PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited)
Description | Shares | Value | |||
Long-Term Investments 100.1% | |||||
Common Stocks 59.0% | |||||
Aerospace & Defense 0.8% | |||||
AerSale Corp.* | 6,500 | $105,430 | |||
BAE Systems PLC (United Kingdom) | 13,340 | 137,781 | |||
Bharat Electronics Ltd. (India) | 41,076 | 49,563 | |||
General Dynamics Corp. | 11,350 | 2,816,048 | |||
HEICO Corp. | 800 | 122,912 | |||
Kongsberg Gruppen ASA (Norway) | 1,239 | 52,737 | |||
Lockheed Martin Corp. | 7,027 | 3,418,565 | |||
Moog, Inc. (Class A Stock) | 1,800 | 157,968 | |||
Parsons Corp.* | 3,100 | 143,375 | |||
V2X, Inc.* | 1,480 | 61,109 | |||
7,065,488 | |||||
Air Freight & Logistics 0.3% | |||||
FedEx Corp. | 15,750 | 2,727,900 | |||
Hub Group, Inc. (Class A Stock)* | 500 | 39,745 | |||
Radiant Logistics, Inc.* | 10,239 | 52,117 | |||
2,819,762 | |||||
Airlines 0.5% | |||||
Alaska Air Group, Inc.* | 49,300 | 2,116,942 | |||
Delta Air Lines, Inc.* | 35,050 | 1,151,743 | |||
Frontier Group Holdings, Inc.* | 16,050 | 164,833 | |||
SkyWest, Inc.* | 3,660 | 60,427 | |||
Southwest Airlines Co.* | 3,100 | 104,377 | |||
Turk Hava Yollari AO (Turkey)* | 23,799 | 179,276 | |||
United Airlines Holdings, Inc.* | 8,000 | 301,600 | |||
4,079,198 | |||||
Auto Components 0.4% | |||||
Adient PLC* | 6,400 | 222,016 | |||
BorgWarner, Inc. | 60,550 | 2,437,137 | |||
Dana, Inc. | 3,700 | 55,981 | |||
Goodyear Tire & Rubber Co. (The)* | 19,250 | 195,388 | |||
Hyundai Mobis Co. Ltd. (South Korea) | 3,930 | 623,370 | |||
Visteon Corp.* | 2,050 | 268,202 | |||
3,802,094 | |||||
Automobiles 1.2% | |||||
Astra International Tbk PT (Indonesia) | 728,500 | 266,594 |
1
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Shares | Value | |||
Common Stocks (Continued) | |||||
Automobiles (cont’d.) | |||||
BYD Co. Ltd. (China) (Class H Stock) | 27,500 | $674,685 | |||
Ford Motor Co. | 11,450 | 133,163 | |||
General Motors Co. | 69,700 | 2,344,708 | |||
Kia Corp. (South Korea) | 12,551 | 590,531 | |||
Mahindra & Mahindra Ltd. (India) | 28,930 | 435,534 | |||
Mitsubishi Motors Corp. (Japan)* | 15,000 | 56,964 | |||
Nissan Motor Co. Ltd. (Japan) | 12,600 | 39,431 | |||
Stellantis NV | 54,290 | 771,481 | |||
Subaru Corp. (Japan) | 3,100 | 46,934 | |||
Suzuki Motor Corp. (Japan) | 14,400 | 461,194 | |||
Tesla, Inc.* | 40,850 | 5,031,903 | |||
Toyota Motor Corp. (Japan) | 8,270 | 112,824 | |||
10,965,946 | |||||
Banks 3.5% | |||||
Amalgamated Financial Corp. | 900 | 20,736 | |||
Ameris Bancorp | 2,500 | 117,850 | |||
ANZ Group Holdings Ltd. (Australia) | 22,557 | 363,369 | |||
Associated Banc-Corp. | 2,200 | 50,798 | |||
Atlantic Union Bankshares Corp. | 1,000 | 35,140 | |||
Banc of California, Inc. | 2,200 | 35,046 | |||
Banco do Brasil SA (Brazil) | 93,600 | 605,538 | |||
Bank Leumi Le-Israel BM (Israel) | 73,952 | 615,932 | |||
Bank Mandiri Persero Tbk PT (Indonesia) | 181,000 | 115,423 | |||
Bank of America Corp. | 93,600 | 3,100,032 | |||
Bank of Chengdu Co. Ltd. (China) (Class A Stock) | 51,300 | 113,195 | |||
Bank of China Ltd. (China) (Class H Stock) | 409,000 | 148,029 | |||
Bank of Communications Co. Ltd. (China) (Class H Stock) | 221,000 | 126,831 | |||
Bank of Georgia Group PLC (Georgia) | 10,814 | 338,219 | |||
Bank of Jiangsu Co. Ltd. (China) (Class A Stock) | 152,200 | 160,124 | |||
Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 2,698 | 80,427 | |||
BankUnited, Inc. | 1,200 | 40,764 | |||
Barclays PLC (United Kingdom) | 401,218 | 763,443 | |||
Cathay General Bancorp | 2,200 | 89,738 | |||
China CITIC Bank Corp. Ltd. (China) (Class H Stock) | 120,000 | 53,103 | |||
China Construction Bank Corp. (China) (Class H Stock) | 216,000 | 135,084 | |||
China Merchants Bank Co. Ltd. (China) (Class H Stock) | 20,500 | 113,444 | |||
Chongqing Rural Commercial Bank Co. Ltd. (China) (Class A Stock) | 220,700 | 112,506 | |||
Citigroup, Inc. | 70,200 | 3,175,146 | |||
Citizens Financial Group, Inc. | 21,500 | 846,455 | |||
Civista Bancshares, Inc. | 1,900 | 41,819 | |||
CNB Financial Corp. | 4,976 | 118,379 | |||
Coastal Financial Corp.* | 800 | 38,016 |
2
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Shares | Value | |||
Common Stocks (Continued) | |||||
Banks (cont’d.) | |||||
Commonwealth Bank of Australia (Australia) | 658 | $45,701 | |||
Customers Bancorp, Inc.* | 1,360 | 38,542 | |||
DBS Group Holdings Ltd. (Singapore) | 39,900 | 1,009,933 | |||
DNB Bank ASA (Norway) | 36,442 | 719,734 | |||
Enterprise Financial Services Corp. | 1,600 | 78,336 | |||
Eurobank Ergasias Services and Holdings SA (Greece)* | 112,988 | 127,265 | |||
Financial Institutions, Inc. | 6,952 | 169,351 | |||
First BanCorp. (Puerto Rico) | 10,250 | 130,380 | |||
First Internet Bancorp | 4,388 | 106,541 | |||
First Interstate BancSystem, Inc. (Class A Stock) | 300 | 11,595 | |||
Haci Omer Sabanci Holding A/S (Turkey) | 354,080 | 854,710 | |||
Hana Financial Group, Inc. (South Korea) | 21,901 | 729,284 | |||
Hancock Whitney Corp. | 5,650 | 273,404 | |||
Hanmi Financial Corp. | 1,200 | 29,700 | |||
Heartland Financial USA, Inc. | 4,280 | 199,534 | |||
Hope Bancorp, Inc. | 2,620 | 33,562 | |||
Horizon Bancorp, Inc. | 4,300 | 64,844 | |||
Industrial Bank Co. Ltd. (China) (Class A Stock) | 68,600 | 174,023 | |||
ING Groep NV (Netherlands) | 20,541 | 250,213 | |||
JPMorgan Chase & Co. | 20,324 | 2,725,448 | |||
Lloyds Banking Group PLC (United Kingdom) | 1,485,064 | 810,420 | |||
Metropolitan Bank Holding Corp.* | 300 | 17,601 | |||
MidWestOne Financial Group, Inc. | 4,983 | 158,210 | |||
National Bank Holdings Corp. (Class A Stock) | 1,200 | 50,484 | |||
NatWest Group PLC (United Kingdom) | 116,202 | 370,595 | |||
Nordea Bank Abp (Finland) | 46,282 | 495,771 | |||
OFG Bancorp (Puerto Rico) | 10,537 | 290,400 | |||
Old National Bancorp | 11,400 | 204,972 | |||
Old Second Bancorp, Inc. | 4,318 | 69,261 | |||
Origin Bancorp, Inc. | 800 | 29,360 | |||
Orrstown Financial Services, Inc. | 787 | 18,227 | |||
Oversea-Chinese Banking Corp. Ltd. (Singapore) | 79,800 | 725,864 | |||
Peoples Bancorp, Inc. | 400 | 11,300 | |||
Ping An Bank Co. Ltd. (China) (Class A Stock) | 95,500 | 181,075 | |||
Primis Financial Corp. | 3,180 | 37,683 | |||
QCR Holdings, Inc. | 1,473 | 73,120 | |||
RBB Bancorp | 2,400 | 50,040 | |||
Renasant Corp. | 2,000 | 75,180 | |||
Royal Bank of Canada (Canada) | 900 | 84,616 | |||
Sberbank of Russia PJSC (Russia)*^ | 202,510 | — | |||
Shanghai Pudong Development Bank Co. Ltd. (China) (Class A Stock) | 148,000 | 155,474 | |||
Shanghai Rural Commercial Bank Co. Ltd. (China) (Class A Stock) | 57,200 | 48,571 | |||
Shinhan Financial Group Co. Ltd. (South Korea) | 4,584 | 127,616 |
3
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Shares | Value | |||
Common Stocks (Continued) | |||||
Banks (cont’d.) | |||||
Simmons First National Corp. (Class A Stock) | 1,700 | $36,686 | |||
Skandinaviska Enskilda Banken AB (Sweden) (Class A Stock) | 11,138 | 128,230 | |||
Stellar Bancorp, Inc. | 3,000 | 88,380 | |||
Swedbank AB (Sweden) (Class A Stock) | 39,741 | 675,957 | |||
Towne Bank | 600 | 18,504 | |||
Truist Financial Corp. | 41,850 | 1,800,805 | |||
Trustmark Corp. | 400 | 13,964 | |||
Turkiye Is Bankasi A/S (Turkey) (Class C Stock) | 558,106 | 382,035 | |||
U.S. Bancorp | 16,450 | 717,384 | |||
Valley National Bancorp | 17,710 | 200,300 | |||
Wells Fargo & Co. | 104,570 | 4,317,695 | |||
Woori Financial Group, Inc. (South Korea) | 5,229 | 47,769 | |||
31,840,235 | |||||
Beverages 1.2% | |||||
Coca-Cola Co. (The) | 75,300 | 4,789,833 | |||
Coca-Cola Consolidated, Inc. | 540 | 276,674 | |||
Constellation Brands, Inc. (Class A Stock) | 1,800 | 417,150 | |||
Heineken Holding NV (Netherlands) | 1,111 | 85,803 | |||
Heineken NV (Netherlands) | 1,296 | 122,073 | |||
National Beverage Corp.* | 460 | 21,404 | |||
PepsiCo, Inc. | 29,750 | 5,374,635 | |||
Primo Water Corp. | 5,500 | 85,470 | |||
11,173,042 | |||||
Biotechnology 1.3% | |||||
AbbVie, Inc. | 17,655 | 2,853,225 | |||
Amgen, Inc. | 900 | 236,376 | |||
Amicus Therapeutics, Inc.* | 8,700 | 106,227 | |||
Catalyst Pharmaceuticals, Inc.* | 17,570 | 326,802 | |||
Cerevel Therapeutics Holdings, Inc.* | 5,000 | 157,700 | |||
Daan Gene Co. Ltd. (China) (Class A Stock) | 18,400 | 41,319 | |||
Eagle Pharmaceuticals, Inc.* | 2,980 | 87,105 | |||
Eiger BioPharmaceuticals, Inc.* | 8,500 | 10,030 | |||
Emergent BioSolutions, Inc.* | 7,364 | 86,969 | |||
Geron Corp.* | 9,000 | 21,780 | |||
Gilead Sciences, Inc. | 37,639 | 3,231,308 | |||
Horizon Therapeutics PLC* | 3,500 | 398,300 | |||
ImmunoGen, Inc.* | 31,100 | 154,256 | |||
Immunovant, Inc.* | 4,500 | 79,875 | |||
Insmed, Inc.* | 8,600 | 171,828 | |||
IVERIC bio, Inc.* | 700 | 14,987 | |||
Keros Therapeutics, Inc.* | 1,000 | 48,020 |
4
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Shares | Value | |||
Common Stocks (Continued) | |||||
Biotechnology (cont’d.) | |||||
Kiniksa Pharmaceuticals Ltd. (Class A Stock)* | 1,400 | $20,972 | |||
Kodiak Sciences, Inc.* | 1,600 | 11,456 | |||
MacroGenics, Inc.* | 6,100 | 40,931 | |||
MiMedx Group, Inc.* | 14,350 | 39,893 | |||
Organogenesis Holdings, Inc.* | 28,100 | 75,589 | |||
PTC Therapeutics, Inc.* | 4,780 | 182,453 | |||
REGENXBIO, Inc.* | 600 | 13,608 | |||
Vanda Pharmaceuticals, Inc.* | 18,327 | 135,436 | |||
Vaxcyte, Inc.* | 1,200 | 57,540 | |||
Veracyte, Inc.* | 10,650 | 252,724 | |||
Vertex Pharmaceuticals, Inc.* | 9,350 | 2,700,093 | |||
Vir Biotechnology, Inc.* | 6,900 | 174,639 | |||
11,731,441 | |||||
Building Products 0.1% | |||||
AAON, Inc. | 1,600 | 120,512 | |||
Griffon Corp. | 2,100 | 75,159 | |||
Nibe Industrier AB (Sweden) (Class B Stock) | 11,388 | 106,293 | |||
Resideo Technologies, Inc.* | 5,200 | 85,540 | |||
UFP Industries, Inc. | 3,327 | 263,665 | |||
651,169 | |||||
Capital Markets 1.4% | |||||
3i Group PLC (United Kingdom) | 38,112 | 614,645 | |||
AURELIUS Equity Opportunities SE & Co. KGaA (Germany) | 6,058 | 118,117 | |||
Bank of New York Mellon Corp. (The) | 22,900 | 1,042,408 | |||
BGC Partners, Inc. (Class A Stock) | 55,000 | 207,350 | |||
Brookfield Asset Management Ltd. (Canada) (Class A Stock)* | 3,400 | 97,355 | |||
Brookfield Corp. (Canada) | 6,700 | 210,699 | |||
Charles Schwab Corp. (The) | 37,050 | 3,084,783 | |||
CI Financial Corp. (Canada) | 5,400 | 53,880 | |||
Deutsche Bank AG (Germany) | 54,458 | 612,193 | |||
Goldman Sachs Group, Inc. (The) | 10,660 | 3,660,431 | |||
Julius Baer Group Ltd. (Switzerland) | 1,058 | 61,577 | |||
Macquarie Group Ltd. (Australia) | 1,807 | 203,989 | |||
Morgan Stanley | 18,450 | 1,568,619 | |||
Piper Sandler Cos. | 900 | 117,171 | |||
StoneX Group, Inc.* | 1,600 | 152,480 | |||
TMX Group Ltd. (Canada) | 500 | 50,044 | |||
Virtu Financial, Inc. (Class A Stock) | 16,050 | 327,581 | |||
Virtus Investment Partners, Inc. | 840 | 160,810 | |||
12,344,132 |
5
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Shares | Value | |||
Common Stocks (Continued) | |||||
Chemicals 0.9% | |||||
AdvanSix, Inc. | 4,400 | $167,288 | |||
Albemarle Corp. | 4,650 | 1,008,399 | |||
CF Industries Holdings, Inc. | 1,800 | 153,360 | |||
China BlueChemical Ltd. (China) (Class H Stock) | 418,000 | 98,832 | |||
Diversey Holdings Ltd.* | 6,000 | 25,560 | |||
Ecovyst, Inc.* | 11,850 | 104,991 | |||
Elkem ASA (Norway), 144A* | 76,736 | 276,197 | |||
Ingevity Corp.* | 200 | 14,088 | |||
Koppers Holdings, Inc. | 500 | 14,100 | |||
Kronos Worldwide, Inc. | 3,100 | 29,140 | |||
Kumho Petrochemical Co. Ltd. (South Korea) | 3,113 | 310,217 | |||
Linde PLC (United Kingdom) | 1,000 | 326,180 | |||
Livent Corp.* | 7,200 | 143,064 | |||
Lotte Chemical Titan Holding Bhd (Malaysia), 144A | 295,000 | 95,001 | |||
LyondellBasell Industries NV (Class A Stock) | 29,300 | 2,432,779 | |||
Mativ Holdings, Inc. | 500 | 10,450 | |||
Mosaic Co. (The) | 4,700 | 206,189 | |||
Nutrien Ltd. (Canada) | 2,600 | 189,815 | |||
OCI NV (Netherlands) | 1,080 | 38,613 | |||
Petronas Chemicals Group Bhd (Malaysia) | 311,400 | 608,317 | |||
SABIC Agri-Nutrients Co. (Saudi Arabia) | 16,329 | 637,371 | |||
Sasol Ltd. (South Africa) | 3,056 | 48,770 | |||
Sherwin-Williams Co. (The) | 500 | 118,665 | |||
Solvay SA (Belgium) | 2,240 | 226,478 | |||
Valhi, Inc. | 2,200 | 48,400 | |||
Valvoline, Inc. | 3,800 | 124,070 | |||
Yara International ASA (Brazil) | 12,500 | 548,962 | |||
8,005,296 | |||||
Commercial Services & Supplies 0.0% | |||||
BrightView Holdings, Inc.* | 4,600 | 31,694 | |||
Brink’s Co. (The) | 200 | 10,742 | |||
CoreCivic, Inc.* | 2,900 | 33,524 | |||
Deluxe Corp. | 700 | 11,886 | |||
Harsco Corp.* | 9,700 | 61,013 | |||
Interface, Inc. | 2,700 | 26,649 | |||
Matthews International Corp. (Class A Stock) | 400 | 12,176 | |||
SP Plus Corp.* | 2,100 | 72,912 | |||
260,596 | |||||
Communications Equipment 0.8% | |||||
Arista Networks, Inc.* | 12,950 | 1,571,482 | |||
Aviat Networks, Inc.* | 800 | 24,952 |
6
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Shares | Value | |||
Common Stocks (Continued) | |||||
Communications Equipment (cont’d.) | |||||
Calix, Inc.* | 4,350 | $297,671 | |||
Cisco Systems, Inc. | 99,887 | 4,758,617 | |||
CommScope Holding Co., Inc.* | 7,300 | 53,655 | |||
Extreme Networks, Inc.* | 2,300 | 42,113 | |||
NetScout Systems, Inc.* | 4,759 | 154,715 | |||
6,903,205 | |||||
Construction & Engineering 0.2% | |||||
Arcosa, Inc. | 500 | 27,170 | |||
Comfort Systems USA, Inc. | 500 | 57,540 | |||
EMCOR Group, Inc. | 2,600 | 385,086 | |||
Fluor Corp.* | 800 | 27,728 | |||
Greentown Management Holdings Co. Ltd. (China), 144A | 156,000 | 119,370 | |||
Primoris Services Corp. | 3,700 | 81,178 | |||
Sterling Infrastructure, Inc.* | 1,600 | 52,480 | |||
Valmont Industries, Inc. | 600 | 198,402 | |||
Vinci SA (France) | 5,052 | 503,619 | |||
1,452,573 | |||||
Construction Materials 0.2% | |||||
Eagle Materials, Inc. | 13,050 | 1,733,692 | |||
Summit Materials, Inc. (Class A Stock)* | 7,940 | 225,417 | |||
1,959,109 | |||||
Consumer Finance 0.1% | |||||
American Express Co. | 3,100 | 458,025 | |||
Capital One Financial Corp. | 1,900 | 176,624 | |||
Enova International, Inc.* | 5,600 | 214,872 | |||
LendingClub Corp.* | 4,600 | 40,480 | |||
Navient Corp. | 5,300 | 87,185 | |||
Synchrony Financial | 9,300 | 305,598 | |||
1,282,784 | |||||
Containers & Packaging 0.4% | |||||
Berry Global Group, Inc. | 13,850 | 836,955 | |||
Greif, Inc. (Class A Stock) | 3,630 | 243,428 | |||
O-I Glass, Inc.* | 4,200 | 69,594 | |||
Pactiv Evergreen, Inc. | 4,800 | 54,528 | |||
Westrock Co. | 64,550 | 2,269,578 | |||
3,474,083 |
7
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Shares | Value | |||
Common Stocks (Continued) | |||||
Distributors 0.1% | |||||
LKQ Corp. | 10,500 | $560,805 | |||
Diversified Consumer Services 0.1% | |||||
Adtalem Global Education, Inc.* | 3,500 | 124,250 | |||
Chegg, Inc.* | 5,400 | 136,458 | |||
Laureate Education, Inc. (Class A Stock) | 3,600 | 34,632 | |||
MegaStudyEdu Co. Ltd. (South Korea)* | 1,787 | 113,104 | |||
Perdoceo Education Corp.* | 5,800 | 80,620 | |||
Universal Technical Institute, Inc.* | 5,600 | 37,632 | |||
Vivint Smart Home, Inc.* | 9,000 | 107,100 | |||
633,796 | |||||
Diversified Financial Services 0.8% | |||||
A-Mark Precious Metals, Inc. | 400 | 13,892 | |||
Berkshire Hathaway, Inc. (Class B Stock)* | 17,174 | 5,305,049 | |||
Cannae Holdings, Inc.* | 1,880 | 38,822 | |||
ECN Capital Corp. (Canada) | 89,500 | 183,759 | |||
Element Fleet Management Corp. (Canada) | 44,800 | 610,458 | |||
Investor AB (Sweden) (Class A Stock) | 2,562 | 47,665 | |||
Jackson Financial, Inc. (Class A Stock) | 1,300 | 45,227 | |||
ORIX Corp. (Japan) | 39,200 | 627,461 | |||
6,872,333 | |||||
Diversified Telecommunication Services 0.9% | |||||
AT&T, Inc. | 215,350 | 3,964,593 | |||
Bezeq The Israeli Telecommunication Corp. Ltd. (Israel) | 312,393 | 535,913 | |||
China Tower Corp. Ltd. (China) (Class H Stock), 144A | 1,232,000 | 132,202 | |||
Deutsche Telekom AG (Germany) | 26,273 | 522,743 | |||
Globalstar, Inc.* | 15,450 | 20,549 | |||
Liberty Latin America Ltd. (Puerto Rico) (Class A Stock)* | 12,250 | 92,243 | |||
Liberty Latin America Ltd. (Puerto Rico) (Class C Stock)* | 18,950 | 144,020 | |||
Ooredoo QPSC (Qatar) | 68,790 | 174,697 | |||
Proximus SADP (Belgium) | 3,960 | 38,233 | |||
Saudi Telecom Co. (Saudi Arabia) | 31,222 | 303,828 | |||
Spark New Zealand Ltd. (New Zealand) | 13,780 | 47,180 | |||
Telekom Malaysia Bhd (Malaysia) | 77,800 | 95,331 | |||
Verizon Communications, Inc. | 43,290 | 1,705,626 | |||
7,777,158 | |||||
Electric Utilities 0.8% | |||||
ALLETE, Inc. | 2,000 | 129,020 | |||
Avangrid, Inc. | 11,650 | 500,717 |
8
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Shares | Value | |||
Common Stocks (Continued) | |||||
Electric Utilities (cont’d.) | |||||
Centrais Eletricas Brasileiras SA (Brazil) | 5,600 | $44,513 | |||
CESC Ltd. (India) | 100,630 | 92,798 | |||
CPFL Energia SA (Brazil) | 28,200 | 177,231 | |||
Edison International | 9,200 | 585,304 | |||
Entergy Corp. | 9,850 | 1,108,125 | |||
Exelon Corp. | 60,238 | 2,604,089 | |||
Inter RAO UES PJSC (Russia)^ | 4,433,000 | 6 | |||
NRG Energy, Inc. | 11,250 | 357,975 | |||
Otter Tail Corp. | 1,780 | 104,504 | |||
Power Grid Corp. of India Ltd. (India) | 255,315 | 658,254 | |||
SSE PLC (United Kingdom) | 31,320 | 644,156 | |||
7,006,692 | |||||
Electrical Equipment 0.4% | |||||
Acuity Brands, Inc. | 700 | 115,927 | |||
Array Technologies, Inc.* | 3,500 | 67,655 | |||
Atkore, Inc.* | 2,910 | 330,052 | |||
Encore Wire Corp. | 1,730 | 237,979 | |||
Fujikura Ltd. (Japan) | 51,600 | 387,879 | |||
Hubbell, Inc. | 8,150 | 1,912,642 | |||
Idec Corp. (Japan) | 2,500 | 55,161 | |||
LG Energy Solution Ltd. (South Korea)* | 147 | 50,665 | |||
Shoals Technologies Group, Inc. (Class A Stock)* | 4,000 | 98,680 | |||
Sunrun, Inc.* | 23,800 | 571,676 | |||
Thermon Group Holdings, Inc.* | 2,800 | 56,224 | |||
WEG SA (Brazil) | 7,800 | 56,661 | |||
3,941,201 | |||||
Electronic Equipment, Instruments & Components 0.3% | |||||
AT&S Austria Technologie & Systemtechnik AG (Austria) | 1,650 | 56,594 | |||
Belden, Inc. | 2,300 | 165,370 | |||
BH Co. Ltd. (South Korea)* | 3,068 | 54,656 | |||
Citizen Watch Co. Ltd. (Japan) | 14,000 | 62,859 | |||
Compeq Manufacturing Co. Ltd. (Taiwan) | 237,000 | 341,911 | |||
Corning, Inc. | 3,600 | 114,984 | |||
Daeduck Electronics Co. Ltd./New (South Korea) | 2,626 | 39,596 | |||
Delta Electronics, Inc. (Taiwan) | 21,000 | 194,670 | |||
Gold Circuit Electronics Ltd. (Taiwan)* | 139,900 | 393,070 | |||
Hon Hai Precision Industry Co. Ltd. (Taiwan) | 64,000 | 207,439 | |||
LG Innotek Co. Ltd. (South Korea) | 2,654 | 535,255 | |||
Macnica Holdings, Inc. (Japan) | 1,700 | 40,229 | |||
PC Connection, Inc. | 500 | 23,450 | |||
Samsung SDI Co. Ltd. (South Korea) | 224 | 105,177 |
9
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Shares | Value | |||
Common Stocks (Continued) | |||||
Electronic Equipment, Instruments & Components (cont’d.) | |||||
Sanmina Corp.* | 5,230 | $299,627 | |||
ScanSource, Inc.* | 3,880 | 113,374 | |||
TD SYNNEX Corp. | 1,800 | 170,478 | |||
TTM Technologies, Inc.* | 2,400 | 36,192 | |||
Unimicron Technology Corp. (Taiwan) | 28,000 | 108,701 | |||
3,063,632 | |||||
Energy Equipment & Services 0.6% | |||||
Archrock, Inc. | 2,200 | 19,756 | |||
Bristow Group, Inc.* | 2,800 | 75,964 | |||
Halliburton Co. | 70,200 | 2,762,370 | |||
Helmerich & Payne, Inc. | 300 | 14,871 | |||
Liberty Energy, Inc. (Class A Stock) | 8,100 | 129,681 | |||
Newpark Resources, Inc.* | 6,700 | 27,805 | |||
NexTier Oilfield Solutions, Inc.* | 21,950 | 202,818 | |||
Patterson-UTI Energy, Inc. | 4,200 | 70,728 | |||
ProPetro Holding Corp.* | 12,150 | 125,996 | |||
RPC, Inc. | 21,750 | 193,357 | |||
Schlumberger Ltd. | 26,000 | 1,389,960 | |||
Select Energy Services, Inc. (Class A Stock) | 2,700 | 24,948 | |||
TETRA Technologies, Inc.* | 21,150 | 73,179 | |||
U.S. Silica Holdings, Inc.* | 4,200 | 52,500 | |||
5,163,933 | |||||
Entertainment 0.9% | |||||
Electronic Arts, Inc. | 4,000 | 488,720 | |||
GungHo Online Entertainment, Inc. (Japan)* | 28,800 | 465,179 | |||
Lions Gate Entertainment Corp. (Class A Stock)* | 13,750 | 78,513 | |||
Lions Gate Entertainment Corp. (Class B Stock)* | 17,950 | 97,468 | |||
Marcus Corp. (The) | 1,600 | 23,024 | |||
MIXI, Inc. (Japan) | 7,200 | 134,311 | |||
NetEase, Inc. (China) | 7,000 | 101,528 | |||
Netflix, Inc.* | 9,250 | 2,727,640 | |||
Tencent Music Entertainment Group (China), ADR* | 10,000 | 82,800 | |||
Walt Disney Co. (The)* | 42,950 | 3,731,496 | |||
7,930,679 | |||||
Equity Real Estate Investment Trusts (REITs) 1.1% | |||||
American Assets Trust, Inc. | 400 | 10,600 | |||
American Tower Corp. | 1,900 | 402,534 | |||
Americold Realty Trust, Inc. | 17,150 | 485,516 | |||
Apple Hospitality REIT, Inc. | 19,650 | 310,077 |
10
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Shares | Value | |||
Common Stocks (Continued) | |||||
Equity Real Estate Investment Trusts (REITs) (cont’d.) | |||||
Artis Real Estate Investment Trust (Canada) | 19,200 | $127,764 | |||
Braemar Hotels & Resorts, Inc. | 4,000 | 16,440 | |||
Chatham Lodging Trust | 4,900 | 60,123 | |||
DiamondRock Hospitality Co. | 26,200 | 214,578 | |||
Diversified Healthcare Trust | 45,550 | 29,462 | |||
Equinix, Inc. | 1,200 | 786,036 | |||
Franklin Street Properties Corp. | 33,421 | 91,239 | |||
Goodman Group (Australia) | 51,999 | 611,527 | |||
Hersha Hospitality Trust (Class A Stock) | 9,300 | 79,236 | |||
Hudson Pacific Properties, Inc. | 34,650 | 337,144 | |||
Industrial Logistics Properties Trust | 2,800 | 9,156 | |||
iStar, Inc. | 12,650 | 96,520 | |||
Kilroy Realty Corp. | 8,700 | 336,429 | |||
Kite Realty Group Trust | 4,800 | 101,040 | |||
Klepierre SA (France)* | 4,240 | 97,862 | |||
National Health Investors, Inc. | 1,600 | 83,552 | |||
Paramount Group, Inc. | 14,850 | 88,209 | |||
Park Hotels & Resorts, Inc. | 13,850 | 163,292 | |||
Pebblebrook Hotel Trust | 8,000 | 107,120 | |||
Piedmont Office Realty Trust, Inc. (Class A Stock) | 2,960 | 27,143 | |||
Public Storage | 5,550 | 1,555,054 | |||
RLJ Lodging Trust | 6,900 | 73,071 | |||
Ryman Hospitality Properties, Inc. | 1,300 | 106,314 | |||
Safehold, Inc. | 949 | 27,160 | |||
SBA Communications Corp. | 2,200 | 616,682 | |||
Service Properties Trust | 20,150 | 146,894 | |||
Simon Property Group, Inc. | 1,800 | 211,464 | |||
Ventas, Inc. | 31,700 | 1,428,085 | |||
Weyerhaeuser Co. | 30,300 | 939,300 | |||
Xenia Hotels & Resorts, Inc. | 7,100 | 93,578 | |||
9,870,201 | |||||
Food & Staples Retailing 0.8% | |||||
Albertson’s Cos., Inc. (Class A Stock) | 78,150 | 1,620,831 | |||
Alimentation Couche-Tard, Inc. (Canada) | 16,200 | 711,891 | |||
Cencosud SA (Chile) | 88,350 | 145,445 | |||
Costco Wholesale Corp. | 2,950 | 1,346,675 | |||
George Weston Ltd. (Canada) | 300 | 37,221 | |||
Koninklijke Ahold Delhaize NV (Netherlands) | 28,613 | 822,660 | |||
Kroger Co. (The) | 21,150 | 942,867 | |||
Loblaw Cos. Ltd. (Canada) | 7,500 | 663,146 | |||
Metro, Inc. (Canada) | 1,200 | 66,443 | |||
Sprouts Farmers Market, Inc.* | 2,200 | 71,214 | |||
United Natural Foods, Inc.* | 5,800 | 224,518 |
11
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Shares | Value | |||
Common Stocks (Continued) | |||||
Food & Staples Retailing (cont’d.) | |||||
Walmart, Inc. | 6,300 | $893,277 | |||
Woolworths Group Ltd. (Australia) | 1,876 | 42,839 | |||
7,589,027 | |||||
Food Products 1.2% | |||||
Archer-Daniels-Midland Co. | 23,700 | 2,200,545 | |||
Bunge Ltd. | 1,700 | 169,609 | |||
Conagra Brands, Inc. | 4,400 | 170,280 | |||
First Pacific Co. Ltd. (Indonesia) | 836,000 | 249,016 | |||
Hershey Co. (The) | 3,300 | 764,181 | |||
Indofood Sukses Makmur Tbk PT (Indonesia) | 106,800 | 46,167 | |||
JBS SA | 111,800 | 467,129 | |||
Mondelez International, Inc. (Class A Stock) | 7,300 | 486,545 | |||
Mowi ASA (Norway) | 1,980 | 33,740 | |||
Nestle SA | 7,993 | 923,267 | |||
Pilgrim’s Pride Corp.* | 44,250 | 1,050,052 | |||
Post Holdings, Inc.* | 5,500 | 496,430 | |||
Tongwei Co. Ltd. (China) (Class A Stock) | 7,200 | 40,028 | |||
TreeHouse Foods, Inc.* | 4,800 | 237,024 | |||
Tyson Foods, Inc. (Class A Stock) | 37,150 | 2,312,587 | |||
Vital Farms, Inc.* | 2,900 | 43,268 | |||
WH Group Ltd. (Hong Kong), 144A | 70,000 | 40,827 | |||
Wilmar International Ltd. (China) | 235,600 | 733,983 | |||
10,464,678 | |||||
Gas Utilities 0.2% | |||||
Beijing Enterprises Holdings Ltd. (China) | 46,000 | 146,869 | |||
Brookfield Infrastructure Corp. (Canada) (Class A Stock) | 650 | 25,285 | |||
GAIL India Ltd. (India) | 245,105 | 284,627 | |||
New Jersey Resources Corp. | 1,400 | 69,468 | |||
Northwest Natural Holding Co. | 2,900 | 138,011 | |||
Spire, Inc. | 300 | 20,658 | |||
UGI Corp. | 31,500 | 1,167,705 | |||
1,852,623 | |||||
Health Care Equipment & Supplies 1.1% | |||||
Abbott Laboratories | 25,520 | 2,801,841 | |||
Avanos Medical, Inc.* | 5,100 | 138,006 | |||
Axogen, Inc.* | 2,500 | 24,950 | |||
Axonics, Inc.* | 600 | 37,518 | |||
Baxter International, Inc. | 9,000 | 458,730 | |||
Becton, Dickinson & Co. | 800 | 203,440 |
12
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Shares | Value | |||
Common Stocks (Continued) | |||||
Health Care Equipment & Supplies (cont’d.) | |||||
Dexcom, Inc.* | 18,550 | $2,100,602 | |||
Haemonetics Corp.* | 1,600 | 125,840 | |||
Inogen, Inc.* | 2,000 | 39,420 | |||
Inspire Medical Systems, Inc.* | 50 | 12,594 | |||
Integer Holdings Corp.* | 2,800 | 191,688 | |||
iRhythm Technologies, Inc.* | 400 | 37,468 | |||
Lantheus Holdings, Inc.* | 4,450 | 226,772 | |||
Medtronic PLC | 26,100 | 2,028,492 | |||
Merit Medical Systems, Inc.* | 4,650 | 328,383 | |||
NuVasive, Inc.* | 300 | 12,372 | |||
SD Biosensor, Inc. (South Korea) | 2,250 | 53,881 | |||
Shockwave Medical, Inc.* | 1,280 | 263,181 | |||
Silk Road Medical, Inc.* | 1,300 | 68,705 | |||
TaiDoc Technology Corp. (Taiwan)* | 9,000 | 54,097 | |||
ViewRay, Inc.* | 2,800 | 12,544 | |||
Zimmer Biomet Holdings, Inc. | 5,500 | 701,250 | |||
9,921,774 | |||||
Health Care Providers & Services 2.1% | |||||
AdaptHealth Corp.* | 1,300 | 24,986 | |||
Alignment Healthcare, Inc.* | 16,050 | 188,748 | |||
Bangkok Chain Hospital PCL (Thailand) | 264,300 | 156,483 | |||
BML, Inc. (Japan) | 10,700 | 271,440 | |||
Brookdale Senior Living, Inc.* | 18,050 | 49,277 | |||
Bumrungrad Hospital PCL (Thailand) | 15,000 | 91,765 | |||
Castle Biosciences, Inc.* | 900 | 21,186 | |||
Centene Corp.* | 2,300 | 188,623 | |||
Chularat Hospital PCL (Thailand) | 1,070,000 | 113,676 | |||
Cigna Corp. | 12,250 | 4,058,915 | |||
CorVel Corp.* | 400 | 58,132 | |||
CVS Health Corp. | 38,350 | 3,573,836 | |||
Ensign Group, Inc. (The) | 1,680 | 158,945 | |||
Fulgent Genetics, Inc.* | 300 | 8,934 | |||
H.U. Group Holdings, Inc. (Japan) | 8,500 | 185,652 | |||
ModivCare, Inc.* | 1,500 | 134,595 | |||
Molina Healthcare, Inc.* | 4,850 | 1,601,567 | |||
National HealthCare Corp. | 300 | 17,850 | |||
OPKO Health, Inc.* | 32,560 | 40,700 | |||
UnitedHealth Group, Inc. | 14,460 | 7,666,403 | |||
18,611,713 | |||||
Health Care Technology 0.0% | |||||
Allscripts Healthcare Solutions, Inc.* | 2,600 | 45,864 |
13
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Shares | Value | |||
Common Stocks (Continued) | |||||
Health Care Technology (cont’d.) | |||||
Computer Programs & Systems, Inc.* | 1,800 | $48,996 | |||
Evolent Health, Inc. (Class A Stock)* | 5,400 | 151,632 | |||
Multiplan Corp.* | 46,900 | 53,935 | |||
300,427 | |||||
Hotels, Restaurants & Leisure 1.3% | |||||
Accel Entertainment, Inc.* | 4,200 | 32,340 | |||
Adventure, Inc. (Japan) | 600 | 42,254 | |||
Aristocrat Leisure Ltd. (Australia) | 27,010 | 556,563 | |||
Biglari Holdings, Inc. (Class B Stock)* | 270 | 37,476 | |||
Bloomin’ Brands, Inc. | 4,900 | 98,588 | |||
Booking Holdings, Inc.* | 1,470 | 2,962,462 | |||
Century Casinos, Inc.* | 13,850 | 97,365 | |||
Chipotle Mexican Grill, Inc.* | 500 | 693,745 | |||
Chuy’s Holdings, Inc.* | 500 | 14,150 | |||
Compass Group PLC (United Kingdom) | 8,910 | 205,750 | |||
Dave & Buster’s Entertainment, Inc.* | 3,100 | 109,864 | |||
Evolution AB (Sweden), 144A | 421 | 41,007 | |||
Expedia Group, Inc.* | 1,400 | 122,640 | |||
Golden Entertainment, Inc.* | 800 | 29,920 | |||
Hilton Grand Vacations, Inc.* | 4,200 | 161,868 | |||
Light & Wonder, Inc.* | 3,950 | 231,470 | |||
Marriott International, Inc. (Class A Stock) | 18,400 | 2,739,576 | |||
McDonald’s Corp. | 1,220 | 321,507 | |||
ONE Group Hospitality, Inc. (The)* | 1,700 | 10,710 | |||
Oriental Land Co. Ltd. (Japan) | 1,900 | 276,496 | |||
RCI Hospitality Holdings, Inc. | 587 | 54,702 | |||
Scandic Hotels Group AB (Sweden), 144A* | 16,875 | 52,187 | |||
Starbucks Corp. | 24,900 | 2,470,080 | |||
Texas Roadhouse, Inc. | 1,100 | 100,045 | |||
Wingstop, Inc. | 1,100 | 151,382 | |||
11,614,147 | |||||
Household Durables 0.1% | |||||
M/I Homes, Inc.* | 1,700 | 78,506 | |||
Meritage Homes Corp.* | 1,580 | 145,676 | |||
Taylor Morrison Home Corp.* | 9,150 | 277,702 | |||
Tri Pointe Homes, Inc.* | 2,000 | 37,180 | |||
539,064 | |||||
Household Products 0.8% | |||||
Colgate-Palmolive Co. | 23,500 | 1,851,565 |
14
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Shares | Value | |||
Common Stocks (Continued) | |||||
Household Products (cont’d.) | |||||
Kimberly-Clark Corp. | 8,250 | $1,119,938 | |||
Procter & Gamble Co. (The) | 24,479 | 3,710,037 | |||
Reckitt Benckiser Group PLC (United Kingdom) | 7,975 | 552,798 | |||
7,234,338 | |||||
Independent Power & Renewable Electricity Producers 0.4% | |||||
AES Corp. (The) | 47,580 | 1,368,401 | |||
Clearway Energy, Inc. (Class A Stock) | 1,600 | 47,872 | |||
Clearway Energy, Inc. (Class C Stock) | 5,900 | 188,033 | |||
NTPC Ltd. (India) | 184,973 | 371,996 | |||
Ormat Technologies, Inc. | 600 | 51,888 | |||
Vistra Corp. | 78,050 | 1,810,760 | |||
3,838,950 | |||||
Industrial Conglomerates 1.0% | |||||
3M Co. | 22,800 | 2,734,176 | |||
CITIC Ltd. (China) | 494,000 | 519,407 | |||
General Electric Co. | 13,950 | 1,168,870 | |||
GS Holdings Corp. (South Korea) | 1,768 | 61,355 | |||
Hitachi Ltd. (Japan) | 5,400 | 271,708 | |||
Honeywell International, Inc. | 10,950 | 2,346,585 | |||
Industries Qatar QSC (Qatar) | 150,550 | 531,404 | |||
Jardine Matheson Holdings Ltd. (Hong Kong) | 12,100 | 615,537 | |||
KOC Holding A/S (Turkey) | 116,260 | 521,582 | |||
Mytilineos SA (Greece) | 3,129 | 67,980 | |||
Samsung C&T Corp. (South Korea) | 1,107 | 99,731 | |||
Smiths Group PLC (United Kingdom) | 5,678 | 108,973 | |||
9,047,308 | |||||
Insurance 1.9% | |||||
Ambac Financial Group, Inc.* | 1,200 | 20,928 | |||
American International Group, Inc. | 29,600 | 1,871,904 | |||
Argo Group International Holdings Ltd. | 2,000 | 51,700 | |||
AXA SA (France) | 29,246 | 814,663 | |||
Bright Health Group, Inc.* | 21,150 | 13,745 | |||
Chubb Ltd. | 14,150 | 3,121,490 | |||
Coface SA (France)* | 44,444 | 577,024 | |||
Dai-ichi Life Holdings, Inc. (Japan) | 38,800 | 876,235 | |||
DB Insurance Co. Ltd. (South Korea) | 1,020 | 52,872 | |||
eHealth, Inc.* | 2,500 | 12,100 | |||
Employers Holdings, Inc. | 2,100 | 90,573 | |||
Enstar Group Ltd.* | 1,150 | 265,696 |
15
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Shares | Value | |||
Common Stocks (Continued) | |||||
Insurance (cont’d.) | |||||
Fairfax Financial Holdings Ltd. (Canada) | 800 | $473,897 | |||
Genworth Financial, Inc. (Class A Stock)* | 43,750 | 231,438 | |||
Hartford Financial Services Group, Inc. (The) | 14,950 | 1,133,658 | |||
Japan Post Holdings Co. Ltd. (Japan) | 83,400 | 701,724 | |||
Japan Post Insurance Co. Ltd. (Japan) | 3,100 | 54,520 | |||
Kinsale Capital Group, Inc. | 660 | 172,603 | |||
NN Group NV (Netherlands) | 14,925 | 610,316 | |||
Oscar Health, Inc. (Class A Stock)* | 10,500 | 25,830 | |||
PICC Property & Casualty Co. Ltd. (China) (Class H Stock) | 444,000 | 419,800 | |||
Poste Italiane SpA (Italy), 144A | 4,720 | 46,051 | |||
Progressive Corp. (The) | 21,900 | 2,840,649 | |||
Reinsurance Group of America, Inc. | 6,800 | 966,212 | |||
Sampo OYJ (Finland) (Class A Stock) | 12,870 | 672,194 | |||
Samsung Fire & Marine Insurance Co. Ltd. (South Korea) | 690 | 109,186 | |||
SiriusPoint Ltd. (Bermuda)* | 9,700 | 57,230 | |||
Stewart Information Services Corp. | 200 | 8,546 | |||
Sun Life Financial, Inc. (Canada) | 3,800 | 176,388 | |||
Zurich Insurance Group AG (Switzerland) | 427 | 204,139 | |||
16,673,311 | |||||
Interactive Media & Services 2.0% | |||||
Alphabet, Inc. (Class A Stock)* | 76,700 | 6,767,241 | |||
Alphabet, Inc. (Class C Stock)* | 69,740 | 6,188,030 | |||
Cargurus, Inc.* | 5,000 | 70,050 | |||
Meta Platforms, Inc. (Class A Stock)* | 38,744 | 4,662,453 | |||
Outbrain, Inc.* | 7,500 | 27,150 | |||
Tencent Holdings Ltd. (China) | 12,700 | 538,485 | |||
TrueCar, Inc.* | 23,600 | 59,236 | |||
Yelp, Inc.* | 400 | 10,936 | |||
18,323,581 | |||||
Internet & Direct Marketing Retail 0.9% | |||||
Alibaba Group Holding Ltd. (China)* | 11,900 | 130,578 | |||
Amazon.com, Inc.* | 84,390 | 7,088,760 | |||
Duluth Holdings, Inc. (Class B Stock)* | 6,100 | 37,698 | |||
Lands’ End, Inc.* | 1,400 | 10,626 | |||
Pinduoduo, Inc. (China), ADR* | 11,300 | 921,515 | |||
Qurate Retail, Inc. (Class A Stock)* | 29,500 | 48,085 | |||
8,237,262 | |||||
IT Services 1.8% | |||||
Accenture PLC (Class A Stock) | 4,680 | 1,248,811 |
16
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Shares | Value | |||
Common Stocks (Continued) | |||||
IT Services (cont’d.) | |||||
Automatic Data Processing, Inc. | 12,250 | $2,926,035 | |||
Capgemini SE (France) | 723 | 120,868 | |||
CGI, Inc. (Canada)* | 8,600 | 741,290 | |||
Change, Inc. (Japan) | 3,900 | 63,948 | |||
Conduent, Inc.* | 5,400 | 21,870 | |||
Edenred (France) | 1,247 | 67,868 | |||
Fidelity National Information Services, Inc. | 3,400 | 230,690 | |||
Gartner, Inc.* | 700 | 235,298 | |||
Hackett Group, Inc. (The) | 7,580 | 154,405 | |||
HCL Technologies Ltd. (India) | 46,668 | 585,258 | |||
Information Services International-Dentsu Ltd. (Japan) | 3,300 | 97,887 | |||
International Business Machines Corp. | 8,544 | 1,203,764 | |||
Mastercard, Inc. (Class A Stock) | 10,150 | 3,529,459 | |||
Payoneer Global, Inc.* | 20,050 | 109,674 | |||
Paysafe Ltd.* | 4,900 | 68,061 | |||
Sabre Corp.* | 2,600 | 16,068 | |||
SS&C Technologies Holdings, Inc. | 8,000 | 416,480 | |||
StoneCo Ltd. (Brazil) (Class A Stock)* | 3,700 | 34,928 | |||
TTEC Holdings, Inc. | 1,400 | 61,782 | |||
Visa, Inc. (Class A Stock) | 22,455 | 4,665,251 | |||
16,599,695 | |||||
Leisure Products 0.0% | |||||
GOLFZON Co. Ltd. (South Korea)* | 1,575 | 141,642 | |||
Malibu Boats, Inc. (Class A Stock)* | 2,900 | 154,570 | |||
MasterCraft Boat Holdings, Inc.* | 5,159 | 133,463 | |||
429,675 | |||||
Life Sciences Tools & Services 0.6% | |||||
Adaptive Biotechnologies Corp.* | 4,400 | 33,616 | |||
Avantor, Inc.* | 38,550 | 813,019 | |||
Danaher Corp. | 5,110 | 1,356,296 | |||
NeoGenomics, Inc.* | 12,550 | 115,962 | |||
SomaLogic, Inc.* | 13,950 | 35,015 | |||
Sotera Health Co.* | 139,400 | 1,161,202 | |||
Syneos Health, Inc.* | 3,800 | 139,384 | |||
Thermo Fisher Scientific, Inc. | 2,883 | 1,587,639 | |||
5,242,133 | |||||
Machinery 1.3% | |||||
Altra Industrial Motion Corp. | 960 | 57,360 | |||
Atlas Copco AB (Sweden) (Class A Stock) | 18,086 | 214,290 |
17
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Shares | Value | |||
Common Stocks (Continued) | |||||
Machinery (cont’d.) | |||||
Atlas Copco AB (Sweden) (Class B Stock) | 8,224 | $87,747 | |||
Caterpillar, Inc. | 14,450 | 3,461,642 | |||
Daimler Truck Holding AG (Germany)* | 18,980 | 583,478 | |||
Deere & Co. | 2,200 | 943,272 | |||
Epiroc AB (Sweden) (Class A Stock) | 3,175 | 57,814 | |||
Hillenbrand, Inc. | 6,650 | 283,756 | |||
Hitachi Construction Machinery Co. Ltd. (Japan) | 5,500 | 122,575 | |||
IDEX Corp. | 2,300 | 525,159 | |||
Japan Steel Works Ltd. (The) (Japan) | 5,100 | 100,186 | |||
Komatsu Ltd. (Japan) | 29,900 | 646,262 | |||
Makino Milling Machine Co. Ltd. (Japan) | 1,800 | 58,807 | |||
Mueller Industries, Inc. | 4,150 | 244,850 | |||
PACCAR, Inc. | 28,600 | 2,830,542 | |||
REV Group, Inc. | 2,700 | 34,074 | |||
Standex International Corp. | 1,000 | 102,410 | |||
Terex Corp. | 5,400 | 230,688 | |||
Titan International, Inc.* | 15,050 | 230,566 | |||
Trinity Industries, Inc. | 500 | 14,785 | |||
Volvo AB (Sweden) (Class B Stock) | 39,291 | 709,737 | |||
Wabash National Corp. | 2,000 | 45,200 | |||
11,585,200 | |||||
Marine 0.3% | |||||
AP Moller - Maersk A/S (Denmark) (Class B Stock) | 328 | 734,262 | |||
D/S Norden A/S (Denmark) | 2,470 | 148,854 | |||
Evergreen Marine Corp. Taiwan Ltd. (Taiwan) | 79,600 | 420,703 | |||
Kuehne + Nagel International AG (Switzerland) | 2,663 | 619,102 | |||
Orient Overseas International Ltd. (Hong Kong) | 21,000 | 378,492 | |||
Safe Bulkers, Inc. (Greece) | 9,600 | 27,936 | |||
SITC International Holdings Co. Ltd. (China) | 15,000 | 33,247 | |||
Yang Ming Marine Transport Corp. (Taiwan) | 91,000 | 193,306 | |||
2,555,902 | |||||
Media 0.2% | |||||
Advantage Solutions, Inc.* | 10,050 | 20,904 | |||
Cheil Worldwide, Inc. (South Korea) | 22,621 | 413,177 | |||
Comcast Corp. (Class A Stock) | 5,893 | 206,078 | |||
Gray Television, Inc. | 3,860 | 43,193 | |||
Informa PLC (United Kingdom) | 7,800 | 58,186 | |||
Publicis Groupe SA (France) | 10,797 | 689,738 | |||
WPP PLC (United Kingdom) | 63,315 | 625,552 | |||
2,056,828 |
18
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Shares | Value | |||
Common Stocks (Continued) | |||||
Metals & Mining 0.8% | |||||
African Rainbow Minerals Ltd. (South Africa) | 14,628 | $247,176 | |||
Alpha Metallurgical Resources, Inc. | 500 | 73,195 | |||
Anglo American Platinum Ltd. (South Africa) | 3,024 | 252,373 | |||
BHP Group Ltd. (Australia) | 32,620 | 1,010,468 | |||
BlueScope Steel Ltd. (Australia) | 3,220 | 36,699 | |||
Commercial Metals Co. | 900 | 43,470 | |||
Fortescue Metals Group Ltd. (Australia) | 24,784 | 346,410 | |||
Glencore PLC (Australia) | 47,554 | 317,121 | |||
Hindalco Industries Ltd. (India) | 9,261 | 52,944 | |||
Iluka Resources Ltd. (Australia) | 9,175 | 59,018 | |||
Koza Anadolu Metal Madencilik Isletmeleri A/S (Turkey)* | 56,379 | 160,021 | |||
National Aluminium Co. Ltd. (India) | 62,946 | 61,136 | |||
Nippon Steel Corp. (Japan) | 40,000 | 694,046 | |||
Pacific Metals Co. Ltd. (Japan) | 3,500 | 50,486 | |||
Polyus PJSC (Russia)*^ | 3,704 | — | |||
POSCO Holdings, Inc. (South Korea) | 2,437 | 533,342 | |||
Rio Tinto Ltd. (Australia) | 1,960 | 154,694 | |||
Ryerson Holding Corp. | 3,900 | 118,014 | |||
Schnitzer Steel Industries, Inc. (Class A Stock) | 1,900 | 58,235 | |||
Sibanye Stillwater Ltd. (South Africa) | 106,125 | 281,362 | |||
SSAB AB (Sweden) (Class A Stock) | 59,670 | 326,481 | |||
SunCoke Energy, Inc. | 4,000 | 34,520 | |||
Tata Steel Ltd. (India) | 434,534 | 591,839 | |||
Tokyo Steel Manufacturing Co. Ltd. (Japan) | 27,600 | 248,024 | |||
Vale SA (Brazil) | 17,700 | 299,874 | |||
Vedanta Ltd. (India) | 66,105 | 246,037 | |||
West African Resources Ltd. (Australia)* | 629,919 | 509,572 | |||
6,806,557 | |||||
Mortgage Real Estate Investment Trusts (REITs) 0.0% | |||||
Apollo Commercial Real Estate Finance, Inc. | 1,200 | 12,912 | |||
BrightSpire Capital, Inc. | 2,000 | 12,460 | |||
Chimera Investment Corp. | 2,400 | 13,200 | |||
Granite Point Mortgage Trust, Inc. | 4,000 | 21,440 | |||
Ladder Capital Corp. | 3,800 | 38,152 | |||
Rithm Capital Corp. | 25,600 | 209,152 | |||
TPG RE Finance Trust, Inc. | 14,670 | 99,609 | |||
406,925 | |||||
Multiline Retail 0.3% | |||||
Dollar General Corp. | 8,850 | 2,179,312 |
19
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Shares | Value | |||
Common Stocks (Continued) | |||||
Multiline Retail (cont’d.) | |||||
Dollarama, Inc. (Canada) | 10,600 | $619,951 | |||
Europris ASA (Norway), 144A | 6,933 | 48,567 | |||
2,847,830 | |||||
Multi-Utilities 0.5% | |||||
Dominion Energy, Inc. | 11,100 | 680,652 | |||
DTE Energy Co. | 1,800 | 211,554 | |||
E.ON SE (Germany) | 80,339 | 798,731 | |||
Engie SA (France) | 60,059 | 859,209 | |||
NorthWestern Corp. | 1,800 | 106,812 | |||
Sempra Energy | 11,950 | 1,846,753 | |||
Unitil Corp. | 300 | 15,408 | |||
4,519,119 | |||||
Oil, Gas & Consumable Fuels 3.0% | |||||
Adaro Energy Indonesia Tbk PT (Indonesia) | 161,700 | 40,055 | |||
ARC Resources Ltd. (Canada) | 3,400 | 45,827 | |||
Berry Corp. | 11,850 | 94,800 | |||
California Resources Corp. | 3,400 | 147,934 | |||
Chevron Corp. | 21,400 | 3,841,086 | |||
China Shenhua Energy Co. Ltd. (China) (Class H Stock) | 249,500 | 718,730 | |||
Chord Energy Corp. | 1,850 | 253,099 | |||
Civitas Resources, Inc. | 1,100 | 63,723 | |||
Coal India Ltd. (India) | 212,961 | 579,350 | |||
ConocoPhillips | 30,000 | 3,540,000 | |||
CONSOL Energy, Inc. | 4,250 | 276,250 | |||
Cosmo Energy Holdings Co. Ltd. (Japan) | 4,800 | 127,057 | |||
Diamondback Energy, Inc. | 5,400 | 738,612 | |||
Eni SpA (Italy) | 11,928 | 169,610 | |||
Equinor ASA (Norway) | 21,634 | 777,532 | |||
Exxon Mobil Corp. | 53,600 | 5,912,080 | |||
Imperial Oil Ltd. (Canada) | 12,400 | 603,973 | |||
Indo Tambangraya Megah Tbk PT (Indonesia) | 18,900 | 47,468 | |||
Inner Mongolia Yitai Coal Co. Ltd. (China) (Class B Stock) | 33,800 | 44,564 | |||
LUKOIL PJSC (Russia)^ | 10,297 | — | |||
Marathon Petroleum Corp. | 23,000 | 2,676,970 | |||
Murphy Oil Corp. | 8,050 | 346,230 | |||
PBF Energy, Inc. (Class A Stock) | 300 | 12,234 | |||
Petroleo Brasileiro SA (Brazil) | 19,400 | 102,872 | |||
Pioneer Natural Resources Co. | 600 | 137,034 | |||
Rosneft Oil Co. PJSC (Russia)^ | 31,520 | — | |||
SFL Corp. Ltd. (Norway) | 3,300 | 30,426 | |||
Shaanxi Coal Industry Co. Ltd. (China) (Class A Stock) | 63,600 | 170,522 |
20
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Shares | Value | |||
Common Stocks (Continued) | |||||
Oil, Gas & Consumable Fuels (cont’d.) | |||||
Shell PLC (Netherlands) | 36,955 | $1,041,792 | |||
SM Energy Co. | 7,350 | 256,000 | |||
Suncor Energy, Inc. (Canada) | 15,900 | 504,361 | |||
Talos Energy, Inc.* | 3,000 | 56,640 | |||
Valero Energy Corp. | 25,600 | 3,247,616 | |||
Whitehaven Coal Ltd. (Australia) | 18,712 | 119,213 | |||
World Fuel Services Corp. | 1,349 | 36,868 | |||
Yankuang Energy Group Co. Ltd. (China) (Class H Stock) | 12,000 | 36,500 | |||
26,797,028 | |||||
Paper & Forest Products 0.1% | |||||
Suzano SA (Brazil) | 54,800 | 505,973 | |||
Sylvamo Corp. | 4,100 | 199,219 | |||
705,192 | |||||
Personal Products 0.2% | |||||
Chlitina Holding Ltd. (China) | 88,000 | 567,856 | |||
elf Beauty, Inc.* | 4,450 | 246,085 | |||
Haleon PLC* | 59,393 | 234,995 | |||
Herbalife Nutrition Ltd.* | 7,300 | 108,624 | |||
Unilever PLC (United Kingdom) | 12,852 | 648,870 | |||
1,806,430 | |||||
Pharmaceuticals 3.2% | |||||
Amneal Pharmaceuticals, Inc.* | 11,950 | 23,781 | |||
Amphastar Pharmaceuticals, Inc.* | 1,900 | 53,238 | |||
Astellas Pharma, Inc. (Japan) | 9,100 | 138,371 | |||
AstraZeneca PLC (United Kingdom) | 2,183 | 295,402 | |||
Bayer AG (Germany) | 12,053 | 620,369 | |||
Bristol-Myers Squibb Co. | 25,820 | 1,857,749 | |||
China Medical System Holdings Ltd. (China) | 263,000 | 411,539 | |||
Chugai Pharmaceutical Co. Ltd. (Japan) | 18,700 | 476,977 | |||
CSPC Pharmaceutical Group Ltd. (China) | 46,800 | 48,722 | |||
Eli Lilly & Co. | 2,800 | 1,024,352 | |||
GSK PLC | 47,514 | 821,196 | |||
Harmony Biosciences Holdings, Inc.* | 1,900 | 104,690 | |||
Intra-Cellular Therapies, Inc.* | 1,200 | 63,504 | |||
Ipsen SA (France) | 4,309 | 463,479 | |||
Jazz Pharmaceuticals PLC* | 5,300 | 844,343 | |||
Johnson & Johnson | 26,069 | 4,605,089 | |||
Merck & Co., Inc. | 53,100 | 5,891,445 | |||
Merck KGaA (Germany) | 4,379 | 844,886 |
21
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Shares | Value | |||
Common Stocks (Continued) | |||||
Pharmaceuticals (cont’d.) | |||||
Novartis AG (Switzerland) | 10,041 | $908,685 | |||
Novo Nordisk A/S (Denmark) (Class B Stock) | 8,374 | 1,137,320 | |||
Ono Pharmaceutical Co. Ltd. (Japan) | 1,800 | 42,072 | |||
Pfizer, Inc. | 95,100 | 4,872,924 | |||
Phibro Animal Health Corp. (Class A Stock) | 2,300 | 30,843 | |||
Prestige Consumer Healthcare, Inc.* | 3,910 | 244,766 | |||
Roche Holding AG | 3,251 | 1,021,586 | |||
Sanofi (France) | 12,718 | 1,226,353 | |||
Shionogi & Co. Ltd. (Japan) | 1,400 | 69,850 | |||
SIGA Technologies, Inc. | 14,450 | 106,352 | |||
Sun Pharmaceutical Industries Ltd. (India) | 33,350 | 403,302 | |||
28,653,185 | |||||
Professional Services 0.5% | |||||
Alight, Inc. (Class A Stock)* | 1,300 | 10,868 | |||
Arcadis NV (Netherlands) | 3,302 | 130,002 | |||
Barrett Business Services, Inc. | 200 | 18,656 | |||
CoStar Group, Inc.* | 22,300 | 1,723,344 | |||
Insperity, Inc. | 2,000 | 227,200 | |||
Korn Ferry | 4,300 | 217,666 | |||
Leidos Holdings, Inc. | 7,800 | 820,482 | |||
Randstad NV (Netherlands) | 840 | 51,326 | |||
TriNet Group, Inc.* | 1,700 | 115,260 | |||
TrueBlue, Inc.* | 2,100 | 41,118 | |||
Wolters Kluwer NV (Netherlands) | 6,688 | 699,801 | |||
4,055,723 | |||||
Real Estate Management & Development 0.2% | |||||
Anywhere Real Estate, Inc.* | 5,600 | 35,784 | |||
Cushman & Wakefield PLC* | 4,300 | 53,578 | |||
Emaar Properties PJSC (United Arab Emirates) | 335,595 | 533,908 | |||
Forestar Group, Inc.* | 2,600 | 40,066 | |||
KE Holdings, Inc. (China), ADR* | 3,000 | 41,880 | |||
Longfor Group Holdings Ltd. (China), 144A | 148,000 | 455,421 | |||
Newmark Group, Inc. (Class A Stock) | 11,750 | 93,648 | |||
Opendoor Technologies, Inc.* | 216,400 | 251,024 | |||
1,505,309 | |||||
Road & Rail 0.1% | |||||
CSX Corp. | 32,500 | 1,006,850 |
22
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Shares | Value | |||
Common Stocks (Continued) | |||||
Road & Rail (cont’d.) | |||||
Daseke, Inc.* | 3,800 | $21,622 | |||
Ryder System, Inc. | 3,100 | 259,067 | |||
1,287,539 | |||||
Semiconductors & Semiconductor Equipment 2.7% | |||||
Amkor Technology, Inc. | 11,450 | 274,571 | |||
Analog Devices, Inc. | 6,000 | 984,180 | |||
ASML Holding NV (Netherlands) | 1,643 | 895,849 | |||
Axcelis Technologies, Inc.* | 100 | 7,936 | |||
Broadcom, Inc. | 9,230 | 5,160,770 | |||
Daqo New Energy Corp. (China), ADR* | 1,200 | 46,332 | |||
Diodes, Inc.* | 900 | 68,526 | |||
Enphase Energy, Inc.* | 10,550 | 2,795,328 | |||
Impinj, Inc.* | 2,000 | 218,360 | |||
Infineon Technologies AG (Germany) | 24,424 | 742,292 | |||
Intel Corp. | 127,618 | 3,372,944 | |||
Microchip Technology, Inc. | 15,950 | 1,120,487 | |||
NVIDIA Corp. | 14,950 | 2,184,793 | |||
NXP Semiconductors NV (China) | 5,300 | 837,559 | |||
PDF Solutions, Inc.* | 4,800 | 136,896 | |||
Photronics, Inc.* | 10,900 | 183,447 | |||
QUALCOMM, Inc. | 15,550 | 1,709,567 | |||
Semtech Corp.* | 5,380 | 154,352 | |||
STMicroelectronics NV (Singapore) | 19,529 | 693,984 | |||
SUMCO Corp. (Japan) | 36,400 | 482,249 | |||
Synaptics, Inc.* | 400 | 38,064 | |||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 92,000 | 1,336,159 | |||
Ultra Clean Holdings, Inc.* | 3,000 | 99,450 | |||
United Microelectronics Corp. (Taiwan)* | 496,000 | 651,687 | |||
24,195,782 | |||||
Software 4.1% | |||||
ACI Worldwide, Inc.* | 2,600 | 59,800 | |||
Adeia, Inc. | 6,100 | 57,828 | |||
Adobe, Inc.* | 12,768 | 4,296,815 | |||
Agilysys, Inc.* | 1,400 | 110,796 | |||
Box, Inc. (Class A Stock)* | 8,050 | 250,597 | |||
Check Point Software Technologies Ltd. (Israel)* | 1,000 | 126,160 | |||
CommVault Systems, Inc.* | 1,600 | 100,544 | |||
Dassault Systemes SE (France) | 18,360 | 660,220 | |||
Ebix, Inc. | 2,000 | 39,920 | |||
EngageSmart, Inc.* | 6,800 | 119,680 | |||
Microsoft Corp. | 90,866 | 21,791,484 |
23
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Shares | Value | |||
Common Stocks (Continued) | |||||
Software (cont’d.) | |||||
N-able, Inc.* | 1,400 | $14,392 | |||
OneSpan, Inc.* | 4,300 | 48,117 | |||
Oracle Corp. | 1,598 | 130,621 | |||
Paycom Software, Inc.* | 5,150 | 1,598,096 | |||
PowerSchool Holdings, Inc. (Class A Stock)* | 4,200 | 96,936 | |||
Progress Software Corp. | 3,800 | 191,710 | |||
Qualys, Inc.* | 700 | 78,561 | |||
Roper Technologies, Inc. | 5,950 | 2,570,935 | |||
Salesforce, Inc.* | 2,900 | 384,511 | |||
Sapiens International Corp. NV (Israel) | 1,200 | 22,176 | |||
ServiceNow, Inc.* | 1,700 | 660,059 | |||
SolarWinds Corp.* | 8,200 | 76,752 | |||
SPS Commerce, Inc.* | 576 | 73,976 | |||
Sumo Logic, Inc.* | 1,700 | 13,770 | |||
Synopsys, Inc.* | 8,750 | 2,793,787 | |||
Upland Software, Inc.* | 11,000 | 78,430 | |||
Verint Systems, Inc.* | 5,600 | 203,168 | |||
WiseTech Global Ltd. (Australia) | 1,586 | 54,546 | |||
Yext, Inc.* | 2,400 | 15,672 | |||
36,720,059 | |||||
Specialty Retail 1.0% | |||||
Aaron’s Co., Inc. (The) | 2,300 | 27,485 | |||
Aritzia, Inc. (Canada)* | 9,300 | 325,225 | |||
Asbury Automotive Group, Inc.* | 1,550 | 277,838 | |||
Bath & Body Works, Inc. | 38,850 | 1,637,139 | |||
Chico’s FAS, Inc.* | 8,300 | 40,836 | |||
Container Store Group, Inc. (The)* | 5,500 | 23,705 | |||
Fast Retailing Co. Ltd. (Japan) | 1,100 | 669,387 | |||
Group 1 Automotive, Inc. | 400 | 72,148 | |||
Home Depot, Inc. (The) | 6,108 | 1,929,273 | |||
Industria de Diseno Textil SA (Spain) | 29,328 | 778,982 | |||
JB Hi-Fi Ltd. (Australia) | 3,670 | 104,601 | |||
JD Sports Fashion PLC (United Kingdom) | 133,030 | 202,156 | |||
Lowe’s Cos., Inc. | 1,700 | 338,708 | |||
OneWater Marine, Inc. (Class A Stock)* | 1,200 | 34,320 | |||
O’Reilly Automotive, Inc.* | 800 | 675,224 | |||
TJX Cos., Inc. (The) | 4,200 | 334,320 | |||
TravelCenters of America, Inc.* | 3,200 | 143,296 | |||
Ulta Beauty, Inc.* | 3,350 | 1,571,385 | |||
9,186,028 |
24
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Shares | Value | |||
Common Stocks (Continued) | |||||
Technology Hardware, Storage & Peripherals 2.8% | |||||
Apple, Inc. | 174,704 | $22,699,290 | |||
Hewlett Packard Enterprise Co. | 35,050 | 559,398 | |||
Pure Storage, Inc. (Class A Stock)* | 41,550 | 1,111,878 | |||
Samsung Electronics Co. Ltd. (South Korea) | 11,316 | 496,696 | |||
Seiko Epson Corp. (Japan) | 8,500 | 123,667 | |||
Super Micro Computer, Inc.* | 3,650 | 299,665 | |||
Xerox Holdings Corp. | 2,100 | 30,660 | |||
25,321,254 | |||||
Textiles, Apparel & Luxury Goods 0.7% | |||||
Burberry Group PLC (United Kingdom) | 2,160 | 52,514 | |||
Cie Financiere Richemont SA (Switzerland) (Class A Stock) | 7,158 | 928,106 | |||
G-III Apparel Group Ltd.* | 2,000 | 27,420 | |||
Hermes International (France) | 556 | 860,606 | |||
HUGO BOSS AG (Germany) | 2,340 | 135,276 | |||
Lululemon Athletica, Inc.* | 5,750 | 1,842,185 | |||
LVMH Moet Hennessy Louis Vuitton SE (France) | 1,345 | 978,747 | |||
Mavi Giyim Sanayi Ve Ticaret A/S (Turkey) (Class B Stock), 144A | 35,508 | 251,161 | |||
Oxford Industries, Inc. | 600 | 55,908 | |||
Page Industries Ltd. (India) | 84 | 43,422 | |||
PVH Corp. | 16,250 | 1,147,088 | |||
Raymond Ltd. (India) | 4,850 | 86,073 | |||
Youngone Corp. (South Korea)* | 1,898 | 70,839 | |||
6,479,345 | |||||
Thrifts & Mortgage Finance 0.1% | |||||
Essent Group Ltd. | 1,700 | 66,096 | |||
Helia Group Ltd. (Australia) | 233,190 | 435,153 | |||
Mr. Cooper Group, Inc.* | 2,600 | 104,338 | |||
NMI Holdings, Inc. (Class A Stock)* | 11,650 | 243,485 | |||
PennyMac Financial Services, Inc. | 300 | 16,998 | |||
Radian Group, Inc. | 2,400 | 45,768 | |||
911,838 | |||||
Tobacco 0.5% | |||||
Altria Group, Inc. | 16,950 | 774,785 | |||
British American Tobacco PLC (United Kingdom) | 25,392 | 1,004,461 | |||
Imperial Brands PLC (United Kingdom) | 30,236 | 753,213 | |||
ITC Ltd. (India) | 15,652 | 62,651 | |||
Japan Tobacco, Inc. (Japan) | 30,173 | 608,295 | |||
Philip Morris International, Inc. | 6,800 | 688,228 | |||
Scandinavian Tobacco Group A/S (Denmark), 144A | 25,315 | 444,954 |
25
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Shares | Value | |||
Common Stocks (Continued) | |||||
Tobacco (cont’d.) | |||||
Turning Point Brands, Inc. | 700 | $15,141 | |||
Vector Group Ltd. | 1,800 | 21,348 | |||
4,373,076 | |||||
Trading Companies & Distributors 0.6% | |||||
Ashtead Group PLC (United Kingdom) | 2,088 | 118,608 | |||
Boise Cascade Co. | 3,260 | 223,864 | |||
GMS, Inc.* | 4,590 | 228,582 | |||
H&E Equipment Services, Inc. | 500 | 22,700 | |||
ITOCHU Corp. (Japan) | 5,800 | 181,962 | |||
LX International Corp. (South Korea) | 1,898 | 51,132 | |||
Marubeni Corp. (Japan) | 61,200 | 701,104 | |||
Mitsubishi Corp. (Japan) | 22,700 | 736,951 | |||
MRC Global, Inc.* | 3,800 | 44,004 | |||
Russel Metals, Inc. (Canada) | 5,500 | 116,906 | |||
Sumitomo Corp. (Japan) | 47,500 | 789,597 | |||
Titan Machinery, Inc.* | 4,200 | 166,866 | |||
Toyota Tsusho Corp. (Japan) | 1,100 | 40,463 | |||
Univar Solutions, Inc.* | 4,700 | 149,460 | |||
Veritiv Corp. | 1,500 | 182,565 | |||
W.W. Grainger, Inc. | 1,000 | 556,250 | |||
WESCO International, Inc.* | 7,300 | 913,960 | |||
5,224,974 | |||||
Transportation Infrastructure 0.0% | |||||
Shanghai International Port Group Co. Ltd. (China) (Class A Stock) | 211,800 | 163,287 | |||
Water Utilities 0.1% | |||||
American Water Works Co., Inc. | 7,200 | 1,097,424 | |||
Artesian Resources Corp. (Class A Stock) | 1,705 | 99,879 | |||
SJW Group | 1,000 | 81,190 | |||
1,278,493 | |||||
Wireless Telecommunication Services 0.2% | |||||
Intelsat Emergence SA (Luxembourg)* | 4,218 | 102,076 | |||
Mobile Telecommunications Co. KSCP (Kuwait) | 94,950 | 174,974 | |||
Telephone & Data Systems, Inc. | 11,450 | 120,110 |
26
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Shares | Value | |||
Common Stocks (Continued) | |||||
Wireless Telecommunication Services (cont’d.) | |||||
T-Mobile US, Inc.* | 6,500 | $910,000 | |||
Turkcell Iletisim Hizmetleri A/S (Turkey) | 30,980 | 62,465 | |||
1,369,625 | |||||
Total Common Stocks (cost $450,788,718) | 529,962,817 | ||||
Exchange-Traded Fund 0.3% | |||||
iShares MSCI EAFE ETF(a) (cost $2,386,667) | 40,100 | 2,632,164 | |||
Preferred Stocks 0.2% | |||||
Automobiles 0.0% | |||||
Porsche Automobil Holding SE (Germany) (PRFC) | 4,084 | 222,725 | |||
Banks 0.0% | |||||
Citigroup Capital XIII, 10.785%(c), 3 Month LIBOR + 6.370%, Maturing 10/30/40 | 3,000 | 85,200 | |||
Capital Markets 0.0% | |||||
State Street Corp., 5.350%(c), 3 Month LIBOR + 3.709%, Series G, Maturing 03/15/26(oo) | 5,000 | 117,550 | |||
Electric Utilities 0.1% | |||||
Cia Energetica de Minas Gerais (Brazil) (PRFC) | 108,939 | 225,379 | |||
Metals & Mining 0.0% | |||||
Gerdau SA (Brazil) (PRFC) | 10,000 | 54,968 | |||
Oil, Gas & Consumable Fuels 0.1% | |||||
Petroleo Brasileiro SA (Brazil) (PRFC) | 137,600 | 638,420 | |||
Technology Hardware, Storage & Peripherals 0.0% | |||||
Samsung Electronics Co. Ltd. (South Korea) (PRFC) | 4,320 | 173,117 | |||
Total Preferred Stocks (cost $1,491,990) | 1,517,359 |
27
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Units | Value | |||
Rights* 0.0% | |||||
Wireless Telecommunication Services | |||||
Intelsat Jackson Holdings SA, Series A (Luxembourg), CVR, expiring 12/05/25^ | 440 | $4,194 | |||
Intelsat Jackson Holdings SA, Series B (Luxembourg), CVR, expiring 12/05/25^ | 440 | 871 | |||
5,065 |
Interest Rate | Maturity Date | Principal Amount (000)# | |||||
Asset-Backed Securities 6.1% | |||||||
Automobiles 0.9% | |||||||
AmeriCredit Automobile Receivables Trust, | |||||||
Series 2019-01, Class C | 3.360 % | 02/18/25 | 107 | 106,533 | |||
Series 2019-02, Class C | 2.740 | 04/18/25 | 252 | 249,813 | |||
Series 2019-03, Class C | 2.320 | 07/18/25 | 800 | 785,652 | |||
Series 2020-02, Class D | 2.130 | 03/18/26 | 100 | 93,605 | |||
Avis Budget Rental Car Funding AESOP LLC, | |||||||
Series 2018-02A, Class A, 144A | 4.000 | 03/20/25 | 300 | 294,935 | |||
Series 2020-01A, Class A, 144A | 2.330 | 08/20/26 | 500 | 462,675 | |||
Series 2020-02A, Class A, 144A | 2.020 | 02/20/27 | 100 | 90,623 | |||
Series 2021-02A, Class C, 144A | 2.350 | 02/20/28 | 500 | 413,471 | |||
Exeter Automobile Receivables Trust, | |||||||
Series 2020-03A, Class C | 1.320 | 07/15/25 | 51 | 50,890 | |||
Series 2020-03A, Class D | 1.730 | 07/15/26 | 100 | 96,342 | |||
Ford Credit Auto Owner Trust, | |||||||
Series 2021-01, Class C, 144A | 1.910 | 10/17/33 | 180 | 157,787 | |||
Series 2021-02, Class D, 144A | 2.600 | 05/15/34 | 300 | 256,534 | |||
Hertz Vehicle Financing III LLC, Series 2022-01A, Class C, 144A | 2.630 | 06/25/26 | 100 | 88,739 | |||
Hertz Vehicle Financing III LP, | |||||||
Series 2021-02A, Class A, 144A | 1.680 | 12/27/27 | 700 | 609,249 | |||
Series 2021-02A, Class B, 144A | 2.120 | 12/27/27 | 100 | 85,694 | |||
Hertz Vehicle Financing LLC, Series 2022-02A, Class B, 144A | 2.650 | 06/26/28 | 100 | 85,698 | |||
JPMorgan Chase Bank, NA, | |||||||
Series 2020-02, Class D, 144A | 1.487 | 02/25/28 | 164 | 160,607 | |||
Series 2021-02, Class D, 144A | 1.138 | 12/26/28 | 129 | 122,982 | |||
OneMain Direct Auto Receivables Trust, | |||||||
Series 2019-01A, Class A, 144A | 3.630 | 09/14/27 | 1,280 | 1,228,506 | |||
Series 2021-01A, Class C, 144A | 1.420 | 07/14/28 | 500 | 424,662 | |||
Santander Bank Auto Credit-Linked Notes, | |||||||
Series 2022-A, Class C, 144A | 7.375 | 05/15/32 | 213 | 207,721 |
28
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Asset-Backed Securities (Continued) | |||||
Automobiles (cont’d.) | |||||
Santander Bank Auto Credit-Linked Notes, (cont’d.) | |||||
Series 2022-C, Class E, 144A | 11.366 % | 12/15/32 | 300 | $300,041 | |
Santander Drive Auto Receivables Trust, | |||||
Series 2020-02, Class D | 2.220 | 09/15/26 | 100 | 97,397 | |
Series 2020-03, Class D | 1.640 | 11/16/26 | 400 | 383,486 | |
Series 2020-04, Class D | 1.480 | 01/15/27 | 300 | 286,253 | |
Series 2021-01, Class D | 1.130 | 11/16/26 | 800 | 755,679 | |
World Omni Select Auto Trust, | |||||
Series 2019-A, Class B | 2.170 | 12/15/25 | 308 | 306,546 | |
Series 2019-A, Class C | 2.380 | 12/15/25 | 200 | 197,692 | |
8,399,812 | |||||
Collateralized Debt Obligations 0.1% | |||||
Arbor Realty Commercial Real Estate Notes Ltd. (Cayman Islands), Series 2022-FL01, Class A, 144A, 30 Day Average SOFR + 1.450% (Cap N/A, Floor 1.450%) | 5.257(c) | 01/15/37 | 900 | 875,365 | |
MF1 Ltd. (Cayman Islands), Series 2022-FL08, Class A, 144A, 30 Day Average SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.176(c) | 02/19/37 | 500 | 480,743 | |
1,356,108 | |||||
Collateralized Loan Obligations 4.1% | |||||
AlbaCore Euro CLO DAC (Ireland), Series 04A, Class B1, 144A, 3 Month EURIBOR + 2.600% (Cap N/A, Floor 2.600%) | 2.600(c) | 07/15/35 | EUR | 2,000 | 2,066,170 |
Balboa Bay Loan Funding Ltd. (Cayman Islands), Series 2020-01A, Class AR, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%) | 5.363(c) | 01/20/32 | 1,500 | 1,463,219 | |
Barings Loan Partners CLO Ltd. (Cayman Islands), Series LP-02A, Class A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%) | 5.343(c) | 01/20/34 | 2,100 | 2,044,727 | |
Battalion CLO Ltd., Series 2018-12A, Class A1, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%) | 5.720(c) | 05/17/31 | 1,000 | 979,317 | |
Carlyle CLO Ltd. (Cayman Islands), Series C17A, Class A1AR, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%) | 5.445(c) | 04/30/31 | 1,000 | 988,906 |
29
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Asset-Backed Securities (Continued) | |||||
Collateralized Loan Obligations (cont’d.) | |||||
CVC Cordatus Loan Fund DAC (Ireland), | |||||
Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | 2.671 %(c) | 05/22/32 | EUR | 1,500 | $1,564,425 |
Series 14A, Class A2R, 144A | 1.250 | 05/22/32 | EUR | 1,500 | 1,477,297 |
Elmwood CLO Ltd. (Cayman Islands), Series 2019-02A, Class AR, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%) | 5.393(c) | 04/20/34 | 1,350 | 1,315,842 | |
Madison Park Funding Ltd. (Cayman Islands), | |||||
Series 2021-59A, Class A, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 1.140%) | 5.334(c) | 01/18/34 | 1,500 | 1,469,688 | |
Series 2021-59A, Class B, 144A, 3 Month LIBOR + 1.700% (Cap N/A, Floor 1.700%) | 5.894(c) | 01/18/34 | 1,000 | 960,988 | |
Northwoods Capital Ltd. (Cayman Islands), Series 2020-22A, Class AR, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | 5.854(c) | 09/01/31 | 2,500 | 2,457,650 | |
OZLM Ltd. (Cayman Islands), Series 2018-20A, Class A1, 144A, 3 Month LIBOR + 1.050% (Cap N/A, Floor 1.050%) | 5.293(c) | 04/20/31 | 1,500 | 1,464,163 | |
Palmer Square CLO Ltd. (Cayman Islands), Series 2018-02A, Class A1A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 0.000%) | 5.179(c) | 07/16/31 | 4,000 | 3,946,833 | |
Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), Series 2019-02A, Class A1R, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 1.180%) | 5.259(c) | 10/15/34 | 3,500 | 3,384,804 | |
Sixth Street CLO Ltd. (Cayman Islands), Series 2021-19A, Class A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%) | 5.343(c) | 07/20/34 | 4,000 | 3,895,423 | |
TCW CLO Ltd. (Cayman Islands), Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.280% (Cap N/A, Floor 1.280%) | 5.243(c) | 10/20/32 | 3,500 | 3,436,576 | |
TIAA CLO Ltd. (Cayman Islands), Series 2016-01A, Class AR, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 0.000%) | 5.443(c) | 07/20/31 | 250 | 245,712 | |
Trinitas Euro CLO DAC (Ireland), Series 02A, Class CR, 144A, 3 Month EURIBOR + 3.750% (Cap N/A, Floor 3.750%) | 5.128(c) | 04/15/35 | EUR | 2,750 | 2,850,271 |
Wellfleet CLO Ltd. (Cayman Islands), Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%) | 5.443(c) | 10/20/31 | 500 | 486,328 | |
36,498,339 |
30
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Asset-Backed Securities (Continued) | |||||
Consumer Loans 0.5% | |||||
Fairstone Financial Issuance Trust (Canada), Series 2020-01A, Class A, 144A | 2.509 % | 10/20/39 | CAD | 200 | $138,903 |
Lending Funding Trust, Series 2020-02A, Class A, 144A | 2.320 | 04/21/31 | 100 | 87,005 | |
Lendmark Funding Trust, | |||||
Series 2019-02A, Class A, 144A | 2.780 | 04/20/28 | 686 | 665,899 | |
Series 2021-01A, Class A, 144A | 1.900 | 11/20/31 | 700 | 593,901 | |
Mariner Finance Issuance Trust, Series 2020-AA, Class A, 144A | 2.190 | 08/21/34 | 200 | 190,338 | |
OneMain Financial Issuance Trust, | |||||
Series 2020-01A, Class A, 144A | 3.840 | 05/14/32 | 135 | 134,042 | |
Series 2020-02A, Class A, 144A | 1.750 | 09/14/35 | 400 | 349,428 | |
Series 2022-02A, Class D, 144A | 6.550 | 10/14/34 | 800 | 765,215 | |
Oportun Funding XIV LLC, Series 2021-A, Class B, 144A | 1.760 | 03/08/28 | 300 | 277,851 | |
Oportun Issuance Trust, Series 2022-02, Class A, 144A | 5.940 | 10/09/29 | 721 | 715,246 | |
Regional Management Issuance Trust, Series 2022-01, Class A, 144A | 3.070 | 03/15/32 | 400 | 364,891 | |
4,282,719 | |||||
Credit Cards 0.1% | |||||
Newday Funding Master Issuer PLC (United Kingdom), Series 2021-02A, Class A1, 144A, SONIA + 0.800% (Cap N/A, Floor 0.000%) | 4.123(c) | 07/15/29 | GBP | 100 | 118,901 |
Newday Partnership Funding PLC (United Kingdom), Series 2020-01A, Class A3, 144A, 1 Month SONIA + 1.400% (Cap N/A, Floor 0.000%) | 4.331(c) | 11/15/28 | GBP | 465 | 557,745 |
676,646 | |||||
Equipment 0.0% | |||||
MMAF Equipment Finance LLC, Series 2017-B, Class A5, 144A | 2.720 | 06/15/40 | 374 | 363,618 | |
Manufactured Housing 0.0% | |||||
Towd Point Mortgage Trust, Series 2019-MH01, Class A1, 144A | 3.000(cc) | 11/25/58 | 39 | 38,126 |
31
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Asset-Backed Securities (Continued) | |||||
Other 0.2% | |||||
Loandepot GMSR Master Trust, Series 2018-GT01, Class A, 144A, 1 Month LIBOR + 2.800% (Cap N/A, Floor 2.800%) | 7.126 %(c) | 10/16/23 | 100 | $93,087 | |
TH MSR Issuer Trust, Series 2019-FT01, Class A, 144A, 1 Month LIBOR + 2.800% (Cap N/A, Floor 2.800%) | 7.189(c) | 06/25/24 | 1,400 | 1,309,893 | |
1,402,980 | |||||
Residential Mortgage-Backed Securities 0.0% | |||||
Countrywide Asset-Backed Certificates, Series 2004-01, Class M1, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%) | 5.139(c) | 03/25/34 | 23 | 22,407 | |
Rathlin Residential DAC (Ireland), Series 2021-01A, Class A, 144A, 1 Month EURIBOR + 2.000% (Cap N/A, Floor 0.000%) | 3.895(c) | 09/27/75 | EUR | 399 | 409,090 |
431,497 | |||||
Student Loans 0.2% | |||||
Commonbond Student Loan Trust, | |||||
Series 2017-BGS, Class A1, 144A | 2.680 | 09/25/42 | 106 | 97,266 | |
Series 2018-AGS, Class A1, 144A | 3.210 | 02/25/44 | 84 | 78,120 | |
Series 2018-CGS, Class A1, 144A | 3.870 | 02/25/46 | 34 | 32,682 | |
Laurel Road Prime Student Loan Trust, | |||||
Series 2017-C, Class A2B, 144A | 2.810 | 11/25/42 | 17 | 16,589 | |
Series 2018-B, Class A2FX, 144A | 3.540 | 05/26/43 | 36 | 35,811 | |
Series 2019-A, Class A2FX, 144A | 2.730 | 10/25/48 | 57 | 55,777 | |
Navient Private Education Refi Loan Trust, | |||||
Series 2018-A, Class A2, 144A | 3.190 | 02/18/42 | 37 | 37,058 | |
Series 2018-CA, Class A2, 144A | 3.520 | 06/16/42 | 43 | 42,013 | |
Series 2019-CA, Class A2, 144A | 3.130 | 02/15/68 | 120 | 113,243 | |
SoFi Professional Loan Program LLC, | |||||
Series 2019-B, Class A2FX, 144A | 3.090 | 08/17/48 | 161 | 150,942 | |
Series 2019-C, Class A2FX, 144A | 2.370 | 11/16/48 | 306 | 284,569 |
32
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Asset-Backed Securities (Continued) | |||||
Student Loans (cont’d.) | |||||
SoFi Professional Loan Program Trust, | |||||
Series 2018-B, Class A2FX, 144A | 3.340 % | 08/25/47 | 99 | $96,121 | |
Series 2020-A, Class A2FX, 144A | 2.540 | 05/15/46 | 414 | 374,790 | |
1,414,981 | |||||
Total Asset-Backed Securities (cost $57,485,486) | 54,864,826 | ||||
Commercial Mortgage-Backed Securities 5.7% | |||||
BANK, | |||||
Series 2017-BNK04, Class A3 | 3.362 | 05/15/50 | 995 | 922,627 | |
Series 2020-BN26, Class A3 | 2.155 | 03/15/63 | 1,800 | 1,483,198 | |
Bank of America Merrill Lynch Commercial Mortgage Trust, Series 2017-BNK03, Class XB, IO | 0.586(cc) | 02/15/50 | 40,575 | 877,365 | |
Barclays Commercial Mortgage Securities Trust, | |||||
Series 2018-C02, Class A4 | 4.047 | 12/15/51 | 1,351 | 1,270,843 | |
Series 2020-C07, Class XB, IO | 0.987(cc) | 04/15/53 | 4,900 | 287,722 | |
Benchmark Mortgage Trust, | |||||
Series 2019-B13, Class A3 | 2.701 | 08/15/57 | 1,800 | 1,545,859 | |
Series 2020-B17, Class A4 | 2.042 | 03/15/53 | 650 | 533,446 | |
BX Commercial Mortgage Trust, | |||||
Series 2019-XL, Class J, 144A, 1 Month SOFR + 2.764% (Cap N/A, Floor 2.764%) | 7.100(c) | 10/15/36 | 1,275 | 1,214,660 | |
Series 2021-ACNT, Class E, 144A, 1 Month LIBOR + 2.197% (Cap N/A, Floor 2.197%) | 6.515(c) | 11/15/38 | 1,000 | 942,324 | |
BX Trust, Series 2021-LGCY, Class F, 144A, 1 Month LIBOR + 1.949% (Cap N/A, Floor 1.949%) | 6.267(c) | 10/15/36 | 1,350 | 1,213,565 | |
BXSC Commercial Mortgage Trust, Series 2022-WSS, Class XCP, IO, 144A | 0.620(cc) | 03/15/35 | 476,980 | 604,381 | |
CFK Trust, | |||||
Series 2020-MF02, Class B, 144A | 2.792 | 03/15/39 | 1,200 | 1,029,095 | |
Series 2020-MF02, Class C, 144A | 2.995 | 03/15/39 | 1,500 | 1,251,402 | |
Series 2020-MF02, Class D, 144A | 3.349 | 03/15/39 | 900 | 738,253 | |
Citigroup Commercial Mortgage Trust, | |||||
Series 2014-GC21, Class A4 | 3.575 | 05/10/47 | 127 | 123,777 | |
Series 2015-GC29, Class A3 | 2.935 | 04/10/48 | 385 | 363,778 | |
Series 2015-P01, Class A4 | 3.462 | 09/15/48 | 600 | 568,892 | |
Series 2019-GC41, Class A4 | 2.620 | 08/10/56 | 3,600 | 3,055,997 | |
Series 2020-GC46, Class A4 | 2.477 | 02/15/53 | 1,400 | 1,168,517 |
33
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Commercial Mortgage-Backed Securities (Continued) | |||||
Commercial Mortgage Trust, | |||||
Series 2014-CR18, Class A4 | 3.550 % | 07/15/47 | 332 | $321,566 | |
Series 2014-UBS04, Class A4 | 3.420 | 08/10/47 | 700 | 676,918 | |
Series 2015-LC21, Class A3 | 3.445 | 07/10/48 | 596 | 564,866 | |
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE04, Class F, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 2.650%) | 6.968(c) | 05/15/36 | 1,766 | 1,687,587 | |
Credit Suisse Mortgage Trust, Series 2014-USA, Class A2, 144A | 3.953 | 09/15/37 | 1,600 | 1,437,437 | |
CSAIL Commercial Mortgage Trust, | |||||
Series 2015-C02, Class A3 | 3.231 | 06/15/57 | 649 | 616,983 | |
Series 2017-C08, Class A3 | 3.127 | 06/15/50 | 774 | 695,206 | |
Deutsche Bank Commercial Mortgage Trust, Series 2016-C01, Class A3A | 3.015 | 05/10/49 | 705 | 656,317 | |
FHLMC Multifamily Structured Pass-Through Certificates, Series K055, Class X1, IO | 1.346(cc) | 03/25/26 | 2,151 | 74,741 | |
GS Mortgage Securities Trust, | |||||
Series 2015-GC28, Class A4 | 3.136 | 02/10/48 | 368 | 352,928 | |
Series 2021-GSA03, Class XB, IO | 0.625(cc) | 12/15/54 | 35,000 | 1,653,432 | |
JPMorgan Chase Commercial Mortgage Securities Trust, | |||||
Series 2018-AON, Class E, 144A | 4.613(cc) | 07/05/31 | 800 | 667,710 | |
Series 2019-BKWD, Class A, 144A, 1 Month LIBOR + 1.250% (Cap N/A, Floor 1.000%) | 5.568(c) | 09/15/29 | 602 | 583,867 | |
Morgan Stanley Bank of America Merrill Lynch Trust, | |||||
Series 2015-C23, Class A3 | 3.451 | 07/15/50 | 584 | 555,260 | |
Series 2015-C25, Class A4 | 3.372 | 10/15/48 | 700 | 662,685 | |
Morgan Stanley Capital I Trust, | |||||
Series 2016-UB11, Class A3 | 2.531 | 08/15/49 | 1,269 | 1,141,185 | |
Series 2019-H06, Class A3 | 3.158 | 06/15/52 | 1,250 | 1,106,839 | |
Series 2020-L04, Class A2 | 2.449 | 02/15/53 | 3,600 | 2,991,821 | |
MTN Commercial Mortgage Trust, Series 2022-LPFL, Class E, 144A, 1 Month SOFR + 4.289% (Cap N/A, Floor 4.289%) | 8.625(c) | 03/15/39 | 1,100 | 1,035,301 | |
UBS Commercial Mortgage Trust, | |||||
Series 2017-C05, Class A4 | 3.212 | 11/15/50 | 1,422 | 1,309,952 | |
Series 2018-C08, Class A4 | 3.983 | 02/15/51 | 1,650 | 1,541,714 | |
Series 2018-C09, Class A3 | 3.854 | 03/15/51 | 400 | 372,800 | |
Series 2018-C14, Class A3 | 4.180 | 12/15/51 | 930 | 876,190 | |
Wells Fargo Commercial Mortgage Trust, | |||||
Series 2015-NXS02, Class A4 | 3.498 | 07/15/58 | 800 | 763,416 | |
Series 2016-C33, Class A3 | 3.162 | 03/15/59 | 907 | 847,754 | |
Series 2016-C34, Class A3 | 2.834 | 06/15/49 | 800 | 753,682 | |
Series 2016-C35, Class A3 | 2.674 | 07/15/48 | 1,161 | 1,061,873 |
34
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Commercial Mortgage-Backed Securities (Continued) | |||||
Wells Fargo Commercial Mortgage Trust, (cont’d.) | |||||
Series 2016-NXS06, Class A3 | 2.642 % | 11/15/49 | 1,500 | $1,378,861 | |
Series 2017-C38, Class A4 | 3.190 | 07/15/50 | 676 | 618,210 | |
Series 2018-C46, Class A3 | 3.888 | 08/15/51 | 1,050 | 993,119 | |
Series 2018-C48, Class A4 | 4.037 | 01/15/52 | 1,707 | 1,608,327 | |
Series 2019-C52, Class A3 | 2.631 | 08/15/52 | 2,500 | 2,375,254 | |
Total Commercial Mortgage-Backed Securities (cost $57,452,604) | 51,179,502 | ||||
Corporate Bonds 14.8% | |||||
Aerospace & Defense 0.5% | |||||
Boeing Co. (The), | |||||
Sr. Unsec’d. Notes | 2.196 | 02/04/26 | 1,860 | 1,690,594 | |
Sr. Unsec’d. Notes | 3.750 | 02/01/50 | 515 | 354,990 | |
Bombardier, Inc. (Canada), | |||||
Sr. Unsec’d. Notes, 144A | 6.000 | 02/15/28 | 475 | 439,555 | |
Sr. Unsec’d. Notes, 144A | 7.125 | 06/15/26 | 375 | 362,813 | |
Sr. Unsec’d. Notes, 144A | 7.500 | 03/15/25 | 260 | 257,327 | |
Sr. Unsec’d. Notes, 144A | 7.875 | 04/15/27 | 425 | 413,049 | |
Embraer Netherlands Finance BV (Brazil), Gtd. Notes | 5.050 | 06/15/25 | 99 | 96,049 | |
Embraer Overseas Ltd. (Brazil), Gtd. Notes, 144A | 5.696 | 09/16/23 | 210 | 209,685 | |
Raytheon Technologies Corp., Sr. Unsec’d. Notes | 4.125 | 11/16/28 | 235 | 225,207 | |
4,049,269 | |||||
Agriculture 0.3% | |||||
Altria Group, Inc., Gtd. Notes | 3.400 | 02/04/41 | 620 | 411,411 | |
BAT Capital Corp. (United Kingdom), Gtd. Notes | 3.557 | 08/15/27 | 410 | 373,341 | |
BAT International Finance PLC (United Kingdom), Gtd. Notes | 4.448 | 03/16/28 | 1,410 | 1,303,032 | |
Vector Group Ltd., Sr. Sec’d. Notes, 144A | 5.750 | 02/01/29 | 400 | 347,140 | |
2,434,924 | |||||
Airlines 0.1% | |||||
American Airlines 2016-1 Class AA Pass-Through Trust, Pass-Through Certificates | 3.575 | 07/15/29 | 150 | 133,912 |
35
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Airlines (cont’d.) | |||||
Continental Airlines 2012-2 Class A Pass-Through Trust, Pass-Through Certificates | 4.000 % | 04/29/26 | 63 | $60,571 | |
Southwest Airlines Co., Sr. Unsec’d. Notes | 5.125 | 06/15/27 | 260 | 257,040 | |
United Airlines 2014-1 Class A Pass-Through Trust, Pass-Through Certificates | 4.000 | 10/11/27 | 53 | 49,220 | |
United Airlines, Inc., | |||||
Sr. Sec’d. Notes, 144A | 4.375 | 04/15/26 | 260 | 242,157 | |
Sr. Sec’d. Notes, 144A | 4.625 | 04/15/29 | 60 | 52,363 | |
795,263 | |||||
Auto Manufacturers 0.3% | |||||
Ford Motor Co., | |||||
Sr. Unsec’d. Notes | 4.750 | 01/15/43 | 350 | 253,221 | |
Sr. Unsec’d. Notes | 5.291 | 12/08/46 | 135 | 103,815 | |
Ford Motor Credit Co. LLC, Sr. Unsec’d. Notes | 2.900 | 02/16/28 | 425 | 351,177 | |
General Motors Co., | |||||
Sr. Unsec’d. Notes | 4.875 | 10/02/23 | 155 | 154,854 | |
Sr. Unsec’d. Notes | 5.000 | 04/01/35 | 1,085 | 933,758 | |
Sr. Unsec’d. Notes | 6.250 | 10/02/43 | 95 | 88,029 | |
Sr. Unsec’d. Notes | 6.600 | 04/01/36 | 80 | 78,455 | |
General Motors Financial Co., Inc., Gtd. Notes | 3.950 | 04/13/24 | 616 | 603,869 | |
2,567,178 | |||||
Auto Parts & Equipment 0.1% | |||||
Dana, Inc., Sr. Unsec’d. Notes | 5.375 | 11/15/27 | 250 | 231,839 | |
Magna International, Inc. (Canada), Sr. Unsec’d. Notes | 2.450 | 06/15/30 | 350 | 289,939 | |
521,778 | |||||
Banks 3.9% | |||||
Banco do Brasil SA (Brazil), Sr. Unsec’d. Notes, 144A | 4.875 | 01/11/29 | 200 | 186,225 | |
Banco Santander SA (Spain), Sr. Unsec’d. Notes | 1.849 | 03/25/26 | 200 | 176,849 |
36
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Banks (cont’d.) | |||||
Bank of America Corp., | |||||
Jr. Sub. Notes, Series JJ | 5.125 %(ff) | 06/20/24(oo) | 350 | $326,223 | |
Sr. Unsec’d. Notes | 2.299(ff) | 07/21/32 | 665 | 511,954 | |
Sr. Unsec’d. Notes, GMTN | 3.593(ff) | 07/21/28 | 160 | 147,355 | |
Sr. Unsec’d. Notes, MTN | 3.194(ff) | 07/23/30 | 215 | 185,037 | |
Sr. Unsec’d. Notes, MTN | 3.550(ff) | 03/05/24 | 85 | 84,683 | |
Sr. Unsec’d. Notes, MTN | 3.824(ff) | 01/20/28 | 1,835 | 1,713,065 | |
Sr. Unsec’d. Notes, MTN | 3.974(ff) | 02/07/30 | 115 | 104,463 | |
Sr. Unsec’d. Notes, MTN | 4.271(ff) | 07/23/29 | 350 | 326,921 | |
Sr. Unsec’d. Notes, Series N | 2.651(ff) | 03/11/32 | 2,290 | 1,833,467 | |
Sub. Notes, MTN | 4.450 | 03/03/26 | 365 | 357,603 | |
Bank of Montreal (Canada), Sr. Unsec’d. Notes, MTN | 0.625 | 07/09/24 | 660 | 618,228 | |
Bank of New York Mellon Corp. (The), Sr. Unsec’d. Notes, MTN | 2.950 | 01/29/23 | 170 | 169,769 | |
Barclays PLC (United Kingdom), | |||||
Sr. Unsec’d. Notes | 2.645(ff) | 06/24/31 | 1,075 | 838,171 | |
Sr. Unsec’d. Notes | 3.650 | 03/16/25 | 200 | 191,966 | |
Sr. Unsec’d. Notes, MTN | 4.972(ff) | 05/16/29 | 400 | 375,713 | |
BNP Paribas SA (France), | |||||
Sr. Unsec’d. Notes, 144A | 1.904(ff) | 09/30/28 | 750 | 625,939 | |
Sr. Unsec’d. Notes, 144A | 3.132(ff) | 01/20/33 | 685 | 538,468 | |
BPCE SA (France), Sr. Unsec’d. Notes, 144A | 2.277(ff) | 01/20/32 | 250 | 186,942 | |
Citigroup, Inc., | |||||
Jr. Sub. Notes, Series U | 5.000(ff) | 09/12/24(oo) | 100 | 89,201 | |
Jr. Sub. Notes, Series V | 4.700(ff) | 01/30/25(oo) | 1,290 | 1,074,171 | |
Sr. Unsec’d. Notes | 2.561(ff) | 05/01/32 | 185 | 146,080 | |
Sr. Unsec’d. Notes | 2.572(ff) | 06/03/31 | 880 | 711,798 | |
Sr. Unsec’d. Notes | 3.057(ff) | 01/25/33 | 280 | 226,087 | |
Sr. Unsec’d. Notes | 3.668(ff) | 07/24/28 | 290 | 266,345 | |
Sr. Unsec’d. Notes | 3.700 | 01/12/26 | 200 | 192,437 | |
Sr. Unsec’d. Notes | 3.887(ff) | 01/10/28 | 1,500 | 1,401,935 | |
Sub. Notes | 4.400 | 06/10/25 | 767 | 752,871 | |
Sub. Notes | 4.450 | 09/29/27 | 195 | 186,261 | |
Sub. Notes | 4.750 | 05/18/46 | 55 | 45,499 | |
Credit Suisse Group AG (Switzerland), | |||||
Sr. Unsec’d. Notes, 144A | 3.091(ff) | 05/14/32 | 495 | 340,643 | |
Sr. Unsec’d. Notes, 144A | 6.537(ff) | 08/12/33 | 495 | 433,930 | |
Deutsche Bank AG (Germany), Sr. Unsec’d. Notes | 3.961(ff) | 11/26/25 | 245 | 234,129 |
37
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Banks (cont’d.) | |||||
Discover Bank, Sr. Unsec’d. Notes | 4.250 % | 03/13/26 | 315 | $301,293 | |
Goldman Sachs Group, Inc. (The), | |||||
Jr. Sub. Notes, Series U | 3.650(ff) | 08/10/26(oo) | 290 | 234,819 | |
Jr. Sub. Notes, Series V | 4.125(ff) | 11/10/26(oo) | 395 | 328,649 | |
Sr. Unsec’d. Notes | 2.383(ff) | 07/21/32 | 465 | 360,466 | |
Sr. Unsec’d. Notes | 2.615(ff) | 04/22/32 | 1,405 | 1,119,668 | |
Sr. Unsec’d. Notes | 3.750 | 02/25/26 | 50 | 48,187 | |
Sr. Unsec’d. Notes | 3.814(ff) | 04/23/29 | 190 | 172,860 | |
Sr. Unsec’d. Notes | 3.850 | 01/26/27 | 410 | 390,378 | |
Sr. Unsec’d. Notes | 4.223(ff) | 05/01/29 | 95 | 88,484 | |
Sub. Notes | 6.750 | 10/01/37 | 275 | 292,889 | |
JPMorgan Chase & Co., | |||||
Jr. Sub. Notes, Series FF | 5.000(ff) | 08/01/24(oo) | 345 | 317,067 | |
Jr. Sub. Notes, Series HH | 4.600(ff) | 02/01/25(oo) | 1,290 | 1,145,426 | |
Sr. Unsec’d. Notes | 1.578(ff) | 04/22/27 | 1,005 | 884,548 | |
Sr. Unsec’d. Notes | 2.580(ff) | 04/22/32 | 375 | 300,015 | |
Sr. Unsec’d. Notes | 2.947(ff) | 02/24/28 | 110 | 99,573 | |
Sr. Unsec’d. Notes | 2.963(ff) | 01/25/33 | 495 | 402,404 | |
Sr. Unsec’d. Notes | 3.702(ff) | 05/06/30 | 145 | 129,768 | |
Sr. Unsec’d. Notes | 3.782(ff) | 02/01/28 | 1,591 | 1,488,150 | |
Sr. Unsec’d. Notes | 4.005(ff) | 04/23/29 | 796 | 737,354 | |
Sr. Unsec’d. Notes | 4.323(ff) | 04/26/28 | 85 | 81,031 | |
Sr. Unsec’d. Notes | 4.452(ff) | 12/05/29 | 250 | 235,025 | |
Sub. Notes | 3.875 | 09/10/24 | 90 | 88,037 | |
Lloyds Banking Group PLC (United Kingdom), Sr. Unsec’d. Notes | 3.750 | 01/11/27 | 300 | 278,592 | |
Morgan Stanley, | |||||
Sr. Unsec’d. Notes, GMTN | 2.239(ff) | 07/21/32 | 1,005 | 770,002 | |
Sr. Unsec’d. Notes, GMTN | 3.750 | 02/25/23 | 45 | 44,916 | |
Sr. Unsec’d. Notes, GMTN | 3.772(ff) | 01/24/29 | 1,173 | 1,073,582 | |
Sr. Unsec’d. Notes, GMTN | 3.875 | 01/27/26 | 370 | 358,318 | |
Sr. Unsec’d. Notes, GMTN | 4.431(ff) | 01/23/30 | 240 | 224,058 | |
Sr. Unsec’d. Notes, MTN | 2.511(ff) | 10/20/32 | 215 | 168,041 | |
Sr. Unsec’d. Notes, MTN | 2.943(ff) | 01/21/33 | 485 | 393,354 | |
Sr. Unsec’d. Notes, MTN | 3.591(ff) | 07/22/28 | 1,536 | 1,411,806 | |
Societe Generale SA (France), Sr. Unsec’d. Notes, 144A | 1.488(ff) | 12/14/26 | 1,000 | 870,546 | |
State Bank of India (India), Sr. Unsec’d. Notes, 144A | 4.375 | 01/24/24 | 310 | 305,505 | |
State Street Corp., | |||||
Jr. Sub. Notes, Series F, 3 Month LIBOR + 3.597% | 8.366(c) | 03/15/23(oo) | 63 | 63,062 |
38
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Banks (cont’d.) | |||||
State Street Corp., (cont’d.) | |||||
Sub. Notes | 2.200 % | 03/03/31 | 960 | $767,436 | |
UniCredit SpA (Italy), Sr. Unsec’d. Notes, 144A | 3.127(ff) | 06/03/32 | 405 | 305,976 | |
Wells Fargo & Co., | |||||
Sr. Unsec’d. Notes, MTN | 2.393(ff) | 06/02/28 | 2,500 | 2,204,791 | |
Sr. Unsec’d. Notes, MTN | 2.572(ff) | 02/11/31 | 1,025 | 847,763 | |
34,934,267 | |||||
Beverages 0.1% | |||||
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), Gtd. Notes | 4.700 | 02/01/36 | 150 | 141,416 | |
Anheuser-Busch InBev Worldwide, Inc. (Belgium), Gtd. Notes | 5.550 | 01/23/49 | 825 | 822,227 | |
963,643 | |||||
Biotechnology 0.0% | |||||
Amgen, Inc., Sr. Unsec’d. Notes | 3.000 | 01/15/52 | 600 | 385,652 | |
Building Materials 0.1% | |||||
Griffon Corp., Gtd. Notes | 5.750 | 03/01/28 | 550 | 502,965 | |
Standard Industries, Inc., Sr. Unsec’d. Notes, 144A | 4.375 | 07/15/30 | 300 | 245,747 | |
748,712 | |||||
Chemicals 0.3% | |||||
CF Industries, Inc., Gtd. Notes | 5.375 | 03/15/44 | 150 | 134,584 | |
Dow Chemical Co. (The), | |||||
Sr. Unsec’d. Notes | 4.375 | 11/15/42 | 20 | 16,536 | |
Sr. Unsec’d. Notes | 9.400 | 05/15/39 | 31 | 40,918 | |
Huntsman International LLC, Sr. Unsec’d. Notes | 4.500 | 05/01/29 | 1,650 | 1,482,624 | |
Sasol Financing USA LLC (South Africa), | |||||
Gtd. Notes | 4.375 | 09/18/26 | 200 | 177,210 |
39
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Chemicals (cont’d.) | |||||
Sasol Financing USA LLC (South Africa), (cont’d.) | |||||
Gtd. Notes | 5.875 % | 03/27/24 | 200 | $195,000 | |
Gtd. Notes | 6.500 | 09/27/28 | 200 | 181,300 | |
2,228,172 | |||||
Commercial Services 0.4% | |||||
Adtalem Global Education, Inc., Sr. Sec’d. Notes, 144A | 5.500 | 03/01/28 | 157 | 143,902 | |
Allied Universal Holdco LLC/Allied Universal Finance Corp., Sr. Sec’d. Notes, 144A | 6.625 | 07/15/26 | 500 | 458,515 | |
ERAC USA Finance LLC, | |||||
Gtd. Notes, 144A | 2.700 | 11/01/23 | 1,166 | 1,139,300 | |
Gtd. Notes, 144A | 7.000 | 10/15/37 | 20 | 21,791 | |
Johns Hopkins University, Sr. Unsec’d. Notes, Series A | 2.813 | 01/01/60 | 100 | 62,800 | |
Nexi SpA (Italy), Sr. Unsec’d. Notes | 2.125 | 04/30/29 | EUR | 930 | 804,678 |
President & Fellows of Harvard College, Unsec’d. Notes | 3.300 | 07/15/56 | 270 | 201,156 | |
RELX Capital, Inc. (United Kingdom), Gtd. Notes | 4.750 | 05/20/32 | 210 | 201,614 | |
Trustees of Boston College, Unsec’d. Notes | 3.129 | 07/01/52 | 279 | 195,978 | |
Trustees of the University of Pennsylvania (The), Sr. Unsec’d. Notes | 3.610 | 02/15/2119 | 55 | 36,420 | |
United Rentals North America, Inc., | |||||
Gtd. Notes | 3.750 | 01/15/32 | 200 | 163,371 | |
Gtd. Notes | 3.875 | 02/15/31 | 62 | 52,179 | |
Yale University, Unsec’d. Notes, Series 2020 | 1.482 | 04/15/30 | 595 | 475,401 | |
3,957,105 | |||||
Distribution/Wholesale 0.0% | |||||
H&E Equipment Services, Inc., Gtd. Notes, 144A | 3.875 | 12/15/28 | 400 | 340,536 | |
Diversified Financial Services 0.1% | |||||
Nationstar Mortgage Holdings, Inc., | |||||
Gtd. Notes, 144A | 5.500 | 08/15/28 | 120 | 98,178 |
40
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Diversified Financial Services (cont’d.) | |||||
Nationstar Mortgage Holdings, Inc., (cont’d.) | |||||
Gtd. Notes, 144A | 6.000 % | 01/15/27 | 400 | $358,783 | |
OneMain Finance Corp., Gtd. Notes | 3.875 | 09/15/28 | 350 | 278,461 | |
PennyMac Financial Services, Inc., Gtd. Notes, 144A | 4.250 | 02/15/29 | 325 | 254,041 | |
Power Finance Corp. Ltd. (India), Sr. Unsec’d. Notes, 144A, MTN | 6.150 | 12/06/28 | 200 | 202,988 | |
1,192,451 | |||||
Electric 1.3% | |||||
Baltimore Gas & Electric Co., Sr. Unsec’d. Notes | 6.350 | 10/01/36 | 115 | 122,856 | |
Berkshire Hathaway Energy Co., Sr. Unsec’d. Notes | 5.950 | 05/15/37 | 120 | 124,160 | |
Calpine Corp., | |||||
Sr. Sec’d. Notes, 144A | 4.500 | 02/15/28 | 200 | 178,748 | |
Sr. Unsec’d. Notes, 144A | 4.625 | 02/01/29 | 150 | 129,257 | |
Sr. Unsec’d. Notes, 144A | 5.000 | 02/01/31 | 225 | 189,541 | |
CenterPoint Energy Houston Electric LLC, | |||||
General Ref. Mortgage, Series K2 | 6.950 | 03/15/33 | 120 | 134,801 | |
General Ref. Mortgage, Series Z | 2.400 | 09/01/26 | 170 | 155,627 | |
Comision Federal de Electricidad (Mexico), Gtd. Notes, 144A | 4.688 | 05/15/29 | 440 | 387,145 | |
Commonwealth Edison Co., First Mortgage, Series 123 | 3.750 | 08/15/47 | 754 | 589,288 | |
Dominion Energy, Inc., Jr. Sub. Notes | 3.071 | 08/15/24 | 800 | 770,869 | |
DTE Electric Co., General Ref. Mortgage | 3.750 | 08/15/47 | 622 | 490,382 | |
Duke Energy Carolinas LLC, First Mortgage | 6.050 | 04/15/38 | 55 | 58,051 | |
Duke Energy Corp., Sr. Unsec’d. Notes | 2.650 | 09/01/26 | 210 | 194,009 | |
El Paso Electric Co., Sr. Unsec’d. Notes | 6.000 | 05/15/35 | 135 | 131,228 | |
Emera US Finance LP (Canada), Gtd. Notes | 3.550 | 06/15/26 | 685 | 643,269 | |
Enel Finance International NV (Italy), Gtd. Notes, 144A | 2.250 | 07/12/31 | 1,190 | 867,178 |
41
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Electric (cont’d.) | |||||
Engie Energia Chile SA (Chile), Sr. Unsec’d. Notes, 144A | 3.400 % | 01/28/30 | 200 | $162,413 | |
Eversource Energy, Sr. Unsec’d. Notes, Series O | 4.250 | 04/01/29 | 315 | 297,679 | |
Florida Power & Light Co., First Mortgage | 5.950 | 10/01/33 | 60 | 63,455 | |
Iberdrola International BV (Spain), Gtd. Notes | 6.750 | 09/15/33 | 30 | 31,285 | |
Interstate Power & Light Co., Sr. Unsec’d. Notes | 2.300 | 06/01/30 | 315 | 256,296 | |
Israel Electric Corp. Ltd. (Israel), Sr. Sec’d. Notes, 144A, GMTN | 4.250 | 08/14/28 | 235 | 220,210 | |
Monongahela Power Co., First Mortgage, 144A | 4.100 | 04/15/24 | 280 | 275,271 | |
NRG Energy, Inc., | |||||
Gtd. Notes | 5.750 | 01/15/28 | 50 | 46,974 | |
Gtd. Notes, 144A | 3.375 | 02/15/29 | 50 | 40,369 | |
Gtd. Notes, 144A | 3.625 | 02/15/31 | 125 | 95,641 | |
Gtd. Notes, 144A | 3.875 | 02/15/32 | 100 | 75,395 | |
Gtd. Notes, 144A | 5.250 | 06/15/29 | 400 | 353,398 | |
Ohio Power Co., | |||||
Sr. Unsec’d. Notes | 4.000 | 06/01/49 | 160 | 126,708 | |
Sr. Unsec’d. Notes | 4.150 | 04/01/48 | 175 | 142,485 | |
Pacific Gas & Electric Co., | |||||
First Mortgage | 3.950 | 12/01/47 | 260 | 176,040 | |
First Mortgage | 4.550 | 07/01/30 | 540 | 489,513 | |
Public Service Co. of Colorado, First Mortgage | 4.300 | 03/15/44 | 35 | 29,791 | |
Public Service Electric & Gas Co., Sr. Sec’d. Notes, MTN | 5.800 | 05/01/37 | 125 | 130,049 | |
San Diego Gas & Electric Co., First Mortgage | 4.150 | 05/15/48 | 230 | 193,413 | |
Southwestern Public Service Co., First Mortgage | 3.700 | 08/15/47 | 250 | 189,121 | |
Virginia Electric & Power Co., Sr. Unsec’d. Notes, Series A | 2.875 | 07/15/29 | 1,135 | 998,761 | |
Vistra Corp., | |||||
Jr. Sub. Notes, 144A | 7.000(ff) | 12/15/26(oo) | 200 | 182,322 | |
Jr. Sub. Notes, 144A | 8.000(ff) | 10/15/26(oo) | 650 | 621,597 | |
Vistra Operations Co. LLC, | |||||
Gtd. Notes, 144A | 5.625 | 02/15/27 | 600 | 573,017 | |
Sr. Sec’d. Notes, 144A | 3.550 | 07/15/24 | 645 | 618,971 |
42
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Electric (cont’d.) | |||||
Xcel Energy, Inc., Sr. Unsec’d. Notes | 4.800 % | 09/15/41 | 105 | $91,497 | |
11,648,080 | |||||
Electronics 0.1% | |||||
Trimble, Inc., Sr. Unsec’d. Notes | 4.750 | 12/01/24 | 1,200 | 1,187,272 | |
Engineering & Construction 0.1% | |||||
Cellnex Finance Co. SA (Spain), Gtd. Notes, EMTN | 2.000 | 02/15/33 | EUR | 300 | 234,933 |
Cellnex Telecom SA (Spain), Sr. Unsec’d. Notes, EMTN | 1.750 | 10/23/30 | EUR | 300 | 248,339 |
Mexico City Airport Trust (Mexico), | |||||
Sr. Sec’d. Notes | 5.500 | 07/31/47 | 200 | 154,000 | |
Sr. Sec’d. Notes, 144A | 4.250 | 10/31/26 | 200 | 189,913 | |
Sr. Sec’d. Notes, 144A | 5.500 | 07/31/47 | 200 | 154,000 | |
TopBuild Corp., Gtd. Notes, 144A | 4.125 | 02/15/32 | 100 | 81,246 | |
1,062,431 | |||||
Entertainment 0.2% | |||||
AMC Entertainment Holdings, Inc., Sec’d. Notes, 144A, Cash coupon 10.000% or PIK 12.000% or Cash coupon 5.000% and PIK 6.000% | 10.000 | 06/15/26 | 168 | 69,651 | |
Golden Entertainment, Inc., Sr. Unsec’d. Notes, 144A | 7.625 | 04/15/26 | 175 | 172,567 | |
International Game Technology PLC, | |||||
Sr. Sec’d. Notes, 144A | 6.250 | 01/15/27 | 200 | 197,752 | |
Sr. Sec’d. Notes, 144A | 6.500 | 02/15/25 | 450 | 451,958 | |
Scientific Games International, Inc., Gtd. Notes, 144A | 8.625 | 07/01/25 | 225 | 229,762 | |
Warnermedia Holdings, Inc., | |||||
Gtd. Notes, 144A | 5.050 | 03/15/42 | 265 | 203,785 | |
Gtd. Notes, 144A | 5.141 | 03/15/52 | 380 | 279,028 | |
1,604,503 |
43
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Foods 0.4% | |||||
B&G Foods, Inc., Gtd. Notes | 5.250 % | 09/15/27 | 325 | $249,379 | |
Bellis Acquisition Co. PLC (United Kingdom), Sr. Sec’d. Notes, 144A | 3.250 | 02/16/26 | GBP | 700 | 686,107 |
Bellis Finco PLC (United Kingdom), Sr. Unsec’d. Notes, 144A | 4.000 | 02/16/27 | GBP | 500 | 439,804 |
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., Sr. Unsec’d. Notes, 144A | 5.500 | 01/15/30 | 500 | 475,737 | |
Kraft Heinz Foods Co., Gtd. Notes | 5.200 | 07/15/45 | 465 | 428,480 | |
Lamb Weston Holdings, Inc., | |||||
Gtd. Notes, 144A | 4.125 | 01/31/30 | 75 | 66,361 | |
Gtd. Notes, 144A | 4.375 | 01/31/32 | 150 | 131,012 | |
Market Bidco Finco PLC (United Kingdom), Sr. Sec’d. Notes, 144A | 5.500 | 11/04/27 | GBP | 800 | 734,654 |
3,211,534 | |||||
Forest Products & Paper 0.0% | |||||
Celulosa Arauco y Constitucion SA (Chile), Sr. Unsec’d. Notes | 4.500 | 08/01/24 | 310 | 304,342 | |
Gas 0.2% | |||||
AmeriGas Partners LP/AmeriGas Finance Corp., Sr. Unsec’d. Notes | 5.750 | 05/20/27 | 775 | 724,510 | |
CenterPoint Energy Resources Corp., Sr. Unsec’d. Notes | 4.100 | 09/01/47 | 200 | 160,904 | |
NiSource, Inc., | |||||
Sr. Unsec’d. Notes | 3.490 | 05/15/27 | 548 | 516,522 | |
Sr. Unsec’d. Notes | 4.800 | 02/15/44 | 40 | 35,317 | |
Piedmont Natural Gas Co., Inc., Sr. Unsec’d. Notes | 3.500 | 06/01/29 | 740 | 679,735 | |
2,116,988 | |||||
Healthcare-Products 0.1% | |||||
DH Europe Finance II Sarl, Gtd. Notes | 1.350 | 09/18/39 | EUR | 385 | 278,545 |
Medline Borrower LP, | |||||
Sr. Sec’d. Notes, 144A | 3.875 | 04/01/29 | 350 | 282,086 | |
Sr. Unsec’d. Notes, 144A | 5.250 | 10/01/29 | 75 | 59,608 |
44
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Healthcare-Products (cont’d.) | |||||
Medtronic Global Holdings SCA, Gtd. Notes | 2.250 % | 03/07/39 | EUR | 100 | $82,500 |
702,739 | |||||
Healthcare-Services 0.6% | |||||
Ascension Health, Sr. Unsec’d. Notes | 3.945 | 11/15/46 | 795 | 661,357 | |
Catalent Pharma Solutions, Inc., Gtd. Notes, 144A | 2.375 | 03/01/28 | EUR | 800 | 693,958 |
Duke University Health System, Inc., Sr. Unsec’d. Notes, Series 2017 | 3.920 | 06/01/47 | 95 | 76,679 | |
Elevance Health, Inc., | |||||
Sr. Unsec’d. Notes | 4.625 | 05/15/42 | 45 | 40,934 | |
Sr. Unsec’d. Notes | 4.650 | 01/15/43 | 30 | 27,164 | |
HCA, Inc., | |||||
Gtd. Notes | 5.375 | 02/01/25 | 130 | 129,860 | |
Gtd. Notes, MTN | 7.750 | 07/15/36 | 400 | 438,126 | |
Health Care Service Corp. A Mutual Legal Reserve Co., Sr. Unsec’d. Notes, 144A | 2.200 | 06/01/30 | 360 | 288,190 | |
IHC Health Services, Inc., Sec’d. Notes | 4.131 | 05/15/48 | 480 | 394,672 | |
Kaiser Foundation Hospitals, | |||||
Gtd. Notes | 4.150 | 05/01/47 | 140 | 118,857 | |
Unsec’d. Notes, Series 2021 | 2.810 | 06/01/41 | 495 | 358,873 | |
MultiCare Health System, Unsec’d. Notes | 2.803 | 08/15/50 | 280 | 165,309 | |
MyMichigan Health, Sec’d. Notes, Series 2020 | 3.409 | 06/01/50 | 155 | 105,093 | |
OhioHealth Corp., Sec’d. Notes | 2.297 | 11/15/31 | 1,155 | 925,317 | |
Providence St. Joseph Health Obligated Group, | |||||
Unsec’d. Notes, Series 19A | 2.532 | 10/01/29 | 190 | 159,852 | |
Unsec’d. Notes, Series H | 2.746 | 10/01/26 | 50 | 46,680 | |
Tenet Healthcare Corp., | |||||
Gtd. Notes, 144A | 6.125 | 10/01/28 | 250 | 224,341 | |
Sr. Sec’d. Notes | 4.625 | 07/15/24 | 196 | 191,563 | |
Sr. Sec’d. Notes, 144A | 4.375 | 01/15/30 | 300 | 259,918 | |
5,306,743 |
45
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Home Builders 0.4% | |||||
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), Gtd. Notes, 144A | 4.875 % | 02/15/30 | 600 | $463,500 | |
Mattamy Group Corp. (Canada), Sr. Unsec’d. Notes, 144A | 4.625 | 03/01/30 | 675 | 548,438 | |
Taylor Morrison Communities, Inc., | |||||
Gtd. Notes, 144A | 5.750 | 01/15/28 | 500 | 469,808 | |
Gtd. Notes, 144A | 5.875 | 06/15/27 | 90 | 86,611 | |
Sr. Unsec’d. Notes, 144A | 5.125 | 08/01/30 | 80 | 69,609 | |
Toll Brothers Finance Corp., Gtd. Notes | 4.350 | 02/15/28 | 1,650 | 1,506,082 | |
3,144,048 | |||||
Insurance 0.1% | |||||
Liberty Mutual Group, Inc., | |||||
Gtd. Notes, 144A | 3.950 | 05/15/60 | 115 | 75,630 | |
Gtd. Notes, 144A | 3.951 | 10/15/50 | 180 | 126,777 | |
Gtd. Notes, 144A | 4.569 | 02/01/29 | 350 | 328,048 | |
Lincoln National Corp., Sr. Unsec’d. Notes | 6.300 | 10/09/37 | 110 | 107,959 | |
Markel Corp., Sr. Unsec’d. Notes | 5.000 | 03/30/43 | 25 | 21,459 | |
New York Life Insurance Co., Sub. Notes, 144A | 6.750 | 11/15/39 | 110 | 122,488 | |
Principal Financial Group, Inc., Gtd. Notes | 4.625 | 09/15/42 | 15 | 12,542 | |
Teachers Insurance & Annuity Association of America, | |||||
Sub. Notes, 144A | 4.270 | 05/15/47 | 240 | 198,336 | |
Sub. Notes, 144A | 6.850 | 12/16/39 | 22 | 24,186 | |
1,017,425 | |||||
Lodging 0.1% | |||||
Hilton Domestic Operating Co., Inc., Gtd. Notes, 144A | 3.625 | 02/15/32 | 375 | 300,154 | |
Marriott International, Inc., Sr. Unsec’d. Notes, Series R | 3.125 | 06/15/26 | 561 | 524,429 | |
MGM Resorts International, Gtd. Notes | 6.750 | 05/01/25 | 250 | 251,979 | |
1,076,562 |
46
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Machinery-Diversified 0.1% | |||||
Chart Industries, Inc., Sr. Sec’d. Notes, 144A | 7.500 % | 01/01/30 | 50 | $50,207 | |
Westinghouse Air Brake Technologies Corp., Gtd. Notes | 4.950 | 09/15/28 | 89 | 85,542 | |
Xylem, Inc., Sr. Unsec’d. Notes | 1.950 | 01/30/28 | 975 | 837,744 | |
973,493 | |||||
Media 0.4% | |||||
CCO Holdings LLC/CCO Holdings Capital Corp., | |||||
Sr. Unsec’d. Notes, 144A | 4.250 | 02/01/31 | 350 | 281,006 | |
Sr. Unsec’d. Notes, 144A | 5.375 | 06/01/29 | 725 | 655,346 | |
Charter Communications Operating LLC/Charter Communications Operating Capital, | |||||
Sr. Sec’d. Notes | 3.900 | 06/01/52 | 290 | 182,909 | |
Sr. Sec’d. Notes | 5.375 | 05/01/47 | 120 | 94,554 | |
Sr. Sec’d. Notes | 6.384 | 10/23/35 | 110 | 107,427 | |
Sr. Sec’d. Notes | 6.484 | 10/23/45 | 172 | 155,876 | |
Comcast Corp., Gtd. Notes | 3.969 | 11/01/47 | 19 | 15,243 | |
Cox Communications, Inc., Sr. Unsec’d. Notes, 144A | 3.150 | 08/15/24 | 255 | 245,497 | |
CSC Holdings LLC, | |||||
Gtd. Notes, 144A | 3.375 | 02/15/31 | 310 | 202,228 | |
Sr. Unsec’d. Notes, 144A | 4.625 | 12/01/30 | 300 | 165,087 | |
Diamond Sports Group LLC/Diamond Sports Finance Co., Sec’d. Notes, 144A (original cost $550,396; purchased 02/12/20)(a)(f) | 5.375 | 08/15/26 | 550 | 65,482 | |
Discovery Communications LLC, Gtd. Notes | 5.300 | 05/15/49 | 575 | 435,825 | |
DISH DBS Corp., | |||||
Gtd. Notes | 5.125 | 06/01/29 | 100 | 64,511 | |
Gtd. Notes | 7.375 | 07/01/28 | 100 | 70,680 | |
Gtd. Notes | 7.750 | 07/01/26 | 400 | 322,803 | |
Paramount Global, Sr. Unsec’d. Notes | 5.250 | 04/01/44 | 65 | 50,085 | |
Time Warner Cable LLC, Sr. Sec’d. Notes | 5.500 | 09/01/41 | 140 | 116,927 | |
3,231,486 |
47
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Mining 0.1% | |||||
Barrick North America Finance LLC (Canada), Gtd. Notes | 5.750 % | 05/01/43 | 280 | $283,198 | |
Freeport Indonesia PT (Indonesia), Sr. Unsec’d. Notes, 144A, MTN | 5.315 | 04/14/32 | 200 | 183,522 | |
Southern Copper Corp. (Mexico), Sr. Unsec’d. Notes | 7.500 | 07/27/35 | 95 | 110,082 | |
576,802 | |||||
Miscellaneous Manufacturing 0.1% | |||||
Pentair Finance Sarl, Gtd. Notes | 4.500 | 07/01/29 | 450 | 416,447 | |
Teledyne Technologies, Inc., Gtd. Notes | 2.750 | 04/01/31 | 935 | 765,942 | |
1,182,389 | |||||
Multi-National 0.0% | |||||
Corp. Andina de Fomento (Supranational Bank), Sr. Unsec’d. Notes | 2.750 | 01/06/23 | 70 | 69,965 | |
Oil & Gas 0.9% | |||||
Aethon United BR LP/Aethon United Finance Corp., Sr. Unsec’d. Notes, 144A | 8.250 | 02/15/26 | 225 | 223,431 | |
Aker BP ASA (Norway), Gtd. Notes, 144A | 3.100 | 07/15/31 | 450 | 366,085 | |
Ascent Resources Utica Holdings LLC/ARU Finance Corp., | |||||
Gtd. Notes, 144A | 9.000 | 11/01/27 | 79 | 96,451 | |
Sr. Unsec’d. Notes, 144A | 8.250 | 12/31/28 | 125 | 122,673 | |
BP Capital Markets PLC (United Kingdom), Gtd. Notes | 4.375(ff) | 06/22/25(oo) | 750 | 714,897 | |
Cenovus Energy, Inc. (Canada), Sr. Unsec’d. Notes | 5.400 | 06/15/47 | 318 | 287,175 | |
Chesapeake Energy Corp., | |||||
Gtd. Notes, 144A | 5.500 | 02/01/26 | 125 | 120,657 | |
Gtd. Notes, 144A | 5.875 | 02/01/29 | 125 | 119,082 | |
ConocoPhillips Co., Gtd. Notes | 3.758 | 03/15/42 | 150 | 125,562 | |
Continental Resources, Inc., | |||||
Gtd. Notes | 4.500 | 04/15/23 | 151 | 150,470 | |
Gtd. Notes, 144A | 2.875 | 04/01/32 | 550 | 408,381 |
48
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Oil & Gas (cont’d.) | |||||
Devon Energy Corp., Sr. Unsec’d. Notes | 5.600 % | 07/15/41 | 35 | $32,700 | |
Ecopetrol SA (Colombia), | |||||
Sr. Unsec’d. Notes | 5.875 | 09/18/23 | 353 | 350,176 | |
Sr. Unsec’d. Notes | 6.875 | 04/29/30 | 68 | 61,540 | |
Endeavor Energy Resources LP/EER Finance, Inc., Sr. Unsec’d. Notes, 144A | 5.750 | 01/30/28 | 400 | 383,007 | |
Energean Israel Finance Ltd. (Israel), | |||||
Sr. Sec’d. Notes, 144A | 4.500 | 03/30/24 | 100 | 96,300 | |
Sr. Sec’d. Notes, 144A | 4.875 | 03/30/26 | 200 | 183,537 | |
Sr. Sec’d. Notes, 144A | 5.375 | 03/30/28 | 275 | 245,059 | |
EOG Resources, Inc., Sr. Unsec’d. Notes | 3.900 | 04/01/35 | 120 | 106,832 | |
Hilcorp Energy I LP/Hilcorp Finance Co., | |||||
Sr. Unsec’d. Notes, 144A | 5.750 | 02/01/29 | 50 | 44,678 | |
Sr. Unsec’d. Notes, 144A | 6.000 | 04/15/30 | 125 | 111,864 | |
Sr. Unsec’d. Notes, 144A | 6.000 | 02/01/31 | 50 | 42,444 | |
Sr. Unsec’d. Notes, 144A | 6.250 | 04/15/32 | 150 | 128,867 | |
MEG Energy Corp. (Canada), Gtd. Notes, 144A | 7.125 | 02/01/27 | 200 | 203,750 | |
Occidental Petroleum Corp., Sr. Unsec’d. Notes | 6.450 | 09/15/36 | 200 | 204,039 | |
Petrobras Global Finance BV (Brazil), Gtd. Notes | 6.625 | 01/16/34 | GBP | 230 | 240,660 |
Petroleos Mexicanos (Mexico), | |||||
Gtd. Notes | 4.750 | 02/26/29 | EUR | 180 | 150,628 |
Gtd. Notes | 5.350 | 02/12/28 | 49 | 41,209 | |
Gtd. Notes | 6.490 | 01/23/27 | 61 | 55,693 | |
Gtd. Notes | 6.500 | 03/13/27 | 1,613 | 1,465,814 | |
Gtd. Notes, EMTN | 4.875 | 02/21/28 | EUR | 240 | 209,749 |
Gtd. Notes, MTN | 6.750 | 09/21/47 | 133 | 84,705 | |
Gtd. Notes, MTN | 6.875 | 08/04/26 | 10 | 9,505 | |
Phillips 66 Co., Gtd. Notes, 144A | 3.550 | 10/01/26 | 360 | 337,576 | |
QatarEnergy Trading LLC (Qatar), Sr. Unsec’d. Notes, 144A | 3.125 | 07/12/41 | 210 | 160,558 | |
Var Energi ASA (Norway), Sr. Unsec’d. Notes, 144A | 5.000 | 05/18/27 | 870 | 819,880 | |
8,505,634 |
49
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Oil & Gas Services 0.0% | |||||
Schlumberger Holdings Corp., Sr. Unsec’d. Notes, 144A | 3.900 % | 05/17/28 | 336 | $313,848 | |
Packaging & Containers 0.2% | |||||
AptarGroup, Inc., Sr. Unsec’d. Notes | 3.600 | 03/15/32 | 780 | 646,979 | |
ARD Finance SA (Luxembourg), Sr. Sec’d. Notes, Cash coupon 5.000% or PIK 5.750% | 5.000 | 06/30/27 | EUR | 918 | 655,956 |
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC, Sr. Sec’d. Notes, 144A | 4.000 | 10/15/27 | 200 | 177,574 | |
1,480,509 | |||||
Pharmaceuticals 0.6% | |||||
AbbVie, Inc., | |||||
Sr. Unsec’d. Notes | 3.800 | 03/15/25 | 315 | 307,069 | |
Sr. Unsec’d. Notes | 4.250 | 11/21/49 | 1,285 | 1,080,129 | |
Sr. Unsec’d. Notes | 4.500 | 05/14/35 | 235 | 218,774 | |
Sr. Unsec’d. Notes | 4.550 | 03/15/35 | 430 | 401,977 | |
Sr. Unsec’d. Notes | 4.700 | 05/14/45 | 250 | 223,321 | |
Bausch Health Cos., Inc., | |||||
Gtd. Notes, 144A | 5.000 | 01/30/28 | 150 | 72,768 | |
Gtd. Notes, 144A | 5.000 | 02/15/29 | 75 | 36,000 | |
Gtd. Notes, 144A | 5.250 | 01/30/30 | 50 | 23,896 | |
Gtd. Notes, 144A(a) | 5.250 | 02/15/31 | 350 | 168,791 | |
Gtd. Notes, 144A | 6.250 | 02/15/29 | 200 | 96,500 | |
Gtd. Notes, 144A | 7.000 | 01/15/28 | 250 | 121,250 | |
Becton, Dickinson & Co., Sr. Unsec’d. Notes | 3.734 | 12/15/24 | 18 | 17,549 | |
Bristol-Myers Squibb Co., Sr. Unsec’d. Notes | 4.125 | 06/15/39 | 70 | 62,407 | |
Cigna Corp., Gtd. Notes | 4.500 | 02/25/26 | 967 | 952,981 | |
CVS Health Corp., | |||||
Sr. Unsec’d. Notes | 4.300 | 03/25/28 | 359 | 347,245 | |
Sr. Unsec’d. Notes | 4.780 | 03/25/38 | 90 | 82,464 | |
Sr. Unsec’d. Notes | 5.125 | 07/20/45 | 487 | 443,743 | |
Sr. Unsec’d. Notes | 5.300 | 12/05/43 | 45 | 42,148 | |
Takeda Pharmaceutical Co. Ltd. (Japan), Sr. Unsec’d. Notes | 3.025 | 07/09/40 | 250 | 183,574 |
50
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Pharmaceuticals (cont’d.) | |||||
Utah Acquisition Sub, Inc., Gtd. Notes | 5.250 % | 06/15/46 | 800 | $606,175 | |
Viatris, Inc., Gtd. Notes | 4.000 | 06/22/50 | 325 | 201,321 | |
5,690,082 | |||||
Pipelines 0.7% | |||||
Antero Midstream Partners LP/Antero Midstream Finance Corp., Gtd. Notes, 144A | 5.750 | 03/01/27 | 350 | 330,673 | |
Eastern Gas Transmission & Storage, Inc., Sr. Unsec’d. Notes | 4.600 | 12/15/44 | 10 | 8,216 | |
Energy Transfer LP, | |||||
Jr. Sub. Notes, Series H | 6.500(ff) | 11/15/26(oo) | 610 | 529,830 | |
Sr. Unsec’d. Notes | 4.950 | 06/15/28 | 210 | 202,839 | |
Sr. Unsec’d. Notes | 5.000 | 05/15/50 | 170 | 137,243 | |
Sr. Unsec’d. Notes | 5.300 | 04/15/47 | 500 | 418,315 | |
Enterprise Products Operating LLC, | |||||
Gtd. Notes | 3.200 | 02/15/52 | 220 | 145,183 | |
Gtd. Notes | 3.950 | 01/31/60 | 55 | 39,995 | |
Gtd. Notes | 4.200 | 01/31/50 | 345 | 271,887 | |
Gtd. Notes | 4.850 | 03/15/44 | 185 | 162,473 | |
Florida Gas Transmission Co. LLC, Sr. Unsec’d. Notes, 144A | 2.550 | 07/01/30 | 350 | 283,062 | |
Kinder Morgan, Inc., Gtd. Notes | 3.250 | 08/01/50 | 220 | 142,667 | |
MPLX LP, | |||||
Sr. Unsec’d. Notes | 2.650 | 08/15/30 | 630 | 511,137 | |
Sr. Unsec’d. Notes | 4.500 | 04/15/38 | 175 | 147,085 | |
Sr. Unsec’d. Notes | 4.875 | 06/01/25 | 375 | 370,679 | |
Sr. Unsec’d. Notes | 4.950 | 03/14/52 | 520 | 427,006 | |
Sr. Unsec’d. Notes | 5.200 | 03/01/47 | 20 | 17,002 | |
Sr. Unsec’d. Notes | 5.500 | 02/15/49 | 90 | 79,611 | |
ONEOK Partners LP, Gtd. Notes | 6.200 | 09/15/43 | 205 | 194,971 | |
ONEOK, Inc., | |||||
Gtd. Notes | 4.500 | 03/15/50 | 1,000 | 750,264 | |
Gtd. Notes | 4.950 | 07/13/47 | 50 | 40,584 | |
Spectra Energy Partners LP, Gtd. Notes | 3.375 | 10/15/26 | 165 | 154,005 |
51
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Pipelines (cont’d.) | |||||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | |||||
Gtd. Notes, 144A | 5.500 % | 01/15/28 | 275 | $244,391 | |
Gtd. Notes, 144A | 6.000 | 12/31/30 | 125 | 108,722 | |
Gtd. Notes, 144A | 7.500 | 10/01/25 | 150 | 151,318 | |
Venture Global Calcasieu Pass LLC, | |||||
Sr. Sec’d. Notes, 144A | 3.875 | 08/15/29 | 30 | 26,266 | |
Sr. Sec’d. Notes, 144A | 4.125 | 08/15/31 | 30 | 25,575 | |
Western Midstream Operating LP, Sr. Unsec’d. Notes | 5.300 | 03/01/48 | 20 | 16,560 | |
Williams Cos., Inc. (The), | |||||
Sr. Unsec’d. Notes | 4.900 | 01/15/45 | 220 | 187,108 | |
Sr. Unsec’d. Notes | 5.300 | 08/15/52 | 195 | 175,662 | |
Sr. Unsec’d. Notes | 5.400 | 03/04/44 | 175 | 159,662 | |
6,459,991 | |||||
Real Estate 0.0% | |||||
Howard Hughes Corp. (The), Gtd. Notes, 144A | 4.125 | 02/01/29 | 350 | 292,782 | |
Real Estate Investment Trusts (REITs) 0.6% | |||||
Brandywine Operating Partnership LP, Gtd. Notes | 4.550 | 10/01/29 | 450 | 374,840 | |
Brixmor Operating Partnership LP, Sr. Unsec’d. Notes | 4.050 | 07/01/30 | 345 | 303,238 | |
Diversified Healthcare Trust, | |||||
Gtd. Notes | 9.750 | 06/15/25 | 25 | 23,973 | |
Sr. Unsec’d. Notes | 4.750 | 05/01/24 | 50 | 43,156 | |
Sr. Unsec’d. Notes | 4.750 | 02/15/28 | 400 | 227,346 | |
GLP Capital LP/GLP Financing II, Inc., Gtd. Notes | 5.375 | 04/15/26 | 175 | 172,559 | |
Healthpeak Properties, Inc., Sr. Unsec’d. Notes | 2.875 | 01/15/31 | 315 | 263,220 | |
MPT Operating Partnership LP/MPT Finance Corp., Gtd. Notes | 0.993 | 10/15/26 | EUR | 200 | 161,972 |
Realty Income Corp., Sr. Unsec’d. Notes | 3.400 | 01/15/28 | 800 | 736,723 | |
Sun Communities Operating LP, Gtd. Notes | 2.700 | 07/15/31 | 675 | 531,437 |
52
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Real Estate Investment Trusts (REITs) (cont’d.) | |||||
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, Sr. Sec’d. Notes, 144A | 7.875 % | 02/15/25 | 700 | $679,386 | |
Ventas Realty LP, Gtd. Notes | 2.650 | 01/15/25 | 1,750 | 1,656,894 | |
Welltower, Inc., Sr. Unsec’d. Notes | 4.250 | 04/01/26 | 160 | 155,050 | |
WP Carey, Inc., Sr. Unsec’d. Notes | 2.250 | 04/01/33 | 545 | 404,186 | |
5,733,980 | |||||
Retail 0.3% | |||||
AutoZone, Inc., Sr. Unsec’d. Notes | 1.650 | 01/15/31 | 185 | 143,198 | |
Dollar Tree, Inc., Sr. Unsec’d. Notes | 2.650 | 12/01/31 | 750 | 605,052 | |
eG Global Finance PLC (United Kingdom), Sr. Sec’d. Notes | 6.250 | 10/30/25 | EUR | 1,200 | 1,122,614 |
Sally Holdings LLC/Sally Capital, Inc., Gtd. Notes | 5.625 | 12/01/25 | 170 | 163,748 | |
Suburban Propane Partners LP/Suburban Energy Finance Corp., Sr. Unsec’d. Notes | 5.875 | 03/01/27 | 450 | 430,525 | |
2,465,137 | |||||
Semiconductors 0.2% | |||||
Broadcom, Inc., Sr. Unsec’d. Notes, 144A | 3.419 | 04/15/33 | 1,750 | 1,404,693 | |
Software 0.0% | |||||
Microsoft Corp., Sr. Unsec’d. Notes | 2.525 | 06/01/50 | 48 | 31,988 | |
Telecommunications 0.7% | |||||
AT&T, Inc., | |||||
Sr. Unsec’d. Notes | 2.550 | 12/01/33 | 129 | 99,201 | |
Sr. Unsec’d. Notes | 3.500 | 09/15/53 | 1,658 | 1,128,053 | |
Sr. Unsec’d. Notes | 3.550 | 09/15/55 | 115 | 77,673 | |
Sr. Unsec’d. Notes | 4.300 | 02/15/30 | 5 | 4,702 | |
Sr. Unsec’d. Notes | 4.500 | 05/15/35 | 125 | 113,690 |
53
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Telecommunications (cont’d.) | |||||
British Telecommunications PLC (United Kingdom), Sr. Unsec’d. Notes | 9.625 % | 12/15/30 | 50 | $59,937 | |
Digicel International Finance Ltd./Digicel International Holdings Ltd. (Jamaica), | |||||
Gtd. Notes, 144A (original cost $135,375; purchased 02/10/21)(f) | 8.000 | 12/31/26 | 150 | 65,841 | |
Sr. Sec’d. Notes, 144A (original cost $210,000; purchased 01/05/21)(f) | 8.750 | 05/25/24 | 200 | 171,350 | |
Sr. Sec’d. Notes, 144A (original cost $183,969; purchased 01/05/21)(f) | 8.750 | 05/25/24 | 175 | 150,150 | |
Iliad Holding SASU (France), Sr. Sec’d. Notes, 144A | 7.000 | 10/15/28 | 200 | 181,270 | |
Intelsat Jackson Holdings SA (Luxembourg), | |||||
Gtd. Notes | 5.500 | 08/01/23^(d) | 400 | — | |
Gtd. Notes, 144A | 8.500 | 10/15/24^(d) | 25 | — | |
Gtd. Notes, 144A | 9.750 | 07/15/25^(d) | 25 | — | |
Sr. Sec’d. Notes, 144A | 6.500 | 03/15/30 | 625 | 558,744 | |
Matterhorn Telecom SA (Luxembourg), Sr. Sec’d. Notes | 3.125 | 09/15/26 | EUR | 800 | 772,196 |
Sprint Capital Corp., Gtd. Notes | 8.750 | 03/15/32 | 300 | 356,870 | |
T-Mobile USA, Inc., | |||||
Gtd. Notes | 2.550 | 02/15/31 | 1,910 | 1,556,510 | |
Gtd. Notes | 2.625 | 02/15/29 | 275 | 233,412 | |
Gtd. Notes | 4.500 | 04/15/50 | 300 | 247,710 | |
Verizon Communications, Inc., Sr. Unsec’d. Notes | 3.400 | 03/22/41 | 480 | 361,467 | |
6,138,776 | |||||
Transportation 0.1% | |||||
Burlington Northern Santa Fe LLC, Sr. Unsec’d. Notes | 6.700 | 08/01/28 | 135 | 142,317 | |
CSX Corp., Sr. Unsec’d. Notes | 6.150 | 05/01/37 | 170 | 181,426 | |
Indian Railway Finance Corp. Ltd. (India), Sr. Unsec’d. Notes, 144A, MTN | 3.570 | 01/21/32 | 200 | 171,218 |
54
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Transportation (cont’d.) | |||||
Norfolk Southern Corp., | |||||
Sr. Unsec’d. Notes | 2.903 % | 02/15/23 | 97 | $96,771 | |
Sr. Unsec’d. Notes | 5.590 | 05/17/25 | 20 | 20,164 | |
611,896 | |||||
Total Corporate Bonds (cost $157,113,487) | 132,665,068 | ||||
Floating Rate and other Loans 0.1% | |||||
Media 0.0% | |||||
Diamond Sports Group LLC, | |||||
First Lien Term Loan, 1 Month SOFR + 8.100% | 12.317(c) | 05/25/26^ | 75 | 69,811 | |
Second Lien Term loan, 1 Month SOFR + 3.350% | 7.567(c) | 08/24/26 | 620 | 74,914 | |
144,725 | |||||
Oil & Gas 0.0% | |||||
Ascent Resources Utica Holdings LLC, Second Lien Term Loan, 3 Month LIBOR + 9.000% | 12.941(c) | 11/01/25 | 152 | 159,980 | |
Telecommunications 0.1% | |||||
Digicel International Finance Ltd. (Saint Lucia), First Lien Initial Term B Loan, 1 Month LIBOR + 3.250% | 7.634(c) | 05/27/24 | 344 | 287,064 | |
Total Floating Rate and other Loans (cost $750,252) | 591,769 | ||||
Municipal Bonds 0.3% | |||||
Alabama 0.0% | |||||
Alabama Economic Settlement Authority, Taxable, Revenue Bonds, Series B | 4.263 | 09/15/32 | 35 | 32,421 | |
California 0.1% | |||||
Bay Area Toll Authority, | |||||
Revenue Bonds, BABs, Series F2 | 6.263 | 04/01/49 | 220 | 253,291 | |
Taxable, Revenue Bonds | 2.574 | 04/01/31 | 415 | 362,366 |
55
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
California (cont’d.) | |||||
State of California, | |||||
General Obligation Unlimited, BABs | 7.300 % | 10/01/39 | 210 | $254,821 | |
General Obligation Unlimited, Taxable, BABs | 7.500 | 04/01/34 | 15 | 18,199 | |
888,677 | |||||
Illinois 0.1% | |||||
Chicago O’Hare International Airport, Revenue Bonds, BABs, Series B | 6.395 | 01/01/40 | 160 | 178,269 | |
State of Illinois, General Obligation Unlimited, Taxable | 5.100 | 06/01/33 | 100 | 95,630 | |
273,899 | |||||
Michigan 0.1% | |||||
Michigan State University, Taxable, Revenue Bonds, Series A | 4.165 | 08/15/22 | 435 | 321,315 | |
University of Michigan, | |||||
Taxable, Revenue Bonds, Series A | 4.454 | 04/01/2122 | 440 | 357,563 | |
Taxable, Revenue Bonds, Series B | 2.437 | 04/01/40 | 550 | 392,075 | |
1,070,953 | |||||
New Jersey 0.0% | |||||
New Jersey Turnpike Authority, Taxable, Revenue Bonds, BABs, Series F | 7.414 | 01/01/40 | 165 | 204,059 | |
New York 0.0% | |||||
New York City Transitional Finance Authority Future Tax Secured Revenue, Taxable, Revenue Bonds, BABs | 5.767 | 08/01/36 | 180 | 186,066 | |
Ohio 0.0% | |||||
Ohio State University (The), Taxable, Revenue Bonds, BABs, Series C | 4.910 | 06/01/40 | 65 | 65,723 | |
Ohio Water Development Authority Water Pollution Control Loan Fund, Taxable, Revenue Bonds, BABs, Series B2 | 4.879 | 12/01/34 | 45 | 45,095 | |
110,818 |
56
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Municipal Bonds (Continued) | |||||
Oregon 0.0% | |||||
State of Oregon Department of Transportation, Taxable, Revenue Bonds, BABs, Series A | 5.834 % | 11/15/34 | 70 | $74,977 | |
Pennsylvania 0.0% | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, BABs, Series B | 5.511 | 12/01/45 | 80 | 80,442 | |
Virginia 0.0% | |||||
University of Virginia, Taxable, Revenue Bonds, Series C | 4.179 | 09/01/2117 | 80 | 59,031 | |
Total Municipal Bonds (cost $3,289,920) | 2,981,343 | ||||
Residential Mortgage-Backed Securities 1.4% | |||||
Alternative Loan Trust, Series 2004-18CB, Class 3A1 | 5.250 | 09/25/35 | 2 | 1,472 | |
Banc of America Mortgage Trust, Series 2005-A, Class 2A1 | 2.543(cc) | 02/25/35 | 7 | 6,191 | |
Bellemeade Re Ltd., | |||||
Series 2018-03A, Class M1B, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 1.850%) | 6.239(c) | 10/25/28 | 14 | 14,175 | |
Series 2019-03A, Class M1B, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 1.600%) | 5.989(c) | 07/25/29 | 91 | 91,154 | |
Series 2020-04A, Class M2B, 144A, 1 Month LIBOR + 3.600% (Cap N/A, Floor 3.600%) | 7.989(c) | 06/25/30 | 68 | 67,617 | |
Series 2021-01A, Class M1A, 144A, 30 Day Average SOFR + 1.750% (Cap N/A, Floor 1.750%) | 5.678(c) | 03/25/31 | 178 | 176,732 | |
Series 2021-01A, Class M1C, 144A, 30 Day Average SOFR + 2.950% (Cap N/A, Floor 2.950%) | 6.878(c) | 03/25/31 | 150 | 143,294 | |
Series 2022-01, Class M1B, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 2.150%) | 6.078(c) | 01/26/32 | 160 | 152,351 | |
Series 2022-01, Class M1C, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%) | 7.628(c) | 01/26/32 | 360 | 300,635 | |
BVRT Financing Trust, Series 2021-04, Class F, 144A, 1 Month SOFR + 2.000% | 5.807(c) | 09/12/26^ | 472 | 469,840 | |
Chase Mortgage Finance Trust, Series 2007-A01, Class 1A5 | 3.492(cc) | 02/25/37 | 16 | 15,457 | |
Citigroup Mortgage Loan Trust, Series 2022-A, Class A1, 144A | 6.170 | 09/25/62 | 291 | 284,632 |
57
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Residential Mortgage-Backed Securities (Continued) | |||||
Connecticut Avenue Securities Trust, | |||||
Series 2019-R03, Class 1M2, 144A, 1 Month LIBOR + 2.150% (Cap N/A, Floor 0.000%) | 6.539 %(c) | 09/25/31 | 16 | $15,949 | |
Series 2019-R07, Class 1M2, 144A, 1 Month LIBOR + 2.100% (Cap N/A, Floor 0.000%) | 6.489(c) | 10/25/39 | 19 | 18,475 | |
Series 2022-R02, Class 2B1, 144A, 30 Day Average SOFR + 4.500% (Cap N/A, Floor 0.000%) | 8.428(c) | 01/25/42 | 100 | 94,597 | |
Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%) | 10.178(c) | 03/25/42 | 105 | 109,171 | |
Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) | 9.178(c) | 03/25/42 | 90 | 90,000 | |
Credit Suisse Mortgage Trust, | |||||
Series 2018-RPL09, Class A, 144A | 3.850(cc) | 09/25/57 | 206 | 192,083 | |
Series 2020-RPL06, Class A1, 144A | 2.688(cc) | 03/25/59 | 363 | 343,176 | |
Eagle Re Ltd., | |||||
Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.700% (Cap N/A, Floor 1.700%) | 6.089(c) | 11/25/28 | 69 | 68,600 | |
Series 2019-01, Class M2, 144A, 1 Month LIBOR + 3.300% (Cap N/A, Floor 0.000%) | 7.689(c) | 04/25/29 | 200 | 191,126 | |
Series 2021-01, Class M1B, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 2.150%) | 6.078(c) | 10/25/33 | 99 | 99,217 | |
Series 2021-01, Class M1C, 144A, 30 Day Average SOFR + 2.700% (Cap N/A, Floor 2.700%) | 6.628(c) | 10/25/33 | 280 | 277,324 | |
Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% (Cap N/A, Floor 3.450%) | 7.378(c) | 04/25/34 | 240 | 235,763 | |
Fannie Mae Connecticut Avenue Securities, Series 2021-R02, Class 2M2, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 0.000%) | 5.928(c) | 11/25/41 | 90 | 83,705 | |
Fannie Mae REMIC, Series 2014-11, Class VB | 4.500 | 04/25/42 | 500 | 487,798 | |
FHLMC Structured Agency Credit Risk Debt Notes, | |||||
Series 2020-HQA05, Class B1, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 0.000%) | 7.928(c) | 11/25/50 | 250 | 238,750 | |
Series 2020-HQA05, Class M2, 144A, 30 Day Average SOFR + 2.600% (Cap N/A, Floor 0.000%) | 6.528(c) | 11/25/50 | 720 | 718,195 | |
Series 2021-DNA02, Class B1, 144A, 30 Day Average SOFR + 3.400% (Cap N/A, Floor 0.000%) | 7.328(c) | 08/25/33 | 1,120 | 1,034,410 | |
FHLMC Structured Agency Credit Risk REMIC Trust, | |||||
Series 2020-DNA02, Class M2, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 0.000%) | 6.239(c) | 02/25/50 | 155 | 154,188 | |
Series 2020-DNA04, Class B1, 144A, 1 Month LIBOR + 6.000% (Cap N/A, Floor 0.000%) | 10.389(c) | 08/25/50 | 438 | 465,826 | |
Series 2020-DNA05, Class B1, 144A, 30 Day Average SOFR + 4.800% (Cap N/A, Floor 0.000%) | 8.728(c) | 10/25/50 | 190 | 194,539 |
58
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (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 2021-DNA03, Class B1, 144A, 30 Day Average SOFR + 3.500% (Cap N/A, Floor 0.000%) | 7.428 %(c) | 10/25/33 | 275 | $254,350 | |
Series 2021-DNA05, Class B1, 144A, 30 Day Average SOFR + 3.050% (Cap N/A, Floor 0.000%) | 6.978(c) | 01/25/34 | 290 | 264,848 | |
Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) | 5.578(c) | 01/25/34 | 89 | 87,995 | |
Series 2021-DNA06, Class B1, 144A, 30 Day Average SOFR + 3.400% (Cap N/A, Floor 0.000%) | 7.328(c) | 10/25/41 | 300 | 279,630 | |
Series 2021-HQA01, Class B1, 144A, 30 Day Average SOFR + 3.000% (Cap N/A, Floor 0.000%) | 6.928(c) | 08/25/33 | 90 | 76,046 | |
Series 2021-HQA02, Class B1, 144A, 30 Day Average SOFR + 3.150% (Cap N/A, Floor 0.000%) | 7.078(c) | 12/25/33 | 100 | 85,621 | |
Series 2021-HQA03, Class B1, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | 7.278(c) | 09/25/41 | 170 | 145,200 | |
Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | 6.028(c) | 09/25/41 | 300 | 264,068 | |
Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) | 6.278(c) | 12/25/41 | 200 | 176,501 | |
Series 2022-DNA01, Class M1B, 144A, 30 Day Average SOFR + 1.850% (Cap N/A, Floor 0.000%) | 5.778(c) | 01/25/42 | 410 | 389,037 | |
Home Re Ltd., | |||||
Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%) | 5.528(c) | 01/25/34 | 150 | 146,374 | |
Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 2.800% (Cap N/A, Floor 0.000%) | 6.728(c) | 01/25/34 | 235 | 217,636 | |
JPMorgan Mortgage Trust, Series 2007-A01, Class 4A1 | 3.939(cc) | 07/25/35 | 5 | 5,177 | |
Jupiter Mortgage No. 1 PLC (United Kingdom), Series 01A, Class B, 144A, SONIA + 1.400% (Cap N/A, Floor 0.000%) | 4.326(c) | 07/20/60 | GBP | 300 | 357,079 |
Legacy Mortgage Asset Trust, | |||||
Series 2019-PR01, Class A1, 144A | 6.858 | 09/25/59 | 227 | 226,962 | |
Series 2020-GS01, Class A1, 144A | 2.882 | 10/25/59 | 270 | 267,636 | |
Series 2020-SL01, Class A, 144A | 2.734 | 01/25/60 | 86 | 83,651 | |
Series 2021-GS01, Class A1, 144A | 1.892 | 10/25/66 | 136 | 124,320 | |
Series 2021-SL01, Class A, 144A | 1.991(cc) | 09/25/60 | 128 | 125,349 | |
Mill City Mortgage Loan Trust, | |||||
Series 2017-03, Class A1, 144A | 2.750(cc) | 01/25/61 | 62 | 60,172 | |
Series 2018-01, Class A1, 144A | 3.250(cc) | 05/25/62 | 43 | 41,521 | |
New Residential Mortgage Loan Trust, Series 2018-04A, Class A1S, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%) | 5.139(c) | 01/25/48 | 72 | 68,779 |
59
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Residential Mortgage-Backed Securities (Continued) | |||||
Oaktown Re VII Ltd., Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | 6.828 %(c) | 04/25/34 | 200 | $177,752 | |
OBX Trust, Series 2018-01, Class A2, 144A, 1 Month LIBOR + 0.650% (Cap N/A, Floor 0.000%) | 5.039(c) | 06/25/57 | 62 | 58,014 | |
PNMAC GMSR Issuer Trust, Series 2018-GT01, Class A, 144A, 1 Month LIBOR + 2.850% (Cap N/A, Floor 2.850%) | 7.239(c) | 02/25/23 | 150 | 146,601 | |
Radnor Re Ltd., | |||||
Series 2019-02, Class M1B, 144A, 1 Month LIBOR + 1.750% (Cap N/A, Floor 1.750%) | 6.139(c) | 06/25/29 | 22 | 21,523 | |
Series 2020-01, Class M1B, 144A, 1 Month LIBOR + 1.450% (Cap N/A, Floor 1.450%) | 5.839(c) | 01/25/30 | 200 | 198,268 | |
Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.850% (Cap N/A, Floor 1.850%) | 5.778(c) | 11/25/31 | 191 | 186,262 | |
Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%) | 7.628(c) | 11/25/31 | 300 | 283,384 | |
Retiro Mortgage Securities DAC (Spain), Series 01A, Class A1, 144A, 3 Month EURIBOR + 2.000% (Cap 5.000%, Floor 0.000%) | 3.578(c) | 07/30/75 | EUR | 297 | 314,732 |
Seasoned Credit Risk Transfer Trust, Series 2019-02, Class MA | 3.500 | 08/25/58 | 318 | 300,191 | |
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-01, Class 4A3 | 3.780(cc) | 02/25/34 | 13 | 12,064 | |
Towd Point Mortgage Trust, Series 2017-05, Class A1, 144A, 1 Month LIBOR + 0.600% (Cap N/A, Floor 0.000%) | 3.773(c) | 02/25/57 | 101 | 100,093 | |
Total Residential Mortgage-Backed Securities (cost $13,053,101) | 12,383,278 | ||||
Sovereign Bonds 0.8% | |||||
1MDB Global Investments Ltd. (Malaysia), Sr. Unsec’d. Notes | 4.400 | 03/09/23 | 1,000 | 977,063 | |
Abu Dhabi Government International Bond (United Arab Emirates), Sr. Unsec’d. Notes, 144A | 3.125 | 10/11/27 | 485 | 463,023 | |
Bermuda Government International Bond (Bermuda), Sr. Unsec’d. Notes, 144A | 2.375 | 08/20/30 | 200 | 167,975 | |
Bulgaria Government International Bond (Bulgaria), Sr. Unsec’d. Notes | 1.375 | 09/23/50 | EUR | 180 | 108,299 |
Colombia Government International Bond (Colombia), Sr. Unsec’d. Notes | 7.375 | 09/18/37 | 100 | 93,769 |
60
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Sovereign Bonds (Continued) | |||||
Dominican Republic International Bond (Dominican Republic), Sr. Unsec’d. Notes, 144A | 5.500 % | 02/22/29 | 440 | $402,958 | |
Export-Import Bank of India (India), Sr. Unsec’d. Notes, 144A | 3.875 | 02/01/28 | 200 | 185,100 | |
Indonesia Government International Bond (Indonesia), | |||||
Sr. Unsec’d. Notes | 1.100 | 03/12/33 | EUR | 100 | 77,729 |
Sr. Unsec’d. Notes | 1.450 | 09/18/26 | EUR | 315 | 306,592 |
Sr. Unsec’d. Notes | 3.375 | 07/30/25 | EUR | 350 | 370,981 |
Sr. Unsec’d. Notes | 3.500 | 01/11/28 | 370 | 350,182 | |
Japan Finance Organization for Municipalities (Japan), Sr. Unsec’d. Notes, 144A, MTN | 2.125 | 10/25/23 | 200 | 195,369 | |
Panama Government International Bond (Panama), Sr. Unsec’d. Notes | 6.700 | 01/26/36 | 200 | 209,225 | |
Province of Manitoba (Canada), Sr. Unsec’d. Notes | 2.125 | 06/22/26 | 100 | 92,785 | |
Qatar Government International Bond (Qatar), Sr. Unsec’d. Notes, 144A | 5.103 | 04/23/48 | 200 | 199,975 | |
Republic of Italy Government International Bond (Italy), Sr. Unsec’d. Notes | 2.875 | 10/17/29 | 2,000 | 1,661,099 | |
Romanian Government International Bond (Romania), Sr. Unsec’d. Notes, 144A, MTN | 3.875 | 10/29/35 | EUR | 98 | 77,157 |
Serbia International Bond (Serbia), | |||||
Sr. Unsec’d. Notes | 1.500 | 06/26/29 | EUR | 581 | 443,632 |
Sr. Unsec’d. Notes | 3.125 | 05/15/27 | EUR | 497 | 456,301 |
Ukraine Government International Bond (Ukraine), | |||||
Sr. Unsec’d. Notes | 8.994 | 02/01/26(d) | 300 | 65,869 | |
Sr. Unsec’d. Notes, 144A | 4.375 | 01/27/32(d) | EUR | 200 | 37,733 |
Sr. Unsec’d. Notes, 144A | 7.750 | 09/01/24(d) | 640 | 155,520 | |
Uruguay Government International Bond (Uruguay), | |||||
Sr. Unsec’d. Notes | 4.975 | 04/20/55 | 110 | 105,875 | |
Sr. Unsec’d. Notes | 5.100 | 06/18/50 | 65 | 64,090 | |
Total Sovereign Bonds (cost $9,084,051) | 7,268,301 | ||||
U.S. Government Agency Obligations 7.7% | |||||
Federal Home Loan Bank(k) | 5.500 | 07/15/36 | 135 | 148,416 | |
Federal Home Loan Mortgage Corp. | 2.500 | 03/01/51 | 1,513 | 1,288,584 | |
Federal Home Loan Mortgage Corp. | 3.000 | 01/01/52 | 2,093 | 1,839,328 | |
Federal Home Loan Mortgage Corp. | 3.000 | 02/01/52 | 1,421 | 1,247,972 | |
Federal Home Loan Mortgage Corp. | 3.500 | 03/01/52 | 952 | 866,187 | |
Federal Home Loan Mortgage Corp. | 4.500 | 10/01/39 | 66 | 65,793 | |
Federal Home Loan Mortgage Corp. | 5.000 | 04/01/34 | 6 | 6,565 |
61
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
U.S. Government Agency Obligations (Continued) | |||||
Federal Home Loan Mortgage Corp. | 5.000 % | 05/01/34 | 14 | $13,990 | |
Federal Home Loan Mortgage Corp. | 5.000 | 10/01/35 | 19 | 19,653 | |
Federal Home Loan Mortgage Corp. | 5.000 | 11/01/41 | 137 | 138,396 | |
Federal Home Loan Mortgage Corp. | 5.500 | 12/01/33 | 14 | 14,386 | |
Federal Home Loan Mortgage Corp. | 5.500 | 05/01/34 | 3 | 3,080 | |
Federal Home Loan Mortgage Corp. | 5.500 | 07/01/34 | 29 | 30,340 | |
Federal Home Loan Mortgage Corp. | 5.500 | 05/01/37 | 5 | 5,037 | |
Federal Home Loan Mortgage Corp. | 5.500 | 10/01/37 | 9 | 9,497 | |
Federal Home Loan Mortgage Corp. | 6.000 | 01/01/34 | 13 | 13,051 | |
Federal Home Loan Mortgage Corp. | 7.000 | 10/01/31 | 1 | 519 | |
Federal Home Loan Mortgage Corp. | 7.000 | 05/01/32 | 10 | 9,979 | |
Federal National Mortgage Assoc. | 2.000 | TBA(tt) | 2,000 | 1,626,921 | |
Federal National Mortgage Assoc. | 2.000 | 12/01/50 | 1,341 | 1,096,275 | |
Federal National Mortgage Assoc. | 2.000 | 05/01/51 | 563 | 459,624 | |
Federal National Mortgage Assoc. | 2.000 | 08/01/51 | 1,276 | 1,041,002 | |
Federal National Mortgage Assoc. | 2.000 | 11/01/51 | 1,077 | 877,793 | |
Federal National Mortgage Assoc. | 2.500 | TBA | 2,000 | 1,694,513 | |
Federal National Mortgage Assoc. | 2.500 | TBA(tt) | 8,000 | 6,772,114 | |
Federal National Mortgage Assoc. | 3.000 | TBA(tt) | 3,000 | 2,632,108 | |
Federal National Mortgage Assoc. | 3.000 | 12/01/51 | 945 | 830,672 | |
Federal National Mortgage Assoc. | 3.000 | 02/01/52 | 470 | 412,927 | |
Federal National Mortgage Assoc. | 3.000 | 03/01/52 | 2,863 | 2,513,566 | |
Federal National Mortgage Assoc. | 3.500 | TBA(tt) | 11,500 | 10,445,481 | |
Federal National Mortgage Assoc. | 3.500 | 01/01/52 | 441 | 401,117 | |
Federal National Mortgage Assoc. | 3.500 | 02/01/52 | 1,389 | 1,263,906 | |
Federal National Mortgage Assoc. | 4.000 | 04/01/52 | 1,415 | 1,327,577 | |
Federal National Mortgage Assoc. | 4.000 | 05/01/52 | 2,668 | 2,503,743 | |
Federal National Mortgage Assoc. | 4.500 | 09/01/39 | 51 | 50,841 | |
Federal National Mortgage Assoc. | 4.500 | 08/01/40 | 46 | 45,609 | |
Federal National Mortgage Assoc. | 4.500 | 02/01/44 | 62 | 61,615 | |
Federal National Mortgage Assoc. | 4.500 | 08/01/44 | 133 | 130,259 | |
Federal National Mortgage Assoc. | 4.500 | 01/01/45 | 115 | 113,029 | |
Federal National Mortgage Assoc. | 4.500 | 05/01/52 | 488 | 472,121 | |
Federal National Mortgage Assoc. | 4.500 | 06/01/52 | 480 | 462,534 | |
Federal National Mortgage Assoc. | 5.000 | 07/01/35 | 16 | 16,677 | |
Federal National Mortgage Assoc. | 5.000 | 02/01/36 | 27 | 27,221 | |
Federal National Mortgage Assoc. | 5.000 | 06/01/52 | 478 | 471,165 | |
Federal National Mortgage Assoc. | 5.000 | 07/01/52 | 1,939 | 1,912,250 | |
Federal National Mortgage Assoc. | 5.500 | TBA(tt) | 11,000 | 11,027,134 | |
Federal National Mortgage Assoc. | 5.500 | 06/01/33 | 5 | 5,530 | |
Federal National Mortgage Assoc. | 5.500 | 08/01/33 | 12 | 11,982 | |
Federal National Mortgage Assoc. | 5.500 | 09/01/33 | 14 | 14,336 | |
Federal National Mortgage Assoc. | 5.500 | 09/01/33 | 29 | 29,445 | |
Federal National Mortgage Assoc. | 5.500 | 01/01/34 | 12 | 12,222 |
62
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
U.S. Government Agency Obligations (Continued) | |||||
Federal National Mortgage Assoc. | 5.500 % | 01/01/34 | 12 | $12,342 | |
Federal National Mortgage Assoc. | 5.500 | 07/01/34 | 21 | 21,806 | |
Federal National Mortgage Assoc. | 5.500 | 08/01/52 | 318 | 319,433 | |
Federal National Mortgage Assoc. | 6.000 | 01/01/34 | 4 | 4,340 | |
Federal National Mortgage Assoc. | 6.000 | 01/01/34 | 67 | 69,297 | |
Federal National Mortgage Assoc. | 6.000 | 02/01/34 | 6 | 6,257 | |
Federal National Mortgage Assoc. | 6.000 | 10/01/34 | 1 | 1,106 | |
Federal National Mortgage Assoc. | 6.000 | 10/01/34 | 4 | 4,350 | |
Federal National Mortgage Assoc. | 6.000 | 11/01/34 | 9 | 9,283 | |
Federal National Mortgage Assoc. | 6.000 | 11/01/34 | 15 | 15,368 | |
Federal National Mortgage Assoc. | 6.000 | 11/01/34 | 25 | 25,099 | |
Federal National Mortgage Assoc. | 6.000 | 01/01/35 | 50 | 50,970 | |
Federal National Mortgage Assoc. | 6.000 | 02/01/35 | 34 | 35,038 | |
Federal National Mortgage Assoc. | 6.000 | 08/01/36 | 10 | 9,875 | |
Federal National Mortgage Assoc. | 6.000 | 08/01/38 | 4 | 4,023 | |
Federal National Mortgage Assoc. | 6.500 | 05/01/24 | 3 | 3,236 | |
Federal National Mortgage Assoc. | 6.500 | 07/01/29 | 3 | 2,704 | |
Federal National Mortgage Assoc. | 6.500 | 07/01/32 | 9 | 8,944 | |
Federal National Mortgage Assoc. | 6.500 | 04/01/33 | 5 | 5,558 | |
Federal National Mortgage Assoc. | 6.500 | 01/01/34 | 2 | 1,652 | |
Federal National Mortgage Assoc. | 6.500 | 01/01/34 | 9 | 9,633 | |
Federal National Mortgage Assoc. | 6.500 | 10/01/36 | 11 | 11,090 | |
Federal National Mortgage Assoc. | 6.500 | 09/01/37 | 36 | 38,669 | |
Federal National Mortgage Assoc. | 6.500 | 10/01/37 | 38 | 39,149 | |
Federal National Mortgage Assoc.(k) | 6.625 | 11/15/30 | 200 | 233,294 | |
Federal National Mortgage Assoc. | 7.000 | 06/01/32 | 6 | 5,659 | |
Federal National Mortgage Assoc.(k) | 7.125 | 01/15/30 | 452 | 534,128 | |
Federal National Mortgage Assoc. | 7.500 | 09/01/30 | —(r) | 491 | |
Federal National Mortgage Assoc. | 8.000 | 12/01/23 | —(r) | 2 | |
Federal National Mortgage Assoc. | 8.500 | 02/01/28 | 1 | 789 | |
Government National Mortgage Assoc. | 3.000 | TBA | 500 | 445,091 | |
Government National Mortgage Assoc. | 3.000 | 09/20/43 | 100 | 91,612 | |
Government National Mortgage Assoc. | 3.000 | 01/20/44 | 31 | 28,094 | |
Government National Mortgage Assoc. | 3.000 | 03/15/45 | 61 | 54,124 | |
Government National Mortgage Assoc. | 3.000 | 05/20/45 | 96 | 87,538 | |
Government National Mortgage Assoc. | 3.000 | 08/20/45 | 178 | 161,904 | |
Government National Mortgage Assoc. | 3.000 | 06/20/46 | 191 | 172,561 | |
Government National Mortgage Assoc. | 3.000 | 03/20/47 | 107 | 96,858 | |
Government National Mortgage Assoc. | 3.000 | 12/20/48 | 502 | 452,037 | |
Government National Mortgage Assoc. | 3.000 | 06/20/51 | 620 | 554,647 | |
Government National Mortgage Assoc. | 3.000 | 08/20/51 | 1,941 | 1,737,639 | |
Government National Mortgage Assoc. | 3.500 | TBA | 4,500 | 4,133,768 | |
Government National Mortgage Assoc. | 4.500 | TBA(tt) | 2,500 | 2,424,781 | |
Government National Mortgage Assoc. | 5.000 | 10/20/37 | 9 | 9,615 |
63
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
U.S. Government Agency Obligations (Continued) | |||||
Government National Mortgage Assoc. | 5.000 % | 04/20/45 | 51 | $51,405 | |
Government National Mortgage Assoc. | 5.500 | 07/15/33 | 10 | 9,817 | |
Government National Mortgage Assoc. | 5.500 | 12/15/33 | 4 | 3,981 | |
Government National Mortgage Assoc. | 5.500 | 09/15/34 | 84 | 85,434 | |
Government National Mortgage Assoc. | 5.500 | 01/15/36 | 30 | 30,802 | |
Government National Mortgage Assoc. | 5.500 | 02/15/36 | 65 | 65,577 | |
Government National Mortgage Assoc. | 6.500 | 09/15/23 | —(r) | 330 | |
Government National Mortgage Assoc. | 6.500 | 12/15/23 | —(r) | 176 | |
Government National Mortgage Assoc. | 6.500 | 12/15/23 | —(r) | 410 | |
Government National Mortgage Assoc. | 6.500 | 12/15/23 | —(r) | 502 | |
Government National Mortgage Assoc. | 6.500 | 04/15/24 | 6 | 5,862 | |
Government National Mortgage Assoc. | 6.500 | 07/15/32 | 1 | 1,136 | |
Government National Mortgage Assoc. | 6.500 | 08/15/32 | —(r) | 197 | |
Government National Mortgage Assoc. | 6.500 | 08/15/32 | 1 | 618 | |
Government National Mortgage Assoc. | 6.500 | 08/15/32 | 1 | 1,349 | |
Government National Mortgage Assoc. | 6.500 | 08/15/32 | 6 | 6,471 | |
Government National Mortgage Assoc. | 7.000 | 06/15/24 | 1 | 701 | |
Government National Mortgage Assoc. | 7.000 | 05/15/31 | 3 | 3,271 | |
Government National Mortgage Assoc. | 7.500 | 04/15/29 | —(r) | 465 | |
Government National Mortgage Assoc. | 8.000 | 06/15/25 | 8 | 7,770 | |
Tennessee Valley Authority, Sr. Unsec’d. Notes | 7.125 | 05/01/30 | 90 | 105,030 | |
Total U.S. Government Agency Obligations (cost $70,766,067) | 68,799,240 | ||||
U.S. Treasury Obligations 3.7% | |||||
U.S. Treasury Bonds | 1.375 | 11/15/40 | 135 | 87,855 | |
U.S. Treasury Bonds | 2.000 | 11/15/41 | 8,140 | 5,822,644 | |
U.S. Treasury Bonds(h)(k) | 2.250 | 05/15/41 | 22,655 | 17,033,728 | |
U.S. Treasury Bonds | 2.500 | 02/15/46 | 3,945 | 2,961,216 | |
U.S. Treasury Bonds | 2.875 | 05/15/43 | 1,380 | 1,128,797 | |
U.S. Treasury Bonds | 2.875 | 05/15/52 | 760 | 612,038 | |
U.S. Treasury Bonds | 3.000 | 08/15/52 | 730 | 605,216 | |
U.S. Treasury Bonds | 3.375 | 08/15/42 | 1,720 | 1,538,056 | |
U.S. Treasury Bonds | 3.625 | 08/15/43 | 230 | 211,888 | |
U.S. Treasury Strips Coupon | 1.467(s) | 11/15/41 | 210 | 93,483 | |
U.S. Treasury Strips Coupon(k) | 2.052(s) | 11/15/43 | 6,350 | 2,590,105 | |
U.S. Treasury Strips Coupon(k) | 2.374(s) | 05/15/43 | 550 | 228,014 | |
U.S. Treasury Strips Coupon | 2.415(s) | 11/15/40 | 500 | 234,297 | |
U.S. Treasury Strips Coupon | 2.450(s) | 02/15/45 | 120 | 46,556 | |
U.S. Treasury Strips Coupon | 2.487(s) | 11/15/30 | 154 | 112,101 |
64
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
U.S. Treasury Obligations (Continued) | |||||
U.S. Treasury Strips Coupon | 2.732 %(s) | 08/15/30 | 286 | $209,975 | |
Total U.S. Treasury Obligations (cost $45,392,957) | 33,515,969 | ||||
Total Long-Term Investments (cost $869,055,300) | 898,366,701 |
Shares | |||||||
Short-Term Investments 4.9% | |||||||
Affiliated Mutual Fund 0.4% | |||||||
PGIM Institutional Money Market Fund (cost $3,006,228; includes $2,995,132 of cash collateral for securities on loan)(b)(we) | 3,008,954 | 3,007,450 |
Interest Rate | Maturity Date | Principal Amount (000)# | |||||
U.S. Treasury Obligation(k)(n) 0.0% | |||||||
U.S. Treasury Bills (cost $128,877) | 4.248 % | 03/16/23 | 130 | 128,896 |
Shares | |||||||
Unaffiliated Fund 4.5% | |||||||
Dreyfus Government Cash Management (Institutional Shares) (cost $40,615,267) | 40,615,267 | 40,615,267 | |||||
Total Short-Term Investments (cost $43,750,372) | 43,751,613 | ||||||
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN (cost $912,805,672) | 942,118,314 |
65
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Description | Value | ||||
Options Written*~ (0.0)% | |||||
(premiums received $1,638) | $(83) | ||||
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 105.0% (cost $912,804,034) | 942,118,231 | ||||
Liabilities in excess of other assets(z) (5.0)% | (44,692,266) | ||||
Net Assets 100.0% | $897,425,965 |
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings: |
AUD—Australian Dollar | |
BRL—Brazilian Real | |
CAD—Canadian Dollar | |
CLP—Chilean Peso | |
CNH—Chinese Renminbi | |
COP—Colombian Peso | |
CZK—Czech Koruna | |
EUR—Euro | |
GBP—British Pound | |
HUF—Hungarian Forint | |
IDR—Indonesian Rupiah | |
INR—Indian Rupee | |
JPY—Japanese Yen | |
KRW—South Korean Won | |
MXN—Mexican Peso | |
PHP—Philippine Peso | |
PLN—Polish Zloty | |
SGD—Singapore Dollar | |
THB—Thai Baht | |
TWD—New Taiwanese Dollar | |
USD—US Dollar | |
ZAR—South African Rand |
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 | |
ADR—American Depositary Receipt | |
BABs—Build America Bonds | |
BARC—Barclays Bank PLC | |
BNP—BNP Paribas S.A. | |
BOA—Bank of America, N.A. | |
CDX—Credit Derivative Index | |
CITI—Citibank, N.A. | |
CLO—Collateralized Loan Obligation | |
CVR—Contingent Value Rights | |
EAFE—Europe, Australasia, Far East | |
EMTN—Euro Medium Term Note | |
ETF—Exchange-Traded Fund | |
EURIBOR—Euro Interbank Offered Rate | |
FHLMC—Federal Home Loan Mortgage Corporation | |
GMTN—Global Medium Term Note |
66
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
GSI—Goldman Sachs International | |
HSBC—HSBC Bank PLC | |
IO—Interest Only (Principal amount represents notional) | |
JPM—JPMorgan Chase Bank N.A. | |
LIBOR—London Interbank Offered Rate | |
LP—Limited Partnership | |
M—Monthly payment frequency for swaps | |
MSCI—Morgan Stanley Capital International | |
MSI—Morgan Stanley & Co International PLC | |
MTN—Medium Term Note | |
OTC—Over-the-counter | |
PIK—Payment-in-Kind | |
PJSC—Public Joint-Stock Company | |
PRFC—Preference Shares | |
Q—Quarterly payment frequency for swaps | |
REITs—Real Estate Investment Trust | |
REMIC—Real Estate Mortgage Investment Conduit | |
S&P—Standard & Poor’s | |
SCB—Standard Chartered Bank | |
SOFR—Secured Overnight Financing Rate | |
SONIA—Sterling Overnight Index Average | |
STRIPs—Separate Trading of Registered Interest and Principal of Securities | |
T—Swap payment upon termination | |
TBA—To Be Announced | |
TD—The Toronto-Dominion Bank | |
UAG—UBS AG | |
USOIS—United States Overnight Index Swap |
* | Non-income producing security. |
# | Principal or notional amount is shown in U.S. dollars unless otherwise stated. |
~ | See tables subsequent to the Schedule of Investments for options detail. Excludes centrally cleared swaptions. |
^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $545,504 and 0.1% 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 $2,875,070; cash collateral of $2,995,132 (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 December 31, 2022. |
(cc) | Variable rate instrument. The rate shown is based on the latest available information as of December 31, 2022. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
(d) | Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity. |
(f) | Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the aggregate original cost of such securities is $1,079,740. The aggregate value of $452,823 is 0.1% 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. |
(h) | Represents security, or a portion thereof, segregated as collateral for OTC derivatives. |
(k) | Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives. |
67
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
(n) | Rate shown reflects yield to maturity at purchased date. |
(oo) | Perpetual security. Maturity date represents next call date. |
(r) | Less than $500 par. |
(s) | Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date. |
(tt) | All or partial principal amount represents “TBA” mortgage dollar rolls. The aggregate mortgage dollar roll principal amount of 38,000,000 is 4.2% of net assets. |
(we) | PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Institutional Money Market Fund. |
(z) | Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments: |
Forward Commitment Contracts: | |||||||||||
U.S. Government Agency Obligations | Interest Rate | Maturity Date | Settlement Date | Principal Amount (000)# | Value | ||||||
Federal National Mortgage Assoc. (proceeds receivable $494,375) | 5.000% | TBA | 01/12/23 | (500) | $(492,611) |
Options Written:
OTC Swaptions | |||||||||||||||||
Description | Call/ Put | Counterparty | Expiration Date | Strike | Receive | Pay | Notional Amount (000)# | Value | |||||||||
CDX.NA.IG.38.V1, 06/20/27 | Put | GSI | 01/18/23 | 3.00% | 1.00%(Q) | CDX.NA.IG.38. V1(Q) | 2,730 | $(9) | |||||||||
GS_21-PJA ^ | Put | GSI | 06/17/24 | 0.25% | 0.25%(M) | GS_21-PJA(M) | 4,500 | (74) | |||||||||
Total Options Written (premiums received $1,638) | $(83) |
Options Purchased:
Centrally Cleared Swaptions | |||||||||||||||||
Description | Call/ Put | Expiration Date | Strike | Receive | Pay | Notional Amount (000)# | Value at December 31, 2022 | Unrealized Appreciation (Depreciation) | |||||||||
CDX.NA.IG.39.V1, 12/20/27 | Put | 01/18/23 | 1.03% | CDX.NA.IG.39. V1(Q) | 1.00%(Q) | 12,930 | $3,096 | $(60,261) | |||||||||
CDX.NA.IG.39.V1, 12/20/27 | Put | 02/15/23 | 0.90% | CDX.NA.IG.39. V1(Q) | 1.00%(Q) | 11,340 | 22,413 | (19,953) | |||||||||
CDX.NA.IG.39.V1, 12/20/27 | Put | 03/15/23 | 0.80% | CDX.NA.IG.39. V1(Q) | 1.00%(Q) | 20,580 | 95,649 | 31,028 | |||||||||
Total Centrally Cleared Swaptions (cost $170,344) | $121,158 | $(49,186) |
68
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Options
Purchased (continued):
Options Written:
Centrally Cleared Swaptions | |||||||||||||||||
Description | Call/ Put | Expiration Date | Strike | Receive | Pay | Notional Amount (000)# | Value at December 31, 2022 | Unrealized Appreciation (Depreciation) | |||||||||
CDX.NA.IG.39.V1, 12/20/27 | Call | 01/18/23 | 0.90% | CDX.NA.IG.39. V1(Q) | 1.00%(Q) | 12,930 | $(50,130) | $(22,977) | |||||||||
CDX.NA.IG.39.V1, 12/20/27 | Call | 02/15/23 | 0.80% | CDX.NA.IG.39. V1(Q) | 1.00%(Q) | 11,340 | (20,043) | 4,724 | |||||||||
CDX.NA.IG.39.V1, 12/20/27 | Call | 03/15/23 | 0.73% | CDX.NA.IG.39. V1(Q) | 1.00%(Q) | 20,580 | (19,202) | 24,016 | |||||||||
CDX.NA.HY.39.V1, 12/20/27 | Put | 01/18/23 | $90.00 | 5.00%(Q) | CDX.NA.HY.39. V1(Q) | 1,190 | (610) | 20,822 | |||||||||
CDX.NA.IG.39.V1, 12/20/27 | Put | 01/18/23 | 1.30% | 1.00%(Q) | CDX.NA.IG.39. V1(Q) | 12,930 | (1,040) | 29,346 | |||||||||
CDX.NA.IG.39.V1, 12/20/27 | Put | 02/15/23 | 1.15% | 1.00%(Q) | CDX.NA.IG.39. V1(Q) | 11,340 | (6,221) | 10,608 | |||||||||
CDX.NA.IG.39.V1, 12/20/27 | Put | 03/15/23 | 1.10% | 1.00%(Q) | CDX.NA.IG.39. V1(Q) | 20,580 | (28,203) | (9,681) | |||||||||
Total Centrally Cleared Swaptions (premiums received $182,307) | $(125,449) | $56,858 |
Futures contracts outstanding at December 31, 2022: | ||||||||
Number of Contracts | Type | Expiration Date | Current Notional Amount | Value / Unrealized Appreciation (Depreciation) | ||||
Long Positions: | ||||||||
211 | 2 Year U.S. Treasury Notes | Mar. 2023 | $43,271,485 | $(14,863) | ||||
119 | 5 Year U.S. Treasury Notes | Mar. 2023 | 12,843,633 | (53,031) | ||||
353 | 10 Year U.S. Treasury Notes | Mar. 2023 | 39,640,799 | (233,656) | ||||
9 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2023 | 1,208,812 | (43,448) | ||||
22 | Mini MSCI Emerging Markets Index | Mar. 2023 | 1,055,340 | (9,990) | ||||
3 | S&P 500 E-Mini Index | Mar. 2023 | 579,150 | (16,193) | ||||
(371,181) | ||||||||
Short Positions: | ||||||||
24 | 5 Year Euro-Bobl | Mar. 2023 | 2,973,710 | 95,680 | ||||
17 | 10 Year Euro-Bund | Mar. 2023 | 2,419,014 | 161,345 | ||||
64 | 10 Year U.S. Ultra Treasury Notes | Mar. 2023 | 7,570,000 | 48,951 | ||||
127 | 20 Year U.S. Treasury Bonds | Mar. 2023 | 15,918,656 | 95,566 | ||||
8 | Euro Schatz Index | Mar. 2023 | 902,775 | 11,083 | ||||
412,625 | ||||||||
$41,444 |
69
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Forward foreign currency exchange
contracts outstanding at December 31, 2022:
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||
OTC Forward Foreign Currency Exchange Contracts: | |||||||||||||
Australian Dollar, | |||||||||||||
Expiring 01/19/23 | BNP | AUD | 162 | $104,000 | $110,461 | $6,461 | $— | ||||||
Expiring 01/19/23 | JPM | AUD | 164 | 105,906 | 111,754 | 5,848 | — | ||||||
Expiring 01/19/23 | JPM | AUD | 163 | 104,000 | 111,010 | 7,010 | — | ||||||
Expiring 01/19/23 | MSI | AUD | 337 | 212,971 | 229,641 | 16,670 | — | ||||||
Expiring 01/19/23 | MSI | AUD | 164 | 110,230 | 111,754 | 1,524 | — | ||||||
Brazilian Real, | |||||||||||||
Expiring 02/02/23 | CITI | BRL | 2,595 | 480,774 | 488,131 | 7,357 | — | ||||||
Canadian Dollar, | |||||||||||||
Expiring 01/19/23 | BNP | CAD | 146 | 109,000 | 107,905 | — | (1,095) | ||||||
Expiring 01/19/23 | BOA | CAD | 150 | 111,000 | 110,453 | — | (547) | ||||||
Expiring 01/19/23 | TD | CAD | 149 | 110,000 | 110,223 | 223 | — | ||||||
Chilean Peso, | |||||||||||||
Expiring 03/15/23 | MSI | CLP | 100,797 | 112,000 | 117,645 | 5,645 | — | ||||||
Chinese Renminbi, | |||||||||||||
Expiring 02/23/23 | BOA | CNH | 5,621 | 791,000 | 815,728 | 24,728 | — | ||||||
Expiring 02/23/23 | HSBC | CNH | 3,460 | 495,000 | 502,069 | 7,069 | — | ||||||
Colombian Peso, | |||||||||||||
Expiring 03/15/23 | BARC | COP | 1,170,033 | 235,000 | 237,878 | 2,878 | — | ||||||
Expiring 03/15/23 | BARC | COP | 985,509 | 195,000 | 200,363 | 5,363 | — | ||||||
Expiring 03/15/23 | BNP | COP | 3,355,535 | 688,885 | 682,210 | — | (6,675) | ||||||
Expiring 03/15/23 | BNP | COP | 2,006,458 | 409,356 | 407,931 | — | (1,425) | ||||||
Czech Koruna, | |||||||||||||
Expiring 01/19/23 | CITI | CZK | 11,162 | 489,000 | 493,295 | 4,295 | — | ||||||
Euro, | |||||||||||||
Expiring 01/19/23 | BOA | EUR | 379 | 394,000 | 406,147 | 12,147 | — | ||||||
Expiring 01/19/23 | GSI | EUR | 387 | 380,377 | 414,741 | 34,364 | — | ||||||
Expiring 01/19/23 | JPM | EUR | 301 | 315,000 | 322,371 | 7,371 | — | ||||||
Expiring 01/19/23 | MSI | EUR | 539 | 534,964 | 578,220 | 43,256 | — | ||||||
Expiring 01/19/23 | MSI | EUR | 273 | 273,530 | 292,751 | 19,221 | — | ||||||
Expiring 01/19/23 | MSI | EUR | 190 | 191,959 | 203,458 | 11,499 | — | ||||||
Hungarian Forint, | |||||||||||||
Expiring 01/19/23 | BARC | HUF | 66,521 | 153,360 | 177,233 | 23,873 | — | ||||||
Expiring 01/19/23 | GSI | HUF | 76,590 | 178,000 | 204,058 | 26,058 | — | ||||||
Expiring 01/19/23 | JPM | HUF | 89,258 | 233,000 | 237,809 | 4,809 | — | ||||||
Expiring 01/19/23 | MSI | HUF | 484,724 | 1,103,633 | 1,291,449 | 187,816 | — | ||||||
Expiring 01/19/23 | MSI | HUF | 388,350 | 850,339 | 1,034,681 | 184,342 | — | ||||||
Expiring 01/19/23 | MSI | HUF | 58,715 | 147,600 | 156,435 | 8,835 | — | ||||||
Expiring 01/19/23 | MSI | HUF | 36,644 | 92,400 | 97,631 | 5,231 | — | ||||||
Expiring 01/19/23 | UAG | HUF | 99,864 | 250,000 | 266,068 | 16,068 | — | ||||||
Indonesian Rupiah, | |||||||||||||
Expiring 03/15/23 | JPM | IDR | 13,738,596 | 875,014 | 886,661 | 11,647 | — |
70
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Forward foreign currency exchange
contracts outstanding at December 31, 2022 (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.): | |||||||||||||
Japanese Yen, | |||||||||||||
Expiring 01/19/23 | HSBC | JPY | 60,466 | $434,000 | $461,973 | $27,973 | $— | ||||||
Expiring 01/19/23 | JPM | JPY | 29,541 | 217,000 | 225,697 | 8,697 | — | ||||||
Expiring 01/19/23 | TD | JPY | 59,825 | 433,000 | 457,078 | 24,078 | — | ||||||
Mexican Peso, | |||||||||||||
Expiring 03/15/23 | BOA | MXN | 2,257 | 112,000 | 114,253 | 2,253 | — | ||||||
Expiring 03/15/23 | JPM | MXN | 2,275 | 113,000 | 115,170 | 2,170 | — | ||||||
Expiring 03/15/23 | JPM | MXN | 2,240 | 112,000 | 113,365 | 1,365 | — | ||||||
New Taiwanese Dollar, | |||||||||||||
Expiring 03/15/23 | MSI | TWD | 10,942 | 363,000 | 358,895 | — | (4,105) | ||||||
Philippine Peso, | |||||||||||||
Expiring 03/15/23 | SCB | PHP | 32,223 | 579,000 | 577,314 | — | (1,686) | ||||||
Expiring 03/15/23 | SCB | PHP | 27,268 | 487,000 | 488,541 | 1,541 | — | ||||||
Polish Zloty, | |||||||||||||
Expiring 01/19/23 | HSBC | PLN | 2,361 | 463,565 | 537,910 | 74,345 | — | ||||||
Expiring 01/19/23 | JPM | PLN | 1,843 | 367,000 | 420,037 | 53,037 | — | ||||||
Expiring 01/19/23 | JPM | PLN | 1,168 | 230,000 | 266,127 | 36,127 | — | ||||||
Expiring 01/19/23 | MSI | PLN | 1,184 | 233,000 | 269,690 | 36,690 | — | ||||||
Singapore Dollar, | |||||||||||||
Expiring 03/15/23 | MSI | SGD | 693 | 512,594 | 517,791 | 5,197 | — | ||||||
South African Rand, | |||||||||||||
Expiring 03/15/23 | HSBC | ZAR | 4,150 | 238,000 | 242,694 | 4,694 | — | ||||||
Expiring 03/15/23 | JPM | ZAR | 31,518 | 1,806,300 | 1,843,084 | 36,784 | — | ||||||
South Korean Won, | |||||||||||||
Expiring 03/15/23 | BOA | KRW | 148,595 | 113,000 | 118,212 | 5,212 | — | ||||||
Expiring 03/15/23 | HSBC | KRW | 148,448 | 113,000 | 118,095 | 5,095 | — | ||||||
Expiring 03/15/23 | JPM | KRW | 538,593 | 414,309 | 428,468 | 14,159 | — | ||||||
Expiring 03/15/23 | JPM | KRW | 145,145 | 110,000 | 115,468 | 5,468 | — | ||||||
Thai Baht, | |||||||||||||
Expiring 03/15/23 | CITI | THB | 13,823 | 399,000 | 402,064 | 3,064 | — | ||||||
Expiring 03/15/23 | HSBC | THB | 19,327 | 562,000 | 562,163 | 163 | — | ||||||
Expiring 03/15/23 | HSBC | THB | 16,989 | 489,000 | 494,156 | 5,156 | — | ||||||
Expiring 03/15/23 | HSBC | THB | 13,734 | 397,000 | 399,483 | 2,483 | — | ||||||
$20,134,066 | $21,165,892 | 1,047,359 | (15,533) |
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||
OTC Forward Foreign Currency Exchange Contracts: | |||||||||||||
Australian Dollar, | |||||||||||||
Expiring 01/19/23 | JPM | AUD | 164 | $109,523 | $111,754 | $— | $(2,231) |
71
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Forward foreign currency exchange
contracts outstanding at December 31, 2022 (continued):
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): | |||||||||||||
Australian Dollar (cont’d.), | |||||||||||||
Expiring 01/19/23 | JPM | AUD | 158 | $107,000 | $107,357 | $— | $(357) | ||||||
Expiring 01/19/23 | MSI | AUD | 162 | 109,000 | 110,608 | — | (1,608) | ||||||
Brazilian Real, | |||||||||||||
Expiring 02/02/23 | TD | BRL | 1,281 | 242,000 | 241,074 | 926 | — | ||||||
British Pound, | |||||||||||||
Expiring 01/19/23 | MSI | GBP | 165 | 185,912 | 200,175 | — | (14,263) | ||||||
Expiring 01/19/23 | TD | GBP | 2,817 | 3,137,460 | 3,407,891 | — | (270,431) | ||||||
Canadian Dollar, | |||||||||||||
Expiring 01/19/23 | HSBC | CAD | 214 | 155,122 | 158,127 | — | (3,005) | ||||||
Chilean Peso, | |||||||||||||
Expiring 03/15/23 | BARC | CLP | 359,911 | 414,077 | 420,070 | — | (5,993) | ||||||
Expiring 03/15/23 | MSI | CLP | 216,492 | 246,000 | 252,678 | — | (6,678) | ||||||
Expiring 03/15/23 | MSI | CLP | 99,692 | 113,000 | 116,355 | — | (3,355) | ||||||
Chinese Renminbi, | |||||||||||||
Expiring 02/23/23 | CITI | CNH | 25,799 | 3,696,962 | 3,744,101 | — | (47,139) | ||||||
Expiring 02/23/23 | JPM | CNH | 760 | 108,000 | 110,224 | — | (2,224) | ||||||
Expiring 02/23/23 | MSI | CNH | 198 | 28,000 | 28,780 | — | (780) | ||||||
Colombian Peso, | |||||||||||||
Expiring 03/15/23 | MSI | COP | 1,272,830 | 258,000 | 258,778 | — | (778) | ||||||
Czech Koruna, | |||||||||||||
Expiring 01/19/23 | BARC | CZK | 11,253 | 442,000 | 497,315 | — | (55,315) | ||||||
Expiring 01/19/23 | BOA | CZK | 23,774 | 933,976 | 1,050,675 | — | (116,699) | ||||||
Expiring 01/19/23 | GSI | CZK | 30,630 | 1,204,121 | 1,353,686 | — | (149,565) | ||||||
Expiring 01/19/23 | HSBC | CZK | 28,655 | 1,125,286 | 1,266,383 | — | (141,097) | ||||||
Euro, | |||||||||||||
Expiring 01/19/23 | BNP | EUR | 9,659 | 9,486,335 | 10,353,930 | — | (867,595) | ||||||
Expiring 01/19/23 | CITI | EUR | 210 | 223,199 | 225,112 | — | (1,913) | ||||||
Expiring 01/19/23 | SCB | EUR | 6,602 | 6,426,060 | 7,076,928 | — | (650,868) | ||||||
Hungarian Forint, | |||||||||||||
Expiring 01/19/23 | GSI | HUF | 75,656 | 176,787 | 201,570 | — | (24,783) | ||||||
Indian Rupee, | |||||||||||||
Expiring 03/15/23 | CITI | INR | 11,343 | 136,304 | 136,387 | — | (83) | ||||||
Expiring 03/15/23 | JPM | INR | 35,651 | 431,000 | 428,660 | 2,340 | — | ||||||
Japanese Yen, | |||||||||||||
Expiring 01/19/23 | JPM | JPY | 59,679 | 434,000 | 455,958 | — | (21,958) | ||||||
Expiring 01/19/23 | JPM | JPY | 30,250 | 220,000 | 231,118 | — | (11,118) | ||||||
Expiring 01/19/23 | TD | JPY | 59,853 | 434,000 | 457,290 | — | (23,290) | ||||||
Mexican Peso, | |||||||||||||
Expiring 03/15/23 | CITI | MXN | 15,306 | 784,324 | 774,673 | 9,651 | — | ||||||
New Taiwanese Dollar, | |||||||||||||
Expiring 03/15/23 | GSI | TWD | 18,841 | 611,000 | 618,003 | — | (7,003) | ||||||
Expiring 03/15/23 | JPM | TWD | 61,682 | 2,048,900 | 2,023,244 | 25,656 | — |
72
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Forward foreign currency exchange
contracts outstanding at December 31, 2022 (continued):
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): | |||||||||||||
Philippine Peso, | |||||||||||||
Expiring 03/15/23 | JPM | PHP | 25,822 | $461,000 | $462,631 | $— | $(1,631) | ||||||
Expiring 03/15/23 | MSI | PHP | 106,438 | 1,876,228 | 1,906,969 | — | (30,741) | ||||||
Expiring 03/15/23 | SCB | PHP | 21,695 | 382,000 | 388,687 | — | (6,687) | ||||||
Polish Zloty, | |||||||||||||
Expiring 01/19/23 | BOA | PLN | 1,453 | 321,867 | 331,134 | — | (9,267) | ||||||
Expiring 01/19/23 | CITI | PLN | 1,080 | 244,000 | 246,148 | — | (2,148) | ||||||
Expiring 01/19/23 | GSI | PLN | 1,986 | 444,000 | 452,479 | — | (8,479) | ||||||
Expiring 01/19/23 | GSI | PLN | 1,321 | 295,000 | 301,045 | — | (6,045) | ||||||
Expiring 01/19/23 | JPM | PLN | 1,290 | 292,000 | 293,965 | — | (1,965) | ||||||
Expiring 01/19/23 | MSI | PLN | 1,112 | 246,000 | 253,322 | — | (7,322) | ||||||
South Korean Won, | |||||||||||||
Expiring 03/15/23 | BARC | KRW | 142,158 | 111,000 | 113,092 | — | (2,092) | ||||||
Expiring 03/15/23 | CITI | KRW | 147,409 | 113,000 | 117,268 | — | (4,268) | ||||||
Expiring 03/15/23 | JPM | KRW | 173,247 | 135,000 | 137,823 | — | (2,823) | ||||||
Expiring 03/15/23 | SCB | KRW | 146,651 | 113,000 | 116,666 | — | (3,666) | ||||||
Thai Baht, | |||||||||||||
Expiring 03/15/23 | CITI | THB | 7,745 | 224,000 | 225,285 | — | (1,285) | ||||||
Expiring 03/15/23 | GSI | THB | 66,224 | 1,889,416 | 1,926,237 | — | (36,821) | ||||||
Expiring 03/15/23 | GSI | THB | 8,576 | 239,000 | 249,435 | — | (10,435) | ||||||
Expiring 03/15/23 | SCB | THB | 11,779 | 329,000 | 342,617 | — | (13,617) | ||||||
$41,742,859 | $44,283,707 | 38,573 | (2,579,421) | ||||||||||
$1,085,932 | $(2,594,954) |
Cross currency exchange contracts outstanding at December 31, 2022: | ||||||||||||||
Settlement | Type | Notional Amount (000) | In Exchange For (000) | Unrealized Appreciation | Unrealized Depreciation | Counterparty | ||||||||
OTC Cross Currency Exchange Contracts: | ||||||||||||||
01/19/23 | Buy | AUD | 165 | EUR | 106 | $— | $(1,519) | JPM | ||||||
01/19/23 | Buy | CZK | 2,676 | EUR | 109 | 1,080 | — | MSI | ||||||
01/19/23 | Buy | CZK | 3,182 | EUR | 130 | 1,301 | — | MSI | ||||||
01/19/23 | Buy | CZK | 6,539 | EUR | 267 | 2,913 | — | GSI | ||||||
01/19/23 | Buy | CZK | 6,888 | EUR | 278 | 5,986 | — | BOA | ||||||
01/19/23 | Buy | CZK | 7,600 | EUR | 310 | 3,682 | — | HSBC | ||||||
01/19/23 | Buy | CZK | 10,478 | EUR | 423 | 9,546 | — | GSI | ||||||
01/19/23 | Buy | CZK | 11,647 | EUR | 473 | 7,250 | — | HSBC | ||||||
01/19/23 | Buy | CZK | 11,742 | EUR | 474 | 10,810 | — | BOA | ||||||
01/19/23 | Buy | CZK | 13,031 | EUR | 532 | 5,468 | — | GSI | ||||||
01/19/23 | Buy | EUR | 76 | HUF | 31,445 | — | (2,022) | GSI |
73
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Cross currency exchange contracts outstanding at December 31, 2022 (continued): | ||||||||||||||
Settlement | Type | Notional Amount (000) | In Exchange For (000) | Unrealized Appreciation | Unrealized Depreciation | Counterparty | ||||||||
OTC Cross Currency Exchange Contracts (cont’d.): | ||||||||||||||
01/19/23 | Buy | EUR | 105 | HUF | 43,136 | $— | $(1,982) | MSI | ||||||
01/19/23 | Buy | EUR | 106 | PLN | 505 | — | (1,385) | HSBC | ||||||
01/19/23 | Buy | EUR | 124 | HUF | 50,662 | — | (2,123) | MSI | ||||||
01/19/23 | Buy | EUR | 146 | HUF | 61,007 | — | (5,995) | MSI | ||||||
01/19/23 | Buy | EUR | 149 | HUF | 62,231 | — | (5,581) | BARC | ||||||
01/19/23 | Buy | EUR | 207 | HUF | 84,957 | — | (4,742) | GSI | ||||||
01/19/23 | Buy | EUR | 210 | HUF | 87,875 | — | (9,292) | MSI | ||||||
01/19/23 | Buy | EUR | 241 | HUF | 99,961 | — | (8,198) | MSI | ||||||
01/19/23 | Buy | EUR | 244 | CZK | 5,984 | — | (2,590) | HSBC | ||||||
01/19/23 | Buy | EUR | 434 | PLN | 2,058 | — | (3,899) | CITI | ||||||
01/19/23 | Buy | HUF | 78,259 | EUR | 185 | 10,300 | — | BOA | ||||||
01/19/23 | Buy | HUF | 100,264 | EUR | 236 | 14,474 | — | MSI | ||||||
01/19/23 | Buy | PLN | 828 | EUR | 173 | 3,490 | — | MSI | ||||||
01/19/23 | Buy | PLN | 997 | EUR | 207 | 5,299 | — | BOA | ||||||
01/19/23 | Buy | PLN | 1,800 | EUR | 370 | 13,852 | — | BOA | ||||||
$95,451 | $(49,328) |
Credit default swap agreements
outstanding at December 31, 2022:
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at December 31, 2022(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 | 01/14/23 | 0.250%(M) | 2,522 | * | $856 | $(18) | $874 | GSI |
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | |||||||||
OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1): | ||||||||||||||||
United Mexican States | 12/20/24 | 1.000%(Q) | 400 | $(2,849) | $(1,875) | $(974) | BARC |
74
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
Credit default swap agreements
outstanding at December 31, 2022: (continued)
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at December 31, 2022(4) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | |||||||||
OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Sell Protection(2): | |||||||||||||||||
Petroleos Mexicanos | 12/20/24 | 1.000%(Q) | 400 | 4.065% | $(22,151) | $(8,228) | $(13,923) | BARC |
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Value at Trade Date | Value at December 31, 2022 | Unrealized Appreciation (Depreciation) | ||||||||
Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1): | ||||||||||||||
CDX.NA.IG.39.V1 | 12/20/27 | 1.000%(Q) | 31,536 | $(171,956) | $(261,856) | $(89,900) |
The Fund entered into credit
default swaps (“CDS”) to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference
entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as
the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.
(1) | If the Fund is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
(2) | If the Fund is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
(3) | Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(4) | Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the |
75
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
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 December 31, 2022:
Notional Amount (000)# | Termination Date | Fixed Rate | Floating Rate | Value at Trade Date | Value at December 31, 2022 | Unrealized Appreciation (Depreciation) | ||||||||
Centrally Cleared Interest Rate Swap Agreements: | ||||||||||||||
GBP | 119 | 05/08/23 | 0.950%(A) | 1 Day SONIA(1)(A)/ 3.428% | $(2,711) | $3,823 | $6,534 | |||||||
GBP | 928 | 05/08/26 | 1.000%(A) | 1 Day SONIA(1)(A)/ 3.428% | (34,697) | 119,312 | 154,009 | |||||||
GBP | 190 | 05/08/31 | 1.150%(A) | 1 Day SONIA(1)(A)/ 3.428% | (8,272) | 43,790 | 52,062 | |||||||
$(45,680) | $166,925 | $212,605 |
(1) | The Fund pays the fixed rate and receives the floating rate. |
(2) | The Fund pays the floating rate and receives the fixed rate. |
Total return swap agreements outstanding at December 31, 2022: | ||||||||||||||
Reference Entity | Financing Rate | Counterparty | Termination Date | Long (Short) Notional Amount (000)#(1) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation)(2) | |||||||
OTC Total Return Swap Agreements: | ||||||||||||||
Total Return Benchmark Bond Index(T) | 1 Day USOIS -50bps(T)/ 3.830% | GSI | 01/27/23 | (6,122) | $(448,206) | $— | $(448,206) | |||||||
U.S. Treasury Bond(T) | 1 Day USOIS +7bps(T)/ 4.400% | GSI | 01/31/23 | 5,970 | 97,499 | — | 97,499 | |||||||
U.S. Treasury Bond(T) | 1 Day USOIS +13bps(T)/ 4.460% | JPM | 02/02/23 | 4,570 | 23,188 | — | 23,188 | |||||||
U.S. Treasury Bond(T) | 1 Day USOIS +9bps(T)/ 4.420% | GSI | 02/08/23 | 8,800 | 239,436 | — | 239,436 | |||||||
$(88,083) | $— | $(88,083) |
76
PGIM Balanced Fund
Schedule of Investments as of December 31,
2022 (unaudited) (continued)
(1) | On a long total return swap, the Fund receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Fund makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate. |
(2) | Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation). |
Other
information regarding the Fund is available in the Fund’s most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).
77