NPORT-EX 2 PI62370PRU113022.htm
PGIM High Yield Fund
Schedule of Investments as of November 30, 2022 (unaudited)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Long-Term Investments 89.0%
Asset-Backed Securities 0.8%
Collateralized Loan Obligations 
Battalion CLO Ltd.,
Series 2018-12A, Class A1, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%) 		5.720 %(c) 05/17/31   16,450  $16,053,354
BlueMountain Fuji US CLO Ltd. (Cayman Islands),
Series 2017-02A, Class A1AR, 144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 0.000%) 		5.243(c) 10/20/30   28,250 27,834,239
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%) 		5.583(c) 07/20/32   26,000 25,416,009
CIFC Funding Ltd. (Cayman Islands),
Series 2015-01A, Class ARR, 144A, 3 Month LIBOR + 1.110% (Cap N/A, Floor 1.110%) 		5.435(c) 01/22/31   9,750 9,597,321
HPS Loan Management Ltd. (Cayman Islands),
Series 11A-17, Class AR, 144A, 3 Month LIBOR + 1.020% (Cap N/A, Floor 1.020%) 		5.552(c) 05/06/30   18,766 18,543,573
Madison Park Funding Ltd. (Cayman Islands),
Series 2019-33A, Class AR, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%) 		5.154(c) 10/15/32   25,000 24,462,725
Voya CLO Ltd. (Cayman Islands),
Series 2014-01A, Class AAR2, 144A, 3 Month SOFR + 1.252% (Cap N/A, Floor 0.000%) 		5.180(c) 04/18/31   28,220 27,608,018
Wellfleet CLO Ltd. (Cayman Islands),
Series 2016-02A, Class A1R, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 1.140%) 		5.383(c) 10/20/28   2,746 2,709,714
     
 
Total Asset-Backed Securities
(cost $154,180,053) 		152,224,953
Convertible Bond 0.0%
Telecommunications 
Digicel Group Holdings Ltd. (Jamaica),
Sub. Notes, 144A, Cash coupon 7.000% or PIK N/A
(cost $4,275,998) 		7.000 12/16/22(oo)   15,076 1,356,841
Corporate Bonds 78.1%
Advertising 0.4%
CMG Media Corp.,
Gtd. Notes, 144A(a) 		8.875 12/15/27   90,641 69,603,829
1
PGIM High Yield Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Aerospace & Defense 3.1%
Boeing Co. (The),          
Sr. Unsec’d. Notes(a) 5.805 % 05/01/50   90,942  $85,778,610
Sr. Unsec’d. Notes 5.930 05/01/60   48,720 45,065,485
Bombardier, Inc. (Canada),          
Sr. Unsec’d. Notes, 144A(a) 6.000 02/15/28   42,550 39,898,710
Sr. Unsec’d. Notes, 144A(a) 7.125 06/15/26   45,845 45,157,325
Sr. Unsec’d. Notes, 144A 7.500 12/01/24   52,169 52,560,267
Sr. Unsec’d. Notes, 144A 7.500 03/15/25   42,540 42,470,660
Sr. Unsec’d. Notes, 144A(a) 7.875 04/15/27   171,143 167,968,297
     
 
Spirit AeroSystems, Inc.,
Sec’d. Notes, 144A 		7.500 04/15/25   23,550 23,292,867
TransDigm UK Holdings PLC,
Gtd. Notes 		6.875 05/15/26   12,934 12,614,530
TransDigm, Inc.,          
Gtd. Notes(a) 4.625 01/15/29   15,830 13,926,392
Gtd. Notes(a) 5.500 11/15/27   28,139 26,520,206
Gtd. Notes(a) 6.375 06/15/26   9,977 9,794,811
Sr. Sec’d. Notes, 144A(a) 6.250 03/15/26   17,948 17,843,438
          582,891,598
Agriculture 0.3%
Vector Group Ltd.,
Sr. Sec’d. Notes, 144A 		5.750 02/01/29   62,109 53,975,471
Airlines 0.8%
American Airlines, Inc.,
Sr. Sec’d. Notes, 144A 		11.750 07/15/25   9,353 10,390,980
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,          
Sr. Sec’d. Notes, 144A 5.500 04/20/26   11,193 10,842,100
Sr. Sec’d. Notes, 144A(a) 5.750 04/20/29   52,900 49,252,545
     
 
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.,
Sr. Sec’d. Notes, 144A(a) 		5.750 01/20/26   24,704 23,412,969
United Airlines, Inc.,          
Sr. Sec’d. Notes, 144A 4.375 04/15/26   34,688 32,266,216
Sr. Sec’d. Notes, 144A 4.625 04/15/29   18,674 16,532,668
          142,697,478
2
PGIM High Yield Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Apparel 0.3%
Kontoor Brands, Inc.,
Gtd. Notes, 144A 		4.125 % 11/15/29   11,626  $9,613,408
William Carter Co. (The),
Gtd. Notes, 144A 		5.625 03/15/27   8,142 7,845,309
Wolverine World Wide, Inc.,
Gtd. Notes, 144A(a) 		4.000 08/15/29   59,842 45,220,223
          62,678,940
Auto Manufacturers 1.5%
Allison Transmission, Inc.,
Gtd. Notes, 144A(a) 		3.750 01/30/31   19,465 16,305,686
Ford Holdings LLC,
Gtd. Notes 		9.300 03/01/30   1,900 2,142,814
Ford Motor Co.,          
Sr. Unsec’d. Notes 4.750 01/15/43   139,582 103,540,095
Sr. Unsec’d. Notes 5.291 12/08/46   53,114 42,240,563
Sr. Unsec’d. Notes 7.400 11/01/46   26,892 26,233,914
Ford Motor Credit Co. LLC,          
Sr. Unsec’d. Notes(a) 4.000 11/13/30   17,950 15,188,020
Sr. Unsec’d. Notes 5.584 03/18/24   530 525,364
     
 
Jaguar Land Rover Automotive PLC (United Kingdom),
Gtd. Notes, 144A(a) 		7.750 10/15/25   29,200 26,568,788
PM General Purchaser LLC,
Sr. Sec’d. Notes, 144A 		9.500 10/01/28   49,221 43,053,644
          275,798,888
Auto Parts & Equipment 1.0%
Adient Global Holdings Ltd.,
Gtd. Notes, 144A(a) 		4.875 08/15/26   76,766 71,504,458
American Axle & Manufacturing, Inc.,          
Gtd. Notes(a) 6.250 03/15/26   8,040 7,661,745
Gtd. Notes(a) 6.500 04/01/27   24,559 23,101,996
     
 
Cooper-Standard Automotive, Inc.,
Gtd. Notes, 144A(a) 		5.625 11/15/26   799 336,091
Dana Financing Luxembourg Sarl,
Gtd. Notes, 144A 		5.750 04/15/25   8,239 8,040,852
Dana, Inc.,          
Sr. Unsec’d. Notes(a) 4.250 09/01/30   24,360 19,715,446
Sr. Unsec’d. Notes 4.500 02/15/32   14,150 11,190,316
Sr. Unsec’d. Notes(a) 5.375 11/15/27   10,775 9,918,855
Sr. Unsec’d. Notes(a) 5.625 06/15/28   7,429 6,834,156
3
PGIM High Yield Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Auto Parts & Equipment (cont’d.)
     
 
Titan International, Inc.,
Sr. Sec’d. Notes(a) 		7.000 % 04/30/28   26,845  $25,503,217
          183,807,132
Banks 0.2%
Citigroup, Inc.,
Jr. Sub. Notes 		3.875(ff) 02/18/26(oo)   26,150 21,847,401
Freedom Mortgage Corp.,
Sr. Unsec’d. Notes, 144A(a) 		7.625 05/01/26   14,790 12,709,680
Intesa Sanpaolo SpA (Italy),
Sub. Notes, 144A 		4.198(ff) 06/01/32   7,600 5,537,284
          40,094,365
Building Materials 1.8%
Camelot Return Merger Sub, Inc.,
Sr. Sec’d. Notes, 144A 		8.750 08/01/28   22,000 19,794,865
Cemex SAB de CV (Mexico),          
Gtd. Notes, 144A 5.450 11/19/29   23,375 21,502,078
Gtd. Notes, 144A 7.375 06/05/27   2,680 2,714,170
     
 
Cornerstone Building Brands, Inc.,
Gtd. Notes, 144A(a) 		6.125 01/15/29   45,023 30,420,548
Eco Material Technologies, Inc.,
Sr. Sec’d. Notes, 144A 		7.875 01/31/27   18,294 17,404,768
Griffon Corp.,
Gtd. Notes 		5.750 03/01/28   26,856 24,979,067
JELD-WEN, Inc.,          
Gtd. Notes, 144A(a) 4.625 12/15/25   14,645 12,410,981
Gtd. Notes, 144A(a) 4.875 12/15/27   8,865 6,934,669
Masonite International Corp.,          
Gtd. Notes, 144A(a) 3.500 02/15/30   13,533 10,521,907
Gtd. Notes, 144A(a) 5.375 02/01/28   5,269 4,768,445
     
 
MIWD Holdco II LLC/MIWD Finance Corp.,
Gtd. Notes, 144A 		5.500 02/01/30   26,665 21,854,427
Smyrna Ready Mix Concrete LLC,
Sr. Sec’d. Notes, 144A 		6.000 11/01/28   63,237 56,277,478
Standard Industries, Inc.,          
Sr. Unsec’d. Notes, 144A 3.375 01/15/31   31,375 24,080,471
Sr. Unsec’d. Notes, 144A(a) 4.375 07/15/30   71,478 58,596,920
4
PGIM High Yield Fund
Schedule of Investments as of November 30, 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) 4.750 % 01/15/28   11,083  $10,051,802
Sr. Unsec’d. Notes, 144A(a) 5.000 02/15/27   19,833 18,369,480
          340,682,076
Chemicals 2.8%
Ashland LLC,
Gtd. Notes 		6.875 05/15/43   36,370 35,671,475
ASP Unifrax Holdings, Inc.,          
Sr. Sec’d. Notes, 144A 5.250 09/30/28   13,500 11,152,558
Sr. Unsec’d. Notes, 144A(a) 7.500 09/30/29   9,475 6,334,743
     
 
Avient Corp.,
Sr. Unsec’d. Notes, 144A 		5.750 05/15/25   1,260 1,231,323
Chemours Co. (The),          
Gtd. Notes(a) 5.375 05/15/27   11,980 10,892,483
Gtd. Notes, 144A(a) 4.625 11/15/29   15,810 12,704,926
Gtd. Notes, 144A(a) 5.750 11/15/28   27,775 24,408,431
     
 
Cornerstone Chemical Co.,
Sr. Sec’d. Notes, 144A(a) 		6.750 08/15/24   41,923 34,351,872
Diamond BC BV,
Gtd. Notes, 144A(a) 		4.625 10/01/29   17,418 13,107,045
Iris Holding, Inc.,
Sr. Unsec’d. Notes, 144A(a) 		10.000 12/15/28   31,750 27,750,755
NOVA Chemicals Corp. (Canada),          
Sr. Unsec’d. Notes, 144A 4.875 06/01/24   2,540 2,465,387
Sr. Unsec’d. Notes, 144A 5.000 05/01/25   3,600 3,423,672
Sr. Unsec’d. Notes, 144A 5.250 06/01/27   21,927 19,706,891
Olympus Water US Holding Corp.,          
Sr. Sec’d. Notes, 144A 4.250 10/01/28   16,100 13,044,636
Sr. Unsec’d. Notes, 144A(a) 6.250 10/01/29   5,441 3,914,983
     
 
Rain CII Carbon LLC/CII Carbon Corp.,
Sec’d. Notes, 144A(a) 		7.250 04/01/25   54,332 48,769,237
SK Invictus Intermediate II Sarl (Luxembourg),
Sr. Sec’d. Notes, 144A 		5.000 10/30/29   31,720 25,247,534
SPCM SA (France),
Sr. Unsec’d. Notes, 144A 		3.375 03/15/30   12,150 9,674,437
TPC Group, Inc.,          
Sr. Sec’d. Notes, 144A 10.500 08/01/24(d)   71,803 42,721,786
Sr. Sec’d. Notes, 144A 10.875 08/01/24(d)   25,785 25,398,682
Sr. Sec’d. Notes, 144A 10.875 08/01/24   8,597 8,468,045
     
 
5
PGIM High Yield Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Chemicals (cont’d.)
     
Tronox, Inc.,
Gtd. Notes, 144A(a) 		4.625 % 03/15/29   60,775  $49,046,834
Valvoline, Inc.,          
Gtd. Notes, 144A(a) 4.250 02/15/30   17,554 17,076,268
Sr. Unsec’d. Notes, 144A(a) 3.625 06/15/31   22,525 18,348,484
Venator Finance Sarl/Venator Materials LLC,          
Gtd. Notes, 144A(a) 5.750 07/15/25   65,304 22,693,140
Sr. Sec’d. Notes, 144A(a) 9.500 07/01/25   23,430 17,162,475
WR Grace Holdings LLC,          
Sr. Sec’d. Notes, 144A(a) 4.875 06/15/27   3,357 3,007,632
Sr. Sec’d. Notes, 144A 5.625 10/01/24   8,030 7,851,547
          515,627,281
Coal 0.1%
Coronado Finance Pty Ltd. (Australia),
Sr. Sec’d. Notes, 144A 		10.750 05/15/26   12,807 13,367,306
Commercial Services 3.9%
Adtalem Global Education, Inc.,
Sr. Sec’d. Notes, 144A(a) 		5.500 03/01/28   21,168 19,775,101
Allied Universal Holdco LLC/Allied Universal Finance
Corp., 		         
Sr. Sec’d. Notes, 144A(a) 6.625 07/15/26   44,355 42,151,605
Sr. Unsec’d. Notes, 144A(a) 6.000 06/01/29   71,573 51,476,606
Sr. Unsec’d. Notes, 144A(a) 9.750 07/15/27   60,302 54,400,098
Allied Universal Holdco LLC/Allied Universal Finance
Corp./Atlas Luxco 4 Sarl, 		         
Sr. Sec’d. Notes, 144A 4.625 06/01/28   40,288 33,841,920
Sr. Sec’d. Notes, 144A 4.625 06/01/28   35,956 30,158,095
     
 
Alta Equipment Group, Inc.,
Sec’d. Notes, 144A 		5.625 04/15/26   16,763 14,823,969
AMN Healthcare, Inc.,          
Gtd. Notes, 144A 4.000 04/15/29   10,397 9,121,088
Gtd. Notes, 144A 4.625 10/01/27   15,985 14,780,630
     
 
APi Group DE, Inc.,
Gtd. Notes, 144A 		4.750 10/15/29   10,373 9,119,012
Avis Budget Car Rental LLC/Avis Budget Finance,
Inc., 		         
Gtd. Notes, 144A(a) 4.750 04/01/28   28,975 25,441,175
Gtd. Notes, 144A(a) 5.375 03/01/29   475 419,761
Gtd. Notes, 144A 5.750 07/15/27   370 343,791
6
PGIM High Yield Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Commercial Services (cont’d.)
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., (cont’d.)          
Gtd. Notes, 144A 5.750 % 07/15/27   619   $569,761
     
 
Avis Budget Finance PLC,
Gtd. Notes 		4.750 01/30/26 EUR 11,000 10,850,690
Brink’s Co. (The),          
Gtd. Notes, 144A(a) 4.625 10/15/27   3,173 2,930,852
Gtd. Notes, 144A 5.500 07/15/25   2,476 2,443,634
     
 
Carriage Services, Inc.,
Gtd. Notes, 144A(a) 		4.250 05/15/29   8,946 6,705,972
Gartner, Inc.,          
Gtd. Notes, 144A 3.625 06/15/29   8,525 7,472,832
Gtd. Notes, 144A(a) 3.750 10/01/30   5,248 4,540,100
Hertz Corp. (The),          
Gtd. Notes, 144A(a) 4.625 12/01/26   9,950 8,637,538
Gtd. Notes, 144A(a) 5.000 12/01/29   18,800 14,874,990
     
 
Metis Merger Sub LLC,
Sr. Unsec’d. Notes, 144A 		6.500 05/15/29   79,659 64,777,681
MPH Acquisition Holdings LLC,
Sr. Sec’d. Notes, 144A(a) 		5.500 09/01/28   52,383 41,851,564
NESCO Holdings II, Inc.,
Sec’d. Notes, 144A 		5.500 04/15/29   26,390 23,353,384
Service Corp. International,
Sr. Unsec’d. Notes 		4.000 05/15/31   19,105 16,366,527
United Rentals North America, Inc.,          
Gtd. Notes(a) 3.750 01/15/32   23,383 19,298,390
Gtd. Notes(a) 3.875 02/15/31   4,595 3,952,814
Gtd. Notes(a) 4.000 07/15/30   2,906 2,524,609
Gtd. Notes(a) 4.875 01/15/28   59,499 56,804,428
Gtd. Notes(a) 5.250 01/15/30   34,470 32,615,504
     
 
Verscend Escrow Corp.,
Sr. Unsec’d. Notes, 144A 		9.750 08/15/26   109,424 109,554,940
          735,979,061
Computers 0.6%
CA Magnum Holdings (India),
Sr. Sec’d. Notes, 144A 		5.375 10/31/26   6,425 5,654,000
Condor Merger Sub, Inc.,
Sr. Unsec’d. Notes, 144A(a) 		7.375 02/15/30   28,510 23,581,200
NCR Corp.,          
Gtd. Notes, 144A(a) 5.000 10/01/28   18,075 15,723,278
Gtd. Notes, 144A 5.125 04/15/29   29,525 25,402,255
7
PGIM High Yield Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Computers (cont’d.)
NCR Corp., (cont’d.)          
Gtd. Notes, 144A(a) 5.250 % 10/01/30   12,000  $10,139,310
Gtd. Notes, 144A 5.750 09/01/27   11,642 11,320,722
Gtd. Notes, 144A(a) 6.125 09/01/29   1,050 1,019,222
     
 
Tempo Acquisition LLC/Tempo Acquisition Finance Corp.,
Sr. Sec’d. Notes, 144A 		5.750 06/01/25   22,329 22,170,206
          115,010,193
Distribution/Wholesale 0.4%
H&E Equipment Services, Inc.,
Gtd. Notes, 144A 		3.875 12/15/28   76,861 66,461,655
Diversified Financial Services 3.0%
Bread Financial Holdings, Inc.,
Gtd. Notes, 144A 		4.750 12/15/24   25,173 21,977,883
goeasy Ltd. (Canada),          
Gtd. Notes, 144A(a) 4.375 05/01/26   16,570 14,519,463
Gtd. Notes, 144A 5.375 12/01/24   886 841,700
     
 
Home Point Capital, Inc.,
Gtd. Notes, 144A(a) 		5.000 02/01/26   13,425 8,155,445
Jefferies Finance LLC/JFIN Co-Issuer Corp.,
Sr. Unsec’d. Notes, 144A(a) 		5.000 08/15/28   57,205 48,271,391
LD Holdings Group LLC,
Gtd. Notes, 144A(a) 		6.125 04/01/28   43,888 22,169,228
LFS Topco LLC,
Gtd. Notes, 144A 		5.875 10/15/26   29,800 24,207,147
LPL Holdings, Inc.,          
Gtd. Notes, 144A(a) 4.000 03/15/29   39,550 34,579,066
Gtd. Notes, 144A(a) 4.375 05/15/31   1,250 1,080,018
Nationstar Mortgage Holdings, Inc.,          
Gtd. Notes, 144A(a) 5.125 12/15/30   59,645 47,161,364
Gtd. Notes, 144A 6.000 01/15/27   38,045 34,590,279
     
 
Navient Corp.,
Sr. Unsec’d. Notes(a) 		5.500 03/15/29   31,775 26,121,631
OneMain Finance Corp.,          
Gtd. Notes 3.875 09/15/28   15,095 11,985,794
Gtd. Notes(a) 4.000 09/15/30   47,540 35,906,046
Gtd. Notes 5.375 11/15/29   544 454,523
Gtd. Notes(a) 6.625 01/15/28   39,559 36,365,556
Gtd. Notes(a) 6.875 03/15/25   29,450 28,620,356
8
PGIM High Yield Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Diversified Financial Services (cont’d.)
OneMain Finance Corp., (cont’d.)          
Gtd. Notes(a) 7.125 % 03/15/26   55,153  $53,454,012
Gtd. Notes 8.250 10/01/23   1,568 1,579,044
PennyMac Financial Services, Inc.,          
Gtd. Notes, 144A 4.250 02/15/29   21,950 17,203,700
Gtd. Notes, 144A(a) 5.375 10/15/25   24,700 22,596,554
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer,
Inc., 		         
Gtd. Notes, 144A(a) 3.625 03/01/29   1,468 1,181,420
Gtd. Notes, 144A(a) 3.875 03/01/31   3,547 2,743,055
Gtd. Notes, 144A(a) 4.000 10/15/33   15,100 11,098,421
VistaJet Malta Finance PLC/XO Management Holding,
Inc. (Switzerland), 		         
Sr. Unsec’d. Notes, 144A(a) 6.375 02/01/30   26,385 21,602,719
Sr. Unsec’d. Notes, 144A(a) 7.875 05/01/27   27,090 24,516,450
          552,982,265
Electric 4.7%
Calpine Corp.,          
Sr. Sec’d. Notes, 144A(a) 3.750 03/01/31   15,404 12,686,490
Sr. Sec’d. Notes, 144A 4.500 02/15/28   16,499 15,094,435
Sr. Sec’d. Notes, 144A(a) 5.250 06/01/26   2,812 2,697,774
Sr. Unsec’d. Notes, 144A 4.625 02/01/29   70,190 60,758,463
Sr. Unsec’d. Notes, 144A 5.000 02/01/31   87,581 75,660,572
Sr. Unsec’d. Notes, 144A(a) 5.125 03/15/28   181,974 163,872,371
     
 
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   16,058 9,574,777
NRG Energy, Inc.,          
Gtd. Notes 5.750 01/15/28   29,483 28,219,886
Gtd. Notes(a) 6.625 01/15/27   16,161 16,287,006
Gtd. Notes, 144A 3.375 02/15/29   19,191 16,026,419
Gtd. Notes, 144A(a) 3.625 02/15/31   45,028 36,258,655
Gtd. Notes, 144A 3.875 02/15/32   18,023 14,668,635
Gtd. Notes, 144A(a) 5.250 06/15/29   29,241 26,958,619
PG&E Corp.,          
Sr. Sec’d. Notes(a) 5.000 07/01/28   24,240 22,126,026
Sr. Sec’d. Notes(a) 5.250 07/01/30   93,792 84,844,938
Vistra Corp.,          
Jr. Sub. Notes, 144A 7.000(ff) 12/15/26(oo)   32,750 29,409,032
9
PGIM High Yield Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Electric (cont’d.)
Vistra Corp., (cont’d.)          
Jr. Sub. Notes, 144A 8.000 %(ff) 10/15/26(oo)   47,340  $45,271,477
Vistra Operations Co. LLC,          
Gtd. Notes, 144A(a) 4.375 05/01/29   37,050 33,140,303
Gtd. Notes, 144A 5.000 07/31/27   82,490 77,256,878
Gtd. Notes, 144A(a) 5.500 09/01/26   35,237 34,092,212
Gtd. Notes, 144A(a) 5.625 02/15/27   81,847 79,154,773
          884,059,741
Electrical Components & Equipment 0.4%
Energizer Gamma Acquisition BV,
Gtd. Notes 		3.500 06/30/29 EUR 5,555 4,605,813
Energizer Holdings, Inc.,          
Gtd. Notes, 144A(a) 4.375 03/31/29   26,397 22,478,798
Gtd. Notes, 144A(a) 4.750 06/15/28   2,650 2,323,419
WESCO Distribution, Inc.,          
Gtd. Notes, 144A 7.125 06/15/25   16,975 17,187,733
Gtd. Notes, 144A 7.250 06/15/28   29,217 29,614,036
          76,209,799
Electronics 0.2%
Likewize Corp.,
Sr. Sec’d. Notes, 144A 		9.750 10/15/25   41,105 37,903,882
Sensata Technologies BV,          
Gtd. Notes, 144A(a) 4.000 04/15/29   4,590 4,004,775
Gtd. Notes, 144A(a) 5.000 10/01/25   1,225 1,203,563
     
 
Sensata Technologies, Inc.,
Gtd. Notes, 144A(a) 		3.750 02/15/31   2,000 1,663,018
          44,775,238
Engineering & Construction 0.3%
AECOM,
Gtd. Notes 		5.125 03/15/27   6,319 6,146,835
Artera Services LLC,
Sr. Sec’d. Notes, 144A(a) 		9.033 12/04/25   20,750 17,153,658
TopBuild Corp.,          
Gtd. Notes, 144A 3.625 03/15/29   14,278 11,594,391
Gtd. Notes, 144A 4.125 02/15/32   14,630 11,773,817
          46,668,701
10
PGIM High Yield Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Entertainment 2.3%
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   17,673  $6,607,271
Caesars Entertainment, Inc.,          
Sr. Sec’d. Notes, 144A 6.250 07/01/25   17,630 17,395,187
Sr. Unsec’d. Notes, 144A(a) 4.625 10/15/29   25,651 21,581,334
     
 
CCM Merger, Inc.,
Sr. Unsec’d. Notes, 144A 		6.375 05/01/26   21,770 20,212,886
Everi Holdings, Inc.,
Gtd. Notes, 144A(a) 		5.000 07/15/29   2,598 2,261,273
Golden Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A 		7.625 04/15/26   42,748 42,288,092
International Game Technology PLC,          
Sr. Sec’d. Notes, 144A(a) 4.125 04/15/26   15,773 14,793,812
Sr. Sec’d. Notes, 144A(a) 5.250 01/15/29   13,636 12,749,660
Sr. Sec’d. Notes, 144A 6.250 01/15/27   14,796 14,703,525
     
 
Jacobs Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A 		6.750 02/15/29   21,760 19,584,000
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.,
Sr. Sec’d. Notes, 144A 		4.875 05/01/29   29,440 25,423,079
Motion Bondco DAC (United Kingdom),
Gtd. Notes, 144A(a) 		6.625 11/15/27   38,510 32,926,050
Penn Entertainment, Inc.,          
Sr. Unsec’d. Notes, 144A(a) 4.125 07/01/29   44,995 37,078,209
Sr. Unsec’d. Notes, 144A(a) 5.625 01/15/27   52,199 48,467,419
     
 
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.,
Gtd. Notes, 144A(a) 		5.875 09/01/31   47,125 35,890,524
Scientific Games Holdings LP/Scientific Games US FinCo, Inc.,
Sr. Unsec’d. Notes, 144A(a) 		6.625 03/01/30   26,698 22,593,219
Scientific Games International, Inc.,
Gtd. Notes, 144A 		8.625 07/01/25   7,126 7,348,893
Wynn Resorts Finance LLC/Wynn Resorts Capital
Corp., 		         
Gtd. Notes, 144A(a) 5.125 10/01/29   24,381 21,203,542
Sr. Unsec’d. Notes, 144A(a) 7.750 04/15/25   20,362 20,385,004
          423,492,979
11
PGIM High Yield Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Environmental Control 0.2%
GFL Environmental, Inc. (Canada),          
Gtd. Notes, 144A(a) 4.000 % 08/01/28   8,700  $7,449,375
Gtd. Notes, 144A(a) 4.375 08/15/29   25,152 21,582,931
          29,032,306
Foods 2.9%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s
LP/Albertson’s LLC, 		         
Gtd. Notes, 144A 3.250 03/15/26   1,950 1,769,649
Gtd. Notes, 144A 3.500 03/15/29   12,134 10,115,531
Gtd. Notes, 144A 4.625 01/15/27   16,741 15,516,740
Gtd. Notes, 144A 5.875 02/15/28   7,075 6,771,115
     
 
B&G Foods, Inc.,
Gtd. Notes(a) 		5.250 09/15/27   77,600 61,965,325
C&S Group Enterprises LLC,
Gtd. Notes, 144A 		5.000 12/15/28   32,484 24,177,300
Chobani LLC/Chobani Finance Corp., Inc.,          
Gtd. Notes, 144A(a) 7.500 04/15/25   26,274 25,698,228
Sr. Sec’d. Notes, 144A 4.625 11/15/28   6,384 5,648,174
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance,
Inc., 		         
Gtd. Notes, 144A(a) 3.750 12/01/31   18,077 14,998,086
Sr. Unsec’d. Notes, 144A 5.500 01/15/30   12,473 11,962,213
Kraft Heinz Foods Co.,          
Gtd. Notes 4.375 06/01/46   70,950 59,770,573
Gtd. Notes 4.625 10/01/39   950 852,926
Gtd. Notes 4.875 10/01/49   31,500 28,422,236
Gtd. Notes 5.000 07/15/35   7,205 7,075,987
Gtd. Notes 5.200 07/15/45   11,700 11,050,084
Gtd. Notes(a) 5.500 06/01/50   41,869 41,651,111
Lamb Weston Holdings, Inc.,          
Gtd. Notes, 144A(a) 4.125 01/31/30   11,260 10,061,314
Gtd. Notes, 144A 4.375 01/31/32   21,788 19,287,707
     
 
Market Bidco Finco PLC (United Kingdom),
Sr. Sec’d. Notes, 144A 		5.500 11/04/27 GBP 24,659 22,577,590
Pilgrim’s Pride Corp.,          
Gtd. Notes, 144A 3.500 03/01/32   25,052 20,259,483
Gtd. Notes, 144A 4.250 04/15/31   45,917 39,903,561
Gtd. Notes, 144A(a) 5.875 09/30/27   35,975 35,539,050
Post Holdings, Inc.,          
Gtd. Notes, 144A(a) 4.625 04/15/30   25,931 22,764,318
12
PGIM High Yield Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Foods (cont’d.)
Post Holdings, Inc., (cont’d.)          
Gtd. Notes, 144A(a) 5.500 % 12/15/29   13,929  $12,804,142
Sr. Unsec’d. Notes, 144A(a) 4.500 09/15/31   28,674 24,222,622
          534,865,065
Gas 0.6%
AmeriGas Partners LP/AmeriGas Finance Corp.,          
Sr. Unsec’d. Notes 5.500 05/20/25   38,726 37,590,850
Sr. Unsec’d. Notes 5.625 05/20/24   6,233 6,187,257
Sr. Unsec’d. Notes 5.750 05/20/27   42,893 40,916,050
Sr. Unsec’d. Notes(a) 5.875 08/20/26   32,816 31,452,317
          116,146,474
Healthcare-Products 0.8%
Medline Borrower LP,          
Sr. Sec’d. Notes, 144A(a) 3.875 04/01/29   82,422 70,849,004
Sr. Unsec’d. Notes, 144A(a) 5.250 10/01/29   93,335 76,086,249
          146,935,253
Healthcare-Services 3.2%
DaVita, Inc.,          
Gtd. Notes, 144A 3.750 02/15/31   87,472 64,239,905
Gtd. Notes, 144A(a) 4.625 06/01/30   77,987 63,118,618
HCA, Inc.,          
Gtd. Notes 7.050 12/01/27   8,725 9,143,419
Gtd. Notes 7.500 11/06/33   17,650 18,749,743
Gtd. Notes, MTN 7.580 09/15/25   7,101 7,422,229
Gtd. Notes, MTN 7.750 07/15/36   25,990 28,185,230
Legacy LifePoint Health LLC,          
Sr. Sec’d. Notes, 144A(a) 4.375 02/15/27   30,263 25,352,124
Sr. Sec’d. Notes, 144A(a) 6.750 04/15/25   7,928 7,305,278
     
 
LifePoint Health, Inc.,
Gtd. Notes, 144A(a) 		5.375 01/15/29   36,544 21,309,003
Prime Healthcare Services, Inc.,
Sr. Sec’d. Notes, 144A 		7.250 11/01/25   56,473 48,306,973
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.,
Gtd. Notes, 144A(a) 		9.750 12/01/26   108,149 86,100,592
Tenet Healthcare Corp.,          
Gtd. Notes, 144A(a) 6.125 10/01/28   58,180 51,319,733
13
PGIM High Yield Fund
Schedule of Investments as of November 30, 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 4.250 % 06/01/29   67,381  $58,221,766
Sr. Sec’d. Notes, 144A 4.375 01/15/30   60,709 52,873,349
Sr. Sec’d. Notes, 144A(a) 4.625 06/15/28   3,326 2,994,307
Sr. Sec’d. Notes, 144A 4.875 01/01/26   1,906 1,809,796
Sr. Sec’d. Notes, 144A 6.125 06/15/30   7,163 6,789,975
Sr. Unsec’d. Notes(a) 6.875 11/15/31   53,941 47,609,369
          600,851,409
Home Builders 4.6%
Ashton Woods USA LLC/Ashton Woods Finance Co.,          
Sr. Unsec’d. Notes, 144A 4.625 08/01/29   16,934 13,324,413
Sr. Unsec’d. Notes, 144A 4.625 04/01/30   22,761 17,530,223
Sr. Unsec’d. Notes, 144A 6.625 01/15/28   12,483 11,136,256
Beazer Homes USA, Inc.,          
Gtd. Notes(a) 5.875 10/15/27   43,653 38,165,476
Gtd. Notes(a) 6.750 03/15/25   28,776 27,705,214
Gtd. Notes 7.250 10/15/29   90,728 80,127,866
Brookfield Residential Properties, Inc./Brookfield
Residential US LLC (Canada), 		         
Gtd. Notes, 144A 4.875 02/15/30   53,996 42,550,468
Gtd. Notes, 144A(a) 6.250 09/15/27   37,618 33,197,885
Sr. Unsec’d. Notes, 144A 5.000 06/15/29   14,319 11,419,403
Century Communities, Inc.,          
Gtd. Notes 6.750 06/01/27   32,688 31,825,171
Gtd. Notes, 144A(a) 3.875 08/15/29   17,396 14,037,624
Forestar Group, Inc.,          
Gtd. Notes, 144A(a) 3.850 05/15/26   16,154 14,476,707
Gtd. Notes, 144A(a) 5.000 03/01/28   39,545 33,729,300
KB Home,          
Gtd. Notes(a) 4.000 06/15/31   36,340 28,995,430
Gtd. Notes 4.800 11/15/29   30,314 26,312,093
Gtd. Notes(a) 6.875 06/15/27   22,675 22,607,817
Gtd. Notes 7.250 07/15/30   8,400 8,083,231
M/I Homes, Inc.,          
Gtd. Notes(a) 3.950 02/15/30   6,520 5,003,421
Gtd. Notes 4.950 02/01/28   34,226 29,937,713
Mattamy Group Corp. (Canada),          
Sr. Unsec’d. Notes, 144A(a) 4.625 03/01/30   55,558 45,765,903
Sr. Unsec’d. Notes, 144A 5.250 12/15/27   34,931 31,347,079
Meritage Homes Corp.,          
Gtd. Notes 5.125 06/06/27   16,600 15,685,067
14
PGIM High Yield Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Home Builders (cont’d.)
Meritage Homes Corp., (cont’d.)          
Gtd. Notes 6.000 % 06/01/25   8,250  $8,182,426
Shea Homes LP/Shea Homes Funding Corp.,          
Sr. Unsec’d. Notes 4.750 02/15/28   50,125 43,279,757
Sr. Unsec’d. Notes(a) 4.750 04/01/29   18,584 15,422,751
     
 
STL Holding Co. LLC,
Sr. Unsec’d. Notes, 144A(a) 		7.500 02/15/26   37,665 32,787,252
Taylor Morrison Communities, Inc.,          
Gtd. Notes, 144A 5.750 01/15/28   19,619 18,340,436
Gtd. Notes, 144A 5.875 06/15/27   41,859 40,094,774
Sr. Unsec’d. Notes, 144A(a) 5.125 08/01/30   74,624 65,117,574
     
 
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc.,
Gtd. Notes, 144A 		5.625 03/01/24   10,015 9,889,813
Tri Pointe Homes, Inc.,          
Gtd. Notes 5.250 06/01/27   6,603 5,967,564
Gtd. Notes(a) 5.700 06/15/28   41,742 37,686,212
          859,732,319
Home Furnishings 0.0%
Tempur Sealy International, Inc.,
Gtd. Notes, 144A(a) 		4.000 04/15/29   10,217 8,564,951
Household Products/Wares 0.4%
ACCO Brands Corp.,
Gtd. Notes, 144A(a) 		4.250 03/15/29   39,275 32,852,535
Central Garden & Pet Co.,          
Gtd. Notes(a) 4.125 10/15/30   4,500 3,766,235
Gtd. Notes, 144A 4.125 04/30/31   905 756,533
Kronos Acquisition Holdings, Inc./KIK Custom
Products, Inc. (Canada), 		         
Gtd. Notes, 144A(a) 7.000 12/31/27   31,203 25,898,490
Sr. Sec’d. Notes, 144A 5.000 12/31/26   5,450 4,959,500
     
 
Spectrum Brands, Inc.,
Gtd. Notes, 144A(a) 		3.875 03/15/31   4,490 3,413,539
          71,646,832
Housewares 0.5%
Scotts Miracle-Gro Co. (The),          
Gtd. Notes(a) 4.000 04/01/31   37,489 28,756,256
15
PGIM High Yield Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Housewares (cont’d.)
Scotts Miracle-Gro Co. (The), (cont’d.)          
Gtd. Notes(a) 4.375 % 02/01/32   15,225  $11,805,847
Gtd. Notes(a) 4.500 10/15/29   10,654 8,763,202
     
 
SWF Escrow Issuer Corp.,
Sr. Unsec’d. Notes, 144A(a) 		6.500 10/01/29   84,380 49,317,388
          98,642,693
Insurance 0.1%
BroadStreet Partners, Inc.,
Sr. Unsec’d. Notes, 144A 		5.875 04/15/29   29,000 24,626,462
Internet 0.5%
Cablevision Lightpath LLC,          
Sr. Sec’d. Notes, 144A 3.875 09/15/27   33,280 28,466,759
Sr. Unsec’d. Notes, 144A(a) 5.625 09/15/28   24,703 19,039,706
     
 
Gen Digital, Inc.,
Sr. Unsec’d. Notes, 144A 		5.000 04/15/25   34,320 33,713,500
Go Daddy Operating Co. LLC/GD Finance Co., Inc.,
Gtd. Notes, 144A(a) 		3.500 03/01/29   17,687 14,978,917
          96,198,882
Iron/Steel 0.3%
Big River Steel LLC/BRS Finance Corp.,
Sr. Sec’d. Notes, 144A 		6.625 01/31/29   37,720 36,661,644
Commercial Metals Co.,          
Sr. Unsec’d. Notes(a) 4.125 01/15/30   9,425 8,116,906
Sr. Unsec’d. Notes 4.375 03/15/32   10,160 8,530,490
          53,309,040
Leisure Time 0.3%
Royal Caribbean Cruises Ltd.,
Sr. Sec’d. Notes, 144A 		8.250 01/15/29   12,025 12,175,313
Viking Cruises Ltd.,
Gtd. Notes, 144A(a) 		5.875 09/15/27   11,175 9,345,094
Viking Ocean Cruises Ship VII Ltd.,
Sr. Sec’d. Notes, 144A 		5.625 02/15/29   16,650 13,507,312
Vista Outdoor, Inc.,
Gtd. Notes, 144A 		4.500 03/15/29   15,303 11,629,251
          46,656,970
16
PGIM High Yield Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Lodging 1.3%
Hilton Domestic Operating Co., Inc.,          
Gtd. Notes, 144A 3.625 % 02/15/32   43,415  $35,737,214
Gtd. Notes, 144A(a) 4.000 05/01/31   3,459 2,913,496
MGM Resorts International,          
Gtd. Notes 4.625 09/01/26   3,195 2,949,661
Gtd. Notes(a) 4.750 10/15/28   49,617 44,154,526
Gtd. Notes(a) 5.500 04/15/27   35,410 33,423,829
Gtd. Notes(a) 5.750 06/15/25   1,575 1,539,955
Gtd. Notes(a) 6.750 05/01/25   32,319 32,227,941
     
 
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp.,
Sr. Sec’d. Notes, 144A 		5.875 05/15/25   15,505 14,604,829
Wynn Macau Ltd. (Macau),          
Sr. Unsec’d. Notes, 144A(a) 5.125 12/15/29   15,250 12,161,875
Sr. Unsec’d. Notes, 144A 5.500 01/15/26   9,475 8,527,500
Sr. Unsec’d. Notes, 144A 5.500 10/01/27   13,450 11,398,875
Sr. Unsec’d. Notes, 144A 5.625 08/26/28   57,485 47,712,550
          247,352,251
Machinery-Construction & Mining 0.1%
Terex Corp.,
Gtd. Notes, 144A(a) 		5.000 05/15/29   26,280 23,854,798
Machinery-Diversified 0.4%
GrafTech Finance, Inc.,
Sr. Sec’d. Notes, 144A(a) 		4.625 12/15/28   26,632 22,184,439
Maxim Crane Works Holdings Capital LLC,
Sec’d. Notes, 144A(a) 		10.125 08/01/24   50,323 48,500,058
TK Elevator US Newco, Inc. (Germany),
Sr. Sec’d. Notes, 144A 		5.250 07/15/27   14,525 13,181,728
          83,866,225
Media 6.5%
CCO Holdings LLC/CCO Holdings Capital Corp.,          
Sr. Unsec’d. Notes(a) 4.500 05/01/32   108,474 89,568,395
Sr. Unsec’d. Notes, 144A 4.250 02/01/31   105,551 86,192,189
Sr. Unsec’d. Notes, 144A(a) 4.250 01/15/34   51,741 40,288,284
Sr. Unsec’d. Notes, 144A(a) 4.500 06/01/33   34,925 27,718,523
Sr. Unsec’d. Notes, 144A(a) 4.750 03/01/30   12,417 10,693,941
Sr. Unsec’d. Notes, 144A(a) 5.000 02/01/28   29,900 27,435,947
Sr. Unsec’d. Notes, 144A 5.125 05/01/27   8,403 7,899,233
17
PGIM High Yield Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Media (cont’d.)
CCO Holdings LLC/CCO Holdings Capital Corp., (cont’d.)          
Sr. Unsec’d. Notes, 144A(a) 5.375 % 06/01/29   14,806  $13,433,688
Sr. Unsec’d. Notes, 144A 5.500 05/01/26   27,535 26,676,263
CSC Holdings LLC,          
Gtd. Notes, 144A(a) 3.375 02/15/31   27,213 19,618,736
Gtd. Notes, 144A(a) 4.125 12/01/30   20,475 15,671,608
Gtd. Notes, 144A(a) 4.500 11/15/31   8,756 6,858,450
Gtd. Notes, 144A(a) 5.375 02/01/28   15,756 14,151,211
Gtd. Notes, 144A 5.500 04/15/27   30,230 27,702,514
Gtd. Notes, 144A(a) 6.500 02/01/29   12,960 11,808,215
Sr. Unsec’d. Notes(a) 5.250 06/01/24   8,000 7,729,419
Sr. Unsec’d. Notes, 144A(a) 4.625 12/01/30   126,914 80,312,559
Sr. Unsec’d. Notes, 144A(a) 5.000 11/15/31   28,015 17,959,652
Sr. Unsec’d. Notes, 144A(a) 5.750 01/15/30   43,922 29,916,366
Sr. Unsec’d. Notes, 144A(a) 7.500 04/01/28   25,972 20,232,849
Diamond Sports Group LLC/Diamond Sports Finance
Co., 		         
Gtd. Notes, 144A (original cost $181,475,272; purchased 07/18/19 - 06/03/22)(f) 6.625 08/15/27   267,691 9,493,661
Sec’d. Notes, 144A (original cost $59,318,362; purchased 11/18/21 - 08/03/22)(a)(f) 5.375 08/15/26   183,396 28,541,971
DISH DBS Corp.,          
Gtd. Notes 5.000 03/15/23   11,791 11,710,853
Gtd. Notes(a) 5.125 06/01/29   64,974 42,735,350
Gtd. Notes 7.375 07/01/28   28,355 20,911,713
Gtd. Notes 7.750 07/01/26   175,096 146,249,577
Gray Television, Inc.,          
Gtd. Notes, 144A 5.875 07/15/26   50,329 46,386,846
Gtd. Notes, 144A(a) 7.000 05/15/27   949 872,578
     
 
iHeartCommunications, Inc.,
Sr. Sec’d. Notes(a) 		6.375 05/01/26   13,188 12,517,746
Midcontinent Communications/Midcontinent Finance Corp.,
Gtd. Notes, 144A 		5.375 08/15/27   7,300 6,757,395
News Corp.,
Sr. Unsec’d. Notes, 144A(a) 		3.875 05/15/29   10,433 9,271,781
Nexstar Media, Inc.,          
Gtd. Notes, 144A(a) 4.750 11/01/28   6,587 5,860,874
Gtd. Notes, 144A(a) 5.625 07/15/27   11,799 11,180,856
Radiate Holdco LLC/Radiate Finance, Inc.,          
Sr. Sec’d. Notes, 144A 4.500 09/15/26   35,927 29,442,247
Sr. Unsec’d. Notes, 144A 6.500 09/15/28   72,454 39,883,298
18
PGIM High Yield Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Media (cont’d.)
     
 
Sinclair Television Group, Inc.,
Gtd. Notes, 144A (original cost $26,053,310; purchased 04/02/20 - 09/03/21)(a)(f) 		5.125 % 02/15/27   28,766  $24,108,454
Univision Communications, Inc.,          
Sr. Sec’d. Notes, 144A 4.500 05/01/29   21,907 18,754,620
Sr. Sec’d. Notes, 144A 5.125 02/15/25   32,406 31,450,139
Sr. Sec’d. Notes, 144A 6.625 06/01/27   94,781 92,920,192
     
 
VZ Secured Financing BV (Netherlands),
Sr. Sec’d. Notes, 144A(a) 		5.000 01/15/32   47,550 39,228,750
Ziggo Bond Co. BV (Netherlands),
Gtd. Notes, 144A 		5.125 02/28/30   1,800 1,457,280
          1,211,604,223
Metal Fabricate/Hardware 0.1%
Roller Bearing Co. of America, Inc.,
Sr. Unsec’d. Notes, 144A(a) 		4.375 10/15/29   16,098 14,102,158
Mining 1.7%
Constellium SE,
Gtd. Notes, 144A(a) 		5.875 02/15/26   12,000 11,490,000
Eldorado Gold Corp. (Turkey),
Sr. Unsec’d. Notes, 144A(a) 		6.250 09/01/29   51,625 42,913,281
First Quantum Minerals Ltd. (Zambia),          
Gtd. Notes, 144A 6.500 03/01/24   83,066 81,627,920
Gtd. Notes, 144A(a) 6.875 10/15/27   21,140 20,052,981
Gtd. Notes, 144A(a) 7.500 04/01/25   39,866 39,287,943
     
 
FMG Resources August 2006 Pty Ltd. (Australia),
Sr. Unsec’d. Notes, 144A 		6.125 04/15/32   5,267 4,806,138
Freeport-McMoRan, Inc.,
Gtd. Notes 		4.375 08/01/28   330 305,402
Hecla Mining Co.,
Gtd. Notes(a) 		7.250 02/15/28   20,395 20,021,572
Hudbay Minerals, Inc. (Canada),          
Gtd. Notes, 144A(a) 4.500 04/01/26   13,025 11,787,625
Gtd. Notes, 144A(a) 6.125 04/01/29   37,970 34,078,075
     
 
New Gold, Inc. (Canada),
Gtd. Notes, 144A(a) 		7.500 07/15/27   49,419 44,106,457
Novelis Corp.,          
Gtd. Notes, 144A 3.250 11/15/26   937 841,592
19
PGIM High Yield Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Mining (cont’d.)
Novelis Corp., (cont’d.)          
Gtd. Notes, 144A(a) 3.875 % 08/15/31   5,098  $4,196,122
Gtd. Notes, 144A(a) 4.750 01/30/30   13,155 11,874,775
          327,389,883
Miscellaneous Manufacturing 0.2%
Amsted Industries, Inc.,          
Gtd. Notes, 144A 5.625 07/01/27   9,075 8,612,220
Sr. Unsec’d. Notes, 144A 4.625 05/15/30   28,647 24,301,068
          32,913,288
Office/Business Equipment 0.1%
CDW LLC/CDW Finance Corp.,
Gtd. Notes 		3.250 02/15/29   10,920 9,177,187
Oil & Gas 6.5%
Aethon United BR LP/Aethon United Finance Corp.,
Sr. Unsec’d. Notes, 144A(a) 		8.250 02/15/26   29,475 29,329,436
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp.,
Gtd. Notes^ 		7.875 12/15/24(d)   104,709 712,021
Antero Resources Corp.,          
Gtd. Notes, 144A(a) 5.375 03/01/30   37,475 34,972,699
Gtd. Notes, 144A(a) 7.625 02/01/29   23,477 24,017,991
Ascent Resources Utica Holdings LLC/ARU Finance
Corp., 		         
Gtd. Notes, 144A 7.000 11/01/26   22,028 21,649,527
Gtd. Notes, 144A 9.000 11/01/27   28,374 35,184,362
Sr. Unsec’d. Notes, 144A 8.250 12/31/28   12,735 12,684,019
     
 
Athabasca Oil Corp. (Canada),
Sec’d. Notes, 144A 		9.750 11/01/26   58,933 63,131,976
Chesapeake Energy Corp.,          
Gtd. Notes, 144A(a) 5.500 02/01/26   17,495 16,985,940
Gtd. Notes, 144A(a) 5.875 02/01/29   12,820 12,305,835
Gtd. Notes, 144A(a) 6.750 04/15/29   33,424 33,132,832
     
 
CITGO Petroleum Corp.,
Sr. Sec’d. Notes, 144A 		7.000 06/15/25   56,830 56,027,444
CNX Resources Corp.,
Gtd. Notes, 144A 		7.250 03/14/27   54,878 54,680,511
20
PGIM High Yield Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Oil & Gas (cont’d.)
Comstock Resources, Inc.,          
Gtd. Notes, 144A(a) 5.875 % 01/15/30   18,625  $17,046,589
Gtd. Notes, 144A(a) 6.750 03/01/29   32,042 31,008,503
CrownRock LP/CrownRock Finance, Inc.,          
Sr. Unsec’d. Notes, 144A(a) 5.000 05/01/29   7,850 7,230,854
Sr. Unsec’d. Notes, 144A(a) 5.625 10/15/25   7,487 7,326,959
     
 
Endeavor Energy Resources LP/EER Finance, Inc.,
Sr. Unsec’d. Notes, 144A 		5.750 01/30/28   46,988 46,243,279
EQT Corp.,
Sr. Unsec’d. Notes 		5.000 01/15/29   10,350 9,921,934
Hilcorp Energy I LP/Hilcorp Finance Co.,          
Sr. Unsec’d. Notes, 144A 5.750 02/01/29   24,800 22,757,015
Sr. Unsec’d. Notes, 144A 6.000 04/15/30   21,810 20,130,982
Sr. Unsec’d. Notes, 144A 6.000 02/01/31   25,890 23,775,902
Sr. Unsec’d. Notes, 144A(a) 6.250 11/01/28   47,548 45,476,666
Sr. Unsec’d. Notes, 144A(a) 6.250 04/15/32   24,875 22,813,084
MEG Energy Corp. (Canada),          
Gtd. Notes, 144A(a) 5.875 02/01/29   32,425 30,771,325
Gtd. Notes, 144A 7.125 02/01/27   47,712 48,380,445
Nabors Industries Ltd.,          
Gtd. Notes, 144A 7.250 01/15/26   26,955 25,910,494
Gtd. Notes, 144A(a) 7.500 01/15/28   66,885 60,948,956
Nabors Industries, Inc.,          
Gtd. Notes(a) 5.750 02/01/25   45,170 43,365,550
Gtd. Notes, 144A(a) 7.375 05/15/27   1,775 1,732,171
Occidental Petroleum Corp.,          
Sr. Unsec’d. Notes(a) 6.125 01/01/31   1,210 1,228,210
Sr. Unsec’d. Notes 6.200 03/15/40   1,771 1,729,168
Sr. Unsec’d. Notes 6.450 09/15/36   300 302,048
Sr. Unsec’d. Notes(a) 6.625 09/01/30   2,327 2,428,454
Sr. Unsec’d. Notes 6.950 07/01/24   413 418,848
Sr. Unsec’d. Notes 7.125 10/15/27   1,230 1,262,479
Sr. Unsec’d. Notes 7.150 05/15/28   22,392 23,215,928
Sr. Unsec’d. Notes 7.200 04/01/28   2,400 2,421,621
Sr. Unsec’d. Notes 7.875 09/15/31   850 931,073
Sr. Unsec’d. Notes 7.950 04/15/29   9,025 9,410,207
Sr. Unsec’d. Notes 7.950 06/15/39   8,100 8,793,697
Sr. Unsec’d. Notes(a) 8.875 07/15/30   1,450 1,659,542
Parkland Corp. (Canada),          
Gtd. Notes, 144A(a) 4.500 10/01/29   21,100 17,776,750
Gtd. Notes, 144A(a) 4.625 05/01/30   22,925 19,150,857
21
PGIM High Yield Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Oil & Gas (cont’d.)
Precision Drilling Corp. (Canada),          
Gtd. Notes, 144A(a) 6.875 % 01/15/29   8,275  $7,818,634
Gtd. Notes, 144A 7.125 01/15/26   28,552 27,909,580
Range Resources Corp.,          
Gtd. Notes 4.875 05/15/25   56,732 54,984,737
Gtd. Notes, 144A(a) 4.750 02/15/30   9,625 8,563,455
Southwestern Energy Co.,          
Gtd. Notes(a) 4.750 02/01/32   25,150 22,128,068
Gtd. Notes 5.375 02/01/29   5,625 5,311,164
Gtd. Notes(a) 5.375 03/15/30   63,181 59,395,057
Sunoco LP/Sunoco Finance Corp.,          
Gtd. Notes(a) 4.500 05/15/29   25,633 22,411,995
Gtd. Notes(a) 4.500 04/30/30   29,625 25,723,263
Gtd. Notes(a) 5.875 03/15/28   3,936 3,780,353
Transocean, Inc.,          
Gtd. Notes, 144A 7.250 11/01/25   19,028 16,506,790
Gtd. Notes, 144A 7.500 01/15/26   9,458 7,985,389
Gtd. Notes, 144A 8.000 02/01/27   1,220 997,350
Gtd. Notes, 144A 11.500 01/30/27   3,550 3,591,002
          1,217,491,020
Packaging & Containers 1.4%
ARD Finance SA (Luxembourg),
Sr. Sec’d. Notes, 144A, Cash coupon 6.500% or PIK 7.250% 		6.500 06/30/27   39,731 29,400,711
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC,
Sr. Unsec’d. Notes, 144A(a) 		4.000 09/01/29   4,615 3,690,800
Ardagh Packaging Finance PLC/Ardagh Holdings
USA, Inc., 		         
Gtd. Notes, 144A(a) 5.250 08/15/27   8,175 6,172,125
Sr. Sec’d. Notes, 144A(a) 4.125 08/15/26   10,275 9,016,312
Sr. Unsec’d. Notes, 144A(a) 5.250 08/15/27   9,110 6,785,037
     
 
Graham Packaging Co., Inc.,
Gtd. Notes, 144A(a) 		7.125 08/15/28   33,920 28,823,933
Graphic Packaging International LLC,
Gtd. Notes 		4.125 08/15/24   11,225 10,977,605
Intelligent Packaging Holdco Issuer LP (Canada),
Sr. Unsec’d. Notes, 144A, Cash coupon 9.000% or PIK 9.750%(a) 		9.000 01/15/26   18,475 13,024,875
22
PGIM High Yield Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Packaging & Containers (cont’d.)
     
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada),
Sr. Sec’d. Notes, 144A 		6.000 % 09/15/28   35,362  $28,466,410
LABL, Inc.,          
Sr. Sec’d. Notes, 144A(a) 5.875 11/01/28   24,240 21,543,332
Sr. Sec’d. Notes, 144A 6.750 07/15/26   275 262,708
Sr. Unsec’d. Notes, 144A(a) 8.250 11/01/29   49,977 40,656,034
Sr. Unsec’d. Notes, 144A(a) 10.500 07/15/27   4,786 4,404,303
     
 
OI European Group BV,
Gtd. Notes, 144A 		4.750 02/15/30   13,450 11,567,000
Owens-Brockway Glass Container, Inc.,          
Gtd. Notes, 144A(a) 6.375 08/15/25   4,236 4,068,624
Gtd. Notes, 144A(a) 6.625 05/13/27   3,530 3,407,484
     
 
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc.,
Sr. Sec’d. Notes, 144A 		4.375 10/15/28   21,350 18,556,048
Trident TPI Holdings, Inc.,          
Gtd. Notes, 144A 6.625 11/01/25   6,874 5,914,340
Gtd. Notes, 144A 9.250 08/01/24   12,710 12,167,272
     
 
TriMas Corp.,
Gtd. Notes, 144A(a) 		4.125 04/15/29   12,675 10,906,222
          269,811,175
Pharmaceuticals 2.1%
AdaptHealth LLC,          
Gtd. Notes, 144A(a) 4.625 08/01/29   48,526 40,815,643
Gtd. Notes, 144A 5.125 03/01/30   11,619 9,945,811
Gtd. Notes, 144A 6.125 08/01/28   19,578 18,071,917
     
 
Bausch Health Americas, Inc.,
Gtd. Notes, 144A(a) 		8.500 01/31/27   2,823 1,388,637
Bausch Health Cos., Inc.,          
Gtd. Notes, 144A(a) 5.000 01/30/28   49,922 21,466,460
Gtd. Notes, 144A(a) 5.000 02/15/29   77,421 32,903,925
Gtd. Notes, 144A(a) 5.250 01/30/30   98,483 41,855,275
Gtd. Notes, 144A(a) 5.250 02/15/31   42,358 17,790,360
Gtd. Notes, 144A(a) 6.250 02/15/29   199,302 84,703,350
Gtd. Notes, 144A(a) 7.000 01/15/28   11,113 4,834,155
Gtd. Notes, 144A(a) 7.250 05/30/29   8,601 3,655,425
Gtd. Notes, 144A(a) 9.000 12/15/25   3,775 2,755,750
Sr. Sec’d. Notes, 144A 4.875 06/01/28   4,474 2,729,140
23
PGIM High Yield Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Pharmaceuticals (cont’d.)
Embecta Corp.,          
Sr. Sec’d. Notes, 144A 5.000 % 02/15/30   46,125  $39,408,354
Sr. Sec’d. Notes, 144A 6.750 02/15/30   7,550 6,899,940
     
 
Jazz Securities DAC,
Sr. Sec’d. Notes, 144A 		4.375 01/15/29   12,847 11,546,241
Organon & Co./Organon Foreign Debt Co-Issuer BV,          
Sr. Sec’d. Notes, 144A 4.125 04/30/28   14,123 12,708,852
Sr. Unsec’d. Notes, 144A(a) 5.125 04/30/31   23,694 21,022,504
     
 
P&L Development LLC/PLD Finance Corp.,
Sr. Sec’d. Notes, 144A 		7.750 11/15/25   34,502 27,934,019
          402,435,758
Pipelines 3.0%
Antero Midstream Partners LP/Antero Midstream
Finance Corp., 		         
Gtd. Notes, 144A(a) 5.375 06/15/29   31,170 28,753,876
Gtd. Notes, 144A(a) 5.750 03/01/27   35,490 34,218,878
Gtd. Notes, 144A(a) 5.750 01/15/28   40,953 38,705,885
Gtd. Notes, 144A 7.875 05/15/26   4,575 4,692,538
Cheniere Energy Partners LP,          
Gtd. Notes(a) 4.000 03/01/31   37,125 32,434,654
Gtd. Notes 4.500 10/01/29   1,322 1,213,496
     
 
Cheniere Energy, Inc.,
Sr. Unsec’d. Notes(a) 		4.625 10/15/28   87,539 80,671,411
CNX Midstream Partners LP,
Gtd. Notes, 144A 		4.750 04/15/30   6,950 5,815,409
DCP Midstream Operating LP,          
Gtd. Notes 5.125 05/15/29   10,687 10,403,023
Gtd. Notes 5.625 07/15/27   13,195 13,189,445
Gtd. Notes, 144A 6.450 11/03/36   3,455 3,455,153
     
 
Energy Transfer LP,
Jr. Sub. Notes, Series G 		7.125(ff) 05/15/30(oo)   17,145 14,443,995
EQM Midstream Partners LP,          
Sr. Unsec’d. Notes 4.125 12/01/26   50 45,985
Sr. Unsec’d. Notes 5.500 07/15/28   2,300 2,132,466
Sr. Unsec’d. Notes, 144A 6.000 07/01/25   3,242 3,187,459
Sr. Unsec’d. Notes, 144A 6.500 07/01/27   26,949 26,596,539
Sr. Unsec’d. Notes, 144A(a) 7.500 06/01/27   7,125 7,192,069
Sr. Unsec’d. Notes, 144A(a) 7.500 06/01/30   6,650 6,712,006
Global Partners LP/GLP Finance Corp.,          
Gtd. Notes 6.875 01/15/29   16,086 14,523,443
24
PGIM High Yield Fund
Schedule of Investments as of November 30, 2022 (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 7.000 % 08/01/27   14,055  $13,346,214
Rockies Express Pipeline LLC,          
Sr. Unsec’d. Notes, 144A 3.600 05/15/25   1,475 1,382,574
Sr. Unsec’d. Notes, 144A 4.800 05/15/30   4,000 3,420,041
Sr. Unsec’d. Notes, 144A 4.950 07/15/29   148 133,488
Sr. Unsec’d. Notes, 144A 6.875 04/15/40   53,123 44,097,760
Sr. Unsec’d. Notes, 144A 7.500 07/15/38   9,417 8,492,342
Tallgrass Energy Partners LP/Tallgrass Energy
Finance Corp., 		         
Gtd. Notes, 144A 5.500 01/15/28   62,667 56,899,894
Gtd. Notes, 144A 6.000 03/01/27   15,384 14,633,139
Gtd. Notes, 144A(a) 6.000 12/31/30   26,692 24,138,793
Gtd. Notes, 144A 6.000 09/01/31   2,263 2,017,188
Gtd. Notes, 144A(a) 7.500 10/01/25   6,207 6,286,372
Venture Global Calcasieu Pass LLC,          
Sr. Sec’d. Notes, 144A 3.875 08/15/29   19,005 16,577,411
Sr. Sec’d. Notes, 144A 4.125 08/15/31   11,685 10,081,056
Western Midstream Operating LP,          
Sr. Unsec’d. Notes 3.950 06/01/25   22,264 21,394,764
Sr. Unsec’d. Notes(a) 4.300 02/01/30   4,719 4,216,530
Sr. Unsec’d. Notes 4.500 03/01/28   325 304,604
Sr. Unsec’d. Notes 5.450 04/01/44   578 482,662
Sr. Unsec’d. Notes(a) 5.500 08/15/48   6,380 5,301,013
Sr. Unsec’d. Notes(a) 5.500 02/01/50   10,200 8,319,735
          569,913,310
Real Estate 1.3%
Five Point Operating Co. LP/Five Point Capital Corp.,
Gtd. Notes, 144A(a) 		7.875 11/15/25   62,969 53,543,803
Greystar Real Estate Partners LLC,
Sr. Sec’d. Notes, 144A 		5.750 12/01/25   34,691 33,699,938
Howard Hughes Corp. (The),          
Gtd. Notes, 144A 4.125 02/01/29   35,325 29,608,950
Gtd. Notes, 144A 4.375 02/01/31   25,977 21,329,413
Gtd. Notes, 144A(a) 5.375 08/01/28   31,235 28,300,148
     
 
Hunt Cos., Inc.,
Sr. Sec’d. Notes, 144A 		5.250 04/15/29   63,996 53,091,810
25
PGIM High Yield Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Real Estate (cont’d.)
Realogy Group LLC/Realogy Co-Issuer Corp.,          
Gtd. Notes, 144A(a) 5.250 % 04/15/30   16,541  $12,152,647
Gtd. Notes, 144A(a) 5.750 01/15/29   9,200 6,984,034
          238,710,743
Real Estate Investment Trusts (REITs) 2.3%
Diversified Healthcare Trust,          
Gtd. Notes 4.375 03/01/31   50,779 35,390,111
Gtd. Notes 9.750 06/15/25   46,956 45,719,499
Sr. Unsec’d. Notes 4.750 05/01/24   7,609 6,662,928
Sr. Unsec’d. Notes(a) 4.750 02/15/28   45,104 30,867,993
MPT Operating Partnership LP/MPT Finance Corp.,          
Gtd. Notes(a) 3.500 03/15/31   32,861 23,245,574
Gtd. Notes(a) 5.000 10/15/27   13,634 11,631,823
Gtd. Notes(a) 5.250 08/01/26   2,250 2,013,924
     
 
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer,
Sr. Sec’d. Notes, 144A 		7.500 06/01/25   52,775 53,130,039
Sabra Health Care LP,
Gtd. Notes(a) 		5.125 08/15/26   6,308 5,968,352
SBA Communications Corp.,
Sr. Unsec’d. Notes 		3.125 02/01/29   545 455,759
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC,
Sr. Sec’d. Notes, 144A 		7.875 02/15/25   133,858 134,810,699
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC,
Sr. Sec’d. Notes, 144A(a) 		4.750 04/15/28   22,095 18,440,790
VICI Properties LP/VICI Note Co., Inc.,          
Gtd. Notes, 144A 4.500 09/01/26   7,250 6,799,632
Gtd. Notes, 144A 4.500 01/15/28   20,579 18,841,639
Gtd. Notes, 144A(a) 4.625 12/01/29   36,481 33,042,250
Gtd. Notes, 144A(a) 5.625 05/01/24   2,154 2,137,146
          429,158,158
Retail 4.0%
1011778 BC ULC/New Red Finance, Inc. (Canada),          
Sec’d. Notes, 144A 4.000 10/15/30   69,669 58,173,615
Sr. Sec’d. Notes, 144A 3.875 01/15/28   9,773 8,720,448
At Home Group, Inc.,          
Gtd. Notes, 144A(a) 7.125 07/15/29   64,767 38,092,930
26
PGIM High Yield Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Retail (cont’d.)
At Home Group, Inc., (cont’d.)          
Sr. Sec’d. Notes, 144A(a) 4.875 % 07/15/28   7,650   $5,614,085
     
 
BCPE Ulysses Intermediate, Inc.,
Sr. Unsec’d. Notes, 144A, Cash coupon 7.750% or PIK 8.500%(a) 		7.750 04/01/27   6,975 4,601,672
Brinker International, Inc.,          
Gtd. Notes, 144A(a) 5.000 10/01/24   8,881 8,573,032
Sr. Unsec’d. Notes 3.875 05/15/23   9,130 9,052,224
     
 
Carrols Restaurant Group, Inc.,
Gtd. Notes, 144A(a) 		5.875 07/01/29   24,820 17,450,932
eG Global Finance PLC (United Kingdom),          
Sr. Sec’d. Notes 4.375 02/07/25 EUR 26,954 24,416,937
Sr. Sec’d. Notes 6.250 10/30/25 EUR 32,433 29,434,196
Sr. Sec’d. Notes, 144A 6.750 02/07/25   6,325 5,724,125
Sr. Sec’d. Notes, 144A 8.500 10/30/25   27,900 26,505,000
Ferrellgas LP/Ferrellgas Finance Corp.,          
Sr. Unsec’d. Notes, 144A(a) 5.375 04/01/26   8,315 7,651,700
Sr. Unsec’d. Notes, 144A(a) 5.875 04/01/29   5,438 4,588,882
Fertitta Entertainment LLC/Fertitta Entertainment
Finance Co., Inc., 		         
Gtd. Notes, 144A(a) 6.750 01/15/30   49,510 41,662,500
Sr. Sec’d. Notes, 144A(a) 4.625 01/15/29   12,925 11,408,898
     
 
Foundation Building Materials, Inc.,
Gtd. Notes, 144A(a) 		6.000 03/01/29   54,640 40,937,268
Gap, Inc. (The),          
Gtd. Notes, 144A(a) 3.625 10/01/29   24,494 18,802,538
Gtd. Notes, 144A(a) 3.875 10/01/31   46,782 35,315,421
     
 
LBM Acquisition LLC,
Gtd. Notes, 144A(a) 		6.250 01/15/29   37,870 26,026,058
LCM Investments Holdings II LLC,
Sr. Unsec’d. Notes, 144A 		4.875 05/01/29   21,575 18,172,900
Park River Holdings, Inc.,          
Gtd. Notes, 144A(a) 5.625 02/01/29   71,577 48,861,911
Sr. Unsec’d. Notes, 144A 6.750 08/01/29   9,165 6,311,678
Patrick Industries, Inc.,          
Gtd. Notes, 144A(a) 4.750 05/01/29   19,275 15,361,054
Gtd. Notes, 144A(a) 7.500 10/15/27   12,225 11,648,541
     
 
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes 		5.625 12/01/25   62,320 59,673,808
SRS Distribution, Inc.,
Gtd. Notes, 144A(a) 		6.000 12/01/29   39,975 32,933,693
27
PGIM High Yield Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Retail (cont’d.)
Suburban Propane Partners LP/Suburban Energy
Finance Corp., 		         
Sr. Unsec’d. Notes(a) 5.875 % 03/01/27   34,843  $33,401,701
Sr. Unsec’d. Notes, 144A(a) 5.000 06/01/31   39,247 33,673,798
     
 
Superior Plus LP/Superior General Partner, Inc. (Canada),
Gtd. Notes, 144A 		4.500 03/15/29   59,375 50,246,094
White Cap Buyer LLC,
Sr. Unsec’d. Notes, 144A(a) 		6.875 10/15/28   25,060 21,690,833
White Cap Parent LLC,
Sr. Unsec’d. Notes, 144A, Cash coupon 8.250% or PIK 9.000%(a) 		8.250 03/15/26   4,125 3,540,963
          758,269,435
Software 0.5%
Black Knight InfoServ LLC,
Gtd. Notes, 144A 		3.625 09/01/28   57,101 51,340,586
Boxer Parent Co., Inc.,
Sr. Sec’d. Notes, 144A 		7.125 10/02/25   36,208 35,339,156
Camelot Finance SA,
Sr. Sec’d. Notes, 144A(a) 		4.500 11/01/26   1,065 1,007,011
Dun & Bradstreet Corp. (The),
Gtd. Notes, 144A(a) 		5.000 12/15/29   5,509 4,741,272
          92,428,025
Telecommunications 4.0%
Altice France Holding SA (Luxembourg),
Gtd. Notes, 144A(a) 		6.000 02/15/28   1,090 730,300
Altice France SA (France),
Sr. Sec’d. Notes, 144A 		8.125 02/01/27   72,515 69,070,538
Digicel Group Holdings Ltd. (Jamaica),
Sr. Unsec’d. Notes, 144A, Cash coupon 5.000% and PIK 3.000%(a) 		8.000 04/01/25   16,684 4,921,684
Digicel International Finance Ltd./Digicel
International Holdings Ltd. (Jamaica), 		         
Gtd. Notes, 144A(a) 8.000 12/31/26   58,118 29,349,388
Gtd. Notes, 144A, Cash coupon 6.000% and PIK 7.000%(a) 13.000 12/31/25   72,890 45,920,707
Sr. Sec’d. Notes, 144A 8.750 05/25/24   76,959 66,954,302
     
 
Digicel Ltd. (Jamaica),
Gtd. Notes, 144A 		6.750 03/01/23   178,995 68,018,100
28
PGIM High Yield Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Telecommunications (cont’d.)
Iliad Holding SASU (France),          
Sr. Sec’d. Notes 5.625 % 10/15/28 EUR 2,600  $2,526,043
Sr. Sec’d. Notes, 144A 6.500 10/15/26   27,950 26,412,750
Sr. Sec’d. Notes, 144A(a) 7.000 10/15/28   32,825 30,906,379
Intelsat Jackson Holdings SA (Luxembourg),          
Gtd. Notes^ 5.500 08/01/23(d)   110,159 110
Gtd. Notes, 144A^ 8.500 10/15/24(d)   55,297 55
Gtd. Notes, 144A^ 9.750 07/15/25(d)   89,167 89
Sr. Sec’d. Notes, 144A 6.500 03/15/30   101,045 92,708,787
Level 3 Financing, Inc.,          
Gtd. Notes, 144A(a) 3.750 07/15/29   7,589 5,525,859
Gtd. Notes, 144A 4.250 07/01/28   15,545 12,313,683
Gtd. Notes, 144A 4.625 09/15/27   750 636,086
Lumen Technologies, Inc.,          
Sr. Unsec’d. Notes, Series P(a) 7.600 09/15/39   21,022 14,635,354
Sr. Unsec’d. Notes, Series U 7.650 03/15/42   20,660 13,682,085
Sprint Capital Corp.,          
Gtd. Notes 6.875 11/15/28   11,526 12,211,225
Gtd. Notes 8.750 03/15/32   34,652 41,431,254
Sprint LLC,          
Gtd. Notes 7.125 06/15/24   33,082 33,771,377
Gtd. Notes 7.625 02/15/25   36,161 37,480,433
Gtd. Notes(a) 7.625 03/01/26   13,302 13,973,548
Gtd. Notes 7.875 09/15/23   29,489 30,037,708
     
 
Switch Ltd.,
Gtd. Notes, 144A 		4.125 06/15/29   11,800 12,043,434
Viasat, Inc.,          
Sr. Sec’d. Notes, 144A(a) 5.625 04/15/27   1,251 1,149,032
Sr. Unsec’d. Notes, 144A 5.625 09/15/25   53,042 49,371,756
Zayo Group Holdings, Inc.,          
Sr. Sec’d. Notes, 144A(a) 4.000 03/01/27   20,858 14,946,437
Sr. Unsec’d. Notes, 144A(a) 6.125 03/01/28   37,654 20,442,112
          751,170,615
Toys/Games/Hobbies 0.0%
Mattel, Inc.,
Gtd. Notes, 144A(a) 		3.375 04/01/26   575 528,364
Transportation 0.0%
XPO Escrow Sub LLC,
Gtd. Notes, 144A 		7.500 11/15/27   7,975 8,099,631
29
PGIM High Yield Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Trucking & Leasing 0.1%
Fortress Transportation & Infrastructure Investors LLC,
Sr. Unsec’d. Notes, 144A(a) 		5.500 % 05/01/28   31,520  $27,397,043
     
 
Total Corporate Bonds
(cost $17,279,381,472) 		14,629,745,942
Floating Rate and other Loans 3.6%
Airlines 0.2%
United Airlines, Inc.,
Class B Term Loan, 3 Month LIBOR + 3.750% 		8.108(c) 04/21/28   45,555 44,935,891
Chemicals 0.0%
TPC Group, Inc.,
Term Loan DIP Facility, 1 Month SOFR + 10.114%^ 		13.910(c) 03/01/23   4,018 4,017,667
Computers 0.1%
Peraton Corp.,
First Lien Term B Loan, 1 Month LIBOR + 3.750% 		7.821(c) 02/01/28   21,869 21,322,368
Cosmetics/Personal Care 0.1%
Rainbow Finco Sarl (Luxembourg),
Facility B3 Loan, SONIA + 5.000% 		6.691(c) 02/23/29 GBP 11,625 12,423,119
Electric 0.1%
Heritage Power LLC,
Term Loan B, 3 Month LIBOR + 6.000% 		10.415(c) 07/30/26   35,287 11,358,146
Entertainment 0.1%
Golden Entertainment, Inc.,
Term B Facility Loan (First Lien), 1 Month LIBOR + 3.000% 		7.050(c) 10/21/24   9,469 9,374,274
Housewares 0.1%
SWF Holdings I Corp.,
Initial Term Loan, 3 Month LIBOR + 4.000% 		7.602(c) 10/06/28   29,049 22,682,437
Insurance 0.2%
Asurion LLC,
New B-04 Term Loan, 1 Month LIBOR + 5.250% 		9.321(c) 01/20/29   51,850 39,768,950
30
PGIM High Yield Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and other Loans (Continued)
Investment Companies 0.1%
Rainbow Midco Ltd. (United Kingdom),
Term Loan, 3 Month EURIBOR + 7.750%^ 		7.750 %(c) 02/22/30 EUR 13,500  $13,205,214
Media 0.3%
Diamond Sports Group LLC,          
First Lien Term Loan, 1 Month SOFR + 8.100% 11.894(c) 05/25/26   41,811 39,511,399
Second Lien Term loan, 1 Month SOFR + 3.350% 7.144(c) 08/24/26   136,894 21,817,482
          61,328,881
Oil & Gas 0.4%
Ascent Resources Utica Holdings LLC,
Second Lien Term Loan, 3 Month LIBOR + 9.000% 		12.941(c) 11/01/25   58,174 61,373,570
Citgo Petroleum Corp.,
2019 Incremental Term B Loan, 1 Month LIBOR + 6.250% 		10.321(c) 03/28/24   15,729 15,722,302
          77,095,872
Retail 0.3%
EG America LLC (United Kingdom),
Project Becker Additional Facility, 3 Month LIBOR + 4.250% 		7.924(c) 03/31/26   14,118 12,883,057
Great Outdoors Group LLC,
Term B-2 Loan, 1 Month LIBOR + 3.750% 		7.821(c) 03/06/28   45,812 43,964,960
          56,848,017
Software 0.6%
Boxer Parent Co., Inc.,          
2021 Replacement Dollar Term Loan, 1 Month LIBOR + 3.750% 7.821(c) 10/02/25   12,179 11,666,493
Second Lien Incremental Term Loan, 1 Month LIBOR + 5.500% 9.571(c) 02/27/26   11,900 10,885,192
Finastra USA, Inc.,          
Dollar Term Loan (Second Lien), 3 Month LIBOR + 7.250% 10.621(c) 06/13/25   30,459 23,339,233
First Lien Dollar Term Loan, 6 Month LIBOR + 3.500% 6.871(c) 06/13/24   28,372 25,612,033
     
 
31
PGIM High Yield Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and other Loans (Continued)
Software (cont’d.)
     
Rackspace Technology Global, Inc.,
Term B Loan, 3 Month LIBOR + 2.750% 		7.380 %(c) 02/15/28   7,952  $5,329,091
Skillsoft Finance II, Inc.,
Initial Term Loan, 1 Month SOFR + 5.364% 		9.158(c) 07/14/28   50,399 41,547,312
          118,379,354
Telecommunications 1.0%
Digicel International Finance Ltd. (Saint Lucia),
First Lien Initial Term B Loan, 1 Month LIBOR + 3.250% 		7.321(c) 05/27/24   7,316 6,186,780
MLN US Holdco LLC,          
Initial Term Loan, 6 Month SOFR + 6.440% 10.894(c) 10/18/27   1,038 999,559
Initial Term Loan, 6 Month SOFR + 6.700% 11.254(c) 10/18/27   2,343 1,886,321
Initial Term Loan, 6 Month SOFR + 9.250%^ 13.704(c) 10/18/27   70 45,240
West Corp.,          
Incremental B1 Term Loan, 3 Month LIBOR + 3.500% 7.915(c) 10/10/24   8,491 7,772,727
Initial Term B Loan, 3 Month LIBOR + 4.000% 8.415(c) 10/10/24   113,849 104,266,612
Xplornet Communications, Inc. (Canada),          
First Lien Refinancing Term Loan, 1 Month LIBOR + 4.000% 8.071(c) 10/02/28   61,306 49,695,974
Initial Term Loan- Second Lien, 1 Month LIBOR + 1.700%^ 5.771(c) 10/01/29   17,685 14,678,550
          185,531,763
     
 
Total Floating Rate and other Loans
(cost $767,009,538) 		678,271,953
U.S. Treasury Obligations(k) 4.0%
U.S. Treasury Notes 2.500 03/31/27   110,000 103,907,032
U.S. Treasury Notes(h) 2.625 05/31/27   682,444 647,895,272
     
 
Total U.S. Treasury Obligations
(cost $770,377,024) 		751,802,304
    
32
PGIM High Yield Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description     Shares Value
Common Stocks 1.7%
Electric Utilities 0.2%
GenOn Energy Holdings, Inc. (Class A Stock) (original cost $21,213,596; purchased 02/28/19 - 10/23/20)*^(f)       195,390  $19,539,000
Keycon Power Holdings LLC*^       82,238 10,436,002
          29,975,002
Gas Utilities 0.5%
Ferrellgas Partners LP (Class B Stock) (original cost $113,624,931; purchased 03/31/10 - 11/04/21)^(f)       432,445 90,804,801
Hotels, Restaurants & Leisure 0.0%
CEC Entertainment, Inc.*       240,485 5,050,185
Independent Power & Renewable Electricity Producers 0.0%
Vistra Corp.       342,429 8,331,298
Oil, Gas & Consumable Fuels 0.7%
Chesapeake Energy Corp.       1,181,079 122,241,677
Wireless Telecommunication Services 0.3%
Intelsat Emergence SA (Luxembourg)*       2,411,616 59,988,948
     
 
Total Common Stocks
(cost $203,455,320) 		316,391,911
Preferred Stocks 0.8%
Capital Markets 0.0%
Goldman Sachs Group, Inc. (The), 6.375%, Series K, Maturing 05/10/24(oo)       87,000 2,211,540
Construction Materials 0.0%
New Millennium Homes LLC, Maturing 01/01/49*^       2,000 10,000
Gas Utilities 0.8%
Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31 (original cost $142,482,000; purchased 03/29/21 - 02/09/22)^(f)       142,275 142,275,000
Media 0.0%
Adelphia Communications Corp.*^       20,000 20
     
 
Total Preferred Stocks
(cost $140,262,643) 		144,496,560
    
33
PGIM High Yield Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Description     Units Value
Rights* 0.0%
Wireless Telecommunication Services 
Intelsat Jackson Holdings SA, Series A (Luxembourg), CVR, expiring 12/05/25^       252,558  $2,407,080
Intelsat Jackson Holdings SA, Series B (Luxembourg), CVR, expiring 12/05/25^       252,558 499,938
     
 
Total Rights
(cost $0) 		2,907,018
Warrants* 0.0%
Chemicals 
Hercules, Inc., expiring 03/31/29       230 —
TPC Group, Inc., expiring 08/01/24^       48,201,233 4,820
     
 
Total Warrants
(cost $5) 		4,820
 
Total Long-Term Investments
(cost $19,318,942,053) 		16,677,202,302
    
      Shares  
Short-Term Investments 23.2%
Affiliated Mutual Funds 16.1%          
PGIM Core Short-Term Bond Fund(wc)     33,843,090 308,310,554
PGIM Core Ultra Short Bond Fund(wc)     205,688,806 205,688,806
PGIM Institutional Money Market Fund
(cost $2,509,931,040; includes $2,501,971,280 of cash collateral for securities on loan)(b)(wc) 		    2,512,224,528 2,510,465,971
     
 
Total Affiliated Mutual Funds
(cost $3,023,929,110) 		3,024,465,331
Unaffiliated Fund 7.1%          
Dreyfus Government Cash Management (Institutional Shares)
(cost $1,327,654,566) 		      1,327,654,566 1,327,654,566
     
 
 
Total Short-Term Investments
(cost $4,351,583,676) 		4,352,119,897
 
TOTAL INVESTMENTS 112.2%
(cost $23,670,525,729) 		21,029,322,199
Liabilities in excess of other assets(z) (12.2)% (2,283,124,967)
 
Net Assets 100.0% $18,746,197,232
34
PGIM High Yield Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
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.
  BARC—Barclays Bank PLC
  BNP—BNP Paribas S.A.
  CDX—Credit Derivative Index
  CLO—Collateralized Loan Obligation
  CSI—Credit Suisse International
  CVR—Contingent Value Rights
  DIP—Debtor-In-Possession
  EURIBOR—Euro Interbank Offered Rate
  iBoxx—Bond Market Indices
  LIBOR—London Interbank Offered Rate
  LP—Limited Partnership
  MSI—Morgan Stanley & Co International PLC
  MTN—Medium Term Note
  OTC—Over-the-counter
  PIK—Payment-in-Kind
  Q—Quarterly payment frequency for swaps
  REITs—Real Estate Investment Trust
  SOFR—Secured Overnight Financing Rate
  SONIA—Sterling Overnight Index Average
  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 $298,635,607 and 1.6% 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 $2,448,036,186; cash collateral of $2,501,971,280 (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 November 30, 2022.
(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 $544,167,471. The aggregate value of $314,762,887 is 1.7% of net assets.
(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.
(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.
(oo) Perpetual security. Maturity date represents next call 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:
35
PGIM High Yield Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Futures contracts outstanding at November 30, 2022:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Long Positions:
4,341   2 Year U.S. Treasury Notes   Mar. 2023    $891,465,051    $2,019,893
286   5 Year Euro-Bobl   Dec. 2022   35,722,320   (860,318)
6,625   5 Year U.S. Treasury Notes   Mar. 2023   719,278,304   3,222,948
13,807   10 Year U.S. Treasury Notes   Mar. 2023   1,567,094,500   10,579,910
7   Euro Schatz Index   Dec. 2022   777,807   (10,067)
                14,952,366
Short Positions:
144   10 Year Euro-Bund   Dec. 2022   21,110,361   705,443
407   20 Year U.S. Treasury Bonds   Mar. 2023   51,689,000   (566,578)
890   30 Year U.S. Ultra Treasury Bonds   Mar. 2023   121,290,313   (494,947)
                (356,082)
                $14,596,284
Forward foreign currency exchange contracts outstanding at November 30, 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 12/02/22   MSI   GBP 35,339    $42,226,327    $42,593,847    $367,520    $—
Euro,
Expiring 12/02/22   BNP   EUR 72,768   75,150,086   75,732,382   582,296   —
              $117,376,413   $118,326,229   949,816   —
    
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 12/02/22   BNP   GBP 35,339    $40,038,591    $42,593,847    $—    $(2,555,256)
Expiring 01/12/23   MSI   GBP 35,339   42,291,703   42,658,154   —   (366,451)
Euro,
Expiring 12/02/22   BNP   EUR 72,768   72,423,692   75,732,382   —   (3,308,690)
Expiring 01/12/23   BNP   EUR 72,768   75,426,968   75,997,776   —   (570,808)
              $230,180,954   $236,982,159   —   (6,801,205)
                      $949,816   $(6,801,205)
36
PGIM High Yield Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
Credit default swap agreements outstanding at November 30, 2022:
Reference
Entity/
Obligation 		  Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Implied
Credit
Spread at
November 30,
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.   12/20/22   5.000%(Q)     19,150   0.702%    $236,735    $37,621    $199,114   CSI
    
Reference
Entity/
Obligation 		Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Value at
Trade Date 		  Value at
November 30,
2022 		  Unrealized
Appreciation
(Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):
CDX.NA.IG.39.V1 12/20/32   1.000%(Q)     722,680   $16,836,833   $4,035,367   $(12,801,466)
    
Reference
Entity/
Obligation 		  Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Implied Credit
Spread at
November 30,
2022(4) 		  Value at
Trade Date 		  Value at
November 30,
2022 		  Unrealized
Appreciation
(Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):
CDX.NA.HY.38.V2   06/20/27   5.000%(Q)     200,668   4.117%   $(3,890,865)   $8,559,199   $12,450,064
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.
37
PGIM High Yield Fund
Schedule of Investments as of November 30, 2022 (unaudited) (continued)
(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.
    
Total return swap agreements outstanding at November 30, 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)/ 3.820%   MSI   12/20/22   (80,060)    $(1,367,768)    $—    $(1,367,768)
iBoxx US Dollar Liquid High Yield Index(T)   1 Day SOFR(Q)/ 3.820%   BNP   12/20/22   (40,950)   (221,308)   —   (221,308)
iBoxx US Dollar Liquid High Yield Index(T)   1 Day SOFR(Q)/ 3.820%   MSI   12/20/22   (39,040)   909,257   —   909,257
iBoxx US Dollar Liquid High Yield Index(T)   1 Day SOFR(Q)/ 3.820%   MSI   03/20/23   (84,650)   519,311   —   519,311
iBoxx US Dollar Liquid High Yield Index(T)   1 Day SOFR(Q)/ 3.820%   BARC   03/20/23   (43,370)   316,663   —   316,663
                    $156,155   $—   $156,155
(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).
38