |
Sr. Unsec’d. Notes, 144A | 5.125 | 05/01/27 | 13,344 | 13,981,831 | |
Sr. Unsec’d. Notes, 144A | 5.375 | 06/01/29 | 23,956 | 26,014,751 | |
Sr. Unsec’d. Notes, 144A | 5.500 | 05/01/26 | 78,079 | 80,702,370 | |
Sr. Unsec’d. Notes, 144A | 5.750 | 02/15/26 | 65,730 | 67,961,679 | |
Sr. Unsec’d. Notes, 144A | 5.875 | 05/01/27 | 44,045 | 45,433,136 | |
Clear Channel Worldwide Holdings, Inc., Sr. Sec’d. Notes, 144A(a) | 5.125 | 08/15/27 | 5,480 | 5,528,871 | |
CSC Holdings LLC, | |||||
Gtd. Notes, 144A(a) | 3.375 | 02/15/31 | 27,213 | 25,478,633 | |
Gtd. Notes, 144A(a) | 4.125 | 12/01/30 | 21,175 | 20,730,696 | |
Gtd. Notes, 144A(a) | 5.375 | 02/01/28 | 13,790 | 14,497,578 | |
Gtd. Notes, 144A(a) | 5.500 | 04/15/27 | 13,366 | 14,034,489 | |
Gtd. Notes, 144A(a) | 6.500 | 02/01/29 | 2,700 | 2,953,699 | |
Sr. Unsec’d. Notes | 5.250 | 06/01/24 | 8,000 | 8,669,099 | |
Sr. Unsec’d. Notes | 6.750 | 11/15/21 | 16,410 | 16,802,930 | |
Sr. Unsec’d. Notes, 144A | 4.625 | 12/01/30 | 100,975 | 97,590,562 | |
Sr. Unsec’d. Notes, 144A | 5.750 | 01/15/30 | 1,615 | 1,686,256 | |
Sr. Unsec’d. Notes, 144A | 7.500 | 04/01/28 | 18,737 | 20,516,333 | |
Diamond Sports Group LLC/Diamond Sports Finance Co., | |||||
Gtd. Notes, 144A (original cost $171,911,873; purchased 07/18/19 - 05/03/21)(f) | 6.625 | 08/15/27 | 226,921 | 129,534,358 | |
Sr. Sec’d. Notes, 144A (original cost $50,529,121; purchased 07/18/19 - 02/25/21)(a)(f) | 5.375 | 08/15/26 | 56,171 | 41,686,341 | |
DISH DBS Corp., | |||||
Gtd. Notes | 5.000 | 03/15/23 | 7,905 | 8,222,694 | |
Gtd. Notes | 5.875 | 11/15/24 | 950 | 1,011,371 | |
Gtd. Notes(a) | 7.375 | 07/01/28 | 2,765 | 2,967,349 | |
Gtd. Notes(a) | 7.750 | 07/01/26 | 118,928 | 135,074,279 |
23
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Media (cont’d.) | |||||
DISH DBS Corp., (cont’d.) | |||||
Gtd. Notes, 144A(a) | 5.125 % | 06/01/29 | 24,425 | $24,249,144 | |
Gray Television, Inc., | |||||
Gtd. Notes, 144A(a) | 4.750 | 10/15/30 | 23,025 | 22,624,978 | |
Gtd. Notes, 144A(a) | 5.875 | 07/15/26 | 43,204 | 44,606,486 | |
Gtd. Notes, 144A(a) | 7.000 | 05/15/27 | 2,784 | 3,017,197 | |
iHeartCommunications, Inc., Sr. Sec’d. Notes(a) | 6.375 | 05/01/26 | 14,955 | 15,966,704 | |
Midcontinent Communications/Midcontinent Finance Corp., Gtd. Notes, 144A | 5.375 | 08/15/27 | 7,675 | 8,025,856 | |
News Corp., Sr. Unsec’d. Notes, 144A | 3.875 | 05/15/29 | 18,225 | 18,404,067 | |
Nexstar Broadcasting, Inc., | |||||
Gtd. Notes, 144A(a) | 4.750 | 11/01/28 | 22,925 | 23,353,940 | |
Gtd. Notes, 144A(a) | 5.625 | 07/15/27 | 5,565 | 5,887,476 | |
Radiate Holdco LLC/Radiate Finance, Inc., | |||||
Sr. Sec’d. Notes, 144A(a) | 4.500 | 09/15/26 | 28,385 | 28,782,619 | |
Sr. Unsec’d. Notes, 144A(a) | 6.500 | 09/15/28 | 29,375 | 30,237,345 | |
Scripps Escrow II, Inc., | |||||
Sr. Sec’d. Notes, 144A | 3.875 | 01/15/29 | 11,000 | 10,735,076 | |
Sr. Unsec’d. Notes, 144A | 5.375 | 01/15/31 | 8,175 | 8,199,242 | |
Scripps Escrow, Inc., Gtd. Notes, 144A(a) | 5.875 | 07/15/27 | 6,420 | 6,640,685 | |
Sinclair Television Group, Inc., | |||||
Gtd. Notes, 144A(a) | 5.125 | 02/15/27 | 11,321 | 11,331,346 | |
Gtd. Notes, 144A | 5.875 | 03/15/26 | 19,652 | 20,199,197 | |
Sirius XM Radio, Inc., Gtd. Notes, 144A(a) | 5.375 | 07/15/26 | 11,312 | 11,660,117 | |
Univision Communications, Inc., | |||||
Sr. Sec’d. Notes, 144A(a) | 4.500 | 05/01/29 | 12,975 | 13,132,206 | |
Sr. Sec’d. Notes, 144A(a) | 5.125 | 02/15/25 | 32,730 | 33,302,789 | |
Sr. Sec’d. Notes, 144A(a) | 6.625 | 06/01/27 | 86,781 | 94,042,361 | |
Urban One, Inc., Sr. Sec’d. Notes, 144A(a) | 7.375 | 02/01/28 | 14,630 | 15,487,644 | |
1,499,240,463 | |||||
Mining 2.9% | |||||
Constellium SE, | |||||
Gtd. Notes, 144A(a) | 3.750 | 04/15/29 | 1,000 | 970,646 | |
Gtd. Notes, 144A(a) | 5.625 | 06/15/28 | 3,500 | 3,710,201 |
24
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Mining (cont’d.) | |||||
Constellium SE, (cont’d.) | |||||
Gtd. Notes, 144A | 5.750 % | 05/15/24 | 28,746 | $29,062,037 | |
Gtd. Notes, 144A(a) | 5.875 | 02/15/26 | 28,443 | 29,201,788 | |
Eldorado Gold Corp. (Turkey), Sec’d. Notes, 144A(a) | 9.500 | 06/01/24 | 29,597 | 32,259,798 | |
First Quantum Minerals Ltd. (Zambia), | |||||
Gtd. Notes, 144A(a) | 6.500 | 03/01/24 | 56,772 | 58,052,655 | |
Gtd. Notes, 144A(a) | 6.875 | 03/01/26 | 22,282 | 23,359,868 | |
Gtd. Notes, 144A | 6.875 | 10/15/27 | 33,895 | 37,055,039 | |
Gtd. Notes, 144A | 7.250 | 04/01/23 | 72,606 | 73,943,102 | |
Gtd. Notes, 144A | 7.500 | 04/01/25 | 27,636 | 28,680,496 | |
Freeport-McMoRan, Inc., | |||||
Gtd. Notes | 4.375 | 08/01/28 | 29,850 | 31,533,956 | |
Gtd. Notes(a) | 4.550 | 11/14/24 | 31,518 | 34,246,264 | |
Gtd. Notes(a) | 4.625 | 08/01/30 | 20,483 | 22,489,447 | |
Hecla Mining Co., Gtd. Notes(a) | 7.250 | 02/15/28 | 21,117 | 23,203,801 | |
Hudbay Minerals, Inc. (Canada), | |||||
Gtd. Notes, 144A | 4.500 | 04/01/26 | 13,025 | 12,959,710 | |
Gtd. Notes, 144A(a) | 6.125 | 04/01/29 | 37,970 | 39,767,502 | |
IAMGOLD Corp. (Burkina Faso), Gtd. Notes, 144A(a) | 5.750 | 10/15/28 | 38,233 | 40,187,688 | |
New Gold, Inc. (Canada), | |||||
Gtd. Notes, 144A(a) | 6.375 | 05/15/25 | 25,734 | 26,509,009 | |
Sr. Unsec’d. Notes, 144A(a) | 7.500 | 07/15/27 | 51,419 | 56,116,467 | |
Novelis Corp., | |||||
Gtd. Notes, 144A(a) | 4.750 | 01/30/30 | 26,339 | 27,675,180 | |
Gtd. Notes, 144A(a) | 5.875 | 09/30/26 | 31,810 | 33,168,918 | |
664,153,572 | |||||
Miscellaneous Manufacturing 1.4% | |||||
Amsted Industries, Inc., | |||||
Gtd. Notes, 144A | 5.625 | 07/01/27 | 9,075 | 9,545,280 | |
Sr. Unsec’d. Notes, 144A | 4.625 | 05/15/30 | 21,713 | 21,946,051 | |
Bombardier, Inc. (Canada), | |||||
Sr. Unsec’d. Notes, 144A | 7.450 | 05/01/34 | 3,925 | 4,095,125 | |
Sr. Unsec’d. Notes, 144A | 7.500 | 12/01/24 | 70,996 | 72,969,743 | |
Sr. Unsec’d. Notes, 144A | 7.500 | 03/15/25 | 56,819 | 57,269,860 | |
Sr. Unsec’d. Notes, 144A | 7.875 | 04/15/27 | 150,747 | 153,008,356 | |
318,834,415 |
25
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Office/Business Equipment 0.1% | |||||
CDW LLC/CDW Finance Corp., | |||||
Gtd. Notes | 3.250 % | 02/15/29 | 14,360 | $14,581,389 | |
Gtd. Notes(a) | 4.125 | 05/01/25 | 17,650 | 18,449,611 | |
33,031,000 | |||||
Oil & Gas 7.1% | |||||
Aethon United BR LP/Aethon United Finance Corp., Sr. Unsec’d. Notes, 144A | 8.250 | 02/15/26 | 31,275 | 33,490,346 | |
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., Gtd. Notes | 7.875 | 12/15/24(d) | 104,709 | 69,108 | |
Antero Resources Corp., | |||||
Gtd. Notes | 5.000 | 03/01/25 | 55,144 | 56,520,537 | |
Gtd. Notes | 5.625 | 06/01/23 | 33,415 | 33,415,000 | |
Gtd. Notes, 144A(a) | 7.625 | 02/01/29 | 37,925 | 41,718,698 | |
Gtd. Notes, 144A(a) | 8.375 | 07/15/26 | 9,400 | 10,603,461 | |
Sr. Unsec’d. Notes, 144A | 5.375 | 03/01/30 | 31,475 | 31,571,093 | |
Apache Corp., | |||||
Sr. Unsec’d. Notes(a) | 4.375 | 10/15/28 | 10,750 | 11,026,703 | |
Sr. Unsec’d. Notes(a) | 4.750 | 04/15/43 | 11,225 | 11,099,032 | |
Sr. Unsec’d. Notes | 4.875 | 11/15/27 | 500 | 524,945 | |
Sr. Unsec’d. Notes | 5.100 | 09/01/40 | 29,850 | 30,692,884 | |
Sr. Unsec’d. Notes | 5.250 | 02/01/42 | 2,225 | 2,321,541 | |
Sr. Unsec’d. Notes(a) | 5.350 | 07/01/49 | 2,750 | 2,817,414 | |
Sr. Unsec’d. Notes(a) | 7.750 | 12/15/29 | 16,218 | 18,994,221 | |
Ascent Resources Utica Holdings LLC/ARU Finance Corp., | |||||
Gtd. Notes, 144A | 7.000 | 11/01/26 | 42,838 | 44,215,513 | |
Gtd. Notes, 144A | 9.000 | 11/01/27 | 30,497 | 41,850,175 | |
Sr. Unsec’d. Notes, 144A(a) | 8.250 | 12/31/28 | 18,585 | 20,226,176 | |
Chesapeake Energy Corp., | |||||
Gtd. Notes, 144A(a) | 5.500 | 02/01/26 | 12,425 | 13,144,331 | |
Gtd. Notes, 144A(a) | 5.875 | 02/01/29 | 12,775 | 13,792,901 | |
Citgo Holding, Inc., Sr. Sec’d. Notes, 144A(a) | 9.250 | 08/01/24 | 61,445 | 62,986,716 | |
CITGO Petroleum Corp., Sr. Sec’d. Notes, 144A(a) | 7.000 | 06/15/25 | 58,830 | 61,160,835 | |
CNX Resources Corp., Gtd. Notes, 144A | 7.250 | 03/14/27 | 68,734 | 73,861,417 | |
Comstock Resources, Inc., Gtd. Notes, 144A(a) | 6.750 | 03/01/29 | 28,950 | 30,207,021 |
26
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Oil & Gas (cont’d.) | |||||
Continental Resources, Inc., | |||||
Gtd. Notes(a) | 4.900 % | 06/01/44 | 8,865 | $9,638,052 | |
Gtd. Notes, 144A(a) | 5.750 | 01/15/31 | 16,950 | 19,881,803 | |
CrownRock LP/CrownRock Finance, Inc., | |||||
Sr. Unsec’d. Notes, 144A | 5.000 | 05/01/29 | 7,850 | 8,069,584 | |
Sr. Unsec’d. Notes, 144A(a) | 5.625 | 10/15/25 | 7,487 | 7,739,398 | |
Endeavor Energy Resources LP/EER Finance, Inc., | |||||
Sr. Unsec’d. Notes, 144A | 5.500 | 01/30/26 | 3,277 | 3,386,613 | |
Sr. Unsec’d. Notes, 144A(a) | 5.750 | 01/30/28 | 42,309 | 44,775,736 | |
Sr. Unsec’d. Notes, 144A(a) | 6.625 | 07/15/25 | 25,064 | 26,623,530 | |
EQT Corp., | |||||
Sr. Unsec’d. Notes(a) | 3.900 | 10/01/27 | 33,228 | 35,491,345 | |
Sr. Unsec’d. Notes(a) | 5.000 | 01/15/29 | 8,150 | 9,036,593 | |
Sr. Unsec’d. Notes | 8.500 | 02/01/30 | 7,738 | 10,056,252 | |
Hilcorp Energy I LP/Hilcorp Finance Co., | |||||
Sr. Unsec’d. Notes, 144A(a) | 5.000 | 12/01/24 | 8,236 | 8,304,606 | |
Sr. Unsec’d. Notes, 144A | 5.750 | 10/01/25 | 30,956 | 31,445,751 | |
Sr. Unsec’d. Notes, 144A | 5.750 | 02/01/29 | 8,500 | 8,722,516 | |
Sr. Unsec’d. Notes, 144A | 6.000 | 02/01/31 | 8,200 | 8,476,680 | |
Sr. Unsec’d. Notes, 144A | 6.250 | 11/01/28 | 34,055 | 35,731,200 | |
MEG Energy Corp. (Canada), | |||||
Gtd. Notes, 144A(a) | 5.875 | 02/01/29 | 31,259 | 32,521,784 | |
Gtd. Notes, 144A | 7.125 | 02/01/27 | 35,580 | 38,125,820 | |
Sec’d. Notes, 144A | 6.500 | 01/15/25 | 4,939 | 5,107,480 | |
Nabors Industries Ltd., | |||||
Gtd. Notes, 144A | 7.250 | 01/15/26 | 26,955 | 23,983,675 | |
Gtd. Notes, 144A(a) | 7.500 | 01/15/28 | 64,310 | 54,644,346 | |
Nabors Industries, Inc., Gtd. Notes | 5.750 | 02/01/25 | 75,920 | 62,982,121 | |
Occidental Petroleum Corp., | |||||
Sr. Unsec’d. Notes | 2.700 | 02/15/23 | 22,475 | 22,623,457 | |
Sr. Unsec’d. Notes(a) | 2.900 | 08/15/24 | 43,020 | 42,971,423 | |
Sr. Unsec’d. Notes | 3.200 | 08/15/26 | 250 | 241,718 | |
Sr. Unsec’d. Notes | 3.450 | 07/15/24 | 13,510 | 13,547,882 | |
Sr. Unsec’d. Notes | 3.500 | 06/15/25 | 2,864 | 2,867,528 | |
Sr. Unsec’d. Notes(a) | 3.500 | 08/15/29 | 1,358 | 1,273,415 | |
Sr. Unsec’d. Notes | 4.100 | 02/15/47 | 4,413 | 3,596,385 | |
Sr. Unsec’d. Notes | 4.400 | 04/15/46 | 6,150 | 5,260,118 | |
Sr. Unsec’d. Notes | 4.500 | 07/15/44 | 1,975 | 1,723,187 | |
Sr. Unsec’d. Notes | 4.625 | 06/15/45 | 3,025 | 2,673,490 | |
Sr. Unsec’d. Notes | 5.500 | 12/01/25 | 1,525 | 1,642,350 | |
Sr. Unsec’d. Notes | 5.550 | 03/15/26 | 13,330 | 14,263,875 |
27
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Oil & Gas (cont’d.) | |||||
Occidental Petroleum Corp., (cont’d.) | |||||
Sr. Unsec’d. Notes(a) | 5.875 % | 09/01/25 | 3,550 | $3,845,452 | |
Sr. Unsec’d. Notes(a) | 6.125 | 01/01/31 | 4,525 | 5,018,070 | |
Sr. Unsec’d. Notes | 6.450 | 09/15/36 | 2,000 | 2,248,373 | |
Sr. Unsec’d. Notes(a) | 6.625 | 09/01/30 | 12,000 | 13,750,678 | |
Sr. Unsec’d. Notes | 6.950 | 07/01/24 | 875 | 972,616 | |
Sr. Unsec’d. Notes | 7.150 | 05/15/28 | 2,448 | 2,759,995 | |
Sr. Unsec’d. Notes | 8.875 | 07/15/30 | 1,650 | 2,115,632 | |
Ovintiv, Inc., | |||||
Gtd. Notes(a) | 6.500 | 08/15/34 | 17,991 | 23,656,453 | |
Gtd. Notes | 6.500 | 02/01/38 | 9,573 | 12,534,345 | |
Gtd. Notes | 6.625 | 08/15/37 | 4,425 | 5,800,088 | |
Parkland Corp. (Canada), Gtd. Notes, 144A(a) | 4.500 | 10/01/29 | 17,100 | 17,356,025 | |
Precision Drilling Corp. (Canada), | |||||
Gtd. Notes | 5.250 | 11/15/24 | 20,000 | 19,588,687 | |
Gtd. Notes | 7.750 | 12/15/23 | 5,650 | 5,714,679 | |
Gtd. Notes, 144A(a) | 7.125 | 01/15/26 | 29,218 | 29,450,622 | |
Range Resources Corp., | |||||
Gtd. Notes | 4.875 | 05/15/25 | 53,555 | 54,695,183 | |
Gtd. Notes | 5.000 | 03/15/23 | 1,917 | 1,976,053 | |
Gtd. Notes(a) | 9.250 | 02/01/26 | 4,526 | 4,991,957 | |
Seventy Seven Energy, Inc., Sr. Unsec’d. Notes^ | 6.500 | 07/15/22 | 1,800 | 18 | |
Sunoco LP/Sunoco Finance Corp., | |||||
Gtd. Notes | 5.500 | 02/15/26 | 24,754 | 25,502,305 | |
Gtd. Notes(a) | 5.875 | 03/15/28 | 3,936 | 4,144,451 | |
Gtd. Notes | 6.000 | 04/15/27 | 2,325 | 2,427,359 | |
Gtd. Notes, 144A | 4.500 | 05/15/29 | 21,657 | 21,505,238 | |
Transocean, Inc., | |||||
Gtd. Notes, 144A(a) | 7.250 | 11/01/25 | 38,403 | 30,609,409 | |
Gtd. Notes, 144A | 7.500 | 01/15/26 | 30,108 | 23,632,170 | |
Gtd. Notes, 144A | 8.000 | 02/01/27 | 25,070 | 19,020,421 | |
Gtd. Notes, 144A | 11.500 | 01/30/27 | 3,550 | 3,529,963 | |
WPX Energy, Inc., | |||||
Sr. Unsec’d. Notes | 5.250 | 10/15/27 | 28,122 | 30,089,865 | |
Sr. Unsec’d. Notes | 5.750 | 06/01/26 | 7,445 | 7,766,103 | |
Sr. Unsec’d. Notes | 5.875 | 06/15/28 | 115 | 126,601 | |
1,618,568,592 |
28
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Packaging & Containers 0.8% | |||||
ARD Finance SA (Luxembourg), Sr. Sec’d. Notes, 144A, Cash coupon 6.500% or PIK 7.250%(a) | 6.500 % | 06/30/27 | 55,945 | $58,182,661 | |
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., | |||||
Sr. Sec’d. Notes, 144A(a) | 4.125 | 08/15/26 | 12,475 | 12,775,685 | |
Sr. Unsec’d. Notes, 144A(a) | 5.250 | 08/15/27 | 27,745 | 27,996,061 | |
Graham Packaging Co., Inc., Gtd. Notes, 144A(a) | 7.125 | 08/15/28 | 13,270 | 14,145,929 | |
Intelligent Packaging Holdco Issuer LP (Canada), Sr. Unsec’d. Notes, 144A, Cash coupon 9.000% or PIK 9.750% | 9.000 | 01/15/26 | 17,050 | 17,450,552 | |
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada), Sr. Sec’d. Notes, 144A | 6.000 | 09/15/28 | 11,491 | 11,893,515 | |
Owens-Brockway Glass Container, Inc., | |||||
Gtd. Notes, 144A(a) | 6.375 | 08/15/25 | 4,236 | 4,692,147 | |
Gtd. Notes, 144A(a) | 6.625 | 05/13/27 | 36,277 | 39,395,463 | |
186,532,013 | |||||
Pharmaceuticals 2.8% | |||||
AdaptHealth LLC, | |||||
Gtd. Notes, 144A(a) | 4.625 | 08/01/29 | 42,086 | 41,310,205 | |
Gtd. Notes, 144A | 6.125 | 08/01/28 | 21,478 | 22,624,142 | |
Bausch Health Americas, Inc., | |||||
Gtd. Notes, 144A | 8.500 | 01/31/27 | 21,433 | 23,001,400 | |
Gtd. Notes, 144A | 9.250 | 04/01/26 | 4,009 | 4,336,285 | |
Bausch Health Cos., Inc., | |||||
Gtd. Notes, 144A(a) | 5.000 | 01/30/28 | 42,822 | 40,071,479 | |
Gtd. Notes, 144A | 5.000 | 02/15/29 | 57,636 | 52,879,359 | |
Gtd. Notes, 144A(a) | 5.250 | 01/30/30 | 54,983 | 50,590,760 | |
Gtd. Notes, 144A(a) | 5.250 | 02/15/31 | 24,303 | 22,219,393 | |
Gtd. Notes, 144A(a) | 6.125 | 04/15/25 | 58,276 | 59,519,096 | |
Gtd. Notes, 144A | 6.250 | 02/15/29 | 141,574 | 138,414,568 | |
Gtd. Notes, 144A | 7.000 | 01/15/28 | 36,008 | 36,908,200 | |
Gtd. Notes, 144A | 7.250 | 05/30/29 | 4,896 | 5,054,863 | |
Sr. Sec’d. Notes, 144A | 4.875 | 06/01/28 | 12,375 | 12,463,379 | |
Endo Dac/Endo Finance LLC/Endo Finco, Inc., | |||||
Gtd. Notes, 144A(a) | 6.000 | 06/30/28 | 16,648 | 11,511,287 | |
Sec’d. Notes, 144A(a) | 9.500 | 07/31/27 | 10,892 | 11,093,943 | |
29
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Pharmaceuticals (cont’d.) | |||||
Endo Luxembourg Finance Co. I Sarl/Endo US, Inc., Sr. Sec’d. Notes, 144A(a) | 6.125 % | 04/01/29 | 19,700 | $19,411,113 | |
Jazz Securities DAC, Sr. Sec’d. Notes, 144A(a) | 4.375 | 01/15/29 | 12,400 | 12,768,734 | |
Organon Finance 1 LLC, Sr. Unsec’d. Notes, 144A(a) | 5.125 | 04/30/31 | 16,550 | 17,013,552 | |
P&L Development LLC/PLD Finance Corp., Sr. Sec’d. Notes, 144A | 7.750 | 11/15/25 | 34,542 | 36,572,158 | |
Prestige Brands, Inc., Gtd. Notes, 144A | 3.750 | 04/01/31 | 21,698 | 20,844,588 | |
638,608,504 | |||||
Pipelines 3.4% | |||||
Antero Midstream Partners LP/Antero Midstream Finance Corp., | |||||
Gtd. Notes | 5.375 | 09/15/24 | 4,075 | 4,184,940 | |
Gtd. Notes, 144A | 5.375 | 06/15/29 | 31,650 | 32,008,045 | |
Gtd. Notes, 144A(a) | 5.750 | 03/01/27 | 23,899 | 24,600,231 | |
Gtd. Notes, 144A(a) | 5.750 | 01/15/28 | 41,253 | 42,423,212 | |
Gtd. Notes, 144A | 7.875 | 05/15/26 | 2,725 | 3,022,620 | |
Cheniere Energy Partners LP, Gtd. Notes, 144A(a) | 4.000 | 03/01/31 | 39,175 | 40,436,915 | |
Cheniere Energy, Inc., Sr. Sec’d. Notes, 144A | 4.625 | 10/15/28 | 95,572 | 100,331,289 | |
DCP Midstream Operating LP, | |||||
Gtd. Notes | 5.125 | 05/15/29 | 10,361 | 11,161,114 | |
Gtd. Notes | 5.625 | 07/15/27 | 15,410 | 16,939,568 | |
Gtd. Notes, 144A | 4.750 | 09/30/21 | 8,048 | 8,063,930 | |
Gtd. Notes, 144A | 6.450 | 11/03/36 | 3,455 | 3,945,404 | |
Energy Transfer LP, Jr. Sub. Notes, Series G | 7.125(ff) | 05/15/30(oo) | 17,825 | 18,425,558 | |
EQM Midstream Partners LP, | |||||
Sr. Unsec’d. Notes | 4.125 | 12/01/26 | 50 | 50,390 | |
Sr. Unsec’d. Notes | 4.750 | 07/15/23 | 3,494 | 3,649,237 | |
Sr. Unsec’d. Notes | 5.500 | 07/15/28 | 2,300 | 2,454,365 | |
Sr. Unsec’d. Notes, 144A | 6.000 | 07/01/25 | 10,370 | 11,228,763 | |
Sr. Unsec’d. Notes, 144A | 6.500 | 07/01/27 | 26,949 | 29,612,439 | |
Global Partners LP/GLP Finance Corp., | |||||
Gtd. Notes | 6.875 | 01/15/29 | 16,086 | 17,375,998 | |
Gtd. Notes(a) | 7.000 | 08/01/27 | 14,055 | 14,891,722 |
30
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Pipelines (cont’d.) | |||||
Rockies Express Pipeline LLC, | |||||
Sr. Unsec’d. Notes, 144A | 3.600 % | 05/15/25 | 5,500 | $5,537,944 | |
Sr. Unsec’d. Notes, 144A | 6.875 | 04/15/40 | 50,698 | 54,559,160 | |
Sr. Unsec’d. Notes, 144A | 7.500 | 07/15/38 | 7,842 | 8,692,897 | |
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | |||||
Gtd. Notes, 144A | 5.500 | 09/15/24 | 10,031 | 10,191,576 | |
Gtd. Notes, 144A | 5.500 | 01/15/28 | 56,063 | 56,598,209 | |
Gtd. Notes, 144A | 6.000 | 03/01/27 | 14,884 | 15,237,371 | |
Gtd. Notes, 144A | 6.000 | 12/31/30 | 15,342 | 15,668,606 | |
Gtd. Notes, 144A | 7.500 | 10/01/25 | 7,347 | 8,021,718 | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp., | |||||
Gtd. Notes | 5.000 | 01/15/28 | 9,690 | 10,143,591 | |
Gtd. Notes(a) | 5.375 | 02/01/27 | 14,012 | 14,572,571 | |
Gtd. Notes(a) | 5.500 | 03/01/30 | 12,773 | 13,794,317 | |
Gtd. Notes(a) | 5.875 | 04/15/26 | 9,600 | 10,048,655 | |
Gtd. Notes(a) | 6.500 | 07/15/27 | 12,740 | 13,808,762 | |
Gtd. Notes | 6.875 | 01/15/29 | 1,250 | 1,390,625 | |
Gtd. Notes, 144A(a) | 4.875 | 02/01/31 | 21,341 | 22,297,871 | |
Western Midstream Operating LP, | |||||
Sr. Unsec’d. Notes | 3.950 | 06/01/25 | 29,329 | 30,484,533 | |
Sr. Unsec’d. Notes | 4.000 | 07/01/22 | 2,366 | 2,419,924 | |
Sr. Unsec’d. Notes | 4.350 | 02/01/25 | 13,120 | 13,730,780 | |
Sr. Unsec’d. Notes | 4.500 | 03/01/28 | 325 | 344,789 | |
Sr. Unsec’d. Notes(a) | 5.300 | 02/01/30 | 42,494 | 46,842,233 | |
Sr. Unsec’d. Notes | 5.450 | 04/01/44 | 3,070 | 3,180,454 | |
Sr. Unsec’d. Notes | 5.500 | 08/15/48 | 7,755 | 8,026,222 | |
Sr. Unsec’d. Notes(a) | 6.500 | 02/01/50 | 9,300 | 10,401,323 | |
760,799,871 | |||||
Real Estate 1.0% | |||||
Five Point Operating Co. LP/Five Point Capital Corp., Gtd. Notes, 144A | 7.875 | 11/15/25 | 62,806 | 66,383,918 | |
Greystar Real Estate Partners LLC, Sr. Sec’d. Notes, 144A | 5.750 | 12/01/25 | 39,691 | 40,733,575 | |
Howard Hughes Corp. (The), | |||||
Gtd. Notes, 144A | 4.125 | 02/01/29 | 15,450 | 15,366,817 | |
Gtd. Notes, 144A | 4.375 | 02/01/31 | 23,575 | 23,365,455 | |
Gtd. Notes, 144A | 5.375 | 08/01/28 | 23,460 | 24,726,057 |
31
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Real Estate (cont’d.) | |||||
Hunt Cos., Inc., Sr. Sec’d. Notes, 144A | 5.250 % | 04/15/29 | 58,975 | $56,806,723 | |
227,382,545 | |||||
Real Estate Investment Trusts (REITs) 3.2% | |||||
Diversified Healthcare Trust, | |||||
Gtd. Notes(a) | 4.375 | 03/01/31 | 16,453 | 15,532,964 | |
Gtd. Notes | 9.750 | 06/15/25 | 67,534 | 74,971,895 | |
Sr. Unsec’d. Notes | 4.750 | 05/01/24 | 5,679 | 5,765,860 | |
Sr. Unsec’d. Notes(a) | 4.750 | 02/15/28 | 46,379 | 44,805,577 | |
ESH Hospitality, Inc., | |||||
Gtd. Notes, 144A | 4.625 | 10/01/27 | 17,733 | 18,801,101 | |
Gtd. Notes, 144A | 5.250 | 05/01/25 | 53,920 | 54,978,604 | |
Host Hotels & Resorts LP, Sr. Unsec’d. Notes, Series F | 4.500 | 02/01/26 | 17,440 | 19,239,891 | |
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., | |||||
Gtd. Notes | 4.500 | 09/01/26 | 7,250 | 7,661,953 | |
Gtd. Notes | 4.500 | 01/15/28 | 20,579 | 21,559,706 | |
Gtd. Notes | 5.625 | 05/01/24 | 3,026 | 3,257,040 | |
Gtd. Notes, 144A(a) | 4.625 | 06/15/25 | 6,195 | 6,578,349 | |
MPT Operating Partnership LP/MPT Finance Corp., | |||||
Gtd. Notes | 3.500 | 03/15/31 | 42,225 | 42,548,419 | |
Gtd. Notes(a) | 5.000 | 10/15/27 | 30,018 | 31,643,002 | |
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, | |||||
Sr. Sec’d. Notes, 144A(a) | 5.875 | 10/01/28 | 43,794 | 46,734,184 | |
Sr. Sec’d. Notes, 144A(a) | 7.500 | 06/01/25 | 70,840 | 76,588,296 | |
RHP Hotel Properties LP/RHP Finance Corp., Gtd. Notes, 144A | 4.500 | 02/15/29 | 10,650 | 10,601,527 | |
Sabra Health Care LP, Gtd. Notes | 5.125 | 08/15/26 | 6,308 | 7,082,845 | |
SBA Communications Corp., | |||||
Sr. Unsec’d. Notes(a) | 3.875 | 02/15/27 | 12,000 | 12,279,699 | |
Sr. Unsec’d. Notes | 4.875 | 09/01/24 | 6,161 | 6,286,092 | |
Sr. Unsec’d. Notes, 144A(a) | 3.125 | 02/01/29 | 15,700 | 15,066,342 | |
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, Sr. Sec’d. Notes, 144A | 7.875 | 02/15/25 | 90,298 | 96,809,978 |
32
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Real Estate Investment Trusts (REITs) (cont’d.) | |||||
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, Sr. Sec’d. Notes, 144A | 4.750 % | 04/15/28 | 19,965 | $19,808,759 | |
VICI Properties LP/VICI Note Co., Inc., | |||||
Gtd. Notes, 144A(a) | 3.500 | 02/15/25 | 1,240 | 1,262,575 | |
Gtd. Notes, 144A(a) | 3.750 | 02/15/27 | 9,037 | 9,140,918 | |
Gtd. Notes, 144A(a) | 4.125 | 08/15/30 | 3,975 | 4,034,342 | |
Gtd. Notes, 144A(a) | 4.250 | 12/01/26 | 27,572 | 28,382,947 | |
Gtd. Notes, 144A | 4.625 | 12/01/29 | 49,733 | 52,055,660 | |
733,478,525 | |||||
Retail 2.3% | |||||
1011778 BC ULC/New Red Finance, Inc. (Canada), | |||||
Sec’d. Notes, 144A(a) | 4.000 | 10/15/30 | 101,645 | 98,466,140 | |
Sr. Sec’d. Notes, 144A | 3.500 | 02/15/29 | 1,300 | 1,271,775 | |
Brinker International, Inc., | |||||
Gtd. Notes, 144A(a) | 5.000 | 10/01/24 | 25,021 | 26,151,876 | |
Sr. Unsec’d. Notes(a) | 3.875 | 05/15/23 | 29,290 | 30,026,452 | |
Caleres, Inc., Gtd. Notes | 6.250 | 08/15/23 | 6,458 | 6,479,321 | |
eG Global Finance PLC (United Kingdom), Sr. Sec’d. Notes, 144A(a) | 8.500 | 10/30/25 | 25,675 | 27,199,869 | |
Foundation Building Materials, Inc., Gtd. Notes, 144A | 6.000 | 03/01/29 | 18,640 | 18,276,002 | |
Golden Nugget, Inc., Sr. Unsec’d. Notes, 144A(a) | 6.750 | 10/15/24 | 58,110 | 58,721,889 | |
GYP Holdings III Corp., Gtd. Notes, 144A(a) | 4.625 | 05/01/29 | 6,900 | 6,940,413 | |
LCM Investments Holdings II LLC, Sr. Unsec’d. Notes, 144A | 4.875 | 05/01/29 | 14,250 | 14,642,107 | |
Murphy Oil USA, Inc., Gtd. Notes, 144A | 3.750 | 02/15/31 | 10,700 | 10,424,258 | |
Park River Holdings, Inc., Gtd. Notes, 144A | 5.625 | 02/01/29 | 58,227 | 55,756,794 | |
Sally Holdings LLC/Sally Capital, Inc., | |||||
Gtd. Notes(a) | 5.625 | 12/01/25 | 60,970 | 62,837,502 | |
Sec’d. Notes, 144A | 8.750 | 04/30/25 | 21,264 | 23,506,188 | |
Suburban Propane Partners LP/Suburban Energy Finance Corp., Sr. Unsec’d. Notes(a) | 5.875 | 03/01/27 | 42,737 | 44,521,920 |
33
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Retail (cont’d.) | |||||
Superior Plus LP/Superior General Partner, Inc. (Canada), Sr. Unsec’d. Notes, 144A | 4.500 % | 03/15/29 | 11,825 | $12,024,169 | |
White Cap Buyer LLC, Sr. Unsec’d. Notes, 144A(a) | 6.875 | 10/15/28 | 18,425 | 19,430,795 | |
516,677,470 | |||||
Semiconductors 0.2% | |||||
Microchip Technology, Inc., Gtd. Notes, 144A(a) | 4.250 | 09/01/25 | 51,214 | 53,751,035 | |
Software 1.1% | |||||
Black Knight InfoServ LLC, Gtd. Notes, 144A | 3.625 | 09/01/28 | 56,326 | 55,376,051 | |
Boxer Parent Co., Inc., Sr. Sec’d. Notes, 144A | 7.125 | 10/02/25 | 35,288 | 37,815,178 | |
BY Crown Parent LLC, Gtd. Notes, 144A | 7.375 | 10/15/24 | 27,031 | 27,545,406 | |
BY Crown Parent LLC/BY Bond Finance, Inc., Sr. Sec’d. Notes, 144A | 4.250 | 01/31/26 | 33,302 | 34,809,195 | |
Dun & Bradstreet Corp. (The), | |||||
Gtd. Notes, 144A(a) | 10.250 | 02/15/27 | 15,750 | 17,371,573 | |
Sr. Sec’d. Notes, 144A | 6.875 | 08/15/26 | 14,360 | 15,300,563 | |
Open Text Corp. (Canada), Gtd. Notes, 144A | 5.875 | 06/01/26 | 4,750 | 4,899,884 | |
Playtika Holding Corp., Gtd. Notes, 144A(a) | 4.250 | 03/15/29 | 18,075 | 17,815,709 | |
Rackspace Technology Global, Inc., | |||||
Gtd. Notes, 144A(a) | 5.375 | 12/01/28 | 10,500 | 10,595,283 | |
Sr. Sec’d. Notes, 144A | 3.500 | 02/15/28 | 18,200 | 17,518,586 | |
Rocket Software, Inc., Sr. Unsec’d. Notes, 144A(a) | 6.500 | 02/15/29 | 15,675 | 15,277,782 | |
254,325,210 | |||||
Telecommunications 6.6% | |||||
Altice France Holding SA (Luxembourg), | |||||
Gtd. Notes, 144A(a) | 6.000 | 02/15/28 | 2,965 | 2,907,580 | |
Sr. Sec’d. Notes, 144A | 10.500 | 05/15/27 | 12,117 | 13,544,370 | |
Altice France SA (France), | |||||
Sr. Sec’d. Notes, 144A | 5.125 | 07/15/29 | 14,825 | 14,704,012 |
34
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Telecommunications (cont’d.) | |||||
Altice France SA (France), (cont’d.) | |||||
Sr. Sec’d. Notes, 144A | 7.375 % | 05/01/26 | 38,675 | $40,219,796 | |
Sr. Sec’d. Notes, 144A | 8.125 | 02/01/27 | 4,000 | 4,361,147 | |
C&W Senior Financing DAC (Panama), Sr. Unsec’d. Notes, 144A(a) | 6.875 | 09/15/27 | 18,485 | 19,688,203 | |
CommScope Technologies LLC, Gtd. Notes, 144A(a) | 6.000 | 06/15/25 | 22,365 | 22,802,076 | |
CommScope, Inc., | |||||
Sr. Sec’d. Notes, 144A | 5.500 | 03/01/24 | 7,000 | 7,212,324 | |
Sr. Sec’d. Notes, 144A | 6.000 | 03/01/26 | 30,600 | 32,176,155 | |
Digicel Group Holdings Ltd. (Jamaica), | |||||
Sr. Sec’d. Notes, Cash coupon 8.000% and PIK 2.000%(a) | 10.000 | 04/01/24 | 60,316 | 59,252,248 | |
Sr. Unsec’d. Notes, 144A, Cash coupon 5.000% and PIK 3.000% or PIK 8.000%(a) | 8.000 | 04/01/25 | 14,628 | 12,342,486 | |
Digicel International Finance Ltd./Digicel International Holdings Ltd. (Jamaica), | |||||
Gtd. Notes, 144A | 8.000 | 12/31/26 | 47,079 | 46,147,736 | |
Gtd. Notes, 144A, Cash coupon 6.000% and PIK 7.000%(a) | 13.000 | 12/31/25 | 70,877 | 71,681,959 | |
Sr. Sec’d. Notes, 144A | 8.750 | 05/25/24 | 6,493 | 6,758,073 | |
Sr. Sec’d. Notes, 144A(a) | 8.750 | 05/25/24 | 80,455 | 83,716,144 | |
Digicel Ltd. (Jamaica), Gtd. Notes, 144A(a) | 6.750 | 03/01/23 | 157,197 | 149,582,005 | |
Intelsat Jackson Holdings SA (Luxembourg), | |||||
Gtd. Notes | 5.500 | 08/01/23(d) | 26,705 | 15,596,977 | |
Gtd. Notes, 144A(a) | 8.500 | 10/15/24(d) | 14,775 | 8,799,750 | |
Gtd. Notes, 144A | 9.750 | 07/15/25(d) | 89,167 | 52,949,049 | |
Sr. Sec’d. Notes, 144A | 8.000 | 02/15/24(d) | 37,993 | 39,241,502 | |
Intelsat Luxembourg SA (Luxembourg), Gtd. Notes | 8.125 | 06/01/23(d) | 37,355 | 1,103,572 | |
Intrado Corp., Gtd. Notes, 144A(a) | 8.500 | 10/15/25 | 108,508 | 107,319,356 | |
Level 3 Financing, Inc., | |||||
Gtd. Notes(a) | 5.250 | 03/15/26 | 8,633 | 8,892,654 | |
Gtd. Notes, 144A | 3.625 | 01/15/29 | 12,065 | 11,575,724 | |
Gtd. Notes, 144A | 3.750 | 07/15/29 | 35,660 | 34,431,341 | |
Gtd. Notes, 144A | 4.250 | 07/01/28 | 8,695 | 8,721,984 | |
Lumen Technologies, Inc., | |||||
Sr. Unsec’d. Notes | 5.625 | 04/01/25 | 100 | 107,598 | |
Sr. Unsec’d. Notes, 144A(a) | 4.500 | 01/15/29 | 30,617 | 29,617,132 | |
Sr. Unsec’d. Notes, Series P(a) | 7.600 | 09/15/39 | 26,705 | 30,337,650 |
35
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Telecommunications (cont’d.) | |||||
Lumen Technologies, Inc., (cont’d.) | |||||
Sr. Unsec’d. Notes, Series S | 6.450 % | 06/15/21 | 39,937 | $40,008,850 | |
Sr. Unsec’d. Notes, Series T | 5.800 | 03/15/22 | 700 | 722,136 | |
Sr. Unsec’d. Notes, Series U | 7.650 | 03/15/42 | 31,305 | 35,092,452 | |
Sr. Unsec’d. Notes, Series W | 6.750 | 12/01/23 | 11,701 | 12,924,934 | |
Sprint Capital Corp., | |||||
Gtd. Notes | 6.875 | 11/15/28 | 12,811 | 16,034,832 | |
Gtd. Notes | 8.750 | 03/15/32 | 34,452 | 51,083,701 | |
Sprint Communications, Inc., Gtd. Notes | 11.500 | 11/15/21 | 22,872 | 23,937,132 | |
Sprint Corp., | |||||
Gtd. Notes | 7.125 | 06/15/24 | 37,247 | 42,907,623 | |
Gtd. Notes | 7.250 | 09/15/21 | 19,982 | 20,325,978 | |
Gtd. Notes | 7.625 | 02/15/25 | 45,648 | 53,987,196 | |
Gtd. Notes(a) | 7.625 | 03/01/26 | 16,400 | 19,939,671 | |
Gtd. Notes | 7.875 | 09/15/23 | 76,404 | 86,487,041 | |
T-Mobile USA, Inc., | |||||
Gtd. Notes(a) | 2.250 | 02/15/26 | 1,900 | 1,915,214 | |
Gtd. Notes(a) | 2.875 | 02/15/31 | 14,725 | 14,215,720 | |
Gtd. Notes | 4.500 | 02/01/26 | 908 | 929,209 | |
Gtd. Notes | 4.750 | 02/01/28 | 612 | 654,347 | |
Viasat, Inc., | |||||
Sr. Sec’d. Notes, 144A(a) | 5.625 | 04/15/27 | 15,225 | 15,915,476 | |
Sr. Unsec’d. Notes, 144A | 5.625 | 09/15/25 | 25,449 | 26,004,389 | |
Sr. Unsec’d. Notes, 144A(a) | 6.500 | 07/15/28 | 11,680 | 12,364,831 | |
Windstream Escrow LLC/Windstream Escrow Finance Corp., Sr. Sec’d. Notes, 144A(a) | 7.750 | 08/15/28 | 14,804 | 15,121,909 | |
Zayo Group Holdings, Inc., | |||||
Sr. Sec’d. Notes, 144A(a) | 4.000 | 03/01/27 | 19,993 | 19,641,433 | |
Sr. Unsec’d. Notes, 144A(a) | 6.125 | 03/01/28 | 44,739 | 45,536,303 | |
1,491,540,980 | |||||
Toys/Games/Hobbies 0.1% | |||||
Mattel, Inc., | |||||
Gtd. Notes, 144A(a) | 3.375 | 04/01/26 | 1,875 | 1,943,434 | |
Gtd. Notes, 144A(a) | 3.750 | 04/01/29 | 10,750 | 11,005,878 | |
12,949,312 |
36
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Transportation 0.2% | |||||
XPO Logistics, Inc., | |||||
Gtd. Notes, 144A(a) | 6.125 % | 09/01/23 | 10,925 | $11,041,092 | |
Gtd. Notes, 144A | 6.250 | 05/01/25 | 21,063 | 22,482,066 | |
33,523,158 | |||||
Trucking & Leasing 0.0% | |||||
Fortress Transportation & Infrastructure Investors LLC, Sr. Unsec’d. Notes, 144A | 5.500 | 05/01/28 | 6,995 | 7,280,441 | |
Total Corporate Bonds (cost $18,958,345,308) | 19,684,253,306 |
Shares | |||||
Common Stocks 2.0% | |||||
Chemicals 0.0% | |||||
Hexion Holdings Corp. (Class B Stock)* | 343,580 | 5,669,070 | |||
Electric Utilities 0.2% | |||||
GenOn Energy Holdings, Inc. (Class A Stock)*^ | 195,390 | 25,400,700 | |||
Keycon Power Holdings LLC*^ | 82,238 | 11,595,558 | |||
36,996,258 | |||||
Gas Utilities 0.4% | |||||
Ferrellgas Partners LP (Class B Stock)* | 399,206 | 80,839,215 | |||
Hotels, Restaurants & Leisure 0.0% | |||||
CEC Entertainment, Inc.* | 240,485 | 4,448,973 | |||
Independent Power & Renewable Electricity Producers 0.0% | |||||
Vistra Corp. | 342,429 | 5,537,077 | |||
Oil, Gas & Consumable Fuels 1.4% | |||||
Chesapeake Energy Corp. | 4,876,978 | 257,504,438 |
37
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description | Shares | Value | |||
Common Stocks (Continued) | |||||
Oil, Gas & Consumable Fuels (cont’d.) | |||||
Chesapeake Energy Corp. Backstop Commitment^ | 28,045 | $1,450,673 | |||
Extraction Oil & Gas, Inc.* | 1,241,318 | 60,973,540 | |||
319,928,651 | |||||
Total Common Stocks (cost $253,576,780) | 453,419,244 | ||||
Preferred Stocks 0.6% | |||||
Capital Markets 0.0% | |||||
Goldman Sachs Group, Inc. (The), Series K, 6.375%, Maturing 05/10/24(a)(oo) | 87,000 | 2,527,350 | |||
Construction Materials 0.0% | |||||
New Millennium Homes LLC, Maturing 01/01/49*^ | 2,000 | 14,000 | |||
Gas Utilities 0.6% | |||||
Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31*^ | 135,375 | 135,375,000 | |||
Media 0.0% | |||||
Adelphia Communications Corp.*^ | 20,000 | 20 | |||
Total Preferred Stocks (cost $133,507,166) | 137,916,370 |
Units | |||||
Warrants* 0.0% | |||||
Chemicals 0.0% | |||||
Hercules, Inc., expiring 03/31/29 | 230 | — | |||
Hotels, Restaurants & Leisure 0.0% | |||||
CEC Brands LLC, expiring 12/31/25 | 697,609 | 1,587,061 | |||
Media 0.0% | |||||
Mood Media Corp., expiring 07/31/25^ | 2,614,385 | 262 |
38
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Description | Units | Value | |||
Warrants (Continued) | |||||
Media (cont’d.) | |||||
Mood Media Corp., expiring 07/31/25^ | 2,614,385 | $261 | |||
Mood Media Corp., expiring 07/31/25^ | 2,614,385 | 261 | |||
784 | |||||
Total Warrants (cost $8) | 1,587,845 | ||||
Total Long-Term Investments (cost $20,629,867,966) | 21,596,723,331 |
Shares | |||||
Short-Term Investments 14.5% | |||||
Affiliated Mutual Funds | |||||
PGIM Core Ultra Short Bond Fund(wa) | 884,333,179 | 884,333,179 | |||
PGIM Institutional Money Market Fund (cost $2,406,634,428; includes $2,406,440,145 of cash collateral for securities on loan)(b)(wa) | 2,408,206,653 | 2,406,761,730 | |||
Total Short-Term Investments (cost $3,290,967,607) | 3,291,094,909 | ||||
TOTAL INVESTMENTS 109.6% (cost $23,920,835,573) | 24,887,818,240 | ||||
Liabilities in excess of other assets(z) (9.6)% | (2,182,097,721) | ||||
Net Assets 100.0% | $22,705,720,519 |
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings: |
EUR—Euro | |
USD—US Dollar |
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 | |
DIP—Debtor-In-Possession | |
LIBOR—London Interbank Offered Rate | |
LP—Limited Partnership | |
OTC—Over-the-counter | |
PIK—Payment-in-Kind | |
Q—Quarterly payment frequency for swaps | |
REITs—Real Estate Investment Trust |
* | 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 $217,112,017 and 1.0% of net assets. |
39
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
(a) | All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $2,359,149,405; cash collateral of $2,406,440,145 (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 May 31, 2021. |
(cc) | Variable rate instrument. The rate shown is based on the latest available information as of May 31, 2021. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
(d) | Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity. |
(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 $222,440,994. The aggregate value of $171,220,699 is 0.8% 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. |
(oo) | Perpetual security. Maturity date represents next call date. |
(wa) | PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund, if applicable. |
(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 May 31, 2021:
Borrower | Principal Amount (000)# | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||
U.S. Concrete, Inc., Initial Delayed Draw Term Loan, 1 Month LIBOR + 0.000%, 1.000%(c), Maturity Date 05/01/25 (cost $12,129,045) | 12,244 | $12,183,014 | $53,970 | $— |
Futures contracts outstanding at May 31, 2021: | ||||||||
Number of Contracts | Type | Expiration Date | Current Notional Amount | Value / Unrealized Appreciation (Depreciation) | ||||
Long Positions: | ||||||||
3,954 | 2 Year U.S. Treasury Notes | Sep. 2021 | $872,783,723 | $326,884 | ||||
375 | 5 Year Euro-Bobl | Sep. 2021 | 61,272,790 | 109,699 | ||||
9,265 | 5 Year U.S. Treasury Notes | Sep. 2021 | 1,147,484,703 | 1,145,590 | ||||
5,387 | 10 Year U.S. Treasury Notes | Sep. 2021 | 710,747,313 | 846,311 | ||||
924 | 20 Year U.S. Treasury Bonds | Sep. 2021 | 144,634,875 | 267,654 | ||||
14 | Euro Schatz Index | Jun. 2021 | 1,912,866 | (527) | ||||
2,695,611 |
40
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
Futures contracts outstanding at May 31, 2021 (continued): | ||||||||
Number of Contracts | Type | Expiration Date | Current Notional Amount | Value / Unrealized Appreciation (Depreciation) | ||||
Short Positions: | ||||||||
175 | 10 Year Euro-Bund | Jun. 2021 | $36,265,833 | $280,593 | ||||
706 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2021 | 130,786,500 | (1,125,085) | ||||
(844,492) | ||||||||
$1,851,119 |
Forward foreign currency exchange contracts outstanding at May 31, 2021:
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||
OTC Forward Foreign Currency Exchange Contracts: | |||||||||||||
Euro, | |||||||||||||
Expiring 06/02/21 | Citibank, N.A. | EUR | 18,246 | $22,296,537 | $22,252,095 | $— | $(44,442) |
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||
OTC Forward Foreign Currency Exchange Contracts: | |||||||||||||
Euro, | |||||||||||||
Expiring 06/02/21 | HSBC Bank PLC | EUR | 18,246 | $22,062,989 | $22,252,095 | $— | $(189,106) | ||||||
Expiring 07/02/21 | Bank of America, N.A. | EUR | 337 | 410,571 | 410,701 | — | (130) | ||||||
Expiring 07/02/21 | Citibank, N.A. | EUR | 18,246 | 22,309,747 | 22,264,764 | 44,983 | — | ||||||
$44,783,307 | $44,927,560 | 44,983 | (189,236) | ||||||||||
$44,983 | $(233,678) |
Credit default swap agreements outstanding at May 31, 2021:
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at May 31, 2021(4) | Value at Trade Date | Value at May 31, 2021 | Unrealized Appreciation (Depreciation) | ||||||||
Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2): | |||||||||||||||
CDX.NA.HY.35.V1 | 12/20/25 | 5.000%(Q) | 250,295 | 2.674% | $19,081,398 | $26,897,711 | $7,816,313 | ||||||||
CDX.NA.HY.36.V1 | 06/20/26 | 5.000%(Q) | 100,000 | 2.873% | 9,758,333 | 10,699,816 | 941,483 | ||||||||
$28,839,731 | $37,597,527 | $8,757,796 |
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.
41
PGIM High Yield Fund
Schedule of Investments as of May 31, 2021 (unaudited) (continued)
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).
42