# EDGAR Filing Document

**Accession Number:** 0000278187
**File Stem:** 0001193125-25-262014
**Filing Date:** 2025-11
**Character Count:** 653669
**Document Hash:** 6fec264a5b3e8dab39b0bed0b6faccdb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-262014.hdr.sgml**: 20251103

**ACCESSION NUMBER**: 0001193125-25-262014

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 63

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251103

**DATE AS OF CHANGE**: 20251103

**EFFECTIVENESS DATE**: 20251103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRUDENTIAL INVESTMENT PORTFOLIOS, INC. 15
- **CENTRAL INDEX KEY:** 0000278187

**ORGANIZATION NAME:**
- **EIN:** 132974999
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02896
- **FILM NUMBER:** 251442730

**BUSINESS ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 6TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102
- **BUSINESS PHONE:** (973) 802-5032

**MAIL ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 6TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRUDENTIAL HIGH YIELD FUND, INC.
- **DATE OF NAME CHANGE:** 20100219

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DRYDEN HIGH YIELD FUND INC
- **DATE OF NAME CHANGE:** 20041213

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRUDENTIAL HIGH YIELD FUND INC
- **DATE OF NAME CHANGE:** 19950523

## Series and Classes Contracts Data

### PGIM HIGH YIELD FUND (Series ID: S000004516)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000012404 | Class R      | JDYRX           |
| C000012405 | Class A      | PBHAX           |
| C000012407 | Class C      | PRHCX           |
| C000012408 | Class Z      | PHYZX           |
| C000109372 | Class R6     | PHYQX           |
| C000196888 | Class R2     | PHYEX           |
| C000196889 | Class R4     | PHYGX           |

### PGIM Short Duration High Yield Income Fund (Series ID: S000038590)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000119073 | Class A      | HYSAX           |
| C000119074 | Class C      | HYSCX           |
| C000119075 | Class Z      | HYSZX           |
| C000147930 | Class R6     | HYSQX           |

?xml version='1.0' encoding='ASCII'? Prudential Investment Portfolios, Inc. 15

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

---

| | |
|:---|:---|
| Investment Company Act file number: | 811-02896 |
| Exact name of registrant as specified in charter: | Prudential Investment Portfolios, Inc. 15 |
| Address of principal executive offices: | 655 Broad Street, 6<sup>th</sup>Floor<br>Newark, New Jersey 07102 |
| Name and address of agent for service: | Andrew R. French<br>655 Broad Street, 6<sup>th</sup>Floor<br>Newark, New Jersey 07102 |
| Registrant's telephone number, including area code: | 800-225-1852 |
| Date of fiscal year end: | 8/31/2025 |
| Date of reporting period: | 8/31/2025 |

---

------

Item 1 – Reports to Stockholders

(a) Report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

------

![](g901549g1tsrbanner.jpg)

PGIM High Yield Fund

Class A:

PBHAX

ANNUAL SHAREHOLDER REPORT – August 31, 2025

This annual shareholder report contains important information about the Class A shares of PGIM High Yield Fund (the "Fund") for the period of

September 1, 2024 to August 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM High Yield Fund—Class A | $77 | 0.74% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

US high yield bonds posted gains over the reporting period, as overall solid corporate earnings and resilient market technicals held firm against

a challenging environment marked by the 2024 US election cycle, geopolitical tensions on multiple fronts, a broad-based increase in US tariffs,

and elevated inflation. In addition, despite macro uncertainty and tight financial conditions, the high yield market continued to grow in 2025.

■

The following contributed the most to the Fund's performance relative to the Bloomberg US Corporate High Yield 1% Issuer Capped Index (the

"Index") during the period: security selection in the telecom, health care & pharmaceuticals, and cable & satellite industries; an overweight to

the emerging-market high yield sector; and industry overweights to midstream energy and cable & satellite, along with an industry underweight

to upstream energy.

■

The following strategies detracted from the Fund's performance relative to the Index during the period: security selection in the chemicals,

consumer noncyclicals, and paper & packaging industries; industry underweights to media & entertainment and consumer noncyclicals, and an

industry overweight to health care & pharmaceuticals.

■

The Fund uses derivatives to facilitate the implementation of the overall investment approach. During the reporting period, the Fund used

swaps, forwards, and futures to help manage duration positioning and yield curve exposure. In the aggregate, these positions modestly

detracted from performance.

MF110EA

![](g901549g1pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

The Fund's past performance is not a good predictor of the Fund's future performance.

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class A shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: August 31, 2015 to August 31, 2025<br>Initial Investment of $10,000<br>

![](g901549g1highyield_a.jpg)

The line graph reflects the return on the Fund's Class A shares with sales charges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class A with sales charges | 5.52% | 4.30% | 5.24% |
| Class A without sales charges | 9.07% | 4.99% | 5.59% |
| Bloomberg US Aggregate Bond Index\* | 3.14% | -0.68% | 1.80% |
| Bloomberg US Corporate High Yield 1% Issuer Capped Index | 8.25% | 5.17% | 5.74% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $20736857905<br>|
| Number of fund holdings | 874 |
| Total advisory fees paid for the year | $71061527<br>|
| Portfolio turnover rate for the year | 49% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) |
| AAA | 8.8 |
| A | 0.1 |
| BBB | 6.0 |
| BB | 45.9 |
| B | 22.8 |
| CCC | 12.0 |
| Not Rated | 4.8 |
| Cash/Cash Equivalents | (0.5) |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g901549g1qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM High Yield Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS A <br> NASDAQ PBHAX <br> CUSIP 74440Y108

MF110EA

![](g901549g1pgim_investments.jpg)

------

![](g901549g2tsrbanner.jpg)

PGIM High Yield Fund

Class C:

PRHCX

ANNUAL SHAREHOLDER REPORT – August 31, 2025

This annual shareholder report contains important information about the Class C shares of PGIM High Yield Fund (the "Fund") for the period of

September 1, 2024 to August 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM High Yield Fund—Class C | $153 | 1.47% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

US high yield bonds posted gains over the reporting period, as overall solid corporate earnings and resilient market technicals held firm against

a challenging environment marked by the 2024 US election cycle, geopolitical tensions on multiple fronts, a broad-based increase in US tariffs,

and elevated inflation. In addition, despite macro uncertainty and tight financial conditions, the high yield market continued to grow in 2025.

■

The following contributed the most to the Fund's performance relative to the Bloomberg US Corporate High Yield 1% Issuer Capped Index (the

"Index") during the period: security selection in the telecom, health care & pharmaceuticals, and cable & satellite industries; an overweight to

the emerging-market high yield sector; and industry overweights to midstream energy and cable & satellite, along with an industry underweight

to upstream energy.

■

The following strategies detracted from the Fund's performance relative to the Index during the period: security selection in the chemicals,

consumer noncyclicals, and paper & packaging industries; industry underweights to media & entertainment and consumer noncyclicals, and an

industry overweight to health care & pharmaceuticals.

■

The Fund uses derivatives to facilitate the implementation of the overall investment approach. During the reporting period, the Fund used

swaps, forwards, and futures to help manage duration positioning and yield curve exposure. In the aggregate, these positions modestly

detracted from performance.

MF110EC

![](g901549g2pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class C shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: August 31, 2015 to August 31, 2025<br>Initial Investment of $10,000<br>

![](g901549g2highyield_c.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class C with sales charges | 7.50% | 4.27% | 4.86% |
| Class C without sales charges | 8.50% | 4.27% | 4.86% |
| Bloomberg US Aggregate Bond Index\* | 3.14% | -0.68% | 1.80% |
| Bloomberg US Corporate High Yield 1% Issuer Capped Index | 8.25% | 5.17% | 5.74% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $20736857905<br>|
| Number of fund holdings | 874 |
| Total advisory fees paid for the year | $71061527<br>|
| Portfolio turnover rate for the year | 49% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) |
| AAA | 8.8 |
| A | 0.1 |
| BBB | 6.0 |
| BB | 45.9 |
| B | 22.8 |
| CCC | 12.0 |
| Not Rated | 4.8 |
| Cash/Cash Equivalents | (0.5) |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g901549g2qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM High Yield Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS C <br> NASDAQ PRHCX <br> CUSIP 74440Y306

MF110EC

![](g901549g2pgim_investments.jpg)

------

![](g901549g3tsrbanner.jpg)

PGIM High Yield Fund

Class R:

JDYRX

ANNUAL SHAREHOLDER REPORT – August 31, 2025

This annual shareholder report contains important information about the Class R shares of PGIM High Yield Fund (the "Fund") for the period of

September 1, 2024 to August 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM High Yield Fund—Class R | $110 | 1.05% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

US high yield bonds posted gains over the reporting period, as overall solid corporate earnings and resilient market technicals held firm against

a challenging environment marked by the 2024 US election cycle, geopolitical tensions on multiple fronts, a broad-based increase in US tariffs,

and elevated inflation. In addition, despite macro uncertainty and tight financial conditions, the high yield market continued to grow in 2025.

■

The following contributed the most to the Fund's performance relative to the Bloomberg US Corporate High Yield 1% Issuer Capped Index (the

"Index") during the period: security selection in the telecom, health care & pharmaceuticals, and cable & satellite industries; an overweight to

the emerging-market high yield sector; and industry overweights to midstream energy and cable & satellite, along with an industry underweight

to upstream energy.

■

The following strategies detracted from the Fund's performance relative to the Index during the period: security selection in the chemicals,

consumer noncyclicals, and paper & packaging industries; industry underweights to media & entertainment and consumer noncyclicals, and an

industry overweight to health care & pharmaceuticals.

■

The Fund uses derivatives to facilitate the implementation of the overall investment approach. During the reporting period, the Fund used

swaps, forwards, and futures to help manage duration positioning and yield curve exposure. In the aggregate, these positions modestly

detracted from performance.

MF110ER

![](g901549g3pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: August 31, 2015 to August 31, 2025<br>Initial Investment of $10,000<br>

![](g901549g3highyield_r.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class R | 8.73% | 4.67% | 5.29% |
| Bloomberg US Aggregate Bond Index\* | 3.14% | -0.68% | 1.80% |
| Bloomberg US Corporate High Yield 1% Issuer Capped Index | 8.25% | 5.17% | 5.74% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $20736857905<br>|
| Number of fund holdings | 874 |
| Total advisory fees paid for the year | $71061527<br>|
| Portfolio turnover rate for the year | 49% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) |
| AAA | 8.8 |
| A | 0.1 |
| BBB | 6.0 |
| BB | 45.9 |
| B | 22.8 |
| CCC | 12.0 |
| Not Rated | 4.8 |
| Cash/Cash Equivalents | (0.5) |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to 100.0% due to rounding.

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g901549g3qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM High Yield Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS R <br> NASDAQ JDYRX <br> CUSIP 74440Y603

MF110ER

![](g901549g3pgim_investments.jpg)

------

![](g901549g4tsrbanner.jpg)

PGIM High Yield Fund

Class Z:

PHYZX

ANNUAL SHAREHOLDER REPORT – August 31, 2025

This annual shareholder report contains important information about the Class Z shares of PGIM High Yield Fund (the "Fund") for the period of

September 1, 2024 to August 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM High Yield Fund—Class Z | $53 | 0.51% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

US high yield bonds posted gains over the reporting period, as overall solid corporate earnings and resilient market technicals held firm against

a challenging environment marked by the 2024 US election cycle, geopolitical tensions on multiple fronts, a broad-based increase in US tariffs,

and elevated inflation. In addition, despite macro uncertainty and tight financial conditions, the high yield market continued to grow in 2025.

■

The following contributed the most to the Fund's performance relative to the Bloomberg US Corporate High Yield 1% Issuer Capped Index (the

"Index") during the period: security selection in the telecom, health care & pharmaceuticals, and cable & satellite industries; an overweight to

the emerging-market high yield sector; and industry overweights to midstream energy and cable & satellite, along with an industry underweight

to upstream energy.

■

The following strategies detracted from the Fund's performance relative to the Index during the period: security selection in the chemicals,

consumer noncyclicals, and paper & packaging industries; industry underweights to media & entertainment and consumer noncyclicals, and an

industry overweight to health care & pharmaceuticals.

■

The Fund uses derivatives to facilitate the implementation of the overall investment approach. During the reporting period, the Fund used

swaps, forwards, and futures to help manage duration positioning and yield curve exposure. In the aggregate, these positions modestly

detracted from performance.

MF110EZ

![](g901549g4pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class Z shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: August 31, 2015 to August 31, 2025<br>Initial Investment of $10,000<br>

![](g901549g4highyield_z.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class Z | 9.32% | 5.24% | 5.86% |
| Bloomberg US Aggregate Bond Index\* | 3.14% | -0.68% | 1.80% |
| Bloomberg US Corporate High Yield 1% Issuer Capped Index | 8.25% | 5.17% | 5.74% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $20736857905<br>|
| Number of fund holdings | 874 |
| Total advisory fees paid for the year | $71061527<br>|
| Portfolio turnover rate for the year | 49% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) |
| AAA | 8.8 |
| A | 0.1 |
| BBB | 6.0 |
| BB | 45.9 |
| B | 22.8 |
| CCC | 12.0 |
| Not Rated | 4.8 |
| Cash/Cash Equivalents | (0.5) |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to 100.0% due to rounding.

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g901549g4qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM High Yield Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS Z <br> NASDAQ PHYZX <br> CUSIP 74440Y801

MF110EZ

![](g901549g4pgim_investments.jpg)

------

![](g901549g5tsrbanner.jpg)

PGIM High Yield Fund

Class R2:

PHYEX

ANNUAL SHAREHOLDER REPORT – August 31, 2025

This annual shareholder report contains important information about the Class R2 shares of PGIM High Yield Fund (the "Fund") for the period of

September 1, 2024 to August 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM High Yield Fund—Class R2 | $95 | 0.91% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

US high yield bonds posted gains over the reporting period, as overall solid corporate earnings and resilient market technicals held firm against

a challenging environment marked by the 2024 US election cycle, geopolitical tensions on multiple fronts, a broad-based increase in US tariffs,

and elevated inflation. In addition, despite macro uncertainty and tight financial conditions, the high yield market continued to grow in 2025.

■

The following contributed the most to the Fund's performance relative to the Bloomberg US Corporate High Yield 1% Issuer Capped Index (the

"Index") during the period: security selection in the telecom, health care & pharmaceuticals, and cable & satellite industries; an overweight to

the emerging-market high yield sector; and industry overweights to midstream energy and cable & satellite, along with an industry underweight

to upstream energy.

■

The following strategies detracted from the Fund's performance relative to the Index during the period: security selection in the chemicals,

consumer noncyclicals, and paper & packaging industries; industry underweights to media & entertainment and consumer noncyclicals, and an

industry overweight to health care & pharmaceuticals.

■

The Fund uses derivatives to facilitate the implementation of the overall investment approach. During the reporting period, the Fund used

swaps, forwards, and futures to help manage duration positioning and yield curve exposure. In the aggregate, these positions modestly

detracted from performance.

MF110ER2

![](g901549g5pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R2 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: December 27, 2017 to August 31, 2025<br>Initial Investment of $10,000<br>

![](g901549g5highyield_r2.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R2 | 8.88% | 4.82% | 4.89% (12/27/2017) |
| Bloomberg US Aggregate Bond Index\* | 3.14% | -0.68% | 1.53% |
| Bloomberg US Corporate High Yield 1% Issuer Capped Index | 8.25% | 5.17% | 5.00% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided for the share class since it has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest

month-end to the class's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $20736857905<br>|
| Number of fund holdings | 874 |
| Total advisory fees paid for the year | $71061527<br>|
| Portfolio turnover rate for the year | 49% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) |
| AAA | 8.8 |
| A | 0.1 |
| BBB | 6.0 |
| BB | 45.9 |
| B | 22.8 |
| CCC | 12.0 |
| Not Rated | 4.8 |
| Cash/Cash Equivalents | (0.5) |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g901549g5qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM High Yield Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS R2 <br> NASDAQ PHYEX <br> CUSIP 74442J604

MF110ER2

![](g901549g5pgim_investments.jpg)

------

![](g901549g6tsrbanner.jpg)

PGIM High Yield Fund

Class R4:

PHYGX

ANNUAL SHAREHOLDER REPORT – August 31, 2025

This annual shareholder report contains important information about the Class R4 shares of PGIM High Yield Fund (the "Fund") for the period of

September 1, 2024 to August 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM High Yield Fund—Class R4 | $69 | 0.66% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

US high yield bonds posted gains over the reporting period, as overall solid corporate earnings and resilient market technicals held firm against

a challenging environment marked by the 2024 US election cycle, geopolitical tensions on multiple fronts, a broad-based increase in US tariffs,

and elevated inflation. In addition, despite macro uncertainty and tight financial conditions, the high yield market continued to grow in 2025.

■

The following contributed the most to the Fund's performance relative to the Bloomberg US Corporate High Yield 1% Issuer Capped Index (the

"Index") during the period: security selection in the telecom, health care & pharmaceuticals, and cable & satellite industries; an overweight to

the emerging-market high yield sector; and industry overweights to midstream energy and cable & satellite, along with an industry underweight

to upstream energy.

■

The following strategies detracted from the Fund's performance relative to the Index during the period: security selection in the chemicals,

consumer noncyclicals, and paper & packaging industries; industry underweights to media & entertainment and consumer noncyclicals, and an

industry overweight to health care & pharmaceuticals.

■

The Fund uses derivatives to facilitate the implementation of the overall investment approach. During the reporting period, the Fund used

swaps, forwards, and futures to help manage duration positioning and yield curve exposure. In the aggregate, these positions modestly

detracted from performance.

MF110ER4

![](g901549g6pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R4 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: December 27, 2017 to August 31, 2025<br>Initial Investment of $10,000<br>

![](g901549g6highyield_r4.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R4 | 9.38% | 5.12% | 5.15% (12/27/2017) |
| Bloomberg US Aggregate Bond Index\* | 3.14% | -0.68% | 1.53% |
| Bloomberg US Corporate High Yield 1% Issuer Capped Index | 8.25% | 5.17% | 5.00% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided for the share class since it has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest

month-end to the class's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $20736857905<br>|
| Number of fund holdings | 874 |
| Total advisory fees paid for the year | $71061527<br>|
| Portfolio turnover rate for the year | 49% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) |
| AAA | 8.8 |
| A | 0.1 |
| BBB | 6.0 |
| BB | 45.9 |
| B | 22.8 |
| CCC | 12.0 |
| Not Rated | 4.8 |
| Cash/Cash Equivalents | (0.5) |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g901549g6qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM High Yield Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS R4 <br> NASDAQ PHYGX <br> CUSIP 74442J703

MF110ER4

![](g901549g6pgim_investments.jpg)

------

![](g901549g7tsrbanner.jpg)

PGIM High Yield Fund

Class R6:

PHYQX

ANNUAL SHAREHOLDER REPORT – August 31, 2025

This annual shareholder report contains important information about the Class R6 shares of PGIM High Yield Fund (the "Fund") for the period of

September 1, 2024 to August 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM High Yield Fund—Class R6 | $40 | 0.38% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

US high yield bonds posted gains over the reporting period, as overall solid corporate earnings and resilient market technicals held firm against

a challenging environment marked by the 2024 US election cycle, geopolitical tensions on multiple fronts, a broad-based increase in US tariffs,

and elevated inflation. In addition, despite macro uncertainty and tight financial conditions, the high yield market continued to grow in 2025.

■

The following contributed the most to the Fund's performance relative to the Bloomberg US Corporate High Yield 1% Issuer Capped Index (the

"Index") during the period: security selection in the telecom, health care & pharmaceuticals, and cable & satellite industries; an overweight to

the emerging-market high yield sector; and industry overweights to midstream energy and cable & satellite, along with an industry underweight

to upstream energy.

■

The following strategies detracted from the Fund's performance relative to the Index during the period: security selection in the chemicals,

consumer noncyclicals, and paper & packaging industries; industry underweights to media & entertainment and consumer noncyclicals, and an

industry overweight to health care & pharmaceuticals.

■

The Fund uses derivatives to facilitate the implementation of the overall investment approach. During the reporting period, the Fund used

swaps, forwards, and futures to help manage duration positioning and yield curve exposure. In the aggregate, these positions modestly

detracted from performance.

MF110ER6

![](g901549g7pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: August 31, 2015 to August 31, 2025<br>Initial Investment of $10,000<br>

![](g901549g7highyield_r6.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class R6 | 9.46% | 5.37% | 5.99% |
| Bloomberg US Aggregate Bond Index\* | 3.14% | -0.68% | 1.80% |
| Bloomberg US Corporate High Yield 1% Issuer Capped Index | 8.25% | 5.17% | 5.74% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $20736857905<br>|
| Number of fund holdings | 874 |
| Total advisory fees paid for the year | $71061527<br>|
| Portfolio turnover rate for the year | 49% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) |
| AAA | 8.8 |
| A | 0.1 |
| BBB | 6.0 |
| BB | 45.9 |
| B | 22.8 |
| CCC | 12.0 |
| Not Rated | 4.8 |
| Cash/Cash Equivalents | (0.5) |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g901549g7qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM High Yield Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS R6 <br> NASDAQ PHYQX <br> CUSIP 74440Y884

MF110ER6

![](g901549g7pgim_investments.jpg)

------

![](g901549g8tsrbanner.jpg)

PGIM Short Duration High Yield Income Fund

Class A:

HYSAX

ANNUAL SHAREHOLDER REPORT – August 31, 2025

This annual shareholder report contains important information about the Class A shares of PGIM Short Duration High Yield Income Fund (the

"Fund") for the period of September 1, 2024 to August 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Short Duration High Yield Income Fund—Class A | $104 | 1.00% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

US high yield bonds posted gains over the reporting period, as overall solid corporate earnings and resilient market technicals held firm against

a challenging environment marked by the 2024 US election cycle, geopolitical tensions on multiple fronts, a broad-based increase in US tariffs,

and elevated inflation. In addition, despite macro uncertainty and tight financial conditions, the high yield market continued to grow in 2025.

■

The following strategies contributed most to the Fund's performance relative to the Bloomberg US High Yield Ba/B 1-5 Year 1% Capped Index

(the "Index") during the period: security selection in the cable & satellite, health care & pharmaceuticals, and retailers & restaurants industries;

an underweight to the US high yield corporate sector, along with overweights to the emerging-market high yield and US bank loan sectors;

industry underweights to midstream energy and retailers & restaurants, and an overweight to telecom.

■

The following strategies detracted from the Fund's performance relative to the Index during the period: security selection in the chemicals,

consumer noncyclicals, and paper & packaging industries; industry underweights to media & entertainment and consumer noncyclicals, and an

overweight to paper & packaging.

■

The Fund uses derivatives to facilitate the implementation of the overall investment approach. During the reporting period, the Fund used

swaps, forwards, and futures to help manage duration positioning and yield curve exposure. In the aggregate, these positions had a modestly

positive impact on performance.

MF216EA

![](g901549g8pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class A shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: August 31, 2015 to August 31, 2025<br>Initial Investment of $10,000<br>

![](g901549g8sdhyi_a.jpg)

The line graph reflects the return on the Fund's Class A shares with sales charges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class A with sales charges | 5.10% | 4.91% | 4.75% |
| Class A without sales charges | 7.52% | 5.38% | 4.99% |
| Bloomberg US Aggregate Bond Index\* | 3.14% | -0.68% | 1.80% |
| Bloomberg US High Yield Ba/B 1-5 Year 1% Capped Index | 7.14% | 5.45% | 5.23% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $5138962340<br>|
| Number of fund holdings | 602 |
| Total advisory fees paid for the year | $31054448<br>|
| Portfolio turnover rate for the year | 61% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) |
| AAA | 10.1 |
| BBB | 6.0 |
| BB | 51.2 |
| B | 23.1 |
| CCC | 5.9 |
| Not Rated | 3.4 |
| Cash/Cash Equivalents | 0.3 |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g901549g8qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Short Duration High Yield Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS A <br> NASDAQ HYSAX <br> CUSIP 74442J109

MF216EA

![](g901549g8pgim_investments.jpg)

------

![](g901549g9tsrbanner.jpg)

PGIM Short Duration High Yield Income Fund

Class C:

HYSCX

ANNUAL SHAREHOLDER REPORT – August 31, 2025

This annual shareholder report contains important information about the Class C shares of PGIM Short Duration High Yield Income Fund (the

"Fund") for the period of September 1, 2024 to August 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Short Duration High Yield Income Fund—Class C | $181 | 1.75% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

US high yield bonds posted gains over the reporting period, as overall solid corporate earnings and resilient market technicals held firm against

a challenging environment marked by the 2024 US election cycle, geopolitical tensions on multiple fronts, a broad-based increase in US tariffs,

and elevated inflation. In addition, despite macro uncertainty and tight financial conditions, the high yield market continued to grow in 2025.

■

The following strategies contributed most to the Fund's performance relative to the Bloomberg US High Yield Ba/B 1-5 Year 1% Capped Index

(the "Index") during the period: security selection in the cable & satellite, health care & pharmaceuticals, and retailers & restaurants industries;

an underweight to the US high yield corporate sector, along with overweights to the emerging-market high yield and US bank loan sectors;

industry underweights to midstream energy and retailers & restaurants, and an overweight to telecom.

■

The following strategies detracted from the Fund's performance relative to the Index during the period: security selection in the chemicals,

consumer noncyclicals, and paper & packaging industries; industry underweights to media & entertainment and consumer noncyclicals, and an

overweight to paper & packaging.

■

The Fund uses derivatives to facilitate the implementation of the overall investment approach. During the reporting period, the Fund used

swaps, forwards, and futures to help manage duration positioning and yield curve exposure. In the aggregate, these positions had a modestly

positive impact on performance.

MF216EC

![](g901549g9pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class C shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: August 31, 2015 to August 31, 2025<br>Initial Investment of $10,000<br>

![](g901549g9sdhyi_c.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class C with sales charges | 5.72% | 4.60% | 4.22% |
| Class C without sales charges | 6.72% | 4.60% | 4.22% |
| Bloomberg US Aggregate Bond Index\* | 3.14% | -0.68% | 1.80% |
| Bloomberg US High Yield Ba/B 1-5 Year 1% Capped Index | 7.14% | 5.45% | 5.23% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $5138962340<br>|
| Number of fund holdings | 602 |
| Total advisory fees paid for the year | $31054448<br>|
| Portfolio turnover rate for the year | 61% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) |
| AAA | 10.1 |
| BBB | 6.0 |
| BB | 51.2 |
| B | 23.1 |
| CCC | 5.9 |
| Not Rated | 3.4 |
| Cash/Cash Equivalents | 0.3 |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g901549g9qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Short Duration High Yield Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS C <br> NASDAQ HYSCX <br> CUSIP 74442J208

MF216EC

![](g901549g9pgim_investments.jpg)

------

![](g901549g10tsrbanner.jpg)

PGIM Short Duration High Yield Income Fund

Class Z:

HYSZX

ANNUAL SHAREHOLDER REPORT – August 31, 2025

This annual shareholder report contains important information about the Class Z shares of PGIM Short Duration High Yield Income Fund (the

"Fund") for the period of September 1, 2024 to August 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Short Duration High Yield Income Fund—Class Z | $78 | 0.75% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

US high yield bonds posted gains over the reporting period, as overall solid corporate earnings and resilient market technicals held firm against

a challenging environment marked by the 2024 US election cycle, geopolitical tensions on multiple fronts, a broad-based increase in US tariffs,

and elevated inflation. In addition, despite macro uncertainty and tight financial conditions, the high yield market continued to grow in 2025.

■

The following strategies contributed most to the Fund's performance relative to the Bloomberg US High Yield Ba/B 1-5 Year 1% Capped Index

(the "Index") during the period: security selection in the cable & satellite, health care & pharmaceuticals, and retailers & restaurants industries;

an underweight to the US high yield corporate sector, along with overweights to the emerging-market high yield and US bank loan sectors;

industry underweights to midstream energy and retailers & restaurants, and an overweight to telecom.

■

The following strategies detracted from the Fund's performance relative to the Index during the period: security selection in the chemicals,

consumer noncyclicals, and paper & packaging industries; industry underweights to media & entertainment and consumer noncyclicals, and an

overweight to paper & packaging.

■

The Fund uses derivatives to facilitate the implementation of the overall investment approach. During the reporting period, the Fund used

swaps, forwards, and futures to help manage duration positioning and yield curve exposure. In the aggregate, these positions had a modestly

positive impact on performance.

MF216EZ

![](g901549g10pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class Z shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: August 31, 2015 to August 31, 2025<br>Initial Investment of $10,000<br>

![](g901549g10sdhyi_z.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class Z | 7.79% | 5.65% | 5.25% |
| Bloomberg US Aggregate Bond Index\* | 3.14% | -0.68% | 1.80% |
| Bloomberg US High Yield Ba/B 1-5 Year 1% Capped Index | 7.14% | 5.45% | 5.23% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $5138962340<br>|
| Number of fund holdings | 602 |
| Total advisory fees paid for the year | $31054448<br>|
| Portfolio turnover rate for the year | 61% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) |
| AAA | 10.1 |
| BBB | 6.0 |
| BB | 51.2 |
| B | 23.1 |
| CCC | 5.9 |
| Not Rated | 3.4 |
| Cash/Cash Equivalents | 0.3 |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g901549g10qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Short Duration High Yield Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS Z <br> NASDAQ HYSZX <br> CUSIP 74442J307

MF216EZ

![](g901549g10pgim_investments.jpg)

------

![](g901549g11tsrbanner.jpg)

PGIM Short Duration High Yield Income Fund

Class R6:

HYSQX

ANNUAL SHAREHOLDER REPORT – August 31, 2025

This annual shareholder report contains important information about the Class R6 shares of PGIM Short Duration High Yield Income Fund (the

"Fund") for the period of September 1, 2024 to August 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Short Duration High Yield Income Fund—Class R6 | $73 | 0.70% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

US high yield bonds posted gains over the reporting period, as overall solid corporate earnings and resilient market technicals held firm against

a challenging environment marked by the 2024 US election cycle, geopolitical tensions on multiple fronts, a broad-based increase in US tariffs,

and elevated inflation. In addition, despite macro uncertainty and tight financial conditions, the high yield market continued to grow in 2025.

■

The following strategies contributed most to the Fund's performance relative to the Bloomberg US High Yield Ba/B 1-5 Year 1% Capped Index

(the "Index") during the period: security selection in the cable & satellite, health care & pharmaceuticals, and retailers & restaurants industries;

an underweight to the US high yield corporate sector, along with overweights to the emerging-market high yield and US bank loan sectors;

industry underweights to midstream energy and retailers & restaurants, and an overweight to telecom.

■

The following strategies detracted from the Fund's performance relative to the Index during the period: security selection in the chemicals,

consumer noncyclicals, and paper & packaging industries; industry underweights to media & entertainment and consumer noncyclicals, and an

overweight to paper & packaging.

■

The Fund uses derivatives to facilitate the implementation of the overall investment approach. During the reporting period, the Fund used

swaps, forwards, and futures to help manage duration positioning and yield curve exposure. In the aggregate, these positions had a modestly

positive impact on performance.

MF216ER6

![](g901549g11pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: August 31, 2015 to August 31, 2025<br>Initial Investment of $10,000<br>

![](g901549g11sdhyi_r6.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 | Average Annual Total Returns as of 8/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class R6 | 7.97% | 5.70% | 5.32% |
| Bloomberg US Aggregate Bond Index\* | 3.14% | -0.68% | 1.80% |
| Bloomberg US High Yield Ba/B 1-5 Year 1% Capped Index | 7.14% | 5.45% | 5.23% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $5138962340<br>|
| Number of fund holdings | 602 |
| Total advisory fees paid for the year | $31054448<br>|
| Portfolio turnover rate for the year | 61% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) |
| AAA | 10.1 |
| BBB | 6.0 |
| BB | 51.2 |
| B | 23.1 |
| CCC | 5.9 |
| Not Rated | 3.4 |
| Cash/Cash Equivalents | 0.3 |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g901549g11qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Short Duration High Yield Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS R6 <br> NASDAQ HYSQX <br> CUSIP 74442J406

MF216ER6

![](g901549g11pgim_investments.jpg)

------

(b) Copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule – Not applicable.

Item 2 – Code of Ethics – See Exhibit (a) (1) of Item 19

As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies – Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer.

The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant 800-225-1852, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

Item 3 – Audit Committee Financial Expert –

The registrant's Board has determined that Ms. Grace C. Torres, member of the Board's Audit Committee is an "audit committee financial expert," and that she is "independent," for purposes of this item.

Item 4 – Principal Accountant Fees and Services –

(a) Audit Fees

For the fiscal years ended August 31, 2025 and August 31, 2024, PricewaterhouseCoopers LLP ("PwC"), the Registrant's principal accountant, billed the Registrant $99,751 and $142,040, respectively, for professional services rendered for the audit of the Registrant's annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

(b) Audit-Related Fees

For the fiscal years ended August 31, 2025 and August 31, 2024: none.

(c) Tax Fees

For the fiscal years ended August 31, 2025 and August 31, 2024: none.

(d) All Other Fees

For the fiscal years ended August 31, 2025 and August 31, 2024: none.

(e) (1) Audit Committee Pre-Approval Policies and Procedures

------

#### THE PGIM MUTUAL FUNDS

#### AUDIT COMMITTEE POLICY

#### on
*Pre-Approval of Services Provided by the Independent* 

*Accountants* 

The Audit Committee of each PGIM Mutual Fund is charged with the responsibility to monitor the independence of the Fund's independent accountants. As part of this responsibility, the Audit Committee must pre-approve the independent accounting firm's engagement to render audit and/or permissible non-audit services, as required by law. In evaluating a proposed engagement of the independent accountants, the Audit Committee will assess the effect that the engagement might reasonably be expected to have on the accountant's independence. The Committee's evaluation will be based on:

• a review of the nature of the professional services expected to be provided,

• a review of the safeguards put into place by the accounting firm to safeguard independence, and

• periodic meetings with the accounting firm.

#### Policy for Audit and Non-Audit Services Provided to the Funds
On an annual basis, the scope of audits for each Fund, audit fees and expenses, and audit-related and non-audit services (and fees proposed in respect thereof) proposed to be performed by the Fund's independent accountants will be presented by the Treasurer and the independent accountants to the Audit Committee for review and, as appropriate, approval prior to the initiation of such services.

Such presentation shall be accompanied by confirmation by both the Treasurer and the independent accountants that the proposed non-audit services will not adversely affect the independence of the independent accountants. Such proposed non-audit services shall be described in sufficient detail to enable the Audit Committee to assess the appropriateness of such services and fees, and the compatibility of the provision of such services with the auditor's independence. The Committee shall receive periodic reports on the progress of the audit and other services which are approved by the Committee or by the Committee Chair pursuant to authority delegated in this Policy.

The categories of services enumerated under "Audit Services", "Audit-related Services", and "Tax Services" are intended to provide guidance to the Treasurer and the independent accountants as to those categories of services which the Committee believes are generally consistent with the independence of the independent accountants and which the Committee (or the Committee Chair) would expect upon the presentation of specific proposals to pre-approve. The enumerated categories are not intended as an exclusive list of audit, audit-related or tax services, which the Committee (or the Committee Chair) would consider for pre-approval.

#### Audit Services
The following categories of audit services are considered to be consistent with the role of the Fund's independent accountants:

• Annual Fund financial statement audits

• Seed audits (related to new product filings, as required)

• SEC and regulatory filings and consents

#### Audit-related Services
The following categories of audit-related services are considered to be consistent with the role of the Fund's independent accountants:

• Accounting consultations

• Fund merger support services

------

• Agreed Upon Procedure Reports

• Attestation Reports

• Other Internal Control Reports

Individual audit-related services that fall within one of these categories (except for fund merger support services) and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated). Fees related to fund merger support services are subject to a separate authorized pre-approval by the Audit Committee with fees determined on a per occurrence and merger complexity basis.

#### Tax Services
The following categories of tax services are considered to be consistent with the role of the Fund's independent accountants:

• Tax compliance services related to the filing or amendment of the following:

• Federal, state and local income tax compliance; and,

• Sales and use tax compliance

• Timely RIC qualification reviews

• Tax distribution analysis and planning

• Tax authority examination services

• Tax appeals support services

• Accounting methods studies

• Fund merger support services

• Tax consulting services and related project

------

Individual tax services that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated).

#### Other Non-Audit Services
Certain non-audit services that the independent accountants are legally permitted to render will be subject to pre-approval by the Committee or by one or more Committee members to whom the Committee has delegated this authority and who will report to the full Committee any pre-approval decisions made pursuant to this Policy. Non-audit services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

#### Proscribed Services
The Fund's independent accountants will not render services in the following categories of non-audit services:

• Bookkeeping or other services related to the accounting records or financial statements of the Fund

• Financial information systems design and implementation

• Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

• Actuarial services

• Internal audit outsourcing services

• Management functions or human resources

• Broker or dealer, investment adviser, or investment banking services

• Legal services and expert services unrelated to the audit

• Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

#### Pre-approval of Non-Audit Services Provided to Other Entities Within the PGIM Fund Complex
Certain non-audit services provided to PGIM Investments LLC or any of its affiliates that also provide ongoing services to the PGIM Mutual Funds will be subject to pre-approval by the Audit Committee. The only non-audit services provided to these entities that will require pre-approval are those <u>related directly to the operations and financial reporting of the Funds</u>. Individual projects that are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $30,000. Services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Although the Audit Committee will not pre-approve all services provided to PGIM Investments LLC and its affiliates, the Committee will receive an annual report from the Fund's independent accounting firm showing the aggregate fees for all services provided to PGIM Investments and its affiliates.

------

(e) (2) <u>Percentage of services described in each of paragraphs (b)</u> <u>through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X</u> –

---

| | | |
|:---|:---|:---|
|  | <u>Fiscal Year Ended August 31,</u><br> <u>2025</u> | <u>Fiscal Year Ended August 31,</u><br> <u>2024</u> |
| 4(b) | Not applicable. | Not applicable. |
| 4(c) | Not applicable. | Not applicable. |
| 4(d) | Not applicable. | Not applicable. |

---

(f) <u>Percentage of hours expended attributable to work performed by other than full time employees of principal accountant if greater</u> <u>than 50%.</u>

The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was 0%.

(g) <u>Non-Audit Fees</u>

The aggregate non-audit fees billed by the Registrant's principal accountant for services rendered to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended August 31, 2025 and August 31, 2024 was $0 and $0, respectively.

(h) <u>Principal Accountant's Independence</u>

Not applicable as the Registrant's principal accountant has not provided non-audit services to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

(i) Not applicable.

(j) Not applicable.

Item 5 – Audit Committee of Listed Registrants – Not applicable.

Item 6 – Investments – The registrant's Schedule of Investments is included in the financial statements filed under Item 7 of this Form.

Items 7 – 11 (Refer to Report(s) below)

------

![LOGO](g901549g01g01.jpg)

## PRUDENTIAL INVESTMENT PORTFOLIOS, INC. 15
PGIM High Yield Fund

PGIM Short Duration High Yield Income Fund

#### FINANCIAL STATEMENTS AND OTHER INFORMATION

#### AUGUST 31, 2025
![LOGO](g901549g01g02.jpg)

------

<u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Table of Contents** </u>   <u> Financial Statements and Other Information </u>   <u> August 31, 2025 </u>

**Form N-CSR Item 7** - Financial Statements and Financial Highlights for Open-End Management Investment Companies.

---

| | |
|:---|:---|
|  [Glossary](#edgar901549_1) | 1 |
|  [PGIM High Yield Fund](#edgar901549_2) | 2 |
|  [PGIM Short Duration High Yield Income Fund](#edgar901549_3) | 49 |
|  [Notes to Financial Statements](#edgar901549_4) | 86 |

---

[**Other Information -** Form N-CSR Items 8-11](#edgar901549_100)

------

Glossary

The following abbreviations are used in the Funds' descriptions:

EUR—Euro

GBP—British Pound

USD—US Dollar

144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.

BNY—Bank of New York Mellon

CDX—Credit Derivative Index

CGM—Citigroup Global Markets, Inc.

CITI—Citibank, N.A.

CLO—Collateralized Loan Obligation

CVR—Contingent Value Rights

ETF—Exchange-Traded Fund

EURIBOR—Euro Interbank Offered Rate

GSI—Goldman Sachs International

iBoxx—Bond Market Indices

JPM—JPMorgan Chase Bank N.A.

JPS—J.P. Morgan Securities LLC

LIBOR—London Interbank Offered Rate

LP—Limited Partnership

MSI—Morgan Stanley & Co. International PLC

MTN—Medium Term Note

N/A—Not Applicable

OTC—Over-the-counter

PIK—Payment-in-Kind

Q—Quarterly payment frequency for swaps

REITs—Real Estate Investment Trust

SOFR—Secured Overnight Financing Rate

SONIA—Sterling Overnight Index Average

T—Swap payment upon termination

TD—The Toronto-Dominion Bank

------

PGIM High Yield Fund

Schedule of Investments

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br> (000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 98.2%** | &nbsp;&nbsp; **LONG-TERM INVESTMENTS 98.2%** | &nbsp;&nbsp; **LONG-TERM INVESTMENTS 98.2%** | &nbsp;&nbsp; **LONG-TERM INVESTMENTS 98.2%** | &nbsp;&nbsp; **LONG-TERM INVESTMENTS 98.2%** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES 0.6%** | &nbsp;&nbsp; **ASSET-BACKED SECURITIES 0.6%** | &nbsp;&nbsp; **ASSET-BACKED SECURITIES 0.6%** | &nbsp;&nbsp; **ASSET-BACKED SECURITIES 0.6%** | &nbsp;&nbsp; **ASSET-BACKED SECURITIES 0.6%** |
| &nbsp;&nbsp; **Collateralized Loan Obligations** | &nbsp;&nbsp; **Collateralized Loan Obligations** | &nbsp;&nbsp; **Collateralized Loan Obligations** | &nbsp;&nbsp; **Collateralized Loan Obligations** | &nbsp;&nbsp; **Collateralized Loan Obligations** |
| &nbsp;&nbsp; BlueMountain Fuji US CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-02A, Class A1AR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 0.000%) | 5.587%(c) | 10/20/30 | 6868 | $6871461 |
| &nbsp;&nbsp; Jefferson Mill CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-01A, Class ARR, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 0.000%) | 5.555(c) | 10/20/31 | 23619 | 23643053 |
| &nbsp;&nbsp; Madison Park Funding Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-33A, Class AR, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%) | 5.608(c) | 10/15/32 | 24839 | 24868080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-38A, Class A, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.382%) | 5.704(c) | 07/17/34 | 9500 | 9519197 |
| &nbsp;&nbsp; Saratoga Investment Corp. CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R4, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 5.625(c) | 04/20/33 | 21372 | 21396497 |
| &nbsp;&nbsp; Sculptor CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 28A, Class AR, 144A, 3 Month SOFR + 1.060% (Cap N/A, Floor 1.060%) | 5.385(c) | 01/20/35 | 20000 | 19980000 |
| &nbsp;&nbsp; Sound Point CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03A, Class A1AR, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 5.614(c) | 10/26/31 | 19779 | 19803463 |
| &nbsp;&nbsp; Voya CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-01A, Class AAR2, 144A, 3 Month SOFR + 1.252% (Cap N/A, Floor 0.000%) | 5.581(c) | 04/18/31 | 4874 | 4876981 |
| &nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES**<br> (cost $130,703,616) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130958732 |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES 0.2%** |  |  |  |  |
| &nbsp;&nbsp; BX Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11, Class E, 144A | 4.075(cc) | 12/09/41 | 37328 | 34412549 |
| &nbsp;&nbsp; ROCK Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class E, 144A | 8.819 | 11/13/41 | 7220 | 7625081 |
| &nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $41,141,706) |  |  |  | 42037630 |
| &nbsp;&nbsp; **CORPORATE BONDS 78.5%** |  |  |  |  |
| &nbsp;&nbsp; **Advertising 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.500 | 06/01/29 | 22300 | 20723529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.750 | 04/15/28 | 6100 | 5923703 |
|  |  |  |  | 26647232 |
| &nbsp;&nbsp; **Aerospace & Defense 1.4%** |  |  |  |  |
| &nbsp;&nbsp; ATI, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 7.250 | 08/15/30 | 7760 | 8172014 |
| &nbsp;&nbsp; Boeing Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.196 | 02/04/26 | 13425 | 13291359 |
| &nbsp;&nbsp; Bombardier, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 02/15/28 | 39209 | 39284281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 06/15/33 | 18435 | 19146591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 7.000 | 06/01/32 | 12815 | 13371427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 7.125 | 06/15/26 | 17411 | 17428411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 7.250 | 07/01/31 | 13940 | 14682723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.450 | 05/01/34 | 5200 | 5662540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 7.500 | 02/01/29 | 25172 | 26273275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 7.875 | 04/15/27 | 10694 | 10720735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 8.750 | 11/15/30 | 23760 | 25631100 |
| &nbsp;&nbsp; TransDigm, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 4.625 | 01/15/29 | 10830 | 10605420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.375 | 05/31/33 | 30155 | 30574871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 6.000 | 01/15/33 | 14725 | 14890157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.375 | 03/01/29 | 34125 | 34954205 |

---

See Notes to Financial Statements.

------

PGIM High Yield Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br> (000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Aerospace & Defense (cont'd.)** | &nbsp;&nbsp; **Aerospace & Defense (cont'd.)** | &nbsp;&nbsp; **Aerospace & Defense (cont'd.)** | &nbsp;&nbsp; **Aerospace & Defense (cont'd.)** | &nbsp;&nbsp; **Aerospace & Defense (cont'd.)** |
| &nbsp;&nbsp; TransDigm, Inc., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.625% | 03/01/32 | 4200 | $4327228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 08/15/28 | 10000 | 10217654 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299233991 |
| &nbsp;&nbsp; **Airlines 1.0%** |  |  |  |  |
| &nbsp;&nbsp; American Airlines, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 7.250 | 02/15/28 | 7795 | 7994688 |
| &nbsp;&nbsp; American Airlines, Inc./AAdvantage Loyalty IP Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 04/20/26 | 2614 | 2616474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 5.750 | 04/20/29 | 47500 | 47618750 |
| &nbsp;&nbsp; United Airlines, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.375 | 04/15/26 | 52677 | 52514986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 04/15/29 | 19924 | 19626411 |
| &nbsp;&nbsp; VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Switzerland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.375 | 02/01/30 | 30185 | 28976091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.875 | 05/01/27 | 27065 | 27332132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 9.500 | 06/01/28 | 27149 | 28243376 |
|  |  |  |  | 214922908 |
| &nbsp;&nbsp; **Apparel 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Kontoor Brands, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 11/15/29 | 12886 | 12137676 |
| &nbsp;&nbsp; William Carter Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 5.625 | 03/15/27 | 12600 | 12583837 |
| &nbsp;&nbsp; Wolverine World Wide, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.000 | 08/15/29 | 73303 | 67144370 |
|  |  |  |  | 91865883 |
| &nbsp;&nbsp; **Auto Manufacturers 1.2%** |  |  |  |  |
| &nbsp;&nbsp; Ford Motor Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.250 | 02/12/32 | 3825 | 3277481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 01/15/43 | 12037 | 9306594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 7.400 | 11/01/46 | 24152 | 25374646 |
| &nbsp;&nbsp; Ford Motor Credit Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.700 | 08/10/26 | 21212 | 20787305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.800 | 03/08/29 | 12500 | 12639817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.875 | 11/07/29 | 5125 | 5182996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 6.800 | 05/12/28 | 3853 | 3999667 |
| &nbsp;&nbsp; JB Poindexter & Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.750 | 12/15/31 | 25340 | 26172563 |
| &nbsp;&nbsp; New Flyer Holdings, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 9.250 | 07/01/30 | 11500 | 12330760 |
| &nbsp;&nbsp; Nissan Motor Co. Ltd. (Japan), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 7.500 | 07/17/30 | 40960 | 42632806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.750 | 07/17/32 | 38470 | 40153063 |
| &nbsp;&nbsp; PM General Purchaser LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 10/01/28 | 55821 | 43793106 |
|  |  |  |  | 245650804 |
| &nbsp;&nbsp; **Auto Parts & Equipment 1.2%** |  |  |  |  |
| &nbsp;&nbsp; Adient Global Holdings Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 7.000 | 04/15/28 | 12375 | 12721129 |
| &nbsp;&nbsp; American Axle & Manufacturing, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 6.500 | 04/01/27 | 13174 | 13209682 |

---

See Notes to Financial Statements.

PGIM High Yield Fund 3

------

PGIM High Yield Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;Rate** | **Maturity**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Auto Parts & Equipment (cont'd.)** | &nbsp;&nbsp; **Auto Parts & Equipment (cont'd.)** | &nbsp;&nbsp; **Auto Parts & Equipment (cont'd.)** | &nbsp;&nbsp; **Auto Parts & Equipment (cont'd.)** | &nbsp;&nbsp; **Auto Parts & Equipment (cont'd.)** |
| &nbsp;&nbsp; Clarios Global LP/Clarios US Finance Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.500% | 05/15/27 | 16728 | $16810302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 05/15/28 | 2473 | 2527134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 02/15/30 | 8485 | 8781720 |
| &nbsp;&nbsp; Dana, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.375 | 11/15/27 | 10775 | 10774234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.625 | 06/15/28 | 13274 | 13263534 |
| &nbsp;&nbsp; Garrett Motion Holdings, Inc./Garrett LX I Sarl, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.750 | 05/31/32 | 20630 | 21591828 |
| &nbsp;&nbsp; Phinia, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.625 | 10/15/32 | 8835 | 9080111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 04/15/29 | 8190 | 8465233 |
| &nbsp;&nbsp; Qnity Electronics, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.750 | 08/15/32 | 5880 | 5978589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 08/15/33 | 4630 | 4786005 |
| &nbsp;&nbsp; Tenneco, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 8.000 | 11/17/28 | 95860 | 95884136 |
| &nbsp;&nbsp; Titan International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes(a) | 7.000 | 04/30/28 | 30657 | 30705222 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254578859 |
| &nbsp;&nbsp; **Banks 1.1%** |  |  |  |  |
| &nbsp;&nbsp; Bank of America Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 6.250(ff) | 07/26/30(oo) | 19970 | 19998707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 6.625(ff) | 05/01/30(oo) | 5850 | 6032547 |
| &nbsp;&nbsp; Citigroup, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series EE | 6.750(ff) | 02/15/30(oo) | 13910 | 14044113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series FF(a) | 6.950(ff) | 02/15/30(oo) | 8210 | 8361051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series GG | 6.875(ff) | 08/15/30(oo) | 9917 | 10111337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | 3.875(ff) | 02/18/26(oo) | 42635 | 42201873 |
| &nbsp;&nbsp; Freedom Mortgage Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.625 | 01/15/27 | 37139 | 37273168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 12.000 | 10/01/28 | 17125 | 18302119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 12.250 | 10/01/30 | 26375 | 29253029 |
| &nbsp;&nbsp; Goldman Sachs Group, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 6.850(ff) | 02/10/30(oo) | 11305 | 11629416 |
| &nbsp;&nbsp; Intesa Sanpaolo SpA (Italy), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A(a) | 4.198(ff) | 06/01/32 | 20671 | 19318939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | 4.950(ff) | 06/01/42 | 6100 | 5007530 |
| &nbsp;&nbsp; Wells Fargo & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 6.850(ff) | 09/15/29(oo) | 8550 | 8967014 |
|  |  |  |  | 230500843 |
| &nbsp;&nbsp; **Building Materials 1.6%** |  |  |  |  |
| &nbsp;&nbsp; Builders FirstSource, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 03/01/30 | 5785 | 5724221 |
| &nbsp;&nbsp; Camelot Return Merger Sub, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 8.750 | 08/01/28 | 21845 | 21012612 |
| &nbsp;&nbsp; Cornerstone Building Brands, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.125 | 01/15/29 | 35523 | 27378728 |
| &nbsp;&nbsp; CP Atlas Buyer, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 9.750 | 07/15/30 | 8615 | 8889401 |
| &nbsp;&nbsp; EMRLD Borrower LP/Emerald Co-Issuer, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 07/15/31 | 7900 | 8177063 |
| &nbsp;&nbsp; Griffon Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.750 | 03/01/28 | 15195 | 15165168 |

---

See Notes to Financial Statements.

------

PGIM High Yield Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;Rate** | **Maturity**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Building Materials (cont'd.)** | &nbsp;&nbsp; **Building Materials (cont'd.)** | &nbsp;&nbsp; **Building Materials (cont'd.)** | &nbsp;&nbsp; **Building Materials (cont'd.)** | &nbsp;&nbsp; **Building Materials (cont'd.)** |
| &nbsp;&nbsp; JELD-WEN, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.875% | 12/15/27 | 6785 | $6675026 |
| &nbsp;&nbsp; JH North America Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 5.875 | 01/31/31 | 3315 | 3350485 |
| &nbsp;&nbsp; Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 6.750 | 04/01/32 | 7841 | 8082760 |
| &nbsp;&nbsp; MIWD Holdco II LLC/MIWD Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 5.500 | 02/01/30 | 23430 | 23056050 |
| &nbsp;&nbsp; Quikrete Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.375 | 03/01/32 | 48520 | 50035122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 6.750 | 03/01/33 | 7051 | 7304655 |
| &nbsp;&nbsp; Smyrna Ready Mix Concrete LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 6.000 | 11/01/28 | 13829 | 13864740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 8.875 | 11/15/31 | 22910 | 24451109 |
| &nbsp;&nbsp; Standard Building Solutions, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 08/01/33 | 19600 | 20013737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 6.500 | 08/15/32 | 16625 | 17165133 |
| &nbsp;&nbsp; Standard Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.375 | 01/15/31 | 16229 | 14751057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 4.375 | 07/15/30 | 53501 | 51283974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.750 | 01/15/28 | 9883 | 9792237 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336173278 |
| &nbsp;&nbsp; **Chemicals 1.7%** |  |  |  |  |
| &nbsp;&nbsp; Ashland, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 6.875 | 05/15/43 | 36370 | 38146895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.375 | 09/01/31 | 5550 | 4940221 |
| &nbsp;&nbsp; ASP Unifrax Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 5.850% and PIK 1.250% or Cash coupon 7.100% | 7.100 | 09/30/29 | 12941 | 6408261 |
| &nbsp;&nbsp; Avient Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 6.250 | 11/01/31 | 6985 | 7117429 |
| &nbsp;&nbsp; Celanese US Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 6.665 | 07/15/27 | 1398 | 1439005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.850 | 11/15/28 | 11327 | 11813743 |
| &nbsp;&nbsp; Chemours Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 8.000 | 01/15/33 | 9545 | 9346036 |
| &nbsp;&nbsp; Cornerstone Chemical Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 10.000% or PIK 10.000%^ | 10.000 | 05/07/29 | 22837 | 21695058 |
| &nbsp;&nbsp; Inversion Escrow Issuer LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 08/01/32 | 15975 | 15820154 |
| &nbsp;&nbsp; Methanex Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.250 | 12/15/29 | 1600 | 1584000 |
| &nbsp;&nbsp; Methanex US Operations, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.250 | 03/15/32 | 11258 | 11362498 |
| &nbsp;&nbsp; Olympus Water US Holding Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 4.250 | 10/01/28 | 19875 | 19038777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 7.125 | 10/01/27 | 11107 | 11310701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 7.250 | 06/15/31 | 27040 | 27667840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 9.750 | 11/15/28 | 73640 | 77226512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 10/01/29 | 40068 | 39111067 |
| &nbsp;&nbsp; SK Invictus Intermediate II Sarl, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 5.000 | 10/30/29 | 24130 | 23546054 |
| &nbsp;&nbsp; SNF Group SACA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.375 | 03/15/30 | 12150 | 11223441 |
| &nbsp;&nbsp; Tronox, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 03/15/29 | 6596 | 4864902 |
|  |  |  |  | 343662594 |

---

See Notes to Financial Statements.

PGIM High Yield Fund 5

------

PGIM High Yield Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;Rate** | **Maturity**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Coal 0.1%** | &nbsp;&nbsp; **Coal 0.1%** | &nbsp;&nbsp; **Coal 0.1%** | &nbsp;&nbsp; **Coal 0.1%** | &nbsp;&nbsp; **Coal 0.1%** |
| &nbsp;&nbsp; Coronado Finance Pty Ltd. (Australia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.250% | 10/01/29 | 20890 | $17125622 |
| &nbsp;&nbsp; **Commercial Services 4.1%** | &nbsp;&nbsp; **Commercial Services 4.1%** | &nbsp;&nbsp; **Commercial Services 4.1%** | &nbsp;&nbsp; **Commercial Services 4.1%** | &nbsp;&nbsp; **Commercial Services 4.1%** |
| &nbsp;&nbsp; Adtalem Global Education, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 03/01/28 | 14179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14121528 |
| &nbsp;&nbsp; Allied Universal Holdco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.875 | 02/15/31 | 45225 | 47504014 |
| &nbsp;&nbsp; Allied Universal Holdco LLC/Allied Universal Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.875 | 06/15/30 | 25735 | 26515098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 06/01/29 | 35210 | 34821434 |
| &nbsp;&nbsp; Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 06/01/28 | 37258 | 36331021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 4.625 | 06/01/28 | 35256 | 34437708 |
| &nbsp;&nbsp; Alta Equipment Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 9.000 | 06/01/29 | 12780 | 12157278 |
| &nbsp;&nbsp; AMN Healthcare, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.000 | 04/15/29 | 39902 | 37248243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 10/01/27 | 31160 | 30660241 |
| &nbsp;&nbsp; Avis Budget Car Rental LLC/Avis Budget Finance, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.750 | 04/01/28 | 28975 | 28064935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 5.375 | 03/01/29 | 475 | 460759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 07/15/27 | 6391 | 6365608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 07/15/27 | 537 | 534205 |
| &nbsp;&nbsp; Block, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 5.625 | 08/15/30 | 15710 | 16084337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 08/15/33 | 11620 | 11928518 |
| &nbsp;&nbsp; Boost Newco Borrower LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500 | 01/15/31 | 14825 | 15724009 |
| &nbsp;&nbsp; Clarivate Science Holdings Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.875 | 07/01/29 | 19046 | 18021069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 3.875 | 07/01/28 | 750 | 723785 |
| &nbsp;&nbsp; DCLI Bidco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A(a) | 7.750 | 11/15/29 | 27822 | 28492624 |
| &nbsp;&nbsp; Herc Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 5.500 | 07/15/27 | 30560 | 30526389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.625 | 06/15/29 | 20200 | 20810135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.250 | 06/15/33 | 16125 | 16910235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.000 | 06/15/30 | 31213 | 32483821 |
| &nbsp;&nbsp; Hertz Corp. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 12/01/26 | 8116 | 7528711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 12.625 | 07/15/29 | 6565 | 6804817 |
| &nbsp;&nbsp; Mavis Tire Express Services Topco Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.500 | 05/15/29 | 92054 | 91913619 |
| &nbsp;&nbsp; NESCO Holdings II, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A(a) | 5.500 | 04/15/29 | 25840 | 25216850 |
| &nbsp;&nbsp; Service Corp. International, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 3.375 | 08/15/30 | 24185 | 22323245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 10/15/32 | 850 | 859287 |
| &nbsp;&nbsp; Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 08/15/32 | 19240 | 19950586 |
| &nbsp;&nbsp; United Rentals North America, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 3.750 | 01/15/32 | 24383 | 22475041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 3.875 | 02/15/31 | 23280 | 21948568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.000 | 07/15/30 | 2906 | 2775523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.875 | 01/15/28 | 59499 | 59168339 |
| &nbsp;&nbsp; Valvoline, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 3.625 | 06/15/31 | 8935 | 8152638 |

---

See Notes to Financial Statements.

------

PGIM High Yield Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;Rate** | **Maturity**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Commercial Services (cont'd.)** | &nbsp;&nbsp; **Commercial Services (cont'd.)** | &nbsp;&nbsp; **Commercial Services (cont'd.)** | &nbsp;&nbsp; **Commercial Services (cont'd.)** | &nbsp;&nbsp; **Commercial Services (cont'd.)** |
| &nbsp;&nbsp; Veritiv Operating Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 10.500% | 11/30/30 | 20115 | $21776818 |
| &nbsp;&nbsp; VT Topco, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.500 | 08/15/30 | 5565 | 5937428 |
| &nbsp;&nbsp; WEX, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.500 | 03/15/33 | 13452 | 13774116 |
| &nbsp;&nbsp; Williams Scotsman, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.625 | 06/15/29 | 3575 | 3669957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.625 | 04/15/30 | 6309 | 6519011 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841721548 |
| &nbsp;&nbsp; **Computers 0.8%** |  |  |  |  |
| &nbsp;&nbsp; Amentum Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.250 | 08/01/32 | 9075 | 9470937 |
| &nbsp;&nbsp; Fortress Intermediate 3, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 7.500 | 06/01/31 | 20775 | 21876277 |
| &nbsp;&nbsp; McAfee Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.375 | 02/15/30 | 73451 | 67916700 |
| &nbsp;&nbsp; NCR Atleos Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 04/01/29 | 10169 | 11027664 |
| &nbsp;&nbsp; NCR Voyix Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 10/01/28 | 17670 | 17418335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.125 | 04/15/29 | 23221 | 22952423 |
| &nbsp;&nbsp; Seagate Data Storage Technology Pte Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 5.875 | 07/15/30 | 10330 | 10446213 |
|  |  |  |  | 161108549 |
| &nbsp;&nbsp; **Distribution/Wholesale 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Velocity Vehicle Group LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 8.000 | 06/01/29 | 6155 | 6240372 |
| &nbsp;&nbsp; Windsor Holdings III LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.500 | 06/15/30 | 21287 | 22642384 |
|  |  |  |  | 28882756 |
| &nbsp;&nbsp; **Diversified Financial Services 4.8%** |  |  |  |  |
| &nbsp;&nbsp; Azorra Finance Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.250 | 01/15/31 | 12470 | 12858441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.750 | 04/15/30 | 16305 | 17116989 |
| &nbsp;&nbsp; Bread Financial Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.750 | 03/15/29 | 100 | 106851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A(a) | 8.375(ff) | 06/15/35 | 14190 | 14623380 |
| &nbsp;&nbsp; Encore Capital Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 8.500 | 05/15/30 | 9385 | 9914630 |
| &nbsp;&nbsp; Freedom FDG Center LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A^ | 13.000 | 08/10/37 | 24307 | 24307000 |
| &nbsp;&nbsp; Freedom Mortgage Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 8.375 | 04/01/32 | 11056 | 11419387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 9.125 | 05/15/31 | 4315 | 4532147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 9.250 | 02/01/29 | 10750 | 11273088 |
| &nbsp;&nbsp; GGAM Finance Ltd. (Ireland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 8.000 | 02/15/27 | 25500 | 26172945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 8.000 | 06/15/28 | 16500 | 17513430 |
| &nbsp;&nbsp; goeasy Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.875 | 05/15/30 | 14545 | 14754448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.875 | 02/15/31 | 9085 | 9084092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.250 | 12/01/28 | 2535 | 2663651 |

---

See Notes to Financial Statements.

PGIM High Yield Fund 7

------

PGIM High Yield Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;Rate** | **Maturity**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Diversified Financial Services (cont'd.)** | &nbsp;&nbsp; **Diversified Financial Services (cont'd.)** | &nbsp;&nbsp; **Diversified Financial Services (cont'd.)** | &nbsp;&nbsp; **Diversified Financial Services (cont'd.)** | &nbsp;&nbsp; **Diversified Financial Services (cont'd.)** |
| &nbsp;&nbsp; goeasy Ltd. (Canada), (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 7.375% | 10/01/30 | 27645 | $28485961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 7.625 | 07/01/29 | 11225 | 11623488 |
| &nbsp;&nbsp; Jefferies Finance LLC/JFIN Co-Issuer Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 6.625 | 10/15/31 | 11800 | 11844172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 08/15/28 | 15850 | 15402573 |
| &nbsp;&nbsp; LD Holdings Group LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.125 | 04/01/28 | 13087 | 11516888 |
| &nbsp;&nbsp; Macquarie Airfinance Holdings Ltd. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 6.400 | 03/26/29 | 5885 | 6173958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.500 | 03/26/31 | 14787 | 15803404 |
| &nbsp;&nbsp; Nationstar Mortgage Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.125 | 12/15/30 | 61732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62422745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 08/15/28 | 10100 | 10087452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 11/15/31 | 2095 | 2117842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.000 | 01/15/27 | 23295 | 23317591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.500 | 08/01/29 | 10922 | 11185041 |
| &nbsp;&nbsp; Navient Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.875 | 03/15/28 | 33921 | 33312981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.000 | 03/15/27 | 46200 | 45872100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 03/15/29 | 1690 | 1669727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.750 | 06/15/26 | 6172 | 6242490 |
| &nbsp;&nbsp; Nomura Holdings, Inc. (Japan), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 7.000(ff) | 07/15/30(oo) | 7190 | 7360763 |
| &nbsp;&nbsp; OneMain Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.875 | 09/15/28 | 14724 | 14113923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 4.000 | 09/15/30 | 21489 | 19870922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 5.375 | 11/15/29 | 20570 | 20374979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.125 | 05/15/30 | 7392 | 7512308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.625 | 01/15/28 | 3159 | 3240445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.625 | 05/15/29 | 16300 | 16780032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 6.750 | 03/15/32 | 40737 | 41725911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.125 | 03/15/26 | 18011 | 18255829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 7.125 | 09/15/32 | 4415 | 4596189 |
| &nbsp;&nbsp; PennyMac Financial Services, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.250 | 02/15/29 | 49570 | 47788050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 5.750 | 09/15/31 | 10199 | 10001663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 02/15/34 | 11380 | 11457384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875 | 05/15/32 | 34186 | 35025909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.125 | 11/15/30 | 5000 | 5185537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.875 | 12/15/29 | 7000 | 7441425 |
| &nbsp;&nbsp; PHH Escrow Issuer LLC/PHH Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 9.875 | 11/01/29 | 19810 | 19888697 |
| &nbsp;&nbsp; PRA Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 5.000 | 10/01/29 | 13083 | 12270878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.375 | 02/01/28 | 7370 | 7587665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 8.875 | 01/31/30 | 25457 | 26762303 |
| &nbsp;&nbsp; Rocket Cos., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.125 | 08/01/30 | 52500 | 54025515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.375 | 08/01/33 | 17540 | 18201690 |
| &nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 2.875 | 10/15/26 | 40034 | 39174048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 3.625 | 03/01/29 | 11571 | 11035973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.875 | 03/01/31 | 36133 | 33783736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.000 | 10/15/33 | 30090 | 27155349 |

---

See Notes to Financial Statements.

------

PGIM High Yield Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;Rate** | **Maturity**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Diversified Financial Services (cont'd.)** | &nbsp;&nbsp; **Diversified Financial Services (cont'd.)** | &nbsp;&nbsp; **Diversified Financial Services (cont'd.)** | &nbsp;&nbsp; **Diversified Financial Services (cont'd.)** | &nbsp;&nbsp; **Diversified Financial Services (cont'd.)** | &nbsp;&nbsp; **Diversified Financial Services (cont'd.)** |
| &nbsp;&nbsp; United Wholesale Mortgage LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 5.500% | 04/15/29 |  | 1775 | $1749367 |
| &nbsp;&nbsp; UWM Holdings LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.625 | 02/01/30 |  | 9120 | 9266423 |
|  |  |  |  |  | 1005051805 |
| &nbsp;&nbsp; **Electric 3.9%** |  |  |  |  |  |
| &nbsp;&nbsp; Calpine Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.500 | 02/15/28 |  | 8635 | 8555507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 02/01/29 |  | 43590 | 43089697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 5.000 | 02/01/31 |  | 71606 | 71022990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125 | 03/15/28 |  | 123973 | 123840338 |
| &nbsp;&nbsp; Edison International, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes(a) | 8.125(ff) | 06/15/53 |  | 3365 | 3362798 |
| &nbsp;&nbsp; Keystone Power Pass-Through Holders LLC/Conemaugh Power Pass-Through Holders, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, Cash coupon 1.000% and PIK 12.000% | 13.000 | 06/01/28 |  | 10779 | 8925174 |
| &nbsp;&nbsp; NRG Energy, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.750 | 01/15/28 |  | 32025 | 32116229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.375 | 02/15/29 |  | 21891 | 20760053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.625 | 02/15/31 |  | 20528 | 18934691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.875 | 02/15/32 |  | 22128 | 20363018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 06/15/29 |  | 18376 | 18313982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 10.250(ff) | 03/15/28(oo) |  | 36169 | 39857960 |
| &nbsp;&nbsp; PG&E Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 7.375(ff) | 03/15/55 |  | 23825 | 23635364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes(a) | 5.000 | 07/01/28 |  | 21175 | 20940566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes(a) | 5.250 | 07/01/30 |  | 9000 | 8776045 |
| &nbsp;&nbsp; Vistra Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 7.000(ff) | 12/15/26(oo) |  | 68094 | 69028983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 8.000(ff) | 10/15/26(oo) |  | 42819 | 43819320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | 8.875(ff) | 01/15/29(oo) |  | 28025 | 30554250 |
| &nbsp;&nbsp; Vistra Operations Co. LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.375 | 05/01/29 |  | 21375 | 20904594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 07/31/27 |  | 121462 | 121195336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 09/01/26 |  | 9690 | 9696046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.625 | 02/15/27 |  | 57680 | 57661630 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815354571 |
| &nbsp;&nbsp; **Electrical Components & Equipment 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp; Energizer Gamma Acquisition BV, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.500 | 06/30/29 | EUR | 5555 | 6320760 |
| &nbsp;&nbsp; Energizer Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.375 | 03/31/29 |  | 8072 | 7730441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.750 | 06/15/28 |  | 1425 | 1400356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.500 | 12/31/27 |  | 1810 | 1827318 |
| &nbsp;&nbsp; EnerSys, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.625 | 01/15/32 |  | 4015 | 4141147 |
| &nbsp;&nbsp; WESCO Distribution, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.375 | 03/15/29 |  | 10720 | 11049044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.375 | 03/15/33 |  | 8060 | 8354814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.625 | 03/15/32 |  | 11180 | 11626201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.250 | 06/15/28 |  | 19182 | 19469433 |
|  |  |  |  |  | 71919514 |

---

See Notes to Financial Statements.

PGIM High Yield Fund 9

------

PGIM High Yield Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;Rate** | **Maturity**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Electronics 0.1%** | &nbsp;&nbsp; **Electronics 0.1%** | &nbsp;&nbsp; **Electronics 0.1%** | &nbsp;&nbsp; **Electronics 0.1%** | &nbsp;&nbsp; **Electronics 0.1%** |
| &nbsp;&nbsp; Coherent Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 5.000% | 12/15/29 | 9140 | $8988504 |
| &nbsp;&nbsp; Sensata Technologies BV, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.000 | 04/15/29 | 9150 | 8759844 |
| &nbsp;&nbsp; Sensata Technologies, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 3.750 | 02/15/31 | 8175 | 7515156 |
|  |  |  |  | 25263504 |
| &nbsp;&nbsp; **Engineering & Construction 0.2%** |  |  |  |  |
| &nbsp;&nbsp; AECOM, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.000 | 08/01/33 | 7389 | 7526027 |
| &nbsp;&nbsp; Brundage-Bone Concrete Pumping Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500 | 02/01/32 | 7540 | 7527485 |
| &nbsp;&nbsp; TopBuild Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 3.625 | 03/15/29 | 13983 | 13348888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.125 | 02/15/32 | 8000 | 7462191 |
|  |  |  |  | 35864591 |
| &nbsp;&nbsp; **Entertainment 2.8%** |  |  |  |  |
| &nbsp;&nbsp; Brightstar Lottery PLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.250 | 01/15/27 | 5230 | 5276024 |
| &nbsp;&nbsp; Caesars Entertainment, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.625 | 10/15/29 | 82390 | 78607697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 6.500 | 02/15/32 | 6204 | 6360915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 02/15/30 | 52667 | 54498582 |
| &nbsp;&nbsp; CCM Merger, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.375 | 05/01/26 | 21770 | 21767301 |
| &nbsp;&nbsp; Churchill Downs, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 5.750 | 04/01/30 | 11012 | 11024683 |
| &nbsp;&nbsp; Jacobs Entertainment, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 02/15/29 | 24010 | 23294842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 02/15/29 | 16535 | 16077405 |
| &nbsp;&nbsp; Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.875 | 05/01/29 | 51254 | 49582281 |
| &nbsp;&nbsp; Penn Entertainment, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 4.125 | 07/01/29 | 4216 | 3928678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 5.625 | 01/15/27 | 54299 | 54274068 |
| &nbsp;&nbsp; Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 09/01/31 | 22825 | 13564072 |
| &nbsp;&nbsp; Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 6.625 | 02/01/33 | 40715 | 41200595 |
| &nbsp;&nbsp; Scientific Games Holdings LP/Scientific Games US FinCo, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.625 | 03/01/30 | 26348 | 25293040 |
| &nbsp;&nbsp; Voyager Parent LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.250 | 07/01/32 | 37475 | 39557193 |
| &nbsp;&nbsp; Warnermedia Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.141 | 03/15/52 | 97312 | 60759446 |
| &nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 5.125 | 10/01/29 | 32036 | 32001529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.250 | 03/15/33 | 17519 | 17741913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.125 | 02/15/31 | 17165 | 18468985 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573279249 |
| &nbsp;&nbsp; **Environmental Control 0.8%** |  |  |  |  |
| &nbsp;&nbsp; GFL Environmental, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.000 | 08/01/28 | 18010 | 17538318 |

---

See Notes to Financial Statements.

------

PGIM High Yield Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;Rate** | **Maturity**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Environmental Control (cont'd.)** | &nbsp;&nbsp; **Environmental Control (cont'd.)** | &nbsp;&nbsp; **Environmental Control (cont'd.)** | &nbsp;&nbsp; **Environmental Control (cont'd.)** | &nbsp;&nbsp; **Environmental Control (cont'd.)** | &nbsp;&nbsp; **Environmental Control (cont'd.)** |
| &nbsp;&nbsp; GFL Environmental, Inc., (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.375% | 08/15/29 |  | 41706 | $40531559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.750 | 06/15/29 |  | 9690 | 9530890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 6.750 | 01/15/31 |  | 6435 | 6700444 |
| &nbsp;&nbsp; Reworld Holding Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.000 | 09/01/30 |  | 19219 | 18361018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.875 | 12/01/29 |  | 47056 | 45552567 |
| &nbsp;&nbsp; Waste Pro USA, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 7.000 | 02/01/33 |  | 10095 | 10551468 |
| &nbsp;&nbsp; Wrangler Holdco Corp. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.625 | 04/01/32 |  | 6185 | 6424669 |
|  |  |  |  |  | 155190933 |
| &nbsp;&nbsp; **Foods 1.5%** |  |  |  |  |  |
| &nbsp;&nbsp; Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.625 | 01/15/27 |  | 11776 | 11710929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 5.875 | 02/15/28 |  | 1681 | 1681228 |
| &nbsp;&nbsp; B&G Foods, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 09/15/27 |  | 95650 | 91466787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 8.000 | 09/15/28 |  | 26375 | 25942009 |
| &nbsp;&nbsp; Bellis Acquisition Co. PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 8.000 | 07/01/31 | EUR | 13465 | 15870849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 8.125 | 05/14/30 | GBP | 14002 | 18049817 |
| &nbsp;&nbsp; Lamb Weston Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 01/31/30 |  | 2296 | 2202127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.375 | 01/31/32 |  | 6655 | 6258728 |
| &nbsp;&nbsp; Pilgrim's Pride Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.500 | 03/01/32 |  | 28852 | 26115055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.250 | 04/15/31 |  | 27663 | 26668853 |
| &nbsp;&nbsp; Post Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 04/15/30 |  | 41306 | 39823153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 12/15/29 |  | 12350 | 12321289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.250 | 10/15/34 |  | 10590 | 10696932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.375 | 03/01/33 |  | 2973 | 3009653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.500 | 09/15/31 |  | 21316 | 19880619 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311698028 |
| &nbsp;&nbsp; **Forest Products & Paper 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Magnera Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 7.250 | 11/15/31 |  | 21300 | 20164410 |
| &nbsp;&nbsp; **Gas 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; AmeriGas Partners LP/AmeriGas Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.750 | 05/20/27 |  | 12042 | 12014907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 9.500 | 06/01/30 |  | 11085 | 11606295 |
| &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500 | 05/01/33 |  | 21236 | 23303962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 7.750 | 05/01/35 |  | 16834 | 18748376 |
|  |  |  |  |  | 65673540 |
| &nbsp;&nbsp; **Healthcare-Products 0.8%** |  |  |  |  |  |
| &nbsp;&nbsp; Medline Borrower LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875 | 04/01/29 |  | 172052 | 165319083 |
| &nbsp;&nbsp; Medline Borrower LP/Medline Co-Issuer, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 6.250 | 04/01/29 |  | 1650 | 1696220 |
|  |  |  |  |  | 167015303 |

---

See Notes to Financial Statements.

PGIM High Yield Fund 11

------

PGIM High Yield Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;Rate** | **Maturity**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Healthcare-Services 3.6%** | &nbsp;&nbsp; **Healthcare-Services 3.6%** | &nbsp;&nbsp; **Healthcare-Services 3.6%** | &nbsp;&nbsp; **Healthcare-Services 3.6%** | &nbsp;&nbsp; **Healthcare-Services 3.6%** |
| &nbsp;&nbsp; CHS/Community Health Systems, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.000% | 01/15/29 | 3675 | $3545110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.750 | 01/15/34 | 44655 | 45305635 |
| &nbsp;&nbsp; DaVita, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.750 | 02/15/31 | 127162 | 115997773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 06/01/30 | 112794 | 108585258 |
| &nbsp;&nbsp; HCA, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.500 | 11/06/33 | 11800 | 13488387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | 7.580 | 09/15/25 | 7101 | 7106676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | 7.750 | 07/15/36 | 25990 | 30010069 |
| &nbsp;&nbsp; LifePoint Health, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 01/15/29 | 72015 | 68476586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.375 | 02/15/32 | 10494 | 11133895 |
| &nbsp;&nbsp; MPH Acquisition Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.750 | 12/31/30 | 37936 | 33223519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 6.500% and PIK 5.000% | 11.500 | 12/31/30 | 23692 | 24112423 |
| &nbsp;&nbsp; Prime Healthcare Services, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 9.375 | 09/01/29 | 46210 | 47698007 |
| &nbsp;&nbsp; Select Medical Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 12/01/32 | 1370 | 1377158 |
| &nbsp;&nbsp; Tenet Healthcare Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.250 | 06/01/29 | 75628 | 73654869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.375 | 01/15/30 | 124117 | 120445963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.625 | 06/15/28 | 7143 | 7063376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 6.875 | 11/15/31 | 40341 | 43316254 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754540958 |
| &nbsp;&nbsp; **Holding Companies-Diversified 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Clue Opco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 10/15/31 | 70046 | 74592479 |
| &nbsp;&nbsp; **Home Builders 3.9%** |  |  |  |  |
| &nbsp;&nbsp; Ashton Woods USA LLC/Ashton Woods Finance Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 08/01/29 | 21061 | 20276147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 04/01/30 | 19372 | 18309252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 6.625 | 01/15/28 | 11883 | 11943944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.875 | 08/01/33 | 24485 | 24537396 |
| &nbsp;&nbsp; Beazer Homes USA, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 5.875 | 10/15/27 | 43153 | 43060106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 7.250 | 10/15/29 | 76643 | 77519865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 7.500 | 03/15/31 | 16350 | 16588094 |
| &nbsp;&nbsp; Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.875 | 02/15/30 | 71821 | 65947479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 09/15/27 | 16193 | 16136972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 06/15/29 | 21994 | 20625533 |
| &nbsp;&nbsp; Empire Communities Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 9.750 | 05/01/29 | 19585 | 20101457 |
| &nbsp;&nbsp; Forestar Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 03/01/28 | 41915 | 41609522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.500 | 03/15/33 | 33295 | 33920226 |
| &nbsp;&nbsp; KB Home, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 4.000 | 06/15/31 | 19356 | 18059150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.800 | 11/15/29 | 29269 | 28848032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.875 | 06/15/27 | 12836 | 13136961 |
| &nbsp;&nbsp; M/I Homes, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.950 | 02/15/30 | 5017 | 4731969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.950 | 02/01/28 | 28261 | 27972723 |

---

See Notes to Financial Statements.

------

PGIM High Yield Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;Rate** | **Maturity**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Home Builders (cont'd.)** | &nbsp;&nbsp; **Home Builders (cont'd.)** | &nbsp;&nbsp; **Home Builders (cont'd.)** | &nbsp;&nbsp; **Home Builders (cont'd.)** | &nbsp;&nbsp; **Home Builders (cont'd.)** |
| &nbsp;&nbsp; Mattamy Group Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625% | 03/01/30 | 63135 | $60733976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.250 | 12/15/27 | 36341 | 36190912 |
| &nbsp;&nbsp; New Home Co., Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.500 | 11/01/30 | 10645 | 11037526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 9.250 | 10/01/29 | 15005 | 15850892 |
| &nbsp;&nbsp; Shea Homes LP/Shea Homes Funding Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 4.750 | 02/15/28 | 36510 | 36045660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 4.750 | 04/01/29 | 19834 | 19328664 |
| &nbsp;&nbsp; STL Holding Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.750 | 02/15/29 | 23077 | 24210205 |
| &nbsp;&nbsp; Taylor Morrison Communities, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 01/15/28 | 13944 | 14137943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 06/15/27 | 31369 | 31629806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125 | 08/01/30 | 24014 | 23947937 |
| &nbsp;&nbsp; Tri Pointe Homes, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 06/01/27 | 6603 | 6609211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.700 | 06/15/28 | 32042 | 32573071 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815620631 |
| &nbsp;&nbsp; **Home Furnishings 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Whirlpool Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 6.125 | 06/15/30 | 4295 | 4349714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 6.500 | 06/15/33 | 31625 | 31810410 |
|  |  |  |  | 36160124 |
| &nbsp;&nbsp; **Household Products/Wares 0.5%** |  |  |  |  |
| &nbsp;&nbsp; ACCO Brands Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.250 | 03/15/29 | 56344 | 50582669 |
| &nbsp;&nbsp; Kronos Acquisition Holdings, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.250 | 06/30/31 | 14845 | 11096637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 10.750 | 06/30/32 | 49083 | 24808512 |
| &nbsp;&nbsp; Spectrum Brands, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 3.875 | 03/15/31 | 8050 | 6445000 |
|  |  |  |  | 92932818 |
| &nbsp;&nbsp; **Housewares 0.9%** |  |  |  |  |
| &nbsp;&nbsp; Newell Brands, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 6.375 | 05/15/30 | 13275 | 13105030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 6.625 | 05/15/32 | 24624 | 24111103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 7.000 | 04/01/46 | 15750 | 13699922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.500 | 06/01/28 | 7195 | 7604824 |
| &nbsp;&nbsp; Scotts Miracle-Gro Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 4.000 | 04/01/31 | 58993 | 54246327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 4.375 | 02/01/32 | 36025 | 33249041 |
| &nbsp;&nbsp; SWF Holdings I Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.500 | 10/01/29 | 84380 | 33799867 |
|  |  |  |  | 179816114 |
| &nbsp;&nbsp; **Insurance 0.8%** |  |  |  |  |
| &nbsp;&nbsp; Acrisure LLC/Acrisure Finance, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500 | 11/06/30 | 18931 | 19643481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.250 | 02/01/29 | 78275 | 81414600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.500 | 06/15/29 | 12634 | 13289661 |

---

See Notes to Financial Statements.

PGIM High Yield Fund 13

------

PGIM High Yield Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;Rate** | **Maturity**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Insurance (cont'd.)** | &nbsp;&nbsp; **Insurance (cont'd.)** | &nbsp;&nbsp; **Insurance (cont'd.)** | &nbsp;&nbsp; **Insurance (cont'd.)** | &nbsp;&nbsp; **Insurance (cont'd.)** |
| &nbsp;&nbsp; AmWINS Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 4.875% | 06/30/29 | 22525 | $21965129 |
| &nbsp;&nbsp; Ardonagh Finco Ltd. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.750 | 02/15/31 | 11335 | 11857657 |
| &nbsp;&nbsp; BroadStreet Partners, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.875 | 04/15/29 | 19491 | 19394802 |
|  |  |  |  | 167565330 |
| &nbsp;&nbsp; **Internet 0.7%** |  |  |  |  |
| &nbsp;&nbsp; Cablevision Lightpath LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875 | 09/15/27 | 47650 | 46977444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.625 | 09/15/28 | 26683 | 26477774 |
| &nbsp;&nbsp; Gen Digital, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 04/01/33 | 16680 | 17156861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.750 | 09/30/27 | 6950 | 7073097 |
| &nbsp;&nbsp; Go Daddy Operating Co. LLC/GD Finance Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 3.500 | 03/01/29 | 17687 | 16766293 |
| &nbsp;&nbsp; Snap, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.875 | 03/01/33 | 19365 | 19599307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.875 | 03/15/34 | 14045 | 14079855 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148130631 |
| &nbsp;&nbsp; **Iron/Steel 1.0%** |  |  |  |  |
| &nbsp;&nbsp; Big River Steel LLC/BRS Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.625 | 01/31/29 | 41126 | 41220859 |
| &nbsp;&nbsp; Champion Iron Canada, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.875 | 07/15/32 | 16470 | 17136706 |
| &nbsp;&nbsp; Cleveland-Cliffs, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 04/15/30 | 28560 | 28873333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.875 | 11/01/29 | 16560 | 16808460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.000 | 03/15/32 | 16075 | 16012128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.375 | 05/01/33 | 18691 | 18639423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.500 | 09/15/31 | 26270 | 26641535 |
| &nbsp;&nbsp; Mineral Resources Ltd. (Australia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 8.125 | 05/01/27 | 8395 | 8398946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 9.250 | 10/01/28 | 30534 | 31853374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN(a) | 8.000 | 11/01/27 | 8130 | 8269917 |
|  |  |  |  | 213854681 |
| &nbsp;&nbsp; **Leisure Time 2.2%** |  |  |  |  |
| &nbsp;&nbsp; Amer Sports Co. (Finland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 6.750 | 02/16/31 | 15657 | 16336201 |
| &nbsp;&nbsp; Carnival Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 5.750 | 03/15/30 | 26023 | 26592253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.000 | 08/01/28 | 64596 | 63342469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 08/01/32 | 30839 | 31347843 |
| &nbsp;&nbsp; Lindblad Expeditions LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 02/15/27 | 5350 | 5389715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 09/15/30 | 17120 | 17527891 |
| &nbsp;&nbsp; NCL Corp. Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 5.875 | 03/15/26 | 12683 | 12689342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 5.875 | 02/15/27 | 14686 | 14663384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.125 | 01/15/29 | 13025 | 13651763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 03/01/30 | 19786 | 20107522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 6.750 | 02/01/32 | 20980 | 21571846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 7.750 | 02/15/29 | 35280 | 37617300 |

---

See Notes to Financial Statements.

------

PGIM High Yield Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;Rate** | **Maturity**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Leisure Time (cont'd.)** | &nbsp;&nbsp; **Leisure Time (cont'd.)** | &nbsp;&nbsp; **Leisure Time (cont'd.)** | &nbsp;&nbsp; **Leisure Time (cont'd.)** | &nbsp;&nbsp; **Leisure Time (cont'd.)** |
| &nbsp;&nbsp; NCL Finance Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.125% | 03/15/28 | 24269 | $24634248 |
| &nbsp;&nbsp; Royal Caribbean Cruises Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.375 | 07/15/27 | 14200 | 14311095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 5.500 | 04/01/28 | 6155 | 6264563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.625 | 09/30/31 | 21781 | 22123397 |
| &nbsp;&nbsp; Viking Cruises Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 09/15/27 | 31867 | 31820156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.125 | 07/15/31 | 18735 | 20111835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 7.000 | 02/15/29 | 14225 | 14308927 |
| &nbsp;&nbsp; Viking Ocean Cruises Ship VII Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.625 | 02/15/29 | 30373 | 30342931 |
| &nbsp;&nbsp; VOC Escrow Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.000 | 02/15/28 | 16450 | 16325638 |
|  |  |  |  | 461080319 |
| &nbsp;&nbsp; **Lodging 1.4%** |  |  |  |  |
| &nbsp;&nbsp; Boyd Gaming Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.750 | 06/15/31 | 42140 | 40575840 |
| &nbsp;&nbsp; Hilton Domestic Operating Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.625 | 02/15/32 | 36540 | 33337154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 09/15/33 | 1035 | 1044177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 04/01/29 | 13360 | 13615575 |
| &nbsp;&nbsp; MGM Resorts International, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 4.625 | 09/01/26 | 1920 | 1913360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 4.750 | 10/15/28 | 53292 | 52976664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 5.500 | 04/15/27 | 41825 | 42087801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 6.125 | 09/15/29 | 18460 | 18858728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 6.500 | 04/15/32 | 30795 | 31581480 |
| &nbsp;&nbsp; Wynn Macau Ltd. (Macau), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125 | 12/15/29 | 3662 | 3541612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 5.500 | 10/01/27 | 14965 | 14908881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 5.625 | 08/26/28 | 38710 | 38437288 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292878560 |
| &nbsp;&nbsp; **Machinery-Construction & Mining 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Terex Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 05/15/29 | 26280 | 25858673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.250 | 10/15/32 | 15465 | 15654313 |
| &nbsp;&nbsp; Vertiv Group Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.125 | 11/15/28 | 3350 | 3270717 |
|  |  |  |  | 44783703 |
| &nbsp;&nbsp; **Machinery-Diversified 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Chart Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 9.500 | 01/01/31 | 9549 | 10235130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500 | 01/01/30 | 27175 | 28453867 |
| &nbsp;&nbsp; GrafTech Finance, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.625 | 12/23/29 | 44487 | 31575615 |
| &nbsp;&nbsp; Maxim Crane Works Holdings Capital LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 11.500 | 09/01/28 | 35900 | 38050910 |
|  |  |  |  | 108315522 |

---

See Notes to Financial Statements.

PGIM High Yield Fund 15

------

PGIM High Yield Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;Rate** | **Maturity**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Media 4.0%** | &nbsp;&nbsp; **Media 4.0%** | &nbsp;&nbsp; **Media 4.0%** | &nbsp;&nbsp; **Media 4.0%** | &nbsp;&nbsp; **Media 4.0%** |
| &nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 4.500% | 05/01/32 | 38795 | $35489733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.250 | 02/01/31 | 643 | 593360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.750 | 03/01/30 | 1277 | 1228342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 5.000 | 02/01/28 | 43236 | 42899253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125 | 05/01/27 | 8378 | 8337123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.375 | 06/01/29 | 1621 | 1607981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 5.500 | 05/01/26 | 22685 | 22706275 |
| &nbsp;&nbsp; CSC Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.375 | 02/15/31 | 9213 | 5895029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 12/01/30 | 12965 | 8531999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 02/01/28 | 22356 | 20601047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 04/15/27 | 79195 | 76221359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.500 | 02/01/29 | 960 | 756005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 12/01/30 | 115940 | 50883785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 11/15/31 | 14570 | 6375165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 01/15/30 | 36442 | 17098350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.500 | 04/01/28 | 14847 | 11969803 |
| &nbsp;&nbsp; DISH DBS Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.125 | 06/01/29 | 46994 | 38748439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.375 | 07/01/28 | 27285 | 24695379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.750 | 07/01/26 | 175096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170238137 |
| &nbsp;&nbsp; DISH Network Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 11.750 | 11/15/27 | 31800 | 33635395 |
| &nbsp;&nbsp; Gray Media, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 11/15/31 | 14455 | 10664047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 9.625 | 07/15/32 | 10695 | 10748280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.250 | 08/15/33 | 9335 | 9203608 |
| &nbsp;&nbsp; iHeartCommunications, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.750 | 08/15/30 | 21523 | 17075284 |
| &nbsp;&nbsp; News Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.875 | 05/15/29 | 1863 | 1797452 |
| &nbsp;&nbsp; Radiate Holdco LLC/Radiate Finance, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.250 | 03/25/30 | 55993 | 34965053 |
| &nbsp;&nbsp; Sinclair Television Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 8.125 | 02/15/33 | 26970 | 27638277 |
| &nbsp;&nbsp; Univision Communications, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 4.500 | 05/01/29 | 17932 | 16866771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 08/15/28 | 12640 | 13116074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 9.375 | 08/01/32 | 39045 | 41148671 |
| &nbsp;&nbsp; Virgin Media Secured Finance PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 05/15/29 | 38418 | 37699199 |
| &nbsp;&nbsp; VZ Secured Financing BV (Netherlands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.000 | 01/15/32 | 24165 | 21349294 |
| &nbsp;&nbsp; Ziggo Bond Co. BV (Netherlands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 5.125 | 02/28/30 | 1800 | 1580976 |
|  |  |  |  | 822364945 |
| &nbsp;&nbsp; **Metal Fabricate/Hardware 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Roller Bearing Co. of America, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.375 | 10/15/29 | 16098 | 15648426 |
| &nbsp;&nbsp; **Mining 1.6%** |  |  |  |  |
| &nbsp;&nbsp; Arsenal AIC Parent LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 8.000 | 10/01/30 | 5210 | 5524275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | 11.500 | 10/01/31 | 18513 | 20611933 |
| &nbsp;&nbsp; Capstone Copper Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 03/31/33 | 10635 | 10925442 |

---

See Notes to Financial Statements.

------

PGIM High Yield Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;Rate** | **Maturity**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Mining (cont'd.)** | &nbsp;&nbsp; **Mining (cont'd.)** | &nbsp;&nbsp; **Mining (cont'd.)** | &nbsp;&nbsp; **Mining (cont'd.)** | &nbsp;&nbsp; **Mining (cont'd.)** |
| &nbsp;&nbsp; Century Aluminum Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 6.875% | 08/01/32 | 9990 | $10233507 |
| &nbsp;&nbsp; Eldorado Gold Corp. (Turkey), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 6.250 | 09/01/29 | 25647 | 25743176 |
| &nbsp;&nbsp; First Quantum Minerals Ltd. (Zambia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.250 | 02/15/34 | 15630 | 15727687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.000 | 03/01/33 | 23914 | 24792839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 8.625 | 06/01/31 | 21500 | 22413750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 9.375 | 03/01/29 | 20930 | 22183707 |
| &nbsp;&nbsp; Hecla Mining Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.250 | 02/15/28 | 11857 | 12007305 |
| &nbsp;&nbsp; Hudbay Minerals, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 04/01/26 | 44707 | 44386451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.125 | 04/01/29 | 41755 | 42077349 |
| &nbsp;&nbsp; New Gold, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.875 | 04/01/32 | 6740 | 7023687 |
| &nbsp;&nbsp; Novelis Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.875 | 08/15/31 | 7674 | 6964181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.750 | 01/30/30 | 35450 | 34111629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.375 | 08/15/33 | 12800 | 12925790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.875 | 01/30/30 | 11725 | 12166253 |
| &nbsp;&nbsp; Taseko Mines Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.250 | 05/01/30 | 9335 | 9789054 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339608015 |
| &nbsp;&nbsp; **Miscellaneous Manufacturing 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Amsted Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 05/15/30 | 28647 | 27675463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.375 | 03/15/33 | 7000 | 7182693 |
| &nbsp;&nbsp; Axon Enterprise, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.125 | 03/15/30 | 13950 | 14370471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 6.250 | 03/15/33 | 10885 | 11257097 |
| &nbsp;&nbsp; Trinity Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.750 | 07/15/28 | 25330 | 26239082 |
|  |  |  |  | 86724806 |
| &nbsp;&nbsp; **Office/Business Equipment 0.1%** |  |  |  |  |
| &nbsp;&nbsp; CDW LLC/CDW Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.250 | 02/15/29 | 3240 | 3100542 |
| &nbsp;&nbsp; Zebra Technologies Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.500 | 06/01/32 | 9030 | 9272347 |
|  |  |  |  | 12372889 |
| &nbsp;&nbsp; **Oil & Gas 5.2%** |  |  |  |  |
| &nbsp;&nbsp; Aethon United BR LP/Aethon United Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.500 | 10/01/29 | 21104 | 22054181 |
| &nbsp;&nbsp; Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes^ | 7.875 | 12/15/24(d) | 104709 | 105 |
| &nbsp;&nbsp; Ascent Resources Utica Holdings LLC/ARU Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.000 | 11/01/27 | 34723 | 41938468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.625 | 10/15/32 | 15150 | 15425478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.625 | 07/15/33 | 14885 | 15152432 |
| &nbsp;&nbsp; Baytex Energy Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.375 | 03/15/32 | 2200 | 2141634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 8.500 | 04/30/30 | 4325 | 4402115 |

---

See Notes to Financial Statements.

PGIM High Yield Fund 17

------

PGIM High Yield Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;Rate** | **Maturity**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Oil & Gas (cont'd.)** | &nbsp;&nbsp; **Oil & Gas (cont'd.)** | &nbsp;&nbsp; **Oil & Gas (cont'd.)** | &nbsp;&nbsp; **Oil & Gas (cont'd.)** | &nbsp;&nbsp; **Oil & Gas (cont'd.)** |
| &nbsp;&nbsp; CITGO Petroleum Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.375% | 06/15/26 | 726 | $725984 |
| &nbsp;&nbsp; Civitas Resources, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 10/15/26 | 9000 | 8985793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.375 | 07/01/28 | 34170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35471326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 8.625 | 11/01/30 | 13305 | 13850470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.625 | 06/15/33 | 22460 | 23763325 |
| &nbsp;&nbsp; CNX Resources Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.250 | 03/01/32 | 12400 | 12870439 |
| &nbsp;&nbsp; Comstock Resources, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 5.875 | 01/15/30 | 24875 | 23344849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.750 | 03/01/29 | 32042 | 31627325 |
| &nbsp;&nbsp; Crescent Energy Finance LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.375 | 01/15/33 | 22469 | 21972797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.625 | 04/01/32 | 24285 | 24191144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.375 | 01/15/34 | 12310 | 12498464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 9.250 | 02/15/28 | 22141 | 23122695 |
| &nbsp;&nbsp; Diamond Foreign Asset Co./Diamond Finance LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A(a) | 8.500 | 10/01/30 | 10815 | 11454167 |
| &nbsp;&nbsp; EQT Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.500 | 06/01/27 | 7125 | 7246967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 7.500 | 06/01/30 | 6301 | 6938760 |
| &nbsp;&nbsp; Expand Energy Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.750 | 02/01/32 | 8695 | 8468300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.375 | 03/15/30 | 18701 | 18905387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 02/01/29 | 3645 | 3661093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 04/15/29 | 3909 | 3950470 |
| &nbsp;&nbsp; Hilcorp Energy I LP/Hilcorp Finance Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 02/01/29 | 28950 | 28624763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 04/15/30 | 15606 | 15455425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 02/01/31 | 26190 | 25258673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 11/01/28 | 45198 | 45447847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 04/15/32 | 23600 | 22621976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.875 | 05/15/34 | 6400 | 6140698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 7.250 | 02/15/35 | 6295 | 6155208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.375 | 11/01/33 | 5991 | 6260606 |
| &nbsp;&nbsp; Matador Resources Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.500 | 04/15/32 | 16635 | 16883633 |
| &nbsp;&nbsp; MEG Energy Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 02/01/29 | 8500 | 8559840 |
| &nbsp;&nbsp; Nabors Industries Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.500 | 01/15/28 | 25818 | 25855178 |
| &nbsp;&nbsp; Nabors Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.375 | 05/15/27 | 11475 | 11665615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.875 | 08/15/31 | 16660 | 15026020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 9.125 | 01/31/30 | 47570 | 48724972 |
| &nbsp;&nbsp; New Generation Gas Gathering LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%) | 9.955 | 09/30/29 | 1719 | 1693134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ | 10.058(c) | 09/30/29 | 5730 | 5643784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ | 10.058(c) | 09/30/29 | 6876 | 6772540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ | 10.058(c) | 09/30/29 | 5730 | 5643783 |
| &nbsp;&nbsp; Noble Finance II LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.000 | 04/15/30 | 23385 | 24236091 |
| &nbsp;&nbsp; Occidental Petroleum Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.125 | 10/15/27 | 1230 | 1288996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.200 | 04/01/28 | 2400 | 2524801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.950 | 04/15/29 | 8558 | 9393887 |
| &nbsp;&nbsp; Parkland Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.500 | 10/01/29 | 44455 | 43238711 |

---

See Notes to Financial Statements.

------

PGIM High Yield Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;Rate** | **Maturity**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Oil & Gas (cont'd.)** | &nbsp;&nbsp; **Oil & Gas (cont'd.)** | &nbsp;&nbsp; **Oil & Gas (cont'd.)** | &nbsp;&nbsp; **Oil & Gas (cont'd.)** | &nbsp;&nbsp; **Oil & Gas (cont'd.)** | &nbsp;&nbsp; **Oil & Gas (cont'd.)** | &nbsp;&nbsp; **Oil & Gas (cont'd.)** |
| &nbsp;&nbsp; Parkland Corp. (Canada), (cont'd.) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.625% | 05/01/30 |  | 28475 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27611923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 07/15/27 |  | 1425 |  | 1423262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.625 | 08/15/32 |  | 7095 |  | 7300897 |
| &nbsp;&nbsp; Permian Resources Operating LLC, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 02/01/33 |  | 11800 |  | 12049126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 01/15/32 |  | 12525 |  | 12975534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.000 | 04/15/27 |  | 9400 |  | 9571577 |
| &nbsp;&nbsp; Precision Drilling Corp. (Canada), |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875 | 01/15/29 |  | 19185 |  | 19285146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.125 | 01/15/26 |  | 5082 |  | 5081593 |
| &nbsp;&nbsp; Range Resources Corp., |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.750 | 02/15/30 |  | 1875 |  | 1831158 |
| &nbsp;&nbsp; SM Energy Co., |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 6.750 | 08/01/29 |  | 9240 |  | 9332396 |
| &nbsp;&nbsp; Sunoco LP, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.250 | 07/01/33 |  | 10685 |  | 10923064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 05/01/29 |  | 17975 |  | 18687530 |
| &nbsp;&nbsp; Sunoco LP/Sunoco Finance Corp., |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 05/15/29 |  | 23108 |  | 22538783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 4.500 | 04/30/30 |  | 29800 |  | 28786535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.875 | 03/15/28 |  | 6286 |  | 6311636 |
| &nbsp;&nbsp; Transocean, Inc., |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.000 | 02/01/27 |  | 1172 |  | 1167347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.250 | 05/15/29 |  | 56545 |  | 54701633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.500 | 05/15/31 |  | 16445 |  | 15427466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 8.750 | 02/15/30 |  | 11363 |  | 11997550 |
| &nbsp;&nbsp; Valaris Ltd., |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A(a) | 8.375 | 04/30/30 |  | 11475 |  | 11896133 |
| &nbsp;&nbsp; Vital Energy, Inc., |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 9.750 | 10/15/30 |  | 7200 |  | 7501248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.875 | 04/15/32 |  | 11150 |  | 11003922 |
|  |  |  |  |  |  | 1084685808 |
| &nbsp;&nbsp; **Oil & Gas Services 0.0%** | &nbsp;&nbsp; **Oil & Gas Services 0.0%** | &nbsp;&nbsp; **Oil & Gas Services 0.0%** | &nbsp;&nbsp; **Oil & Gas Services 0.0%** | &nbsp;&nbsp; **Oil & Gas Services 0.0%** | &nbsp;&nbsp; **Oil & Gas Services 0.0%** | &nbsp;&nbsp; **Oil & Gas Services 0.0%** |
| &nbsp;&nbsp; Tidewater, Inc., |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 9.125 | 07/15/30 |  | 8910 |  | 9520371 |
| &nbsp;&nbsp; **Packaging & Containers 1.9%** |  |  |  |  |  |  |
| &nbsp;&nbsp; ARD Finance SA (Luxembourg), |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 6.500% or PIK 7.250% | 6.500 | 06/30/27 |  | 44489 |  | 1612721 |
| &nbsp;&nbsp; Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 2.125 | 08/15/26 | EUR | 18975 |  | 21610139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 2.125 | 08/15/26 | EUR | 400 |  | 456862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.125 | 08/15/26 |  | 24697 |  | 23691585 |
| &nbsp;&nbsp; Ball Corp., |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.500 | 09/15/33 |  | 7105 |  | 7199600 |
| &nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.750 | 04/15/30 |  | 28240 |  | 29120366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 04/15/32 |  | 24025 |  | 24673631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.875 | 01/15/30 |  | 2600 |  | 2675374 |
| &nbsp;&nbsp; Graham Packaging Co., Inc., |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.125 | 08/15/28 |  | 14205 |  | 14214291 |
| &nbsp;&nbsp; Iris Holding, Inc., |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 10.000 | 12/15/28 |  | 23298 |  | 21369465 |
| &nbsp;&nbsp; LABL, Inc., |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.875 | 11/01/28 |  | 18740 |  | 14834267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 8.625 | 10/01/31 |  | 20825 |  | 15356636 |

---

See Notes to Financial Statements.

PGIM High Yield Fund 19

------

PGIM High Yield Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;Rate** | **Maturity**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Packaging & Containers (cont'd.)** | &nbsp;&nbsp; **Packaging & Containers (cont'd.)** | &nbsp;&nbsp; **Packaging & Containers (cont'd.)** | &nbsp;&nbsp; **Packaging & Containers (cont'd.)** | &nbsp;&nbsp; **Packaging & Containers (cont'd.)** |
| &nbsp;&nbsp; LABL, Inc., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500% | 11/01/28 | 7750 | $6476810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 10.500 | 07/15/27 | 43141 | 38402926 |
| &nbsp;&nbsp; Mauser Packaging Solutions Holding Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 7.875 | 04/15/27 | 45560 | 46149535 |
| &nbsp;&nbsp; OI European Group BV, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.750 | 02/15/30 | 10400 | 9800960 |
| &nbsp;&nbsp; Owens-Brockway Glass Container, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.625 | 05/13/27 | 980 | 980238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.250 | 05/15/31 | 2175 | 2213926 |
| &nbsp;&nbsp; Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo US LLC (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 05/15/30 | 22250 | 22234202 |
| &nbsp;&nbsp; Trident TPI Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 12.750 | 12/31/28 | 73268 | 78682544 |
| &nbsp;&nbsp; TriMas Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.125 | 04/15/29 | 6675 | 6416054 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388172132 |
| &nbsp;&nbsp; **Pharmaceuticals 1.8%** |  |  |  |  |
| &nbsp;&nbsp; 1261229 BC Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(x) | 10.000 | 04/15/32 | 30385 | 31518360 |
| &nbsp;&nbsp; AdaptHealth LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 08/01/29 | 58426 | 55316010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 5.125 | 03/01/30 | 37107 | 35385956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.125 | 08/01/28 | 23548 | 23469283 |
| &nbsp;&nbsp; Bausch Health Cos., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(x) | 5.000 | 01/30/28 | 17149 | 14812449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(x) | 5.000 | 02/15/29 | 34581 | 26431296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(x) | 5.250 | 01/30/30 | 92271 | 66577217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(x) | 5.250 | 02/15/31 | 18167 | 12258183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(x) | 6.250 | 02/15/29 | 6653 | 5201914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(x) | 7.000 | 01/15/28 | 11113 | 10001589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(x) | 4.875 | 06/01/28 | 26749 | 24040664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(x) | 11.000 | 09/30/28 | 8491 | 8866812 |
| &nbsp;&nbsp; Organon & Co./Organon Foreign Debt Co-Issuer BV, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 5.125 | 04/30/31 | 48259 | 41386699 |
| &nbsp;&nbsp; P&L Development LLC/PLD Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 9.000% and PIK 3.500% or Cash coupon 12.000% | 12.000 | 05/15/29 | 10041 | 10386923 |
|  |  |  |  | 365653355 |
| &nbsp;&nbsp; **Pipelines 3.2%** |  |  |  |  |
| &nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 06/15/29 | 30897 | 30756800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 03/01/27 | 26130 | 26144728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 01/15/28 | 32178 | 32257125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.625 | 02/01/32 | 4080 | 4219903 |
| &nbsp;&nbsp; Blue Racer Midstream LLC/Blue Racer Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.000 | 07/15/29 | 4290 | 4464776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.250 | 07/15/32 | 7890 | 8376122 |
| &nbsp;&nbsp; Energy Transfer LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | 7.125(ff) | 05/15/30(oo) | 17145 | 17583911 |
| &nbsp;&nbsp; Global Partners LP/GLP Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.875 | 01/15/29 | 15486 | 15712588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.125 | 07/01/33 | 9670 | 9892132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 8.250 | 01/15/32 | 13750 | 14486137 |
| &nbsp;&nbsp; Howard Midstream Energy Partners LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.625 | 01/15/34 | 14820 | 15067213 |

---

See Notes to Financial Statements.

------

PGIM High Yield Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;Rate** | **Maturity**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Pipelines (cont'd.)** | &nbsp;&nbsp; **Pipelines (cont'd.)** | &nbsp;&nbsp; **Pipelines (cont'd.)** | &nbsp;&nbsp; **Pipelines (cont'd.)** | &nbsp;&nbsp; **Pipelines (cont'd.)** | &nbsp;&nbsp; **Pipelines (cont'd.)** |
| &nbsp;&nbsp; Rockies Express Pipeline LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.800% | 05/15/30 |  | 19045 | $18562969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.950 | 07/15/29 |  | 148 | 145544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 03/15/33 |  | 11035 | 11531582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.875 | 04/15/40 |  | 53843 | 54336351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.500 | 07/15/38 |  | 1611 | 1668876 |
| &nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 01/15/28 |  | 46567 | 46473714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.000 | 03/01/27 |  | 12884 | 12866906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.000 | 12/31/30 |  | 10702 | 10558509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.000 | 09/01/31 |  | 8663 | 8520761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.375 | 02/15/29 |  | 11614 | 11968035 |
| &nbsp;&nbsp; Venture Global Calcasieu Pass LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 3.875 | 08/15/29 |  | 19005 | 18222093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.125 | 08/15/31 |  | 14185 | 13319280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 6.250 | 01/15/30 |  | 17650 | 18382582 |
| &nbsp;&nbsp; Venture Global LNG, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A(a) | 9.000(ff) | 09/30/29(oo) |  | 64965 | 64624241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 7.000 | 01/15/30 |  | 16130 | 16616578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 9.500 | 02/01/29 |  | 67507 | 74317250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 9.875 | 02/01/32 |  | 58010 | 63170083 |
| &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.500 | 01/15/34 |  | 14120 | 14751202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 01/15/36 |  | 14120 | 14822981 |
|  |  |  |  |  | 653820972 |
| &nbsp;&nbsp; **Real Estate 1.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Five Point Operating Co. LP/Five Point Capital Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 10.500(cc) | 01/15/28 |  | 43385 | 43775087 |
| &nbsp;&nbsp; Greystar Real Estate Partners LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 7.750 | 09/01/30 |  | 1869 | 1977761 |
| &nbsp;&nbsp; Howard Hughes Corp. (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 02/01/29 |  | 40035 | 38330250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.375 | 02/01/31 |  | 35767 | 33337044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 08/01/28 |  | 40335 | 40306073 |
| &nbsp;&nbsp; Hunt Cos., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.250 | 04/15/29 |  | 54871 | 53649127 |
|  |  |  |  |  | 211375342 |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) 2.5%** |  |  |  |  |  |
| &nbsp;&nbsp; Arbor Realty SR, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.875 | 07/15/30 |  | 12555 | 13066834 |
| &nbsp;&nbsp; Diversified Healthcare Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 03/01/31 |  | 30244 | 25677134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 02/15/28 |  | 34754 | 32833999 |
| &nbsp;&nbsp; Millrose Properties, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.375 | 08/01/30 |  | 28155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28425693 |
| &nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 0.993 | 10/15/26 | EUR | 1000 | 1108480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.500 | 03/15/31 |  | 64211 | 45306365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.625 | 08/01/29 |  | 7075 | 5583141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.500 | 02/15/32 |  | 7525 | 7884766 |
| &nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 02/01/30 |  | 15125 | 15602690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.875 | 05/15/29 |  | 6100 | 5939466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.875 | 10/01/28 |  | 6400 | 6391976 |

---

See Notes to Financial Statements.

PGIM High Yield Fund 21

------

PGIM High Yield Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;Rate** | **Maturity**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) (cont'd.)** | &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) (cont'd.)** | &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) (cont'd.)** | &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) (cont'd.)** | &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) (cont'd.)** | &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) (cont'd.)** |
| &nbsp;&nbsp; RHP Hotel Properties LP/RHP Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 4.750% | 10/15/27 |  | 3310 | $3298803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.500 | 02/15/29 |  | 7700 | 7527685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.500 | 04/01/32 |  | 25920 | 26630554 |
| &nbsp;&nbsp; Rithm Capital Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.000 | 07/15/30 |  | 8400 | 8577338 |
| &nbsp;&nbsp; SBA Communications Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 3.125 | 02/01/29 |  | 13545 | 12730341 |
| &nbsp;&nbsp; Starwood Property Trust, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 4.375 | 01/15/27 |  | 8000 | 7901969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 04/15/30 |  | 6135 | 6235662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 6.500 | 07/01/30 |  | 14125 | 14654845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 6.500 | 10/15/30 |  | 22992 | 23818965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 7.250 | 04/01/29 |  | 20795 | 21827469 |
| &nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.500 | 02/15/29 |  | 35578 | 33881637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 4.750 | 04/15/28 |  | 21414 | 20888519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 10.500 | 02/15/28 |  | 79992 | 84166602 |
| &nbsp;&nbsp; Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.625 | 06/15/32 |  | 12320 | 12119578 |
| &nbsp;&nbsp; VICI Properties LP/VICI Note Co., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 09/01/26 |  | 4950 | 4938208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 12/01/29 |  | 36481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36075942 |
|  |  |  |  |  | 513094661 |
| &nbsp;&nbsp; **Retail 4.5%** |  |  |  |  |  |
| &nbsp;&nbsp; 1011778 BC ULC/New Red Finance, Inc. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.000 | 10/15/30 |  | 101717 | 94722939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875 | 01/15/28 |  | 8583 | 8355014 |
| &nbsp;&nbsp; Arko Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.125 | 11/15/29 |  | 32332 | 27305718 |
| &nbsp;&nbsp; Brinker International, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.250 | 07/15/30 |  | 30183 | 32126315 |
| &nbsp;&nbsp; Carvana Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.000 | 12/01/28 |  | 42727 | 43710180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.000 | 06/01/30 |  | 72441 | 75673965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.000 | 06/01/31 |  | 106193 | 120503797 |
| &nbsp;&nbsp; eG Global Finance PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 11.000 | 11/30/28 | EUR | 7400 | 9550776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 12.000 | 11/30/28 |  | 12149 | 13384189 |
| &nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 01/15/30 |  | 88991 | 83746253 |
| &nbsp;&nbsp; Foundation Building Materials, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.000 | 03/01/29 |  | 33861 | 34262376 |
| &nbsp;&nbsp; Gap, Inc. (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.625 | 10/01/29 |  | 3635 | 3404474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 3.875 | 10/01/31 |  | 44099 | 39803636 |
| &nbsp;&nbsp; LBM Acquisition LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 01/15/29 |  | 44435 | 40823833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 06/15/31 |  | 15805 | 16561731 |
| &nbsp;&nbsp; LCM Investments Holdings II LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.875 | 05/01/29 |  | 38586 | 37895168 |
| &nbsp;&nbsp; Lithia Motors, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.375 | 01/15/31 |  | 700 | 666026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 3.875 | 06/01/29 |  | 20725 | 19852039 |
| &nbsp;&nbsp; Park River Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.625 | 02/01/29 |  | 52402 | 49125252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 08/01/29 |  | 9165 | 8679999 |

---

See Notes to Financial Statements.

------

PGIM High Yield Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;Rate** | **Maturity**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Retail (cont'd.)** | &nbsp;&nbsp; **Retail (cont'd.)** | &nbsp;&nbsp; **Retail (cont'd.)** | &nbsp;&nbsp; **Retail (cont'd.)** | &nbsp;&nbsp; **Retail (cont'd.)** |
| &nbsp;&nbsp; Patrick Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.750% | 05/01/29 | 11755 | $11528203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.375 | 11/01/32 | 16240 | 16480377 |
| &nbsp;&nbsp; QXO Building Products, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 6.750 | 04/30/32 | 10290 | 10663518 |
| &nbsp;&nbsp; Sally Holdings LLC/Sally Capital, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 6.750 | 03/01/32 | 29943 | 31097016 |
| &nbsp;&nbsp; Suburban Propane Partners LP/Suburban Energy Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.875 | 03/01/27 | 33961 | 33921432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 5.000 | 06/01/31 | 19757 | 18712567 |
| &nbsp;&nbsp; Superior Plus LP/Superior General Partner, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.500 | 03/15/29 | 25680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24658706 |
| &nbsp;&nbsp; White Cap Buyer LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.875 | 10/15/28 | 19835 | 19832787 |
|  |  |  |  | 927048286 |
| &nbsp;&nbsp; **Semiconductors 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Entegris, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.375 | 04/15/28 | 13425 | 13096544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 4.750 | 04/15/29 | 7750 | 7648105 |
|  |  |  |  | 20744649 |
| &nbsp;&nbsp; **Software 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Camelot Finance SA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.500 | 11/01/26 | 593 | 585060 |
| &nbsp;&nbsp; CoreWeave, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.000 | 02/01/31 | 24745 | 24498673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 9.250 | 06/01/30 | 55565 | 55754975 |
| &nbsp;&nbsp; Fair Isaac Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 05/15/33 | 7322 | 7450449 |
| &nbsp;&nbsp; SS&C Technologies, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 09/30/27 | 15200 | 15203814 |
|  |  |  |  | 103492971 |
| &nbsp;&nbsp; **Telecommunications 4.5%** |  |  |  |  |
| &nbsp;&nbsp; Altice Financing SA (Luxembourg), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.000 | 01/15/28 | 37200 | 29499600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.750 | 08/15/29 | 43725 | 34542750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.625 | 07/15/27 | 40113 | 37204807 |
| &nbsp;&nbsp; Altice France SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 01/15/28 | 33260 | 29233212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 10/15/29 | 32008 | 27446860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.125 | 02/01/27(d) | 23469 | 21755763 |
| &nbsp;&nbsp; Connect Finco Sarl/Connect US Finco LLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 9.000 | 09/15/29 | 16430 | 17101987 |
| &nbsp;&nbsp; Digicel Group Holdings Ltd. (Jamaica), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 1B14, 144A | 0.000 | 12/31/30 | 8311 | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 3B14, 144A^ | 0.000 | 12/31/30 | 14848 | 15 |
| &nbsp;&nbsp; Digicel International Finance Ltd./Difl US LLC (Jamaica), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.625 | 08/01/32 | 47250 | 48297391 |
| &nbsp;&nbsp; EchoStar Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Cash coupon 6.750% or PIK 6.750% | 6.750 | 11/30/30 | 38448 | 37812747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 10.750 | 11/30/29 | 31600 | 34017040 |
| &nbsp;&nbsp; Frontier Communications Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | 5.875 | 11/01/29 | 15425 | 15566496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 6.000 | 01/15/30 | 60243 | 60887627 |

---

See Notes to Financial Statements.

PGIM High Yield Fund 23

------

PGIM High Yield Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;Rate** | **Maturity**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Telecommunications (cont'd.)** | &nbsp;&nbsp; **Telecommunications (cont'd.)** | &nbsp;&nbsp; **Telecommunications (cont'd.)** | &nbsp;&nbsp; **Telecommunications (cont'd.)** | &nbsp;&nbsp; **Telecommunications (cont'd.)** | &nbsp;&nbsp; **Telecommunications (cont'd.)** | &nbsp;&nbsp; **Telecommunications (cont'd.)** |
| &nbsp;&nbsp; Frontier Communications Holdings LLC, (cont'd.) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 6.750% | 05/01/29 |  | 25500 | $| 25749114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.000 | 05/01/28 |  | 92061 |  | 91853458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.875 | 10/15/27 |  | 43589 |  | 43594834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 8.750 | 05/15/30 |  | 3329 |  | 3485122 |
| &nbsp;&nbsp; Level 3 Financing, Inc., |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.750 | 07/15/29 |  | 3100 |  | 2601362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.000 | 04/15/31 |  | 12239 |  | 10294085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.500 | 04/01/30 |  | 19230 |  | 17260889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.875 | 06/15/29 |  | 15778 |  | 14765719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 10.000 | 10/15/32 |  | 7150 |  | 7179527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.875 | 06/30/33 |  | 39825 |  | 40235161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 03/31/34 |  | 61665 |  | 62066218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 10.750 | 12/15/30 |  | 10074 |  | 11399342 |
| &nbsp;&nbsp; Maya SASris France (France), |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.625 | 10/15/28 | EUR | 2600 |  | 3087366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 10/15/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49040 |  | 49785408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 7.000 | 04/15/32 |  | 18000 |  | 18500040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 8.500 | 04/15/31 |  | 10550 |  | 11352960 |
| &nbsp;&nbsp; Sable International Finance Ltd. (Panama), |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.125 | 10/15/32 |  | 19659 |  | 19978459 |
| &nbsp;&nbsp; Sprint Capital Corp., |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.875 | 11/15/28 |  | 8771 |  | 9434426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 8.750 | 03/15/32 |  | 33753 |  | 40940640 |
| &nbsp;&nbsp; Viasat, Inc., |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.500 | 07/15/28 |  | 2825 |  | 2744798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.500 | 05/30/31 |  | 1438 |  | 1349711 |
| &nbsp;&nbsp; Windstream Services LLC/Windstream Escrow Finance Corp., |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.250 | 10/01/31 |  | 42930 |  | 44718045 |
| &nbsp;&nbsp; Zegona Finance PLC (United Kingdom), |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.625 | 07/15/29 |  | 11205 |  | 11905312 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937649122 |
| &nbsp;&nbsp; **Transportation 0.3%** | &nbsp;&nbsp; **Transportation 0.3%** | &nbsp;&nbsp; **Transportation 0.3%** | &nbsp;&nbsp; **Transportation 0.3%** | &nbsp;&nbsp; **Transportation 0.3%** | &nbsp;&nbsp; **Transportation 0.3%** | &nbsp;&nbsp; **Transportation 0.3%** |
| &nbsp;&nbsp; RXO, Inc., |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.500 | 11/15/27 |  | 20625 |  | 21062688 |
| &nbsp;&nbsp; Star Leasing Co. LLC, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 7.625 | 02/15/30 |  | 28895 |  | 28575563 |
| &nbsp;&nbsp; XPO, Inc., |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.125 | 06/01/31 |  | 4825 |  | 5030613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.125 | 02/01/32 |  | 4700 |  | 4933716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 6.250 | 06/01/28 |  | 6875 |  | 7005104 |
|  |  |  |  |  |  | 66607684 |
| &nbsp;&nbsp; **TOTAL CORPORATE BONDS**<br> (cost $16,419,589,247) |  |  |  |  |  | 16287406619 |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS 7.5%** |  |  |  |  |  |  |
| &nbsp;&nbsp; **Airlines 0.0%** |  |  |  |  |  |  |
| &nbsp;&nbsp; Vista Management Holding, Inc., |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 3.750% | 8.041(c) | 04/01/31 |  | 5750 |  | 5769769 |
| &nbsp;&nbsp; **Auto Parts & Equipment 0.7%** |  |  |  |  |  |  |
| &nbsp;&nbsp; Clarios Global LP, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term B Loan, 1 Month SOFR + 2.500% | 6.816(c) | 05/06/30 |  | 5686 |  | 5682161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | 7.066(c) | 01/28/32 |  | 27175 |  | 27141031 |

---

See Notes to Financial Statements.

------

PGIM High Yield Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;Rate** | **Maturity**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** | &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** | &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** | &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** | &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** | &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** | &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |
| &nbsp;&nbsp; **Auto Parts & Equipment (cont'd.)** | &nbsp;&nbsp; **Auto Parts & Equipment (cont'd.)** | &nbsp;&nbsp; **Auto Parts & Equipment (cont'd.)** | &nbsp;&nbsp; **Auto Parts & Equipment (cont'd.)** | &nbsp;&nbsp; **Auto Parts & Equipment (cont'd.)** | &nbsp;&nbsp; **Auto Parts & Equipment (cont'd.)** | &nbsp;&nbsp; **Auto Parts & Equipment (cont'd.)** |
| &nbsp;&nbsp; First Brands Group LLC,<br>Second Lien 2021 Term Loan, 3 Month SOFR + 8.762% | 13.070%(c) | 03/30/28 |  | 63711 | $| 57339815 |
| &nbsp;&nbsp; Tenneco, Inc., |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.850% | 9.122(c) | 11/17/28 |  | 52788 |  | 52436483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.100% | 9.350(c) | 11/17/28 |  | 8705 |  | 8664583 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151264073 |
| &nbsp;&nbsp; **Building Materials 0.2%** |  |  |  |  |  |  |
| &nbsp;&nbsp; American Bath/CP Atlas Buyer, Inc., |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term B Loan, 1 Month SOFR + 5.250% | 9.566(c) | 07/08/30 |  | 13250 |  | 12720000 |
| &nbsp;&nbsp; Eco Material Technologies, Inc., |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 6 Month SOFR + 3.250% | 7.467(c) | 02/12/32 |  | 14516 |  | 14506927 |
| &nbsp;&nbsp; Quikrete Holdings, Inc., |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche B-3 Term Loan, 1 Month SOFR + 2.250% | 6.566(c) | 02/10/32 |  | 5761 |  | 5757360 |
|  |  |  |  |  |  | 32984287 |
| &nbsp;&nbsp; **Chemicals 0.7%** |  |  |  |  |  |  |
| &nbsp;&nbsp; Consolidated Energy Finance SA (Switzerland),<br>2024 Incremental Term Loan, 1 Month SOFR + 4.500% | 8.816(c) | 11/15/30 |  | 20177 |  | 19092486 |
| &nbsp;&nbsp; Cornerstone Chemical Co.,<br>Term Loan^ | 8.856(c) | 05/07/29 |  | 16569 |  | 16568803 |
| &nbsp;&nbsp; Iris Holdings Ltd.,<br>Initial Term Loan, 3 Month SOFR + 4.850% | 9.158(c) | 06/28/28 |  | 16271 |  | 15717954 |
| &nbsp;&nbsp; TPC Group, Inc.,<br>Initial Term Loan, 6 Month SOFR + 5.750%^ | 9.952(c) | 12/16/31 |  | 22904 |  | 22102384 |
| &nbsp;&nbsp; Venator Finance Sarl,<br>Initial First-Out Term Loan, 3 Month SOFR + 10.000%^ | 14.318(c) | 12/31/25 |  | 21357 |  | 20289528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 2.000% | 6.318(c) | 10/12/28 |  | 30449 |  | 20553069 |
| &nbsp;&nbsp; Venator Materials LLC,<br>First Out B Term Loan, 3 Month SOFR + 2.000%^ | 6.296(c) | 07/16/26 |  | 21474 |  | 20400739 |
|  |  |  |  |  |  | 134724963 |
| &nbsp;&nbsp; **Commercial Services 0.2%** |  |  |  |  |  |  |
| &nbsp;&nbsp; Allied Universal Holdco LLC,<br>Amendment 7 Replacement U.S. Dollar Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;— (p) | 08/31/32 |  | 15475 |  | 15517989 |
| &nbsp;&nbsp; MPH Acquisition Holdings LLC,<br>First Out Term Loan, 3 Month SOFR + 3.750% | 8.058(c) | 12/31/30 |  | 15268 |  | 15230317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Out Term Loan, 3 Month SOFR + 4.862% | 9.170(c) | 12/31/30 |  | 14612 |  | 13406097 |
|  |  |  |  |  |  | 44154403 |
| &nbsp;&nbsp; **Computers 0.4%** |  |  |  |  |  |  |
| &nbsp;&nbsp; Bingo Holdings I LLC, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 4.750% | 9.046(c) | 06/30/32 |  | 20775 |  | 20775000 |
| &nbsp;&nbsp; McAfee Corp., |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refinancing Tranche B-1, 1 Month SOFR + 3.000% | 7.349(c) | 03/01/29 |  | 33798 |  | 32023181 |
| &nbsp;&nbsp; NCR Atleos Corp., |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 3.750% | 8.058(c) | 04/16/29 |  | 14987 |  | 15039749 |
| &nbsp;&nbsp; NCR Atleos LLC, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 2.750% | 6.937(c) | 10/16/28 |  | 8072 |  | 7991570 |
|  |  |  |  |  |  | 75829500 |
| &nbsp;&nbsp; **Cosmetics/Personal Care 0.1%** | &nbsp;&nbsp; **Cosmetics/Personal Care 0.1%** | &nbsp;&nbsp; **Cosmetics/Personal Care 0.1%** | &nbsp;&nbsp; **Cosmetics/Personal Care 0.1%** | &nbsp;&nbsp; **Cosmetics/Personal Care 0.1%** | &nbsp;&nbsp; **Cosmetics/Personal Care 0.1%** | &nbsp;&nbsp; **Cosmetics/Personal Care 0.1%** |
| &nbsp;&nbsp; Rainbow UK Bidco Ltd. (Luxembourg), |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B3 Loan, SONIA + 4.500% | 8.468(c) | 02/23/29 | GBP | 11625 |  | 15668167 |

---

See Notes to Financial Statements.

PGIM High Yield Fund 25

------

PGIM High Yield Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;Rate** | **Maturity**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** | &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** | &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** | &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** | &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |
| &nbsp;&nbsp; **Distribution/Wholesale 0.1%** | &nbsp;&nbsp; **Distribution/Wholesale 0.1%** | &nbsp;&nbsp; **Distribution/Wholesale 0.1%** | &nbsp;&nbsp; **Distribution/Wholesale 0.1%** | &nbsp;&nbsp; **Distribution/Wholesale 0.1%** |
| &nbsp;&nbsp; Olympus Water US Holding Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Dollar Loan, 3 Month SOFR + 3.000% | 7.296%(c) | 06/20/31 | 13524 | $13459361 |
| &nbsp;&nbsp; **Electric 0.0%** | &nbsp;&nbsp; **Electric 0.0%** | &nbsp;&nbsp; **Electric 0.0%** | &nbsp;&nbsp; **Electric 0.0%** | &nbsp;&nbsp; **Electric 0.0%** |
| &nbsp;&nbsp; Heritage Power LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 5.500%^ | 9.796(c) | 07/20/28 | 3992 | 3932191 |
| &nbsp;&nbsp; **Environmental Control 0.0%** | &nbsp;&nbsp; **Environmental Control 0.0%** | &nbsp;&nbsp; **Environmental Control 0.0%** | &nbsp;&nbsp; **Environmental Control 0.0%** | &nbsp;&nbsp; **Environmental Control 0.0%** |
| &nbsp;&nbsp; GFL Environmental, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 2.500% | 6.824(c) | 03/03/32 | 9900 | 9887625 |
| &nbsp;&nbsp; **Forest Products & Paper 0.0%** | &nbsp;&nbsp; **Forest Products & Paper 0.0%** | &nbsp;&nbsp; **Forest Products & Paper 0.0%** | &nbsp;&nbsp; **Forest Products & Paper 0.0%** | &nbsp;&nbsp; **Forest Products & Paper 0.0%** |
| &nbsp;&nbsp; Magnera Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Term Loan, 3 Month SOFR + 4.250% | 8.449(c) | 11/04/31 | 9303 | 9256734 |
| &nbsp;&nbsp; **Healthcare-Services 0.0%** | &nbsp;&nbsp; **Healthcare-Services 0.0%** | &nbsp;&nbsp; **Healthcare-Services 0.0%** | &nbsp;&nbsp; **Healthcare-Services 0.0%** | &nbsp;&nbsp; **Healthcare-Services 0.0%** |
| &nbsp;&nbsp; LifePoint Health, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 3.750% | 8.068(c) | 05/16/31 | 4229 | 4193258 |
| &nbsp;&nbsp; **Holding Companies-Diversified 0.1%** | &nbsp;&nbsp; **Holding Companies-Diversified 0.1%** | &nbsp;&nbsp; **Holding Companies-Diversified 0.1%** | &nbsp;&nbsp; **Holding Companies-Diversified 0.1%** | &nbsp;&nbsp; **Holding Companies-Diversified 0.1%** |
| &nbsp;&nbsp; Clue OpCo LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 4.500% | 8.810(c) | 12/19/30 | 21565 | 21551522 |
| &nbsp;&nbsp; **Household Products/Wares 0.1%** | &nbsp;&nbsp; **Household Products/Wares 0.1%** | &nbsp;&nbsp; **Household Products/Wares 0.1%** | &nbsp;&nbsp; **Household Products/Wares 0.1%** | &nbsp;&nbsp; **Household Products/Wares 0.1%** |
| &nbsp;&nbsp; Kronos Acquisition Holdings, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Loan 2024, 3 Month SOFR + 4.000% | 8.296(c) | 07/08/31 | 16426 | 12149283 |
| &nbsp;&nbsp; **Housewares 0.1%** | &nbsp;&nbsp; **Housewares 0.1%** | &nbsp;&nbsp; **Housewares 0.1%** | &nbsp;&nbsp; **Housewares 0.1%** | &nbsp;&nbsp; **Housewares 0.1%** |
| &nbsp;&nbsp; SWF Holdings I Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche A-1 Term Loan, 1 Month SOFR + 4.500% | 8.816(c) | 12/18/29 | 4443 | 4426687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche A-2, 1 Month SOFR + 4.114% | 8.430(c) | 10/06/28 | 9438 | 7267419 |
|  |  |  |  | 11694106 |
| &nbsp;&nbsp; **Insurance 0.6%** | &nbsp;&nbsp; **Insurance 0.6%** | &nbsp;&nbsp; **Insurance 0.6%** | &nbsp;&nbsp; **Insurance 0.6%** | &nbsp;&nbsp; **Insurance 0.6%** |
| &nbsp;&nbsp; Acrisure LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Repricing Term B-6 Loan, 1 Month SOFR + 3.000% | 7.316(c) | 11/06/30 | 57449 | 57329085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term B-7 Loan, 1 Month SOFR + 3.250% | 7.566(c) | 06/20/32 | 3474 | 3472640 |
| &nbsp;&nbsp; Asurion LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New B-04 Term Loan, 1 Month SOFR + 5.364% | 9.680(c) | 01/20/29 | 33945 | 32205319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New B-12 Term Loan, 1 Month SOFR + 4.250% | 8.566(c) | 09/19/30 | 22084 | 21780620 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114787664 |
| &nbsp;&nbsp; **Internet 0.1%** | &nbsp;&nbsp; **Internet 0.1%** | &nbsp;&nbsp; **Internet 0.1%** | &nbsp;&nbsp; **Internet 0.1%** | &nbsp;&nbsp; **Internet 0.1%** |
| &nbsp;&nbsp; Cablevision Lightpath LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Refinancing Term Loan, 1 Month SOFR + 3.000% | 7.363(c) | 11/30/27 | 6726 | 6725582 |
| &nbsp;&nbsp; Diamond Sports Net LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | 15.000 | 01/02/28 | 16524 | 14376265 |
|  |  |  |  | 21101847 |
| &nbsp;&nbsp; **Investment Companies 0.2%** | &nbsp;&nbsp; **Investment Companies 0.2%** | &nbsp;&nbsp; **Investment Companies 0.2%** | &nbsp;&nbsp; **Investment Companies 0.2%** | &nbsp;&nbsp; **Investment Companies 0.2%** |
| &nbsp;&nbsp; Hurricane CleanCo Ltd. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility A, 3 Month LIBOR + 6.250% (Cap N/A , Floor 0.000%)^ | 6.250(c) | 10/31/29 | 32087 | 44670351 |

---

See Notes to Financial Statements.

------

PGIM High Yield Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** | &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** | &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** | &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** | &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** | &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |
| &nbsp;&nbsp; **Leisure Time 0.3%** | &nbsp;&nbsp; **Leisure Time 0.3%** | &nbsp;&nbsp; **Leisure Time 0.3%** | &nbsp;&nbsp; **Leisure Time 0.3%** | &nbsp;&nbsp; **Leisure Time 0.3%** | &nbsp;&nbsp; **Leisure Time 0.3%** |
| &nbsp;&nbsp; ClubCorp Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 2 Month SOFR + 5.000%^ | 9.328%(c) | 07/10/32 |  | 20647 | $20477955 |
| &nbsp;&nbsp; International Park Holdings BV (Netherlands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Facility B, 6 Month EURIBOR + 5.500%^ | 7.537(c) | 01/30/32 | EUR | 36900 | 42374822 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62852777 |
| &nbsp;&nbsp; **Machinery-Diversified 0.1%** | &nbsp;&nbsp; **Machinery-Diversified 0.1%** | &nbsp;&nbsp; **Machinery-Diversified 0.1%** | &nbsp;&nbsp; **Machinery-Diversified 0.1%** | &nbsp;&nbsp; **Machinery-Diversified 0.1%** | &nbsp;&nbsp; **Machinery-Diversified 0.1%** |
| &nbsp;&nbsp; Graftech Global Enterprises, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 6.000% | 10.323(c) | 12/21/29 |  | 13306 | 13538706 |
| &nbsp;&nbsp; **Media 1.6%** | &nbsp;&nbsp; **Media 1.6%** | &nbsp;&nbsp; **Media 1.6%** | &nbsp;&nbsp; **Media 1.6%** | &nbsp;&nbsp; **Media 1.6%** | &nbsp;&nbsp; **Media 1.6%** |
| &nbsp;&nbsp; Altice Financing SA (Luxembourg), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 Dollar Loan, 3 Month SOFR + 5.000% | 9.318(c) | 10/31/27 |  | 55054 | 47380701 |
| &nbsp;&nbsp; CSC Holdings LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 Refinancing Term Loan, 1 Month SOFR + 4.500% | 8.863(c) | 01/18/28 |  | 106379 | 106013415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; September 2019 Term Loan, 1 Month LIBOR + 1.500% | 9.000(c) | 04/15/27 |  | 17760 | 17347335 |
| &nbsp;&nbsp; iHeartCommunications, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refinanced Term B Loan, 1 Month SOFR + 5.889% | 10.205(c) | 05/01/29 |  | 13358 | 11187220 |
| &nbsp;&nbsp; Radiate Holdco LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Out Term Loan, 1 Month SOFR + 3.500% | 7.930(c) | 09/25/29 |  | 183010 | 148238115 |
| &nbsp;&nbsp; Virgin Media Bristol LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility Q Advance, 1 Month SOFR + 3.364% | 7.728(c) | 01/31/29 |  | 6200 | 6182777 |
|  |  |  |  |  | 336349563 |
| &nbsp;&nbsp; **Metal Fabricate/Hardware 0.3%** | &nbsp;&nbsp; **Metal Fabricate/Hardware 0.3%** | &nbsp;&nbsp; **Metal Fabricate/Hardware 0.3%** | &nbsp;&nbsp; **Metal Fabricate/Hardware 0.3%** | &nbsp;&nbsp; **Metal Fabricate/Hardware 0.3%** | &nbsp;&nbsp; **Metal Fabricate/Hardware 0.3%** |
| &nbsp;&nbsp; Doncasters US Finance LLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan, 3 Month SOFR + 6.500% | 10.796(c) | 04/23/30 |  | 3990 | 4029900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 6.500% | 10.796(c) | 04/23/30 |  | 67506 | 68180555 |
|  |  |  |  |  | 72210455 |
| &nbsp;&nbsp; **Oil & Gas 0.0%** | &nbsp;&nbsp; **Oil & Gas 0.0%** | &nbsp;&nbsp; **Oil & Gas 0.0%** | &nbsp;&nbsp; **Oil & Gas 0.0%** | &nbsp;&nbsp; **Oil & Gas 0.0%** | &nbsp;&nbsp; **Oil & Gas 0.0%** |
| &nbsp;&nbsp; Hilcorp Energy I LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 2.000% | 6.366(c) | 02/11/30 |  | 9325 | 9329264 |
| &nbsp;&nbsp; **Retail 0.0%** | &nbsp;&nbsp; **Retail 0.0%** | &nbsp;&nbsp; **Retail 0.0%** | &nbsp;&nbsp; **Retail 0.0%** | &nbsp;&nbsp; **Retail 0.0%** | &nbsp;&nbsp; **Retail 0.0%** |
| &nbsp;&nbsp; Foundation Building Materials, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Incremental Term Loan, 3 Month SOFR + 5.250% | 9.546(c) | 01/29/31 |  | 2925 | 2939625 |
| &nbsp;&nbsp; **Software 0.3%** | &nbsp;&nbsp; **Software 0.3%** | &nbsp;&nbsp; **Software 0.3%** | &nbsp;&nbsp; **Software 0.3%** | &nbsp;&nbsp; **Software 0.3%** | &nbsp;&nbsp; **Software 0.3%** |
| &nbsp;&nbsp; AthenaHealth Group, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.750% | 7.066(c) | 02/15/29 |  | 9569 | 9558729 |
| &nbsp;&nbsp; BMC Software, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2031 Replacement Dollar Term Loan, 3 Month SOFR + 3.000% | 7.199(c) | 07/30/31 |  | 5910 | 5898890 |
| &nbsp;&nbsp; Skillsoft Finance II, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 5.364% | 9.680(c) | 07/14/28 |  | 39300 | 36438491 |
|  |  |  |  |  | 51896110 |
| &nbsp;&nbsp; **Telecommunications 1.3%** | &nbsp;&nbsp; **Telecommunications 1.3%** | &nbsp;&nbsp; **Telecommunications 1.3%** | &nbsp;&nbsp; **Telecommunications 1.3%** | &nbsp;&nbsp; **Telecommunications 1.3%** | &nbsp;&nbsp; **Telecommunications 1.3%** |
| &nbsp;&nbsp; Connect Finco Sarl (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 1 Term Loan, 1 Month SOFR + 3.500% | 7.816(c) | 12/11/26 |  | 3038 | 3030960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 4 Term Loan, 1 Month SOFR + 4.500% | 8.816(c) | 09/27/29 |  | 41621 | 41075112 |
| &nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 5.250% | 9.492(c) | 08/31/32 |  | 41250 | 41198437 |
| &nbsp;&nbsp; Level 3 Financing, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-3 Loan, 1 Month SOFR + 4.250% | 8.566(c) | 03/27/32 |  | 25558 | 25660232 |

---

See Notes to Financial Statements.

PGIM High Yield Fund 27

------

PGIM High Yield Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** | &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** | &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** | &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** | &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |
| &nbsp;&nbsp; **Telecommunications (cont'd.)** | &nbsp;&nbsp; **Telecommunications (cont'd.)** | &nbsp;&nbsp; **Telecommunications (cont'd.)** | &nbsp;&nbsp; **Telecommunications (cont'd.)** | &nbsp;&nbsp; **Telecommunications (cont'd.)** |
| &nbsp;&nbsp; Lumen Technologies, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, 1 Month SOFR + 2.464% | 6.780%(c) | 04/15/29 | 73156 | $72644018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-2 Loan, 1 Month SOFR + 2.464% | 6.780(c) | 04/15/30 | 26119 | 25923166 |
| &nbsp;&nbsp; Numericable US LLC (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B14 Term Loan (USD), 3 Month SOFR + 5.500% | 9.818(c) | 08/15/28 | 7100 | 6523125 |
| &nbsp;&nbsp; Viasat, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 4.614% | 8.974(c) | 05/30/30 | 16381 | 16233114 |
| &nbsp;&nbsp; Windstream Services LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan, 1 Month SOFR + 4.850%^ | 9.166(c) | 10/01/31 | 6225 | 6240562 |
| &nbsp;&nbsp; Xplore, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 5.114% | 9.430(c) | 10/24/29 | 8443 | 7936132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Out Term Loan, 1 Month SOFR + 1.614% | 6.000(c) | 10/24/31 | 33364 | 22938078 |
|  |  |  |  | 269402936 |
| &nbsp;&nbsp; **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $1,567,250,910) |  |  |  | 1545598540 |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS 8.1%** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Notes(k) | 2.500 | 03/31/27 | 10750 | 10553057 |
| &nbsp;&nbsp; U.S. Treasury Notes(k) | 2.625 | 05/31/27 | 100565 | 98793328 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.750 | 06/30/27 | 287375 | 287880151 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.875 | 03/31/27 | 115000 | 115305469 |
| &nbsp;&nbsp; U.S. Treasury Notes(h) | 3.875 | 05/31/27 | 229000 | 229787187 |
| &nbsp;&nbsp; U.S. Treasury Notes(h)(k) | 3.875 | 11/30/27 | 301400 | 303071828 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.875 | 04/30/30 | 120000 | 121021875 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.000 | 03/31/30 | 134475 | 136324031 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.000 | 05/31/30 | 115000 | 116608203 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.125 | 02/28/27 | 72000 | 72413438 |
| &nbsp;&nbsp; U.S. Treasury Notes(h) | 4.250 | 05/15/35 | 122650 | 123071609 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.625 | 06/30/26 | 48000 | 48264375 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.875 | 05/31/26 | 15000 | 15096680 |
| &nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $1,670,907,022) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1678191231 |
|  |  |  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares**  |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUNDS 0.6%** |  |  |  |  |
| &nbsp;&nbsp; PGIM AAA CLO ETF |  |  | 2462500 | 126880312 |
| &nbsp;&nbsp; PGIM Active High Yield Bond ETF |  |  | 225000 | 8032500 |
| &nbsp;&nbsp; **TOTAL AFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $134,064,179)(wa) |  |  |  | 134912812 |
| &nbsp;&nbsp; **COMMON STOCKS 2.0%** |  |  |  |  |
| &nbsp;&nbsp; **Chemicals 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Cornerstone Chemical Co.\*^ |  |  | 1010075 | 7777578 |
| &nbsp;&nbsp; TPC Group, Inc.\* |  |  | 2374523 | 56543329 |
| &nbsp;&nbsp; Venator Materials PLC\*^(x) |  |  | 82538 | 8253800 |
|  |  |  |  | 72574707 |
| &nbsp;&nbsp; **Electric Utilities 0.1%** |  |  |  |  |
| &nbsp;&nbsp; GenOn Energy Holdings, Inc. (Class A Stock)\*^(x) |  |  | 195390 | 5861700 |
| &nbsp;&nbsp; Keycon Power Holdings LLC\*^ |  |  | 788740 | 18495953 |
|  |  |  |  | 24357653 |

---

See Notes to Financial Statements.

------

PGIM High Yield Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Gas Utilities 0.2%** |  |  |
| &nbsp;&nbsp; Ferrellgas Partners LP (Class B Stock)\*(x) | 402445 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51517387 |
| &nbsp;&nbsp; **Interactive Media & Services 0.2%** |  |  |
| &nbsp;&nbsp; Diamond Sports Group LLC\*(x) | 2401128 | 32535284 |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels 0.4%** |  |  |
| &nbsp;&nbsp; Expand Energy Corp. | 179317 | 17354299 |
| &nbsp;&nbsp; Heritage Power LLC, Exit Financing - Participation on Account of Backstop Shares & Exit Financing - Reserve<br>Shares\*(x) | 23599 | 1537876 |
| &nbsp;&nbsp; Heritage Power LLC, Exit Financing Participation Shares & Backstop Shares\*(x) | 846791 | 55182829 |
| &nbsp;&nbsp; Heritage Power LLC, Litigation Trust Interests\*^(x) | 617491 | 308746 |
|  |  | 74383750 |
| &nbsp;&nbsp; **Software 0.0%** |  |  |
| &nbsp;&nbsp; Mitel Networks International Ltd. (Canada)\*^ | 12419 | 124 |
| &nbsp;&nbsp; **Wireless Telecommunication Services 0.7%** |  |  |
| &nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)\* | 7820619 | 125129904 |
| &nbsp;&nbsp; Intelsat Emergence SA (Luxembourg)\*^ | 1635294 | 164 |
| &nbsp;&nbsp; Intelsat Emergence SA (Luxembourg)\* | 1635294 | 20782134 |
| &nbsp;&nbsp; Stonepeak Falcon Holdings, Inc. (Canada) (Class A Stock)\* | 2875253 | 7061585 |
| &nbsp;&nbsp; Xplore, Inc. (Canada), CVR\*^ | 150521 | 15 |
|  |  | 152973802 |
| &nbsp;&nbsp; **TOTAL COMMON STOCKS**<br> (cost $291,814,816) |  | 408342707 |
| &nbsp;&nbsp; **PREFERRED STOCKS 0.7%** |  |  |
| &nbsp;&nbsp; **Diversified Telecommunication Services 0.1%** |  |  |
| &nbsp;&nbsp; Qwest Corp., 6.750%, Maturing 06/15/57 | 500546 | 9960865 |
| &nbsp;&nbsp; **Electronic Equipment, Instruments & Components 0.6%** |  |  |
| &nbsp;&nbsp; Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31^(x) | 133666 | 133666000 |
| &nbsp;&nbsp; **Wireless Telecommunication Services 0.0%** |  |  |
| &nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)\*^ | 509750 | 6108997 |
| &nbsp;&nbsp; **TOTAL PREFERRED STOCKS**<br> (cost $140,779,261) |  | 149735862 |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units**  |  |
| &nbsp;&nbsp; **WARRANTS\* 0.0%** |  |  |
| &nbsp;&nbsp; **Chemicals 0.0%** |  |  |
| &nbsp;&nbsp; Ashland, Inc., expiring 03/31/29 | 230 |  |
| &nbsp;&nbsp; **Interactive Media & Services 0.0%** |  |  |
| &nbsp;&nbsp; Diamond Sports Group LLC, expiring 06/30/26(x) | 4490907 | 917043 |
| &nbsp;&nbsp; **TOTAL WARRANTS**<br> (cost $0) |  | 917043 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $20,396,250,757) |  | 20378101176 |

---

See Notes to Financial Statements.

PGIM High Yield Fund 29

------

PGIM High Yield Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 8.3%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.483%)(wa) | 246895067 | $246895067 |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<br>(cost $1,468,508,345; includes $1,462,782,045 of cash collateral for securities on loan)(b)(wa) | 1469569564 | 1468540865 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $1,715,403,412) |  | 1715435932 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 106.5%**<br> (cost $22,111,654,169) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22093537108 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (6.5)% |  | (1356679203) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $20736857905 |

---

See the Glossary for a list of the abbreviation(s) used in the annual report.

\* 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 $441,616,024 and 2.1% of net assets.  |

---

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $1,432,466,159; cash collateral of $1,462,782,045 (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 August 31, 2025.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of August 31, 2025. 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.

(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.

(p) Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end.

(wa) Represents investments in Funds affiliated with the Manager.

(x) The following represents restricted securities that are 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.

(x) Restricted Securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer Description** | **Acquisition**<br>**Date** | **Original**<br>**Cost** | **Market**<br>**Value** | **Percentage**<br> **of**<br> **Net Assets** |
|  1261229 BC Ltd., Sr. Sec'd. Notes, 144A, 10.000%, 04/15/32 | 03/25/25 | $30385000 | $31518360 | 0.2% |
|  Bausch Health Cos., Inc., Gtd. Notes, 144A, 5.000%, 01/30/28 | 04/24/20-08/26/22 | 13786153 | 14812449 | 0.1 |
|  Bausch Health Cos., Inc., Gtd. Notes, 144A, 5.000%, 02/15/29 | 05/25/21-10/14/22 | 21509285 | 26431296 | 0.1 |
|  Bausch Health Cos., Inc., Gtd. Notes, 144A, 5.250%, 01/30/30 | 04/24/20-04/13/23 | 75844498 | 66577217 | 0.3 |
|  Bausch Health Cos., Inc., Gtd. Notes, 144A, 5.250%, 02/15/31 | 07/01/21-02/04/22 | 16687083 | 12258183 | 0.1 |
|  Bausch Health Cos., Inc., Gtd. Notes, 144A, 6.250%, 02/15/29 | 09/09/22 | 2239770 | 5201914 | 0.0 |
|  Bausch Health Cos., Inc., Gtd. Notes, 144A, 7.000%, 01/15/28 | 05/09/19-10/08/19 | 11180401 | 10001589 | 0.1 |
|  Bausch Health Cos., Inc., Sr. Sec'd. Notes, 144A, 4.875%, 06/01/28 | 10/08/24-10/23/24 | 20583975 | 24040664 | 0.1 |
|  Bausch Health Cos., Inc., Sr. Sec'd. Notes, 144A, 11.000%, 09/30/28 | 10/07/24-10/08/24 | 7786689 | 8866812 | 0.0 |
|  Diamond Sports Group LLC\* | 01/02/25 | 6286674 | 32535284 | 0.2 |
|  Diamond Sports Group LLC, expiring 06/30/26\* | 01/02/25 |  | 917043 | 0.0 |
|  Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31^ | 03/29/21-02/09/22 | 133723000 | 133666000 | 0.6 |
|  Ferrellgas Partners LP (Class B Stock)\* | 03/31/10-10/04/21 | 105601233 | 51517387 | 0.3 |
|  GenOn Energy Holdings, Inc. (Class A Stock)\*^ | 02/28/19-10/23/20 | 21213596 | 5861700 | 0.0 |
|  Heritage Power LLC, Exit Financing - Participation on Account of Backstop Shares & Exit Financing - Reserve Shares\* | 11/21/23 |  | 1537876 | 0.0 |
|  Heritage Power LLC, Exit Financing Participation Shares & Backstop Shares\* | 11/21/23-11/01/24 | 21999820 | 55182829 | 0.3 |
|  Heritage Power LLC, Litigation Trust Interests\*^ | 11/21/23 | 308746 | 308746 | 0.0 |
|  Venator Materials PLC\*^ | 12/21/23 | 134882407 | 8253800 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $624018330 | $489489149 | 2.4% |

---

See Notes to Financial Statements.

------

PGIM High Yield Fund

Schedule of Investments (continued)

as of August 31, 2025

(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Unfunded corporate bond commitment outstanding at August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Issuer** | **Principal**<br>**Amount**<br>**(000)#** |<br>**Current**<br>**Value** |<br>**Unrealized**<br>**Appreciation** |<br>**Unrealized**<br>**Depreciation** |
|  New Generation Gas Gathering LLC, Sr. Sec'd. Notes, 144A, —%(p), Maturity Date 09/30/29 (cost $1,128,758)^ | 1146 | $1128758 | $— | $— |
| Unfunded loan commitments outstanding at August 31, 2025: | Unfunded loan commitments outstanding at August 31, 2025: | Unfunded loan commitments outstanding at August 31, 2025: | Unfunded loan commitments outstanding at August 31, 2025: | Unfunded loan commitments outstanding at August 31, 2025: |
| **Borrower** | **Principal<br>Amount<br>(000)#** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  ClubCorp Holdings, Inc., Delayed Draw Term Loan, 1.000%, Maturity Date 07/09/32 (cost $1,326,771)^ | 1347 | $1335519 | $8748 | $— |
|  ClubCorp Holdings, Inc., Revolver Loan, 0.500%, Maturity Date 07/31/32 (cost $2,211,286)^ | 2244 | 2225865 | 14579 |  |
|  Doncasters US Finance LLC, 2025 Delayed Draw Term Loan, —%(p), Maturity Date 04/01/30 (cost $6,000,000) | 6000 | 6060000 | 60000 |  |
|  Graftech Global Enterprises, Inc., Delayed Draw Term Loan, 3.750%, Maturity Date 12/21/29 (cost $7,664,627) | 7603 | 7736404 | 71777 |  |
|  SWF Holdings I Corp., Delayed Draw Term Loan, 2.250%, Maturity Date 12/19/29 (cost $5,924,465) | 5924 | 5902248 |  | (22217) |
|  |  | $23260036 | $155104 | $(22217) |

---

#### Futures contracts outstanding at August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 2901 | 2 Year U.S. Treasury Notes | Dec. 2025 | $604971819 | $899388 |
| 154 | 5 Year Euro-Bobl | Dec. 2025 | 21281043 | (142) |
| 8710 | 5 Year U.S. Treasury Notes | Dec. 2025 | 953472813 | 3379665 |
| 7491 | 10 Year U.S. Treasury Notes | Dec. 2025 | 842737500 | 4026947 |
| 762 | 20 Year U.S. Treasury Bonds | Dec. 2025 | 87058500 | 342475 |
| 382 | 30 Year U.S. Ultra Treasury Bonds | Dec. 2025 | 44526875 | (222480) |
| 3 | Euro Schatz Index | Dec. 2025 | 376117 | (3) |
|  |  |  |  | 8425850 |
|  **Short Position:** | **Short Position:** |  |  |  |
| 116 | 10 Year Euro-Bund | Dec. 2025 | 17442601 | 3858 |
|  |  |  |  | $8429708 |

---

#### Forward foreign currency exchange contracts outstanding at August 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br> Appreciation** | **Unrealized<br> Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |  |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/02/25 | MSI | GBP | 61487 | $83063189 | $83110235 | $47046 | $— |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/02/25 | BNY | EUR | 68649 | 80374078 | 80333591 |  | (40487) |
|  |  |  |  | $163437267 | $163443826 | 47046 | (40487) |
| **Sale<br>Contracts** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional<br>Amount**<br>**(000)** | **Notional<br>Amount**<br>**(000)** | **Value at<br>Settlement<br>Date** | **Current Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |  |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/02/25 | TD | GBP | 61487 | $82680922 | $83110235 | $— | $(429313) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/02/25 | MSI | GBP | 61487 | 83085631 | 83131347 |  | (45716) |

---

See Notes to Financial Statements.

PGIM High Yield Fund 31

------

PGIM High Yield Fund

Schedule of Investments (continued)

as of August 31, 2025

#### Forward foreign currency exchange contracts outstanding at August 31, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale<br>Contracts** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br> Appreciation** | **Unrealized<br> Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/02/25 | BNY | EUR | 68649 | $80640093 | $80333591 | $306502 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/02/25 | BNY | EUR | 68649 | 80529568 | 80482934 | 46634 |  |
|  |  |  |  | $326936214 | $327058107 | 353136 | (475029) |
|  |  |  |  |  |  | $400182 | $(515516) |

---

#### Credit default swap agreement outstanding at August 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br> (000)#(3)** | **Implied<br>Credit<br>Spread at<br>August 31,<br>2025(4)** | **Value at<br>Trade Date** | **Value at<br>August 31,<br>2025** | **Unrealized<br>Appreciation**<br>**(Depreciation)** |
|  **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** |  |
|  CDX.NA.HY.44.V1 | 06/20/30 | 5.000 %(Q) | 1145985 | 3.213% | $66258689 | $94169618 | $27910929 |

---

The Fund entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1) If the Fund is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Fund is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3) Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

#### Total return swap agreements outstanding at August 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Financing Rate** | **Counterparty** | **Termination**<br>**Date** | **Long (Short)**<br>**Notional**<br>**Amount**<br>**(000)#(1)** | **Fair**<br>**Value** | **Upfront**<br>**Premiums**<br>**Paid**<br>**(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)(2)** |
|  **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** |
|  iBoxx US Dollar Liquid Investment Grade Index(T) | 1 Day SOFR(Q)/ 4.340% | MSI | 12/20/25 | (12270) | $(522384) | $— | $(522384) |
|  iBoxx US Dollar Liquid Investment Grade Index(T) | 1 Day SOFR(Q)/ 4.340% | MSI | 12/22/25 | (145670) | (4272648) |  | (4272648) |
|  iBoxx US Dollar Liquid Investment Grade Index(T) | 1 Day SOFR(Q)/ 4.340% | MSI | 12/22/25 | (97940) | 914148 |  | 914148 |
|  iBoxx US Dollar Liquid Investment Grade Index(T) | 1 Day SOFR(Q)/ 4.340% | JPM | 03/20/26 | (54980) | 509895 |  | 509895 |
|  |  |  |  |  | $(3370989) | $— | $(3370989) |

---

See Notes to Financial Statements.

------

PGIM High Yield Fund

Schedule of Investments (continued)

as of August 31, 2025

(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).

#### Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Premiums Paid** | **Premiums Received** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  OTC Swap Agreements | $— | $— | $1424043 | $(4795032) |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  CGM | $— | $116543281 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of August 31, 2025 in valuing such portfolio securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |  |
|  **Investments in Securities** |  |  |  |  |
|  **Assets** |  |  |  |  |
|  **Long-Term Investments** |  |  |  |  |
|  Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations | $— | $130958732 | $— |  |
|  Commercial Mortgage-Backed Securities |  | 42037630 |  |  |
|  Corporate Bonds |  | 16223344334 | 64062285 |  |
|  Floating Rate and Other Loans |  | 1348541205 | 197057335 |  |
|  U.S. Treasury Obligations |  | 1678191231 |  |  |
|  Affiliated Exchange-Traded Funds | 134912812 |  |  |  |
|  Common Stocks | 17354299 | 350290328 | 40698080 |  |
|  Preferred Stocks | 9960865 |  | 139774997 |  |
|  Warrants |  | 917043 |  |  |
|  **Short-Term Investments** |  |  |  |  |
|  Affiliated Mutual Funds | 1715435932 |  |  |  |
|  **Total** | $**1877663908** | $**19774280503** | $**441592697** |  |
|  **Other Financial Instruments\*** |  |  |  |  |
|  **Assets** |  |  |  |  |
|  Unfunded Corporate Bond Commitment | $— | $— | $— | <sup>\*\*</sup> |
|  Unfunded Loan Commitments |  | 131777 | 23327 |  |
|  Futures Contracts | 8652333 |  |  |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | 400182 |  |  |
|  Centrally Cleared Credit Default Swap Agreement |  | 27910929 |  |  |
|  OTC Total Return Swap Agreements |  | 1424043 |  |  |
|  **Total** | $**8652333** | $**29866931** | $**23327** |  |
|  **Liabilities** |  |  |  |  |
|  Unfunded Loan Commitment | $— | $(22217) | $— |  |
|  Futures Contracts | (222625) |  |  |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | (515516) |  |  |
|  OTC Total Return Swap Agreements |  | (4795032) |  |  |
|  **Total** | $**(222625)** | $**(5332765)** | $**—** |  |

---

See Notes to Financial Statements.

PGIM High Yield Fund 33

------

PGIM High Yield Fund

Schedule of Investments (continued)

as of August 31, 2025

\* Other financial instruments are derivative instruments, with the exception of unfunded corporate bond commitments and unfunded loan commitments, and are not reflected in the Schedule of Investments. Futures, forwards, centrally cleared swap contracts, unfunded corporate bond commitments and unfunded loan commitments are recorded at unrealized appreciation (depreciation) and OTC swap contracts are recorded at fair value. 

\*\* Includes Level 3 investments with an aggregate value of $0. 

The following is a reconciliation of assets in which unobservable inputs (Level 3) were used in determining fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Corporate Bonds** | **Floating Rate and Other Loans** | **Common Stocks** | **Preferred Stocks** |
|  **Balance as of 08/31/24** | $18836863 | $142658205 | $290581091 | $142984623 |
|  Realized gain (loss) | (1144964) | (340112) | 20801040 | 412165 |
|  Change in unrealized appreciation (depreciation) | (3220144) | 6757181 | (51265853) | 415714 |
|  Purchase/Exchange/Issuances | 61979768 | 125687455 | 7546597 |  |
|  Sales/Paydowns | (18849235) | (23566092) | (101705780) | (4037505) |
|  Accrued discount/premium | 6449535 | 1516258 |  |  |
|  Transfer into Level 3\* | 10471 |  | 90437327 |  |
|  Transfer out of Level 3\* | (9) | (55655560) | (215696342) |  |
|  **Balance as of 08/31/25** | $64062285 | $197057335 | $40698080 | $139774997 |
|  Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end | $(3438573) | $6867361 | $(51265853) | $415714 |

---

---

| | | |
|:---|:---|:---|
| | **Unfunded Corporate Bond Commitment** | **Unfunded Loan Commitments** |
|  **Balance as of 08/31/24** | $– | $— |
|  Realized gain (loss) | – |  |
|  Change in unrealized appreciation (depreciation) | – | 23327 |
|  Purchase/Exchange/Issuances | – |  |
|  Sales/Paydowns | – |  |
|  Accrued discount/premium | – |  |
|  Transfer into Level 3\* | – |  |
|  Transfer out of Level 3\* | – |  |
|  **Balance as of 08/31/25** | $– | $23327 |
|  Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end | $– | $23327 |

---

\* It is the Fund's policy to recognize transfers in and transfers out at the securities' fair values as of the beginning of period. Securities transferred between Level 2 and Level 3 are due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are typically a result of a change from the use of methods used by independent pricing services (Level 2) to the use of a single broker quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market quotations (Level 3). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market data provided by independent pricing services or other valuation techniques which utilize observable inputs. In accordance with the requirements of ASC 820, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to the Schedule of Investments of the Fund. 

Level 3 securities as presented in the table above are being fair valued using pricing methodologies approved by the Board, which contain unobservable inputs as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Level 3 Securities\*\*** | **Fair Value<br>as of<br> August 31, 2025** | **Valuation<br> Approach** | **Valuation<br> Methodology** | **Unobservable <br> Inputs** | **Inputs<br> (Range)** |
|  Corporate Bonds | $21695058 | Market | Enterprise Value | Liquidity Discount | 5.00% |
|  Corporate Bonds | 120 | Market | Recovery Value | Recovery Rate | 0.00% |
|  Corporate Bonds | 42367107 | Market | Transaction Based | Unadjusted Price | NA |
|  Floating Rate and Other Loans | 42374822 | Market | Comparable Bond | Yield Curve<br>Spread Discount | 50 bps |
|  Floating Rate and Other Loans | 61239154 | Market | Enterprise Value | EBITDA Multiple | 7.3x - 9.5x |
|  Common Stocks | 7777578 | Market | Enterprise Value | EBITDA Multiple | 10x |
|  Common Stocks | 308746 | Market | Enterprise Value | Recovery Rate | 0.50% |
|  Common Stocks | 18496132 | Market | Recovery Value | Recovery Rate | 0.00% - 40.00% |
|  Preferred Stocks | 6108997 | Market | Enterprise Value | Recovery Rate | 12.03% |
|  Preferred Stocks | 133666000 | Market | Transaction Based | Unadjusted Price | NA |
|  Unfunded Corporate Bond Commitment |  | Market | Transaction Based | Unadjusted Price | NA |
|  | $334033714 |  |  |  |  |

---

See Notes to Financial Statements.

------

PGIM High Yield Fund

Schedule of Investments (continued)

as of August 31, 2025

\*\* The table does not include Level 3 securities and/or derivatives that are valued by independent pricing vendors or brokers. As of August 31, 2025, the aggregate value of these securities and/or derivatives was $107,582,309. The unobservable inputs for these investments were not developed by the Fund and are not readily available (e.g. single broker quotes). 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of August 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Affiliated Mutual Funds (7.1% represents investments purchased with collateral from securities on loan) | 8.3 |
|  U.S. Treasury Obligations | 8.1 |
|  Telecommunications | 5.8 |
|  Media | 5.6 |
|  Oil & Gas | 5.2 |
|  Diversified Financial Services | 4.8 |
|  Retail | 4.5 |
|  Commercial Services | 4.3 |
|  Electric | 3.9 |
|  Home Builders | 3.9 |
|  Healthcare-Services | 3.6 |
|  Pipelines | 3.2 |
|  Entertainment | 2.8 |
|  Chemicals | 2.8 |
|  Leisure Time | 2.5 |
|  Real Estate Investment Trusts (REITs) | 2.5 |
|  Auto Parts & Equipment | 1.9 |
|  Packaging & Containers | 1.9 |
|  Building Materials | 1.8 |
|  Pharmaceuticals | 1.8 |
|  Mining | 1.6 |
|  Foods | 1.5 |
|  Aerospace & Defense | 1.4 |
|  Lodging | 1.4 |
|  Insurance | 1.4 |
|  Auto Manufacturers | 1.2 |
|  Computers | 1.2 |
|  Banks | 1.1 |
|  Airlines | 1 |
|  Iron/Steel | 1 |
|  Real Estate | 1 |
|  Housewares | 1 |
|  Internet | 0.8 |
|  Healthcare-Products | 0.8 |
|  Environmental Control | 0.8 |
|  Software | 0.8 |
|  Wireless Telecommunication Services | 0.7 |
|  Affiliated Exchange-Traded Funds | 0.6 |

---

---

| | |
|:---|:---|
|  Electronic Equipment, Instruments & Components | 0.6% |
|  Collateralized Loan Obligations | 0.6 |
|  Machinery-Diversified | 0.6 |
|  Household Products/Wares | 0.6 |
|  Holding Companies-Diversified | 0.5 |
|  Apparel | 0.4 |
|  Metal Fabricate/Hardware | 0.4 |
|  Miscellaneous Manufacturing | 0.4 |
|  Oil, Gas & Consumable Fuels | 0.4 |
|  Electrical Components & Equipment | 0.4 |
|  Transportation | 0.3 |
|  Gas | 0.3 |
|  Gas Utilities | 0.2 |
|  Machinery-Construction & Mining | 0.2 |
|  Investment Companies | 0.2 |
|  Distribution/Wholesale | 0.2 |
|  Commercial Mortgage-Backed Securities | 0.2 |
|  Home Furnishings | 0.2 |
|  Engineering & Construction | 0.2 |
|  Interactive Media & Services | 0.2 |
|  Forest Products & Paper | 0.1 |
|  Advertising | 0.1 |
|  Electronics | 0.1 |
|  Electric Utilities | 0.1 |
|  Semiconductors | 0.1 |
|  Coal | 0.1 |
|  Cosmetics/Personal Care | 0.1 |
|  Office/Business Equipment | 0.1 |
|  Diversified Telecommunication Services | 0.1 |
|  Oil & Gas Services | 0.0 \* |
|  | 106.5 |
|  Liabilities in excess of other assets | (6.5) |
|  | 100.0% |

---

\* Less than 0.05% 

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of August 31, 2025 as presented in the Statement of Assets and Liabilities:

See Notes to Financial Statements.

PGIM High Yield Fund 35

------

PGIM High Yield Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for<br>as hedging instruments,**<br> **carried at fair value**  | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** |
|  Credit contracts | Due from/to broker-variation margin swaps | $27910929 \* |  | $— |
|  Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 400182 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 515516 |
|  Interest rate contracts | Due from/to broker-variation margin futures | 8652333 \* | Due from/to broker-variation margin futures | 222625 \* |
|  Interest rate contracts | Unrealized appreciation on OTC swap agreements | 1424043 | Unrealized depreciation on OTC swap agreements | 4795032 |
|  |  | $38387487 |  | $5533173 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the year ended August 31, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Options<br>Written** | **Futures** | **Forward<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Credit contracts | $1336028 | $— | $— | $13401279 |
|  Foreign exchange contracts |  |  | (5577687) |  |
|  Interest rate contracts |  | (40638907) |  | (4805819) |
|  **Total** | $1336028 | $(40638907) | $(5577687) | $8595460 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** | **Forward<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Credit contracts | $— | $— | $20235826 |
|  Foreign exchange contracts |  | 2842873 |  |
|  Interest rate contracts | 14988873 |  | 11697321 |
|  **Total** | $14988873 | $2842873 | $31933147 |

---

For the year ended August 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Written (1) | $21678000 |
|  Futures Contracts - Long Positions (1) | 2595181599 |
|  Futures Contracts - Short Positions (1) | 17774935 |
|  Forward Foreign Currency Exchange Contracts - Purchased (2) | 155585600 |
|  Forward Foreign Currency Exchange Contracts - Sold (2) | 315400224 |
|  Credit Default Swap Agreements - Sell Protection (1) | 585210000 |
|  Total Return Swap Agreements (1) | 419089400 |

---

\* Average volume is based on average quarter end balances for the year ended August 31, 2025.

(1) Notional Amount in USD.

(2) Value at Settlement Date.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Fund invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

See Notes to Financial Statements.

------

PGIM High Yield Fund

Schedule of Investments (continued)

as of August 31, 2025

**Offsetting of financial instrument/transaction assets and liabilities:**

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market<br>Value of<br>Recognized<br> Assets/(Liabilities)** | **Collateral<br> Pledged/(Received)(2)** | **Net<br> Amount** |
|  Securities on Loan | $1432466159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1432466159) | $— |

---

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of <br>Recognized<br>Assets(1)** | **Gross Amounts of <br>Recognized<br>Liabilities(1)** | **Net Amounts of<br>Recognized<br> Assets/(Liabilities)** | **Collateral**<br> **Pledged/(Received)(2)** | **Net Amount** |
|  BNY | $353136 | $(40487) | $312649 | $(312649) | $— |
|  JPM | 509895 |  | 509895 |  | 509895 |
|  MSI | 961194 | (4840748) | (3879554) | 3879554 |  |
|  TD |  | (429313) | (429313) | 227468 | (201845) |
|  | $1824225 | $(5310548) | $(3486323) | $3794373 | $308050 |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Fund is limited to the market value of financial instruments/transactions and the Fund's OTC derivative exposure by counterparty.

See Notes to Financial Statements.

PGIM High Yield Fund 37

------

PGIM High Yield Fund

Statement of Assets & Liabilities

as of August 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value, including securities on loan of $1,432,466,159: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $20,262,186,578) | $20243188364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $1,849,467,591) | 1850348744 |
| &nbsp;&nbsp; Cash | 1631267 |
| &nbsp;&nbsp; Foreign currency, at value (cost $4,006,773) | 4016630 |
| &nbsp;&nbsp; Dividends and interest receivable | 301512829 |
| &nbsp;&nbsp; Receivable for investments sold | 24915340 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 24353623 |
| &nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 1424043 |
| &nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 400182 |
| &nbsp;&nbsp; Unrealized appreciation on unfunded loan commitments | 155104 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 199951 |
| &nbsp;&nbsp; **Total Assets** | 22452146077 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable to broker for collateral for securities on loan | 1462782045 |
| &nbsp;&nbsp; Payable for investments purchased | 173307213 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 43851886 |
| &nbsp;&nbsp; Dividends and Distributions payable | 12090546 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 7844453 |
| &nbsp;&nbsp; Management fee payable | 6302572 |
| &nbsp;&nbsp; Unrealized depreciation on OTC swap agreements | 4795032 |
| &nbsp;&nbsp; Due to broker—variation margin swaps | 1700304 |
| &nbsp;&nbsp; Due to broker—variation margin futures | 1424728 |
| &nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 515516 |
| &nbsp;&nbsp; Distribution fee payable | 499463 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 112489 |
| &nbsp;&nbsp; Directors' fees payable | 39708 |
| &nbsp;&nbsp; Unrealized depreciation on unfunded loan commitments | 22217 |
| &nbsp;&nbsp; **Total Liabilities** | 1715288172 |
| &nbsp;&nbsp; **Net Assets** | $20736857905 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $42339757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 22652804287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (1958286139) |
| &nbsp;&nbsp; **Net assets, August 31, 2025** | $20736857905 |

---

See Notes to Financial Statements.

------

PGIM High Yield Fund

Statement of Assets & Liabilities (continued)

as of August 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A** |  |
| &nbsp;&nbsp; Net asset value and redemption price per share,<br> ($1,455,526,939 ÷ 297,507,807 shares of common stock issued and outstanding) | $4.89 |
| &nbsp;&nbsp; Maximum sales charge (3.25% of offering price) | 0.16 |
| &nbsp;&nbsp; Maximum offering price to public | $5.05 |
| &nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($186,208,680 ÷ 38,109,612 shares of common stock issued and outstanding) | $4.89 |
| &nbsp;&nbsp; **Class R** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($71,777,116 ÷ 14,679,899 shares of common stock issued and outstanding) | $4.89 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($8,507,665,567 ÷ 1,734,783,376 shares of common stock issued and outstanding) | $4.9 |
| &nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($26,221,623 ÷ 5,353,795 shares of common stock issued and outstanding) | $4.9 |
| &nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($38,106,741 ÷ 7,782,624 shares of common stock issued and outstanding) | $4.9 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($10,451,351,239 ÷ 2,135,758,574 shares of common stock issued and outstanding) | $4.89 |

---

See Notes to Financial Statements.

PGIM High Yield Fund 39

------

PGIM High Yield Fund

Statement of Operations

Year Ended August 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income (net of $373,598 foreign withholding tax) | $1373330883 |
| &nbsp;&nbsp; Affiliated dividend income | 24862335 |
| &nbsp;&nbsp; Unaffiliated dividend income | 19855248 |
| &nbsp;&nbsp; Income from securities lending, net (including affiliated income of $1,709,005) | 1742812 |
| &nbsp;&nbsp; **Total income** | 1419791278 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 71372657 |
| &nbsp;&nbsp; Distribution fee(a) | 6043706 |
| &nbsp;&nbsp; Shareholder servicing fees(a) | 64016 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $741,980)(a) | 13073402 |
| &nbsp;&nbsp; Custodian and accounting fees | 1127282 |
| &nbsp;&nbsp; Shareholders' reports | 999282 |
| &nbsp;&nbsp; Professional fees | 428267 |
| &nbsp;&nbsp; Registration fees(a) | 414449 |
| &nbsp;&nbsp; Directors' fees | 261740 |
| &nbsp;&nbsp; Audit fee | 51392 |
| &nbsp;&nbsp; Miscellaneous | 285253 |
| &nbsp;&nbsp; **Total expenses** | 94121446 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (311130) |
| &nbsp;&nbsp; Distribution fee waiver(a) | (167369) |
| &nbsp;&nbsp; **Net expenses** | 93642947 |
| &nbsp;&nbsp; Net investment income (loss) | 1326148331 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $680,939) | (443377563) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated net capital gain distributions received | 24361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (40638907) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contract transactions | (5577687) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 1336028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreement transactions | 8595460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (2714223) |
|  | (482352531) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $264,506) | 874629172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 14988873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | 2842873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 31933147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (250365) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded loan commitments | 154766 |
|  | 924298466 |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | 441945935 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $1768094266 |

---

(a) Class specific expenses and waivers were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R** | **Class Z** | **Class R2** | **Class R4** | **Class R6** |
|  Distribution fee | 3579283 | 1895287 | 502107 |  | 67029 |  |  |
|  Shareholder servicing fees |  |  |  |  | 26811 | 37205 |  |
|  Transfer agent's fees and expenses | 1571157 | 164866 | 108491 | 10663799 | 50166 | 62309 | 452614 |
|  Registration fees | 48935 | 19886 | 8087 | 190869 | 9362 | 8370 | 128940 |
|  Fee waiver and/or expense reimbursement | (21863) | (2904) | (1013) | (125150) | (10577) | (2715) | (146908) |
|  Distribution fee waiver |  |  | (167369) |  |  |  |  |

---

See Notes to Financial Statements.

------

PGIM High Yield Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br> **August 31,** | **Year Ended**<br> **August 31,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $1326148331 | $1213125316 |
| &nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | (482376892) | (522588807) |
| &nbsp;&nbsp; Affiliated net capital gain distributions received | 24361 |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 924298466 | 1368424723 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1768094266 | 2058961232 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A | (101151257) | (99136361) |
| &nbsp;&nbsp; Class C | (12001299) | (12544300) |
| &nbsp;&nbsp; Class R | (4513898) | (4280965) |
| &nbsp;&nbsp; Class Z | (598241017) | (598289069) |
| &nbsp;&nbsp; Class R2 | (1849293) | (1690603) |
| &nbsp;&nbsp; Class R4 | (2659393) | (2519969) |
| &nbsp;&nbsp; Class R6 | (720224807) | (618260254) |
|  | (1440640964) | (1336721521) |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 6262865517 | 6087264509 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 1306977524 | 1212438258 |
| &nbsp;&nbsp; Cost of shares purchased | (6350668310) | (6805845729) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 1219174731 | 493857038 |
| &nbsp;&nbsp; Total increase (decrease) | 1546628033 | 1216096749 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of year | 19190229872 | 17974133123 |
| &nbsp;&nbsp; End of year | $20736857905 | $19190229872 |

---

See Notes to Financial Statements.

PGIM High Yield Fund 41

------

PGIM High Yield Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Year** | $4.81 | $4.62 | $4.70 | $5.60 | $5.36 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.31 | 0.30 | 0.30 | 0.27 | 0.28 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.11 | 0.22 | (0.06) | (0.83) | 0.29 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.42 | 0.52 | 0.24 | (0.56) | 0.57 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.34) | (0.33) | (0.32) | (0.28) | (0.31) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  | (0.06) | (0.02) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.34) | (0.33) | (0.32) | (0.34) | (0.33) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $4.89 | $4.81 | $4.62 | $4.70 | $5.60 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | 9.07% | 11.75% | 5.34% | (10.37)% | 10.83% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000) | $1455527 | $1439105 | $1389896 | $1482194 | $1845347 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $1431713 | $1390022 | $1406761 | $1692604 | $1758634 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.74% | 0.74% | 0.75% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.74% | 0.74% | 0.75% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 6.48% | 6.44% | 6.52% | 5.14% | 5.01% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)</sup> | 49% | 42% | 22% | 38% | 56% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests.

(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM High Yield Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Year** | $4.81 | $4.62 | $4.69 | $5.59 | $5.35 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.28 | 0.27 | 0.27 | 0.23 | 0.24 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.10 | 0.22 | (0.05) | (0.83) | 0.29 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.38 | 0.49 | 0.22 | (0.60) | 0.53 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.30) | (0.30) | (0.29) | (0.24) | (0.27) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  | (0.06) | (0.02) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.30) | (0.30) | (0.29) | (0.30) | (0.29) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $4.89 | $4.81 | $4.62 | $4.69 | $5.59 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | 8.50% | 10.72% | 4.81% | (11.04)% | 10.05% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000) | $186209 | $194627 | $203122 | $228267 | $285550 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $189529 | $195748 | $213856 | $265453 | $276522 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 1.47% | 1.47% | 1.47% | 1.47% | 1.46% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 1.47% | 1.47% | 1.47% | 1.47% | 1.46% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 5.74% | 5.71% | 5.80% | 4.41% | 4.29% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)</sup> | 49% | 42% | 22% | 38% | 56% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests.

(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM High Yield Fund 43

------

PGIM High Yield Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class R Shares** |  |  |  |  |  |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Year** | $4.81 | $4.62 | $4.69 | $5.59 | $5.36 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.30 | 0.29 | 0.29 | 0.25 | 0.26 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.10 | 0.22 | (0.06) | (0.82) | 0.28 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.40 | 0.51 | 0.23 | (0.57) | 0.54 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.32) | (0.32) | (0.30) | (0.27) | (0.29) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  | (0.06) | (0.02) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.32) | (0.32) | (0.30) | (0.33) | (0.31) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $4.89 | $4.81 | $4.62 | $4.69 | $5.59 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | 8.73% | 11.41% | 5.25% | (10.67)% | 10.31% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000) | $71777 | $65101 | $62119 | $65159 | $80110 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $66948 | $62804 | $61679 | $74379 | $75371 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 1.05% | 1.05% | 1.06% | 1.06% | 1.04% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 1.30% | 1.30% | 1.31% | 1.31% | 1.29% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 6.16% | 6.13% | 6.21% | 4.83% | 4.71% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)</sup> | 49% | 42% | 22% | 38% | 56% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests.

(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM High Yield Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class Z Shares** |  |  |  |  |  |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Year** | $4.82 | $4.63 | $4.71 | $5.61 | $5.37 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.32 | 0.31 | 0.31 | 0.28 | 0.29 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.11 | 0.22 | (0.06) | (0.82) | 0.29 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.43 | 0.53 | 0.25 | (0.54) | 0.58 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.35) | (0.34) | (0.33) | (0.30) | (0.32) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  | (0.06) | (0.02) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.35) | (0.34) | (0.33) | (0.36) | (0.34) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $4.90 | $4.82 | $4.63 | $4.71 | $5.61 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | 9.32% | 12.00% | 5.60% | (10.12)% | 11.09% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000) | $8507666 | $8004472 | $8520420 | $9297381 | $12845347 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $8194763 | $8146187 | $8663429 | $11828293 | $11069596 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.51% | 0.51% | 0.51% | 0.51% | 0.50% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.51% | 0.51% | 0.51% | 0.51% | 0.50% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 6.71% | 6.66% | 6.76% | 5.37% | 5.22% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)</sup> | 49% | 42% | 22% | 38% | 56% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests.

(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM High Yield Fund 45

------

PGIM High Yield Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class R2 Shares** |  |  |  |  |  |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Year** | $4.82 | $4.63 | $4.70 | $5.60 | $5.37 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.30 | 0.29 | 0.29 | 0.26 | 0.26 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.11 | 0.23 | (0.05) | (0.83) | 0.29 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.41 | 0.52 | 0.24 | (0.57) | 0.55 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.33) | (0.33) | (0.31) | (0.27) | (0.30) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  | (0.06) | (0.02) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.33) | (0.33) | (0.31) | (0.33) | (0.32) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $4.90 | $4.82 | $4.63 | $4.70 | $5.60 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | 8.88% | 11.56% | 5.40% | (10.51)% | 10.45% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000) | $26222 | $27071 | $23440 | $38316 | $44289 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $26812 | $24360 | $33366 | $43115 | $34097 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.91% | 0.91% | 0.91% | 0.91% | 0.91% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.95% | 0.94% | 0.92% | 0.92% | 0.91% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 6.31% | 6.27% | 6.35% | 4.99% | 4.77% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)</sup> | 49% | 42% | 22% | 38% | 56% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests.

(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM High Yield Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class R4 Shares** |  |  |  |  |  |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Year** | $4.82 | $4.63 | $4.70 | $5.60 | $5.36 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.32 | 0.30 | 0.30 | 0.27 | 0.28 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.10 | 0.23 | (0.05) | (0.82) | 0.29 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.42 | 0.53 | 0.25 | (0.55) | 0.57 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.34) | (0.34) | (0.32) | (0.29) | (0.31) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  | (0.06) | (0.02) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.34) | (0.34) | (0.32) | (0.35) | (0.33) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $4.90 | $4.82 | $4.63 | $4.70 | $5.60 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | 9.38% | 11.61% | 5.66% | (10.28)% | 10.93% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000) | $38107 | $38025 | $32930 | $33423 | $31793 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $37205 | $34955 | $32736 | $34464 | $24783 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.66% | 0.66% | 0.66% | 0.66% | 0.66% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.67% | 0.67% | 0.67% | 0.69% | 0.67% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 6.56% | 6.52% | 6.61% | 5.27% | 5.05% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)</sup> | 49% | 42% | 22% | 38% | 56% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests.

(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM High Yield Fund 47

------

PGIM High Yield Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class R6 Shares** |  |  |  |  |  |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Year** | $4.81 | $4.62 | $4.70 | $5.60 | $5.36 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.33 | 0.32 | 0.32 | 0.29 | 0.30 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.11 | 0.22 | (0.06) | (0.83) | 0.29 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.44 | 0.54 | 0.26 | (0.54) | 0.59 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.36) | (0.35) | (0.34) | (0.30) | (0.33) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  | (0.06) | (0.02) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.36) | (0.35) | (0.34) | (0.36) | (0.35) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $4.89 | $4.81 | $4.62 | $4.70 | $5.60 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | 9.46% | 12.16% | 5.73% | (10.03)% | 11.24% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000) | $10451351 | $9421829 | $7742206 | $7494727 | $8711897 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $9730934 | $8261633 | $7742669 | $8544222 | $8959961 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.38% | 0.38% | 0.38% | 0.38% | 0.38% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.38% | 0.38% | 0.38% | 0.38% | 0.38% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 6.83% | 6.80% | 6.89% | 5.52% | 5.39% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)</sup> | 49% | 42% | 22% | 38% | 56% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests.

(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM Short Duration High Yield Income Fund

Schedule of Investments

as of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | <br> **Principal Amount<br>(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value**  |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 97.5%** |  |  |  |  |  |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES 0.7%** |  |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations** |  |  |  |  |  |
| &nbsp;&nbsp; Atlas Static Senior Loan Fund Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class AR, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 6.068%(c) | 07/15/30 | 4662 | $| 4661477 |
| &nbsp;&nbsp; BlueMountain Fuji US CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-02A, Class A1AR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 0.000%) | 5.587(c) | 10/20/30 | 1216 |  | 1216188 |
| &nbsp;&nbsp; Madison Park Funding Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-33A, Class AR, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%) | 5.608(c) | 10/15/32 | 7452 |  | 7460424 |
| &nbsp;&nbsp; OFSI BSL Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | 5.508(c) | 07/15/31 | 12476 |  | 12487270 |
| &nbsp;&nbsp; Sound Point CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03A, Class A1AR, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 5.614(c) | 10/26/31 | 7767 |  | 7776956 |
| &nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES**<br> (cost $33,563,173) |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33602315 |
| &nbsp;&nbsp; **CORPORATE BONDS 73.7%** | &nbsp;&nbsp; **CORPORATE BONDS 73.7%** | &nbsp;&nbsp; **CORPORATE BONDS 73.7%** | &nbsp;&nbsp; **CORPORATE BONDS 73.7%** | &nbsp;&nbsp; **CORPORATE BONDS 73.7%** | &nbsp;&nbsp; **CORPORATE BONDS 73.7%** |
| &nbsp;&nbsp; **Aerospace & Defense 1.3%** | &nbsp;&nbsp; **Aerospace & Defense 1.3%** | &nbsp;&nbsp; **Aerospace & Defense 1.3%** | &nbsp;&nbsp; **Aerospace & Defense 1.3%** | &nbsp;&nbsp; **Aerospace & Defense 1.3%** | &nbsp;&nbsp; **Aerospace & Defense 1.3%** |
| &nbsp;&nbsp; ATI, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.250 | 08/15/30 | 1761 |  | 1854499 |
| &nbsp;&nbsp; Boeing Co. (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.196 | 02/04/26 | 10000 |  | 9900454 |
| &nbsp;&nbsp; Bombardier, Inc. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 02/15/28 | 26567 |  | 26618009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.125 | 06/15/26 | 7464 |  | 7471464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 7.500 | 02/01/29 | 2995 |  | 3126031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.875 | 04/15/27 | 1303 |  | 1306258 |
| &nbsp;&nbsp; TransDigm, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.625 | 01/15/29 | 568 |  | 556221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.375 | 03/01/29 | 8910 |  | 9126504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 08/15/28 | 4750 |  | 4853386 |
|  |  |  |  |  | 64812826 |
| &nbsp;&nbsp; **Airlines 1.3%** |  |  |  |  |  |
| &nbsp;&nbsp; American Airlines, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 7.250 | 02/15/28 | 2100 |  | 2153797 |
| &nbsp;&nbsp; American Airlines, Inc./AAdvantage Loyalty IP Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 04/20/26 | 9708 |  | 9718923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 5.750 | 04/20/29 | 800 |  | 802000 |
| &nbsp;&nbsp; United Airlines, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.375 | 04/15/26 | 21132 |  | 21067006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 04/15/29 | 12400 |  | 12214791 |
| &nbsp;&nbsp; VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Switzerland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.875 | 05/01/27 | 13033 |  | 13161636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 9.500 | 06/01/28 | 7047 |  | 7331065 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66449218 |
| &nbsp;&nbsp; **Apparel 0.4%** | &nbsp;&nbsp; **Apparel 0.4%** | &nbsp;&nbsp; **Apparel 0.4%** | &nbsp;&nbsp; **Apparel 0.4%** | &nbsp;&nbsp; **Apparel 0.4%** | &nbsp;&nbsp; **Apparel 0.4%** |
| &nbsp;&nbsp; Kontoor Brands, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 11/15/29 | 7581 |  | 7140751 |
| &nbsp;&nbsp; William Carter Co. (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 5.625 | 03/15/27 | 10326 |  | 10312754 |
| &nbsp;&nbsp; Wolverine World Wide, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.000 | 08/15/29 | 2465 |  | 2257901 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19711406 |

---

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 49

------

PGIM Short Duration High Yield Income Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | <br> **Principal Amount<br>(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value**  |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Auto Manufacturers 1.3%** | &nbsp;&nbsp; **Auto Manufacturers 1.3%** | &nbsp;&nbsp; **Auto Manufacturers 1.3%** | &nbsp;&nbsp; **Auto Manufacturers 1.3%** | &nbsp;&nbsp; **Auto Manufacturers 1.3%** |
| &nbsp;&nbsp; Ford Motor Credit Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.700% | 08/10/26 | 20425 | $20016062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.800 | 03/08/29 | 2150 | 2174049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.800 | 05/12/28 | 525 | 544984 |
| &nbsp;&nbsp; New Flyer Holdings, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 9.250 | 07/01/30 | 2825 | 3029078 |
| &nbsp;&nbsp; Nissan Motor Co. Ltd. (Japan), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.345 | 09/17/27 | 16930 | 16538240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.500 | 07/17/30 | 13685 | 14243895 |
| &nbsp;&nbsp; PM General Purchaser LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 10/01/28 | 10375 | 8139472 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64685780 |
| &nbsp;&nbsp; **Auto Parts & Equipment 1.7%** |  |  |  |  |
| &nbsp;&nbsp; Adient Global Holdings Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 04/15/28 | 5541 | 5695982 |
| &nbsp;&nbsp; American Axle & Manufacturing, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 6.500 | 04/01/27 | 5040 | 5053651 |
| &nbsp;&nbsp; Clarios Global LP/Clarios US Finance Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.500 | 05/15/27 | 17525 | 17611223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 02/15/30 | 500 | 517485 |
| &nbsp;&nbsp; Dana, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.375 | 11/15/27 | 7525 | 7524465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.625 | 06/15/28 | 7375 | 7369185 |
| &nbsp;&nbsp; Phinia, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 04/15/29 | 4450 | 4599547 |
| &nbsp;&nbsp; Qnity Electronics, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.750 | 08/15/32 | 2660 | 2704600 |
| &nbsp;&nbsp; Tenneco, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 11/17/28 | 32372 | 32380151 |
| &nbsp;&nbsp; Titan International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes(a) | 7.000 | 04/30/28 | 6000 | 6009437 |
|  |  |  |  | 89465726 |
| &nbsp;&nbsp; **Banks 0.8%** |  |  |  |  |
| &nbsp;&nbsp; Freedom Mortgage Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.625 | 01/15/27 | 16050 | 16107982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 12.000 | 10/01/28 | 2950 | 3152774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 12.250 | 10/01/30 | 5000 | 5545598 |
| &nbsp;&nbsp; Popular, Inc. (Puerto Rico), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.250 | 03/13/28 | 13700 | 14313075 |
|  |  |  |  | 39119429 |
| &nbsp;&nbsp; **Building Materials 0.9%** |  |  |  |  |
| &nbsp;&nbsp; Builders FirstSource, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 03/01/30 | 1490 | 1474346 |
| &nbsp;&nbsp; CP Atlas Buyer, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 9.750 | 07/15/30 | 2135 | 2203003 |
| &nbsp;&nbsp; Griffon Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.750 | 03/01/28 | 6375 | 6362484 |
| &nbsp;&nbsp; JELD-WEN, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.875 | 12/15/27 | 8795 | 8652447 |
| &nbsp;&nbsp; JH North America Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.875 | 01/31/31 | 830 | 838885 |
| &nbsp;&nbsp; Quikrete Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.375 | 03/01/32 | 7470 | 7703264 |

---

See Notes to Financial Statements.

------

PGIM Short Duration High Yield Income Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | <br> **Principal Amount<br>(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value**  |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Building Materials (cont'd.)** | &nbsp;&nbsp; **Building Materials (cont'd.)** | &nbsp;&nbsp; **Building Materials (cont'd.)** | &nbsp;&nbsp; **Building Materials (cont'd.)** | &nbsp;&nbsp; **Building Materials (cont'd.)** |
| &nbsp;&nbsp; Smyrna Ready Mix Concrete LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.000% | 11/01/28 | 3135 | $3143102 |
| &nbsp;&nbsp; Standard Building Solutions, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 08/01/33 | 235 | 239960 |
| &nbsp;&nbsp; Standard Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.375 | 07/15/30 | 9500 | 9106330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.750 | 01/15/28 | 5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5548571 |
|  |  |  |  | 45272392 |
| &nbsp;&nbsp; **Chemicals 1.6%** |  |  |  |  |
| &nbsp;&nbsp; Celanese US Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.665 | 07/15/27 | 2040 | 2099836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.850 | 11/15/28 | 4550 | 4745522 |
| &nbsp;&nbsp; Cornerstone Chemical Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 10.000% or PIK 10.000%^ | 10.000 | 05/07/29 | 3268 | 3104986 |
| &nbsp;&nbsp; Hercules LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 6.500 | 06/30/29 | 2005 | 1990970 |
| &nbsp;&nbsp; Olympus Water US Holding Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.250 | 10/01/28 | 9311 | 8919248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.125 | 10/01/27 | 22064 | 22468651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.750 | 11/15/28 | 15990 | 16768766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 10/01/29 | 3650 | 3562828 |
| &nbsp;&nbsp; SNF Group SACA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 3.125 | 03/15/27 | 18392 | 17845022 |
| &nbsp;&nbsp; Tronox, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 03/15/29 | 1475 | 1087891 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82593720 |
| &nbsp;&nbsp; **Coal 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Coronado Finance Pty Ltd. (Australia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.250 | 10/01/29 | 6600 | 5410680 |
| &nbsp;&nbsp; **Commercial Services 3.8%** |  |  |  |  |
| &nbsp;&nbsp; Adtalem Global Education, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 03/01/28 | 4078 | 4061471 |
| &nbsp;&nbsp; Allied Universal Holdco LLC/Allied Universal Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 6.875 | 06/15/30 | 6590 | 6789761 |
| &nbsp;&nbsp; Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 06/01/28 | 11216 | 10936946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 06/01/28 | 5525 | 5396765 |
| &nbsp;&nbsp; Alta Equipment Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 9.000 | 06/01/29 | 4665 | 4437692 |
| &nbsp;&nbsp; AMN Healthcare, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.000 | 04/15/29 | 3220 | 3005848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 10/01/27 | 38519 | 37901213 |
| &nbsp;&nbsp; Avis Budget Car Rental LLC/Avis Budget Finance, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.750 | 04/01/28 | 1020 | 987963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 5.750 | 07/15/27 | 5699 | 5676358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 5.750 | 07/15/27 | 12078 | 12015129 |
| &nbsp;&nbsp; Block, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.625 | 08/15/30 | 5580 | 5712960 |
| &nbsp;&nbsp; Brink's Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 10/15/27 | 661 | 655369 |
| &nbsp;&nbsp; Clarivate Science Holdings Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.875 | 07/01/29 | 1700 | 1608517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875 | 07/01/28 | 11960 | 11541956 |

---

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 51

------

PGIM Short Duration High Yield Income Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | <br> **Principal Amount<br>(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value**  |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Commercial Services (cont'd.)** | &nbsp;&nbsp; **Commercial Services (cont'd.)** | &nbsp;&nbsp; **Commercial Services (cont'd.)** | &nbsp;&nbsp; **Commercial Services (cont'd.)** | &nbsp;&nbsp; **Commercial Services (cont'd.)** |
| &nbsp;&nbsp; DCLI Bidco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | 7.750% | 11/15/29 | 9025 | $9242539 |
| &nbsp;&nbsp; Herc Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 5.500 | 07/15/27 | 26641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26611699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.625 | 06/15/29 | 4935 | 5084060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 7.000 | 06/15/30 | 9625 | 10016877 |
| &nbsp;&nbsp; Hertz Corp. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 12/01/26 | 2485 | 2305181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 12.625 | 07/15/29 | 3100 | 3213242 |
| &nbsp;&nbsp; Mavis Tire Express Services Topco Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.500 | 05/15/29 | 7043 | 7032259 |
| &nbsp;&nbsp; NESCO Holdings II, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A(a) | 5.500 | 04/15/29 | 8450 | 8246222 |
| &nbsp;&nbsp; United Rentals North America, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.875 | 01/15/28 | 1075 | 1069026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes(a) | 3.875 | 11/15/27 | 1858 | 1827749 |
| &nbsp;&nbsp; Veritiv Operating Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 10.500 | 11/30/30 | 6000 | 6495695 |
| &nbsp;&nbsp; VT Topco, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.500 | 08/15/30 | 775 | 826866 |
| &nbsp;&nbsp; Williams Scotsman, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.625 | 06/15/29 | 1300 | 1334530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.625 | 04/15/30 | 2000 | 2066575 |
|  |  |  |  | 196100468 |
| &nbsp;&nbsp; **Computers 0.7%** |  |  |  |  |
| &nbsp;&nbsp; Fortress Intermediate 3, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 7.500 | 06/01/31 | 4940 | 5201868 |
| &nbsp;&nbsp; NCR Atleos Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 04/01/29 | 11006 | 11935340 |
| &nbsp;&nbsp; NCR Voyix Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 5.000 | 10/01/28 | 18655 | 18389306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.125 | 04/15/29 | 1577 | 1558760 |
|  |  |  |  | 37085274 |
| &nbsp;&nbsp; **Distribution/Wholesale 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Velocity Vehicle Group LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 8.000 | 06/01/29 | 1615 | 1637401 |
| &nbsp;&nbsp; **Diversified Financial Services 5.9%** |  |  |  |  |
| &nbsp;&nbsp; Azorra Finance Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.250 | 01/15/31 | 3075 | 3170786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.750 | 04/15/30 | 4365 | 4582377 |
| &nbsp;&nbsp; Freedom Mortgage Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.375 | 04/01/32 | 1110 | 1146483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 9.250 | 02/01/29 | 9035 | 9474638 |
| &nbsp;&nbsp; GGAM Finance Ltd. (Ireland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.000 | 02/15/27 | 16155 | 16581330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.750 | 05/15/26 | 5075 | 5085023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.000 | 06/15/28 | 9175 | 9738529 |
| &nbsp;&nbsp; goeasy Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875 | 05/15/30 | 2040 | 2069376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875 | 02/15/31 | 2230 | 2229777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.250 | 12/01/28 | 5834 | 6130076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.375 | 10/01/30 | 5155 | 5311815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.625 | 07/01/29 | 5865 | 6073208 |

---

See Notes to Financial Statements.

------

PGIM Short Duration High Yield Income Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | <br> **Principal Amount<br>(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value**  |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Diversified Financial Services (cont'd.)** | &nbsp;&nbsp; **Diversified Financial Services (cont'd.)** | &nbsp;&nbsp; **Diversified Financial Services (cont'd.)** | &nbsp;&nbsp; **Diversified Financial Services (cont'd.)** | &nbsp;&nbsp; **Diversified Financial Services (cont'd.)** |
| &nbsp;&nbsp; Jefferies Finance LLC/JFIN Co-Issuer Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.625% | 10/15/31 | 4200 | $4215722 |
| &nbsp;&nbsp; LD Holdings Group LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.125 | 04/01/28 | 2212 | 1946615 |
| &nbsp;&nbsp; Macquarie Airfinance Holdings Ltd. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.400 | 03/26/29 | 7100 | 7448615 |
| &nbsp;&nbsp; Nationstar Mortgage Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.125 | 12/15/30 | 2500 | 2527974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 08/15/28 | 20195 | 20169911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.000 | 01/15/27 | 8175 | 8182928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.500 | 08/01/29 | 4145 | 4244827 |
| &nbsp;&nbsp; Navient Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.875 | 03/15/28 | 12240 | 12020603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.000 | 03/15/27 | 14848 | 14742618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.750 | 06/15/26 | 2400 | 2427410 |
| &nbsp;&nbsp; OneMain Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.500 | 01/15/27 | 4195 | 4107297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.875 | 09/15/28 | 11633 | 11150996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 4.000 | 09/15/30 | 4075 | 3768161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.375 | 11/15/29 | 7250 | 7181264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.125 | 05/15/30 | 3835 | 3897416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.625 | 01/15/28 | 6036 | 6191619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.625 | 05/15/29 | 3950 | 4066327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.750 | 03/15/32 | 8400 | 8603914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.125 | 03/15/26 | 6222 | 6306578 |
| &nbsp;&nbsp; PennyMac Financial Services, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.250 | 02/15/29 | 15600 | 15039209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.125 | 11/15/30 | 4675 | 4848477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.875 | 12/15/29 | 4617 | 4908151 |
| &nbsp;&nbsp; PHH Escrow Issuer LLC/PHH Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 9.875 | 11/01/29 | 3925 | 3940592 |
| &nbsp;&nbsp; PRA Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.375 | 02/01/28 | 12050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12405884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 8.875 | 01/31/30 | 6568 | 6904773 |
| &nbsp;&nbsp; Rocket Cos., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.125 | 08/01/30 | 14575 | 14998512 |
| &nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 2.875 | 10/15/26 | 20819 | 20371797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 3.625 | 03/01/29 | 8350 | 7963907 |
| &nbsp;&nbsp; United Wholesale Mortgage LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 5.500 | 04/15/29 | 1260 | 1241804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 06/15/27 | 897 | 895547 |
| &nbsp;&nbsp; UWM Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.625 | 02/01/30 | 2430 | 2469014 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300781880 |
| &nbsp;&nbsp; **Electric 3.6%** |  |  |  |  |
| &nbsp;&nbsp; Calpine Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.500 | 02/15/28 | 18785 | 18612068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 02/01/31 | 250 | 247965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125 | 03/15/28 | 19970 | 19948630 |
| &nbsp;&nbsp; NRG Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.750 | 01/15/28 | 9899 | 9927199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.625 | 02/15/31 | 1825 | 1683350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 06/15/29 | 24775 | 24691385 |
| &nbsp;&nbsp; PG&E Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.000 | 07/01/28 | 12904 | 12761137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.250 | 07/01/30 | 1475 | 1438296 |

---

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 53

------

PGIM Short Duration High Yield Income Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | <br> **Principal Amount<br>(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value**  |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Electric (cont'd.)** | &nbsp;&nbsp; **Electric (cont'd.)** | &nbsp;&nbsp; **Electric (cont'd.)** | &nbsp;&nbsp; **Electric (cont'd.)** | &nbsp;&nbsp; **Electric (cont'd.)** |
| &nbsp;&nbsp; Vistra Operations Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.375% | 05/01/29 | 19490 | $19061078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 07/31/27 | 58096 | 57968453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 09/01/26 | 7892 | 7896924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.625 | 02/15/27 | 9800 | 9796879 |
|  |  |  |  | 184033364 |
| &nbsp;&nbsp; **Electrical Components & Equipment 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Energizer Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.750 | 06/15/28 | 3047 | 2994304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.500 | 12/31/27 | 16843 | 17004156 |
| &nbsp;&nbsp; WESCO Distribution, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.375 | 03/15/29 | 2790 | 2875637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.250 | 06/15/28 | 4602 | 4670959 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27545056 |
| &nbsp;&nbsp; **Electronics 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Sensata Technologies BV, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.000 | 04/15/29 | 5600 | 5361216 |
| &nbsp;&nbsp; **Entertainment 2.5%** |  |  |  |  |
| &nbsp;&nbsp; Brightstar Lottery PLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.250 | 01/15/27 | 4000 | 4035200 |
| &nbsp;&nbsp; Caesars Entertainment, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 10/15/29 | 34115 | 32548873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 02/15/30 | 12249 | 12674979 |
| &nbsp;&nbsp; CCM Merger, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.375 | 05/01/26 | 23044 | 23041143 |
| &nbsp;&nbsp; Jacobs Entertainment, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 02/15/29 | 7075 | 6864265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 02/15/29 | 6575 | 6393041 |
| &nbsp;&nbsp; Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.875 | 05/01/29 | 13503 | 13062581 |
| &nbsp;&nbsp; Penn Entertainment, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 4.125 | 07/01/29 | 250 | 232963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.625 | 01/15/27 | 16883 | 16875248 |
| &nbsp;&nbsp; Voyager Parent LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.250 | 07/01/32 | 9000 | 9500060 |
| &nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.125 | 10/01/29 | 4575 | 4570077 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129798430 |
| &nbsp;&nbsp; **Environmental Control 0.7%** |  |  |  |  |
| &nbsp;&nbsp; GFL Environmental, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.000 | 08/01/28 | 4975 | 4844705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.375 | 08/15/29 | 10471 | 10176137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.750 | 06/15/29 | 4500 | 4426110 |
| &nbsp;&nbsp; Reworld Holding Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.000 | 09/01/30 | 1365 | 1304063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.875 | 12/01/29 | 15866 | 15359083 |
|  |  |  |  | 36110098 |
| &nbsp;&nbsp; **Foods 1.4%** |  |  |  |  |
| &nbsp;&nbsp; Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 01/15/27 | 15225 | 15140871 |

---

See Notes to Financial Statements.

------

PGIM Short Duration High Yield Income Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | <br> **Principal Amount<br>(000)#** | <br> **Principal Amount<br>(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value**  |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Foods (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; B&G Foods, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250% | 09/15/27 |  | 21526 | $20584570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 8.000 | 09/15/28 |  | 9605 | 9447317 |
| &nbsp;&nbsp; Bellis Acquisition Co. PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 8.000 | 07/01/31 | EUR | 3609 | 4253835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 8.125 | 05/14/30 | GBP | 3607 | 4649742 |
| &nbsp;&nbsp; Lamb Weston Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 01/31/30 |  | 4425 | 4244082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.875 | 05/15/28 |  | 4100 | 4074931 |
| &nbsp;&nbsp; Post Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 12/15/29 |  | 10010 | 9986729 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72382077 |
| &nbsp;&nbsp; **Gas 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; AmeriGas Partners LP/AmeriGas Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 05/20/27 |  | 4429 | 4419035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 9.500 | 06/01/30 |  | 3050 | 3193433 |
|  |  |  |  |  | 7612468 |
| &nbsp;&nbsp; **Healthcare-Products 1.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Medline Borrower LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875 | 04/01/29 |  | 49255 | 47327502 |
| &nbsp;&nbsp; Medline Borrower LP/Medline Co-Issuer, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 6.250 | 04/01/29 |  | 14860 | 15276258 |
|  |  |  |  |  | 62603760 |
| &nbsp;&nbsp; **Healthcare-Services 2.6%** |  |  |  |  |  |
| &nbsp;&nbsp; CHS/Community Health Systems, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.250 | 05/15/30 |  | 3700 | 3316763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.000 | 01/15/29 |  | 2631 | 2538009 |
| &nbsp;&nbsp; DaVita, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.750 | 02/15/31 |  | 3575 | 3261132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 06/01/30 |  | 36595 | 35229511 |
| &nbsp;&nbsp; LifePoint Health, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 01/15/29 |  | 3775 | 3589518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.375 | 02/15/32 |  | 2170 | 2302320 |
| &nbsp;&nbsp; MPH Acquisition Holdings LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.750 | 12/31/30 |  | 6187 | 5418685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 6.500% and PIK 5.000% | 11.500 | 12/31/30 |  | 4139 | 4212662 |
| &nbsp;&nbsp; Prime Healthcare Services, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.375 | 09/01/29 |  | 16795 | 17335816 |
| &nbsp;&nbsp; Tenet Healthcare Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.250 | 06/01/29 |  | 12275 | 11954746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.375 | 01/15/30 |  | 43175 | 41898003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes(a) | 6.750 | 05/15/31 |  | 1675 | 1740653 |
|  |  |  |  |  | 132797818 |
| &nbsp;&nbsp; **Home Builders 4.4%** |  |  |  |  |  |
| &nbsp;&nbsp; Ashton Woods USA LLC/Ashton Woods Finance Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 4.625 | 08/01/29 |  | 20982 | 20200090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 04/01/30 |  | 4400 | 4158616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.625 | 01/15/28 |  | 3260 | 3276719 |
| &nbsp;&nbsp; Beazer Homes USA, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.875 | 10/15/27 |  | 20212 | 20168490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 7.250 | 10/15/29 |  | 6417 | 6490416 |

---

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 55

------

PGIM Short Duration High Yield Income Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | <br> **Principal Amount<br>(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value**  |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Home Builders (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.875% | 02/15/30 | 5300 | $4866566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 09/15/27 | 27089 | 26995272 |
| &nbsp;&nbsp; Empire Communities Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 9.750 | 05/01/29 | 7870 | 8077532 |
| &nbsp;&nbsp; Forestar Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 03/01/28 | 11400 | 11316917 |
| &nbsp;&nbsp; KB Home, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 4.800 | 11/15/29 | 3785 | 3730561 |
| &nbsp;&nbsp; M/I Homes, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.950 | 02/01/28 | 8350 | 8264826 |
| &nbsp;&nbsp; Mattamy Group Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.250 | 12/15/27 | 33644 | 33505050 |
| &nbsp;&nbsp; New Home Co., Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.500 | 11/01/30 | 2555 | 2649214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 9.250 | 10/01/29 | 3975 | 4199087 |
| &nbsp;&nbsp; Shea Homes LP/Shea Homes Funding Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 02/15/28 | 10625 | 10489870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 4.750 | 04/01/29 | 4100 | 3995539 |
| &nbsp;&nbsp; STL Holding Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.750 | 02/15/29 | 9587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10057773 |
| &nbsp;&nbsp; Taylor Morrison Communities, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 01/15/28 | 8769 | 8890965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 06/15/27 | 10841 | 10931134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.625 | 07/15/27 | 1450 | 1420186 |
| &nbsp;&nbsp; Tri Pointe Homes, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 06/01/27 | 21693 | 21713405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 5.700 | 06/15/28 | 2143 | 2178519 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227576747 |
| &nbsp;&nbsp; **Home Furnishings 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Whirlpool Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 6.125 | 06/15/30 | 1055 | 1068440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.500 | 06/15/33 | 2400 | 2414070 |
|  |  |  |  | 3482510 |
| &nbsp;&nbsp; **Household Products/Wares 0.2%** |  |  |  |  |
| &nbsp;&nbsp; ACCO Brands Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.250 | 03/15/29 | 14123 | 12678884 |
| &nbsp;&nbsp; **Housewares 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Newell Brands, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 6.375 | 05/15/30 | 7615 | 7517499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.500 | 06/01/28 | 3180 | 3361131 |
| &nbsp;&nbsp; Scotts Miracle-Gro Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 02/01/32 | 2400 | 2215065 |
|  |  |  |  | 13093695 |
| &nbsp;&nbsp; **Insurance 0.6%** |  |  |  |  |
| &nbsp;&nbsp; Acrisure LLC/Acrisure Finance, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500 | 11/06/30 | 2585 | 2682288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.250 | 02/01/29 | 9711 | 10100507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.500 | 06/15/29 | 3220 | 3387107 |
| &nbsp;&nbsp; AmWINS Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.375 | 02/15/29 | 7418 | 7601093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.875 | 06/30/29 | 4150 | 4046850 |

---

See Notes to Financial Statements.

------

PGIM Short Duration High Yield Income Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | <br> **Principal Amount<br>(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value**  |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Insurance (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; BroadStreet Partners, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.875% | 04/15/29 | 1200 | $1194077 |
|  |  |  |  | 29011922 |
| &nbsp;&nbsp; **Internet 0.6%** |  |  |  |  |
| &nbsp;&nbsp; Cablevision Lightpath LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875 | 09/15/27 | 13680 | 13486914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.625 | 09/15/28 | 200 | 198462 |
| &nbsp;&nbsp; Gen Digital, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.750 | 09/30/27 | 4525 | 4605146 |
| &nbsp;&nbsp; Go Daddy Operating Co. LLC/GD Finance Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 12/01/27 | 15010 | 14956611 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33247133 |
| &nbsp;&nbsp; **Iron/Steel 1.0%** |  |  |  |  |
| &nbsp;&nbsp; Big River Steel LLC/BRS Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.625 | 01/31/29 | 10701 | 10725683 |
| &nbsp;&nbsp; Champion Iron Canada, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.875 | 07/15/32 | 4045 | 4208742 |
| &nbsp;&nbsp; Cleveland-Cliffs, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 04/15/30 | 6525 | 6596586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875 | 11/01/29 | 4985 | 5059793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.000 | 03/15/32 | 1495 | 1489153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.500 | 09/15/31 | 1465 | 1485719 |
| &nbsp;&nbsp; Mineral Resources Ltd. (Australia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 8.125 | 05/01/27 | 5070 | 5072383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 9.250 | 10/01/28 | 9683 | 10101402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN(a) | 8.000 | 11/01/27 | 4783 | 4865315 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49604776 |
| &nbsp;&nbsp; **Leisure Time 3.1%** |  |  |  |  |
| &nbsp;&nbsp; Carnival Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 5.750 | 03/15/30 | 7776 | 7946100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.000 | 08/01/28 | 13000 | 12747726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 08/01/32 | 6000 | 6099000 |
| &nbsp;&nbsp; Lindblad Expeditions LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 02/15/27 | 20525 | 20677363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 09/15/30 | 4195 | 4294948 |
| &nbsp;&nbsp; NCL Corp. Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 5.875 | 03/15/26 | 6653 | 6656327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.875 | 02/15/27 | 8816 | 8802423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.125 | 01/15/29 | 3700 | 3878044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 03/01/30 | 9715 | 9872869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 6.750 | 02/01/32 | 5840 | 6004746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 7.750 | 02/15/29 | 8875 | 9462969 |
| &nbsp;&nbsp; Royal Caribbean Cruises Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.375 | 07/15/27 | 8894 | 8963583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 5.500 | 04/01/28 | 10565 | 10753063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.625 | 09/30/31 | 3665 | 3722614 |
| &nbsp;&nbsp; Viking Cruises Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 09/15/27 | 10410 | 10394697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 7.000 | 02/15/29 | 13325 | 13403617 |

---

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 57

------

PGIM Short Duration High Yield Income Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | <br> **Principal Amount<br>(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value**  |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Leisure Time (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Viking Ocean Cruises Ship VII Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.625% | 02/15/29 | 4000 | $3996040 |
| &nbsp;&nbsp; VOC Escrow Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.000 | 02/15/28 | 11350 | 11264194 |
|  |  |  |  | 158940323 |
| &nbsp;&nbsp; **Lodging 2.0%** |  |  |  |  |
| &nbsp;&nbsp; Boyd Gaming Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.750 | 12/01/27 | 1725 | 1714748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.750 | 06/15/31 | 2375 | 2286844 |
| &nbsp;&nbsp; Hilton Domestic Operating Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 04/01/29 | 4320 | 4402641 |
| &nbsp;&nbsp; MGM Resorts International, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.625 | 09/01/26 | 13602 | 13554959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 4.750 | 10/15/28 | 13589 | 13508592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.500 | 04/15/27 | 22250 | 22389805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 6.125 | 09/15/29 | 4000 | 4086398 |
| &nbsp;&nbsp; Station Casinos LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 02/15/28 | 6325 | 6238079 |
| &nbsp;&nbsp; Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 05/15/27 | 10800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10808892 |
| &nbsp;&nbsp; Wynn Macau Ltd. (Macau), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 10/01/27 | 17000 | 16936250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.625 | 08/26/28 | 7841 | 7785760 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103712968 |
| &nbsp;&nbsp; **Machinery-Construction & Mining 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Terex Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 05/15/29 | 2000 | 1967935 |
| &nbsp;&nbsp; Vertiv Group Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.125 | 11/15/28 | 2005 | 1957549 |
|  |  |  |  | 3925484 |
| &nbsp;&nbsp; **Machinery-Diversified 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Maxim Crane Works Holdings Capital LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 11.500 | 09/01/28 | 9365 | 9926094 |
| &nbsp;&nbsp; TK Elevator US Newco, Inc. (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 5.250 | 07/15/27 | 9952 | 9885322 |
|  |  |  |  | 19811416 |
| &nbsp;&nbsp; **Media 3.1%** |  |  |  |  |
| &nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 02/01/28 | 1725 | 1711565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125 | 05/01/27 | 34254 | 34086872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 05/01/26 | 28951 | 28978151 |
| &nbsp;&nbsp; CSC Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.375 | 02/15/31 | 200 | 127972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 12/01/30 | 200 | 131616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 02/01/28 | 4950 | 4561423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 04/15/27 | 9571 | 9211625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 12/01/30 | 200 | 87776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.500 | 04/01/28 | 838 | 675604 |
| &nbsp;&nbsp; DISH DBS Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.125 | 06/01/29 | 950 | 783313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.375 | 07/01/28 | 725 | 656190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.750 | 07/01/26 | 33600 | 32667802 |

---

See Notes to Financial Statements.

------

PGIM Short Duration High Yield Income Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | <br> **Principal Amount<br>(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value**  |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Media (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; DISH Network Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 11.750% | 11/15/27 | 10500 | $11106027 |
| &nbsp;&nbsp; Gray Media, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 9.625 | 07/15/32 | 2600 | 2612953 |
| &nbsp;&nbsp; Radiate Holdco LLC/Radiate Finance, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.250 | 03/25/30 | 1660 | 1036595 |
| &nbsp;&nbsp; Sinclair Television Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.125 | 02/15/33 | 450 | 461150 |
| &nbsp;&nbsp; Univision Communications, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 08/15/28 | 16915 | 17552088 |
| &nbsp;&nbsp; Virgin Media Secured Finance PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 05/15/29 | 14425 | 14155108 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160603830 |
| &nbsp;&nbsp; **Mining 1.3%** |  |  |  |  |
| &nbsp;&nbsp; Arsenal AIC Parent LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 10/01/30 | 825 | 874765 |
| &nbsp;&nbsp; Century Aluminum Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.875 | 08/01/32 | 755 | 773403 |
| &nbsp;&nbsp; Eldorado Gold Corp. (Turkey), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 09/01/29 | 1550 | 1555813 |
| &nbsp;&nbsp; First Quantum Minerals Ltd. (Zambia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.625 | 06/01/31 | 9399 | 9798457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 9.375 | 03/01/29 | 6015 | 6375299 |
| &nbsp;&nbsp; Hecla Mining Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.250 | 02/15/28 | 2754 | 2788911 |
| &nbsp;&nbsp; Hudbay Minerals, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 04/01/26 | 26608 | 26417221 |
| &nbsp;&nbsp; New Gold, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.875 | 04/01/32 | 845 | 880566 |
| &nbsp;&nbsp; Novelis Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.750 | 01/30/30 | 11380 | 10950362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.875 | 01/30/30 | 3055 | 3169970 |
| &nbsp;&nbsp; Taseko Mines Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 8.250 | 05/01/30 | 1545 | 1620149 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65204916 |
| &nbsp;&nbsp; **Miscellaneous Manufacturing 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Axon Enterprise, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.125 | 03/15/30 | 3520 | 3626097 |
| &nbsp;&nbsp; Trinity Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.750 | 07/15/28 | 6635 | 6873127 |
|  |  |  |  | 10499224 |
| &nbsp;&nbsp; **Oil & Gas 4.5%** |  |  |  |  |
| &nbsp;&nbsp; Aethon United BR LP/Aethon United Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.500 | 10/01/29 | 6280 | 6562749 |
| &nbsp;&nbsp; Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes^ | 7.875 | 12/15/24(d) | 10985 | 11 |
| &nbsp;&nbsp; Ascent Resources Utica Holdings LLC/ARU Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.000 | 11/01/27 | 9709 | 11726538 |
| &nbsp;&nbsp; Baytex Energy Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.500 | 04/30/30 | 1055 | 1073811 |
| &nbsp;&nbsp; CITGO Petroleum Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.375 | 06/15/26 | 10350 | 10349772 |

---

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 59

------

PGIM Short Duration High Yield Income Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | <br> **Principal Amount<br>(000)#** | <br> **Principal Amount<br>(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value**  |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Oil & Gas (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Civitas Resources, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000% | 10/15/26 |  | 6225 | $6215174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.375 | 07/01/28 |  | 8630 | 8958664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.625 | 11/01/30 |  | 3850 | 4007840 |
| &nbsp;&nbsp; Comstock Resources, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 01/15/30 |  | 5300 | 4973978 |
| &nbsp;&nbsp; Crescent Energy Finance LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 9.250 | 02/15/28 |  | 6565 | 6856081 |
| &nbsp;&nbsp; Diamond Foreign Asset Co./Diamond Finance LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A(a) | 8.500 | 10/01/30 |  | 4965 | 5258431 |
| &nbsp;&nbsp; EQT Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.500 | 06/01/27 |  | 11784 | 11985721 |
| &nbsp;&nbsp; Expand Energy Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.375 | 03/15/30 |  | 4030 | 4074045 |
| &nbsp;&nbsp; Hilcorp Energy I LP/Hilcorp Finance Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 02/01/29 |  | 10303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10187252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 04/15/30 |  | 3175 | 3144366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 11/01/28 |  | 9249 | 9300127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.375 | 11/01/33 |  | 525 | 548626 |
| &nbsp;&nbsp; Nabors Industries Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.500 | 01/15/28 |  | 70 | 70101 |
| &nbsp;&nbsp; Nabors Industries, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.375 | 05/15/27 |  | 15906 | 16170220 |
| &nbsp;&nbsp; New Generation Gas Gathering LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%) | 9.955 (c) | 09/30/29 |  | 438 | 431269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ | 10.058 (c) | 09/30/29 |  | 1459 | 1437568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ | 10.058 (c) | 09/30/29 |  | 1751 | 1725081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ | 10.058 (c) | 09/30/29 |  | 1459 | 1437567 |
| &nbsp;&nbsp; Noble Finance II LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.000 | 04/15/30 |  | 5950 | 6166549 |
| &nbsp;&nbsp; Parkland Corp. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 10/01/29 |  | 9550 | 9288712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 07/15/27 |  | 19798 | 19773846 |
| &nbsp;&nbsp; Permian Resources Operating LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.000 | 04/15/27 |  | 5480 | 5580026 |
| &nbsp;&nbsp; Precision Drilling Corp. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.125 | 01/15/26 |  | 2056 | 2055835 |
| &nbsp;&nbsp; Preem Holdings AB (Sweden), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 12.000 | 06/30/27 | EUR | 9360 | 11329143 |
| &nbsp;&nbsp; SM Energy Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 08/01/29 |  | 2350 | 2373499 |
| &nbsp;&nbsp; Sunoco LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 05/01/29 |  | 4295 | 4465254 |
| &nbsp;&nbsp; Sunoco LP/Sunoco Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 05/15/29 |  | 750 | 731525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 4.500 | 04/30/30 |  | 1300 | 1255788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.875 | 03/15/28 |  | 1490 | 1496077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 6.000 | 04/15/27 |  | 6575 | 6580775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 09/15/28 |  | 10125 | 10459438 |
| &nbsp;&nbsp; Transocean, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.250 | 05/15/29 |  | 14705 | 14225617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.500 | 05/15/31 |  | 4150 | 3893219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.750 | 02/15/30 |  | 2850 | 3009286 |
| &nbsp;&nbsp; Valaris Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A(a) | 8.375 | 04/30/30 |  | 2200 | 2280740 |
| &nbsp;&nbsp; Vital Energy, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 9.750 | 10/15/30 |  | 650 | 677196 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232137517 |

---

See Notes to Financial Statements.

------

PGIM Short Duration High Yield Income Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | <br> **Principal Amount<br>(000)#** | <br> **Principal Amount<br>(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value**  |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Oil & Gas Services 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Tidewater, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.125% | 07/15/30 |  | 2200 | $2350709 |
| &nbsp;&nbsp; **Packaging & Containers 2.2%** |  |  |  |  |  |
| &nbsp;&nbsp; ARD Finance SA (Luxembourg), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 6.500% or PIK 7.250% | 6.500 | 06/30/27 |  | 3436 | 124562 |
| &nbsp;&nbsp; Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 2.125 | 08/15/26 | EUR | 4750 | 5409653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.125 | 08/15/26 |  | 8453 | 8108878 |
| &nbsp;&nbsp; Ball Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.000 | 06/15/29 |  | 8855 | 9073701 |
| &nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.750 | 04/15/30 |  | 9415 | 9708507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 04/15/32 |  | 3350 | 3440444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.875 | 01/15/30 |  | 700 | 720293 |
| &nbsp;&nbsp; Graham Packaging Co., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.125 | 08/15/28 |  | 4155 | 4157718 |
| &nbsp;&nbsp; Graphic Packaging International LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.500 | 03/15/28 |  | 3550 | 3422537 |
| &nbsp;&nbsp; LABL, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.875 | 11/01/28 |  | 10900 | 8628256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.625 | 10/01/31 |  | 2645 | 1950459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 11/01/28 |  | 2075 | 1734114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 10.500 | 07/15/27 |  | 14710 | 13094435 |
| &nbsp;&nbsp; Mauser Packaging Solutions Holding Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.875 | 04/15/27 |  | 15865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16070289 |
| &nbsp;&nbsp; Sealed Air Corp./Sealed Air Corp. US, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.125 | 02/01/28 |  | 1275 | 1292106 |
| &nbsp;&nbsp; Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo US LLC (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 05/15/30 |  | 5725 | 5720935 |
| &nbsp;&nbsp; Trident TPI Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 12.750 | 12/31/28 |  | 19970 | 21445794 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114102681 |
| &nbsp;&nbsp; **Pharmaceuticals 1.1%** |  |  |  |  |  |
| &nbsp;&nbsp; 1261229 BC Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(x) | 10.000 | 04/15/32 |  | 1965 | 2038294 |
| &nbsp;&nbsp; AdaptHealth LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 08/01/29 |  | 3257 | 3083631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.125 | 03/01/30 |  | 3680 | 3509320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.125 | 08/01/28 |  | 20850 | 20780302 |
| &nbsp;&nbsp; Bausch Health Cos., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(x) | 5.000 | 01/30/28 |  | 2150 | 1857062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(x) | 5.000 | 02/15/29 |  | 330 | 252229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(x) | 5.250 | 02/15/31 |  | 630 | 425093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(x) | 6.250 | 02/15/29 |  | 25 | 19547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(x) | 7.000 | 01/15/28 |  | 3468 | 3121165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(x) | 4.875 | 06/01/28 |  | 1234 | 1109058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(x) | 11.000 | 09/30/28 |  | 250 | 261065 |
| &nbsp;&nbsp; Organon & Co./Organon Foreign Debt Co-Issuer BV, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.125 | 04/30/28 |  | 12608 | 12077656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 5.125 | 04/30/31 |  | 1525 | 1307833 |
| &nbsp;&nbsp; P&L Development LLC/PLD Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 9.000% and PIK 3.500% or Cash coupon 12.000% | 12.000 | 05/15/29 |  | 4906 | 5075365 |
|  |  |  |  |  | 54917620 |

---

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 61

------

PGIM Short Duration High Yield Income Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | <br> **Principal Amount<br>(000)#** | <br> **Principal Amount<br>(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value**  |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Pipelines 1.8%** |  |  |  |  |  |
| &nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750% | 03/01/27 |  | 3230 | $3231821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 01/15/28 |  | 3624 | 3632911 |
| &nbsp;&nbsp; Blue Racer Midstream LLC/Blue Racer Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.000 | 07/15/29 |  | 2990 | 3111814 |
| &nbsp;&nbsp; Rockies Express Pipeline LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.800 | 05/15/30 |  | 8795 | 8572398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.950 | 07/15/29 |  | 2525 | 2483109 |
| &nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 01/15/28 |  | 3765 | 3757458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.000 | 03/01/27 |  | 9092 | 9079937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.375 | 02/15/29 |  | 2670 | 2751391 |
| &nbsp;&nbsp; Venture Global LNG, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 9.000 (ff) | 09/30/29(oo) |  | 16445 | 16358741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 7.000 | 01/15/30 |  | 5445 | 5609254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 02/01/29 |  | 24176 | 26614926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 9.875 | 02/01/32 |  | 7555 | 8227029 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93430789 |
| &nbsp;&nbsp; **Real Estate 1.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Five Point Operating Co. LP/Five Point Capital Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 10.500 (cc) | 01/15/28 |  | 18423 | 18588798 |
| &nbsp;&nbsp; Greystar Real Estate Partners LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 7.750 | 09/01/30 |  | 550 | 582006 |
| &nbsp;&nbsp; Howard Hughes Corp. (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 02/01/29 |  | 3624 | 3469685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 08/01/28 |  | 38463 | 38435415 |
| &nbsp;&nbsp; Hunt Cos., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.250 | 04/15/29 |  | 1775 | 1735474 |
|  |  |  |  |  | 62811378 |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) 3.5%** |  |  |  |  |  |
| &nbsp;&nbsp; Arbor Realty SR, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.875 | 07/15/30 |  | 3090 | 3215971 |
| &nbsp;&nbsp; Brandywine Operating Partnership LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.950 | 11/15/27 |  | 1625 | 1583870 |
| &nbsp;&nbsp; Diversified Healthcare Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 02/15/28 |  | 1225 | 1157324 |
| &nbsp;&nbsp; Millrose Properties, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.375 | 08/01/30 |  | 6985 | 7052157 |
| &nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 0.993 | 10/15/26 | EUR | 1400 | 1551872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.000 | 10/15/27 |  | 9055 | 8584727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.500 | 02/15/32 |  | 1925 | 2017033 |
| &nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 02/01/30 |  | 4040 | 4167595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.875 | 05/15/29 |  | 13050 | 12706564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.875 | 10/01/28 |  | 6187 | 6179243 |
| &nbsp;&nbsp; RHP Hotel Properties LP/RHP Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.750 | 10/15/27 |  | 12902 | 12858356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.500 | 04/01/32 |  | 3745 | 3847663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.250 | 07/15/28 |  | 425 | 437774 |
| &nbsp;&nbsp; Rithm Capital Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.000 | 04/01/29 |  | 1703 | 1744164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.000 | 07/15/30 |  | 2060 | 2103490 |
| &nbsp;&nbsp; SBA Communications Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 3.125 | 02/01/29 |  | 2612 | 2454902 |

---

See Notes to Financial Statements.

------

PGIM Short Duration High Yield Income Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | <br> **Principal Amount<br>(000)#** | <br> **Principal Amount<br>(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value**  |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; SBA Communications Corp., (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.875% | 02/15/27 |  | 33534 | $32973058 |
| &nbsp;&nbsp; Starwood Property Trust, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.375 | 01/15/27 |  | 16420 | 16218792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 04/15/30 |  | 775 | 787716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 6.500 | 07/01/30 |  | 2350 | 2438151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.500 | 10/15/30 |  | 2555 | 2646897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 7.250 | 04/01/29 |  | 5300 | 5563144 |
| &nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.500 | 02/15/29 |  | 1950 | 1857024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 10.500 | 02/15/28 |  | 32776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34486505 |
| &nbsp;&nbsp; VICI Properties LP/VICI Note Co., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 09/01/26 |  | 10120 | 10095892 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178729884 |
| &nbsp;&nbsp; **Retail 3.8%** |  |  |  |  |  |
| &nbsp;&nbsp; 1011778 BC ULC/New Red Finance, Inc. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.000 | 10/15/30 |  | 11635 | 10834978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.375 | 01/15/28 |  | 7025 | 6906488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875 | 01/15/28 |  | 9082 | 8840759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.125 | 06/15/29 |  | 4210 | 4311124 |
| &nbsp;&nbsp; Arko Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.125 | 11/15/29 |  | 9750 | 8234280 |
| &nbsp;&nbsp; Brinker International, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.250 | 07/15/30 |  | 8500 | 9047268 |
| &nbsp;&nbsp; Carvana Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.000 | 12/01/28 |  | 35914 | 36740318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.000 | 06/01/30 |  | 22110 | 23096774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.000 | 06/01/31 |  | 2985 | 3387619 |
| &nbsp;&nbsp; eG Global Finance PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 11.000 | 11/30/28 | EUR | 2400 | 3097549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 12.000 | 11/30/28 |  | 3300 | 3635511 |
| &nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 01/15/30 |  | 11339 | 10670728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 01/15/29 |  | 3785 | 3617542 |
| &nbsp;&nbsp; Gap, Inc. (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.625 | 10/01/29 |  | 20950 | 19621381 |
| &nbsp;&nbsp; LBM Acquisition LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 01/15/29 |  | 11830 | 10868593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 06/15/31 |  | 1935 | 2027646 |
| &nbsp;&nbsp; LCM Investments Holdings II LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.875 | 05/01/29 |  | 7638 | 7501252 |
| &nbsp;&nbsp; Lithia Motors, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.875 | 06/01/29 |  | 9550 | 9147743 |
| &nbsp;&nbsp; Sally Holdings LLC/Sally Capital, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 6.750 | 03/01/32 |  | 6810 | 7072460 |
| &nbsp;&nbsp; Suburban Propane Partners LP/Suburban Energy Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.875 | 03/01/27 |  | 4008 | 4003330 |
| &nbsp;&nbsp; White Cap Buyer LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.875 | 10/15/28 |  | 3850 | 3849571 |
|  |  |  |  |  | 196512914 |

---

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 63

------

PGIM Short Duration High Yield Income Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | <br> **Principal Amount<br>(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value**  |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Semiconductors 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Entegris, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.375% | 04/15/28 | 3725 | $3633864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.750 | 04/15/29 | 1900 | 1875019 |
|  |  |  |  | 5508883 |
| &nbsp;&nbsp; **Software 1.3%** |  |  |  |  |
| &nbsp;&nbsp; Camelot Finance SA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.500 | 11/01/26 | 16492 | 16271172 |
| &nbsp;&nbsp; CoreWeave, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.000 | 02/01/31 | 1250 | 1237557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 9.250 | 06/01/30 | 16665 | 16721977 |
| &nbsp;&nbsp; Fair Isaac Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.000 | 06/15/28 | 6126 | 5973916 |
| &nbsp;&nbsp; SS&C Technologies, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 09/30/27 | 24250 | 24256085 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64460707 |
| &nbsp;&nbsp; **Telecommunications 3.6%** |  |  |  |  |
| &nbsp;&nbsp; Altice Financing SA (Luxembourg), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.000 | 01/15/28 | 2425 | 1923025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.625 | 07/15/27 | 2150 | 1994125 |
| &nbsp;&nbsp; Connect Finco Sarl/Connect US Finco LLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 9.000 | 09/15/29 | 17596 | 18315677 |
| &nbsp;&nbsp; Digicel Group Holdings Ltd. (Jamaica), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 1B14, 144A | 0.000 | 12/31/30 | 553 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 3B14, 144A^ | 0.000 | 12/31/30 | 364 |  |
| &nbsp;&nbsp; EchoStar Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 10.750 | 11/30/29 | 2800 | 3014168 |
| &nbsp;&nbsp; Frontier Communications Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | 5.875 | 11/01/29 | 1775 | 1791282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 6.000 | 01/15/30 | 8608 | 8700109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 6.750 | 05/01/29 | 6925 | 6992652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.000 | 05/01/28 | 25737 | 25678979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.875 | 10/15/27 | 41016 | 41021489 |
| &nbsp;&nbsp; Level 3 Financing, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.750 | 07/15/29 | 710 | 595796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.500 | 04/01/30 | 2000 | 1795204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.875 | 06/15/29 | 15855 | 14837779 |
| &nbsp;&nbsp; Maya SASris France (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 10/15/28 | 42994 | 43647509 |
| &nbsp;&nbsp; Windstream Services LLC/Windstream Escrow Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.250 | 10/01/31 | 8530 | 8885277 |
| &nbsp;&nbsp; Zegona Finance PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 8.625 | 07/15/29 | 5580 | 5928750 |
|  |  |  |  | 185121876 |
| &nbsp;&nbsp; **Transportation 0.6%** |  |  |  |  |
| &nbsp;&nbsp; RXO, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.500 | 11/15/27 | 6345 | 6479648 |
| &nbsp;&nbsp; Star Leasing Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A(a) | 7.625 | 02/15/30 | 8600 | 8504926 |
| &nbsp;&nbsp; XPO, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.125 | 06/01/31 | 625 | 651634 |

---

See Notes to Financial Statements.

------

PGIM Short Duration High Yield Income Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | <br> **Principal Amount<br>(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value**  |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Transportation (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; XPO, Inc., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.125% | 02/01/32 | 1380 | $1448623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.250 | 06/01/28 | 14875 | 15156499 |
|  |  |  |  | 32241330 |
| &nbsp;&nbsp; **TOTAL CORPORATE BONDS**<br>(cost $3,730,658,371) |  |  |  | 3785090603 |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS 11.6%** |  |  |  |  |
| &nbsp;&nbsp; **Airlines 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Vista Management Holding, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 3.750% | 8.041(c) | 04/01/31 | 2675 | 2684197 |
| &nbsp;&nbsp; **Auto Parts & Equipment 1.1%** |  |  |  |  |
| &nbsp;&nbsp; Clarios Global LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term B Loan, 1 Month SOFR + 2.500% | 6.816(c) | 05/06/30 | 11398 | 11390863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | 7.066(c) | 01/28/32 | 8375 | 8364531 |
| &nbsp;&nbsp; First Brands Group LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien 2021 Term Loan, 3 Month SOFR + 5.262% | 9.570(c) | 03/30/27 | 20668 | 19617026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien 2021 Term Loan, 3 Month SOFR + 8.762% | 13.070(c) | 03/30/28 | 11098 | 9988200 |
| &nbsp;&nbsp; Tenneco, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.850% | 9.122(c) | 11/17/28 | 3721 | 3696005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.100% | 9.350(c) | 11/17/28 | 4600 | 4578642 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57635267 |
| &nbsp;&nbsp; **Building Materials 0.2%** |  |  |  |  |
| &nbsp;&nbsp; American Bath/CP Atlas Buyer, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term B Loan, 1 Month SOFR + 5.250% | 9.566(c) | 07/08/30 | 3300 | 3168000 |
| &nbsp;&nbsp; Eco Material Technologies, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 6 Month SOFR + 3.250% | 7.467(c) | 02/12/32 | 4038 | 4035476 |
| &nbsp;&nbsp; Quikrete Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche B-3 Term Loan, 1 Month SOFR + 2.250% | 6.566(c) | 02/10/32 | 2070 | 2068662 |
|  |  |  |  | 9272138 |
| &nbsp;&nbsp; **Chemicals 0.7%** |  |  |  |  |
| &nbsp;&nbsp; Consolidated Energy Finance SA (Switzerland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Incremental Term Loan, 1 Month SOFR + 4.500% | 8.816(c) | 11/15/30 | 3785 | 3581223 |
| &nbsp;&nbsp; Iris Holdings Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 4.850% | 9.158(c) | 06/28/28 | 5281 | 5101090 |
| &nbsp;&nbsp; TPC Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 6 Month SOFR + 5.750%^ | 9.952(c) | 12/16/31 | 12643 | 12200797 |
| &nbsp;&nbsp; Venator Finance Sarl, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial First-Out Term Loan, 3 Month SOFR + 10.000%^ | 14.318(c) | 12/31/25 | 5445 | 5172560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 8.000% | 6.318(c) | 10/12/28 | 7763 | 5239747 |
| &nbsp;&nbsp; Venator Materials LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Out B Term Loan, 1 Month SOFR + 9.000%^ | 6.296(c) | 07/16/26 | 5475 | 5200912 |
|  |  |  |  | 36496329 |
| &nbsp;&nbsp; **Commercial Services 1.0%** |  |  |  |  |
| &nbsp;&nbsp; Allied Universal Holdco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment 7 Replacement U.S. Dollar Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— (p) | 08/31/32 | 2825 | 2832848 |
| &nbsp;&nbsp; Boost Newco Borrower LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-2 Loan, 3 Month SOFR + 2.000% | 6.296(c) | 01/31/31 | 12955 | 12954539 |
| &nbsp;&nbsp; Cimpress PLC (Ireland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-2 Refinancing Tranche B-1, 1 Month SOFR + 2.500%^ | 6.816(c) | 05/17/28 | 6915 | 6880164 |

---

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 65

------

PGIM Short Duration High Yield Income Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | <br> **Principal Amount<br>(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value**  |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Commercial Services (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Mavis Tire Express Services Topco Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 First Lien Incremental Term Loan, 3 Month SOFR + 3.000% | 7.199%(c) | 05/04/28 | 13286 | $13312345 |
| &nbsp;&nbsp; MPH Acquisition Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Out Term Loan, 3 Month SOFR + 3.750% | 8.058(c) | 12/31/30 | 3464 | 3455184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Out Term Loan, 3 Month SOFR + 4.862% | 9.170(c) | 12/31/30 | 4743 | 4351615 |
| &nbsp;&nbsp; TransUnion Intermediate Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-9 Loan, 1 Month SOFR + 1.750% | 6.066(c) | 06/24/31 | 9602 | 9595237 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53381932 |
| &nbsp;&nbsp; **Computers 0.9%** |  |  |  |  |
| &nbsp;&nbsp; Bingo Holdings I LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 4.750% | 9.046(c) | 06/30/32 | 4750 | 4750000 |
| &nbsp;&nbsp; McAfee Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refinancing Tranche B-1, 1 Month SOFR + 3.000% | 7.349(c) | 03/01/29 | 34928 | 33094094 |
| &nbsp;&nbsp; NCR Atleos Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 3.750% | 8.058(c) | 04/16/29 | 6927 | 6951468 |
| &nbsp;&nbsp; NCR Atleos LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 2.750% | 6.937(c) | 10/16/28 | 2103 | 2081838 |
|  |  |  |  | 46877400 |
| &nbsp;&nbsp; **Distribution/Wholesale 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Windsor Holdings III LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Refi Term B Loan, 1 Month SOFR + 2.750% | 7.073(c) | 08/01/30 | 4039 | 4030394 |
| &nbsp;&nbsp; **Electric 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Calpine Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility 2024 Term Loan, 1 Month SOFR + 1.750% | 6.066(c) | 02/15/32 | 377 | 376316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-10, 1 Month SOFR + 1.750% | 6.066(c) | 01/31/31 | 1370 | 1368326 |
| &nbsp;&nbsp; Heritage Power LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 5.500%^ | 9.796(c) | 07/20/28 | 1173 | 1155299 |
|  |  |  |  | 2899941 |
| &nbsp;&nbsp; **Environmental Control 0.0%** |  |  |  |  |
| &nbsp;&nbsp; GFL Environmental, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 2.500% | 6.824(c) | 03/03/32 | 1325 | 1323344 |
| &nbsp;&nbsp; **Forest Products & Paper 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Magnera Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Term Loan, 3 Month SOFR + 4.250% | 8.449(c) | 11/04/31 | 4129 | 4108604 |
| &nbsp;&nbsp; **Healthcare-Services 0.0%** |  |  |  |  |
| &nbsp;&nbsp; LifePoint Health, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 3.750% | 8.068(c) | 05/16/31 | 1070 | 1060648 |
| &nbsp;&nbsp; **Holding Companies-Diversified 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Clue OpCo LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 4.500% | 8.810(c) | 12/19/30 | 17505 | 17494255 |
| &nbsp;&nbsp; **Insurance 1.4%** |  |  |  |  |
| &nbsp;&nbsp; Acrisure LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Repricing Term B-6 Loan, 1 Month SOFR + 3.000% | 7.316(c) | 11/06/30 | 20424 | 20380961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term B-7 Loan, 1 Month SOFR + 3.250% | 7.566(c) | 06/20/32 | 18567 | 18559353 |

---

See Notes to Financial Statements.

------

PGIM Short Duration High Yield Income Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | <br> **Principal Amount<br>(000)#** | <br> **Principal Amount<br>(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value**  |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Insurance (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Asurion LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New B-09 Term Loan, 1 Month SOFR + 3.364% | 7.680%(c) | 07/31/27 |  | 1987 | $1985984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New B-12 Term Loan, 1 Month SOFR + 4.250% | 8.566(c) | 09/19/30 |  | 31000 | 30574111 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71500409 |
| &nbsp;&nbsp; **Internet 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Cablevision Lightpath LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Refinancing Term Loan, 1 Month SOFR + 3.000% | 7.363(c) | 11/30/27 |  | 336 | 335581 |
| &nbsp;&nbsp; Diamond Sports Net LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | 15.000 | 01/02/28 |  | 603 | 524824 |
|  |  |  |  |  | 860405 |
| &nbsp;&nbsp; **Investment Companies 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Hurricane CleanCo Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility A, 3 Month LIBOR + 6.250% (Cap N/A , Floor 0.000%)^ | 6.250(c) | 10/31/29 |  | 8256 | 11493229 |
| &nbsp;&nbsp; **Leisure Time 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; ClubCorp Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 2 Month SOFR + 5.000%^ | 9.328(c) | 07/10/32 |  | 5071 | 5029906 |
| &nbsp;&nbsp; International Park Holdings BV (Netherlands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Facility B, 6 Month EURIBOR + 5.500%^ | 7.412(c) | 01/30/32 | EUR | 9350 | 10737251 |
|  |  |  |  |  | 15767157 |
| &nbsp;&nbsp; **Media 1.9%** |  |  |  |  |  |
| &nbsp;&nbsp; Altice Financing SA (Luxembourg), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 Dollar Loan, 3 Month SOFR + 5.000% | 9.318(c) | 10/31/27 |  | 5072 | 4365064 |
| &nbsp;&nbsp; CSC Holdings LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 Refinancing Term Loan, 1 Month SOFR + 4.500% | 8.863(c) | 01/18/28 |  | 36257 | 36132202 |
| &nbsp;&nbsp; Radiate Holdco LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Out Term Loan, 1 Month SOFR + 3.500% | 7.930(c) | 09/25/29 |  | 53616 | 43428912 |
| &nbsp;&nbsp; Virgin Media Bristol LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility Q Advance, 1 Month SOFR + 3.364% | 7.728(c) | 01/31/29 |  | 10725 | 10695206 |
|  |  |  |  |  | 94621384 |
| &nbsp;&nbsp; **Metal Fabricate/Hardware 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp; Doncasters US Finance LLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan, 3 Month SOFR + 6.500% | 10.796(c) | 04/23/30 |  | 1197 | 1208970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 6.500% | 10.796(c) | 04/23/30 |  | 17790 | 17967711 |
|  |  |  |  |  | 19176681 |
| &nbsp;&nbsp; **Oil & Gas 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Hilcorp Energy I LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 2.000% | 6.366(c) | 02/11/30 |  | 2519 | 2519738 |
| &nbsp;&nbsp; **Packaging & Containers 0.5%** |  |  |  |  |  |
| &nbsp;&nbsp; Trident TPI Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche B-7 Term Loan, 3 Month SOFR + 3.750% | 8.046(c) | 09/15/28 |  | 27999 | 26725412 |
| &nbsp;&nbsp; **Retail 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Foundation Building Materials, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Incremental Term Loan, 3 Month SOFR + 5.250% | 9.546(c) | 01/29/31 |  | 730 | 733650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 4.000% | 8.308(c) | 01/29/31 |  | 4600 | 4612323 |
|  |  |  |  |  | 5345973 |

---

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 67

------

PGIM Short Duration High Yield Income Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | <br> **Principal Amount<br>(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value**  |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Software 0.6%** |  |  |  |  |
| &nbsp;&nbsp; AthenaHealth Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.750% | 7.066%(c) | 02/15/29 | 10567 | $10555864 |
| &nbsp;&nbsp; BMC Software, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2031 Replacement Dollar Term Loan, 3 Month SOFR + 3.000% | 7.199(c) | 07/30/31 | 9891 | 9873607 |
| &nbsp;&nbsp; Skillsoft Finance II, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 5.364% | 9.680(c) | 07/14/28 | 10123 | 9385500 |
|  |  |  |  | 29814971 |
| &nbsp;&nbsp; **Telecommunications 1.5%** |  |  |  |  |
| &nbsp;&nbsp; Connect Finco Sarl (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 1 Term Loan, 1 Month SOFR + 3.500% | 7.816(c) | 12/11/26 | 7042 | 7026158 |
| &nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 5.250% | 9.492(c) | 08/31/32 | 19380 | 19355775 |
| &nbsp;&nbsp; Level 3 Financing, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-3 Loan, 1 Month SOFR + 4.250% | 8.566(c) | 03/27/32 | 8745 | 8780302 |
| &nbsp;&nbsp; Lumen Technologies, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, 1 Month SOFR + 2.464% | 6.780(c) | 04/15/29 | 16007 | 15894488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-2 Loan, 1 Month SOFR + 2.464% | 6.780(c) | 04/15/30 | 3614 | 3586895 |
| &nbsp;&nbsp; Viasat, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 4.614% | 8.930(c) | 03/02/29 | 6610 | 6566824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 4.614% | 8.974(c) | 05/30/30 | 2885 | 2859349 |
| &nbsp;&nbsp; Windstream Services LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan, 1 Month SOFR + 4.850%^ | 9.166(c) | 10/01/31 | 6500 | 6516250 |
| &nbsp;&nbsp; Xplore, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 5.114% | 9.430(c) | 10/24/29 | 2347 | 2206392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Out Term Loan, 1 Month SOFR + 1.614% | 6.000(c) | 10/24/31 | 9161 | 6298010 |
|  |  |  |  | 79090443 |
| &nbsp;&nbsp; **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $601,751,794) |  |  |  | 594180251 |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS 9.3%** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Notes(k) | 3.500 | 09/30/26 | 1887 | 1880145 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.750 | 06/30/27 | 40000 | 40070312 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.875 | 04/30/30 | 102425 | 103297213 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.875 | 06/30/30 | 211225 | 212990709 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.000 | 05/31/30 | 53500 | 54248164 |
| &nbsp;&nbsp; U.S. Treasury Notes(k) | 4.125 | 10/31/26 | 9165 | 9194357 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.125 | 01/31/27 | 6200 | 6231000 |
| &nbsp;&nbsp; U.S. Treasury Notes(k) | 4.125 | 11/15/27 | 41700 | 42146320 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.250 | 11/30/26 | 2580 | 2593807 |
| &nbsp;&nbsp; U.S. Treasury Notes(k) | 4.250 | 12/31/26 | 3200 | 3219250 |
| &nbsp;&nbsp; U.S. Treasury Notes(k) | 4.875 | 05/31/26 | 4489 | 4517933 |
| &nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $476,908,527) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480389210 |
|  |  |  | **Shares** |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUNDS 1.1%** |  |  |  |  |
| &nbsp;&nbsp; PGIM AAA CLO ETF |  |  | 925000 | 47660625 |
| &nbsp;&nbsp; PGIM Active High Yield Bond ETF |  |  | 275000 | 9817500 |
| &nbsp;&nbsp; **TOTAL AFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $57,060,563)(wa) |  |  |  | 57478125 |

---

See Notes to Financial Statements.

------

PGIM Short Duration High Yield Income Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS 1.1%** |  |  |
| &nbsp;&nbsp; **Chemicals 0.2%** |  |  |
| &nbsp;&nbsp; Cornerstone Chemical Co.\*^ | 144561 | $1113120 |
| &nbsp;&nbsp; TPC Group, Inc.\* | 319092 | 7598378 |
| &nbsp;&nbsp; Venator Materials PLC\*^(x) | 26944 | 2694400 |
|  |  | 11405898 |
| &nbsp;&nbsp; **Electric Utilities 0.0%** |  |  |
| &nbsp;&nbsp; GenOn Energy Holdings, Inc. (Class A Stock)\*^(x) | 41315 | 1239450 |
| &nbsp;&nbsp; **Gas Utilities 0.3%** |  |  |
| &nbsp;&nbsp; Ferrellgas Partners LP (Class B Stock)\*(x) | 100126 | 12817230 |
| &nbsp;&nbsp; **Interactive Media & Services 0.0%** |  |  |
| &nbsp;&nbsp; Diamond Sports Group LLC\*(x) | 87655 | 1187725 |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels 0.4%** |  |  |
| &nbsp;&nbsp; Expand Energy Corp. | 45874 | 4439686 |
| &nbsp;&nbsp; Heritage Power LLC, Exit Financing - Participation on Account of Backstop Shares & Exit Financing - Reserve<br>Shares\*(x) | 6933 | 451803 |
| &nbsp;&nbsp; Heritage Power LLC, Exit Financing Participation Shares & Backstop Shares\*(x) | 217638 | 14182816 |
| &nbsp;&nbsp; Heritage Power LLC, Litigation Trust Interests\*^(x) | 181423 | 90711 |
|  |  | 19165016 |
| &nbsp;&nbsp; **Software 0.0%** |  |  |
| &nbsp;&nbsp; Mitel Networks International Ltd. (Canada)\*^ | 2915 | 29 |
| &nbsp;&nbsp; **Wireless Telecommunication Services 0.2%** |  |  |
| &nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)\* | 475786 | 7612576 |
| &nbsp;&nbsp; Intelsat Emergence SA (Luxembourg)\*^ | 65330 | 7 |
| &nbsp;&nbsp; Intelsat Emergence SA (Luxembourg)\* | 65330 | 830246 |
| &nbsp;&nbsp; Stonepeak Falcon Holdings, Inc. (Canada) (Class A Stock)\* | 768379 | 1887129 |
| &nbsp;&nbsp; Xplore, Inc. (Canada), CVR\*^ | 41149 | 4 |
|  |  | 10329962 |
| &nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>(cost $73,275,014) |  | 56145310 |
| &nbsp;&nbsp; **PREFERRED STOCKS 0.0%** |  |  |
| &nbsp;&nbsp; **Electronic Equipment, Instruments & Components 0.0%** |  |  |
| &nbsp;&nbsp; Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31^(x) | 1125 | 1125000 |
| &nbsp;&nbsp; **Wireless Telecommunication Services 0.0%** |  |  |
| &nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)\*^ | 31025 | 371813 |
| &nbsp;&nbsp; **TOTAL PREFERRED STOCKS**<br>(cost $1,245,951) |  | 1496813 |
|  | **Units** |  |
| &nbsp;&nbsp; **WARRANTS\* 0.0%** |  |  |
| &nbsp;&nbsp; **Interactive Media & Services** |  |  |
| &nbsp;&nbsp; Diamond Sports Group LLC, expiring 06/30/26(x)<br>(cost $0) | 163947 | 33478 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br>(cost $4,974,463,393) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5008416105 |

---

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 69

------

PGIM Short Duration High Yield Income Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; **SHORT-TERM INVESTMENTS 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.483%)(wa) | 99857036 | $99857036 |
| &nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<br>(cost $190,961,760; includes $190,138,302 of cash collateral for securities on loan)(b)(wa) | 191112687 | 190978908 |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $290,818,796) |  | 290835944 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS 103.1%**<br>(cost $5,265,282,189) |  | 5299252049 |
| &nbsp;&nbsp;&nbsp; Liabilities in excess of other assets(z) (3.1)% |  | (160289709) |
| &nbsp;&nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5138962340 |

---

See the Glossary for a list of the abbreviation(s) used in the annual report.

\* 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 $78,731,845 and 1.5% of net assets.  |

---

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $186,288,159; cash collateral of $190,138,302 (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 August 31, 2025.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of August 31, 2025. 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.

(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

(oo) Perpetual security. Maturity date represents next call date.

(p) Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end.

(wa) Represents investments in Funds affiliated with the Manager.

(x) The following represents restricted securities that are 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.

(x) Restricted Securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer Description** | **Acquisition<br>Date** | **Original<br>Cost** | **Market<br>Value** | **Percentage<br>of<br>Net Assets** |
|  1261229 BC Ltd., Sr. Sec'd. Notes, 144A, 10.000%, 04/15/32 | 03/25/25 | $1965000 | $2038294 | 0.0% |
|  Bausch Health Cos., Inc., Gtd. Notes, 144A, 5.000%, 01/30/28 | 04/27/22-04/28/22 | 1609375 | 1857062 | 0.0 |
|  Bausch Health Cos., Inc., Gtd. Notes, 144A, 5.000%, 02/15/29 | 06/05/24 | 158400 | 252229 | 0.0 |
|  Bausch Health Cos., Inc., Gtd. Notes, 144A, 5.250%, 02/15/31 | 05/17/24 | 318150 | 425093 | 0.0 |
|  Bausch Health Cos., Inc., Gtd. Notes, 144A, 6.250%, 02/15/29 | 05/21/24 | 13250 | 19547 | 0.0 |
|  Bausch Health Cos., Inc., Gtd. Notes, 144A, 7.000%, 01/15/28 | 01/24/22 | 3272925 | 3121165 | 0.1 |
|  Bausch Health Cos., Inc., Sr. Sec'd. Notes, 144A, 4.875%, 06/01/28 | 10/11/24 | 937840 | 1109058 | 0.0 |
|  Bausch Health Cos., Inc., Sr. Sec'd. Notes, 144A, 11.000%, 09/30/28 | 10/08/24 | 229063 | 261065 | 0.0 |
|  Diamond Sports Group LLC\* | 01/02/25 | 229493 | 1187725 | 0.0 |
|  Diamond Sports Group LLC, expiring 06/30/26\* | 01/02/25 |  | 33478 | 0.0 |
|  Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31^ | 06/26/24 | 1136250 | 1125000 | 0.0 |
|  Ferrellgas Partners LP (Class B Stock)\* | 05/06/15-07/26/24 | 24582182 | 12817230 | 0.3 |
|  GenOn Energy Holdings, Inc. (Class A Stock)\*^ | 02/28/19 | 4444497 | 1239450 | 0.0 |
|  Heritage Power LLC, Exit Financing - Participation on Account of Backstop Shares & Exit Financing - Reserve Shares\* | 11/21/23 |  | 451803 | 0.0 |
|  Heritage Power LLC, Exit Financing Participation Shares & Backstop Shares\* | 11/21/23-11/01/24 | 4812545 | 14182816 | 0.3 |
|  Heritage Power LLC, Litigation Trust Interests\*^ | 11/21/23 | 90712 | 90711 | 0.0 |
|  Venator Materials PLC\*^ | 12/21/23 | 43833355 | 2694400 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $87633037 | $42906126 | 0.8% |

---

(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

See Notes to Financial Statements.

------

PGIM Short Duration High Yield Income Fund

Schedule of Investments (continued)

as of August 31, 2025

#### Unfunded corporate bond commitment outstanding at August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer** | **Principal<br>Amount<br>(000)#** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  New Generation Gas Gathering LLC, Sr. Sec'd. Notes, 144A, —%(p), Maturity Date 09/30/29 (cost $287,514)^ | 292 | $287514 | $– | $— |

---

#### Unfunded loan commitments outstanding at August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Borrower** | **Principal<br>Amount<br>(000)#** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  ClubCorp Holdings, Inc., Delayed Draw Term Loan, 1.000%, Maturity Date 07/09/32 (cost $325,889)^ | 331 | $328038 | $2149 | $— |
|  ClubCorp Holdings, Inc., Revolver Loan, 0.500%, Maturity Date 07/31/32 (cost $543,148)^ | 551 | 546729 | 3581 |  |
|  Doncasters US Finance LLC, 2025 Delayed Draw Term Loan, —%(p), Maturity Date 04/01/30 (cost $1,800,000) | 1800 | 1818000 | 18000 |  |
|  |  | $2692767 | $23730 | $— |

---

#### Futures contracts outstanding at August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 1699 | 2 Year U.S. Treasury Notes | Dec. 2025 | $354307866 | $433495 |
| 29 | 5 Year Euro-Bobl | Dec. 2025 | 4007469 | (26) |
| 3570 | 5 Year U.S. Treasury Notes | Dec. 2025 | 390803438 | 1513635 |
| 22 | 20 Year U.S. Treasury Bonds | Dec. 2025 | 2513500 | 11242 |
| 48 | 30 Year U.S. Ultra Treasury Bonds | Dec. 2025 | 5595000 | (25771) |
| 3 | Euro Schatz Index | Dec. 2025 | 376117 | (3) |
|  |  |  |  | 1932572 |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 20 | 10 Year Euro-Bund | Dec. 2025 | 3007345 | 646 |
| 389 | 10 Year U.S. Treasury Notes | Dec. 2025 | 43762500 | (171618) |
|  |  |  |  | (170972) |
|  |  |  |  | $1761600 |

---

#### Forward foreign currency exchange contracts outstanding at August 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts**  | **Counterparty** | **Notional**<br>**Amount**<br> **(000)** | **Notional**<br>**Amount**<br> **(000)** | **Value at<br>Settlement<br> Date** | **Current<br> Value** | **Unrealized<br> Appreciation** | **Unrealized<br> Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/02/25 | CITI | GBP | 2368 | $3203814 | $3200815 | $— | $(2999) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/02/25 | MSI | GBP | 10527 | 14220516 | 14228570 | 8054 |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/02/25 | BNY | EUR | 25430 | 29773461 | 29758463 |  | (14998) |
|  |  |  |  | $47197791 | $47187848 | 8054 | (17997) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale<br>Contracts**  | **Counterparty** | **Notional**<br>**Amount**<br> **(000)** | **Notional**<br>**Amount**<br> **(000)** | **Value at**<br>**Settlement**<br> **Date** | **Current**<br> **Value** | **Unrealized**<br> **Appreciation** | **Unrealized**<br> **Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |  |  |  |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/02/25 | TD | GBP | 12895 | $17339352 | $17429385 | $— | $(90033) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/02/25 | MSI | GBP | 10527 | 14224358 | 14232185 |  | (7827) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/02/25 | BNY | EUR | 25430 | 29872002 | 29758463 | 113539 |  |

---

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 71

------

PGIM Short Duration High Yield Income Fund

Schedule of Investments (continued)

as of August 31, 2025

#### Forward foreign currency exchange contracts outstanding at August 31, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale<br>Contracts**  | **Counterparty** | **Notional<br>Amount<br> (000)** | **Notional<br>Amount<br> (000)** | **Value at<br>Settlement<br> Date** | **Current<br> Value** | **Unrealized<br> Appreciation** | **Unrealized<br> Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |
|  Euro (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/02/25 | BNY | EUR | 25430 | $29831061 | $29813785 | $17276 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/02/25 | GSI | EUR | 5911 | 6932119 | 6930030 | 2089 |  |
|  |  |  |  | $98198892 | $98163848 | 132904 | (97860) |
|  |  |  |  |  |  | $140958 | $(115857) |

---

#### Credit default swap agreement outstanding at August 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br>Entity/<br>Obligation** | **Termination**<br>**Date** | **Fixed**<br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Implied<br>Credit**<br>**Spread at**<br>**August 31,**<br>**2025(4)** | **Value at**<br>**Trade Date** | **Value at**<br>**August 31,**<br>**2025** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** |  |
|  CDX.NA.HY.44.V1 | 06/20/30 | 5.000%(Q) | 332720 | 3.213% | $19268258 | $27340773 | $8072515 |

---

The Fund entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1) If the Fund is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Fund is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3) Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

#### Total return swap agreements outstanding at August 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity**  | **Financing**<br>**Rate** | **Counterparty** | **Termination<br>Date** | **Long (Short)<br>Notional<br>Amount<br>(000)#(1)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)(2)** |
|  **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** |  |  |  |  |  |
|  iBoxx US Dollar Liquid High Yield Index(T) | 1 Day SOFR(Q)/ 4.340% | MSI | 09/22/25 | 85750 | $2047008 | $— | $2047008 |
|  iBoxx US Dollar Liquid Investment Grade Index(T) | 1 Day SOFR(Q)/ 4.340% | MSI | 12/20/25 | (4440) | (189029) |  | (189029) |
|  iBoxx US Dollar Liquid Investment Grade Index(T) | 1 Day SOFR(Q)/ 4.340% | MSI | 12/22/25 | (10620) | (311495) |  | (311495) |
|  iBoxx US Dollar Liquid Investment Grade Index(T) | 1 Day SOFR(Q)/ 4.340% | MSI | 12/22/25 | (7430) | 69350 |  | 69350 |
|  |  |  |  |  | $1615834 | $— | $1615834 |

---

See Notes to Financial Statements.

------

PGIM Short Duration High Yield Income Fund

Schedule of Investments (continued)

as of August 31, 2025

(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).

#### Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Premiums Paid** | **Premiums Received** | **Unrealized<br> Appreciation** | **Unrealized<br> Depreciation** |
|  OTC Swap Agreements | $– | $– | $2116358 | $(500524) |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  CGM | $– | $24331949 |
|  JPS | – | 6553847 |
|  **Total** | $– | $30885796 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of August 31, 2025 in valuing such portfolio securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Level 3** |
|  **Investments in Securities** |  |  |  |  |
|  **Assets** |  |  |  |  |
|  **Long-Term Investments** |  |  |  |  |
|  Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations | $— | $33602315 | $— |  |
|  Corporate Bonds |  | 3777385390 | 7705213 |  |
|  Floating Rate and Other Loans |  | 529793883 | 64386368 |  |
|  U.S. Treasury Obligations |  | 480389210 |  |  |
|  Affiliated Exchange-Traded Funds | 57478125 |  |  |  |
|  Common Stocks | 4439686 | 46567903 | 5137721 |  |
|  Preferred Stocks |  |  | 1496813 |  |
|  Warrants |  | 33478 |  |  |
|  **Short-Term Investments** |  |  |  |  |
|  Affiliated Mutual Funds | 290835944 |  |  |  |
|  **Total** | $**352753755** | $**4867772179** | $**78726115** |  |
|  **Other Financial Instruments\*** |  |  |  |  |
|  **Assets** |  |  |  |  |
|  Unfunded Corporate Bond Commitment | $— | $— | $— | <sup>\*\*</sup> |
|  Unfunded Loan Commitments |  | 18000 | 5730 |  |
|  Futures Contracts | 1959018 |  |  |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | 140958 |  |  |
|  Centrally Cleared Credit Default Swap Agreement |  | 8072515 |  |  |
|  OTC Total Return Swap Agreements |  | 2116358 |  |  |
|  **Total** | $**1959018** | $**10347831** | $**5730** |  |
|  **Liabilities** |  |  |  |  |
|  Futures Contracts | $(197418) | $— | $— |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | (115857) |  |  |
|  OTC Total Return Swap Agreements |  | (500524) |  |  |
|  **Total** | $**(197418)** | $**(616381)** | $**—** |  |

---

See Notes to Financial Statements.

PGIM High Yield Fund 73

------

PGIM Short Duration High Yield Income Fund

Schedule of Investments (continued)

as of August 31, 2025

\* Other financial instruments are derivative instruments, with the exception of unfunded loan commitments, and are not reflected in the Schedule of Investments. Futures, forwards, centrally cleared swap contracts and unfunded loan commitments are recorded at net unrealized appreciation (depreciation) and OTC swap contracts are recorded at fair value. 

\*\* Includes Level 3 investments with an aggregate value of $0. 

The following is a reconciliation of assets in which unobservable inputs (Level 3) were used in determining fair value:

---

| | | | |
|:---|:---|:---|:---|
|  | **Corporate<br>Bonds** | **Floating Rate<br>and<br>Other Loans** | **Common<br>Stocks** |
|  **Balance as of 08/31/24** | $2689004 | $32947658 | $60982284 |
|  Realized gain (loss) | (151859) | (29434) |  |
|  Change in unrealized appreciation (depreciation) | 392033 | 1218642 | (15109094) |
|  Purchase/Exchange/Issuances | 7407171 | 47904986 | 3588 |
|  Sales/Paydowns | (2676883) | (3662673) |  |
|  Accrued discount/premium | 45737 | 358739 |  |
|  Transfer into Level 3\* | 11 |  | 7 |
|  Transfer out of Level 3\* | (1) | (14351550) | (40739064) |
|  **Balance as of 08/31/25** | $7705213 | $64386368 | $5137721 |
|  Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end | $386673 | $1266126 | $(15109094) |
|  | **Preferred<br>Stocks** | **Unfunded<br>Corporate<br>Bond<br>Commitment** | **Unfunded<br>Loan<br>Commitments** |
|  **Balance as of 08/31/24** | $1666233 | $— | $— |
|  Realized gain (loss) | 24439 |  |  |
|  Change in unrealized appreciation (depreciation) | 26079 |  | 5730 |
|  Purchase/Exchange/Issuances |  |  |  |
|  Sales/Paydowns | (219938) |  |  |
|  Accrued discount/premium |  |  |  |
|  Transfer into Level 3\* |  |  |  |
|  Transfer out of Level 3\* |  |  |  |
|  **Balance as of 08/31/25** | $1496813 | $— | $5730 |
|  Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end | $26079 | $— | $5730 |

---

\* It is the Fund's policy to recognize transfers in and transfers out at the securities' fair values as of the beginning of period. Securities transferred between Level 2 and Level 3 are due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are typically a result of a change from the use of methods used by independent pricing services (Level 2) to the use of a single broker quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market quotations (Level 3). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market data provided by independent pricing services or other valuation techniques which utilize observable inputs. In accordance with the requirements of ASC 820, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to the Schedule of Investments of the Fund. 

Level 3 securities as presented in the table above are being fair valued using pricing methodologies approved by the Board, which contain unobservable inputs as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Level 3 Securities\*\*** | **Fair Value as of**<br> **August 31, 2025** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation** <br> **Approach** | **Valuation**<br> **Methodology** | **Unobservable**<br> **Inputs** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inputs (Range)**  |
|  Corporate Bonds | $3104986 | Market | Enterprise Value | Liquidity Discount | 5.00% |
|  Corporate Bonds | 11 | Market | Recovery Value | Recovery Rate | 0.00% |
|  Corporate Bonds | 4600216 | Market | Transaction Based | Unadjusted Price | NA |
|  Floating Rate and Other Loans | 10737251 | Market | Comparable Bond | Yield Curve Spread Discount | 50 bps |
|  Floating Rate and Other Loans | 11493229 | Market | Enterprise Value | EBITDA Multiple | 9.5x |
|  Common Stocks | 1113120 | Market | Enterprise Value | EBITDA Multiple | 10x |
|  Common Stocks | 90711 | Market | Enterprise Value | Recovery Rate | 0.50% |
|  Common Stocks | 11 | Market | Recovery Value | Recovery Rate | 0.00% |
|  Preferred Stocks | 371813 | Market | Enterprise Value | Recovery Rate | 12.03% |
|  Preferred Stocks | 1125000 | Market | Transaction Based | Unadjusted Price | NA |
|  Unfunded Corporate Bond Commitments |  | Market | Transaction Based | Unadjusted Price | NA |
|  | $32636348 |  |  |  |  |

---

See Notes to Financial Statements.

------

PGIM Short Duration High Yield Income Fund

Schedule of Investments (continued)

as of August 31, 2025

\*\* The table does not include Level 3 securities and/or derivatives that are valued by independent pricing vendors or brokers. As of August 31, 2025, the aggregate value of these securities and/or derivatives was $46,095,497. The unobservable inputs for these investments were not developed by the Fund and are not readily available (e.g. single broker quotes). 

#### Industry Classification :
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of August 31, 2025 were as follows:

---

| | |
|:---|:---|
|  U.S. Treasury Obligations | 9.3 |
|  Diversified Financial Services | 5.9 |
|  Affiliated Mutual Funds (3.7% represents investments purchased with collateral from securities on loan) | 5.6 |
|  Telecommunications | 5.1 |
|  Media | 5 |
|  Commercial Services | 4.8 |
|  Oil & Gas | 4.6 |
|  Home Builders | 4.4 |
|  Retail | 3.9 |
|  Electric | 3.7 |
|  Real Estate Investment Trusts (REITs) | 3.5 |
|  Leisure Time | 3.4 |
|  Auto Parts & Equipment | 2.8 |
|  Packaging & Containers | 2.7 |
|  Healthcare-Services | 2.6 |
|  Chemicals | 2.5 |
|  Entertainment | 2.5 |
|  Lodging | 2 |
|  Insurance | 2 |
|  Software | 1.9 |
|  Pipelines | 1.8 |
|  Computers | 1.6 |
|  Foods | 1.4 |
|  Airlines | 1.4 |
|  Mining | 1.3 |
|  Aerospace & Defense | 1.3 |
|  Auto Manufacturers | 1.3 |
|  Real Estate | 1.2 |
|  Healthcare-Products | 1.2 |
|  Affiliated Exchange-Traded Funds | 1.1 |
|  Pharmaceuticals | 1.1 |
|  Building Materials | 1.1 |
|  Iron/Steel | 1 |
|  Banks | 0.8 |
|  Environmental Control | 0.7 |

---

---

| | |
|:---|:---|
|  Collateralized Loan Obligations | 0.7% |
|  Internet | 0.6 |
|  Transportation | 0.6 |
|  Electrical Components & Equipment | 0.5 |
|  Machinery-Diversified | 0.4 |
|  Apparel | 0.4 |
|  Metal Fabricate/Hardware | 0.4 |
|  Oil, Gas & Consumable Fuels | 0.4 |
|  Holding Companies-Diversified | 0.3 |
|  Housewares | 0.3 |
|  Gas Utilities | 0.3 |
|  Household Products/Wares | 0.2 |
|  Investment Companies | 0.2 |
|  Wireless Telecommunication Services | 0.2 |
|  Miscellaneous Manufacturing | 0.2 |
|  Gas | 0.2 |
|  Distribution/Wholesale | 0.1 |
|  Semiconductors | 0.1 |
|  Coal | 0.1 |
|  Electronics | 0.1 |
|  Forest Products & Paper | 0.1 |
|  Machinery-Construction & Mining | 0.1 |
|  Home Furnishings | 0.1 |
|  Oil & Gas Services | 0.0 \* |
|  Electric Utilities | 0.0 \* |
|  Interactive Media & Services | 0.0 \* |
|  Electronic Equipment, Instruments & Components | 0.0 \* |
|  | 103.1 |
|  Liabilities in excess of other assets | (3.1) |
|  | 100.0% |

---

\* Less than 0.05% 

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit risk, foreign exchange risk, and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of August 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for<br>as hedging instruments,<br>carried at fair value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** |
|  Credit contracts | Due from/to broker-variation margin swaps | $8072515 \* |  | $— |
|  Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 140958 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 115857 |

---

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 75

------

PGIM Short Duration High Yield Income Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for<br>as hedging instruments,<br>carried at fair value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** |
|  Interest rate contracts | Due from/to broker-variation margin futures | $1959018 \* | Due from/to broker-variation margin futures | $197418 \* |
|  Interest rate contracts | Unrealized appreciation on OTC swap agreements | 2116358 | Unrealized depreciation on OTC swap agreements | 500524 |
|  |  | $12288849 |  | $813799 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the year ended August 31, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Options<br>Written** | **Futures** | **Forward**<br>**Currency**<br>**Exchange**<br>**Contracts** | **Swaps** |
|  Credit contracts | $258997 | $— | $— | $4197557 |
|  Foreign exchange contracts |  |  | (236907) |  |
|  Interest rate contracts |  | (3354547) |  | 5555183 |
|  **Total** | $258997 | $(3354547) | $(236907) | $9752740 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** | **Forward**<br>**Currency**<br>**Exchange**<br>**Contracts** | **Swaps** |
|  Credit contracts | $— | $— | $5850578 |
|  Foreign exchange contracts |  | 1491436 |  |
|  Interest rate contracts | 2703467 |  | (1984458) |
|  **Total** | $2703467 | $1491436 | $3866120 |

---

For the year ended August 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Written (1) | $4344000 |
|  Futures Contracts - Long Positions (1) | 902090462 |
|  Futures Contracts - Short Positions (1) | 45289930 |
|  Forward Foreign Currency Exchange Contracts - Purchased (2) | 61105543 |
|  Forward Foreign Currency Exchange Contracts - Sold (2) | 119100893 |
|  Credit Default Swap Agreements - Sell Protection (1) | 233011000 |
|  Total Return Swap Agreements (1) | 118432200 |

---

\* Average volume is based on average quarter end balances for the year ended August 31, 2025.

(1) Notional Amount in USD.

(2) Value at Settlement Date.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Fund invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:
See Notes to Financial Statements.

------

PGIM Short Duration High Yield Income Fund

Schedule of Investments (continued)

as of August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market**<br> **Value of**<br> **Recognized**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets/(Liabilities)**  | **Collateral**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pledged/(Received)(2)**  | **Net<br> Amount** |
|  Securities on Loan | $186288159 | $(186288159) | $— |

---

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of <br>Recognized<br>Assets(1)** | **Gross Amounts of <br>Recognized<br>Liabilities(1)** | **Net Amounts of<br>Recognized<br> Assets/(Liabilities)** | **Collateral**<br> **Pledged/(Received)(2)** | **Net Amount** |
|  BNY | $130815 | $(14998) | $115817 | $(91280) | $24537 |
|  CITI |  | (2999) | (2999) |  | (2999) |
|  GSI | 2089 |  | 2089 |  | 2089 |
|  MSI | 2124412 | (508351) | 1616061 | (1616061) |  |
|  TD |  | (90033) | (90033) |  | (90033) |
|  | $2257316 | $(616381) | $1640935 | $(1707341) | $(66406) |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Fund is limited to the market value of financial instruments/transactions and the Fund's OTC derivative exposure by counterparty.

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 77

------

PGIM Short Duration High Yield Income Fund

Statement of Assets & Liabilities

as of August 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value, including securities on loan of $186,288,159: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $4,917,402,830) | $4950937980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $347,879,359) | 348314069 |
| &nbsp;&nbsp; Cash | 648803 |
| &nbsp;&nbsp; Foreign currency, at value (cost $970,267) | 972153 |
| &nbsp;&nbsp; Dividends and interest receivable | 69279360 |
| &nbsp;&nbsp; Receivable for investments sold | 6263557 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 4433719 |
| &nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 2116358 |
| &nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 140958 |
| &nbsp;&nbsp; Unrealized appreciation on unfunded loan commitments | 23730 |
| &nbsp;&nbsp; Due from broker—variation margin futures | 9104 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 10743 |
| &nbsp;&nbsp; **Total Assets** | 5383150534 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable to broker for collateral for securities on loan | 190138302 |
| &nbsp;&nbsp; Payable for investments purchased | 35351499 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 10919011 |
| &nbsp;&nbsp; Management fee payable | 2775028 |
| &nbsp;&nbsp; Dividends and Distributions payable | 1997165 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 1667803 |
| &nbsp;&nbsp; Unrealized depreciation on OTC swap agreements | 500524 |
| &nbsp;&nbsp; Due to broker—variation margin swaps | 493658 |
| &nbsp;&nbsp; Distribution fee payable | 206202 |
| &nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 115857 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 13098 |
| &nbsp;&nbsp; Directors' fees payable | 10047 |
| &nbsp;&nbsp; **Total Liabilities** | 244188194 |
| &nbsp;&nbsp; **Net Assets** | $5138962340 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $6022027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 5573933676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (440993363) |
| &nbsp;&nbsp; **Net assets, August 31, 2025** | $5138962340 |

---

See Notes to Financial Statements.

------

PGIM Short Duration High Yield Income Fund

Statement of Assets & Liabilities (continued)

as of August 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A** | &nbsp;&nbsp; **Class A** |
| &nbsp;&nbsp; Net asset value and redemption price per share,<br> ($421,146,939 ÷ 49,363,796 shares of common stock issued and outstanding) | $8.53 |
| &nbsp;&nbsp; Maximum sales charge (2.25% of offering price) | 0.20 |
| &nbsp;&nbsp; Maximum offering price to public | $8.73 |
| &nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($138,655,504 ÷ 16,253,505 shares of common stock issued and outstanding) | $8.53 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($4,034,617,653 ÷ 472,811,519 shares of common stock issued and outstanding) | $8.53 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($544,542,244 ÷ 63,773,893 shares of common stock issued and outstanding) | $8.54 |

---

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 79

------

PGIM Short Duration High Yield Income Fund

Statement of Operations

Year Ended August 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income (net of $3,222 foreign withholding tax) | $331842917 |
| &nbsp;&nbsp; Affiliated dividend income | 9198567 |
| &nbsp;&nbsp; Unaffiliated dividend income | 2719350 |
| &nbsp;&nbsp; Income from securities lending, net (including affiliated income of $290,607) | 298602 |
| &nbsp;&nbsp; **Total income** | 344059436 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 33851114 |
| &nbsp;&nbsp; Distribution fee(a) | 2509937 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $83,672)(a) | 4621210 |
| &nbsp;&nbsp; Custodian and accounting fees | 433859 |
| &nbsp;&nbsp; Shareholders' reports | 222842 |
| &nbsp;&nbsp; Registration fees(a) | 175690 |
| &nbsp;&nbsp; Professional fees | 147664 |
| &nbsp;&nbsp; Directors' fees | 72107 |
| &nbsp;&nbsp; Audit fee | 48359 |
| &nbsp;&nbsp; Miscellaneous | 105766 |
| &nbsp;&nbsp; **Total expenses** | 42188548 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (2796666) |
| &nbsp;&nbsp; **Net expenses** | 39391882 |
| &nbsp;&nbsp; Net investment income (loss) | 304667554 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $211,631) | (3858600) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated net capital gain distributions received | 23884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (3354547) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contract transactions | (236907) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 258997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreement transactions | 9752740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (2221631) |
|  | 363936 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $141,705) | 54072875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 2703467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | 1491436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 3866120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 26426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded loan commitment | 29134 |
|  | 62189458 |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | 62553394 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $367220948 |

---

(a) Class specific expenses and waivers were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Z** | **Class R6** |
|  Distribution fee | 1037894 | 1472043 |  |  |
|  Transfer agent's fees and expenses | 324019 | 117945 | 4144331 | 34915 |
|  Registration fees | 29992 | 22188 | 92161 | 31349 |
|  Fee waiver and/or expense reimbursement | (164590) | (72972) | (2470701) | (88403) |

---

See Notes to Financial Statements.

------

PGIM Short Duration High Yield Income Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>August 31,** | **Year Ended<br>August 31,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $304667554 | $285739245 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 340052 | (43400375) |
| &nbsp;&nbsp;&nbsp; Affiliated net capital gain distributions received | 23884 |  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 62189458 | 229002083 |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 367220948 | 471340953 |
| &nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (26781105) | (25507673) |
| &nbsp;&nbsp;&nbsp; Class C | (8405276) | (9599566) |
| &nbsp;&nbsp;&nbsp; Class Z | (259318961) | (250196663) |
| &nbsp;&nbsp;&nbsp; Class R6 | (34284403) | (34233660) |
|  | (328789745) | (319537562) |
| &nbsp;&nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp;&nbsp; Net proceeds from shares sold | 1677927392 | 1713056375 |
| &nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 305324303 | 295646114 |
| &nbsp;&nbsp;&nbsp; Cost of shares purchased | (1800286531) | (1904807925) |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 182965164 | 103894564 |
| &nbsp;&nbsp;&nbsp; Total increase (decrease) | 221396367 | 255697955 |
| &nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 4917565973 | 4661868018 |
| &nbsp;&nbsp;&nbsp; End of year | $5138962340 | $4917565973 |

---

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 81

------

PGIM Short Duration High Yield Income Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class A Shares** |  |  |  |  |  |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $8.46 | $8.19 | $8.19 | $9.08 | $8.75 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.50 | 0.48 | 0.43 | 0.32 | 0.35 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.11 | 0.33 | 0.07 | (0.79) | 0.41 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.61 | 0.81 | 0.50 | (0.47) | 0.76 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.54) | (0.54) | (0.50) | (0.42) | (0.43) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $8.53 | $8.46 | $8.19 | $8.19 | $9.08 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 7.52% | 10.26% | 6.33% | (5.32)% | 8.90% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $421147 | $415669 | $382916 | $374112 | $398715 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $415158 | $389827 | $365519 | $387572 | $356899 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.04% | 1.04% | 1.04% | 1.04% | 1.04% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.96% | 5.83% | 5.30% | 3.73% | 3.86% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 61% | 61% | 32% | 43% | 67% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests.

(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM Short Duration High Yield Income Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class C Shares** |  |  |  |  |  |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $8.46 | $8.19 | $8.19 | $9.08 | $8.75 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.44 | 0.42 | 0.37 | 0.26 | 0.28 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.11 | 0.33 | 0.07 | (0.80) | 0.42 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.55 | 0.75 | 0.44 | (0.54) | 0.70 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.48) | (0.48) | (0.44) | (0.35) | (0.37) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $8.53 | $8.46 | $8.19 | $8.19 | $9.08 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 6.72% | 9.44% | 5.54% | (5.92)% | 7.97% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $138656 | $158601 | $177138 | $206423 | $277887 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $147204 | $165318 | $189264 | $249871 | $286974 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.80% | 1.81% | 1.80% | 1.79% | 1.79% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.21% | 5.08% | 4.54% | 2.95% | 3.14% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 61% | 61% | 32% | 43% | 67% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests.

(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 83

------

PGIM Short Duration High Yield Income Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class Z Shares** |  |  |  |  |  |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $8.46 | $8.19 | $8.19 | $9.08 | $8.75 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.52 | 0.50 | 0.45 | 0.35 | 0.37 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.12 | 0.33 | 0.07 | (0.80) | 0.42 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.64 | 0.83 | 0.52 | (0.45) | 0.79 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.57) | (0.56) | (0.52) | (0.44) | (0.46) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $8.53 | $8.46 | $8.19 | $8.19 | $9.08 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 7.79% | 10.53% | 6.60% | (5.08)% | 9.17% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $4034618 | $3815741 | $3636190 | $3338292 | $3120921 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $3870905 | $3684295 | $3488961 | $3408050 | $2529710 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.81% | 0.82% | 0.81% | 0.81% | 0.81% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 6.21% | 6.08% | 5.56% | 3.99% | 4.09% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 61% | 61% | 32% | 43% | 67% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests.

(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM Short Duration High Yield Income Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $8.46 | $8.20 | $8.19 | $9.08 | $8.76 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.53 | 0.51 | 0.45 | 0.35 | 0.37 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.12 | 0.32 | 0.08 | (0.79) | 0.41 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.65 | 0.83 | 0.53 | (0.44) | 0.78 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.57) | (0.57) | (0.52) | (0.45) | (0.46) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $8.54 | $8.46 | $8.20 | $8.19 | $9.08 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 7.97% | 10.46% | 6.78% | (5.03)% | 9.10% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $544542 | $527555 | $465623 | $837030 | $821859 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $507639 | $499694 | $654572 | $913657 | $622618 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.72% | 0.72% | 0.72% | 0.71% | 0.72% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 6.26% | 6.13% | 5.55% | 4.05% | 4.14% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 61% | 61% | 32% | 43% | 67% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests.

(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 85

------

Notes to Financial Statements

**1.** **Organization** 

Prudential Investment Portfolios, Inc. 15 (the "Registered Investment Company" or "RIC") is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The RIC is organized as a Maryland Corporation. These financial statements relate to the following series of the RIC: PGIM High Yield Fund and PGIM Short Duration High Yield Income Fund (each, a "Fund" and collectively, the "Funds"). The Funds are classified as diversified funds for purposes of the 1940 Act.

The Funds have the following investment objectives:

---

| | |
|:---|:---|
| **Fund** | **Investment Objective(s)** |
| &nbsp;&nbsp; PGIM High Yield Fund<br> ("High Yield") | Maximize current income. As a secondary investment objective, the Fund seeks capital appreciation but only when consistent with the Fund's primary objective of current income.<br>|
| &nbsp;&nbsp; PGIM Short Duration High Yield Income Fund<br> ("Short Duration High Yield Income")<br>| Provide a high level of current income.<br>|

---

**2.** **Accounting Policies** 

The Funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification ("ASC") Topic 946 Financial Services — *Investment Companies*. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies conform to U.S. generally accepted accounting principles ("GAAP"). The Funds consistently follow such policies in the preparation of their financial statements.

The Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 exclusively impacted financial statement disclosures only and did not affect the Funds' financial position or performance. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance. The officers of the Funds, as listed in each Fund's Statement of Additional Information, act as each Fund's chief operating decision maker ("CODM"). The CODM has determined that each Fund has a single operating segment as the CODM monitors the operating results of each Fund as a whole and the Funds' long-term strategic asset allocation is pre-determined in accordance with the terms of their respective prospectus, based on a defined investment strategy which is executed by the Funds' subadviser.

The CODM allocates resources and assesses performance based on the operating results of each Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statement of Changes in Net Assets and Financial Highlights.

*Securities Valuation:* The Funds hold securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange ("NYSE") is open for trading. As described in further detail below, the Funds' investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC's Board of Directors (the "Board") has approved the Funds' valuation policies and procedures for security valuation and designated PGIM Investments LLC ("PGIM Investments", the "Investment Manager" or the "Manager") as the "Valuation Designee," as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Funds investments. Pursuant to the Board's oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities of the Valuation Designee under Rule 2a-5. The valuation procedures permit the Funds to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

For the fiscal reporting year-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Funds' foreign investments may change on days when investors cannot purchase or redeem Fund shares.

------

Various inputs determine how the Funds' investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the "fair value hierarchy" in accordance with FASB ASC Topic 820 Fair Value Measurement.

Common or preferred stocks, exchange-traded funds ("ETFs") and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via Nasdaq are valued at the Nasdaq official closing price. To the extent these securities are valued at the last sale price or Nasdaq official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on a valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Investments in open-end funds (other than ETFs) are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

Fixed income securities traded in the over-the-counter ("OTC") market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Funds utilize the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors' valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Floating rate and other loans are generally valued at prices provided by approved independent pricing vendors. The pricing vendors utilize broker/dealer quotations and provide prices based on the average of such quotations. Floating rate and other loans valued using such vendor prices are generally classified as Level 2 in the fair value hierarchy. Floating rate and other loans valued based on a single broker quote or at the original transaction price in excess of five business days are classified as Level 3 in the fair value hierarchy.

OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Funds utilize the market approach when quoted prices in broker-dealer markets are available but also include consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors' valuation techniques used to derive the evaluated derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Securities and other assets that cannot be priced according to the methods described above are valued based on policies and procedures approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security's fair value measurement.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer's financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; and any available analyst media or other reports or information deemed reliable by the Valuation Designee regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security's most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

*Foreign Currency Translation:* The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:

------

Notes to Financial Statements (continued)

(i) market value of investment securities, other assets and liabilities — at the exchange rate as of the valuation date;

(ii) purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets of the Funds are presented at the foreign exchange rates and market values at the close of the period, the Funds do not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Funds do not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period unrealized and realized foreign currency gains (losses) are included in the reported net change in unrealized appreciation (depreciation) on investments and net realized gains (losses) on investment transactions on the Statements of Operations. Notwithstanding the above, each Fund does isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations; such amounts are included in net realized gains (losses) on foreign currency transactions.

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on investment transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

*Forward and Cross Currency Contracts:* A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Certain Funds enter into forward currency contracts, as defined in the prospectus, in order to hedge their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency and to gain exposure to certain currencies. The contracts are valued daily at current forward exchange rates and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on forward and cross currency contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on forward and cross currency contract transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Funds' maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract's life. A cross currency contract is a forward contract where a specified amount of one foreign currency will be exchanged for a specified amount of another foreign currency.

*Options:* Certain Funds purchased and/or wrote options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of equities or foreign currency exchange rates with respect to securities or financial instruments which the Fund currently owns or intends to purchase. The Funds may also use options to gain additional market exposure. The Funds' principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Fund realizes a gain (loss) to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in determining whether the Fund has realized a gain (loss). The difference between the premium and the amount received or paid at the closing of a purchase or sale transaction is also treated as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions.

The Fund, as writer of an option, may have no control over whether the underlying securities or financial instruments may be sold (called) or purchased (put). As a result, the Fund bears the market risk of an unfavorable change in the price of the security or financial instrument underlying the written option. The Fund, as purchaser of an OTC option, bears the risk of the potential inability of the counterparties to meet the terms of their contracts. With exchange-traded options contracts, there is minimal counterparty credit risk to the Fund since the exchanges' clearinghouse acts as counterparty to all exchange-traded options and guarantees the options contracts against default.

------

When each Fund writes an option on a swap, an amount equal to any premium received by the Fund is recorded as a liability and is subsequently adjusted to the current market value of the written option on the swap. If a call option on a swap is exercised, the Fund becomes obligated to pay a fixed interest rate (noted as the strike price) and receive a variable interest rate on a notional amount. If a put option on a swap is exercised, the Fund becomes obligated to pay a variable interest rate and receive a fixed interest rate (noted as the strike price) on a notional amount. Premiums received from writing options on swaps that expire or are exercised are treated as realized gains upon the expiration or exercise of such options on swaps. The risk associated with writing put and call options on swaps is that the Fund will be obligated to be party to a swap agreement if an option on a swap is exercised.

*Financial Futures Contracts:* A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Funds are required to deposit collateral with a futures commission merchant an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the "initial margin." Subsequent payments, known as "variation margin," are made or received by the Funds each day, equal to the change in the mark-to-market value of the futures contract. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

The Funds invested in financial futures contracts in order to hedge their existing portfolio securities, or securities the Funds intend to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Funds may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Since futures contracts are exchange-traded, there is minimal counterparty credit risk to the Funds since the exchanges' clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

*Swap Agreements:* Certain Funds entered into certain types of swap agreements detailed in the disclosures below. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty ("OTC-traded") or through a central clearing facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on swap agreements. Centrally cleared swaps pay or receive an amount known as "variation margin", based on daily changes in the valuation of the swap contract. For OTC-traded, upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.

*Credit Default Swaps ("CDS"):* CDS involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified payment in the event of a default or as a result of a default (collectively, a "credit event") for the referenced entity (typically corporate issues or sovereign issues of an emerging country) on its obligation; or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index.

The Funds are subject to credit risk in the normal course of pursuing their investment objectives, and as such, have entered into CDS contracts 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" because the higher the contract value rises, the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases. The Funds' maximum risk of loss from counterparty credit risk for purchased CDS is the inability of the counterparty to honor the contract up to the notional value due to a credit event.

As a seller of protection on credit default swap agreements, the Fund generally receives an agreed upon payment from the buyer of protection throughout the term of the swap, provided no credit event occurs. As the seller, the Fund effectively increases its investment risk because, in addition to its total net assets, the Fund may be subject to investment exposure on the notional amount of the swap.

The maximum amount of the payment that the Fund, as a seller of protection, could be required to make under a credit default swap agreement would be equal to the notional amount of the underlying security or index contract as a result of a credit event. This potential amount will be partially offset by any recovery values of the respective referenced obligations or net amounts received from the settlement of buy protection credit default swap agreements which the Fund entered into for the same referenced entity or index. As a buyer of protection, the Fund generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where the Fund is the seller of protection as of period end are disclosed in the footnotes to the Schedule of Investments, if applicable. These

------

Notes to Financial Statements (continued)

spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, 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 Swaps:* In a total return swap, one party receives payments based on the market value of the security or the commodity involved, or total return of a specific referenced asset, such as an equity, index or bond, and in return pays a defined amount. Certain Funds are subject to risk exposures associated with the referenced asset in the normal course of pursuing their investment objectives. Certain Funds entered into total return swaps to manage their exposure to a security or an index. The Funds' maximum risk of loss from counterparty credit risk is the change in the value of the security, in the Funds' favor, from the point of entering into the contract.

*Floating Rate and Other Loans:* Certain Funds invested in floating rate and other loans. Floating rate and other loans include loans that are privately negotiated between a corporate borrower and one or more financial institutions, including, but not limited to, term loans, revolvers, and other instruments issued in the floating rate and other loans market. The Funds acquire interests in loans directly (by way of assignment from the selling institution) and/or indirectly (by way of the purchase of a participation interest from the selling institution). Under a floating rate and other loans assignment, the Funds generally will succeed to all the rights and obligations of an assigning lending institution and become a lender under the loan agreement with the relevant borrower in connection with that loan. Under a floating rate and other loans participation, the Funds generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the Funds generally will have the right to receive payments of principal, interest, and any fees to which they are entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Funds may not directly benefit from the collateral supporting the debt obligation in which they have purchased the participation. As a result, the Funds will assume the credit risk of both the borrower and the institution selling the participation to the Funds.

*Master Netting Arrangements:* The RIC, on behalf of each Fund, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of each Fund. A master netting arrangement between each Fund and the counterparty permits each Fund to offset amounts payable by each Fund to the same counterparty against amounts to be received and by the receipt of collateral from the counterparty by each Fund to cover each Fund's exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

The RIC, on behalf of each Fund, is a party to International Swaps and Derivatives Association, Inc. ("ISDA") Master Agreements with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to each Fund is held in a segregated account by each Fund's custodian and with respect to those amounts which can be sold or re-pledged, is presented in the Schedule of Investments. Collateral pledged by each Fund is segregated by each Fund's custodian and identified in the Schedule of Investments. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by each Fund and the applicable counterparty. Collateral requirements are determined based on each Fund's net position with each counterparty. Termination events applicable to each Fund may occur upon a decline in each Fund's net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty's long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of each Fund's counterparties to elect early termination could impact each Fund's future derivative activity.

In addition to each instrument's primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in the portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective

------

swap agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/insolvency of either party. Such OTC derivative agreements include conditions which, when materialized, give the counterparty the right to cause an early termination of the transactions under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.

Short sales and OTC contracts, including forward foreign currency exchange contracts, swaps, forward rate agreements and written options involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities, if applicable. Such risks may be mitigated by engaging in master netting arrangements.

*Warrants:* Certain Funds held warrants acquired either through a direct purchase or pursuant to corporate actions. Warrants entitle the holder to buy a proportionate amount of common stock, or such other security that the issuer may specify, at a specific price and time through the expiration dates. Such warrants are held as long positions by the Funds until exercised, sold or expired. Warrants are valued at fair value in accordance with the Board approved fair valuation procedures.

*Payment-In-Kind:* Certain Funds invested in the open market or received pursuant to debt restructuring securities that pay-in-kind ("PIK") the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have the same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income.

*Securities Lending:* Certain Funds lend their portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day's market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of the securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. The remaining open loans of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral.

The Funds recognize income, net of any rebate and securities lending agent fees, for lending their securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto, which are reflected in interest income or unaffiliated dividend income based on the nature of the payment on the Statement of Operations. The Funds also continue to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed in the Statement of Operations.

*Securities Transactions and Net Investment Income:* Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Funds become aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual expense amounts. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Such class specific expenses and waivers include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent's fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

*Taxes:* It is each Fund's policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.

*Dividends and Distributions:* Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate. The chart below

------

Notes to Financial Statements (continued)

sets forth the expected frequency of dividend and capital gains distributions to shareholders. Various factors may impact the frequency of dividend distributions to shareholders, including but not limited to adverse market conditions or portfolio holding-specific events.

---

| | |
|:---|:---|
| **Expected Distribution Schedule to Shareholders\*** | **Frequency** |
| &nbsp;&nbsp; Net Investment Income | Monthly |
| &nbsp;&nbsp; Short-Term Capital Gains | Annually |
| &nbsp;&nbsp; Long-Term Capital Gains | Annually |

---

\* Under certain circumstances, each Fund may make more than one distribution of short-term and/or long-term capital gains during a fiscal year.

*Estimates:* The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**3.** **Agreements** 

The RIC, on behalf of each Fund, has entered into management agreements with the Manager pursuant to which it has responsibility for all investment advisory services, including supervision of each subadviser's performance of such services, and for rendering administrative services with respect to each Fund.

The Manager has entered into subadvisory agreements with PGIM, Inc., which provides subadvisory services to each Fund through its business unit PGIM Fixed Income and PGIM Limited (collectively the "subadviser"). The Manager pays for the services of the subadviser.

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended August 31, 2025, the contractual and effective management fee rates were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Management Fee** | **Effective**<br> **Management Fee,**<br> **before any waiver**<br> **and/or expense**<br> **reimbursements** |
| &nbsp;&nbsp; High Yield | 0.50% of average daily net assets up to and including $250 million; 0.475% on next $500 million of average daily net assets; 0.45% of next $750 million of average daily net assets; 0.425% on next $500 million of average daily net assets; 0.40% on next $500 million of average daily net assets; 0.375% on next $500 million of average daily net assets; 0.35% on average daily net assets over $3 billion. | 0.36% |
| &nbsp;&nbsp; Short Duration High Yield Income | 0.700% of average daily net assets up to and including $2 billion; 0.675% on next $3 billion of average daily net assets; 0.655% on average daily net assets over $5 billion. | 0.69 |

---

The Manager has contractually agreed, through December 31, 2026, to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual expense waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the waiver/reimbursement and/or recoupment for that fiscal year, as applicable. The expense limitations attributable to each class are as follows:

---

| | |
|:---|:---|
| **Fund** | **Class Expense <br>Limitation** |
| &nbsp;&nbsp; High Yield - Class A | – % |
| &nbsp;&nbsp; High Yield - Class C | – |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Fund** | **Class Expense <br>Limitation** |
| &nbsp;&nbsp; High Yield - Class R | —% |
| &nbsp;&nbsp; High Yield - Class Z |  |
| &nbsp;&nbsp; High Yield - Class R2 | 0.91 |
| &nbsp;&nbsp; High Yield - Class R4 | 0.66 |
| &nbsp;&nbsp; High Yield - Class R6 |  |
| &nbsp;&nbsp; Short Duration High Yield Income - Class A | 1.00 |
| &nbsp;&nbsp; Short Duration High Yield Income - Class C | 1.75 |
| &nbsp;&nbsp; Short Duration High Yield Income - Class Z | 0.75 |
| &nbsp;&nbsp; Short Duration High Yield Income - Class R6 | 0.70 |

---

Separately, the Manager has contractually agreed that to the extent the Fund invests in an ETF advised by PGIM Investments ("PGIM ETF"), the Manager will waive any management fees it receives from the Fund in an amount equal to the unitary management fee received by PGIM Investments from the PGIM ETF attributable to the Fund's investment in such PGIM ETF. This waiver will be effective at any time the Fund is invested in the PGIM ETF and will remain in effect for so long as the Fund is invested in the PGIM ETF, unless earlier terminated by agreement of the Board of the Fund.

The RIC, on behalf of each Fund, has a distribution agreement with Prudential Investment Management Services LLC ("PIMS"), which acts as the distributor of the Class A, Class C, Class R, Class Z, Class R2, Class R4 and Class R6 shares of each Fund. Each Fund compensates PIMS for distributing and servicing each Fund's Class A, Class C, Class R and Class R2 shares, pursuant to the plans of distribution (the "Distribution Plans"), regardless of expenses actually incurred by PIMS.

Pursuant to the Distribution Plans, each Fund compensates PIMS for distribution related activities at an annual rate based on average daily net assets per class. PIMS has contractually agreed through December 31, 2026 to limit such fees on certain classes based on the average daily net assets. The distribution fees are accrued daily and payable monthly.

The High Yield Fund has adopted a Shareholder Services Plan with respect to Class R2 and Class R4 shares. Under the terms of the Shareholder Services Plan, Class R2 and Class R4 shares are authorized to compensate Prudential Mutual Fund Services LLC ("PMFS"), its affiliates or third-party service providers for services rendered to the shareholders of such Class R2 or Class R4 shares. The shareholder service fee is accrued daily and paid monthly, as applicable.

Each Fund's annual gross and net distribution rates and maximum shareholder service fee, where applicable, are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Gross Distribution Fee** | **Net Distribution Fee** | **Shareholder Service Fee** |
| &nbsp;&nbsp; High Yield - Class A | 0.25% | 0.25% | N/A% |
| &nbsp;&nbsp; High Yield - Class C | 1.00 | 1.00 | N/A |
| &nbsp;&nbsp; High Yield - Class R | 0.75 | 0.50 | N/A |
| &nbsp;&nbsp; High Yield - Class Z | N/A | N/A | N/A |
| &nbsp;&nbsp; High Yield - Class R2 | 0.25 | 0.25 | 0.10 |
| &nbsp;&nbsp; High Yield - Class R4 | N/A | N/A | 0.10 |
| &nbsp;&nbsp; High Yield - Class R6 | N/A | N/A | N/A |
| &nbsp;&nbsp; Short Duration High Yield Income - Class A | 0.25 | 0.25 | N/A |
| &nbsp;&nbsp; Short Duration High Yield Income - Class C | 1.00 | 1.00 | N/A |
| &nbsp;&nbsp; Short Duration High Yield Income - Class Z | N/A | N/A | N/A |
| &nbsp;&nbsp; Short Duration High Yield Income - Class R6 | N/A | N/A | N/A |

---

For the year ended August 31, 2025, PIMS received front-end sales charges ("FESL") resulting from sales of certain class shares and contingent deferred sales charges ("CDSC") imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:

---

| | | |
|:---|:---|:---|
| **Fund** | **FESL** | **CDSC** |
| &nbsp;&nbsp; High Yield - Class A | $1004692 | $25614 |
| &nbsp;&nbsp; High Yield - Class C |  | 10569 |
| &nbsp;&nbsp; Short Duration High Yield Income - Class A | 269986 | 11563 |
| &nbsp;&nbsp; Short Duration High Yield Income - Class C |  | 11425 |

---

PGIM Investments, PGIM, Inc., PMFS, PGIM Limited and PIMS are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. ("Prudential").

------

Notes to Financial Statements (continued)

**4.** **Other Transactions with Affiliates** 

PMFS serves as each Fund's transfer agent and shareholder servicing agent. Transfer agent's and shareholder servicing agent's fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

The Funds may invest their overnight sweep cash in the PGIM Core Government Money Market Fund (the "Core Government Fund"), a series of the Prudential Government Money Market Fund, Inc., and their securities lending cash collateral in the PGIM Institutional Money Market Fund (the "Money Market Fund"), a series of Prudential Investment Portfolios 2, each registered under the 1940 Act and managed by PGIM Investments. The High Yield Fund also invested in the PGIM Core Short-Term Bond Fund (together with the Core Government Fund, the "Core Funds"), a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments, pursuant to an exemptive order received from the Securities and Exchange Commission ("SEC"), which liquidated on September 25, 2024. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Funds and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Funds and the Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as "Affiliated dividend income" and "Income from securities lending, net", respectively.

The Funds may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the year ended August 31, 2025, no Rule 17a-7 transactions were entered into by the Funds.

**5.** **Portfolio Securities** 

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the year ended August 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** |
| &nbsp;&nbsp; High Yield | $8461119913 | $8112814734 |
| &nbsp;&nbsp; Short Duration High Yield Income | 2361440522 | 2632821172 |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds and exchange-traded funds for the year ended August 31, 2025, is presented as follows:

#### High Yield

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Year** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from Sales**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from Sales**  | **Change <br> in <br> Unrealized <br> Gain** <br> (Loss)  | **Change <br> in <br> Unrealized <br> Gain** <br> (Loss)  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain <br> (Loss)**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain <br> (Loss)**  | **Value,** <br> **End** <br> **of** <br> **Year**  | **Value,** <br> **End** <br> **of** <br> **Year**  | **Shares,** <br> **End** <br> **of** <br> **Year**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income**  | **Capital** <br> **Gain** <br> **Distributions**  |
| **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** |  |  |
| PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF |  |  |
| $12280800 | $| 113996348 | $|  | $| 603164 | $|  | $| 126880312 | 2462500 | $3365161 | $24361 |
| PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF |  |  |
|  |  | 7832464 |  |  |  | 200036 |  |  |  | 8032500 | 225000 | 150548 |  |
| PGIM Ultra Short Bond ETF | PGIM Ultra Short Bond ETF | PGIM Ultra Short Bond ETF | PGIM Ultra Short Bond ETF | PGIM Ultra Short Bond ETF | PGIM Ultra Short Bond ETF | PGIM Ultra Short Bond ETF | PGIM Ultra Short Bond ETF | PGIM Ultra Short Bond ETF | PGIM Ultra Short Bond ETF | PGIM Ultra Short Bond ETF | PGIM Ultra Short Bond ETF |  |  |
| 162996750 |  | 124585698 |  | 287755368 |  | (328947) |  | 501867 |  |  |  | 5296988 |  |
| $175277550 | $| 246414510 | $| 287755368 | $| 474253 | $| 501867 | $| 134912812 |  | $8812697 | $24361 |
| **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |  |
| PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup> |  |  |
| 181302245 |  | 4827315059 |  | 4761722237 |  |  |  |  |  | 246895067 | 246895067 | 15613660 |  |
| PGIM Core Short-Term Bond Fund<sup>(wa)</sup> | PGIM Core Short-Term Bond Fund<sup>(wa)</sup> | PGIM Core Short-Term Bond Fund<sup>(wa)</sup> | PGIM Core Short-Term Bond Fund<sup>(wa)</sup> | PGIM Core Short-Term Bond Fund<sup>(wa)</sup> | PGIM Core Short-Term Bond Fund<sup>(wa)</sup> | PGIM Core Short-Term Bond Fund<sup>(wa)</sup> | PGIM Core Short-Term Bond Fund<sup>(wa)</sup> | PGIM Core Short-Term Bond Fund<sup>(wa)</sup> | PGIM Core Short-Term Bond Fund<sup>(wa)</sup> | PGIM Core Short-Term Bond Fund<sup>(wa)</sup> | PGIM Core Short-Term Bond Fund<sup>(wa)</sup> |  |  |
| 218971401 |  |  |  | 219088412 |  | (242267) |  | 359278 |  |  |  | 435978 |  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Year** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from Sales**  | **Change <br> in <br> Unrealized <br> Gain** <br> (Loss)  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain <br> (Loss)**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value,** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares,** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares,** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions**  |
| PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wa)</sup> |  |  |  |
| $— | $4468233376 | $2999544825 | $32520 | $(180206) | $1468540865 |  | 1469569564 | $1709005<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| $400273646 | $9295548435 | $7980355474 | $(209747) | $179072 | $1715435932 |  |  | $17758643 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| $575551196 | $9541962945 | $8268110842 | $264506 | $680939 | $1850348744 |  |  | $26571340 | $24361 |

---

**Short Duration High Yield Income**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Year** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from Sales**  | **Change <br> in <br> Unrealized <br> Gain** <br> (Loss)  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain <br> (Loss)**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value,** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares,** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares,** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income**  | **Capital** <br> **Gain** <br> **Distributions**  |
| **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** |  |  |  |
| PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF |  |  |  |
| $12280800 | $35136671 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $243154 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $47660625 |  | 925000 | $1952970 | $23884 |
| PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 9685998 |  | 131502 |  | 9817500 |  | 275000 |  |  |
| PGIM Ultra Short Bond ETF | PGIM Ultra Short Bond ETF | PGIM Ultra Short Bond ETF | PGIM Ultra Short Bond ETF | PGIM Ultra Short Bond ETF | PGIM Ultra Short Bond ETF | PGIM Ultra Short Bond ETF |  |  |  |
| 107005500 | 37269300 | 144250762 | (248063) | 224025 |  |  |  | 3114622 |  |
| $119286300 | $82091969 | $144250762 | $126593 | $224025 | $57478125 |  |  | $5067592 | $23884 |
| **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |  |  |
| PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup> |  |  |  |
| 109245115 | 1541726472 | 1551114551 |  |  | 99857036 |  | 99857036 | 4057683 |  |
| PGIM Core Short-Term Bond Fund<sup>(wa)</sup> | PGIM Core Short-Term Bond Fund<sup>(wa)</sup> | PGIM Core Short-Term Bond Fund<sup>(wa)</sup> | PGIM Core Short-Term Bond Fund<sup>(wa)</sup> | PGIM Core Short-Term Bond Fund<sup>(wa)</sup> | PGIM Core Short-Term Bond Fund<sup>(wa)</sup> | PGIM Core Short-Term Bond Fund<sup>(wa)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;36811321 |  | 36830992 | (2036) | 21707 |  |  |  | 73292 |  |
| PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wa)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1333388223 | 1142392362 | 17148 | (34101) | 190978908 |  | 191112687 | 290607<sup>(1)</sup> |  |
| $146056436 | $2875114695 | $2730337905 | $15112 | $(12394) | $290835944 |  |  | $4421582 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| $265342736 | $2957206664 | $2874588667 | $141705 | $211631 | $348314069 |  |  | $9489174 | $23884 |

---

(1) The amount, or a portion thereof, represents the affiliated securities lending income shown on the Statement of Operations.

(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

(wa) Represents investments in Funds affiliated with the Manager.

**6.** **Distributions and Tax Information** 

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date.

For the year ended August 31, 2025, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary**<br> **Income** | **Long-Term**<br> **Capital Gains** | **Tax Return**<br> **of Capital** | **Total Dividends <br>and Distributions** |
| &nbsp;&nbsp; High Yield | $1440640964 | $— | $— | $1440640964 |
| &nbsp;&nbsp; Short Duration High Yield Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328789745 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;328789745 |

---

For the year ended August 31, 2024, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary<br>Income** | **Long-Term<br>Capital Gains** | **Tax Return<br>of Capital** | **Total Dividends <br>and Distributions** |
| &nbsp;&nbsp; High Yield | $1336721521 | $– | $– | $1336721521 |
| &nbsp;&nbsp; Short Duration High Yield Income | 319537562 | – | – | 319537562 |

---

------

Notes to Financial Statements (continued)

For the year ended August 31, 2025, the Funds indicated below had the following amounts of accumulated undistributed earnings on a tax basis:

---

| | | |
|:---|:---|:---|
| **Fund** | **Undistributed<br>Ordinary<br>Income** | **Undistributed <br>Long-Term <br>Capital Gains** |
| &nbsp;&nbsp; High Yield | $81405359 | $— |
| &nbsp;&nbsp; Short Duration High Yield Income | 6197209 |  |

---

The United States federal income tax basis of the Funds' investments and the net unrealized appreciation (depreciation) as of August 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Basis** | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>Depreciation** | **Net<br>Unrealized<br>Depreciation** |
| &nbsp;&nbsp; High Yield | $22393587772 | $742403061 | $(1009466524) | $(267063463) |
| &nbsp;&nbsp; Short Duration High Yield Income | 5408180772 | 135589344 | (233019286) | (97429942) |

---

The difference between GAAP basis and tax basis is primarily attributable to deferred losses on wash sales, differences in the treatment of premium amortization for GAAP and tax purposes, mark-to-market of futures contracts, swaps, investments in passive foreign investment companies, securities in default and other GAAP to tax differences.

For federal income tax purposes, the following Funds had an approximated capital loss carryforward as of August 31, 2025 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

---

| | | |
|:---|:---|:---|
| **Fund** | **Capital Loss<br>Carryforward** | **Capital Loss <br>Carryforward Utilized** |
| &nbsp;&nbsp; High Yield | $1751920000 | $— |
| &nbsp;&nbsp; Short Duration High Yield Income | 345073000 |  |

---

The Manager has analyzed the Funds' tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds' financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Funds' U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended August 31, 2025 are subject to such review.

**7.** **Capital and Ownership** 

The Short Duration High Yield Income Fund offers Class A, Class C, Class Z and Class R6 shares. The High Yield Fund offers Class A, Class C, Class R, Class Z, Class R2, Class R4 and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 3.25% for the High Yield Fund and 2.25% for the Short Duration High Yield Income Fund. Investors who purchase $500,000 or more of Class A shares and sell those shares within 12 months of purchase are subject to a CDSC of 1% on sales although these purchases are not subject to a front-end sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately eight years after purchase. Class R, Class Z, Class R2, Class R4 and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

Under certain circumstances, an exchange may be made from specified share classes of each Fund to one or more other share classes of each Fund as presented in the table of transactions in shares of beneficial interest, below.

The RIC is authorized to issue 95,025,000,000 shares of common stock, $0.01 par value per share. The authorized shares of each Fund are currently classified and designated as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of Shares** | **Number of Shares** |
| &nbsp;&nbsp; High Yield - Class A |  | 6000000000 |
| &nbsp;&nbsp; High Yield - Class B |  | 50000000 |
| &nbsp;&nbsp; High Yield - Class C |  | 1000000000 |
| &nbsp;&nbsp; High Yield - Class R |  | 500000000 |
| &nbsp;&nbsp; High Yield - Class Z |  | 41000000000 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Fund** | **Number of Shares** |
| &nbsp;&nbsp; High Yield - Class T | 300000000 |
| &nbsp;&nbsp; High Yield - Class R2 | 300000000 |
| &nbsp;&nbsp; High Yield - Class R4 | 300000000 |
| &nbsp;&nbsp; High Yield - Class R6 | 37000000000 |
| &nbsp;&nbsp; Short Duration High Yield Income - Class A | 800000000 |
| &nbsp;&nbsp; Short Duration High Yield Income - Class C | 700000000 |
| &nbsp;&nbsp; Short Duration High Yield Income - Class Z | 5500000000 |
| &nbsp;&nbsp; Short Duration High Yield Income - Class T | 75000000 |
| &nbsp;&nbsp; Short Duration High Yield Income - Class R6 | 1500000000 |

---

The Funds currently do not have any Class B or Class T shares outstanding.

As of August 31, 2025, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of each Fund as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of Shares** | **Percentage of <br>Outstanding Shares** |
| &nbsp;&nbsp; High Yield–Class A | 11086 | 0.1% |
| &nbsp;&nbsp; High Yield–Class Z | 36091 | 0.1 |

---

As of August 31, 2025, Prudential, through its affiliated entities, including affiliated funds (if applicable), did not own any shares of the Short Duration High Yield Income Fund.

At the reporting period end, the number of shareholders holding greater than 5% of each Fund are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of<br>Shareholders** | **Percentage of <br>Outstanding Shares** |
| &nbsp;&nbsp; **Affiliated:** |  |  |
| &nbsp;&nbsp; High Yield |  | —% |
| &nbsp;&nbsp; Short Duration High Yield Income |  |  |
| &nbsp;&nbsp; **Unaffiliated:** |  |  |
| &nbsp;&nbsp; High Yield | 6 | 59.1 |
| &nbsp;&nbsp; Short Duration High Yield Income | 8 | 82.0 |

---

Transactions in shares of common stock were as follows:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp; **Year ended August 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 46736973 | $224788761 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 18965459 | 91302568 |
| &nbsp;&nbsp; Shares purchased | (69733538) | (335153765) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (4031106) | (19062436) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 6479507 | 31083113 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (4012185) | (19272808) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (1563784) | $(7252131) |
| &nbsp;&nbsp; **Year ended August 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 44645005 | $208662413 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 19161687 | 89686487 |
| &nbsp;&nbsp; Shares purchased | (67231881) | (313549435) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (3425189) | (15200535) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 5960806 | 27812608 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (4115227) | (19203412) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (1579610) | $(6591339) |

---

------

Notes to Financial Statements (continued)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Year ended August 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 6222445 | $29904633 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2413885 | 11603826 |
| &nbsp;&nbsp; Shares purchased | (6714058) | (32261466) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 1922272 | 9246993 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (4311683) | (20661076) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (2389411) | $(11414083) |
| &nbsp;&nbsp; **Year ended August 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 6164331 | $28738320 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2557037 | 11950608 |
| &nbsp;&nbsp; Shares purchased | (8015214) | (37312817) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 706154 | 3376111 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (4202176) | (19585822) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (3496022) | $(16209711) |
| &nbsp;&nbsp; **Class R** |  |  |
| &nbsp;&nbsp; **Year ended August 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 2808953 | $13467350 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 937318 | 4510309 |
| &nbsp;&nbsp; Shares purchased | (2603383) | (12529257) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1142888 | $5448402 |
| &nbsp;&nbsp; **Year ended August 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 2065589 | $9624299 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 914908 | 4279254 |
| &nbsp;&nbsp; Shares purchased | (2884315) | (13405803) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 96182 | 497750 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (4021) | (19001) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 92161 | $478749 |
| &nbsp;&nbsp; **Class Z** |  |  |
| &nbsp;&nbsp; **Year ended August 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 603612711 | $2908880768 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 119361152 | 575943936 |
| &nbsp;&nbsp; Shares purchased | (647823269) | (3108756128) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 75150594 | 376068576 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 11970311 | 57836646 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (11773294) | (56954175) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 75347611 | $376951047 |
| &nbsp;&nbsp; **Year ended August 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 549616868 | $2572092739 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 123201651 | 577883251 |
| &nbsp;&nbsp; Shares purchased | (839803744) | (3917256807) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (166985225) | (767280817) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 5144613 | 24017783 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (17444121) | (80040948) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (179284733) | $(823303982) |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R2** |  |  |
| &nbsp;&nbsp; **Year ended August 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1735656 | $8343312 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 383308 | 1846554 |
| &nbsp;&nbsp; Shares purchased | (2384718) | (11449565) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (265754) | $(1259699) |
| &nbsp;&nbsp; **Year ended August 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 2553713 | $11934208 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 360401 | 1689436 |
| &nbsp;&nbsp; Shares purchased | (2359195) | (11032493) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 554919 | $2591151 |
| &nbsp;&nbsp; **Class R4** |  |  |
| &nbsp;&nbsp; **Year ended August 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 2727840 | $13141441 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 431413 | 2078218 |
| &nbsp;&nbsp; Shares purchased | (3273157) | (15728955) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (113904) | $(509296) |
| &nbsp;&nbsp; **Year ended August 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 2694046 | $12594544 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 408020 | 1911825 |
| &nbsp;&nbsp; Shares purchased | (2323598) | (10870225) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 778468 | $3636144 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Year ended August 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 637270181 | $3064339252 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 128678855 | 619692113 |
| &nbsp;&nbsp; Shares purchased | (589390955) | (2834789174) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 176558081 | 849242191 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 10492239 | 50690393 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (8849360) | (42722093) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 178200960 | $857210491 |
| &nbsp;&nbsp; **Year ended August 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 694076933 | $3243617986 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 112103690 | 525037397 |
| &nbsp;&nbsp; Shares purchased | (537689463) | (2502418149) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 268491160 | 1266237234 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 15613441 | 71347542 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (932392) | (4328750) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 283172209 | $1333256026 |

---

#### Short Duration High Yield Income

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp; **Year ended August 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 11228814 | $94789548 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2968676 | 25059994 |
| &nbsp;&nbsp; Shares purchased | (15975633) | (134339620) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (1778143) | (14490078) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 4225848 | 35626745 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (2235326) | (18798279) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 212379 | $2338388 |

---

------

Notes to Financial Statements (continued)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Year ended August 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 12738730 | $105020636 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2896961 | 23912117 |
| &nbsp;&nbsp; Shares purchased | (15529114) | (127808883) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 106577 | 1123870 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 4534616 | 37471651 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (2249276) | (18711226) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 2391917 | $19884295 |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Year ended August 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 3148873 | $26578107 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 953919 | 8051261 |
| &nbsp;&nbsp; Shares purchased | (3714225) | (31291884) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 388567 | 3337484 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (2890568) | (24366732) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (2502001) | $(21029248) |
| &nbsp;&nbsp; **Year ended August 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 3775563 | $31192438 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1100117 | 9074592 |
| &nbsp;&nbsp; Shares purchased | (4079182) | (33521552) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 796498 | 6745478 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (3673632) | (30354885) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (2877134) | $(23609407) |
| &nbsp;&nbsp; **Class Z** |  |  |
| &nbsp;&nbsp; **Year ended August 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 164210470 | $1385096718 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 28494188 | 240539665 |
| &nbsp;&nbsp; Shares purchased | (172914467) | (1452748428) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 19790191 | 172887955 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 4984583 | 42001784 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (3058026) | (25851196) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 21716748 | $189038543 |
| &nbsp;&nbsp; **Year ended August 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 171602120 | $1413876035 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 28043496 | 231554988 |
| &nbsp;&nbsp; Shares purchased | (186125921) | (1531640487) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 13519695 | 113790536 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 2825851 | 23454665 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (9170845) | (75118088) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 7174701 | $62127113 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Year ended August 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 20303994 | $171463019 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 3748374 | 31673383 |
| &nbsp;&nbsp; Shares purchased | (21583306) | (181906599) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 2469062 | 21229803 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 1474213 | 12503157 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (2497342) | (21115479) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1445933 | $12617481 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Year ended August 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 19759540 | $162967266 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 3765704 | 31104417 |
| &nbsp;&nbsp; Shares purchased | (25734103) | (211837003) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (2208859) | (17765320) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 7742588 | 63423407 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (20162) | (165524) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 5513567 | $45492563 |

---

**8.** **Borrowings** 

The RIC, on behalf of each Fund, along with other affiliated registered investment companies (the "Participating Funds"), is a party to a Syndicated Credit Agreement ("SCA") with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.

---

| | | |
|:---|:---|:---|
|  | **Current SCA** | **Prior SCA** |
|  **Term of Commitment** | 9/27/2024 – 9/25/2025 | 9/29/2023 – 9/26/2024 |
|  **Total Commitment** | $1200000000 | $1200000000 |
|  **Annualized Commitment Fee on the**<br> **Unused Portion of the SCA** | 0.15% | 0.15% |
|  **Annualized Interest Rate on**<br> **Borrowings** | 1.00% plus the higher of (1)<br>the effective federal funds<br>rate, (2) the daily SOFR<br>rate plus 0.10% or (3) zero<br>percent | 1.00% plus the higher of (1)<br>the effective federal funds<br>rate, (2) the daily SOFR<br>rate plus 0.10% or (3) zero<br>percent |

---

Subsequent to the reporting period end, the SCA has been renewed and effective September 26, 2025 will provide a commitment of $1,200,000,000 through September 24, 2026. The commitment fee allocated to the Participating Funds will continue to be 0.15% of the unused portion of the SCA. The interest on borrowings under the renewed SCA will be paid monthly and at a per annum interest rate of 1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent.

Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Manager to allocate available funding per a Board-approved methodology designed to treat the Participating Funds in the SCA equitably.

The Funds did not utilize the SCA during the year ended August 31, 2025.

**9.** **Risks of Investing in the Funds** 

Each Fund's principal risks include, but are not limited to, some or all of the risks discussed below. For further information on the risks applicable to any given Fund, please refer to the Prospectus and Statement of Additional Information of that Fund.

---

| | | |
|:---|:---|:---|
| **Risks** | **High Yield** | **Short<br>Duration High<br>Yield Income** |
| &nbsp;&nbsp; Covenant-Lite | X |  |
| &nbsp;&nbsp; Credit | X | X |
| &nbsp;&nbsp; Debt Obligations | X | X |
| &nbsp;&nbsp; Derivatives | X | X |
| &nbsp;&nbsp; Economic and Market Events | X | X |
| &nbsp;&nbsp; Emerging Markets | X | X |
| &nbsp;&nbsp; Foreign Securities | X | X |
| &nbsp;&nbsp; Increase in Expenses | X | X |
| &nbsp;&nbsp; Interest Rate | X | X |
| &nbsp;&nbsp; Junk Bonds | X | X |
| &nbsp;&nbsp; Large Shareholder and Large Scale Redemption | X | X |
| &nbsp;&nbsp; Liquidity | X | X |

---

------

Notes to Financial Statements (continued)

---

| | | |
|:---|:---|:---|
| **Risks** | **High Yield** | **Short<br>Duration High<br>Yield Income** |
| &nbsp;&nbsp; Management | X | X |
| &nbsp;&nbsp; Market Disruption and Geopolitical | X | X |
| &nbsp;&nbsp; Market | X | X |

---

*Covenant-Lite Risk:* Some of the loans or debt obligations in which the Fund may invest or get exposure to may be "covenant-lite", which means the loans or obligations contain fewer financial maintenance covenants than other loans or obligations (in some cases, none) and do not include terms which allow the lender to monitor the borrower's performance and declare a default if certain criteria are breached. An investment by the Fund in a covenant-lite loan may potentially hinder the ability to reprice credit risk associated with the issuer and reduce the ability to restructure a problematic loan and mitigate potential loss. The Fund may also experience difficulty, expenses or delays in enforcing its rights on its holdings of covenant-lite loans or obligations. As a result of these risks, the Fund's exposure to losses may be increased, which could result in an adverse impact on the Fund's net income and NAV.

*Credit Risk:* This is the risk that the issuer, the guarantor, or the insurer of a fixed income security, or the counterparty to a contract may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Additionally, fixed income securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer, or counterparty to pay back debt. The lower the credit quality of a bond, the more sensitive it is to credit risk.

*Debt Obligations Risk:* Debt obligations are fixed income investments that are subject to credit risk, market risk and interest rate risk. The Fund's holdings, share price, yield and total return may also fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer's goods and services. Certain types of fixed income obligations also may be subject to "call and redemption risk," which is the risk that the issuer may call a bond held by the Fund for redemption before it matures and the Fund may not be able to reinvest at the same rate of interest and therefore would earn less income.

*Derivatives Risk:* Derivatives involve special risks and costs and may result in losses to the Fund. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, the Fund will depend on its subadviser's ability to analyze and manage derivatives transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are "leveraged" or may create economic leverage for the Fund and therefore may magnify or otherwise increase investment losses to the Fund. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders.

Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the Fund's derivatives positions. In fact, many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Fund. The use of derivatives also exposes the Fund to operational issues, such as documentation and settlement issues, systems failures, inadequate control and human error.

Derivatives may also involve legal risks, such as insufficient documentation, the lack of capacity or authority of a counterparty to execute or settle a transaction, and the legality and enforceability of derivatives contracts. The U.S. Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements and risk exposure limitations. Regulation of derivatives may make derivatives more costly, limit their availability or utility to the Fund, or otherwise adversely affect their performance or disrupt markets.

*Economic and Market Events Risk:* Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.

*Emerging Markets Risk*: The risks of foreign investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic and political systems that are less fully developed, and can be expected to be less stable, than those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

inflation or deflation. Low trading volumes may result in a lack of liquidity and price volatility. Emerging market countries may have policies that restrict investment by non-U.S. investors, or that prevent non-U.S. investors from withdrawing their money at will.

The Fund may invest in some emerging markets that subject it to risks such as those associated with illiquidity, custody of assets, different settlement and clearance procedures and asserting legal title under a developing legal and regulatory regime to a greater degree than in developed markets or even in other emerging markets.

*Foreign Securities Risk:* Investments in securities of non-U.S. issuers (including those denominated in U.S. dollars) may involve more risk than investing in securities of U.S. issuers. Foreign political, economic and legal systems, especially those in developing and emerging market countries, may be less stable and more volatile than in the United States. Foreign legal systems generally have fewer regulatory requirements than the U.S. legal system, particularly those of emerging markets. In general, less information is publicly available with respect to non-U.S. companies than U.S. companies. Non-U.S. companies generally are not subject to the same accounting, auditing, and financial reporting standards as are U.S. companies. Additionally, the changing value of foreign currencies and changes in exchange rates could also affect the value of the assets the Fund holds and the Fund's performance. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. Investments in emerging markets are subject to greater volatility and price declines.

In addition, the Fund's investments in non-U.S. securities may be subject to the risks of nationalization or expropriation of assets, imposition of currency exchange controls or restrictions on the repatriation of non-U.S. currency, confiscatory taxation and adverse diplomatic developments. Special U.S. tax considerations may apply.

*Increase in Expenses Risk:* Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table in the Fund's prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Fund securities can increase expenses.

*Interest Rate Risk:* The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. Similarly, a rise in interest rates may also have a greater negative impact on the value of equity securities whose issuers expect earnings further out in the future. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as "duration risk." When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." In addition, if the Fund purchases a fixed income security at a premium (at a price that exceeds its stated par or principal value), the Fund may lose the amount of the premium paid in the event of prepayment. When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund's holdings may fall sharply. This is referred to as "extension risk." The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

*Junk Bonds Risks:* High-yield, high-risk bonds have predominantly speculative characteristics, including particularly high credit risk. Junk bonds tend to have lower market liquidity than higher-rated securities. The liquidity of particular issuers or industries within a particular investment category may shrink or disappear suddenly and without warning. The non-investment grade bond market can experience sudden and sharp price swings and become illiquid due to a variety of factors, including changes in economic forecasts, stock market activity, large sustained sales by major investors, a high profile default or a change in the market's psychology.

*Large Shareholder and Large Scale Redemption Risk:* Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund's shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund's shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund's NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund's ability to implement its investment strategy. The Fund's ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.

*Liquidity Risk:* Liquidity risk is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors' interests in the Fund. The Fund may invest in instruments that trade in lower volumes and are more illiquid than other investments. If the Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments cannot be readily sold at the desired time or price, the

------

Notes to Financial Statements (continued)

Fund may have to accept a lower price or may not be able to sell the instrument at all. An inability to sell a portfolio position can adversely affect the Fund's value or prevent the Fund from being able to take advantage of other investment opportunities.

*Management Risk:* Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser's judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund's benchmark and other funds with similar investment objectives.

*Market Disruption and Geopolitical Risks:* Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia's military invasion of Ukraine and the Israel-Hamas war), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as Asia, Eastern Europe and the Middle East, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).

Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests.

The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.

*Market Risk:* Securities markets may be volatile and the market prices of the Fund's securities may decline. Securities fluctuate in price based on changes in an issuer's financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

**10.** **Recent Accounting Pronouncement and Regulatory Developments** 

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – "Improvements to Income Taxes Disclosures", which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management is currently evaluating the impact and does not expect ASU to have a material impact on the financial statements.

**11.** **Subsequent Event** 

Each Fund's management evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of August 31, 2025.

------

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Prudential Investment Portfolios, Inc. 15 and Shareholders of PGIM High Yield Fund and PGIM Short Duration High Yield Income Fund

*Opinions on the Financial Statements* 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of PGIM High Yield Fund and PGIM Short Duration High Yield Income Fund (constituting Prudential Investment Portfolios, Inc. 15, hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations for the year ended August 31, 2025, the statements of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2025 and each of the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

*Basis for Opinions* 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agents, brokers and agent banks; when replies were not received from transfer agents, brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

October 20, 2025

We have served as the auditor of one or more investment companies in the PGIM Retail Funds complex since 2020.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Other Information
**Form N-CSR Item 8** - Changes in and Disagreements with Accountants for Open-End Management Investment Companies - None.

**Form N-CSR Item 9** - Proxy Disclosures for Open-End Management Investment Companies - None.

**Form N-CSR Item 10** - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies - Included within the Statement of Operations of the financial statements filed under Item 7 of this Form.

**Form N-CSR Item 11** - Statement Regarding Basis for Approval of Investment Advisory Contract.

------

Approval of Advisory Agreements

#### PGIM High Yield Fund

#### The Fund's Board of Directors
The Board of Directors (the "Board") of PGIM High Yield Fund<sup>1</sup> (the "Fund") consists of ten individuals, eight of whom are not "interested persons" of the Fund, as defined in the Investment Company Act of 1940, as amended (the "1940 Act") (the "Independent Directors"). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Directors have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. The Board has established five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent Directors.

#### Annual Approval of the Fund's Advisory Agreements
As required under the 1940 Act, the Board determines annually whether to renew the Fund's management agreement with PGIM Investments LLC ("PGIM Investments") and the Fund's subadvisory agreement with PGIM Limited ("PGIML") and PGIM, Inc. ("PGIM") on behalf of its PGIM Fixed Income unit ("PGIM Fixed Income"). In considering the renewal of the agreements, the Board, including all of the Independent Directors, met on June 2 and 11-12, 2025 (the "Board Meeting") and approved the renewal of the agreements through July 31, 2026, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments, PGIML and PGIM Fixed Income. Also, the Board considered comparisons with other mutual funds in relevant peer universes and peer groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Directors advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments and the subadvisers, the performance of the Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund's assets grow. In their deliberations, the Directors did not identify any single factor which alone was responsible for the Board's decision to approve an agreement with respect to the Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at regular and special Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the Board Meeting.

The Directors determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund's investment manager pursuant to a management agreement, and between PGIM Investments, PGIML and PGIM Fixed Income, which serve as the Fund's subadvisers pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Directors considered relevant in the exercise of their business judgment. The Board considered the approval of the agreements for the Fund as part of its consideration of agreements for multiple funds, but its approvals were made on a fund-by-fund basis.

The material factors and conclusions that formed the basis for the Directors' reaching their determinations to approve the continuance of the agreements are separately discussed below.

#### Nature, Quality and Extent of Services
The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments, PGIML and PGIM Fixed Income. The Board noted that PGIML and PGIM Fixed Income are affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadvisers for the Fund, as well as the provision of accounting oversight, fund recordkeeping, compliance and other services to the Fund, such as PGIM Investments' role as administrator for the Fund's liquidity risk management program and as valuation designee.

<sup>1</sup> PGIM High Yield Fund is a series of Prudential Investment Portfolios, Inc. 15.

PGIM High Yield Fund

------

Approval of Advisory Agreements (continued)

With respect to PGIM Investments' oversight of the subadvisers, the Board noted that PGIM Investments' Strategic Investment Research Group ("SIRG"), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments' senior management on the performance and operations of the subadvisers. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Directors of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIML and PGIM Fixed Income, including investment research and security selection, as well as adherence to the Fund's investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments' evaluation of the subadvisers, as well as PGIM Investments' recommendation, based on its review of the subadvisers, to renew the subadvisory agreement.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments' senior management responsible for the oversight of the Fund, PGIML and PGIM Fixed Income, and also considered the qualifications, backgrounds and responsibilities of the PGIML and PGIM Fixed Income portfolio managers who are responsible for the day-to-day management of the Fund's portfolio. The Board was provided with information pertaining to PGIML's, PGIM Investments' and PGIM Fixed Income's organizational structure, senior management, investment operations, and other relevant information pertaining to PGIM Investments, PGIML and PGIM Fixed Income. The Board also noted that it received favorable compliance reports from the Fund's Chief Compliance Officer ("CCO") as to each of PGIM Investments, PGIML and PGIM Fixed Income.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments and the subadvisory services provided to the Fund by PGIML and PGIM Fixed Income, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments, PGIML and PGIM Fixed Income under the management and subadvisory agreement.

#### Costs of Services and Profits Realized by PGIM Investments
The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund's investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations of direct and indirect costs, and the adviser's capital structure and cost of capital. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

#### Economies of Scale
The Board received and discussed information concerning economies of scale that PGIM Investments may realize as the Fund's assets grow beyond current levels. The Board noted that the management fee schedule for the Fund includes breakpoints, which have the effect of decreasing the fee rate as assets increase. During the course of time, the Board has considered information regarding the launch date of the Fund, the management fees of the Fund compared to those of similarly managed funds and PGIM Investments' investment in the Fund over time. The Board noted that economies of scale can be shared with the Fund in other ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment. The Board also considered PGIM Investments' assertion that it continually evaluates the management fee schedule of the Fund and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase.

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board's understanding that most of PGIM Investments' costs are not specific to individual funds, but rather are incurred across a variety of products and services.

#### Other Benefits to PGIM Investments, PGIML and PGIM Fixed Income
The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIML, PGIM Fixed Income and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund's transfer agent (which is affiliated with PGIM Investments), as well as benefits to its reputation or other intangible benefits resulting from PGIM Investments association with the Fund. The Board concluded that the potential benefits to be derived by PGIML and PGIM Fixed Income included the ability to use soft dollar credits, as well as the potential

Visit our website at pgim.com/investments

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments, PGIML and PGIM Fixed Income were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

#### Performance of the Fund / Fees and Expenses
The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-, three-, five- and ten-year periods ended December 31, 2024.

The Board also considered the Fund's actual management fee, as well as the Fund's net total expense ratio, for the fiscal year ended August 31, 2024. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a peer group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

The mutual funds included in the peer universe, which was used to consider performance, and the peer group, which was used to consider fees and expenses, were objectively determined by Broadridge, an independent provider of mutual fund data. In certain circumstances, PGIM Investments also provided supplemental peer universe or peer group information, for reasons addressed with the Board. The comparisons placed the Fund in various quartiles over various periods, with the first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

The section below summarizes key factors considered by the Board and the Board's conclusions regarding the Fund's performance, fees and overall expenses. The table sets forth net performance comparisons (which reflect the impact on performance of fund expenses, or any subsidies, expense caps or waivers that may be applicable) with the peer universe, actual management fees with the peer group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the peer group, each of which were key factors considered by the Board.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;*Net Performance* |
| &nbsp;&nbsp;&nbsp;*Net Performance* 2<sup>nd</sup> Quartile 3<sup>rd</sup> Quartile 1<sup>st</sup> Quartile |

---

*Actual Management Fees:* 1<sup>st</sup>Quartile

*Net Total Expenses:* 1<sup>st</sup> Quartile

● The Board noted that the Fund outperformed its benchmark index over the one- and ten-year period, and underperformed over the other periods.

● The Board also noted that the Fund outperformed its benchmark index in six out of the last ten calendar years, gross of fees.

● The Board and PGIM Investments agreed to retain the Fund's existing contractual expense cap, which (exclusive of certain fees and expenses) limits transfer agency, shareholder servicing, sub-transfer agency and blue sky fees to the extent that such fees cause total annual operating expenses to exceed 0.91% for Class R2 shares and 0.66% for Class R4 shares through December 31, 2025.

● In addition, PGIM Investments will waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class and has agreed that total annual fund operating expenses for Class R6 shares will not exceed total annual fund operating expenses for Class Z shares.

● The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

● The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

\* \* \*

After full consideration of these factors, the Board concluded that approval of the agreements was in the best interests of the Fund and its shareholders.

PGIM High Yield Fund

------

Approval of Advisory Agreements

#### PGIM Short Duration High Yield Income Fund

#### The Fund's Board of Directors
The Board of Directors (the "Board") of PGIM Short Duration High Yield Income Fund<sup>1</sup> (the "Fund") consists of ten individuals, eight of whom are not "interested persons" of the Fund, as defined in the Investment Company Act of 1940, as amended (the "1940 Act") (the "Independent Directors"). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Directors have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. The Board has established five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent Directors.

#### Annual Approval of the Fund's Advisory Agreements
As required under the 1940 Act, the Board determines annually whether to renew the Fund's management agreement with PGIM Investments LLC ("PGIM Investments"), the Fund's subadvisory agreement with PGIM, Inc. ("PGIM"), on behalf of its PGIM Fixed Income unit ("PGIM Fixed Income"), and the Fund's sub-subadvisory agreement with PGIM Limited ("PGIML"). In considering the renewal of the agreements, the Board, including all of the Independent Directors, met on June 2 and 11-12, 2025 (the "Board Meeting") and approved the renewal of the agreements through July 31, 2026, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments, PGIML, PGIM, and, where appropriate, affiliates of PGIM. Also, the Board considered comparisons with other mutual funds in relevant peer universes and peer groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Directors advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments, the subadviser and, as relevant, its affiliates, the performance of the Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund's assets grow. In their deliberations, the Directors did not identify any single factor which alone was responsible for the Board's decision to approve an agreement with respect to the Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at regular and special Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the Board Meeting.

The Directors determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund's investment manager pursuant to a management agreement, between PGIM Investments and PGIM, which, through its PGIM Fixed Income unit, serves as the Fund's subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, and between PGIM and PGIML, which serves as the Fund's sub-subadviser pursuant to the terms of a sub-subadvisory agreement with PGIM, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Directors considered relevant in the exercise of their business judgment. The Board considered the approval of the agreements for the Fund as part of its consideration of agreements for multiple funds, but its approvals were made on a fund-by-fund basis.

The material factors and conclusions that formed the basis for the Directors' reaching their determinations to approve the continuance of the agreements are separately discussed below.

#### Nature, Quality and Extent of Services
The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments, PGIM Fixed Income, and PGIML. The Board noted that PGIM Fixed Income and PGIML are affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser and sub-subadviser for the Fund, as well as the provision of accounting oversight, fund recordkeeping, compliance and other services to the Fund, such as PGIM Investments' role as administrator of the Fund's liquidity risk management program and as

<sup>1</sup> PGIM Short Duration High Yield Income Fund is a series of Prudential Investment Portfolios, Inc. 15.

Visit our website at pgim.com/investments

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

valuation designee. With respect to PGIM Investments' oversight of the subadviser and sub-subadviser, the Board noted that PGIM Investments' Strategic Investment Research Group ("SIRG"), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments' senior management on the performance and operations of the subadviser and sub-subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Directors of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM Fixed Income and PGIML, including investment research and security selection, as well as adherence to the Fund's investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments' evaluation of the subadviser and sub-subadviser, as well as PGIM Investments' recommendation, based on its review of the subadviser and sub-subadviser, to renew the subadvisory and sub-subadvisory agreements.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments' senior management responsible for the oversight of the Fund, PGIM Fixed Income, and PGIML, and also considered the qualifications, backgrounds and responsibilities of PGIM Fixed Income's portfolio managers who are responsible for the day-to-day management of the Fund's portfolio. The Board was provided with information pertaining to PGIM Investments', PGIM Fixed Income's, and PGIML's organizational structure, senior management, investment operations, and other relevant information pertaining to PGIM Investments, PGIM Fixed Income, and PGIML. The Board also noted that it received favorable compliance reports from the Fund's Chief Compliance Officer ("CCO") as to PGIM Investments, PGIM Fixed Income, and PGIML.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments, the subadvisory services provided to the Fund by PGIM Fixed Income, and the sub-subadvisory services provided by PGIML, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments, PGIM Fixed Income, and PGIML under the management, subadvisory and sub-subadvisory agreements.

#### Costs of Services and Profits Realized by PGIM Investments
The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund's investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations of direct and indirect costs, and the adviser's capital structure and cost of capital. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

#### Economies of Scale
The Board received and discussed information concerning economies of scale that PGIM Investments may realize as the Fund's assets grow beyond current levels. The Board noted that the management fee schedule for the Fund includes breakpoints, which have the effect of decreasing the fee rate as assets increase. During the course of time, the Board has considered information regarding the launch date of the Fund, the management fees of the Fund compared to those of similarly managed funds and PGIM Investments' investment in the Fund over time. The Board noted that economies of scale can be shared with the Fund in other ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment. The Board also considered PGIM Investments' assertion that it continually evaluates the management fee schedule of the Fund and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase.

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board's understanding that most of PGIM Investments' costs are not specific to individual funds, but rather are incurred across a variety of products and services.

#### Other Benefits to PGIM Investments, PGIM Fixed Income, and PGIML
The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM Fixed Income, and PGIML and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund's transfer agent (which is affiliated with PGIM Investments), as well as benefits to its reputation or other intangible benefits resulting from PGIM Investments' association with the Fund. The Board concluded that the potential benefits to be derived by PGIM Fixed Income and PGIML included the ability to use soft dollar credits, as well as the

PGIM Short Duration High Yield Income Fund

------

Approval of Advisory Agreements (continued)

potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to their reputations. The Board concluded that the benefits derived by PGIM Investments, PGIM Fixed Income, and PGIML were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

#### Performance of the Fund / Fees and Expenses
The Board considered certain additional specific factors and made related conclusions relating to the historical performance of the Fund for the one-, three- five-, and ten-year periods ended December 31, 2024.

The Board also considered the Fund's actual management fee, as well as the Fund's net total expense ratio, for the fiscal year ended August 31, 2024. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a peer group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

The mutual funds included in the peer universe, which was used to consider performance, and the peer group, which was used to consider expenses and fees, were objectively determined by Broadridge, an independent provider of mutual fund data. In certain circumstances, PGIM Investments also provided supplemental peer universe or peer group information for reasons addressed with the Board. The comparisons placed the Fund in various quartiles over various periods, with the first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

The section below summarizes key factors considered by the Board and the Board's conclusions regarding the Fund's performance, fees and overall expenses. The table sets forth net performance comparisons (which reflect the impact on performance of fund expenses, or any subsidies, expense caps or waivers that may be applicable) with the peer universe, actual management fees with the peer group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the peer group, each of which were key factors considered by the Board.

#### PGIM Short Duration High Yield Income Fund

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;*Net Performance* |
| &nbsp;&nbsp;&nbsp;*Net Performance* 3<sup>rd</sup> Quartile 1<sup>st</sup> Quartile |

---

*Actual Management Fees:* 4<sup>th</sup> Quartile

*Net Total Expenses:* 3<sup>rd</sup> Quartile

● The Board noted that the Fund outperformed its benchmark index over the ten-year period and underperformed its benchmark index over the other periods.

● The Board considered PGIM Investments' assertion that the Fund's lower risk profile relative to its peer group makes the benchmark a more meaningful comparative performance source for the Fund.

● The Board noted that, on a gross basis, the Fund has outperformed its benchmark in nine of the last ten calendar years and across all annualized trailing periods, and has performed above peer median in seven of the last ten calendar years on both a gross and net basis.

● The Board and PGIM Investments agreed to retain the existing contractual expense cap, which (exclusive of certain fees and expenses) caps total annual operating expenses at 1.00% for Class A shares, 1.75% for Class C shares, 0.70% for Class R6 shares, and 0.75% for Class Z shares through December 31, 2025.

● In addition, PGIM Investments will waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class and has agreed that total annual fund operating expenses for Class R6 shares will not exceed total annual fund operating expenses for Class Z shares.

● The Board concluded that it, in light of the above, would be in the best interests of the Fund and its shareholders to renew the agreements.

● The Board concluded that the management fees (including subadvisory and sub-subadvisory fees) and total expenses were reasonable in light of the services provided.

\* \* \*

After full consideration of these factors, the Board concluded that approval of the agreements was in the best interests of the Fund and its shareholders.

Visit our website at pgim.com/investments

------

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

---

| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.  |

---

Item 16 – Controls and Procedures

(a) It is the conclusion of the registrant's principal executive officer and principal financial officer that the effectiveness of the registrant's current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission's rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant's principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There has been no significant change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable.

Item 18 – Recovery of Erroneously Awarded Compensation – Not applicable.

Item 19 – Exhibits

(a)(1) [Code of Ethics – Attached hereto as Exhibit EX-99.CODE-ETH.](d901549dex99codeeth.htm)

(a)(2) Policy required by the listing standards adopted pursuant to Rule 10D-1 under the Securities Exchange Act of 1934 – Not applicable.

(a)(3) [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.CERT.](d901549dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 – Not applicable.

(a)(5) Change in the registrant's independent public accountant – Not applicable.

(b) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.906CERT.](d901549dex99906cert.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  Registrant: | <u>Prudential Investment Portfolios, Inc. 15</u> |
|  By: | <u>/s/ Andrew R. French</u> |
|  | Andrew R. French |
|  | Secretary |
|  Date: | October 20, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
|  By: | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
|  Date: | October 20, 2025 |
|  By: | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer (Principal Financial Officer) |
|  Date: | October 20, 2025 |

---

## Ex-99.Code

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND** 

**PRINCIPAL FINANCIAL OFFICERS** 

**I. Covered Officers/Purpose of the Code** 

This code of ethics (the "Code") is established for the funds listed on Attachment A hereto (each a Fund" and together the "Funds") pursuant to Section 406 of the Sarbanes-Oxley Act and the rules adopted thereunder by the Securities and Exchange Commission ("SEC"). The Code applies to each Fund's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer or Controller, or senior officers performing similar functions (the "Covered Officers" each of whom are set forth in Exhibit B) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with,
or submits to, the SEC and in other public communications made by a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II. Conflicts of Interest** 

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, a Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with a Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and a Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "1940 Act") and the Investment Advisers Act of 1940, as amended (the "Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as "affiliated persons" of the Fund. A Fund's and its investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationships between a Fund and the Fund's investment adviser, principal underwriter, administrator, or other service providers to the Fund (together "Service Providers"), of which the Covered Officers may also be principals or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Fund or for a Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on such Service Providers and a Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between a Fund and its Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Directors/Trustees ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fund.

Each Covered Officer must:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his personal influence or personal relationships improperly to influence investment decisions or
financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee of a Fund or its affiliated persons for reports
of potential violations that are made in good faith.

There are some actual or potential conflict of interest situations that should always be brought to the attention of, and discussed with, the Funds' Chief Legal Officer or other senior legal officer, if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any non-nominal gifts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment from any company with which a Fund has current or prospective business dealings
unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in (other than insubstantial interests in publicly traded entities), or any consulting or
employment relationship with, any of a Fund's Service Providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III. Disclosure and Compliance** 

Each Covered Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should familiarize himself with the disclosure requirements generally applicable to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether within
or outside the Fund, including to the Fund's Board of Directors/Trustees and its auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should, to the extent appropriate within his area of responsibility, consult with other officers and employees of
a Fund and its Service Providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is responsible to promote compliance with the standards and restrictions imposed by applicable laws, rules and
regulations.

**IV. Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to
the Board of Directors/Trustees that he has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm to the Board of Directors/Trustees that he has complied with the requirements of the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Funds' Chief Legal Officer promptly if he knows of any violation of this Code. Failure to do so
is itself a violation of this Code.

The Funds' Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. In such situations, the Chief Legal Officer is authorized to consult, as appropriate, with counsel to the Funds, counsel to the Independent Directors/Trustees, a Board Committee comprised of Independent Directors/Trustees, or the full Board.

------

The Funds will follow the following procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Funds Chief Legal Officer will take all appropriate action to investigate any potential violations reported
to her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the Chief Legal Officer believes that no violation has occurred, the Chief Legal
Officer is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the Chief Legal Officer believes is a violation or that the Chief Legal Officer believes should
be reviewed by a Fund's Board or Board Committee comprised of Independent Directors/Trustees will be reported to the Fund's Board or Board Committee comprised of Independent Directors/Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• based upon its review of any matter referred to it, a Fund's Board or Board Committee comprised of
Independent Directors/Trustees shall determine whether or not a violation has occurred, whether a grant of waiver is appropriate or whether some other action should be taken. Based upon its determination, the Fund's Board or Board Committee
comprised of Independent Directors/Trustees may take such action as it deems appropriate, which may include without limitation: modifications of applicable policies and procedures; notification to appropriate personnel of the Fund's investment
adviser, principal underwriter or administrator, or their boards; notification to other Funds for which the Covered Officer serves as a Covered Officer; or recommendation to dismiss the Covered Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of a Fund or its Service Providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment adviser's and principal underwriter's code of ethics under Rule 17j-1 under the 1940 Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI. Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of Independent Directors/Trustees.

**VII. Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fund Board of Directors/Trustees, counsel to the Fund, and counsel to the Fund Independent Directors/Trustees.

**VIII. Internal Use** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of a Fund, as to any fact, circumstance, or legal conclusion.

**IX. Recordkeeping** 

A Fund shall keep the information disclosed about waivers and amendments under the Code for the period of time as specified in the rules adopted pursuant to Section 406 of the Sarbanes-Oxley Act, and furnish such information to the SEC or its staff upon request.

Adopted and approved as of September 3, 2003.

------

**EXHIBIT A** 

**<u>Funds Covered by this Code of Ethics</u>**

• The Prudential Investment Portfolios, Inc.

• Prudential Investment Portfolios 2

• Prudential Investment Portfolios 3

• Prudential Investment Portfolios 4

• Prudential Investment Portfolios 5

• Prudential Investment Portfolios 6

• Prudential Investment Portfolios 7

• Prudential Investment Portfolios 8

• Prudential Investment Portfolios 9

• Prudential Investment Portfolios, Inc. 10

• Prudential Investment Portfolios 12

• Prudential Government Money Market Fund, Inc.

• Prudential Investment Portfolios, Inc. 14

• Prudential Investment Portfolios, Inc. 15

• Prudential Investment Portfolios 16

• Prudential Investment Portfolios, Inc. 17

• Prudential Investment Portfolios 18

• Prudential Global Total Return Fund, Inc.

• Prudential Jennison Blend Fund, Inc.

• Prudential Jennison Mid-Cap Growth Fund, Inc.

• Prudential Jennison Natural Resources Fund, Inc.

• Prudential Jennison Small Company Fund, Inc.

• Prudential National Muni Fund, Inc.

• Prudential Sector Funds, Inc.

• Prudential Short-Term Corporate Bond Fund, Inc.

• Prudential World Fund, Inc.

• The Target Portfolio Trust

• PGIM ETF Trust

• PGIM High Yield Bond Fund, Inc.

• PGIM Global High Yield Fund, Inc.

• PGIM Short Duration High Yield Opportunities Fund

• Advanced Series Trust

• Prudential's Gibraltar Fund, Inc.

• The Prudential Series Fund

------

**EXHIBIT B** 

**Persons Covered by this Code of Ethics** 

**Stuart S. Parker** – President and Principal Executive Officer of the PGIM Funds, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM Short Duration High Yield Opportunities Fund.

**Kenneth Allen** – President and Principal Executive Officer of Advanced Series Trust, Prudential's Gibraltar Fund, Inc. and The Prudential Series Fund.

**Christian J. Kelly** – Chief Financial Officer and Principal Financial Officer for the PGIM Funds, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, Advanced Series Trust, Prudential's Gibraltar Fund, Inc., and The Prudential Series Fund.

**Russ Shupak**- Treasurer and Principal Accounting Officer for the PGIM Funds, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM Short Duration High Yield Opportunities Fund.

**Elyse McLaughlin**- Treasurer and Principal Accounting Officer for the Advanced Series Trust, Prudential's Gibraltar Fund, Inc., and The Prudential Series Fund.

## Ex-99.Cert

Item 19

**Prudential Investment Portfolios, Inc. 15** 

Annual period ending 8/31/25

File No. 811-02896

**<u>CERTIFICATIONS</u>**

I, Stuart S. Parker, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the above-named Fund(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and
have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

October 20, 2025

---

| |
|:---|
|  <u>/s/ Stuart S. Parker</u> |
|  Stuart S. Parker |
|  President and Principal Executive Officer |

---

------

Item 19

**Prudential Investment Portfolios, Inc. 15** 

Annual period ending 8/31/25

File No. 811-02896

**<u>CERTIFICATIONS</u>**

I, Christian J. Kelly, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the above-named Fund(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and
have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

October 20, 2025

---

| |
|:---|
|  <u>/s/ Christian J. Kelly</u> |
|  Christian J. Kelly |
|  Chief Financial Officer<br> (Principal Financial Officer) |

---

## Exhibit 99.906

Certification Pursuant to 18 U.S.C. Section 1350

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Name of Issuer: <u>Prudential Investment Portfolios, Inc. 15</u>

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his or her knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Issuer.

---

| | |
|:---|:---|
|  October 20, 2025 | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
|  October 20, 2025 | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer (Principal Financial Officer) |

---

*This certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.*