PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2023 (unaudited)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Long-Term Investments 93.7% | |||||
Asset-Backed Securities 3.9% | |||||
Collateralized Loan Obligations | |||||
Atlas Static Senior Loan Fund Ltd. (Cayman Islands), Series 2022-01A, Class AR, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 7.127 %(c) | 07/15/30 | 35,000 | $35,000,000 | |
Battalion CLO Ltd. (Cayman Islands), Series 2015-09A, Class AR, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) | 6.755(c) | 07/15/31 | 24,711 | 24,637,078 | |
BlueMountain CLO Ltd. (Cayman Islands), Series 2016-02A, Class A1R2, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%) | 6.749(c) | 08/20/32 | 20,000 | 19,879,648 | |
BlueMountain Fuji US CLO Ltd. (Cayman Islands), Series 2017-02A, Class A1AR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 0.000%) | 6.677(c) | 10/20/30 | 4,427 | 4,416,177 | |
Carlyle Global Market Strategies CLO Ltd. (Cayman Islands), | |||||
Series 2014-03RA, Class A1A, 144A, 3 Month SOFR + 1.312% (Cap N/A, Floor 0.000%) | 6.699(c) | 07/27/31 | 4,939 | 4,932,271 | |
Series 2015-04A, Class A1R, 144A, 3 Month SOFR + 1.602% (Cap N/A, Floor 0.000%) | 7.017(c) | 07/20/32 | 7,000 | 6,981,552 | |
KKR Static CLO Ltd. (Cayman Islands), Series 2022-02A, Class A1, 144A, 3 Month SOFR + 2.220% (Cap N/A, Floor 2.220%) | 7.636(c) | 10/20/31 | 33,018 | 33,052,619 | |
Madison Park Funding Ltd. (Cayman Islands), Series 2019-33A, Class AR, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%) | 6.684(c) | 10/15/32 | 7,500 | 7,458,253 | |
Signal Peak CLO Ltd., Series 2018-05A, Class A, 144A, 3 Month SOFR + 1.372% (Cap N/A, Floor 1.110%) | 6.750(c) | 04/25/31 | 7,999 | 7,992,480 | |
TICP CLO Ltd. (Cayman Islands), Series 2017-09A, Class A, 144A, 3 Month SOFR + 1.402% (Cap N/A, Floor 1.140%) | 6.817(c) | 01/20/31 | 10,605 | 10,602,379 | |
TSTAT Ltd. (Bermuda), Series 2022-02A, Class A1, 144A, 3 Month SOFR + 2.370% (Cap N/A, Floor 2.370%) | 7.786(c) | 01/20/31 | 19,887 | 19,930,575 | |
Wellfleet CLO Ltd. (Cayman Islands), Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%) | 6.877(c) | 10/20/31 | 6,250 | 6,217,583 | |
Total Asset-Backed Securities (cost $180,152,659) | 181,100,615 |
1
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds 77.3% | |||||
Aerospace & Defense 1.8% | |||||
Bombardier, Inc. (Canada), | |||||
Sr. Unsec’d. Notes, 144A(a) | 6.000 % | 02/15/28 | 14,750 | $13,904,825 | |
Sr. Unsec’d. Notes, 144A | 7.125 | 06/15/26 | 18,133 | 18,081,321 | |
Sr. Unsec’d. Notes, 144A | 7.500 | 03/15/25 | 3,828 | 3,829,148 | |
Sr. Unsec’d. Notes, 144A(a) | 7.500 | 02/01/29 | 3,900 | 3,851,250 | |
Sr. Unsec’d. Notes, 144A | 7.875 | 04/15/27 | 12,311 | 12,311,000 | |
TransDigm, Inc., | |||||
Gtd. Notes | 5.500 | 11/15/27 | 20,458 | 19,705,579 | |
Gtd. Notes(a) | 7.500 | 03/15/27 | 6,788 | 6,804,674 | |
Sr. Sec’d. Notes, 144A | 6.250 | 03/15/26 | 2,475 | 2,459,307 | |
80,947,104 | |||||
Airlines 1.2% | |||||
American Airlines, Inc., | |||||
Sr. Sec’d. Notes, 144A(a) | 7.250 | 02/15/28 | 2,925 | 2,888,450 | |
Sr. Sec’d. Notes, 144A | 11.750 | 07/15/25 | 4,896 | 5,371,997 | |
American Airlines, Inc./AAdvantage Loyalty IP Ltd., Sr. Sec’d. Notes, 144A(a) | 5.500 | 04/20/26 | 33,391 | 32,764,755 | |
United Airlines, Inc., Sr. Sec’d. Notes, 144A | 4.375 | 04/15/26 | 4,237 | 4,028,093 | |
VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Switzerland), | |||||
Sr. Unsec’d. Notes, 144A | 7.875 | 05/01/27 | 7,933 | 6,643,887 | |
Sr. Unsec’d. Notes, 144A | 9.500 | 06/01/28 | 3,500 | 2,903,600 | |
54,600,782 | |||||
Apparel 0.2% | |||||
Hanesbrands, Inc., Gtd. Notes, 144A(a) | 4.875 | 05/15/26 | 1,475 | 1,388,675 | |
William Carter Co. (The), Gtd. Notes, 144A | 5.625 | 03/15/27 | 7,240 | 7,053,576 | |
8,442,251 | |||||
Auto Manufacturers 1.8% | |||||
Allison Transmission, Inc., Sr. Unsec’d. Notes, 144A(a) | 4.750 | 10/01/27 | 3,824 | 3,604,461 | |
Ford Motor Credit Co. LLC, | |||||
Sr. Unsec’d. Notes(a) | 2.300 | 02/10/25 | 5,800 | 5,511,160 | |
Sr. Unsec’d. Notes | 2.700 | 08/10/26 | 1,750 | 1,585,183 | |
Sr. Unsec’d. Notes(a) | 2.900 | 02/16/28 | 12,250 | 10,702,150 |
2
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Auto Manufacturers (cont’d.) | |||||
Ford Motor Credit Co. LLC, (cont’d.) | |||||
Sr. Unsec’d. Notes | 3.375 % | 11/13/25 | 3,500 | $3,297,476 | |
Sr. Unsec’d. Notes | 3.664 | 09/08/24 | 2,825 | 2,767,181 | |
Sr. Unsec’d. Notes(a) | 4.125 | 08/17/27 | 3,207 | 2,963,697 | |
Sr. Unsec’d. Notes | 4.134 | 08/04/25 | 8,500 | 8,164,206 | |
Sr. Unsec’d. Notes | 4.950 | 05/28/27 | 2,300 | 2,194,774 | |
Sr. Unsec’d. Notes(a) | 5.125 | 06/16/25 | 2,000 | 1,955,580 | |
Sr. Unsec’d. Notes(a) | 5.584 | 03/18/24 | 1,525 | 1,520,924 | |
Sr. Unsec’d. Notes(a) | 6.800 | 05/12/28 | 3,227 | 3,284,904 | |
Sr. Unsec’d. Notes | 6.950 | 03/06/26 | 3,800 | 3,834,958 | |
Sr. Unsec’d. Notes(a) | 7.350 | 11/04/27 | 9,750 | 10,031,150 | |
Sr. Unsec’d. Notes, GMTN | 4.389 | 01/08/26 | 1,765 | 1,692,581 | |
Jaguar Land Rover Automotive PLC (United Kingdom), Gtd. Notes, 144A(a) | 7.750 | 10/15/25 | 6,625 | 6,667,599 | |
Nissan Motor Acceptance Co. LLC, | |||||
Sr. Unsec’d. Notes, 144A | 2.750 | 03/09/28 | 3,125 | 2,670,229 | |
Sr. Unsec’d. Notes, 144A, MTN | 1.850 | 09/16/26 | 6,450 | 5,693,897 | |
Nissan Motor Co. Ltd. (Japan), Sr. Unsec’d. Notes, 144A | 4.345 | 09/17/27 | 2,750 | 2,570,239 | |
PM General Purchaser LLC, Sr. Sec’d. Notes, 144A | 9.500 | 10/01/28 | 3,950 | 3,871,708 | |
84,584,057 | |||||
Auto Parts & Equipment 0.8% | |||||
Adient Global Holdings Ltd., | |||||
Gtd. Notes, 144A(a) | 4.875 | 08/15/26 | 6,695 | 6,445,477 | |
Sr. Sec’d. Notes, 144A(a) | 7.000 | 04/15/28 | 2,820 | 2,855,250 | |
American Axle & Manufacturing, Inc., | |||||
Gtd. Notes | 6.250 | 03/15/26 | 1,341 | 1,322,115 | |
Gtd. Notes(a) | 6.500 | 04/01/27 | 4,444 | 4,295,687 | |
Clarios Global LP/Clarios US Finance Co., Gtd. Notes, 144A(a) | 8.500 | 05/15/27 | 4,200 | 4,221,000 | |
Dana Financing Luxembourg Sarl, Gtd. Notes, 144A | 5.750 | 04/15/25 | 4,737 | 4,689,630 | |
Dana, Inc., | |||||
Sr. Unsec’d. Notes | 5.375 | 11/15/27 | 2,400 | 2,280,791 | |
Sr. Unsec’d. Notes | 5.625 | 06/15/28 | 1,000 | 952,395 | |
3
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Auto Parts & Equipment (cont’d.) | |||||
Tenneco, Inc., Sr. Sec’d. Notes, 144A | 8.000 % | 11/17/28 | 8,275 | $6,818,926 | |
Titan International, Inc., Sr. Sec’d. Notes(a) | 7.000 | 04/30/28 | 2,300 | 2,220,701 | |
36,101,972 | |||||
Banks 0.6% | |||||
Credit Suisse AG (Switzerland), Sr. Unsec’d. Notes, MTN | 3.625 | 09/09/24 | 2,170 | 2,127,886 | |
Freedom Mortgage Corp., | |||||
Sr. Unsec’d. Notes, 144A | 7.625 | 05/01/26 | 3,925 | 3,747,378 | |
Sr. Unsec’d. Notes, 144A | 12.000 | 10/01/28 | 2,625 | 2,770,554 | |
Intesa Sanpaolo SpA (Italy), Sub. Notes, 144A, MTN | 5.017 | 06/26/24 | 6,725 | 6,610,675 | |
Popular, Inc. (Puerto Rico), Sr. Unsec’d. Notes | 7.250 | 03/13/28 | 14,600 | 14,554,740 | |
29,811,233 | |||||
Building Materials 1.2% | |||||
Eco Material Technologies, Inc., Sr. Sec’d. Notes, 144A | 7.875 | 01/31/27 | 5,175 | 5,089,919 | |
JELD-WEN, Inc., | |||||
Gtd. Notes, 144A | 4.625 | 12/15/25 | 4,570 | 4,386,473 | |
Gtd. Notes, 144A(a) | 4.875 | 12/15/27 | 6,320 | 5,830,560 | |
Masonite International Corp., Gtd. Notes, 144A | 5.375 | 02/01/28 | 1,376 | 1,307,200 | |
Standard Industries, Inc., | |||||
Sr. Unsec’d. Notes, 144A | 4.750 | 01/15/28 | 5,600 | 5,264,681 | |
Sr. Unsec’d. Notes, 144A | 5.000 | 02/15/27 | 35,138 | 33,642,860 | |
55,521,693 | |||||
Chemicals 1.8% | |||||
Avient Corp., Sr. Unsec’d. Notes, 144A(a) | 5.750 | 05/15/25 | 27,462 | 27,382,053 | |
Cornerstone Chemical Co., Sr. Sec’d. Notes, 144A, Cash coupon 8.250% and PIK 2.000% (original cost $5,913,003; purchased 04/05/19)(f) | 10.250 | 09/01/27(d) | 6,000 | 5,054,085 | |
NOVA Chemicals Corp. (Canada), Sr. Unsec’d. Notes, 144A | 4.875 | 06/01/24 | 13,450 | 13,265,062 |
4
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Chemicals (cont’d.) | |||||
Olympus Water US Holding Corp., | |||||
Sr. Sec’d. Notes, 144A | 4.250 % | 10/01/28 | 3,481 | $3,024,072 | |
Sr. Sec’d. Notes, 144A | 9.750 | 11/15/28 | 7,775 | 8,015,976 | |
Rain CII Carbon LLC/CII Carbon Corp., Sec’d. Notes, 144A | 7.250 | 04/01/25 | 363 | 348,932 | |
SNF Group SACA (France), Sr. Unsec’d. Notes, 144A | 3.125 | 03/15/27 | 18,392 | 16,505,165 | |
TPC Group, Inc., Sr. Sec’d. Notes, 144A | 13.000 | 12/16/27 | 5,361 | 5,424,973 | |
WR Grace Holdings LLC, Sr. Sec’d. Notes, 144A | 4.875 | 06/15/27 | 4,615 | 4,392,924 | |
83,413,242 | |||||
Coal 0.1% | |||||
Conuma Resources Ltd. (Canada), Sr. Sec’d. Notes, 144A | 13.125 | 05/01/28 | 6,076 | 5,787,390 | |
Commercial Services 4.4% | |||||
Adtalem Global Education, Inc., Sr. Sec’d. Notes, 144A | 5.500 | 03/01/28 | 4,953 | 4,672,013 | |
Allied Universal Holdco LLC/Allied Universal Finance Corp., | |||||
Sr. Sec’d. Notes, 144A | 6.625 | 07/15/26 | 60,146 | 58,474,317 | |
Sr. Unsec’d. Notes, 144A | 9.750 | 07/15/27 | 10,774 | 9,913,322 | |
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, | |||||
Sr. Sec’d. Notes, 144A | 4.625 | 06/01/28 | 10,366 | 9,070,250 | |
Sr. Sec’d. Notes, 144A | 4.625 | 06/01/28 | 3,625 | 3,145,811 | |
Alta Equipment Group, Inc., Sec’d. Notes, 144A(a) | 5.625 | 04/15/26 | 19,350 | 18,141,503 | |
AMN Healthcare, Inc., Gtd. Notes, 144A | 4.625 | 10/01/27 | 15,275 | 14,231,244 | |
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., | |||||
Gtd. Notes, 144A(a) | 4.750 | 04/01/28 | 1,020 | 925,870 | |
Gtd. Notes, 144A | 5.750 | 07/15/27 | 6,575 | 6,215,912 | |
Gtd. Notes, 144A | 5.750 | 07/15/27 | 13,920 | 13,061,940 | |
Avis Budget Finance PLC, Gtd. Notes | 4.750 | 01/30/26 | EUR | 1,825 | 1,973,878 |
Brink’s Co. (The), Gtd. Notes, 144A | 4.625 | 10/15/27 | 1,311 | 1,231,820 |
5
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Commercial Services (cont’d.) | |||||
Herc Holdings, Inc., Gtd. Notes, 144A(a) | 5.500 % | 07/15/27 | 14,941 | $14,511,584 | |
Hertz Corp. (The), Gtd. Notes, 144A(a) | 4.625 | 12/01/26 | 3,625 | 3,192,791 | |
MPH Acquisition Holdings LLC, Sr. Sec’d. Notes, 144A | 5.500 | 09/01/28 | 6,250 | 5,428,720 | |
United Rentals North America, Inc., Gtd. Notes(a) | 4.875 | 01/15/28 | 1,275 | 1,225,801 | |
Verscend Escrow Corp., Sr. Unsec’d. Notes, 144A | 9.750 | 08/15/26 | 36,573 | 36,730,421 | |
VT Topco, Inc., Sr. Sec’d. Notes, 144A(a) | 8.500 | 08/15/30 | 2,175 | 2,226,619 | |
204,373,816 | |||||
Computers 0.4% | |||||
CA Magnum Holdings (India), Sr. Sec’d. Notes, 144A | 5.375 | 10/31/26 | 2,100 | 1,916,250 | |
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., Sr. Sec’d. Notes, 144A | 5.750 | 06/01/25 | 15,915 | 15,747,347 | |
17,663,597 | |||||
Distribution/Wholesale 0.4% | |||||
H&E Equipment Services, Inc., Gtd. Notes, 144A | 3.875 | 12/15/28 | 18,099 | 16,038,194 | |
Ritchie Bros Holdings, Inc. (Canada), Sr. Sec’d. Notes, 144A | 6.750 | 03/15/28 | 1,200 | 1,222,152 | |
17,260,346 | |||||
Diversified Financial Services 3.9% | |||||
Bread Financial Holdings, Inc., Gtd. Notes, 144A | 4.750 | 12/15/24 | 26,515 | 25,920,328 | |
goeasy Ltd. (Canada), | |||||
Gtd. Notes, 144A | 4.375 | 05/01/26 | 950 | 888,250 | |
Gtd. Notes, 144A(a) | 5.375 | 12/01/24 | 27,557 | 27,522,554 | |
Gtd. Notes, 144A | 9.250 | 12/01/28 | 3,255 | 3,343,536 | |
LD Holdings Group LLC, Gtd. Notes, 144A(a) | 6.125 | 04/01/28 | 12,575 | 8,847,210 | |
LFS Topco LLC, Gtd. Notes, 144A(a) | 5.875 | 10/15/26 | 11,200 | 9,894,582 |
6
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Diversified Financial Services (cont’d.) | |||||
Macquarie Airfinance Holdings Ltd. (United Kingdom), | |||||
Sr. Unsec’d. Notes, 144A | 8.125 % | 03/30/29 | 2,225 | $2,263,248 | |
Sr. Unsec’d. Notes, 144A | 8.375 | 05/01/28 | 1,175 | 1,204,610 | |
Nationstar Mortgage Holdings, Inc., | |||||
Gtd. Notes, 144A | 5.500 | 08/15/28 | 9,470 | 8,821,715 | |
Gtd. Notes, 144A | 6.000 | 01/15/27 | 6,775 | 6,595,097 | |
Navient Corp., | |||||
Sr. Unsec’d. Notes | 5.875 | 10/25/24 | 500 | 496,250 | |
Sr. Unsec’d. Notes | 6.750 | 06/25/25 | 5,150 | 5,187,299 | |
Sr. Unsec’d. Notes, MTN | 6.125 | 03/25/24 | 14,883 | 14,894,702 | |
OneMain Finance Corp., | |||||
Gtd. Notes | 3.500 | 01/15/27 | 6,050 | 5,405,093 | |
Gtd. Notes | 3.875 | 09/15/28 | 2,525 | 2,168,769 | |
Gtd. Notes | 6.125 | 03/15/24 | 500 | 499,900 | |
Gtd. Notes | 6.875 | 03/15/25 | 17,747 | 17,884,309 | |
Gtd. Notes | 7.125 | 03/15/26 | 17,838 | 17,982,239 | |
PennyMac Financial Services, Inc., Gtd. Notes, 144A(a) | 5.375 | 10/15/25 | 11,575 | 11,258,800 | |
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., Gtd. Notes, 144A(a) | 2.875 | 10/15/26 | 8,069 | 7,297,187 | |
178,375,678 | |||||
Electric 2.0% | |||||
Calpine Corp., | |||||
Sr. Sec’d. Notes, 144A | 4.500 | 02/15/28 | 10,660 | 10,076,546 | |
Sr. Sec’d. Notes, 144A(a) | 5.250 | 06/01/26 | 5,465 | 5,361,379 | |
Sr. Unsec’d. Notes, 144A | 5.125 | 03/15/28 | 17,347 | 16,328,388 | |
NRG Energy, Inc., | |||||
Gtd. Notes | 5.750 | 01/15/28 | 13,524 | 13,206,945 | |
Gtd. Notes, 144A | 5.250 | 06/15/29 | 10,250 | 9,568,083 | |
Vistra Operations Co. LLC, | |||||
Gtd. Notes, 144A | 5.000 | 07/31/27 | 21,291 | 20,281,275 | |
Gtd. Notes, 144A | 5.500 | 09/01/26 | 2,892 | 2,836,921 | |
Gtd. Notes, 144A | 5.625 | 02/15/27 | 16,858 | 16,441,841 | |
94,101,378 | |||||
Electrical Components & Equipment 0.9% | |||||
Energizer Holdings, Inc., Gtd. Notes, 144A(a) | 6.500 | 12/31/27 | 16,843 | 16,361,315 |
7
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Electrical Components & Equipment (cont’d.) | |||||
WESCO Distribution, Inc., | |||||
Gtd. Notes, 144A | 7.125 % | 06/15/25 | 23,198 | $23,262,379 | |
Gtd. Notes, 144A(a) | 7.250 | 06/15/28 | 2,802 | 2,847,884 | |
42,471,578 | |||||
Electronics 0.4% | |||||
Likewize Corp., Sr. Sec’d. Notes, 144A | 9.750 | 10/15/25 | 16,109 | 16,147,122 | |
Sensata Technologies BV, | |||||
Gtd. Notes, 144A | 5.000 | 10/01/25 | 3,020 | 2,959,600 | |
Gtd. Notes, 144A | 5.625 | 11/01/24 | 1,050 | 1,054,725 | |
20,161,447 | |||||
Engineering & Construction 0.1% | |||||
AECOM, Gtd. Notes | 5.125 | 03/15/27 | 1,965 | 1,911,899 | |
Brand Industrial Services, Inc., Sr. Sec’d. Notes, 144A | 10.375 | 08/01/30 | 700 | 725,500 | |
2,637,399 | |||||
Entertainment 3.1% | |||||
Caesars Entertainment, Inc., | |||||
Sr. Sec’d. Notes, 144A | 6.250 | 07/01/25 | 45,282 | 45,040,197 | |
Sr. Sec’d. Notes, 144A(a) | 7.000 | 02/15/30 | 16,175 | 16,195,384 | |
Sr. Unsec’d. Notes, 144A(a) | 4.625 | 10/15/29 | 2,175 | 1,910,855 | |
CCM Merger, Inc., Sr. Unsec’d. Notes, 144A | 6.375 | 05/01/26 | 19,144 | 18,399,254 | |
Golden Entertainment, Inc., Sr. Unsec’d. Notes, 144A | 7.625 | 04/15/26 | 13,666 | 13,739,234 | |
International Game Technology PLC, | |||||
Sr. Sec’d. Notes, 144A | 4.125 | 04/15/26 | 2,700 | 2,575,125 | |
Sr. Sec’d. Notes, 144A | 6.250 | 01/15/27 | 8,500 | 8,458,775 | |
Jacobs Entertainment, Inc., | |||||
Sr. Unsec’d. Notes, 144A | 6.750 | 02/15/29 | 4,775 | 4,274,869 | |
Sr. Unsec’d. Notes, 144A | 6.750 | 02/15/29 | 5,075 | 4,555,019 | |
8
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Entertainment (cont’d.) | |||||
Motion Bondco DAC (United Kingdom), Gtd. Notes, 144A(a) | 6.625 % | 11/15/27 | 6,350 | $5,734,114 | |
Penn Entertainment, Inc., Sr. Unsec’d. Notes, 144A | 5.625 | 01/15/27 | 24,783 | 23,592,119 | |
144,474,945 | |||||
Environmental Control 0.0% | |||||
GFL Environmental, Inc. (Canada), Gtd. Notes, 144A(a) | 4.000 | 08/01/28 | 1,700 | 1,517,250 | |
Foods 1.6% | |||||
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s LP/Albertson’s LLC, | |||||
Gtd. Notes, 144A(a) | 3.250 | 03/15/26 | 1,423 | 1,337,054 | |
Gtd. Notes, 144A | 4.625 | 01/15/27 | 13,125 | 12,603,739 | |
Gtd. Notes, 144A | 6.500 | 02/15/28 | 750 | 752,980 | |
B&G Foods, Inc., | |||||
Gtd. Notes | 5.250 | 04/01/25 | 17,828 | 17,525,104 | |
Gtd. Notes | 5.250 | 09/15/27 | 22,026 | 19,180,215 | |
Chobani LLC/Chobani Finance Corp., Inc., Gtd. Notes, 144A(a) | 7.500 | 04/15/25 | 15,986 | 15,929,572 | |
Post Holdings, Inc., Gtd. Notes, 144A(a) | 5.625 | 01/15/28 | 4,951 | 4,817,070 | |
72,145,734 | |||||
Gas 0.6% | |||||
AmeriGas Partners LP/AmeriGas Finance Corp., | |||||
Sr. Unsec’d. Notes | 5.500 | 05/20/25 | 9,274 | 9,095,237 | |
Sr. Unsec’d. Notes | 5.750 | 05/20/27 | 6,929 | 6,616,761 | |
Sr. Unsec’d. Notes | 5.875 | 08/20/26 | 11,889 | 11,580,491 | |
27,292,489 | |||||
Healthcare-Services 2.3% | |||||
HCA, Inc., Gtd. Notes | 7.050 | 12/01/27 | 15,705 | 16,333,871 | |
Legacy LifePoint Health LLC, Sr. Sec’d. Notes, 144A(a) | 4.375 | 02/15/27 | 24,830 | 21,740,764 | |
Prime Healthcare Services, Inc., Sr. Sec’d. Notes, 144A | 7.250 | 11/01/25 | 41,378 | 39,038,176 |
9
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Healthcare-Services (cont’d.) | |||||
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., Gtd. Notes, 144A(a) | 9.750 % | 12/01/26 | 18,583 | $18,040,783 | |
Tenet Healthcare Corp., | |||||
Gtd. Notes(a) | 6.125 | 10/01/28 | 3,425 | 3,319,048 | |
Sr. Sec’d. Notes | 4.250 | 06/01/29 | 750 | 671,961 | |
Sr. Sec’d. Notes | 4.625 | 06/15/28 | 4,994 | 4,651,483 | |
Sr. Sec’d. Notes | 4.875 | 01/01/26 | 1,731 | 1,700,207 | |
105,496,293 | |||||
Home Builders 4.9% | |||||
Adams Homes, Inc., Sr. Unsec’d. Notes, 144A | 9.250 | 10/15/28 | 4,550 | 4,466,095 | |
Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unsec’d. Notes, 144A | 6.625 | 01/15/28 | 3,260 | 3,076,710 | |
Beazer Homes USA, Inc., | |||||
Gtd. Notes | 5.875 | 10/15/27 | 16,812 | 15,828,548 | |
Gtd. Notes(a) | 6.750 | 03/15/25 | 12,045 | 12,020,653 | |
Gtd. Notes | 7.250 | 10/15/29 | 6,417 | 6,206,412 | |
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), Gtd. Notes, 144A | 6.250 | 09/15/27 | 31,689 | 29,809,526 | |
Century Communities, Inc., Gtd. Notes | 6.750 | 06/01/27 | 6,996 | 6,997,557 | |
Empire Communities Corp. (Canada), Sr. Unsec’d. Notes, 144A(a) | 7.000 | 12/15/25 | 29,712 | 28,374,960 | |
Forestar Group, Inc., | |||||
Gtd. Notes, 144A | 3.850 | 05/15/26 | 20,960 | 19,641,411 | |
Gtd. Notes, 144A | 5.000 | 03/01/28 | 3,150 | 2,926,633 | |
M/I Homes, Inc., Gtd. Notes | 4.950 | 02/01/28 | 8,649 | 8,215,916 | |
Mattamy Group Corp. (Canada), Sr. Unsec’d. Notes, 144A | 5.250 | 12/15/27 | 33,644 | 31,457,140 | |
Shea Homes LP/Shea Homes Funding Corp., Sr. Unsec’d. Notes | 4.750 | 02/15/28 | 6,075 | 5,656,907 | |
STL Holding Co. LLC, Sr. Unsec’d. Notes, 144A | 7.500 | 02/15/26 | 12,509 | 11,957,513 | |
Taylor Morrison Communities, Inc., | |||||
Gtd. Notes, 144A | 5.750 | 01/15/28 | 8,769 | 8,533,444 | |
Gtd. Notes, 144A | 5.875 | 06/15/27 | 6,681 | 6,571,064 | |
Gtd. Notes, 144A | 6.625 | 07/15/27 | 1,450 | 1,416,307 |
10
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Home Builders (cont’d.) | |||||
Tri Pointe Homes, Inc., | |||||
Gtd. Notes | 5.250 % | 06/01/27 | 21,693 | $20,876,415 | |
Gtd. Notes | 5.700 | 06/15/28 | 2,143 | 2,039,315 | |
226,072,526 | |||||
Household Products/Wares 0.2% | |||||
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada), | |||||
Gtd. Notes, 144A(a) | 7.000 | 12/31/27 | 4,500 | 4,156,875 | |
Sr. Sec’d. Notes, 144A | 5.000 | 12/31/26 | 2,736 | 2,599,200 | |
6,756,075 | |||||
Housewares 0.2% | |||||
Scotts Miracle-Gro Co. (The), | |||||
Gtd. Notes | 4.375 | 02/01/32 | 1,050 | 833,983 | |
Gtd. Notes(a) | 4.500 | 10/15/29 | 7,975 | 6,819,236 | |
7,653,219 | |||||
Insurance 0.1% | |||||
Acrisure LLC/Acrisure Finance, Inc., Sr. Unsec’d. Notes, 144A | 7.000 | 11/15/25 | 2,875 | 2,839,497 | |
Internet 1.9% | |||||
Cablevision Lightpath LLC, Sr. Sec’d. Notes, 144A | 3.875 | 09/15/27 | 11,805 | 9,982,483 | |
Cogent Communications Group, Inc., Sr. Sec’d. Notes, 144A | 3.500 | 05/01/26 | 1,150 | 1,076,493 | |
Gen Digital, Inc., Sr. Unsec’d. Notes, 144A(a) | 5.000 | 04/15/25 | 47,505 | 47,113,263 | |
Go Daddy Operating Co. LLC/GD Finance Co., Inc., Gtd. Notes, 144A | 5.250 | 12/01/27 | 15,010 | 14,551,470 | |
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc., Sr. Sec’d. Notes, 144A | 4.750 | 04/30/27 | 16,180 | 14,831,197 | |
87,554,906 | |||||
Iron/Steel 0.8% | |||||
ATI, Inc., Sr. Unsec’d. Notes | 7.250 | 08/15/30 | 1,775 | 1,793,913 |
11
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Iron/Steel (cont’d.) | |||||
Big River Steel LLC/BRS Finance Corp., Sr. Sec’d. Notes, 144A(a) | 6.625 % | 01/31/29 | 6,361 | $6,379,791 | |
Cleveland-Cliffs, Inc., | |||||
Gtd. Notes, 144A(a) | 6.750 | 04/15/30 | 4,275 | 4,161,054 | |
Sr. Sec’d. Notes, 144A(a) | 6.750 | 03/15/26 | 18,100 | 18,145,864 | |
Mineral Resources Ltd. (Australia), Sr. Unsec’d. Notes, 144A | 9.250 | 10/01/28 | 4,800 | 4,964,160 | |
35,444,782 | |||||
Leisure Time 3.2% | |||||
Carnival Corp., | |||||
Gtd. Notes, 144A(a) | 5.750 | 03/01/27 | 18,100 | 17,149,750 | |
Gtd. Notes, 144A | 6.000 | 05/01/29 | 4,025 | 3,703,000 | |
Gtd. Notes, 144A(a) | 7.625 | 03/01/26 | 15,025 | 15,106,736 | |
Sr. Sec’d. Notes, 144A | 4.000 | 08/01/28 | 1,400 | 1,261,750 | |
Lindblad Expeditions Holdings, Inc., Sr. Sec’d. Notes, 144A | 9.000 | 05/15/28 | 4,375 | 4,404,209 | |
NCL Corp. Ltd., | |||||
Gtd. Notes, 144A | 5.875 | 03/15/26 | 21,356 | 20,234,810 | |
Sr. Sec’d. Notes, 144A | 5.875 | 02/15/27 | 9,716 | 9,382,012 | |
Sr. Sec’d. Notes, 144A | 8.125 | 01/15/29 | 2,100 | 2,131,500 | |
Sr. Sec’d. Notes, 144A | 8.375 | 02/01/28 | 4,725 | 4,869,703 | |
Sr. Unsec’d. Notes, 144A(a) | 3.625 | 12/15/24 | 1,800 | 1,739,250 | |
Royal Caribbean Cruises Ltd., | |||||
Gtd. Notes, 144A(a) | 7.250 | 01/15/30 | 2,075 | 2,111,313 | |
Sr. Unsec’d. Notes, 144A(a) | 5.375 | 07/15/27 | 11,244 | 10,738,020 | |
Sr. Unsec’d. Notes, 144A | 5.500 | 08/31/26 | 2,435 | 2,361,707 | |
Sr. Unsec’d. Notes, 144A(a) | 5.500 | 04/01/28 | 7,875 | 7,500,937 | |
Sr. Unsec’d. Notes, 144A | 11.625 | 08/15/27 | 26,700 | 28,909,425 | |
Viking Cruises Ltd., | |||||
Gtd. Notes, 144A | 5.875 | 09/15/27 | 10,725 | 10,108,312 | |
Gtd. Notes, 144A(a) | 6.250 | 05/15/25 | 3,000 | 2,962,500 | |
Sr. Unsec’d. Notes, 144A | 7.000 | 02/15/29 | 5,075 | 4,860,835 | |
149,535,769 | |||||
Lodging 2.8% | |||||
Genting New York LLC/GENNY Capital, Inc., Sr. Unsec’d. Notes, 144A | 3.300 | 02/15/26 | 15,211 | 13,823,873 | |
Las Vegas Sands Corp., | |||||
Sr. Unsec’d. Notes | 2.900 | 06/25/25 | 900 | 856,931 | |
Sr. Unsec’d. Notes | 3.500 | 08/18/26 | 700 | 655,491 |
12
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Lodging (cont’d.) | |||||
MGM Resorts International, | |||||
Gtd. Notes(a) | 4.625 % | 09/01/26 | 12,152 | $11,675,077 | |
Gtd. Notes(a) | 4.750 | 10/15/28 | 15,964 | 14,770,317 | |
Gtd. Notes | 5.500 | 04/15/27 | 17,725 | 17,177,011 | |
Gtd. Notes | 5.750 | 06/15/25 | 965 | 959,891 | |
Gtd. Notes | 6.750 | 05/01/25 | 8,821 | 8,852,455 | |
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., Sr. Sec’d. Notes, 144A | 5.875 | 05/15/25 | 23,495 | 23,035,746 | |
Wynn Macau Ltd. (Macau), | |||||
Sr. Unsec’d. Notes, 144A(a) | 5.500 | 01/15/26 | 19,982 | 18,907,967 | |
Sr. Unsec’d. Notes, 144A | 5.500 | 10/01/27 | 18,900 | 17,223,948 | |
Sr. Unsec’d. Notes, 144A | 5.625 | 08/26/28 | 2,337 | 2,065,593 | |
130,004,300 | |||||
Machinery-Diversified 0.7% | |||||
Maxim Crane Works Holdings Capital LLC, Sec’d. Notes, 144A | 11.500 | 09/01/28 | 8,100 | 8,086,478 | |
TK Elevator US Newco, Inc. (Germany), Sr. Sec’d. Notes, 144A | 5.250 | 07/15/27 | 26,957 | 25,541,758 | |
33,628,236 | |||||
Media 9.2% | |||||
Altice Financing SA (Luxembourg), Sr. Sec’d. Notes | 2.250 | 01/15/25 | EUR | 27,475 | 28,822,425 |
CCO Holdings LLC/CCO Holdings Capital Corp., | |||||
Sr. Unsec’d. Notes, 144A | 5.000 | 02/01/28 | 30,695 | 28,754,645 | |
Sr. Unsec’d. Notes, 144A | 5.125 | 05/01/27 | 55,804 | 53,099,512 | |
Sr. Unsec’d. Notes, 144A | 5.500 | 05/01/26 | 20,679 | 20,220,481 | |
CSC Holdings LLC, | |||||
Gtd. Notes, 144A(a) | 5.375 | 02/01/28 | 12,950 | 11,072,315 | |
Gtd. Notes, 144A(a) | 5.500 | 04/15/27 | 42,376 | 37,588,718 | |
Sr. Unsec’d. Notes, 144A(a) | 7.500 | 04/01/28 | 11,285 | 7,719,241 | |
Diamond Sports Group LLC/Diamond Sports Finance Co., Sec’d. Notes, 144A (original cost $15,609,994; purchased 07/18/19 - 07/05/22)(f) | 5.375 | 08/15/26(d) | 18,919 | 464,229 | |
DISH DBS Corp., | |||||
Gtd. Notes(a) | 5.875 | 11/15/24 | 17,902 | 15,719,764 | |
Gtd. Notes | 7.750 | 07/01/26 | 44,200 | 26,345,175 | |
13
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Media (cont’d.) | |||||
DISH Network Corp., Sr. Sec’d. Notes, 144A | 11.750 % | 11/15/27 | 7,925 | $7,869,472 | |
Gray Television, Inc., Gtd. Notes, 144A(a) | 5.875 | 07/15/26 | 38,537 | 36,387,490 | |
iHeartCommunications, Inc., Sr. Sec’d. Notes | 6.375 | 05/01/26 | 8,413 | 7,160,930 | |
Midcontinent Communications/Midcontinent Finance Corp., Gtd. Notes, 144A | 5.375 | 08/15/27 | 23,983 | 22,435,124 | |
Nexstar Media, Inc., Gtd. Notes, 144A | 5.625 | 07/15/27 | 34,471 | 32,644,036 | |
Radiate Holdco LLC/Radiate Finance, Inc., Sr. Sec’d. Notes, 144A(a) | 4.500 | 09/15/26 | 24,349 | 18,117,687 | |
Sinclair Television Group, Inc., Gtd. Notes, 144A(a) | 5.125 | 02/15/27 | 12,106 | 10,552,014 | |
Univision Communications, Inc., | |||||
Sr. Sec’d. Notes, 144A | 5.125 | 02/15/25 | 40,888 | 40,469,969 | |
Sr. Sec’d. Notes, 144A | 6.625 | 06/01/27 | 12,490 | 12,309,127 | |
Videotron Ltd. (Canada), Gtd. Notes, 144A(a) | 5.375 | 06/15/24 | 7,288 | 7,269,780 | |
425,022,134 | |||||
Mining 1.8% | |||||
Arsenal AIC Parent LLC, Sr. Sec’d. Notes, 144A(a) | 8.000 | 10/01/30 | 1,750 | 1,789,375 | |
Constellium SE, Gtd. Notes, 144A | 5.875 | 02/15/26 | 3,212 | 3,173,103 | |
First Quantum Minerals Ltd. (Zambia), | |||||
Gtd. Notes, 144A | 6.875 | 03/01/26 | 900 | 771,750 | |
Gtd. Notes, 144A | 6.875 | 10/15/27 | 2,400 | 1,915,920 | |
Gtd. Notes, 144A | 7.500 | 04/01/25 | 9,495 | 8,676,056 | |
Freeport-McMoRan, Inc., Gtd. Notes | 4.375 | 08/01/28 | 1,820 | 1,705,574 | |
Hecla Mining Co., Gtd. Notes(a) | 7.250 | 02/15/28 | 3,225 | 3,195,399 | |
Hudbay Minerals, Inc. (Canada), Gtd. Notes, 144A(a) | 4.500 | 04/01/26 | 20,485 | 19,486,356 | |
New Gold, Inc. (Canada), Gtd. Notes, 144A | 7.500 | 07/15/27 | 6,650 | 6,458,813 |
14
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Mining (cont’d.) | |||||
Novelis Corp., | |||||
Gtd. Notes, 144A | 3.250 % | 11/15/26 | 25,674 | $23,572,682 | |
Gtd. Notes, 144A(a) | 4.750 | 01/30/30 | 12,094 | 10,988,814 | |
81,733,842 | |||||
Miscellaneous Manufacturing 0.3% | |||||
Amsted Industries, Inc., Gtd. Notes, 144A | 5.625 | 07/01/27 | 8,461 | 8,116,013 | |
Trinity Industries, Inc., Gtd. Notes, 144A | 7.750 | 07/15/28 | 4,400 | 4,488,014 | |
12,604,027 | |||||
Oil & Gas 4.5% | |||||
Aethon United BR LP/Aethon United Finance Corp., Sr. Unsec’d. Notes, 144A | 8.250 | 02/15/26 | 10,000 | 10,075,217 | |
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., Gtd. Notes | 7.875 | 12/15/24(d) | 10,985 | 1,099 | |
Ascent Resources Utica Holdings LLC/ARU Finance Corp., | |||||
Gtd. Notes, 144A | 7.000 | 11/01/26 | 1,575 | 1,555,004 | |
Gtd. Notes, 144A | 9.000 | 11/01/27 | 7,789 | 9,861,006 | |
Sr. Unsec’d. Notes, 144A | 8.250 | 12/31/28 | 19,888 | 19,976,266 | |
Athabasca Oil Corp. (Canada), Sec’d. Notes, 144A | 9.750 | 11/01/26 | 18,230 | 18,754,113 | |
Chesapeake Energy Corp., Gtd. Notes, 144A | 5.500 | 02/01/26 | 2,425 | 2,386,448 | |
CITGO Petroleum Corp., | |||||
Sr. Sec’d. Notes, 144A(a) | 6.375 | 06/15/26 | 10,350 | 10,272,881 | |
Sr. Sec’d. Notes, 144A | 7.000 | 06/15/25 | 9,285 | 9,196,515 | |
Civitas Resources, Inc., | |||||
Gtd. Notes, 144A | 8.375 | 07/01/28 | 7,325 | 7,500,601 | |
Gtd. Notes, 144A | 8.625 | 11/01/30 | 1,350 | 1,400,625 | |
CNX Resources Corp., Gtd. Notes, 144A | 7.250 | 03/14/27 | 5,925 | 5,897,388 | |
Crescent Energy Finance LLC, | |||||
Gtd. Notes, 144A | 7.250 | 05/01/26 | 1,500 | 1,490,191 | |
Gtd. Notes, 144A | 9.250 | 02/15/28 | 4,350 | 4,493,920 | |
Diamond Foreign Asset Co./Diamond Finance LLC, Sec’d. Notes, 144A | 8.500 | 10/01/30 | 1,275 | 1,275,000 |
15
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Oil & Gas (cont’d.) | |||||
Endeavor Energy Resources LP/EER Finance, Inc., Sr. Unsec’d. Notes, 144A | 5.750 % | 01/30/28 | 9,993 | $9,804,147 | |
Hilcorp Energy I LP/Hilcorp Finance Co., | |||||
Sr. Unsec’d. Notes, 144A(a) | 5.750 | 02/01/29 | 1,200 | 1,127,775 | |
Sr. Unsec’d. Notes, 144A | 6.250 | 11/01/28 | 1,000 | 973,872 | |
Nabors Industries Ltd., Gtd. Notes, 144A | 7.250 | 01/15/26 | 6,225 | 5,929,313 | |
Nabors Industries, Inc., | |||||
Gtd. Notes | 5.750 | 02/01/25 | 4,190 | 4,185,489 | |
Gtd. Notes, 144A(a) | 7.375 | 05/15/27 | 14,250 | 13,779,120 | |
Noble Finance II LLC, Gtd. Notes, 144A | 8.000 | 04/15/30 | 1,725 | 1,771,215 | |
Parkland Corp. (Canada), Gtd. Notes, 144A | 5.875 | 07/15/27 | 11,915 | 11,652,989 | |
Precision Drilling Corp. (Canada), Gtd. Notes, 144A | 7.125 | 01/15/26 | 4,646 | 4,622,398 | |
Preem Holdings AB (Sweden), Sr. Unsec’d. Notes, 144A | 12.000 | 06/30/27 | EUR | 10,530 | 12,315,129 |
SilverBow Resources, Inc., Sec’d. Notes, 144A, 3 Month SOFR + 7.750%^ | 13.138(c) | 12/15/28 | 6,500 | 6,386,250 | |
Southwestern Energy Co., | |||||
Gtd. Notes | 5.375 | 02/01/29 | 3,175 | 3,022,119 | |
Gtd. Notes | 5.375 | 03/15/30 | 5,600 | 5,314,653 | |
Gtd. Notes | 8.375 | 09/15/28 | 12,534 | 12,964,648 | |
Sunoco LP/Sunoco Finance Corp., | |||||
Gtd. Notes | 5.875 | 03/15/28 | 865 | 847,772 | |
Gtd. Notes | 6.000 | 04/15/27 | 6,575 | 6,541,903 | |
Valaris Ltd., Sec’d. Notes, 144A | 8.375 | 04/30/30 | 2,200 | 2,211,000 | |
Vital Energy, Inc., | |||||
Gtd. Notes | 9.750 | 10/15/30 | 650 | 651,459 | |
Gtd. Notes | 10.125 | 01/15/28 | 1,425 | 1,451,485 | |
209,689,010 | |||||
Packaging & Containers 1.8% | |||||
ARD Finance SA (Luxembourg), Sr. Sec’d. Notes, 144A, Cash coupon 6.500% or PIK 7.250% | 6.500 | 06/30/27 | 3,200 | 1,652,000 | |
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., | |||||
Sr. Sec’d. Notes, 144A(a) | 4.125 | 08/15/26 | 4,853 | 4,272,824 |
16
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Packaging & Containers (cont’d.) | |||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., (cont’d.) | |||||
Sr. Unsec’d. Notes, 144A(a) | 5.250 % | 08/15/27 | 3,150 | $2,315,250 | |
Graham Packaging Co., Inc., Gtd. Notes, 144A | 7.125 | 08/15/28 | 11,950 | 10,519,161 | |
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada), Sr. Sec’d. Notes, 144A | 6.000 | 09/15/28 | 17,732 | 15,896,206 | |
LABL, Inc., | |||||
Sr. Sec’d. Notes, 144A | 5.875 | 11/01/28 | 10,900 | 9,513,715 | |
Sr. Sec’d. Notes, 144A | 6.750 | 07/15/26 | 7,075 | 6,769,421 | |
Sr. Sec’d. Notes, 144A | 9.500 | 11/01/28 | 2,075 | 2,018,862 | |
Sr. Unsec’d. Notes, 144A(a) | 10.500 | 07/15/27 | 6,100 | 5,542,404 | |
Mauser Packaging Solutions Holding Co., Sr. Sec’d. Notes, 144A(a) | 7.875 | 08/15/26 | 4,775 | 4,743,825 | |
Owens-Brockway Glass Container, Inc., Gtd. Notes, 144A | 6.375 | 08/15/25 | 5,435 | 5,429,712 | |
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc., Sr. Sec’d. Notes, 144A(a) | 4.375 | 10/15/28 | 3,780 | 3,441,122 | |
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC, Sr. Sec’d. Notes, 144A(a) | 4.000 | 10/15/27 | 1,050 | 965,303 | |
Sealed Air Corp./Sealed Air Corp. US, Gtd. Notes, 144A(a) | 6.125 | 02/01/28 | 1,275 | 1,260,629 | |
Trident TPI Holdings, Inc., Gtd. Notes, 144A | 12.750 | 12/31/28 | 7,675 | 8,098,282 | |
82,438,716 | |||||
Pharmaceuticals 1.3% | |||||
AdaptHealth LLC, Gtd. Notes, 144A(a) | 6.125 | 08/01/28 | 22,851 | 19,590,449 | |
Bausch Health Americas, Inc., Gtd. Notes, 144A(a) | 8.500 | 01/31/27 | 27,025 | 13,309,221 | |
Bausch Health Cos., Inc., | |||||
Gtd. Notes, 144A | 5.000 | 01/30/28 | 4,150 | 1,538,094 | |
Gtd. Notes, 144A | 7.000 | 01/15/28 | 3,468 | 1,335,180 | |
Sr. Sec’d. Notes, 144A | 4.875 | 06/01/28 | 784 | 399,307 | |
17
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Pharmaceuticals (cont’d.) | |||||
Organon & Co./Organon Foreign Debt Co-Issuer BV, Sr. Sec’d. Notes, 144A | 4.125 % | 04/30/28 | 1,288 | $1,143,438 | |
P&L Development LLC/PLD Finance Corp., Sr. Sec’d. Notes, 144A | 7.750 | 11/15/25 | 36,204 | 23,665,732 | |
60,981,421 | |||||
Pipelines 2.5% | |||||
Antero Midstream Partners LP/Antero Midstream Finance Corp., | |||||
Gtd. Notes, 144A | 5.750 | 03/01/27 | 4,000 | 3,920,095 | |
Gtd. Notes, 144A | 7.875 | 05/15/26 | 24,275 | 24,799,137 | |
EQM Midstream Partners LP, | |||||
Sr. Unsec’d. Notes(a) | 4.125 | 12/01/26 | 4,129 | 3,900,517 | |
Sr. Unsec’d. Notes, 144A | 6.000 | 07/01/25 | 920 | 913,009 | |
Sr. Unsec’d. Notes, 144A | 6.500 | 07/01/27 | 6,100 | 6,115,374 | |
Sr. Unsec’d. Notes, 144A | 7.500 | 06/01/27 | 5,315 | 5,433,991 | |
Global Partners LP/GLP Finance Corp., Gtd. Notes | 7.000 | 08/01/27 | 6,197 | 5,994,369 | |
Howard Midstream Energy Partners LLC, Sr. Unsec’d. Notes, 144A | 8.875 | 07/15/28 | 1,950 | 2,038,094 | |
Northriver Midstream Finance LP (Canada), Sr. Sec’d. Notes, 144A | 5.625 | 02/15/26 | 4,145 | 4,015,469 | |
Rockies Express Pipeline LLC, Sr. Unsec’d. Notes, 144A | 3.600 | 05/15/25 | 7,020 | 6,721,335 | |
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | |||||
Gtd. Notes, 144A | 5.500 | 01/15/28 | 3,765 | 3,486,416 | |
Gtd. Notes, 144A | 6.000 | 03/01/27 | 9,092 | 8,734,379 | |
Gtd. Notes, 144A | 7.500 | 10/01/25 | 6,562 | 6,614,095 | |
Venture Global LNG, Inc., | |||||
Sr. Sec’d. Notes, 144A | 9.500 | 02/01/29 | 19,825 | 20,474,996 | |
Sr. Sec’d. Notes, 144A | 9.875 | 02/01/32 | 10,600 | 10,859,313 | |
Western Midstream Operating LP, Sr. Unsec’d. Notes(a) | 3.100 | 02/01/25 | 3,180 | 3,082,345 | |
117,102,934 | |||||
Real Estate 1.0% | |||||
Five Point Operating Co. LP/Five Point Capital Corp., Gtd. Notes, 144A(a) | 7.875 | 11/15/25 | 19,263 | 18,454,942 |
18
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Real Estate (cont’d.) | |||||
Greystar Real Estate Partners LLC, Sr. Sec’d. Notes, 144A | 7.750 % | 09/01/30 | 2,175 | $2,212,560 | |
Howard Hughes Corp. (The), Gtd. Notes, 144A | 5.375 | 08/01/28 | 27,588 | 25,859,329 | |
46,526,831 | |||||
Real Estate Investment Trusts (REITs) 2.3% | |||||
Diversified Healthcare Trust, | |||||
Gtd. Notes | 4.375 | 03/01/31 | 675 | 481,087 | |
Gtd. Notes | 9.750 | 06/15/25 | 15,853 | 15,730,313 | |
Sr. Unsec’d. Notes(a) | 4.750 | 05/01/24 | 10,585 | 10,062,341 | |
Sr. Unsec’d. Notes | 4.750 | 02/15/28 | 1,950 | 1,424,521 | |
MPT Operating Partnership LP/MPT Finance Corp., | |||||
Gtd. Notes | 0.993 | 10/15/26 | EUR | 3,100 | 2,494,353 |
Gtd. Notes(a) | 5.000 | 10/15/27 | 17,413 | 13,906,975 | |
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, Sr. Sec’d. Notes, 144A | 7.500 | 06/01/25 | 18,625 | 18,737,663 | |
RHP Hotel Properties LP/RHP Finance Corp., | |||||
Gtd. Notes(a) | 4.750 | 10/15/27 | 6,414 | 6,100,235 | |
Gtd. Notes, 144A | 7.250 | 07/15/28 | 1,925 | 1,963,743 | |
Sabra Health Care LP, Gtd. Notes | 5.125 | 08/15/26 | 650 | 628,901 | |
SBA Communications Corp., Sr. Unsec’d. Notes(a) | 3.875 | 02/15/27 | 21,953 | 20,665,057 | |
VICI Properties LP/VICI Note Co., Inc., | |||||
Gtd. Notes, 144A(a) | 4.250 | 12/01/26 | 4,290 | 4,053,055 | |
Gtd. Notes, 144A | 4.500 | 09/01/26 | 10,120 | 9,633,047 | |
105,881,291 | |||||
Retail 1.6% | |||||
1011778 BC ULC/New Red Finance, Inc. (Canada), | |||||
Sec’d. Notes, 144A(a) | 4.375 | 01/15/28 | 7,025 | 6,508,241 | |
Sr. Sec’d. Notes, 144A | 3.875 | 01/15/28 | 632 | 581,756 | |
Brinker International, Inc., | |||||
Gtd. Notes, 144A | 5.000 | 10/01/24 | 5,593 | 5,506,120 | |
Gtd. Notes, 144A(a) | 8.250 | 07/15/30 | 9,450 | 9,495,029 | |
eG Global Finance PLC (United Kingdom), Sr. Sec’d. Notes, 144A(a) | 12.000 | 11/30/28 | 17,050 | 17,689,375 |
19
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Retail (cont’d.) | |||||
Ferrellgas LP/Ferrellgas Finance Corp., Sr. Unsec’d. Notes, 144A (original cost $3,371,010; purchased 08/22/22 - 03/17/23)(f) | 5.375 % | 04/01/26 | 3,725 | $3,559,167 | |
LCM Investments Holdings II LLC, Sr. Unsec’d. Notes, 144A | 4.875 | 05/01/29 | 10,719 | 9,363,554 | |
Sally Holdings LLC/Sally Capital, Inc., Gtd. Notes | 5.625 | 12/01/25 | 13,845 | 13,632,296 | |
Suburban Propane Partners LP/Suburban Energy Finance Corp., Sr. Unsec’d. Notes | 5.875 | 03/01/27 | 4,008 | 3,986,523 | |
White Cap Parent LLC, Sr. Unsec’d. Notes, 144A, Cash coupon 8.250% or PIK 9.000%(a) | 8.250 | 03/15/26 | 5,000 | 4,906,616 | |
75,228,677 | |||||
Software 2.5% | |||||
Black Knight InfoServ LLC, Gtd. Notes, 144A | 3.625 | 09/01/28 | 14,593 | 13,610,632 | |
Boxer Parent Co., Inc., | |||||
Sec’d. Notes, 144A | 9.125 | 03/01/26 | 650 | 651,888 | |
Sr. Sec’d. Notes, 144A | 7.125 | 10/02/25 | 16,590 | 16,564,526 | |
Camelot Finance SA, Sr. Sec’d. Notes, 144A | 4.500 | 11/01/26 | 66,801 | 63,377,449 | |
Clarivate Science Holdings Corp., | |||||
Gtd. Notes, 144A | 4.875 | 07/01/29 | 800 | 716,044 | |
Sr. Sec’d. Notes, 144A(a) | 3.875 | 07/01/28 | 11,960 | 10,805,653 | |
SS&C Technologies, Inc., Gtd. Notes, 144A(a) | 5.500 | 09/30/27 | 8,000 | 7,745,445 | |
113,471,637 | |||||
Telecommunications 3.6% | |||||
Altice France SA (France), Sr. Sec’d. Notes, 144A(a) | 8.125 | 02/01/27 | 22,474 | 19,285,614 | |
Digicel Group Holdings Ltd. (Jamaica), | |||||
Sr. Sec’d. Notes, Series 1A14, 144A (original cost $314,240; purchased 11/14/23)^(f) | (1.624)(s) | 12/31/30 | 280 | 314,240 | |
Sr. Sec’d. Notes, Series 1B14, 144A (original cost $63; purchased 11/14/23)^(f) | 181.516(s) | 12/31/30 | 630 | 1 | |
Sr. Sec’d. Notes, Series 3A14, 144A (original cost $18,459; purchased 11/14/23)^(f) | (11.280)(s) | 12/31/30 | 8 | 18,459 |
20
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Telecommunications (cont’d.) | |||||
Digicel Group Holdings Ltd. (Jamaica), (cont’d.) | |||||
Sr. Sec’d. Notes, Series 3B14, 144A (original cost $37; purchased 11/14/23)^(f) | 181.519 %(s) | 12/31/30 | 366 | $— | |
Digicel International Finance Ltd./Digicel International Holdings Ltd. (Jamaica), | |||||
Gtd. Notes, 144A (original cost $2,787,928; purchased 05/22/20 - 07/09/21)(f) | 8.000 | 12/31/26(d) | 3,128 | 62,554 | |
Gtd. Notes, 144A, Cash coupon 13.000% (original cost $8,238,672; purchased 10/19/23)(f) | 13.000 | 12/31/25(d) | 11,761 | 7,997,683 | |
Sr. Sec’d. Notes, 144A (original cost $14,159,822; purchased 10/19/23)(f) | 8.750 | 05/25/24 | 15,663 | 14,409,960 | |
Sr. Sec’d. Notes, 144A (original cost $13,566,226; purchased 10/19/23)(f) | 8.750 | 05/25/24 | 14,353 | 13,168,933 | |
Digicel Ltd. (Jamaica), Gtd. Notes, 144A | 6.750 | 03/01/23(d) | 11,300 | 226,000 | |
Iliad Holding SASU (France), | |||||
Sr. Sec’d. Notes, 144A | 6.500 | 10/15/26 | 13,270 | 12,899,634 | |
Sr. Sec’d. Notes, 144A(a) | 7.000 | 10/15/28 | 3,301 | 3,150,805 | |
Level 3 Financing, Inc., | |||||
Gtd. Notes, 144A | 4.250 | 07/01/28 | 10,200 | 5,712,000 | |
Gtd. Notes, 144A | 4.625 | 09/15/27 | 10,980 | 6,697,800 | |
Sr. Sec’d. Notes, 144A | 3.400 | 03/01/27 | 20,922 | 19,771,290 | |
Sr. Sec’d. Notes, 144A | 10.500 | 05/15/30 | 200 | 185,506 | |
Sprint LLC, | |||||
Gtd. Notes | 7.125 | 06/15/24 | 11,700 | 11,760,827 | |
Gtd. Notes | 7.625 | 02/15/25 | 2,215 | 2,251,542 | |
Gtd. Notes | 7.625 | 03/01/26 | 2,600 | 2,696,778 | |
T-Mobile USA, Inc., Gtd. Notes | 2.625 | 04/15/26 | 1,052 | 989,029 | |
Viasat, Inc., | |||||
Sr. Sec’d. Notes, 144A(a) | 5.625 | 04/15/27 | 7,282 | 6,747,418 | |
Sr. Unsec’d. Notes, 144A | 5.625 | 09/15/25 | 40,439 | 38,850,301 | |
167,196,374 | |||||
Transportation 0.4% | |||||
RXO, Inc., Gtd. Notes, 144A | 7.500 | 11/15/27 | 2,625 | 2,693,843 | |
XPO, Inc., | |||||
Gtd. Notes, 144A | 6.250 | 05/01/25 | 1,514 | 1,501,262 |
21
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Transportation (cont’d.) | |||||
XPO, Inc., (cont’d.) | |||||
Gtd. Notes, 144A | 7.125 % | 06/01/31 | 625 | $631,471 | |
Sr. Sec’d. Notes, 144A | 6.250 | 06/01/28 | 14,875 | 14,734,800 | |
19,561,376 | |||||
Trucking & Leasing 0.1% | |||||
Fortress Transportation & Infrastructure Investors LLC, Gtd. Notes, 144A | 5.500 | 05/01/28 | 3,875 | 3,640,233 | |
Total Corporate Bonds (cost $3,782,487,299) | 3,567,749,487 | ||||
Floating Rate and Other Loans 7.2% | |||||
Airlines 0.4% | |||||
United Airlines, Inc., Class B Term Loan, 1 Month SOFR + 3.864% | 9.207(c) | 04/21/28 | 16,915 | 16,901,965 | |
Chemicals 0.2% | |||||
Venator Finance Sarl, | |||||
Delayed Draw Term Loan, 1 Month SOFR + 8.000% | 15.426(c) | 10/12/28 | 641 | 627,169 | |
Term Loan, 3 Month SOFR + 10.000% | 15.426(c) | 10/12/28 | 6,104 | 5,971,296 | |
6,598,465 | |||||
Commercial Services 1.0% | |||||
Cimpress PLC, Tranche B-1 Term Loan, 1 Month SOFR + 3.614% | 8.963(c) | 05/17/28 | 7,038 | 6,941,228 | |
Mavis Tire Express Services TopCo LP, First Lien Initial Term Loan, 1 Month SOFR + 4.114% | 9.463(c) | 05/04/28 | 14,588 | 14,542,689 | |
Trans Union LLC, 2021 Incremental Term B-6 Loan, 1 Month SOFR + 2.364% | 7.713(c) | 12/01/28 | 9,867 | 9,865,658 | |
Verscend Holding Corp., New Term B Loan, 1 Month SOFR + 4.114% | 9.463(c) | 08/27/25 | 14,595 | 14,579,095 | |
45,928,670 |
22
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Computers 0.7% | |||||
McAfee Corp., Tranche B-1 Term Loan, 1 Month SOFR + 3.850% | 9.170 %(c) | 03/01/29 | 22,941 | $22,634,897 | |
NCR Atleos, LLC, Term B Loan, 1 Month SOFR + 4.850% | 10.198(c) | 03/27/29 | 11,400 | 11,124,496 | |
33,759,393 | |||||
Electric 0.0% | |||||
Heritage Power LLC, Term Loan^ | —(p) | 07/20/26(d) | 1,140 | 1,140,260 | |
Entertainment 0.1% | |||||
Golden Entertainment, Inc., Term B1 Facility Term Loan, 1 Month SOFR + 2.850% | 8.197(c) | 05/28/30 | 6,111 | 6,100,815 | |
Healthcare-Products 0.5% | |||||
Mozart Borrower LP, Initial Dollar Term Loan, 1 Month SOFR + 3.114% | 8.463(c) | 10/23/28 | 20,080 | 20,074,727 | |
Insurance 0.2% | |||||
Acrisure LLC, | |||||
2021-1 Additional Term Loan, 3 Month LIBOR + 3.750% | 9.400(c) | 02/15/27 | 4,328 | 4,295,459 | |
Term Loan B 2020, 3 Month LIBOR + 3.500% | 9.150(c) | 02/15/27 | 4,576 | 4,531,478 | |
Asurion LLC, New B-9 Term Loan, 1 Month SOFR + 3.364% | 8.713(c) | 07/31/27 | 2,023 | 1,976,160 | |
10,803,097 | |||||
Media 0.7% | |||||
CSC Holdings LLC, 2022 Refinancing Term Loan, 1 Month SOFR + 4.500% | 9.823(c) | 01/18/28 | 21,199 | 20,386,712 | |
Diamond Sports Group LLC, | |||||
First Lien Term Loan, 1 Month SOFR + 10.100% | 12.775(c) | 05/25/26 | 1,828 | 1,316,117 | |
Second Lien Term Loan | 8.175 | 08/24/26 | 1,542 | 31,493 | |
23
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Media (cont’d.) | |||||
Radiate Holdco LLC, Amendment No. 6 Term Loan, 1 Month SOFR + 3.364% | 8.713 %(c) | 09/25/26 | 5,970 | $4,630,718 | |
Univision Communications, Inc., 2021 Replacement Term Loan, 1 Month SOFR + 3.364% | 8.713(c) | 03/15/26 | 4,917 | 4,908,391 | |
31,273,431 | |||||
Mining 0.5% | |||||
Rain Carbon GmbH (Germany), 2023 Replacement Term Loan, 1 Month EURIBOR + 5.000% | 8.994(c) | 10/31/28 | EUR | 21,000 | 22,429,903 |
Packaging & Containers 0.5% | |||||
Trident TPI Holdings, Inc., | |||||
First Lien Tranche B-3 Initial Term Loan, 3 Month SOFR + 4.262% | 9.652(c) | 09/15/28 | 4,192 | 4,089,618 | |
Tranche B-4 Initial Term Loan, 3 Month SOFR + 5.250% | 10.640(c) | 09/15/28 | 4,525 | 4,465,609 | |
Tranche B-5 Initial Term Loan, 3 Month SOFR + 4.500% | 9.890(c) | 09/15/28 | 14,184 | 13,905,661 | |
22,460,888 | |||||
Retail 0.4% | |||||
Great Outdoors Group LLC, Term B-2 Loan, 3 Month SOFR + 4.012% | 9.402(c) | 03/06/28 | 9,110 | 9,028,031 | |
LBM Acquisition LLC, First Lien Initial Term Loan, 1 Month SOFR + 3.850% | 9.198(c) | 12/17/27 | 6,986 | 6,709,889 | |
White Cap Buyer LLC, Initial Closing Date Term Loan, 1 Month SOFR + 3.750% | 9.098(c) | 10/19/27 | 3,900 | 3,897,276 | |
19,635,196 | |||||
Software 1.0% | |||||
athenahealth, Inc., Initial Term Loan, 1 Month SOFR + 3.250% | 8.598(c) | 02/15/29 | 6,199 | 6,072,216 | |
Boxer Parent Co., Inc., | |||||
2021 Replacement Dollar Term Loan, 1 Month SOFR + 3.864% | 9.213(c) | 10/02/25 | 18,516 | 18,509,612 |
24
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Software (cont’d.) | |||||
Boxer Parent Co., Inc., (cont’d.) | |||||
Second Lien Incremental Term Loan, 1 Month SOFR + 5.614% | 10.963 %(c) | 02/27/26 | 1,125 | $1,117,969 | |
Dun & Bradstreet Corp., Term Loan B, 1 Month SOFR + 2.850% | 8.193(c) | 02/06/26 | 9,460 | 9,462,228 | |
Skillsoft Finance II, Inc., Initial Term Loan, 1 Month SOFR + 5.364% | 10.694(c) | 07/14/28 | 11,422 | 10,546,315 | |
45,708,340 | |||||
Telecommunications 1.0% | |||||
Digicel International Finance Ltd. (Jamaica), First Lien Initial Term B Loan, 6 Month LIBOR + 3.250% | 8.981(c) | 05/27/24 | 10,653 | 9,827,635 | |
Intrado Corp., Initial Term Loan, 3 Month SOFR + 4.000% | 9.389(c) | 01/31/30 | 4,060 | 4,058,810 | |
Level 3 Financing, Inc., Tranche B 2027 Term Loan, 1 Month SOFR + 1.864% | 7.213(c) | 03/01/27 | 9,060 | 8,516,400 | |
Lumen Technologies, Inc., Term B Loan, 1 Month SOFR + 2.250% | 7.713(c) | 03/15/27 | 240 | 145,600 | |
MLN US HoldCo LLC, | |||||
Initial Term Loan, 3 Month SOFR + 6.540% | 11.935(c) | 10/18/27 | 244 | 134,404 | |
Initial Term Loan (Second Out (First Lien Roll-Up)), 3 Month SOFR + 6.800% | 12.195(c) | 10/18/27 | 552 | 82,780 | |
Term B Loan, 3 Month SOFR + 9.350%^ | 14.745(c) | 10/18/27 | 4 | 320 | |
Viasat, Inc., Initial Term Loan, 1 Month SOFR + 4.500% | 9.848(c) | 03/02/29 | 13,985 | 13,432,417 | |
Xplornet Communications, Inc. (Canada), First Lien Refinancing Term Loan, 3 Month SOFR + 4.262% | 9.652(c) | 10/02/28 | 18,413 | 11,402,414 | |
47,600,780 | |||||
Total Floating Rate and Other Loans (cost $337,970,246) | 330,415,930 | ||||
Sovereign Bonds 0.0% | |||||
Ecuador Government International Bond (Ecuador), | |||||
Sr. Unsec’d. Notes, 144A | 6.608(s) | 07/31/30 | 92 | 24,913 | |
Sr. Unsec’d. Notes, 144A | 2.500(cc) | 07/31/40 | 125 | 38,712 | |
Sr. Unsec’d. Notes, 144A | 3.500(cc) | 07/31/35 | 535 | 187,277 |
25
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Sovereign Bonds (Continued) | |||||
Ecuador Government International Bond (Ecuador), (cont’d.) | |||||
Sr. Unsec’d. Notes, 144A | 6.000 %(cc) | 07/31/30 | 324 | $149,040 | |
Total Sovereign Bonds (cost $849,535) | 399,942 | ||||
U.S. Treasury Obligations(k) 3.6% | |||||
U.S. Treasury Notes | 2.500 | 04/30/24 | 52,245 | 51,630,713 | |
U.S. Treasury Notes(h) | 4.250 | 09/30/24 | 116,645 | 115,688,147 | |
Total U.S. Treasury Obligations (cost $168,936,651) | 167,318,860 |
Shares | |||||
Common Stocks 1.7% | |||||
Chemicals 0.7% | |||||
TPC Group, Inc.*^ | 319,092 | 7,977,300 | |||
Venator Materials PLC* | 3,705,454,335 | 25,938,180 | |||
33,915,480 | |||||
Electric Utilities 0.1% | |||||
GenOn Energy Holdings, Inc. (Class A Stock)*^ | 41,315 | 3,061,441 | |||
Heritage Power LLC*^ | 157,638 | 1,992,544 | |||
Heritage Power LLC*^ | 6,933 | 87,633 | |||
Heritage Power LLC*^ | 181,423 | 90,712 | |||
5,232,330 | |||||
Gas Utilities 0.2% | |||||
Ferrellgas Partners LP (Class B Stock) (original cost $15,214,802; purchased 05/06/15 - 06/06/22)(f) | 55,306 | 9,204,594 | |||
Hotels, Restaurants & Leisure 0.2% | |||||
CEC Entertainment, Inc.* | 366,068 | 6,589,224 | |||
Oil, Gas & Consumable Fuels 0.4% | |||||
Chesapeake Energy Corp.(a) | 239,866 | 19,263,639 |
26
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
Description | Shares | Value | |||
Common Stocks (Continued) | |||||
Wireless Telecommunication Services 0.1% | |||||
Intelsat Emergence SA (Luxembourg)* | 65,330 | $1,723,079 | |||
Total Common Stocks (cost $65,571,187) | 75,928,346 |
Units | |||||
Rights* 0.0% | |||||
Wireless Telecommunication Services | |||||
Intelsat Jackson Holdings SA, Series A (Luxembourg), CVR, expiring 12/05/25^ | 6,840 | 42,750 | |||
Intelsat Jackson Holdings SA, Series B (Luxembourg), CVR, expiring 12/05/25^ | 6,840 | 27,360 | |||
Total Rights (cost $173) | 70,110 | ||||
Total Long-Term Investments (cost $4,535,967,750) | 4,322,983,290 |
Shares | |||||
Short-Term Investments 15.0% | |||||
Affiliated Mutual Funds | |||||
PGIM Core Government Money Market Fund(wb) | 128,769,378 | 128,769,378 | |||
PGIM Core Short-Term Bond Fund(wb) | 15,835,996 | 144,265,924 | |||
PGIM Institutional Money Market Fund (cost $420,402,054; includes $418,309,951 of cash collateral for securities on loan)(b)(wb) | 420,828,078 | 420,659,747 | |||
Total Short-Term Investments (cost $693,794,669) | 693,695,049 | ||||
TOTAL INVESTMENTS 108.7% (cost $5,229,762,419) | 5,016,678,339 | ||||
Liabilities in excess of other assets(z) (8.7)% | (401,895,314) | ||||
Net Assets 100.0% | $4,614,783,025 |
27
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings: |
EUR—Euro |
144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers. | |
BNP—BNP Paribas S.A. | |
BNYM—Bank of New York Mellon | |
CDX—Credit Derivative Index | |
CLO—Collateralized Loan Obligation | |
CVR—Contingent Value Rights | |
DAC—Designated Activity Company | |
EURIBOR—Euro Interbank Offered Rate | |
GMTN—Global Medium Term Note | |
iBoxx—Bond Market Indices | |
JPM—JPMorgan Chase Bank N.A. | |
LIBOR—London Interbank Offered Rate | |
LP—Limited Partnership | |
MTN—Medium Term Note | |
OTC—Over-the-counter | |
PIK—Payment-in-Kind | |
Q—Quarterly payment frequency for swaps | |
REITs—Real Estate Investment Trust | |
SOFR—Secured Overnight Financing Rate | |
T—Swap payment upon termination | |
TD—The Toronto-Dominion Bank |
* | Non-income producing security. |
# | Principal or notional amount is shown in U.S. dollars unless otherwise stated. |
^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $21,139,270 and 0.5% of net assets. |
(a) | All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $408,227,504; cash collateral of $418,309,951 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day. |
(b) | Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment. |
(c) | Variable rate instrument. The interest rate shown reflects the rate in effect at November 30, 2023. |
(cc) | Variable rate instrument. The rate shown is based on the latest available information as of November 30, 2023. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
(d) | Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity. |
(f) | Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the aggregate original cost of such securities is $79,194,256. The aggregate value of $54,253,905 is 1.2% of net assets. |
(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. |
(p) | Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end. |
(s) | Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date. |
(wb) | Represents an investment in a Fund affiliated with the Manager. |
28
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
(z) | Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments: |
Futures contracts outstanding at November 30, 2023: | ||||||||
Number of Contracts | Type | Expiration Date | Current Notional Amount | Value / Unrealized Appreciation (Depreciation) | ||||
Long Positions: | ||||||||
1,213 | 2 Year U.S. Treasury Notes | Mar. 2024 | $248,011,118 | $453,290 | ||||
44 | 5 Year Euro-Bobl | Mar. 2024 | 5,605,993 | (12,489) | ||||
6,131 | 5 Year U.S. Treasury Notes | Mar. 2024 | 655,106,914 | 5,066,509 | ||||
9 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2024 | 1,107,000 | 12,015 | ||||
3 | Euro Schatz Index | Mar. 2024 | 345,441 | (270) | ||||
5,519,055 | ||||||||
Short Positions: | ||||||||
25 | 10 Year Euro-Bund | Dec. 2023 | 3,599,942 | (19,758) | ||||
382 | 10 Year U.S. Treasury Notes | Mar. 2024 | 41,942,408 | (271,853) | ||||
7 | 20 Year U.S. Treasury Bonds | Mar. 2024 | 815,062 | (7,096) | ||||
(298,707) | ||||||||
$5,220,348 |
Forward foreign currency exchange contracts outstanding at November 30, 2023:
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||
OTC Forward Foreign Currency Exchange Contracts: | |||||||||||||
Euro, | |||||||||||||
Expiring 12/04/23 | JPM | EUR | 71,141 | $77,759,678 | $77,448,933 | $— | $(310,745) |
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||
OTC Forward Foreign Currency Exchange Contracts: | |||||||||||||
Euro, | |||||||||||||
Expiring 12/04/23 | BNP | EUR | 14,455 | $15,782,100 | $15,736,338 | $45,762 | $— | ||||||
Expiring 12/04/23 | BNYM | EUR | 43,037 | 45,565,734 | 46,852,836 | — | (1,287,102) | ||||||
Expiring 12/04/23 | BNYM | EUR | 8,904 | 9,691,564 | 9,692,979 | — | (1,415) | ||||||
Expiring 12/04/23 | TD | EUR | 4,746 | 5,022,830 | 5,166,780 | — | (143,950) | ||||||
Expiring 01/12/24 | JPM | EUR | 71,141 | 77,903,810 | 77,589,536 | 314,274 | — | ||||||
$153,966,038 | $155,038,469 | 360,036 | (1,432,467) | ||||||||||
$360,036 | $(1,743,212) |
29
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
Credit default swap agreements outstanding at November 30, 2023:
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Value at Trade Date | Value at November 30, 2023 | Unrealized Appreciation (Depreciation) | |||||||||
Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1): | |||||||||||||||
CDX.NA.IG.41.V1 | 12/20/28 | 1.000%(Q) | 124,160 | $(1,717,072) | $(2,333,306) | $(616,234) |
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at November 30, 2023(4) | Value at Trade Date | Value at November 30, 2023 | Unrealized Appreciation (Depreciation) | ||||||||
Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2): | |||||||||||||||
CDX.NA.HY.41.V2 | 12/20/28 | 5.000%(Q) | 212,484 | 4.029% | $1,251,221 | $10,374,370 | $9,123,149 |
The Fund entered into credit default swaps (“CDS”) to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.
(1) | If the Fund is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
(2) | If the Fund is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
(3) | Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(4) | Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined |
30
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of November 30, 2023 (unaudited) (continued)
under the terms of the agreement. |
Total return swap agreement outstanding at November 30, 2023: | ||||||||||||||
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 Agreement: | ||||||||||||||
iBoxx US Dollar Liquid Investment Grade Index(T) | 1 Day SOFR(Q)/ 5.330% | BNP | 12/20/23 | (8,959) | $135,227 | $— | $135,227 |
(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).
31