NPORT-EX 2 PI62060PGIMShortTermCorpBdFd.htm
PGIM Short-Term Corporate Bond Fund
Schedule of Investments as of March 31, 2020 (unaudited)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Long-Term Investments 94.2%
Asset-Backed Securities 10.1%
Collateralized Loan Obligations 
Allegro CLO Ltd. (Cayman Islands),
Series 2018-02A, Class A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%) 		2.931 %(c) 07/15/31   5,000  $4,620,257
Anchorage Capital CLO Ltd. (Cayman Islands),
Series 2013-01A, Class A1R, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%) 		3.098(c) 10/13/30   5,000 4,678,234
ArrowMark Colorado Holdings (Cayman Islands),
Series 2017-06A, Class A1, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 0.000%) 		3.111(c) 07/15/29   20,000 19,067,480
Atlas Senior Loan Fund Ltd. (Cayman Islands),          
Series 2014-01A, Class AR2, 144A, 3 Month LIBOR + 1.260% (Cap N/A, Floor 0.000%) 3.103(c) 07/16/29   40,000 38,372,256
Series 2016-07A, Class A1R, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 1.280%) 2.918(c) 11/27/31   41,000 37,911,027
Series 2018-11A, Class A1L, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 0.000%) 2.894(c) 07/26/31   10,000 9,209,095
     
 
Avery Point CLO Ltd. (Cayman Islands),
Series 2015-07A, Class AR, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 0.000%) 		2.971(c) 01/15/28   16,000 15,401,851
Battalion CLO Ltd. (Cayman Islands),
Series 2014-07A, Class A1RR, 144A, 3 Month LIBOR + 1.040% (Cap N/A, Floor 0.000%) 		2.876(c) 07/17/28   5,000 4,857,949
Benefit Street Partners CLO Ltd. (Cayman Islands),          
Series 2013-IIA, Class A1R, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%) 3.081(c) 07/15/29   34,100 32,723,567
Series 2017-12A, Class A1, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%) 3.081(c) 10/15/30   15,000 13,958,612
     
 
Carlyle Global Market Strategies CLO Ltd. (Cayman Islands),
Series 2015-04A, Class A1R, 144A, 3 Month LIBOR + 1.340% (Cap N/A, Floor 0.000%) 		3.159(c) 07/20/32   32,500 30,011,501
CIFC Funding Ltd. (Cayman Islands),          
Series 2013-03RA, Class A1, 144A, 3 Month LIBOR + 0.980% (Cap N/A, Floor 0.980%) 2.781(c) 04/24/31   18,150 16,745,765
Series 2014-04RA, Class A1A, 144A, 3 Month LIBOR + 1.130% (Cap N/A, Floor 1.130%) 2.966(c) 10/17/30   20,000 18,978,136
Series 2017-04A, Class A1, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 1.250%) 3.051(c) 10/24/30   14,000 13,022,285
     
 
Elevation CLO Ltd. (Cayman Islands),
Series 2014-02A, Class A1R, 144A, 3 Month LIBOR + 1.230% (Cap N/A, Floor 0.000%) 		3.061(c) 10/15/29   10,000 9,500,557
1
PGIM Short-Term Corporate Bond Fund
Schedule of Investments as of March 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Asset-Backed Securities (Continued)
Collateralized Loan Obligations (cont’d.)
     
Flatiron CLO Ltd. (Cayman Islands),
Series 2015-01A, Class AR, 144A, 3 Month LIBOR + 0.890% (Cap N/A, Floor 0.000%) 		2.721 %(c) 04/15/27   7,669  $7,474,875
ICG US CLO Ltd. (Cayman Islands),
Series 2017-02A, Class A1, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 0.000%) 		3.086(c) 10/23/29   40,000 37,705,208
Madison Park Funding Ltd. (Cayman Islands),
Series 2018-30A, Class A, 144A, 3 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%) 		2.581(c) 04/15/29   10,300 9,768,661
Mariner CLO Ltd. (Cayman Islands),
Series 2018-05A, Class A, 144A, 3 Month LIBOR + 1.110% (Cap N/A, Floor 1.110%) 		2.904(c) 04/25/31   10,000 9,182,817
MidOcean Credit CLO (Cayman Islands),          
Series 2014-03A, Class A1R, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%) 2.939(c) 04/21/31   30,000 27,938,289
Series 2018-08A, Class A1, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 0.000%) 2.845(c) 02/20/31   15,000 13,937,549
     
 
Mountain View CLO Ltd. (Cayman Islands),
Series 2013-01A, Class AR, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%) 		3.098(c) 10/12/30   45,000 41,643,756
OCP CLO Ltd. (Cayman Islands),
Series 2017-13A, Class A1A, 144A, 3 Month LIBOR + 1.260% (Cap N/A, Floor 0.000%) 		3.091(c) 07/15/30   40,000 37,695,056
OZLM Ltd. (Cayman Islands),
Series 2015-11A, Class A1R, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%) 		3.020(c) 10/30/30   35,000 32,367,240
Palmer Square CLO Ltd. (Cayman Islands),          
Series 2015-01A, Class A1R2, 144A, 3 Month LIBOR + 1.220% (Cap N/A, Floor 0.000%) 2.916(c) 05/21/29   80,000 76,958,056
Series 2015-02A, Class A1R2, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 0.000%) 2.919(c) 07/20/30   27,350 25,926,268
Series 2018-02A, Class A1A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 0.000%) 2.943(c) 07/16/31   45,000 42,218,550
     
 
Race Point CLO Ltd. (Cayman Islands),
Series 2015-09A, Class A1AR, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 0.000%) 		3.041(c) 10/15/30   15,000 14,112,813
Regatta Funding Ltd. (Cayman Islands),
Series 2017-01A, Class A, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%) 		3.086(c) 10/17/30   35,000 32,403,598
Riserva CLO Ltd. (Cayman Islands),
Series 2016-03A, Class AR, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 0.000%) 		2.959(c) 10/18/28   28,500 27,443,479
2
PGIM Short-Term Corporate Bond Fund
Schedule of Investments as of March 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Asset-Backed Securities (Continued)
Collateralized Loan Obligations (cont’d.)
     
Romark CLO Ltd. (Cayman Islands),
Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.175% (Cap N/A, Floor 1.175%) 		2.969 %(c) 07/25/31   21,000  $19,220,168
Silver Creek CLO Ltd. (Cayman Islands),
Series 2014-01A, Class AR, 144A, 3 Month LIBOR + 1.240% (Cap N/A, Floor 0.000%) 		3.059(c) 07/20/30   20,000 19,183,924
Sound Point CLO Ltd. (Cayman Islands),          
Series 2013-01A, Class A1R, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%) 2.864(c) 01/26/31   10,000 9,181,646
Series 2013-03RA, Class A, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%) 2.969(c) 04/18/31   21,243 19,287,418
     
 
Telos CLO Ltd. (Cayman Islands),
Series 2013-03A, Class AR, 144A, 3 Month LIBOR + 1.300% (Cap N/A, Floor 1.300%) 		3.136(c) 07/17/26   14,740 14,589,174
TICP CLO Ltd. (Cayman Islands),          
Series 2016-06A, Class AR, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%) 3.031(c) 01/15/29   72,750 70,093,432
Series 2018-IA, Class A1, 144A, 3 Month LIBOR + 0.830% (Cap N/A, Floor 0.830%) 2.624(c) 04/26/28   51,000 49,725,148
     
 
Trimaran Cavu Ltd. (Cayman Islands),
Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.460% (Cap N/A, Floor 1.460%) 		3.279(c) 07/20/32   20,000 18,503,838
Trinitas CLO Ltd. (Cayman Islands),
Series 2016-05A, Class AR, 144A, 3 Month LIBOR + 1.390% (Cap N/A, Floor 1.390%) 		3.184(c) 10/25/28   9,000 8,733,743
Wellfleet CLO Ltd. (Cayman Islands),
Series 2018-03A, Class A1A, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 1.250%) 		3.069(c) 01/20/32   9,000 8,328,603
West CLO Ltd. (Cayman Islands),
Series 2014-01A, Class A1R, 144A, 3 Month LIBOR + 0.920% (Cap N/A, Floor 0.000%) 		2.739(c) 07/18/26   9,989 9,921,084
Zais CLO Ltd. (Cayman Islands),
Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.290% (Cap N/A, Floor 0.000%) 		3.121(c) 04/15/30   25,000 23,066,378
     
 
Total Asset-Backed Securities
(cost $1,032,460,431) 		975,669,343
Commercial Mortgage-Backed Securities 1.0%
Commercial Mortgage Trust,          
Series 2015-CR22, Class A3 3.207 03/10/48   27,750 28,152,075
Series 2015-DC01, Class A3 3.219 02/10/48   20,000 20,270,624
3
PGIM Short-Term Corporate Bond Fund
Schedule of Investments as of March 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Commercial Mortgage-Backed Securities (Continued)
GS Mortgage Securities Trust,          
Series 2014-GC24, Class A3 3.342 % 09/10/47   10,000  $10,116,041
Series 2015-GC28, Class A3 3.307 02/10/48   4,952 5,046,539
     
 
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2016-JP03, Class A3 		2.523 08/15/49   16,726 16,767,297
Wells Fargo Commercial Mortgage Trust,          
Series 2013-LC12, Class A2 3.531 07/15/46   10,000 10,136,875
Series 2015-NXS01, Class A3 3.058 05/15/48   5,791 5,850,314
     
 
Total Commercial Mortgage-Backed Securities
(cost $96,992,200) 		96,339,765
Corporate Bonds 81.7%
Advertising 0.0%
Interpublic Group of Cos., Inc. (The),
Sr. Unsec’d. Notes 		3.500 10/01/20   2,835 2,818,063
Aerospace & Defense 1.2%
Arconic, Inc.,
Sr. Unsec’d. Notes 		6.150 08/15/20   19,267 19,675,420
BAE Systems PLC (United Kingdom),
Sr. Unsec’d. Notes, 144A 		4.750 10/11/21   5,936 6,071,538
Boeing Co. (The),          
Sr. Unsec’d. Notes 2.700 02/01/27   49,380 45,153,221
Sr. Unsec’d. Notes 7.950 08/15/24   1,874 2,425,780
     
 
L3Harris Technologies, Inc.,
Sr. Unsec’d. Notes, 144A 		3.850 06/15/23   4,460 4,636,555
Rockwell Collins, Inc.,
Sr. Unsec’d. Notes 		3.700 12/15/23   4,380 4,561,120
Spirit AeroSystems, Inc.,
Gtd. Notes 		3.850 06/15/26   30,500 26,063,810
United Technologies Corp.,          
Sr. Unsec’d. Notes 3.650 08/16/23   1,373 1,448,410
Sr. Unsec’d. Notes, MTN 9.320 02/05/21   3,000 3,144,187
          113,180,041
Agriculture 1.4%
Altria Group, Inc.,
Gtd. Notes(a) 		3.800 02/14/24   27,532 27,938,603
BAT Capital Corp. (United Kingdom),          
Gtd. Notes 2.764 08/15/22   44,345 43,730,528
Gtd. Notes 3.222 08/15/24   7,250 7,247,515
Gtd. Notes 4.700 04/02/27   13,220 13,478,141
4
PGIM Short-Term Corporate Bond Fund
Schedule of Investments as of March 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Agriculture (cont’d.)
     
 
Imperial Brands Finance PLC (United Kingdom),
Gtd. Notes, 144A 		2.950 % 07/21/20   25,925  $25,872,423
Reynolds American, Inc. (United Kingdom),          
Gtd. Notes 3.250 06/12/20   4,905 4,890,019
Gtd. Notes 6.875 05/01/20   13,185 13,224,696
          136,381,925
Airlines 0.9%
American Airlines 2013-1 Class A Pass-Through Trust,
Pass-Through Certificates 		4.000 01/15/27   1,549 1,545,293
American Airlines 2013-2 Class A Pass-Through Trust,
Pass-Through Certificates 		4.950 07/15/24   19,358 19,671,259
Continental Airlines 2001-1 Class A-1 Pass-Through Trust,
Pass-Through Certificates 		6.703 12/15/22   33 33,465
Continental Airlines 2007-1 Class A Pass-Through Trust,
Pass-Through Certificates 		5.983 10/19/23   11,838 12,137,151
Continental Airlines 2010-1 Class A Pass-Through Trust,
Pass-Through Certificates(a) 		4.750 07/12/22   1,500 1,511,024
Delta Air Lines 2007-1 Class A Pass-Through Trust,
Pass-Through Certificates 		6.821 02/10/24   3,370 3,548,812
Delta Air Lines 2012-1 Class A Pass-Through Trust,
Pass-Through Certificates 		4.750 11/07/21   3,617 3,618,437
Delta Air Lines, Inc.,          
Sr. Unsec’d. Notes 2.600 12/04/20   12,875 12,298,555
Sr. Unsec’d. Notes 3.625 03/15/22   25,855 24,134,106
Sr. Unsec’d. Notes 3.800 04/19/23   3,700 3,460,451
          81,958,553
Apparel 0.1%
Michael Kors USA, Inc.,
Gtd. Notes, 144A 		4.000 11/01/24   8,991 6,732,387
Auto Manufacturers 3.0%
BMW US Capital LLC (Germany),
Gtd. Notes, 144A 		1.850 09/15/21   17,495 16,927,701
Daimler Finance North America LLC (Germany),          
Gtd. Notes, 144A(a) 2.550 08/15/22   14,575 14,012,736
Gtd. Notes, 144A 3.700 05/04/23   25,000 24,413,459
5
PGIM Short-Term Corporate Bond Fund
Schedule of Investments as of March 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Auto Manufacturers (cont’d.)
Ford Motor Credit Co. LLC,          
Sr. Unsec’d. Notes 2.343 % 11/02/20   5,000  $4,835,344
Sr. Unsec’d. Notes 3.087 01/09/23   17,580 15,954,335
Sr. Unsec’d. Notes 3.157 08/04/20   12,740 12,419,952
Sr. Unsec’d. Notes 3.200 01/15/21   15,548 15,048,238
Sr. Unsec’d. Notes 3.336 03/18/21   14,025 13,479,133
Sr. Unsec’d. Notes 3.339 03/28/22   34,510 32,370,735
Sr. Unsec’d. Notes 3.350 11/01/22   13,590 12,690,785
Sr. Unsec’d. Notes 5.750 02/01/21   4,160 4,048,175
General Motors Financial Co., Inc.,          
Gtd. Notes 3.150 06/30/22   21,060 19,106,273
Gtd. Notes 3.200 07/06/21   10,175 9,726,651
Gtd. Notes 3.450 01/14/22   7,980 7,436,232
Gtd. Notes 3.700 11/24/20   14,000 13,850,638
Gtd. Notes 3.700 05/09/23   10,025 9,019,478
Gtd. Notes(a) 3.950 04/13/24   20,000 18,126,052
Gtd. Notes 4.375 09/25/21   9,739 9,277,127
Sr. Unsec’d. Notes 2.900 02/26/25   4,580 3,956,740
     
 
Toyota Motor Credit Corp.,
Sr. Unsec’d. Notes, EMTN 		2.600(cc) 10/24/25   10,000 10,019,674
Volkswagen Group of America Finance LLC (Germany),          
Gtd. Notes, 144A 2.500 09/24/21   9,210 8,970,472
Gtd. Notes, 144A 3.875 11/13/20   7,935 7,892,739
Gtd. Notes, 144A 4.000 11/12/21   10,200 10,070,203
          293,652,872
Auto Parts & Equipment 0.1%
ZF North America Capital, Inc. (Germany),          
Gtd. Notes, 144A(a) 4.000 04/29/20   5,179 5,154,213
Gtd. Notes, 144A 4.500 04/29/22   6,897 6,466,967
          11,621,180
Banks 22.5%
Banco Santander SA (Spain),          
Sr. Unsec’d. Notes, 3 Month LIBOR + 1.120% 2.968(c) 04/12/23   6,200 6,002,075
Sr. Unsec’d. Notes 3.125 02/23/23   6,600 6,539,736
Sr. Unsec’d. Notes 3.500 04/11/22   13,600 13,535,599
Sr. Unsec’d. Notes 3.848 04/12/23   10,000 10,010,763
Bank of America Corp.,          
Jr. Sub. Notes, Series JJ 5.125(ff) –(rr)   3,685 3,443,967
Jr. Sub. Notes, Series MM 4.300(ff) –(rr)   12,815 11,026,710
6
PGIM Short-Term Corporate Bond Fund
Schedule of Investments as of March 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Banks (cont’d.)
Bank of America Corp., (cont’d.)          
Sr. Unsec’d. Notes 3.004 %(ff) 12/20/23   55,063  $56,119,651
Sr. Unsec’d. Notes 3.366(ff) 01/23/26   17,585 18,294,276
Sr. Unsec’d. Notes, MTN 2.015(ff) 02/13/26   32,000 31,161,683
Sr. Unsec’d. Notes, MTN 2.456(ff) 10/22/25   22,420 22,383,162
Sr. Unsec’d. Notes, MTN 3.124(ff) 01/20/23   42,000 42,472,727
Sr. Unsec’d. Notes, MTN 3.864(ff) 07/23/24   35,000 36,553,193
Sub. Notes, MTN 4.200 08/26/24   20,000 21,239,984
     
 
Banque Federative du Credit Mutuel SA (France),
Sr. Unsec’d. Notes, 144A 		3.750 07/20/23   12,555 12,875,689
Barclays PLC (United Kingdom),          
Sr. Unsec’d. Notes 3.200 08/10/21   8,000 7,997,137
Sr. Unsec’d. Notes 3.250 01/12/21   7,835 7,815,856
Sr. Unsec’d. Notes 3.684 01/10/23   42,770 43,100,399
Sr. Unsec’d. Notes(a) 3.932(ff) 05/07/25   16,800 16,938,573
Sr. Unsec’d. Notes, MTN 4.338(ff) 05/16/24   12,000 12,055,163
BNP Paribas SA (France),          
Sr. Unsec’d. Notes, 144A 2.819(ff) 11/19/25   10,245 9,954,444
Sr. Unsec’d. Notes, 144A 3.375 01/09/25   10,555 10,513,697
Sr. Unsec’d. Notes, 144A, MTN 2.950 05/23/22   16,826 16,724,002
Sr. Unsec’d. Notes, 144A, MTN 3.500 03/01/23   28,488 28,641,934
BPCE SA (France),          
Sr. Unsec’d. Notes, 144A(a) 2.375 01/14/25   15,075 13,940,637
Sr. Unsec’d. Notes, 144A 4.000 09/12/23   6,390 6,483,562
Sr. Unsec’d. Notes, 144A, MTN 2.750 01/11/23   36,480 35,528,971
Sub. Notes, 144A(a) 5.150 07/21/24   3,640 3,834,319
Citigroup, Inc.,          
Jr. Sub. Notes, Series Q 5.950(ff) –(rr)   19,535 17,295,455
Jr. Sub. Notes, Series R 6.125(ff) –(rr)   6,810 6,360,048
Jr. Sub. Notes, Series V 4.700(ff) –(rr)   16,925 14,442,240
Sr. Unsec’d. Notes, Secured Overnight Financing Rate + 0.870%(a) 1.549(c) 11/04/22   13,150 12,289,699
Sr. Unsec’d. Notes 2.700 03/30/21   50,785 50,982,885
Sr. Unsec’d. Notes 2.700 10/27/22   33,632 33,832,558
Sr. Unsec’d. Notes 2.750 04/25/22   26,030 26,277,246
Sr. Unsec’d. Notes(a) 2.876(ff) 07/24/23   14,860 14,889,326
Sr. Unsec’d. Notes 3.142(ff) 01/24/23   14,051 14,171,289
Sr. Unsec’d. Notes 3.352(ff) 04/24/25   33,180 34,089,406
Sr. Unsec’d. Notes 4.044(ff) 06/01/24   8,140 8,539,650
Sr. Unsec’d. Notes 4.500 01/14/22   12,400 12,893,379
     
 
Citizens Bank NA,
Sr. Unsec’d. Notes 		3.250 02/14/22   11,250 11,396,827
7
PGIM Short-Term Corporate Bond Fund
Schedule of Investments as of March 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Banks (cont’d.)
     
Credit Suisse AG (Switzerland),
Sr. Unsec’d. Notes 		3.000 % 10/29/21   18,996  $19,141,464
Credit Suisse Group AG (Switzerland),
Sr. Unsec’d. Notes, 144A 		2.593(ff) 09/11/25   19,500 18,558,980
Credit Suisse Group Funding Guernsey Ltd.
(Switzerland), 		         
Gtd. Notes 3.450 04/16/21   5,000 5,031,403
Gtd. Notes(a) 3.800 06/09/23   25,000 25,560,347
Danske Bank A/S (Denmark),          
Sr. Unsec’d. Notes, 144A 3.001(ff) 09/20/22   15,370 15,295,539
Sr. Unsec’d. Notes, 144A 5.000 01/12/22   5,200 5,338,102
Sr. Unsec’d. Notes, 144A, MTN 2.800 03/10/21   12,760 12,641,718
Deutsche Bank AG (Germany),          
Sr. Unsec’d. Notes, 3 Month LIBOR + 1.290% 3.041(c) 02/04/21   9,725 9,618,194
Sr. Unsec’d. Notes 3.150 01/22/21   5,150 5,090,262
Sr. Unsec’d. Notes 3.950 02/27/23   19,320 19,206,973
Sr. Unsec’d. Notes(a) 4.250 02/04/21   16,690 16,059,032
Sr. Unsec’d. Notes, GMTN 3.375 05/12/21   13,895 13,409,950
Sr. Unsec’d. Notes, Series D 5.000 02/14/22   10,350 10,202,518
Discover Bank,          
Sr. Unsec’d. Notes(a) 2.450 09/12/24   7,500 7,105,191
Sr. Unsec’d. Notes 3.100 06/04/20   7,862 7,831,009
Sr. Unsec’d. Notes 3.350 02/06/23   9,710 9,746,716
     
 
DNB Bank ASA (Norway),
Sr. Unsec’d. Notes, 144A 		2.150 12/02/22   5,250 5,172,830
First Horizon National Corp.,
Sr. Unsec’d. Notes 		3.500 12/15/20   13,890 14,150,494
FNB Corp.,
Sr. Unsec’d. Notes 		2.200 02/24/23   11,845 11,616,561
Goldman Sachs Group, Inc. (The),          
Jr. Sub. Notes, Series M 5.375(ff) –(rr)   9,610 8,576,808
Jr. Sub. Notes, Series P 5.000(ff) –(rr)   5,000 4,278,070
Sr. Unsec’d. Notes 2.875 02/25/21   18,750 18,805,463
Sr. Unsec’d. Notes 2.908(ff) 06/05/23   48,970 49,109,685
Sr. Unsec’d. Notes 3.000 04/26/22   39,760 39,887,777
Sr. Unsec’d. Notes, EMTN 2.500(cc) 05/31/24   5,000 5,040,822
Sr. Unsec’d. Notes, MTN 2.905(ff) 07/24/23   25,800 25,933,984
HSBC Holdings PLC (United Kingdom),          
Sr. Unsec’d. Notes 3.262(ff) 03/13/23   32,955 33,001,832
Sr. Unsec’d. Notes(a) 3.803(ff) 03/11/25   29,160 29,873,947
     
 
ING Groep NV (Netherlands),
Sr. Unsec’d. Notes 		3.550 04/09/24   5,400 5,432,460
8
PGIM Short-Term Corporate Bond Fund
Schedule of Investments as of March 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Banks (cont’d.)
Intesa Sanpaolo SpA (Italy),          
Sr. Unsec’d. Notes, 144A(a) 3.250 % 09/23/24   17,300  $16,192,220
Sr. Unsec’d. Notes, 144A 3.375 01/12/23   31,245 29,734,155
JPMorgan Chase & Co.,          
Jr. Sub. Notes, Series CC(a) 4.625(ff) –(rr)   11,600 10,090,338
Jr. Sub. Notes, Series HH 4.600(ff) –(rr)   5,815 5,119,847
Jr. Sub. Notes, Series I, 3 Month LIBOR + 3.470%(a) 5.240(c) –(rr)   6,846 6,140,325
Jr. Sub. Notes, Series II 4.000(ff) –(rr)   5,225 4,469,067
Jr. Sub. Notes, Series Q 5.150(ff) –(rr)   10,000 9,500,000
Jr. Sub. Notes, Series V, 3 Month LIBOR + 3.320% 5.229(c) –(rr)   20,000 17,378,554
Sr. Unsec’d. Notes 2.301(ff) 10/15/25   34,120 34,029,140
Sr. Unsec’d. Notes 2.776(ff) 04/25/23   25,230 25,517,726
Sr. Unsec’d. Notes 3.207(ff) 04/01/23   23,490 23,902,867
Sr. Unsec’d. Notes 3.559(ff) 04/23/24   48,980 51,231,413
Sr. Unsec’d. Notes 3.797(ff) 07/23/24   25,000 26,197,645
Sub. Notes 3.375 05/01/23   10,000 10,371,214
     
 
Lloyds Bank PLC (United Kingdom),
Sr. Unsec’d. Notes 		2.250 08/14/22   13,415 13,366,603
Lloyds Banking Group PLC (United Kingdom),          
Sr. Unsec’d. Notes 2.438(ff) 02/05/26   22,615 21,560,988
Sr. Unsec’d. Notes 2.907(ff) 11/07/23   21,300 20,900,521
Sr. Unsec’d. Notes 3.900 03/12/24   4,765 4,847,985
Mitsubishi UFJ Financial Group, Inc. (Japan),          
Sr. Unsec’d. Notes 2.193 02/25/25   22,430 22,251,269
Sr. Unsec’d. Notes 3.455 03/02/23   15,000 15,359,080
Morgan Stanley,          
Jr. Sub. Notes, Series H, 3 Month LIBOR + 3.610% 5.441(c) –(rr)   17,375 15,269,470
Jr. Sub. Notes, Series J 5.550(ff) –(rr)   4,700 4,103,058
Sr. Unsec’d. Notes, GMTN 2.500 04/21/21   28,660 28,739,750
Sr. Unsec’d. Notes, GMTN(a) 3.125 01/23/23   25,957 26,532,529
Sr. Unsec’d. Notes, GMTN 3.750 02/25/23   27,830 28,993,625
Sr. Unsec’d. Notes, MTN 2.625 11/17/21   20,640 20,669,151
Sr. Unsec’d. Notes, MTN 2.720(ff) 07/22/25   10,750 10,808,328
Sr. Unsec’d. Notes, MTN 2.750 05/19/22   15,577 15,738,826
Sr. Unsec’d. Notes, Series F, MTN 3.875 04/29/24   24,110 25,390,050
     
 
NatWest Markets PLC (United Kingdom),
Sr. Unsec’d. Notes, 144A 		3.625 09/29/22   24,070 24,001,596
PNC Bank NA,
Sub. Notes 		2.950 01/30/23   4,575 4,673,542
Royal Bank of Scotland Group PLC (United Kingdom),          
Sr. Unsec’d. Notes 3.875 09/12/23   15,672 15,820,023
Sr. Unsec’d. Notes 4.269(ff) 03/22/25   12,290 12,763,605
9
PGIM Short-Term Corporate Bond Fund
Schedule of Investments as of March 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Banks (cont’d.)
Royal Bank of Scotland Group PLC (United Kingdom), (cont’d.)          
Sr. Unsec’d. Notes 4.519 %(ff) 06/25/24   6,800  $6,909,172
Santander UK Group Holdings PLC (United Kingdom),          
Sr. Unsec’d. Notes 2.875 10/16/20   11,555 11,527,153
Sr. Unsec’d. Notes, MTN 3.125 01/08/21   10,050 10,017,395
     
 
Skandinaviska Enskilda Banken AB (Sweden),
Sr. Unsec’d. Notes, 144A 		3.050 03/25/22   21,200 21,449,395
Societe Generale SA (France),          
Sr. Unsec’d. Notes, 144A, MTN 2.625 01/22/25   23,170 22,283,101
Sr. Unsec’d. Notes, 144A, MTN 3.875 03/28/24   19,090 19,390,786
Sumitomo Mitsui Financial Group, Inc. (Japan),          
Sr. Unsec’d. Notes 2.348 01/15/25   17,590 17,386,603
Sr. Unsec’d. Notes 2.696 07/16/24   31,828 31,842,894
Sr. Unsec’d. Notes 3.102 01/17/23   7,795 7,861,114
     
 
Svenska Handelsbanken AB (Sweden),
Gtd. Notes, MTN(a) 		1.875 09/07/21   270 265,187
Toronto-Dominion Bank (The) (Canada),
Sr. Unsec’d. Notes, MTN 		2.650 06/12/24   12,290 12,509,757
Truist Bank,
Sr. Unsec’d. Notes(a) 		1.500 03/10/25   11,000 10,660,697
Truist Financial Corp.,
Jr. Sub. Notes, Series N 		4.800(ff) –(rr)   10,000 8,267,174
UBS Group AG (Switzerland),          
Sr. Unsec’d. Notes, 144A 2.650 02/01/22   28,325 28,142,870
Sr. Unsec’d. Notes, 144A 3.491 05/23/23   12,500 12,613,404
Wells Fargo & Co.,          
Sr. Unsec’d. Notes, MTN 2.164(ff) 02/11/26   98,430 95,976,532
Sr. Unsec’d. Notes, MTN 2.625 07/22/22   37,450 37,813,959
          2,169,947,751
Beverages 0.7%
Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes 		4.150 01/23/25   15,870 17,112,344
Bacardi Ltd. (Bermuda),          
Gtd. Notes, 144A 2.750 07/15/26   1,835 1,745,780
Gtd. Notes, 144A 4.450 05/15/25   5,000 5,228,023
Constellation Brands, Inc.,          
Gtd. Notes, 3 Month LIBOR + 0.700% 2.392(c) 11/15/21   20,790 19,888,434
Gtd. Notes 2.700 05/09/22   3,435 3,362,670
Gtd. Notes 4.750 11/15/24   8,215 8,574,833
10
PGIM Short-Term Corporate Bond Fund
Schedule of Investments as of March 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Beverages (cont’d.)
Keurig Dr. Pepper, Inc.,          
Gtd. Notes 4.057 % 05/25/23   4,000  $4,162,984
Gtd. Notes 4.417 05/25/25   5,745 6,121,698
          66,196,766
Building Materials 0.9%
Carrier Global Corp.,
Gtd. Notes, 144A 		2.242 02/15/25   38,920 38,017,829
Fortune Brands Home & Security, Inc.,
Sr. Unsec’d. Notes 		3.000 06/15/20   11,225 11,216,957
Owens Corning,
Sr. Unsec’d. Notes 		3.400 08/15/26   15,094 14,422,547
Vulcan Materials Co.,          
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.600% 1.341(c) 06/15/20   12,130 12,066,126
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.650% 2.230(c) 03/01/21   16,305 15,039,390
          90,762,849
Chemicals 1.8%
Celanese US Holdings LLC,
Gtd. Notes 		4.625 11/15/22   8,900 8,666,571
CF Industries, Inc.,          
Sr. Sec’d. Notes, 144A 3.400 12/01/21   8,151 8,047,377
Sr. Sec’d. Notes, 144A 4.500 12/01/26   8,000 8,307,679
     
 
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP,
Sr. Unsec’d. Notes, 144A 		2.450 05/01/20   16,040 16,008,680
Dow Chemical Co. (The),          
Sr. Unsec’d. Notes(a) 3.150 05/15/24   10,900 10,812,322
Sr. Unsec’d. Notes 3.625 05/15/26   8,208 8,475,537
     
 
DuPont de Nemours, Inc.,
Sr. Unsec’d. Notes(a) 		4.205 11/15/23   9,030 9,504,879
Eastman Chemical Co.,          
Sr. Unsec’d. Notes 3.500 12/01/21   10,245 10,395,956
Sr. Unsec’d. Notes 3.600 08/15/22   5,850 5,925,645
Sr. Unsec’d. Notes 4.500 01/15/21   449 451,552
     
 
FMC Corp.,
Sr. Unsec’d. Notes 		3.200 10/01/26   14,160 14,243,649
LyondellBasell Industries NV,
Sr. Unsec’d. Notes 		6.000 11/15/21   9,935 10,130,580
11
PGIM Short-Term Corporate Bond Fund
Schedule of Investments as of March 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Chemicals (cont’d.)
     
Mosaic Co. (The),
Sr. Unsec’d. Notes(a) 		3.250 % 11/15/22   36,770  $38,423,702
Nutrien Ltd. (Canada),
Sr. Unsec’d. Notes 		3.625 03/15/24   6,450 6,481,231
Sasol Financing USA LLC (South Africa),
Gtd. Notes 		5.875 03/27/24   14,245 6,036,180
Sherwin-Williams Co. (The),
Sr. Unsec’d. Notes 		2.750 06/01/22   1,076 1,078,170
Westlake Chemical Corp.,
Sr. Unsec’d. Notes 		3.600 07/15/22   10,000 10,407,857
          173,397,567
Commercial Services 1.6%
Equifax, Inc.,          
Sr. Unsec’d. Notes 2.300 06/01/21   6,100 6,094,510
Sr. Unsec’d. Notes 2.600 12/01/24   3,975 3,802,452
Sr. Unsec’d. Notes 3.950 06/15/23   13,415 13,599,499
ERAC USA Finance LLC,          
Gtd. Notes, 144A 2.600 12/01/21   25,000 24,747,835
Gtd. Notes, 144A 2.700 11/01/23   9,035 8,989,277
Gtd. Notes, 144A(a) 3.850 11/15/24   2,273 2,360,166
Gtd. Notes, 144A 5.250 10/01/20   6,000 6,065,289
Global Payments, Inc.,          
Sr. Unsec’d. Notes 2.650 02/15/25   5,675 5,747,421
Sr. Unsec’d. Notes 3.800 04/01/21   11,178 11,460,457
Sr. Unsec’d. Notes 4.000 06/01/23   10,615 10,723,916
IHS Markit Ltd.,          
Gtd. Notes, 144A 5.000 11/01/22   15,876 16,651,896
Sr. Unsec’d. Notes 3.625 05/01/24   12,500 12,697,831
Sr. Unsec’d. Notes 4.125 08/01/23   6,260 6,552,639
     
 
RELX Capital, Inc. (United Kingdom),
Gtd. Notes 		3.500 03/16/23   6,240 6,481,962
Verisk Analytics, Inc.,          
Sr. Unsec’d. Notes 4.125 09/12/22   5,899 5,989,081
Sr. Unsec’d. Notes 5.800 05/01/21   15,042 15,843,418
          157,807,649
Computers 0.5%
Apple, Inc.,
Sr. Unsec’d. Notes 		3.000 02/09/24   13,990 14,817,655
12
PGIM Short-Term Corporate Bond Fund
Schedule of Investments as of March 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Computers (cont’d.)
EMC Corp.,
Sr. Unsec’d. Notes 		2.650 % 06/01/20   2,820  $2,802,493
Genpact Luxembourg Sarl,          
Gtd. Notes 3.375 12/01/24   21,970 22,064,663
Gtd. Notes 3.700 04/01/22   6,110 6,218,385
          45,903,196
Diversified Financial Services 1.1%
Ameriprise Financial, Inc.,
Sr. Unsec’d. Notes 		3.000 04/02/25   11,305 11,257,180
Cantor Fitzgerald LP,
Sr. Unsec’d. Notes, 144A 		4.875 05/01/24   14,865 15,273,263
Citigroup Global Markets Holdings, Inc.,
Gtd. Notes, GMTN 		2.500(cc) 06/12/24   3,870 3,891,344
GE Capital International Funding Co. Unlimited Co.,
Gtd. Notes 		2.342 11/15/20   38,738 38,529,070
Jefferies Financial Group, Inc.,
Sr. Unsec’d. Notes 		5.500 10/18/23   10,073 10,169,379
Lehman Brothers Holdings, Inc.,          
Sr. Unsec’d. Notes, MTN 5.250 02/06/12(d)   1,520 15,960
Sr. Unsec’d. Notes, MTN 5.625 01/24/13(d)   1,000 10,500
Sr. Unsec’d. Notes, MTN 6.000 07/19/12(d)   900 9,450
     
 
Nomura Holdings, Inc. (Japan),
Sr. Unsec’d. Notes 		2.648 01/16/25   17,985 17,594,178
Visa, Inc.,
Sr. Unsec’d. Notes 		1.900 04/15/27   10,360 10,330,785
          107,081,109
Electric 8.1%
Alliant Energy Finance LLC,
Gtd. Notes, 144A 		3.750 06/15/23   24,100 25,664,288
American Electric Power Co., Inc.,
Sr. Unsec’d. Notes, Series I 		3.650 12/01/21   9,765 9,884,919
Avangrid, Inc.,
Sr. Unsec’d. Notes 		3.150 12/01/24   6,018 6,011,833
Calpine Corp.,
Sr. Unsec’d. Notes, 144A 		5.125 03/15/28   8,000 7,370,800
CenterPoint Energy, Inc.,          
Sr. Unsec’d. Notes 2.500 09/01/22   12,160 11,946,326
Sr. Unsec’d. Notes 2.500 09/01/24   21,620 21,223,687
Sr. Unsec’d. Notes 3.600 11/01/21   15,330 15,303,318
13
PGIM Short-Term Corporate Bond Fund
Schedule of Investments as of March 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Electric (cont’d.)
     
 
Cleveland Electric Illuminating Co. (The),
First Mortgage 		5.500 % 08/15/24   5,925  $6,633,883
Consolidated Edison, Inc.,
Sr. Unsec’d. Notes 		2.000 05/15/21   16,755 16,559,353
Dominion Energy, Inc.,          
Jr. Sub. Notes 2.579 07/01/20   12,200 12,155,536
Jr. Sub. Notes 3.071 08/15/24   13,520 13,418,307
Jr. Sub. Notes 4.104 04/01/21   22,500 22,555,727
Jr. Sub. Notes, Series B 4.650(ff) –(rr)   24,750 22,208,972
Sr. Unsec’d. Notes, 144A 2.450 01/15/23   10,000 9,890,933
Sr. Unsec’d. Notes, Series B 2.750 09/15/22   10,000 9,950,205
Sr. Unsec’d. Notes, Series C 2.000 08/15/21   13,955 13,898,193
DTE Energy Co.,          
Sr. Unsec’d. Notes 2.250 11/01/22   20,000 19,716,593
Sr. Unsec’d. Notes, Series C 2.529 10/01/24   22,390 21,771,197
     
 
Duke Energy Corp.,
Sr. Unsec’d. Notes 		1.800 09/01/21   15,715 15,576,879
Duke Energy Progress LLC,
First Mortgage 		3.375 09/01/23   6,690 6,925,970
Edison International,
Sr. Unsec’d. Notes 		4.950 04/15/25   8,800 8,779,672
Electricite de France SA (France),
Sr. Unsec’d. Notes, 144A 		2.350 10/13/20   12,350 12,339,960
Emera US Finance LP (Canada),
Gtd. Notes 		2.700 06/15/21   32,535 32,976,571
Enel Finance International NV (Italy),          
Gtd. Notes, 144A 2.750 04/06/23   10,890 10,578,575
Gtd. Notes, 144A 2.875 05/25/22   23,170 22,463,332
     
 
Entergy Corp.,
Sr. Unsec’d. Notes 		4.000 07/15/22   10,493 10,771,232
Entergy Gulf States Louisiana LLC,
First Mortgage 		5.590 10/01/24   3,601 4,080,993
Eversource Energy,          
Sr. Unsec’d. Notes, Series H 3.150 01/15/25   2,330 2,307,695
Sr. Unsec’d. Notes, Series K 2.750 03/15/22   2,805 2,847,264
Exelon Corp.,          
Jr. Sub. Notes 3.497 06/01/22   53,219 51,668,989
Sr. Unsec’d. Notes 2.450 04/15/21   4,940 4,898,109
Sr. Unsec’d. Notes 2.850 06/15/20   10,670 10,670,630
     
 
FirstEnergy Corp.,
Sr. Unsec’d. Notes, Series A 		2.850 07/15/22   25,000 24,469,881
14
PGIM Short-Term Corporate Bond Fund
Schedule of Investments as of March 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Electric (cont’d.)
     
Georgia Power Co.,
Sr. Unsec’d. Notes 		2.400 % 04/01/21   19,095  $19,148,466
IPALCO Enterprises, Inc.,
Sr. Sec’d. Notes 		3.700 09/01/24   8,035 8,200,589
MidAmerican Energy Co.,
First Mortgage 		3.100 05/01/27   2,000 2,056,240
NextEra Energy Capital Holdings, Inc.,          
Gtd. Notes 2.403 09/01/21   32,005 31,962,088
Gtd. Notes 2.800 01/15/23   14,510 14,819,522
Gtd. Notes 3.150 04/01/24   17,375 17,772,164
Gtd. Notes 4.500 06/01/21   18,950 19,315,927
     
 
NRG Energy, Inc.,
Sr. Sec’d. Notes, 144A 		3.750 06/15/24   9,285 9,176,892
PSEG Power LLC,          
Gtd. Notes 3.000 06/15/21   14,230 14,280,745
Gtd. Notes 3.850 06/01/23   15,435 15,685,956
     
 
Public Service Enterprise Group, Inc.,
Sr. Unsec’d. Notes 		2.875 06/15/24   14,045 14,023,037
Puget Energy, Inc.,          
Sr. Sec’d. Notes 5.625 07/15/22   2,500 2,486,609
Sr. Sec’d. Notes 6.000 09/01/21   10,446 10,651,627
Sempra Energy,          
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.500% 2.331(c) 01/15/21   23,740 20,693,877
Sr. Unsec’d. Notes(a) 2.850 11/15/20   22,900 22,812,792
Sr. Unsec’d. Notes 2.900 02/01/23   17,000 16,937,184
     
 
Southern California Edison Co.,
First Mortgage, Series D 		3.400 06/01/23   7,500 7,698,096
Southern Co. (The),          
Sr. Unsec’d. Notes 2.350 07/01/21   4,505 4,512,490
Sr. Unsec’d. Notes 2.750 06/15/20   12,818 12,815,763
     
 
Vistra Operations Co. LLC,
Sr. Sec’d. Notes, 144A 		3.550 07/15/24   30,525 28,716,888
          781,286,774
Electronics 0.6%
FLIR Systems, Inc.,
Sr. Unsec’d. Notes 		3.125 06/15/21   18,569 18,599,052
Fortive Corp.,
Sr. Unsec’d. Notes 		2.350 06/15/21   7,845 7,646,786
15
PGIM Short-Term Corporate Bond Fund
Schedule of Investments as of March 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Electronics (cont’d.)
Roper Technologies, Inc.,
Sr. Unsec’d. Notes 		3.650 % 09/15/23   14,750  $15,164,701
Trimble, Inc.,
Sr. Unsec’d. Notes 		4.150 06/15/23   16,030 15,790,434
          57,200,973
Foods 2.2%
Conagra Brands, Inc.,
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.750% 		2.552(c) 10/22/20   16,039 15,846,084
Kraft Heinz Foods Co.,          
Gtd. Notes 3.000 06/01/26   67,412 65,789,521
Gtd. Notes 4.000 06/15/23   35,344 35,584,045
     
 
Kroger Co. (The),
Sr. Unsec’d. Notes 		2.800 08/01/22   7,525 7,616,946
McCormick & Co., Inc.,
Sr. Unsec’d. Notes 		2.700 08/15/22   23,140 23,224,669
Mondelez International Holdings Netherlands BV,
Gtd. Notes, 144A 		2.000 10/28/21   17,430 17,353,302
Smithfield Foods, Inc.,
Sr. Unsec’d. Notes, 144A 		2.650 10/03/21   17,035 15,952,214
Sysco Corp.,
Gtd. Notes 		5.650 04/01/25   8,820 9,175,910
Tyson Foods, Inc.,          
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.550% 2.130(c) 06/02/20   20,000 20,023,716
Sr. Unsec’d. Notes(a) 3.900 09/28/23   4,320 4,496,198
          215,062,605
Gas 0.2%
Dominion Energy Gas Holdings LLC,          
Sr. Unsec’d. Notes 2.800 11/15/20   8,730 8,688,001
Sr. Unsec’d. Notes, Series A 2.500 11/15/24   10,000 9,840,348
          18,528,349
Healthcare-Products 0.5%
Boston Scientific Corp.,
Sr. Unsec’d. Notes 		3.450 03/01/24   18,915 19,396,653
16
PGIM Short-Term Corporate Bond Fund
Schedule of Investments as of March 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Healthcare-Products (cont’d.)
Zimmer Biomet Holdings, Inc.,          
Sr. Unsec’d. Notes 2.700 % 04/01/20   15,435  $15,435,000
Sr. Unsec’d. Notes 3.150 04/01/22   16,849 16,847,477
          51,679,130
Healthcare-Services 2.6%
Aetna, Inc.,
Sr. Unsec’d. Notes 		2.800 06/15/23   41,379 41,961,093
Anthem, Inc.,          
Sr. Unsec’d. Notes 2.950 12/01/22   22,580 23,072,446
Sr. Unsec’d. Notes 3.700 08/15/21   14,150 14,337,806
Centene Corp.,          
Sr. Unsec’d. Notes 4.750 05/15/22   25,000 25,111,820
Sr. Unsec’d. Notes, 144A 4.750 01/15/25   27,500 27,909,667
     
 
CommonSpirit Health,
Sr. Sec’d. Notes 		2.760 10/01/24   23,576 23,764,259
HCA, Inc.,          
Sr. Sec’d. Notes 4.750 05/01/23   28,949 29,485,326
Sr. Sec’d. Notes 5.000 03/15/24   17,500 18,123,769
Sr. Sec’d. Notes 5.250 04/15/25   9,400 9,842,350
     
 
Humana, Inc.,
Sr. Unsec’d. Notes(a) 		3.850 10/01/24   3,500 3,556,735
Laboratory Corp. of America Holdings,          
Sr. Unsec’d. Notes 2.300 12/01/24   15,525 15,280,280
Sr. Unsec’d. Notes 3.250 09/01/24   3,935 4,032,118
Quest Diagnostics, Inc.,          
Sr. Unsec’d. Notes 3.450 06/01/26   6,256 6,320,452
Sr. Unsec’d. Notes 4.700 04/01/21   10,476 10,600,026
          253,398,147
Home Builders 0.4%
D.R. Horton, Inc.,
Gtd. Notes(a) 		2.500 10/15/24   20,165 18,880,758
Lennar Corp.,
Gtd. Notes 		4.125 01/15/22   15,600 15,450,357
          34,331,115
17
PGIM Short-Term Corporate Bond Fund
Schedule of Investments as of March 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Home Furnishings 0.6%
Panasonic Corp. (Japan),          
Sr. Unsec’d. Notes, 144A 2.536 % 07/19/22   29,325  $28,780,413
Sr. Unsec’d. Notes, 144A 2.679 07/19/24   27,540 27,220,744
          56,001,157
Household Products/Wares 0.4%
Church & Dwight Co., Inc.,
Sr. Unsec’d. Notes 		2.450 08/01/22   14,710 14,551,696
Reckitt Benckiser Treasury Services PLC (United Kingdom),
Gtd. Notes, 144A 		2.375 06/24/22   28,840 28,638,433
          43,190,129
Housewares 0.4%
Newell Brands, Inc.,          
Sr. Unsec’d. Notes 3.850 04/01/23   30,048 30,499,418
Sr. Unsec’d. Notes(a) 4.000 06/15/22   10,895 10,896,834
          41,396,252
Insurance 1.3%
American International Group, Inc.,          
Sr. Unsec’d. Notes(a) 3.900 04/01/26   8,610 8,873,007
Sr. Unsec’d. Notes 4.125 02/15/24   4,640 4,848,782
     
 
AXIS Specialty Finance LLC,
Gtd. Notes 		5.875 06/01/20   6,075 6,112,484
CNA Financial Corp.,          
Sr. Unsec’d. Notes 3.450 08/15/27   5,155 4,935,677
Sr. Unsec’d. Notes 3.950 05/15/24   10,034 10,408,986
Liberty Mutual Group, Inc.,          
Gtd. Notes, 144A 4.250 06/15/23   6,300 6,530,638
Gtd. Notes, 144A 5.000 06/01/21   10,554 10,697,528
     
 
Trinity Acquisition PLC,
Gtd. Notes 		3.500 09/15/21   9,895 9,558,571
Unum Group,
Sr. Unsec’d. Notes 		4.000 03/15/24   29,359 29,414,639
18
PGIM Short-Term Corporate Bond Fund
Schedule of Investments as of March 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Insurance (cont’d.)
     
W.R. Berkley Corp.,
Sr. Unsec’d. Notes 		4.625 % 03/15/22   16,075  $16,234,372
Willis Towers Watson PLC,
Gtd. Notes 		5.750 03/15/21   16,033 16,422,072
          124,036,756
Iron/Steel 0.1%
Steel Dynamics, Inc.,
Sr. Unsec’d. Notes 		2.800 12/15/24   5,000 4,685,076
Lodging 0.7%
Las Vegas Sands Corp.,
Sr. Unsec’d. Notes 		3.200 08/08/24   19,205 17,279,300
Marriott International, Inc.,          
Sr. Unsec’d. Notes 2.300 01/15/22   36,420 34,159,663
Sr. Unsec’d. Notes 3.375 10/15/20   4,195 4,037,206
Sr. Unsec’d. Notes, Series N 3.125 10/15/21   2,723 2,436,458
     
 
Sands China Ltd. (Macau),
Sr. Unsec’d. Notes 		4.600 08/08/23   10,800 11,020,944
          68,933,571
Machinery-Diversified 0.4%
John Deere Capital Corp.,
Sr. Unsec’d. Notes 		3.650 10/12/23   2,860 3,020,948
Otis Worldwide Corp.,
Gtd. Notes, 144A 		2.293 04/05/27   13,945 13,363,939
Westinghouse Air Brake Technologies Corp.,          
Gtd. Notes 3.450 11/15/26   15,746 14,422,825
Gtd. Notes 4.375 08/15/23   1,720 1,729,743
Gtd. Notes 4.400 03/15/24   3,900 3,781,301
          36,318,756
Media 2.6%
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A 		5.125 05/01/23   1,500 1,515,580
Charter Communications Operating LLC/Charter
Communications Operating Capital, 		         
Sr. Sec’d. Notes 4.464 07/23/22   49,305 50,931,235
Sr. Sec’d. Notes 4.908 07/23/25   42,252 45,414,817
19
PGIM Short-Term Corporate Bond Fund
Schedule of Investments as of March 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Media (cont’d.)
Comcast Corp.,          
Gtd. Notes 3.375 % 08/15/25   6,908  $7,331,488
Gtd. Notes 3.700 04/15/24   15,000 16,092,286
Gtd. Notes 3.950 10/15/25   19,557 21,553,715
Cox Communications, Inc.,          
Sr. Unsec’d. Notes, 144A 3.150 08/15/24   14,178 14,487,555
Sr. Unsec’d. Notes, 144A 3.350 09/15/26   17,689 17,590,413
Discovery Communications LLC,          
Gtd. Notes 2.800 06/15/20   500 500,062
Gtd. Notes 3.500 06/15/22   30,770 30,648,335
ViacomCBS, Inc.,          
Gtd. Notes 2.900 06/01/23   1,000 962,913
Gtd. Notes 3.375 03/01/22   8,025 7,981,497
Gtd. Notes 3.500 01/15/25   5,000 4,803,474
Jr. Sub. Notes 5.875(ff) 02/28/57   12,500 10,658,335
Sr. Unsec’d. Notes 2.250 02/04/22   3,287 3,317,227
Sr. Unsec’d. Notes 3.125 06/15/22   5,000 4,871,560
Sr. Unsec’d. Notes(a) 4.250 09/01/23   3,000 3,056,782
Sr. Unsec’d. Notes 4.750 05/15/25   4,825 4,820,871
          246,538,145
Mining 0.5%
BHP Billiton Finance USA Ltd. (Australia),
Gtd. Notes, 144A 		6.250(ff) 10/19/75   2,935 2,911,099
Newcrest Finance Pty Ltd. (Australia),
Gtd. Notes, 144A 		4.200 10/01/22   18,107 18,108,263
Newmont Corp.,
Gtd. Notes 		3.625 06/09/21   10,112 10,363,197
Newmont Goldcorp Corp.,
Gtd. Notes 		3.700 03/15/23   723 726,411
Teck Resources Ltd. (Canada),
Sr. Unsec’d. Notes 		4.750 01/15/22   14,157 14,797,406
          46,906,376
Miscellaneous Manufacturing 0.2%
Hillenbrand, Inc.,
Gtd. Notes 		4.500 09/15/26   16,150 16,121,655
Oil & Gas 3.0%
Aker BP ASA (Norway),
Sr. Unsec’d. Notes, 144A 		3.000 01/15/25   34,734 29,168,730
20
PGIM Short-Term Corporate Bond Fund
Schedule of Investments as of March 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Oil & Gas (cont’d.)
Apache Corp.,
Sr. Unsec’d. Notes(a) 		3.250 % 04/15/22   10,515  $8,079,968
BG Energy Capital PLC (United Kingdom),
Gtd. Notes, 144A 		4.000 10/15/21   4,000 4,044,893
BP Capital Markets America, Inc.,          
Gtd. Notes 2.112 09/16/21   14,660 14,447,010
Gtd. Notes 3.790 02/06/24   10,800 11,099,751
     
 
Canadian Natural Resources Ltd. (Canada),
Sr. Unsec’d. Notes(a) 		2.950 01/15/23   11,400 9,865,681
Cenovus Energy, Inc. (Canada),          
Sr. Unsec’d. Notes 3.000 08/15/22   6,555 4,677,201
Sr. Unsec’d. Notes(a) 3.800 09/15/23   5,948 3,160,686
Continental Resources, Inc.,          
Gtd. Notes 3.800 06/01/24   29,715 15,018,448
Gtd. Notes 4.500 04/15/23   25,154 13,833,334
     
 
Diamondback Energy, Inc.,
Gtd. Notes 		2.875 12/01/24   57,275 40,455,536
Helmerich & Payne, Inc.,
Sr. Unsec’d. Notes(a) 		4.650 03/15/25   13,715 14,190,355
Husky Energy, Inc. (Canada),
Sr. Unsec’d. Notes 		4.000 04/15/24   5,225 4,358,098
Marathon Oil Corp.,          
Sr. Unsec’d. Notes 2.800 11/01/22   8,394 6,479,048
Sr. Unsec’d. Notes(a) 3.850 06/01/25   16,076 11,467,069
Newfield Exploration Co.,          
Gtd. Notes 5.375 01/01/26   5,500 2,873,255
Gtd. Notes 5.625 07/01/24   36,000 17,927,323
Gtd. Notes(a) 5.750 01/30/22   2,912 1,978,930
Occidental Petroleum Corp.,          
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.950% 2.684(c) 02/08/21   12,255 9,732,597
Sr. Unsec’d. Notes 4.850 03/15/21   30,825 25,830,988
Petroleos Mexicanos (Mexico),          
Gtd. Notes, 144A 6.490 01/23/27   18,100 13,355,279
Gtd. Notes, 144A 6.840 01/23/30   31,103 22,475,373
     
 
Phillips 66,
Gtd. Notes, 3 Month LIBOR + 0.600% 		2.247(c) 02/26/21   7,120 6,647,237
          291,166,790
21
PGIM Short-Term Corporate Bond Fund
Schedule of Investments as of March 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Oil & Gas Services 0.2%
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc.,
Sr. Unsec’d. Notes 		2.773 % 12/15/22   21,720  $20,682,243
Packaging & Containers 0.1%
WRKCo, Inc.,
Gtd. Notes 		3.750 03/15/25   10,190 10,279,049
Pharmaceuticals 7.7%
AbbVie, Inc.,          
Sr. Unsec’d. Notes(a) 2.500 05/14/20   31,995 31,979,606
Sr. Unsec’d. Notes 3.600 05/14/25   38,364 40,198,314
Sr. Unsec’d. Notes, 144A 2.600 11/21/24   10,000 10,087,666
Sr. Unsec’d. Notes, 144A 2.950 11/21/26   71,430 73,092,084
     
 
Allergan Funding SCS,
Gtd. Notes 		3.450 03/15/22   38,430 38,658,207
Bayer US Finance II LLC (Germany),          
Gtd. Notes, 144A 2.200 07/15/22   14,455 13,888,772
Gtd. Notes, 144A 3.500 06/25/21   20,575 20,779,005
     
 
Becton, Dickinson & Co.,
Sr. Unsec’d. Notes 		2.894 06/06/22   45,580 45,257,399
Bristol-Myers Squibb Co.,          
Sr. Unsec’d. Notes, 144A 2.250 08/15/21   32,040 32,270,997
Sr. Unsec’d. Notes, 144A 2.750 02/15/23   30,500 31,155,179
Sr. Unsec’d. Notes, 144A 2.900 07/26/24   15,725 16,361,793
Sr. Unsec’d. Notes, 144A 3.250 02/20/23   12,000 12,421,903
Sr. Unsec’d. Notes, 144A 3.625 05/15/24   8,120 8,608,922
Cardinal Health, Inc.,          
Sr. Unsec’d. Notes 2.616 06/15/22   15,606 15,681,226
Sr. Unsec’d. Notes 3.200 03/15/23   1,585 1,572,653
Cigna Corp.,          
Gtd. Notes 3.750 07/15/23   2,471 2,520,954
Gtd. Notes, 144A 3.050 11/30/22   14,900 15,051,915
Gtd. Notes, 144A 3.250 04/15/25   14,615 14,586,400
Gtd. Notes, 144A 4.125 09/15/20   2,000 1,974,649
Gtd. Notes, 144A 4.500 02/25/26   26,568 28,595,726
Gtd. Notes, Series WI, 3 Month LIBOR + 0.650% 1.493(c) 09/17/21   8,445 8,106,151
CVS Health Corp.,          
Sr. Unsec’d. Notes(a) 3.700 03/09/23   10,000 10,365,086
Sr. Unsec’d. Notes 3.875 07/20/25   19,000 19,937,526
Sr. Unsec’d. Notes 4.100 03/25/25   34,991 36,833,182
Sr. Unsec’d. Notes 5.000 12/01/24   28,966 33,177,480
22
PGIM Short-Term Corporate Bond Fund
Schedule of Investments as of March 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Pharmaceuticals (cont’d.)
CVS Health Corp., (cont’d.)          
Sr. Unsec’d. Notes 6.250 % 06/01/27   1,000   $1,166,294
     
 
Mead Johnson Nutrition Co. (United Kingdom),
Gtd. Notes 		3.000 11/15/20   27,255 27,324,825
Mylan NV,
Gtd. Notes 		3.950 06/15/26   9,230 9,355,963
Mylan, Inc.,          
Gtd. Notes 4.200 11/29/23   5,085 5,111,435
Gtd. Notes, 144A 3.125 01/15/23   26,100 25,688,642
Shire Acquisitions Investments Ireland DAC,          
Gtd. Notes 2.400 09/23/21   47,645 47,460,562
Gtd. Notes 2.875 09/23/23   31,385 31,885,449
Gtd. Notes 3.200 09/23/26   7,300 7,432,996
     
 
Teva Pharmaceutical Finance Netherlands III BV (Israel),
Gtd. Notes(a) 		2.200 07/21/21   11,082 10,579,559
Zoetis, Inc.,
Sr. Unsec’d. Notes 		3.450 11/13/20   15,455 15,658,572
          744,827,092
Pipelines 3.4%
El Paso Natural Gas Co. LLC,
Gtd. Notes 		8.625 01/15/22   2,675 2,777,468
Energy Transfer Operating LP,          
Gtd. Notes 5.875 01/15/24   64,160 62,481,911
Jr. Sub. Notes, Series G 7.125(ff) –(rr)   12,892 7,842,538
     
 
EnLink Midstream Partners LP,
Sr. Unsec’d. Notes(a) 		4.400 04/01/24   3,675 1,847,974
Enterprise Products Operating LLC,          
Gtd. Notes 2.850 04/15/21   17,180 16,974,190
Gtd. Notes, Series D 4.875(ff) 08/16/77   9,500 6,369,068
     
 
EQM Midstream Partners LP,
Sr. Unsec’d. Notes 		4.750 07/15/23   7,695 5,560,895
Florida Gas Transmission Co. LLC,
Sr. Unsec’d. Notes, 144A 		5.450 07/15/20   10,112 10,188,696
Kinder Morgan Energy Partners LP,          
Gtd. Notes 3.950 09/01/22   10,000 9,905,161
Gtd. Notes 4.150 02/01/24   16,886 16,943,712
Midwest Connector Capital Co. LLC,          
Gtd. Notes, 144A 3.625 04/01/22   3,165 3,035,874
Gtd. Notes, 144A 3.900 04/01/24   5,090 4,755,479
23
PGIM Short-Term Corporate Bond Fund
Schedule of Investments as of March 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Pipelines (cont’d.)
MPLX LP,          
Sr. Unsec’d. Notes 3.375 % 03/15/23   1,872  $1,699,942
Sr. Unsec’d. Notes 4.125 03/01/27   19,770 16,959,494
Sr. Unsec’d. Notes(a) 4.500 07/15/23   7,725 6,587,642
Sr. Unsec’d. Notes(a) 4.875 12/01/24   22,500 19,173,953
Sr. Unsec’d. Notes 4.875 06/01/25   12,500 10,452,627
     
 
ONEOK Partners LP,
Gtd. Notes 		3.375 10/01/22   6,670 6,186,573
ONEOK, Inc.,
Gtd. Notes(a) 		2.750 09/01/24   22,520 19,578,273
Phillips 66 Partners LP,
Sr. Unsec’d. Notes 		2.450 12/15/24   14,860 13,085,004
Plains All American Pipeline LP/PAA Finance Corp.,          
Sr. Unsec’d. Notes 2.850 01/31/23   7,555 6,080,181
Sr. Unsec’d. Notes 3.600 11/01/24   10,000 8,235,683
Sr. Unsec’d. Notes 4.650 10/15/25   16,430 13,265,781
     
 
Rockies Express Pipeline LLC,
Sr. Unsec’d. Notes, 144A 		3.600 05/15/25   12,970 8,972,968
Texas Eastern Transmission LP,
Sr. Unsec’d. Notes, 144A 		2.800 10/15/22   1,500 1,510,124
Western Midstream Operating LP,
Sr. Unsec’d. Notes 		4.000 07/01/22   13,191 8,512,615
Williams Cos., Inc. (The),          
Sr. Unsec’d. Notes 3.350 08/15/22   2,078 1,980,049
Sr. Unsec’d. Notes 4.000 11/15/21   4,559 3,931,820
Sr. Unsec’d. Notes 4.125 11/15/20   2,392 2,365,199
Sr. Unsec’d. Notes 4.300 03/04/24   15,955 14,524,148
Sr. Unsec’d. Notes 4.500 11/15/23   10,697 9,889,465
Sr. Unsec’d. Notes 4.550 06/24/24   7,040 6,430,417
          328,104,924
Real Estate 0.3%
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada),
Sr. Unsec’d. Notes, 144A 		3.125 03/20/22   25,160 24,467,813
Real Estate Investment Trusts (REITs) 2.1%
AvalonBay Communities, Inc.,
Sr. Unsec’d. Notes, GMTN 		3.450 06/01/25   5,774 5,899,433
Brandywine Operating Partnership LP,          
Gtd. Notes 3.950 02/15/23   5,450 5,610,654
24
PGIM Short-Term Corporate Bond Fund
Schedule of Investments as of March 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Real Estate Investment Trusts (REITs) (cont’d.)
Brandywine Operating Partnership LP, (cont’d.)          
Gtd. Notes 4.100 % 10/01/24   15,500   $15,822,075
     
 
Brixmor Operating Partnership LP,
Sr. Unsec’d. Notes 		3.875 08/15/22   5,600 5,374,521
Crown Castle International Corp.,
Sr. Unsec’d. Notes 		4.875 04/15/22   33,867 35,133,064
CyrusOne LP/CyrusOne Finance Corp.,
Gtd. Notes 		2.900 11/15/24   14,450 14,210,036
Digital Realty Trust LP,
Gtd. Notes 		2.750 02/01/23   10,050 9,993,146
GLP Capital LP/GLP Financing II, Inc.,
Gtd. Notes(a) 		3.350 09/01/24   15,603 13,818,450
Healthpeak Properties, Inc.,
Sr. Unsec’d. Notes 		3.150 08/01/22   13,097 12,701,556
Host Hotels & Resorts LP,          
Sr. Unsec’d. Notes 3.875 04/01/24   3,700 3,473,598
Sr. Unsec’d. Notes, Series D 3.750 10/15/23   3,330 2,923,153
     
 
Prologis LP,
Gtd. Notes 		4.250 08/15/23   2,700 2,845,426
Sabra Health Care LP,
Gtd. Notes 		4.800 06/01/24   5,315 5,078,733
Simon Property Group LP,
Sr. Unsec’d. Notes 		2.000 09/13/24   16,800 16,120,122
Ventas Realty LP,
Gtd. Notes 		3.100 01/15/23   24,030 24,980,426
Ventas Realty LP/Ventas Capital Corp.,
Gtd. Notes 		3.250 08/15/22   3,100 3,051,879
Welltower, Inc.,          
Sr. Unsec’d. Notes 2.700 02/15/27   6,385 6,024,946
Sr. Unsec’d. Notes 3.625 03/15/24   4,900 4,888,243
Sr. Unsec’d. Notes 3.950 09/01/23   9,780 9,829,801
          197,779,262
Retail 1.3%
AutoZone, Inc.,          
Sr. Unsec’d. Notes 2.500 04/15/21   6,310 6,398,896
Sr. Unsec’d. Notes 3.125 04/18/24   28,390 28,229,024
Dollar Tree, Inc.,          
Sr. Unsec’d. Notes 3.700 05/15/23   12,500 12,647,177
Sr. Unsec’d. Notes 4.000 05/15/25   14,425 14,823,035
     
 
25
PGIM Short-Term Corporate Bond Fund
Schedule of Investments as of March 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Retail (cont’d.)
     
L Brands, Inc.,
Gtd. Notes 		6.625 % 04/01/21   9,375  $8,848,606
TJX Cos., Inc. (The),
Sr. Unsec’d. Notes 		3.750 04/15/27   30,820 31,620,772
Walmart, Inc.,
Sr. Unsec’d. Notes(a) 		2.850 07/08/24   24,540 25,755,137
          128,322,647
Savings & Loans 0.4%
First Niagara Financial Group, Inc.,
Sub. Notes 		7.250 12/15/21   12,000 12,853,681
Nationwide Building Society (United Kingdom),
Sr. Unsec’d. Notes, 144A, MTN(a) 		3.622(ff) 04/26/23   23,490 23,337,050
          36,190,731
Semiconductors 1.3%
Broadcom Corp./Broadcom Cayman Finance Ltd.,
Gtd. Notes 		3.000 01/15/22   50,670 50,179,431
NVIDIA Corp.,
Sr. Unsec’d. Notes 		2.200 09/16/21   34,535 34,810,039
NXP BV/NXP Funding LLC (Netherlands),          
Gtd. Notes, 144A 3.875 09/01/22   20,800 20,897,525
Gtd. Notes, 144A 4.125 06/01/21   2,500 2,522,520
Gtd. Notes, 144A 4.625 06/01/23   18,735 19,334,243
          127,743,758
Software 1.0%
CA, Inc.,
Sr. Unsec’d. Notes 		3.600 08/15/22   22,265 20,949,163
Fiserv, Inc.,
Sr. Unsec’d. Notes 		3.800 10/01/23   7,805 8,116,854
Oracle Corp.,
Sr. Unsec’d. Notes 		2.500 04/01/25   61,765 63,045,350
          92,111,367
Telecommunications 2.9%
AT&T, Inc.,          
Sr. Unsec’d. Notes 2.450 06/30/20   8,530 8,523,859
Sr. Unsec’d. Notes 3.000 06/30/22   7,185 7,207,705
26
PGIM Short-Term Corporate Bond Fund
Schedule of Investments as of March 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Telecommunications (cont’d.)
AT&T, Inc., (cont’d.)          
Sr. Unsec’d. Notes 3.400 % 06/15/22   16,320  $16,619,955
Sr. Unsec’d. Notes 3.400 05/15/25   56,290 58,435,186
Sr. Unsec’d. Notes 3.800 03/15/22   14,195 14,549,234
Sr. Unsec’d. Notes 3.800 03/01/24   24,435 25,684,171
Sr. Unsec’d. Notes 3.875 08/15/21   9,285 9,458,274
Deutsche Telekom International Finance BV (Germany),          
Gtd. Notes, 144A 1.950 09/19/21   21,860 21,490,094
Gtd. Notes, 144A 2.820 01/19/22   32,770 32,554,713
     
 
Level 3 Financing, Inc.,
Sr. Sec’d. Notes, 144A 		3.400 03/01/27   38,666 36,846,901
Motorola Solutions, Inc.,          
Sr. Unsec’d. Notes 3.500 03/01/23   5,350 5,266,752
Sr. Unsec’d. Notes 4.000 09/01/24   7,000 7,036,381
     
 
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC,
Sr. Sec’d. Notes, 144A 		3.360 03/20/23   9,375 9,351,839
Verizon Communications, Inc.,          
Sr. Unsec’d. Notes 3.125 03/16/22   14,480 14,888,215
Sr. Unsec’d. Notes 3.376 02/15/25   10,000 10,723,950
          278,637,229
Toys/Games/Hobbies 0.2%
Hasbro, Inc.,
Sr. Unsec’d. Notes 		2.600 11/19/22   19,840 19,705,193
Trucking & Leasing 0.2%
Penske Truck Leasing Co. LP/PTL Finance Corp.,          
Sr. Unsec’d. Notes, 144A 3.200 07/15/20   17,770 17,758,553
Sr. Unsec’d. Notes, 144A 3.300 04/01/21   1,200 1,224,996
Sr. Unsec’d. Notes, 144A 3.650 07/29/21   3,580 3,694,067
          22,677,616
     
 
Total Corporate Bonds
(cost $8,132,605,911) 		7,875,752,588
27
PGIM Short-Term Corporate Bond Fund
Schedule of Investments as of March 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bond 0.1%
Alabama 
Alabama Economic Settlement Authority,
Series B, Revenue Bonds
(cost $4,035,000) 		3.163 % 09/15/25   4,035  $4,099,560
Residential Mortgage-Backed Securities 0.6%
MRA Issuance Trust,
Series 2020-01, Class A, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 0.000%) 		2.981(c) 12/08/20   54,200 54,027,980
Park Avenue Funding Trust,
Series 2019-04, Class PT, 144A, 1 Month LIBOR + 1.500% (Cap N/A, Floor 1.500%) 		2.459(c) 05/27/21   6,194 6,150,892
     
 
Total Residential Mortgage-Backed Securities
(cost $60,393,540) 		60,178,872
U.S. Treasury Obligations 0.7%
U.S. Treasury Notes 1.125 02/28/22   19,800 20,136,446
U.S. Treasury Notes 1.375 10/15/22   155 159,238
U.S. Treasury Notes(k) 1.500 08/31/21   6,000 6,105,703
U.S. Treasury Notes(k) 1.750 06/15/22   605 624,757
U.S. Treasury Notes(h)(k) 1.750 12/31/24   39,195 41,724,302
Total U.S. Treasury Obligations
(cost $66,080,219) 		68,750,446
    
      Shares  
Preferred Stock 0.0%
Banks 
Citigroup Capital XIII 8.140%
(cost $3,342,000) 		      132,000 3,379,200
 
Total Long-Term Investments
(cost $9,395,909,301) 		9,084,169,774
    
         
Short-Term Investments 8.0%
Affiliated Mutual Funds           
PGIM Core Ultra Short Bond Fund(w)     639,766,614 639,766,614
28
PGIM Short-Term Corporate Bond Fund
Schedule of Investments as of March 31, 2020 (unaudited) (continued)
Description     Shares Value
Affiliated Mutual Funds (Continued)          
PGIM Institutional Money Market Fund
(cost $136,876,264; includes $136,656,765 of cash collateral for securities on loan)(b)(w) 		    136,921,893  $136,702,819
     
 
 
Total Short-Term Investments
(cost $776,642,878) 		776,469,433
 
TOTAL INVESTMENTS 102.2%
(cost $10,172,552,179) 		9,860,639,207
Liabilities in excess of other assets(z) (2.2)% (214,401,127)
 
Net Assets 100.0% $9,646,238,080
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.
CLO Collateralized Loan Obligation
EMTN Euro Medium Term Note
GMTN Global Medium Term Note
LIBOR London Interbank Offered Rate
MTN Medium Term Note
REITs Real Estate Investment Trust
OTC Over-the-counter
Q Quarterly payment frequency for swaps
    
# Principal or notional amount is shown in U.S. dollars unless otherwise stated.
(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $134,995,186; cash collateral of $136,656,765 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.
(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 March 31, 2020.
(cc) Variable rate instrument. The rate shown is based on the latest available information as of March 31, 2020. 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.
(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.
(rr) Perpetual security with no stated maturity date.
(w) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund and 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:
29
PGIM Short-Term Corporate Bond Fund
Schedule of Investments as of March 31, 2020 (unaudited) (continued)
Futures contracts outstanding at March 31, 2020:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Long Positions:
4,721   2 Year U.S. Treasury Notes   Jun. 2020    $1,040,427,255    $13,810,445
6,706   5 Year U.S. Treasury Notes   Jun. 2020   840,660,002   20,216,447
9   20 Year U.S. Treasury Bonds   Jun. 2020   1,611,563   52
                34,026,944
Short Positions:
2,529   10 Year U.S. Treasury Notes   Jun. 2020   350,740,688   (15,627,818)
56   30 Year U.S. Ultra Treasury Bonds   Jun. 2020   12,425,000   (1,118,613)
                (16,746,431)
                $17,280,513
Credit default swap agreements outstanding at March 31, 2020:
Reference
Entity/
Obligation 		  Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Implied
Credit
Spread at
March 31,
2020(4) 		  Fair
Value 		  Upfront
Premiums
Paid
(Received) 		  Unrealized
Appreciation
(Depreciation) 		  Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):
Carnival Corp.   06/20/20   1.000%(Q)     30,000   6.837%    $(377,613)    $18,273    $(395,886)   Morgan Stanley & Co. International PLC
Carnival Corp.   06/20/20   1.000%(Q)     25,000   6.837%   (314,678)   15,227   (329,905)   Goldman Sachs International
Royal Caribbean Cruises Ltd.   06/20/20   5.000%(Q)     75,000   *   (2,593,930)   654,267   (3,248,197)   Goldman Sachs International
Royal Caribbean Cruises Ltd.   06/20/20   5.000%(Q)     15,000   *   (518,786)   130,853   (649,639)   Morgan Stanley & Co. International PLC
Royal Caribbean Cruises Ltd.   06/20/20   5.000%(Q)     5,000   *   (172,929)   32,520   (205,449)   Goldman Sachs International
Verizon Communications, Inc.   06/20/20   1.000%(Q)     7,000   0.233%   14,356   13,025   1,331   Morgan Stanley & Co. International PLC
                      $(3,963,580)   $864,165   $(4,827,745)    
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.
30
PGIM Short-Term Corporate Bond Fund
Schedule of Investments as of March 31, 2020 (unaudited) (continued)
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 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.
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