PGIM Securitized Credit Fund
Schedule of Investments as of June 30, 2024 (unaudited)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Long-Term Investments 97.6% | |||||
| Asset-Backed Securities 53.5% | |||||
| Automobiles 3.2% | |||||
| Ally Bank Auto Credit-Linked Notes, Series 2024-A, Class F, 144A | 9.892 % | 05/17/32 | 900 | $900,404 | |
| Avis Budget Rental Car Funding AESOP LLC, | |||||
| Series 2023-05A, Class C, 144A | 6.850 | 04/20/28 | 1,000 | 1,010,559 | |
| Series 2024-01A, Class C, 144A | 6.480 | 06/20/30 | 700 | 704,334 | |
| Bayview Opportunity Master Fund VII LLC, Series 2024-CAR01, Class E, 144A, 30 Day Average SOFR + 3.600% (Cap N/A, Floor 0.000%) | 8.935(c) | 12/26/31 | 1,346 | 1,349,184 | |
| Bayview Opportunity Master Fund VII Trust, | |||||
| Series 2024-CAR1F, Class A, 144A | 6.971 | 07/29/32 | 772 | 777,445 | |
| Series 2024-SN01, Class D, 144A | 6.360 | 07/16/29 | 1,000 | 1,003,807 | |
| Huntington Bank Auto Credit-Linked Notes, Series 2024-01, Class D, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) | 10.583(c) | 05/20/32 | 1,600 | 1,599,961 | |
| OneMain Direct Auto Receivables Trust, | |||||
| Series 2021-01A, Class C, 144A | 1.420 | 07/14/28 | 900 | 836,062 | |
| Series 2022-01A, Class D, 144A | 5.900 | 12/16/30 | 1,100 | 1,085,634 | |
| Series 2023-01A, Class D, 144A | 7.070 | 02/14/33 | 1,000 | 1,012,074 | |
| Santander Bank Auto Credit-Linked Notes, | |||||
| Series 2022-A, Class C, 144A | 7.375 | 05/15/32 | 158 | 158,761 | |
| Series 2022-C, Class E, 144A | 11.366 | 12/15/32 | 105 | 107,173 | |
| Series 2023-A, Class E, 144A | 10.068 | 06/15/33 | 151 | 153,603 | |
| Series 2023-B, Class G, 144A | 17.128 | 12/15/33 | 900 | 899,853 | |
| Series 2024-A, Class E, 144A | 7.762 | 06/15/32 | 1,500 | 1,499,568 | |
| Santander Bank NA, Series 2021-01A, Class D, 144A | 5.004 | 12/15/31 | 600 | 596,263 | |
| Santander Consumer Auto Receivables Trust, Series 2021-AA, Class E, 144A | 3.280 | 03/15/27 | 750 | 716,583 | |
| 14,411,268 | |||||
| Collateralized Loan Obligations 46.1% | |||||
| Allegro CLO Ltd. (Cayman Islands), Series 2019-01A, Class AR, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | 6.736(c) | 07/20/32 | 500 | 500,176 | |
| Anchorage Capital CLO Ltd. (Cayman Islands), | |||||
| Series 2015-07A, Class BR3, 144A, 3 Month SOFR + 2.050% (Cap N/A, Floor 2.050%) | 7.381(c) | 04/28/37 | 3,124 | 3,147,454 | |
| Series 2016-09A, Class BR2, 144A, 3 Month SOFR + 2.012% (Cap N/A, Floor 1.750%) | 7.340(c) | 07/15/32 | 2,000 | 2,007,800 | |
1
PGIM Securitized Credit Fund
Schedule of Investments as of June 30, 2024 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Asset-Backed Securities (Continued) | |||||
| Collateralized Loan Obligations (cont’d.) | |||||
| Anchorage Capital CLO Ltd. (Cayman Islands), (cont’d.) | |||||
| Series 2019-11A, Class BR2, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | 7.293 %(c) | 07/22/37 | 2,000 | $2,000,000 | |
| Series 2021-17A, Class A1, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | 6.760(c) | 07/15/34 | 500 | 501,388 | |
| Series 2021-19A, Class B1, 144A, 3 Month SOFR + 2.112% (Cap N/A, Floor 1.850%) | 7.440(c) | 10/15/34 | 1,075 | 1,080,315 | |
| Anchorage Capital Europe CLO DAC (Ireland), Series 06A, Class B1R, 144A, 3 Month EURIBOR + 2.750% (Cap N/A, Floor 2.750%) | 6.647(c) | 01/22/38 | EUR | 1,000 | 1,081,157 |
| Ares European CLO DAC (Ireland), Series 10A, Class AR, 144A, 3 Month EURIBOR + 0.780% (Cap N/A, Floor 0.780%) | 4.686(c) | 10/15/31 | EUR | 2,540 | 2,719,119 |
| Atlas Senior Loan Fund Ltd. (Cayman Islands), Series 2018-11A, Class A1L, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 0.000%) | 6.686(c) | 07/26/31 | 481 | 481,522 | |
| 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%) | 7.979(c) | 07/15/30 | 500 | 501,121 | |
| Avoca Capital CLO Ltd. (Ireland), Series 10A, Class B1RR, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | 5.256(c) | 04/15/35 | EUR | 750 | 789,994 |
| Bain Capital Credit CLO Ltd. (Cayman Islands), Series 2019-02A, Class AR, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) | 6.679(c) | 10/17/32 | 750 | 750,000 | |
| Bain Capital Euro CLO DAC (Ireland), Series 2018-02A, Class AR, 144A, 3 Month EURIBOR + 0.740% (Cap N/A, Floor 0.740%) | 4.637(c) | 01/20/32 | EUR | 1,130 | 1,204,225 |
| Balboa Bay Loan Funding Ltd. (Cayman Islands), Series 2020-01A, Class AR, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%) | 6.706(c) | 01/20/32 | 497 | 497,285 | |
| Barings Euro CLO DAC (Ireland), | |||||
| Series 2015-01A, Class B1RR, 144A, 3 Month EURIBOR + 1.800% (Cap N/A, Floor 1.800%) | 5.682(c) | 07/25/35 | EUR | 2,000 | 2,138,591 |
| Series 2021-01A, Class A, 144A, 3 Month EURIBOR + 0.800% (Cap N/A, Floor 0.800%) | 4.691(c) | 04/24/34 | EUR | 2,200 | 2,344,454 |
| Barrow Hanley CLO Ltd. (Cayman Islands), | |||||
| Series 2023-01A, Class B, 144A, 3 Month SOFR + 3.000% (Cap N/A, Floor 3.000%) | 8.325(c) | 04/20/35 | 825 | 831,721 | |
| Series 2023-02A, Class B, 144A, 3 Month SOFR + 3.000% (Cap N/A, Floor 3.000%) | 8.325(c) | 10/20/35 | 1,150 | 1,185,065 | |
2
PGIM Securitized Credit Fund
Schedule of Investments as of June 30, 2024 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Asset-Backed Securities (Continued) | |||||
| Collateralized Loan Obligations (cont’d.) | |||||
| Barrow Hanley CLO Ltd. (Cayman Islands), (cont’d.) | |||||
| Series 2024-03A, Class D, 144A, 3 Month SOFR + 4.150% (Cap N/A, Floor 4.150%) | 9.474 %(c) | 04/20/37 | 1,250 | $1,265,090 | |
| Battalion CLO Ltd. (Cayman Islands), | |||||
| Series 2015-08A, Class A1R2, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%) | 6.659(c) | 07/18/30 | 334 | 333,837 | |
| Series 2015-09A, Class AR, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) | 6.690(c) | 07/15/31 | 2,312 | 2,316,543 | |
| Series 2016-10A, Class A1R2, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | 6.755(c) | 01/25/35 | 500 | 500,816 | |
| Series 2018-12A, Class B2R, 144A, 3 Month SOFR + 2.342% (Cap N/A, Floor 2.080%) | 7.671(c) | 05/17/31 | 500 | 502,732 | |
| Series 2021-17A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 6.643(c) | 03/09/34 | 2,000 | 2,000,000 | |
| Benefit Street Partners CLO Ltd. (Cayman Islands), Series 2018-16A, Class A1R, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 1.030%) | 6.609(c) | 01/17/32 | 727 | 728,821 | |
| BlueMountain CLO Ltd. (Cayman Islands), Series 2021-32A, Class A, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | 6.760(c) | 10/15/34 | 4,000 | 4,003,690 | |
| BlueMountain Fuji Eur CLO DAC (Ireland), Series 05A, Class B, 144A, 3 Month EURIBOR + 1.550% (Cap N/A, Floor 1.550%) | 5.456(c) | 01/15/33 | EUR | 1,500 | 1,601,223 |
| Carlyle Euro CLO DAC (Ireland), | |||||
| Series 2017-01A, Class A2AR, 144A, 3 Month EURIBOR + 1.700% (Cap N/A, Floor 1.700%) | 5.606(c) | 07/15/34 | EUR | 5,125 | 5,443,880 |
| Series 2021-02A, Class A2A, 144A, 3 Month EURIBOR + 1.750% (Cap N/A, Floor 1.750%) | 5.656(c) | 10/15/35 | EUR | 500 | 534,373 |
| Carlyle Global Market Strategies CLO Ltd. (Cayman Islands), Series 2015-05A, Class A1R3, 144A, 3 Month SOFR + 1.100% (Cap N/A, Floor 1.100%) | 6.435(c) | 01/20/32 | 2,000 | 2,000,000 | |
| Carlyle Global Market Strategies Euro CLO Ltd. (Ireland), Series 2014-02A, Class AR1, 144A, 3 Month EURIBOR + 0.750% (Cap N/A, Floor 0.750%) | 4.578(c) | 11/15/31 | EUR | 1,020 | 1,091,300 |
| CarVal CLO Ltd. (United Kingdom), Series 2023-01A, Class A1, 144A, 3 Month SOFR + 2.200% (Cap N/A, Floor 2.200%) | 7.525(c) | 01/20/35 | 1,000 | 1,002,563 | |
| Carysfort Park CLO DAC (Ireland), Series 2021-01A, Class A2, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | 5.114(c) | 07/28/34 | EUR | 2,000 | 2,109,438 |
3
PGIM Securitized Credit Fund
Schedule of Investments as of June 30, 2024 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Asset-Backed Securities (Continued) | |||||
| Collateralized Loan Obligations (cont’d.) | |||||
| Cathedral Lake Ltd. (Cayman Islands), Series 2021-07RA, Class BR, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | 7.192 %(c) | 01/15/32 | 3,000 | $3,000,000 | |
| CBAM Ltd. (Cayman Islands), | |||||
| Series 2018-07A, Class A, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) | 6.686(c) | 07/20/31 | 350 | 350,305 | |
| Series 2018-08A, Class DR, 144A, 3 Month SOFR + 4.000% (Cap N/A, Floor 4.000%) | 9.333(c) | 07/15/37 | 2,000 | 2,020,396 | |
| CIFC European Funding CLO DAC (Ireland), Series 03A, Class A, 144A, 3 Month EURIBOR + 1.050% (Cap N/A, Floor 1.050%) | 4.956(c) | 01/15/34 | EUR | 1,500 | 1,605,549 |
| CIFC Funding Ltd. (Cayman Islands), | |||||
| Series 2014-05A, Class A1R2, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%) | 6.779(c) | 10/17/31 | 709 | 708,507 | |
| Series 2015-04A, Class A1A2, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) | 6.656(c) | 04/20/34 | 2,180 | 2,181,090 | |
| Clover CLO LLC, Series 2018-01A, Class A1RR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | 6.854(c) | 04/20/37 | 4,000 | 4,002,248 | |
| CQS US CLO Ltd. (United Kingdom), | |||||
| Series 2023-03A, Class B, 144A, 3 Month SOFR + 2.650% (Cap N/A, Floor 2.650%) | 7.974(c) | 01/25/37 | 2,400 | 2,443,467 | |
| Series 2023-03A, Class D, 144A, 3 Month SOFR + 4.200% (Cap N/A, Floor 4.200%) | 9.524(c) | 01/25/37 | 1,000 | 1,000,034 | |
| Crosthwaite Park CLO DAC (Ireland), Series 01A, Class A2AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) | 5.319(c) | 03/15/34 | EUR | 1,500 | 1,606,428 |
| Crown City CLO (Cayman Islands), Series 2023-05A, Class C1AR, 144A, 3 Month SOFR + 4.100% (Cap N/A, Floor 4.100%) | 9.422(c) | 04/20/37 | 1,500 | 1,509,199 | |
| CVC Cordatus Loan Fund DAC (Ireland), | |||||
| Series 03A, Class B1RR, 144A, 3 Month EURIBOR + 1.300% (Cap N/A, Floor 1.300%) | 5.128(c) | 08/15/32 | EUR | 2,500 | 2,661,091 |
| Series 07A, Class ARR, 144A, 3 Month EURIBOR + 0.630% (Cap N/A, Floor 0.630%) | 4.349(c) | 09/15/31 | EUR | 2,118 | 2,254,650 |
| Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | 4.672(c) | 05/22/32 | EUR | 3,978 | 4,246,916 |
| Eaton Vance CLO Ltd. (Cayman Islands), Series 2013-01A, Class A13R, 144A, 3 Month SOFR + 1.512% (Cap N/A, Floor 1.250%) | 6.840(c) | 01/15/34 | 800 | 801,875 | |
4
PGIM Securitized Credit Fund
Schedule of Investments as of June 30, 2024 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Asset-Backed Securities (Continued) | |||||
| Collateralized Loan Obligations (cont’d.) | |||||
| Elevation CLO Ltd. (Cayman Islands), | |||||
| Series 2014-02A, Class A1R, 144A, 3 Month SOFR + 1.492% (Cap N/A, Floor 0.000%) | 6.820 %(c) | 10/15/29 | 10 | $9,761 | |
| Series 2021-12A, Class BR, 144A, 3 Month SOFR + 2.170% (Cap N/A, Floor 2.170%) | 7.494(c) | 04/20/37 | 1,500 | 1,501,480 | |
| Series 2021-12A, Class D1AR, 144A, 3 Month SOFR + 4.300% (Cap N/A, Floor 4.300%) | 9.624(c) | 04/20/37 | 1,500 | 1,502,716 | |
| Elmwood CLO Ltd. (Cayman Islands), Series 2020-02A, Class AR, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | 6.736(c) | 10/20/34 | 2,500 | 2,507,686 | |
| Gallatin CLO Ltd. (Bermuda), Series 2023-01A, Class B, 144A, 3 Month SOFR + 3.050% (Cap N/A, Floor 3.050%) | 8.379(c) | 10/14/35 | 1,000 | 1,013,379 | |
| Greywolf CLO Ltd. (Cayman Islands), Series 2020-03RA, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.290%) | 6.875(c) | 04/15/33 | 750 | 751,539 | |
| Harvest CLO DAC (Ireland), Series 32A, Class D, 144A, 3 Month EURIBOR + 3.600% (Cap N/A, Floor 3.600%) | 7.298(c) | 07/25/37 | EUR | 2,000 | 2,141,900 |
| Hayfin Emerald CLO DAC (Ireland), | |||||
| Series 02A, Class B1R, 144A, 3 Month EURIBOR + 1.700% (Cap N/A, Floor 1.700%) | 5.501(c) | 05/27/34 | EUR | 750 | 801,030 |
| Series 10A, Class B1R, 144A, 3 Month EURIBOR + 2.100% (Cap N/A, Floor 2.100%) | 5.819(c) | 07/18/38 | EUR | 3,000 | 3,212,850 |
| Hayfin US Ltd. (Cayman Islands), Series 2024-15A, Class B, 144A, 3 Month SOFR + 2.200% (Cap N/A, Floor 2.200%) | 7.537(c) | 04/28/37 | 4,000 | 4,019,028 | |
| HPS Loan Management Ltd. (Cayman Islands), | |||||
| Series 13A-18, Class A1R, 144A, 3 Month SOFR + 1.130% (Cap N/A, Floor 1.130%) | 6.461(c) | 10/15/30 | 3,750 | 3,750,094 | |
| Series 2016-10A, Class A1RR, 144A, 3 Month SOFR + 1.402% (Cap N/A, Floor 1.140%) | 6.726(c) | 04/20/34 | 5,750 | 5,762,731 | |
| ICG Euro CLO DAC (Ireland), Series 2021-01A, Class B1, 144A, 3 Month EURIBOR + 1.800% (Cap N/A, Floor 1.800%) | 5.706(c) | 10/15/34 | EUR | 1,500 | 1,601,927 |
| ICG US CLO Ltd. (Cayman Islands), Series 2015-02RA, Class A2, 144A, 3 Month SOFR + 2.062% (Cap N/A, Floor 0.000%) | 7.389(c) | 01/16/33 | 2,000 | 1,999,000 | |
| Invesco Euro CLO (Ireland), Series 06A, Class B1, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | 5.556(c) | 07/15/34 | EUR | 3,250 | 3,466,995 |
5
PGIM Securitized Credit Fund
Schedule of Investments as of June 30, 2024 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Asset-Backed Securities (Continued) | |||||
| Collateralized Loan Obligations (cont’d.) | |||||
| Invesco Euro CLO DAC (Ireland), Series 04A, Class B1, 144A, 3 Month EURIBOR + 1.700% (Cap N/A, Floor 1.700%) | 5.606 %(c) | 04/15/33 | EUR | 2,000 | $2,119,061 |
| Jubilee CLO DAC (Ireland), Series 2016-17A, Class B1RR, 144A, 3 Month EURIBOR + 1.280% (Cap N/A, Floor 1.280%) | 5.186(c) | 04/15/31 | EUR | 500 | 526,672 |
| KKR CLO Ltd. (Cayman Islands), | |||||
| Series 18, Class AR, 144A, 3 Month SOFR + 1.202% (Cap N/A, Floor 0.940%) | 6.529(c) | 07/18/30 | 319 | 319,455 | |
| Series 32A, Class BR, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | 7.429(c) | 04/15/37 | 3,000 | 3,027,547 | |
| LCM Ltd. (Cayman Islands), Series 33A, Class B, 144A, 3 Month SOFR + 1.912% (Cap N/A, Floor 1.650%) | 7.236(c) | 07/20/34 | 350 | 348,621 | |
| Madison Park Euro Funding DAC (Ireland), Series 13A, Class AR, 144A, 3 Month EURIBOR + 0.750% (Cap N/A, Floor 0.750%) | 4.656(c) | 01/15/32 | EUR | 4,445 | 4,738,042 |
| Madison Park Funding Ltd. (Cayman Islands), | |||||
| Series 2019-33A, Class AR, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%) | 6.619(c) | 10/15/32 | 1,500 | 1,500,750 | |
| Series 2021-38A, Class A, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.382%) | 6.699(c) | 07/17/34 | 750 | 752,191 | |
| Marble Point CLO Ltd. (Cayman Islands), Series 2021-03A, Class A1, 144A, 3 Month SOFR + 1.502% (Cap N/A, Floor 1.240%) | 6.819(c) | 10/17/34 | 500 | 500,984 | |
| MidOcean Credit CLO (Cayman Islands), | |||||
| Series 2014-03A, Class BR, 144A, 3 Month SOFR + 2.062% (Cap N/A, Floor 1.800%) | 7.386(c) | 04/21/31 | 250 | 251,245 | |
| Series 2017-07A, Class A1R, 144A, 3 Month SOFR + 1.302% (Cap N/A, Floor 0.000%) | 6.630(c) | 07/15/29 | 143 | 142,707 | |
| Series 2019-10A, Class A1RR, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | 6.653(c) | 10/23/34 | 2,500 | 2,500,000 | |
| Monument CLO DAC (Ireland), Series 01A, Class D, 144A, 3 Month EURIBOR + 4.350% (Cap N/A, Floor 4.350%) | 8.102(c) | 05/15/37 | EUR | 3,000 | 3,215,189 |
| Mountain View CLO Ltd. (Cayman Islands), Series 2015-09A, Class A2R, 144A, 3 Month SOFR + 2.042% (Cap N/A, Floor 0.000%) | 7.370(c) | 07/15/31 | 750 | 749,988 | |
| Nassau Euro CLO DAC (Ireland), Series 04A, Class D, 144A, 3 Month EURIBOR + 3.950% (Cap N/A, Floor 3.950%) | 7.661(c) | 07/20/38 | EUR | 2,000 | 2,141,900 |
6
PGIM Securitized Credit Fund
Schedule of Investments as of June 30, 2024 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Asset-Backed Securities (Continued) | |||||
| Collateralized Loan Obligations (cont’d.) | |||||
| NGC Ltd. (United Kingdom), Series 2024-01A, Class B, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | 7.432 %(c) | 07/20/37 | 3,500 | $3,502,919 | |
| Northwoods Capital Ltd. (Cayman Islands), | |||||
| Series 2020-22A, Class BRR, 144A, 3 Month SOFR + 2.450% (Cap N/A, Floor 2.450%) | 7.789(c) | 09/16/31 | 2,000 | 2,005,084 | |
| Series 2020-22A, Class DRR, 144A, 3 Month SOFR + 4.950% (Cap N/A, Floor 4.950%) | 10.289(c) | 09/16/31 | 1,500 | 1,511,211 | |
| Oaktree CLO Ltd. (Cayman Islands), | |||||
| Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.372% (Cap N/A, Floor 1.110%) | 6.696(c) | 04/22/30 | 250 | 250,159 | |
| Series 2021-01A, Class A1, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) | 6.750(c) | 07/15/34 | 1,100 | 1,101,022 | |
| Ocean Trails CLO (Cayman Islands), Series 2019-07A, Class AR, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 1.010%) | 6.589(c) | 04/17/30 | 1,692 | 1,693,383 | |
| Ocean Trails CLO Ltd. (United Kingdom), Series 2024-15A, Class B, 144A, 3 Month SOFR + 2.500% (Cap N/A, Floor 2.500%) | 7.822(c) | 01/15/37 | 3,000 | 3,041,014 | |
| OFSI BSL CLO Ltd. (Cayman Islands), Series 2024-13A, Class D1, 144A, 3 Month SOFR + 4.500% (Cap N/A, Floor 4.500%) | 9.821(c) | 04/20/37 | 1,000 | 1,017,548 | |
| OFSI BSL Ltd. (Cayman Islands), | |||||
| Series 2023-12A, Class A1, 144A, 3 Month SOFR + 2.400% (Cap N/A, Floor 2.400%) | 7.725(c) | 01/20/35 | 1,000 | 1,005,291 | |
| Series 2023-12A, Class B, 144A, 3 Month SOFR + 3.150% (Cap N/A, Floor 3.150%) | 8.475(c) | 01/20/35 | 1,000 | 1,004,800 | |
| Palmer Square European CLO DAC (Ireland), Series 2023-02A, Class B2, 144A | 6.700 | 10/15/36 | EUR | 1,250 | 1,342,917 |
| Palmer Square Loan Funding Ltd. (Cayman Islands), Series 2022-03A, Class A1AR, 144A, 3 Month SOFR + 1.100% (Cap N/A, Floor 1.100%) | 6.429(c) | 04/15/31 | 1,877 | 1,878,273 | |
| Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), Series 2018-01A, Class A1AR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | 6.586(c) | 10/20/31 | 625 | 625,623 | |
| Penta CLO DAC (Ireland), Series 2017-03A, Class BR, 144A, 3 Month EURIBOR + 1.800% (Cap N/A, Floor 1.800%) | 5.688(c) | 04/17/35 | EUR | 1,000 | 1,069,102 |
| Pikes Peak CLO (Cayman Islands), Series 2019-04A, Class AR, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%) | 6.790(c) | 07/15/34 | 2,000 | 2,003,452 | |
7
PGIM Securitized Credit Fund
Schedule of Investments as of June 30, 2024 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Asset-Backed Securities (Continued) | |||||
| Collateralized Loan Obligations (cont’d.) | |||||
| Rockford Tower CLO Ltd. (Cayman Islands), | |||||
| Series 2020-01A, Class A1R, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%) | 6.845 %(c) | 01/20/36 | 1,500 | $1,504,331 | |
| Series 2021-03A, Class A1, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | 6.766(c) | 10/20/34 | 1,000 | 1,000,911 | |
| Rockford Tower Europe CLO DAC (Ireland), | |||||
| Series 2018-01A, Class B1R, 144A, 3 Month EURIBOR + 2.100% (Cap N/A, Floor 2.100%) | 5.950(c) | 04/24/37 | EUR | 1,000 | 1,073,318 |
| Series 2018-01A, Class DR, 144A, 3 Month EURIBOR + 4.300% (Cap N/A, Floor 4.300%) | 8.150(c) | 04/24/37 | EUR | 1,250 | 1,345,746 |
| Series 2019-01A, Class B2, 144A | 2.200 | 01/20/33 | EUR | 900 | 879,421 |
| Series 2021-01A, Class B1, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | 5.147(c) | 04/20/34 | EUR | 2,000 | 2,109,939 |
| Romark CLO Ltd. (Cayman Islands), Series 2018-02A, Class A1R, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | 6.464(c) | 07/25/31 | 4,000 | 4,002,012 | |
| Saratoga Investment Corp. CLO Ltd. (Cayman Islands), Series 2013-01A, Class A1R4, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 6.628(c) | 04/20/33 | 3,000 | 3,001,512 | |
| Signal Peak CLO Ltd., Series 2018-05A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | 6.876(c) | 04/25/37 | 3,600 | 3,614,404 | |
| Sixth Street CLO Ltd. (Cayman Islands), Series 2020-16A, Class A1R, 144A, 3 Month SOFR + 1.790% (Cap N/A, Floor 1.790%) | 7.115(c) | 01/20/37 | 1,000 | 1,007,114 | |
| Sound Point CLO Ltd. (Cayman Islands), | |||||
| Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) | 6.656(c) | 01/26/31 | 544 | 545,064 | |
| Series 2014-03RA, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%) | 6.658(c) | 10/23/31 | 2,200 | 2,203,458 | |
| Series 2018-03A, Class A1AR, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 6.624(c) | 10/26/31 | 4,000 | 4,014,367 | |
| St. Pauls CLO (Netherlands), Series 11A, Class C2R, 144A | 2.500 | 01/17/32 | EUR | 750 | 724,823 |
| Strata CLO Ltd. (Cayman Islands), Series 2021-01A, Class BR, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%) | 7.282(c) | 10/20/33 | 2,000 | 2,000,000 | |
| TCW CLO Ltd. (Cayman Islands), Series 2019-02A, Class BR, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | 7.175(c) | 10/20/32 | 1,000 | 1,000,141 | |
8
PGIM Securitized Credit Fund
Schedule of Investments as of June 30, 2024 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Asset-Backed Securities (Continued) | |||||
| Collateralized Loan Obligations (cont’d.) | |||||
| TICP CLO Ltd. (Cayman Islands), Series 2017-09A, Class A, 144A, 3 Month SOFR + 1.402% (Cap N/A, Floor 1.140%) | 6.726 %(c) | 01/20/31 | 406 | $406,893 | |
| Toro European CLO DAC (Ireland), | |||||
| Series 02A, Class B1RR, 144A, 3 Month EURIBOR + 1.850% (Cap N/A, Floor 1.850%) | 5.732(c) | 07/25/34 | EUR | 3,000 | 3,212,394 |
| Series 08A, Class BR, 144A, 3 Month EURIBOR + 2.050% (Cap N/A, Floor 2.050%) | 5.735(c) | 04/15/35 | 2,000 | 2,141,900 | |
| Trimaran Cavu Ltd., Series 2019-01A, Class B, 144A, 3 Month SOFR + 2.462% (Cap N/A, Floor 2.200%) | 7.786(c) | 07/20/32 | 500 | 500,662 | |
| Trinitas CLO Ltd. (Cayman Islands), Series 2022-20A, Class B, 144A, 3 Month SOFR + 2.460% (Cap N/A, Floor 2.460%) | 7.785(c) | 07/20/35 | 1,000 | 1,001,266 | |
| Trinitas CLO Ltd. (Bermuda), Series 2024-24A, Class B, 144A, 3 Month SOFR + 2.300% (Cap N/A, Floor 2.300%) | 7.578(c) | 04/25/37 | 2,500 | 2,525,686 | |
| Venture CLO Ltd. (Cayman Islands), | |||||
| Series 2014-19A, Class ARR, 144A, 3 Month SOFR + 1.522% (Cap N/A, Floor 1.260%) | 6.850(c) | 01/15/32 | 1,750 | 1,755,057 | |
| Series 2024-49A, Class AJ, 144A, 3 Month SOFR + 1.800% (Cap N/A, Floor 1.800%) | 7.128(c) | 04/20/37 | 800 | 799,915 | |
| Wellfleet CLO Ltd. (Cayman Islands), Series 2020-01A, Class A1AR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | 6.539(c) | 04/15/33 | 2,000 | 2,000,000 | |
| Wind River CLO Ltd. (Cayman Islands), Series 2016-01KRA, Class A2R2, 144A, 3 Month SOFR + 1.762% (Cap N/A, Floor 1.500%) | 7.090(c) | 10/15/34 | 500 | 500,677 | |
| Z Capital Credit Partners BSL CLO Ltd. (Cayman Islands), Series 2024-01A, Class C, 144A, 3 Month SOFR + 3.650% (Cap N/A, Floor 3.650%) | 8.981(c) | 04/16/36 | 2,000 | 2,028,749 | |
| 206,415,474 | |||||
| Consumer Loans 1.3% | |||||
| Affirm Asset Securitization Trust, | |||||
| Series 2024-A, Class 1D, 144A | 6.890 | 02/15/29 | 1,000 | 1,003,255 | |
| Series 2024-A, Class 1E, 144A | 9.170 | 02/15/29 | 900 | 902,452 | |
9
PGIM Securitized Credit Fund
Schedule of Investments as of June 30, 2024 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Asset-Backed Securities (Continued) | |||||
| Consumer Loans (cont’d.) | |||||
| OneMain Financial Issuance Trust, | |||||
| Series 2022-02A, Class D, 144A | 6.550 % | 10/14/34 | 1,180 | $1,162,335 | |
| Series 2023-02A, Class D, 144A | 7.520 | 09/15/36 | 2,500 | 2,574,970 | |
| 5,643,012 | |||||
| Credit Cards 0.1% | |||||
| Master Credit Card Trust II (Canada), Series 2022-01A, Class C, 144A | 2.270 | 07/21/26 | 500 | 488,421 | |
| Equipment 0.1% | |||||
| Auxilior Term Funding LLC, Series 2023-01A, Class D, 144A | 7.270 | 12/16/30 | 500 | 504,057 | |
| Home Equity Loans 1.5% | |||||
| JPMorgan Mortgage Trust, | |||||
| Series 2023-HE03, Class M1, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | 7.434(c) | 05/25/54 | 705 | 710,853 | |
| Series 2024-HE02, Class M1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | 7.034(c) | 10/25/54 | 1,800 | 1,803,383 | |
| Towd Point Mortgage Trust, Series 2024-CES03, Class A1, 144A | 6.290(cc) | 05/25/64 | 3,952 | 3,956,607 | |
| 6,470,843 | |||||
| Other 0.9% | |||||
| GoodLeap Sustainable Home Solutions Trust, | |||||
| Series 2023-03C, Class A, 144A | 6.500 | 07/20/55 | 460 | 465,693 | |
| Series 2023-04C, Class A, 144A | 6.480 | 03/20/57 | 949 | 957,422 | |
| Series 2024-01GS, Class A, 144A | 6.250 | 06/20/57 | 2,300 | 2,301,408 | |
| Loandepot GMSR Master Trust, Series 2018-GT01, Class A, 144A, 1 Month SOFR + 3.664% (Cap N/A, Floor 2.800%) | 8.993(c) | 10/16/25 | 150 | 148,454 | |
| Sierra Timeshare Receivables Funding LLC, Series 2023-02A, Class D, 144A | 9.720 | 04/20/40 | 301 | 304,166 | |
| 4,177,143 | |||||
10
PGIM Securitized Credit Fund
Schedule of Investments as of June 30, 2024 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Asset-Backed Securities (Continued) | |||||
| Residential Mortgage-Backed Securities 0.0% | |||||
| TFS (Spain), | |||||
| Series 2018-03^ | 0.000 %(s) | 04/16/40 | EUR | —(r) | $1 |
| Series 2018-03, Class A1, 1 Month EURIBOR + 3.250%^ | 7.088(c) | 03/15/26 | EUR | 202 | 162,053 |
| 162,054 | |||||
| Student Loans 0.3% | |||||
| Bayview Opportunity Master Fund VII LLC, Series 2024-EDU01, Class D, 144A, 30 Day Average SOFR + 2.750% (Cap N/A, Floor 0.000%) | 8.085(c) | 06/25/47 | 855 | 863,814 | |
| Laurel Road Prime Student Loan Trust, Series 2019-A, Class R, 144A | 0.000 | 10/25/48 | 1,007 | 245,747 | |
| 1,109,561 | |||||
| Total Asset-Backed Securities (cost $238,007,015) | 239,381,833 | ||||
| Commercial Mortgage-Backed Securities 22.3% | |||||
| 20 Times Square Trust, | |||||
| Series 2018-20TS, Class F, 144A | 3.203(cc) | 05/15/35 | 520 | 400,126 | |
| Series 2018-20TS, Class G, 144A | 3.203(cc) | 05/15/35 | 200 | 149,895 | |
| Series 2018-20TS, Class H, 144A | 3.203(cc) | 05/15/35 | 100 | 72,947 | |
| BANK, Series 2021-BN38, Class A1 | 1.274 | 12/15/64 | 541 | 511,437 | |
| BANK5, | |||||
| Series 2023-05YR02, Class XA, IO | 0.774(cc) | 07/15/56 | 49,905 | 950,929 | |
| Series 2023-05YR03, Class XD, IO, 144A | 3.559(cc) | 09/15/56 | 9,000 | 1,048,291 | |
| Series 2023-05YR04, Class XD, IO, 144A | 3.858(cc) | 12/15/56 | 4,500 | 573,080 | |
| Barclays Commercial Mortgage Securities Trust, | |||||
| Series 2016-ETC, Class B, 144A | 3.189 | 08/14/36 | 100 | 89,894 | |
| Series 2016-ETC, Class C, 144A | 3.391 | 08/14/36 | 100 | 87,408 | |
| Series 2016-ETC, Class E, 144A | 3.729(cc) | 08/14/36 | 250 | 204,029 | |
| Series 2018-CHRS, Class B, 144A | 4.409(cc) | 08/05/38 | 1,000 | 881,375 | |
| Series 2018-CHRS, Class C, 144A | 4.409(cc) | 08/05/38 | 1,000 | 865,682 | |
| Series 2018-CHRS, Class D, 144A | 4.409(cc) | 08/05/38 | 990 | 826,936 | |
| Series 2020-BID, Class A, 144A, 1 Month SOFR + 2.254% (Cap N/A, Floor 2.140%) | 7.583(c) | 10/15/37 | 6,660 | 6,654,471 | |
| Series 2024-05C25, Class XD, IO, 144A | 3.377(cc) | 03/15/57 | 14,404 | 1,740,780 | |
| Series 2024-C24, Class XB, IO | 1.571(cc) | 02/15/57 | 5,200 | 504,972 | |
| Benchmark Mortgage Trust, Series 2024-V06, Class XD, IO | 3.502(cc) | 12/15/28 | 8,634 | 1,107,404 | |
11
PGIM Securitized Credit Fund
Schedule of Investments as of June 30, 2024 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Commercial Mortgage-Backed Securities (Continued) | |||||
| BFLD Mortgage Trust, | |||||
| Series 2024-VICT, Class B, 144A, 1 Month SOFR + 2.589% (Cap N/A, Floor 2.589%) | 7.889 %(c) | 07/15/41 | 3,900 | $3,890,097 | |
| Series 2024-WRHS, Class E, 144A, 1 Month SOFR + 3.689% (Cap N/A, Floor 3.689%) | 8.989(c) | 08/15/26 | 5,630 | 5,615,925 | |
| BMO Mortgage Trust, | |||||
| Series 2023-05C02, Class XD, IO, 144A | 2.485(cc) | 11/15/56 | 9,500 | 776,882 | |
| Series 2024-05C03, Class XD, IO, 144A | 3.088(cc) | 02/15/57 | 12,604 | 1,402,326 | |
| Series 2024-05C04, Class XD, IO, 144A | 3.004(cc) | 05/15/57 | 5,500 | 574,211 | |
| BPR Trust, | |||||
| Series 2021-TY, Class B, 144A, 1 Month SOFR + 1.264% (Cap N/A, Floor 1.150%) | 6.593(c) | 09/15/38 | 355 | 349,231 | |
| Series 2021-TY, Class C, 144A, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) | 7.143(c) | 09/15/38 | 50 | 49,188 | |
| Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) | 7.793(c) | 09/15/38 | 761 | 747,683 | |
| Series 2023-BRK02, Class C, 144A | 8.630(cc) | 10/05/38 | 2,000 | 2,049,467 | |
| BX Commercial Mortgage Trust, Series 2022-AHP, Class E, 144A, 1 Month SOFR + 3.040% (Cap N/A, Floor 3.040%) | 8.369(c) | 01/17/39 | 1,010 | 978,806 | |
| BX Trust, | |||||
| Series 2024-PAT, Class A, 144A, 1 Month SOFR + 2.090% (Cap N/A, Floor 2.090%) | 7.419(c) | 03/15/41 | 1,800 | 1,797,750 | |
| Series 2024-VLT04, Class C, 144A, 1 Month SOFR + 2.140% (Cap N/A, Floor 2.140%) | 7.460(c) | 07/15/29 | 5,400 | 5,374,687 | |
| CFCRE Commercial Mortgage Trust, Series 2016-C07, Class A3 | 3.839 | 12/10/54 | 1,000 | 952,744 | |
| Citigroup Commercial Mortgage Trust, Series 2017-C4, Class A4 | 3.471 | 10/12/50 | 400 | 376,834 | |
| Commercial Mortgage Trust, | |||||
| Series 2015-DC01, Class A5 | 3.350 | 02/10/48 | 3,200 | 3,151,705 | |
| Series 2016-COR01, Class A3 | 2.826 | 10/10/49 | 1,900 | 1,798,914 | |
| Credit Suisse Mortgage Trust, Series 2014-USA, Class A1, 144A | 3.304 | 09/15/37 | 2,679 | 2,388,029 | |
| CSAIL Commercial Mortgage Trust, | |||||
| Series 2015-C03, Class A4 | 3.718 | 08/15/48 | 3,730 | 3,630,767 | |
| Series 2015-C04, Class XB, IO | 0.250(cc) | 11/15/48 | 25,076 | 60,910 | |
| DBGS Mortgage Trust, Series 2018-BIOD, Class F, 144A, 1 Month SOFR + 2.296% (Cap N/A, Floor 2.000%) | 7.625(c) | 05/15/35 | 1,500 | 1,474,504 | |
| Deco DAC (United Kingdom), | |||||
| Series 2019-RAM, Class A, SONIA + 2.007% (Cap N/A, Floor 2.007%) | 7.241(c) | 08/07/30 | GBP | 124 | 156,896 |
12
PGIM Securitized Credit Fund
Schedule of Investments as of June 30, 2024 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Commercial Mortgage-Backed Securities (Continued) | |||||
| Deco DAC (United Kingdom), (cont’d.) | |||||
| Series 2019-RAM, Class B, SONIA + 3.607% (Cap N/A, Floor 3.607%) | 8.841 %(c) | 08/07/30 | GBP | 58 | $70,360 |
| Eleven Madison Mortgage Trust, Series 2015-11MD, Class C, 144A | 3.673(cc) | 09/10/35 | 350 | 301,692 | |
| ELM Trust, | |||||
| Series 2024-ELM, Class D10, 144A | 6.626(cc) | 06/10/39 | 1,830 | 1,831,050 | |
| Series 2024-ELM, Class D15, 144A | 6.674(cc) | 06/10/39 | 1,750 | 1,751,003 | |
| FHLMC Multifamily Structured Pass-Through Certificates, | |||||
| Series K052, Class X1, IO | 0.756(cc) | 11/25/25 | 2,086 | 13,902 | |
| Series K058, Class X1, IO | 1.032(cc) | 08/25/26 | 3,420 | 53,424 | |
| FREMF Mortgage Trust, Series 2019-K735, Class X2A, IO, 144A | 0.100 | 05/25/26 | 91,318 | 119,681 | |
| GS Mortgage Securities Corp. Trust, | |||||
| Series 2021-IP, Class E, 144A, 1 Month SOFR + 3.664% (Cap N/A, Floor 3.550%) | 8.993(c) | 10/15/36 | 1,950 | 1,864,165 | |
| Series 2021-IP, Class F, 144A, 1 Month SOFR + 4.664% (Cap N/A, Floor 4.550%) | 9.993(c) | 10/15/36 | 140 | 133,768 | |
| ILPT Commercial Mortgage Trust, Series 2022-LPF2, Class A, 144A, 1 Month SOFR + 2.245% (Cap N/A, Floor 2.245%) | 7.574(c) | 10/15/39 | 1,190 | 1,182,562 | |
| JPMBB Commercial Mortgage Securities Trust, | |||||
| Series 2014-C22, Class A4 | 3.801 | 09/15/47 | 1,459 | 1,454,633 | |
| Series 2014-C23, Class A5 | 3.934 | 09/15/47 | 1,052 | 1,047,042 | |
| Series 2014-C26, Class A4 | 3.494 | 01/15/48 | 4,350 | 4,303,442 | |
| Series 2015-C33, Class XB, IO | 0.516(cc) | 12/15/48 | 1,620 | 7,055 | |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-AON, Class E, 144A | 4.767(cc) | 07/05/31 | 600 | 273,371 | |
| Last Mile Logistics Pan Euro Finance DAC (Ireland), Series 01A, Class D, 144A, 3 Month EURIBOR + 1.900% (Cap N/A, Floor 1.900%) | 5.716(c) | 08/17/33 | EUR | 98 | 103,017 |
| LBA Trust, Series 2024-BOLT, Class D, 144A, 1 Month SOFR + 2.590% (Cap N/A, Floor 2.590%) | 7.919(c) | 06/15/26 | 3,120 | 3,098,550 | |
| MHC Commercial Mortgage Trust, Series 2021-MHC, Class F, 144A, 1 Month SOFR + 2.715% (Cap N/A, Floor 2.601%) | 8.044(c) | 04/15/38 | 252 | 248,992 | |
| Morgan Stanley Bank of America Merrill Lynch Trust, | |||||
| Series 2015-C21, Class A4 | 3.338 | 03/15/48 | 1,000 | 980,004 | |
| Series 2015-C21, Class XB, IO, 144A | 0.404(cc) | 03/15/48 | 10,000 | 16,097 | |
| Morgan Stanley Capital I Trust, | |||||
| Series 2019-MEAD, Class A, 144A | 3.170 | 11/10/36 | 1,270 | 1,210,676 | |
| Series 2019-MEAD, Class D, 144A | 3.283(cc) | 11/10/36 | 1,550 | 1,415,597 | |
13
PGIM Securitized Credit Fund
Schedule of Investments as of June 30, 2024 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Commercial Mortgage-Backed Securities (Continued) | |||||
| Morgan Stanley Capital I Trust, (cont’d.) | |||||
| Series 2019-MEAD, Class E, 144A | 3.283 %(cc) | 11/10/36 | 525 | $468,976 | |
| ONE Mortgage Trust, | |||||
| Series 2021-PARK, Class A, 144A, 1 Month SOFR + 0.814% (Cap N/A, Floor 0.700%) | 6.143(c) | 03/15/36 | 5,000 | 4,856,895 | |
| Series 2021-PARK, Class B, 144A, 1 Month SOFR + 1.064% (Cap N/A, Floor 0.950%) | 6.393(c) | 03/15/36 | 1,500 | 1,436,246 | |
| Series 2021-PARK, Class C, 144A, 1 Month SOFR + 1.214% (Cap N/A, Floor 1.100%) | 6.543(c) | 03/15/36 | 1,000 | 947,732 | |
| Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) | 6.943(c) | 03/15/36 | 850 | 798,959 | |
| Series 2021-PARK, Class E, 144A, 1 Month SOFR + 1.864% (Cap N/A, Floor 1.750%) | 7.193(c) | 03/15/36 | 400 | 373,616 | |
| One New York Plaza Trust, Series 2020-01NYP, Class AJ, 144A, 1 Month SOFR + 1.364% (Cap N/A, Floor 1.250%) | 6.693(c) | 01/15/36 | 600 | 571,940 | |
| Salus European Loan Conduit DAC (United Kingdom), Series 33A, Class A, 144A, SONIA + 1.969% (Cap 6.850%, Floor 1.500%) | 6.850(c) | 01/23/29 | GBP | 2,000 | 2,460,191 |
| SREIT Trust, Series 2021-MFP, Class F, 144A, 1 Month SOFR + 2.739% (Cap N/A, Floor 2.625%) | 8.068(c) | 11/15/38 | 249 | 247,464 | |
| Taurus DAC (United Kingdom), | |||||
| Series 2021-UK1A, Class D, 144A, SONIA + 2.600% (Cap N/A, Floor 2.600%) | 7.834(c) | 05/17/31 | GBP | 248 | 312,220 |
| Series 2021-UK4A, Class D, 144A, SONIA + 2.100% (Cap N/A, Floor 2.100%) | 7.334(c) | 08/17/31 | GBP | 160 | 201,867 |
| UK Logistics DAC (United Kingdom), Series 2024-01A, Class B, 144A, SONIA + 2.550% (Cap N/A, Floor 0.000%) | 7.785(c) | 05/17/34 | GBP | 1,850 | 2,339,387 |
| Wells Fargo Commercial Mortgage Trust, | |||||
| Series 2015-P02, Class XB, IO | 0.563(cc) | 12/15/48 | 6,400 | 37,631 | |
| Series 2021-FCMT, Class C, 144A, 1 Month SOFR + 2.514% (Cap N/A, Floor 2.400%) | 7.843(c) | 05/15/31 | 1,100 | 1,052,752 | |
| Series 2021-FCMT, Class D, 144A, 1 Month SOFR + 3.614% (Cap N/A, Floor 3.500%) | 8.943(c) | 05/15/31 | 690 | 644,681 | |
| Series 2021-FCMT, Class E, 144A, 1 Month SOFR + 4.614% (Cap N/A, Floor 4.500%) | 9.943(c) | 05/15/31 | 1,000 | 911,277 | |
| Series 2024-01CHI, Class D, 144A | 6.708(cc) | 07/15/35 | 3,200 | 3,155,453 | |
| Series 2024-01CHI, Class E, 144A | 7.574(cc) | 07/15/35 | 3,500 | 3,451,182 | |
| Total Commercial Mortgage-Backed Securities (cost $100,145,049) | 100,015,764 | ||||
14
PGIM Securitized Credit Fund
Schedule of Investments as of June 30, 2024 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Corporate Bonds 1.8% | |||||
| Banks 1.7% | |||||
| Bank of America Corp., Jr. Sub. Notes, Series MM | 4.300 %(ff) | 01/28/25(oo) | 3,150 | $3,095,053 | |
| Citigroup, Inc., Jr. Sub. Notes, Series V | 4.700(ff) | 01/30/25(oo) | 3,255 | 3,182,963 | |
| JPMorgan Chase & Co., Jr. Sub. Notes, Series II | 4.000(ff) | 04/01/25(oo) | 1,500 | 1,459,171 | |
| 7,737,187 | |||||
| Media 0.0% | |||||
| Diamond Sports Group LLC/Diamond Sports Finance Co., | |||||
| Gtd. Notes, 144A (original cost $72,188; purchased 01/23/20)(f) | 6.625 | 08/15/27(d) | 75 | 1,500 | |
| Sec’d. Notes, 144A (original cost $17,188; purchased 01/31/24)(f) | 5.375 | 08/15/26(d) | 250 | 5,431 | |
| 6,931 | |||||
| Pipelines 0.1% | |||||
| Energy Transfer LP, Jr. Sub. Notes, Series G | 7.125(ff) | 05/15/30(oo) | 140 | 138,517 | |
| Total Corporate Bonds (cost $7,857,958) | 7,882,635 | ||||
| Floating Rate and Other Loans 0.2% | |||||
| Auto Parts & Equipment 0.1% | |||||
| Tenneco, Inc., Term B Loan, 1 Month SOFR + 5.100% | 10.430(c) | 11/17/28 | 350 | 334,875 | |
| Commercial Services 0.1% | |||||
| Fly Funding II Sarl (Luxembourg), Term Loan B, 3 Month SOFR + 1.750% | 7.330(c) | 08/11/25 | 318 | 307,779 | |
| Electric 0.0% | |||||
| Heritage Power LLC, Term Loan, 1 Month SOFR + 5.500%^ | 10.835(c) | 07/20/28 | 13 | 12,730 | |
15
PGIM Securitized Credit Fund
Schedule of Investments as of June 30, 2024 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Floating Rate and Other Loans (Continued) | |||||
| Entertainment 0.0% | |||||
| Allen Media LLC, Term B Loan, 3 Month SOFR + 5.650% | 10.985 %(c) | 02/10/27 | 292 | $213,740 | |
| Media 0.0% | |||||
| Diamond Sports Group LLC, | |||||
| Dip Term Loan | —(p) | 12/02/24 | 46 | 64,449 | |
| First Lien Term Loan, 1 Month SOFR + 10.100% | 15.429(c) | 05/25/26 | 22 | 20,649 | |
| Second Lien Term Loan | 8.175 | 08/24/26 | 459 | 8,729 | |
| 93,827 | |||||
| Telecommunications 0.0% | |||||
| GTT Communications, Inc., Closing Date Term Loan, 3 Month SOFR + 9.100% | 14.435(c) | 06/30/28 | 1 | 492 | |
| Total Floating Rate and Other Loans (cost $1,227,614) | 963,443 | ||||
| Residential Mortgage-Backed Securities 19.8% | |||||
| Bayview Financing Trust, Series 2023-01F, Class A, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 4.000%)^ | 9.336(c) | 07/01/26 | 470 | 470,383 | |
| Bellemeade Re Ltd., Series 2022-01, Class M1C, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%) | 9.035(c) | 01/26/32 | 510 | 522,850 | |
| Citigroup Mortgage Loan Trust, | |||||
| Series 2024-RP02, Class A2, 144A | 4.197(cc) | 02/25/63 | 593 | 501,148 | |
| Series 2024-RP02, Class B1, 144A | 0.000(cc) | 02/25/63 | 180 | 125,018 | |
| Series 2024-RP02, Class B2, 144A | 0.000(cc) | 02/25/63 | 65 | 40,503 | |
| Series 2024-RP02, Class B3, PO, 144A | 12.094(s) | 02/25/63 | 165 | 19,247 | |
| Series 2024-RP02, Class B4, PO, 144A | 16.197(s) | 02/25/63 | 299 | 23,450 | |
| Series 2024-RP02, Class M1, 144A | 4.197(cc) | 02/25/63 | 399 | 319,758 | |
| Series 2024-RP02, Class M2, 144A | 0.000(cc) | 02/25/63 | 304 | 235,816 | |
| Series 2024-RP02, Class SA, 144A | 0.000(cc) | 02/25/63 | 18 | 15,106 | |
| Series 2024-RP02, Class X, IO, 144A | 0.000(cc) | 02/25/63 | 9,788 | 11,497 | |
| Connecticut Avenue Securities Trust, | |||||
| Series 2021-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | 8.435(c) | 10/25/41 | 650 | 668,977 | |
| Series 2021-R03, Class 1M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 1.650%) | 6.985(c) | 12/25/41 | 800 | 805,497 | |
| Series 2022-R01, Class 1M2, 144A, 30 Day Average SOFR + 1.900% (Cap N/A, Floor 0.000%) | 7.235(c) | 12/25/41 | 100 | 101,188 | |
16
PGIM Securitized Credit Fund
Schedule of Investments as of June 30, 2024 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Residential Mortgage-Backed Securities (Continued) | |||||
| Connecticut Avenue Securities Trust, (cont’d.) | |||||
| Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%) | 11.585 %(c) | 03/25/42 | 3,000 | $3,332,236 | |
| Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) | 10.585(c) | 03/25/42 | 620 | 672,473 | |
| Series 2022-R04, Class 1M2, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | 8.435(c) | 03/25/42 | 380 | 395,816 | |
| Series 2022-R07, Class 1B1, 144A, 30 Day Average SOFR + 6.800% (Cap N/A, Floor 0.000%) | 12.135(c) | 06/25/42 | 5,800 | 6,572,456 | |
| Series 2022-R08, Class 1B1, 144A, 30 Day Average SOFR + 5.600% (Cap N/A, Floor 5.600%) | 10.935(c) | 07/25/42 | 3,520 | 3,872,273 | |
| Series 2023-R01, Class 1M2, 144A, 30 Day Average SOFR + 3.750% (Cap N/A, Floor 0.000%) | 9.085(c) | 12/25/42 | 120 | 128,544 | |
| Series 2023-R02, Class 1B1, 144A, 30 Day Average SOFR + 5.550% (Cap N/A, Floor 0.000%) | 10.885(c) | 01/25/43 | 8,000 | 8,849,077 | |
| Series 2023-R05, Class 1M2, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 3.100%) | 8.435(c) | 06/25/43 | 600 | 634,022 | |
| Series 2023-R06, Class 1M2, 144A, 30 Day Average SOFR + 2.700% (Cap N/A, Floor 0.000%) | 8.035(c) | 07/25/43 | 500 | 522,428 | |
| Eagle Re Ltd., | |||||
| Series 2021-01, Class M1C, 144A, 30 Day Average SOFR + 2.700% (Cap N/A, Floor 2.700%) | 8.035(c) | 10/25/33 | 80 | 79,944 | |
| Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 2.000%) | 7.335(c) | 09/26/33 | 400 | 402,619 | |
| FHLMC Structured Agency Credit Risk REMIC Trust, | |||||
| Series 2020-DNA01, Class B1, 144A, 30 Day Average SOFR + 2.414% (Cap N/A, Floor 0.000%) | 7.750(c) | 01/25/50 | 900 | 919,125 | |
| Series 2020-DNA02, Class B1, 144A, 30 Day Average SOFR + 2.614% (Cap N/A, Floor 0.000%) | 7.950(c) | 02/25/50 | 1,000 | 1,038,750 | |
| Series 2020-DNA06, Class B1, 144A, 30 Day Average SOFR + 3.000% (Cap N/A, Floor 0.000%) | 8.335(c) | 12/25/50 | 750 | 812,789 | |
| Series 2021-DNA01, Class B1, 144A, 30 Day Average SOFR + 2.650% (Cap N/A, Floor 0.000%) | 7.985(c) | 01/25/51 | 870 | 922,410 | |
| Series 2021-DNA02, Class B1, 144A, 30 Day Average SOFR + 3.400% (Cap N/A, Floor 0.000%) | 8.735(c) | 08/25/33 | 1,250 | 1,396,769 | |
| Series 2021-DNA03, Class B1, 144A, 30 Day Average SOFR + 3.500% (Cap N/A, Floor 0.000%) | 8.835(c) | 10/25/33 | 100 | 112,564 | |
| Series 2021-DNA05, Class B1, 144A, 30 Day Average SOFR + 3.050% (Cap N/A, Floor 0.000%) | 8.385(c) | 01/25/34 | 490 | 523,750 | |
| Series 2022-DNA01, Class M1B, 144A, 30 Day Average SOFR + 1.850% (Cap N/A, Floor 0.000%) | 7.185(c) | 01/25/42 | 620 | 626,959 | |
| Series 2022-DNA02, Class M1B, 144A, 30 Day Average SOFR + 2.400% (Cap N/A, Floor 0.000%) | 7.735(c) | 02/25/42 | 2,300 | 2,357,437 | |
| Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) | 8.235(c) | 04/25/42 | 1,830 | 1,901,918 | |
17
PGIM Securitized Credit Fund
Schedule of Investments as of June 30, 2024 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Residential Mortgage-Backed Securities (Continued) | |||||
| FHLMC Structured Agency Credit Risk REMIC Trust, (cont’d.) | |||||
| Series 2022-DNA03, Class M2, 144A, 30 Day Average SOFR + 4.350% (Cap N/A, Floor 0.000%) | 9.685 %(c) | 04/25/42 | 7,000 | $7,473,620 | |
| Series 2022-DNA05, Class M2, 144A, 30 Day Average SOFR + 6.750% (Cap N/A, Floor 0.000%) | 12.085(c) | 06/25/42 | 6,500 | 7,368,246 | |
| GS Mortgage-Backed Securities Trust, Series 2024-HE01, Class A1, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 1.600%) | 6.935(c) | 08/25/54 | 5,856 | 5,887,427 | |
| Legacy Mortgage Asset Trust, | |||||
| Series 2019-PR01, Class A1, 144A | 7.858(cc) | 09/25/59 | 472 | 471,761 | |
| Series 2021-SL02, Class A, 144A | 1.875 | 10/25/68 | 459 | 455,591 | |
| Oaktown Re VII Ltd., Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | 8.235(c) | 04/25/34 | 800 | 815,441 | |
| PMT Credit Risk Transfer Trust, | |||||
| Series 2019-02R, Class A, 144A, 1 Month SOFR + 3.864% (Cap N/A, Floor 2.750%) | 9.210(c) | 05/30/25 | 1,275 | 1,276,129 | |
| Series 2024-01R, Class A, 144A, 30 Day Average SOFR + 3.500% (Cap N/A, Floor 0.000%) | 8.835(c) | 05/25/33 | 3,879 | 3,888,647 | |
| Series 2024-02R, Class A, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | 8.685(c) | 03/29/27 | 4,877 | 4,873,359 | |
| PMT Issuer Trust - FMSR, Series 2024-FT01, Class A, 144A, 1 Month SOFR + 2.750% (Cap N/A, Floor 2.750%) | 8.095(c) | 12/25/27 | 5,000 | 5,000,000 | |
| PRPM, Series 2024-03, Class A1, 144A | 6.994 | 05/25/29 | 3,948 | 3,961,101 | |
| Radnor Re Ltd., | |||||
| Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%) | 9.035(c) | 11/25/31 | 300 | 306,746 | |
| Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.700% (Cap N/A, Floor 2.700%) | 8.035(c) | 07/25/33 | 450 | 455,967 | |
| RCKT Mortgage Trust, | |||||
| Series 2024-CES03, Class A1A, 144A | 6.591(cc) | 05/25/44 | 2,948 | 2,975,226 | |
| Series 2024-CES04, Class A1A, 144A | 6.147 | 06/25/44 | 3,476 | 3,498,163 | |
| Total Residential Mortgage-Backed Securities (cost $87,390,184) | 88,642,221 | ||||
| Shares | |||||
| Common Stocks 0.0% | |||||
| Oil, Gas & Consumable Fuels | |||||
| Heritage Power LLC*^ | 1,852 | 50,930 | |||
18
PGIM Securitized Credit Fund
Schedule of Investments as of June 30, 2024 (unaudited) (continued)
| Description | Shares | Value | |||
| Common Stocks (Continued) | |||||
| Oil, Gas & Consumable Fuels (cont’d.) | |||||
| Heritage Power LLC*^ | 81 | $2,227 | |||
| Heritage Power LLC*^ | 2,132 | 1,066 | |||
| Total Common Stocks (cost $20,254) | 54,223 | ||||
| Total Long-Term Investments (cost $434,648,074) | 436,940,119 | ||||
| Short-Term Investment 4.2% | |||||
| Affiliated Mutual Fund | |||||
| PGIM Core Government Money Market Fund (7-day effective yield 5.559%) (cost $18,784,741)(wb) | 18,784,741 | 18,784,741 | |||
| TOTAL INVESTMENTS, NET OF OPTION WRITTEN 101.8% (cost $453,432,815) | 455,724,860 | ||||
| Liabilities in excess of other assets(z) (1.8)% | (8,241,799) | ||||
| Net Assets 100.0% | $447,483,061 | ||||
| Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings: |
| EUR—Euro | |
| GBP—British Pound |
| 144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers. | |
| A—Annual payment frequency for swaps | |
| BOA—Bank of America, N.A. | |
| CLO—Collateralized Loan Obligation | |
| CME—Chicago Mercantile Exchange | |
| DAC—Designated Activity Company | |
| EURIBOR—Euro Interbank Offered Rate | |
| FHLMC—Federal Home Loan Mortgage Corporation | |
| FREMF—Freddie Mac Mortgage Trust | |
| GSI—Goldman Sachs International | |
| HSBC—HSBC Bank PLC | |
| IO—Interest Only (Principal amount represents notional) | |
| JPM—JPMorgan Chase Bank N.A. | |
| LP—Limited Partnership | |
| OTC—Over-the-counter | |
| PO—Principal Only | |
| REMIC—Real Estate Mortgage Investment Conduit | |
| SOFR—Secured Overnight Financing Rate |
19
PGIM Securitized Credit Fund
Schedule of Investments as of June 30, 2024 (unaudited) (continued)
| SONIA—Sterling Overnight Index Average | |
| SSB—State Street Bank & Trust Company | |
| T—Swap payment upon termination | |
| 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 $699,632 and 0.2% of net assets. |
| (c) | Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2024. |
| (cc) | Variable rate instrument. The rate shown is based on the latest available information as of June 30, 2024. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
| (d) | Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity. |
| (f) | Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the aggregate original cost of such securities is $89,376. The aggregate value of $6,931 is 0.0% 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. |
| (r) | Principal or notional amount is less than $500 par. |
| (s) | Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date. |
| (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: |
| Futures contracts outstanding at June 30, 2024: | ||||||||
| Number of Contracts | Type | Expiration Date | Current Notional Amount | Value / Unrealized Appreciation (Depreciation) | ||||
| Long Position: | ||||||||
| 160 | 3 Month CME SOFR | Sep. 2024 | $37,861,000 | $(23,293) | ||||
| Short Positions: | ||||||||
| 120 | 2 Year U.S. Treasury Notes | Sep. 2024 | 24,506,250 | (57,669) | ||||
| 10 | 5 Year Euro-Bobl | Sep. 2024 | 1,247,014 | (13,450) | ||||
| 241 | 5 Year U.S. Treasury Notes | Sep. 2024 | 25,685,329 | (90,461) | ||||
| 8 | 10 Year Euro-Bund | Sep. 2024 | 1,127,668 | (13,201) | ||||
| 7 | 10 Year U.S. Treasury Notes | Sep. 2024 | 769,891 | (6,681) | ||||
| 11 | 10 Year U.S. Ultra Treasury Notes | Sep. 2024 | 1,248,844 | (11,406) | ||||
| 20 | 20 Year U.S. Treasury Bonds | Sep. 2024 | 2,366,250 | (19,349) | ||||
| 3 | Euro Schatz Index | Sep. 2024 | 339,598 | (1,609) | ||||
| (213,826) | ||||||||
| $(237,119) | ||||||||
20
PGIM Securitized Credit Fund
Schedule of Investments as of June 30, 2024 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at June 30, 2024:
| 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 07/02/24 | TD | GBP | 4,276 | $5,427,643 | $5,405,379 | $— | $(22,264) | ||||||
| Euro, | |||||||||||||
| Expiring 07/02/24 | JPM | EUR | 63,247 | 67,754,653 | 67,746,845 | — | (7,808) | ||||||
| $73,182,296 | $73,152,224 | — | (30,072) | ||||||||||
| 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 07/02/24 | BOA | GBP | 4,276 | $5,441,250 | $5,405,379 | $35,871 | $— | ||||||
| Expiring 08/02/24 | TD | GBP | 4,276 | 5,428,541 | 5,406,474 | 22,067 | — | ||||||
| Euro, | |||||||||||||
| Expiring 07/02/24 | BOA | EUR | 2,568 | 2,793,472 | 2,751,208 | 42,264 | — | ||||||
| Expiring 07/02/24 | JPM | EUR | 57,679 | 62,835,498 | 61,782,198 | 1,053,300 | — | ||||||
| Expiring 07/02/24 | JPM | EUR | 3,000 | 3,211,741 | 3,213,439 | — | (1,698) | ||||||
| Expiring 08/02/24 | HSBC | EUR | 965 | 1,035,884 | 1,035,381 | 503 | — | ||||||
| Expiring 08/02/24 | JPM | EUR | 63,247 | 67,853,616 | 67,850,059 | 3,557 | — | ||||||
| Expiring 08/02/24 | SSB | EUR | 1,468 | 1,570,844 | 1,574,656 | — | (3,812) | ||||||
| $150,170,846 | $149,018,794 | 1,157,562 | (5,510) | ||||||||||
| $1,157,562 | $(35,582) | ||||||||||||
Credit default swap agreement outstanding at June 30, 2024:
| Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at June 30, 2024(4) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | |||||||||
| OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^: | |||||||||||||||||
| GS_21-PJA | 07/14/24 | 0.500%(T) | 397 | * | $242 | $(3) | $245 | GSI | |||||||||
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 |
21
PGIM Securitized Credit Fund
Schedule of Investments as of June 30, 2024 (unaudited) (continued)
| amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | |
| (2) | If the Fund is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
| (3) | Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
| (4) | Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. |
| * | When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Fund is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. |
Interest rate swap agreements outstanding at June 30, 2024:
| Notional Amount (000)# | Termination Date | Fixed Rate | Floating Rate | Value at Trade Date | Value at June 30, 2024 | Unrealized Appreciation (Depreciation) | ||||||||
| Centrally Cleared Interest Rate Swap Agreements: | ||||||||||||||
| 4,135 | 08/31/24 | 5.384%(T) | 1 Day SOFR(2)(T)/ 5.330% | $— | $(3,292) | $(3,292) | ||||||||
| 2,135 | 08/31/25 | 4.805%(A) | 1 Day SOFR(1)(A)/ 5.330% | — | 15,407 | 15,407 | ||||||||
| 5,215 | 05/13/27 | 4.497%(A) | 1 Day SOFR(1)(A)/ 5.330% | (1,662) | (15,381) | (13,719) | ||||||||
| 3,245 | 05/13/29 | 4.253%(A) | 1 Day SOFR(2)(A)/ 5.330% | 3,847 | 21,322 | 17,475 | ||||||||
| $2,185 | $18,056 | $15,871 | ||||||||||||
| (1) | The Fund pays the fixed rate and receives the floating rate. |
| (2) | The Fund pays the floating rate and receives the fixed rate. |
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).
22