NPORT-EX 2 PI63240PRU10312022.htm
PGIM Core Ultra Short Bond Fund
Schedule of Investments  (unaudited)
as of October 31, 2022
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Long-Term Investments 12.0%
Certificates of Deposit 9.9%
Bank of America NA, SOFR + 0.580% 3.630 %(c) 10/06/23   97,500  $97,352,002
Bank of Montreal,          
SOFR + 0.290% 3.340(c) 02/28/23   90,000 89,918,445
SOFR + 0.610% 3.660(c) 07/21/23   150,000 149,858,835
     
 
BNP Paribas SA, SOFR + 0.530% 3.580(c) 05/22/23   92,000 91,899,851
Canadian Imperial Bank of Commerce, SOFR + 0.570% (Cap N/A, Floor 0.000%) 3.620(c) 07/10/23   100,000 99,897,690
Cooperatieve Rabobank UA, SOFR + 0.650% 3.700(c) 07/07/23   87,000 86,978,492
Nordea Bank Abp,          
SOFR + 0.540% 3.590(c) 05/25/23   115,000 114,893,228
SOFR + 0.710% 3.760(c) 07/20/23   160,000 159,937,733
Royal Bank of Canada,          
SOFR + 0.730% (Cap N/A, Floor 0.000%) 3.780(c) 08/11/23   150,000 149,965,030
US Federal Funds Effective Rate + 0.690% (Cap N/A, Floor 0.000%) 3.770(c) 08/02/23   100,000 100,007,485
     
 
Skandinaviska Enskilda Banken AB, SOFR + 0.730% 3.780(c) 03/17/23   100,000 100,052,581
Svenska Handelsbanken,          
SOFR + 0.250% 3.300(c) 02/24/23   120,000 119,886,190
SOFR + 0.510% 3.560(c) 03/28/23   55,000 54,980,458
SOFR + 0.540% 3.590(c) 06/01/23   230,000 229,763,394
SOFR + 0.700% 3.750(c) 03/15/23   84,000 84,038,843
Swedbank AB,          
SOFR + 0.710% 3.760(c) 07/19/23   100,000 99,979,758
SOFR + 0.720% 3.770(c) 08/08/23   95,000 94,969,898
Toronto-Dominion Bank (The),          
SOFR + 0.650% 3.050(c) 07/03/23   32,000 31,977,512
USOIS + 0.520% 3.600(c) 06/30/23   50,000 49,922,698
     
 
Westpac Banking Corp., SOFR + 0.500% 3.550(c) 03/30/23   70,000 69,985,526
     
 
Total Certificates of Deposit
(cost $2,077,500,000) 		2,076,265,649
Commercial Paper 0.7%
Bank of America Securities, Inc.,
144A, SOFR + 0.520% 		3.050(c) 06/01/23   115,000 114,879,800
Federation Des Caisses Desjardins,
144A, SOFR + 0.600% 		2.050(c) 06/23/23   38,000 37,980,172
     
 
Total Commercial Paper
(cost $153,000,000) 		152,859,972
1
PGIM Core Ultra Short Bond Fund
Schedule of Investments  (unaudited) (continued)
as of October 31, 2022
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds 0.9%
Auto Manufacturers 
Toyota Motor Credit Corp.,          
Sr. Unsec’d. Notes, MTN, SOFR + 0.280% 3.330 %(c) 12/14/22   87,000  $86,992,006
Sr. Unsec’d. Notes, MTN, SOFR + 0.750% 3.800(c) 07/25/23   106,000 106,115,748
     
 
Total Corporate Bonds
(cost $193,000,000) 		193,107,754
Municipal Bonds 0.5%
Arizona 0.2%
Maricopa County Industrial Development Authority,
Taxable, Revenue Bonds, Series 2021 B-2 		3.050(cc) 01/01/61   50,000 50,000,000
Illinois 0.1%
Illinois Finance Authority,
Revenue Bonds 		3.070(cc) 10/01/42   23,500 23,500,000
Texas 0.2%
Board of Regents of the University of Texas System,
Taxable, Revenue Bonds, Sub-Series G-2 		3.050(cc) 08/01/45   30,000 30,000,000
     
 
Total Municipal Bonds
(cost $103,500,000) 		103,500,000
     
 
 
Total Long-Term Investments
(cost $2,527,000,000) 		2,525,733,375
 
Short-Term Investments 88.4%
Certificates of Deposit 12.4%
Bank of America NA, SOFR + 0.510% 3.560(c) 03/15/23   50,000 50,002,725
Bank of Nova Scotia,          
SOFR + 0.250% 3.300(c) 02/17/23   112,000 111,917,167
SOFR + 0.600% 3.650(c) 12/19/22   25,000 25,009,241
SOFR + 0.620% 3.670(c) 04/10/23   180,000 179,999,629
SOFR + 0.620% (Cap N/A, Floor 0.000%) 3.670(c) 05/12/23   90,500 90,462,360
     
 
BNP Paribas Fortis SA, SOFR + 0.700% 3.750(c) 04/28/23   115,000 115,001,926
BNP Paribas SA, SOFR + 0.250% 3.300(c) 02/22/23   65,000 64,949,196
Canadian Imperial Bank of Commerce,          
SOFR + 0.150% 3.200(c) 11/04/22   21,000 21,000,204
2
PGIM Core Ultra Short Bond Fund
Schedule of Investments  (unaudited) (continued)
as of October 31, 2022
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
 
Certificates of Deposit (Continued)
Canadian Imperial Bank of Commerce,  (cont’d.)          
SOFR + 0.400% 3.450 %(c) 11/10/22   124,000  $124,010,624
SOFR + 0.620% 3.670(c) 12/21/22   120,000 120,050,916
     
 
Citibank NA 3.550 02/06/23   79,500 79,256,604
     
 
Citibank NA 3.600 02/10/23   75,000 74,766,299
     
 
Citibank NA, Series Cd, SOFR + 0.600% (Cap N/A, Floor 0.000%) 3.650(c) 09/22/23   144,000 143,679,908
     
 
Credit Agricole Corporate & Investment Bank SA 3.690 12/22/22   28,000 27,989,999
MUFG Bank Ltd., SOFR + 0.450% 3.500(c) 11/30/22   153,000 153,033,359
Natixis SA, SOFR + 0.500% 3.550(c) 02/01/23   114,000 114,020,743
Nordea Bank Abp,          
SOFR + 0.400% 3.450(c) 11/18/22   100,000 100,013,532
SOFR + 0.550% 3.600(c) 02/21/23   35,000 35,003,743
Royal Bank of Canada,          
SOFR + 0.500% (Cap N/A, Floor 0.000%) 3.550(c) 07/17/23   10,000 9,982,900
SOFR + 0.670% (Cap N/A, Floor 0.000%) 3.720(c) 07/07/23   10,000 9,995,814
SOFR + 0.700% (Cap N/A, Floor 0.000%) 3.750(c) 10/06/23   140,000 139,860,462
     
 
State Street Bank & Trust Co. 4.300 03/27/23   40,000 39,913,280
     
 
State Street Bank & Trust Co., SOFR + 0.300% 3.350(c) 03/27/23   15,000 14,977,159
     
 
Sumitomo Mitsui Banking Corp., SOFR + 0.500% 3.550(c) 12/22/22   70,000 70,013,984
Svenska Handelsbanken, SOFR + 0.430% (Cap N/A, Floor 0.000%) 3.480(c) 12/22/22   20,000 20,002,411
Toronto-Dominion Bank (The),          
SOFR + 0.250% 0.300(c) 02/09/23   35,000 34,978,388
SOFR + 0.750% 3.790(c) 07/26/23   115,000 115,027,813
     
 
Truist Bank 3.110 11/02/22   35,000 34,999,808
     
 
Truist Bank 3.490 11/07/22   142,000 142,007,952
     
 
Truist Bank 3.700 01/03/23   150,000 149,933,386
     
 
Truist Bank 3.750 12/02/22   194,000 194,006,402
     
 
Total Certificates of Deposit
(cost $2,606,995,265) 		2,605,867,934
Commercial Paper 35.3%
Apple, Inc.,
144A 		3.111(n) 11/01/22   46,000 45,996,059
Archer Daniels Midland Co.,
144A 		3.202(n) 11/04/22   50,000 49,981,839
Australia & New Zealand Banking Group Ltd.,
144A, SOFR + 0.280% 		3.040(c) 02/24/23   61,000 60,949,152
3
PGIM Core Ultra Short Bond Fund
Schedule of Investments  (unaudited) (continued)
as of October 31, 2022
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
 
Commercial Paper (Continued)
Automatic Data Processing, Inc.,          
144A 3.050 %(n) 11/01/22   280,000  $279,976,113
144A 3.071(n) 11/02/22   150,000 149,973,808
     
 
Banco Santander SA,
144A 		3.291(n) 12/01/22   75,000 74,757,295
Bank of America Securities, Inc.,          
144A, SOFR + 0.500% 1.260(c) 03/09/23   61,000 60,982,749
144A, SOFR + 0.600% 3.050(c) 03/03/23   97,000 97,008,797
144A, SOFR + 0.850% 3.050(c) 10/18/23   37,000 37,000,009
     
 
Bank of Montreal,
144A 		0.000(cc) 05/02/23   87,000 86,990,894
Banner Health 3.160(n) 11/02/22   12,500 12,497,796
Baptist Health South Florida, Inc. 3.046(n) 11/15/22   28,000 27,957,102
     
 
Baptist Health South Florida, Inc. 3.623(n) 12/15/22   26,000 25,871,138
BNP Paribas SA,          
144A, SOFR + 0.420% 3.470(c) 12/07/22   140,000 140,035,239
144A, SOFR + 0.720% 3.770(c) 08/04/23   120,000 119,949,892
CDP Financial, Inc.,          
144A 2.830(n) 11/02/22   45,000 44,992,152
144A 2.891(n) 11/08/22   30,000 29,976,860
144A 2.901(n) 11/07/22   11,000 10,992,599
144A 2.912(n) 11/16/22   64,000 63,898,795
144A 3.560(n) 12/15/22   90,000 89,568,562
144A 3.701(n) 12/14/22   94,500 94,057,982
144A, SOFR + 0.600% 3.640(c) 04/20/23   100,000 99,977,205
144A, SOFR + 0.750% 3.790(c) 07/25/23   75,000 74,996,042
Citigroup Global Markets Inc.,          
144A 3.030(n) 06/06/23   70,000 67,800,440
144A 3.203(n) 01/11/23   64,000 63,464,960
144A 3.356(n) 01/10/23   27,000 26,777,841
144A, SOFR + 0.650% 3.690(c) 09/20/23   218,500 218,113,602
     
 
DNB Bank ASA,
144A, SOFR + 0.550% 		3.050(c) 03/23/23   100,000 100,059,315
Federation Des Caisses Desjardins,          
144A 2.839(n) 11/03/22   47,700 47,687,228
144A 2.870(n) 11/04/22   12,925 12,920,294
144A 3.140(n) 12/01/22   119,500 119,116,379
144A 3.620(n) 12/13/22   15,000 14,931,415
144A, SOFR + 0.180% 3.040(c) 12/22/22   80,000 79,988,910
144A, SOFR + 0.510% 3.560(c) 03/17/23   141,000 141,005,775
     
 
4
PGIM Core Ultra Short Bond Fund
Schedule of Investments  (unaudited) (continued)
as of October 31, 2022
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
 
Commercial Paper (Continued)
     
GlaxoSmithKline LLC,
144A 		3.092 %(n) 11/03/22   95,000  $94,974,532
Goldman Sachs International,          
144A, SOFR + 0.300% 3.340(c) 12/28/22   220,000 219,961,361
144A, SOFR + 0.620% 3.660(c) 06/23/23   54,500 54,461,050
144A, SOFR + 0.650% 3.690(c) 03/24/23   135,000 135,024,997
     
 
Hydro-Quebec,
144A 		3.101(n) 11/02/22   54,000 53,990,718
John Deere Ltd.,          
144A 3.112(n) 11/03/22   110,000 109,970,657
144A 3.286(n) 11/15/22   50,000 49,926,042
144A 3.613(n) 11/22/22   20,000 19,955,756
144A 4.285(n) 01/05/23   70,000 69,488,463
     
 
Johns Hopkins Health System 3.084(n) 11/03/22   12,500 12,496,659
JPMorgan Securities LLC,          
SOFR + 0.380% 3.040(c) 02/27/23   53,000 52,968,645
144A, SOFR + 0.000% 3.040(c) 05/25/23   95,000 94,920,914
144A, SOFR + 0.400% 1.200(c) 11/18/22   100,000 100,013,485
KFW,          
144A 2.830(n) 11/16/22   125,000 124,832,889
144A 3.312(n) 12/13/22   133,000 132,457,807
144A 3.470(n) 12/14/22   15,000 14,937,355
144A 3.562(n) 12/19/22   90,000 89,572,597
Mitsubishi Corp.,          
144A 2.872(n) 11/01/22   50,000 49,995,689
144A 3.205(n) 11/04/22   215,000 214,921,239
144A 3.425(n) 11/08/22   21,000 20,983,662
144A 3.574(n) 11/07/22   45,000 44,969,463
144A 3.604(n) 11/09/22   30,000 29,973,660
National Securities Clearing Corp.,          
144A 3.103(n) 11/01/22   63,000 62,994,620
144A 3.103(n) 11/02/22   50,000 49,991,280
144A 3.124(n) 11/03/22   63,000 62,983,184
144A 3.134(n) 11/09/22   35,000 34,969,533
144A 3.135(n) 11/04/22   30,000 29,989,110
144A 3.256(n) 11/07/22   49,000 48,967,034
     
 
Nestle Finance International Ltd.,
144A 		3.305(n) 11/07/22   25,000 24,983,521
Ontario Teachers’ Finance Trust,          
144A 2.276(n) 12/08/22   21,000 20,916,277
144A 3.151(n) 01/12/23   20,000 19,833,601
5
PGIM Core Ultra Short Bond Fund
Schedule of Investments  (unaudited) (continued)
as of October 31, 2022
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
 
Commercial Paper (Continued)
Pacific Life Insurance Company,          
144A 3.062 %(n) 11/01/22   50,000  $49,995,716
144A 3.062(n) 11/03/22   50,000 49,986,613
144A 3.492(n) 11/07/22   50,000 49,966,264
     
 
Port Authority of New York & New Jersey 3.600 11/28/22   10,000 10,001,484
     
 
Port Authority of New York & New Jersey 3.650 11/22/22   8,000 8,000,230
Province of Quebec,          
144A 3.111(n) 11/01/22   35,000 34,997,115
144A 3.111(n) 11/04/22   40,000 39,985,916
PSP Capital, Inc.,          
144A 2.770(n) 11/01/22   60,000 59,994,877
144A 2.771(n) 11/03/22   60,000 59,983,985
144A 2.810(n) 11/02/22   120,000 119,979,073
144A 2.810(n) 11/04/22   60,000 59,978,220
144A 2.820(n) 11/09/22   25,000 24,978,238
144A 3.680(n) 12/12/22   48,000 47,786,640
     
 
Robert Bosch Finance Corp.,
144A 		3.202(n) 11/04/22   29,000 28,989,305
Royal Bank of Canada,
144A, SOFR + 0.350% 		3.050(c) 02/28/23   50,000 49,967,885
Skandinaviska Enskilda Banken AB,
144A, SOFR + 0.610% 		3.650(c) 04/20/23   135,000 134,957,802
ST Engineering North America, Inc.,          
144A 2.800(n) 11/01/22   40,000 39,996,603
144A 2.870(n) 11/14/22   78,000 77,892,923
144A 2.871(n) 11/07/22   75,000 74,949,541
STE Transcore Holdings, Inc.,          
144A 3.169(n) 11/01/22   150,000 149,986,678
144A 3.828(n) 12/15/22   30,000 29,852,438
Swedbank AB,          
SOFR + 0.410% 3.460(c) 11/14/22   75,000 75,008,735
SOFR + 0.500% 3.550(c) 12/15/22   94,500 94,526,877
     
 
Target Corporation,
144A 		3.454(n) 11/07/22   72,000 71,951,420
Texas A&M University 3.450 12/01/22   8,000 7,999,245
     
 
Texas A&M University 3.450 12/07/22   11,250 11,249,322
     
 
Texas A&M University 4.200 01/25/23   8,000 8,000,910
     
 
Texas A&M University 4.200 01/26/23   8,000 8,000,929
     
 
Texas Public Finance Auth. 3.700 12/07/22   21,000 21,001,002
     
 
Texas Public Finance Auth. 3.850 01/05/23   23,150 23,139,076
     
 
6
PGIM Core Ultra Short Bond Fund
Schedule of Investments  (unaudited) (continued)
as of October 31, 2022
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
 
Commercial Paper (Continued)
     
Total Capital Canada Ltd.,
144A 		3.098 %(n) 11/03/22   145,000  $144,961,140
TotalEnergies Capital Canada Ltd.,
144A 		3.397(n) 11/07/22   115,000 114,921,960
Toyota Credit Canada, Inc. 2.255(n) 11/29/22   50,000 49,849,643
     
 
Toyota Credit Canada, Inc. 2.398(n) 12/07/22   50,000 49,805,802
     
 
Toyota Credit Canada, Inc. 3.819(n) 02/06/23   50,000 49,406,420
     
 
Toyota Credit Canada, Inc., SOFR + 0.750% 3.040(c) 07/18/23   50,000 50,012,907
     
 
Toyota Finance Australia Ltd. 3.234(n) 12/16/22   73,000 72,654,126
Toyota Motor Credit Corp., SOFR + 0.370% 3.040(c) 03/07/23   35,000 34,980,219
Trinity Health Corp. 3.658(n) 11/17/22   33,000 32,944,523
UBS AG,
144A, SOFR + 0.310% 		3.040(c) 02/17/23   50,000 49,960,933
Unilever Capital Corp.,
144A 		3.109(n) 11/07/22   205,000 204,861,682
Unilever Finance Netherlands BV,
144A 		3.404(n) 11/07/22   25,000 24,983,132
Westpac Banking Corp.,          
144A, SOFR + 0.500% 3.550(c) 03/23/23   50,000 49,989,591
144A, SOFR + 0.650% 3.700(c) 04/28/23   125,000 125,001,661
     
 
Yale University 2.860(n) 11/15/22   14,000 13,979,251
     
 
Yale University 3.429(n) 11/16/22   7,000 6,988,906
     
 
Yale University 4.103(n) 01/18/23   10,000 9,909,435
     
 
Total Commercial Paper
(cost $7,427,856,069) 		7,424,996,431
Repurchase Agreements 34.4%          
Amherst Pierpont Securities LLC,          
3.055%, dated 10/26/22, due 11/02/22 in the amount of $225,133,656 collateralized by FHLMC (coupon rates 0.000%-5.000%, maturity dates 07/15/32-09/01/52) and FNMA (coupon rates 1.563%-6.500%, maturity dates 02/01/24-11/01/52) with the aggregate value, including accrued interest, of $229,636,329.       225,000 225,000,000
7
PGIM Core Ultra Short Bond Fund
Schedule of Investments  (unaudited) (continued)
as of October 31, 2022
Description     Principal
Amount
(000)# 		Value
 
Repurchase Agreements (Continued)          
Amherst Pierpont Securities LLC, (cont’d.)          
3.055%, dated 10/27/22, due 11/03/22 in the amount of $225,133,656 collateralized by FHLMC (coupon rates 2.000%-5.000%, maturity dates 12/01/29-11/01/52), FNMA (coupon rates 2.000%-7.500%, maturity dates 06/01/27-11/01/52) and U.S. Treasury Securities (coupon rate 0.125%, maturity date 10/15/24) with the aggregate value, including accrued interest, of $229,636,329.       225,000  $225,000,000
3.05%, dated 10/31/22, due 11/01/22 in the amount of $500,042,361 collateralized by FFCSB (coupon rates 1.260%-5.480%, maturity dates 10/15/30-08/18/42), FHLMC (coupon rates 0.000%-6.500%, maturity dates 01/15/26-10/01/52), FNMA (coupon rates 0.000%-6.210%, maturity dates 08/01/28-11/01/52) and TVA (coupon rates 0.000%-5.250%, maturity dates 11/01/25-09/15/39) with the aggregate value, including accrued interest, of $510,043,208.       500,000 500,000,000
Canadian Imperial Bank of Commerce,          
3.05%, dated 09/22/22, due 11/03/22 in the amount of $526,868,125 collateralized by U.S. Treasury Securities (coupon rates 0.125%-3.875%, maturity dates 11/15/22-02/15/52) with the aggregate value, including accrued interest, of $537,314,751.       525,000 525,000,000
3.05%, dated 09/22/22, due 11/03/22 in the amount of $35,124,542 collateralized by FHLMC (coupon rates 2.000%-5.000%, maturity dates 02/01/32-09/01/52), FNMA (coupon rates 2.000%-4.000%, maturity dates 09/01/35-12/01/51) and U.S. Treasury Securities (coupon rate 0.125%, maturity date 08/15/23) with the aggregate value, including accrued interest, of $35,821,036.       35,000 35,000,000
8
PGIM Core Ultra Short Bond Fund
Schedule of Investments  (unaudited) (continued)
as of October 31, 2022
Description     Principal
Amount
(000)# 		Value
 
Repurchase Agreements (Continued)          
Canadian Imperial Bank of Commerce, (cont’d.)          
3.05%, dated 10/03/22, due 11/02/22 in the amount of $310,787,917 collateralized by U.S. Treasury Securities (coupon rates 0.125%-3.875%, maturity dates 08/15/23-02/15/50) with the aggregate value, including accrued interest, of $316,976,886.       310,000  $310,000,000
3.05%, dated 09/29/22, due 11/03/22 in the amount of $125,370,660 collateralized by FHLMC (coupon rates 3.500%-5.000%, maturity dates 10/01/48-09/01/52), FNMA (coupon rates 2.000%-3.500%, maturity dates 09/01/40-12/01/51), GNMA (coupon rates 2.500%-3.000%, maturity dates 03/20/50-12/20/51) and U.S. Treasury Securities (coupon rate 0.125%, maturity date 08/15/23) with the aggregate value, including accrued interest, of $127,856,483.       125,000 125,000,000
3.05%, dated 10/03/22, due 11/02/22 in the amount of $350,889,583 collateralized by U.S. Treasury Securities (coupon rates 0.125%-3.875%, maturity dates 04/30/23-02/15/52) with the aggregate value, including accrued interest, of $357,877,130.       350,000 350,000,000
Cantor Fitzgerald LP,          
3.05%, dated 10/31/22, due 11/01/22 in the amount of $250,021,181 collateralized by FHLB (coupon rate 5.700%, maturity date 10/28/27), FHLMC (coupon rates 1.500%-5.500%, maturity dates 07/01/48-11/01/52), FNMA (coupon rates 2.000%-5.500%, maturity dates 04/01/31-10/01/52), GNMA (coupon rate 2.750%, maturity date 10/15/62) and TVA (coupon rates 0.000%-4.650%, maturity dates 06/15/35-06/15/38) with the aggregate value, including accrued interest, of $255,021,604.       250,000 250,000,000
9
PGIM Core Ultra Short Bond Fund
Schedule of Investments  (unaudited) (continued)
as of October 31, 2022
Description     Principal
Amount
(000)# 		Value
 
Repurchase Agreements (Continued)          
CF Secured LLC,          
3.05%, dated 10/31/22, due 11/01/22 in the amount of $500,042,361 collateralized by FHLB (coupon rate 0.000%, maturity dates 11/01/22-12/01/22), FHLMC (coupon rates 0.000%-4.500%, maturity dates 12/14/29-09/01/52), FNMA (coupon rates 2.500%-4.000%, maturity dates 09/01/51-07/01/52), GNMA (coupon rate 5.277%, maturity date 08/20/72) and U.S. Treasury Securities (coupon rates 0.000%-5.500%, maturity dates 12/22/22-05/15/51) with the aggregate value, including accrued interest, of $510,043,208.       500,000  $500,000,000
3.03%, dated 10/31/22, due 11/01/22 in the amount of $750,063,125 collateralized by FHLB (coupon rate 0.000%, maturity dates 11/01/22-12/14/22), FHLMC (coupon rates 0.000%-5.000%, maturity dates 12/14/29-09/01/52), FNMA (coupon rates 0.000%-4.500%, maturity dates 05/01/27-01/01/60), GNMA (coupon rates 2.457%-4.923%, maturity dates 02/20/43-08/20/72) and U.S. Treasury Securities (coupon rates 0.000%-7.625%, maturity dates 11/15/22-08/15/52) with the aggregate value, including accrued interest, of $765,064,387.       750,000 750,000,000
Goldman Sachs & Co.,          
3.05%, dated 10/27/22, due 11/03/22 in the amount of $235,139,368 collateralized by FHLMC (coupon rates 2.000%-4.000%, maturity dates 03/01/52-08/01/52) and FNMA (coupon rates 2.000%-6.500%, maturity dates 07/01/30-07/01/55) with the aggregate value, including accrued interest, of $239,781,232.       235,000 235,000,000
10
PGIM Core Ultra Short Bond Fund
Schedule of Investments  (unaudited) (continued)
as of October 31, 2022
Description     Principal
Amount
(000)# 		Value
 
Repurchase Agreements (Continued)          
ING Financial Markets LLC,          
3.055%, dated 09/22/22, due 11/03/22 in the amount of $451,603,875 collateralized by FHLMC (coupon rates 2.000%-8.000%, maturity dates 08/01/35-09/01/52), FNMA (coupon rates 2.000%-6.500%, maturity dates 08/01/28-05/01/58), GNMA (coupon rates 2.000%-3.500%, maturity dates 05/20/51-01/20/52) and U.S. Treasury Securities (coupon rate 3.375%, maturity date 08/15/42) with the aggregate value, including accrued interest, of $459,000,000.       450,000  $450,000,000
3.055%, dated 10/05/22, due 11/03/22 in the amount of $45,110,744 collateralized by FHLMC (coupon rates 2.000%-5.500%, maturity dates 07/01/36-09/01/52), FNMA (coupon rates 2.000%-5.500%, maturity dates 08/01/35-05/01/58), GNMA (coupon rate 5.500%, maturity date 09/20/52) and U.S. Treasury Securities (coupon rates 2.375%-3.375%, maturity dates 02/15/42-08/15/42) with the aggregate value, including accrued interest, of $45,900,000.       45,000 45,000,000
3.055%, dated 10/07/22, due 11/03/22 in the amount of $50,114,563 collateralized by FHLMC (coupon rates 2.000%-5.500%, maturity dates 07/01/36-09/01/52), FNMA (coupon rates 2.000%-5.000%, maturity dates 04/01/36-05/01/58) and U.S. Treasury Securities (coupon rates 1.500%-3.250%, maturity dates 11/30/24-05/15/42) with the aggregate value, including accrued interest, of $51,000,000.       50,000 50,000,000
3.1%, dated 10/19/22, due 11/04/22 in the amount of $140,192,889 collateralized by FHLMC (coupon rates 2.000%-5.500%, maturity dates 08/01/35-09/01/52), FNMA (coupon rates 2.000%-5.500%, maturity dates 10/01/28-05/01/58) and U.S. Treasury Securities (coupon rates 3.125%-3.250%, maturity dates 11/15/41-05/15/42) with the aggregate value, including accrued interest, of $142,800,000.       140,000 140,000,000
11
PGIM Core Ultra Short Bond Fund
Schedule of Investments  (unaudited) (continued)
as of October 31, 2022
Description     Principal
Amount
(000)# 		Value
 
Repurchase Agreements (Continued)          
ING Financial Markets LLC, (cont’d.)          
3.65%, dated 10/28/22, due 11/25/22 in the amount of $25,070,972 collateralized by FNMA (coupon rates 4.500%-5.000%, maturity dates 06/01/52-09/01/52), GNMA (coupon rates 2.500%-4.500%, maturity dates 06/20/51-08/20/52) and U.S. Treasury Securities (coupon rate 2.375%, maturity date 02/15/42) with the aggregate value, including accrued interest, of $25,500,031.       25,000  $25,000,000
NatWest Markets Securities, Inc.,          
3.03%, dated 10/27/22, due 11/03/22 in the amount of $400,235,667 collateralized by U.S. Treasury Securities (coupon rates 0.125%-3.125%, maturity dates 01/15/23-05/15/32) with the aggregate value, including accrued interest, of $408,240,381.       400,000 400,000,000
Nomura Securities International, Inc.,          
3.05%, dated 10/31/22, due 11/01/22 in the amount of $150,012,708 collateralized by FHLMC (coupon rates 2.000%-6.000%, maturity dates 12/01/35-10/01/52), FNMA (coupon rates 2.000%-6.000%, maturity dates 09/01/29-08/01/58) and GNMA (coupon rate 4.460%, maturity date 04/20/69) with the aggregate value, including accrued interest, of $153,013,421.       150,000 150,000,000
RBC Dominion Securities, Inc.,          
3.05%, dated 10/31/22, due 11/01/22 in the amount of $340,028,806 collateralized by FHLMC (coupon rates 2.000%-3.500%, maturity dates 03/01/48-12/01/51), FNMA (coupon rates 3.000%-4.500%, maturity dates 02/01/40-08/01/51) and GNMA (coupon rates 2.000%-5.500%, maturity dates 10/20/50-10/20/52) with the aggregate value, including accrued interest, of $346,800,000.       340,000 340,000,000
12
PGIM Core Ultra Short Bond Fund
Schedule of Investments  (unaudited) (continued)
as of October 31, 2022
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
 
Repurchase Agreements (Continued)          
The Northern Trust Company,          
3.04%, dated 10/31/22, due 11/01/22 in the amount of $1,400,118,222 collateralized by U.S. Treasury Securities (coupon rates 0.375%-2.625%, maturity dates 01/31/26-08/31/28) with the aggregate value, including accrued interest, of $1,428,000,560.       1,400,000  $1,400,000,000
Wells Fargo Bank NA,          
3.06%, dated 10/31/22, due 11/01/22 in the amount of $200,017,000 collateralized by FNMA (coupon rates 1.500%-6.000%, maturity dates 09/01/26-10/01/52) with the aggregate value, including accrued interest, of $204,017,340.       200,000 200,000,000
     
 
Total Repurchase Agreements
(cost $7,230,000,000) 		7,230,000,000
Time Deposits 4.4%          
ABN AMRO Bank NV 3.080 % 11/01/22   80,000 80,000,000
ABN AMRO Bank NV 3.080 11/02/22   100,000 100,000,000
ABN AMRO Bank NV 3.080 11/03/22   90,000 90,000,000
ABN AMRO Bank NV 3.510 11/07/22   65,000 65,000,000
Toronto-Dominion Bank (The) 3.070 11/03/22   60,000 60,000,000
U.S. Bank National Association 3.060 11/01/22   538,447 538,447,000
     
 
Total Time Deposits
(cost $933,447,000) 		933,447,000
U.S. Government Agency Obligations 1.9%
Federal Farm Credit Bank, SOFR + 0.015% (Cap N/A, Floor 0.000%) 3.065(c) 05/02/23   50,000 50,001,664
Federal Home Loan Bank,          
SOFR + 0.020% (Cap N/A, Floor 0.000%) 3.070(c) 12/19/22   225,000 224,996,384
SOFR + 0.055% (Cap N/A, Floor 0.000%) 3.105(c) 03/02/23   33,000 33,000,000
13
PGIM Core Ultra Short Bond Fund
Schedule of Investments  (unaudited) (continued)
as of October 31, 2022
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
 
U.S. Government Agency Obligations(Continued)
Federal Home Loan Bank,  (cont’d.)          
SOFR + 0.060% (Cap N/A, Floor 0.000%) 3.110 %(c) 06/06/23   100,000  $100,042,302
     
 
Total U.S. Government Agency Obligations
(cost $408,000,257) 		408,040,350
     
 
 
Total Short-Term Investments
(cost $18,606,298,591) 		18,602,351,715
 
TOTAL INVESTMENTS 100.4%
(cost $21,133,298,591) 		21,128,085,090
Liabilities in excess of other assets (0.4)% (93,989,375)
 
Net Assets 100.0% $21,034,095,715
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
    
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.
FFCSB Federal Farm Credit System Bank
FHLB Federal Home Loan Bank
FHLMC Federal Home Loan Mortgage Corporation
FNMA Federal National Mortgage Association
GNMA Government National Mortgage Association
LP Limited Partnership
MTN Medium Term Note
RBC Royal Bank of Canada
SOFR Secured Overnight Financing Rate
TVA Tennessee Valley Authority
UBS UBS Securities LLC
USOIS United States Overnight Index Swap
    
# Principal amount is shown in U.S. dollars unless otherwise stated.
(c) Variable rate instrument. The interest rate shown reflects the rate in effect at October 31, 2022.
(cc) Variable rate instrument. The rate shown is based on the latest available information as of October 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.
(n) Rate shown reflects yield to maturity at purchased date.
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).
14