PGIM Floating Rate Income Fund
Schedule of Investments (unaudited)
as of November 30, 2023
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Long-Term Investments 98.8% | |||||
Asset-Backed Securities 18.9% | |||||
Collateralized Loan Obligations 18.8% | |||||
Apex Credit CLO LLC (Cayman Islands), Series 2021-02A, Class A2, 144A, 3 Month SOFR + 2.112% (Cap N/A, Floor 1.850%) | 7.527 %(c) | 10/20/34 | 4,725 | $4,638,904 | |
Apidos CLO Ltd. (United Kingdom), Series 2022-42A, Class D, 144A, 3 Month SOFR + 5.760% (Cap N/A, Floor 5.760%) | 11.176(c) | 01/20/36 | 1,500 | 1,501,419 | |
Atlas Senior Loan Fund Ltd. (United Kingdom), Series 2023-21A, Class B, 144A, 3 Month SOFR + 3.000% (Cap N/A, Floor 3.000%) | 8.326(c) | 07/20/35 | 5,000 | 5,033,525 | |
Atlas Static Senior Loan Fund Ltd. (Cayman Islands), Series 2022-01A, Class BR, 144A, 3 Month SOFR + 2.650% (Cap N/A, Floor 2.650%) | 8.001(c) | 07/15/30 | 14,250 | 14,250,000 | |
Avoca Capital CLO Ltd. (Ireland), Series 10A, Class B1RR, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | 5.315(c) | 04/15/35 | EUR | 3,750 | 3,883,027 |
Bain Capital Credit CLO Ltd. (United Kingdom), Series 2023-03A, Class B, 144A, 3 Month SOFR + 2.700% (Cap N/A, Floor 2.700%) | 8.065(c) | 07/24/36 | 16,525 | 16,571,992 | |
Balboa Bay Loan Funding Ltd. (Cayman Islands), | |||||
Series 2021-01A, Class B, 144A, 3 Month SOFR + 1.912% (Cap N/A, Floor 1.912%) | 7.327(c) | 07/20/34 | 250 | 244,506 | |
Series 2023-01A, Class B, 144A, 3 Month SOFR + 2.550% (Cap N/A, Floor 2.550%) | 7.966(c) | 04/20/35 | 13,500 | 13,522,634 | |
Series 2023-01A, Class D, 144A, 3 Month SOFR + 5.500% (Cap N/A, Floor 5.500%) | 10.916(c) | 04/20/35 | 7,220 | 7,227,829 | |
Barrow Hanley CLO Ltd. (Cayman Islands), | |||||
Series 2023-01A, Class A1, 144A, 3 Month SOFR + 2.300% (Cap N/A, Floor 2.300%) | 7.716(c) | 04/20/35 | 8,500 | 8,523,928 | |
Series 2023-01A, Class B, 144A, 3 Month SOFR + 3.000% (Cap N/A, Floor 3.000%) | 8.416(c) | 04/20/35 | 5,000 | 5,015,743 | |
Series 2023-02A, Class B, 144A, 3 Month SOFR + 3.000% (Cap N/A, Floor 3.000%) | 8.339(c) | 10/20/35 | 5,000 | 5,017,297 | |
Battalion CLO Ltd. (Cayman Islands), | |||||
Series 2017-11A, Class BR, 144A, 3 Month SOFR + 1.982% (Cap N/A, Floor 1.720%) | 7.380(c) | 04/24/34 | 5,000 | 4,912,500 | |
Series 2021-21A, Class A, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | 6.835(c) | 07/15/34 | 4,225 | 4,177,154 | |
1
PGIM Floating Rate Income Fund
Schedule of Investments (unaudited) (continued)
as of November 30, 2023
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Asset-Backed Securities (Continued) | |||||
Collateralized Loan Obligations (cont’d.) | |||||
Carlyle US CLO Ltd. (Cayman Islands), Series 2023-05A, Class B, 144A | 0.000 %(cc) | 01/27/36 | 18,250 | $18,250,000 | |
CarVal CLO Ltd. (United Kingdom), | |||||
Series 2023-01A, Class A2, 144A, 3 Month SOFR + 2.350% (Cap N/A, Floor 2.350%) | 7.766(c) | 01/20/35 | 4,125 | 4,122,276 | |
Series 2023-01A, Class B1, 144A, 3 Month SOFR + 2.750% (Cap N/A, Floor 2.750%) | 8.166(c) | 01/20/35 | 3,975 | 3,974,537 | |
CIFC European Funding CLO DAC (Ireland), Series 03A, Class B1, 144A, 3 Month EURIBOR + 1.500% (Cap N/A, Floor 1.500%) | 5.465(c) | 01/15/34 | EUR | 2,000 | 2,088,674 |
Columbia Cent CLO Ltd. (Cayman Islands), Series 2020-29A, Class BR, 144A, 3 Month SOFR + 1.962% (Cap N/A, Floor 0.000%) | 7.377(c) | 10/20/34 | 15,000 | 14,599,327 | |
Gallatin CLO Ltd. (Bermuda), Series 2023-01A, Class B, 144A, 3 Month SOFR + 3.050% (Cap N/A, Floor 3.050%) | 8.385(c) | 10/14/35 | 10,000 | 10,033,964 | |
Golub Capital Partners CLO Ltd. (United Kingdom), Series 2023-68A, Class B, 144A, 3 Month SOFR + 2.800% (Cap N/A, Floor 2.800%) | 8.197(c) | 07/25/36 | 18,600 | 18,700,619 | |
Greywolf CLO Ltd. (Cayman Islands), Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 0.000%) | 6.670(c) | 04/26/31 | 1,608 | 1,602,452 | |
Guggenheim CLO Ltd. (Cayman Islands), Series 2022-02A, Class B, 144A, 3 Month SOFR + 3.800% (Cap N/A, Floor 3.800%) | 9.194(c) | 01/15/35 | 3,750 | 3,758,551 | |
HPS Loan Management Ltd. (Cayman Islands), Series 2023-18A, Class B, 144A, 3 Month SOFR + 2.950% (Cap N/A, Floor 2.950%) | 8.281(c) | 07/20/36 | 17,900 | 17,932,959 | |
Jefferson Mill CLO Ltd. (Cayman Islands), Series 2015-01A, Class AR, 144A, 3 Month SOFR + 1.437% (Cap N/A, Floor 0.000%) | 6.852(c) | 10/20/31 | 997 | 992,495 | |
KKR CLO Ltd. (Cayman Islands), Series 2022-41A, Class B, 144A, 3 Month SOFR + 1.900% (Cap N/A, Floor 1.900%) | 7.294(c) | 04/15/35 | 12,500 | 12,278,782 | |
LCM Ltd. (Cayman Islands), Series 33A, Class B, 144A, 3 Month SOFR + 1.912% (Cap N/A, Floor 1.650%) | 7.327(c) | 07/20/34 | 1,300 | 1,269,197 |
2
PGIM Floating Rate Income Fund
Schedule of Investments (unaudited) (continued)
as of November 30, 2023
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Asset-Backed Securities (Continued) | |||||
Collateralized Loan Obligations (cont’d.) | |||||
Logan CLO Ltd. (Cayman Islands), Series 2021-02A, Class B, 144A, 3 Month SOFR + 1.962% (Cap N/A, Floor 1.700%) | 7.377 %(c) | 01/20/35 | 2,950 | $2,943,805 | |
Mountain View CLO Ltd. (Cayman Islands), Series 2015-09A, Class A2R, 144A, 3 Month SOFR + 2.042% (Cap N/A, Floor 0.000%) | 7.435(c) | 07/15/31 | 9,250 | 9,043,725 | |
Nassau Ltd. (United Kingdom), Series 2022-01A, Class B, 144A, 3 Month SOFR + 3.620% (Cap N/A, Floor 3.620%) | 9.014(c) | 01/15/31 | 5,250 | 5,255,181 | |
Oaktree CLO Ltd. (Cayman Islands), Series 2019-04A, Class BR, 144A, 3 Month SOFR + 1.962% (Cap N/A, Floor 1.700%) | 7.377(c) | 10/20/32 | 9,500 | 9,298,279 | |
OFSI BSL Ltd. (Cayman Islands), | |||||
Series 2023-12A, Class AJ, 144A, 3 Month SOFR + 2.900% (Cap N/A, Floor 2.900%) | 8.316(c) | 01/20/35 | 3,200 | 3,208,135 | |
Series 2023-12A, Class B, 144A, 3 Month SOFR + 3.150% (Cap N/A, Floor 3.150%) | 8.566(c) | 01/20/35 | 11,950 | 11,950,791 | |
Palmer Square Loan Funding Ltd. (Cayman Islands), Series 2022-03A, Class A2, 144A, 3 Month SOFR + 3.000% (Cap N/A, Floor 3.000%) | 8.394(c) | 04/15/31 | 7,000 | 7,006,932 | |
Rad CLO Ltd. (Cayman Islands), Series 2023-19A, Class B, 144A, 3 Month SOFR + 2.650% (Cap N/A, Floor 2.650%) | 8.066(c) | 04/20/35 | 18,900 | 18,875,424 | |
Silver Rock CLO Ltd. (Cayman Islands), Series 2020-01A, Class BR, 144A, 3 Month SOFR + 2.900% (Cap N/A, Floor 2.900%) | 8.258(c) | 10/20/33 | 12,500 | 12,509,670 | |
Sound Point CLO Ltd. (United Kingdom), Series 2022-35A, Class B, 144A, 3 Month SOFR + 3.100% (Cap N/A, Floor 3.100%) | 8.480(c) | 01/26/36 | 17,700 | 17,754,125 | |
Sound Point CLO Ltd., Series 2020-02A, Class DR, 144A, 3 Month SOFR + 3.612% (Cap N/A, Floor 3.350%) | 8.990(c) | 10/25/34 | 1,500 | 1,331,342 | |
St. Pauls CLO (Netherlands), Series 11A, Class C2R, 144A | 2.500 | 01/17/32 | EUR | 4,500 | 4,184,500 |
Symphony CLO Ltd. (Bermuda), Series 2023-40A, Class B, 144A, 3 Month SOFR + 2.550% (Cap N/A, Floor 2.550%) | 7.894(c) | 01/14/34 | 14,000 | 14,000,000 |
3
PGIM Floating Rate Income Fund
Schedule of Investments (unaudited) (continued)
as of November 30, 2023
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Asset-Backed Securities (Continued) | |||||
Collateralized Loan Obligations (cont’d.) | |||||
Texas Debt Capital CLO Ltd. (Cayman Islands), Series 2023-2A, Class B, 144A, 3 Month SOFR + 2.650% (Cap N/A, Floor 2.650%) | 8.062 %(c) | 07/21/35 | 18,900 | $18,934,458 | |
Tikehau US CLO Ltd. (Bermuda), Series 2022-02A, Class B, 144A, 3 Month SOFR + 3.560% (Cap N/A, Floor 3.560%) | 8.976(c) | 01/20/32 | 6,250 | 6,256,225 | |
Trinitas CLO Ltd. (Cayman Islands), | |||||
Series 2020-14A, Class B, 144A, 3 Month SOFR + 2.262% (Cap N/A, Floor 2.000%) | 7.640(c) | 01/25/34 | 5,000 | 4,920,351 | |
Series 2021-15A, Class B1, 144A, 3 Month SOFR + 1.962% (Cap N/A, Floor 1.700%) | 7.374(c) | 04/22/34 | 8,350 | 8,145,563 | |
Series 2022-20A, Class B, 144A, 3 Month SOFR + 2.460% (Cap N/A, Floor 2.460%) | 7.876(c) | 07/20/35 | 10,000 | 9,933,478 | |
Valley Stream Park CLO Ltd. (United Kingdom), Series 2022-01A, Class BR, 144A, 3 Month SOFR + 2.250% (Cap N/A, Floor 2.250%) | 7.666(c) | 10/20/34 | 4,500 | 4,504,950 | |
Voya CLO Ltd. (Cayman Islands), Series 2019-03A, Class BR, 144A, 3 Month SOFR + 1.912% (Cap N/A, Floor 1.650%) | 7.314(c) | 10/17/32 | 8,650 | 8,611,075 | |
Zais CLO Ltd. (Cayman Islands), Series 2015-03A, Class A2R, 144A, 3 Month SOFR + 2.452% (Cap N/A, Floor 0.000%) | 7.845(c) | 07/15/31 | 1,500 | 1,477,684 | |
384,269,984 | |||||
Other 0.1% | |||||
Sierra Timeshare Receivables Funding LLC, Series 2023-02A, Class D, 144A | 9.720 | 04/20/40 | 2,644 | 2,687,493 | |
Total Asset-Backed Securities (cost $385,448,323) | 386,957,477 | ||||
Corporate Bonds 15.0% | |||||
Airlines 0.2% | |||||
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., Sr. Sec’d. Notes, 144A | 5.750 | 01/20/26 | 125 | 99,375 |
4
PGIM Floating Rate Income Fund
Schedule of Investments (unaudited) (continued)
as of November 30, 2023
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Airlines (cont’d.) | |||||
VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Switzerland), | |||||
Sr. Unsec’d. Notes, 144A | 6.375 % | 02/01/30 | 375 | $263,438 | |
Sr. Unsec’d. Notes, 144A | 7.875 | 05/01/27 | 3,575 | 2,994,062 | |
3,356,875 | |||||
Auto Parts & Equipment 0.1% | |||||
Dana, Inc., Sr. Unsec’d. Notes | 4.500 | 02/15/32 | 1,480 | 1,215,042 | |
Banks 10.5% | |||||
Bank of America Corp., | |||||
Jr. Sub. Notes, Series MM | 4.300(ff) | 01/28/25(oo) | 34,263 | 31,546,303 | |
Jr. Sub. Notes, Series RR | 4.375(ff) | 01/27/27(oo) | 5,384 | 4,655,091 | |
Citigroup, Inc., | |||||
Jr. Sub. Notes | 3.875(ff) | 02/18/26(oo) | 3,600 | 3,141,567 | |
Jr. Sub. Notes | 7.625(ff) | 11/15/28(oo) | 1,400 | 1,394,126 | |
Jr. Sub. Notes, Series U | 5.000(ff) | 09/12/24(oo) | 17,875 | 17,261,526 | |
Jr. Sub. Notes, Series V | 4.700(ff) | 01/30/25(oo) | 56,123 | 51,062,505 | |
Goldman Sachs Group, Inc. (The), | |||||
Jr. Sub. Notes, Series U | 3.650(ff) | 08/10/26(oo) | 3,000 | 2,501,217 | |
Jr. Sub. Notes, Series V | 4.125(ff) | 11/10/26(oo) | 20,058 | 16,945,111 | |
JPMorgan Chase & Co., Jr. Sub. Notes, Series HH | 4.600(ff) | 02/01/25(oo) | 73,216 | 70,124,015 | |
Mitsubishi UFJ Financial Group, Inc. (Japan), Jr. Sub. Notes, MTN | 8.200(ff) | 01/15/29(oo) | 500 | 530,588 | |
Texas Capital Bank NA, Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 4.500% | 10.156(c) | 09/30/24 | 2,669 | 2,648,523 | |
U.S. Bancorp, Jr. Sub. Notes | 3.700(ff) | 01/15/27(oo) | 4,250 | 3,230,719 | |
Wells Fargo & Co., Jr. Sub. Notes, Series BB | 3.900(ff) | 03/15/26(oo) | 10,275 | 9,249,307 | |
214,290,598 |
5
PGIM Floating Rate Income Fund
Schedule of Investments (unaudited) (continued)
as of November 30, 2023
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Building Materials 0.3% | |||||
Eco Material Technologies, Inc., Sr. Sec’d. Notes, 144A | 7.875 % | 01/31/27 | 1,975 | $1,942,530 | |
Smyrna Ready Mix Concrete LLC, Sr. Sec’d. Notes, 144A | 6.000 | 11/01/28 | 3,603 | 3,423,512 | |
5,366,042 | |||||
Chemicals 0.1% | |||||
Chemours Co. (The), Gtd. Notes, 144A(a) | 4.625 | 11/15/29 | 2,250 | 1,890,725 | |
Tronox, Inc., Gtd. Notes, 144A | 4.625 | 03/15/29 | 200 | 169,906 | |
2,060,631 | |||||
Commercial Services 0.1% | |||||
Adtalem Global Education, Inc., Sr. Sec’d. Notes, 144A | 5.500 | 03/01/28 | 1,846 | 1,741,275 | |
Allied Universal Holdco LLC/Allied Universal Finance Corp., Sr. Unsec’d. Notes, 144A | 6.000 | 06/01/29 | 400 | 302,357 | |
Hertz Corp. (The), Gtd. Notes, 144A(a) | 5.000 | 12/01/29 | 1,475 | 1,133,073 | |
3,176,705 | |||||
Electric 0.8% | |||||
Calpine Corp., Sr. Unsec’d. Notes, 144A | 4.625 | 02/01/29 | 5,925 | 5,371,909 | |
Vistra Corp., | |||||
Jr. Sub. Notes, 144A | 7.000(ff) | 12/15/26(oo) | 7,375 | 7,013,138 | |
Jr. Sub. Notes, 144A | 8.000(ff) | 10/15/26(oo) | 5,225 | 5,105,221 | |
17,490,268 | |||||
Environmental Control 0.1% | |||||
GFL Environmental, Inc. (Canada), Sr. Sec’d. Notes, 144A | 6.750 | 01/15/31 | 1,810 | 1,823,575 |
6
PGIM Floating Rate Income Fund
Schedule of Investments (unaudited) (continued)
as of November 30, 2023
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Home Builders 0.2% | |||||
Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unsec’d. Notes, 144A | 4.625 % | 04/01/30 | 835 | $700,849 | |
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), Gtd. Notes, 144A | 4.875 | 02/15/30 | 4,200 | 3,546,816 | |
4,247,665 | |||||
Housewares 0.1% | |||||
Scotts Miracle-Gro Co. (The), Gtd. Notes | 4.375 | 02/01/32 | 500 | 397,135 | |
SWF Escrow Issuer Corp., Sr. Unsec’d. Notes, 144A | 6.500 | 10/01/29 | 2,550 | 1,600,861 | |
1,997,996 | |||||
Internet 0.5% | |||||
United Group BV (Slovenia), | |||||
Sr. Sec’d. Notes, 3 Month EURIBOR + 3.250% (Cap N/A, Floor 0.000%) | 7.252(c) | 02/15/26 | EUR | 5,000 | 5,417,533 |
Sr. Sec’d. Notes, 144A, 3 Month EURIBOR + 4.875% (Cap N/A, Floor 4.875%) | 8.843(c) | 02/01/29 | EUR | 4,000 | 4,366,539 |
9,784,072 | |||||
Media 0.4% | |||||
CSC Holdings LLC, | |||||
Sr. Unsec’d. Notes, 144A | 4.625 | 12/01/30 | 700 | 386,551 | |
Sr. Unsec’d. Notes, 144A | 5.000 | 11/15/31 | 2,157 | 1,198,734 | |
Sr. Unsec’d. Notes, 144A | 5.750 | 01/15/30 | 200 | 113,245 | |
Diamond Sports Group LLC/Diamond Sports Finance Co., | |||||
Gtd. Notes, 144A (original cost $2,461,154; purchased 02/19/20 - 09/25/20)(f) | 6.625 | 08/15/27(d) | 3,075 | 72,637 | |
Sec’d. Notes, 144A (original cost $1,839,782; purchased 01/14/21 - 01/26/21)(f) | 5.375 | 08/15/26(d) | 2,080 | 51,038 | |
DISH DBS Corp., Gtd. Notes | 7.750 | 07/01/26 | 1,000 | 596,045 |
7
PGIM Floating Rate Income Fund
Schedule of Investments (unaudited) (continued)
as of November 30, 2023
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Media (cont’d.) | |||||
DISH Network Corp., Sr. Sec’d. Notes, 144A | 11.750 % | 11/15/27 | 2,800 | $2,780,381 | |
Sinclair Television Group, Inc., Sr. Sec’d. Notes, 144A | 4.125 | 12/01/30 | 3,000 | 2,104,028 | |
7,302,659 | |||||
Oil & Gas 0.6% | |||||
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., Gtd. Notes | 7.875 | 12/15/24(d) | 6,725 | 672 | |
Hilcorp Energy I LP/Hilcorp Finance Co., | |||||
Sr. Unsec’d. Notes, 144A | 6.000 | 04/15/30 | 2,775 | 2,589,130 | |
Sr. Unsec’d. Notes, 144A | 6.250 | 04/15/32 | 3,750 | 3,465,769 | |
Nabors Industries, Inc., Gtd. Notes, 144A | 7.375 | 05/15/27 | 2,630 | 2,543,094 | |
SilverBow Resources, Inc., Sec’d. Notes, 144A, 3 Month SOFR + 7.750%^ | 13.138(c) | 12/15/28 | 2,900 | 2,849,250 | |
11,447,915 | |||||
Packaging & Containers 0.1% | |||||
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada), Sr. Sec’d. Notes, 144A | 6.000 | 09/15/28 | 3,250 | 2,913,528 | |
Real Estate 0.1% | |||||
Howard Hughes Corp. (The), Gtd. Notes, 144A | 4.375 | 02/01/31 | 1,745 | 1,449,308 | |
Hunt Cos., Inc., Sr. Sec’d. Notes, 144A | 5.250 | 04/15/29 | 1,025 | 881,003 | |
2,330,311 | |||||
Real Estate Investment Trusts (REITs) 0.4% | |||||
Diversified Healthcare Trust, | |||||
Gtd. Notes | 4.375 | 03/01/31 | 10,519 | 7,497,122 | |
Gtd. Notes | 9.750 | 06/15/25 | 401 | 397,896 |
8
PGIM Floating Rate Income Fund
Schedule of Investments (unaudited) (continued)
as of November 30, 2023
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Real Estate Investment Trusts (REITs) (cont’d.) | |||||
Diversified Healthcare Trust, (cont’d.) | |||||
Sr. Unsec’d. Notes | 4.750 % | 05/01/24 | 350 | $332,718 | |
Sr. Unsec’d. Notes | 4.750 | 02/15/28 | 1,275 | 931,418 | |
9,159,154 | |||||
Retail 0.2% | |||||
At Home Group, Inc., Gtd. Notes, 144A | 7.125 | 07/15/29 | 124 | 21,384 | |
Gap, Inc. (The), Gtd. Notes, 144A | 3.875 | 10/01/31 | 4,070 | 3,215,846 | |
3,237,230 | |||||
Telecommunications 0.2% | |||||
Digicel Group Holdings Ltd. (Jamaica), | |||||
Sr. Sec’d. Notes, Series 1A14, 144A (original cost $84,929; purchased 11/14/23)^(f) | (1.624)(s) | 12/31/30 | 76 | 84,929 | |
Sr. Sec’d. Notes, Series 1B14, 144A (original cost $17; purchased 11/14/23)^(f) | 181.520(s) | 12/31/30 | 170 | — | |
Sr. Sec’d. Notes, Series 3A14, 144A (original cost $9,978; purchased 11/14/23)^(f) | (11.280)(s) | 12/31/30 | 4 | 9,978 | |
Sr. Sec’d. Notes, Series 3B14, 144A (original cost $20; purchased 11/14/23)^(f) | 181.516(s) | 12/31/30 | 198 | — | |
Digicel International Finance Ltd./Digicel International Holdings Ltd. (Jamaica), | |||||
Gtd. Notes, 144A (original cost $171,596; purchased 05/22/20)(f) | 8.000 | 12/31/26(d) | 242 | 4,834 | |
Gtd. Notes, 144A, Cash coupon 13.000% (original cost $531,428; purchased 10/19/23)(f) | 13.000 | 12/31/25(d) | 759 | 515,883 | |
Sr. Sec’d. Notes, 144A (original cost $2,840,658; purchased 10/19/23)(f) | 8.750 | 05/25/24 | 3,005 | 2,757,469 | |
Digicel Ltd. (Jamaica), Gtd. Notes, 144A | 6.750 | 03/01/23(d) | 8,113 | 162,260 | |
Level 3 Financing, Inc., | |||||
Gtd. Notes, 144A | 3.750 | 07/15/29 | 1,000 | 465,000 | |
Gtd. Notes, 144A | 4.250 | 07/01/28 | 325 | 182,000 | |
Gtd. Notes, 144A | 4.625 | 09/15/27 | 150 | 91,500 |
9
PGIM Floating Rate Income Fund
Schedule of Investments (unaudited) (continued)
as of November 30, 2023
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Telecommunications (cont’d.) | |||||
Level 3 Financing, Inc., (cont’d.) | |||||
Sr. Sec’d. Notes, 144A | 3.400 % | 03/01/27 | 375 | $354,375 | |
Sr. Sec’d. Notes, 144A | 10.500 | 05/15/30 | 498 | 461,911 | |
5,090,139 | |||||
Total Corporate Bonds (cost $347,886,392) | 306,290,405 | ||||
Floating Rate and Other Loans 62.6% | |||||
Advertising 0.5% | |||||
Terrier Media Buyer, Inc., 2021 Refinancing Term B Loan, 3 Month SOFR + 3.600% | 8.990(c) | 12/17/26 | 10,763 | 9,834,908 | |
Aerospace & Defense 0.3% | |||||
TransDigm, Inc., | |||||
Term Loan | —(p) | 02/28/31 | 2,050 | 2,047,876 | |
Tranche I Term Loan, 3 Month SOFR + 3.250% | 8.640(c) | 08/24/28 | 4,080 | 4,080,284 | |
6,128,160 | |||||
Agriculture 0.3% | |||||
Alltech, Inc., | |||||
Term A Loan, 1 Month SOFR + 3.600% | 8.948(c) | 10/15/26 | 2,132 | 2,030,329 | |
Term B Loan, 1 Month SOFR + 4.114% | 9.463(c) | 10/13/28 | 3,376 | 3,325,550 | |
5,355,879 | |||||
Airlines 2.4% | |||||
Air Canada (Canada), Term Loan, 3 Month SOFR + 3.762% | 9.139(c) | 08/11/28 | 5,781 | 5,770,984 | |
American Airlines, Inc., | |||||
Initial Term Loan, 3 Month SOFR + 5.012% | 10.427(c) | 04/20/28 | 13,495 | 13,687,854 | |
Seventh Amendment Extended Term Loan, 6 Month SOFR + 3.178% | 8.598(c) | 02/15/28 | 3,706 | 3,652,014 | |
Term Loan, 3 Month SOFR + 3.500% | 8.869(c) | 06/04/29 | 4,800 | 4,766,002 | |
10
PGIM Floating Rate Income Fund
Schedule of Investments (unaudited) (continued)
as of November 30, 2023
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Airlines (cont’d.) | |||||
Mileage Plus Holdings LLC, Initial Term Loan, 3 Month SOFR + 5.400% | 10.798 %(c) | 06/21/27 | 5,627 | $5,792,281 | |
United Airlines, Inc., Class B Term Loan, 1 Month SOFR + 3.864% | 9.207(c) | 04/21/28 | 16,053 | 16,041,440 | |
49,710,575 | |||||
Apparel 0.4% | |||||
Fanatics Commerce Intermediate Holdco LLC, Initial Term Loan, 1 Month SOFR + 3.364% | 8.713(c) | 11/24/28 | 7,941 | 7,737,513 | |
Auto Parts & Equipment 1.5% | |||||
Adient US LLC, Term B-1 Loan, 1 Month SOFR + 3.364% | 8.713(c) | 04/10/28 | 2,410 | 2,409,843 | |
Dexko Global, Inc., 2023 Incremental Term Loan, 3 Month SOFR + 4.250% | 9.640(c) | 10/04/28 | 2,775 | 2,728,749 | |
First Brands Group LLC, | |||||
2022-Ii Incremental Term Loan, 6 Month SOFR + 5.000% | 10.881(c) | 03/30/27 | 5,613 | 5,522,266 | |
First Lien 2021 Term Loan, 6 Month SOFR + 5.000% | 10.881(c) | 03/30/27 | 5,318 | 5,227,331 | |
Power Solutions, 2023 Term Loan, 1 Month SOFR + 3.750% | 9.098(c) | 05/06/30 | 3,400 | 3,401,700 | |
Tenneco, Inc., Term B Loan, 3 Month SOFR + 5.100% | 10.483(c) | 11/17/28 | 8,747 | 7,229,167 | |
Truck Hero, Inc., Initial Term Loan, 1 Month SOFR + 3.614% | 8.963(c) | 01/31/28 | 3,274 | 3,138,685 | |
29,657,741 | |||||
Banks 0.1% | |||||
Walker & Dunlop, Inc., Incremental Term B Loan, 1 Month SOFR + 3.100%^ | 8.448(c) | 12/16/28 | 2,338 | 2,326,559 |
11
PGIM Floating Rate Income Fund
Schedule of Investments (unaudited) (continued)
as of November 30, 2023
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Beverages 0.9% | |||||
City Brewing Co. LLC, First Lien Closing Date Term Loan, 3 Month SOFR + 3.762% | 9.164 %(c) | 04/05/28 | 9,113 | $7,320,963 | |
Pegasus Bidco BV (United Kingdom), Initial Pounds Sterling Term Loan, SONIA + 5.250% | 10.438(c) | 07/12/29 | GBP | 9,300 | 11,656,392 |
18,977,355 | |||||
Building Materials 1.9% | |||||
Cornerstone Building Brands, Inc., Term Loan, 1 Month SOFR + 5.625% | 10.948(c) | 08/01/28 | 8,606 | 8,519,553 | |
CP Atlas Buyer, Inc., Term B Loan, 1 Month SOFR + 3.850% | 9.198(c) | 11/23/27 | 4,575 | 4,300,853 | |
Emerald Borrower LP, Initial Term B Loan, 1 Month SOFR + 3.000% | 8.348(c) | 05/31/30 | 11,650 | 11,652,085 | |
Hunter Douglas, Inc. (Netherlands), Tranche B-1 Term loan, 3 Month SOFR + 3.500% | 8.887(c) | 02/26/29 | 5,295 | 5,110,998 | |
Smyrna Ready Mix Concrete LLC, New Term B Loan, 1 Month SOFR + 3.500% | 8.831(c) | 04/02/29 | 1,461 | 1,461,337 | |
Summit Materials LLC, Term Loan^ | —(p) | 12/31/28 | 2,050 | 2,050,000 | |
Vector WP HoldCo, Inc., Initial Term B Loan, 1 Month SOFR + 5.114% | 10.463(c) | 10/12/28 | 4,192 | 4,139,703 | |
Watlow Electric Manufacturing Co., Term Loan | —(p) | 03/02/28 | 1,400 | 1,384,834 | |
38,619,363 | |||||
Chemicals 3.3% | |||||
Ascend Performance Materials Operations LLC, 2021 Refinancing Term Loan, 6 Month SOFR + 4.850% | 10.317(c) | 08/27/26 | 5,755 | 5,335,641 | |
Cyanco Intermediate 2 Corp., Term Loan B, 1 Month SOFR + 4.750% | 10.098(c) | 07/10/28 | 1,355 | 1,347,597 | |
Geon Performance Solutions LLC, Initial Term Loan, 3 Month SOFR + 5.012% | 10.402(c) | 08/18/28 | 4,412 | 4,323,364 | |
Ineos Finance PLC (Luxembourg), 2030 Dollar Term Loan, 1 Month SOFR + 3.600% | 8.948(c) | 02/18/30 | 2,120 | 2,100,384 |
12
PGIM Floating Rate Income Fund
Schedule of Investments (unaudited) (continued)
as of November 30, 2023
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Chemicals (cont’d.) | |||||
Ineos US Petrochem LLC, | |||||
2030 Tranche B Dollar Term Loan, 1 Month SOFR + 3.850% | 9.198 %(c) | 03/14/30 | 2,594 | $2,502,728 | |
New Term B Loan, 1 Month SOFR + 4.350% | 9.698(c) | 04/02/29 | 1,849 | 1,798,448 | |
Iris Holdings Ltd., Initial Term Loan, 3 Month SOFR + 4.850% | 10.233(c) | 06/28/28 | 5,538 | 4,952,860 | |
Kraton Corp., Initial Dollar Term Loan, 3 Month SOFR + 3.512% | 8.921(c) | 03/15/29 | 3,840 | 3,679,384 | |
LSF11 A5 HoldCo, LLC, Incremental Term Loan, 1 Month SOFR + 4.350% | 9.698(c) | 10/15/28 | 12,643 | 12,485,271 | |
Luxembourg Investment Co. Sarl (Luxembourg), Initial Term Loan, 3 Month SOFR + 5.150% | 10.540(c) | 01/03/29 | 6,859 | 4,458,596 | |
Mativ Holdings, Inc., Term B Loan, 1 Month SOFR + 3.864% | 9.213(c) | 04/20/28 | 1,486 | 1,463,513 | |
Nouryon Finance BV, | |||||
2023 Term Loan, 1 Month SOFR + 4.100% | 9.423(c) | 04/03/28 | 3,112 | 3,084,968 | |
Extended Dollar Term Loan, 3 Month SOFR + 4.100% | 9.467(c) | 04/03/28 | 6,900 | 6,841,778 | |
Olympus Water US Holding Corp., 2023 Incremental Term Loan, 3 Month SOFR + 5.000% | 10.390(c) | 11/09/28 | 4,600 | 4,603,450 | |
Vantage Specialty Chemicals, Inc., First Lien 2023 Other Term Loan, 1 Month SOFR + 4.750% | 10.081(c) | 10/26/26 | 4,516 | 4,222,343 | |
Venator Finance Sarl, Term Loan, 3 Month SOFR + 10.000% | 15.426(c) | 10/12/28 | 3,457 | 3,381,688 | |
Venator Materials LLC, Delayed Draw Term Loan, 1 Month SOFR + 8.000% | 15.426(c) | 10/12/28 | 363 | 355,181 | |
66,937,194 | |||||
Commercial Services 5.8% | |||||
Albion Financing SARL, 2023 Incremental USD Term Loan, 3 Month SOFR + 5.500% | 10.878(c) | 08/17/26 | 4,005 | 3,997,366 | |
Allied Universal Holdco LLC, Term Loan USD, 1 Month SOFR + 3.850% | 9.198(c) | 05/12/28 | 6,107 | 5,937,950 | |
Amentum Government Services Holdings LLC, Tranche 3 Term Loan, 1 Month SOFR + 4.000% | 9.331(c) | 02/15/29 | 5,593 | 5,563,210 |
13
PGIM Floating Rate Income Fund
Schedule of Investments (unaudited) (continued)
as of November 30, 2023
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Commercial Services (cont’d.) | |||||
ArchKey Holdings, Inc., First Lien Initial Term Loan, 1 Month SOFR + 5.364% | 10.713 %(c) | 06/29/28 | 4,915 | $4,767,496 | |
Cimpress PLC, Tranche B-1 Term Loan, 1 Month SOFR + 3.614% | 8.963(c) | 05/17/28 | 3,532 | 3,482,964 | |
CoreLogic, Inc., First Lien Initial Term Loan, 1 Month SOFR + 3.614% | 8.963(c) | 06/02/28 | 13,582 | 12,724,368 | |
Electro Rent Corp., Extended Term Loan, 3 Month SOFR + 5.600% | 11.002(c) | 11/01/24 | 1,484 | 1,412,663 | |
Fly Funding II Sarl (Luxembourg), Term Loan B, 3 Month LIBOR + 1.750% | 7.380(c) | 08/11/25 | 11,988 | 11,204,131 | |
GTCR W Merger Sub LLC, Term Loan | —(p) | 07/05/31 | 14,025 | 14,016,234 | |
Indy US Holdco LLC, Fifth Amendment Incremental Term Loan, 1 Month SOFR + 6.250% | 11.598(c) | 03/06/28 | 9,621 | 9,296,438 | |
Kingpin Intermediate Holdings LLC, Amendment No. 8 Term Loan, 1 Month SOFR + 3.500% | 8.848(c) | 02/08/28 | 3,477 | 3,446,497 | |
Kuehg Corp., Initial Term Loan, 3 Month SOFR + 5.000% | 10.390(c) | 06/12/30 | 6,950 | 6,952,168 | |
Latham Pool Products, Inc., Initial Term Loan, 3 Month SOFR + 4.150% | 9.528(c) | 02/23/29 | 9,232 | 8,785,588 | |
Learning Care Group (US) No. 2, Inc., Initial Term Loan, 3 Month SOFR + 4.750% | 10.122(c) | 08/11/28 | 2,175 | 2,175,452 | |
MPH Acquisition Holdings LLC, Initial Term Loan, 3 Month SOFR + 4.512% | 9.900(c) | 09/01/28 | 7,763 | 7,345,415 | |
Omnia Partners, LLC, Initial Term Loan, 3 Month SOFR + 4.250% | 9.628(c) | 07/25/30 | 4,296 | 4,299,621 | |
Ryan, LLC, Initial Term Loan, 1 Month SOFR + 4.500% | 9.848(c) | 11/14/30 | 1,832 | 1,818,402 | |
Spectrum Group Buyer, Inc., Term Loan B, 6 Month SOFR + 6.500% | 11.953(c) | 05/19/28 | 4,826 | 4,327,539 | |
The Hertz Corporation, 2023 Incremental Term Loan, 1 Month SOFR + 3.750% | 9.080(c) | 06/30/28 | 400 | 394,917 |
14
PGIM Floating Rate Income Fund
Schedule of Investments (unaudited) (continued)
as of November 30, 2023
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Commercial Services (cont’d.) | |||||
VT Topco, Inc., Initial Term Loan, 1 Month SOFR + 4.250% | 9.598 %(c) | 08/09/30 | 2,100 | $2,098,030 | |
WMB Holdings, Inc., Tranche B USD Term Loan, 1 Month SOFR + 3.350% | 8.698(c) | 11/02/29 | 4,333 | 4,328,285 | |
118,374,734 | |||||
Computers 3.0% | |||||
ConvergeOne Holdings Corp., First Lien Initial Term Loan, PRIME + 4.000% | 12.500(c) | 01/04/26 | 12,524 | 7,514,686 | |
McAfee Corp., Tranche B-1 Term Loan, 1 Month SOFR + 3.850% | 9.170(c) | 03/01/29 | 10,301 | 10,163,195 | |
NCR Atleos, LLC, Term B Loan, 1 Month SOFR + 4.850% | 10.198(c) | 03/27/29 | 13,425 | 13,100,558 | |
Peraton Corp., First Lien Term B Loan, 1 Month SOFR + 3.850% | 9.198(c) | 02/01/28 | 9,204 | 9,134,991 | |
Procera Networks, Inc. (Canada), Initial Term Loan (First Lien), 1 Month SOFR + 4.614% | 9.963(c) | 10/31/25 | 7,731 | 6,136,835 | |
Redstone Holdco LP, First Lien Initial Term Loan, 1 Month SOFR + 4.864% | 10.207(c) | 04/27/28 | 4,656 | 3,515,620 | |
SonicWall US Holdings, Inc., 2023 Term Loan, 3 Month SOFR + 5.000% | 10.402(c) | 05/18/28 | 5,050 | 4,872,462 | |
VeriFone Systems, Inc., First Lien Initial Term Loan, 3 Month SOFR + 4.000% | 9.641(c) | 08/20/25 | 8,240 | 7,804,174 | |
62,242,521 | |||||
Cosmetics/Personal Care 0.5% | |||||
Rainbow Finco Sarl (Luxembourg), Facility B3 Loan, SONIA + 5.000% | 10.076(c) | 02/23/29 | GBP | 9,275 | 11,201,828 |
Distribution/Wholesale 0.6% | |||||
AIP RD Buyer Corp., 2023 Incremental Term Loan, 1 Month SOFR + 5.000%^ | 10.348(c) | 12/22/28 | 733 | 730,413 |
15
PGIM Floating Rate Income Fund
Schedule of Investments (unaudited) (continued)
as of November 30, 2023
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Distribution/Wholesale (cont’d.) | |||||
FPC Holdings, Inc., Term Loan B, 1 Month SOFR + 4.500% | 9.848 %(c) | 09/29/28 | 525 | $518,532 | |
Gloves Buyer, Inc., Amendment No. 5 First Lien Incremental Term Loan, 1 Month SOFR + 5.114%^ | 10.463(c) | 12/29/27 | 738 | 719,696 | |
Quimper AB (Sweden), New Facility B, 3 Month EURIBOR + 2.925% | 6.880(c) | 02/16/26 | EUR | 4,500 | 4,842,126 |
Windsor Holdings III LLC, Dollar Term B Loan, 1 Month SOFR + 4.500% | 9.820(c) | 08/01/30 | 4,985 | 4,992,617 | |
11,803,384 | |||||
Diversified Financial Services 1.2% | |||||
Avolon TLB Borrower 1 (US) LLC (Ireland), Term Loan B-6, 1 Month SOFR + 2.500% | 7.831(c) | 06/22/28 | 3,241 | 3,244,738 | |
Castlelake Aviation Finance DAC, 2023 Incremental Term Loan, 3 Month SOFR + 3.012% | 8.159(c) | 10/22/27 | 3,214 | 3,212,198 | |
Castlelake Aviation One DAC, Initial Term Loan, 3 Month SOFR + 3.012% | 8.421(c) | 10/22/26 | 3,218 | 3,217,146 | |
Hudson River Trading LLC, Term Loan, 1 Month SOFR + 3.114% | 8.463(c) | 03/20/28 | 8,680 | 8,609,518 | |
LHS Borrower LLC, Initial Term Loan, 1 Month SOFR + 4.850% | 10.198(c) | 02/16/29 | 4,096 | 3,580,801 | |
VFH Parent LLC, Initial Term Loan, 1 Month SOFR + 3.100% | 8.448(c) | 01/13/29 | 2,713 | 2,703,424 | |
24,567,825 | |||||
Electric 0.6% | |||||
Generation Bridge Northeast LLC, Term B Loan, 1 Month SOFR + 4.250% | 9.598(c) | 08/22/29 | 2,914 | 2,917,996 | |
Heritage Power LLC, Term Loan^ | —(p) | 07/20/26(d) | 1,319 | 1,319,132 | |
Lightstone HoldCo LLC, | |||||
Extended Term C Loan, 3 Month SOFR + 5.750% | 11.133(c) | 01/29/27 | 478 | 448,208 | |
Extended Term Loan B, 3 Month SOFR + 5.750% | 11.133(c) | 01/29/27 | 8,449 | 7,925,255 | |
12,610,591 |
16
PGIM Floating Rate Income Fund
Schedule of Investments (unaudited) (continued)
as of November 30, 2023
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Electronics 0.8% | |||||
II-VI, Inc., Term Loan B, 1 Month SOFR + 2.864% | 8.213 %(c) | 07/02/29 | 8,707 | $8,682,979 | |
Ingram Micro, Inc., Term B Loan, 3 Month SOFR + 3.262% | 8.653(c) | 06/30/28 | 3,590 | 3,578,105 | |
TTM Technologies, Inc., New Term B Loan, 1 Month SOFR + 2.750%^ | 8.070(c) | 05/30/30 | 3,267 | 3,266,812 | |
15,527,896 | |||||
Energy-Alternate Sources 0.1% | |||||
WIN Waste Innovations Holdings, Inc., Initial Term Loan, 1 Month SOFR + 2.864% | 8.213(c) | 03/24/28 | 2,985 | 2,689,059 | |
Engineering & Construction 0.1% | |||||
Brand Industrial Services, Inc., Tranche B Term Loan, 3 Month SOFR + 5.500% | 10.877(c) | 08/01/30 | 700 | 683,083 | |
Rockwood Service Corp., Initial Term Loan, 1 Month SOFR + 4.364% | 9.713(c) | 01/23/27 | 2,219 | 2,218,438 | |
2,901,521 | |||||
Entertainment 3.4% | |||||
Allen Media LLC, Term B Loan, 3 Month SOFR + 5.500% | 10.890(c) | 02/10/27 | 16,158 | 14,077,406 | |
AP Gaming I LLC, Term B Loan, 3 Month SOFR + 4.150% | 9.540(c) | 02/15/29 | 4,870 | 4,863,667 | |
Caesars Entertainment, Inc., Term B Loan, 1 Month SOFR + 3.350% | 8.698(c) | 02/06/30 | 7,900 | 7,901,664 | |
Cinemark USA, Inc., Term Loan, 3 Month SOFR + 3.750% | 9.115(c) | 05/24/30 | 7,129 | 7,129,150 | |
Entain Holdings Gibraltar Ltd., Facility B2, 3 Month SOFR + 3.600% | 8.990(c) | 10/31/29 | 4,567 | 4,566,897 | |
Flutter Entertainment PLC (Ireland), Third Amendment 2028-B Term Loan, 3 Month SOFR + 3.512% | 8.902(c) | 07/22/28 | 493 | 493,477 | |
Golden Entertainment, Inc., Term B1 Facility Term Loan, 1 Month SOFR + 2.850% | 8.197(c) | 05/28/30 | 5,119 | 5,110,750 |
17
PGIM Floating Rate Income Fund
Schedule of Investments (unaudited) (continued)
as of November 30, 2023
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Entertainment (cont’d.) | |||||
J&J Ventures Gaming LLC, | |||||
2023 Delayed Draw Term Loan (Montana), 1 Month SOFR + 4.364% | 9.713 %(c) | 04/26/28 | 2,429 | $2,352,679 | |
Initial Term Loan, 3 Month SOFR + 4.262% | 9.652(c) | 04/26/28 | 1,172 | 1,143,053 | |
Term Loan | —(p) | 04/26/28 | 4,371 | 4,234,821 | |
Maverick Gaming LLC, Term Loan B, 3 Month SOFR + 7.762% | 13.150(c) | 09/03/26 | 9,066 | 6,539,092 | |
Raptor Acquisition Corp., Term B Loan, 3 Month SOFR + 4.262% | 9.658(c) | 11/01/26 | 4,746 | 4,749,197 | |
Stars Group Holding BV (Netherlands), Term Loan | —(p) | 11/25/30 | 5,425 | 5,406,991 | |
68,568,844 | |||||
Environmental Control 0.6% | |||||
Action Environmental Group Inc., The, Initial Term Loan, 3 Month SOFR + 4.500%^ | 9.878(c) | 10/24/30 | 3,130 | 3,134,348 | |
Covanta Holding Corp., | |||||
2023 Incremental Term B Loan, 1 Month SOFR + 3.000% | 8.321(c) | 11/30/28 | 3,186 | 3,180,073 | |
2023 Incremental Term C Loan, 1 Month SOFR + 3.000% | 8.321(c) | 11/30/28 | 239 | 238,505 | |
Initial Term B Loan, 1 Month SOFR + 2.500% | 7.848(c) | 11/30/28 | 2,261 | 2,249,550 | |
Initial Term C Loan, 1 Month SOFR + 2.500% | 7.848(c) | 11/30/28 | 172 | 171,072 | |
JFL-Tiger Acquisition Co., Inc., Initial Term Loan, 3 Month SOFR + 5.000% | 10.403(c) | 10/16/30 | 1,325 | 1,315,062 | |
Madison IAQ LLC, Initial Term Loan, 1 Month SOFR + 3.364% | 8.699(c) | 06/21/28 | 1,995 | 1,963,313 | |
12,251,923 | |||||
Food Service 0.2% | |||||
Aramark Services, Inc., US Term B-6 Loan, 1 Month SOFR + 2.614% | 7.963(c) | 06/22/30 | 4,688 | 4,682,390 | |
Foods 0.3% | |||||
BCPE North Star U.S. Holdco, Inc., First Lien Initial Term Loan, 1 Month SOFR + 4.114% | 9.463(c) | 06/09/28 | 6,510 | 5,771,995 |
18
PGIM Floating Rate Income Fund
Schedule of Investments (unaudited) (continued)
as of November 30, 2023
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Healthcare-Products 0.3% | |||||
Mozart Borrower LP, Initial Dollar Term Loan, 1 Month SOFR + 3.114% | 8.463 %(c) | 10/23/28 | 5,756 | $5,754,675 | |
Healthcare-Services 1.9% | |||||
Accelerated Health Systems LLC, Initial Term B Loan, 3 Month SOFR + 4.400% | 9.790(c) | 02/15/29 | 11,390 | 9,571,953 | |
Charlotte Buyer, Initial Term B Loan, 1 Month SOFR + 5.250% | 10.571(c) | 02/11/28 | 4,170 | 4,164,016 | |
eResearch Technology, Inc., First Lien Initial Term Loan, 1 Month LIBOR + 4.614% | 9.963(c) | 02/04/27 | 3,001 | 2,953,214 | |
IVC Acquisition Ltd. (United Kingdom), Term Loan | —(p) | 11/30/28 | 1,675 | 1,657,203 | |
LifePoint Health, Inc., Term Loan B, 3 Month SOFR + 5.762% | 11.168(c) | 11/16/28 | 2,485 | 2,376,398 | |
Pacific Dental Services LLC, Term Loan, 1 Month SOFR + 3.614% | 8.957(c) | 05/05/28 | 3,541 | 3,536,518 | |
Phoenix Guarantor, Inc., Tranche B-3 Term Loan, 1 Month SOFR + 3.614% | 8.963(c) | 03/05/26 | 8,211 | 8,187,090 | |
Select Medical Corp., Tranche B-1 Term loan, 1 Month SOFR + 3.000% | 8.348(c) | 03/06/27 | 4,951 | 4,945,936 | |
Sound Inpatient Physicians, Inc., | |||||
First Lien 2021 Incremental Term Loan, 3 Month SOFR + 3.262% | 8.645(c) | 06/27/25 | 1,246 | 378,568 | |
First Lien Initial Term Loan, 3 Month SOFR + 3.262% | 8.645(c) | 06/27/25 | 1,964 | 596,483 | |
Second Lien Initial Loan, 3 Month LIBOR + 6.750% | 12.395(c) | 06/26/26 | 12,776 | 851,765 | |
39,219,144 | |||||
Holding Companies-Diversified 1.1% | |||||
Belfor Holdings, Inc., Initial Tranche B-1 Term Loan, 1 Month SOFR + 3.750%^ | 9.098(c) | 11/01/30 | 8,925 | 8,913,844 | |
Clue OpCo LLC, Term Loan | —(p) | 09/20/30 | 14,000 | 13,265,000 | |
22,178,844 |
19
PGIM Floating Rate Income Fund
Schedule of Investments (unaudited) (continued)
as of November 30, 2023
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Home Furnishings 0.9% | |||||
Osmosis Buyer Limited, Initial Term B Loan, 1 Month SOFR + 3.750% | 9.071 %(c) | 07/31/28 | 2,189 | $2,148,985 | |
Snap One Holdings Corp., Initial Term Loan, 3 Month SOFR + 4.650%^ | 10.040(c) | 12/08/28 | 5,859 | 5,566,291 | |
TGP Holdings III LLC, First Lien Closing Date Term Loan, 1 Month SOFR + 3.350% | 8.698(c) | 06/29/28 | 5,280 | 4,492,979 | |
Weber-Stephen Products LLC, | |||||
2022 Incrementeal Term B Loan, 1 Month SOFR + 4.350% | 9.698(c) | 10/30/27 | 4,112 | 3,516,081 | |
Initial Term B Loan, 1 Month SOFR + 3.364% | 8.713(c) | 10/30/27 | 2,272 | 1,944,526 | |
17,668,862 | |||||
Housewares 0.3% | |||||
SWF Holdings I Corp., Initial Term Loan, 1 Month SOFR + 4.114% | 9.463(c) | 10/06/28 | 6,230 | 5,290,216 | |
Insurance 1.8% | |||||
Acrisure LLC, | |||||
First Lien 2021-2 Additional Term Loan, 3 Month LIBOR + 4.250% | 9.900(c) | 02/15/27 | 1,572 | 1,566,596 | |
Term Loan B 2020, 3 Month LIBOR + 3.500% | 9.150(c) | 02/15/27 | 14,488 | 14,345,924 | |
Asurion LLC, | |||||
New B-04 Term Loan, 1 Month SOFR + 5.364% | 10.713(c) | 01/20/29 | 9,660 | 8,511,301 | |
New B-09 Term Loan, 1 Month SOFR + 3.364% | 8.713(c) | 07/31/27 | 8,651 | 8,450,009 | |
New B-10 Term Loan, 1 Month SOFR + 4.100% | 9.448(c) | 08/19/28 | 2,287 | 2,233,631 | |
New B-11 Term Loan, 1 Month SOFR + 4.350% | 9.698(c) | 08/21/28 | 1,095 | 1,075,346 | |
36,182,807 | |||||
Internet 0.7% | |||||
MH Sub I LLC, 2023 May New Term Loan, 1 Month SOFR + 4.250% | 9.598(c) | 05/03/28 | 12,294 | 11,890,248 | |
Uber Technologies, Inc., 2023 Refinancing Term Loan, 3 Month SOFR + 2.750% | 8.159(c) | 03/03/30 | 1,569 | 1,570,876 | |
13,461,124 |
20
PGIM Floating Rate Income Fund
Schedule of Investments (unaudited) (continued)
as of November 30, 2023
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Investment Companies 0.5% | |||||
EIG Management Co. LLC, Initial Term Loan, 1 Month SOFR + 3.850%^ | 9.198 %(c) | 02/24/25 | 1,923 | $1,918,199 | |
GIP Pilot Acquisition Partners LP, Initial Term Loan, 3 Month SOFR + 3.000% | 8.388(c) | 10/04/30 | 2,950 | 2,942,625 | |
LSF11 Trinity Bidco, Inc., Initial Term Loan, 1 Month SOFR + 4.250%^ | 9.573(c) | 06/14/30 | 4,665 | 4,665,063 | |
9,525,887 | |||||
Iron/Steel 0.0% | |||||
Flame NewCo LLC, New Money Exit Term Loan, 1 Month SOFR + 6.100% | 11.448(c) | 06/30/28 | 845 | 779,645 | |
Leisure Time 0.8% | |||||
Bombardier Recreational Products, Inc. (Canada), 2023 Replacement Term Loan, 1 Month SOFR + 2.750% | 8.098(c) | 12/13/29 | 10,893 | 10,845,032 | |
Fender Musical Instruments Corp., Initial Term Loan, 1 Month SOFR + 4.100% | 9.441(c) | 12/01/28 | 3,983 | 3,883,904 | |
Recess Holdings, Inc., New Term Loan, 3 Month SOFR + 4.000% | 9.388(c) | 03/29/27 | 2,445 | 2,448,056 | |
17,176,992 | |||||
Lodging 0.2% | |||||
Travel + Leisure Co., 2022 Incremental Term Loan, 3 Month SOFR + 4.100% | 9.494(c) | 12/14/29 | 4,541 | 4,540,688 | |
Machinery-Diversified 1.8% | |||||
CD&R Hydra Buyer, Inc., Second Lien Initial Term Loan, 1 Month SOFR + 8.100% | 13.448(c) | 04/30/26 | 300 | 295,500 | |
Chart Industries, Inc., New Term B Loan, 1 Month SOFR + 3.350% | 8.670(c) | 03/15/30 | 9,382 | 9,350,383 | |
CPM Holdings, Inc., Initial Term Loan, 1 Month SOFR + 4.500% | 9.827(c) | 09/28/28 | 1,275 | 1,274,735 | |
DXP Enterprises, Inc., Initial Term Loan, 6 Month SOFR + 4.850%^ | 10.291(c) | 10/31/30 | 1,150 | 1,147,125 |
21
PGIM Floating Rate Income Fund
Schedule of Investments (unaudited) (continued)
as of November 30, 2023
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Machinery-Diversified (cont’d.) | |||||
Flint Group Packaging Inks North America Holdings LLC (Luxembourg), | |||||
Facility B USD, 3 Month SOFR + 4.512% | 9.924 %(c) | 12/31/26 | 8,615 | $7,926,070 | |
First Lien Facility B, 3 Month SOFR + 7.262% | 12.674(c) | 12/31/27 | 4,201 | 3,016,806 | |
Second Lien Facility B, 3 Month SOFR + 7.262% | 12.674(c) | 12/31/27 | 5,695 | 816,210 | |
Hyster-Yale Group, Inc., Term loan B Facility, 1 Month SOFR + 3.614% | 8.963(c) | 05/26/28 | 5,005 | 4,848,512 | |
LSF12 Badger Bidco, LLC, Initial Term Loan, 1 Month SOFR + 6.000% | 11.348(c) | 08/30/30 | 2,525 | 2,512,375 | |
Vertical Midco Gmbh (Germany), Term Loan B, 6 Month SOFR + 3.928% | 9.381(c) | 07/14/27 | 4,952 | 4,947,617 | |
36,135,333 | |||||
Media 3.1% | |||||
Altice Financing SA (Luxembourg), 2022 Dollar Loan, 3 Month SOFR + 5.000% | 10.394(c) | 10/29/27 | 3,242 | 3,094,940 | |
CSC Holdings LLC, 2022 Refinancing Term Loan, 1 Month SOFR + 4.500% | 9.823(c) | 01/18/28 | 9,134 | 8,783,855 | |
Diamond Sports Group LLC, | |||||
First Lien Term Loan, 1 Month SOFR + 10.100% | 12.925(c) | 05/25/26 | 4,260 | 3,067,084 | |
Second Lien Term Loan | 8.175 | 08/24/26 | 55,772 | 1,138,686 | |
Entercom Media Corp., Term Loan B-2, 3 Month SOFR + 2.762% | 8.145(c) | 11/18/24 | 4,192 | 1,821,998 | |
iHeartCommunications, Inc., Incremental Term B Loan, 1 Month SOFR + 3.364% | 8.713(c) | 05/01/26 | 9,208 | 7,623,956 | |
Radiate Holdco LLC, Amendment No. 6 Term Loan, 1 Month SOFR + 3.364% | 8.713(c) | 09/25/26 | 11,373 | 8,822,304 | |
Sinclair Television Group, Inc., Term Loan B-4, 1 Month SOFR + 3.850% | 9.198(c) | 04/21/29 | 11,395 | 8,548,896 | |
Univision Communications, Inc., | |||||
2021 Replacement Term Loan, 1 Month SOFR + 3.364% | 8.713(c) | 03/15/26 | 133 | 132,912 | |
2022 Incremental First-Lien Term Loan, 3 Month SOFR + 4.250% | 9.640(c) | 06/24/29 | 3,160 | 3,154,075 | |
Initial First Lien Term Loan, 1 Month SOFR + 3.364% | 8.713(c) | 01/31/29 | 7,655 | 7,571,475 |
22
PGIM Floating Rate Income Fund
Schedule of Investments (unaudited) (continued)
as of November 30, 2023
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Media (cont’d.) | |||||
Virgin Media Bristol LLC, Facility Y, 6 Month SOFR + 3.350% | 8.790 %(c) | 03/31/31 | 9,395 | $9,252,121 | |
63,012,302 | |||||
Metal Fabricate/Hardware 1.3% | |||||
AZZ, Inc., Initial Term Loan, 1 Month SOFR + 3.750% | 9.098(c) | 05/13/29 | 6,820 | 6,831,656 | |
Crosby U.S. Acquisition Corp., First Lien Initial Term Loan, 1 Month SOFR + 4.850% | 10.185(c) | 06/26/26 | 5,971 | 5,945,773 | |
Grinding Media, Inc., First Lien Initial Term Loan, 3 Month SOFR + 4.262%^ | 9.684(c) | 10/12/28 | 9,760 | 9,443,097 | |
Tank Holding Corp., | |||||
2023 Incremental Term Loan, 1 Month SOFR + 6.100%^ | 11.443(c) | 03/31/28 | 1,714 | 1,645,626 | |
Delayed Draw Term Commitment, 1 Month SOFR + 6.000%^ | 4.480(c) | 03/31/28 | 249 | 238,634 | |
WireCo WorldGroup, Inc., Initial Term Loan, 1 Month SOFR + 4.364% | 9.696(c) | 11/13/28 | 1,952 | 1,952,413 | |
26,057,199 | |||||
Mining 0.3% | |||||
Arsenal Aic Parent LLC, Term B Loan, 1 Month SOFR + 4.500% | 9.848(c) | 08/19/30 | 6,275 | 6,273,431 | |
Miscellaneous Manufacturing 0.1% | |||||
Gates Global LLC, Initial B-4 Dollar Term Loan, 1 Month SOFR + 3.000% | 8.348(c) | 11/16/29 | 1,570 | 1,570,455 | |
Packaging & Containers 1.1% | |||||
Clydesdale Acquisition Holdings, Inc., Term B Loan, 1 Month SOFR + 4.275% | 9.623(c) | 04/13/29 | 5,511 | 5,464,094 | |
Pregis TopCo LLC, Facility Incremental Amendment No. 3, 1 Month SOFR + 3.864% | 9.213(c) | 07/31/26 | 2,068 | 2,053,726 |
23
PGIM Floating Rate Income Fund
Schedule of Investments (unaudited) (continued)
as of November 30, 2023
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Packaging & Containers (cont’d.) | |||||
Pretium PKG Holdings, Inc., | |||||
Initial Third Amendment Tranche A-1 Term Loan (First Lien), 3 Month SOFR + 4.600% | 9.995 %(c) | 10/02/28 | 3,437 | $2,646,817 | |
Third Amendment Tranche A Term Loan, 3 Month SOFR + 5.000% | 10.395(c) | 10/02/28 | 1,010 | 984,269 | |
ProAmpac PG Borrower LLC, Term Loan B, PRIME + 3.500% | 10.939(c) | 09/15/28 | 3,200 | 3,176,000 | |
Trident TPI Holdings, Inc., | |||||
Tranche B-4 Initial Term Loan, 3 Month SOFR + 5.250% | 10.640(c) | 09/15/28 | 2,688 | 2,652,535 | |
Tranche B-5 Initial Term Loan, 3 Month SOFR + 4.500% | 9.890(c) | 09/15/28 | 5,329 | 5,224,322 | |
22,201,763 | |||||
Pharmaceuticals 0.7% | |||||
Amneal Pharmaceuticals LLC, Term Loan, 1 Month SOFR + 5.500% | 10.822(c) | 05/04/28 | 3,359 | 3,193,858 | |
Endo Luxembourg Finance Co., 2021 Term Loan, PRIME + 6.250% | 14.500(c) | 03/27/28 | 1,000 | 652,500 | |
Gainwell Acquisition Corp., Term B Loan, 3 Month SOFR + 4.100% | 9.490(c) | 10/01/27 | 8,313 | 8,001,349 | |
Sharp Midco LLC, Tranche B Term Loan, 3 Month SOFR + 4.500%^ | 9.896(c) | 12/31/28 | 2,750 | 2,746,562 | |
14,594,269 | |||||
Pipelines 0.2% | |||||
Prairie ECI Acquiror LP, Initial Term Loan, 1 Month SOFR + 4.850% | 10.198(c) | 03/11/26 | 4,016 | 4,008,607 | |
Private Equity 0.3% | |||||
Harbourvest Partners LP, Initial Term Loan, 3 Month SOFR + 3.000% | 8.390(c) | 04/22/30 | 6,825 | 6,816,469 | |
Real Estate 0.9% | |||||
Brookfield Property REIT, Inc., Initial Term B Loan, 1 Month SOFR + 2.600% | 7.948(c) | 08/27/25 | 10,285 | 10,209,698 |
24
PGIM Floating Rate Income Fund
Schedule of Investments (unaudited) (continued)
as of November 30, 2023
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Real Estate (cont’d.) | |||||
Cushman & Wakefield US Borrower LLC, | |||||
2023-1 Refinancing Term Loan, 1 Month SOFR + 3.350%^ | 8.698 %(c) | 01/31/30 | 2,045 | $1,978,417 | |
2023-2 Refinancing Term Loan, 1 Month SOFR + 4.000%^ | 9.348(c) | 01/31/30 | 2,000 | 1,955,000 | |
Greystar Real Estate Partners LLC, Term Loan, 3 Month SOFR + 3.750%^ | 9.147(c) | 08/21/30 | 4,550 | 4,550,000 | |
18,693,115 | |||||
Real Estate Investment Trusts (REITs) 1.1% | |||||
Blackstone Mortgage Trust, Inc., Term B-4 Loan, 1 Month SOFR + 3.500%^ | 8.848(c) | 05/09/29 | 18,579 | 17,835,393 | |
Starwood Property Mortgage LLC, | |||||
Term Loan B, 1 Month SOFR + 3.250% | 8.598(c) | 11/18/27 | 2,623 | 2,609,686 | |
Term Loan B-3, 1 Month SOFR + 3.350% | 8.698(c) | 07/24/26 | 2,317 | 2,309,893 | |
22,754,972 | |||||
Retail 2.9% | |||||
Constellation Automotive Group Ltd. (United Kingdom), Facility 1 Loan, SONIA + 7.500% | 12.721(c) | 07/27/29 | GBP | 1,500 | 1,338,828 |
Dave & Buster’s, Inc., Cov-Lite Term Loan, 1 Month SOFR + 3.750% | 9.188(c) | 06/29/29 | 6,144 | 6,142,519 | |
EG America LLC (United Kingdom), | |||||
Facility B Tranche C, 1 Month SOFR + 4.000% | 9.414(c) | 02/07/28 | 3,118 | 2,985,530 | |
New Term C Loan, SOFR + 4.250% | 9.664(c) | 02/07/28 | 2,212 | 2,117,576 | |
EG Finco Ltd. (United Kingdom), | |||||
Term B, SONIA + 4.750% | 9.711(c) | 02/07/25 | GBP | 207 | 260,605 |
Term Loan B Tranche C, 1 Month EURIBOR + 5.500% | 9.347(c) | 02/07/28 | EUR | 2,705 | 2,775,219 |
EG Group Ltd. (United Kingdom), | |||||
Term Loan^ | —(p) | 02/07/25 | 595 | 713,994 | |
Term Loan^ | —(p) | 02/07/25 | 893 | 1,048,444 | |
Empire Today LLC, Closing Date Term Loan, 1 Month SOFR + 5.114% | 10.455(c) | 04/03/28 | 6,122 | 4,530,273 | |
Great Outdoors Group LLC, Term B-2 Loan, 3 Month SOFR + 4.012% | 9.402(c) | 03/06/28 | 13,698 | 13,574,778 |
25
PGIM Floating Rate Income Fund
Schedule of Investments (unaudited) (continued)
as of November 30, 2023
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Retail (cont’d.) | |||||
LBM Acquisition LLC, First Lien Initial Term Loan, 1 Month SOFR + 3.850% | 9.198 %(c) | 12/17/27 | 5,495 | $5,277,631 | |
Peer Holding III BV (Netherlands), Facility B-4 Term Loan, 2 Month SOFR + 3.250% | 8.604(c) | 10/28/30 | 2,240 | 2,236,266 | |
Petco Health & Wellness Co., Inc., First Lien Initial Term Loan, 3 Month SOFR + 3.512% | 8.902(c) | 03/03/28 | 6,910 | 6,521,411 | |
RC Buyer, Inc., First Lien Initial Term Loan, 3 Month SOFR + 3.512% | 8.895(c) | 07/28/28 | 3,131 | 3,079,877 | |
SRS Distribution, Inc., | |||||
2021 Refinancing Term Loan, 1 Month SOFR + 3.614% | 8.963(c) | 06/02/28 | 5,453 | 5,382,160 | |
2022 Refinancing Termloan, 1 Month SOFR + 3.600% | 8.948(c) | 06/02/28 | 1,139 | 1,123,380 | |
59,108,491 | |||||
Semiconductors 0.5% | |||||
Altar Bidco, Inc., | |||||
Initial Term Loan, 12 Month SOFR + 3.100% | 8.142(c) | 02/01/29 | 3,850 | 3,826,935 | |
Second Lien Initial Term Loan, 12 Month SOFR + 5.600% | 10.493(c) | 02/01/30 | 1,462 | 1,398,718 | |
Natel Engineering Co., Inc., Initial Term Loan, 1 Month SOFR + 6.364% | 11.699(c) | 04/30/26 | 6,377 | 5,451,985 | |
10,677,638 | |||||
Software 3.9% | |||||
Applovin Corp., Initial Term Loan, 1 Month SOFR + 3.100% | 8.448(c) | 08/19/30 | 4,602 | 4,600,613 | |
athenahealth, Inc., Initial Term Loan, 1 Month SOFR + 3.250% | 8.598(c) | 02/15/29 | 16,301 | 15,967,890 | |
Boxer Parent Co., Inc., | |||||
2021 Replacement Dollar Term Loan, 1 Month SOFR + 3.864% | 9.213(c) | 10/02/25 | 2,312 | 2,311,557 | |
Second Lien Incremental Term Loan, 1 Month SOFR + 5.614% | 10.963(c) | 02/27/26 | 5,245 | 5,212,502 | |
26
PGIM Floating Rate Income Fund
Schedule of Investments (unaudited) (continued)
as of November 30, 2023
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Software (cont’d.) | |||||
Cloudera, Inc., Term Loan, 1 Month SOFR + 3.850% | 9.198 %(c) | 10/08/28 | 3,318 | $3,255,386 | |
Cornerstone OnDemand, Inc., Initial Term Loan, 1 Month SOFR + 3.864% | 9.213(c) | 10/16/28 | 4,162 | 4,002,090 | |
CT Technologies Intermediate Holdings, Inc., Term Loan 2021 Reprice, 1 Month SOFR + 4.364% | 9.713(c) | 12/16/25 | 5,998 | 5,689,026 | |
EagleView Technology Corp., First Lien Term Loan, 3 Month SOFR + 3.763% | 9.153(c) | 08/14/25 | 3,703 | 3,536,800 | |
Evertec Group LLC (Puerto Rico), Term Loan B, 1 Month SOFR + 3.500% | 8.848(c) | 10/30/30 | 3,600 | 3,591,000 | |
Hireright Holdings Group, 2023 Extending Term, 3 Month SOFR + 4.000% | 9.386(c) | 09/27/30 | 3,275 | 3,254,531 | |
Indicor LLC, Initial Dollar Term Loan, 3 Month SOFR + 4.500% | 9.890(c) | 11/22/29 | 1,990 | 1,990,356 | |
Instructure Holdings, Inc., Term Loan B, 1 Month SOFR + 2.750% | 6.121(c) | 10/30/28 | 750 | 746,250 | |
Polaris Newco LLC, First Lien Dollar Term Loan, 1 Month SOFR + 4.114% | 9.463(c) | 06/02/28 | 7,627 | 7,407,442 | |
Project Sky Merger Sub, Inc., Second Lien Term Loan, 1 Month SOFR + 6.100% | 11.448(c) | 10/08/29 | 3,320 | 3,093,135 | |
Red Planet Borrower LLC, First Lien Initial Term Loan, 1 Month SOFR + 3.850% | 9.198(c) | 10/02/28 | 5,490 | 5,268,823 | |
Renaissance Holding Corp., 2023 Term Loan, 1 Month SOFR + 4.750% | 10.098(c) | 04/05/30 | 4,725 | 4,714,369 | |
Skillsoft Finance II, Inc., Initial Term Loan, 1 Month SOFR + 5.364% | 10.694(c) | 07/14/28 | 6,201 | 5,725,845 | |
80,367,615 | |||||
Telecommunications 5.7% | |||||
CCI Buyer, Inc., First Lien Initial Term Loan, 3 Month SOFR + 4.000% | 9.390(c) | 12/17/27 | 5,548 | 5,506,866 | |
CommScope, Inc., Initial Term Loan, 1 Month SOFR + 3.364% | 8.713(c) | 04/06/26 | 7,385 | 6,450,986 |
27
PGIM Floating Rate Income Fund
Schedule of Investments (unaudited) (continued)
as of November 30, 2023
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Telecommunications (cont’d.) | |||||
Connect Finco Sarl (United Kingdom), Amendment No. 1 Refinancing Term Loan, 1 Month SOFR + 3.500% | 8.848 %(c) | 12/11/26 | 5,243 | $5,228,697 | |
Crown Subsea Communications Holding, Inc., | |||||
Amendment No. 2 Term Loan, 1 Month SOFR + 5.364% | 10.685(c) | 04/27/27 | 5,757 | 5,775,116 | |
Initial Term Loan, 1 Month SOFR + 5.114% | 10.435(c) | 04/27/27 | 3,282 | 3,298,706 | |
Digicel International Finance Ltd. (Jamaica), First Lien Initial Term B Loan, 6 Month LIBOR + 3.250% | 8.981(c) | 05/27/24 | 22,712 | 20,951,753 | |
Global Tel Link Corp., First Lien Term Loan, 3 Month SOFR + 4.400% | 9.783(c) | 11/29/25 | 5,691 | 5,468,209 | |
GTT Communications, Inc., Closing Date Term Loan, 3 Month SOFR + 9.100% | 14.490(c) | 06/30/28 | 1,529 | 948,206 | |
Intrado Corp., Initial Term Loan, 3 Month SOFR + 4.000% | 9.389(c) | 01/31/30 | 6,569 | 6,566,895 | |
Level 3 Financing, Inc., Tranche B 2027 Term Loan, 1 Month SOFR + 1.864% | 7.213(c) | 03/01/27 | 330 | 310,200 | |
Lumen Technologies, Inc., Term Loan B, 1 Month SOFR + 2.364% | 7.713(c) | 03/15/27 | 3,266 | 1,981,171 | |
MLN US HoldCo LLC, | |||||
Initial Term Loan, 3 Month SOFR + 6.540% | 11.935(c) | 10/18/27 | 10,885 | 5,986,484 | |
Initial Term Loan (Second Out (First Lien Roll-Up)), 3 Month SOFR + 6.800% | 12.195(c) | 10/18/27 | 19,121 | 2,868,215 | |
Term B Loan, 3 Month SOFR + 9.350%^ | 14.745(c) | 10/18/27 | 70 | 5,568 | |
Moran Foods LLC, Closing Date USD Term Loan, 1 Month SOFR + 7.100% | 12.448(c) | 12/30/27 | 1,924 | 1,654,696 | |
Numericable US LLC (France), USD Term Loan B-12, 3 Month LIBOR + 3.688% | 9.343(c) | 01/31/26 | 2,668 | 2,495,508 | |
Orbcomm, Inc., Closing Date Term Loan, 1 Month SOFR + 4.364% | 9.775(c) | 09/01/28 | 2,066 | 1,902,249 | |
Patagonia Holdco LLC, Initial Term Loan, 3 Month SOFR + 5.750% | 11.116(c) | 08/01/29 | 10,133 | 8,873,581 | |
Securus Technologies Holdings, Inc., Initial Term Loan (First Lien), 3 Month LIBOR + 4.500%^ | 10.231(c) | 11/01/24 | 5,251 | 4,200,460 |
28
PGIM Floating Rate Income Fund
Schedule of Investments (unaudited) (continued)
as of November 30, 2023
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Telecommunications (cont’d.) | |||||
Viasat, Inc., | |||||
Initial Term Loan, 1 Month SOFR + 4.500% | 9.848 %(c) | 03/02/29 | 5,693 | $5,468,471 | |
Initial Term Loan, 1 Month SOFR + 4.614% | 9.944(c) | 05/30/30 | 4,000 | 3,842,500 | |
Xplornet Communications, Inc. (Canada), | |||||
First Lien Refinancing Term Loan, 3 Month SOFR + 4.262% | 9.652(c) | 10/02/28 | 11,442 | 7,085,159 | |
Initial Term Loan- Second Lien, 3 Month SOFR + 7.114% | 12.505(c) | 10/01/29 | 6,630 | 1,842,590 | |
Zayo Group Holdings, Inc., Initial Dollar Term Loan, 1 Month SOFR + 3.114% | 8.463(c) | 03/09/27 | 8,275 | 7,019,956 | |
115,732,242 | |||||
Textiles 0.3% | |||||
ASP Unifrax Holdings, Inc., USD Term Loan (First Lien), 3 Month SOFR + 3.900% | 9.290(c) | 12/12/25 | 7,743 | 7,154,977 | |
Transportation 1.1% | |||||
Daseke Cos., Inc., Term Loan, 1 Month SOFR + 4.114% | 9.463(c) | 03/09/28 | 5,245 | 5,184,272 | |
First Student Bidco, Inc., | |||||
Initial Term B Loan, 3 Month SOFR + 3.262% | 8.652(c) | 07/21/28 | 4,910 | 4,826,582 | |
Initial Term C Loan, 3 Month SOFR + 3.262% | 8.652(c) | 07/21/28 | 1,845 | 1,813,776 | |
Pods LLC, Term Loan, 1 Month SOFR + 3.000% | 8.463(c) | 03/31/28 | 400 | 380,000 | |
Savage Enterprises LLC, Term Loan B, 1 Month SOFR + 3.364% | 8.713(c) | 09/15/28 | 6,599 | 6,592,295 | |
STG Logistics, Inc., Initial Term Loan, 3 Month SOFR + 6.150%^ | 11.540(c) | 03/24/28 | 3,940 | 3,270,200 | |
22,067,125 | |||||
Total Floating Rate and Other Loans (cost $1,398,547,052) | 1,277,484,645 |
29
PGIM Floating Rate Income Fund
Schedule of Investments (unaudited) (continued)
as of November 30, 2023
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Residential Mortgage-Backed Securities 1.5% | |||||
Connecticut Avenue Securities Trust, Series 2022-R01, Class 1M2, 144A, 30 Day Average SOFR + 1.900% (Cap N/A, Floor 0.000%) | 7.228 %(c) | 12/25/41 | 14,500 | $14,446,815 | |
FHLMC Structured Agency Credit Risk Debt Notes, Series 2021-DNA02, Class B1, 144A, 30 Day Average SOFR + 3.400% (Cap N/A, Floor 0.000%) | 8.728(c) | 08/25/33 | 10,085 | 10,476,272 | |
FHLMC Structured Agency Credit Risk REMIC Trust, Series 2021-DNA06, Class B1, 144A, 30 Day Average SOFR + 3.400% (Cap N/A, Floor 0.000%) | 8.728(c) | 10/25/41 | 5,000 | 5,065,650 | |
Total Residential Mortgage-Backed Securities (cost $28,579,095) | 29,988,737 |
Shares | |||||
Common Stocks 0.8% | |||||
Chemicals 0.5% | |||||
Venator Materials PLC* | 1,450,734,193 | 10,155,139 | |||
Electric Utilities 0.1% | |||||
Heritage Power LLC*^ | 182,367 | 2,305,119 | |||
Heritage Power LLC*^ | 8,021 | 101,385 | |||
Heritage Power LLC*^ | 209,883 | 104,942 | |||
2,511,446 | |||||
Machinery 0.0% | |||||
Campfire Topco Ltd. (Jersey)*^ | 4,988,976 | 543 | |||
Oil, Gas & Consumable Fuels 0.1% | |||||
Chesapeake Energy Corp.(a) | 27,937 | 2,243,621 | |||
Wireless Telecommunication Services 0.1% | |||||
Intelsat Emergence SA (Luxembourg)* | 28,359 | 747,969 | |||
Total Common Stocks (cost $10,223,612) | 15,658,718 |
30
PGIM Floating Rate Income Fund
Schedule of Investments (unaudited) (continued)
as of November 30, 2023
Description | Units | Value | |||
Rights* 0.0% | |||||
Wireless Telecommunication Services | |||||
Intelsat Jackson Holdings SA, Series A (Luxembourg), CVR, expiring 12/05/25^ | 2,968 | $18,550 | |||
Intelsat Jackson Holdings SA, Series B (Luxembourg), CVR, expiring 12/05/25^ | 2,968 | 11,872 | |||
Total Rights (cost $69) | 30,422 | ||||
Total Long-Term Investments (cost $2,170,684,543) | 2,016,410,404 |
Shares | |||||
Short-Term Investments 1.5% | |||||
Affiliated Mutual Funds | |||||
PGIM Core Government Money Market Fund(wb) | 26,154,354 | 26,154,354 | |||
PGIM Institutional Money Market Fund (cost $4,518,534; includes $4,481,650 of cash collateral for securities on loan)(b)(wb) | 4,524,583 | 4,522,774 | |||
Total Short-Term Investments (cost $30,672,888) | 30,677,128 | ||||
TOTAL INVESTMENTS 100.3% (cost $2,201,357,431) | 2,047,087,532 | ||||
Liabilities in excess of other assets(z) (0.3)% | (6,586,641) | ||||
Net Assets 100.0% | $2,040,500,891 |
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings: |
EUR—Euro | |
GBP—British Pound | |
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. | |
BNP—BNP Paribas S.A. | |
BNYM—Bank of New York Mellon | |
CDX—Credit Derivative Index | |
CLO—Collateralized Loan Obligation | |
CVR—Contingent Value Rights | |
DAC—Designated Activity Company | |
EURIBOR—Euro Interbank Offered Rate |
31
PGIM Floating Rate Income Fund
Schedule of Investments (unaudited) (continued)
as of November 30, 2023
FHLMC—Federal Home Loan Mortgage Corporation | |
LIBOR—London Interbank Offered Rate | |
LP—Limited Partnership | |
MSI—Morgan Stanley & Co International PLC | |
MTN—Medium Term Note | |
OTC—Over-the-counter | |
Q—Quarterly payment frequency for swaps | |
REITs—Real Estate Investment Trust | |
REMIC—Real Estate Mortgage Investment Conduit | |
SCB—Standard Chartered Bank | |
SOFR—Secured Overnight Financing Rate | |
SONIA—Sterling Overnight Index Average | |
TD—The Toronto-Dominion Bank |
* | 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 $90,865,150 and 4.5% of net assets. |
(a) | All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $4,385,353; cash collateral of $4,481,650 (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, 2023. |
(cc) | Variable rate instrument. The rate shown is based on the latest available information as of November 30, 2023. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
(d) | Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity. |
(f) | Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the aggregate original cost of such securities is $7,939,562. The aggregate value of $3,496,768 is 0.2% 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. |
(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. |
(wb) | Represents an investment in a Fund affiliated with the Manager. |
(z) | Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments: |
32
PGIM Floating Rate Income Fund
Schedule of Investments (unaudited) (continued)
as of November 30, 2023
Unfunded loan commitments outstanding at November 30, 2023:
Borrower | Principal Amount (000)# | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||
Action Environmental Group Inc., The, Delayed Draw Term Loan, —%(p), Maturity Date 10/24/30 (cost $467,539)^ | 470 | $470,152 | $2,613 | $— | ||||
Omnia Partners, LLC, Delayed Draw Term Loan, 1 Month SOFR + 4.250% (Cap N/A, Floor 0.000%), 4.250%(c), Maturity Date 07/25/30 (cost $400,553) | 404 | 403,904 | 3,351 | — | ||||
Ryan, LLC, Delayed Draw Term Loan, —%(p), Maturity Date 11/14/30 (cost $192,857) | 193 | 191,411 | — | (1,446) | ||||
Tank Holding Corp., Delayed Draw Term Commitment, —%(p), Maturity Date 03/31/28 (cost $483,087)^ | 490 | 470,179 | — | (12,908) | ||||
$1,535,646 | $5,964 | $(14,354) |
Futures contracts outstanding at November 30, 2023: | ||||||||
Number of Contracts | Type | Expiration Date | Current Notional Amount | Value / Unrealized Appreciation (Depreciation) | ||||
Long Positions: | ||||||||
59 | 20 Year U.S. Treasury Bonds | Mar. 2024 | $6,869,813 | $61,519 | ||||
29 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2024 | 3,567,000 | 39,949 | ||||
101,468 | ||||||||
Short Positions: | ||||||||
542 | 2 Year U.S. Treasury Notes | Mar. 2024 | 110,817,828 | (445,654) | ||||
19 | 5 Year Euro-Bobl | Dec. 2023 | 2,430,076 | (3,895) | ||||
507 | 5 Year U.S. Treasury Notes | Mar. 2024 | 54,173,741 | (331,191) | ||||
7 | 10 Year Euro-Bund | Dec. 2023 | 1,007,984 | (5,155) | ||||
331 | 10 Year U.S. Treasury Notes | Mar. 2024 | 36,342,767 | (235,427) | ||||
(1,021,322) | ||||||||
$(919,854) |
Forward foreign currency exchange contracts outstanding at November 30, 2023:
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||
OTC Forward Foreign Currency Exchange Contracts: | |||||||||||||
British Pound, | |||||||||||||
Expiring 12/04/23 | BNP | GBP | 19,018 | $23,919,044 | $24,009,354 | $90,310 | $— | ||||||
Expiring 12/04/23 | MSI | GBP | 245 | 306,281 | 309,155 | 2,874 | — |
33
PGIM Floating Rate Income Fund
Schedule of Investments (unaudited) (continued)
as of November 30, 2023
Forward foreign currency exchange contracts outstanding at November 30, 2023 (continued):
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): | |||||||||||||
Euro, | |||||||||||||
Expiring 12/04/23 | BNYM | EUR | 26,373 | $28,831,683 | $28,711,238 | $— | $(120,445) | ||||||
Expiring 12/04/23 | SCB | EUR | 1,708 | 1,870,162 | 1,859,664 | — | (10,498) | ||||||
$54,927,170 | $54,889,411 | 93,184 | (130,943) |
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||
OTC Forward Foreign Currency Exchange Contracts: | |||||||||||||
British Pound, | |||||||||||||
Expiring 12/04/23 | BNP | GBP | 19,263 | $23,362,551 | $24,318,510 | $— | $(955,959) | ||||||
Expiring 01/12/24 | BNP | GBP | 19,018 | 23,927,414 | 24,017,934 | — | (90,520) | ||||||
Euro, | |||||||||||||
Expiring 12/04/23 | BNYM | EUR | 28,081 | 29,731,083 | 30,570,902 | — | (839,819) | ||||||
Expiring 01/12/24 | BNYM | EUR | 26,373 | 28,885,563 | 28,763,361 | 122,202 | — | ||||||
Expiring 01/12/24 | TD | EUR | 1,942 | 2,122,485 | 2,117,862 | 4,623 | — | ||||||
$108,029,096 | $109,788,569 | 126,825 | (1,886,298) | ||||||||||
$220,009 | $(2,017,241) |
Credit default swap agreements outstanding at November 30, 2023:
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at November 30, 2023(4) | Value at Trade Date | Value at November 30, 2023 | Unrealized Appreciation (Depreciation) | ||||||||
Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2): | |||||||||||||||
CDX.NA.HY.41.V2 | 12/20/28 | 5.000%(Q) | 117,543 | 4.029% | $908,244 | $5,738,941 | $4,830,697 | ||||||||
CDX.NA.IG.41.V1 | 12/20/28 | 1.000%(Q) | 103,000 | 0.625% | 948,655 | 1,935,651 | 986,996 | ||||||||
$1,856,899 | $7,674,592 | $5,817,693 |
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.
34
PGIM Floating Rate Income Fund
Schedule of Investments (unaudited) (continued)
as of November 30, 2023
(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).
35