NPORT-EX 2 PI62370PGIMHighYieldBond.htm
PGIM High Yield Fund
Schedule of Investments as of May 31, 2020 (unaudited)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Long-Term Investments 91.1%
Asset-Backed Securities 4.7%
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%) 		2.319 %(c) 07/15/26   13,964  $13,719,014
Benefit Street Partners CLO Ltd. (Cayman Islands),          
Series 2015-07A, Class A1AR, 144A, 3 Month LIBOR + 0.780% (Cap N/A, Floor 0.000%) 1.915(c) 07/18/27   22,939 22,507,865
Series 2017-12A, Class A1, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%) 2.469(c) 10/15/30   20,000 19,534,314
     
 
Canyon CLO Ltd. (Cayman Islands),
Series 2020-01A, Class A, 144A, 3 Month LIBOR + 1.920% (Cap N/A, Floor 1.920%) 		2.319(c) 07/15/28   20,000 20,092,880
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%) 		2.105(c) 04/17/31   15,472 14,968,230
Carlyle US CLO Ltd. (Cayman Islands),
Series 2019-04A, Class A11, 144A, 3 Month LIBOR + 1.330% (Cap N/A, Floor 1.330%) 		3.208(c) 01/15/33   20,000 19,745,786
Catamaran CLO Ltd. (Cayman Islands),
Series 2014-01A, Class A1AR, 144A, 3 Month LIBOR + 1.260% (Cap N/A, Floor 0.000%) 		2.358(c) 04/22/30   29,847 29,198,913
Cathedral Lake CLO Ltd. (Cayman Islands),
Series 2016-04A, Class AR, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 1.250%) 		2.385(c) 10/20/28   14,500 14,315,543
CIFC Funding Ltd. (Cayman Islands),
Series 2014-02RA, Class A1, 144A, 3 Month LIBOR + 1.050% (Cap N/A, Floor 1.050%) 		2.070(c) 04/24/30   20,200 19,740,828
Eaton Vance CLO Ltd. (Cayman Islands),
Series 2013-01A, Class A1RR, 144A, 3 Month LIBOR + 1.160% (Cap N/A, Floor 0.000%) 		2.379(c) 01/15/28   30,000 29,502,276
Elevation CLO Ltd. (Cayman Islands),
Series 2014-02A, Class A1R, 144A, 3 Month LIBOR + 1.230% (Cap N/A, Floor 0.000%) 		2.449(c) 10/15/29   30,000 29,347,584
HPS Loan Management Ltd. (Cayman Islands),
Series 10A-16, Class A1R, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 0.000%) 		2.275(c) 01/20/28   25,000 24,572,118
JMP Credit Advisors CLO Ltd. (Cayman Islands),
Series 2017-01A, Class AR, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 1.280%) 		2.415(c) 07/17/29   24,814 24,169,606
1
PGIM High Yield Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Asset-Backed Securities (Continued)
Collateralized Loan Obligations (cont’d.)
     
KKR CLO Ltd. (Cayman Islands),
Series 18, Class A, 144A, 3 Month LIBOR + 1.270% (Cap N/A, Floor 0.000%) 		2.405 %(c) 07/18/30   22,500  $21,938,528
LCM LP (Cayman Islands),
Series 13A, Class ARR, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 0.000%) 		2.275(c) 07/19/27   25,000 24,578,902
Madison Park Funding Ltd. (Cayman Islands),
Series 2015-19A, Class A1R2, 144A, 3 Month LIBOR + 0.920% (Cap N/A, Floor 0.920%) 		2.018(c) 01/22/28   36,500 35,705,968
Northwoods Capital Ltd. (Cayman Islands),
Series 2019-20A, Class A1, 144A, 3 Month LIBOR + 1.320% (Cap N/A, Floor 1.320%) 		3.221(c) 01/25/30   10,750 10,583,328
OCP CLO Ltd. (Cayman Islands),
Series 2015-09A, Class A1R, 144A, 3 Month LIBOR + 0.800% (Cap N/A, Floor 0.000%) 		2.019(c) 07/15/27   11,274 11,138,633
OZLM Ltd. (Cayman Islands),          
Series 2015-11A, Class A1R, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%) 2.010(c) 10/30/30   19,882 19,495,831
Series 2015-13A, Class A1R, 144A, 3 Month LIBOR + 1.080% (Cap N/A, Floor 0.000%) 1.840(c) 07/30/27   6,022 5,914,742
     
 
Race Point CLO Ltd. (Cayman Islands),
Series 2013-08A, Class AR2, 144A, 3 Month LIBOR + 1.040% (Cap N/A, Floor 1.040%) 		1.417(c) 02/20/30   24,885 24,385,427
Regatta Funding LP (Cayman Islands),
Series 2013-02A, Class A1R2, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%) 		2.469(c) 01/15/29   30,000 29,468,292
SCOF Ltd. (Cayman Islands),
Series 2015-02A, Class AR, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 0.000%) 		2.399(c) 07/15/28   42,375 41,874,581
Sound Point CLO Ltd. (Cayman Islands),          
Series 2016-02A, Class AR, 144A, 3 Month LIBOR + 1.290% (Cap N/A, Floor 1.290%) 2.425(c) 10/20/28   40,000 39,580,756
Series 2017-01A, Class AR, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%) 2.193(c) 01/23/29   35,000 34,442,082
     
 
TICP CLO Ltd. (Cayman Islands),
Series 2016-06A, Class AR, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%) 		2.419(c) 01/15/29   4,000 3,937,869
Venture CLO Ltd. (Cayman Islands),
Series 2015-21A, Class AR, 144A, 3 Month LIBOR + 0.880% (Cap N/A, Floor 0.000%) 		2.099(c) 07/15/27   43,718 42,927,112
2
PGIM High Yield Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Asset-Backed Securities (Continued)
Collateralized Loan Obligations (cont’d.)
Voya CLO Ltd. (Cayman Islands),          
Series 2014-02A, Class A1RR, 144A, 3 Month LIBOR + 1.020% (Cap N/A, Floor 1.020%) 2.155 %(c) 04/17/30   25,000  $24,125,000
Series 2015-01A, Class A1R, 144A, 3 Month LIBOR + 0.900% (Cap N/A, Floor 0.900%) 2.035(c) 01/18/29   24,750 24,143,887
Series 2016-01A, Class A1R, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%) 2.205(c) 01/20/31   11,725 11,372,612
     
 
Wellfleet CLO Ltd. (Cayman Islands),
Series 2016-01A, Class AR, 144A, 3 Month LIBOR + 0.910% (Cap N/A, Floor 0.000%) 		2.045(c) 04/20/28   3,000 2,934,264
Zais CLO Ltd. (Cayman Islands),          
Series 2016-02A, Class A1, 144A, 3 Month LIBOR + 1.530% (Cap N/A, Floor 0.000%) 2.749(c) 10/15/28   19,833 19,354,895
Series 2018-02A, Class A, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 0.000%) 2.335(c) 07/20/31   29,720 29,122,151
     
 
Total Asset-Backed Securities
(cost $742,586,557) 		738,439,817
Bank Loans 5.6%
Advertising 0.1%
Clear Channel Outdoor Holdings, Inc.,
Term B Loan, 2 - 3 Month LIBOR + 3.500% 		4.260(c) 08/21/26   10,000 9,285,000
Chemicals 0.4%
Alpha Bidco, Inc. (United Kingdom),
Initial Term B-1 Loan, 3 Month LIBOR + 3.000% 		4.450(c) 01/31/24   1,980 1,903,297
Hexion, Inc.,
Senior Secured Term B Loan, 3 Month LIBOR + 3.500% 		4.940(c) 07/01/26   1,100 1,046,375
Nouryon USA LLC (Netherlands),
Initial Dollar Term Loan, 1 Month LIBOR + 3.000% 		3.222(c) 10/01/25   13,480 12,839,823
Solenis International LP,          
First Lien Initial Dollar Term Loan, 1 - 3 Month LIBOR + 4.000%^ 4.300(c) 06/26/25   26,324 24,875,620
Second Lien Initial Term Loan, 3 Month LIBOR + 8.500% 8.863(c) 06/26/26   34,184 28,599,441
          69,264,556
3
PGIM High Yield Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Bank Loans (Continued)
Commercial Services 0.4%
Financial & Risk Holdings, Inc.,
Initial Dollar Term Loan, 1 Month LIBOR + 3.250% 		3.424 %(c) 10/01/25   39,327  $38,709,200
MPH Acquisition Holdings LLC,
Initial Term Loan, 3 Month LIBOR + 2.750% 		4.200(c) 06/07/23   15,612 14,972,041
Verscend Holding Corp.,
Term B Loan, 1 Month LIBOR + 4.500% 		4.674(c) 08/27/25   15,143 14,593,767
          68,275,008
Computers 0.8%
Everi Payments, Inc.,
Term Loan, 2 Month LIBOR + 10.500%^ 		11.500(c) 05/09/24   4,200 4,221,000
McAfee LLC,          
Second Lien Initial Loan, 1 Month LIBOR + 8.500% 9.500(c) 09/29/25   58,852 58,557,439
Term B USD Loan, 1 Month LIBOR + 3.750% 3.924(c) 09/30/24   58,647 57,356,540
          120,134,979
Electric 0.3%
Calpine Corp.,          
Term Loan, 1 Month LIBOR + 2.250% 2.430(c) 01/15/24   10,549 10,308,337
Term Loan, 1 Month LIBOR + 2.250% 2.430(c) 04/06/26   1,841 1,789,595
     
 
Heritage Power LLC,
Term Loan B, 3 Month LIBOR + 6.000%^ 		7.771(c) 07/30/26   36,193 31,849,950
          43,947,882
Engineering & Construction 0.2%
Landry’s Finance Acquisition Co.,
B Term Loan, 3 Month LIBOR + 12.000% 		13.000(c) 10/04/23   27,650 28,410,375
Entertainment 0.6%
Golden Entertainment, Inc.,
Term B Facility Loan (First Lien), 1 Month LIBOR + 3.000%^ 		3.750(c) 10/21/24   12,183 10,477,724
Playtika Holding Corp.,
Term B Loan, 3 Month LIBOR + 6.000% 		7.072(c) 12/10/24   46,857 46,725,113
Scientific Games International, Inc.,
Initial Term B-5 Loan, 1 - 3 Month LIBOR + 2.750% 		3.329(c) 08/14/24   30,973 27,694,872
Twin River Worldwide Holdings, Inc.,
Term B-1 Facility Loan, 1 Month LIBOR + 8.000% 		9.000(c) 05/11/26   14,500 14,536,250
          99,433,959
4
PGIM High Yield Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Bank Loans (Continued)
Healthcare-Services 0.0%
LifePoint Health, Inc.,
First Lien Term B Loan, 1 Month LIBOR + 3.750% 		4.154 %(c) 11/17/25   3,800  $3,634,616
Insurance 0.1%
Asurion LLC,          
Replacement B-6 Term Loan, 1 Month LIBOR + 3.000% 3.174(c) 11/03/23   7,231 7,033,896
Second Lien Replacement B-2 Term Loan, 1 Month LIBOR + 6.500% 6.674(c) 08/04/25   14,460 14,380,470
          21,414,366
Media 0.1%
Entercom Media Corp.,
Term Loan B-2, 1 Month LIBOR + 2.500%^ 		2.670(c) 11/18/24   5,000 4,575,000
iHeartCommunications, Inc.,
New Term Loan, 1 Month LIBOR + 3.000% 		3.174(c) 05/01/26   17,491 16,321,401
          20,896,401
Oil & Gas 0.6%
Chesapeake Energy Corp.,
Class A Loan, 2 Month LIBOR + 8.000% 		9.000(c) 06/24/24   82,325 42,397,375
Citgo Holding, Inc.,
Term Loan, 3 Month LIBOR + 7.000% 		8.000(c) 08/01/23   13,432 12,206,785
CITGO Petroleum Corp.,          
2019 Incremental Term B Loan, 3 Month LIBOR + 5.000% 6.000(c) 03/28/24   14,228 13,534,099
Term B Loan, 1 Month LIBOR + 4.500%^ 5.500(c) 07/29/21   26,705 26,437,825
          94,576,084
Pharmaceuticals 0.1%
Mallinckrodt International Finance SA,          
2017 Term B Loan, 3 Month LIBOR + 2.750% 4.200(c) 09/24/24   13,437 9,212,552
2018 Incremental Term Loan, 3 Month LIBOR + 3.000% 3.750(c) 02/24/25   7,000 4,760,124
          13,972,676
5
PGIM High Yield Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Bank Loans (Continued)
Retail 0.2%
EG America LLC (United Kingdom),
Second Lien Facility (USD), 1 - 6 Month LIBOR + 8.000%^ 		9.072 %(c) 04/20/26   6,489  $5,840,072
Sally Holdings LLC,
Term B-2 Loan^ 		4.500 07/05/24   24,350 23,010,750
          28,850,822
Software 1.0%
Boxer Parent Co., Inc.,
Initial Dollar Term Loan, 1 Month LIBOR + 4.250% 		4.424(c) 10/02/25   19,260 18,131,887
Compuware Corp.,
Senior Secured Term Loan, PRIME + 3.000% 		6.250(c) 08/22/25   12,330 12,258,326
Dun & Bradstreet Corp. (The),
Term Loan B, 1 Month LIBOR + 4.000% 		4.174(c) 02/06/26   16,263 15,822,372
Finastra USA, Inc.,          
Dollar Term Loan (Second Lien), 3 Month LIBOR + 7.250% 8.250(c) 06/13/25   22,874 20,049,089
First Lien Dollar Term Loan, 3 Month LIBOR + 3.500% 4.500(c) 06/13/24   12,895 11,642,013
Informatica LLC,          
Dollar 2020 Term Loan, 1 Month LIBOR + 3.250% 3.424(c) 02/25/27   12,550 11,964,329
Second Lien Initial Loan 7.125 02/25/25   11,425 10,982,281
     
 
Kronos, Inc.,
Second Lien Initial Term Loan, 1 Month LIBOR + 8.250% 		9.250(c) 11/01/24   7,500 7,429,688
RP Crown Parent LLC,
Initial Term Loan, 1 Month LIBOR + 2.750%^ 		3.750(c) 10/12/23   3,000 2,925,000
TIBCO Software, Inc.,          
Second Lien Term Loan, 1 Month LIBOR + 7.250% 7.430(c) 03/03/28   20,450 19,683,125
Term Loan B-3, 1 Month LIBOR + 3.750% 3.930(c) 06/30/26   28,555 27,484,146
          158,372,256
Telecommunications 0.7%
Digicel International Finance Ltd. (Saint Lucia),
First Lien Initial Term B Loan, 6 Month LIBOR + 3.250% 		3.800(c) 05/27/24   10,555 8,761,123
Intelsat Jackson Holdings SA (Luxembourg),
Tranche B-5 Term Loan 		6.625 01/02/24   14,070 14,105,175
West Corp.,
Initial Term B Loan, 3 Month LIBOR + 4.000% 		5.450(c) 10/10/24   41,316 33,534,983
6
PGIM High Yield Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Bank Loans (Continued)
Telecommunications (cont’d.)
Xplornet Communications, Inc. (Canada),          
New Term B Loan, 3 Month LIBOR + 4.000% 5.450 %(c) 09/09/21   15,599  $15,423,225
New Term B Loan, 3 Month LIBOR + 4.000%^ 5.450(c) 06/30/27   43,250 41,303,750
          113,128,256
     
 
Total Bank Loans
(cost $957,545,739) 		893,597,236
Corporate Bonds 74.4%
Advertising 0.7%
Mood Media Borrower LLC/Mood Media Co-Issuer, Inc.,
Sec’d. Notes, 144A^ 		0.000(cc) 12/31/23   2,422 1,380,398
National CineMedia LLC,          
Sr. Sec’d. Notes, 144A(a) 5.875 04/15/28   18,628 14,880,343
Sr. Unsec’d. Notes 5.750 08/15/26   20,485 12,330,999
Outfront Media Capital LLC/Outfront Media Capital
Corp., 		         
Gtd. Notes, 144A(a) 5.000 08/15/27   14,300 13,914,345
Gtd. Notes, 144A 6.250 06/15/25   21,082 21,682,771
     
 
Terrier Media Buyer, Inc.,
Gtd. Notes, 144A(a) 		8.875 12/15/27   40,995 39,935,616
          104,124,472
Aerospace & Defense 2.7%
Boeing Co. (The),          
Sr. Unsec’d. Notes 5.150 05/01/30   54,500 58,358,606
Sr. Unsec’d. Notes 5.805 05/01/50   70,850 80,085,063
Bombardier, Inc. (Canada),          
Sr. Unsec’d. Notes, 144A 7.450 05/01/34   3,925 2,095,163
Sr. Unsec’d. Notes, 144A 7.500 12/01/24   67,842 41,578,253
Sr. Unsec’d. Notes, 144A(a) 7.500 03/15/25   41,719 25,345,703
Sr. Unsec’d. Notes, 144A(a) 7.875 04/15/27   108,772 64,471,443
Sr. Unsec’d. Notes, 144A(a) 8.750 12/01/21   103,508 75,196,357
     
 
Howmet Aerospace, Inc.,
Sr. Unsec’d. Notes(a) 		6.875 05/01/25   11,175 11,811,325
Spirit AeroSystems, Inc.,
Sec’d. Notes, 144A(a) 		7.500 04/15/25   26,825 26,684,621
SSL Robotics LLC,
Sr. Sec’d. Notes, 144A 		9.750 12/31/23   22,275 24,251,608
7
PGIM High Yield Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Aerospace & Defense (cont’d.)
     
TransDigm UK Holdings PLC,
Gtd. Notes 		6.875 % 05/15/26   4,875  $4,548,581
TransDigm, Inc.,          
Gtd. Notes 6.375 06/15/26   11,450 10,759,994
Gtd. Notes(a) 6.500 07/15/24   4,830 4,730,402
Gtd. Notes 6.500 05/15/25   2,300 2,250,595
          432,167,714
Agriculture 0.4%
Vector Group Ltd.,          
Gtd. Notes, 144A 10.500 11/01/26   7,600 7,650,517
Sr. Sec’d. Notes, 144A 6.125 02/01/25   56,101 55,175,932
          62,826,449
Apparel 0.3%
Hanesbrands, Inc.,
Gtd. Notes, 144A(a) 		5.375 05/15/25   8,210 8,444,228
Levi Strauss & Co.,
Sr. Unsec’d. Notes, 144A(a) 		5.000 05/01/25   3,000 3,061,231
William Carter Co. (The),
Gtd. Notes, 144A(a) 		5.500 05/15/25   10,350 10,681,557
Wolverine World Wide, Inc.,          
Gtd. Notes, 144A(a) 5.000 09/01/26   10,000 9,434,075
Gtd. Notes, 144A 6.375 05/15/25   12,325 12,820,309
          44,441,400
Auto Manufacturers 1.6%
Allison Transmission, Inc.,          
Sr. Unsec’d. Notes, 144A(a) 4.750 10/01/27   2,263 2,214,693
Sr. Unsec’d. Notes, 144A(a) 5.875 06/01/29   8,550 8,726,233
Ford Motor Co.,          
Sr. Unsec’d. Notes(a) 4.750 01/15/43   74,930 57,252,472
Sr. Unsec’d. Notes 5.291 12/08/46   68,158 53,781,345
Sr. Unsec’d. Notes 8.500 04/21/23   1,275 1,323,042
Sr. Unsec’d. Notes 9.000 04/22/25   21,650 22,751,657
Sr. Unsec’d. Notes(a) 9.625 04/22/30   12,260 13,644,483
Ford Motor Credit Co. LLC,          
Sr. Unsec’d. Notes 2.343 11/02/20   2,975 2,950,457
Sr. Unsec’d. Notes(a) 3.157 08/04/20   1,750 1,747,634
Sr. Unsec’d. Notes 3.350 11/01/22   3,860 3,664,006
8
PGIM High Yield Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Auto Manufacturers (cont’d.)
Ford Motor Credit Co. LLC, (cont’d.)          
Sr. Unsec’d. Notes 5.085 % 01/07/21   1,000  $996,287
Sr. Unsec’d. Notes(a) 5.584 03/18/24   10,375 10,303,164
Navistar International Corp.,          
Gtd. Notes, 144A 6.625 11/01/25   50,047 47,031,177
Sr. Sec’d. Notes, 144A(a) 9.500 05/01/25   20,550 22,251,134
          248,637,784
Auto Parts & Equipment 1.3%
Adient Global Holdings Ltd.,
Gtd. Notes, 144A 		4.875 08/15/26   50,556 42,474,935
Adient U.S. LLC,
Sr. Sec’d. Notes, 144A(a) 		9.000 04/15/25   6,025 6,462,400
American Axle & Manufacturing, Inc.,          
Gtd. Notes(a) 6.250 04/01/25   11,075 10,541,232
Gtd. Notes 6.250 03/15/26   32,657 30,700,898
Gtd. Notes(a) 6.500 04/01/27   22,973 21,480,708
Gtd. Notes 6.625 10/15/22   4,470 4,459,191
     
 
Cooper-Standard Automotive, Inc.,
Gtd. Notes, 144A(a) 		5.625 11/15/26   30,981 19,843,059
Dana Financing Luxembourg Sarl,          
Gtd. Notes, 144A 5.750 04/15/25   6,559 6,498,342
Gtd. Notes, 144A(a) 6.500 06/01/26   39,142 39,539,465
     
 
Dana, Inc.,
Sr. Unsec’d. Notes 		5.375 11/15/27   4,150 3,988,200
IHO Verwaltungs GmbH (Germany),
Sr. Sec’d. Notes, 144A, Cash coupon 4.750% or PIK 5.500% 		4.750 09/15/26   2,725 2,615,073
Titan International, Inc.,
Sr. Sec’d. Notes 		6.500 11/30/23   22,449 12,303,929
          200,907,432
Banks 0.3%
CIT Group, Inc.,          
Sr. Unsec’d. Notes(a) 4.125 03/09/21   1,500 1,500,146
Sr. Unsec’d. Notes(a) 4.750 02/16/24   4,361 4,369,203
Sr. Unsec’d. Notes 5.000 08/01/23   10,075 10,136,550
Sr. Unsec’d. Notes(a) 5.250 03/07/25   5,475 5,505,924
Sub. Notes(a) 6.125 03/09/28   23,900 24,461,512
          45,973,335
9
PGIM High Yield Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Building Materials 1.9%
Cemex SAB de CV (Mexico),          
Sr. Sec’d. Notes, 144A(a) 5.450 % 11/19/29   24,000  $22,422,936
Sr. Sec’d. Notes, 144A 7.750 04/16/26   1,850 1,932,497
     
 
Cornerstone Building Brands, Inc.,
Gtd. Notes, 144A(a) 		8.000 04/15/26   51,567 49,485,835
Griffon Corp.,          
Gtd. Notes 5.250 03/01/22   6,011 5,890,331
Gtd. Notes(a) 5.750 03/01/28   51,620 51,076,625
JELD-WEN, Inc.,          
Gtd. Notes, 144A 4.625 12/15/25   13,233 12,652,114
Gtd. Notes, 144A(a) 4.875 12/15/27   11,334 10,650,472
Sr. Sec’d. Notes, 144A(a) 6.250 05/15/25   6,350 6,549,111
Masonite International Corp.,          
Gtd. Notes, 144A 5.375 02/01/28   6,021 6,094,619
Gtd. Notes, 144A 5.750 09/15/26   4,164 4,247,679
     
 
Patrick Industries, Inc.,
Gtd. Notes, 144A 		7.500 10/15/27   13,775 13,846,116
Standard Industries, Inc.,          
Sr. Unsec’d. Notes, 144A 4.750 01/15/28   25,753 26,007,366
Sr. Unsec’d. Notes, 144A(a) 5.000 02/15/27   8,240 8,475,616
Sr. Unsec’d. Notes, 144A 5.375 11/15/24   2,000 2,040,462
Summit Materials LLC/Summit Materials Finance Corp.,          
Gtd. Notes(a) 6.125 07/15/23   9,383 9,422,226
Gtd. Notes, 144A 5.125 06/01/25   7,235 7,107,805
Gtd. Notes, 144A 6.500 03/15/27   4,745 4,815,036
     
 
U.S. Concrete, Inc.,
Gtd. Notes 		6.375 06/01/24   54,124 54,579,972
          297,296,818
Chemicals 3.4%
Ashland LLC,
Gtd. Notes(a) 		6.875 05/15/43   36,320 40,921,883
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 37,512,514
Atotech Alpha 3 BV/Alpha US Bidco, Inc. (United Kingdom),
Gtd. Notes, 144A 		6.250 02/01/25   17,999 17,800,738
Chemours Co. (The),          
Gtd. Notes(a) 5.375 05/15/27   26,430 23,801,338
Gtd. Notes(a) 6.625 05/15/23   7,888 7,928,426
10
PGIM High Yield Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Chemicals (cont’d.)
Chemours Co. (The), (cont’d.)          
Gtd. Notes(a) 7.000 % 05/15/25   48,561   $47,497,329
     
 
Cornerstone Chemical Co.,
Sr. Sec’d. Notes, 144A 		6.750 08/15/24   19,263 16,173,171
Element Solutions, Inc.,
Gtd. Notes, 144A(a) 		5.875 12/01/25   9,433 9,714,471
Hexion, Inc.,
Gtd. Notes, 144A(a) 		7.875 07/15/27   39,614 35,723,299
NOVA Chemicals Corp. (Canada),          
Sr. Unsec’d. Notes, 144A(a) 4.875 06/01/24   1,495 1,381,370
Sr. Unsec’d. Notes, 144A 5.000 05/01/25   7,100 6,269,411
Sr. Unsec’d. Notes, 144A 5.250 06/01/27   31,640 26,842,420
     
 
Olin Corp.,
Sr. Unsec’d. Notes, 144A(a) 		9.500 06/01/25   18,750 20,463,028
PolyOne Corp.,
Sr. Unsec’d. Notes, 144A 		5.750 05/15/25   8,225 8,603,928
Rain CII Carbon LLC/CII Carbon Corp.,
Sec’d. Notes, 144A 		7.250 04/01/25   28,129 25,294,623
Starfruit Finco BV/Starfruit US Holdco LLC (Netherlands),
Sr. Unsec’d. Notes, 144A(a) 		8.000 10/01/26   39,410 40,870,474
TPC Group, Inc.,
Sr. Sec’d. Notes, 144A 		10.500 08/01/24   26,054 22,332,162
Tronox Finance PLC,
Gtd. Notes, 144A(a) 		5.750 10/01/25   47,527 45,111,358
Tronox, Inc.,          
Gtd. Notes, 144A(a) 6.500 04/15/26   26,805 25,461,973
Sr. Sec’d. Notes, 144A(a) 6.500 05/01/25   15,875 16,388,162
Valvoline, Inc.,          
Gtd. Notes, 144A(a) 4.250 02/15/30   7,760 7,737,887
Gtd. Notes, 144A 4.375 08/15/25   8,240 8,367,706
Venator Finance Sarl/Venator Materials LLC,          
Gtd. Notes, 144A(a) 5.750 07/15/25   33,017 21,546,093
Sr. Sec’d. Notes, 144A 9.500 07/01/25   15,135 15,280,337
          529,024,101
Commercial Services 3.4%
Allied Universal Holdco LLC/Allied Universal Finance
Corp., 		         
Sr. Sec’d. Notes, 144A 6.625 07/15/26   13,400 14,155,840
Sr. Unsec’d. Notes, 144A(a) 9.750 07/15/27   33,834 35,948,625
11
PGIM High Yield Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Commercial Services (cont’d.)
     
 
AMN Healthcare, Inc.,
Gtd. Notes, 144A 		4.625 % 10/01/27   7,075  $6,863,468
Laureate Education, Inc.,
Gtd. Notes, 144A(a) 		8.250 05/01/25   61,848 65,165,282
Nielsen Co. Luxembourg Sarl (The),
Gtd. Notes, 144A 		5.500 10/01/21   8,345 8,355,725
Nielsen Finance LLC/Nielsen Finance Co.,
Gtd. Notes 		4.500 10/01/20   1,900 1,899,830
Refinitiv US Holdings, Inc.,          
Gtd. Notes, 144A(a) 8.250 11/15/26   124,417 136,657,872
Sr. Sec’d. Notes, 144A(a) 6.250 05/15/26   1,285 1,373,728
United Rentals North America, Inc.,          
Gtd. Notes(a) 4.000 07/15/30   16,195 15,783,301
Gtd. Notes 4.875 01/15/28   67,000 69,129,144
Gtd. Notes 5.250 01/15/30   49,840 52,086,054
Gtd. Notes(a) 5.500 07/15/25   18,388 19,020,741
Gtd. Notes(a) 5.500 05/15/27   13,305 14,135,296
Gtd. Notes(a) 5.875 09/15/26   34,904 36,723,519
Gtd. Notes(a) 6.500 12/15/26   23,757 25,402,556
     
 
Verscend Escrow Corp.,
Sr. Unsec’d. Notes, 144A(a) 		9.750 08/15/26   36,565 39,311,169
          542,012,150
Computers 1.2%
Banff Merger Sub, Inc.,
Sr. Unsec’d. Notes, 144A(a) 		9.750 09/01/26   94,423 94,722,912
Dell International LLC/EMC Corp.,
Gtd. Notes, 144A(a) 		5.875 06/15/21   5,792 5,795,393
Everi Payments, Inc.,
Gtd. Notes, 144A 		7.500 12/15/25   34,139 30,043,645
NCR Corp.,          
Gtd. Notes(a) 6.375 12/15/23   3,140 3,197,358
Gtd. Notes, 144A(a) 5.750 09/01/27   11,592 11,573,776
Gtd. Notes, 144A(a) 8.125 04/15/25   7,155 7,692,515
Tempo Acquisition LLC/Tempo Acquisition Finance
Corp., 		         
Sr. Sec’d. Notes, 144A 5.750 06/01/25   8,325 8,684,073
Sr. Unsec’d. Notes, 144A(a) 6.750 06/01/25   21,850 21,849,314
          183,558,986
12
PGIM High Yield Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Distribution/Wholesale 0.4%
Anixter, Inc.,          
Gtd. Notes 5.500 % 03/01/23   1,975  $1,987,301
Gtd. Notes 6.000 12/01/25   10,190 10,363,673
     
 
Core & Main Holdings LP,
Sr. Unsec’d. Notes, 144A, Cash coupon 8.625% or PIK 9.375% 		8.625 09/15/24   35,875 33,828,649
H&E Equipment Services, Inc.,
Gtd. Notes(a) 		5.625 09/01/25   17,698 17,325,373
Performance Food Group, Inc.,
Gtd. Notes, 144A 		5.500 10/15/27   4,150 4,074,407
          67,579,403
Diversified Financial Services 2.3%
Alliance Data Systems Corp.,
Gtd. Notes, 144A 		4.750 12/15/24   20,850 18,657,751
Ally Financial, Inc.,          
Gtd. Notes 8.000 11/01/31   825 1,040,569
Sub. Notes(a) 5.750 11/20/25   4,430 4,650,955
     
 
Avolon Holdings Funding Ltd. (Ireland),
Gtd. Notes, 144A 		5.500 01/15/23   4,000 3,535,845
Fairstone Financial, Inc. (Canada),
Sr. Unsec’d. Notes, 144A 		7.875 07/15/24   14,515 14,462,367
LPL Holdings, Inc.,
Gtd. Notes, 144A(a) 		5.750 09/15/25   27,400 28,586,588
Nationstar Mortgage Holdings, Inc.,          
Gtd. Notes, 144A 6.000 01/15/27   43,875 40,481,764
Gtd. Notes, 144A 8.125 07/15/23   23,567 24,018,503
Gtd. Notes, 144A(a) 9.125 07/15/26   101,097 103,105,048
Park Aerospace Holdings Ltd. (Ireland),          
Gtd. Notes, 144A 4.500 03/15/23   6,666 5,638,057
Gtd. Notes, 144A 5.500 02/15/24   9,390 8,059,359
Springleaf Finance Corp.,          
Gtd. Notes 6.625 01/15/28   31,021 29,617,622
Gtd. Notes 6.875 03/15/25   23,675 23,355,891
Gtd. Notes 7.125 03/15/26   64,085 63,388,900
Gtd. Notes 8.250 10/01/23   1,568 1,602,546
          370,201,765
Electric 2.9%
Calpine Corp.,          
Sr. Sec’d. Notes, 144A(a) 4.500 02/15/28   13,845 13,958,068
13
PGIM High Yield Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Electric (cont’d.)
Calpine Corp., (cont’d.)          
Sr. Unsec’d. Notes(a) 5.500 % 02/01/24   13,874  $14,005,508
Sr. Unsec’d. Notes(a) 5.750 01/15/25   145,608 149,035,445
Sr. Unsec’d. Notes, 144A 5.125 03/15/28   126,950 128,839,594
     
 
Keystone & Conemaugh Pass-Through Certificates,
Gtd. Notes, 144A 		9.000 12/01/23   4,074 4,073,672
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   8,578 8,579,802
Mirant Corp.,
Bonds, 144A^ 		—(p) 07/15/49   2,675 2,675
NRG Energy, Inc.,          
Gtd. Notes(a) 5.750 01/15/28   12,050 13,131,994
Gtd. Notes 6.625 01/15/27   2,510 2,681,620
Gtd. Notes(a) 7.250 05/15/26   6,160 6,610,608
Gtd. Notes, 144A 5.250 06/15/29   6,025 6,590,879
     
 
Vistra Energy Corp.,
Gtd. Notes 		5.875 06/01/23   2,450 2,473,985
Vistra Operations Co. LLC,          
Gtd. Notes, 144A 5.000 07/31/27   28,995 30,410,434
Gtd. Notes, 144A 5.500 09/01/26   29,670 31,221,732
Gtd. Notes, 144A 5.625 02/15/27   47,670 50,673,711
          462,289,727
Electrical Components & Equipment 0.2%
WESCO Distribution, Inc.,          
Gtd. Notes, 144A 7.125 06/15/25   16,155 16,155,000
Gtd. Notes, 144A 7.250 06/15/28   22,055 21,888,264
          38,043,264
Electronics 0.1%
Itron, Inc.,
Gtd. Notes, 144A(a) 		5.000 01/15/26   6,325 6,358,897
Sensata Technologies BV,          
Gtd. Notes, 144A(a) 4.875 10/15/23   9,193 9,482,029
Gtd. Notes, 144A 5.000 10/01/25   1,225 1,270,937
Gtd. Notes, 144A(a) 5.625 11/01/24   950 999,105
          18,110,968
14
PGIM High Yield Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Energy-Alternate Sources 0.1%
Enviva Partners LP/Enviva Partners Finance Corp.,
Gtd. Notes, 144A(a) 		6.500 % 01/15/26   9,975  $10,547,966
Engineering & Construction 0.7%
AECOM,          
Gtd. Notes 5.125 03/15/27   39,603 42,298,860
Gtd. Notes 5.875 10/15/24   18,073 19,358,079
     
 
PowerTeam Services LLC,
Sr. Sec’d. Notes, 144A 		9.033 12/04/25   15,625 15,862,659
TopBuild Corp.,
Gtd. Notes, 144A 		5.625 05/01/26   30,409 31,083,329
          108,602,927
Entertainment 3.6%
AMC Entertainment Holdings, Inc.,          
Gtd. Notes 5.750 06/15/25   35,720 9,205,573
Gtd. Notes 5.875 11/15/26   56,899 14,303,829
Gtd. Notes 6.125 05/15/27   17,075 4,403,865
     
 
Caesars Resort Collection LLC/CRC Finco, Inc.,
Gtd. Notes, 144A(a) 		5.250 10/15/25   94,425 83,970,148
Eldorado Resorts, Inc.,          
Gtd. Notes(a) 6.000 04/01/25   18,051 18,474,213
Gtd. Notes 7.000 08/01/23   26,219 26,548,503
     
 
Golden Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A(a) 		7.625 04/15/26   47,003 40,382,549
International Game Technology PLC,          
Sr. Sec’d. Notes, 144A(a) 6.250 01/15/27   23,370 23,781,646
Sr. Sec’d. Notes, 144A(a) 6.500 02/15/25   13,431 13,863,126
     
 
Jacobs Entertainment, Inc.,
Sec’d. Notes, 144A 		7.875 02/01/24   41,737 31,724,720
Live Nation Entertainment, Inc.,
Sr. Sec’d. Notes, 144A(a) 		6.500 05/15/27   5,216 5,532,927
Merlin Entertainments Ltd. (United Kingdom),
Gtd. Notes, 144A(a) 		5.750 06/15/26   2,450 2,362,550
Motion Bondco DAC (United Kingdom),
Gtd. Notes, 144A(a) 		6.625 11/15/27   38,511 32,658,193
Penn National Gaming, Inc.,
Sr. Unsec’d. Notes, 144A(a) 		5.625 01/15/27   53,329 50,394,107
Scientific Games International, Inc.,          
Gtd. Notes 5.500 02/15/26 EUR 11,350 9,074,729
Gtd. Notes 6.625 05/15/21   31,889 30,605,389
15
PGIM High Yield Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Entertainment (cont’d.)
Scientific Games International, Inc., (cont’d.)          
Gtd. Notes, 144A(a) 7.000 % 05/15/28   47,783  $42,105,312
Gtd. Notes, 144A(a) 7.250 11/15/29   13,475 11,864,099
Gtd. Notes, 144A 8.250 03/15/26   44,699 41,030,306
     
 
Six Flags Entertainment Corp.,
Gtd. Notes, 144A(a) 		4.875 07/31/24   21,706 20,440,734
Twin River Worldwide Holdings, Inc.,
Sr. Unsec’d. Notes, 144A(a) 		6.750 06/01/27   37,116 34,214,993
Vail Resorts, Inc.,
Gtd. Notes, 144A 		6.250 05/15/25   10,000 10,533,673
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.,          
Gtd. Notes, 144A(a) 5.125 10/01/29   9,020 8,671,223
Sr. Unsec’d. Notes, 144A(a) 7.750 04/15/25   3,575 3,711,635
          569,858,042
Food Service 0.1%
Aramark Services, Inc.,
Gtd. Notes, 144A(a) 		6.375 05/01/25   20,075 20,997,488
Foods 1.8%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC,
Gtd. Notes, 144A 		4.875 02/15/30   7,400 7,669,490
B&G Foods, Inc.,          
Gtd. Notes 5.250 04/01/25   5,202 5,347,875
Gtd. Notes(a) 5.250 09/15/27   19,553 20,053,876
JBS USA LUX SA/JBS USA Finance, Inc.,          
Gtd. Notes, 144A(a) 5.750 06/15/25   33,670 34,559,210
Gtd. Notes, 144A 5.875 07/15/24   14,270 14,511,216
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance,
Inc., 		         
Gtd. Notes, 144A 6.500 04/15/29   38,194 41,565,150
Sr. Unsec’d. Notes, 144A(a) 5.500 01/15/30   26,540 27,539,435
     
 
Lamb Weston Holdings, Inc.,
Gtd. Notes, 144A(a) 		4.875 05/15/28   815 853,799
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 10,810,171
Pilgrim’s Pride Corp.,          
Gtd. Notes 5.750 03/15/25   200 204,512
Gtd. Notes, 144A 5.750 03/15/25   1,550 1,584,970
16
PGIM High Yield Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Foods (cont’d.)
Pilgrim’s Pride Corp., (cont’d.)          
Gtd. Notes, 144A(a) 5.875 % 09/30/27   43,790  $45,611,502
Post Holdings, Inc.,          
Gtd. Notes, 144A(a) 5.500 12/15/29   22,849 23,997,395
Gtd. Notes, 144A(a) 5.625 01/15/28   8,426 8,891,860
     
 
US Foods, Inc.,
Gtd. Notes, 144A(a) 		5.875 06/15/24   38,374 37,183,515
          280,383,976
Gas 0.8%
AmeriGas Partners LP/AmeriGas Finance Corp.,          
Sr. Unsec’d. Notes 5.500 05/20/25   39,874 41,568,378
Sr. Unsec’d. Notes 5.625 05/20/24   8,440 8,822,801
Sr. Unsec’d. Notes 5.750 05/20/27   37,802 40,033,227
Sr. Unsec’d. Notes 5.875 08/20/26   30,331 32,255,523
          122,679,929
Healthcare-Products 0.0%
Teleflex, Inc.,
Gtd. Notes, 144A(a) 		4.250 06/01/28   7,075 7,282,271
Healthcare-Services 4.1%
Acadia Healthcare Co., Inc.,          
Gtd. Notes 5.625 02/15/23   4,172 4,175,469
Gtd. Notes 6.125 03/15/21   7,725 7,694,766
Gtd. Notes 6.500 03/01/24   4,307 4,360,147
     
 
Centene Corp.,
Sr. Unsec’d. Notes 		4.250 12/15/27   10,940 11,436,347
CHS/Community Health Systems, Inc.,
Sr. Sec’d. Notes(a) 		6.250 03/31/23   5,367 5,211,209
DaVita, Inc.,
Sr. Unsec’d. Notes, 144A 		4.625 06/01/30   24,720 24,660,110
Encompass Health Corp.,
Gtd. Notes(a) 		4.750 02/01/30   3,145 3,200,294
Hadrian Merger Sub, Inc.,
Sr. Unsec’d. Notes, 144A 		8.500 05/01/26   9,532 7,994,133
HCA, Inc.,          
Gtd. Notes(a) 3.500 09/01/30   3,100 3,048,798
Gtd. Notes(a) 5.375 02/01/25   28,507 31,301,964
Gtd. Notes(a) 5.625 09/01/28   35,812 41,040,764
17
PGIM High Yield Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Healthcare-Services (cont’d.)
HCA, Inc., (cont’d.)          
Gtd. Notes(a) 5.875 % 02/01/29   13,995  $16,302,578
Gtd. Notes 7.500 12/15/23   12,480 13,979,809
MEDNAX, Inc.,          
Gtd. Notes, 144A(a) 5.250 12/01/23   18,775 18,437,812
Gtd. Notes, 144A(a) 6.250 01/15/27   18,026 17,012,200
     
 
Polaris Intermediate Corp.,
Sr. Unsec’d. Notes, 144A, Cash coupon 8.500% or PIK 9.250%(a) 		8.500 12/01/22   89,680 78,633,528
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.,
Gtd. Notes, 144A(a) 		9.750 12/01/26   86,328 93,469,429
Surgery Center Holdings, Inc.,          
Gtd. Notes, 144A 6.750 07/01/25   12,477 11,434,122
Gtd. Notes, 144A(a) 10.000 04/15/27   15,800 15,721,137
Tenet Healthcare Corp.,          
Sec’d. Notes(a) 5.125 05/01/25   4,452 4,522,844
Sec’d. Notes, 144A(a) 6.250 02/01/27   47,175 48,829,115
Sr. Sec’d. Notes 4.625 07/15/24   10,500 10,629,986
Sr. Unsec’d. Notes(a) 6.750 06/15/23   42,544 44,552,626
Sr. Unsec’d. Notes 6.875 11/15/31   20,450 18,729,127
Sr. Unsec’d. Notes(a) 7.000 08/01/25   73,622 74,198,168
Sr. Unsec’d. Notes 8.125 04/01/22   29,463 31,085,159
          641,661,641
Home Builders 4.4%
Ashton Woods USA LLC/Ashton Woods Finance Co.,          
Sr. Unsec’d. Notes, 144A(a) 6.625 01/15/28   6,685 5,725,020
Sr. Unsec’d. Notes, 144A 6.750 08/01/25   25,954 23,979,836
Sr. Unsec’d. Notes, 144A 9.875 04/01/27   26,936 27,711,216
Beazer Homes USA, Inc.,          
Gtd. Notes(a) 5.875 10/15/27   27,091 25,495,741
Gtd. Notes 6.750 03/15/25   28,276 28,501,697
Gtd. Notes 7.250 10/15/29   35,856 35,024,486
Brookfield Residential Properties, Inc./Brookfield
Residential US Corp. (Canada), 		         
Gtd. Notes, 144A 4.875 02/15/30   19,305 16,356,907
Gtd. Notes, 144A 6.250 09/15/27   23,060 21,953,975
Gtd. Notes, 144A 6.375 05/15/25   46,150 45,559,915
     
 
Century Communities, Inc.,
Gtd. Notes(a) 		6.750 06/01/27   30,388 31,018,199
18
PGIM High Yield Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Home Builders (cont’d.)
Forestar Group, Inc.,          
Gtd. Notes, 144A(a) 5.000 % 03/01/28   11,300  $10,638,345
Gtd. Notes, 144A 8.000 04/15/24   27,697 27,944,668
KB Home,          
Gtd. Notes(a) 4.800 11/15/29   6,125 6,201,231
Gtd. Notes(a) 6.875 06/15/27   25,175 27,911,460
Gtd. Notes 7.000 12/15/21   787 826,188
Gtd. Notes(a) 7.500 09/15/22   525 573,504
Gtd. Notes 7.625 05/15/23   8,400 9,220,473
Lennar Corp.,          
Gtd. Notes 4.875 12/15/23   4,075 4,300,571
Gtd. Notes 5.250 06/01/26   9,250 9,952,811
Gtd. Notes 5.375 10/01/22   3,675 3,854,566
M/I Homes, Inc.,          
Gtd. Notes 4.950 02/01/28   33,164 30,841,525
Gtd. Notes 5.625 08/01/25   13,591 13,358,418
Mattamy Group Corp. (Canada),          
Sr. Unsec’d. Notes, 144A 4.625 03/01/30   28,675 26,444,153
Sr. Unsec’d. Notes, 144A(a) 5.250 12/15/27   18,906 18,196,293
Meritage Homes Corp.,          
Gtd. Notes 5.125 06/06/27   22,873 23,605,403
Gtd. Notes 6.000 06/01/25   14,125 15,156,601
     
 
New Home Co., Inc. (The),
Gtd. Notes 		7.250 04/01/22   15,899 13,938,698
Shea Homes LP/Shea Homes Funding Corp.,
Sr. Unsec’d. Notes, 144A 		4.750 02/15/28   13,656 12,679,101
Taylor Morrison Communities, Inc.,          
Gtd. Notes, 144A 5.750 01/15/28   6,433 6,335,317
Gtd. Notes, 144A 5.875 01/31/25   43,698 44,231,843
Gtd. Notes, 144A 5.875 06/15/27   33,511 33,386,933
Gtd. Notes, 144A 6.000 09/01/23   11,371 11,469,975
Gtd. Notes, 144A 6.625 07/15/27   40,698 40,561,231
Taylor Morrison Communities, Inc./Taylor Morrison
Holdings II, Inc., 		         
Gtd. Notes, 144A 5.625 03/01/24   23,245 22,954,158
Gtd. Notes, 144A 5.875 04/15/23   16,125 16,140,958
          692,051,416
Household Products/Wares 0.2%
Spectrum Brands, Inc.,          
Gtd. Notes(a) 5.750 07/15/25   23,102 23,820,510
19
PGIM High Yield Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Household Products/Wares (cont’d.)
Spectrum Brands, Inc., (cont’d.)          
Gtd. Notes 6.125 % 12/15/24   2,392  $2,452,678
Gtd. Notes, 144A(a) 5.000 10/01/29   4,925 4,818,807
          31,091,995
Housewares 0.1%
Scotts Miracle-Gro Co. (The),          
Gtd. Notes(a) 4.500 10/15/29   13,792 14,150,785
Gtd. Notes 5.250 12/15/26   8,632 8,972,385
          23,123,170
Internet 0.1%
Netflix, Inc.,          
Sr. Unsec’d. Notes 5.375 02/01/21   1,446 1,476,372
Sr. Unsec’d. Notes, 144A(a) 3.625 06/15/25   9,255 9,490,406
     
 
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.,
Sr. Unsec’d. Notes, 144A 		10.750 06/01/28   5,920 6,170,525
          17,137,303
Iron/Steel 0.3%
Cleveland-Cliffs, Inc.,          
Sr. Sec’d. Notes, 144A(a) 6.750 03/15/26   4,450 4,059,609
Sr. Sec’d. Notes, 144A 9.875 10/17/25   42,192 43,942,681
          48,002,290
Leisure Time 0.6%
NCL Corp. Ltd.,          
Sr. Sec’d. Notes, 144A(a) 12.250 05/15/24   12,485 13,488,238
Sr. Unsec’d. Notes, 144A(a) 3.625 12/15/24   34,375 20,675,338
Royal Caribbean Cruises Ltd.,          
Sr. Sec’d. Notes, 144A(a) 10.875 06/01/23   6,450 6,729,950
Sr. Sec’d. Notes, 144A(a) 11.500 06/01/25   6,250 6,608,210
Sr. Unsec’d. Notes(a) 2.650 11/28/20   21,875 20,877,072
Sr. Unsec’d. Notes 5.250 11/15/22   3,213 2,665,638
Sr. Unsec’d. Notes(a) 7.500 10/15/27   11,700 9,122,752
     
 
Viking Cruises Ltd.,
Gtd. Notes, 144A 		5.875 09/15/27   36,620 22,032,550
          102,199,748
20
PGIM High Yield Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Lodging 1.9%
Boyd Gaming Corp.,          
Gtd. Notes 6.375 % 04/01/26   21,194  $21,064,178
Sr. Unsec’d. Notes, 144A(a) 8.625 06/01/25   10,875 11,624,877
Hilton Domestic Operating Co., Inc.,          
Gtd. Notes(a) 4.875 01/15/30   12,000 11,931,184
Gtd. Notes 5.125 05/01/26   14,500 14,612,547
Gtd. Notes, 144A 5.375 05/01/25   6,130 6,271,141
Gtd. Notes, 144A(a) 5.750 05/01/28   7,200 7,432,018
     
 
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.,
Gtd. Notes(a) 		4.875 04/01/27   22,400 22,354,455
Marriott International, Inc.,          
Sr. Unsec’d. Notes 2.875 03/01/21   5,650 5,639,393
Sr. Unsec’d. Notes 4.625 06/15/30   4,930 5,045,605
Sr. Unsec’d. Notes, Series EE(a) 5.750 05/01/25   6,250 6,778,644
     
 
Marriott Ownership Resorts, Inc.,
Gtd. Notes, 144A 		4.750 01/15/28   6,450 5,706,381
MGM Resorts International,          
Gtd. Notes(a) 4.625 09/01/26   470 449,823
Gtd. Notes(a) 5.500 04/15/27   32,283 31,406,615
Gtd. Notes(a) 5.750 06/15/25   11,373 11,329,736
Gtd. Notes(a) 6.000 03/15/23   15,840 15,911,480
Gtd. Notes(a) 6.750 05/01/25   47,403 47,994,687
Gtd. Notes(a) 7.750 03/15/22   13,075 13,526,966
Station Casinos LLC,          
Gtd. Notes, 144A(a) 4.500 02/15/28   22,409 19,443,563
Gtd. Notes, 144A(a) 5.000 10/01/25   15,874 14,314,002
     
 
Wyndham Destinations, Inc.,
Sr. Sec’d. Notes, 144A 		4.625 03/01/30   9,375 8,101,833
Wynn Macau Ltd. (Macau),
Sr. Unsec’d. Notes, 144A(a) 		5.125 12/15/29   16,750 16,641,976
          297,581,104
Machinery-Diversified 0.4%
ATS Automation Tooling Systems, Inc. (Canada),
Gtd. Notes, 144A 		6.500 06/15/23   8,177 8,288,238
Maxim Crane Works Holdings Capital LLC,
Sec’d. Notes, 144A 		10.125 08/01/24   50,128 48,871,424
          57,159,662
21
PGIM High Yield Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Media 6.6%
AMC Networks, Inc.,
Gtd. Notes(a) 		4.750 % 08/01/25   27,825  $27,993,406
CCO Holdings LLC/CCO Holdings Capital Corp.,          
Sr. Unsec’d. Notes, 144A 4.500 05/01/32   30,050 31,071,035
Sr. Unsec’d. Notes, 144A 4.750 03/01/30   15,125 15,810,907
Sr. Unsec’d. Notes, 144A(a) 5.000 02/01/28   29,930 31,344,788
Sr. Unsec’d. Notes, 144A 5.125 05/01/27   1,575 1,652,020
Sr. Unsec’d. Notes, 144A 5.375 06/01/29   37,028 39,951,411
Sr. Unsec’d. Notes, 144A(a) 5.500 05/01/26   26,139 27,594,789
Sr. Unsec’d. Notes, 144A 5.750 02/15/26   27,768 28,914,476
Sr. Unsec’d. Notes, 144A(a) 5.875 04/01/24   4,000 4,122,505
Sr. Unsec’d. Notes, 144A 5.875 05/01/27   12,155 12,733,432
Clear Channel Worldwide Holdings, Inc.,          
Gtd. Notes 9.250 02/15/24   196,786 180,566,983
Sr. Sec’d. Notes, 144A(a) 5.125 08/15/27   4,140 4,140,000
CSC Holdings LLC,          
Gtd. Notes, 144A(a) 5.375 07/15/23   35,359 35,895,338
Gtd. Notes, 144A(a) 5.375 02/01/28   11,490 12,222,196
Gtd. Notes, 144A(a) 6.625 10/15/25   13,850 14,460,140
Sr. Unsec’d. Notes 6.750 11/15/21   5,000 5,267,522
Sr. Unsec’d. Notes, 144A(a) 7.500 04/01/28   18,372 20,395,976
Sr. Unsec’d. Notes, 144A 10.875 10/15/25   54,401 58,912,338
     
 
Cumulus Media New Holdings, Inc.,
Sr. Sec’d. Notes, 144A(a) 		6.750 07/01/26   36,416 30,373,951
Diamond Sports Group LLC/Diamond Sports Finance
Co., 		         
Gtd. Notes, 144A(a) 6.625 08/15/27   111,659 67,287,279
Sr. Sec’d. Notes, 144A 5.375 08/15/26   34,717 27,563,986
DISH DBS Corp.,          
Gtd. Notes(a) 5.000 03/15/23   7,905 7,885,346
Gtd. Notes(a) 7.750 07/01/26   73,509 76,281,042
Entercom Media Corp.,          
Gtd. Notes, 144A(a) 7.250 11/01/24   7,646 6,023,364
Sec’d. Notes, 144A(a) 6.500 05/01/27   20,435 18,148,149
Gray Television, Inc.,          
Gtd. Notes, 144A(a) 5.125 10/15/24   2,408 2,437,870
Gtd. Notes, 144A(a) 5.875 07/15/26   18,683 19,326,877
Gtd. Notes, 144A(a) 7.000 05/15/27   11,439 12,148,028
iHeartCommunications, Inc.,          
Gtd. Notes(a) 8.375 05/01/27   18,532 17,343,810
Sr. Sec’d. Notes(a) 6.375 05/01/26   14,955 15,704,360
     
 
22
PGIM High Yield Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Media (cont’d.)
     
Midcontinent Communications/Midcontinent Finance Corp.,
Gtd. Notes, 144A 		5.375 % 08/15/27   7,675  $7,799,579
Nexstar Broadcasting, Inc.,          
Gtd. Notes, 144A(a) 5.625 08/01/24   17,264 17,732,153
Gtd. Notes, 144A(a) 5.625 07/15/27   6,700 6,866,503
     
 
Quebecor Media, Inc. (Canada),
Sr. Unsec’d. Notes 		5.750 01/15/23   12,231 12,884,074
Radiate Holdco LLC/Radiate Finance, Inc.,          
Sr. Unsec’d. Notes, 144A(a) 6.625 02/15/25   21,707 22,141,197
Sr. Unsec’d. Notes, 144A 6.875 02/15/23   37,061 37,768,079
     
 
Scripps Escrow, Inc.,
Gtd. Notes, 144A(a) 		5.875 07/15/27   6,370 5,923,628
Sinclair Television Group, Inc.,          
Gtd. Notes, 144A(a) 5.125 02/15/27   19,070 17,841,912
Gtd. Notes, 144A 5.875 03/15/26   15,052 14,735,724
Univision Communications, Inc.,          
Sr. Sec’d. Notes, 144A(a) 5.125 05/15/23   24,350 23,695,555
Sr. Sec’d. Notes, 144A(a) 5.125 02/15/25   19,472 18,600,519
     
 
Videotron Ltd. (Canada),
Gtd. Notes(a) 		5.000 07/15/22   650 672,871
          1,040,235,118
Metal Fabricate/Hardware 0.0%
Zekelman Industries, Inc.,
Sr. Sec’d. Notes, 144A 		9.875 06/15/23   6,841 6,814,647
Mining 2.2%
Constellium SE,          
Gtd. Notes, 144A 5.750 05/15/24   1,736 1,741,241
Gtd. Notes, 144A(a) 5.875 02/15/26   18,827 19,007,763
Gtd. Notes, 144A(a) 6.625 03/01/25   18,060 18,434,495
     
 
Eldorado Gold Corp. (Canada),
Sec’d. Notes, 144A 		9.500 06/01/24   29,515 31,256,084
First Quantum Minerals Ltd. (Zambia),          
Gtd. Notes, 144A(a) 6.500 03/01/24   33,687 30,408,782
Gtd. Notes, 144A(a) 6.875 03/01/26   13,426 11,982,866
Gtd. Notes, 144A 7.250 05/15/22   3,475 3,260,890
Gtd. Notes, 144A 7.250 04/01/23   9,845 9,110,422
Gtd. Notes, 144A 7.500 04/01/25   27,186 24,691,803
23
PGIM High Yield Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Mining (cont’d.)
Freeport-McMoRan, Inc.,          
Gtd. Notes(a) 3.550 % 03/01/22   440  $446,924
Gtd. Notes 3.875 03/15/23   41,103 41,419,906
Gtd. Notes(a) 4.550 11/14/24   20,156 20,507,311
     
 
Hecla Mining Co.,
Gtd. Notes 		7.250 02/15/28   14,275 14,490,571
IAMGOLD Corp. (Canada),
Gtd. Notes, 144A(a) 		7.000 04/15/25   27,242 27,927,293
New Gold, Inc. (Canada),          
Gtd. Notes, 144A(a) 6.250 11/15/22   49,066 49,214,619
Gtd. Notes, 144A 6.375 05/15/25   21,030 20,503,162
Novelis Corp.,          
Gtd. Notes, 144A 4.750 01/30/30   5,575 5,296,676
Gtd. Notes, 144A(a) 5.875 09/30/26   22,283 22,838,788
          352,539,596
Miscellaneous Manufacturing 0.2%
Amsted Industries, Inc.,          
Gtd. Notes, 144A 5.625 07/01/27   7,700 7,840,094
Sr. Unsec’d. Notes, 144A(a) 4.625 05/15/30   14,630 13,809,544
     
 
FXI Holdings, Inc.,
Sr. Sec’d. Notes, 144A 		7.875 11/01/24   12,011 9,934,534
          31,584,172
Office/Business Equipment 0.1%
CDW LLC/CDW Finance Corp.,
Gtd. Notes(a) 		4.125 05/01/25   10,350 10,621,868
Oil & Gas 5.0%
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp.,
Gtd. Notes 		7.875 12/15/24(d)   103,934 107,260
Antero Resources Corp.,          
Gtd. Notes 5.000 03/01/25   58,335 34,224,925
Gtd. Notes 5.125 12/01/22   19,473 13,935,343
Gtd. Notes 5.375 11/01/21   17,032 15,244,036
Gtd. Notes 5.625 06/01/23   57,640 34,511,084
Ascent Resources Utica Holdings LLC/ARU Finance
Corp., 		         
Sr. Unsec’d. Notes, 144A 7.000 11/01/26   36,718 25,065,532
24
PGIM High Yield Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Oil & Gas (cont’d.)
Ascent Resources Utica Holdings LLC/ARU Finance Corp., (cont’d.)          
Sr. Unsec’d. Notes, 144A 10.000 % 04/01/22   59,338   $51,932,988
     
 
Chesapeake Energy Corp.,
Gtd. Notes 		4.875 04/15/22   5,725 168,119
Citgo Holding, Inc.,
Sr. Sec’d. Notes, 144A(a) 		9.250 08/01/24   37,525 36,423,902
CNX Resources Corp.,          
Gtd. Notes 5.875 04/15/22   29,784 29,620,178
Gtd. Notes, 144A 7.250 03/14/27   71,229 67,451,376
     
 
CrownRock LP/CrownRock Finance, Inc.,
Sr. Unsec’d. Notes, 144A 		5.625 10/15/25   7,437 7,124,817
Diamond Offshore Drilling, Inc.,
Sr. Unsec’d. Notes 		7.875 08/15/25(d)   23,275 2,559,639
Endeavor Energy Resources LP/EER Finance, Inc.,
Sr. Unsec’d. Notes, 144A 		5.750 01/30/28   32,965 32,230,865
Extraction Oil & Gas, Inc.,          
Gtd. Notes, 144A 5.625 02/01/26   43,492 3,221,311
Gtd. Notes, 144A 7.375 05/15/24   12,785 750,864
Hilcorp Energy I LP/Hilcorp Finance Co.,          
Sr. Unsec’d. Notes, 144A(a) 5.000 12/01/24   3,100 2,767,505
Sr. Unsec’d. Notes, 144A(a) 5.750 10/01/25   20,598 18,526,163
Sr. Unsec’d. Notes, 144A 6.250 11/01/28   21,614 18,635,803
MEG Energy Corp. (Canada),          
Gtd. Notes, 144A 7.000 03/31/24   14,060 13,641,270
Sec’d. Notes, 144A 6.500 01/15/25   1,200 1,181,518
Sr. Unsec’d. Notes, 144A(a) 7.125 02/01/27   19,769 17,981,867
Nabors Industries Ltd.,          
Gtd. Notes, 144A(a) 7.250 01/15/26   9,100 5,182,316
Gtd. Notes, 144A 7.500 01/15/28   21,735 11,954,059
     
 
Nabors Industries, Inc.,
Gtd. Notes 		5.750 02/01/25   47,803 14,818,930
Occidental Petroleum Corp.,          
Sr. Unsec’d. Notes(a) 2.700 08/15/22   3,900 3,573,098
Sr. Unsec’d. Notes(a) 2.700 02/15/23   13,800 11,867,915
Sr. Unsec’d. Notes(a) 2.900 08/15/24   35,595 28,163,412
Sr. Unsec’d. Notes 3.125 02/15/22   11,425 10,680,842
Sr. Unsec’d. Notes 4.850 03/15/21   1,125 1,102,475
Sr. Unsec’d. Notes 6.950 07/01/24   750 678,569
     
 
PBF Holding Co. LLC/PBF Finance Corp.,
Sr. Sec’d. Notes, 144A 		9.250 05/15/25   28,455 30,809,186
Precision Drilling Corp. (Canada),          
Gtd. Notes(a) 5.250 11/15/24   20,000 9,645,299
25
PGIM High Yield Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Oil & Gas (cont’d.)
Precision Drilling Corp. (Canada), (cont’d.)          
Gtd. Notes(a) 7.750 % 12/15/23   5,650  $2,990,769
Gtd. Notes, 144A(a) 7.125 01/15/26   28,993 15,156,624
Range Resources Corp.,          
Gtd. Notes 4.875 05/15/25   43,175 36,097,060
Gtd. Notes 5.000 08/15/22   3,578 3,349,127
Gtd. Notes 5.000 03/15/23   14,496 13,101,331
Gtd. Notes 5.875 07/01/22   8,090 7,651,244
Gtd. Notes, 144A(a) 9.250 02/01/26   25,675 24,209,302
     
 
Seven Generations Energy Ltd. (Canada),
Gtd. Notes, 144A 		5.375 09/30/25   1,410 1,167,461
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   2,599 2,640,236
Gtd. Notes 5.500 02/15/26   11,550 11,683,644
Gtd. Notes 5.875 03/15/28   1,525 1,544,405
Transocean, Inc.,          
Gtd. Notes, 144A 7.250 11/01/25   38,028 20,926,024
Gtd. Notes, 144A 7.500 01/15/26   30,108 16,617,767
Gtd. Notes, 144A 8.000 02/01/27   24,995 13,670,945
Valaris PLC (Saudi Arabia),          
Sr. Unsec’d. Notes 5.750 10/01/44   6,475 538,884
Sr. Unsec’d. Notes 7.375 06/15/25   1,250 118,482
Sr. Unsec’d. Notes(a) 7.750 02/01/26   48,186 3,236,763
WPX Energy, Inc.,          
Sr. Unsec’d. Notes(a) 5.250 09/15/24   19,445 19,295,963
Sr. Unsec’d. Notes(a) 5.250 10/15/27   28,350 27,642,122
Sr. Unsec’d. Notes(a) 5.750 06/01/26   6,445 6,441,661
Sr. Unsec’d. Notes 8.250 08/01/23   4,165 4,519,056
          788,381,354
Packaging & Containers 0.7%
ARD Finance SA (Luxembourg),
Sr. Sec’d. Notes, 144A, Cash coupon 6.500% or PIK 7.250%(a) 		6.500 06/30/27   20,675 20,431,477
Ardagh Packaging Finance PLC/Ardagh Holdings USA,
Inc., 		         
Sr. Sec’d. Notes, 144A 4.125 08/15/26   12,475 12,508,482
Sr. Unsec’d. Notes, 144A 5.250 08/15/27   26,125 25,733,125
Owens-Brockway Glass Container, Inc.,          
Gtd. Notes, 144A(a) 6.375 08/15/25   5,161 5,404,030
26
PGIM High Yield Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Packaging & Containers (cont’d.)
Owens-Brockway Glass Container, Inc., (cont’d.)          
Gtd. Notes, 144A(a) 6.625 % 05/13/27   21,875  $23,061,797
Reynolds Group Issuer, Inc./Reynolds Group
Issuer LLC/Reynolds Group Issuer Lu, 		         
Gtd. Notes, 144A(a) 7.000 07/15/24   16,235 16,391,704
Sr. Sec’d. Notes, 144A(a) 5.125 07/15/23   3,196 3,229,942
     
 
TriMas Corp.,
Gtd. Notes, 144A 		4.875 10/15/25   4,730 4,690,777
          111,451,334
Pharmaceuticals 1.6%
Bausch Health Americas, Inc.,          
Gtd. Notes, 144A 8.500 01/31/27   13,555 14,835,421
Gtd. Notes, 144A 9.250 04/01/26   8,000 8,898,077
Bausch Health Cos., Inc.,          
Gtd. Notes, 144A 5.000 01/30/28   32,948 31,966,918
Gtd. Notes, 144A(a) 5.250 01/30/30   23,875 23,603,187
Gtd. Notes, 144A 5.500 03/01/23   1,732 1,736,078
Gtd. Notes, 144A 6.125 04/15/25   58,606 59,635,532
Gtd. Notes, 144A(a) 6.250 02/15/29   45,390 46,536,689
Gtd. Notes, 144A(a) 7.000 01/15/28   14,300 15,045,571
Gtd. Notes, 144A(a) 7.250 05/30/29   21,225 22,892,833
Sr. Sec’d. Notes, 144A(a) 5.750 08/15/27   3,895 4,167,130
     
 
Endo Dac/Endo Finance LLC/Endo Finco, Inc.,
Gtd. Notes, 144A(a) 		6.000 02/01/25   31,630 23,503,708
          252,821,144
Pipelines 1.9%
Antero Midstream Partners LP/Antero Midstream
Finance Corp., 		         
Gtd. Notes 5.375 09/15/24   4,075 3,405,412
Gtd. Notes, 144A(a) 5.750 01/15/28   35,170 27,521,872
DCP Midstream Operating LP,          
Gtd. Notes(a) 5.125 05/15/29   4,968 4,545,749
Gtd. Notes, 144A(a) 4.750 09/30/21   8,048 7,887,406
Gtd. Notes, 144A 6.450 11/03/36   3,455 2,833,692
     
 
Energy Transfer Operating LP,
Jr. Sub. Notes, Series G 		7.125(ff) –(rr)   17,725 14,890,110
Global Partners LP/GLP Finance Corp.,          
Gtd. Notes 7.000 06/15/23   16,670 15,774,369
27
PGIM High Yield Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Pipelines (cont’d.)
Global Partners LP/GLP Finance Corp., (cont’d.)          
Gtd. Notes(a) 7.000 % 08/01/27   14,015  $12,191,585
NGPL PipeCo LLC,          
Sr. Unsec’d. Notes, 144A(a) 4.875 08/15/27   4,775 5,174,917
Sr. Unsec’d. Notes, 144A 7.768 12/15/37   10,100 12,047,447
Rockies Express Pipeline LLC,          
Sr. Unsec’d. Notes, 144A 6.875 04/15/40   45,573 43,635,310
Sr. Unsec’d. Notes, 144A 7.500 07/15/38   1,252 1,220,167
Tallgrass Energy Partners LP/Tallgrass Energy Finance
Corp., 		         
Gtd. Notes, 144A(a) 5.500 09/15/24   10,050 9,599,981
Gtd. Notes, 144A(a) 5.500 01/15/28   65,607 58,863,258
Gtd. Notes, 144A(a) 6.000 03/01/27   9,275 8,534,995
Targa Resources Partners LP/Targa Resources Partners
Finance Corp., 		         
Gtd. Notes 4.250 11/15/23   8,439 8,271,647
Gtd. Notes 5.125 02/01/25   2,350 2,339,006
Gtd. Notes 5.375 02/01/27   260 258,307
Gtd. Notes(a) 5.875 04/15/26   3,925 4,011,909
Gtd. Notes(a) 6.500 07/15/27   12,090 12,735,589
Gtd. Notes(a) 6.750 03/15/24   4,900 4,988,012
Western Midstream Operating LP,          
Sr. Unsec’d. Notes 3.100(cc) 02/01/25   1,000 929,765
Sr. Unsec’d. Notes(a) 3.950 06/01/25   17,022 15,827,581
Sr. Unsec’d. Notes 4.000 07/01/22   2,291 2,250,173
Sr. Unsec’d. Notes(a) 4.050(cc) 02/01/30   28,624 25,683,370
          305,421,629
Real Estate 0.9%
Five Point Operating Co. LP/Five Point Capital Corp.,
Gtd. Notes, 144A 		7.875 11/15/25   50,827 49,831,696
Greystar Real Estate Partners LLC,
Sr. Sec’d. Notes, 144A 		5.750 12/01/25   39,491 36,946,672
Howard Hughes Corp. (The),
Sr. Unsec’d. Notes, 144A(a) 		5.375 03/15/25   7,620 7,265,855
Hunt Cos., Inc.,
Sr. Sec’d. Notes, 144A 		6.250 02/15/26   48,256 42,535,633
          136,579,856
28
PGIM High Yield Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Real Estate Investment Trusts (REITs) 1.8%
Diversified Healthcare Trust,          
Gtd. Notes 9.750 % 06/15/25   17,550  $17,872,393
Sr. Unsec’d. Notes 6.750 12/15/21   5,475 5,314,461
     
 
ESH Hospitality, Inc.,
Gtd. Notes, 144A(a) 		5.250 05/01/25   41,319 40,172,292
GLP Capital LP/GLP Financing II, Inc.,          
Gtd. Notes 5.375 11/01/23   7,074 7,110,581
Gtd. Notes 5.375 04/15/26   22,372 22,496,613
Gtd. Notes 5.750 06/01/28   7,600 7,643,094
Host Hotels & Resorts LP,          
Sr. Unsec’d. Notes, Series F(a) 4.500 02/01/26   20,440 19,797,973
Sr. Unsec’d. Notes, Series H(a) 3.375 12/15/29   5,385 4,800,240
MGM Growth Properties Operating Partnership LP/MGP
Finance Co-Issuer, Inc., 		         
Gtd. Notes 4.500 09/01/26   7,250 7,121,884
Gtd. Notes 4.500 01/15/28   20,429 19,935,030
     
 
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes(a) 		5.000 10/15/27   21,935 22,662,645
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer,
Sr. Sec’d. Notes, 144A 		7.500 06/01/25   30,475 31,345,671
RHP Hotel Properties LP/RHP Finance Corp.,
Gtd. Notes(a) 		5.000 04/15/23   1,640 1,525,677
Ryman Hospitality Properties, Inc.,
Gtd. Notes, 144A(a) 		4.750 10/15/27   8,344 7,081,393
Sabra Health Care LP,
Gtd. Notes 		5.125 08/15/26   5,886 5,712,854
SBA Communications Corp.,
Sr. Unsec’d. Notes, 144A(a) 		3.875 02/15/27   12,000 12,184,731
VICI Properties LP/VICI Note Co., Inc.,          
Gtd. Notes, 144A 4.250 12/01/26   25,305 25,037,410
Gtd. Notes, 144A(a) 4.625 12/01/29   25,703 25,600,774
          283,415,716
Retail 3.5%
Beacon Roofing Supply, Inc.,
Gtd. Notes, 144A(a) 		4.875 11/01/25   16,359 15,450,160
Brinker International, Inc.,          
Gtd. Notes, 144A(a) 5.000 10/01/24   9,454 8,495,889
Sr. Unsec’d. Notes 3.875 05/15/23   31,865 27,701,431
     
 
29
PGIM High Yield Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Retail (cont’d.)
     
CEC Entertainment, Inc.,
Gtd. Notes(a) 		8.000 % 02/15/22   33,585  $3,256,728
eG Global Finance PLC (United Kingdom),
Sr. Sec’d. Notes, 144A(a) 		8.500 10/30/25   20,475 21,278,153
Ferrellgas LP/Ferrellgas Finance Corp.,          
Gtd. Notes 6.750 06/15/23   16,853 13,557,501
Sr. Unsec’d. Notes 6.500 05/01/21   19,277 15,703,958
Sr. Unsec’d. Notes 6.750 01/15/22   19,912 16,114,142
Ferrellgas Partners LP/Ferrellgas Partners Finance
Corp., 		         
Sr. Unsec’d. Notes 8.625 06/15/20   40,121 11,757,647
Sr. Unsec’d. Notes 8.625 06/15/20   68,750 21,244,136
Golden Nugget, Inc.,          
Gtd. Notes, 144A(a) 8.750 10/01/25   87,588 57,779,085
Sr. Unsec’d. Notes, 144A(a) 6.750 10/15/24   33,149 26,767,817
L Brands, Inc.,          
Gtd. Notes 5.625 02/15/22   13,000 12,627,643
Gtd. Notes 5.625 10/15/23   7,250 6,896,758
     
 
Michaels Stores, Inc.,
Gtd. Notes, 144A(a) 		8.000 07/15/27   49,797 40,569,353
PetSmart, Inc.,          
Gtd. Notes, 144A 7.125 03/15/23   66,468 64,448,482
Sr. Sec’d. Notes, 144A(a) 5.875 06/01/25   29,714 29,923,318
Rite Aid Corp.,          
Gtd. Notes, 144A 6.125 04/01/23   33,047 30,946,323
Sr. Sec’d. Notes, 144A(a) 7.500 07/01/25   11,980 11,931,098
Sally Holdings LLC/Sally Capital, Inc.,          
Gtd. Notes 5.500 11/01/23   5,200 5,027,189
Gtd. Notes(a) 5.625 12/01/25   41,423 40,465,107
Sec’d. Notes, 144A(a) 8.750 04/30/25   9,550 10,404,246
Suburban Propane Partners LP/Suburban Energy
Finance Corp., 		         
Sr. Unsec’d. Notes 5.500 06/01/24   20,979 21,312,814
Sr. Unsec’d. Notes 5.750 03/01/25   10,152 10,112,614
Sr. Unsec’d. Notes(a) 5.875 03/01/27   14,318 14,278,832
     
 
Superior Plus LP/Superior General Partner, Inc. (Canada),
Sr. Unsec’d. Notes, 144A 		7.000 07/15/26   15,325 15,646,752
Yum! Brands, Inc.,
Sr. Unsec’d. Notes, 144A(a) 		7.750 04/01/25   925 1,023,686
          554,720,862
30
PGIM High Yield Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Semiconductors 0.1%
Microchip Technology, Inc.,
Gtd. Notes, 144A 		4.250 % 09/01/25   10,345  $10,408,899
NXP BV/NXP Funding LLC (Netherlands),
Gtd. Notes, 144A 		4.625 06/15/22   6,125 6,458,865
          16,867,764
Software 0.4%
Boxer Parent Co., Inc.,
Sr. Sec’d. Notes, 144A 		7.125 10/02/25   9,715 10,214,830
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc.,
Gtd. Notes, 144A(a) 		5.750 03/01/25   19,550 19,576,892
Dun & Bradstreet Corp. (The),
Sr. Sec’d. Notes, 144A 		6.875 08/15/26   7,640 8,302,751
RP Crown Parent LLC,
Gtd. Notes, 144A 		7.375 10/15/24   26,901 26,744,363
          64,838,836
Telecommunications 6.6%
Altice France Holding SA (Luxembourg),
Gtd. Notes, 144A(a) 		6.000 02/15/28   2,965 2,885,287
C&W Senior Financing DAC (Ireland),
Sr. Unsec’d. Notes, 144A(a) 		6.875 09/15/27   18,485 18,305,201
CenturyLink, Inc.,          
Sr. Unsec’d. Notes, Series P(a) 7.600 09/15/39   20,168 20,957,597
Sr. Unsec’d. Notes, Series S 6.450 06/15/21   24,680 25,485,368
Sr. Unsec’d. Notes, Series T(a) 5.800 03/15/22   700 728,301
Sr. Unsec’d. Notes, Series U(a) 7.650 03/15/42   24,283 25,181,665
Sr. Unsec’d. Notes, Series W 6.750 12/01/23   6,399 6,916,304
CommScope Technologies LLC,          
Gtd. Notes, 144A(a) 5.000 03/15/27   2,880 2,660,075
Gtd. Notes, 144A 6.000 06/15/25   33,507 32,544,204
CommScope, Inc.,          
Gtd. Notes, 144A(a) 5.500 06/15/24   10,760 10,572,732
Gtd. Notes, 144A(a) 8.250 03/01/27   5,685 5,928,659
Sr. Sec’d. Notes, 144A(a) 6.000 03/01/26   21,072 22,197,999
     
 
Digicel Group One Ltd. (Jamaica),
Sr. Sec’d. Notes, 144A 		8.250 12/30/22   40,115 25,605,852
Digicel Group Two Ltd. (Jamaica),          
Sr. Unsec’d. Notes, 144A 8.250 09/30/22   23,322 1,166,100
31
PGIM High Yield Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Telecommunications (cont’d.)
Digicel Group Two Ltd. (Jamaica), (cont’d.)          
Sr. Unsec’d. Notes, 144A, Cash coupon 7.125% or PIK 2.000% 9.125 % 04/01/24   62,089  $2,393,228
Digicel International Finance Ltd./Digicel Holdings
Bermuda Ltd. (Saint Lucia), 		         
Gtd. Notes, 144A(a) 8.000 12/31/26   10,044 5,172,402
Gtd. Notes, 144A, Cash coupon 6.000% and PIK 7.000%(a) 13.000 12/31/25   12,743 11,277,590
Sr. Sec’d. Notes, 144A 8.750 05/25/24   11,150 10,598,998
Sr. Sec’d. Notes, 144A(a) 8.750 05/25/24   38,784 37,207,707
     
 
Digicel Ltd. (Jamaica),
Gtd. Notes, 144A(a) 		6.750 03/01/23   134,377 61,544,903
Embarq Corp.,
Sr. Unsec’d. Notes 		7.995 06/01/36   111,960 119,671,739
Intelsat Jackson Holdings SA (Luxembourg),          
Gtd. Notes(a) 5.500 08/01/23(d)   41,035 21,953,488
Gtd. Notes, 144A(a) 9.750 07/15/25(d)   88,532 51,877,326
Sr. Sec’d. Notes, 144A(a) 8.000 02/15/24(d)   33,918 34,309,141
     
 
Intelsat Luxembourg SA (Luxembourg),
Gtd. Notes(a) 		8.125 06/01/23(d)   37,260 2,059,167
Intrado Corp.,
Gtd. Notes, 144A(a) 		8.500 10/15/25   96,223 69,380,384
Level 3 Financing, Inc.,          
Gtd. Notes 5.125 05/01/23   7,250 7,251,157
Gtd. Notes(a) 5.375 08/15/22   1,035 1,036,594
Gtd. Notes(a) 5.375 01/15/24   5,000 5,068,021
Gtd. Notes(a) 5.625 02/01/23   827 827,446
     
 
ORBCOMM, Inc.,
Sr. Sec’d. Notes, 144A 		8.000 04/01/24   34,514 32,587,024
Qwest Corp.,
Sr. Unsec’d. Notes(a) 		6.750 12/01/21   15,620 16,441,614
Sprint Capital Corp.,          
Gtd. Notes(a) 6.875 11/15/28   16,317 20,169,278
Gtd. Notes(a) 8.750 03/15/32   40,832 58,834,361
Sprint Communications, Inc.,          
Sr. Unsec’d. Notes 6.000 11/15/22   9,000 9,585,266
Sr. Unsec’d. Notes 11.500 11/15/21   8,775 9,805,930
Sprint Corp.,          
Gtd. Notes 7.125 06/15/24   2,530 2,870,058
Gtd. Notes 7.250 09/15/21   33,735 35,463,101
Gtd. Notes 7.625 02/15/25   42,223 49,339,071
Gtd. Notes(a) 7.875 09/15/23   7,450 8,443,846
32
PGIM High Yield Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Telecommunications (cont’d.)
T-Mobile USA, Inc.,          
Gtd. Notes(a) 5.125 % 04/15/25   7,000  $7,165,714
Gtd. Notes 6.000 03/01/23   12,503 12,641,072
Gtd. Notes(a) 6.000 04/15/24   5,731 5,847,942
Gtd. Notes 6.375 03/01/25   8,052 8,300,265
Gtd. Notes(a) 6.500 01/15/24   675 690,579
Gtd. Notes 6.500 01/15/26   5,950 6,285,009
     
 
Xplornet Communications, Inc. (Canada),
Gtd. Notes, 144A, Cash coupon 9.625% or PIK 10.625% 		9.625 06/01/22   88,868 90,930,097
Zayo Group Holdings, Inc.,
Sr. Unsec’d. Notes, 144A(a) 		6.125 03/01/28   25,669 25,431,799
          1,043,596,661
Transportation 0.5%
XPO Logistics, Inc.,          
Gtd. Notes, 144A(a) 6.125 09/01/23   10,750 10,916,884
Gtd. Notes, 144A(a) 6.250 05/01/25   5,310 5,540,843
Gtd. Notes, 144A 6.500 06/15/22   12,168 12,184,028
Gtd. Notes, 144A(a) 6.750 08/15/24   40,852 42,856,964
          71,498,719
Total Corporate Bonds
(cost $12,414,964,900) 		11,748,945,972
    
      Shares  
Common Stocks 0.5%
Chemicals 0.0%
Hexion Holdings Corp. (Class B Stock)*       339,630 2,632,132
Electric Utilities 0.4%
GenOn Energy Holdings, Inc. (Class A Stock)*^       193,537 44,513,510
Keycon Power Holdings LLC*^       81,888 20,308,224
          64,821,734
Independent Power & Renewable Electricity Producers 0.1%
Vistra Energy Corp.       342,429 6,999,249
33
PGIM High Yield Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description     Shares Value
Common Stocks (Continued)
Media 0.0%
Mood Media Corp.*^       669,375  $134
Mood Media Corp.*^       546,428 109
          243
Oil, Gas & Consumable Fuels 0.0%
Frontera Energy Corp. (Colombia)(a)       55,828 144,589
Total Common Stocks
(cost $49,477,333) 		74,597,947
Exchange-Traded Funds 5.9%
iShares 0-5 Year High Yield Corporate Bond ETF(a)       1,406,680 60,374,706
iShares Broad USD High Yield Corporate Bond ETF(a)       2,769,113 105,669,352
iShares iBoxx High Yield Corporate Bond ETF(a)       4,854,830 400,135,088
SPDR Bloomberg Barclays High Yield Bond ETF(a)       2,681,517 273,487,919
SPDR Bloomberg Barclays Short Term High Yield Bond ETF(a)       3,500,000 87,885,000
Total Exchange-Traded Funds
(cost $860,645,379) 		927,552,065
Preferred Stocks 0.0%
Capital Markets 0.0%
Goldman Sachs Group, Inc. (The), Series K, 6.375%       87,000 2,343,780
Construction Materials 0.0%
New Millennium Homes LLC*^       2,000 34,000
Media 0.0%
Adelphia Communications Corp.^       20,000 20
Total Preferred Stocks
(cost $2,193,416) 		2,377,800
    
      Units  
Warrants* 0.0%
Chemicals 
Hercules, Inc., expiring 03/31/29
(cost $0) 		      230 —
 
Total Long-Term Investments
(cost $15,027,413,324) 		14,385,510,837
    
34
PGIM High Yield Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Description     Shares Value
Short-Term Investments 23.1%
Affiliated Mutual Funds           
PGIM Core Ultra Short Bond Fund(w)     1,281,802,577  $1,281,802,577
PGIM Institutional Money Market Fund
(cost $2,361,038,408; includes $2,359,695,436 of cash collateral for securities on loan)(b)(w) 		    2,361,912,681 2,362,148,872
     
 
 
Total Short-Term Investments
(cost $3,642,840,985) 		3,643,951,449
 
TOTAL INVESTMENTS 114.2%
(cost $18,670,254,309) 		18,029,462,286
Liabilities in excess of other assets(z) (14.2)% (2,241,458,555)
 
Net Assets 100.0% $15,788,003,731
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
    
  EUR—Euro
  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.
  CLO—Collateralized Loan Obligation
  ETF—Exchange-Traded Fund
  EURIBOR—Euro Interbank Offered Rate
  iBoxx—Bond Market Indices
  LIBOR—London Interbank Offered Rate
  LP—Limited Partnership
  OTC—Over-the-counter
  PIK—Payment-in-Kind
  Q—Quarterly payment frequency for swaps
  REITs—Real Estate Investment Trust
  SPDR—Standard & Poor’s Depositary Receipts
    
* 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 $241,755,779 and 1.5% of net assets.
(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $2,308,964,332; cash collateral of $2,359,695,436 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.
(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.
(c) Variable rate instrument. The interest rate shown reflects the rate in effect at May 31, 2020.
(cc) Variable rate instrument. The rate shown is based on the latest available information as of May 31, 2020. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.
35
PGIM High Yield Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
(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.
(p) Interest rate not available as of May 31, 2020.
(rr) Perpetual security with no stated maturity date.
(w) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund.
(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:
Futures contracts outstanding at May 31, 2020:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Long Positions:
2,547   2 Year U.S. Treasury Notes   Sep. 2020    $562,489,031    $113,892
518   5 Year Euro-Bobl   Sep. 2020   77,395,794   57,046
189   5 Year U.S. Treasury Notes   Sep. 2020   23,743,125   27,542
6,796   10 Year U.S. Treasury Notes   Sep. 2020   945,068,750   2,049,994
731   20 Year U.S. Treasury Bonds   Sep. 2020   130,392,125   337,228
95   30 Year U.S. Ultra Treasury Bonds   Sep. 2020   20,712,969   (62,474)
21   Euro Schatz Index   Sep. 2020   2,612,819   914
                2,524,142
Short Position:
1,208   10 Year Euro-Bund   Jun. 2020   231,258,581   (2,166,913)
                $357,229
Forward foreign currency exchange contracts outstanding at May 31, 2020:
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Euro,
Expiring 06/02/20   JPMorgan Chase Bank, N.A.   EUR 18,246    $19,904,495    $20,255,469    $350,974    $—
    
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Euro,
Expiring 06/02/20   HSBC Bank USA, N.A.   EUR 18,246    $19,718,350    $20,255,469    $—    $(537,119)
Expiring 07/02/20   JPMorgan Chase Bank, N.A.   EUR 18,246   19,916,537   20,267,679   —   (351,142)
              $39,634,887   $40,523,148   —   (888,261)
                      $350,974   $(888,261)
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PGIM High Yield Fund
Schedule of Investments as of May 31, 2020 (unaudited) (continued)
Credit default swap agreements outstanding at May 31, 2020:
Reference
Entity/
Obligation 		Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Value at
Trade Date 		  Value at
May 31,
2020 		  Unrealized
Appreciation
(Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):
CDX.NA.HY.34.V3 06/20/25   5.000%(Q)     185,037   $9,972,996   $1,783,889   $(8,189,107)
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).
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