PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2021 (unaudited)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Long-Term Investments 93.9% | |||||
Bank Loans 9.8% | |||||
Airlines 0.6% | |||||
United Airlines, Inc., Class B Term Loan, 3 Month LIBOR + 3.750% | 4.500 %(c) | 04/21/28 | 28,872 | $28,728,094 | |
Chemicals 1.4% | |||||
Alpha BV (United Kingdom), Initial Dollar Term Loan, 3 Month LIBOR + 2.500% | 3.000(c) | 03/18/28 | 11,706 | 11,678,494 | |
Diamond BC BV, Term Loan B, 3 Month LIBOR + 3.000% | 3.500(c) | 09/29/28 | 12,600 | 12,517,319 | |
Hexion, Inc., Senior Secured Term B Loan, 3 Month LIBOR + 3.500% | 3.640(c) | 07/01/26 | 17,390 | 17,375,908 | |
LSF11 A5 HoldCo LLC, Term Loan B, 3 Month LIBOR + 3.750% | 4.250(c) | 10/15/28 | 10,910 | 10,839,543 | |
Starfruit Finco BV (Netherlands), Initial Dollar Term Loan, 1 Month LIBOR + 2.825% | 2.968(c) | 10/01/25 | 10,777 | 10,628,797 | |
Venator Materials LLC, Initial Term Loan, 1 Month LIBOR + 3.000% | 3.090(c) | 08/08/24 | 9,449 | 9,354,628 | |
72,394,689 | |||||
Commercial Services 0.9% | |||||
Cimpress PLC, Tranche B-1 Term Loan, 1 Month LIBOR + 3.500% | 4.000(c) | 05/17/28 | 7,182 | 7,155,067 | |
Trans Union LLC, | |||||
Term Loan | —(p) | 12/01/28 | 15,925 | 15,818,828 | |
Term Loan^ | —(p) | 12/03/29 | 2,750 | 2,743,125 | |
Verscend Holding Corp., New Term Loan B, 1 Month LIBOR + 4.000% | 4.090(c) | 08/27/25 | 17,918 | 17,884,349 | |
43,601,369 | |||||
Computers 0.5% | |||||
McAfee LLC, Term B USD Loan, 1 Month LIBOR + 3.750% | 3.842(c) | 09/30/24 | 27,152 | 27,121,811 |
1
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Bank Loans (Continued) | |||||
Electric 0.4% | |||||
Heritage Power LLC, Term Loan B, 3 Month LIBOR + 6.000% | 7.000 %(c) | 07/30/26 | 10,753 | $9,247,357 | |
PG&E Corp., Term Loan B, 3 Month LIBOR + 3.000% | 3.500(c) | 06/23/25 | 12,908 | 12,751,661 | |
21,999,018 | |||||
Entertainment 0.4% | |||||
Golden Entertainment, Inc., Term B Facility Loan (First Lien), 1 Month LIBOR + 3.000% | 3.750(c) | 10/21/24 | 10,338 | 10,292,933 | |
Scientific Games International, Inc., Initial Term B-5 Loan, 1 Month LIBOR + 2.750% | 2.840(c) | 08/14/24 | 8,469 | 8,404,349 | |
18,697,282 | |||||
Healthcare-Services 0.4% | |||||
ATI Holdings Acquisition, Inc., Initial Term Loan (First Lien), 3 Month LIBOR + 3.500% | 4.500(c) | 05/10/23 | 5,841 | 5,602,762 | |
LifePoint Health, Inc., First Lien Term B Loan, 1 Month LIBOR + 3.750% | 3.842(c) | 11/16/25 | 16,066 | 15,911,902 | |
21,514,664 | |||||
Insurance 0.4% | |||||
Asurion LLC, | |||||
New B-9 Term Loan, 1 Month LIBOR + 3.250% | 3.340(c) | 07/31/27 | 2,065 | 2,036,236 | |
Replacement B-6 Term Loan, 1 Month LIBOR + 3.125% | 3.215(c) | 11/03/23 | 15,684 | 15,617,759 | |
17,653,995 | |||||
Media 0.1% | |||||
Diamond Sports Group LLC, Term Loan, 1 Month LIBOR + 3.250% | 3.350(c) | 08/24/26 | 1,562 | 657,168 | |
iHeartCommunications, Inc., New Term Loan, 1 Month LIBOR + 3.000% | 3.090(c) | 05/01/26 | 6,213 | 6,129,378 | |
6,786,546 |
2
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Bank Loans (Continued) | |||||
Oil & Gas 0.5% | |||||
Ascent Resources Utica Holdings LLC, Second Lien Term Loan, 3 Month LIBOR + 9.000% | 10.000 %(c) | 11/01/25 | 21,327 | $23,193,112 | |
Citgo Holding, Inc., Term Loan, 3 Month LIBOR + 7.000% | 8.000(c) | 08/01/23 | 3,439 | 3,408,509 | |
26,601,621 | |||||
Packaging & Containers 0.4% | |||||
Trident TPI Holdings, Inc., | |||||
Tranche B-1 Term Loan, 3 Month LIBOR + 3.750% | 4.250(c) | 10/17/24 | 14,445 | 14,383,037 | |
Tranche B-3 DDTL Commitments, 3 Month LIBOR + 4.000% | 4.500(c) | 09/15/28 | 214 | 213,366 | |
Tranche B-3 Initial Term Loans, 3 Month LIBOR + 4.000% | 4.500(c) | 09/15/28 | 3,744 | 3,732,578 | |
18,328,981 | |||||
Pharmaceuticals 0.5% | |||||
Change Healthcare Holdings LLC, Closing Date Term Loan, 1 - 3 Month LIBOR + 2.500% | 3.500(c) | 03/01/24 | 18,927 | 18,887,573 | |
Gainwell Acquisition Corp., Term B Loan, 3 Month LIBOR + 4.000% | 4.750(c) | 10/01/27 | 6,079 | 6,067,664 | |
24,955,237 | |||||
Retail 0.2% | |||||
LBM Acquisition LLC, First Lien Initial Term Loan, 3 Month LIBOR + 3.750% | 4.500(c) | 12/17/27 | 8,728 | 8,591,748 | |
White Cap Buyer LLC, Initial Closing Date Term Loan, 1 Month LIBOR + 4.000% | 4.500(c) | 10/19/27 | 3,980 | 3,960,995 | |
12,552,743 | |||||
Software 1.9% | |||||
Boxer Parent Co., Inc., | |||||
2021 Replacement Dollar Term Loan, 3 Month LIBOR + 3.750% | 3.882(c) | 10/02/25 | 18,954 | 18,736,559 | |
Term Loan | —(p) | 02/27/26 | 1,125 | 1,134,844 | |
Camelot Co. (Luxembourg), Amendment No. 2 Incremental Term Loans, 1 Month LIBOR + 3.000% | 4.000(c) | 10/30/26 | 2,953 | 2,947,520 |
3
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Bank Loans (Continued) | |||||
Software (cont’d.) | |||||
Dun & Bradstreet Corp., Term Loan B, 1 Month LIBOR + 3.250% | 3.342 %(c) | 02/06/26 | 9,927 | $9,840,050 | |
Finastra USA, Inc., First Lien Dollar Term Loan, 1 - 3 Month LIBOR + 3.500% | 4.500(c) | 06/13/24 | 22,692 | 22,448,967 | |
Greeneden U.S. Holdings II LLC, B-4 Dollar Term Loan, 1 Month LIBOR + 4.000% | 4.750(c) | 12/01/27 | 5,062 | 5,056,688 | |
Rackspace Technology Global, Inc., Term B Loan, 3 Month LIBOR + 2.750% | 3.500(c) | 02/15/28 | 2,910 | 2,866,265 | |
Skillsoft Finance II, Inc., Initial Term Loan, 3 Month LIBOR + 4.750% | 5.500(c) | 07/14/28 | 7,175 | 7,183,969 | |
TIBCO Software, Inc., Term Loan B-3, 1 Month LIBOR + 3.750% | 3.850(c) | 06/30/26 | 17,916 | 17,641,968 | |
UKG, Inc., 2021 Incremental Term Loan, 3 Month LIBOR + 3.250% | 4.000(c) | 05/04/26 | 5,569 | 5,537,531 | |
93,394,361 | |||||
Telecommunications 1.2% | |||||
Crown Subsea Communications Holding, Inc., Initial Term Loan, 1 Month LIBOR + 5.000% | 5.750(c) | 04/27/27 | 3,601 | 3,617,112 | |
Digicel International Finance Ltd. (Saint Lucia), First Lien Initial Term B Loan, 6 Month LIBOR + 3.250% | 3.500(c) | 05/27/24 | 9,360 | 9,111,464 | |
Intelsat Jackson Holdings SA (Luxembourg), DIP Term Loan, 3 Month LIBOR + 4.750% | 5.750(c) | 07/13/22 | 4,400 | 4,408,273 | |
West Corp., | |||||
Incremental B1 Term Loan, 3 Month LIBOR + 3.500% | 4.500(c) | 10/10/24 | 5,575 | 5,272,215 | |
Initial Term B Loan, 3 Month LIBOR + 4.000% | 5.000(c) | 10/10/24 | 23,813 | 22,622,140 | |
Xplornet Communications, Inc. (Canada), Refinancing Term Loan, 1 Month LIBOR + 4.000% | 4.500(c) | 10/02/28 | 12,800 | 12,745,139 | |
57,776,343 | |||||
Total Bank Loans (cost $493,628,302) | 492,106,754 | ||||
Corporate Bonds 82.6% | |||||
Advertising 0.1% | |||||
National CineMedia LLC, Sr. Unsec’d. Notes | 5.750 | 08/15/26 | 5,750 | 4,496,737 |
4
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Aerospace & Defense 2.2% | |||||
Bombardier, Inc. (Canada), | |||||
Sr. Unsec’d. Notes, 144A | 6.000 % | 02/15/28 | 15,150 | $15,045,363 | |
Sr. Unsec’d. Notes, 144A | 7.125 | 06/15/26 | 17,950 | 18,552,108 | |
Sr. Unsec’d. Notes, 144A | 7.500 | 12/01/24 | 2,350 | 2,437,085 | |
Sr. Unsec’d. Notes, 144A | 7.500 | 03/15/25 | 10,228 | 10,439,420 | |
Sr. Unsec’d. Notes, 144A | 7.875 | 04/15/27 | 11,325 | 11,661,775 | |
Spirit AeroSystems, Inc., Sec’d. Notes, 144A | 7.500 | 04/15/25 | 3,350 | 3,504,745 | |
SSL Robotics LLC, Sr. Sec’d. Notes, 144A | 9.750 | 12/31/23 | 10,231 | 11,021,877 | |
TransDigm UK Holdings PLC, Gtd. Notes | 6.875 | 05/15/26 | 6,300 | 6,626,684 | |
TransDigm, Inc., | |||||
Gtd. Notes | 5.500 | 11/15/27 | 16,258 | 16,373,017 | |
Gtd. Notes | 7.500 | 03/15/27 | 7,970 | 8,313,946 | |
Sr. Sec’d. Notes, 144A | 6.250 | 03/15/26 | 5,425 | 5,626,911 | |
109,602,931 | |||||
Airlines 1.1% | |||||
American Airlines, Inc., Sr. Sec’d. Notes, 144A | 11.750 | 07/15/25 | 800 | 970,015 | |
American Airlines, Inc./AAdvantage Loyalty IP Ltd., Sr. Sec’d. Notes, 144A | 5.500 | 04/20/26 | 37,619 | 38,559,475 | |
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., Sr. Sec’d. Notes, 144A | 5.750 | 01/20/26 | 2,875 | 2,941,580 | |
United Airlines, Inc., Sr. Sec’d. Notes, 144A | 4.375 | 04/15/26 | 11,450 | 11,497,575 | |
53,968,645 | |||||
Apparel 0.5% | |||||
Hanesbrands, Inc., Gtd. Notes, 144A(a) | 4.625 | 05/15/24 | 5,023 | 5,238,057 | |
William Carter Co. (The), | |||||
Gtd. Notes, 144A | 5.500 | 05/15/25 | 8,125 | 8,439,093 | |
Gtd. Notes, 144A | 5.625 | 03/15/27 | 9,090 | 9,385,049 | |
23,062,199 |
5
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Auto Manufacturers 0.4% | |||||
Allison Transmission, Inc., Sr. Unsec’d. Notes, 144A | 4.750 % | 10/01/27 | 5,775 | $5,970,324 | |
Ford Motor Credit Co. LLC, Sr. Unsec’d. Notes | 5.584 | 03/18/24 | 6,025 | 6,444,617 | |
Jaguar Land Rover Automotive PLC (United Kingdom), Gtd. Notes, 144A | 7.750 | 10/15/25 | 6,625 | 7,159,132 | |
PM General Purchaser LLC, Sr. Sec’d. Notes, 144A | 9.500 | 10/01/28 | 1,575 | 1,613,605 | |
21,187,678 | |||||
Auto Parts & Equipment 0.7% | |||||
Adient Global Holdings Ltd., Gtd. Notes, 144A | 4.875 | 08/15/26 | 5,475 | 5,481,291 | |
Adient US LLC, Sr. Sec’d. Notes, 144A | 9.000 | 04/15/25 | 4,500 | 4,778,422 | |
American Axle & Manufacturing, Inc., | |||||
Gtd. Notes | 6.250 | 03/15/26 | 2,800 | 2,866,326 | |
Gtd. Notes(a) | 6.500 | 04/01/27 | 2,000 | 2,076,621 | |
Gtd. Notes(a) | 6.875 | 07/01/28 | 3,000 | 3,202,204 | |
Dana Financing Luxembourg Sarl, Gtd. Notes, 144A | 5.750 | 04/15/25 | 12,473 | 12,784,294 | |
Dana, Inc., Sr. Unsec’d. Notes | 5.375 | 11/15/27 | 1,400 | 1,462,520 | |
Titan International, Inc., Sr. Sec’d. Notes | 7.000 | 04/30/28 | 2,300 | 2,364,605 | |
35,016,283 | |||||
Banks 0.3% | |||||
Freedom Mortgage Corp., Sr. Unsec’d. Notes, 144A | 7.625 | 05/01/26 | 4,475 | 4,330,952 | |
Popular, Inc. (Puerto Rico), Sr. Unsec’d. Notes | 6.125 | 09/14/23 | 12,050 | 12,808,357 | |
17,139,309 | |||||
Building Materials 1.1% | |||||
Cemex SAB de CV (Mexico), Gtd. Notes, 144A | 7.375 | 06/05/27 | 1,885 | 2,063,373 | |
JELD-WEN, Inc., | |||||
Gtd. Notes, 144A | 4.625 | 12/15/25 | 450 | 454,749 | |
Gtd. Notes, 144A | 4.875 | 12/15/27 | 6,502 | 6,655,804 |
6
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Building Materials (cont’d.) | |||||
Masonite International Corp., Gtd. Notes, 144A | 5.375 % | 02/01/28 | 1,827 | $1,905,955 | |
Standard Industries, Inc., | |||||
Sr. Unsec’d. Notes, 144A | 4.750 | 01/15/28 | 6,550 | 6,601,738 | |
Sr. Unsec’d. Notes, 144A(a) | 5.000 | 02/15/27 | 32,975 | 33,835,405 | |
Summit Materials LLC/Summit Materials Finance Corp., Gtd. Notes, 144A | 6.500 | 03/15/27 | 5,409 | 5,635,047 | |
57,152,071 | |||||
Chemicals 3.1% | |||||
Cornerstone Chemical Co., Sr. Sec’d. Notes, 144A(a) | 6.750 | 08/15/24 | 6,000 | 5,310,196 | |
Hexion, Inc., Gtd. Notes, 144A(a) | 7.875 | 07/15/27 | 3,350 | 3,548,978 | |
Kraton Polymers LLC/Kraton Polymers Capital Corp., Gtd. Notes, 144A(a) | 4.250 | 12/15/25 | 20,787 | 21,467,381 | |
NOVA Chemicals Corp. (Canada), Sr. Unsec’d. Notes, 144A(a) | 4.875 | 06/01/24 | 9,350 | 9,681,489 | |
Olympus Water US Holding Corp., Sr. Sec’d. Notes, 144A | 4.250 | 10/01/28 | 3,975 | 3,850,781 | |
Rain CII Carbon LLC/CII Carbon Corp., Sec’d. Notes, 144A | 7.250 | 04/01/25 | 9,236 | 9,421,968 | |
Sasol Financing International Ltd. (South Africa), Gtd. Notes | 4.500 | 11/14/22 | 2,000 | 2,024,799 | |
SPCM SA (France), Sr. Unsec’d. Notes, 144A | 3.125 | 03/15/27 | 18,392 | 17,985,765 | |
TPC Group, Inc., | |||||
Sr. Sec’d. Notes, 144A (original cost $9,897,710; purchased 07/19/19 - 08/16/19)(f) | 10.500 | 08/01/24 | 9,649 | 6,748,187 | |
Sr. Sec’d. Notes, 144A (original cost $5,018,608; purchased 02/01/21 - 09/27/21)(f) | 10.875 | 08/01/24 | 4,878 | 5,239,961 | |
Tronox, Inc., Sr. Sec’d. Notes, 144A | 6.500 | 05/01/25 | 29,286 | 30,652,595 | |
Venator Finance Sarl/Venator Materials LLC, | |||||
Gtd. Notes, 144A | 5.750 | 07/15/25 | 4,070 | 3,784,902 | |
Sr. Sec’d. Notes, 144A | 9.500 | 07/01/25 | 23,625 | 25,800,377 | |
WR Grace Holdings LLC, | |||||
Sr. Sec’d. Notes, 144A | 4.875 | 06/15/27 | 8,155 | 8,180,166 | |
Sr. Sec’d. Notes, 144A | 5.625 | 10/01/24 | 500 | 532,426 | |
154,229,971 |
7
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Commercial Services 4.4% | |||||
Adtalem Global Education, Inc., Sr. Sec’d. Notes, 144A | 5.500 % | 03/01/28 | 9,315 | $8,984,536 | |
Allied Universal Holdco LLC/Allied Universal Finance Corp., | |||||
Sr. Sec’d. Notes, 144A | 6.625 | 07/15/26 | 44,916 | 46,208,490 | |
Sr. Unsec’d. Notes, 144A | 9.750 | 07/15/27 | 5,175 | 5,432,951 | |
Alta Equipment Group, Inc., Sec’d. Notes, 144A | 5.625 | 04/15/26 | 19,350 | 19,656,322 | |
AMN Healthcare, Inc., Gtd. Notes, 144A | 4.625 | 10/01/27 | 12,965 | 13,326,948 | |
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., | |||||
Gtd. Notes, 144A(a) | 5.750 | 07/15/27 | 6,575 | 6,818,600 | |
Gtd. Notes, 144A(a) | 5.750 | 07/15/27 | 13,920 | 14,388,385 | |
Avis Budget Finance PLC, Gtd. Notes | 4.750 | 01/30/26 | EUR | 1,825 | 2,107,202 |
Brink’s Co. (The), Gtd. Notes, 144A | 5.500 | 07/15/25 | 2,885 | 3,002,065 | |
CoreLogic, Inc., Sr. Sec’d. Notes, 144A | 4.500 | 05/01/28 | 549 | 537,588 | |
Herc Holdings, Inc., Gtd. Notes, 144A | 5.500 | 07/15/27 | 22,470 | 23,265,945 | |
Hertz Corp. (The), Gtd. Notes, 144A | 4.625 | 12/01/26 | 2,025 | 1,996,034 | |
MPH Acquisition Holdings LLC, Sr. Sec’d. Notes, 144A | 5.500 | 09/01/28 | 5,525 | 5,358,063 | |
Nielsen Co. Luxembourg Sarl (The), Gtd. Notes, 144A(a) | 5.000 | 02/01/25 | 21,341 | 21,676,982 | |
Nielsen Finance LLC/Nielsen Finance Co., Gtd. Notes, 144A | 5.625 | 10/01/28 | 12,675 | 12,983,147 | |
Verscend Escrow Corp., Sr. Unsec’d. Notes, 144A(a) | 9.750 | 08/15/26 | 32,980 | 34,691,987 | |
220,435,245 | |||||
Computers 0.3% | |||||
CA Magnum Holdings (India), Sr. Sec’d. Notes, 144A | 5.375 | 10/31/26 | 2,100 | 2,152,123 | |
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., Sr. Sec’d. Notes, 144A | 5.750 | 06/01/25 | 12,417 | 12,906,910 | |
15,059,033 |
8
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Distribution/Wholesale 1.2% | |||||
Avient Corp., Sr. Unsec’d. Notes, 144A | 5.750 % | 05/15/25 | 39,987 | $41,454,099 | |
H&E Equipment Services, Inc., Gtd. Notes, 144A | 3.875 | 12/15/28 | 18,599 | 18,088,374 | |
59,542,473 | |||||
Diversified Financial Services 3.0% | |||||
Alliance Data Systems Corp., Gtd. Notes, 144A | 4.750 | 12/15/24 | 20,365 | 20,667,073 | |
goeasy Ltd. (Canada), | |||||
Gtd. Notes, 144A | 4.375 | 05/01/26 | 3,850 | 3,940,868 | |
Gtd. Notes, 144A | 5.375 | 12/01/24 | 27,557 | 28,336,890 | |
Home Point Capital, Inc., Gtd. Notes, 144A | 5.000 | 02/01/26 | 4,250 | 3,936,427 | |
LD Holdings Group LLC, | |||||
Gtd. Notes, 144A | 6.125 | 04/01/28 | 10,350 | 9,502,630 | |
Gtd. Notes, 144A | 6.500 | 11/01/25 | 5,975 | 5,729,975 | |
LFS Topco LLC, Gtd. Notes, 144A | 5.875 | 10/15/26 | 2,625 | 2,715,649 | |
Nationstar Mortgage Holdings, Inc., | |||||
Gtd. Notes, 144A | 5.500 | 08/15/28 | 8,520 | 8,478,642 | |
Gtd. Notes, 144A | 6.000 | 01/15/27 | 4,875 | 5,035,799 | |
OneMain Finance Corp., | |||||
Gtd. Notes | 3.875 | 09/15/28 | 2,525 | 2,430,601 | |
Gtd. Notes(a) | 5.625 | 03/15/23 | 5,160 | 5,369,345 | |
Gtd. Notes | 6.875 | 03/15/25 | 17,830 | 19,616,550 | |
Gtd. Notes | 7.125 | 03/15/26 | 19,388 | 21,799,812 | |
Gtd. Notes | 8.250 | 10/01/23 | 4,775 | 5,259,804 | |
Gtd. Notes | 8.875 | 06/01/25 | 500 | 536,749 | |
PennyMac Financial Services, Inc., Gtd. Notes, 144A | 5.375 | 10/15/25 | 5,075 | 5,162,360 | |
148,519,174 | |||||
Electric 1.9% | |||||
Calpine Corp., | |||||
Sr. Sec’d. Notes, 144A | 4.500 | 02/15/28 | 9,640 | 9,589,528 | |
Sr. Sec’d. Notes, 144A | 5.250 | 06/01/26 | 15,707 | 16,092,244 | |
Sr. Unsec’d. Notes, 144A | 5.125 | 03/15/28 | 2,336 | 2,316,800 | |
NRG Energy, Inc., | |||||
Gtd. Notes | 5.750 | 01/15/28 | 5,100 | 5,340,663 |
9
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Electric (cont’d.) | |||||
NRG Energy, Inc., (cont’d.) | |||||
Gtd. Notes | 6.625 % | 01/15/27 | 1,876 | $1,939,538 | |
Gtd. Notes, 144A | 5.250 | 06/15/29 | 5,000 | 5,190,389 | |
Vistra Operations Co. LLC, | |||||
Gtd. Notes, 144A | 5.000 | 07/31/27 | 18,991 | 19,230,264 | |
Gtd. Notes, 144A | 5.500 | 09/01/26 | 15,667 | 16,080,445 | |
Gtd. Notes, 144A | 5.625 | 02/15/27 | 19,125 | 19,644,125 | |
95,423,996 | |||||
Electrical Components & Equipment 0.5% | |||||
WESCO Distribution, Inc., | |||||
Gtd. Notes, 144A | 7.125 | 06/15/25 | 15,798 | 16,695,615 | |
Gtd. Notes, 144A | 7.250 | 06/15/28 | 5,999 | 6,521,744 | |
23,217,359 | |||||
Electronics 0.5% | |||||
Brightstar Escrow Corp., Sr. Sec’d. Notes, 144A | 9.750 | 10/15/25 | 12,933 | 13,843,521 | |
Sensata Technologies BV, | |||||
Gtd. Notes, 144A | 4.875 | 10/15/23 | 6,700 | 7,058,914 | |
Gtd. Notes, 144A | 5.000 | 10/01/25 | 3,495 | 3,789,216 | |
Gtd. Notes, 144A | 5.625 | 11/01/24 | 1,100 | 1,205,494 | |
25,897,145 | |||||
Energy-Alternate Sources 0.1% | |||||
Enviva Partners LP/Enviva Partners Finance Corp., Gtd. Notes, 144A | 6.500 | 01/15/26 | 5,525 | 5,701,171 | |
Engineering & Construction 0.1% | |||||
AECOM, Gtd. Notes | 5.125 | 03/15/27 | 3,640 | 3,911,546 | |
Artera Services LLC, Sr. Sec’d. Notes, 144A | 9.033 | 12/04/25 | 2,025 | 2,035,292 | |
5,946,838 | |||||
Entertainment 4.4% | |||||
AMC Entertainment Holdings, Inc., Sec’d. Notes, 144A, Cash coupon 10.000% or PIK 12.000% or Cash coupon 5.000% and PIK 6.000% | 12.000 | 06/15/26 | 2,436 | 2,475,094 |
10
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Entertainment (cont’d.) | |||||
Caesars Entertainment, Inc., Sr. Sec’d. Notes, 144A | 6.250 % | 07/01/25 | 36,285 | $37,791,609 | |
Caesars Resort Collection LLC/CRC Finco, Inc., Sr. Sec’d. Notes, 144A(a) | 5.750 | 07/01/25 | 6,751 | 7,016,650 | |
CCM Merger, Inc., Sr. Unsec’d. Notes, 144A | 6.375 | 05/01/26 | 7,865 | 8,188,070 | |
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp., Gtd. Notes | 5.375 | 06/01/24 | 5,000 | 5,051,422 | |
Churchill Downs, Inc., Gtd. Notes, 144A | 5.500 | 04/01/27 | 8,817 | 9,077,592 | |
Golden Entertainment, Inc., Sr. Unsec’d. Notes, 144A | 7.625 | 04/15/26 | 14,275 | 14,847,882 | |
International Game Technology PLC, | |||||
Sr. Sec’d. Notes, 144A | 4.125 | 04/15/26 | 4,575 | 4,674,491 | |
Sr. Sec’d. Notes, 144A | 6.250 | 01/15/27 | 3,725 | 4,096,662 | |
Sr. Sec’d. Notes, 144A | 6.500 | 02/15/25 | 20,181 | 21,896,385 | |
Jacobs Entertainment, Inc., Sec’d. Notes, 144A | 7.875 | 02/01/24 | 10,511 | 10,759,261 | |
Motion Bondco DAC (United Kingdom), Gtd. Notes, 144A(a) | 6.625 | 11/15/27 | 9,700 | 9,814,389 | |
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance, Inc., Sr. Unsec’d. Notes, 144A | 8.500 | 11/15/27 | 11,195 | 12,103,670 | |
Penn National Gaming, Inc., Sr. Unsec’d. Notes, 144A(a) | 5.625 | 01/15/27 | 19,289 | 19,791,875 | |
Scientific Games International, Inc., | |||||
Gtd. Notes, 144A | 8.250 | 03/15/26 | 2,675 | 2,817,932 | |
Gtd. Notes, 144A | 8.625 | 07/01/25 | 13,910 | 14,840,247 | |
Sr. Sec’d. Notes, 144A | 5.000 | 10/15/25 | 14,620 | 15,043,626 | |
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Sr. Unsec’d. Notes, 144A | 7.750 | 04/15/25 | 17,850 | 18,617,609 | |
218,904,466 | |||||
Environmental Control 0.0% | |||||
GFL Environmental, Inc. (Canada), Gtd. Notes, 144A | 4.000 | 08/01/28 | 1,700 | 1,645,747 |
11
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Foods 2.7% | |||||
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s LP/Albertson’s LLC, | |||||
Gtd. Notes, 144A | 3.250 % | 03/15/26 | 15,800 | $15,765,248 | |
Gtd. Notes, 144A | 4.625 | 01/15/27 | 19,700 | 20,416,988 | |
B&G Foods, Inc., | |||||
Gtd. Notes(a) | 5.250 | 04/01/25 | 19,880 | 20,193,240 | |
Gtd. Notes(a) | 5.250 | 09/15/27 | 16,725 | 16,987,424 | |
Chobani LLC/Chobani Finance Corp., Inc., Gtd. Notes, 144A | 7.500 | 04/15/25 | 14,861 | 15,362,613 | |
JBS USA Food Co., Gtd. Notes, 144A | 7.000 | 01/15/26 | 9,000 | 9,385,470 | |
Pilgrim’s Pride Corp., Gtd. Notes, 144A | 5.875 | 09/30/27 | 21,900 | 22,995,000 | |
Post Holdings, Inc., Gtd. Notes, 144A | 5.750 | 03/01/27 | 5,525 | 5,695,673 | |
US Foods, Inc., Sr. Sec’d. Notes, 144A | 6.250 | 04/15/25 | 5,950 | 6,206,923 | |
133,008,579 | |||||
Gas 0.9% | |||||
AmeriGas Partners LP/AmeriGas Finance Corp., | |||||
Sr. Unsec’d. Notes | 5.500 | 05/20/25 | 16,549 | 17,679,754 | |
Sr. Unsec’d. Notes | 5.625 | 05/20/24 | 7,945 | 8,469,670 | |
Sr. Unsec’d. Notes | 5.750 | 05/20/27 | 8,919 | 9,685,208 | |
Sr. Unsec’d. Notes | 5.875 | 08/20/26 | 9,214 | 10,030,609 | |
45,865,241 | |||||
Healthcare-Services 3.3% | |||||
HCA, Inc., | |||||
Gtd. Notes | 5.375 | 02/01/25 | 500 | 545,871 | |
Gtd. Notes(a) | 5.375 | 09/01/26 | 710 | 792,682 | |
Gtd. Notes | 7.050 | 12/01/27 | 23,730 | 29,249,721 | |
Gtd. Notes | 7.500 | 12/15/23 | 3,000 | 3,336,903 | |
Legacy LifePoint Health LLC, Sr. Sec’d. Notes, 144A | 6.750 | 04/15/25 | 7,375 | 7,659,899 | |
MEDNAX, Inc., Gtd. Notes, 144A(a) | 6.250 | 01/15/27 | 17,400 | 18,151,511 | |
Molina Healthcare, Inc., Sr. Unsec’d. Notes | 5.375 | 11/15/22 | 6,619 | 6,840,231 | |
Prime Healthcare Services, Inc., Sr. Sec’d. Notes, 144A | 7.250 | 11/01/25 | 19,305 | 20,328,169 |
12
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Healthcare-Services (cont’d.) | |||||
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., Gtd. Notes, 144A | 9.750 % | 12/01/26 | 23,718 | $24,871,315 | |
Tenet Healthcare Corp., | |||||
Gtd. Notes, 144A | 6.125 | 10/01/28 | 9,468 | 9,675,300 | |
Sec’d. Notes, 144A | 6.250 | 02/01/27 | 5,900 | 6,112,379 | |
Sr. Sec’d. Notes | 4.625 | 07/15/24 | 6,979 | 7,050,244 | |
Sr. Sec’d. Notes, 144A | 4.875 | 01/01/26 | 3,450 | 3,527,656 | |
Sr. Sec’d. Notes, 144A | 5.125 | 11/01/27 | 7,692 | 7,907,272 | |
Sr. Sec’d. Notes, 144A(a) | 7.500 | 04/01/25 | 6,026 | 6,341,634 | |
Sr. Unsec’d. Notes | 6.750 | 06/15/23 | 11,450 | 12,184,797 | |
164,575,584 | |||||
Home Builders 4.0% | |||||
Beazer Homes USA, Inc., | |||||
Gtd. Notes(a) | 5.875 | 10/15/27 | 11,562 | 12,078,579 | |
Gtd. Notes | 6.750 | 03/15/25 | 12,045 | 12,359,290 | |
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), Gtd. Notes, 144A | 6.250 | 09/15/27 | 23,684 | 24,612,023 | |
Century Communities, Inc., Gtd. Notes | 6.750 | 06/01/27 | 9,196 | 9,659,773 | |
Empire Communities Corp. (Canada), Sr. Unsec’d. Notes, 144A | 7.000 | 12/15/25 | 22,050 | 22,556,235 | |
Forestar Group, Inc., | |||||
Gtd. Notes, 144A | 3.850 | 05/15/26 | 10,650 | 10,549,092 | |
Gtd. Notes, 144A | 5.000 | 03/01/28 | 3,150 | 3,203,889 | |
KB Home, | |||||
Gtd. Notes | 7.500 | 09/15/22 | 3,345 | 3,507,482 | |
Gtd. Notes(a) | 7.625 | 05/15/23 | 4,871 | 5,149,374 | |
M/I Homes, Inc., Gtd. Notes | 4.950 | 02/01/28 | 3,905 | 4,038,913 | |
Mattamy Group Corp. (Canada), Sr. Unsec’d. Notes, 144A | 5.250 | 12/15/27 | 21,526 | 22,356,581 | |
Meritage Homes Corp., Gtd. Notes | 6.000 | 06/01/25 | 5,200 | 5,751,151 | |
STL Holding Co. LLC, Sr. Unsec’d. Notes, 144A | 7.500 | 02/15/26 | 10,259 | 10,749,800 | |
Taylor Morrison Communities, Inc., | |||||
Gtd. Notes, 144A | 5.750 | 01/15/28 | 693 | 760,888 | |
Gtd. Notes, 144A | 5.875 | 06/15/27 | 6,681 | 7,401,712 |
13
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Home Builders (cont’d.) | |||||
Taylor Morrison Communities, Inc., (cont’d.) | |||||
Gtd. Notes, 144A | 6.625 % | 07/15/27 | 5,102 | $5,364,621 | |
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., | |||||
Gtd. Notes, 144A | 5.625 | 03/01/24 | 14,098 | 14,985,931 | |
Gtd. Notes, 144A | 5.875 | 04/15/23 | 6,545 | 6,803,465 | |
Tri Pointe Homes, Inc., | |||||
Gtd. Notes | 5.250 | 06/01/27 | 15,156 | 16,261,370 | |
Gtd. Notes | 5.700 | 06/15/28 | 2,393 | 2,585,880 | |
200,736,049 | |||||
Household Products/Wares 0.1% | |||||
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada), | |||||
Gtd. Notes, 144A | 7.000 | 12/31/27 | 3,000 | 2,858,946 | |
Sr. Sec’d. Notes, 144A | 5.000 | 12/31/26 | 900 | 893,444 | |
3,752,390 | |||||
Housewares 0.0% | |||||
Scotts Miracle-Gro Co. (The), Gtd. Notes | 4.500 | 10/15/29 | 1,750 | 1,816,825 | |
Internet 1.6% | |||||
Cablevision Lightpath LLC, Sr. Sec’d. Notes, 144A | 3.875 | 09/15/27 | 11,805 | 11,464,445 | |
Cogent Communications Group, Inc., Sr. Sec’d. Notes, 144A(a) | 3.500 | 05/01/26 | 1,150 | 1,157,352 | |
Go Daddy Operating Co. LLC/GD Finance Co., Inc., Gtd. Notes, 144A | 5.250 | 12/01/27 | 16,515 | 17,134,704 | |
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc., Sr. Sec’d. Notes, 144A(a) | 4.750 | 04/30/27 | 18,380 | 17,907,622 | |
NortonLifeLock, Inc., Sr. Unsec’d. Notes, 144A | 5.000 | 04/15/25 | 31,084 | 31,396,826 | |
79,060,949 |
14
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Iron/Steel 0.5% | |||||
Big River Steel LLC/BRS Finance Corp., Sr. Sec’d. Notes, 144A | 6.625 % | 01/31/29 | 479 | $514,166 | |
Cleveland-Cliffs, Inc., Sr. Sec’d. Notes, 144A | 9.875 | 10/17/25 | 20,418 | 23,008,026 | |
23,522,192 | |||||
Leisure Time 0.1% | |||||
NCL Corp. Ltd., | |||||
Sr. Sec’d. Notes, 144A | 10.250 | 02/01/26 | 3,071 | 3,516,835 | |
Sr. Sec’d. Notes, 144A | 12.250 | 05/15/24 | 632 | 746,417 | |
Viking Cruises Ltd., Gtd. Notes, 144A | 6.250 | 05/15/25 | 3,000 | 2,937,229 | |
7,200,481 | |||||
Lodging 2.5% | |||||
Boyd Gaming Corp., | |||||
Gtd. Notes | 4.750 | 12/01/27 | 2,500 | 2,528,737 | |
Gtd. Notes, 144A | 8.625 | 06/01/25 | 1,124 | 1,202,449 | |
Hilton Domestic Operating Co., Inc., Gtd. Notes, 144A | 5.375 | 05/01/25 | 9,662 | 10,007,530 | |
MGM Resorts International, | |||||
Gtd. Notes(a) | 4.625 | 09/01/26 | 10,072 | 10,250,453 | |
Gtd. Notes | 4.750 | 10/15/28 | 16,264 | 16,582,025 | |
Gtd. Notes | 5.500 | 04/15/27 | 13,000 | 13,540,527 | |
Gtd. Notes(a) | 5.750 | 06/15/25 | 715 | 757,463 | |
Gtd. Notes | 6.750 | 05/01/25 | 19,975 | 20,833,366 | |
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., Sr. Sec’d. Notes, 144A | 5.875 | 05/15/25 | 18,420 | 18,391,742 | |
Travel + Leisure Co., Sr. Sec’d. Notes(a) | 6.600 | 10/01/25 | 3,150 | 3,438,778 | |
Wynn Macau Ltd. (Macau), | |||||
Sr. Unsec’d. Notes, 144A(a) | 4.875 | 10/01/24 | 19,228 | 18,123,520 | |
Sr. Unsec’d. Notes, 144A | 5.500 | 01/15/26 | 7,689 | 7,207,997 | |
122,864,587 |
15
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Machinery-Diversified 1.3% | |||||
Maxim Crane Works Holdings Capital LLC, Sec’d. Notes, 144A | 10.125 % | 08/01/24 | 35,160 | $36,077,550 | |
TK Elevator US Newco, Inc. (Germany), Sr. Sec’d. Notes, 144A | 5.250 | 07/15/27 | 26,957 | 27,403,421 | |
63,480,971 | |||||
Media 8.0% | |||||
CCO Holdings LLC/CCO Holdings Capital Corp., | |||||
Sr. Unsec’d. Notes, 144A | 5.000 | 02/01/28 | 26,739 | 27,528,921 | |
Sr. Unsec’d. Notes, 144A | 5.125 | 05/01/27 | 36,299 | 37,394,326 | |
Sr. Unsec’d. Notes, 144A(a) | 5.500 | 05/01/26 | 9,508 | 9,808,541 | |
CSC Holdings LLC, | |||||
Gtd. Notes, 144A | 5.375 | 02/01/28 | 12,400 | 12,744,476 | |
Gtd. Notes, 144A | 5.500 | 04/15/27 | 34,991 | 35,954,163 | |
Sr. Unsec’d. Notes, 144A | 7.500 | 04/01/28 | 11,400 | 12,128,030 | |
Diamond Sports Group LLC/Diamond Sports Finance Co., Sr. Sec’d. Notes, 144A(a) | 5.375 | 08/15/26 | 15,460 | 6,839,245 | |
DISH DBS Corp., | |||||
Gtd. Notes | 5.000 | 03/15/23 | 3,255 | 3,306,320 | |
Gtd. Notes | 5.875 | 07/15/22 | 28,270 | 28,660,786 | |
Gtd. Notes | 5.875 | 11/15/24 | 11,168 | 11,319,882 | |
Gtd. Notes | 7.750 | 07/01/26 | 27,025 | 27,772,542 | |
Gray Television, Inc., Gtd. Notes, 144A | 5.875 | 07/15/26 | 35,012 | 36,059,278 | |
iHeartCommunications, Inc., | |||||
Sr. Sec’d. Notes | 6.375 | 05/01/26 | 6,655 | 6,908,718 | |
Sr. Sec’d. Notes, 144A | 4.750 | 01/15/28 | 5,938 | 5,909,027 | |
Midcontinent Communications/Midcontinent Finance Corp., Gtd. Notes, 144A | 5.375 | 08/15/27 | 7,844 | 8,077,968 | |
Nexstar Media, Inc., Gtd. Notes, 144A | 5.625 | 07/15/27 | 24,405 | 25,327,811 | |
Quebecor Media, Inc. (Canada), Sr. Unsec’d. Notes | 5.750 | 01/15/23 | 3,451 | 3,598,075 | |
Radiate Holdco LLC/Radiate Finance, Inc., Sr. Sec’d. Notes, 144A | 4.500 | 09/15/26 | 23,849 | 23,711,031 | |
Scripps Escrow, Inc., Gtd. Notes, 144A(a) | 5.875 | 07/15/27 | 4,545 | 4,636,143 | |
Sinclair Television Group, Inc., | |||||
Gtd. Notes, 144A | 5.125 | 02/15/27 | 2,020 | 1,872,632 |
16
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Media (cont’d.) | |||||
Sinclair Television Group, Inc., (cont’d.) | |||||
Gtd. Notes, 144A | 5.875 % | 03/15/26 | 21,923 | $22,015,312 | |
Univision Communications, Inc., | |||||
Sr. Sec’d. Notes, 144A(a) | 5.125 | 02/15/25 | 20,663 | 20,974,881 | |
Sr. Sec’d. Notes, 144A | 6.625 | 06/01/27 | 8,425 | 8,997,937 | |
Sr. Sec’d. Notes, 144A | 9.500 | 05/01/25 | 5,925 | 6,372,333 | |
Videotron Ltd. (Canada), | |||||
Gtd. Notes, 144A | 5.125 | 04/15/27 | 412 | 424,093 | |
Gtd. Notes, 144A | 5.375 | 06/15/24 | 12,913 | 13,797,096 | |
402,139,567 | |||||
Mining 3.4% | |||||
Constellium SE, Gtd. Notes, 144A | 5.875 | 02/15/26 | 3,149 | 3,196,026 | |
First Quantum Minerals Ltd. (Zambia), | |||||
Gtd. Notes, 144A | 6.500 | 03/01/24 | 20,161 | 20,437,510 | |
Gtd. Notes, 144A | 6.875 | 03/01/26 | 460 | 477,722 | |
Gtd. Notes, 144A | 7.250 | 04/01/23 | 28,953 | 29,383,486 | |
Gtd. Notes, 144A | 7.500 | 04/01/25 | 17,923 | 18,407,942 | |
Freeport-McMoRan, Inc., | |||||
Gtd. Notes | 3.875 | 03/15/23 | 15,235 | 15,672,865 | |
Gtd. Notes | 4.375 | 08/01/28 | 6,520 | 6,738,508 | |
Gtd. Notes | 4.550 | 11/14/24 | 1,535 | 1,642,830 | |
Hudbay Minerals, Inc. (Canada), Gtd. Notes, 144A | 4.500 | 04/01/26 | 16,410 | 16,129,705 | |
New Gold, Inc. (Canada), | |||||
Gtd. Notes, 144A | 6.375 | 05/15/25 | 12,313 | 12,584,060 | |
Gtd. Notes, 144A | 7.500 | 07/15/27 | 5,250 | 5,492,507 | |
Novelis Corp., Gtd. Notes, 144A | 3.250 | 11/15/26 | 42,555 | 42,505,276 | |
172,668,437 | |||||
Miscellaneous Manufacturing 0.2% | |||||
Amsted Industries, Inc., Gtd. Notes, 144A | 5.625 | 07/01/27 | 11,346 | 11,737,884 |
17
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Office/Business Equipment 0.4% | |||||
CDW LLC/CDW Finance Corp., | |||||
Gtd. Notes | 4.125 % | 05/01/25 | 7,567 | $7,771,757 | |
Gtd. Notes | 5.500 | 12/01/24 | 12,480 | 13,602,973 | |
21,374,730 | |||||
Oil & Gas 4.6% | |||||
Aethon United BR LP/Aethon United Finance Corp., Sr. Unsec’d. Notes, 144A | 8.250 | 02/15/26 | 4,925 | 5,197,876 | |
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., Sr. Unsec’d. Notes^ | 7.875 | 12/15/24(d) | 10,985 | 74,698 | |
Antero Resources Corp., | |||||
Gtd. Notes | 5.000 | 03/01/25 | 5,645 | 5,688,876 | |
Gtd. Notes, 144A | 8.375 | 07/15/26 | 1,479 | 1,639,540 | |
Ascent Resources Utica Holdings LLC/ARU Finance Corp., Gtd. Notes, 144A | 9.000 | 11/01/27 | 8,489 | 11,469,861 | |
Athabasca Oil Corp. (Canada), Sec’d. Notes, 144A | 9.750 | 11/01/26 | 13,300 | 13,195,422 | |
Chesapeake Energy Corp., Gtd. Notes, 144A | 5.500 | 02/01/26 | 2,425 | 2,516,963 | |
Citgo Holding, Inc., Sr. Sec’d. Notes, 144A(a) | 9.250 | 08/01/24 | 8,632 | 8,416,683 | |
CITGO Petroleum Corp., Sr. Sec’d. Notes, 144A | 7.000 | 06/15/25 | 9,285 | 9,376,905 | |
CNX Resources Corp., Gtd. Notes, 144A | 7.250 | 03/14/27 | 2,650 | 2,800,103 | |
Devon Energy Corp., | |||||
Sr. Unsec’d. Notes, 144A | 5.250 | 09/15/24 | 10,208 | 11,077,410 | |
Sr. Unsec’d. Notes, 144A | 8.250 | 08/01/23 | 4,720 | 5,195,683 | |
Endeavor Energy Resources LP/EER Finance, Inc., | |||||
Sr. Unsec’d. Notes, 144A | 5.750 | 01/30/28 | 3,584 | 3,729,298 | |
Sr. Unsec’d. Notes, 144A | 6.625 | 07/15/25 | 6,475 | 6,805,032 | |
EQT Corp., | |||||
Sr. Unsec’d. Notes(a) | 3.000 | 10/01/22 | 1,000 | 1,007,136 | |
Sr. Unsec’d. Notes | 3.900 | 10/01/27 | 18,161 | 18,952,077 | |
Sr. Unsec’d. Notes | 7.500 | 02/01/30 | 1,475 | 1,862,998 | |
Hilcorp Energy I LP/Hilcorp Finance Co., Sr. Unsec’d. Notes, 144A | 5.750 | 02/01/29 | 1,200 | 1,180,719 | |
MEG Energy Corp. (Canada), | |||||
Gtd. Notes, 144A | 7.125 | 02/01/27 | 12,528 | 12,912,437 |
18
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Oil & Gas (cont’d.) | |||||
MEG Energy Corp. (Canada), (cont’d.) | |||||
Sec’d. Notes, 144A | 6.500 % | 01/15/25 | 2,701 | $2,747,074 | |
Nabors Industries Ltd., Gtd. Notes, 144A | 7.250 | 01/15/26 | 6,225 | 5,355,534 | |
Nabors Industries, Inc., | |||||
Gtd. Notes | 5.750 | 02/01/25 | 7,815 | 6,539,974 | |
Gtd. Notes, 144A(a) | 7.375 | 05/15/27 | 7,625 | 7,453,868 | |
Occidental Petroleum Corp., | |||||
Sr. Unsec’d. Notes | 3.000 | 02/15/27 | 500 | 483,824 | |
Sr. Unsec’d. Notes | 3.500 | 06/15/25 | 1,325 | 1,331,076 | |
Sr. Unsec’d. Notes | 5.500 | 12/01/25 | 2,775 | 2,973,257 | |
Sr. Unsec’d. Notes | 5.550 | 03/15/26 | 1,200 | 1,284,261 | |
Sr. Unsec’d. Notes(a) | 5.875 | 09/01/25 | 9,800 | 10,536,865 | |
Sr. Unsec’d. Notes | 6.950 | 07/01/24 | 175 | 192,056 | |
Sr. Unsec’d. Notes | 7.150 | 05/15/28 | 5,000 | 5,789,264 | |
Ovintiv Exploration, Inc., Gtd. Notes | 5.375 | 01/01/26 | 1,500 | 1,653,336 | |
Parkland Corp. (Canada), Gtd. Notes, 144A | 5.875 | 07/15/27 | 9,825 | 10,285,010 | |
Precision Drilling Corp. (Canada), Gtd. Notes, 144A | 7.125 | 01/15/26 | 8,221 | 8,262,527 | |
Range Resources Corp., | |||||
Gtd. Notes | 4.875 | 05/15/25 | 4,300 | 4,393,158 | |
Gtd. Notes | 5.000 | 03/15/23 | 14,129 | 14,334,591 | |
Gtd. Notes | 9.250 | 02/01/26 | 2,600 | 2,796,171 | |
Southwestern Energy Co., Gtd. Notes | 8.375 | 09/15/28 | 9,234 | 10,173,562 | |
Sunoco LP/Sunoco Finance Corp., | |||||
Gtd. Notes | 5.875 | 03/15/28 | 865 | 902,773 | |
Gtd. Notes(a) | 6.000 | 04/15/27 | 6,575 | 6,815,293 | |
Transocean, Inc., Gtd. Notes, 144A | 7.500 | 01/15/26 | 2,275 | 1,600,682 | |
229,003,873 | |||||
Packaging & Containers 1.6% | |||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., | |||||
Sr. Sec’d. Notes, 144A | 4.125 | 08/15/26 | 6,953 | 7,026,722 | |
Sr. Unsec’d. Notes, 144A(a) | 5.250 | 08/15/27 | 6,300 | 6,192,271 | |
Graham Packaging Co., Inc., Gtd. Notes, 144A | 7.125 | 08/15/28 | 11,950 | 12,185,973 |
19
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
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 | 14,841 | $15,041,749 | |
Owens-Brockway Glass Container, Inc., | |||||
Gtd. Notes, 144A(a) | 6.375 | 08/15/25 | 5,435 | 5,856,052 | |
Gtd. Notes, 144A | 6.625 | 05/13/27 | 1,800 | 1,886,137 | |
Plastipak Holdings, Inc., Sr. Unsec’d. Notes, 144A(a) | 6.250 | 10/15/25 | 21,585 | 21,922,374 | |
Trident TPI Holdings, Inc., | |||||
Gtd. Notes, 144A | 6.625 | 11/01/25 | 6,961 | 7,013,170 | |
Gtd. Notes, 144A | 9.250 | 08/01/24 | 2,000 | 2,082,345 | |
79,206,793 | |||||
Pharmaceuticals 2.7% | |||||
AdaptHealth LLC, Gtd. Notes, 144A | 6.125 | 08/01/28 | 14,451 | 15,267,469 | |
Bausch Health Americas, Inc., Gtd. Notes, 144A | 8.500 | 01/31/27 | 38,200 | 39,399,627 | |
Bausch Health Cos., Inc., | |||||
Gtd. Notes, 144A | 5.000 | 01/30/28 | 1,000 | 887,927 | |
Gtd. Notes, 144A | 6.125 | 04/15/25 | 42,567 | 43,117,089 | |
Sr. Sec’d. Notes, 144A | 4.875 | 06/01/28 | 784 | 772,836 | |
P&L Development LLC/PLD Finance Corp., Sr. Sec’d. Notes, 144A | 7.750 | 11/15/25 | 36,626 | 37,134,483 | |
136,579,431 | |||||
Pipelines 1.4% | |||||
Antero Midstream Partners LP/Antero Midstream Finance Corp., | |||||
Gtd. Notes, 144A | 5.750 | 03/01/27 | 2,200 | 2,214,761 | |
Gtd. Notes, 144A | 7.875 | 05/15/26 | 20,075 | 21,599,277 | |
EQM Midstream Partners LP, | |||||
Sr. Unsec’d. Notes(a) | 4.125 | 12/01/26 | 3,729 | 3,725,928 | |
Sr. Unsec’d. Notes | 4.750 | 07/15/23 | 2,077 | 2,154,353 | |
Sr. Unsec’d. Notes, 144A | 6.000 | 07/01/25 | 2,505 | 2,662,929 | |
Global Partners LP/GLP Finance Corp., Gtd. Notes | 7.000 | 08/01/27 | 6,197 | 6,381,733 | |
Rockies Express Pipeline LLC, Sr. Unsec’d. Notes, 144A | 3.600 | 05/15/25 | 4,875 | 4,993,835 |
20
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Pipelines (cont’d.) | |||||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | |||||
Gtd. Notes, 144A | 6.000 % | 03/01/27 | 3,890 | $4,000,406 | |
Gtd. Notes, 144A | 7.500 | 10/01/25 | 5,825 | 6,239,838 | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp., | |||||
Gtd. Notes(a) | 5.875 | 04/15/26 | 625 | 647,806 | |
Gtd. Notes | 6.500 | 07/15/27 | 642 | 683,470 | |
Western Midstream Operating LP, | |||||
Sr. Unsec’d. Notes | 3.950 | 06/01/25 | 3,050 | 3,157,210 | |
Sr. Unsec’d. Notes | 4.350 | 02/01/25 | 11,150 | 11,534,731 | |
69,996,277 | |||||
Real Estate 0.9% | |||||
Five Point Operating Co. LP/Five Point Capital Corp., Gtd. Notes, 144A | 7.875 | 11/15/25 | 20,107 | 20,865,565 | |
Greystar Real Estate Partners LLC, Sr. Sec’d. Notes, 144A | 5.750 | 12/01/25 | 8,150 | 8,282,886 | |
Howard Hughes Corp. (The), Gtd. Notes, 144A | 5.375 | 08/01/28 | 16,138 | 16,855,894 | |
46,004,345 | |||||
Real Estate Investment Trusts (REITs) 5.2% | |||||
Diversified Healthcare Trust, | |||||
Gtd. Notes | 9.750 | 06/15/25 | 30,074 | 32,473,810 | |
Sr. Unsec’d. Notes | 4.750 | 05/01/24 | 8,835 | 9,068,615 | |
Sr. Unsec’d. Notes | 4.750 | 02/15/28 | 3,000 | 2,839,249 | |
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., | |||||
Gtd. Notes | 4.500 | 09/01/26 | 10,120 | 10,839,113 | |
Gtd. Notes | 5.625 | 05/01/24 | 6,500 | 6,965,492 | |
Gtd. Notes, 144A | 4.625 | 06/15/25 | 1,430 | 1,520,784 | |
MPT Operating Partnership LP/MPT Finance Corp., | |||||
Gtd. Notes | 5.000 | 10/15/27 | 12,000 | 12,549,024 | |
Gtd. Notes(a) | 5.250 | 08/01/26 | 2,275 | 2,339,831 | |
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, Sr. Sec’d. Notes, 144A | 7.500 | 06/01/25 | 25,422 | 26,838,550 | |
RHP Hotel Properties LP/RHP Finance Corp., Gtd. Notes | 4.750 | 10/15/27 | 9,200 | 9,212,381 |
21
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Real Estate Investment Trusts (REITs) (cont’d.) | |||||
Sabra Health Care LP, Gtd. Notes | 5.125 % | 08/15/26 | 650 | $720,959 | |
SBA Communications Corp., Sr. Unsec’d. Notes(a) | 3.875 | 02/15/27 | 33,308 | 34,126,790 | |
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, | |||||
Gtd. Notes, 144A | 7.125 | 12/15/24 | 24,205 | 24,675,612 | |
Sr. Sec’d. Notes, 144A | 7.875 | 02/15/25 | 54,363 | 56,882,569 | |
VICI Properties LP/VICI Note Co., Inc., | |||||
Gtd. Notes, 144A(a) | 3.500 | 02/15/25 | 4,450 | 4,507,815 | |
Gtd. Notes, 144A(a) | 3.750 | 02/15/27 | 14,400 | 14,755,839 | |
Gtd. Notes, 144A | 4.250 | 12/01/26 | 7,870 | 8,125,900 | |
258,442,333 | |||||
Retail 1.8% | |||||
1011778 BC ULC/New Red Finance, Inc. (Canada), Sr. Sec’d. Notes, 144A | 3.875 | 01/15/28 | 2,500 | 2,466,282 | |
Ambience Merger Sub, Inc., Sr. Sec’d. Notes, 144A | 4.875 | 07/15/28 | 725 | 716,106 | |
Brinker International, Inc., Gtd. Notes, 144A | 5.000 | 10/01/24 | 23,178 | 24,502,244 | |
eG Global Finance PLC (United Kingdom), | |||||
Sr. Sec’d. Notes, 144A | 6.750 | 02/07/25 | 900 | 908,487 | |
Sr. Sec’d. Notes, 144A | 8.500 | 10/30/25 | 16,926 | 17,527,663 | |
Golden Nugget, Inc., Sr. Unsec’d. Notes, 144A(a) | 6.750 | 10/15/24 | 17,179 | 17,184,576 | |
Sally Holdings LLC/Sally Capital, Inc., | |||||
Gtd. Notes | 5.625 | 12/01/25 | 9,695 | 9,884,775 | |
Sec’d. Notes, 144A | 8.750 | 04/30/25 | 11,070 | 11,842,202 | |
White Cap Parent LLC, Sr. Unsec’d. Notes, 144A, Cash coupon 8.250% or PIK 9.000% | 8.250 | 03/15/26 | 5,000 | 5,080,751 | |
90,113,086 | |||||
Semiconductors 0.3% | |||||
Microchip Technology, Inc., Gtd. Notes | 4.250 | 09/01/25 | 12,742 | 13,197,802 |
22
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Software 3.1% | |||||
Boxer Parent Co., Inc., Sr. Sec’d. Notes, 144A | 7.125 % | 10/02/25 | 15,135 | $15,897,804 | |
Camelot Finance SA, Sr. Sec’d. Notes, 144A | 4.500 | 11/01/26 | 54,561 | 56,603,024 | |
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., Gtd. Notes, 144A | 5.750 | 03/01/25 | 19,300 | 19,387,710 | |
Clarivate Science Holdings Corp., Sr. Sec’d. Notes, 144A | 3.875 | 07/01/28 | 5,720 | 5,621,581 | |
Dun & Bradstreet Corp. (The), | |||||
Gtd. Notes, 144A(a) | 10.250 | 02/15/27 | 35,759 | 38,078,759 | |
Sr. Sec’d. Notes, 144A | 6.875 | 08/15/26 | 9,605 | 9,968,233 | |
Open Text Corp. (Canada), Gtd. Notes, 144A | 5.875 | 06/01/26 | 1,500 | 1,545,238 | |
SS&C Technologies, Inc., Gtd. Notes, 144A(a) | 5.500 | 09/30/27 | 8,000 | 8,316,951 | |
155,419,300 | |||||
Telecommunications 5.8% | |||||
Altice France SA (France), Sr. Sec’d. Notes, 144A | 8.125 | 02/01/27 | 24,699 | 26,355,839 | |
CommScope Technologies LLC, Gtd. Notes, 144A(a) | 6.000 | 06/15/25 | 8,463 | 8,237,883 | |
CommScope, Inc., Sr. Sec’d. Notes, 144A | 6.000 | 03/01/26 | 23,843 | 24,413,612 | |
Digicel International Finance Ltd./Digicel International Holdings Ltd. (Jamaica), | |||||
Gtd. Notes, 144A | 8.000 | 12/31/26 | 3,128 | 3,064,960 | |
Gtd. Notes, 144A, Cash coupon 6.000% and PIK 7.000% | 13.000 | 12/31/25 | 5,474 | 5,619,655 | |
Sr. Sec’d. Notes, 144A | 8.750 | 05/25/24 | 15,663 | 16,135,465 | |
Sr. Sec’d. Notes, 144A | 8.750 | 05/25/24 | 14,353 | 14,782,494 | |
Digicel Ltd. (Jamaica), Gtd. Notes, 144A | 6.750 | 03/01/23 | 3,000 | 2,874,914 | |
Iliad Holding SASU (France), | |||||
Sr. Sec’d. Notes, 144A | 6.500 | 10/15/26 | 8,400 | 8,609,198 | |
Sr. Sec’d. Notes, 144A(a) | 7.000 | 10/15/28 | 2,950 | 3,020,544 | |
Intelsat Jackson Holdings SA (Luxembourg), Gtd. Notes (original cost $5,990,360; purchased 11/15/19 - 01/31/20)(a)(f) | 5.500 | 08/01/23(d) | 6,971 | 3,411,650 |
23
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Telecommunications (cont’d.) | |||||
Level 3 Financing, Inc., | |||||
Gtd. Notes | 5.250 % | 03/15/26 | 30,760 | $31,566,321 | |
Gtd. Notes(a) | 5.375 | 05/01/25 | 4,870 | 4,971,192 | |
Lumen Technologies, Inc., | |||||
Sr. Unsec’d. Notes | 5.625 | 04/01/25 | 5,000 | 5,230,530 | |
Sr. Unsec’d. Notes, Series T | 5.800 | 03/15/22 | 7,640 | 7,701,968 | |
Sr. Unsec’d. Notes, Series W | 6.750 | 12/01/23 | 2,753 | 2,972,281 | |
Sr. Unsec’d. Notes, Series Y(a) | 7.500 | 04/01/24 | 4,100 | 4,447,753 | |
Sprint Communications, Inc., Gtd. Notes | 6.000 | 11/15/22 | 6,867 | 7,136,452 | |
Sprint Corp., | |||||
Gtd. Notes | 7.125 | 06/15/24 | 11,700 | 13,088,343 | |
Gtd. Notes | 7.625 | 02/15/25 | 5,365 | 6,142,925 | |
Gtd. Notes | 7.625 | 03/01/26 | 1,500 | 1,771,783 | |
Gtd. Notes | 7.875 | 09/15/23 | 27,984 | 30,792,156 | |
Viasat, Inc., | |||||
Sr. Sec’d. Notes, 144A(a) | 5.625 | 04/15/27 | 5,834 | 5,961,432 | |
Sr. Unsec’d. Notes, 144A | 5.625 | 09/15/25 | 20,272 | 20,481,297 | |
Sr. Unsec’d. Notes, 144A | 6.500 | 07/15/28 | 1,528 | 1,562,724 | |
Zayo Group Holdings, Inc., Sr. Sec’d. Notes, 144A | 4.000 | 03/01/27 | 31,329 | 29,857,235 | |
290,210,606 | |||||
Toys/Games/Hobbies 0.0% | |||||
Mattel, Inc., Gtd. Notes, 144A | 3.375 | 04/01/26 | 1,400 | 1,422,816 | |
Transportation 0.2% | |||||
XPO Logistics, Inc., Gtd. Notes, 144A | 6.250 | 05/01/25 | 12,075 | 12,568,842 | |
Trucking & Leasing 0.1% | |||||
Fortress Transportation & Infrastructure Investors LLC, Sr. Unsec’d. Notes, 144A | 5.500 | 05/01/28 | 6,125 | 6,005,279 | |
Total Corporate Bonds (cost $4,151,039,599) | 4,138,123,720 | ||||
Sovereign Bonds 0.0% | |||||
Ecuador Government International Bond (Ecuador), | |||||
Sr. Unsec’d. Notes, 144A | 6.608(s) | 07/31/30 | 92 | 50,821 |
24
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Sovereign Bonds (Continued) | |||||
Ecuador Government International Bond (Ecuador), (cont’d.) | |||||
Sr. Unsec’d. Notes, 144A | 0.500 %(cc) | 07/31/40 | 125 | $73,323 | |
Sr. Unsec’d. Notes, 144A | 1.000(cc) | 07/31/35 | 535 | 345,748 | |
Sr. Unsec’d. Notes, 144A | 5.000(cc) | 07/31/30 | 324 | 265,990 | |
Total Sovereign Bonds (cost $773,544) | 735,882 |
Shares | |||||
Common Stocks 1.5% | |||||
Electric Utilities 0.1% | |||||
GenOn Energy Holdings, Inc. (Class A Stock) (original cost $4,444,496; purchased 02/28/19)*^(f) | 41,315 | 5,784,100 | |||
Gas Utilities 0.2% | |||||
Ferrellgas Partners LP (Class B Stock) | 50,306 | 12,350,123 | |||
Hotels, Restaurants & Leisure 0.1% | |||||
CEC Entertainment, Inc.* | 366,068 | 6,406,190 | |||
Oil, Gas & Consumable Fuels 1.1% | |||||
Chesapeake Energy Corp. | 876,941 | 52,213,067 | |||
Chesapeake Energy Corp. Backstop Commitment | 5,043 | 300,261 | |||
52,513,328 | |||||
Total Common Stocks (cost $30,962,664) | 77,053,741 |
Units | |||||
Warrants* 0.0% | |||||
Chemicals 0.0% | |||||
TPC Group, Inc., expiring 08/01/24 (original cost $1; purchased 02/02/21)^(f) | 6,759,788 | 31,771 |
25
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Description | Units | Value | |||
Warrants (Continued) | |||||
Oil, Gas & Consumable Fuels 0.0% | |||||
Athabasca Oil Corp. (Canada), expiring 11/01/26 | 13,300 | $581,155 | |||
Total Warrants (cost $1) | 612,926 | ||||
Total Long-Term Investments (cost $4,676,404,110) | 4,708,633,023 |
Shares | |||||
Short-Term Investments 10.0% | |||||
Affiliated Mutual Funds | |||||
PGIM Core Ultra Short Bond Fund(wa) | 289,405,055 | 289,405,055 | |||
PGIM Institutional Money Market Fund (cost $211,308,558; includes $211,296,871 of cash collateral for securities on loan)(b)(wa) | 211,476,110 | 211,328,076 | |||
Total Short-Term Investments (cost $500,713,613) | 500,733,131 | ||||
TOTAL INVESTMENTS 103.9% (cost $5,177,117,723) | 5,209,366,154 | ||||
Liabilities in excess of other assets(z) (3.9)% | (196,624,128) | ||||
Net Assets 100.0% | $5,012,742,026 |
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings: |
EUR—Euro |
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. | |
DIP—Debtor-In-Possession | |
iBoxx—Bond Market Indices | |
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 | |
T—Swap payment upon termination |
* | 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 $8,633,694 and 0.2% of net assets. |
26
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 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 $207,316,700; cash collateral of $211,296,871 (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 November 30, 2021. |
(cc) | Variable rate instrument. The rate shown is based on the latest available information as of November 30, 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 $25,351,175. The aggregate value of $21,215,669 is 0.4% 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. |
(s) | Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase 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 November 30, 2021:
Borrower | Principal Amount (000)# | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||
Intelsat Jackson Holdings SA, DIP Term Loan, 3 Month LIBOR + 3.600%, 3.600%(c), Maturity Date 07/13/22 (cost $871,476) | 880 | $881,654 | $10,179 | $— | ||||
Trident TPI Holdings, Inc., Delayed Draw Term Loan, 3 Month LIBOR + 4.000%, 4.500%(c), Maturity Date 09/15/28 (cost $317,040) | 317 | 316,078 | — | (962) | ||||
$1,197,732 | $10,179 | $(962) |
Futures contracts outstanding at November 30, 2021: | ||||||||
Number of Contracts | Type | Expiration Date | Current Notional Amount | Value / Unrealized Appreciation (Depreciation) | ||||
Long Positions: | ||||||||
1,241 | 2 Year U.S. Treasury Notes | Mar. 2022 | $271,449,361 | $463,272 | ||||
62 | 5 Year Euro-Bobl | Mar. 2022 | 9,443,197 | 6,979 | ||||
3,630 | 5 Year U.S. Treasury Notes | Mar. 2022 | 440,676,337 | 2,806,776 | ||||
7 | 20 Year U.S. Treasury Bonds | Mar. 2022 | 1,134,875 | 24,711 |
27
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Futures contracts outstanding at November 30, 2021 (continued): | ||||||||
Number of Contracts | Type | Expiration Date | Current Notional Amount | Value / Unrealized Appreciation (Depreciation) | ||||
Long Positions (cont’d): | ||||||||
7 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2022 | $1,403,938 | $47,749 | ||||
3 | Euro Schatz Index | Mar. 2022 | 381,908 | 66 | ||||
3,349,553 | ||||||||
Short Positions: | ||||||||
29 | 10 Year Euro-Bund | Dec. 2021 | 5,669,060 | 11,395 | ||||
1,504 | 10 Year U.S. Treasury Notes | Mar. 2022 | 196,742,000 | (2,019,894) | ||||
(2,008,499) | ||||||||
$1,341,054 |
Forward foreign currency exchange contracts outstanding at November 30, 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 12/02/21 | BNP Paribas S.A. | EUR | 3,053 | $3,434,981 | $3,462,047 | $27,066 | $— |
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||
OTC Forward Foreign Currency Exchange Contracts: | |||||||||||||
Euro, | |||||||||||||
Expiring 12/02/21 | Barclays Bank PLC | EUR | 3,053 | $3,544,531 | $3,462,047 | $82,484 | $— | ||||||
Expiring 01/12/22 | BNP Paribas S.A. | EUR | 3,053 | 3,440,735 | 3,467,826 | — | (27,091) | ||||||
$6,985,266 | $6,929,873 | 82,484 | (27,091) | ||||||||||
$109,550 | $(27,091) |
28
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Credit default swap agreements outstanding at November 30, 2021:
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at November 30, 2021(4) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | |||||||||
OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Sell Protection(2): | |||||||||||||||||
EQT Corp. | 06/20/22 | 5.000%(Q) | 12,000 | 1.115% | $380,131 | $239,919 | $140,212 | Credit Suisse International |
The Fund entered into credit default swaps (“CDS”) to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.
(1) | If the Fund is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
(2) | If the Fund is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
(3) | Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(4) | Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. |
29
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2021 (unaudited) (continued)
Total return swap agreements outstanding at November 30, 2021: | ||||||||||||||
Reference Entity | Financing Rate | Counterparty | Termination Date | Long (Short) Notional Amount (000)#(1) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation)(2) | |||||||
OTC Total Return Swap Agreements: | ||||||||||||||
iBoxx US Dollar Liquid High Yield Index(T) | 3 Month LIBOR(Q) | Goldman Sachs International | 12/20/21 | 22,200 | $(83,540) | $— | $(83,540) | |||||||
iBoxx US Dollar Liquid High Yield Index(T) | 3 Month LIBOR(Q) | Goldman Sachs International | 12/20/21 | 77,800 | (293,292) | — | (293,292) | |||||||
$(376,832) | $— | $(376,832) |
(1) | On a long total return swap, the Fund receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Fund makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate. |
(2) | Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation). |
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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