PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) as of October 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Long-Term Investments 120.4%
Asset-Backed Securities 5.4%
Collateralized Loan Obligations 
Ares CLO Ltd. (Cayman Islands),
Series 2018-28RA, Class A1R, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) 		5.797 %(c) 10/17/30   2,133  $2,133,691
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%) 		6.406(c) 07/15/30   1,955 1,961,238
Battalion CLO Ltd. (Cayman Islands),
Series 2015-08A, Class A1R2, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%) 		5.964(c) 07/18/30   628 629,685
Jamestown CLO Ltd. (Cayman Islands),
Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) 		5.817(c) 04/20/32   3,931 3,932,625
Madison Park Funding Ltd. (Cayman Islands),
Series 2015-18A, Class ARR, 144A, 3 Month SOFR + 1.202% (Cap N/A, Floor 0.940%) 		5.819(c) 10/21/30   3,185 3,191,709
OFSI BSL Ltd. (Cayman Islands),
Series 2023-12A, Class A1, 144A, 3 Month SOFR + 2.400% (Cap N/A, Floor 2.400%) 		7.017(c) 01/20/35   2,000 2,003,103
Palmer Square CLO Ltd. (Cayman Islands),
Series 2015-02A, Class A1R2, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) 		5.979(c) 07/20/30   463 463,563
Saratoga Investment Corp. CLO Ltd. (Cayman Islands),
Series 2013-01A, Class A1R4, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) 		5.917(c) 04/20/33   1,069 1,070,907
Sound Point CLO Ltd. (Cayman Islands),
Series 2018-03A, Class A1AR, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) 		5.917(c) 10/26/31   2,949 2,949,453
TICP CLO Ltd. (Cayman Islands),
Series 2017-07A, Class ASR2, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) 		5.947(c) 04/15/33   4,500 4,500,635
Voya CLO Ltd. (Cayman Islands),
Series 2013-02A, Class A1R, 144A, 3 Month SOFR + 1.232% (Cap N/A, Floor 0.970%) 		5.857(c) 04/25/31   772 772,214
     
 
Total Asset-Backed Securities
(cost $23,545,728) 		23,608,823
1
Short Duration High Yield Opportunities Fund
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds 98.2%
Advertising 0.5%
Clear Channel Outdoor Holdings, Inc.,          
Sr. Sec’d. Notes, 144A 5.125 % 08/15/27   1,575  $1,530,118
Sr. Sec’d. Notes, 144A 9.000 09/15/28   550 577,872
          2,107,990
Aerospace & Defense 1.9%
Bombardier, Inc. (Canada),          
Sr. Unsec’d. Notes, 144A(aa) 6.000 02/15/28   2,600 2,587,884
Sr. Unsec’d. Notes, 144A(aa) 7.125 06/15/26   819 828,214
Sr. Unsec’d. Notes, 144A 7.500 02/01/29   415 431,924
Sr. Unsec’d. Notes, 144A 7.875 04/15/27   383 383,479
TransDigm, Inc.,          
Gtd. Notes(aa) 5.500 11/15/27   2,900 2,876,479
Sr. Sec’d. Notes, 144A 6.375 03/01/29   1,005 1,020,159
          8,128,139
Airlines 1.8%
American Airlines, Inc.,
Sr. Sec’d. Notes, 144A 		7.250 02/15/28   750 762,428
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,          
Sr. Sec’d. Notes, 144A(aa) 5.500 04/20/26   2,575 2,568,563
Sr. Sec’d. Notes, 144A 5.750 04/20/29   100 98,927
United Airlines, Inc.,          
Sr. Sec’d. Notes, 144A 4.375 04/15/26   1,755 1,724,292
Sr. Sec’d. Notes, 144A 4.625 04/15/29   900 861,808
VistaJet Malta Finance PLC/Vista Management Holding,
Inc. (Switzerland), 		         
Sr. Unsec’d. Notes, 144A 7.875 05/01/27   1,105 1,072,889
Sr. Unsec’d. Notes, 144A 9.500 06/01/28   640 628,960
          7,717,867
Apparel 0.7%
Hanesbrands, Inc.,
Gtd. Notes, 144A 		4.875 05/15/26   618 610,850
2
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Apparel (cont’d.)
Kontoor Brands, Inc.,
Gtd. Notes, 144A 		4.125 % 11/15/29   650  $605,196
William Carter Co. (The),
Gtd. Notes, 144A 		5.625 03/15/27   1,797 1,787,540
          3,003,586
Auto Manufacturers 1.7%
Ford Motor Credit Co. LLC,          
Sr. Unsec’d. Notes 2.300 02/10/25   1,000 991,023
Sr. Unsec’d. Notes 2.900 02/16/28   1,075 986,870
Sr. Unsec’d. Notes 3.375 11/13/25   975 956,341
Sr. Unsec’d. Notes 4.125 08/17/27   400 386,550
Sr. Unsec’d. Notes 4.950 05/28/27   200 197,715
Sr. Unsec’d. Notes 5.125 06/16/25   200 199,502
Sr. Unsec’d. Notes 6.800 05/12/28   824 853,872
Sr. Unsec’d. Notes 6.950 03/06/26   350 356,713
Sr. Unsec’d. Notes 7.350 11/04/27   850 892,224
     
 
Jaguar Land Rover Automotive PLC (United Kingdom),
Gtd. Notes, 144A 		7.750 10/15/25   650 647,043
PM General Purchaser LLC,
Sr. Sec’d. Notes, 144A 		9.500 10/01/28   1,000 1,014,591
          7,482,444
Auto Parts & Equipment 2.0%
Adient Global Holdings Ltd.,          
Gtd. Notes, 144A 4.875 08/15/26   1,050 1,031,194
Sr. Sec’d. Notes, 144A 7.000 04/15/28   305 309,194
American Axle & Manufacturing, Inc.,          
Gtd. Notes 6.250 03/15/26   21 20,926
Gtd. Notes 6.500 04/01/27   625 621,723
     
 
Clarios Global LP/Clarios US Finance Co.,
Gtd. Notes, 144A 		8.500 05/15/27   875 878,281
Dana, Inc.,
Sr. Unsec’d. Notes(aa) 		5.375 11/15/27   2,000 1,956,364
Phinia, Inc.,
Sr. Sec’d. Notes, 144A 		6.750 04/15/29   485 495,885
3
Short Duration High Yield Opportunities Fund
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Auto Parts & Equipment (cont’d.)
     
Tenneco, Inc.,
Sr. Sec’d. Notes, 144A(aa) 		8.000 % 11/17/28   3,525  $3,261,695
Titan International, Inc.,
Sr. Sec’d. Notes 		7.000 04/30/28   375 363,385
          8,938,647
Banks 1.3%
Freedom Mortgage Corp.,          
Sr. Unsec’d. Notes, 144A 6.625 01/15/27   1,350 1,334,527
Sr. Unsec’d. Notes, 144A(aa) 7.625 05/01/26   2,600 2,609,636
Sr. Unsec’d. Notes, 144A 12.000 10/01/28   250 270,233
     
 
Popular, Inc. (Puerto Rico),
Sr. Unsec’d. Notes 		7.250 03/13/28   1,225 1,264,812
          5,479,208
Building Materials 1.9%
Builders FirstSource, Inc.,
Gtd. Notes, 144A 		5.000 03/01/30   130 124,480
Eco Material Technologies, Inc.,
Sr. Sec’d. Notes, 144A 		7.875 01/31/27   1,070 1,077,089
Griffon Corp.,
Gtd. Notes 		5.750 03/01/28   800 785,486
JELD-WEN, Inc.,
Gtd. Notes, 144A 		4.875 12/15/27   1,175 1,137,258
Smyrna Ready Mix Concrete LLC,
Sr. Sec’d. Notes, 144A 		6.000 11/01/28   400 396,948
Standard Industries, Inc.,          
Sr. Unsec’d. Notes, 144A(aa) 4.750 01/15/28   1,825 1,759,941
Sr. Unsec’d. Notes, 144A(aa) 5.000 02/15/27   3,300 3,232,699
          8,513,901
Chemicals 1.2%
Cornerstone Chemical Co. LLC,
Sr. Sec’d. Notes, 144A, Cash coupon 5.000% and PIK 10.000%^ 		15.000 12/06/28   177 168,084
Olympus Water US Holding Corp.,          
Sr. Sec’d. Notes, 144A 7.125 10/01/27   550 558,535
4
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Chemicals (cont’d.)
Olympus Water US Holding Corp., (cont’d.)          
Sr. Sec’d. Notes, 144A 9.750 % 11/15/28   1,375  $1,459,233
Sr. Unsec’d. Notes, 144A 6.250 10/01/29   700 673,459
     
 
Rain CII Carbon LLC/CII Carbon Corp.,
Sec’d. Notes, 144A 		7.250 04/01/25   41 40,274
SNF Group SACA (France),
Sr. Unsec’d. Notes, 144A(aa) 		3.125 03/15/27   2,025 1,921,219
TPC Group, Inc.,
Sr. Sec’d. Notes, 144A (original cost $173,676; purchased 12/15/22 - 05/16/23)(f) 		13.000 12/16/27   175 176,876
WR Grace Holdings LLC,
Sr. Sec’d. Notes, 144A 		4.875 06/15/27   175 171,635
          5,169,315
Coal 0.3%
Conuma Resources Ltd. (Canada),
Sr. Sec’d. Notes, 144A 		13.125 05/01/28   718 734,155
Coronado Finance Pty Ltd. (Australia),
Sr. Sec’d. Notes, 144A 		9.250 10/01/29   695 710,797
          1,444,952
Commercial Services 3.6%
Adtalem Global Education, Inc.,
Sr. Sec’d. Notes, 144A 		5.500 03/01/28   321 314,615
Allied Universal Holdco LLC/Allied Universal Finance Corp.,
Sr. Unsec’d. Notes, 144A(aa) 		9.750 07/15/27   1,222 1,224,701
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl,
Sr. Sec’d. Notes, 144A 		4.625 06/01/28   1,400 1,308,314
Alta Equipment Group, Inc.,
Sec’d. Notes, 144A 		9.000 06/01/29   890 790,907
AMN Healthcare, Inc.,          
Gtd. Notes, 144A 4.000 04/15/29   550 507,184
Gtd. Notes, 144A(aa) 4.625 10/01/27   2,400 2,313,553
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,          
Gtd. Notes, 144A 5.750 07/15/27   825 810,547
Gtd. Notes, 144A 5.750 07/15/27   1,625 1,586,815
5
Short Duration High Yield Opportunities Fund
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Commercial Services (cont’d.)
     
 
Belron UK Finance PLC (United Kingdom),
Sr. Sec’d. Notes, 144A 		5.750 % 10/15/29   200  $200,402
Brink’s Co. (The),
Gtd. Notes, 144A 		6.500 06/15/29   125 127,716
Carriage Services, Inc.,
Gtd. Notes, 144A 		4.250 05/15/29   553 507,020
Dcli Bidco LLC,
Second Mortgage, 144A 		7.750 11/15/29   465 472,937
Herc Holdings, Inc.,          
Gtd. Notes, 144A(aa) 5.500 07/15/27   2,576 2,555,843
Gtd. Notes, 144A 6.625 06/15/29   395 404,360
     
 
Hertz Corp. (The),
Gtd. Notes, 144A 		4.625 12/01/26   550 415,225
Mavis Tire Express Services Topco Corp.,
Sr. Unsec’d. Notes, 144A 		6.500 05/15/29   825 790,089
NESCO Holdings II, Inc.,
Sec’d. Notes, 144A 		5.500 04/15/29   800 744,504
United Rentals North America, Inc.,
Gtd. Notes 		4.875 01/15/28   125 122,249
VT Topco, Inc.,
Sr. Sec’d. Notes, 144A 		8.500 08/15/30   250 263,049
Williams Scotsman, Inc.,
Sr. Sec’d. Notes, 144A 		6.625 06/15/29   235 238,629
          15,698,659
Computers 0.7%
CA Magnum Holdings (India),
Sr. Sec’d. Notes, 144A 		5.375 10/31/26   250 245,313
Fortress Intermediate 3, Inc.,
Sr. Sec’d. Notes, 144A 		7.500 06/01/31   455 473,165
NCR Voyix Corp.,          
Gtd. Notes, 144A 5.000 10/01/28   1,375 1,321,625
Gtd. Notes, 144A 5.125 04/15/29   850 811,283
          2,851,386
Distribution/Wholesale 0.6%
H&E Equipment Services, Inc.,
Gtd. Notes, 144A(aa) 		3.875 12/15/28   2,676 2,472,079
6
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Distribution/Wholesale (cont’d.)
Ritchie Bros Holdings, Inc. (Canada),
Sr. Sec’d. Notes, 144A 		6.750 % 03/15/28   100  $102,250
Velocity Vehicle Group LLC,
Sr. Unsec’d. Notes, 144A 		8.000 06/01/29   175 179,982
          2,754,311
Diversified Financial Services 6.3%
Azorra Finance Ltd. (Cayman Islands),
Gtd. Notes, 144A 		7.750 04/15/30   360 355,714
Bread Financial Holdings, Inc.,
Gtd. Notes, 144A 		9.750 03/15/29   985 1,039,271
Freedom Mortgage Holdings LLC,
Sr. Unsec’d. Notes, 144A 		9.250 02/01/29   805 825,335
GGAM Finance Ltd. (Ireland),          
Gtd. Notes, 144A 6.875 04/15/29   295 300,531
Gtd. Notes, 144A 8.000 02/15/27   825 849,329
Sr. Unsec’d. Notes, 144A 8.000 06/15/28   1,125 1,182,555
goeasy Ltd. (Canada),          
Gtd. Notes, 144A 4.375 05/01/26   1,300 1,291,875
Gtd. Notes, 144A 6.875 05/15/30   340 342,550
Gtd. Notes, 144A 9.250 12/01/28   110 116,856
Sr. Unsec’d. Notes, 144A 7.625 07/01/29   200 204,710
     
 
Intercontinental Exchange, Inc.,
Sr. Unsec’d. Notes 		3.625 09/01/28   615 591,594
Jefferies Finance LLC/JFIN Co-Issuer Corp.,
Sr. Sec’d. Notes, 144A 		6.625 10/15/31   400 397,990
LD Holdings Group LLC,
Gtd. Notes, 144A 		6.125 04/01/28   250 215,976
Macquarie Airfinance Holdings Ltd. (United Kingdom),          
Sr. Unsec’d. Notes, 144A 6.400 03/26/29   1,770 1,825,802
Sr. Unsec’d. Notes, 144A 8.125 03/30/29   200 211,401
Sr. Unsec’d. Notes, 144A 8.375 05/01/28   100 104,900
Nationstar Mortgage Holdings, Inc.,          
Gtd. Notes, 144A(aa) 5.500 08/15/28   2,050 2,002,895
Gtd. Notes, 144A 6.000 01/15/27   1,756 1,749,201
Gtd. Notes, 144A 6.500 08/01/29   270 270,199
Navient Corp.,          
Sr. Unsec’d. Notes 4.875 03/15/28   775 738,160
Sr. Unsec’d. Notes 5.000 03/15/27   325 319,638
7
Short Duration High Yield Opportunities Fund
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Diversified Financial Services (cont’d.)
Navient Corp., (cont’d.)          
Sr. Unsec’d. Notes 6.750 % 06/25/25   950  $955,951
Sr. Unsec’d. Notes 6.750 06/15/26   500 509,682
OneMain Finance Corp.,          
Gtd. Notes 3.875 09/15/28   450 415,387
Gtd. Notes 6.625 01/15/28   400 405,969
Gtd. Notes 6.625 05/15/29   365 365,000
Gtd. Notes(aa) 7.125 03/15/26   4,150 4,251,675
PennyMac Financial Services, Inc.,          
Gtd. Notes, 144A 4.250 02/15/29   1,625 1,516,655
Gtd. Notes, 144A 5.375 10/15/25   1,050 1,045,716
Gtd. Notes, 144A 7.875 12/15/29   75 78,667
     
 
PHH Escrow Issuer LLC,
Sr. Unsec’d. Notes, 144A 		9.875 11/01/29   405 396,908
PRA Group, Inc.,          
Gtd. Notes, 144A 8.375 02/01/28   125 128,625
Gtd. Notes, 144A 8.875 01/31/30   265 275,095
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.,          
Gtd. Notes, 144A 2.875 10/15/26   1,562 1,487,580
Gtd. Notes, 144A 3.625 03/01/29   950 875,541
          27,644,933
Electric 3.4%
Calpine Corp.,          
Sr. Sec’d. Notes, 144A 3.750 03/01/31   500 450,518
Sr. Sec’d. Notes, 144A 4.500 02/15/28   900 866,900
Sr. Sec’d. Notes, 144A 5.250 06/01/26   354 352,239
Sr. Unsec’d. Notes, 144A 5.125 03/15/28   1,775 1,735,824
NRG Energy, Inc.,          
Gtd. Notes 5.750 01/15/28   1,682 1,684,395
Gtd. Notes, 144A 3.875 02/15/32   25 22,168
Gtd. Notes, 144A(aa) 5.250 06/15/29   2,200 2,150,116
Vistra Operations Co. LLC,          
Gtd. Notes, 144A(aa) 5.000 07/31/27   4,925 4,863,061
Gtd. Notes, 144A(aa) 5.500 09/01/26   2,700 2,696,090
Gtd. Notes, 144A 5.625 02/15/27   250 249,340
          15,070,651
8
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Electrical Components & Equipment 1.0%
Energizer Holdings, Inc.,          
Gtd. Notes, 144A 4.750 % 06/15/28   1,234  $1,187,320
Gtd. Notes, 144A 6.500 12/31/27   1,500 1,517,223
WESCO Distribution, Inc.,          
Gtd. Notes, 144A 6.375 03/15/29   390 397,794
Gtd. Notes, 144A 7.250 06/15/28   1,125 1,151,181
          4,253,518
Electronics 0.2%
Sensata Technologies BV,
Gtd. Notes, 144A 		4.000 04/15/29   800 745,184
Engineering & Construction 0.0%
Brand Industrial Services, Inc.,
Sr. Sec’d. Notes, 144A 		10.375 08/01/30   75 79,683
Entertainment 3.4%
Caesars Entertainment, Inc.,          
Gtd. Notes, 144A(aa) 4.625 10/15/29   2,925 2,741,458
Sr. Sec’d. Notes, 144A 7.000 02/15/30   1,075 1,101,883
     
 
CCM Merger, Inc.,
Sr. Unsec’d. Notes, 144A(aa) 		6.375 05/01/26   2,085 2,078,579
Cinemark USA, Inc.,
Gtd. Notes, 144A 		7.000 08/01/32   195 200,040
International Game Technology PLC,          
Sr. Sec’d. Notes, 144A 5.250 01/15/29   550 539,687
Sr. Sec’d. Notes, 144A 6.250 01/15/27   975 980,694
Jacobs Entertainment, Inc.,          
Sr. Unsec’d. Notes, 144A 6.750 02/15/29   1,275 1,254,679
Sr. Unsec’d. Notes, 144A 6.750 02/15/29   550 536,956
     
 
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.,
Sr. Sec’d. Notes, 144A 		4.875 05/01/29   1,200 1,133,427
Penn Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A(aa) 		5.625 01/15/27   4,150 4,074,204
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.,
Gtd. Notes, 144A 		5.125 10/01/29   400 388,338
          15,029,945
9
Short Duration High Yield Opportunities Fund
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Environmental Control 0.4%
GFL Environmental, Inc.,          
Gtd. Notes, 144A 4.000 % 08/01/28   1,025  $968,717
Gtd. Notes, 144A 4.375 08/15/29   700 654,122
          1,622,839
Foods 1.8%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s
LP/Albertson’s LLC, 		         
Gtd. Notes, 144A 4.625 01/15/27   2,175 2,132,073
Gtd. Notes, 144A 5.875 02/15/28   75 75,126
B&G Foods, Inc.,          
Gtd. Notes(aa) 5.250 09/15/27   1,800 1,746,283
Sr. Sec’d. Notes, 144A 8.000 09/15/28   420 436,370
     
 
Bellis Acquisition Co. PLC (United Kingdom),
Sr. Sec’d. Notes, 144A 		8.125 05/14/30 GBP 775 984,684
Lamb Weston Holdings, Inc.,
Gtd. Notes, 144A 		4.125 01/31/30   325 301,736
Post Holdings, Inc.,
Gtd. Notes, 144A 		5.500 12/15/29   1,088 1,061,215
US Foods, Inc.,
Gtd. Notes, 144A 		4.750 02/15/29   1,130 1,088,956
          7,826,443
Gas 0.3%
AmeriGas Partners LP/AmeriGas Finance Corp.,          
Sr. Unsec’d. Notes 5.500 05/20/25   205 204,039
Sr. Unsec’d. Notes 5.750 05/20/27   890 858,139
Sr. Unsec’d. Notes 5.875 08/20/26   395 386,816
          1,448,994
Healthcare-Products 1.2%
Medline Borrower LP,          
Sr. Sec’d. Notes, 144A(aa) 3.875 04/01/29   5,675 5,312,104
Sr. Unsec’d. Notes, 144A 5.250 10/01/29   100 96,914
          5,409,018
10
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Healthcare-Services 2.8%
DaVita, Inc.,
Gtd. Notes, 144A(aa) 		4.625 % 06/01/30   2,600  $2,391,575
HCA, Inc.,          
Gtd. Notes(aa) 5.875 02/15/26   4,214 4,244,598
Gtd. Notes 7.050 12/01/27   792 834,248
     
 
LifePoint Health, Inc.,
Sr. Sec’d. Notes, 144A(aa) 		4.375 02/15/27   1,974 1,915,587
MPH Acquisition Holdings LLC,
Sr. Sec’d. Notes, 144A (original cost $1,519,369; purchased 08/17/21 - 11/30/23)(f) 		5.500 09/01/28   1,675 1,143,746
Prime Healthcare Services, Inc.,
Sr. Sec’d. Notes, 144A 		9.375 09/01/29   210 213,571
Tenet Healthcare Corp.,          
Sr. Sec’d. Notes 4.250 06/01/29   975 922,772
Sr. Sec’d. Notes 4.625 06/15/28   600 580,435
          12,246,532
Home Builders 5.9%
Ashton Woods USA LLC/Ashton Woods Finance Co.,          
Sr. Unsec’d. Notes, 144A 4.625 08/01/29   1,200 1,121,402
Sr. Unsec’d. Notes, 144A 6.625 01/15/28   600 599,928
     
 
Beazer Homes USA, Inc.,
Gtd. Notes(aa) 		5.875 10/15/27   3,775 3,743,999
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada),
Gtd. Notes, 144A(aa) 		6.250 09/15/27   3,437 3,400,155
Empire Communities Corp. (Canada),
Sr. Unsec’d. Notes, 144A 		9.750 05/01/29   775 806,589
Forestar Group, Inc.,          
Gtd. Notes, 144A(aa) 3.850 05/15/26   2,356 2,296,991
Gtd. Notes, 144A 5.000 03/01/28   500 477,794
     
 
KB Home,
Gtd. Notes 		6.875 06/15/27   432 445,962
Landsea Homes Corp.,
Sr. Unsec’d. Notes, 144A 		8.875 04/01/29   1,080 1,105,201
M/I Homes, Inc.,
Gtd. Notes 		4.950 02/01/28   925 894,382
Mattamy Group Corp. (Canada),
Sr. Unsec’d. Notes, 144A(aa) 		5.250 12/15/27   3,350 3,287,187
11
Short Duration High Yield Opportunities Fund
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Home Builders (cont’d.)
     
New Home Co., Inc. (The),
Sr. Unsec’d. Notes, 144A 		9.250 % 10/01/29   385  $403,497
Shea Homes LP/Shea Homes Funding Corp.,          
Sr. Unsec’d. Notes 4.750 02/15/28   1,225 1,169,595
Sr. Unsec’d. Notes 4.750 04/01/29   400 379,201
     
 
STL Holding Co. LLC,
Sr. Unsec’d. Notes, 144A 		8.750 02/15/29   670 711,842
Taylor Morrison Communities, Inc.,          
Gtd. Notes, 144A(aa) 5.875 06/15/27   2,296 2,308,715
Gtd. Notes, 144A 6.625 07/15/27   350 346,967
Tri Pointe Homes, Inc.,          
Gtd. Notes(aa) 5.250 06/01/27   1,850 1,827,619
Gtd. Notes 5.700 06/15/28   400 397,489
          25,724,515
Household Products/Wares 0.2%
ACCO Brands Corp.,
Gtd. Notes, 144A 		4.250 03/15/29   1,175 1,077,746
Housewares 0.3%
Newell Brands, Inc.,
Sr. Unsec’d. Notes 		6.375 05/15/30   375 377,030
Scotts Miracle-Gro Co. (The),          
Gtd. Notes 4.000 04/01/31   575 514,246
Gtd. Notes 4.375 02/01/32   250 225,677
          1,116,953
Insurance 0.8%
Acrisure LLC/Acrisure Finance, Inc.,          
Sr. Sec’d. Notes, 144A 7.500 11/06/30   505 512,890
Sr. Unsec’d. Notes, 144A(aa) 8.250 02/01/29   1,255 1,275,722
Sr. Unsec’d. Notes, 144A 8.500 06/15/29   285 292,628
AmWINS Group, Inc.,          
Sr. Sec’d. Notes, 144A 6.375 02/15/29   250 251,402
Sr. Unsec’d. Notes, 144A 4.875 06/30/29   1,050 988,294
12
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Insurance (cont’d.)
     
 
AssuredPartners, Inc.,
Sr. Unsec’d. Notes, 144A 		5.625 % 01/15/29   175  $165,639
          3,486,575
Internet 2.0%
Cablevision Lightpath LLC,          
Sr. Sec’d. Notes, 144A(aa) 3.875 09/15/27   620 588,751
Sr. Unsec’d. Notes, 144A 5.625 09/15/28   200 185,960
     
 
Cogent Communications Group LLC,
Sr. Sec’d. Notes, 144A 		3.500 05/01/26   700 680,678
Gen Digital, Inc.,
Sr. Unsec’d. Notes, 144A(aa) 		5.000 04/15/25   6,150 6,137,887
Go Daddy Operating Co. LLC/GD Finance Co., Inc.,
Gtd. Notes, 144A 		5.250 12/01/27   1,100 1,086,504
          8,679,780
Iron/Steel 1.1%
ATI, Inc.,
Sr. Unsec’d. Notes 		7.250 08/15/30   170 176,049
Big River Steel LLC/BRS Finance Corp.,
Sr. Sec’d. Notes, 144A(aa) 		6.625 01/31/29   1,859 1,872,606
Cleveland-Cliffs, Inc.,          
Gtd. Notes, 144A 6.750 04/15/30   630 629,477
Gtd. Notes, 144A 6.875 11/01/29   490 491,698
Gtd. Notes, 144A 7.000 03/15/32   135 135,155
     
 
Mineral Resources Ltd. (Australia),
Sr. Unsec’d. Notes, 144A 		9.250 10/01/28   1,290 1,358,834
          4,663,819
Leisure Time 5.5%
Carnival Corp.,          
Gtd. Notes, 144A 5.750 03/01/27   4,571 4,582,427
Sr. Sec’d. Notes, 144A 4.000 08/01/28   869 825,307
     
 
Life Time, Inc.,
Sr. Sec’d. Notes, 144A 		6.000 11/15/31   475 472,682
Lindblad Expeditions Holdings, Inc.,
Sr. Sec’d. Notes, 144A 		9.000 05/15/28   675 703,563
13
Short Duration High Yield Opportunities Fund
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Leisure Time (cont’d.)
     
Lindblad Expeditions LLC,
Sr. Sec’d. Notes, 144A(aa) 		6.750 % 02/15/27   2,025  $2,033,765
NCL Corp. Ltd.,          
Gtd. Notes, 144A 5.875 03/15/26   3,475 3,470,517
Sr. Sec’d. Notes, 144A 5.875 02/15/27   1,145 1,143,569
Sr. Sec’d. Notes, 144A 8.125 01/15/29   1,050 1,113,000
Sr. Sec’d. Notes, 144A 8.375 02/01/28   550 576,813
Sr. Unsec’d. Notes, 144A 3.625 12/15/24   453 451,641
Sr. Unsec’d. Notes, 144A 6.250 03/01/30   365 360,755
Royal Caribbean Cruises Ltd.,          
Sr. Unsec’d. Notes, 144A 5.375 07/15/27   1,025 1,020,193
Sr. Unsec’d. Notes, 144A 5.500 04/01/28   1,825 1,825,000
Sr. Unsec’d. Notes, 144A 5.625 09/30/31   410 407,220
Viking Cruises Ltd.,          
Gtd. Notes, 144A 5.875 09/15/27   2,050 2,029,213
Gtd. Notes, 144A 6.250 05/15/25   500 500,050
Gtd. Notes, 144A 9.125 07/15/31   225 242,438
Sr. Unsec’d. Notes, 144A 7.000 02/15/29   650 651,261
     
 
Viking Ocean Cruises Ship VII Ltd.,
Sr. Sec’d. Notes, 144A 		5.625 02/15/29   700 688,044
VOC Escrow Ltd.,
Sr. Sec’d. Notes, 144A 		5.000 02/15/28   800 774,848
          23,872,306
Lodging 3.7%
Boyd Gaming Corp.,
Gtd. Notes, 144A 		4.750 06/15/31   1,004 936,924
Hilton Domestic Operating Co., Inc.,
Gtd. Notes, 144A 		5.875 04/01/29   480 484,108
MGM Resorts International,          
Gtd. Notes(aa) 4.625 09/01/26   4,760 4,717,937
Gtd. Notes 5.500 04/15/27   435 434,014
Gtd. Notes 6.125 09/15/29   450 448,493
     
 
Station Casinos LLC,
Gtd. Notes, 144A 		4.500 02/15/28   625 596,752
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp.,
Sr. Sec’d. Notes, 144A(aa) 		5.875 05/15/25   3,896 3,886,304
14
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Lodging (cont’d.)
     
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,
Gtd. Notes, 144A 		5.250 % 05/15/27   1,250  $1,240,862
Wynn Macau Ltd. (Macau),
Sr. Unsec’d. Notes, 144A 		5.500 10/01/27   3,575 3,456,578
          16,201,972
Machinery-Construction & Mining 0.0%
Terex Corp.,
Gtd. Notes, 144A 		5.000 05/15/29   200 192,420
Machinery-Diversified 1.0%
Chart Industries, Inc.,          
Gtd. Notes, 144A 9.500 01/01/31   175 187,892
Sr. Sec’d. Notes, 144A 7.500 01/01/30   175 181,825
     
 
Maxim Crane Works Holdings Capital LLC,
Sec’d. Notes, 144A 		11.500 09/01/28   900 966,212
TK Elevator US Newco, Inc. (Germany),
Sr. Sec’d. Notes, 144A(aa) 		5.250 07/15/27   3,175 3,124,264
          4,460,193
Media 3.8%
CCO Holdings LLC/CCO Holdings Capital Corp.,          
Sr. Unsec’d. Notes, 144A(aa) 5.000 02/01/28   910 880,632
Sr. Unsec’d. Notes, 144A(aa) 5.125 05/01/27   1,865 1,826,897
Sr. Unsec’d. Notes, 144A(aa) 5.500 05/01/26   3,074 3,065,585
CSC Holdings LLC,          
Gtd. Notes, 144A 3.375 02/15/31   200 143,475
Gtd. Notes, 144A 4.125 12/01/30   200 147,439
Gtd. Notes, 144A 5.375 02/01/28   200 171,153
Gtd. Notes, 144A(aa) 5.500 04/15/27   200 178,001
Sr. Unsec’d. Notes, 144A 4.625 12/01/30   200 100,482
Sr. Unsec’d. Notes, 144A 7.500 04/01/28   200 131,789
DISH DBS Corp.,          
Gtd. Notes 5.125 06/01/29   100 66,419
Gtd. Notes 7.375 07/01/28   75 54,921
Gtd. Notes 7.750 07/01/26   1,795 1,516,553
     
 
DISH Network Corp.,
Sr. Sec’d. Notes, 144A 		11.750 11/15/27   890 936,943
15
Short Duration High Yield Opportunities Fund
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Media (cont’d.)
     
Nexstar Media, Inc.,
Gtd. Notes, 144A 		5.625 % 07/15/27   720  $707,617
Radiate Holdco LLC/Radiate Finance, Inc.,          
Sr. Sec’d. Notes, 144A (original cost $3,459,428; purchased 12/07/20 - 04/06/21)(aa)(f) 4.500 09/15/26   3,350 2,906,402
Sr. Unsec’d. Notes, 144A (original cost $82,500; purchased 05/02/24)(f) 6.500 09/15/28   200 137,095
     
 
Sinclair Television Group, Inc.,
Gtd. Notes, 144A (original cost $826,938; purchased 05/02/22 - 05/25/23)(f) 		5.125 02/15/27   1,000 884,994
Univision Communications, Inc.,
Sr. Sec’d. Notes, 144A(aa) 		8.000 08/15/28   1,405 1,427,782
Virgin Media Secured Finance PLC (United Kingdom),
Sr. Sec’d. Notes, 144A 		5.500 05/15/29   1,400 1,321,688
          16,605,867
Mining 2.2%
Arsenal AIC Parent LLC,
Sr. Sec’d. Notes, 144A 		8.000 10/01/30   200 210,419
Eldorado Gold Corp. (Turkey),
Sr. Unsec’d. Notes, 144A 		6.250 09/01/29   200 197,224
First Quantum Minerals Ltd. (Zambia),          
Gtd. Notes, 144A 6.875 10/15/27   800 790,712
Sec’d. Notes, 144A 9.375 03/01/29   410 434,440
     
 
Hecla Mining Co.,
Gtd. Notes 		7.250 02/15/28   465 469,985
Hudbay Minerals, Inc. (Canada),
Gtd. Notes, 144A(aa) 		4.500 04/01/26   2,920 2,879,850
New Gold, Inc. (Canada),
Gtd. Notes, 144A 		7.500 07/15/27   1,180 1,196,225
Novelis Corp.,
Gtd. Notes, 144A(aa) 		3.250 11/15/26   3,570 3,433,172
Taseko Mines Ltd. (Canada),
Sr. Sec’d. Notes, 144A 		8.250 05/01/30   170 175,126
          9,787,153
16
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Miscellaneous Manufacturing 0.5%
Amsted Industries, Inc.,
Gtd. Notes, 144A 		5.625 % 07/01/27   1,523  $1,512,808
Trinity Industries, Inc.,
Gtd. Notes, 144A 		7.750 07/15/28   700 724,333
          2,237,141
Oil & Gas 4.6%
Aethon United BR LP/Aethon United Finance Corp.,
Sr. Unsec’d. Notes, 144A 		7.500 10/01/29   395 397,588
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Gtd. Notes, 144A 		9.000 11/01/27   400 474,836
CITGO Petroleum Corp.,          
Sr. Sec’d. Notes, 144A 6.375 06/15/26   875 876,110
Sr. Sec’d. Notes, 144A 7.000 06/15/25   200 200,214
Civitas Resources, Inc.,          
Gtd. Notes, 144A 8.375 07/01/28   1,025 1,059,817
Gtd. Notes, 144A 8.625 11/01/30   350 367,786
     
 
Comstock Resources, Inc.,
Gtd. Notes, 144A 		5.875 01/15/30   600 547,730
Crescent Energy Finance LLC,
Gtd. Notes, 144A 		9.250 02/15/28   775 813,829
Diamond Foreign Asset Co./Diamond Finance LLC,
Sec’d. Notes, 144A 		8.500 10/01/30   150 154,431
Expand Energy Corp.,          
Gtd. Notes 8.375 09/15/28   1,650 1,697,640
Gtd. Notes, 144A(aa) 5.500 02/01/26   2,936 2,931,632
     
 
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A 		5.750 02/01/29   600 575,689
Kraken Oil & Gas Partners LLC,
Sr. Unsec’d. Notes, 144A 		7.625 08/15/29   100 98,799
Nabors Industries, Inc.,
Gtd. Notes, 144A 		7.375 05/15/27   1,550 1,552,534
New Generation Gas Gathering LLC,
Sr. Sec’d. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ 		10.342 09/30/29   176 173,041
Noble Finance II LLC,
Gtd. Notes, 144A 		8.000 04/15/30   555 562,665
17
Short Duration High Yield Opportunities Fund
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Oil & Gas (cont’d.)
Parkland Corp. (Canada),          
Gtd. Notes, 144A 4.500 % 10/01/29   575  $534,031
Gtd. Notes, 144A 5.875 07/15/27   1,374 1,359,697
     
 
Permian Resources Operating LLC,
Gtd. Notes, 144A 		8.000 04/15/27   490 503,562
Precision Drilling Corp. (Canada),
Gtd. Notes, 144A 		7.125 01/15/26   355 354,556
Preem Holdings AB (Sweden),
Sr. Unsec’d. Notes, 144A 		12.000 06/30/27 EUR 800 916,973
Range Resources Corp.,
Gtd. Notes 		4.875 05/15/25   200 199,327
SM Energy Co.,
Sr. Unsec’d. Notes, 144A 		6.750 08/01/29   320 318,126
Sunoco LP,
Gtd. Notes, 144A 		7.000 05/01/29   400 413,086
Sunoco LP/Sunoco Finance Corp.,          
Gtd. Notes 5.875 03/15/28   75 74,706
Gtd. Notes 6.000 04/15/27   1,200 1,200,742
Transocean, Inc.,          
Gtd. Notes, 144A 8.250 05/15/29   1,435 1,443,969
Gtd. Notes, 144A 8.500 05/15/31   55 55,412
Sr. Sec’d. Notes, 144A 8.750 02/15/30   47 48,253
     
 
Valaris Ltd.,
Sec’d. Notes, 144A 		8.375 04/30/30   225 227,650
Vital Energy, Inc.,
Gtd. Notes 		9.750 10/15/30   75 79,087
          20,213,518
Packaging & Containers 2.0%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.,
Sr. Sec’d. Notes, 144A 		4.125 08/15/26   500 435,000
Graham Packaging Co., Inc.,
Gtd. Notes, 144A 		7.125 08/15/28   415 402,970
Graphic Packaging International LLC,
Gtd. Notes, 144A 		3.500 03/15/28   500 467,239
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada),
Sr. Sec’d. Notes, 144A(aa) 		6.000 09/15/28   2,085 2,051,119
18
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Packaging & Containers (cont’d.)
LABL, Inc.,          
Sr. Sec’d. Notes, 144A 5.875 % 11/01/28   275  $255,552
Sr. Sec’d. Notes, 144A 8.625 10/01/31   295 284,335
Sr. Sec’d. Notes, 144A 9.500 11/01/28   175 179,309
Sr. Unsec’d. Notes, 144A(aa) 10.500 07/15/27   1,650 1,633,862
     
 
Mauser Packaging Solutions Holding Co.,
Sr. Sec’d. Notes, 144A 		7.875 04/15/27   625 642,159
Owens-Brockway Glass Container, Inc.,
Gtd. Notes, 144A 		6.625 05/13/27   160 159,289
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc.,
Sr. Sec’d. Notes, 144A 		4.375 10/15/28   575 540,908
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC,
Sr. Sec’d. Notes, 144A 		4.000 10/15/27   150 143,311
Sealed Air Corp./Sealed Air Corp. US,
Gtd. Notes, 144A 		6.125 02/01/28   150 151,417
Trident TPI Holdings, Inc.,
Gtd. Notes, 144A(aa) 		12.750 12/31/28   1,235 1,355,299
          8,701,769
Pharmaceuticals 2.8%
AdaptHealth LLC,          
Gtd. Notes, 144A 4.625 08/01/29   225 204,442
Gtd. Notes, 144A(aa) 6.125 08/01/28   2,650 2,613,337
     
 
Bausch Health Americas, Inc.,
Gtd. Notes, 144A 		8.500 01/31/27   2,209 1,772,622
Bausch Health Cos., Inc.,          
Gtd. Notes, 144A 5.000 01/30/28   25 16,000
Gtd. Notes, 144A 5.000 02/15/29   50 28,750
Gtd. Notes, 144A 5.250 01/30/30   50 27,500
Gtd. Notes, 144A 5.250 02/15/31   50 27,000
Gtd. Notes, 144A 6.250 02/15/29   50 30,938
Gtd. Notes, 144A 7.000 01/15/28   50 33,000
Gtd. Notes, 144A 9.000 12/15/25   25 24,514
Sr. Sec’d. Notes, 144A 4.875 06/01/28   600 462,000
Sr. Sec’d. Notes, 144A 5.750 08/15/27   1,000 825,000
Sr. Sec’d. Notes, 144A 11.000 09/30/28   2,705 2,483,528
     
 
19
Short Duration High Yield Opportunities Fund
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Pharmaceuticals (cont’d.)
     
Jazz Securities DAC,
Sr. Sec’d. Notes, 144A 		4.375 % 01/15/29   825  $776,837
Organon & Co./Organon Foreign Debt Co-Issuer BV,          
Sr. Sec’d. Notes, 144A 4.125 04/30/28   1,725 1,634,322
Sr. Unsec’d. Notes, 144A 5.125 04/30/31   725 661,056
P&L Development LLC/PLD Finance Corp.,          
Sr. Sec’d. Notes, 144A 7.750 11/15/25   155 156,228
Sr. Sec’d. Notes, 144A, Cash coupon 9.000% and PIK 3.500% or Cash coupon 12.000% 12.000 05/15/29   510 512,923
          12,289,997
Pipelines 3.8%
Antero Midstream Partners LP/Antero Midstream
Finance Corp., 		         
Gtd. Notes, 144A 5.375 06/15/29   1,000 976,280
Gtd. Notes, 144A 5.750 03/01/27   305 304,315
     
 
Blue Racer Midstream LLC/Blue Racer Finance Corp.,
Sr. Unsec’d. Notes, 144A 		7.000 07/15/29   330 338,061
EQM Midstream Partners LP,          
Sr. Unsec’d. Notes 5.500 07/15/28   461 459,060
Sr. Unsec’d. Notes, 144A 6.000 07/01/25   705 706,048
Sr. Unsec’d. Notes, 144A 6.500 07/01/27   1,475 1,508,775
Sr. Unsec’d. Notes, 144A 7.500 06/01/27   400 410,000
     
 
Global Partners LP/GLP Finance Corp.,
Gtd. Notes 		7.000 08/01/27   650 651,484
Howard Midstream Energy Partners LLC,
Sr. Unsec’d. Notes, 144A 		8.875 07/15/28   225 237,413
Rockies Express Pipeline LLC,          
Sr. Unsec’d. Notes, 144A 3.600 05/15/25   475 468,203
Sr. Unsec’d. Notes, 144A 4.800 05/15/30   500 462,304
Tallgrass Energy Partners LP/Tallgrass Energy Finance
Corp., 		         
Gtd. Notes, 144A 6.000 03/01/27   1,384 1,373,161
Sr. Unsec’d. Notes, 144A 7.375 02/15/29   300 300,809
Venture Global LNG, Inc.,          
Jr. Sub. Notes, 144A 9.000(ff) 09/30/29(oo)   1,295 1,294,455
Sr. Sec’d. Notes, 144A 7.000 01/15/30   540 543,239
Sr. Sec’d. Notes, 144A(aa) 9.500 02/01/29   2,825 3,123,440
Sr. Sec’d. Notes, 144A 9.875 02/01/32   1,275 1,391,601
20
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Pipelines (cont’d.)
     
 
Western Midstream Operating LP,
Sr. Unsec’d. Notes(aa) 		3.100 % 02/01/25   2,100  $2,085,893
          16,634,541
Real Estate 1.4%
Five Point Operating Co. LP/Five Point Capital Corp.,
Gtd. Notes, 144A 		10.500(cc) 01/15/28   1,658 1,697,617
Greystar Real Estate Partners LLC,
Sr. Sec’d. Notes, 144A 		7.750 09/01/30   250 261,955
Howard Hughes Corp. (The),          
Gtd. Notes, 144A 4.125 02/01/29   275 253,571
Gtd. Notes, 144A(aa) 5.375 08/01/28   3,622 3,520,370
     
 
Hunt Cos., Inc.,
Sr. Sec’d. Notes, 144A 		5.250 04/15/29   175 165,954
          5,899,467
Real Estate Investment Trusts (REITs) 2.8%
Diversified Healthcare Trust,          
Gtd. Notes 9.750 06/15/25   183 183,000
Sr. Unsec’d. Notes 4.750 02/15/28   50 44,179
     
 
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes(aa) 		5.000 10/15/27   1,100 971,082
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer,
Gtd. Notes, 144A 		7.000 02/01/30   410 419,592
RHP Hotel Properties LP/RHP Finance Corp.,          
Gtd. Notes 4.750 10/15/27   1,350 1,322,974
Gtd. Notes, 144A 6.500 04/01/32   525 530,788
Gtd. Notes, 144A 7.250 07/15/28   200 207,269
SBA Communications Corp.,          
Sr. Unsec’d. Notes 3.125 02/01/29   1,000 909,963
Sr. Unsec’d. Notes(aa) 3.875 02/15/27   2,750 2,661,781
Starwood Property Trust, Inc.,          
Sr. Unsec’d. Notes, 144A 4.375 01/15/27   1,300 1,253,842
Sr. Unsec’d. Notes, 144A 7.250 04/01/29   425 436,826
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL
Capital LLC, 		         
Sr. Sec’d. Notes, 144A 4.750 04/15/28   300 275,804
21
Short Duration High Yield Opportunities Fund
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Real Estate Investment Trusts (REITs) (cont’d.)
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, (cont’d.)          
Sr. Sec’d. Notes, 144A 10.500 % 02/15/28   1,800  $1,918,953
Sr. Sec’d. Notes, 144A 10.500 02/15/28   150 159,183
     
 
VICI Properties LP/VICI Note Co., Inc.,
Gtd. Notes, 144A 		4.500 09/01/26   901 888,713
          12,183,949
Retail 3.6%
1011778 BC ULC/New Red Finance, Inc. (Canada),          
Sec’d. Notes, 144A 4.000 10/15/30   350 315,175
Sec’d. Notes, 144A 4.375 01/15/28   792 762,300
Sr. Sec’d. Notes, 144A 3.875 01/15/28   1,100 1,048,421
Sr. Sec’d. Notes, 144A 6.125 06/15/29   465 471,078
     
 
Arko Corp.,
Gtd. Notes, 144A 		5.125 11/15/29   1,175 1,083,181
BCPE Ulysses Intermediate, Inc.,
Sr. Unsec’d. Notes, 144A, Cash coupon 7.750% or PIK 8.500% 		7.750 04/01/27   500 487,658
Brinker International, Inc.,
Gtd. Notes, 144A 		8.250 07/15/30   850 904,748
Carvana Co.,          
Sr. Sec’d. Notes, 144A, Cash coupon 9.000% or PIK 12.000%(aa) 12.000 12/01/28   2,318 2,453,476
Sr. Sec’d. Notes, 144A, Cash coupon 11.000% or PIK 13.000% 13.000 06/01/30   926 1,011,332
eG Global Finance PLC (United Kingdom),          
Sr. Sec’d. Notes 11.000 11/30/28 EUR 200 238,217
Sr. Sec’d. Notes, 144A 12.000 11/30/28   375 415,781
Fertitta Entertainment LLC/Fertitta Entertainment
Finance Co., Inc., 		         
Gtd. Notes, 144A 6.750 01/15/30   225 204,569
Sr. Sec’d. Notes, 144A 4.625 01/15/29   1,225 1,143,961
     
 
Gap, Inc. (The),
Gtd. Notes, 144A 		3.625 10/01/29   1,250 1,121,585
LCM Investments Holdings II LLC,
Sr. Unsec’d. Notes, 144A 		4.875 05/01/29   900 850,221
Lithia Motors, Inc.,
Sr. Unsec’d. Notes, 144A 		3.875 06/01/29   1,175 1,077,978
22
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Retail (cont’d.)
     
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes 		6.750 % 03/01/32   960  $972,792
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
Sr. Unsec’d. Notes 		5.875 03/01/27   225 224,339
White Cap Buyer LLC,
Sr. Unsec’d. Notes, 144A 		6.875 10/15/28   560 562,445
White Cap Parent LLC,
Sr. Unsec’d. Notes, 144A, Cash coupon 8.250% or PIK 9.000% 		8.250 03/15/26   500 500,149
          15,849,406
Semiconductors 0.8%
Microchip Technology, Inc.,
Gtd. Notes(aa) 		4.250 09/01/25   3,630 3,610,654
Software 2.2%
Camelot Finance SA,
Sr. Sec’d. Notes, 144A(aa) 		4.500 11/01/26   5,720 5,577,000
Clarivate Science Holdings Corp.,          
Gtd. Notes, 144A 4.875 07/01/29   1,025 968,833
Sr. Sec’d. Notes, 144A 3.875 07/01/28   500 472,134
     
 
SS&C Technologies, Inc.,
Gtd. Notes, 144A(aa) 		5.500 09/30/27   2,500 2,489,833
          9,507,800
Telecommunications 7.6%
Altice Financing SA (Luxembourg),          
Sr. Sec’d. Notes 2.250 01/15/25 EUR 750 804,791
Sr. Sec’d. Notes, 144A 5.000 01/15/28   200 168,016
     
 
Connect Finco Sarl/Connect US Finco LLC (United Kingdom),
Sr. Sec’d. Notes, 144A 		9.000 09/15/29   1,625 1,543,750
Digicel Group Holdings Ltd. (Jamaica),          
Sr. Sec’d. Notes, Series 1B14, 144A (original cost $3; purchased 11/14/23)^(f) 0.000 12/31/30   27 2,035
Sr. Sec’d. Notes, Series 3A14, 144A (original cost $644; purchased 11/14/23)^(f) 0.000 12/31/30   —(r) 282
23
Short Duration High Yield Opportunities Fund
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2024
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 $3; purchased 11/14/23)^(f) 0.000 % 12/31/30   35   $235
     
 
Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./DIFL US LLC (Jamaica),
Sr. Sec’d. Notes, Cash coupon 9.000% and PIK 1.500% (original cost $3,582,002; purchased 01/29/24 - 05/15/24)(f) 		10.500 05/25/27   3,858 3,882,407
Digicel MidCo Ltd./DIFL US II LLC (Jamaica),
Sr. Unsec’d. Notes, PIK 10.500% (original cost $1,284,375; purchased 01/30/24 - 05/15/24)(f) 		10.500 11/25/28   1,958 1,812,683
Frontier Communications Holdings LLC,          
Sec’d. Notes 5.875 11/01/29   150 146,502
Sec’d. Notes, 144A 6.000 01/15/30   775 759,842
Sec’d. Notes, 144A 6.750 05/01/29   375 373,179
Sr. Sec’d. Notes, 144A 5.000 05/01/28   1,125 1,106,521
Sr. Sec’d. Notes, 144A(aa) 5.875 10/15/27   3,198 3,191,206
Iliad Holding SASU (France),          
Sr. Sec’d. Notes, 144A(aa) 6.500 10/15/26   3,145 3,168,588
Sr. Sec’d. Notes, 144A 7.000 10/15/28   1,200 1,216,500
     
 
Intelsat Jackson Holdings SA (Luxembourg),
Sr. Sec’d. Notes, 144A 		6.500 03/15/30   650 609,375
Level 3 Financing, Inc.,          
Sec’d. Notes, 144A 4.875 06/15/29   1,530 1,308,551
Sr. Sec’d. Notes, 144A(aa) 10.500 04/15/29   3,250 3,622,743
Sr. Sec’d. Notes, 144A 11.000 11/15/29   274 309,576
     
 
Lumen Technologies, Inc.,
Sr. Sec’d. Notes, 144A 		10.000 10/15/32   175 174,318
Sprint LLC,          
Gtd. Notes 7.625 02/15/25   2,030 2,032,726
Gtd. Notes(aa) 7.625 03/01/26   5,150 5,285,021
     
 
Viasat, Inc.,
Sr. Unsec’d. Notes, 144A 		5.625 09/15/25   410 404,435
Windstream Services LLC/Windstream Escrow Finance Corp.,
Sr. Sec’d. Notes, 144A 		7.750 08/15/28   350 351,900
Zegona Finance PLC (United Kingdom),
Sr. Sec’d. Notes, 144A 		8.625 07/15/29   760 802,750
          33,077,932
24
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Transportation 0.6%
RXO, Inc.,
Gtd. Notes, 144A 		7.500 % 11/15/27   765  $794,336
XPO, Inc.,          
Gtd. Notes, 144A 7.125 06/01/31   75 77,584
Gtd. Notes, 144A 7.125 02/01/32   265 275,062
Sr. Sec’d. Notes, 144A 6.250 06/01/28   1,525 1,548,231
          2,695,213
     
 
Total Corporate Bonds
(cost $426,447,439) 		429,438,831
Floating Rate and Other Loans 11.8%
Auto Parts & Equipment 0.6%
First Brands Group LLC,          
First Lien 2021 Term Loan, 3 Month SOFR + 5.262% 9.847(c) 03/30/27   1,244 1,206,250
Second Lien 2021 Term Loan, 3 Month SOFR + 8.762% 13.347(c) 03/30/28   715 664,950
Tenneco, Inc.,          
Term A Loan, 3 Month SOFR + 4.850% 9.978(c) 11/17/28   263 249,086
Term B Loan, 3 Month SOFR + 5.100% 10.227(c) 11/17/28   400 381,227
          2,501,513
Chemicals 0.7%
Consolidated Energy Finance SA (Switzerland),
2024 Incremental Term Loan, 3 Month SOFR + 4.500% 		9.557(c) 11/15/30   1,443 1,357,087
Iris Holdings Ltd.,
Initial Term Loan, 3 Month SOFR + 4.850% 		9.435(c) 06/28/28   496 473,717
Venator Finance Sarl,          
Initial First-Out Term Loan, 3 Month SOFR + 10.000%^ 14.647(c) 12/31/25   466 466,129
Term Loan, 3 Month SOFR + 2.000% 14.656(c) 10/12/28   665 659,570
          2,956,503
25
Short Duration High Yield Opportunities Fund
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Commercial Services 0.7%
Cimpress USA LLC (Ireland),
2024 Refinancing Tranche Term B-1 Loan, 1 Month SOFR + 3.000% 		7.685 %(c) 05/17/28   968  $965,823
Fly Funding II Sarl (Luxembourg),
Term B Loan, 3 Month LIBOR + 1.750% 		7.120(c) 08/11/25   167 163,261
Mavis Tire Express Services Topco Corp.,
Term Loan, 1 Month SOFR + 3.500% 		8.185(c) 05/04/28   1,137 1,139,627
Trans Union LLC,
Term B-7 Loan, 1 Month SOFR + 2.000% 		6.685(c) 12/01/28   788 787,537
          3,056,248
Computers 1.0%
McAfee Corp.,
Tranche B-1 Term Loan, 1 Month SOFR + 3.250% 		8.100(c) 03/01/29   3,140 3,131,140
NCR Atleos Corp.,          
Term A Loan, 3 Month SOFR + 2.750%^ 8.602(c) 09/27/28   283 281,817
Term B Loan, 3 Month SOFR + 3.750% 3.750(c) 03/27/29   899 897,028
          4,309,985
Distribution/Wholesale 0.1%
Windsor Holdings III LLC,
Facility 2024 September Dollar Refinancing Term B Loan, 1 Month SOFR + 3.500% 		8.259(c) 08/01/30   347 348,031
Electric 0.1%
Heritage Power LLC,
Term Loan, 3 Month SOFR + 7.000%^ 		11.604(c) 07/20/28   283 278,430
Electronics 0.1%
Likewize Corp.,          
Closing Date Term Loan, 3 Month SOFR + 5.750% 10.350(c) 08/15/29   367 357,500
Delayed Draw Term Loan, 1 Month SOFR + 5.750% 10.468(c) 08/15/29   33 32,500
          390,000
Entertainment 0.2%
Golden Entertainment, Inc.,
Term B-1 Loan, 3 Month SOFR + 2.250% 		6.854(c) 05/26/30   835 833,408
26
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Forest Products & Paper 0.1%
Glatfelter Corporation,
Term Loan 		— %(p) 10/31/31   450  $445,221
Insurance 2.2%
Acrisure LLC,          
2024 Refinancing Term B Loan, 1 Month SOFR + 3.000% 7.759(c) 02/16/27   4,429 4,416,446
2024 Refinancing Term Loan, 1 Month SOFR + 3.250% 8.009(c) 11/06/30   1,829 1,820,603
Asurion LLC,          
New B-08 Term Loan, 1 Month SOFR + 3.364% 8.050(c) 12/23/26   435 434,685
New B-09 Term Loan, 1 Month SOFR + 3.364% 8.050(c) 07/31/27   989 980,404
New B-12 Term Loan, 1 Month SOFR + 4.250% 8.935(c) 09/19/30   1,921 1,896,500
          9,548,638
Internet 0.0%
Cablevision Lightpath LLC,
Initial Term Loan, 1 Month SOFR + 3.364% 		8.168(c) 11/30/27   25 24,793
Investment Companies 0.2%
Hurricane CleanCo Ltd. (United Kingdom),
Facility A^ 		18.750 10/31/29 GBP 724 933,036
Media 0.8%
Altice Financing SA (Luxembourg),
2022 Dollar Loan, 3 Month SOFR + 5.000% 		9.656(c) 10/31/27   422 379,075
CSC Holdings LLC,
2022 Refinancing Term Loan, 1 Month SOFR + 4.500% 		9.304(c) 01/18/28   2,027 1,979,054
Radiate Holdco LLC,
Amendment No. 6 Term Loan, 1 Month SOFR + 3.364% 		8.050(c) 09/25/26   299 261,476
Virgin Media Bristol LLC,
Facility Q Advance, 1 Month SOFR + 3.364% 		8.150(c) 01/31/29   975 950,016
          3,569,621
27
Short Duration High Yield Opportunities Fund
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Metal Fabricate/Hardware 0.4%
Doncasters US Finance LLC (United Kingdom),
Initial Term Loan, 3 Month SOFR + 6.500%^ 		11.104 %(c) 04/23/30   1,990  $1,970,100
Packaging & Containers 0.7%
Trident TPI Holdings, Inc.,
Tranche B-7 Term Loan, 1 Month SOFR + 4.000% 		8.604(c) 09/15/28   3,257 3,262,501
Pharmaceuticals 0.2%
Bausch Health Cos., Inc.,
Second Amendment Term Loan, 1 Month SOFR + 5.350% 		10.706(c) 02/01/27   870 849,700
Retail 0.7%
Great Outdoors Group LLC,
Term B-2 Loan, 1 Month SOFR + 3.864% 		8.550(c) 03/06/28   393 393,414
LBM Acquisition LLC,
First Lien Initial Term Loan, 1 Month SOFR + 3.850% 		8.535(c) 12/17/27   739 737,480
MI Windows and Doors LLC,
2024 Incremental Term Loan, 1 Month SOFR + 3.000% 		7.685(c) 03/28/31   249 250,103
White Cap Buyer LLC,
Tranche C Term Loan, 1 Month SOFR + 3.250% 		7.935(c) 10/19/29   1,716 1,711,535
          3,092,532
Software 2.0%
athenahealth, Inc.,
Initial Term Loan, 1 Month SOFR + 3.250% 		7.935(c) 02/15/29   1,811 1,803,253
BMC Software,
2031 New First Lien Dollar Term Loan, 3 Month SOFR + 3.750% 		8.335(c) 07/30/31   881 877,473
Cotiviti, Inc.,
Initial Floating Rate Term Loan, 1 Month SOFR + 3.250% 		8.094(c) 05/01/31   1,767 1,768,234
Dun & Bradstreet Corp.,
Incremental Term B-2, 1 Month SOFR + 2.750% 		7.468(c) 01/18/29   3,654 3,660,943
Skillsoft Finance II, Inc.,
Initial Term Loan, 1 Month SOFR + 5.364% 		10.082(c) 07/14/28   885 715,001
          8,824,904
28
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Telecommunications 1.0%
Digicel International Finance Ltd. (Jamaica),
Initial Term Loan, 3 Month SOFR + 6.750% 		11.335 %(c) 05/25/27   61  $61,126
Level 3 Financing, Inc.,          
Term B-1, 1 Month SOFR + 6.560% 11.278(c) 04/15/29   743 758,760
Term B-2, 1 Month SOFR + 6.560% 11.278(c) 04/15/30   907 924,659
MLN US HoldCo LLC,          
3L Term B Loan, 3 Month SOFR + 9.350% 13.935(c) 10/18/27   4 120
Initial Term Loan, 3 Month SOFR + 6.540% 11.125(c) 10/18/27   21 12,765
Initial Term Loan (Second Out (First Lien Roll-Up)), 3 Month SOFR + 6.800% 11.385(c) 10/18/27   48 3,854
     
 
Viasat, Inc.,
Initial Term Loan, 1 Month SOFR + 4.500% 		9.185(c) 03/02/29   626 566,224
Windstream Services LLC,
2024 Term Loan, 1 Month SOFR + 4.750% 		9.707(c) 10/01/31   150 149,719
Xplornet Communications, Inc. (Canada),          
First Lien Refinancing Term Loan 11.000 10/02/28(d)   4,392 893,039
Initial Term Loan - Second Lien 12.596 10/01/29(d)   120 600
Term Loan —(p) 10/24/29   261 260,688
     
 
Zegona Holdco Ltd.,
Facility B (USD), 6 Month SOFR + 4.250%^ 		9.415(c) 07/17/29   850 836,187
          4,467,741
     
 
Total Floating Rate and Other Loans
(cost $53,894,769) 		51,662,905
U.S. Treasury Obligations(k) 0.5%
U.S. Treasury Notes 3.500 09/30/26   200 197,570
U.S. Treasury Notes 3.625 08/31/29   1,965 1,921,095
     
 
Total U.S. Treasury Obligations
(cost $2,176,000) 		2,118,665
    
      Shares  
Affiliated Exchange-Traded Fund 3.6%  
PGIM AAA CLO ETF
(cost $15,737,318)(wa) 		  307,811 15,784,548
29
Short Duration High Yield Opportunities Fund
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2024
Description     Shares Value
Common Stocks 0.9%
Chemicals 0.4%
Cornerstone Chemical Co.*^       9,517  $180,823
TPC Group, Inc. (original cost $53,386; purchased 12/15/22)*^(f)       4,927 187,226
Venator Materials PLC (original cost $5,092,913; purchased 03/02/21 - 10/19/23)*^(f)       2,671 1,335,500
          1,703,549
Oil, Gas & Consumable Fuels 0.5%
Heritage Power LLC*^       38,525 1,984,037
Heritage Power LLC*^       1,694 87,241
Heritage Power LLC*^       44,338 22,169
          2,093,447
Wireless Telecommunication Services 0.0%
Digicel International Finance Ltd. (Jamaica) (original cost $62,378; purchased 01/29/24 - 01/30/24)*^(f)       51,487 129,233
XPLORE, Inc. (Canada)       26,201 189,826
          319,059
     
 
Total Common Stocks
(cost $5,992,307) 		4,116,055
Preferred Stock 0.0%
Wireless Telecommunication Services 
Digicel International Finance Ltd. (Jamaica) (original cost $32,930; purchased 01/26/24 - 01/29/24)*^(f)
(cost $32,930) 		      5,461 59,552
 
Total Long-Term Investments
(cost $527,826,491) 		526,789,379
    
30
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2024
Description     Shares Value
Short-Term Investment 7.4%
Affiliated Mutual Fund           
PGIM Core Government Money Market Fund (7-day effective yield 5.011%)
(cost $32,230,094)(wa) 		    32,230,094  $32,230,094
 
TOTAL INVESTMENTS 127.8%
(cost $560,056,585) 		559,019,473
Liabilities in excess of other assets(z) (27.8)% (121,676,297)
 
Net Assets 100.0% $437,343,176
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
    
EUR Euro
GBP British Pound
USD US Dollar
    
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.
BARC Barclays Bank PLC
BNP BNP Paribas S.A.
BOA Bank of America, N.A.
CDX Credit Derivative Index
CLO Collateralized Loan Obligation
DAC Designated Activity Company
DB Deutsche Bank AG
ETF Exchange-Traded Fund
GSI Goldman Sachs International
HSBC HSBC Bank PLC
iBoxx Bond Market Indices
JPM JPMorgan Chase Bank N.A.
LIBOR London Interbank Offered Rate
LP Limited Partnership
MSI Morgan Stanley & Co International PLC
N/A Not Applicable
OTC Over-the-counter
PIK Payment-in-Kind
Q Quarterly payment frequency for swaps
REITs Real Estate Investment Trust
SOFR Secured Overnight Financing Rate
SSB State Street Bank & Trust Company
T Swap payment upon termination
    
* 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 $9,095,257 and 2.1% of net assets. 
(aa) Represents security, or a portion thereof, with aggregate value of $160,867,656 segregated as collateral for amount of $125,000,000 borrowed and outstanding as of October 31, 2024.
(c) Variable rate instrument. The interest rate shown reflects the rate in effect at October 31, 2024.
31
Short Duration High Yield Opportunities Fund
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2024
(cc) Variable rate instrument. The rate shown is based on the latest available information as of October 31, 2024. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.
(f) Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the aggregate original cost of such securities is $16,170,545. The aggregate value of $12,658,266 is 2.9% of net assets.
(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.
(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.
(oo) Perpetual security. Maturity date represents next call date.
(p) Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end.
(r) Principal or notional amount is less than $500 par.
(wa) Represents investments in Funds affiliated with the Manager.
(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:
Unfunded corporate bond commitment outstanding at October 31, 2024:
Issuer   Principal
Amount
(000)# 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
New Generation Gas Gathering LLC, Sr. Sec’d. Notes, 144A, —%(p), Maturity Date 09/30/29 (cost $467,209)^    474   $467,209   $—   $—
Unfunded loan commitment outstanding at October 31, 2024:
Borrower   Principal
Amount
(000)# 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
Doncasters US Finance LLC, Delayed Draw Term Loan, 1.500%, Maturity Date 04/23/30 (cost $197,900)^    200   $198,000   $100   $—
Futures contracts outstanding at October 31, 2024:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Long Positions:
96   2 Year U.S. Treasury Notes   Dec. 2024    $19,770,750    $(160,332)
454   5 Year U.S. Treasury Notes   Dec. 2024   48,684,409   (1,115,780)
11   20 Year U.S. Treasury Bonds   Dec. 2024   1,297,656   (82,196)
14   30 Year U.S. Ultra Treasury Bonds   Dec. 2024   1,758,750   (109,947)
                (1,468,255)
32
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2024
Futures contracts outstanding at October 31, 2024 (continued):
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Short Position:
99   10 Year U.S. Treasury Notes   Dec. 2024    $10,936,406    $337,949
                $(1,130,306)
Forward foreign currency exchange contracts outstanding at October 31, 2024:
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts:
British Pound,
Expiring 11/05/24   DB   GBP 1,446    $1,879,129    $1,864,929    $—    $(14,200)
Euro,
Expiring 11/05/24   BOA   EUR 427   462,267   464,251   1,984   —
Expiring 11/05/24   SSB   EUR 2,368   2,564,335   2,576,556   12,221   —
              $4,905,731   $4,905,736   14,205   (14,200)
    
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts:
British Pound,
Expiring 11/05/24   HSBC   GBP 1,446    $1,936,025    $1,864,928    $71,097    $—
Expiring 12/03/24   DB   GBP 1,446   1,879,068   1,864,844   14,224   —
Euro,
Expiring 11/05/24   SSB   EUR 2,795   3,118,666   3,040,807   77,859   —
Expiring 12/03/24   SSB   EUR 2,368   2,567,281   2,579,453   —   (12,172)
              $9,501,040   $9,350,032   163,180   (12,172)
                      $177,385   $(26,372)
33
Short Duration High Yield Opportunities Fund
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2024
Credit default swap agreement outstanding at October 31, 2024:
Reference
Entity/
Obligation 		Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Value at
Trade Date 		  Value at
October 31,
2024 		  Unrealized
Appreciation
(Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):
CDX.NA.HY.43.V1 12/20/29   5.000%(Q)     965   $(69,306)   $(71,798)   $(2,492)
    
Reference
Entity/
Obligation 		Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Implied Credit
Spread at
October 31,
2024(4) 		  Value at
Trade Date 		  Value at
October 31,
2024 		  Unrealized
Appreciation
(Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):
CDX.NA.HY.42.V1 06/20/29   5.000%(Q)     23,755   3.122%   $1,434,460   $1,868,656   $434,196
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
34
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2024
  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.
    
Total return swap agreements outstanding at October 31, 2024:
Reference Entity   Financing
Rate 		  Counterparty   Termination
Date 		  Long (Short)
Notional
Amount
(000)#(1) 		  Fair
Value 		  Upfront
Premiums
Paid
(Received) 		  Unrealized
Appreciation
(Depreciation)(2)
OTC Total Return Swap Agreements:
iBoxx US Dollar Liquid High Yield Index(T)   1 Day SOFR(Q)/ 4.900%   MSI   12/20/24   6,300    $285,735    $—    $285,735
iBoxx US Dollar Liquid High Yield Index(T)   1 Day SOFR(Q)/ 4.900%   BNP   12/20/24   13,610   88,487   —   88,487
iBoxx US Dollar Liquid High Yield Index(T)   1 Day SOFR(Q)/ 4.900%   BARC   12/20/24   16,080   42,824   —   42,824
iBoxx US Dollar Liquid High Yield Index(T)   1 Day SOFR(Q)/ 4.900%   JPM   12/20/24   30,050   197,088   —   197,088
iBoxx US Dollar Liquid High Yield Index(T)   1 Day SOFR(Q)/ 4.900%   MSI   03/20/25   2,780   32,910   —   32,910
iBoxx US Dollar Liquid Investment Grade Index(T)   1 Day SOFR(Q)/ 4.900%   MSI   12/20/24   (5,510)   90,182   —   90,182
iBoxx US Dollar Liquid Investment Grade Index(T)   1 Day SOFR(Q)/ 4.900%   GSI   12/20/24   (3,580)   112,331   —   112,331
                    $849,557   $—   $849,557
(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).
35
Short Duration High Yield Opportunities Fund
PGIM Short Duration High... (NYSE:SDHY)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024 Plus de graphiques de la Bourse PGIM Short Duration High...
PGIM Short Duration High... (NYSE:SDHY)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024 Plus de graphiques de la Bourse PGIM Short Duration High...