NPORT-EX 2 PI62370PGIMHighYieldFd.htm HTML
PGIM High Yield Fund
Schedule of Investments as of November 30, 2019 (unaudited)
Description Interest Rate Maturity Date Principal
Amount
(000)# 		Value
Long-Term Investments 91.9%
Asset-Backed Securities 5.4%
Collateralized Loan Obligations 
Adams Mill CLO Ltd. (Cayman Islands),
Series 2014-01A, Class A1R, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 0.000%) 		3.101 %(c) 07/15/26   16,538  $ 16,537,667
Avery Point CLO Ltd. (Cayman Islands),
Series 2015-07A, Class AR, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 0.000%) 		3.141(c) 01/15/28   15,000 14,972,015
Benefit Street Partners CLO Ltd. (Cayman Islands),          
Series 2015-VIIA, Class A1AR, 144A, 3 Month LIBOR + 0.780% (Cap N/A, Floor 0.000%) 2.783(c) 07/18/27   28,822 28,769,042
Series 2017-12A, Class A1, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%) 3.251(c) 10/15/30   20,000 19,884,556
     
 
Carlyle Global Market Strategies CLO Ltd. (Cayman Islands),
Series 2014-01A, Class A1R2, 144A, 3 Month LIBOR + 0.970% (Cap N/A, Floor 0.970%) 		2.972(c) 04/17/31   15,500 15,317,788
Cathedral Lake CLO Ltd. (Cayman Islands),
Series 2016-04A, Class AR, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 1.250%) 		3.216(c) 10/20/28   14,500 14,504,552
CBAM Ltd. (Cayman Islands),
Series 2018-06A, Class A, 144A, 3 Month LIBOR + 0.940% (Cap N/A, Floor 0.000%) 		2.941(c) 07/15/31   33,000 32,971,069
Eaton Vance CLO Ltd. (Cayman Islands),
Series 2013-01A, Class A1RR, 144A, 3 Month LIBOR + 1.160% (Cap N/A, Floor 0.000%) 		3.161(c) 01/15/28   30,000 30,016,461
HPS Loan Management Ltd. (Cayman Islands),
Series 10A-16, Class A1R, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 0.000%) 		3.106(c) 01/20/28   25,000 24,989,020
JMP Credit Advisors CLO Ltd. (Cayman Islands),
Series 2017-01A, Class AR, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 1.280%) 		3.282(c) 07/17/29   25,000 24,878,787
LCM LP (Cayman Islands),
Series 13A, Class ARR, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 0.000%) 		3.106(c) 07/19/27   25,000 24,906,450
Northwoods Capital Corp./Northwoods Capital Ltd.,
Series 2019-20A, Class A1, 144A 		—(p) 01/25/30   10,750 10,750,000
OCP CLO Ltd. (Cayman Islands),
Series 2015-09A, Class A1R, 144A, 3 Month LIBOR + 0.800% (Cap N/A, Floor 0.000%) 		2.801(c) 07/15/27   16,741 16,702,219
OZLM Ltd. (Cayman Islands),
Series 2015-13A, Class A1R, 144A, 3 Month LIBOR + 1.080% (Cap N/A, Floor 0.000%) 		3.016(c) 07/30/27   23,650 23,588,571
1

PGIM High Yield Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
Description Interest Rate Maturity Date Principal
Amount
(000)# 		Value
Asset-Backed Securities (Continued)
Collateralized Loan Obligations (cont’d.)
Palmer Square Loan Funding Ltd. (Cayman Islands),
Series 2019-03A, Class A1, 144A, 3 Month LIBOR + 0.850% (Cap N/A, Floor 0.850%) 		2.749 %(c) 08/20/27   18,970  $ 18,922,527
Regatta Funding LP (Cayman Islands),
Series 2013-02A, Class A1R2, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%) 		3.251(c) 01/15/29   30,000 30,052,956
SCOF Ltd. (Cayman Islands),
Series 2015-02A, Class AR, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 0.000%) 		3.181(c) 07/15/28   42,375 42,277,046
Silvermore CLO Ltd. (Cayman Islands),
Series 2014-01A, Class A1R, 144A, 3 Month LIBOR + 1.170% (Cap N/A, Floor 0.000%) 		3.080(c) 05/15/26   21,628 21,629,472
Sound Point CLO Ltd. (Cayman Islands),          
Series 2016-02A, Class AR, 144A, 3 Month LIBOR + 1.290% (Cap N/A, Floor 1.290%) 3.256(c) 10/20/28   40,000 39,968,216
Series 2017-01A, Class AR, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%) 3.084(c) 01/23/29   35,000 34,948,557
TCW CLO Ltd. (Cayman Islands),
Series 2019-01A, Class A, 144A, 3 Month LIBOR + 1.440% (Cap N/A, Floor 1.440%) 		3.350(c) 02/15/29   20,000 19,964,798
TICP CLO Ltd. (Cayman Islands),
Series 2016-06A, Class AR, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%) 		3.201(c) 01/15/29   4,000 4,008,268
Venture CLO Ltd. (Cayman Islands),
Series 2015-21A, Class AR, 144A, 3 Month LIBOR + 0.880% (Cap N/A, Floor 0.000%) 		2.881(c) 07/15/27   47,974 47,875,925
Wellfleet CLO Ltd. (Cayman Islands),
Series 2016-01A, Class AR, 144A, 3 Month LIBOR + 0.910% (Cap N/A, Floor 0.000%) 		2.876(c) 04/20/28   3,000 2,985,685
Zais CLO Ltd. (Cayman Islands),          
Series 2016-02A, Class A1, 144A, 3 Month LIBOR + 1.530% (Cap N/A, Floor 0.000%) 3.531(c) 10/15/28   20,000 19,873,482
Series 2018-02A, Class A, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 0.000%) 3.166(c) 07/20/31   30,000 29,463,717
 
Total Asset-Backed Securities
(cost $612,285,390) 		610,758,846
2

PGIM High Yield Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
Description Interest Rate Maturity Date Principal
Amount
(000)# 		Value
Bank Loans 5.7%
Advertising 0.0%
Clear Channel Outdoor Holdings, Inc.,
Term B Loan, 1 Month LIBOR + 3.500% 		5.202 %(c) 08/21/26   4,000  $ 4,010,000
Chemicals 0.6%
Alpha Bidco, Inc. (United Kingdom),
Initial Term B-1 Loan, 3 Month LIBOR + 3.000% 		5.104(c) 01/31/24   5,000 4,922,915
Solenis International LP,          
First Lien Initial Dollar Term Loan, 1 - 3 Month LIBOR + 4.000% 5.805(c) 06/26/25   18,788 17,707,645
Second Lien Initial Term Loan, 3 Month LIBOR + 8.500% 10.409(c) 06/26/26   34,184 30,936,866
     
 
Starfruit Finco BV (Netherlands),
Initial Dollar Term Loan, 1 Month LIBOR + 3.250% 		5.005(c) 10/01/25   13,550 13,400,950
          66,968,376
Commercial Services 0.5%
Financial & Risk US Holdings, Inc.,
Initial Dollar Term Loan, 1 Month LIBOR + 3.750% 		5.452(c) 10/01/25   39,526 39,748,648
Verscend Holding Corp.,
Term B Loan, 1 Month LIBOR + 4.500% 		6.202(c) 08/27/25   15,250 15,259,531
          55,008,179
Computers 0.9%
McAfee LLC,          
Second Lien Initial Loan, 1 Month LIBOR + 8.500% 10.202(c) 09/29/25   46,629 46,784,384
Term B USD Loan, 1 Month LIBOR + 3.750% 5.452(c) 09/30/24   58,945 58,973,941
          105,758,325
Electric 0.4%
Calpine Corp.,          
Term Loan (04/19), 3 Month LIBOR + 2.750% 4.860(c) 04/05/26   1,850 1,855,088
Term Loan (05/15), 3 Month LIBOR + 2.500% 4.610(c) 01/15/24   14,028 14,060,126
     
 
Heritage Power LLC,
Term Loan B, 3 Month LIBOR + 6.000%^ 		8.205(c) 07/30/26   36,375 35,147,344
          51,062,558
Entertainment 0.1%
Scientific Games International, Inc.,
Initial Term B-5 Loan, 1 Month LIBOR + 2.750% 		4.452(c) 08/14/24   12,916 12,861,504
3

PGIM High Yield Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
Description Interest Rate Maturity Date Principal
Amount
(000)# 		Value
Bank Loans (Continued)
Healthcare-Products 0.1%
Mallinckrodt International Finance SA,          
2017 Term B Loan, 3 Month LIBOR + 2.750% 4.854 %(c) 09/24/24   10,197  $ 7,886,063
Term Loan —(p) 02/24/25   3,728 2,870,175
          10,756,238
Healthcare-Services 0.1%
MPH Acquisition Holdings LLC,
Initial Term Loan, 3 Month LIBOR + 2.750% 		4.854(c) 06/07/23   12,887 12,283,054
Insurance 0.1%
Asurion LLC,
Second Lien Replacement B-2 Term Loan, 1 Month LIBOR + 6.500% 		8.202(c) 08/04/25   14,460 14,523,262
Media 0.1%
iHeartCommunications, Inc.,
Term Loan, 1 Month LIBOR + 4.000% 		5.781(c) 05/01/26   12,853 12,933,443
Mining 0.4%
Aleris International, Inc.,
Initial Term Loan, 1 Month LIBOR + 4.750% 		6.452(c) 02/27/23   41,602 41,549,798
Oil & Gas 0.4%
Citgo Holding, Inc.,
Term Loan, 1 Month LIBOR + 7.000% 		8.702(c) 08/01/23   9,000 9,090,000
CITGO Petroleum Corp.,          
2019 Incremental Term B Loan, 3 Month LIBOR + 5.000%^ 7.104(c) 03/27/24   13,047 13,144,256
Term B Loan, 3 Month LIBOR + 4.500% 6.604(c) 07/29/21   26,846 26,896,506
          49,130,762
Pharmaceuticals 0.1%
Change Healthcare Holdings LLC,
Closing Date Term Loan, 1 Month LIBOR + 2.500% 		4.202(c) 03/01/24   14,718 14,707,766
4

PGIM High Yield Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
Description Interest Rate Maturity Date Principal
Amount
(000)# 		Value
Bank Loans (Continued)
Retail 0.3%
EG America LLC (United Kingdom),
Second Lien Facility (USD), 3 Month LIBOR + 8.000%^ 		10.104 %(c) 04/20/26   7,764  $ 7,259,311
Sally Holdings LLC,
Term B-2 Loan 		4.500 07/05/24   24,525 23,850,562
          31,109,873
Software 1.0%
Boxer Parent Co., Inc.,
Initial Dollar Term Loan, 1 Month LIBOR + 4.250% 		5.952(c) 10/02/25   19,357 18,583,182
Finastra USA, Inc.,          
Dollar Term Loan (Second Lien), 3 Month LIBOR + 7.250% 9.446(c) 06/13/25   21,374 20,465,635
First Lien Dollar Term Loan, 3 Month LIBOR + 3.500% 5.696(c) 06/13/24   13,000 12,691,250
     
 
Infor US, Inc.,
Tranche B-6 Term Loan, 3 Month LIBOR + 2.750% 		4.854(c) 02/01/22   13,531 13,547,877
Informatica LLC,
Dollar Term B-1 Loan, 1 Month LIBOR + 3.250% 		4.952(c) 08/05/22   9,924 9,932,297
Kronos, Inc.,
Second Lien Initial Term Loan, 3 Month LIBOR + 8.250% 		10.159(c) 11/01/24   7,500 7,537,500
TIBCO Software, Inc.,
Term Loan B-2, 1 Month LIBOR + 4.000% 		5.780(c) 06/30/26   26,622 26,654,955
          109,412,696
Telecommunications 0.6%
Digicel International Finance Ltd. (Saint Lucia),
First Lien Initial Term B Loan, 3 Month LIBOR + 3.250% 		5.340(c) 05/27/24   10,610 8,865,720
Intelsat Jackson Holdings SA (Luxembourg),
Tranche B-5 Term Loan 		6.625 01/02/24   12,305 12,228,094
West Corp.,
Initial Term B Loan, 1 - 3 Month LIBOR + 4.000% 		5.814(c) 10/10/24   38,018 30,858,436
Xplornet Communications, Inc. (Canada),
New Term B Loan, 3 Month LIBOR + 4.000% 		6.104(c) 09/09/21   11,925 11,895,188
          63,847,438
     
 
Total Bank Loans
(cost $662,508,815) 		655,923,272
5

PGIM High Yield Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
Description Interest Rate Maturity Date Principal
Amount
(000)# 		Value
Corporate Bonds 80.1%
Advertising 0.4%
Mood Media Borrower LLC/Mood Media Co-Issuer, Inc.,
Sec’d. Notes, 144A, Cash pays ((6 Month LIBOR + 14.000%)/(1—Statutory Reserves)) or PIK 8.000% (Cap N/A, Floor 1.000%) 		16.213 % 12/31/23   2,237  $ 1,867,456
National CineMedia LLC,          
Sr. Sec’d. Notes, 144A 5.875 04/15/28   19,650 20,503,518
Sr. Unsec’d. Notes 5.750 08/15/26   20,485 19,667,651
          42,038,625
Aerospace & Defense 2.4%
Bombardier, Inc. (Canada),          
Sr. Unsec’d. Notes, 144A 5.750 03/15/22   1,413 1,434,129
Sr. Unsec’d. Notes, 144A 7.450 05/01/34   1,275 1,245,654
Sr. Unsec’d. Notes, 144A 7.500 12/01/24   73,926 75,902,814
Sr. Unsec’d. Notes, 144A(a) 7.500 03/15/25   27,372 27,749,387
Sr. Unsec’d. Notes, 144A 7.875 04/15/27   79,150 79,523,080
Sr. Unsec’d. Notes, 144A 8.750 12/01/21   39,850 43,193,681
SSL Robotics LLC,
Sr. Sec’d. Notes, 144A 		9.750 12/31/23   21,525 22,442,317
TransDigm UK Holdings PLC,
Gtd. Notes 		6.875 05/15/26   4,875 5,162,054
TransDigm, Inc.,          
Gtd. Notes 6.375 06/15/26   11,450 12,029,570
Gtd. Notes 6.500 07/15/24   4,830 4,980,564
Gtd. Notes 6.500 05/15/25   2,300 2,391,210
          276,054,460
Agriculture 0.3%
Vector Group Ltd.,          
Gtd. Notes, 144A 10.500 11/01/26   10,200 10,463,180
Sr. Sec’d. Notes, 144A 6.125 02/01/25   26,760 25,588,036
          36,051,216
Auto Manufacturers 1.5%
Allison Transmission, Inc.,          
Sr. Unsec’d. Notes, 144A(a) 4.750 10/01/27   6,513 6,716,331
Sr. Unsec’d. Notes, 144A 5.875 06/01/29   8,775 9,484,981
Ford Motor Co.,          
Sr. Unsec’d. Notes 4.750 01/15/43   25,850 22,641,773
Sr. Unsec’d. Notes(a) 5.291 12/08/46   66,758 62,484,700
6

PGIM High Yield Fund
Schedule of Investments as of November 30, 2019 (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(a) 		5.584 % 03/18/24   10,375  $ 11,087,741
General Motors Co.,          
Sr. Unsec’d. Notes 5.000 10/01/28   17,000 18,207,385
Sr. Unsec’d. Notes 5.200 04/01/45   2,150 2,140,684
Navistar International Corp.,
Gtd. Notes, 144A 		6.625 11/01/25   40,197 41,488,052
          174,251,647
Auto Parts & Equipment 2.1%
Adient Global Holdings Ltd.,
Gtd. Notes, 144A 		4.875 08/15/26   51,863 44,185,046
American Axle & Manufacturing, Inc.,          
Gtd. Notes(a) 6.250 04/01/25   18,675 19,060,967
Gtd. Notes(a) 6.250 03/15/26   36,060 36,192,753
Gtd. Notes(a) 6.500 04/01/27   37,099 37,469,990
Gtd. Notes 6.625 10/15/22   4,800 4,862,029
Cooper-Standard Automotive, Inc.,
Gtd. Notes, 144A(a) 		5.625 11/15/26   32,131 27,567,103
Dana Financing Luxembourg Sarl,          
Gtd. Notes, 144A(a) 5.750 04/15/25   6,559 6,870,711
Gtd. Notes, 144A(a) 6.500 06/01/26   43,292 45,890,887
IHO Verwaltungs GmbH (Germany),
Sr. Sec’d. Notes, 144A, Cash coupon 4.750% or PIK 5.500% 		4.750 09/15/26   2,725 2,773,126
Meritor, Inc.,
Gtd. Notes 		6.250 02/15/24   1,025 1,056,897
Titan International, Inc.,
Sr. Sec’d. Notes 		6.500 11/30/23   13,625 11,291,262
          237,220,771
Banks 0.2%
CIT Group, Inc.,
Sub. Notes 		6.125 03/09/28   23,900 27,998,214
Beverages 0.1%
Cott Holdings, Inc. (Canada),
Gtd. Notes, 144A 		5.500 04/01/25   14,582 15,277,351
7

PGIM High Yield Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
Description Interest Rate Maturity Date Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Building Materials 1.7%
Cemex SAB de CV (Mexico),          
Sr. Sec’d. Notes, 144A 5.450 % 11/19/29   7,170  $ 7,264,155
Sr. Sec’d. Notes, 144A(a) 5.700 01/11/25   4,635 4,759,751
Sr. Sec’d. Notes, 144A(a) 7.750 04/16/26   1,850 2,003,870
Cornerstone Building Brands, Inc.,
Gtd. Notes, 144A(a) 		8.000 04/15/26   25,436 25,889,432
Griffon Corp.,
Gtd. Notes 		5.250 03/01/22   14,075 14,187,653
Masonite International Corp.,          
Gtd. Notes, 144A 5.375 02/01/28   10,405 11,019,321
Gtd. Notes, 144A 5.750 09/15/26   9,666 10,257,261
Patrick Industries, Inc.,
Sr. Unsec’d. Notes, 144A 		7.500 10/15/27   13,775 14,499,629
Standard Industries, Inc.,
Sr. Unsec’d. Notes, 144A 		4.750 01/15/28   27,153 28,064,526
Summit Materials LLC/Summit Materials Finance Corp.,          
Gtd. Notes(a) 6.125 07/15/23   9,383 9,555,385
Gtd. Notes, 144A 5.125 06/01/25   7,482 7,652,647
Gtd. Notes, 144A 6.500 03/15/27   7,280 7,802,689
U.S. Concrete, Inc.,
Gtd. Notes(a) 		6.375 06/01/24   45,585 47,517,184
          190,473,503
Chemicals 4.0%
Ashland LLC,
Gtd. Notes(a) 		6.875 05/15/43   32,720 37,555,603
Atotech Alpha 2 BV (Germany),
Sr. Unsec’d. Notes, 144A, Cash coupon 8.750% or PIK 9.500%(a) 		8.750 06/01/23   37,626 37,254,037
Atotech Alpha 3 BV/Alpha US Bidco, Inc. (United Kingdom),
Gtd. Notes, 144A(a) 		6.250 02/01/25   5,979 6,083,571
Chemours Co. (The),          
Gtd. Notes 5.375 05/15/27   26,430 22,219,626
Gtd. Notes(a) 6.625 05/15/23   2,354 2,337,095
Gtd. Notes(a) 7.000 05/15/25   46,649 43,395,173
Cornerstone Chemical Co.,
Sr. Sec’d. Notes, 144A 		6.750 08/15/24   18,513 16,939,581
Element Solutions, Inc.,
Gtd. Notes, 144A 		5.875 12/01/25   9,433 9,837,202
8

PGIM High Yield Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
Description Interest Rate Maturity Date Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Chemicals (cont’d.)
Hexion, Inc.,
Gtd. Notes, 144A(a) 		7.875 % 07/15/27   33,493  $ 33,819,930
NOVA Chemicals Corp. (Canada),          
Sr. Unsec’d. Notes, 144A 4.875 06/01/24   1,495 1,507,685
Sr. Unsec’d. Notes, 144A 5.000 05/01/25   8,100 8,169,995
Sr. Unsec’d. Notes, 144A 5.250 06/01/27   48,580 49,203,251
Rain CII Carbon LLC/CII Carbon Corp.,
Sec’d. Notes, 144A 		7.250 04/01/25   26,264 25,522,953
Starfruit Finco BV/Starfruit US Holdco LLC (Netherlands),
Sr. Unsec’d. Notes, 144A(a) 		8.000 10/01/26   41,660 43,525,819
TPC Group, Inc.,
Sr. Sec’d. Notes, 144A 		10.500 08/01/24   26,277 26,383,127
Tronox Finance PLC,
Gtd. Notes, 144A(a) 		5.750 10/01/25   47,527 47,002,847
Tronox, Inc.,
Gtd. Notes, 144A(a) 		6.500 04/15/26   28,310 28,518,710
Venator Finance Sarl/Venator Materials LLC,
Gtd. Notes, 144A(a) 		5.750 07/15/25   23,542 21,378,608
          460,654,813
Coal 0.0%
Warrior Met Coal, Inc.,
Sr. Sec’d. Notes, 144A 		8.000 11/01/24   1,644 1,659,728
Commercial Services 3.2%
AMN Healthcare, Inc.,
Gtd. Notes, 144A 		4.625 10/01/27   7,075 7,128,185
Laureate Education, Inc.,
Gtd. Notes, 144A 		8.250 05/01/25   47,511 51,424,722
Refinitiv US Holdings, Inc.,
Gtd. Notes, 144A(a) 		8.250 11/15/26   100,062 112,334,316
United Rentals North America, Inc.,          
Gtd. Notes 4.875 01/15/28   70,500 73,540,800
Gtd. Notes 5.250 01/15/30   36,490 38,762,712
Gtd. Notes 5.500 05/15/27   12,005 12,840,673
Gtd. Notes 5.875 09/15/26   26,975 28,934,328
Gtd. Notes 6.500 12/15/26   16,475 18,029,986
Verscend Escrow Corp.,
Sr. Unsec’d. Notes, 144A(a) 		9.750 08/15/26   21,760 23,393,911
          366,389,633
9

PGIM High Yield Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
Description Interest Rate Maturity Date Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Computers 1.5%
Banff Merger Sub, Inc.,
Sr. Unsec’d. Notes, 144A(a) 		9.750 % 09/01/26   93,473  $ 87,616,225
Dell International LLC/EMC Corp.,
Gtd. Notes, 144A 		5.875 06/15/21   1,192 1,211,390
Everi Payments, Inc.,
Gtd. Notes, 144A 		7.500 12/15/25   23,721 25,090,062
MTS Systems Corp.,
Gtd. Notes, 144A 		5.750 08/15/27   4,780 4,985,595
NCR Corp.,          
Gtd. Notes 5.000 07/15/22   9,403 9,499,777
Gtd. Notes, 144A 5.750 09/01/27   13,925 14,402,070
Tempo Acquisition LLC/Tempo Acquisition Finance Corp.,
Sr. Unsec’d. Notes, 144A 		6.750 06/01/25   21,850 22,505,061
          165,310,180
Distribution/Wholesale 0.2%
Anixter, Inc.,          
Gtd. Notes 5.500 03/01/23   1,975 2,055,619
Gtd. Notes 6.000 12/01/25   11,770 12,331,783
H&E Equipment Services, Inc.,
Gtd. Notes(a) 		5.625 09/01/25   12,925 13,635,752
          28,023,154
Diversified Financial Services 3.1%
Allied Universal Holdco LLC/Allied Universal Finance
Corp., 		         
Sr. Sec’d. Notes, 144A 6.625 07/15/26   10,950 11,602,578
Sr. Unsec’d. Notes, 144A 9.750 07/15/27   31,200 32,841,657
Avolon Holdings Funding Ltd. (Ireland),
Gtd. Notes, 144A 		5.500 01/15/23   4,000 4,308,541
Fairstone Financial, Inc. (Canada),
Sr. Unsec’d. Notes, 144A(a) 		7.875 07/15/24   14,515 15,699,058
LPL Holdings, Inc.,
Gtd. Notes, 144A 		5.750 09/15/25   17,325 18,275,002
Nationstar Mortgage Holdings, Inc.,          
Gtd. Notes, 144A 8.125 07/15/23   6,750 7,218,344
Gtd. Notes, 144A(a) 9.125 07/15/26   99,287 110,060,845
Navient Corp.,
Sr. Unsec’d. Notes, MTN 		8.000 03/25/20   904 918,388
10

PGIM High Yield Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
Description Interest Rate Maturity Date Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Diversified Financial Services (cont’d.)
Park Aerospace Holdings Ltd. (Ireland),          
Gtd. Notes, 144A 4.500 % 03/15/23   6,666  $ 6,997,238
Gtd. Notes, 144A 5.500 02/15/24   9,390 10,298,723
Springleaf Finance Corp.,          
Gtd. Notes 5.375 11/15/29   9,250 9,531,068
Gtd. Notes 6.625 01/15/28   26,365 29,179,882
Gtd. Notes 6.875 03/15/25   23,675 27,058,029
Gtd. Notes 7.125 03/15/26   62,725 72,301,430
          356,290,783
Electric 2.5%
Calpine Corp.,          
Sr. Unsec’d. Notes 5.375 01/15/23   3,392 3,438,667
Sr. Unsec’d. Notes 5.500 02/01/24   28,745 29,256,690
Sr. Unsec’d. Notes(a) 5.750 01/15/25   115,364 118,278,720
Keystone Power Pass-Through Holders LLC/Conemaugh Power Pass-Through Holders,
Sub. Notes, 144A, Cash coupon 13.000% or PIK 13.000% 		13.000 06/01/24   8,092 8,133,010
Keystone & Conemaugh Pass-Through Certificates,
Gtd. Notes, 144A 		9.000 12/01/23   4,074 4,155,145
Mirant Corp.,
Bonds, 144A^ 		7.400 07/15/49(d)   2,675 2,675
NRG Energy, Inc.,          
Gtd. Notes(a) 5.750 01/15/28   12,050 13,058,198
Gtd. Notes 6.625 01/15/27   1,610 1,743,894
Gtd. Notes 7.250 05/15/26   5,000 5,480,306
Gtd. Notes, 144A(a) 5.250 06/15/29   5,050 5,415,740
Vistra Energy Corp.,
Gtd. Notes, 144A 		8.000 01/15/25   1,515 1,580,313
Vistra Operations Co. LLC,          
Gtd. Notes, 144A 5.000 07/31/27   18,610 19,341,666
Gtd. Notes, 144A 5.500 09/01/26   26,180 27,704,538
Sr. Unsec’d. Notes, 144A 5.625 02/15/27   47,450 49,861,116
          287,450,678
Electronics 0.1%
Itron, Inc.,
Gtd. Notes, 144A 		5.000 01/15/26   6,325 6,563,254
Sensata Technologies BV,          
Gtd. Notes, 144A(a) 4.875 10/15/23   6,090 6,455,632
11

PGIM High Yield Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
Description Interest Rate Maturity Date Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Electronics (cont’d.)
Sensata Technologies BV, (cont’d.)          
Gtd. Notes, 144A(a) 5.000 % 10/01/25   1,800  $ 1,958,661
Gtd. Notes, 144A 5.625 11/01/24   950 1,043,622
          16,021,169
Energy-Alternate Sources 0.1%
Enviva Partners LP/Enviva Partners Finance Corp.,
Sr. Unsec’d. Notes, 144A 		6.500 01/15/26   9,975 10,372,951
Engineering & Construction 0.8%
AECOM,          
Gtd. Notes(a) 5.125 03/15/27   37,173 39,875,612
Gtd. Notes 5.875 10/15/24   18,073 19,811,865
TopBuild Corp.,
Gtd. Notes, 144A 		5.625 05/01/26   28,228 29,557,970
          89,245,447
Entertainment 3.7%
AMC Entertainment Holdings, Inc.,          
Gtd. Notes(a) 5.750 06/15/25   12,925 12,023,002
Gtd. Notes(a) 5.875 11/15/26   43,578 39,264,079
Gtd. Notes(a) 6.125 05/15/27   13,075 11,778,628
Caesars Resort Collection LLC/CRC Finco, Inc.,
Gtd. Notes, 144A(a) 		5.250 10/15/25   63,841 65,921,808
Golden Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A(a) 		7.625 04/15/26   31,736 33,620,341
International Game Technology PLC,          
Sr. Sec’d. Notes, 144A(a) 6.250 01/15/27   17,770 19,914,815
Sr. Sec’d. Notes, 144A 6.500 02/15/25   13,431 15,067,345
Jacobs Entertainment, Inc.,
Sec’d. Notes, 144A 		7.875 02/01/24   21,815 23,179,402
Lions Gate Capital Holdings LLC,
Gtd. Notes, 144A 		6.375 02/01/24   905 882,996
Penn National Gaming, Inc.,
Sr. Unsec’d. Notes, 144A(a) 		5.625 01/15/27   38,510 39,981,630
Scientific Games International, Inc.,          
Gtd. Notes 6.250 09/01/20   4,925 4,929,098
Gtd. Notes 6.625 05/15/21   27,015 27,431,588
Gtd. Notes 10.000 12/01/22   24,515 25,183,430
Gtd. Notes, 144A(a) 8.250 03/15/26   41,674 45,092,849
12

PGIM High Yield Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
Description Interest Rate Maturity Date Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Entertainment (cont’d.)
Scientific Games International, Inc., (cont’d.)          
Sr. Unsec’d. Notes, 144A 7.000 % 05/15/28   11,300  $ 11,765,372
Sr. Unsec’d. Notes, 144A 7.250 11/15/29   11,300 11,806,971
Twin River Worldwide Holdings, Inc.,
Sr. Unsec’d. Notes, 144A 		6.750 06/01/27   23,684 24,392,485
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.,
Sr. Unsec’d. Notes, 144A 		5.125 10/01/29   9,020 9,562,976
          421,798,815
Foods 2.0%
B&G Foods, Inc.,          
Gtd. Notes(a) 5.250 04/01/25   11,003 11,116,746
Gtd. Notes(a) 5.250 09/15/27   7,770 7,619,954
JBS USA LUX SA/JBS USA Finance, Inc.,          
Gtd. Notes, 144A 5.750 06/15/25   32,670 33,953,917
Gtd. Notes, 144A 5.875 07/15/24   7,543 7,775,636
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance,
Inc., 		         
Gtd. Notes, 144A 6.500 04/15/29   33,739 37,549,814
Sr. Unsec’d. Notes, 144A 5.500 01/15/30   24,701 26,427,271
Picard Groupe SAS (France),
Sr. Sec’d. Notes, 3 Month EURIBOR + 3.000% (Cap N/A, Floor 3.000%) 		3.000(c) 11/30/23 EUR 10,250 11,010,114
Pilgrim’s Pride Corp.,
Gtd. Notes, 144A 		5.875 09/30/27   43,390 46,928,942
Post Holdings, Inc.,          
Gtd. Notes, 144A(a) 5.500 12/15/29   17,858 18,809,476
Gtd. Notes, 144A(a) 5.625 01/15/28   26,127 28,048,148
          229,240,018
Gas 0.8%
AmeriGas Partners LP/AmeriGas Finance Corp.,          
Sr. Unsec’d. Notes 5.500 05/20/25   31,780 34,032,745
Sr. Unsec’d. Notes 5.750 05/20/27   28,577 31,187,619
Sr. Unsec’d. Notes 5.875 08/20/26   24,524 26,954,105
          92,174,469
Healthcare-Services 5.2%
Acadia Healthcare Co., Inc.,          
Gtd. Notes 5.125 07/01/22   1,486 1,497,598
13

PGIM High Yield Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
Description Interest Rate Maturity Date Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Healthcare-Services (cont’d.)
Acadia Healthcare Co., Inc., (cont’d.)          
Gtd. Notes 6.125 % 03/15/21   2,070  $ 2,072,041
Gtd. Notes 6.500 03/01/24   5,269 5,479,386
Centene Corp.,          
Sr. Unsec’d. Notes, 144A 4.250 12/15/27   15,465 15,889,012
Sr. Unsec’d. Notes, 144A 4.625 12/15/29   14,545 15,216,316
CHS/Community Health Systems, Inc.,          
Sec’d. Notes, 144A(a) 8.125 06/30/24   27,282 21,353,888
Sr. Sec’d. Notes 6.250 03/31/23   5,367 5,327,918
DaVita, Inc.,
Gtd. Notes 		5.000 05/01/25   2,167 2,234,694
Encompass Health Corp.,
Gtd. Notes(a) 		4.750 02/01/30   8,370 8,650,957
Hadrian Merger Sub, Inc.,
Sr. Unsec’d. Notes, 144A 		8.500 05/01/26   19,334 19,329,512
HCA, Inc.,          
Gtd. Notes 5.375 02/01/25   33,007 36,506,146
Gtd. Notes(a) 5.625 09/01/28   35,812 40,637,081
Gtd. Notes(a) 5.875 02/01/29   28,334 32,422,140
Gtd. Notes 7.500 12/15/23   12,480 14,131,567
MEDNAX, Inc.,          
Gtd. Notes, 144A 5.250 12/01/23   3,650 3,738,773
Gtd. Notes, 144A(a) 6.250 01/15/27   64,364 65,763,249
Polaris Intermediate Corp.,
Sr. Unsec’d. Notes, 144A, Cash coupon 8.500% or PIK 9.250%(a) 		8.500 12/01/22   42,045 34,850,905
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.,
Gtd. Notes, 144A(a) 		9.750 12/01/26   69,233 76,568,123
Surgery Center Holdings, Inc.,          
Gtd. Notes, 144A 6.750 07/01/25   12,227 11,799,103
Gtd. Notes, 144A(a) 10.000 04/15/27   18,050 18,986,585
Tenet Healthcare Corp.,          
Sec’d. Notes, 144A 6.250 02/01/27   30,900 33,134,280
Sr. Sec’d. Notes, 144A 5.125 11/01/27   6,375 6,663,567
Sr. Unsec’d. Notes(a) 6.750 06/15/23   29,064 31,447,111
Sr. Unsec’d. Notes 6.875 11/15/31   6,450 6,116,693
Sr. Unsec’d. Notes(a) 7.000 08/01/25   60,363 63,456,604
Sr. Unsec’d. Notes 8.125 04/01/22   18,646 20,432,503
          593,705,752
14

PGIM High Yield Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
Description Interest Rate Maturity Date Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Home Builders 5.3%
Ashton Woods USA LLC/Ashton Woods Finance Co.,          
Sr. Unsec’d. Notes, 144A 6.750 % 08/01/25   21,144  $ 21,451,023
Sr. Unsec’d. Notes, 144A 9.875 04/01/27   26,936 30,235,035
Beazer Homes USA, Inc.,          
Gtd. Notes(a) 5.875 10/15/27   22,691 22,395,272
Gtd. Notes 6.750 03/15/25   11,275 11,721,458
Sr. Unsec’d. Notes, 144A 7.250 10/15/29   31,599 33,491,198
Brookfield Residential Properties, Inc./Brookfield
Residential US Corp. (Canada), 		         
Gtd. Notes, 144A 6.125 07/01/22   8,725 8,876,203
Gtd. Notes, 144A 6.250 09/15/27   15,375 16,092,127
Gtd. Notes, 144A 6.375 05/15/25   22,275 23,191,252
Century Communities, Inc.,
Gtd. Notes, 144A 		6.750 06/01/27   31,786 33,818,970
Forestar Group, Inc.,
Gtd. Notes, 144A 		8.000 04/15/24   15,395 16,648,464
KB Home,          
Gtd. Notes(a) 4.800 11/15/29   8,325 8,463,062
Gtd. Notes(a) 6.875 06/15/27   24,875 28,385,195
Gtd. Notes 7.000 12/15/21   1,412 1,521,628
Gtd. Notes 7.500 09/15/22   525 591,103
Gtd. Notes 7.625 05/15/23   8,400 9,503,380
Lennar Corp.,          
Gtd. Notes 4.750 05/30/25   1,224 1,314,618
Gtd. Notes 4.875 12/15/23   4,075 4,345,749
Gtd. Notes 5.250 06/01/26   9,250 10,140,657
Gtd. Notes 5.375 10/01/22   3,675 3,926,669
M/I Homes, Inc.,          
Gtd. Notes 5.625 08/01/25   13,591 14,206,136
Gtd. Notes 6.750 01/15/21   5,550 5,575,271
Mattamy Group Corp. (Canada),          
Sr. Unsec’d. Notes, 144A 5.250 12/15/27   17,075 17,395,064
Sr. Unsec’d. Notes, 144A 6.500 10/01/25   21,910 23,404,798
Sr. Unsec’d. Notes, 144A 6.875 12/15/23   13,890 14,395,010
Meritage Homes Corp.,          
Gtd. Notes 5.125 06/06/27   22,873 24,415,281
Gtd. Notes 6.000 06/01/25   14,125 15,832,229
New Home Co., Inc. (The),
Gtd. Notes 		7.250 04/01/22   19,246 18,322,688
PulteGroup, Inc.,          
Gtd. Notes 5.000 01/15/27   14,950 16,335,220
Gtd. Notes 5.500 03/01/26   3,000 3,331,918
15

PGIM High Yield Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
Description Interest Rate Maturity Date Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Home Builders (cont’d.)
Taylor Morrison Communities, Inc.,          
Gtd. Notes, 144A 5.750 % 01/15/28   4,241  $ 4,536,739
Gtd. Notes, 144A 5.875 06/15/27   33,511 36,306,231
Taylor Morrison Communities, Inc./Taylor Morrison
Holdings II, Inc., 		         
Gtd. Notes, 144A(a) 5.625 03/01/24   19,904 21,405,752
Gtd. Notes, 144A 5.875 04/15/23   7,469 8,016,431
William Lyon Homes, Inc.,          
Gtd. Notes 5.875 01/31/25   42,623 43,872,808
Gtd. Notes 6.000 09/01/23   9,871 10,326,358
Gtd. Notes(a) 7.000 08/15/22   1,406 1,408,907
Gtd. Notes, 144A 6.625 07/15/27   37,256 40,210,245
          605,410,149
Home Furnishings 0.0%
Tempur Sealy International, Inc.,
Gtd. Notes(a) 		5.500 06/15/26   1,351 1,422,352
Household Products/Wares 0.1%
Spectrum Brands, Inc.,          
Gtd. Notes(a) 5.750 07/15/25   11,552 12,108,632
Gtd. Notes, 144A 5.000 10/01/29   3,525 3,593,188
          15,701,820
Housewares 0.2%
Scotts Miracle-Gro Co. (The),          
Gtd. Notes 5.250 12/15/26   8,632 9,160,567
Sr. Unsec’d. Notes, 144A(a) 4.500 10/15/29   10,400 10,523,798
          19,684,365
Internet 0.6%
Zayo Group LLC/Zayo Capital, Inc.,          
Gtd. Notes 6.000 04/01/23   9,595 9,845,093
Gtd. Notes(a) 6.375 05/15/25   8,901 9,180,743
Gtd. Notes, 144A(a) 5.750 01/15/27   53,032 54,334,462
          73,360,298
16

PGIM High Yield Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
Description Interest Rate Maturity Date Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Iron/Steel 0.6%
Cleveland-Cliffs, Inc.,          
Gtd. Notes(a) 5.750 % 03/01/25   6,935  $ 6,946,553
Gtd. Notes, 144A(a) 5.875 06/01/27   59,190 57,046,291
          63,992,844
Lodging 0.5%
Boyd Gaming Corp.,
Gtd. Notes 		6.000 08/15/26   8,869 9,464,425
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp.,          
Sec’d. Notes, 144A 10.250 11/15/22   12,049 12,775,783
Sr. Sec’d. Notes, 144A 6.750 11/15/21   7,875 8,032,557
Marriott Ownership Resorts, Inc.,
Gtd. Notes, 144A 		4.750 01/15/28   6,450 6,611,609
MGM Resorts International,          
Gtd. Notes 4.625 09/01/26   675 708,926
Gtd. Notes 5.500 04/15/27   17,673 19,459,576
          57,052,876
Machinery-Diversified 0.5%
ATS Automation Tooling Systems, Inc. (Canada),
Gtd. Notes, 144A 		6.500 06/15/23   8,177 8,449,711
Cloud Crane LLC,
Sec’d. Notes, 144A 		10.125 08/01/24   44,858 46,442,246
          54,891,957
Media 6.0%
AMC Networks, Inc.,
Gtd. Notes(a) 		4.750 08/01/25   13,200 13,100,588
CCO Holdings LLC/CCO Holdings Capital Corp.,          
Sr. Unsec’d. Notes 5.125 02/15/23   7,086 7,218,994
Sr. Unsec’d. Notes, 144A 4.750 03/01/30   9,350 9,568,427
Sr. Unsec’d. Notes, 144A(a) 5.000 02/01/28   29,580 31,143,816
Sr. Unsec’d. Notes, 144A 5.125 05/01/23   7,730 7,931,728
Sr. Unsec’d. Notes, 144A 5.375 06/01/29   37,028 39,675,210
Sr. Unsec’d. Notes, 144A 5.500 05/01/26   2,685 2,835,284
Sr. Unsec’d. Notes, 144A 5.875 05/01/27   10,892 11,658,081
Clear Channel Worldwide Holdings, Inc.,          
Gtd. Notes, 144A(a) 9.250 02/15/24   129,583 142,903,070
Sr. Sec’d. Notes, 144A 5.125 08/15/27   6,000 6,250,543
17

PGIM High Yield Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
Description Interest Rate Maturity Date Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Media (cont’d.)
CSC Holdings LLC,          
Gtd. Notes, 144A 5.375 % 02/01/28   11,490  $ 12,161,234
Sr. Unsec’d. Notes, 144A 7.500 04/01/28   18,372 20,753,165
Cumulus Media New Holdings, Inc.,
Sr. Sec’d. Notes, 144A(a) 		6.750 07/01/26   19,079 20,296,620
Diamond Sports Group LLC/Diamond Sports Finance
Co., 		         
Gtd. Notes, 144A(a) 6.625 08/15/27   52,031 50,678,220
Sr. Sec’d. Notes, 144A 5.375 08/15/26   11,525 11,730,599
DISH DBS Corp.,
Gtd. Notes(a) 		7.750 07/01/26   98,630 102,259,529
Entercom Media Corp.,          
Gtd. Notes, 144A(a) 7.250 11/01/24   7,146 7,541,548
Sec’d. Notes, 144A 6.500 05/01/27   12,495 13,165,123
Gray Television, Inc.,          
Gtd. Notes, 144A(a) 5.125 10/15/24   2,408 2,494,409
Gtd. Notes, 144A(a) 5.875 07/15/26   18,683 19,822,621
Gtd. Notes, 144A(a) 7.000 05/15/27   8,439 9,352,138
Midcontinent Communications/Midcontinent Finance Corp.,
Gtd. Notes, 144A 		5.375 08/15/27   7,675 8,077,703
Nexstar Broadcasting, Inc.,
Gtd. Notes, 144A 		5.625 08/01/24   17,264 18,012,543
Quebecor Media, Inc. (Canada),
Sr. Unsec’d. Notes 		5.750 01/15/23   12,231 13,258,787
Radiate Holdco LLC/Radiate Finance, Inc.,          
Sr. Unsec’d. Notes, 144A(a) 6.625 02/15/25   17,849 17,922,027
Sr. Unsec’d. Notes, 144A 6.875 02/15/23   29,829 30,432,961
Scripps Escrow, Inc.,
Sr. Unsec’d. Notes, 144A 		5.875 07/15/27   6,370 6,552,135
Sinclair Television Group, Inc.,
Gtd. Notes, 144A 		5.875 03/15/26   2,275 2,375,426
TEGNA, Inc.,          
Gtd. Notes(a) 6.375 10/15/23   1,085 1,119,488
Gtd. Notes, 144A(a) 5.500 09/15/24   2,250 2,318,915
Univision Communications, Inc.,          
Sr. Sec’d. Notes, 144A(a) 5.125 05/15/23   24,350 24,044,050
Sr. Sec’d. Notes, 144A(a) 5.125 02/15/25   18,722 18,038,791
Sr. Sec’d. Notes, 144A 6.750 09/15/22   4,297 4,364,280
18

PGIM High Yield Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
Description Interest Rate Maturity Date Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Media (cont’d.)
Videotron Ltd. (Canada),
Gtd. Notes 		5.000 % 07/15/22   650  $ 685,728
          689,743,781
Metal Fabricate/Hardware 0.1%
TriMas Corp.,
Gtd. Notes, 144A 		4.875 10/15/25   4,730 4,811,996
Zekelman Industries, Inc.,
Sr. Sec’d. Notes, 144A(a) 		9.875 06/15/23   6,841 7,212,282
          12,024,278
Mining 2.5%
Compass Minerals International, Inc.,
Gtd. Notes, 144A 		6.750 12/01/27   16,725 17,302,584
Constellium SE,          
Gtd. Notes, 144A(a) 5.875 02/15/26   18,827 19,676,880
Gtd. Notes, 144A(a) 6.625 03/01/25   18,060 18,821,872
Eldorado Gold Corp. (Canada),
Sec’d. Notes, 144A 		9.500 06/01/24   21,750 23,312,051
First Quantum Minerals Ltd. (Zambia),          
Gtd. Notes, 144A 6.500 03/01/24   20,805 20,217,849
Gtd. Notes, 144A(a) 6.875 03/01/26   13,910 13,491,226
Gtd. Notes, 144A 7.000 02/15/21   5,160 5,197,588
Gtd. Notes, 144A 7.500 04/01/25   19,065 18,885,923
FMG Resources August 2006 Pty Ltd. (Australia),
Gtd. Notes, 144A 		4.500 09/15/27   15,335 15,325,823
Freeport-McMoRan, Inc.,          
Gtd. Notes 3.550 03/01/22   3,329 3,361,163
Gtd. Notes(a) 3.875 03/15/23   19,395 19,787,617
Gtd. Notes(a) 4.550 11/14/24   19,421 20,401,759
IAMGOLD Corp. (Canada),
Gtd. Notes, 144A 		7.000 04/15/25   27,242 27,756,815
New Gold, Inc. (Canada),          
Gtd. Notes, 144A 6.250 11/15/22   22,213 22,101,303
Gtd. Notes, 144A(a) 6.375 05/15/25   16,030 14,547,265
Novelis Corp.,          
Gtd. Notes, 144A 5.875 09/30/26   22,283 23,403,299
Gtd. Notes, 144A(a) 6.250 08/15/24   6,306 6,625,838
          290,216,855
19

PGIM High Yield Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
Description Interest Rate Maturity Date Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Miscellaneous Manufacturing 0.2%
Amsted Industries, Inc.,
Gtd. Notes, 144A 		5.625 % 07/01/27   7,400  $ 7,813,199
FXI Holdings, Inc.,
Sr. Sec’d. Notes, 144A 		7.875 11/01/24   12,225 11,068,118
          18,881,317
Oil & Gas 6.9%
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp.,
Gtd. Notes 		7.875 12/15/24(d)   103,934 8,416,415
Antero Resources Corp.,          
Gtd. Notes 5.000 03/01/25   63,995 41,415,019
Gtd. Notes 5.125 12/01/22   18,125 14,729,177
Gtd. Notes 5.375 11/01/21   1,090 1,005,442
Gtd. Notes 5.625 06/01/23   24,115 17,037,377
Ascent Resources Utica Holdings LLC/ARU Finance
Corp., 		         
Sr. Unsec’d. Notes, 144A 7.000 11/01/26   36,718 28,274,375
Sr. Unsec’d. Notes, 144A(a) 10.000 04/01/22   47,895 45,972,718
Centennial Resource Production LLC,
Gtd. Notes, 144A(a) 		5.375 01/15/26   6,886 6,490,650
Chesapeake Energy Corp.,          
Gtd. Notes 4.875 04/15/22   5,725 3,877,500
Gtd. Notes(a) 8.000 06/15/27   92,501 44,255,679
Citgo Holding, Inc.,
Sr. Sec’d. Notes, 144A 		9.250 08/01/24   24,175 25,384,359
CNX Resources Corp.,          
Gtd. Notes 5.875 04/15/22   22,659 22,115,951
Gtd. Notes, 144A 7.250 03/14/27   41,339 34,770,867
CrownRock LP/CrownRock Finance, Inc.,
Sr. Unsec’d. Notes, 144A(a) 		5.625 10/15/25   7,437 7,331,967
Denbury Resources, Inc.,
Sec’d. Notes, 144A 		9.000 05/15/21   4,350 3,822,067
Diamond Offshore Drilling, Inc.,
Sr. Unsec’d. Notes(a) 		7.875 08/15/25   5,225 4,169,152
Endeavor Energy Resources LP/EER Finance, Inc.,
Sr. Unsec’d. Notes, 144A 		5.750 01/30/28   32,965 34,484,358
Extraction Oil & Gas, Inc.,          
Gtd. Notes, 144A 5.625 02/01/26   43,492 20,338,052
Gtd. Notes, 144A 7.375 05/15/24   12,785 5,795,969
20

PGIM High Yield Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
Description Interest Rate Maturity Date Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Oil & Gas (cont’d.)
Hilcorp Energy I LP/Hilcorp Finance Co.,          
Sr. Unsec’d. Notes, 144A(a) 5.000 % 12/01/24   3,100  $ 2,743,300
Sr. Unsec’d. Notes, 144A(a) 5.750 10/01/25   15,448 13,399,734
Sr. Unsec’d. Notes, 144A 6.250 11/01/28   21,614 18,120,330
MEG Energy Corp. (Canada),          
Gtd. Notes, 144A 6.375 01/30/23   80,547 78,929,271
Gtd. Notes, 144A 7.000 03/31/24   18,976 18,600,641
Nabors Industries, Inc.,
Gtd. Notes(a) 		5.750 02/01/25   45,803 35,726,340
Petrobras Global Finance BV (Brazil),          
Gtd. Notes(a) 7.375 01/17/27   5,705 6,852,760
Gtd. Notes 8.750 05/23/26   4,750 6,043,211
Gtd. Notes, 144A 5.093 01/15/30   1,478 1,548,629
Precision Drilling Corp. (Canada),          
Gtd. Notes 7.750 12/15/23   5,650 5,349,655
Gtd. Notes, 144A(a) 7.125 01/15/26   28,993 25,362,108
Range Resources Corp.,          
Gtd. Notes(a) 4.875 05/15/25   30,925 25,217,057
Gtd. Notes 5.000 08/15/22   1,600 1,514,947
Gtd. Notes(a) 5.000 03/15/23   15,556 13,514,172
Gtd. Notes(a) 5.875 07/01/22   21,518 20,773,469
Rowan Cos., Inc.,
Gtd. Notes 		7.375 06/15/25   1,250 579,225
Seven Generations Energy Ltd. (Canada),
Gtd. Notes, 144A 		5.375 09/30/25   2,660 2,602,137
Seventy Seven Energy, Inc.,
Sr. Unsec’d. Notes^ 		6.500 07/15/22(d)   1,800 18
Sunoco LP/Sunoco Finance Corp.,          
Gtd. Notes 4.875 01/15/23   824 846,115
Gtd. Notes(a) 5.500 02/15/26   11,550 12,010,956
Gtd. Notes 5.875 03/15/28   1,525 1,609,463
Transocean Pontus Ltd.,
Sr. Sec’d. Notes, 144A 		6.125 08/01/25   5,273 5,326,273
Transocean, Inc.,          
Gtd. Notes, 144A 7.250 11/01/25   39,478 35,332,810
Gtd. Notes, 144A(a) 7.500 01/15/26   18,658 16,783,547
Valaris PLC,          
Sr. Unsec’d. Notes(a) 5.750 10/01/44   6,475 2,460,514
Sr. Unsec’d. Notes(a) 7.750 02/01/26   35,790 16,222,344
WPX Energy, Inc.,          
Sr. Unsec’d. Notes 5.250 09/15/24   8,200 8,381,946
Sr. Unsec’d. Notes(a) 5.250 10/15/27   28,350 28,394,287
21

PGIM High Yield Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
Description Interest Rate Maturity Date Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Oil & Gas (cont’d.)
WPX Energy, Inc., (cont’d.)          
Sr. Unsec’d. Notes(a) 5.750 % 06/01/26   6,445  $ 6,581,816
Sr. Unsec’d. Notes 8.250 08/01/23   4,165 4,673,558
          785,187,727
Oil & Gas Services 0.0%
Nine Energy Service, Inc.,
Gtd. Notes, 144A(a) 		8.750 11/01/23   6,325 4,847,019
Packaging & Containers 0.4%
ARD Finance SA (Luxembourg),
Sr. Sec’d. Notes, 144A, Cash coupon 6.500% or PIK 7.250% 		6.500 06/30/27   20,675 20,600,140
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (Ireland),
Gtd. Notes, 144A 		6.750 05/15/24 EUR 1,000 1,157,479
Owens-Brockway Glass Container, Inc.,
Gtd. Notes, 144A(a) 		6.375 08/15/25   2,561 2,709,402
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer SA,
Gtd. Notes, 144A 		7.000 07/15/24   15,810 16,361,387
          40,828,408
Pharmaceuticals 1.5%
Bausch Health Americas, Inc.,
Gtd. Notes, 144A 		8.500 01/31/27   8,455 9,580,011
Bausch Health Cos., Inc.,          
Gtd. Notes, 144A 5.500 03/01/23   2,306 2,325,373
Gtd. Notes, 144A 5.875 05/15/23   3,742 3,794,720
Gtd. Notes, 144A(a) 6.125 04/15/25   58,106 60,415,960
Gtd. Notes, 144A 7.000 01/15/28   14,300 15,671,563
Gtd. Notes, 144A 7.250 05/30/29   19,325 21,689,300
Sr. Sec’d. Notes, 144A 5.750 08/15/27   3,895 4,220,268
Endo Dac/Endo Finance LLC/Endo Finco, Inc.,          
Gtd. Notes, 144A(a) 6.000 07/15/23   7,367 4,782,255
Gtd. Notes, 144A(a) 6.000 02/01/25   21,080 13,073,588
     
 
22

PGIM High Yield Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
Description Interest Rate Maturity Date Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Pharmaceuticals (cont’d.)
Mallinckrodt International Finance SA/Mallinckrodt CB LLC,
Gtd. Notes, 144A 		5.750 % 08/01/22   18,404  $ 6,399,862
NVA Holdings, Inc.,
Gtd. Notes, 144A(a) 		6.875 04/01/26   23,383 25,564,100
          167,517,000
Pipelines 1.9%
Antero Midstream Partners LP/Antero Midstream
Finance Corp., 		         
Gtd. Notes 5.375 09/15/24   4,075 3,492,746
Gtd. Notes, 144A(a) 5.750 01/15/28   35,170 27,288,448
CNX Midstream Partners LP/CNX Midstream Finance Corp.,
Sr. Unsec’d. Notes, 144A 		6.500 03/15/26   9,925 9,051,806
DCP Midstream Operating LP,          
Gtd. Notes 5.125 05/15/29   5,375 5,449,441
Gtd. Notes, 144A 6.450 11/03/36   12,900 13,193,435
Global Partners LP/GLP Finance Corp.,          
Gtd. Notes 7.000 06/15/23   18,670 19,203,425
Gtd. Notes, 144A 7.000 08/01/27   14,015 14,673,065
NGPL PipeCo LLC,          
Sr. Unsec’d. Notes, 144A 4.875 08/15/27   4,775 5,061,304
Sr. Unsec’d. Notes, 144A 7.768 12/15/37   10,100 12,889,765
Rockies Express Pipeline LLC,          
Sr. Unsec’d. Notes, 144A 6.875 04/15/40   39,253 40,066,190
Sr. Unsec’d. Notes, 144A 7.500 07/15/38   6,715 7,019,339
Tallgrass Energy Partners LP/Tallgrass Energy Finance
Corp., 		         
Gtd. Notes, 144A 5.500 09/15/24   10,050 9,757,878
Gtd. Notes, 144A(a) 5.500 01/15/28   35,746 33,045,695
Targa Resources Partners LP/Targa Resources Partners
Finance Corp., 		         
Gtd. Notes 4.250 11/15/23   8,439 8,514,817
Gtd. Notes 5.125 02/01/25   2,350 2,414,292
Gtd. Notes 6.750 03/15/24   4,900 5,084,932
          216,206,578
Real Estate 1.1%
Five Point Operating Co. LP/Five Point Capital Corp.,
Gtd. Notes, 144A 		7.875 11/15/25   42,727 41,825,227
23

PGIM High Yield Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
Description Interest Rate Maturity Date Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Real Estate (cont’d.)
Greystar Real Estate Partners LLC,
Sr. Sec’d. Notes, 144A 		5.750 % 12/01/25   37,756  $ 39,325,375
Howard Hughes Corp. (The),
Sr. Unsec’d. Notes, 144A 		5.375 03/15/25   7,095 7,441,373
Hunt Cos., Inc.,
Sr. Sec’d. Notes, 144A 		6.250 02/15/26   31,642 31,255,831
          119,847,806
Real Estate Investment Trusts (REITs) 1.0%
GLP Capital LP/GLP Financing II, Inc.,
Gtd. Notes 		5.375 04/15/26   14,202 15,678,827
MGM Growth Properties Operating Partnership LP/MGP
Finance Co-Issuer, Inc., 		         
Gtd. Notes 4.500 09/01/26   7,250 7,642,994
Gtd. Notes 4.500 01/15/28   20,429 21,397,471
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes 		5.000 10/15/27   21,935 23,111,169
Sabra Health Care LP,
Gtd. Notes 		5.125 08/15/26   5,886 6,317,006
Senior Housing Properties Trust,
Sr. Unsec’d. Notes 		6.750 12/15/21   5,475 5,797,262
VICI Properties LP/VICI Note Co., Inc.,          
Gtd. Notes, 144A 4.250 12/01/26   20,305 20,714,562
Gtd. Notes, 144A 4.625 12/01/29   16,370 16,881,974
          117,541,265
Retail 4.6%
Beacon Roofing Supply, Inc.,
Gtd. Notes, 144A(a) 		4.875 11/01/25   11,709 11,414,252
Brinker International, Inc.,
Gtd. Notes, 144A 		5.000 10/01/24   6,104 6,445,723
CEC Entertainment, Inc.,
Gtd. Notes(a) 		8.000 02/15/22   30,235 29,347,278
eG Global Finance PLC (United Kingdom),
Sr. Sec’d. Notes, 144A 		8.500 10/30/25   20,475 21,553,874
Ferrellgas LP/Ferrellgas Finance Corp.,          
Gtd. Notes 6.750 06/15/23   16,853 14,363,549
Sr. Unsec’d. Notes 6.500 05/01/21   19,277 16,681,201
Sr. Unsec’d. Notes 6.750 01/15/22   19,912 17,015,616
24

PGIM High Yield Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
Description Interest Rate Maturity Date Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Retail (cont’d.)
Ferrellgas Partners LP/Ferrellgas Partners Finance
Corp., 		         
Sr. Unsec’d. Notes(a) 8.625 % 06/15/20   34,212  $ 22,770,239
Sr. Unsec’d. Notes(a) 8.625 06/15/20   62,543 41,790,025
Golden Nugget, Inc.,          
Gtd. Notes, 144A 8.750 10/01/25   39,223 41,607,378
Sr. Unsec’d. Notes, 144A 6.750 10/15/24   27,726 28,656,674
L Brands, Inc.,          
Gtd. Notes(a) 5.625 10/15/23   5,250 5,570,987
Gtd. Notes 6.750 07/01/36   40,548 35,013,944
Gtd. Notes(a) 6.875 11/01/35   19,543 17,146,591
Michaels Stores, Inc.,
Gtd. Notes, 144A(a) 		8.000 07/15/27   37,697 36,250,776
PetSmart, Inc.,          
Gtd. Notes, 144A 7.125 03/15/23   14,292 12,833,885
Sr. Sec’d. Notes, 144A 5.875 06/01/25   29,714 29,162,694
Rite Aid Corp.,
Gtd. Notes, 144A 		6.125 04/01/23   54,280 44,828,918
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes(a) 		5.625 12/01/25   39,548 41,057,930
Suburban Propane Partners LP/Suburban Energy
Finance Corp., 		         
Sr. Unsec’d. Notes 5.500 06/01/24   14,947 15,372,194
Sr. Unsec’d. Notes 5.750 03/01/25   9,405 9,657,110
Sr. Unsec’d. Notes(a) 5.875 03/01/27   9,615 9,919,859
Superior Plus LP/Superior General Partner, Inc. (Canada),
Sr. Unsec’d. Notes, 144A 		7.000 07/15/26   15,325 16,408,840
          524,869,537
Semiconductors 0.1%
NXP BV/NXP Funding LLC (Netherlands),
Gtd. Notes, 144A(a) 		4.625 06/15/22   6,125 6,431,993
Sensata Technologies UK Financing Co. PLC,
Gtd. Notes, 144A(a) 		6.250 02/15/26   5,054 5,433,503
          11,865,496
Software 1.4%
Camelot Finance SA,
Sr. Sec’d. Notes, 144A 		4.500 11/01/26   9,325 9,509,801
25

PGIM High Yield Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
Description Interest Rate Maturity Date Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Software (cont’d.)
Dun & Bradstreet Corp. (The),
Sr. Sec’d. Notes, 144A 		6.875 % 08/15/26   7,640  $ 8,336,129
Infor US, Inc.,
Gtd. Notes 		6.500 05/15/22   56,067 57,147,056
Informatica LLC,
Sr. Unsec’d. Notes, 144A 		7.125 07/15/23   9,563 9,719,483
IQVIA, Inc.,
Gtd. Notes, 144A 		5.000 05/15/27   9,432 9,910,897
RP Crown Parent LLC,
Gtd. Notes, 144A 		7.375 10/15/24   26,901 27,908,881
TIBCO Software, Inc.,
Sr. Unsec’d. Notes, 144A(a) 		11.375 12/01/21   36,114 37,322,689
          159,854,936
Telecommunications 8.1%
C&W Senior Financing DAC (Ireland),
Sr. Unsec’d. Notes, 144A(a) 		6.875 09/15/27   23,000 24,324,986
CenturyLink, Inc.,          
Sr. Unsec’d. Notes, Series P(a) 7.600 09/15/39   19,868 20,466,462
Sr. Unsec’d. Notes, Series S 6.450 06/15/21   18,030 18,934,385
Sr. Unsec’d. Notes, Series U(a) 7.650 03/15/42   24,283 24,997,358
Sr. Unsec’d. Notes, Series V 5.625 04/01/20   1,085 1,095,909
CommScope Technologies LLC,          
Gtd. Notes, 144A 5.000 03/15/27   3,000 2,629,736
Gtd. Notes, 144A 6.000 06/15/25   37,892 36,602,298
CommScope, Inc.,          
Gtd. Notes, 144A(a) 5.500 06/15/24   10,760 10,530,166
Gtd. Notes, 144A(a) 8.250 03/01/27   24,570 24,713,143
Sr. Sec’d. Notes, 144A 6.000 03/01/26   22,072 23,144,498
Connect Finco SARL/Connect US Finco LLC (United Kingdom),
Sr. Sec’d. Notes, 144A(a) 		6.750 10/01/26   23,675 24,242,905
Digicel Group One Ltd. (Jamaica),
Sr. Sec’d. Notes, 144A 		8.250 12/30/22   40,115 22,979,159
Digicel Group Two Ltd. (Jamaica),          
Sr. Unsec’d. Notes, 144A(a) 8.250 09/30/22   6,637 1,661,576
Sr. Unsec’d. Notes, 144A, Cash coupon 9.125% or PIK 9.125% 9.125 04/01/24   791 123,894
Digicel International Finance Ltd./Digicel Holdings Bermuda Ltd. (Saint Lucia),
Sr. Sec’d. Notes, 144A(a) 		8.750 05/25/24   11,150 10,601,486
26

PGIM High Yield Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
Description Interest Rate Maturity Date Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Telecommunications (cont’d.)
Digicel Ltd. (Jamaica),          
Gtd. Notes, 144A(a) 6.750 % 03/01/23   87,609  $ 43,808,479
Sr. Unsec’d. Notes, 144A(a) 6.000 04/15/21   27,950 20,329,635
Embarq Corp.,
Sr. Unsec’d. Notes 		7.995 06/01/36   110,574 112,280,363
Intelsat Jackson Holdings SA (Luxembourg),          
Gtd. Notes(a) 5.500 08/01/23   24,120 19,197,544
Gtd. Notes, 144A 9.750 07/15/25   88,532 75,094,273
Sr. Sec’d. Notes, 144A(a) 8.000 02/15/24   14,181 14,516,165
Intelsat Luxembourg SA (Luxembourg),
Gtd. Notes(a) 		8.125 06/01/23   37,260 17,379,557
Iridium Communications, Inc.,
Sr. Unsec’d. Notes, 144A(a) 		10.250 04/15/23   25,236 27,037,606
ORBCOMM, Inc.,
Sr. Sec’d. Notes, 144A 		8.000 04/01/24   34,514 35,196,868
Sprint Capital Corp.,          
Gtd. Notes(a) 6.875 11/15/28   34,822 37,116,281
Gtd. Notes(a) 8.750 03/15/32   70,313 83,914,512
Sprint Corp.,          
Gtd. Notes(a) 7.125 06/15/24   530 571,083
Gtd. Notes 7.625 02/15/25   47,943 52,478,882
Telesat Canada/Telesat LLC (Canada),
Sr. Sec’d. Notes, 144A 		4.875 06/01/27   6,125 6,224,531
T-Mobile USA, Inc.,
Gtd. Notes 		6.375 03/01/25   1,038 1,078,597
West Corp.,
Gtd. Notes, 144A(a) 		8.500 10/15/25   72,530 58,122,617
Xplornet Communications, Inc. (Canada),
Gtd. Notes, 144A, Cash coupon 9.625% or PIK 10.625% 		9.625 06/01/22   69,971 69,858,159
          921,253,113
Toys/Games/Hobbies 0.1%
Mattel, Inc.,
Gtd. Notes, 144A 		5.875 12/15/27   9,000 9,078,503
Transportation 0.5%
XPO Logistics, Inc.,          
Gtd. Notes, 144A(a) 6.125 09/01/23   6,475 6,693,056
27

PGIM High Yield Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
Description Interest Rate Maturity Date Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Transportation (cont’d.)
XPO Logistics, Inc., (cont’d.)          
Gtd. Notes, 144A 6.500 % 06/15/22   7,952  $ 8,105,463
Gtd. Notes, 144A 6.750 08/15/24   40,268 43,723,868
          58,522,387
Total Corporate Bonds
(cost $9,122,454,517) 		9,157,506,044
    
      Shares  
Common Stocks 0.7%
Chemicals 0.0%
Hexion Holdings Corp. (Class B Stock)*       339,630 3,583,097
Electric Utilities 0.6%
GenOn Energy Holdings, Inc. (Class A Stock)*^       193,537 40,158,928
Keycon Power Holdings LLC*       81,888 25,385,280
          65,544,208
Independent Power & Renewable Electricity Producers 0.1%
Vistra Energy Corp.       342,429 9,084,641
Media 0.0%
Mood Media Corp.*^       669,375 134
Mood Media Corp.*^       546,428 109
          243
Oil, Gas & Consumable Fuels 0.0%
Ascent Resources - Marcellus LLC (Class A Stock)*^       35,140 72,037
Frontera Energy Corp. (Colombia)       55,828 395,949
          467,986
     
 
Total Common Stocks
(cost $49,584,509) 		78,680,175
28

PGIM High Yield Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
Description     Shares Value
Preferred Stocks 0.0%
Capital Markets 0.0%
Goldman Sachs Group, Inc. (The) Series K, 6.375%       87,000  $ 2,403,810
Construction Materials 0.0%
New Millennium Homes LLC*^       2,000 38,000
Media 0.0%
Adelphia Communications Corp.^       20,000 20
Total Preferred Stocks
(cost $2,193,416) 		2,441,830
    
      Units  
Warrants* 0.0%
Chemicals 0.0%
Hercules, Inc., expiring 03/31/29       230 —
Oil, Gas & Consumable Fuels 0.0%
Ascent Resources - Marcellus LLC, 2nd Lien Tranche A, expiring 03/30/2023^       229,837 28,730
Ascent Resources - Marcellus LLC, 2nd Lien Tranche B, expiring 03/30/2023^       178,762 13,407
          42,137
     
 
Total Warrants
(cost $52,352) 		42,137
 
Total Long-Term Investments
(cost $10,449,078,999) 		10,505,352,304
    
      Shares  
Short-Term Investments 20.9%
Affiliated Mutual Funds           
PGIM Core Ultra Short Bond Fund(w)     867,397,221 867,397,221
29

PGIM High Yield Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
Description     Shares Value
Affiliated Mutual Funds (Continued)          
PGIM Institutional Money Market Fund
(cost $1,520,540,532; includes $1,518,189,077 of cash collateral for securities on loan)(b)(w) 		    1,520,554,733  $ 1,520,706,788
 
Total Short-Term Investments
(cost $2,387,937,753) 		2,388,104,009
 
TOTAL INVESTMENTS 112.8%
(cost $12,837,016,752) 		12,893,456,313
Liabilities in excess of other assets(z) (12.8)% (1,464,571,666)
 
Net Assets 100.0% $ 11,428,884,647
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
    
  EUR—Euro
    
  144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.
  CLO—Collateralized Loan Obligation
  EURIBOR—Euro Interbank Offered Rate
  LIBOR—London Interbank Offered Rate
  MTN—Medium Term Note
  OTC—Over-the-counter
  PIK—Payment-in-Kind
  REITs—Real Estate Investment Trust
  Q—Quarterly payment frequency for swaps
    
* 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 $95,864,969 and 0.8% of net assets.
(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $1,504,994,378; cash collateral of $1,518,189,077 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.
(b) Represents security purchased with cash collateral received for securities on loan and includes dividend reinvestment.
(c) Variable rate instrument. The interest rate shown reflects the rate in effect at November 30, 2019.
(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.
(p) Interest rate not available as of November 30, 2019.
(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:
30

PGIM High Yield Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
Futures contracts outstanding at November 30, 2019:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Long Positions:
2,694   2 Year U.S. Treasury Notes   Mar. 2020    $580,788,517    $ (24,819)
2,239   5 Year U.S. Treasury Notes   Mar. 2020   266,371,031   350,796
2,860   10 Year U.S. Treasury Notes   Mar. 2020   369,967,827   233,626
249   20 Year U.S. Treasury Bonds   Mar. 2020   39,583,219   (41,051)
                518,552
Short Positions:
3   5 Year Euro-Bobl   Dec. 2019   443,941   7,070
1   10 Year Euro-Bund   Dec. 2019   188,468   5,618
250   30 Year U.S. Ultra Treasury Bonds   Mar. 2020   46,929,687   (246,033)
                (233,345)
                $ 285,207
Forward foreign currency exchange contracts outstanding at November 30, 2019:
Purchase
Contracts 		  Counterparty Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation 		 
OTC Forward Foreign Currency Exchange Contracts:
Euro,
Expiring 12/03/19   Citibank, N.A. EUR 12,097    $13,373,730    $13,330,939    $—    $(42,791)  
    
Sale
Contracts 		  Counterparty Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation 		 
OTC Forward Foreign Currency Exchange Contracts:
Euro,
Expiring 12/03/19   The Toronto-Dominion Bank EUR 12,097    $13,444,137    $13,330,939    $113,198    $ —  
Expiring 01/09/20   Citibank, N.A. EUR 12,097   13,411,897   13,370,366   41,531   —  
            $26,856,034   $26,701,305   154,729   —  
                    $154,729   $(42,791)  
31

PGIM High Yield Fund
Schedule of Investments as of November 30, 2019 (unaudited) (continued)
Credit default swap agreements outstanding at November 30, 2019:
Reference
Entity/
Obligation 		  Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Value at
Trade Date 		  Value at
November 30,
2019 		  Unrealized
Appreciation
(Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):
CDX.NA.HY.33.V1   12/20/24   5.000%(Q)     172,000   $(12,263,600)   $(15,060,765)   $(2,797,165)
The Fund entered into credit default swaps (“CDS”) to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.
(1) If the Fund is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(2) If the Fund is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(3) Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined 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).
32