NPORT-EX 2 PI66310PRU053122.htm
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of May 31, 2022 (unaudited)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Long-Term Investments 95.9%
Asset-Backed Securities 0.6%
Collateralized Loan Obligations 
Carlyle Global Market Strategies CLO Ltd. (Cayman Islands),
Series 2015-04A, Class A1R, 144A, 3 Month LIBOR + 1.340% (Cap N/A, Floor 0.000%) 		2.403 %(c) 07/20/32   7,000  $6,880,295
Madison Park Funding Ltd. (Cayman Islands),
Series 2019-33A, Class AR, 144A, 3 Month Term SOFR + 1.290% (Cap N/A, Floor 1.290%) 		2.136(c) 10/15/32   7,500 7,387,395
TICP CLO Ltd. (Cayman Islands),
Series 2017-09A, Class A, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 1.140%) 		2.203(c) 01/20/31   14,250 14,043,375
     
 
Total Asset-Backed Securities
(cost $28,627,928) 		28,311,065
Bank Loans 8.4%
Airlines 0.4%
United Airlines, Inc.,
Class B Term Loan, 1 Month LIBOR + 3.750% 		4.711(c) 04/21/28   21,579 20,954,441
Chemicals 1.0%
Alpha BV (United Kingdom),
Initial Dollar Term Loan, 1 Month LIBOR + 2.500% 		3.560(c) 03/18/28   11,647 11,301,736
Diamond BC BV,
Term Loan B, 1 Month LIBOR + 2.750% 		3.929(c) 09/29/28   12,569 11,916,509
LSF11 A5 HoldCo LLC,
Term Loan B, Term SOFR + 3.500% 		4.649(c) 10/15/28   6,335 6,042,006
Starfruit Finco BV (Netherlands),
Initial Dollar Term Loan, 3 Month LIBOR + 3.000% 		4.006(c) 10/01/25   10,705 10,339,349
Venator Materials LLC,
Initial Term Loan, 1 Month LIBOR + 3.000%^ 		4.060(c) 08/08/24   9,400 8,859,411
          48,459,011
Commercial Services 0.8%
Cimpress PLC,
Tranche B-1 Term Loan, 1 Month LIBOR + 3.500% 		4.560(c) 05/17/28   7,146 6,788,700
1
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Bank Loans (Continued)
Commercial Services (cont’d.)
Trans Union LLC,
2021 Incremental Term B-6 Loan, 1 Month LIBOR + 2.250% 		3.310 %(c) 12/01/28   13,830  $13,481,133
Verscend Holding Corp.,
New Term Loan B, 1 Month LIBOR + 4.000% 		5.060(c) 08/27/25   17,791 17,390,798
          37,660,631
Electric 0.1%
Heritage Power LLC,
Term Loan B, 1 - 3 Month LIBOR + 6.000% 		7.000(c) 07/30/26   10,395 4,465,711
Electronics 0.3%
II-VI, Inc.,
Term Loan 		—(p) 12/08/28   14,775 14,393,317
Entertainment 0.2%
Golden Entertainment, Inc.,
Term B Facility Loan (First Lien), 1 Month LIBOR + 3.000% 		4.030(c) 10/21/24   9,572 9,356,994
Healthcare-Services 0.3%
LifePoint Health, Inc.,
First Lien Term B Loan, 1 Month LIBOR + 3.750% 		4.810(c) 11/16/25   16,066 15,423,226
Insurance 0.0%
Asurion LLC,
New B-9 Term Loan, 1 Month LIBOR + 3.250% 		4.310(c) 07/31/27   2,054 1,940,239
Media 0.0%
Diamond Sports Group LLC,          
Second Lien Term Loan, Term SOFR + 3.250% 4.092(c) 08/24/26   1,554 463,331
Term Loan, Term SOFR + 8.000% 9.000(c) 05/25/26   1,842 1,849,428
          2,312,759
2
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Bank Loans (Continued)
Oil & Gas 0.5%
Ascent Resources Utica Holdings LLC,
Second Lien Term Loan, 3 Month LIBOR + 9.000% 		10.021 %(c) 11/01/25   21,327  $22,624,385
Citgo Holding, Inc.,
Term Loan, 3 Month LIBOR + 7.000% 		7.764(c) 08/01/23   25 24,711
          22,649,096
Packaging & Containers 0.4%
Trident TPI Holdings, Inc.,          
Tranche B-1 Term Loan, 3 Month LIBOR + 3.250% 4.256(c) 10/17/24   14,370 14,015,145
Tranche B-3 DDTL Commitments, 1 Month LIBOR + 4.000% 4.764(c) 09/15/28   332 316,892
Tranche B-3 Initial Term Loans, 1 Month LIBOR + 4.000% 5.060(c) 09/15/28   3,725 3,554,263
          17,886,300
Pharmaceuticals 0.4%
Change Healthcare Holdings LLC,
Closing Date Term Loan, 1 Month LIBOR + 2.500% 		3.560(c) 03/01/24   18,813 18,444,621
Gainwell Acquisition Corp.,
Term B Loan, 3 Month LIBOR + 4.000% 		5.006(c) 10/01/27   4,183 4,078,581
          22,523,202
Retail 0.2%
LBM Acquisition LLC,
First Lien Initial Term Loan, 1 Month LIBOR + 3.750% 		4.510(c) 12/17/27   8,684 7,920,117
White Cap Buyer LLC,
Term Loan, SOFR + 3.750% 		4.450(c) 10/19/27   3,960 3,779,253
          11,699,370
Software 1.8%
Boxer Parent Co., Inc.,          
2021 Replacement Dollar Term Loan, 1 Month LIBOR + 3.750% 4.810(c) 10/02/25   18,844 18,045,824
Second Lien Incremental Term Loan, 1 Month LIBOR + 5.500% 6.560(c) 02/27/26   1,125 1,078,594
     
 
Camelot Co. (Luxembourg),
Amendment No. 2 Incremental Term Loans, 1 Month LIBOR + 3.000% 		4.060(c) 10/30/26   2,938 2,834,989
3
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Bank Loans (Continued)
Software (cont’d.)
     
Dun & Bradstreet Corp.,
Term Loan B, 1 Month LIBOR + 3.250% 		4.273 %(c) 02/06/26   9,877  $9,558,371
Finastra USA, Inc.,
First Lien Dollar Term Loan, 3 Month LIBOR + 3.500% 		4.739(c) 06/13/24   26,545 25,008,940
Greeneden U.S. Holdings II LLC,
B-4 Dollar Term Loan, 1 Month LIBOR + 4.000% 		5.060(c) 12/01/27   5,036 4,888,939
Rackspace Technology Global, Inc.,
Term B Loan, 3 Month LIBOR + 2.750% 		3.500(c) 02/15/28   2,896 2,751,866
Skillsoft Finance II, Inc.,
Initial Term Loan, 3 Month LIBOR + 4.750% 		6.187(c) 07/14/28   9,952 9,504,215
TIBCO Software, Inc.,
Term Loan B-3, 3 Month LIBOR + 3.750% 		4.520(c) 06/30/26   12,851 12,609,786
UKG, Inc.,
First Lien 2021-2 Incremental Term Loan, 3 Month LIBOR + 3.250% 		4.212(c) 05/04/26   5,555 5,328,109
          91,609,633
Telecommunications 2.0%
Digicel International Finance Ltd. (Saint Lucia),
First Lien Initial Term B Loan, 1 Month LIBOR + 3.250% 		4.310(c) 05/27/24   9,311 8,225,021
Intelsat Jackson Holdings SA (Luxembourg),
Term B Loan, Term SOFR + 4.250% 		4.920(c) 02/01/29   32,148 30,251,251
Viasat, Inc.,
Initial Term Loan, Term SOFR + 4.500% 		5.649(c) 03/02/29   15,666 15,078,140
West Corp.,          
Incremental B1 Term Loan, 1 Month LIBOR + 3.500% 4.560(c) 10/10/24   7,153 6,348,104
Initial Term B Loan, 1 Month LIBOR + 4.000% 5.060(c) 10/10/24   30,153 26,886,600
     
 
Xplornet Communications, Inc. (Canada),
Refinancing Term Loan, 1 Month LIBOR + 4.000% 		5.060(c) 10/02/28   12,736 11,685,280
          98,474,396
     
 
Total Bank Loans
(cost $441,074,236) 		419,808,326
Corporate Bonds 79.6%
Advertising 0.0%
National CineMedia LLC,
Sr. Unsec’d. Notes(a) 		5.750 08/15/26   1,875 977,830
4
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Aerospace & Defense 2.5%
Bombardier, Inc. (Canada),          
Sr. Unsec’d. Notes, 144A(a) 6.000 % 02/15/28   15,150  $12,750,249
Sr. Unsec’d. Notes, 144A 7.125 06/15/26   17,950 16,416,713
Sr. Unsec’d. Notes, 144A 7.500 12/01/24   13,100 12,717,170
Sr. Unsec’d. Notes, 144A 7.500 03/15/25   8,866 8,635,313
Sr. Unsec’d. Notes, 144A 7.875 04/15/27   14,325 13,127,120
     
 
Maxar Space Robotics LLC,
Sr. Sec’d. Notes, 144A 		9.750 12/31/23   10,231 10,832,364
Spirit AeroSystems, Inc.,
Sec’d. Notes, 144A 		7.500 04/15/25   6,836 6,875,562
TransDigm UK Holdings PLC,
Gtd. Notes 		6.875 05/15/26   8,575 8,654,390
TransDigm, Inc.,          
Gtd. Notes 5.500 11/15/27   20,458 19,590,230
Gtd. Notes(a) 7.500 03/15/27   7,970 8,119,246
Sr. Sec’d. Notes, 144A 6.250 03/15/26   7,425 7,553,788
          125,272,145
Airlines 1.1%
American Airlines, Inc.,
Sr. Sec’d. Notes, 144A 		11.750 07/15/25   2,721 3,091,005
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
Sr. Sec’d. Notes, 144A 		5.500 04/20/26   39,119 38,711,239
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.,
Sr. Sec’d. Notes, 144A 		5.750 01/20/26   2,875 2,858,034
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A 		4.375 04/15/26   11,450 11,055,412
          55,715,690
Apparel 0.2%
William Carter Co. (The),
Gtd. Notes, 144A 		5.625 03/15/27   9,090 9,057,104
Auto Manufacturers 0.3%
Allison Transmission, Inc.,
Sr. Unsec’d. Notes, 144A(a) 		4.750 10/01/27   5,775 5,543,576
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes(a) 		5.584 03/18/24   1,525 1,548,664
5
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Auto Manufacturers (cont’d.)
Jaguar Land Rover Automotive PLC (United Kingdom),
Gtd. Notes, 144A 		7.750 % 10/15/25   6,625  $6,538,575
PM General Purchaser LLC,
Sr. Sec’d. Notes, 144A 		9.500 10/01/28   2,950 2,509,978
          16,140,793
Auto Parts & Equipment 0.6%
Adient Global Holdings Ltd.,
Gtd. Notes, 144A 		4.875 08/15/26   5,475 5,091,268
American Axle & Manufacturing, Inc.,          
Gtd. Notes(a) 6.250 03/15/26   1,516 1,460,037
Gtd. Notes(a) 6.500 04/01/27   3,125 2,969,197
Gtd. Notes(a) 6.875 07/01/28   3,000 2,895,754
     
 
Dana Financing Luxembourg Sarl,
Gtd. Notes, 144A 		5.750 04/15/25   12,473 12,358,775
Dana, Inc.,
Sr. Unsec’d. Notes 		5.375 11/15/27   1,400 1,339,419
Titan International, Inc.,
Sr. Sec’d. Notes 		7.000 04/30/28   2,300 2,254,887
          28,369,337
Banks 0.3%
Freedom Mortgage Corp.,
Sr. Unsec’d. Notes, 144A 		7.625 05/01/26   4,475 3,962,709
Popular, Inc. (Puerto Rico),
Sr. Unsec’d. Notes 		6.125 09/14/23   10,115 10,262,783
          14,225,492
Building Materials 1.2%
Cemex SAB de CV (Mexico),
Gtd. Notes, 144A 		7.375 06/05/27   1,885 1,959,298
Eco Material Technologies, Inc.,
Sr. Sec’d. Notes, 144A 		7.875 01/31/27   3,075 2,913,917
JELD-WEN, Inc.,          
Gtd. Notes, 144A 4.625 12/15/25   450 413,559
Gtd. Notes, 144A(a) 4.875 12/15/27   6,927 6,310,601
     
 
Masonite International Corp.,
Gtd. Notes, 144A 		5.375 02/01/28   1,652 1,650,330
Standard Industries, Inc.,          
Sr. Unsec’d. Notes, 144A 4.750 01/15/28   9,100 8,637,315
6
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Building Materials (cont’d.)
Standard Industries, Inc., (cont’d.)          
Sr. Unsec’d. Notes, 144A(a) 5.000 % 02/15/27   32,511   $31,448,375
     
 
Summit Materials LLC/Summit Materials Finance Corp.,
Gtd. Notes, 144A 		6.500 03/15/27   5,409 5,433,039
          58,766,434
Chemicals 2.1%
Cornerstone Chemical Co.,
Sr. Sec’d. Notes, 144A(a) 		6.750 08/15/24   6,000 5,535,074
NOVA Chemicals Corp. (Canada),
Sr. Unsec’d. Notes, 144A(a) 		4.875 06/01/24   9,350 9,267,729
Olympus Water US Holding Corp.,
Sr. Sec’d. Notes, 144A 		4.250 10/01/28   3,481 3,176,058
Rain CII Carbon LLC/CII Carbon Corp.,
Sec’d. Notes, 144A 		7.250 04/01/25   16,813 16,192,465
Sasol Financing International Ltd. (South Africa),
Gtd. Notes(a) 		4.500 11/14/22   2,000 2,002,329
SPCM SA (France),
Sr. Unsec’d. Notes, 144A(a) 		3.125 03/15/27   18,392 16,094,995
TPC Group, Inc.,          
Sr. Sec’d. Notes, 144A 10.500 08/01/24   9,649 3,614,495
Sr. Sec’d. Notes, 144A 10.875 08/01/24   4,878 4,907,659
Venator Finance Sarl/Venator Materials LLC,          
Gtd. Notes, 144A(a) 5.750 07/15/25   4,070 3,454,720
Sr. Sec’d. Notes, 144A 9.500 07/01/25   25,261 26,146,214
WR Grace Holdings LLC,          
Sr. Sec’d. Notes, 144A 4.875 06/15/27   4,915 4,596,416
Sr. Sec’d. Notes, 144A 5.625 10/01/24   8,500 8,502,159
          103,490,313
Commercial Services 4.7%
Adtalem Global Education, Inc.,
Sr. Sec’d. Notes, 144A(a) 		5.500 03/01/28   5,453 5,045,089
Allied Universal Holdco LLC/Allied Universal Finance
Corp., 		         
Sr. Sec’d. Notes, 144A 6.625 07/15/26   55,846 55,417,603
Sr. Unsec’d. Notes, 144A 9.750 07/15/27   5,975 5,613,221
Allied Universal Holdco LLC/Allied Universal Finance
Corp./Atlas Luxco 4 Sarl, 		         
Sr. Sec’d. Notes, 144A 4.625 06/01/28   9,966 8,920,106
Sr. Sec’d. Notes, 144A 4.625 06/01/28   3,625 3,213,076
7
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Commercial Services (cont’d.)
     
 
Alta Equipment Group, Inc.,
Sec’d. Notes, 144A 		5.625 % 04/15/26   19,350  $17,412,271
AMN Healthcare, Inc.,
Gtd. Notes, 144A 		4.625 10/01/27   14,965 14,407,047
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,          
Gtd. Notes, 144A 4.750 04/01/28   1,020 927,629
Gtd. Notes, 144A(a) 5.750 07/15/27   6,575 6,371,508
Gtd. Notes, 144A 5.750 07/15/27   13,920 13,344,828
     
 
Avis Budget Finance PLC,
Gtd. Notes 		4.750 01/30/26 EUR 1,825 1,910,648
Brink’s Co. (The),          
Gtd. Notes, 144A(a) 4.625 10/15/27   1,311 1,241,178
Gtd. Notes, 144A 5.500 07/15/25   3,885 3,881,324
     
 
Herc Holdings, Inc.,
Gtd. Notes, 144A(a) 		5.500 07/15/27   24,220 24,275,643
Hertz Corp. (The),
Gtd. Notes, 144A 		4.625 12/01/26   2,025 1,855,495
MPH Acquisition Holdings LLC,
Sr. Sec’d. Notes, 144A 		5.500 09/01/28   5,525 5,237,336
Nielsen Co. Luxembourg Sarl (The),
Gtd. Notes, 144A(a) 		5.000 02/01/25   29,341 29,141,675
United Rentals North America, Inc.,
Gtd. Notes 		4.875 01/15/28   1,200 1,196,796
Verscend Escrow Corp.,
Sr. Unsec’d. Notes, 144A 		9.750 08/15/26   32,980 34,009,154
          233,421,627
Computers 0.3%
CA Magnum Holdings (India),
Sr. Sec’d. Notes, 144A 		5.375 10/31/26   2,100 1,952,860
Tempo Acquisition LLC/Tempo Acquisition Finance Corp.,
Sr. Sec’d. Notes, 144A 		5.750 06/01/25   12,417 12,442,775
          14,395,635
8
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Distribution/Wholesale 1.1%
Avient Corp.,
Sr. Unsec’d. Notes, 144A 		5.750 % 05/15/25   39,987  $40,550,125
H&E Equipment Services, Inc.,
Gtd. Notes, 144A 		3.875 12/15/28   18,599 16,214,328
          56,764,453
Diversified Financial Services 3.0%
Bread Financial Holdings, Inc.,
Gtd. Notes, 144A 		4.750 12/15/24   20,365 19,211,647
goeasy Ltd. (Canada),          
Gtd. Notes, 144A(a) 4.375 05/01/26   4,250 3,807,632
Gtd. Notes, 144A 5.375 12/01/24   27,557 26,358,290
     
 
Home Point Capital, Inc.,
Gtd. Notes, 144A(a) 		5.000 02/01/26   4,250 3,496,071
LD Holdings Group LLC,          
Gtd. Notes, 144A(a) 6.125 04/01/28   10,350 8,289,546
Gtd. Notes, 144A(a) 6.500 11/01/25   4,975 4,159,179
     
 
LFS Topco LLC,
Gtd. Notes, 144A 		5.875 10/15/26   11,200 10,038,820
Nationstar Mortgage Holdings, Inc.,          
Gtd. Notes, 144A 5.500 08/15/28   9,470 8,937,268
Gtd. Notes, 144A 6.000 01/15/27   5,875 5,706,339
OneMain Finance Corp.,          
Gtd. Notes 3.500 01/15/27   1,000 893,764
Gtd. Notes 3.875 09/15/28   2,525 2,190,124
Gtd. Notes 6.875 03/15/25   20,447 20,793,123
Gtd. Notes 7.125 03/15/26   19,388 19,890,227
Gtd. Notes 8.250 10/01/23   4,775 4,956,735
Gtd. Notes 8.875 06/01/25   500 522,190
     
 
PennyMac Financial Services, Inc.,
Gtd. Notes, 144A 		5.375 10/15/25   5,075 4,923,611
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.,
Gtd. Notes, 144A(a) 		2.875 10/15/26   2,000 1,788,248
VistaJet Malta Finance PLC/XO Management Holding, Inc. (Switzerland),
Sr. Unsec’d. Notes, 144A 		7.875 05/01/27   4,275 4,027,615
          149,990,429
9
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Electric 1.8%
Calpine Corp.,          
Sr. Sec’d. Notes, 144A 4.500 % 02/15/28   9,640  $9,243,037
Sr. Sec’d. Notes, 144A 5.250 06/01/26   7,765 7,646,547
Sr. Unsec’d. Notes, 144A 5.125 03/15/28   9,786 9,131,602
NRG Energy, Inc.,          
Gtd. Notes 5.750 01/15/28   6,098 6,109,005
Gtd. Notes 6.625 01/15/27   2,376 2,442,214
Gtd. Notes, 144A 5.250 06/15/29   5,000 4,896,819
Vistra Operations Co. LLC,          
Gtd. Notes, 144A 5.000 07/31/27   19,991 19,561,516
Gtd. Notes, 144A 5.500 09/01/26   9,867 9,836,692
Gtd. Notes, 144A 5.625 02/15/27   19,625 19,619,030
          88,486,462
Electrical Components & Equipment 0.6%
WESCO Distribution, Inc.,          
Gtd. Notes, 144A 7.125 06/15/25   23,148 24,056,130
Gtd. Notes, 144A 7.250 06/15/28   5,999 6,301,165
          30,357,295
Electronics 0.4%
Likewize Corp.,
Sr. Sec’d. Notes, 144A 		9.750 10/15/25   16,109 16,039,347
Sensata Technologies BV,          
Gtd. Notes, 144A(a) 4.875 10/15/23   1,800 1,806,817
Gtd. Notes, 144A 5.000 10/01/25   3,495 3,524,391
Gtd. Notes, 144A 5.625 11/01/24   1,100 1,122,722
          22,493,277
Energy-Alternate Sources 0.1%
Enviva Partners LP/Enviva Partners Finance Corp.,
Gtd. Notes, 144A(a) 		6.500 01/15/26   5,525 5,598,693
Engineering & Construction 0.2%
AECOM,
Gtd. Notes 		5.125 03/15/27   7,640 7,625,216
Artera Services LLC,
Sr. Sec’d. Notes, 144A 		9.033 12/04/25   2,025 1,598,915
          9,224,131
10
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Entertainment 4.0%
AMC Entertainment Holdings, Inc.,
Sec’d. Notes, 144A, Cash coupon 10.000% or PIK 12.000% or Cash coupon 5.000% and PIK 6.000% 		10.000 % 06/15/26   2,436  $1,867,315
Caesars Entertainment, Inc.,
Sr. Sec’d. Notes, 144A 		6.250 07/01/25   48,644 49,207,011
Caesars Resort Collection LLC/CRC Finco, Inc.,
Sr. Sec’d. Notes, 144A(a) 		5.750 07/01/25   13,536 13,588,267
CCM Merger, Inc.,
Sr. Unsec’d. Notes, 144A 		6.375 05/01/26   7,865 7,594,477
Churchill Downs, Inc.,
Gtd. Notes, 144A(a) 		5.500 04/01/27   6,387 6,388,144
Golden Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A 		7.625 04/15/26   13,666 13,768,332
International Game Technology PLC,          
Sr. Sec’d. Notes, 144A 4.125 04/15/26   7,725 7,462,385
Sr. Sec’d. Notes, 144A 6.250 01/15/27   3,725 3,852,289
Sr. Sec’d. Notes, 144A(a) 6.500 02/15/25   24,851 25,541,954
     
 
Jacobs Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A 		6.750 02/15/29   4,000 3,686,392
Motion Bondco DAC (United Kingdom),
Gtd. Notes, 144A(a) 		6.625 11/15/27   9,700 8,791,812
Penn National Gaming, Inc.,
Sr. Unsec’d. Notes, 144A(a) 		5.625 01/15/27   19,289 17,825,747
Scientific Games International, Inc.,
Gtd. Notes, 144A 		8.625 07/01/25   13,910 14,675,797
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.,
Sr. Unsec’d. Notes, 144A 		7.750 04/15/25   26,375 26,830,502
          201,080,424
Environmental Control 0.0%
GFL Environmental, Inc. (Canada),
Gtd. Notes, 144A(a) 		4.000 08/01/28   1,700 1,534,243
Foods 2.4%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s
LP/Albertson’s LLC, 		         
Gtd. Notes, 144A 3.250 03/15/26   2,135 2,010,375
Gtd. Notes, 144A 4.625 01/15/27   17,925 17,417,140
B&G Foods, Inc.,          
Gtd. Notes(a) 5.250 04/01/25   22,380 21,171,936
Gtd. Notes(a) 5.250 09/15/27   17,976 16,100,130
11
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Foods (cont’d.)
     
 
Chobani LLC/Chobani Finance Corp., Inc.,
Gtd. Notes, 144A(a) 		7.500 % 04/15/25   24,686  $23,276,124
JBS USA LUX SA/JBS USA Finance, Inc.,
Gtd. Notes, 144A 		6.750 02/15/28   630 655,347
Lamb Weston Holdings, Inc.,
Gtd. Notes, 144A(a) 		4.875 05/15/28   1,000 990,441
Market Bidco Finco PLC (United Kingdom),
Sr. Sec’d. Notes, 144A 		5.500 11/04/27 GBP 6,500 7,003,006
Pilgrim’s Pride Corp.,
Gtd. Notes, 144A 		5.875 09/30/27   21,900 22,425,381
Post Holdings, Inc.,
Gtd. Notes, 144A(a) 		5.750 03/01/27   3,199 3,264,051
US Foods, Inc.,
Sr. Sec’d. Notes, 144A 		6.250 04/15/25   5,950 6,128,773
          120,442,704
Gas 1.0%
AmeriGas Partners LP/AmeriGas Finance Corp.,          
Sr. Unsec’d. Notes 5.500 05/20/25   18,924 18,845,229
Sr. Unsec’d. Notes 5.625 05/20/24   7,218 7,344,963
Sr. Unsec’d. Notes 5.750 05/20/27   10,873 10,782,099
Sr. Unsec’d. Notes 5.875 08/20/26   11,889 12,086,511
          49,058,802
Healthcare-Services 2.8%
HCA, Inc.,          
Gtd. Notes(a) 5.375 09/01/26   710 738,985
Gtd. Notes 7.050 12/01/27   23,730 25,888,572
Legacy LifePoint Health LLC,          
Sr. Sec’d. Notes, 144A 4.375 02/15/27   18,255 17,053,659
Sr. Sec’d. Notes, 144A 6.750 04/15/25   7,375 7,517,992
     
 
Prime Healthcare Services, Inc.,
Sr. Sec’d. Notes, 144A 		7.250 11/01/25   35,586 34,149,419
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.,
Gtd. Notes, 144A 		9.750 12/01/26   17,443 17,726,232
Tenet Healthcare Corp.,          
Gtd. Notes, 144A 6.125 10/01/28   9,343 9,118,700
Sr. Sec’d. Notes(a) 4.625 07/15/24   7,979 7,997,630
Sr. Sec’d. Notes, 144A 4.875 01/01/26   2,575 2,573,555
12
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Healthcare-Services (cont’d.)
Tenet Healthcare Corp., (cont’d.)          
Sr. Sec’d. Notes, 144A 5.125 % 11/01/27   4,642  $4,605,934
Sr. Unsec’d. Notes(a) 6.750 06/15/23   10,375 10,593,388
          137,964,066
Home Builders 4.7%
Ashton Woods USA LLC/Ashton Woods Finance Co.,
Sr. Unsec’d. Notes, 144A 		6.625 01/15/28   3,635 3,402,365
Beazer Homes USA, Inc.,          
Gtd. Notes 5.875 10/15/27   16,562 14,872,148
Gtd. Notes 6.750 03/15/25   12,045 11,835,489
Gtd. Notes 7.250 10/15/29   6,667 6,248,291
     
 
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada),
Gtd. Notes, 144A 		6.250 09/15/27   31,689 29,720,336
Century Communities, Inc.,
Gtd. Notes 		6.750 06/01/27   9,196 9,378,222
Empire Communities Corp. (Canada),
Sr. Unsec’d. Notes, 144A 		7.000 12/15/25   30,366 27,243,080
Forestar Group, Inc.,          
Gtd. Notes, 144A 3.850 05/15/26   13,810 12,647,682
Gtd. Notes, 144A 5.000 03/01/28   3,150 2,853,039
     
 
M/I Homes, Inc.,
Gtd. Notes 		4.950 02/01/28   8,974 8,377,780
Mattamy Group Corp. (Canada),
Sr. Unsec’d. Notes, 144A 		5.250 12/15/27   33,644 31,083,934
Meritage Homes Corp.,
Gtd. Notes 		6.000 06/01/25   5,200 5,318,938
Shea Homes LP/Shea Homes Funding Corp.,
Sr. Unsec’d. Notes, 144A 		4.750 02/15/28   6,075 5,363,332
STL Holding Co. LLC,
Sr. Unsec’d. Notes, 144A 		7.500 02/15/26   10,659 9,861,853
Taylor Morrison Communities, Inc.,          
Gtd. Notes, 144A 5.750 01/15/28   693 685,981
Gtd. Notes, 144A 5.875 06/15/27   6,681 6,701,304
Gtd. Notes, 144A 6.625 07/15/27   5,786 5,788,404
Taylor Morrison Communities, Inc./Taylor Morrison
Holdings II, Inc., 		         
Gtd. Notes, 144A 5.625 03/01/24   13,425 13,552,688
Gtd. Notes, 144A 5.875 04/15/23   6,545 6,592,181
13
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Home Builders (cont’d.)
Tri Pointe Homes, Inc.,          
Gtd. Notes 5.250 % 06/01/27   21,693  $20,732,986
Gtd. Notes 5.700 06/15/28   2,393 2,286,831
          234,546,864
Household Products/Wares 0.1%
Kronos Acquisition Holdings, Inc./KIK Custom Products,
Inc. (Canada), 		         
Gtd. Notes, 144A(a) 7.000 12/31/27   3,000 2,406,027
Sr. Sec’d. Notes, 144A 5.000 12/31/26   900 814,690
          3,220,717
Housewares 0.0%
Scotts Miracle-Gro Co. (The),
Gtd. Notes 		4.500 10/15/29   1,750 1,576,002
Internet 1.8%
Cablevision Lightpath LLC,
Sr. Sec’d. Notes, 144A 		3.875 09/15/27   11,805 10,514,069
Cogent Communications Group, Inc.,
Sr. Sec’d. Notes, 144A 		3.500 05/01/26   1,150 1,102,728
Go Daddy Operating Co. LLC/GD Finance Co., Inc.,
Gtd. Notes, 144A(a) 		5.250 12/01/27   15,010 14,940,380
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.,
Sr. Sec’d. Notes, 144A 		4.750 04/30/27   18,380 16,374,189
NortonLifeLock, Inc.,
Sr. Unsec’d. Notes, 144A 		5.000 04/15/25   46,405 46,480,248
          89,411,614
Iron/Steel 0.2%
Big River Steel LLC/BRS Finance Corp.,
Sr. Sec’d. Notes, 144A 		6.625 01/31/29   5,861 5,928,571
Cleveland-Cliffs, Inc.,
Sr. Sec’d. Notes, 144A(a) 		6.750 03/15/26   2,800 2,926,130
          8,854,701
Leisure Time 0.0%
Viking Cruises Ltd.,
Gtd. Notes, 144A 		6.250 05/15/25   3,000 2,706,329
14
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Lodging 2.0%
Boyd Gaming Corp.,
Gtd. Notes(a) 		4.750 % 12/01/27   1,900  $1,847,001
Genting New York LLC/GENNY Capital, Inc.,
Sr. Unsec’d. Notes, 144A 		3.300 02/15/26   4,250 3,880,078
Las Vegas Sands Corp.,          
Sr. Unsec’d. Notes 2.900 06/25/25   900 828,622
Sr. Unsec’d. Notes 3.500 08/18/26   700 635,436
MGM Resorts International,          
Gtd. Notes(a) 4.625 09/01/26   10,072 9,434,311
Gtd. Notes(a) 4.750 10/15/28   13,264 12,072,377
Gtd. Notes 5.500 04/15/27   17,000 16,561,793
Gtd. Notes(a) 5.750 06/15/25   965 963,418
Gtd. Notes 6.750 05/01/25   11,396 11,577,413
     
 
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp.,
Sr. Sec’d. Notes, 144A 		5.875 05/15/25   22,995 22,122,022
Wynn Macau Ltd. (Macau),          
Sr. Unsec’d. Notes, 144A(a) 4.875 10/01/24   18,078 15,469,866
Sr. Unsec’d. Notes, 144A 5.500 01/15/26   8,839 7,264,292
          102,656,629
Machinery-Diversified 1.3%
Maxim Crane Works Holdings Capital LLC,
Sec’d. Notes, 144A 		10.125 08/01/24   38,660 37,698,670
TK Elevator US Newco, Inc. (Germany),
Sr. Sec’d. Notes, 144A 		5.250 07/15/27   26,957 26,421,465
          64,120,135
Media 10.1%
CCO Holdings LLC/CCO Holdings Capital Corp.,          
Sr. Unsec’d. Notes, 144A 5.000 02/01/28   30,239 29,311,073
Sr. Unsec’d. Notes, 144A(a) 5.125 05/01/27   57,054 56,219,361
Sr. Unsec’d. Notes, 144A 5.500 05/01/26   18,629 18,639,503
CSC Holdings LLC,          
Gtd. Notes, 144A 5.375 02/01/28   22,800 21,686,078
Gtd. Notes, 144A(a) 5.500 04/15/27   43,776 43,771,044
Sr. Unsec’d. Notes 5.250 06/01/24   2,750 2,718,741
Sr. Unsec’d. Notes 5.875 09/15/22   4,100 4,126,752
Sr. Unsec’d. Notes, 144A(a) 7.500 04/01/28   12,585 11,700,628
     
 
15
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Media (cont’d.)
     
Diamond Sports Group LLC/Diamond Sports Finance Co.,
Sec’d. Notes, 144A(a) 		5.375 % 08/15/26   15,460  $5,053,266
DISH DBS Corp.,          
Gtd. Notes(a) 5.000 03/15/23   5,555 5,443,042
Gtd. Notes 5.875 07/15/22   9,420 9,436,183
Gtd. Notes(a) 5.875 11/15/24   17,307 15,911,127
Gtd. Notes 7.750 07/01/26   46,200 39,493,159
Gray Television, Inc.,          
Gtd. Notes, 144A 5.875 07/15/26   35,012 34,616,387
Gtd. Notes, 144A(a) 7.000 05/15/27   2,000 2,033,139
iHeartCommunications, Inc.,          
Gtd. Notes(a) 8.375 05/01/27   24,240 22,743,602
Sr. Sec’d. Notes 6.375 05/01/26   11,945 11,781,463
Sr. Sec’d. Notes, 144A(a) 4.750 01/15/28   12,578 11,343,728
     
 
Midcontinent Communications/Midcontinent Finance Corp.,
Gtd. Notes, 144A 		5.375 08/15/27   23,983 22,907,064
Nexstar Media, Inc.,
Gtd. Notes, 144A(a) 		5.625 07/15/27   40,900 40,805,703
Radiate Holdco LLC/Radiate Finance, Inc.,
Sr. Sec’d. Notes, 144A 		4.500 09/15/26   24,349 22,579,922
Sinclair Television Group, Inc.,
Gtd. Notes, 144A(a) 		5.125 02/15/27   3,020 2,662,710
Univision Communications, Inc.,          
Sr. Sec’d. Notes, 144A(a) 5.125 02/15/25   45,428 45,256,140
Sr. Sec’d. Notes, 144A 6.625 06/01/27   12,490 12,667,986
Sr. Sec’d. Notes, 144A(a) 9.500 05/01/25   6,425 6,693,720
Videotron Ltd. (Canada),          
Gtd. Notes, 144A 5.125 04/15/27   412 401,111
Gtd. Notes, 144A(a) 5.375 06/15/24   7,288 7,361,243
          507,363,875
Mining 2.5%
Constellium SE,
Gtd. Notes, 144A(a) 		5.875 02/15/26   4,236 4,211,275
First Quantum Minerals Ltd. (Zambia),          
Gtd. Notes, 144A 6.500 03/01/24   20,161 20,151,140
Gtd. Notes, 144A 7.250 04/01/23   8,031 8,032,603
Gtd. Notes, 144A 7.500 04/01/25   17,923 18,121,301
16
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Mining (cont’d.)
Freeport-McMoRan, Inc.,          
Gtd. Notes 3.875 % 03/15/23   15,235  $15,334,394
Gtd. Notes 4.375 08/01/28   1,820 1,756,400
     
 
Hudbay Minerals, Inc. (Canada),
Gtd. Notes, 144A 		4.500 04/01/26   20,285 18,069,601
New Gold, Inc. (Canada),
Gtd. Notes, 144A 		7.500 07/15/27   5,250 4,945,371
Novelis Corp.,
Gtd. Notes, 144A(a) 		3.250 11/15/26   37,023 34,129,049
          124,751,134
Miscellaneous Manufacturing 0.2%
Amsted Industries, Inc.,
Gtd. Notes, 144A 		5.625 07/01/27   11,346 10,959,892
Office/Business Equipment 0.4%
CDW LLC/CDW Finance Corp.,          
Gtd. Notes 4.125 05/01/25   7,567 7,490,128
Gtd. Notes 5.500 12/01/24   12,480 12,746,749
          20,236,877
Oil & Gas 3.6%
Aethon United BR LP/Aethon United Finance Corp.,
Sr. Unsec’d. Notes, 144A 		8.250 02/15/26   4,925 5,024,774
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp.,
Gtd. Notes^ 		7.875 12/15/24(d)   10,985 74,698
Antero Resources Corp.,
Gtd. Notes, 144A 		8.375 07/15/26   2,601 2,823,317
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Gtd. Notes, 144A 		9.000 11/01/27   8,489 11,518,869
Athabasca Oil Corp. (Canada),
Sec’d. Notes, 144A 		9.750 11/01/26   18,944 20,385,895
Chesapeake Energy Corp.,
Gtd. Notes, 144A 		5.500 02/01/26   2,425 2,475,860
Citgo Holding, Inc.,
Sr. Sec’d. Notes, 144A(a) 		9.250 08/01/24   582 578,343
CITGO Petroleum Corp.,
Sr. Sec’d. Notes, 144A(a) 		7.000 06/15/25   9,285 9,310,176
17
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Oil & Gas (cont’d.)
CNX Resources Corp.,
Gtd. Notes, 144A 		7.250 % 03/14/27   2,650  $2,774,202
Endeavor Energy Resources LP/EER Finance, Inc.,          
Sr. Unsec’d. Notes, 144A 5.750 01/30/28   7,943 8,111,111
Sr. Unsec’d. Notes, 144A 6.625 07/15/25   7,475 7,725,764
     
 
EQT Corp.,
Sr. Unsec’d. Notes 		3.900 10/01/27   6,861 6,610,430
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A 		5.750 02/01/29   1,200 1,174,959
MEG Energy Corp. (Canada),
Gtd. Notes, 144A 		7.125 02/01/27   15,478 16,234,135
Nabors Industries Ltd.,
Gtd. Notes, 144A 		7.250 01/15/26   6,225 6,033,019
Nabors Industries, Inc.,          
Gtd. Notes 5.750 02/01/25   4,190 4,034,390
Gtd. Notes, 144A 7.375 05/15/27   7,625 7,699,306
Occidental Petroleum Corp.,          
Sr. Unsec’d. Notes 5.550 03/15/26   1,200 1,250,308
Sr. Unsec’d. Notes(a) 5.875 09/01/25   5,675 5,932,362
Sr. Unsec’d. Notes 6.950 07/01/24   175 185,651
Sr. Unsec’d. Notes 7.150 05/15/28   5,000 5,518,427
     
 
Parkland Corp. (Canada),
Gtd. Notes, 144A(a) 		5.875 07/15/27   9,825 9,644,571
Precision Drilling Corp. (Canada),
Gtd. Notes, 144A 		7.125 01/15/26   8,221 8,225,295
Range Resources Corp.,          
Gtd. Notes 4.875 05/15/25   5,578 5,687,102
Gtd. Notes 5.000 03/15/23   11,308 11,337,281
     
 
Southwestern Energy Co.,
Gtd. Notes(a) 		8.375 09/15/28   9,234 10,120,280
Sunoco LP/Sunoco Finance Corp.,          
Gtd. Notes 5.875 03/15/28   865 864,930
Gtd. Notes(a) 6.000 04/15/27   6,575 6,715,732
     
 
Transocean, Inc.,
Gtd. Notes, 144A 		7.500 01/15/26   900 738,500
          178,809,687
Packaging & Containers 1.6%
Ardagh Packaging Finance PLC/Ardagh Holdings USA,
Inc., 		         
Sr. Sec’d. Notes, 144A 4.125 08/15/26   5,553 5,167,811
18
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Packaging & Containers (cont’d.)
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., (cont’d.)          
Sr. Unsec’d. Notes, 144A(a) 5.250 % 08/15/27   3,475   $2,901,023
     
 
Graham Packaging Co., Inc.,
Gtd. Notes, 144A 		7.125 08/15/28   11,950 9,873,096
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada),
Sr. Sec’d. Notes, 144A 		6.000 09/15/28   17,732 16,402,156
LABL, Inc.,          
Sr. Sec’d. Notes, 144A 5.875 11/01/28   10,900 9,974,129
Sr. Sec’d. Notes, 144A(a) 6.750 07/15/26   7,075 6,850,875
Sr. Unsec’d. Notes, 144A(a) 10.500 07/15/27   2,000 1,927,398
Owens-Brockway Glass Container, Inc.,          
Gtd. Notes, 144A(a) 6.375 08/15/25   5,435 5,457,509
Gtd. Notes, 144A(a) 6.625 05/13/27   1,163 1,146,492
Trident TPI Holdings, Inc.,          
Gtd. Notes, 144A 6.625 11/01/25   19,422 18,354,333
Gtd. Notes, 144A 9.250 08/01/24   2,000 1,930,001
          79,984,823
Pharmaceuticals 1.7%
AdaptHealth LLC,
Gtd. Notes, 144A(a) 		6.125 08/01/28   14,451 13,510,963
Bausch Health Americas, Inc.,
Gtd. Notes, 144A(a) 		8.500 01/31/27   38,200 30,382,934
Bausch Health Cos., Inc.,          
Gtd. Notes, 144A 5.000 01/30/28   4,150 2,651,546
Gtd. Notes, 144A 7.000 01/15/28   7,010 4,781,761
Sr. Sec’d. Notes, 144A 4.875 06/01/28   784 673,644
     
 
P&L Development LLC/PLD Finance Corp.,
Sr. Sec’d. Notes, 144A 		7.750 11/15/25   41,702 34,714,894
          86,715,742
Pipelines 1.5%
Antero Midstream Partners LP/Antero Midstream
Finance Corp., 		         
Gtd. Notes, 144A 5.750 03/01/27   2,200 2,208,930
Gtd. Notes, 144A 7.875 05/15/26   22,775 24,104,360
EQM Midstream Partners LP,          
Sr. Unsec’d. Notes(a) 4.125 12/01/26   3,729 3,492,579
Sr. Unsec’d. Notes 4.750 07/15/23   7,033 7,168,700
Sr. Unsec’d. Notes, 144A 6.000 07/01/25   2,505 2,549,063
19
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Pipelines (cont’d.)
     
 
Global Partners LP/GLP Finance Corp.,
Gtd. Notes 		7.000 % 08/01/27   6,197  $6,018,592
Rockies Express Pipeline LLC,
Sr. Unsec’d. Notes, 144A 		3.600 05/15/25   7,020 6,798,477
Tallgrass Energy Partners LP/Tallgrass Energy Finance
Corp., 		         
Gtd. Notes, 144A 6.000 03/01/27   3,890 3,792,413
Gtd. Notes, 144A 7.500 10/01/25   7,060 7,258,673
Western Midstream Operating LP,          
Sr. Unsec’d. Notes 3.600 02/01/25   8,075 7,888,631
Sr. Unsec’d. Notes 3.950 06/01/25   3,050 3,014,941
          74,295,359
Real Estate 1.3%
Five Point Operating Co. LP/Five Point Capital Corp.,
Gtd. Notes, 144A 		7.875 11/15/25   34,019 32,952,893
Greystar Real Estate Partners LLC,
Sr. Sec’d. Notes, 144A 		5.750 12/01/25   8,150 8,181,867
Howard Hughes Corp. (The),
Gtd. Notes, 144A 		5.375 08/01/28   23,038 22,435,112
          63,569,872
Real Estate Investment Trusts (REITs) 4.8%
Diversified Healthcare Trust,          
Gtd. Notes 9.750 06/15/25   42,149 44,223,798
Sr. Unsec’d. Notes 4.750 05/01/24   10,585 10,068,172
Sr. Unsec’d. Notes 4.750 02/15/28   3,000 2,511,464
MPT Operating Partnership LP/MPT Finance Corp.,          
Gtd. Notes(a) 5.000 10/15/27   10,925 10,828,434
Gtd. Notes(a) 5.250 08/01/26   1,485 1,497,338
     
 
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer,
Sr. Sec’d. Notes, 144A 		7.500 06/01/25   27,462 28,515,168
RHP Hotel Properties LP/RHP Finance Corp.,
Gtd. Notes(a) 		4.750 10/15/27   10,000 9,636,309
Sabra Health Care LP,
Gtd. Notes 		5.125 08/15/26   650 650,738
SBA Communications Corp.,
Sr. Unsec’d. Notes(a) 		3.875 02/15/27   21,953 21,459,274
20
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Real Estate Investment Trusts (REITs) (cont’d.)
     
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC,
Sr. Sec’d. Notes, 144A 		7.875 % 02/15/25   89,698  $92,067,863
VICI Properties LP/VICI Note Co., Inc.,          
Gtd. Notes, 144A 4.250 12/01/26   4,290 4,075,697
Gtd. Notes, 144A 4.500 09/01/26   10,120 9,674,039
Gtd. Notes, 144A 4.625 06/15/25   1,430 1,396,739
Gtd. Notes, 144A 5.625 05/01/24   5,088 5,143,682
          241,748,715
Retail 1.5%
1011778 BC ULC/New Red Finance, Inc. (Canada),
Sr. Sec’d. Notes, 144A 		3.875 01/15/28   1,900 1,793,352
At Home Group, Inc.,
Sr. Sec’d. Notes, 144A 		4.875 07/15/28   725 583,795
Brinker International, Inc.,
Gtd. Notes, 144A 		5.000 10/01/24   8,978 8,682,186
eG Global Finance PLC (United Kingdom),          
Sr. Sec’d. Notes 4.375 02/07/25 EUR 5,307 5,372,987
Sr. Sec’d. Notes 6.250 10/30/25 EUR 6,809 7,019,063
Sr. Sec’d. Notes, 144A 6.750 02/07/25   20,050 19,512,404
Sr. Sec’d. Notes, 144A 8.500 10/30/25   17,426 17,647,449
     
 
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes 		5.625 12/01/25   9,695 9,459,010
White Cap Parent LLC,
Sr. Unsec’d. Notes, 144A, Cash coupon 8.250% or PIK 9.000%(a) 		8.250 03/15/26   5,000 4,640,951
          74,711,197
Semiconductors 0.3%
Microchip Technology, Inc.,
Gtd. Notes 		4.250 09/01/25   16,242 16,276,279
Software 2.3%
Boxer Parent Co., Inc.,
Sr. Sec’d. Notes, 144A 		7.125 10/02/25   16,590 16,169,677
Camelot Finance SA,
Sr. Sec’d. Notes, 144A(a) 		4.500 11/01/26   66,801 64,123,221
21
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Software (cont’d.)
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc.,
Gtd. Notes, 144A 		5.750 % 03/01/25   21,241  $21,139,594
Clarivate Science Holdings Corp.,
Sr. Sec’d. Notes, 144A(a) 		3.875 07/01/28   6,185 5,792,938
SS&C Technologies, Inc.,
Gtd. Notes, 144A(a) 		5.500 09/30/27   8,000 8,016,930
          115,242,360
Telecommunications 6.8%
Altice France SA (France),
Sr. Sec’d. Notes, 144A 		8.125 02/01/27   32,099 32,226,419
CommScope Technologies LLC,
Gtd. Notes, 144A(a) 		6.000 06/15/25   8,463 7,898,059
CommScope, Inc.,
Sr. Sec’d. Notes, 144A 		6.000 03/01/26   23,443 23,005,951
Digicel Group Holdings Ltd. (Jamaica),
Sr. Sec’d. Notes, Cash coupon 8.000% and PIK 2.000% 		10.000 04/01/24   1,956 1,884,110
Digicel International Finance Ltd./Digicel International
Holdings Ltd. (Jamaica), 		         
Gtd. Notes, 144A 8.000 12/31/26   3,128 2,662,187
Gtd. Notes, 144A, Cash coupon 6.000% and PIK 7.000% 13.000 12/31/25   5,665 5,505,044
Sr. Sec’d. Notes, 144A(a) 8.750 05/25/24   15,663 14,977,144
Sr. Sec’d. Notes, 144A 8.750 05/25/24   14,353 13,701,552
     
 
Digicel Ltd. (Jamaica),
Gtd. Notes, 144A 		6.750 03/01/23   11,300 8,910,977
Iliad Holding SASU (France),          
Sr. Sec’d. Notes, 144A 6.500 10/15/26   13,720 13,276,031
Sr. Sec’d. Notes, 144A 7.000 10/15/28   4,425 4,260,760
     
 
Intelsat Jackson Holdings SA Escrow (Luxembourg),
Gtd. Notes^ 		5.500 08/01/23(d)   6,971 7
Level 3 Financing, Inc.,          
Gtd. Notes(a) 5.250 03/15/26   49,587 48,700,534
Gtd. Notes 5.375 05/01/25   27,082 27,077,862
Gtd. Notes, 144A 4.250 07/01/28   10,200 9,060,490
Lumen Technologies, Inc.,          
Sr. Unsec’d. Notes 5.625 04/01/25   5,000 4,928,509
Sr. Unsec’d. Notes, Series W 6.750 12/01/23   2,753 2,833,591
     
 
22
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Telecommunications (cont’d.)
     
Quebecor Media, Inc. (Canada),
Sr. Unsec’d. Notes 		5.750 % 01/15/23   16,706  $16,878,862
Sprint Corp.,          
Gtd. Notes 7.125 06/15/24   11,700 12,424,357
Gtd. Notes 7.625 02/15/25   2,215 2,396,749
Gtd. Notes 7.625 03/01/26   1,500 1,662,000
Gtd. Notes 7.875 09/15/23   23,284 24,455,025
     
 
T-Mobile USA, Inc.,
Gtd. Notes 		2.625 04/15/26   1,052 992,726
Viasat, Inc.,          
Sr. Sec’d. Notes, 144A(a) 5.625 04/15/27   7,282 7,012,094
Sr. Unsec’d. Notes, 144A 5.625 09/15/25   27,817 26,381,074
     
 
Zayo Group Holdings, Inc.,
Sr. Sec’d. Notes, 144A(a) 		4.000 03/01/27   31,329 27,359,958
          340,472,072
Toys/Games/Hobbies 0.0%
Mattel, Inc.,
Gtd. Notes, 144A 		3.375 04/01/26   1,400 1,360,080
Transportation 0.1%
XPO Logistics, Inc.,
Gtd. Notes, 144A 		6.250 05/01/25   5,099 5,261,565
Trucking & Leasing 0.1%
Fortress Transportation & Infrastructure Investors LLC,
Sr. Unsec’d. Notes, 144A 		5.500 05/01/28   6,125 5,264,613
     
 
Total Corporate Bonds
(cost $4,223,501,358) 		3,986,944,512
Sovereign Bonds 0.0%
Ecuador Government International Bond (Ecuador),          
Sr. Unsec’d. Notes, 144A 6.608(s) 07/31/30   92 50,891
Sr. Unsec’d. Notes, 144A 0.500(cc) 07/31/40   125 69,064
Sr. Unsec’d. Notes, 144A 1.000(cc) 07/31/35   535 342,614
Sr. Unsec’d. Notes, 144A 5.000(cc) 07/31/30   324 269,169
     
 
Total Sovereign Bonds
(cost $795,478) 		731,738
23
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Treasury Obligation(h)(k) 5.1%
U.S. Treasury Notes
(cost $252,974,647) 		2.500 % 04/30/24   253,980  $253,870,867
    
      Shares  
Common Stocks 2.2%
Electric Utilities 0.1%
GenOn Energy Holdings, Inc. (Class A Stock) (original cost $4,444,497; purchased 02/28/19 )*^(f)       41,315 5,205,690
Gas Utilities 0.2%
Ferrellgas Partners LP (Class B Stock)       50,306 10,312,730
Hotels, Restaurants & Leisure 0.2%
CEC Entertainment, Inc.*       366,068 7,382,310
Oil, Gas & Consumable Fuels 1.7%
Chesapeake Energy Corp.(a)       876,941 85,396,515
Chesapeake Energy Corp. Backstop Commitment       5,043 491,087
          85,887,602
Wireless Telecommunication Services 0.0%
Intelsat Emergence SA (Luxembourg)*       65,184 1,959,594
     
 
Total Common Stocks
(cost $33,146,328) 		110,747,926
    
      Units  
Rights* 0.0%
Diversified Telecommunication Services 
Intelsat Jackson Holdings SA, Series A (Luxembourg), expiring 12/05/25^       6,825 13,010
Intelsat Jackson Holdings SA, Series B (Luxembourg), expiring 12/05/25^       6,825 2,398
     
 
Total Rights
(cost $0) 		15,408
24
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Description     Units Value
Warrants* 0.0%
Chemicals 
TPC Group, Inc., expiring 08/01/24^
(cost $1) 		      6,759,788  $31,771
 
Total Long-Term Investments
(cost $4,980,119,976) 		4,800,461,613
    
      Shares  
Short-Term Investments 12.7%
Affiliated Mutual Funds 10.8%          
PGIM Core Short-Term Bond Fund(wc)     1,647,270 15,023,103
PGIM Core Ultra Short Bond Fund(wc)     49,014,659 49,014,659
PGIM Institutional Money Market Fund
(cost $476,930,008; includes $476,664,402 of cash collateral for securities on loan)(b)(wc) 		    477,368,335 476,986,440
     
 
Total Affiliated Mutual Funds
(cost $540,951,305) 		541,024,202
Unaffiliated Fund 1.9%          
Dreyfus Government Cash Management (Institutional Shares)
(cost $96,222,018) 		      96,222,018 96,222,018
     
 
 
Total Short-Term Investments
(cost $637,173,323) 		637,246,220
 
TOTAL INVESTMENTS 108.6%
(cost $5,617,293,299) 		5,437,707,833
Liabilities in excess of other assets(z) (8.6)% (430,691,155)
 
Net Assets 100.0% $5,007,016,678
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
    
  EUR—Euro
  GBP—British Pound
    
  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.
  bps—Basis Points
  CDX—Credit Derivative Index
  CLO—Collateralized Loan Obligation
  iBoxx—Bond Market Indices
  LIBOR—London Interbank Offered Rate
  LP—Limited Partnership
  OTC—Over-the-counter
25
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
  PIK—Payment-in-Kind
  Q—Quarterly payment frequency for swaps
  REITs—Real Estate Investment Trust
  SOFR—Secured Overnight Financing Rate
  T—Swap payment upon termination
    
* Non-income producing security.
# Principal or notional amount is shown in U.S. dollars unless otherwise stated.
^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $14,186,985 and 0.3% 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 $461,803,100; cash collateral of $476,664,402 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.
(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, 2022.
(cc) Variable rate instrument. The rate shown is based on the latest available information as of May 31, 2022. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.
(f) Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the aggregate original cost of such securities is $4,444,497. The aggregate value of $5,205,690 is 0.1% of net assets.
(h) Represents security, or a portion thereof, segregated as collateral for OTC derivatives.
(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.
(p) Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end.
(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.
(wc) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Short-Term Bond Fund, PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund, if applicable.
(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:
Unfunded loan commitment outstanding at May 31, 2022:
Borrower   Principal
Amount
(000)# 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
Trident TPI Holdings, Inc., Tranche B-3 DDTL Commitments, 3 Month LIBOR + 4.000%, 4.000%(c), Maturity Date 09/15/28 (cost $197,553)    198   $188,487   $—   $(9,066)
Futures contracts outstanding at May 31, 2022:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Long Positions:
1,037   2 Year U.S. Treasury Notes   Sep. 2022    $218,912,320    $276,969
26
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Futures contracts outstanding at May 31, 2022 (continued):
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Long Positions (cont’d):
56   5 Year Euro-Bobl   Sep. 2022    $7,528,076    $(29,975)
3,708   5 Year U.S. Treasury Notes   Sep. 2022   418,830,206   635,492
5   20 Year U.S. Treasury Bonds   Sep. 2022   697,188   (4,378)
7   30 Year U.S. Ultra Treasury Bonds   Sep. 2022   1,090,250   (6,278)
3   Euro Schatz Index   Sep. 2022   352,323   30
                871,860
Short Positions:
26   10 Year Euro-Bund   Sep. 2022   4,240,716   4,979
956   10 Year U.S. Treasury Notes   Sep. 2022   114,197,192   130,644
                135,623
                $1,007,483
Forward foreign currency exchange contracts outstanding at May 31, 2022:
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts:
British Pound,
Expiring 06/06/22   BNP Paribas S.A.   GBP 4,315    $5,393,732    $5,437,751    $44,019    $—
Euro,
Expiring 06/02/22   The Toronto-Dominion Bank   EUR 13,677   14,675,809   14,683,698   7,889   —
              $20,069,541   $20,121,449   51,908   —
    
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts:
British Pound,
Expiring 06/06/22   Barclays Bank PLC   GBP 4,315    $5,296,746    $5,437,751    $—    $(141,005)
Expiring 07/05/22   BNP Paribas S.A.   GBP 4,315   5,394,854   5,438,920   —   (44,066)
Euro,
Expiring 06/02/22   BNP Paribas S.A.   EUR 13,677   14,700,194   14,683,698   16,496   —
Expiring 07/05/22   The Toronto-Dominion Bank   EUR 13,677   14,701,015   14,710,806   —   (9,791)
              $40,092,809   $40,271,175   16,496   (194,862)
                      $68,404   $(194,862)
27
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
Credit default swap agreements outstanding at May 31, 2022:
Reference
Entity/
Obligation 		  Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Implied
Credit
Spread at
May 31,
2022(4) 		  Fair
Value 		  Upfront
Premiums
Paid
(Received) 		  Unrealized
Appreciation
(Depreciation) 		  Counterparty
OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Sell Protection(2):
EQT Corp.   06/20/22   5.000%(Q)     12,000   0.948%    $148,600    $22,679    $125,921   Credit Suisse International
    
Reference
Entity/
Obligation 		Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Value at
Trade Date 		  Value at
May 31,
2022 		  Unrealized
Appreciation
(Depreciation) 		 
Centrally Cleared Credit Default Swap Agreements on credit indices - Buy Protection(1):  
CDX.NA.HY.38.V1 06/20/27   5.000%(Q)     30,080  $(1,366,363)    $(787,192)    $579,171
CDX.NA.IG.38.V1 06/20/32   1.000%(Q)     33,915 472,666   359,551   (113,115)
                  $(893,697)   $(427,641)   $466,056
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
28
PGIM Short Duration High Yield Income Fund
Schedule of Investments as of May 31, 2022 (unaudited) (continued)
  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.
    
Total return swap agreements outstanding at May 31, 2022:
Reference Entity   Financing
Rate 		  Counterparty   Termination
Date 		  Long (Short)
Notional
Amount
(000)#(1) 		  Fair
Value 		  Upfront
Premiums
Paid
(Received) 		  Unrealized
Appreciation
(Depreciation)(2)
OTC Total Return Swap Agreements:
iBoxx US Dollar Liquid High Yield Index(T)   1 Day SOFR(Q)   Morgan Stanley & Co. International PLC   12/20/22   (10,280)    $(528,161)    $—    $(528,161)
iBoxx US Dollar Liquid High Yield Index(T)   1 Day SOFR(Q)   BNP Paribas S.A.   12/20/22   (4,740)   (186,312)   —   (186,312)
iBoxx US Dollar Liquid High Yield Index(T)   1 Day SOFR(Q)   Morgan Stanley & Co. International PLC   12/20/22   (4,510)   (44,238)   —   (44,238)
iBoxx US Dollar Liquid High Yield Index(T)   1 Day SOFR(Q)   BNP Paribas S.A.   3/20/23   (6,160)   (257,346)   —   (257,346)
iBoxx US Dollar Liquid High Yield Index(T)   1 Day SOFR(Q)   Morgan Stanley & Co. International PLC   3/20/23   (5,520)   (151,849)   —   (151,849)
iBoxx US Dollar Liquid High Yield Index(T)   1 Day SOFR(Q)   Barclays Bank PLC   3/20/23   (2,830)   (74,456)   —   (74,456)
iBoxx US Dollar Liquid High Yield Index(T)   1 Day SOFR(Q)   BNP Paribas S.A.   6/20/23   (4,740)   (129,579)   —   (129,579)
                    $(1,371,941)   $—   $(1,371,941)
(1) On a long total return swap, the Fund receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Fund makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.
(2) Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).
Other information regarding the Fund is available in the Fund’s most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).
29