0001193125-22-091485.txt : 20220331 0001193125-22-091485.hdr.sgml : 20220331 20220331141359 ACCESSION NUMBER: 0001193125-22-091485 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 20220131 FILED AS OF DATE: 20220331 DATE AS OF CHANGE: 20220331 EFFECTIVENESS DATE: 20220331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PGIM Global High Yield Fund, Inc. CENTRAL INDEX KEY: 0001554697 IRS NUMBER: 223468527 FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22724 FILM NUMBER: 22791333 BUSINESS ADDRESS: STREET 1: 655 BROAD STREET STREET 2: 17TH FLOOR CITY: NEWARK STATE: NJ ZIP: 07102 BUSINESS PHONE: 973-802-5032 MAIL ADDRESS: STREET 1: 655 BROAD STREET STREET 2: 17TH FLOOR CITY: NEWARK STATE: NJ ZIP: 07102 FORMER COMPANY: FORMER CONFORMED NAME: PGIM Global Short Duration High Yield Fund, Inc. DATE OF NAME CHANGE: 20180626 FORMER COMPANY: FORMER CONFORMED NAME: Prudential Global Short Duration High Yield Fund, Inc. DATE OF NAME CHANGE: 20120720 N-CSRS 1 d291839dncsrs.htm PGIM GLOBAL HIGH YIELD FUND, INC. PGIM Global High Yield Fund, Inc.

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:    811-22724
Exact name of registrant as specified in charter:    PGIM Global High Yield Fund, Inc.
Address of principal executive offices:    655 Broad Street, 17th Floor
     Newark, New Jersey 07102
Name and address of agent for service:    Andrew R. French
     655 Broad Street, 17th Floor
     Newark, New Jersey 07102
Registrant’s telephone number, including area code:    800-225-1852
Date of fiscal year end:    7/31/2022
Date of reporting period:    1/31/2022

 


Item 1 – Reports to Stockholders


LOGO

 

PGIM FIXED INCOME CLOSED-END FUNDS

 

PGIM GLOBAL HIGH YIELD FUND, INC.
PGIM HIGH YIELD BOND FUND, INC.
PGIM SHORT DURATION HIGH YIELD OPPORTUNITIES FUND

 

 

SEMIANNUAL REPORT

JANUARY 31, 2022

 

LOGO

 

To enroll in e-delivery, go to pgim.com/investments/resource/edelivery


Table of Contents

 

Letter from the President

     3  

PGIM Global High Yield Fund, Inc.

     4  

Strategy and Performance Overview

     6  

PGIM High Yield Bond Fund, Inc.

     10  

Strategy and Performance Overview

     12  

PGIM Short Duration High Yield Opportunities Fund

     15  

Strategy and Performance Overview

     17  

Holdings and Financial Statements

     21  

 

The views expressed in this report and information about the Fund’s portfolio holdings are for the period covered by this report and are subject to change thereafter.

 

The accompanying financial statements as of January 31, 2022 were not audited and, accordingly, no

auditor’s opinion is expressed on them.

 

PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PGIM is a Prudential Financial Company. © 2022 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

 

2  

Visit our website at pgim.com/investments


Letter from the President

 

LOGO

 

Dear Shareholder,

 

We hope you find the semiannual report for PGIM Fixed Income Closed-End Funds informative and useful. The report covers performance for the six-month period ended January 31, 2022.

 

Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

Your financial advisor can help you create a diversified investment plan that may include funds covering all the basic asset classes and that reflects your personal investor profile and risk tolerance. However, diversification and asset allocation strategies do not assure a profit or protect against loss in declining markets.

 

At PGIM Investments, we consider it a great privilege and responsibility to help investors participate in opportunities across global markets while meeting their toughest investment challenges. PGIM is a top-10 global investment manager with more than $1 trillion in assets under management. This investment expertise allows us to deliver actively managed funds and strategies to meet the needs of investors around the globe.

 

Thank you for choosing our family of funds.

 

Sincerely,

 

LOGO

 

Stuart S. Parker, President

PGIM Fixed Income Closed-End Funds

March 16, 2022

 

PGIM Fixed Income Closed-End Funds

    3  


PGIM Global High Yield Fund, Inc.

Your Fund’s Performance

 

Performance data quoted represent past performance and assume the reinvestment of all dividends. Past performance does not guarantee future results. An investor may obtain performance data as of the most recent month-end by visiting our website at pgim.com/investments.

 

Investment Objective

The Fund’s investment objective is to provide a high level of current income.

 

Performance Snapshot as of 1/31/22
Price Per Share
$15.74 (NAV)
$14.42 (Market Price)

 

   

Total Returns as
of 1/31/22

 

Average Annual Total Returns as of 1/31/22

    Six Months* (%)   One Year (%)   Five Years (%)   Since Inception (%)
Net Asset Value (NAV)   –2.13   3.07   6.41   5.74 (12/26/12)
Market Price   –3.65   8.13   7.54   5.06 (12/26/12)
Bloomberg Global High Yield 2% Issuer Constrained (USD Hedged) Index  
    –2.52   0.28   4.56   5.24                

 

*Not Annualized

Since Inception returns for the Indexes are measured from the closest month-end to the Fund’s inception date.

 

Total returns are based on changes in net asset value (NAV) or market price, respectively. NAV total return assumes the reinvestment of all distributions, including returns of capital, if any, at NAV. Market Price total return assumes the reinvestment of all distributions, including returns of capital, if any, in additional shares in accordance with the Fund’s Dividend Reinvestment Plan.

 

Key Fund Statistics as of 1/31/22
Duration    5.2 years      Average Maturity    6.8 years

 

Duration shown includes the impact of leverage. Duration measures investment risk that takes into account both a bond’s interest payments and its value to maturity. Average Maturity is the average number of years to maturity of the bonds in the Fund’s portfolio.

 

4  

Visit our website at pgim.com/investments


 

Credit Quality expressed as a percentage of total investments as of 1/31/22   %  
BBB     8.0  
BB     37.1  
B     33.2  
CCC     14.9  
CC     0.2  
C     0.1  
Not Rated     3.7  
Cash/Cash Equivalents     2.8  
Total Investments     100.0  

 

Credit ratings reflect the highest rating assigned by an 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. These rating agencies are independent and are widely used. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.

 

Yield and Dividends as of 1/31/22     
Total Monthly Dividends
Paid per Share for Period
  Current Monthly Dividend
Paid per Share
   Yield at Market Price
as of 1/31/22
$0.63   $0.105    8.74%

 

Yield at Market Price is the annualized rate determined by dividing the current monthly dividend paid per share by the market price per share as of January 31, 2022.

 

PGIM Fixed Income Closed-End Funds

    5  


PGIM Global High Yield Fund, Inc.

Strategy and Performance Overview*

 

How did the Fund perform?

The PGIM Global High Yield Fund, Inc.’s shares returned -3.65% based on market price and -2.13% based on net asset value (NAV) in the six-month reporting period that ended January 31, 2022. For the same period, the Bloomberg Global High Yield 2% Issuer Constrained (USD Hedged) Index (the Index) returned -2.52%, including reinvestment of dividends.

 

What were the market conditions?

    Global high yield spreads widened during the reporting period, as positive momentum from continued fundamental credit improvement and strong corporate earnings were offset by concerns over COVID-19 variants, persistent inflation, and the timing and pace of Federal Reserve (Fed) tapering. Retail demand for high yield turned negative in the fourth quarter of 2021, as a combination of slowing global growth and higher-than-expected inflation leading to an increasingly hawkish Fed drove outflows from high yield bond mutual funds. Meanwhile, fundamentals remained strong as default rates continued to decline and revenue for high yield issuers rose.

 

    In US high yield, spreads on the Bloomberg US High Yield 1% Issuer Constrained Index widened by 47 basis points (bps) to end the period at 346 bps. (One basis point equals 0.01%.) While US high yield bonds posted total returns of -1.53% over the period, the asset class posted modestly positive excess returns of 0.63%. While outflows from high yield bond mutual funds accelerated over the period, a new-issue calendar consisting largely of refinancing activity and a high volume of calls, tenders, coupon payments, and rising stars provided a relatively solid technical backdrop. Meanwhile, defaults continued to decline, with the trailing 12-month par-weighted US high yield default rate ending January 2022 at 0.24%, the lowest default rate on record and down 584 bps from the year-earlier period. By quality, while all ratings categories exhibited negative total returns, CCC-rated bonds outperformed their higher-quality peers over the period.

 

    In Europe, spreads on the Bloomberg Pan-European High Yield Index widened by 49 bps to end the period at 354 bps, as the rise in COVID-19 cases globally weighed on risk sentiment. Record new-issuance supply also weighed on spreads, as the market had some difficulty digesting the new supply. As a result, European high yield spreads ended the period wider than US spreads. By quality, CCC-rated bonds outperformed their higher-rated (i.e., BB and B) counterparts, even as the strong compression trade began to reverse course during the latter part of the period.

 

   

The emerging market debt sector posted negative returns and spreads widened over the period on the back of concerns around tighter global liquidity, rising inflation, and the potential for slower growth triggered by the Omicron variant of COVID-19. Nevertheless, dispersion among regions and rating buckets remained. Emerging market

 

6  

Visit our website at pgim.com/investments


 

  hard currency spreads, as measured by the JP Morgan EMBI Global Diversified Index, widened 33 bps to end the period at 389 bps. At 657 bps, the high yield portion of the Index yielded greater than 3 percentage points more than US high yield bonds at period end, which is historically wide.

 

What worked?

    Security selection was the largest contributor to the Fund’s performance for the period. Sector allocation was also a strong contributor.

 

    In the US and Canada, overweights (relative to the Index) to the upstream and midstream energy, building materials & home construction, gaming/lodging/leisure, and electric utilities industries, along with an underweight relative to the Index to technology, added to performance.

 

    In developed Europe, overweights relative to the Index to the retail, financials, telecom, and leisure industries were the largest contributors.

 

    Emerging markets positioning was highlighted by an underweight to China, along with overweights in Jamaica, Mexico, and Angola.

 

    Overweights relative to the Index to US and Canada issuers Chesapeake Energy Corp. (upstream energy), Extraction Oil & Gas Inc. (upstream energy), and Ferrellgas Escrow LLC (midstream energy) were amongst the biggest single-name contributors.

 

What didn’t work?

    Having more beta in the Fund relative to the Index, on average, over the period detracted from returns. (Beta is a measure of the volatility or risk of a security or portfolio compared to the market or index.)

 

    Although overall sector allocation was a contributor, an underweight (relative to the Index) to media & entertainment, along with overweights to healthcare & pharmaceuticals and chemicals in the US and Canada, hurt performance. In developed Europe, an underweight to cable, along with overweights to gaming and food, were negative. In emerging markets, overweights to (sovereign bonds of) Ukraine and Russia, along with an underweight to (those of) Oman, detracted from performance.

 

    Overweights relative to the Index to US and Canada issuers Bausch Health Americas Inc. (healthcare & pharmaceuticals) and Diamond Sports Group LLC (media & entertainment), along with developed Europe issuers Intelsat SA (cable) and Codere Finance SA (gaming), had a negative impact on performance.

 

How did the Fund’s borrowing (leverage) strategy affect its performance?

The Fund’s use of leverage contributed positively to NAV performance and shareholder distributions during the period, as both the returns and income earned on the securities

 

PGIM Fixed Income Closed-End Funds

    7  


PGIM Global High Yield Fund, Inc.

Strategy and Performance Overview (continued)

 

purchased exceeded the cost of borrowing. As of January 31, 2022, the Fund had borrowed $149 million and was 18.8% leveraged. During the period, the average amount of leverage utilized by the Fund was 22.7%.

 

Did the Fund use derivatives?

Derivatives in the form of forward currency exchange contracts were used to hedge against the Fund’s positions not denominated in US dollars. The derivatives help immunize any impact from fluctuating currencies outside of the US dollar. The Fund also utilized credit derivatives to manage its overall risk profile. The impact on Fund performance was negative.

 

Current outlook

    In the US, PGIM Fixed Income believes strong fundamentals should sustain low high yield default rates for the next two years. PGIM Fixed Income’s base case is for the high yield default rate to end 2022 and 2023 at 0.9% and 1.0%, respectively. Balance sheet discipline, the relative absence of aggressively financed merger and acquisition transactions, and the continuation of credit rating upgrades support a constructive view of fundamentals. Meanwhile, expectations of a material number of rising stars over the next 12-18 months and the global search for yield should be supportive of technicals. (Technicals are indicators derived from market data to help assess conditions in a given asset class.)

 

    That said, macro risks, including the potential for repeated COVID-19 waves, slowing growth, and sustained inflation, remain a concern and could lead to bouts of spread widening. Weighing strong fundamentals against the various macro risks, PGIM Fixed Income believes spreads are currently trading at fair value.

 

    Given the recent widening in European high yield, PGIM Fixed Income remains cautiously constructive and expects spreads to tighten through 2022, with a base case for defaults to remain low, at 0.9%. From a macro perspective, continued concerns around COVID-19 variants and the resultant lockdowns, persistent inflation, and slowing growth in China remain risks to the outlook.

 

    PGIM Fixed Income sees more supportive conditions across emerging markets in 2022. PGIM Fixed Income expects emerging market gross domestic product growth of 4.4%. While this is lower than emerging market growth in 2021, it is on par with average emerging market growth in the five years prior to 2020. Hard currency sovereigns and corporates remains the highest conviction allocation, as PGIM Fixed Income continues to emphasize “barbell” positioning with a targeted mix of assets that can perform well in varying scenarios.

 

8  

Visit our website at pgim.com/investments


 

*The Strategy and Performance Overview section that discusses strategies or holdings including derivatives that affected the Fund’s performance is compiled by how the particular Fund performed relative to the Fund’s assigned index and is viewed for performance attribution purposes at the aggregate Fund level, which in most instances will not directly correlate to the amounts disclosed in the Statement of Operations which conform to U.S. generally accepted accounting principles.

 

Benchmark Definitions

 

Bloomberg Global High Yield 2% Issuer Constrained (USD Hedged) Index—The Bloomberg Global High Yield 2% Issuer Constrained (USD Hedged) Index (the Index) is an unmanaged index which covers the universe of non-investment-grade debt in the United States, developed markets and emerging markets. Issuers are capped at 2% of the Index.

 

Investors cannot invest directly in an index.

 

Looking for additional information?

The Fund is traded on the New York Stock Exchange (NYSE) under the symbol “GHY,” and its closing market price is available on most financial websites under the NYSE listings. The daily NAV is available online under the symbol “XGHYX” on most financial websites. Barron’s and The Wall Street Journal’s Monday edition both carry closed-end fund tables that provide additional information. In addition, the Fund issues press releases that can be found on most major financial websites as well as on pgim.com/investments.

 

PGIM Fixed Income Closed-End Funds

    9  


PGIM High Yield Bond Fund, Inc.

Your Fund’s Performance

 

Performance data quoted represent past performance and assume the reinvestment of all dividends. Past performance does not guarantee future results. An investor may obtain performance data as of the most recent month-end by visiting our website at pgim.com/investments.

 

Investment Objective

The Fund’s investment objective is to provide a high level of current income.

 

Performance Snapshot as of 1/31/22
Price per Share
$16.43 (NAV)
$15.48 (Market Price)

 

   

Total Returns as
of 1/31/22

  Average Annual Total Returns as of 1/31/22
    Six Months* (%)   One Year (%)   Five Years (%)   Since Inception (%)
Net Asset Value (NAV)   –1.01     4.45   6.96   6.26 (4/30/12)
Market Price   –0.61   11.19   7.91   5.82 (4/30/12)
Bloomberg US High Yield 1% Issuer Capped Index  
    –1.53     2.00   5.25   5.93              

 

*Not Annualized

Since Inception returns for the Indexes are measured from the closest month-end to the Fund’s inception date.

 

Total returns are based on changes in net asset value (NAV) or market price, respectively. NAV total return assumes the reinvestment of all distributions, including returns of capital, if any, at NAV. Market Price total return assumes the reinvestment of all distributions, including returns of capital, if any, in additional shares in accordance with the Fund’s Dividend Reinvestment Plan.

 

Key Fund Statistics as of 1/31/22          
Duration    5.1 years        Average Maturity    6.1 years

 

Duration shown includes the impact of leverage. Duration measures investment risk that takes into account both a bond’s interest payments and its value to maturity. Average Maturity is the average number of years to maturity of the bonds in the Fund’s portfolio.

 

10  

Visit our website at pgim.com/investments


 

Credit Quality expressed as a percentage of total investments as of 1/31/22   %  
BBB     5.7  
BB     45.4  
B     33.1  
CCC     9.5  
CC     0.4  
Not Rated     3.8  
Cash/Cash Equivalents     2.1  
Total Investments     100.0  

 

Credit ratings reflect the highest rating assigned by an 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. These rating agencies are independent and are widely used. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.

 

Yield and Dividends as of 1/31/22     
Total Monthly Dividends
Paid per Share for Period
  Current Monthly Dividend
Paid per Share
   Yield at Market Price
as of 1/31/22
$0.63   $0.105    8.14%

 

Yield at Market Price is the annualized rate determined by dividing the current monthly dividend paid per share by the market price per share as of January 31, 2022.

 

PGIM Fixed Income Closed-End Funds

    11  


PGIM High Yield Bond Fund, Inc.

Strategy and Performance Overview*

 

How did the Fund perform?

The PGIM High Yield Bond Fund, Inc.’s shares returned -0.61% based on market price and -1.01% based on net asset value (NAV) in the six-month reporting period that ended January 31, 2022. For the same period, the Bloomberg US High Yield 1% Issuer Capped Index (the Index) returned -1.53%.

 

What were the market conditions?

    US high yield bond spreads widened during the reporting period, as positive momentum from continued fundamental credit improvement and strong corporate earnings was offset by concerns over COVID-19 variants, persistent inflation, and the timing and pace of Federal Reserve (Fed) tapering. Retail demand for high yield turned negative in the fourth quarter of 2021, as a combination of slowing global growth and higher-than-expected inflation leading to an increasingly hawkish Fed drove outflows from high yield bond mutual funds. While outflows from high yield bond mutual funds accelerated over the period, a new-issue calendar consisting largely of refinancing activity and a high volume of calls, tenders, coupon payments, and rising stars provided a relatively solid technical backdrop. Meanwhile, fundamentals remained strong, as default rates continued to decline and revenue and EBITDA (earnings before interest, taxes, depreciation, and amortization) for high yield issuers rose.

 

    In US high yield, spreads on the Index widened by 47 basis points (bps) to end the period at 346 bps. (One basis point equals 0.01%.) While US high yield bonds posted total returns of -1.53% over the period, the asset class posted modestly positive excess returns of 0.63%. By quality, while all ratings categories exhibited negative total returns, CCC-rated bonds outperformed their higher-quality peers over the period.

 

    High yield gross new-issue volume slowed in January 2022, totaling just $24.2 billion, well short of market expectations for $30-40 billion. This was a sharp reversal from the five months prior when the primary market remained active, with issuers continuing to take advantage of strong demand to extend maturities and lower their interest expense. In 2021, full-year gross issuance totaled approximately $484 billion, easily eclipsing the record $450 billion that priced in 2020.

 

    Meanwhile, defaults continued to decline, with the trailing 12-month par-weighted US high yield default rate ending January 2022 at 0.24%, the lowest default rate on record and down 584 bps from 12 months prior.

 

What worked?

    Overall security selection was the largest contributor to the Fund’s returns for the reporting period. Specifically, security selection in the upstream and midstream energy, technology, telecom, and electric utilities industries contributed positively to the Fund’s returns.

 

12  

Visit our website at pgim.com/investments


 

    Overall sector allocation also contributed to performance, with overweights (relative to the Index) to the upstream and midstream energy, building materials & home construction, and capital goods industries, along with an underweight relative to the Index to retailers & restaurants, contributing the most.

 

    Having more beta in the Fund, on average, over the period than the Index was also a contributor to performance. (Beta is a measure of the volatility or risk of a security or portfolio compared to the market or index.)

 

    In individual security selection, the Fund’s overweights relative to the Index in Chesapeake Energy Corp. (upstream energy), Ferrellgas Partners LP (midstream energy), and Extraction Oil & Gas Inc. (upstream energy) were the largest contributors to performance.

 

What didn’t work?

    While overall security selection contributed to the Fund’s performance during the period, positioning within the media & entertainment, automotive, cable & satellite, and healthcare & pharmaceutical industries detracted from the Fund’s results.

 

    Within sector allocation, overweights (relative to the Index) to the cable & satellite, electric utilities, and healthcare & pharmaceuticals industries, along with an underweight relative to the Index to downstream energy, detracted from results.

 

    In individual security selection, the Fund’s overweights relative to the Index in Bausch Health Americas Inc. (healthcare & pharmaceutical), Diamond Sports Group LLC (media & entertainment), and Intelsat Jackson Holdings SA (cable & satellite) were the largest detractors from performance.

 

How did the Fund’s borrowing (leverage) strategy affect its performance?

The Fund’s use of leverage contributed positively to NAV performance and shareholder distributions during the period, as both the returns and income earned on the securities purchased exceeded the cost of borrowing. As of January 31, 2022, the Fund had borrowed $181 million and was about 24.9% leveraged. During the period, the average amount of leverage utilized by the Fund was about 23.6%.

 

Did the Fund use derivatives?

The Fund used credit derivatives to manage the overall risk profile of the Fund which had a positive impact to fund performance. In addition, the Fund traded foreign exchange derivatives which had a negative impact to fund performance.

 

PGIM Fixed Income Closed-End Funds

    13  


PGIM High Yield Bond Fund, Inc.

Strategy and Performance Overview (continued)

 

Current outlook

    In PGIM Fixed Income’s view, strong fundamentals should sustain low high yield default rates for the next two years. PGIM Fixed Income’s base case is for the high yield default rate to end 2022 and 2023 at 0.9% and 1.0%, respectively. Balance sheet discipline, the relative absence of aggressively financed merger and acquisition transactions, and the continuation of credit rating upgrades support a constructive view of fundamentals. Meanwhile, expectations of a material number of rising stars over the next 12-18 months and the global search for yield should be supportive of technicals. (Technicals are indicators derived from market data to help assess conditions in a given asset class.)

 

    That said, macro risks, including the potential for repeated COVID-19 waves, slowing growth, and sustained inflation, remain a concern and could lead to bouts of spread widening.

 

    Weighing strong fundamentals against the various macro risks, PGIM Fixed Income believes spreads are currently trading at fair value. In terms of positioning, B-rated bonds currently appear attractive on a relative-value basis. The Fund is maintaining an overweight (relative to the Index) to independent power producers, housing, and gaming.

 

*The Strategy and Performance Overview section that discusses strategies or holdings including derivatives that affected the Fund’s performance is compiled by how the particular Fund performed relative to the Fund’s assigned index and is viewed for performance attribution purposes at the aggregate Fund level, which in most instances will not directly correlate to the amounts disclosed in the Statement of Operations which conform to U.S. generally accepted accounting principles.

 

Benchmark Definitions

 

Bloomberg US High Yield 1% Issuer Capped Index—The Bloomberg US High Yield 1% Issuer Capped Index (the Index) is an unmanaged index which covers the universe of US non-investment-grade debt. Issuers are capped at 1% of the Index.

 

Investors cannot invest directly in an index.

 

Looking for additional information?

The Fund is traded on the New York Stock Exchange (NYSE) under the symbol “ISD” and its closing market price is available on most financial websites under the NYSE listings. The daily NAV is available online under the symbol “XISDX” on most financial websites. Barron’s and The Wall Street Journal ’s Monday edition both carry closed-end fund tables that provide additional information. In addition, the Fund issues press releases that can be found on most major financial websites as well as on pgim.com/investments.

 

14  

Visit our website at pgim.com/investments


PGIM Short Duration High Yield Opportunities Fund

Your Fund’s Performance

 

Performance data quoted represent past performance and assume the reinvestment of all dividends. Past performance does not guarantee future results. An investor may obtain performance data as of the most recent month-end by visiting our website at pgim.com/investments.

 

Investment Objective

The Fund’s investment objective is to provide total return, through a combination of current income and capital appreciation.

 

Performance Snapshot as of 1/31/22
Price Per Share
$19.20 (NAV)
$17.81 (Market Price)

 

   

Total Returns as
of 1/31/22

  Average Annual Total Returns as of 1/31/22
    Six Months* (%)   One Year (%)   Since Inception (%)
Net Asset Value (NAV)   –0.35     2.32     2.55 (11/25/20)
Market Price   –5.43   –3.44   –3.49 (11/25/20)
Bloomberg US 1-5 Year High Yield Ba/B 1% Issuer Constrained Index
    –0.02     3.22     4.24                

 

* Not Annualized

Since Inception returns for the Indexes are measured from the closest month-end to the Fund’s inception date.

Total returns are based on changes in net asset value (NAV) or market price, respectively. NAV total return assumes the reinvestment of all distributions, including returns of capital, if any, at NAV. Market Price total return assumes the reinvestment of all distributions, including returns of capital, if any, in additional shares in accordance with the Fund’s Dividend Reinvestment Plan.

 

Key Fund Statistics as of 1/31/22
Duration    3.0 years      Average Maturity    4.1 years

 

Duration shown includes the impact of leverage. Duration measures investment risk that takes into account both a bond’s interest payments and its value to maturity. Average Maturity is the average number of years to maturity of the bonds in the Fund’s portfolio.

 

PGIM Fixed Income Closed-End Funds

    15  


PGIM Short Duration High Yield Opportunities Fund

Your Fund’s Performance (continued)

 

Credit Quality expressed as a percentage of total investments as of 1/31/22   %  
BBB     5.4  
BB     43.8  
B     42.9  
CCC     5.2  
Not Rated     0.3  
Cash/Cash Equivalents     2.4  
Total Investments     100.0  

 

Credit ratings reflect the highest rating assigned by an 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. These rating agencies are independent and are widely used. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.

 

Yield and Dividends as of 1/31/22     
Total Monthly Dividends
Paid per Share for Period
  Current Monthly Dividend
Paid per Share
   Yield at Market Price
as of 1/31/22
$0.65   $0.108    7.28%

 

Yield at Market Price is the annualized rate determined by dividing the current monthly dividend paid per share by the market price per share as of January 31, 2022.

 

16  

Visit our website at pgim.com/investments


PGIM Short Duration High Yield Opportunities Fund

Strategy and Performance Overview*

 

How did the Fund perform?

The PGIM Short Duration High Yield Opportunities Fund’s shares returned -5.43% based on market price and -0.35% based on net asset value (NAV) during the six-month reporting period that ended January 31, 2022. For the same period, the Bloomberg US 1-5 Year High Yield Ba/B 1% Issuer Constrained Index (the Index) returned -0.02%, including reinvestment of dividends.

 

What were the market conditions?

    US high yield bond spreads widened during the reporting period, as positive momentum from continued fundamental credit improvement and strong corporate earnings was offset by concerns over COVID-19 variants, persistent inflation, and the timing and pace of Federal Reserve (Fed) tapering. Retail demand for high yield turned negative in the fourth quarter of 2021, as a combination of slowing global growth and higher-than-expected inflation leading to an increasingly hawkish Fed drove outflows from high yield bond mutual funds. While outflows from high yield bond mutual funds accelerated over the period, a new-issue calendar consisting largely of refinancing activity and a high volume of calls, tenders, coupon payments, and rising stars provided a relatively solid technical backdrop. Meanwhile, fundamentals remained strong, as default rates continued to decline and revenue and EBITDA (earnings before interest, taxes, depreciation, and amortization) for high yield issuers rose.

 

    In US high yield, spreads on the Bloomberg US High Yield 1% Issuer Constrained Index widened by 47 basis points (bps) to end the period at 346 bps. (One basis point equals 0.01%.) While US high yield bonds posted total returns of -1.53% over the period, the asset class posted modestly positive excess returns of 0.63%. Spreads on the short duration, higher quality portion of the high yield market, as measured by the Index, widened 40 bps over the period to 327 bps. By quality, while all ratings categories exhibited negative total returns, CCC-rated bonds outperformed their higher-quality peers over the period.

 

    High yield gross new-issue volume slowed in January 2022, totaling just $24.2 billion, well short of market expectations for $30-40 billion. This was a sharp reversal from the five months prior when the primary market remained active, with issuers continuing to take advantage of strong demand to extend maturities and lower their interest expense. In 2021, full-year gross issuance totaled approximately $484 billion, easily eclipsing the record $450 billion that priced in 2020.

 

    Meanwhile, defaults continued to decline, with the trailing 12-month par-weighted US high yield default rate ending January 2022 at 0.24%, the lowest default rate on record and down 584 bps from 12 months prior.

 

PGIM Fixed Income Closed-End Funds

    17  


PGIM Short Duration High Yield Opportunities Fund

Strategy and Performance Overview (continued)

 

What worked?

    Having more beta in the Fund, on average, over the period than the Index was the largest contributor to performance during the period. (Beta is a measure of the volatility or risk of a security or portfolio compared to the market or index.)

 

    Overall security selection was also a strong contributor to returns, with positioning in the technology, telecom, gaming/lodging/leisure, and automotive industries contributing the most.

 

    While overall sector allocation detracted from performance, overweights (relative to the Index) to the chemicals and capital goods industries, along with an underweight to REITs (real estate investment trusts), contributed positively.

 

    In individual security selection, the Fund’s overweights relative to the Index in Digicel International Finance Limited (telecom), Verscend Escrow Corp. (technology), and Ford Motor Co. (automotive) contributed to performance.

 

What didn’t work?

    Overall sector allocation detracted from performance during the period, with underweights (relative to the Index) to upstream and downstream energy, along with an overweight relative to the Index to telecom, detracting the most.

 

    While overall security selection contributed, positioning in chemicals, building materials & home construction, and finance & insurance detracted from results.

 

    In individual security selection relative to the Index, the Fund’s overweights to Heritage Power LLC (electric utilities) and P&L Development LLC (healthcare & pharmaceuticals), along with an underweight to PBF Holding Co. (downstream energy), detracted from performance.

 

How did the Fund’s borrowing (leverage) strategy affect its performance?

The Fund’s use of leverage contributed positively to NAV performance and shareholder distributions during the period, as both the returns and income earned on the securities purchased exceeded the cost of borrowing. As of January 31, 2022, the Fund had borrowed $150 million and was about 24.1% leveraged. During the period, the average amount of leverage utilized by the Fund was about 22.7%.

 

Did the Fund use derivatives?

The Fund used credit derivatives to manage the overall risk profile of the Fund which had a positive impact to fund performance. In addition, the Fund traded foreign exchange derivatives which had a negative impact to fund performance.

 

18  

Visit our website at pgim.com/investments


 

 

Current outlook

    In PGIM Fixed Income’s view, strong fundamentals should sustain low high yield default rates for the next two years. PGIM Fixed Income’s base case is for the high yield default rate to end 2022 and 2023 at 0.9% and 1.0%, respectively. Balance sheet discipline, the relative absence of aggressively financed merger and acquisition transactions, and the continuation of credit rating upgrades support a constructive view of fundamentals. Meanwhile, expectations of a material number of rising stars over the next 12-18 months and the global search for yield should be supportive of technicals. (Technicals are indicators derived from market data to help assess conditions in a given asset class.)

 

    That said, macro risks, including the potential for repeated COVID-19 waves, slowing growth, and sustained inflation, remain a concern and could lead to bouts of spread widening.

 

    Weighing strong fundamentals against the various macro risks, PGIM Fixed Income believes spreads are currently trading at fair value. In terms of positioning, B-rated bonds currently appear attractive on a relative-value basis. Key overweights (relative to the Index) include cable, technology, and housing. The Fund is underweight financials, consumer, and transportation.

 

*The Strategy and Performance Overview section that discusses strategies or holdings including derivatives that affected the Fund’s performance is compiled by how the particular Fund performed relative to the Fund’s assigned index and is viewed for performance attribution purposes at the aggregate Fund level, which in most instances will not directly correlate to the amounts disclosed in the Statement of Operations which conform to U.S. generally accepted accounting principles.

 

Benchmark Definitions

 

Bloomberg US 1-5 Year High Yield Ba/B 1% Issuer Constrained Index—The Bloomberg US 1-5 Year High Yield Ba/B 1% Issuer Constrained Index (the Index) is an unmanaged index which covers the universe of non-investment-grade debt in the United States, developed markets and emerging markets. Issuers are capped at 1% of the Index.

 

Investors cannot invest directly in an index.

 

Looking for additional information?

The Fund is traded on the New York Stock Exchange (NYSE) under the symbol “SDHY” and its closing market price is available on most financial websites under the NYSE listings. The daily NAV is available online under the symbol “XSDHX” on most financial websites. Barron’s and The Wall Street Journal’s Monday edition both carry closed-end fund tables that provide additional information. In addition, the Fund issues press releases that can be found on most major financial websites as well as on pgim.com/investments.

 

PGIM Fixed Income Closed-End Funds

    19  


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.

DIP—Debtor-In-Possession

EMTN—Euro Medium Term Note

EURIBOR—Euro Interbank Offered Rate

GMTN—Global Medium Term Note

iBoxx—Bond Market Indices

LIBOR—London Interbank Offered Rate

LP—Limited Partnership

MTN—Medium Term Note

OTC—Over-the-counter

PIK—Payment-in-Kind

Q—Quarterly payment frequency for swaps

REITs—Real Estate Investment Trust

SONIA—Sterling Overnight Index Average

T—Swap payment upon termination

 

21


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited)

as of January 31, 2022

 

  Description   

Interest    

Rate

  

Maturity

Date

         

Principal    

Amount    

(000)#    

             Value          

LONG-TERM INVESTMENTS    117.9%

              

BANK LOANS    5.4%

              

Germany    0.4%

                                    

Speedster Bidco GmbH,
Second Lien Term Loan, 6 Month EURIBOR + 6.000% (Cap N/A, Floor 0.000%)

   6.000%(c)    03/31/28      EUR        2,075      $ 2,336,987  

Luxembourg    0.3%

                                    

Intelsat Jackson Holdings SA,

              

DIP Term Loan, 3 Month LIBOR + 4.750%

   5.750(c)    07/13/22         654        654,167  

Term Loan

        — (p)    01/27/29         1,430        1,421,956  
              

 

 

 
                 2,076,123  

Saint Lucia    0.4%

                                    

Digicel International Finance Ltd.,

              

First Lien Initial Term B Loan, 1 - 6 Month LIBOR + 3.250%

   3.500(c)    05/27/24         2,442        2,378,497  

United Kingdom    2.1%

                                    

CD&R Firefly Bidco Ltd.,

              

Initial Term Loan, SONIA + 8.356% (original cost $6,286,896; purchased 06/03/21)^(f)

   8.459(c)    06/19/26      GBP        4,500        6,052,050  

Constellation Automotive Group Ltd.,

              

Facility 1 Loan, SONIA + 7.500%

   7.590(c)    07/27/29      GBP        3,000        4,085,134  

EG America LLC,

              

Project Becker Additional Facility, 3 Month LIBOR + 4.250%

   4.750(c)    03/31/26         410        409,545  

EG Group Ltd.,

              

Additional Second Lien Loan Facility, 3 Month EURIBOR + 7.000%
(Cap N/A, Floor 0.000%)

   7.000(c)    04/30/27      EUR        2,800        3,153,524  
              

 

 

 
                 13,700,253  

United States    2.2%

                                    

Ascent Resources Utica Holdings LLC,

              

Second Lien Term Loan, 3 Month LIBOR + 9.000%

   10.000(c)    11/01/25         3,610        3,887,519  

Citgo Petroleum Corp.,

              

2019 Incremental Term B Loan, 1 Month LIBOR + 6.250%

   7.250(c)    03/28/24         776        775,243  

Diamond Sports Group LLC,

              

Term Loan, 1 Month LIBOR + 3.250%

   3.360(c)    08/24/26         268        108,230  

 

See Notes to Financial Statements.

 

22


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description   

Interest

Rate

  

Maturity

Date

       

Principal    

Amount    

(000)#    

             Value          

BANK LOANS (Continued)

              

United States (cont’d.)

                                

Finastra USA, Inc.,

              

Dollar Term Loan (Second Lien), 3 Month LIBOR + 7.250% (original cost $2,401,563; purchased 03/08/19 - 01/13/20)(f)

   8.250%(c)    06/13/25         2,450      $ 2,448,851  

Great Outdoors Group LLC,

              

Term B-2 Loan, 3 Month LIBOR + 3.750%

   4.500(c)    03/06/28         1,485        1,483,172  

Greeneden U.S. Holdings II LLC,

              

B-4 Dollar Term Loan, 1 Month LIBOR + 4.000%

   4.750(c)    12/01/27         569        569,047  

Heritage Power LLC,

              

Term Loan B, 6 Month LIBOR + 6.000%

   7.000(c)    07/30/26         2,534        1,883,463  

Skillsoft Finance II, Inc.,

              

Initial Term Loan, 3 Month LIBOR + 4.750%

   5.500(c)    07/14/28         1,247        1,253,109  

Stonegate Pub Co. Ltd.,

              

Second Lien Delayed Draw Term Loan, 3 Month GBP LIBOR + 8.500%

   8.687(c)    03/06/28    GBP      1,550        2,063,749  
              

 

 

 
                 14,472,383  
              

 

 

 

TOTAL BANK LOANS
(cost $35,289,565)

                 34,964,243  
              

 

 

 

CONVERTIBLE BONDS    0.6%

              

Jamaica    0.0%

                                

Digicel Group Holdings Ltd.,

              

Sub. Notes, 144A, Cash coupon 7.000% or PIK N/A

   7.000    02/16/22(oo)         41        35,078  

Spain    0.6%

                                

Cellnex Telecom SA,

              

Sr. Unsec’d. Notes, EMTN, Series CLNX

   0.750    11/20/31    EUR      3,400        3,467,011  
              

 

 

 

TOTAL CONVERTIBLE BONDS
(cost $3,867,182)

                 3,502,089  
              

 

 

 

CORPORATE BONDS    91.2%

              

Argentina    0.1%

                                

MercadoLibre, Inc.,

              

Gtd. Notes

   3.125    01/14/31         326        294,215  

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    23


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest    
Rate
   Maturity
Date
        Principal    
Amount    
(000)#    
             Value          

CORPORATE BONDS (Continued)

              

Argentina (cont’d.)

                                

YPF SA,

              

Sr. Unsec’d. Notes, 144A

   8.500%    03/23/25         404      $ 346,881  

Sr. Unsec’d. Notes, 144A

   8.500    07/28/25         300        227,340  
              

 

 

 
                 868,436  

Azerbaijan     0.1%

                                

Southern Gas Corridor CJSC,

              

Gov’t. Gtd. Notes

   6.875    03/24/26                  570        651,084  

Bahrain     0.1%

                                

Oil & Gas Holding Co. BSCC (The),

              

Sr. Unsec’d. Notes, 144A(aa)

   7.625    11/07/24         380        406,854  

Belarus     0.1%

                                

Development Bank of the Republic of Belarus JSC,

              

Sr. Unsec’d. Notes, 144A

   6.750    05/02/24         850        744,112  

Brazil     3.0%

                                

Banco do Brasil SA,

              

Sr. Unsec’d. Notes, 144A

   4.875    01/11/29         1,250        1,278,186  

Banco Votorantim SA,

              

Sr. Unsec’d. Notes, 144A, MTN(aa)

   4.500    09/24/24         1,120        1,165,169  

Embraer Netherlands Finance BV,

              

Gtd. Notes, 144A(aa)

   6.950    01/17/28         2,055        2,232,595  

JSM Global Sarl,

              

Gtd. Notes

   4.750    10/20/30         1,600        1,428,162  

Light Servicos de Eletricidade SA/Light Energia SA,

              

Gtd. Notes, 144A(aa)

   4.375    06/18/26         1,500        1,479,977  

MARB BondCo PLC,

              

Gtd. Notes, 144A(aa)

   3.950    01/29/31         1,330        1,222,755  

NBM US Holdings, Inc.,

              

Gtd. Notes, 144A(aa)

   7.000    05/14/26         1,000        1,043,928  

Petrobras Global Finance BV,

              

Gtd. Notes(aa)

   5.600    01/03/31         4,980        5,145,995  

Gtd. Notes(aa)

   5.999    01/27/28         1,100        1,175,894  

Gtd. Notes(aa)

   6.900    03/19/49         1,440        1,469,302  

Gtd. Notes(aa)

   7.375    01/17/27         1,240        1,414,167  
              

 

 

 
                 19,056,130  

 

See Notes to Financial Statements.

 

24


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest    
Rate
   Maturity
Date
        Principal    
Amount    
(000)#    
             Value          

CORPORATE BONDS (Continued)

              

Burkina Faso     0.1%

                                

IAMGOLD Corp.,

              

Gtd. Notes, 144A

   5.750%    10/15/28         575      $ 540,698  

Canada     3.7%

                                

1011778 BC ULC/New Red Finance, Inc.,

              

Sec’d. Notes, 144A(aa)

   4.000    10/15/30                  1,150        1,067,608  

Athabasca Oil Corp.,

              

Sec’d. Notes, 144A

   9.750    11/01/26         2,375        2,384,045  

Bombardier, Inc.,

              

Sr. Unsec’d. Notes, 144A

   6.000    02/15/28         1,250        1,212,649  

Sr. Unsec’d. Notes, 144A(aa)

   7.125    06/15/26         1,075        1,092,522  

Sr. Unsec’d. Notes, 144A(aa)

   7.500    12/01/24         3,925        4,062,651  

Sr. Unsec’d. Notes, 144A

   7.500    03/15/25         275        278,375  

Sr. Unsec’d. Notes, 144A

   7.875    04/15/27         2,575        2,608,474  

Brookfield Residential Properties, Inc./Brookfield Residential US LLC,

              

Gtd. Notes, 144A(aa)

   4.875    02/15/30         1,275        1,236,688  

Sr. Unsec’d. Notes, 144A

   5.000    06/15/29         475        472,770  

GFL Environmental, Inc.,

              

Gtd. Notes, 144A

   4.375    08/15/29         700        668,889  

Hudbay Minerals, Inc.,

              

Gtd. Notes, 144A(aa)

   6.125    04/01/29         685        712,373  

Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc.,

              

Sr. Sec’d. Notes, 144A

   5.000    12/31/26         200        187,676  

Mattamy Group Corp.,

              

Sr. Unsec’d. Notes, 144A(aa)

   4.625    03/01/30         825        813,545  

MEG Energy Corp.,

              

Gtd. Notes, 144A

   5.875    02/01/29         675        686,196  

Gtd. Notes, 144A(aa)

   7.125    02/01/27         1,027        1,065,461  

New Gold, Inc.,

              

Gtd. Notes, 144A(aa)

   6.375    05/15/25         496        506,917  

Gtd. Notes, 144A(aa)

   7.500    07/15/27         1,010        1,065,673  

Parkland Corp.,

              

Gtd. Notes, 144A

   4.500    10/01/29         625        602,010  

Precision Drilling Corp.,

              

Gtd. Notes, 144A

   6.875    01/15/29         250        250,472  

Gtd. Notes, 144A(aa)

   7.125    01/15/26         2,650        2,673,261  

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    25


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest    
Rate
   Maturity
Date
               Principal    
Amount    
(000)#    
             Value          

CORPORATE BONDS (Continued)

              

Canada (cont’d.)

                                

Superior Plus LP/Superior General Partner, Inc.,

              

Gtd. Notes, 144A

   4.500%    03/15/29         425      $ 425,329  
              

 

 

 
                 24,073,584  

Chile     0.4%

                                

Mercury Chile Holdco LLC,

              

Sr. Sec’d. Notes, 144A

   6.500    01/24/27         1,000        985,867  

VTR Comunicaciones SpA,

              

Sr. Sec’d. Notes

   4.375    04/15/29         1,000        971,682  

VTR Finance NV,

              

Sr. Unsec’d. Notes, 144A

   6.375    07/15/28         705        718,670  
              

 

 

 
                 2,676,219  

China     0.6%

                                

Agile Group Holdings Ltd.,

              

Sr. Sec’d. Notes

   6.050    10/13/25         1,120        465,408  

China Hongqiao Group Ltd.,

              

Gtd. Notes

   6.250    06/08/24         1,100        1,085,421  

Sunac China Holdings Ltd.,

              

Sr. Sec’d. Notes

   6.500    01/10/25         650        383,290  

Sr. Sec’d. Notes

   6.500    01/26/26         770        453,254  

Sr. Sec’d. Notes

   7.250    06/14/22         365        278,377  

West China Cement Ltd.,

              

Gtd. Notes

   4.950    07/08/26         1,143        1,059,949  

Yuzhou Group Holdings Co. Ltd.,

              

Sr. Sec’d. Notes

   7.700    02/20/25         900        198,219  

Sr. Sec’d. Notes

   8.500    02/26/24         400        88,592  
              

 

 

 
                 4,012,510  

Colombia     1.0%

                                

AI Candelaria Spain SA,

              

Sr. Sec’d. Notes, 144A

   5.750    06/15/33         1,440        1,335,015  

Ecopetrol SA,

              

Sr. Unsec’d. Notes

   4.625    11/02/31         500        461,408  

Sr. Unsec’d. Notes

   5.375    06/26/26         975        1,008,841  

Sr. Unsec’d. Notes

   6.875    04/29/30         1,400        1,503,368  

 

See Notes to Financial Statements.

 

26


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest    
Rate
   Maturity
Date
          Principal    
Amount    
(000)#    
             Value          

CORPORATE BONDS (Continued)

              

Colombia (cont’d.)

                                    

Millicom International Cellular SA,

              

Sr. Unsec’d. Notes, 144A

   4.500%    04/27/31         700      $ 680,162  

SierraCol Energy Andina LLC,

              

Gtd. Notes, 144A(aa)

   6.000    06/15/28         1,700        1,584,027  
              

 

 

 
                 6,572,821  

Costa Rica     0.1%

                                    

Autopistas del Sol SA,

              

Sr. Sec’d. Notes

   7.375    12/30/30         331        330,993  

Instituto Costarricense de Electricidad,

              

Sr. Unsec’d. Notes, 144A

   6.750    10/07/31         270        269,160  
              

 

 

 
                 600,153  

Czech Republic     0.1%

                                    

Energo-Pro A/S,

              

Sr. Unsec’d. Notes, 144A

   8.500    02/04/27         700        709,231  

France     3.2%

                                    

Altice France SA,

              

Sr. Sec’d. Notes, 144A

   5.125    07/15/29         700        647,718  

Casino Guichard Perrachon SA,

              

Sr. Unsec’d. Notes, EMTN

   4.048    08/05/26      EUR        4,000        4,044,420  

Flamingo Lux II SCA,

              

Sr. Unsec’d. Notes, 144A

   5.000    03/31/29      EUR        1,850        1,966,926  

Iliad Holding SASU,

              

Sr. Sec’d. Notes, 144A

   5.625    10/15/28      EUR        3,850        4,401,623  

La Financiere Atalian SASU,

              

Gtd. Notes(aa)

   4.000    05/15/24      EUR        3,400        3,633,362  

Gtd. Notes(aa)

   5.125    05/15/25      EUR        1,375        1,475,426  

Loxam SAS,

              

Sr. Sub. Notes(aa)

   5.750    07/15/27      EUR        550        602,607  

Sr. Sub. Notes, 144A(aa)

   4.500    04/15/27      EUR        2,400        2,562,389  

Midco GB SASU,

              

Sr. Unsec’d. Notes, 144A, Cash coupon 7.750% or PIK 8.500%

   7.750    11/01/27      EUR        1,050        1,207,333  
              

 

 

 
                 20,541,804  

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    27


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest    
Rate
   Maturity
Date
          Principal    
Amount    
(000)#    
             Value          

CORPORATE BONDS (Continued)

              

Germany     2.1%

                                    

ADLER Group SA,

              

Sr. Unsec’d. Notes

   1.875%    01/14/26      EUR        3,000      $ 2,713,132  

Douglas GmbH,

              

Sr. Sec’d. Notes, 144A(aa)

   6.000    04/08/26      EUR        1,400        1,541,646  

Kirk Beauty SUN GmbH,

              

Sr. Unsec’d. Notes, 144A, Cash coupon 8.250% or PIK 9.000%

   8.250    10/01/26      EUR        2,931        3,128,083  

Nidda BondCo GmbH,

              

Gtd. Notes

   5.000    09/30/25      EUR        2,068        2,256,528  

TK Elevator Holdco GmbH,

              

Sr. Unsec’d. Notes

   6.625    07/15/28      EUR        1,440        1,662,257  

Sr. Unsec’d. Notes, 144A(aa)

   6.625    07/15/28      EUR        810        935,019  

TK Elevator Midco GmbH,

              

Sr. Sec’d. Notes, 144A(aa)

   4.375    07/15/27      EUR        1,400        1,588,017  
              

 

 

 
                 13,824,682  

Ghana     0.3%

                                    

Tullow Oil PLC,

              

Sr. Sec’d. Notes, 144A(aa)

   10.250    05/15/26         2,115        2,136,655  

Guatemala     0.1%

                                    

CT Trust,

              

Sr. Sec’d. Notes, 144A

   5.125    02/03/32         660        669,908  

India     1.8%

                                    

ABJA Investment Co. Pte Ltd.,

              

Gtd. Notes(aa)

   5.950    07/31/24         651        693,517  

Clean Renewable Power Mauritius Pte Ltd.,

              

Sr. Sec’d. Notes, 144A

   4.250    03/25/27         1,325        1,305,668  

Delhi International Airport Ltd.,

              

Sr. Sec’d. Notes, 144A(aa)

   6.450    06/04/29         905        851,759  

GMR Hyderabad International Airport Ltd.,

              

Sr. Sec’d. Notes(aa)

   4.250    10/27/27         1,460        1,358,841  

Greenko Dutch BV,

              

Gtd. Notes, 144A(aa)

   3.850    03/29/26         852        838,562  

Greenko Investment Co.,

              

Sr. Sec’d. Notes

   4.875    08/16/23         1,000        1,003,881  

HDFC Bank Ltd.,

              

Jr. Sub. Notes, 144A(aa)

   3.700(ff)    08/25/26(oo)         2,135        2,066,851  

 

See Notes to Financial Statements.

 

28


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description   

Interest     

Rate

   

Maturity

Date

            Principal    
Amount    
(000)#    
             Value          

CORPORATE BONDS (Continued)

             

India (cont’d.)

                                           

HPCL-Mittal Energy Ltd.,

             

Sr. Unsec’d. Notes(aa)

     5.250%       04/28/27           2,000      $ 2,015,316  

India Cleantech Energy,

             

Sec’d. Notes

     4.700       08/10/26           850        842,181  

Periama Holdings LLC,

             

Gtd. Notes

     5.950       04/19/26           770        795,258  
             

 

 

 
                11,771,834  

Israel    0.5%

                                           

Energean Israel Finance Ltd.,

             

Sr. Sec’d. Notes, 144A(aa)

     5.375       03/30/28           1,465        1,426,457  

Sr. Sec’d. Notes, 144A

     5.875       03/30/31           500        485,780  

Leviathan Bond Ltd.,

             

Sr. Sec’d. Notes, 144A(aa)

     6.750       06/30/30           1,110        1,189,932  
             

 

 

 
                3,102,169  

Italy    0.3%

                                           

Shiba Bidco SpA,

             

Sr. Sec’d. Notes, 144A

     4.500       10/31/28        EUR        1,775        1,975,098  

Jamaica    1.5%

                                           

Digicel Group Holdings Ltd.,

             

Sr. Unsec’d. Notes, 144A, Cash coupon 5.000% and PIK 3.000%

     8.000       04/01/25           243        226,415  

Digicel International Finance Ltd./Digicel International Holdings Ltd.,

             

Gtd. Notes, 144A

     8.000       12/31/26           174        170,425  

Gtd. Notes, 144A, Cash coupon 6.000% and PIK 7.000%

     13.000       12/31/25           808        826,292  

Sr. Sec’d. Notes, 144A

     8.750       05/25/24           3,100        3,179,458  

Sr. Sec’d. Notes, 144A

     8.750       05/25/24           436        446,767  

Digicel Ltd.,

             

Gtd. Notes, 144A

     6.750       03/01/23           5,020        4,889,623  
             

 

 

 
                9,738,980  

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    29


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description   

Interest   

Rate

   

Maturity

Date

          

    Principal    

Amount

(000)#

             Value          

CORPORATE BONDS (Continued)

            

Japan    0.2%

                                          

SoftBank Group Corp.,

            

Sr. Unsec’d. Notes(aa)

     3.875%       07/06/32       EUR        1,400      $ 1,363,541  

Kuwait    0.2%

                                          

Kuwait Projects Co. SPC Ltd.,

            

Gtd. Notes

     4.229       10/29/26          925        866,368  

Gtd. Notes, EMTN

     4.500       02/23/27          200        187,250  
            

 

 

 
               1,053,618  

Luxembourg    3.2%

                                          

Altice France Holding SA,

            

Gtd. Notes

     4.000       02/15/28       EUR        3,600        3,677,102  

Sr. Sec’d. Notes

     8.000       05/15/27       EUR        4,966        5,844,709  

ARD Finance SA,

            

Sr. Sec’d. Notes, 144A, Cash coupon 5.000% or

            

PIK 5.750%

     5.000       06/30/27       EUR        3,965        4,502,738  

Galapagos SA,

            

Sr. Sec’d. Notes

     0.000(cc)       06/15/21 (d)      EUR        315        442  

Intelsat Jackson Holdings SA,

            

Gtd. Notes

     5.500       08/01/23 (d)         2,085        912,603  

Gtd. Notes, 144A

     9.750       07/15/25 (d)         3,355        1,484,936  

Monitchem HoldCo 2 SA,

            

Gtd. Notes

     9.500       09/15/26       EUR        545        650,106  

Gtd. Notes, 144A

     9.500       09/15/26       EUR        3,000        3,578,564  
            

 

 

 
               20,651,200  

Macau    0.4%

                                          

MGM China Holdings Ltd.,

            

Sr. Unsec’d. Notes, 144A

     4.750       02/01/27          525        504,070  

Sr. Unsec’d. Notes, 144A

     5.250       06/18/25          325        322,384  

Wynn Macau Ltd.,

            

Sr. Unsec’d. Notes, 144A

     5.125       12/15/29          1,000        897,304  

Sr. Unsec’d. Notes, 144A

     5.500       01/15/26          1,000        941,881  
            

 

 

 
               2,665,639  

 

See Notes to Financial Statements.

 

30


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

 

  Description   

Interest   

Rate

   

Maturity

Date

          

Principal    

Amount    

(000)#    

             Value          

CORPORATE BONDS (Continued)

            

Malaysia    0.3%

                                          

Gohl Capital Ltd.,

            

Gtd. Notes

     4.250%       01/24/27          1,889      $ 1,879,905  

Mexico    4.9%

                                          

Banco Mercantil del Norte SA,

            

Jr. Sub. Notes

     7.500(ff)       06/27/29 (oo)         600        614,145  

Jr. Sub. Notes, 144A

     6.625(ff)       01/24/32 (oo)         1,485        1,433,032  

Braskem Idesa SAPI,

            

Sr. Sec’d. Notes, 144A(aa)

     7.450       11/15/29          1,250        1,279,316  

Cemex SAB de CV,

            

Gtd. Notes(aa)

     5.450       11/19/29          930        964,420  

Electricidad Firme de Mexico Holdings SA de CV,

            

Sr. Sec’d. Notes, 144A

     4.900       11/20/26          1,000        978,691  

FEL Energy VI Sarl,

            

Sr. Sec’d. Notes, 144A

     5.750       12/01/40          1,915        1,874,168  

Mexico City Airport Trust,

            

Sr. Sec’d. Notes(aa)

     3.875       04/30/28          2,230        2,255,318  

Sr. Sec’d. Notes

     5.500       07/31/47          670        623,477  

Nemak SAB de CV,

            

Sr. Unsec’d. Notes, 144A

     3.625       06/28/31          1,230        1,137,131  

Petroleos Mexicanos,

            

Gtd. Notes

     5.350       02/12/28          2,500        2,448,886  

Gtd. Notes(aa)

     6.490       01/23/27          3,758        3,929,127  

Gtd. Notes

     6.500       03/13/27          2,720        2,840,787  

Gtd. Notes(aa)

     6.500       06/02/41          2,100        1,822,374  

Gtd. Notes, EMTN(aa)

     2.750       04/21/27       EUR        1,915        1,997,331  

Gtd. Notes, MTN

     6.750       09/21/47          1,825        1,565,189  

Gtd. Notes, MTN

     6.875       08/04/26          3,200        3,429,968  

Total Play Telecomunicaciones SA de CV,

            

Gtd. Notes, 144A

     6.375       09/20/28          910        851,776  

Sr. Unsec’d. Notes, 144A(aa)

     7.500       11/12/25          1,355        1,359,992  
            

 

 

 
               31,405,128  

Morocco    0.1%

                                          

OCP SA,

            

Sr. Unsec’d. Notes

     6.875       04/25/44          280        312,278  

Sr. Unsec’d. Notes, 144A

     3.750       06/23/31          200        192,174  
            

 

 

 
               504,452  

 

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    31


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description   

Interest   

Rate

   

Maturity

Date

           

Principal    

Amount    

(000)#    

             Value          

CORPORATE BONDS (Continued)

             

Netherlands    2.8%

                                           

OCI NV,

             

Sr. Sec’d. Notes(aa)

     3.625%       10/15/25        EUR        810      $ 933,638  

Promontoria Holding 264 BV,

             

Sr. Sec’d. Notes(aa)

     6.750       08/15/23        EUR        1,900        2,163,905  

Titan Holdings II BV,

             

Sr. Unsec’d. Notes, 144A(aa)

     5.125       07/15/29        EUR        2,275        2,451,020  

United Group BV,

             

Sr. Sec’d. Notes, 144A(aa)

     3.125       02/15/26        EUR        850        907,186  

Sr. Sec’d. Notes, 144A(aa)

     3.625       02/15/28        EUR        2,900        3,034,790  

VEON Holdings BV,

             

Sr. Unsec’d. Notes, 144A(aa)

     3.375       11/25/27           1,220        1,113,380  

VZ Secured Financing BV,

             

Sr. Sec’d. Notes, 144A

     3.500       01/15/32        EUR        1,750        1,858,794  

WP/AP Telecom Holdings III BV,

             

Sr. Unsec’d. Notes, 144A

     5.500       01/15/30        EUR        2,450        2,694,926  

WP/AP Telecom Holdings IV BV,

             

Sr. Sec’d. Notes, 144A

     3.750       01/15/29        EUR        2,375        2,595,282  
             

 

 

 
                17,752,921  

Nigeria    0.1%

                                           

IHS Holding Ltd.,

             

Gtd. Notes, 144A

     6.250       11/29/28           645        651,014  

Oman    0.1%

                                           

Oztel Holdings SPC Ltd.,

             

Sr. Sec’d. Notes

     6.625       04/24/28           500        537,960  

Panama    0.1%

                                           

AES Panama Generation Holdings SRL,

             

Sr. Sec’d. Notes, 144A

     4.375       05/31/30           385        384,843  

Peru    0.4%

                                           

Inkia Energy Ltd.,

             

Sr. Unsec’d. Notes

     5.875       11/09/27           1,000        1,007,275  

 

See Notes to Financial Statements.

 

32


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description   

Interest   

Rate

   

Maturity

Date

          

Principal    

Amount    

(000)#    

             Value          

CORPORATE BONDS (Continued)

            

Peru (cont’d.)

                                          

InRetail Consumer,

            

Sr. Sec’d. Notes

     3.250%       03/22/28          800      $ 775,603  

Kallpa Generacion SA,

            

Gtd. Notes(aa)

     4.125       08/16/27          1,000        1,020,985  
            

 

 

 
               2,803,863  

Russia    0.8%

                                          

Alfa Bank AO Via Alfa Bond Issuance PLC,

            

Sub. Notes(aa)

     5.950(ff)       04/15/30          1,500        1,440,000  

Sub. Notes, 144A(aa)

     5.950(ff)       04/15/30          985        945,600  

Hacienda Investments Ltd. Via DME Airport DAC,

            

Gtd. Notes, 144A(aa)

     5.350       02/08/28          1,686        1,616,071  

Sovcombank Via SovCom Capital DAC,

            

Jr. Sub. Notes, 144A

     7.600(ff)       02/17/27 (oo)         1,500        1,290,299  
            

 

 

 
               5,291,970  

Saudi Arabia    0.3%

                                          

Arabian Centres Sukuk Ltd.,

            

Gtd. Notes, 144A

     5.375       11/26/24          1,635        1,601,365  

South Africa    1.4%

                                          

Eskom Holdings SOC Ltd.,

            

Gov’t. Gtd. Notes, MTN(aa)

     6.350       08/10/28          2,080        2,185,844  

Sr. Unsec’d. Notes(aa)

     7.125       02/11/25          1,270        1,286,881  

Sr. Unsec’d. Notes, EMTN(aa)

     6.750       08/06/23          1,580        1,604,337  

Sr. Unsec’d. Notes, MTN(aa)

     8.450       08/10/28          1,240        1,285,551  

Sasol Financing USA LLC,

            

Gtd. Notes(aa)

     4.375       09/18/26          790        781,649  

Gtd. Notes(aa)

     5.875       03/27/24          1,930        1,990,012  
            

 

 

 
               9,134,274  

Spain    1.4%

                                          

Codere Finance 2 Luxembourg SA,

            

Sr. Sec’d. Notes, Cash coupon 2.000% and PIK 10.750%

     12.750       11/30/27 (d)      EUR        609        664,412  

Sr. Sec’d. Notes, 144A, Cash coupon 8.000% and

            

PIK 3.000%

     11.000       09/30/26 (d)      EUR        2,455        2,901,738  

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    33


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest    
Rate
   Maturity
Date
          Principal    
Amount    
(000)#    
             Value          

CORPORATE BONDS (Continued)

              

Spain (cont’d.)

                                    

Codere Finance 2 Luxembourg SA, (cont’d.)

              

Sr. Sec’d. Notes, 144A, Cash coupon 2.000% and PIK 11.625%

   13.625%    11/30/27(d)         202      $ 192,428  

Codere New Holdco SA,

              

Sr. Sec’d. Notes, 144A, 7.500% PIK^

   7.500    11/30/27      EUR        984        1,104,989  

Kaixo Bondco Telecom SA,

              

Sr. Unsec’d. Notes, 144A(aa)

   5.125    09/30/29      EUR        3,650        3,998,553  
              

 

 

 
                 8,862,120  

Thailand     0.5%

                                    

Bangkok Bank PCL,

              

Jr. Sub. Notes, 144A, MTN(aa)

   5.000(ff)    09/23/25(oo)         3,016        3,075,018  

Turkey     0.9%

                                    

Aydem Yenilenebilir Enerji A/S,

              

Sr. Sec’d. Notes, 144A

   7.750    02/02/27         1,140        964,204  

Eldorado Gold Corp.,

              

Sr. Unsec’d. Notes, 144A(aa)

   6.250    09/01/29         1,900        1,901,930  

KOC Holding A/S,

              

Sr. Unsec’d. Notes, 144A(aa)

   6.500    03/11/25         2,000        2,057,520  

Turkiye Sinai Kalkinma Bankasi A/S,

              

Sr. Unsec’d. Notes, 144A(aa)

   6.000    01/23/25         700        679,791  
              

 

 

 
                 5,603,445  

Ukraine     0.2%

                                    

NAK Naftogaz Ukraine via Kondor Finance PLC,

              

Sr. Unsec’d. Notes(aa)

   7.125    07/19/24      EUR        1,035        895,333  

Sr. Unsec’d. Notes

   7.625    11/08/26         830        626,691  
              

 

 

 
                 1,522,024  

United Kingdom     8.4%

                                    

Bellis Acquisition Co. PLC,

              

Sr. Sec’d. Notes, 144A(aa)

   3.250    02/16/26      GBP        1,700        2,115,783  

Bellis Finco PLC,

              

Sr. Unsec’d. Notes, 144A(aa)

   4.000    02/16/27      GBP        3,300        4,020,472  

 

See Notes to Financial Statements.

 

34


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest    
Rate
   Maturity
Date
          Principal    
Amount    
(000)#    
             Value          

CORPORATE BONDS (Continued)

              

United Kingdom (cont’d.)

                                    

Bracken MidCo1 PLC,

              

Sr. Unsec’d. Notes, 144A, Cash coupon 6.750% or PIK 7.500%

   6.750%    11/01/27      GBP        3,975      $ 5,305,965  

Co-operative Group Holdings 2011 Ltd.,

              

Gtd. Notes

   7.500    07/08/26      GBP        1,605        2,438,588  

Deuce Finco PLC,

              

Sr. Sec’d. Notes, 144A(aa)

   5.500    06/15/27      GBP        2,300        3,049,993  

eG Global Finance PLC,

              

Sr. Sec’d. Notes, 144A(aa)

   4.375    02/07/25      EUR        3,900        4,300,519  

Sr. Sec’d. Notes, 144A(aa)

   8.500    10/30/25         1,750        1,775,987  

Hurricane Finance PLC,

              

Sr. Sec’d. Notes, 144A(aa)

   8.000    10/15/25      GBP        2,200        3,080,929  

INEOS Quattro Finance 1 PLC,

              

Sr. Unsec’d. Notes, 144A(aa)

   3.750    07/15/26      EUR        2,600        2,824,226  

Jerrold Finco PLC,

              

Sr. Sec’d. Notes, 144A(aa)

   4.875    01/15/26      GBP        2,250        3,024,222  

Sr. Sec’d. Notes, 144A(aa)

   5.250    01/15/27      GBP        1,325        1,781,385  

Motion Bondco DAC,

              

Gtd. Notes, 144A(aa)

   6.625    11/15/27         700        705,687  

Sherwood Financing PLC,

              

Sr. Sec’d. Notes, 144A(aa)

   6.000    11/15/26      GBP        4,150        5,459,806  

Very Group Funding PLC (The),

              

Sr. Sec’d. Notes, 144A(aa)

   6.500    08/01/26      GBP        4,275        5,708,552  

Virgin Media Secured Finance PLC,

              

Sr. Sec’d. Notes(aa)

   5.000    04/15/27      GBP        2,250        3,072,077  

William Hill Ltd.,

              

Gtd. Notes, MTN(aa)

   4.750    05/01/26      GBP        1,700        2,354,920  

Zenith Finco PLC,

              

Sr. Sec’d. Notes, 144A

   6.500    06/30/27      GBP        2,250        2,969,409  
              

 

 

 
                 53,988,520  

United States     44.7%

                                    

ACCO Brands Corp.,

              

Gtd. Notes, 144A

   4.250    03/15/29         400        382,336  

AdaptHealth LLC,

              

Gtd. Notes, 144A

   4.625    08/01/29         625        597,835  

Gtd. Notes, 144A

   5.125    03/01/30         375        367,150  

Gtd. Notes, 144A(aa)

   6.125    08/01/28         655        680,700  

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    35


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest   
Rate
   

Maturity

Date

          

Principal    

Amount    

(000)#    

             Value          

CORPORATE BONDS (Continued)

            

United States (cont’d.)

                                          

Aethon United BR LP/Aethon United Finance Corp.,

            

Sr. Unsec’d. Notes, 144A(aa)

     8.250%       02/15/26          1,175      $ 1,239,989  

Alliance Data Systems Corp.,

            

Gtd. Notes, 144A(aa)

     4.750       12/15/24          1,300        1,316,383  

Allied Universal Holdco LLC/Allied Universal Finance Corp.,

            

Sr. Sec’d. Notes, 144A(aa)

     6.625       07/15/26          1,740        1,787,717  

Sr. Unsec’d. Notes, 144A

     6.000       06/01/29          650        617,500  

Sr. Unsec’d. Notes, 144A(aa)

     9.750       07/15/27          3,150        3,337,947  

Allied Universal Holdco LLC/Allied Universal Finance

            

Corp./Atlas Luxco 4 Sarl,

            

Sr. Sec’d. Notes, 144A(aa)

     3.625       06/01/28       EUR        3,225        3,407,168  

Allison Transmission, Inc.,

            

Sr. Unsec’d. Notes, 144A(aa)

     5.875       06/01/29          850        895,168  

Alta Equipment Group, Inc.,

            

Sec’d. Notes, 144A

     5.625       04/15/26          600        613,547  

Alta Mesa Holdings LP/Alta Mesa Finance Services Corp.,

            

Sr. Unsec’d. Notes^(aa)

     7.875       12/15/24 (d)         6,450        43,860  

AMC Entertainment Holdings, Inc.,

            

Sec’d. Notes, 144A, Cash coupon 10.000% or PIK 12.000% or Cash coupon 5.000% and PIK 6.000%

     10.000       06/15/26          662        618,527  

American Airlines, Inc./AAdvantage Loyalty IP Ltd.,

            

Sr. Sec’d. Notes, 144A(aa)

     5.750       04/20/29          1,850        1,895,981  

American Axle & Manufacturing, Inc.,

            

Gtd. Notes(aa)

     5.000       10/01/29          1,575        1,457,281  

Gtd. Notes(aa)

     6.250       03/15/26          2,250        2,291,878  

AmeriGas Partners LP/AmeriGas Finance Corp.,

            

Sr. Unsec’d. Notes(aa)

     5.750       05/20/27          2,225        2,356,499  

Sr. Unsec’d. Notes

     5.875       08/20/26          1,150        1,215,937  

Amsted Industries, Inc.,

            

Sr. Unsec’d. Notes, 144A(aa)

     4.625       05/15/30          675        682,628  

Antero Midstream Partners LP/Antero Midstream Finance Corp.,

            

Gtd. Notes, 144A

     5.375       06/15/29          225        226,920  

Gtd. Notes, 144A(aa)

     5.750       01/15/28          2,750        2,789,827  

Antero Resources Corp.,

            

Gtd. Notes, 144A(aa)

     5.375       03/01/30          1,000        1,032,397  

Gtd. Notes, 144A(aa)

     7.625       02/01/29          1,189        1,295,113  

 

See Notes to Financial Statements.

 

36


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description   

Interest   

Rate

   

Maturity

Date

         

Principal    

Amount    

(000)#    

             Value          

CORPORATE BONDS (Continued)

             

United States (cont’d.)

                                       

Antero Resources Corp., (cont’d.)

             

Gtd. Notes, 144A

     8.375%       07/15/26           162      $ 180,758  

Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.,

             

Sr. Unsec’d. Notes, 144A(aa)

     5.250       08/15/27           1,275        1,244,452  

Artera Services LLC,

             

Sr. Sec’d. Notes, 144A

     9.033       12/04/25           225        230,179  

Ascent Resources Utica Holdings LLC/ARU Finance Corp.,

             

Gtd. Notes, 144A

     9.000       11/01/27           393        521,812  

Ashton Woods USA LLC/Ashton Woods Finance Co.,

             

Sr. Unsec’d. Notes, 144A

     4.625       04/01/30           600        591,806  

ASP Unifrax Holdings, Inc.,

             

Sr. Sec’d. Notes, 144A

     5.250       09/30/28           500        491,280  

Sr. Unsec’d. Notes, 144A

     7.500       09/30/29           275        266,566  

At Home Group, Inc.,

             

Gtd. Notes, 144A

     7.125       07/15/29           1,050        983,881  

Sr. Sec’d. Notes, 144A

     4.875       07/15/28           150        143,598  

B&G Foods, Inc.,

             

Gtd. Notes(aa)

     5.250       09/15/27           1,270        1,286,536  

Banff Merger Sub, Inc.,

             

Sr. Unsec’d. Notes(aa)

     8.375       09/01/26      EUR      5,050        5,861,318  

Bausch Health Cos., Inc.,

             

Gtd. Notes, 144A(aa)

     5.000       01/30/28           1,200        1,011,347  

Gtd. Notes, 144A

     5.000       02/15/29           125        100,639  

Gtd. Notes, 144A(aa)

     5.250       01/30/30           2,225        1,793,327  

Gtd. Notes, 144A(aa)

     5.250       02/15/31           1,600        1,276,314  

Gtd. Notes, 144A

     6.125       04/15/25           785        800,678  

Gtd. Notes, 144A(aa)

     6.250       02/15/29           3,540        3,000,272  

Gtd. Notes, 144A(aa)

     7.000       01/15/28           875        784,247  

Sr. Sec’d. Notes, 144A

     6.125       02/01/27           475        476,449  

Beazer Homes USA, Inc.,

             

Gtd. Notes(aa)

     7.250       10/15/29           1,725        1,847,129  

Boeing Co. (The),

             

Sr. Unsec’d. Notes(aa)

     5.805       05/01/50           2,850        3,583,645  

Sr. Unsec’d. Notes

     5.930       05/01/60           275        347,915  

Boyd Gaming Corp.,

             

Gtd. Notes, 144A

     4.750       06/15/31           75        73,847  

C&S Group Enterprises LLC,

             

Gtd. Notes, 144A(aa)

     5.000       12/15/28           1,000        920,199  

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    37


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description   

Interest   

Rate

   

Maturity

Date

           

Principal    

Amount    

(000)#    

             Value          

CORPORATE BONDS (Continued)

                          

United States (cont’d.)

                                           

Caesars Entertainment, Inc.,

             

Sr. Unsec’d. Notes, 144A

     4.625%       10/15/29           775      $ 742,773  

Calpine Corp.,

             

Sr. Unsec’d. Notes, 144A(aa)

     4.625       02/01/29           900        852,058  

Sr. Unsec’d. Notes, 144A(aa)

     5.000       02/01/31           1,375        1,302,790  

Sr. Unsec’d. Notes, 144A(aa)

     5.125       03/15/28           7,175        6,998,395  

CCM Merger, Inc.,

             

Sr. Unsec’d. Notes, 144A

     6.375       05/01/26           325        337,188  

CCO Holdings LLC/CCO Holdings Capital Corp.,

             

Sr. Unsec’d. Notes(aa)

     4.500       05/01/32           1,300        1,252,900  

Sr. Unsec’d. Notes, 144A(aa)

     4.250       02/01/31           2,550        2,435,635  

Sr. Unsec’d. Notes, 144A

     4.500       06/01/33           750        713,369  

Sr. Unsec’d. Notes, 144A(aa)

     4.750       03/01/30           4,150        4,120,386  

Sr. Unsec’d. Notes, 144A

     5.375       06/01/29           609        627,734  

Cheniere Energy, Inc.,

             

Sr. Sec’d. Notes(aa)

     4.625       10/15/28           2,550        2,588,417  

Chesapeake Energy Corp.,

             

Gtd. Notes, 144A

     5.500       02/01/26           450        464,495  

Gtd. Notes, 144A

     5.875       02/01/29           475        495,534  

Gtd. Notes, 144A

     6.750       04/15/29           675        721,810  

CHS/Community Health Systems, Inc.,

             

Sr. Sec’d. Notes, 144A

     5.250       05/15/30           625        622,163  

Citgo Holding, Inc.,

             

Sr. Sec’d. Notes, 144A

     9.250       08/01/24           275        275,276  

CITGO Petroleum Corp.,

             

Sr. Sec’d. Notes, 144A(aa)

     7.000       06/15/25           1,325        1,334,758  

CNX Midstream Partners LP,

             

Gtd. Notes, 144A

     4.750       04/15/30           250        244,890  

CNX Resources Corp.,

             

Gtd. Notes, 144A(aa)

     7.250       03/14/27           1,875        1,968,053  

Comstock Resources, Inc.,

             

Gtd. Notes, 144A

     5.875       01/15/30           700        696,181  

Gtd. Notes, 144A(aa)

     6.750       03/01/29           1,000        1,031,933  

Cooper-Standard Automotive, Inc.,

             

Gtd. Notes, 144A(aa)

     5.625       11/15/26           1,195        895,083  

Cornerstone Building Brands, Inc.,

             

Gtd. Notes, 144A(aa)

     6.125       01/15/29           1,100        1,136,975  

Cornerstone Chemical Co.,

             

Sr. Sec’d. Notes, 144A

     6.750       08/15/24           2,745        2,399,670  

 

See Notes to Financial Statements.

 

38


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description   

Interest   

Rate

   

Maturity

Date

          

Principal    

Amount    

(000)#    

             Value          

CORPORATE BONDS (Continued)

                         

United States (cont’d.)

                                          

CrownRock LP/CrownRock Finance, Inc.,

            

Sr. Unsec’d. Notes, 144A

     5.000%       05/01/29          275      $ 277,615  

CSC Holdings LLC,

            

Gtd. Notes, 144A(aa)

     4.125       12/01/30          900        822,634  

Sr. Unsec’d. Notes, 144A

     4.625       12/01/30          3,300        2,937,879  

Dana, Inc.,

            

Sr. Unsec’d. Notes

     4.250       09/01/30          450        437,582  

DaVita, Inc.,

            

Gtd. Notes, 144A(aa)

     3.750       02/15/31          925        849,656  

Gtd. Notes, 144A(aa)

     4.625       06/01/30          2,700        2,627,542  

Diamond Sports Group LLC/Diamond Sports Finance Co.,

            

Gtd. Notes, 144A(aa)

     6.625       08/15/27          4,125        1,086,379  

Sr. Sec’d. Notes, 144A(aa)

     5.375       08/15/26          2,150        994,241  

DISH DBS Corp.,

            

Gtd. Notes

     5.125       06/01/29          975        850,772  

Gtd. Notes(aa)

     7.375       07/01/28          515        498,250  

Gtd. Notes(aa)

     7.750       07/01/26          2,910        2,998,254  

Diversified Healthcare Trust,

            

Gtd. Notes

     4.375       03/01/31          750        677,582  

Gtd. Notes(aa)

     9.750       06/15/25          2,100        2,231,870  

Eco Material Technologies, Inc.,

            

Sr. Sec’d. Notes, 144A

     7.875       01/31/27          475        481,721  

Embecta Corp.,

            

Sr. Sec’d. Notes, 144A

     5.000       02/15/30          450        450,598  

Endo Luxembourg Finance Co. I Sarl/Endo US, Inc.,

            

Sr. Sec’d. Notes, 144A

     6.125       04/01/29          425        403,849  

Energy Transfer LP,

            

Jr. Sub. Notes, Series G(aa)

     7.125(ff)       05/15/30 (oo)         1,275        1,301,158  

EQM Midstream Partners LP,

            

Sr. Unsec’d. Notes, 144A(aa)

     6.500       07/01/27          480        504,902  

Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.,

            

Gtd. Notes, 144A

     6.750       01/15/30          1,400        1,359,854  

Sr. Sec’d. Notes, 144A

     4.625       01/15/29          650        633,145  

Five Point Operating Co. LP/Five Point Capital Corp.,

            

Gtd. Notes, 144A(aa)

     7.875       11/15/25          1,350        1,392,802  

Ford Motor Co.,

            

Sr. Unsec’d. Notes

     3.250       02/12/32          875        834,215  

Sr. Unsec’d. Notes(aa)

     4.750       01/15/43          4,913        5,023,888  

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    39


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description   

Interest   

Rate

   

Maturity

Date

           

    Principal    

Amount

(000)#

             Value          

CORPORATE BONDS (Continued)

                          

United States (cont’d.)

                                           

Ford Motor Co., (cont’d.)

             

Sr. Unsec’d. Notes(aa)

     5.291%       12/08/46           6,275      $ 6,884,948  

Sr. Unsec’d. Notes

     7.400       11/01/46           1,000        1,282,585  

Forestar Group, Inc.,

             

Gtd. Notes, 144A

     3.850       05/15/26           525        517,843  

Gtd. Notes, 144A(aa)

     5.000       03/01/28           800        811,323  

Fortress Transportation & Infrastructure Investors LLC,

             

Sr. Unsec’d. Notes, 144A

     5.500       05/01/28           300        291,113  

Foundation Building Materials, Inc.,

             

Gtd. Notes, 144A

     6.000       03/01/29           550        530,507  

Freedom Mortgage Corp.,

             

Sr. Unsec’d. Notes, 144A(aa)

     7.625       05/01/26           850        814,082  

Gap, Inc. (The),

             

Gtd. Notes, 144A

     3.625       10/01/29           250        232,600  

Gtd. Notes, 144A

     3.875       10/01/31           550        510,878  

Global Partners LP/GLP Finance Corp.,

             

Gtd. Notes

     6.875       01/15/29           450        464,356  

Golden Entertainment, Inc.,

             

Sr. Unsec’d. Notes, 144A

     7.625       04/15/26           2,150        2,231,628  

Griffon Corp.,

             

Gtd. Notes(aa)

     5.750       03/01/28           1,775        1,776,270  

H&E Equipment Services, Inc.,

             

Gtd. Notes, 144A(aa)

     3.875       12/15/28           2,150        2,028,717  

Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.,

             

Sr. Sec’d. Notes, 144A

     5.750       01/20/26           250        255,581  

Hecla Mining Co.,

             

Gtd. Notes(aa)

     7.250       02/15/28           480        512,656  

Hertz Corp. (The),

             

Gtd. Notes, 144A

     4.625       12/01/26           325        315,494  

Gtd. Notes, 144A

     5.000       12/01/29           650        627,165  

Hilcorp Energy I LP/Hilcorp Finance Co.,

             

Sr. Unsec’d. Notes, 144A

     5.750       02/01/29           325        331,834  

Sr. Unsec’d. Notes, 144A

     6.000       02/01/31           325        331,776  

Sr. Unsec’d. Notes, 144A(aa)

     6.250       11/01/28           900        933,640  

Home Point Capital, Inc.,

             

Gtd. Notes, 144A

     5.000       02/01/26           800        695,479  

Howard Hughes Corp. (The),

             

Gtd. Notes, 144A(aa)

     4.125       02/01/29           1,150        1,106,177  

 

 

See Notes to Financial Statements.

 

40


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest    
Rate
   Maturity
Date
               Principal    
Amount    
(000)#    
             Value          

CORPORATE BONDS (Continued)

              

United States (cont’d.)

                                

Howard Hughes Corp. (The), (cont’d.)

              

Gtd. Notes, 144A(aa)

   4.375%    02/01/31         800      $ 763,376  

Hunt Cos., Inc.,

              

Sr. Sec’d. Notes, 144A(aa)

   5.250    04/15/29         1,875        1,788,320  

Ingevity Corp.,

              

Gtd. Notes, 144A

   3.875    11/01/28         325        307,347  

International Game Technology PLC,

              

Sr. Sec’d. Notes, 144A(aa)

   6.250    01/15/27         1,500        1,633,165  

Jacobs Entertainment, Inc.,

              

Sr. Unsec’d. Notes, 144A

   6.750    02/15/29         600        605,684  

JBS USA Food Co.,

              

Gtd. Notes, 144A

   5.750    01/15/28         755        787,095  

JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,

              

Gtd. Notes, 144A(aa)

   6.500    04/15/29         2,637        2,865,421  

Kontoor Brands, Inc.,

              

Gtd. Notes, 144A

   4.125    11/15/29         325        314,865  

Kraft Heinz Foods Co.,

              

Gtd. Notes

   5.500    06/01/50         2,900        3,588,796  

Gtd. Notes

   6.500    02/09/40         725        965,079  

LABL, Inc.,

              

Sr. Sec’d. Notes, 144A

   5.875    11/01/28         500        494,780  

Sr. Unsec’d. Notes, 144A

   8.250    11/01/29         500        477,672  

LBM Acquisition LLC,

              

Gtd. Notes, 144A

   6.250    01/15/29         300        285,988  

LCM Investments Holdings II LLC,

              

Sr. Unsec’d. Notes, 144A

   4.875    05/01/29         525        507,197  

LD Holdings Group LLC,

              

Gtd. Notes, 144A

   6.125    04/01/28         925        824,435  

Likewize Corp.,

              

Sr. Sec’d. Notes, 144A(aa)

   9.750    10/15/25         790        845,679  

Lindblad Expeditions LLC,

              

Sr. Sec’d. Notes, 144A

   6.750    02/15/27         50        50,581  

M/I Homes, Inc.,

              

Gtd. Notes(aa)

   4.950    02/01/28         1,075        1,086,678  

Masonite International Corp.,

              

Gtd. Notes, 144A

   3.500    02/15/30         450        424,766  

Gtd. Notes, 144A(aa)

   5.375    02/01/28         455        467,381  

Maxar Space Robotics LLC,

              

Sr. Sec’d. Notes, 144A(aa)

   9.750    12/31/23         751        806,363  

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    41


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest    
Rate
   Maturity
Date
          Principal    
Amount    
(000)#    
             Value          

CORPORATE BONDS (Continued)

              

United States (cont’d.)

                                    

Maxim Crane Works Holdings Capital LLC,

              

Sec’d. Notes, 144A

   10.125%    08/01/24         1,779      $ 1,830,300  

MEDNAX, Inc.,

              

Gtd. Notes, 144A

   6.250    01/15/27         796        831,937  

Metis Merger Sub LLC,

              

Sr. Unsec’d. Notes, 144A(aa)

   6.500    05/15/29         1,500        1,431,349  

MGM Resorts International,

              

Gtd. Notes(aa)

   4.750    10/15/28         1,575        1,560,078  

Gtd. Notes(aa)

   6.750    05/01/25         1,475        1,529,130  

Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.,

              

Sr. Sec’d. Notes, 144A(aa)

   4.875    05/01/29         1,125        1,099,341  

MIWD Holdco II LLC/MIWD Finance Corp.,

              

Gtd. Notes, 144A

   5.500    02/01/30         325        322,058  

Mozart Debt Merger Sub, Inc.,

              

Sr. Sec’d. Notes, 144A

   3.875    04/01/29         1,200        1,156,145  

Sr. Unsec’d. Notes, 144A

   5.250    10/01/29         1,575        1,531,688  

MPH Acquisition Holdings LLC,

              

Sr. Sec’d. Notes, 144A

   5.500    09/01/28         950        912,079  

MPT Operating Partnership LP/MPT Finance Corp.,

              

Gtd. Notes(aa)

   2.500    03/24/26      GBP        2,750        3,634,442  

Nabors Industries Ltd.,

              

Gtd. Notes, 144A

   7.250    01/15/26         575        550,524  

Gtd. Notes, 144A

   7.500    01/15/28         1,075        1,012,142  

Nabors Industries, Inc.,

              

Gtd. Notes(aa)

   5.750    02/01/25         1,725        1,595,959  

Gtd. Notes, 144A

   7.375    05/15/27         925        946,317  

Nationstar Mortgage Holdings, Inc.,

              

Gtd. Notes, 144A(aa)

   5.125    12/15/30         1,525        1,431,828  

Gtd. Notes, 144A(aa)

   5.500    08/15/28         615        602,696  

NCL Corp. Ltd.,

              

Sr. Sec’d. Notes, 144A

   10.250    02/01/26         772        876,165  

Sr. Sec’d. Notes, 144A

   12.250    05/15/24         81        94,301  

NCR Corp.,

              

Gtd. Notes, 144A(aa)

   5.000    10/01/28         650        647,439  

Gtd. Notes, 144A

   5.250    10/01/30         300        296,073  

NESCO Holdings II, Inc.,

              

Sec’d. Notes, 144A

   5.500    04/15/29         525        519,843  

NRG Energy, Inc.,

              

Gtd. Notes(aa)

   5.750    01/15/28         1,240        1,285,139  

 

See Notes to Financial Statements.

 

42


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

 

  Description    Interest    
Rate
   Maturity
Date
          Principal    
Amount    
(000)#    
             Value          

CORPORATE BONDS (Continued)

              

United States (cont’d.)

                                    

NRG Energy, Inc., (cont’d.)

              

Gtd. Notes, 144A

   3.875%    02/15/32         675      $ 634,548  

Occidental Petroleum Corp.,

              

Sr. Unsec’d. Notes(aa)

   6.125    01/01/31         1,550        1,790,119  

Olympus Water US Holding Corp.,

              

Sr. Sec’d. Notes, 144A

   3.875    10/01/28      EUR        375        408,901  

Sr. Unsec’d. Notes, 144A

   5.375    10/01/29      EUR        1,550        1,637,950  

OneMain Finance Corp.,

              

Gtd. Notes

   3.875    09/15/28         475        443,548  

Gtd. Notes(aa)

   6.875    03/15/25         1,567        1,700,506  

Gtd. Notes(aa)

   7.125    03/15/26         1,725        1,897,244  

Organon & Co./Organon Foreign Debt Co-Issuer BV,

              

Sr. Unsec’d. Notes, 144A

   5.125    04/30/31         475        474,833  

Owens-Brockway Glass Container, Inc.,

              

Gtd. Notes, 144A(aa)

   6.625    05/13/27         1,225        1,285,656  

P&L Development LLC/PLD Finance Corp.,

              

Sr. Sec’d. Notes, 144A(aa)

   7.750    11/15/25         775        759,118  

Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer,

              

Sr. Sec’d. Notes, 144A(aa)

   5.875    10/01/28         950        971,468  

Sr. Sec’d. Notes, 144A(aa)

   7.500    06/01/25         1,955        2,047,220  

Park River Holdings, Inc.,

              

Gtd. Notes, 144A(aa)

   5.625    02/01/29         1,350        1,232,028  

Patrick Industries, Inc.,

              

Gtd. Notes, 144A

   4.750    05/01/29         150        143,464  

Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance, Inc.,

              

Sr. Unsec’d. Notes, 144A

   8.500    11/15/27         1,550        1,662,278  

Penn National Gaming, Inc.,

              

Sr. Unsec’d. Notes, 144A

   4.125    07/01/29         375        352,475  

Sr. Unsec’d. Notes, 144A

   5.625    01/15/27         300        307,451  

PennyMac Financial Services, Inc.,

              

Gtd. Notes, 144A

   5.375    10/15/25         650        644,495  

PG&E Corp.,

              

Sr. Sec’d. Notes(aa)

   5.000    07/01/28         590        590,027  

Sr. Sec’d. Notes(aa)

   5.250    07/01/30         2,475        2,459,362  

Pilgrim’s Pride Corp.,

              

Gtd. Notes, 144A(aa)

   5.875    09/30/27         4,300        4,490,057  

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    43


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest    
Rate
   Maturity
Date
              

Principal    
Amount    

(000)#    

             Value          

CORPORATE BONDS (Continued)

              

United States (cont’d.)

                                

PM General Purchaser LLC,

              

Sr. Sec’d. Notes, 144A(aa)

   9.500%    10/01/28         1,000      $ 991,774  

Post Holdings, Inc.,

              

Gtd. Notes, 144A(aa)

   5.500    12/15/29         404        414,951  

Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.,

              

Gtd. Notes, 144A

   5.625    09/01/29         525        493,571  

Gtd. Notes, 144A

   5.875    09/01/31         1,250        1,177,760  

Prime Healthcare Services, Inc.,

              

Sr. Sec’d. Notes, 144A(aa)

   7.250    11/01/25         1,425        1,487,794  

Radiate Holdco LLC/Radiate Finance, Inc.,

              

Sr. Sec’d. Notes, 144A(aa)

   4.500    09/15/26         1,000        964,749  

Sr. Unsec’d. Notes, 144A(aa)

   6.500    09/15/28         950        915,868  

Rain CII Carbon LLC/CII Carbon Corp.,

              

Sec’d. Notes, 144A(aa)

   7.250    04/01/25         1,970        2,004,112  

Range Resources Corp.,

              

Gtd. Notes(aa)

   5.000    03/15/23         1,032        1,042,411  

Gtd. Notes, 144A

   4.750    02/15/30         325        325,336  

RHP Hotel Properties LP/RHP Finance Corp.,

              

Gtd. Notes, 144A

   4.500    02/15/29         400        386,957  

Roller Bearing Co. of America, Inc.,

              

Sr. Unsec’d. Notes, 144A

   4.375    10/15/29         625        618,953  

Scientific Games International, Inc.,

              

Gtd. Notes, 144A

   8.625    07/01/25         900        952,160  

Scotts Miracle-Gro Co. (The),

              

Gtd. Notes

   4.375    02/01/32         425        412,176  

Gtd. Notes, 144A

   4.000    04/01/31         1,450        1,380,850  

Southwestern Energy Co.,

              

Gtd. Notes

   4.750    02/01/32         750        749,308  

Gtd. Notes(aa)

   5.375    03/15/30         1,275        1,307,510  

SRM Escrow Issuer LLC,

              

Sr. Sec’d. Notes, 144A(aa)

   6.000    11/01/28         1,700        1,744,518  

SRS Distribution, Inc.,

              

Gtd. Notes, 144A

   6.000    12/01/29         700        682,403  

Standard Industries, Inc.,

              

Sr. Unsec’d. Notes, 144A(aa)

   3.375    01/15/31         1,050        955,771  

Sr. Unsec’d. Notes, 144A(aa)

   4.375    07/15/30         1,050        1,005,343  

 

See Notes to Financial Statements.

 

44


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest    
Rate
   Maturity
Date
         

Principal    

Amount    

(000)#    

             Value          

CORPORATE BONDS (Continued)

              

United States (cont’d.)

                                    

Summit Materials LLC/Summit Materials Finance Corp.,

              

Gtd. Notes, 144A(aa)

   6.500%    03/15/27         1,375      $ 1,419,546  

Sunoco LP/Sunoco Finance Corp.,

              

Gtd. Notes

   4.500    05/15/29         700        686,029  

Gtd. Notes, 144A

   4.500    04/30/30         850        838,669  

SWF Escrow Issuer Corp.,

              

Sr. Unsec’d. Notes, 144A

   6.500    10/01/29         1,475        1,372,172  

Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,

              

Gtd. Notes, 144A(aa)

   5.500    01/15/28         3,238        3,094,495  

Gtd. Notes, 144A

   6.000    12/31/30         150        143,950  

Gtd. Notes, 144A

   7.500    10/01/25         225        236,649  

Taylor Morrison Communities, Inc.,

              

Gtd. Notes, 144A(aa)

   6.625    07/15/27         2,475        2,579,733  

Sr. Unsec’d. Notes, 144A(aa)

   5.125    08/01/30         1,675        1,739,308  

Tempo Acquisition LLC/Tempo Acquisition Finance Corp.,

              

Sr. Sec’d. Notes, 144A

   5.750    06/01/25         425        440,089  

Tenet Healthcare Corp.,

              

Gtd. Notes, 144A

   6.125    10/01/28         175        175,816  

Sr. Sec’d. Notes, 144A(aa)

   4.250    06/01/29         1,925        1,857,871  

Sr. Sec’d. Notes, 144A

   4.375    01/15/30         1,275        1,230,236  

Sr. Unsec’d. Notes(aa)

   6.875    11/15/31         525        571,163  

Tenneco, Inc.,

              

Sr. Sec’d. Notes, 144A(aa)

   5.125    04/15/29         1,600        1,485,185  

Terrier Media Buyer, Inc.,

              

Gtd. Notes, 144A

   8.875    12/15/27         2,295        2,422,403  

TI Automotive Finance PLC,

              

Sr. Unsec’d. Notes, 144A(aa)

   3.750    04/15/29      EUR        1,625        1,794,372  

TopBuild Corp.,

              

Gtd. Notes, 144A

   4.125    02/15/32         500        485,710  

TPC Group, Inc.,

              

Sr. Sec’d. Notes, 144A (original cost $ 1,430,750; purchased 07/19/19 - 08/20/20)(aa)(f)

   10.500    08/01/24         1,475        980,898  

Sr. Sec’d. Notes, 144A (original cost $ 356,346; purchased 02/01/21)(f)

   10.875    08/01/24         363        384,904  

TransDigm, Inc.,

              

Gtd. Notes

   4.625    01/15/29         950        902,181  

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    45


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description   

Interest    

Rate

  

Maturity

Date

         

Principal    

Amount    

(000)#    

             Value          

CORPORATE BONDS (Continued)

              

United States (cont’d.)

                                           

Transocean, Inc.,

              

Gtd. Notes, 144A

   8.000%    02/01/27         350      $ 264,068  

Tri Pointe Homes, Inc.,

              

Gtd. Notes(aa)

   5.700    06/15/28         745        791,479  

U.S. Foods, Inc.,

              

Gtd. Notes, 144A

   4.750    02/15/29         525        516,462  

United Airlines, Inc.,

              

Sr. Sec’d. Notes, 144A(aa)

   4.375    04/15/26         500        496,470  

Sr. Sec’d. Notes, 144A(aa)

   4.625    04/15/29         248        246,476  

United Rentals North America, Inc.,

              

Gtd. Notes

   3.750    01/15/32         675        651,749  

Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC,

              

Sr. Sec’d. Notes, 144A

   7.875    02/15/25         3,565        3,712,400  

Univision Communications, Inc.,

              

Sr. Sec’d. Notes, 144A(aa)

   4.500    05/01/29         475        470,792  

Sr. Sec’d. Notes, 144A

   6.625    06/01/27         1,675        1,768,863  

Valvoline, Inc.,

              

Gtd. Notes, 144A(aa)

   4.250    02/15/30         550        531,026  

Vector Group Ltd.,

              

Sr. Sec’d. Notes, 144A(aa)

   5.750    02/01/29         3,050        2,825,064  

Venator Finance Sarl/Venator Materials LLC,

              

Gtd. Notes, 144A(aa)

   5.750    07/15/25         867        821,318  

Sr. Sec’d. Notes, 144A(aa)

   9.500    07/01/25         750        814,747  

Venture Global Calcasieu Pass LLC,

              

Sr. Sec’d. Notes, 144A

   3.875    08/15/29         645        644,765  

Viasat, Inc.,

              

Sr. Unsec’d. Notes, 144A

   6.500    07/15/28         505        502,162  

Viking Cruises Ltd.,

              

Gtd. Notes, 144A

   5.875    09/15/27         400        365,108  

Viking Ocean Cruises Ship VII Ltd.,

              

Sr. Sec’d. Notes, 144A

   5.625    02/15/29         250        245,112  

Vista Outdoor, Inc.,

              

Gtd. Notes, 144A(aa)

   4.500    03/15/29         825        800,341  

Vistra Corp.,

              

Jr. Sub. Notes, 144A

   7.000(ff)    12/15/26(oo)         750        748,811  

Jr. Sub. Notes, 144A

   8.000(ff)    10/15/26(oo)         1,375        1,427,658  

Vistra Operations Co. LLC,

              

Gtd. Notes, 144A(aa)

   4.375    05/01/29         1,375        1,325,354  

Gtd. Notes, 144A(aa)

   5.000    07/31/27         1,330        1,349,229  

 

See Notes to Financial Statements.

 

46


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest    
Rate
   Maturity
Date
          Principal    
Amount    
(000)#    
             Value          

CORPORATE BONDS (Continued)

              

United States (cont’d.)

                                           

Vistra Operations Co. LLC, (cont’d.)

              

Gtd. Notes, 144A(aa)

   5.625%    02/15/27         2,000      $ 2,039,845  

White Cap Buyer LLC,

              

Sr. Unsec’d. Notes, 144A

   6.875    10/15/28         525        539,148  

Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.,

              

Gtd. Notes, 144A(aa)

   5.125    10/01/29         610        592,631  

Sr. Unsec’d. Notes, 144A

   7.750    04/15/25         275        286,337  

Zayo Group Holdings, Inc.,

              

Sr. Sec’d. Notes, 144A

   4.000    03/01/27         500        472,953  
              

 

 

 
                 288,016,399  

Vietnam     0.2%

                                    

Mong Duong Finance Holdings BV,

              

Sr. Sec’d. Notes, 144A(aa)

   5.125    05/07/29         1,530        1,409,461  

Zambia     0.4%

                                    

First Quantum Minerals Ltd.,

              

Gtd. Notes, 144A

   6.875    10/15/27         300        318,659  

Gtd. Notes, 144A(aa)

   7.500    04/01/25         2,245        2,295,519  
              

 

 

 
                 2,614,178  
              

 

 

 

TOTAL CORPORATE BONDS
(cost $608,351,151)

                 587,445,820  
              

 

 

 

SOVEREIGN BONDS     17.1%

              

Angola     1.4%

                                    

Angolan Government International Bond,

              

Sr. Unsec’d. Notes

   8.250    05/09/28         2,920        2,941,950  

Sr. Unsec’d. Notes

   9.375    05/08/48         290        282,573  

Sr. Unsec’d. Notes

   9.500    11/12/25         4,270        4,673,049  

Sr. Unsec’d. Notes, EMTN

   8.000    11/26/29         450        446,463  

Sr. Unsec’d. Notes, EMTN

   9.125    11/26/49         350        333,933  
              

 

 

 
                 8,677,968  

 

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    47


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest        
Rate
   Maturity
Date
          Principal    
Amount    
(000)#    
             Value          

SOVEREIGN BONDS (Continued)

              

Argentina     1.7%

                                    

Argentine Republic Government International Bond,

              

Sr. Unsec’d. Notes

   0.500%(cc)    07/09/30         15,126      $ 5,124,609  

Sr. Unsec’d. Notes

   1.000    07/09/29         1,237        438,985  

Sr. Unsec’d. Notes

   1.125(cc)    07/09/35         1,864        575,267  

Sr. Unsec’d. Notes

   2.000(cc)    01/09/38         7,699        2,915,509  

Provincia de Buenos Aires,

              

Sr. Unsec’d. Notes, 144A, MTN

   3.900(cc)    09/01/37         4,304        1,844,097  
              

 

 

 
                 10,898,467  

Bahrain     0.3%

                                    

Bahrain Government International Bond,

              

Sr. Unsec’d. Notes(aa)

   6.750    09/20/29         1,240        1,302,782  

Sr. Unsec’d. Notes

   7.000    10/12/28         430        457,628  

Sr. Unsec’d. Notes

   7.500    09/20/47         421        408,740  
              

 

 

 
                 2,169,150  

Belarus     0.1%

                                    

Republic of Belarus International Bond,

              

Sr. Unsec’d. Notes

   7.625    06/29/27         730        627,824  

Brazil     0.5%

                                    

Brazilian Government International Bond,

              

Sr. Unsec’d. Notes

   4.500    05/30/29         1,930        1,923,506  

Sr. Unsec’d. Notes(aa)

   5.625    01/07/41         1,500        1,466,964  
              

 

 

 
                 3,390,470  

Cameroon     0.2%

                                    

Republic of Cameroon International Bond,

              

Sr. Unsec’d. Notes

   5.950    07/07/32      EUR        290        299,532  

Sr. Unsec’d. Notes

   9.500    11/19/25         1,080        1,145,144  
              

 

 

 
                 1,444,676  

Colombia     1.0%

                                    

Colombia Government International Bond,

              

Sr. Unsec’d. Notes(aa)

   3.875    04/25/27         1,290        1,266,667  

Sr. Unsec’d. Notes(aa)

   4.500    03/15/29         1,550        1,523,962  

 

See Notes to Financial Statements.

 

48


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest    
Rate
   Maturity
Date
          Principal    
Amount    
(000)#    
             Value          

SOVEREIGN BONDS (Continued)

              

Colombia (cont’d.)

                                    

Colombia Government International Bond, (cont’d.)

              

Sr. Unsec’d. Notes(aa)

   6.125%    01/18/41         2,645      $ 2,593,306  

Sr. Unsec’d. Notes

   7.375    09/18/37         780        865,613  
              

 

 

 
                 6,249,548  

Costa Rica     0.3%

                                    

Costa Rica Government International Bond,

              

Sr. Unsec’d. Notes

   6.125    02/19/31         1,580        1,554,731  

Sr. Unsec’d. Notes

   7.158    03/12/45         630        592,619  
              

 

 

 
                 2,147,350  

Dominican Republic     1.0%

                                    

Dominican Republic International Bond,

              

Sr. Unsec’d. Notes

   5.500    01/27/25         1,225        1,310,793  

Sr. Unsec’d. Notes

   6.850    01/27/45         1,840        1,934,649  

Sr. Unsec’d. Notes

   7.450    04/30/44         2,300        2,602,838  

Sr. Unsec’d. Notes, 144A

   5.875    01/30/60         855        776,462  
              

 

 

 
                 6,624,742  

Ecuador     0.4%

                                    

Ecuador Government International Bond,

              

Sr. Unsec’d. Notes, 144A

   0.500(cc)    07/31/40         901        554,475  

Sr. Unsec’d. Notes, 144A

   1.000(cc)    07/31/35         1,829        1,285,970  

Sr. Unsec’d. Notes, 144A

   5.000(cc)    07/31/30         786        684,909  

Sr. Unsec’d. Notes, 144A

   5.583(s)    07/31/30         414        242,899  
              

 

 

 
                 2,768,253  

Egypt     0.5%

                                    

Egypt Government International Bond,

              

Sr. Unsec’d. Notes, 144A, MTN

   6.375    04/11/31      EUR        1,845        1,819,575  

Sr. Unsec’d. Notes, EMTN

   4.750    04/16/26      EUR        435        465,083  

Sr. Unsec’d. Notes, EMTN

   5.625    04/16/30      EUR        860        839,193  
              

 

 

 
                 3,123,851  

 

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    49


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest    
Rate
   Maturity
Date
          Principal    
Amount    
(000)#    
             Value          

SOVEREIGN BONDS (Continued)

              

El Salvador     0.3%

                                    

El Salvador Government International Bond,

              

Sr. Unsec’d. Notes

   7.750%    01/24/23                      1,438      $ 1,138,023  

Sr. Unsec’d. Notes

   8.250    04/10/32         1,000        585,056  
              

 

 

 
                 1,723,079  

Gabon     0.4%

                                    

Gabon Government International Bond,

              

Sr. Unsec’d. Notes

   6.625    02/06/31         340        329,138  

Sr. Unsec’d. Notes

   6.950    06/16/25         930        968,458  

Sr. Unsec’d. Notes, 144A

   6.625    02/06/31         650        629,235  

Sr. Unsec’d. Notes, 144A

   7.000    11/24/31         540        527,890  
              

 

 

 
                 2,454,721  

Ghana     0.2%

                                    

Ghana Government International Bond,

              

Sr. Unsec’d. Notes

   7.875    03/26/27         930        770,943  

Sr. Unsec’d. Notes

   8.125    01/18/26         670        600,619  
              

 

 

 
                 1,371,562  

Guatemala     0.3%

                                    

Guatemala Government Bond,

              

Sr. Unsec’d. Notes

   4.375    06/05/27         1,140        1,175,153  

Sr. Unsec’d. Notes

   4.900    06/01/30         450        470,448  

Sr. Unsec’d. Notes

   6.125    06/01/50         300        327,750  
              

 

 

 
                 1,973,351  

Honduras     0.4%

                                    

Honduras Government International Bond,

              

Sr. Unsec’d. Notes

   6.250    01/19/27         1,220        1,218,164  

Sr. Unsec’d. Notes

   7.500    03/15/24         1,370        1,388,185  
              

 

 

 
                 2,606,349  

 

See Notes to Financial Statements.

 

50


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest
Rate
   Maturity
Date
          Principal    
Amount    
(000)#    
             Value          

SOVEREIGN BONDS (Continued)

              

Iraq    0.6%

                                    

Iraq International Bond,

              

Sr. Unsec’d. Notes

   5.800%    01/15/28         889      $ 851,066  

Sr. Unsec’d. Notes

   6.752    03/09/23         2,975        2,997,580  
              

 

 

 
                 3,848,646  

Ivory Coast    1.0%

                                    

Ivory Coast Government International Bond,

              

Sr. Unsec’d. Notes

   4.875    01/30/32      EUR        270        284,409  

Sr. Unsec’d. Notes

   5.250    03/22/30      EUR        1,070        1,202,901  

Sr. Unsec’d. Notes

   5.875    10/17/31      EUR        895        1,014,286  

Sr. Unsec’d. Notes

   6.625    03/22/48      EUR        1,115        1,195,434  

Sr. Unsec’d. Notes

   6.875    10/17/40      EUR        2,405        2,723,409  
              

 

 

 
                 6,420,439  

Lebanon    0.1%

                                    

Lebanon Government International Bond,

              

Sr. Unsec’d. Notes, EMTN

   6.100    10/04/22(d)         2,000        215,239  

Sr. Unsec’d. Notes, GMTN

   6.250    05/27/22(d)         2,550        273,992  
              

 

 

 
                 489,231  

Mongolia    0.1%

                                    

Mongolia Government International Bond,

              

Sr. Unsec’d. Notes, EMTN

   8.750    03/09/24         270        295,289  

Morocco    0.2%

                                    

Morocco Government International Bond,

              

Sr. Unsec’d. Notes

   1.500    11/27/31      EUR        330        333,115  

Sr. Unsec’d. Notes

   2.000    09/30/30      EUR        1,150        1,223,021  
              

 

 

 
                 1,556,136  

Mozambique    0.3%

                                    

Mozambique International Bond,

              

Unsec’d. Notes

   5.000(cc)    09/15/31         2,295        1,945,013  

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    51


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest    
Rate
   Maturity
Date
          Principal    
Amount    
(000)#    
             Value          

SOVEREIGN BONDS (Continued)

              

Nigeria    0.9%

                                    

Nigeria Government International Bond,

              

Sr. Unsec’d. Notes

   7.143%    02/23/30         670      $ 652,951  

Sr. Unsec’d. Notes

   7.625    11/21/25         885        952,925  

Sr. Unsec’d. Notes

   7.875    02/16/32         2,340        2,271,820  

Sr. Unsec’d. Notes

   8.747    01/21/31         1,550        1,591,383  

Sr. Unsec’d. Notes, EMTN

   6.500    11/28/27         450        450,686  
              

 

 

 
                 5,919,765  

Oman    0.6%

                                    

Oman Government International Bond,

              

Sr. Unsec’d. Notes

   4.750    06/15/26         830        849,183  

Sr. Unsec’d. Notes

   6.500    03/08/47         1,120        1,065,312  

Sr. Unsec’d. Notes

   6.750    01/17/48         720        705,027  

Sr. Unsec’d. Notes

   7.375    10/28/32         1,150        1,308,263  
              

 

 

 
                 3,927,785  

Pakistan    0.8%

                                    

Pakistan Government International Bond,

              

Sr. Unsec’d. Notes

   8.250    04/15/24         1,840        1,924,210  

Sr. Unsec’d. Notes

   8.250    09/30/25         290        305,527  

Sr. Unsec’d. Notes, 144A

   8.250    04/15/24         530        554,256  

Sr. Unsec’d. Notes, 144A

   8.250    09/30/25         610        642,660  

Sr. Unsec’d. Notes, EMTN

   7.375    04/08/31         660        618,218  

Third Pakistan International Sukuk Co. Ltd. (The),

              

Sr. Unsec’d. Notes

   5.625    12/05/22         870        881,430  
              

 

 

 
                 4,926,301  

Paraguay    0.2%

                                    

Paraguay Government International Bond,

              

Sr. Unsec’d. Notes

   6.100    08/11/44         950        1,112,420  

Senegal    0.2%

                                    

Senegal Government International Bond,

              

Sr. Unsec’d. Notes

   4.750    03/13/28      EUR        510        571,625  

 

See Notes to Financial Statements.

 

52


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest    
Rate
   Maturity
Date
          Principal    
Amount    
(000)#    
             Value          

SOVEREIGN BONDS (Continued)

              

Senegal (cont’d.)

                                    

Senegal Government International Bond, (cont’d.)

              

Sr. Unsec’d. Notes

   5.375%    06/08/37      EUR        275      $ 285,141  

Sr. Unsec’d. Notes, 144A

   5.375    06/08/37      EUR        570        591,019  
              

 

 

 
                 1,447,785  

South Africa    0.2%

                                    

Republic of South Africa Government International Bond,

              

Sr. Unsec’d. Notes

   4.850    09/30/29         630        637,340  

Sr. Unsec’d. Notes

   5.750    09/30/49         600        549,919  
              

 

 

 
                 1,187,259  

Turkey    1.6%

                                    

Turkey Government International Bond,

              

Sr. Unsec’d. Notes(aa)

   4.250    04/14/26         1,750        1,585,259  

Sr. Unsec’d. Notes(aa)

   4.875    10/09/26         3,000        2,740,318  

Sr. Unsec’d. Notes(aa)

   5.600    11/14/24         1,390        1,369,430  

Sr. Unsec’d. Notes(aa)

   6.000    03/25/27         1,820        1,725,252  

Sr. Unsec’d. Notes(aa)

   6.375    10/14/25         1,815        1,795,752  

Sr. Unsec’d. Notes(aa)

   6.875    03/17/36         669        605,333  

Sr. Unsec’d. Notes(aa)

   7.625    04/26/29         660        656,543  
              

 

 

 
                 10,477,887  

Ukraine    1.3%

                                    

Ukraine Government International Bond,

              

Sr. Unsec’d. Notes

   4.375    01/27/30      EUR        305        263,319  

Sr. Unsec’d. Notes

   6.750    06/20/26      EUR        1,230        1,184,943  

Sr. Unsec’d. Notes

   7.750    09/01/22         320        307,720  

Sr. Unsec’d. Notes

   7.750    09/01/24         590        526,431  

Sr. Unsec’d. Notes

   7.750    09/01/25         1,005        884,143  

Sr. Unsec’d. Notes

   7.750    09/01/26         910        796,424  

Sr. Unsec’d. Notes

   7.750    09/01/27         1,180        1,037,076  

Sr. Unsec’d. Notes

   8.994    02/01/24         400        368,454  

Sr. Unsec’d. Notes

   9.750    11/01/28         3,075        2,907,425  
              

 

 

 
                 8,275,935  

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    53


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest
Rate
   Maturity
Date
          Principal    
Amount    
(000)#    
             Value          

SOVEREIGN BONDS (Continued)

              

Zambia    0.0%

                                    

Zambia Government International Bond,

              

Sr. Unsec’d. Notes

   8.500%    04/14/24(d)         340      $ 254,974  
              

 

 

 

TOTAL SOVEREIGN BONDS
(cost $126,873,289)

                 110,336,226  
              

 

 

 
                     

Shares

        

COMMON STOCKS    3.6%

              

Spain    0.0%

                                    

Codere New Topco SA^
(cost $0)

           EUR        36,655         
              

 

 

 

United States    3.6%

                                    

CEC Entertainment, Inc.*

              34,226        607,512  

Chesapeake Energy Corp.

              175,825        11,985,990  

Chesapeake Energy Corp. Backstop Commitment

              1,314        89,575  

Civitas Resources, Inc.

              69,594        3,792,873  

Ferrellgas Partners LP (Class B Stock)

              18,479        4,712,145  

GenOn Energy Holdings, Inc. (Class A Stock)
(original cost $1,545,243; purchased 02/28/19)*^(f)

              14,397        2,015,580  
              

 

 

 
                 23,203,675  
              

 

 

 

TOTAL COMMON STOCKS
(cost $7,301,969)

                 23,203,675  
              

 

 

 
                     

Units

        

WARRANTS*    0.0%

              

Canada    0.0%

                                    

Athabasca Oil Corp. (Canada), expiring 11/01/26
(cost $0)

              2,375        108,533  
              

 

 

 

 

See Notes to Financial Statements.

 

54


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Units              Value          

WARRANTS (Continued)*

     

United States    0.0%

                 

TPC Group, Inc., expiring 08/01/24 (original cost $0; purchased 02/02/21)^(f)
(cost $0)

     1,033,339      $ 4,857  
     

 

 

 

TOTAL WARRANTS
(cost $0)

        113,390  
     

 

 

 
     

TOTAL LONG-TERM INVESTMENTS
(cost $781,683,156)

        759,565,443  
     

 

 

 
    

Shares

        

SHORT-TERM INVESTMENT    1.5%

     

UNAFFILIATED FUND

     

Dreyfus Government Cash Management (Institutional Shares)
(cost $9,540,870)

     9,540,870        9,540,870  
     

 

 

 

TOTAL INVESTMENTS    119.4%
(cost $791,224,026)

        769,106,313  

Liabilities in excess of other assets(z) (19.4)%

        (124,998,084
     

 

 

 

NET ASSETS    100.0%

      $       644,108,229  
     

 

 

 

 

 

See the Glossary for a list of the abbreviation(s) used in the semiannual 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 $9,221,336 and 1.4% of net assets.

(aa)

Represents security, or a portion thereof, with aggregate value of $328,630,951 segregated as collateral for amount of $149,000,000 borrowed and outstanding as of January 31, 2022.

(c)

Variable rate instrument. The interest rate shown reflects the rate in effect at January 31, 2022.

(cc)

Variable rate instrument. The rate shown is based on the latest available information as of January 31, 2022. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

(d)

Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.

(f)

Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the aggregate original cost of such securities is $12,020,798. The aggregate value of $11,887,140 is 1.8% of net assets.

(ff)

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

(oo)

Perpetual security. Maturity date represents next call date.

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    55


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

(p)

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

(s)

Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

(z)

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

Unfunded loan commitment outstanding at January 31, 2022:

 

Borrower

   Principal
Amount
(000)#
   Current
Value
   

Unrealized

Appreciation

 

Unrealized

Depreciation

Intelsat Jackson Holdings SA, DIP Term Loan, 3 Month LIBOR + 4.750%, 5.750%(c), Maturity Date 07/13/22 (cost $129,917)

   131    $ 130,833               $ 916                        $           
     

 

 

      

 

 

        

 

 

   

Forward foreign currency exchange contracts outstanding at January 31, 2022:

 

Purchase

Contracts

  

Counterparty

       Notional
Amount
(000)
     Value at
Settlement
Date
     Current
Value
   

Unrealized

Appreciation

 

Unrealized

Depreciation

OTC Forward Foreign Currency Exchange Contracts:

 

                 

British Pound,

                         

Expiring 02/02/22

   Morgan Stanley & Co. International PLC      GBP 43,614      $ 58,711,680      $ 58,655,398       $         $ (56,282       

Euro,

                         

Expiring 02/02/22

   JPMorgan Chase Bank, N.A.         EUR 121,179        136,694,079        136,144,116                   (549,963  

Expiring 02/02/22

   Morgan Stanley & Co. International PLC      EUR 2,100        2,379,410        2,359,339                   (20,071  

Expiring 03/02/22

   HSBC Bank PLC      EUR 2,368        2,656,285        2,662,141         5,856              
          

 

 

    

 

 

     

 

 

       

 

 

   
           $ 200,441,454      $ 199,820,994         5,856           (626,316  
          

 

 

    

 

 

     

 

 

       

 

 

   

Sale

Contracts

  

Counterparty

       Notional
Amount
(000)
     Value at
Settlement
Date
     Current
Value
   

Unrealized

Appreciation

 

Unrealized

Depreciation

OTC Forward Foreign Currency Exchange Contracts:

 

                 

British Pound,

                         

Expiring 02/02/22

   Citibank, N.A.      GBP 43,614      $ 59,107,536      $ 58,655,398         $ 452,138           $     —         

Expiring 03/02/22

   Barclays Bank PLC      GBP 2,071        2,798,522        2,784,500         14,022              

Expiring 03/02/22

   Morgan Stanley & Co. International PLC      GBP 43,614        58,701,392        58,645,405         55,987              

Euro,

                         

Expiring 02/02/22

   JPMorgan Chase Bank, N.A.      EUR   122,718        139,036,635        137,872,848         1,163,787              

 

See Notes to Financial Statements.

 

56


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

Forward foreign currency exchange contracts outstanding at January 31, 2022 (continued):

 

Sale

Contracts

  

Counterparty

       Notional
Amount
(000)
     Value at
Settlement
Date
     Current
Value
   

Unrealized

Appreciation

 

Unrealized

Depreciation

OTC Forward Foreign Currency Exchange Contracts (cont’d.):

 

       

Euro (cont’d.),

                         

Expiring 02/02/22

   Morgan Stanley & Co. International PLC        EUR 561      $ 637,743      $ 630,606            $ 7,137                   $         

Expiring 03/02/22

   JPMorgan Chase Bank, N.A.      EUR   121,179        136,771,392        136,214,816         556,576              
          

 

 

    

 

 

     

 

 

       

 

 

   
           $ 397,053,220      $ 394,803,573         2,249,647              
          

 

 

    

 

 

     

 

 

       

 

 

   
                  $ 2,255,503         $ (626,316  
                 

 

 

       

 

 

   

Credit default swap agreement outstanding at January 31, 2022:

 

Reference

Entity/

Obligation                                                                          

   Termination
Date
   Fixed
Rate
  Notional
Amount
(000)#(3)
     Implied
Credit
Spread at
January 31,
2022(4)
   Fair
Value
   

Upfront
Premiums
Paid
(Received)

 

Unrealized
Appreciation
(Depreciation)

   Counterparty  
                                                                  

OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Sell Protection(2):

 

    

EQT Corp.

   06/20/22    5.000%(Q)     550      1.441%    $ 10,854             $ 7,604                    $ 3,250              
Credit Suisse
International
 
 
             

 

 

      

 

 

        

 

 

      

 

(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.

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    57


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

 

(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.

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

 

      Premiums Paid    Premiums Received   

Unrealized

Appreciation

  

Unrealized

Depreciation

OTC Swap Agreements

   $7,604    $—    $3,250    $—

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 January 31, 2022 in valuing such portfolio securities:

 

         Level 1               Level 2              Level 3     

Investments in Securities

        

Assets

        

Long-Term Investments

        

Bank Loans

        

Germany

   $      $ 2,336,987      $  

Luxembourg

            2,076,123         

Saint Lucia

            2,378,497         

United Kingdom

            7,648,203        6,052,050  

United States

            14,472,383         

Convertible Bonds

        

Jamaica

            35,078         

Spain

            3,467,011         

Corporate Bonds

        

Argentina

            868,436         

Azerbaijan

            651,084         

Bahrain

            406,854         

Belarus

            744,112         

Brazil

            19,056,130         

 

See Notes to Financial Statements.

 

58


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

 

         Level 1               Level 2              Level 3     

Investments in Securities (continued)

        

Assets (continued)

        

Long-Term Investments (continued)

        

Corporate Bonds (continued)

        

Burkina Faso

   $      $ 540,698      $  

Canada

            24,073,584         

Chile

            2,676,219         

China

            4,012,510         

Colombia

            6,572,821         

Costa Rica

            600,153         

Czech Republic

            709,231         

France

            20,541,804         

Germany

            13,824,682         

Ghana

            2,136,655         

Guatemala

            669,908         

India

            11,771,834         

Israel

            3,102,169         

Italy

            1,975,098         

Jamaica

            9,738,980         

Japan

            1,363,541         

Kuwait

            1,053,618         

Luxembourg

            20,651,200         

Macau

            2,665,639         

Malaysia

            1,879,905         

Mexico

            31,405,128         

Morocco

            504,452         

Netherlands

            17,752,921         

Nigeria

            651,014         

Oman

            537,960         

Panama

            384,843         

Peru

            2,803,863         

Russia

            5,291,970         

Saudi Arabia

            1,601,365         

South Africa

            9,134,274         

Spain

            7,757,131        1,104,989  

Thailand

            3,075,018         

Turkey

            5,603,445         

Ukraine

            1,522,024         

United Kingdom

            53,988,520         

United States

            287,972,539        43,860  

Vietnam

            1,409,461         

Zambia

            2,614,178         

Sovereign Bonds

        

Angola

            8,677,968         

Argentina

            10,898,467         

Bahrain

            2,169,150         

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    59


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

         Level 1               Level 2              Level 3     

Investments in Securities (continued)

        

Assets (continued)

        

Long-Term Investments (continued)

        

Sovereign Bonds (continued)

        

Belarus

   $      $ 627,824      $  

Brazil

            3,390,470         

Cameroon

            1,444,676         

Colombia

            6,249,548         

Costa Rica

            2,147,350         

Dominican Republic

            6,624,742         

Ecuador

            2,768,253         

Egypt

            3,123,851         

El Salvador

            1,723,079         

Gabon

            2,454,721         

Ghana

            1,371,562         

Guatemala

            1,973,351         

Honduras

            2,606,349         

Iraq

            3,848,646         

Ivory Coast

            6,420,439         

Lebanon

            489,231         

Mongolia

            295,289         

Morocco

            1,556,136         

Mozambique

            1,945,013         

Nigeria

            5,919,765         

Oman

            3,927,785         

Pakistan

            4,926,301         

Paraguay

            1,112,420         

Senegal

            1,447,785         

South Africa

            1,187,259         

Turkey

            10,477,887         

Ukraine

            8,275,935         

Zambia

            254,974         

Common Stocks

        

United States

     15,778,863        5,409,232        2,015,580  

Warrants

        

Canada

            108,533         

United States

                   4,857  

Short-Term Investment

        

Unaffiliated Fund

     9,540,870                
  

 

 

    

 

 

    

 

 

 

Total

   $ 25,319,733      $ 734,565,244      $ 9,221,336  
  

 

 

    

 

 

    

 

 

 

Other Financial Instruments*

        

Assets

        

Unfunded Loan Commitment

   $      $ 916      $  

 

See Notes to Financial Statements.

 

60


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

         Level 1               Level 2             Level 3     

Other Financial Instruments* (continued)

       

Assets (continued)

       

OTC Forward Foreign Currency Exchange Contracts

   $      $ 2,255,503     $  

OTC Credit Default Swap Agreement

            10,854        
  

 

 

    

 

 

   

 

 

 

Total

   $      $ 2,267,273     $  
  

 

 

    

 

 

   

 

 

 

Liabilities

       

OTC Forward Foreign Currency Exchange Contracts

   $      $ (626,316   $  
  

 

 

    

 

 

   

 

 

 

 

 

*

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.

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

 

   

Bank Loans

   

Corporate Bonds

   

Common Stocks

   

Warrants

 

Balance as of 07/31/21

  $ 2,337,300             $                     $ 2,086,387                     $          

Realized gain (loss)

                                   

Change in unrealized appreciation (depreciation)

    (153,511       (347,439                   4,857    

Purchases/Exchanges/Issuances

            1,307,344                        

Sales/Paydowns

                                   

Accrued discount/premium

    5,292         180,882                        

Transfers into Level 3*

    6,200,269         8,062                        

Transfers out of Level 3*

    (2,337,300                 (70,807            
 

 

 

     

 

 

       

 

 

       

 

 

   

Balance as of 01/31/22

  $ 6,052,050       $ 1,148,849         $ 2,015,580         $ 4,857    
 

 

 

     

 

 

       

 

 

       

 

 

   

Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end

  $ (153,511     $ (347,439       $         $ 4,857    
 

 

 

     

 

 

       

 

 

       

 

 

   

 

*

It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. Securities transferred levels due to a change in observable and/or unobservable inputs.

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:

 

     Fair Value as of    Valuation    Valuation     

Level 3 Securities**

  

January 31, 2022

  

Approach

  

    Methodology    

  

      Unobservable Inputs       

Corporate Bonds

   $43,860    Market    Transaction Based    Unadjusted Last Traded Price

 

**

The table does not include Level 3 securities and/or derivatives that are valued by independent pricing vendors or brokers. As of January 31, 2022, the aggregate value of these securities and/or derivatives was $9,177,476. The

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    61


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

 

unobservable inputs for these investments were not developed by the Fund and are not readily available.

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2022 were as follows:

 

Sovereign Bonds

     17.1

Oil & Gas

     11.8  

Retail

     7.5  

Telecommunications

     7.4  

Electric

     6.5  

Foods

     4.7  

Media

     4.7  

Diversified Financial Services

     4.5  

Chemicals

     3.8  

Commercial Services

     3.5  

Entertainment

     3.2  

Aerospace & Defense

     2.7  

Pharmaceuticals

     2.6  

Oil, Gas & Consumable Fuels

     2.5  

Auto Manufacturers

     2.5  

Banks

     2.3  

Engineering & Construction

     2.3  

Real Estate Investment Trusts (REITs)

     2.2  

Pipelines

     2.1  

Real Estate

     2.0  

Home Builders

     2.0  

Building Materials

     2.0  

Packaging & Containers

     1.7  

Computers

     1.6  

Healthcare-Services

     1.5  

Unaffiliated Fund

     1.5  

Auto Parts & Equipment

     1.5  

Mining

     1.5  

Lodging

     1.1  

Internet

     1.0  

Machinery-Diversified

     0.9  

Leisure Time

     0.8

Gas Utilities

     0.7  

Software

     0.7  

Gas

     0.6  

Housewares

     0.5  

Airlines

     0.4  

Agriculture

     0.4  

Healthcare-Products

     0.4  

Energy-Alternate Sources

     0.4  

Advertising

     0.4  

Holding Companies-Diversified

     0.3  

Distribution/Wholesale

     0.3  

Electric Utilities

     0.3  

Iron/Steel

     0.2  

Investment Companies

     0.2  

Electronics

     0.1  

Miscellaneous Manufacturing

     0.1  

Environmental Control

     0.1  

Metal Fabricate/Hardware

     0.1  

Hotels, Restaurants & Leisure

     0.1  

Household Products/Wares

     0.1  

Apparel

     0.0

Trucking & Leasing

     0.0
  

 

 

 
     119.4  

Liabilities in excess of other assets

     (19.4
  

 

 

 
     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 contracts risk and foreign exchange contracts 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.

 

See Notes to Financial Statements.

 

62


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

Fair values of derivative instruments as of January 31, 2022 as presented in the Statement of Assets and Liabilities:

 

    

Asset Derivatives

    

Liability Derivatives

 

Derivatives not accounted for

as hedging instruments,

carried at fair
value                                                                                      

  

Statement of

Assets and

Liabilities Location

   Fair
Value
    

Statement of

Assets and

Liabilities Location

   Fair
Value
 

Credit contracts

   Premiums paid for OTC swap agreements    $ 7,604         $  

Credit contracts

   Unrealized appreciation on OTC swap agreements      3,250            

Foreign exchange contracts

   Unrealized appreciation on OTC forward foreign currency exchange contracts      2,255,503      Unrealized depreciation on OTC forward foreign currency exchange contracts      626,316  
     

 

 

       

 

 

 
      $ 2,266,357         $ 626,316  
     

 

 

       

 

 

 

The effects of derivative instruments on the Statement of Operations for the six months ended January 31, 2022 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income

 

 

Derivatives not accounted for as hedging

instruments, carried at fair value

  

Forward

Currency

Exchange

Contracts

       Swaps    

Credit contracts

   $      $ (556,066

Foreign exchange contracts

     9,973,768         
  

 

 

    

 

 

 

Total

   $ 9,973,768      $ (556,066
  

 

 

    

 

 

 

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

 

 

Derivatives not accounted for

as hedging instruments,

carried at fair value

  

Forward
Currency
Exchange
Contracts

       Swaps    

Credit contracts

   $      $ 422,063  

Foreign exchange contracts

     505,380         
  

 

 

    

 

 

 

Total

   $ 505,380      $ 422,063   
  

 

 

    

 

 

 

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    63


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

For the six months ended January 31, 2022, the Fund’s average volume of derivative activities is as follows:

 

Forward Foreign
Currency Exchange

Contracts—Purchased(1)

$206,851,641

 

Forward Foreign        Credit Default
Currency Exchange        Swap Agreements—

Contracts—Sold(1)

      

Buy Protection(2)

          

$411,132,161

     $27,779,583

 

Credit Default
Swap Agreements—

Sell Protection(2)

$366,667

 

 

 

(1)

Value at Settlement Date.

(2)

Notional Amount in USD.

Average volume is based on average quarter end balances as noted for the six months ended January 31, 2022.

Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:

The Fund invested in OTC derivatives 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 where the legal right to set-off exists is presented in the summary below.

Offsetting of OTC derivative assets and liabilities:

 

     Gross Amounts of   Gross Amounts of   Net Amounts of        
     Recognized   Recognized   Recognized   Collateral    

Counterparty

   Assets(1)   Liabilities(1)   Assets/(Liabilities)   Pledged/(Received)(2)   Net Amount

Barclays Bank PLC

        $ 14,022          $          $ 14,022          $         $   14,022  

Citibank, N.A.

     452,138             452,138       (452,138      

Credit Suisse International

     10,854             10,854             10,854  

HSBC Bank PLC

     5,856                 5,856                 5,856    

 

See Notes to Financial Statements.

 

64


PGIM Global High Yield Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

Counterparty

 

Gross Amounts of

Recognized

        Assets(1)         

 

Gross Amounts of

Recognized

      Liabilities(1)      

 

Net Amounts of

Recognized

Assets/(Liabilities)

 

Collateral

Pledged/(Received)(2)

 

Net Amount

JPMorgan Chase Bank, N.A.

        $ 1,720,363                     $ (549,963 )                     $ 1,170,400                     $ (1,170,400 )                     $        

Morgan Stanley & Co. International PLC

        63,124               (76,353 )               (13,229 )                             (13,229 )    
     

 

 

             

 

 

             

 

 

             

 

 

             

 

 

     
      $ 2,266,357             $ (626,316 )             $ 1,640,041             $ (1,622,538 )             $ 17,503    
     

 

 

             

 

 

             

 

 

             

 

 

             

 

 

     

 

(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 Fixed Income Closed-End Funds    65


PGIM Global High Yield Fund, Inc.

Statement of Assets & Liabilities  (unaudited)

as of January 31, 2022

 

Assets

        

Unaffiliated investments (cost $791,224,026)

   $ 769,106,313  

Cash

     2,155,591  

Foreign currency, at value (cost $5,202,374)

     5,187,708  

Dividends and interest receivable

     12,014,272  

Receivable for investments sold

     11,432,882  

Unrealized appreciation on OTC forward foreign currency exchange contracts

     2,255,503  

Premiums paid for OTC swap agreements

     7,604  

Tax reclaim receivable

     3,784  

Unrealized appreciation on OTC swap agreements

     3,250  

Unrealized appreciation on unfunded loan commitment

     916  

Prepaid expenses and other assets

     291,747  
  

 

 

 

Total Assets

     802,459,570  
  

 

 

 

Liabilities

        

Loan payable

     149,000,000  

Payable for investments purchased

     7,841,366  

Unrealized depreciation on OTC forward foreign currency exchange contracts

     626,316  

Management fee payable

     579,319  

Accrued expenses and other liabilities

     114,642  

Interest payable

     109,805  

Deferred directors’ fees and directors’ fees payable

     51,718  

Exchange listing fees payable

     22,701  

Deposit due to broker for centrally cleared/exchange-traded derivatives

     5,474  
  

 

 

 

Total Liabilities

     158,351,341  
  

 

 

 

Net Assets

   $ 644,108,229  
  

 

 

 
          

Net assets were comprised of:

  

Common stock, at par

   $ 40,924  

Paid-in capital in excess of par

     768,542,849  

Total distributable earnings (loss)

     (124,475,544
  

 

 

 

Net assets, January 31, 2022

   $ 644,108,229  
  

 

 

 

Net asset value and redemption price per share

($644,108,229 ÷ 40,923,879 shares of common stock issued and outstanding)

   $ 15.74  
  

 

 

 

 

See Notes to Financial Statements.

 

66


PGIM Global High Yield Fund, Inc.

Statement of Operations  (unaudited)

Six Months Ended January 31, 2022

 

Net Investment Income (Loss)

        

Income

  

Interest income (net of $4,712 foreign withholding tax)

   $ 24,737,237  

Unaffiliated dividend income

     190,821  

Affiliated dividend income

     9,099  
  

 

 

 

Total income

     24,937,157  
  

 

 

 

Expenses

  

Management fee

     3,727,592  

Interest expense

     853,409  

Legal fees and expenses

     78,642  

Custodian and accounting fees

     65,559  

Shareholders’ reports

     37,464  

Audit fee

     23,870  

Exchange listing fees

     20,201  

Transfer agent’s fees and expenses

     10,980  

Directors’ fees

     6,997  

Miscellaneous

     7,571  
  

 

 

 

Total expenses

     4,832,285  
  

 

 

 

Net investment income (loss)

     20,104,872  
  

 

 

 

Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions

        

Net realized gain (loss) on:

  

Investment transactions

     8,515,837  

Forward currency contract transactions

     9,973,768  

Swap agreement transactions

     (556,066

Foreign currency transactions

     (108,684
  

 

 

 
     17,824,855  
  

 

 

 

Net change in unrealized appreciation (depreciation) on:

  

Investments

     (52,801,355

Forward currency contracts

     505,380  

Swap agreements

     422,063  

Foreign currencies

     113,271  

Unfunded loan commitments

     916  
  

 

 

 
     (51,759,725
  

 

 

 

Net gain (loss) on investment and foreign currency transactions

     (33,934,870
  

 

 

 

Net Increase (Decrease) In Net Assets Resulting From Operations

   $ (13,829,998
  

 

 

 

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    67


PGIM Global High Yield Fund, Inc.

Statements of Changes in Net Assets  (unaudited)

 

    

Six Months Ended
January 31, 2022

    

Year Ended
July 31, 2021

 

Increase (Decrease) in Net Assets

                                                   

Operations

               

Net investment income (loss)

      $ 20,104,872           $ 44,434,994    

Net realized gain (loss) on investment and foreign currency transactions

        17,824,855             (29,234,843  

Net change in unrealized appreciation (depreciation) on investments and foreign currencies

        (51,759,725           85,914,575    
     

 

 

         

 

 

   

Net increase (decrease) in net assets resulting from operations

        (13,829,998           101,114,726    
     

 

 

         

 

 

   

Dividends and Distributions

               

Distributions from distributable earnings

        (25,782,044           (45,046,004  

Tax return of capital distributions

                    (6,518,084  
     

 

 

         

 

 

   

Total dividends and distributions

        (25,782,044           (51,564,088  
     

 

 

         

 

 

   

Total increase (decrease)

        (39,612,042           49,550,638    

Net Assets:

                                                   

Beginning of period

        683,720,271             634,169,633    
     

 

 

         

 

 

   

End of period

      $ 644,108,229           $ 683,720,271    
     

 

 

         

 

 

   

 

See Notes to Financial Statements.

 

68


PGIM Global High Yield Fund, Inc.

Statement of Cash Flows  (unaudited)

Six Months Ended January 31, 2022

 

Cash Flows Provided By / (Used For) Operating Activities:

  

Net increase (decrease) in net assets resulting from operations

   $ (13,829,998
  

 

 

 

Adjustments To Reconcile Net Increase (Decrease) In Net Assets Resulting From
Operations To Net Cash Provided By / (Used For) Operating Activities:

  

Proceeds from disposition of long-term portfolio investments, net of amounts receivable

     273,997,459  

Purchases of long-term portfolio investments, net of amounts payable

     (182,335,737

Net proceeds (purchases) of short-term portfolio investments

     7,649,364  

Net premiums (paid) received for swap agreements

     (144,857

Amortization of premium and accretion of discount on portfolio investments

     (853,680

Net realized (gain) loss on investment transactions

     (8,515,836

Net realized (gain) loss on forward currency contract transactions

     (9,973,768

Net realized (gain) loss on swap agreement transactions

     556,066  

Net realized (gain) loss on foreign currency transactions

     108,684  

Net change in unrealized (appreciation) depreciation on investments

     52,801,355  

Net change in unrealized (appreciation) depreciation on forward currency contracts

     (505,380

Net change in unrealized (appreciation) depreciation on swap agreements

     (422,063

Net change in unrealized (appreciation) depreciation on foreign currencies

     (113,271

Net change in unrealized (appreciation) depreciation on unfunded loan commitments

     (916

(Increase) Decrease In Assets:

  

Interest receivable

     440,784  

Prepaid expenses and other assets

     (224,849

Increase (Decrease) In Liabilities:

  

Management fee payable

     (103,065

Accrued expenses and other liabilities

     (11,040

Interest payable

     (79,205

Deferred directors’ fees and directors’ fees payable

     87  

Exchange listing fees payable

     (19,246

Due to broker - variation margin swaps

     5,474  

Dividends payable

     (112,893
  

 

 

 

Total adjustments

     132,143,467  
  

 

 

 

Net cash provided by (used for) operating activities

     118,313,469  
  

 

 

 

Effect of exchange rate changes on cash

     9,978,355  
  

 

 

 

Cash Flows Provided By (Used For) Financing Activities:

  

Decrease in borrowing

     (100,000,000

Cash paid on distributions from distributable earnings

     (25,782,044
  

 

 

 

Net cash provided by (used for) financing activities

     (125,782,044
  

 

 

 

Net increase (decrease) in cash and restricted cash, including foreign currency

     2,509,780  
  

 

 

 

Cash and restricted cash at beginning of period, including foreign currency

     4,833,519  
  

 

 

 

Cash And Restricted Cash At End Of Period, Including Foreign Currency

   $ 7,343,299  
  

 

 

 

Supplemental Disclosure of Cash Flow Information

  

Cash paid during the period for interest expense

   $ 932,614  
  

 

 

 

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    69


PGIM Global High Yield Fund, Inc.

Statement of Cash Flows  (unaudited) (continued)

Six Months Ended January 31, 2022

 

Reconciliation Of Cash And Restricted Cash Reported With The Statement Of Assets And Liabilities To The Statement Of Cash Flows:

   

January 31, 2022

 

Cash

 

 

   $ 2,155,591     

Foreign currency, at value

       5,187,708     
    

 

 

    

Total cash and restricted cash, including foreign currency

     $ 7,343,299     
    

 

 

    

 

See Notes to Financial Statements.

 

70


PGIM Global High Yield Fund, Inc.

Financial Highlights  (unaudited)

Six Months Ended January 31, 2022

 

                  
     

Six Months

Ended January 31,

2022

 

 

                             
     Year Ended July 31,  
     2021     2020     2019     2018     2017  
Per Share Operating Performance(a):

 

               
Net Asset Value, Beginning of Period      $16.71                   $15.50       $16.64       $16.17       $16.57       $16.58  
Income (loss) from investment operations:

 

                                               
Net investment income (loss)      0.49               1.09       1.10       0.91       0.86       0.97  
Net realized and unrealized gain (loss) on investment and foreign currency transactions      (0.83             1.38       (0.98     0.64       (0.22     0.21  
Total from investment operations      (0.34             2.47       0.12       1.55       0.64       1.18  
Less Dividends and Distributions:                                                         
Dividends from net investment income      (0.63             (1.10     (1.26     (1.08     (0.93     (1.19
Tax return of capital distributions      -               (0.16     -       -       (0.11     -  
Total dividends and distributions      (0.63             (1.26     (1.26     (1.08     (1.04     (1.19
Net asset value, end of period      $15.74               $16.71       $15.50       $16.64       $16.17       $16.57  
Market price, end of period      $14.42               $15.59       $13.18       $14.52       $13.63       $15.11  
Total Return(b):      (3.65 )%              28.97     (0.40 )%      15.12     (2.96 )%      6.31
                  
Ratios/Supplemental Data:                 
Net assets, end of period (000)      $644,108               $683,720       $634,170       $680,904       $661,572       $678,219  
Average net assets (000)      $670,604               $663,605       $634,188       $657,922       $666,960       $678,323  
Ratios to average net assets(c):                                                         
Expenses after waivers and/or expense reimbursement(d)      1.43 %(e)               1.59     1.99     2.56     2.15     1.94
Expenses before waivers and/or expense reimbursement(d)      1.43 %(e)               1.59     1.99     2.56     2.15     1.94
Net investment income (loss)      5.95 %(e)               6.70     7.13     5.68     5.30     5.86
Portfolio turnover rate(f)      20             51     49     96     67     66
Asset coverage      532             375     383     340     356     368
Total debt outstanding at period-end (000)      $149,000               $249,000       $224,000       $284,000       $258,000       $253,000  

 

(a)

Calculated based on average shares outstanding during the period.

(b)

Total return is calculated assuming a purchase of common stock at the current market price on the first day and a sale at the closing market price on the last day for the period reported. Dividends are assumed, for the purpose of this calculation, to be reinvested at prices obtainable under the Fund’s dividend reinvestment plan. This amount does not reflect brokerage commissions or sales load. Total returns for periods less than one full year are not annualized.

(c)

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

(d)

Includes interest expense of 0.25% for the six months ended January 31, 2022, interest expense of 0.33% for the year ended July 31, 2021, interest expense of 0.75% and a tax expense of 0.01% for the year ended July 31, 2020, interest expense of 1.28% and a tax expense of 0.01% for the year ended July 31, 2019, interest expense of 0.91% for the year ended July 31, 2018, interest expense of 0.64% and a tax expense of 0.04% for the year ended July 31, 2017.

(e)

Annualized.

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    71


PGIM Global High Yield Fund, Inc.

Financial Highlights  (unaudited) (continued)

Six Months Ended January 31, 2022

 

 

(f)

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.

 

72


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited)

as of January 31, 2022

 

  Description     Interest
 Rate
        Maturity      
Date
  Principal    
Amount    
(000)#    
             Value           

LONG-TERM INVESTMENTS     128.5%

          

BANK LOANS     8.6%

          

Airlines     0.6%

                                    

American Airlines, Inc.,

          

Initial Term Loan, 3 Month LIBOR + 4.750%

     5.500 %(c)      04/20/28     1,246     $ 1,292,057  

United Airlines, Inc.,

          

Class B Term Loan, 3 Month LIBOR + 3.750%

     4.500 (c)      04/21/28     2,203       2,203,006  
          

 

 

 
             3,495,063  

Chemicals     0.3%

                                    

Hexion, Inc.,

          

Senior Secured Term B Loan, 3 Month LIBOR + 3.500%

     3.720 (c)      07/01/26     1,470       1,469,849  

Commercial Services     0.2%

                                    

Verscend Holding Corp.,

          

New Term Loan B, 1 Month LIBOR + 4.000%

     4.105 (c)      08/27/25     995       994,005  

Computers     1.4%

                                    

McAfee LLC,

          

Term B USD Loan, 1 Month LIBOR + 3.750%

     3.859 (c)      09/30/24     5,466       5,455,326  

Peraton Corp.,

          

First Lien Term B Loan, 1 Month LIBOR + 3.750%

     4.500 (c)      02/01/28     2,006       2,002,488  
          

 

 

 
             7,457,814  

Electric     0.3%

                                    

Heritage Power LLC,

          

Term Loan B, 6 Month LIBOR + 6.000%

     7.000 (c)      07/30/26     2,056       1,528,092  

Engineering & Construction     0.0%

                                    

Landry’s Finance Acquisition Co.,
2020 Initial Term Loan, 1 Month LIBOR + 12.000%^

     13.000 (c)      10/04/23     60       64,931  

Entertainment     0.0%

                                    

Scientific Games International, Inc.,

          

Initial Term B-5 Loan, 1 Month LIBOR + 2.750%

     2.855 (c)      08/14/24     292       291,437  

Housewares     0.2%

                                    

Sunset Debt Merger Sub, Inc.,

          

Initial Term Loan, 1 Month LIBOR + 4.000%

     4.750 (c)      10/06/28     1,015       1,008,340  

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    73


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description     Interest
 Rate
        Maturity      
Date
  Principal    
Amount    
(000)#    
             Value           

BANK LOANS (Continued)

          

Insurance     0.4%

                                    

Asurion LLC,

          

New B-4 Term Loan, 1 Month LIBOR + 5.250%

     5.355 %(c)      01/20/29     1,990     $ 1,990,995  

Media     0.2%

                                    

Diamond Sports Group LLC,

          

Term Loan, 1 Month LIBOR + 3.250%

     3.360 (c)      08/24/26     218       88,188  

iHeartCommunications, Inc.,

          

New Term Loan, 1 Month LIBOR + 3.000%

     3.105 (c)      05/01/26     1,153       1,146,307  
          

 

 

 
             1,234,495  

Oil & Gas     0.9%

                                    

Ascent Resources Utica Holdings LLC,

          

Second Lien Term Loan, 3 Month LIBOR + 9.000%

     10.000 (c)      11/01/25     3,340       3,596,762  

Citgo Holding, Inc.,

          

Term Loan, 1 Month LIBOR + 7.000%

     8.000 (c)      08/01/23     562       555,880  

Citgo Petroleum Corp.,

          

2019 Incremental Term B Loan, 1 Month LIBOR + 6.250%

     7.250 (c)      03/28/24     776       775,244  
          

 

 

 
             4,927,886  

Pharmaceuticals     0.3%

                                    

Change Healthcare Holdings LLC,

          

Closing Date Term Loan, 1 Month LIBOR + 2.500%

     3.500 (c)      03/01/24     948       947,286  

Gainwell Acquisition Corp.,

          

Term B Loan, 3 Month LIBOR + 4.000%

     4.750 (c)      10/01/27     842       843,078  
          

 

 

 
             1,790,364  

Retail     0.3%

                                    

EG America LLC (United Kingdom),

          

Project Becker Additional Facility, 3 Month LIBOR + 4.250%

     4.750 (c)      03/31/26     341       340,956  

Great Outdoors Group LLC,

          

Term B-2 Loan, 3 Month LIBOR + 3.750%

     4.500 (c)      03/06/28     1,213       1,211,257  
          

 

 

 
             1,552,213  

 

See Notes to Financial Statements.

 

74


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description     Interest
 Rate
        Maturity      
Date
  Principal    
Amount    
(000)#    
             Value           

BANK LOANS (Continued)

          

Software     2.3%

                                    

Boxer Parent Co., Inc.,
2021 Replacement Dollar Term Loan, 3 Month LIBOR + 3.750%

     3.974 %(c)      10/02/25     224     $ 223,198  

Second Lien Incremental Term Loan, 3 Month LIBOR + 5.500%

     6.000 (c)      02/27/26     350       351,138  

Camelot Co. (Luxembourg),

          

Amendment No. 2 Incremental Term Loans, 1 Month LIBOR + 3.000%

     4.000 (c)      10/30/26     762       760,156  

Dun & Bradstreet Corp.,

          

Term Loan B, 1 Month LIBOR + 3.250%

     3.358 (c)      02/06/26     1,366       1,359,154  

Finastra USA, Inc.,

          

Dollar Term Loan (Second Lien), 3 Month LIBOR + 7.250% (original cost $1,365,000; purchased 03/08/19-10/18/19)(f)

     8.250 (c)      06/13/25     1,400       1,399,343  

First Lien Dollar Term Loan, 3 Month LIBOR + 3.500% (original cost $3,689,765; purchased 05/04/18-02/19/19)(f)

     4.500 (c)      06/13/24     3,762       3,747,758  

Greeneden U.S. Holdings II LLC,

          

B-4 Dollar Term Loan, 1 Month LIBOR + 4.000%

     4.750 (c)      12/01/27     495       494,823  

Rackspace Technology Global, Inc.,

          

Term B Loan, 3 Month LIBOR + 2.750%

     3.500 (c)      02/15/28     571       564,624  

Skillsoft Finance II, Inc.,

          

Initial Term Loan, 3 Month LIBOR + 4.750%

     5.500 (c)      07/14/28     1,521       1,528,794  

TIBCO Software, Inc.,

          

Term Loan B-3, 1 Month LIBOR + 3.750%

     3.860 (c)      06/30/26     2,351       2,344,515  
          

 

 

 
             12,773,503  

Telecommunications     1.2%

                                    

Crown Subsea Communications Holding, Inc.,

          

Initial Term Loan, 1 Month LIBOR + 4.750%

     5.500 (c)      04/27/27     524       526,389  

Intelsat Jackson Holdings SA (Luxembourg),

          

DIP Term Loan, 3 Month LIBOR + 4.750%

     5.750 (c)      07/13/22     546       545,833  

West Corp.,

          

Initial Term B Loan, 3 Month LIBOR + 4.000%

     5.000 (c)      10/10/24     3,509       3,278,048  

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    75


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest
Rate
        Maturity      
Date
  Principal    
Amount    
(000)#    
             Value           

BANK LOANS (Continued)

          

Telecommunications (cont’d.)

                                    

Xplornet Communications, Inc. (Canada),

          

Refinancing Term Loan, 1 Month LIBOR + 4.000%

     4.500 %(c)      10/02/28     1,865     $ 1,861,440  

Second Lien Initial Term Loan, 1 Month LIBOR + 7.000%^

     7.500 (c)      10/01/29     270       270,675  
          

 

 

 
             6,482,385  
          

 

 

 

TOTAL BANK LOANS
(cost $47,178,515)

             47,061,372  
          

 

 

 

CORPORATE BONDS     115.7%

          

Advertising     0.6%

                                    

National CineMedia LLC,

          

Sr. Unsec’d. Notes(aa)

     5.750       08/15/26     575       408,256  

Terrier Media Buyer, Inc.,

          

Gtd. Notes, 144A(aa)

     8.875       12/15/27     2,530       2,670,449  
          

 

 

 
             3,078,705  

Aerospace & Defense     3.8%

                                    

Boeing Co. (The),

          

Sr. Unsec’d. Notes(aa)

     5.805       05/01/50     2,650       3,332,161  

Sr. Unsec’d. Notes

     5.930       05/01/60     750       948,860  

Bombardier, Inc. (Canada),

          

Sr. Unsec’d. Notes, 144A

     6.000       02/15/28     1,050       1,018,625  

Sr. Unsec’d. Notes, 144A

     7.125       06/15/26     875       889,262  

Sr. Unsec’d. Notes, 144A

     7.500       12/01/24     1,975       2,044,264  

Sr. Unsec’d. Notes, 144A

     7.500       03/15/25     2,050       2,075,160  

Sr. Unsec’d. Notes, 144A

     7.875       04/15/27     4,215       4,269,793  

Maxar Space Robotics LLC,

          

Sr. Sec’d. Notes, 144A

     9.750       12/31/23     794       852,533  

Spirit AeroSystems, Inc.,

          

Sec’d. Notes, 144A

     7.500       04/15/25     1,200       1,245,553  

TransDigm UK Holdings PLC,

          

Gtd. Notes

     6.875       05/15/26     200       207,267  

TransDigm, Inc.,

          

Gtd. Notes

     4.625       01/15/29     800       759,731  

 

See Notes to Financial Statements.

 

76


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description   

 Interest

 Rate

       

Maturity      

Date

 

Principal    

Amount    

(000)#    

             Value           

CORPORATE BONDS (Continued)

          

Aerospace & Defense (cont’d.)

                                    

TransDigm, Inc., (cont’d.)

          

Gtd. Notes(aa)

     5.500     11/15/27     2,525     $ 2,541,972  

Sr. Sec’d. Notes, 144A

     6.250       03/15/26     600       620,480  
          

 

 

 
             20,805,661  

Agriculture     0.2%

                                    

Vector Group Ltd.,

          

Sr. Sec’d. Notes, 144A

     5.750       02/01/29     1,350       1,250,438  

Airlines     1.1%

                                    

American Airlines, Inc.,

          

Sr. Sec’d. Notes, 144A

     11.750       07/15/25     250       302,960  

American Airlines, Inc./AAdvantage Loyalty IP Ltd.,

          

Sr. Sec’d. Notes, 144A

     5.500       04/20/26     1,450       1,484,284  

Sr. Sec’d. Notes, 144A

     5.750       04/20/29     1,550       1,588,525  

Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.,

          

Sr. Sec’d. Notes, 144A

     5.750       01/20/26     775       792,302  

United Airlines, Inc.,

          

Sr. Sec’d. Notes, 144A

     4.375       04/15/26     1,080       1,072,375  

Sr. Sec’d. Notes, 144A

     4.625       04/15/29     830       824,901  
          

 

 

 
             6,065,347  

Apparel     0.4%

                                    

Kontoor Brands, Inc.,

          

Gtd. Notes, 144A

     4.125       11/15/29     275       266,424  

William Carter Co. (The),

          

Gtd. Notes, 144A(aa)

     5.500       05/15/25     1,200       1,243,007  

Wolverine World Wide, Inc.,

          

Gtd. Notes, 144A

     4.000       08/15/29     775       743,809  
          

 

 

 
             2,253,240  

Auto Manufacturers     2.3%

                                    

Allison Transmission, Inc.,

          

Sr. Unsec’d. Notes, 144A

     5.875       06/01/29     969       1,020,492  

Ford Motor Co.,

          

Sr. Unsec’d. Notes

     3.250       02/12/32     725       691,206  

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    77


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description   

 Interest

 Rate

       

Maturity      

Date

 

Principal    

Amount    

(000)#    

             Value           

CORPORATE BONDS (Continued)

          

Auto Manufacturers (cont’d.)

                                    

Ford Motor Co., (cont’d.)

          

Sr. Unsec’d. Notes(aa)

     4.750     01/15/43     3,925     $ 4,013,588  

Sr. Unsec’d. Notes(aa)

     5.291       12/08/46     3,300       3,620,770  

Sr. Unsec’d. Notes

     7.400       11/01/46     200       256,517  

Ford Motor Credit Co. LLC,

          

Sr. Unsec’d. Notes

     4.000       11/13/30     400       401,951  

Sr. Unsec’d. Notes

     5.584       03/18/24     310       324,204  

Jaguar Land Rover Automotive PLC (United Kingdom),

          

Gtd. Notes, 144A

     7.750       10/15/25     1,000       1,055,731  

PM General Purchaser LLC,

          

Sr. Sec’d. Notes, 144A

     9.500       10/01/28     1,325       1,314,100  
          

 

 

 
             12,698,559  

Auto Parts & Equipment     2.3%

                                    

Adient Global Holdings Ltd.,

          

Gtd. Notes, 144A

     4.875       08/15/26     2,725       2,741,264  

Adient US LLC,

          

Sr. Sec’d. Notes, 144A

     9.000       04/15/25     275       291,450  

American Axle & Manufacturing, Inc.,

          

Gtd. Notes

     5.000       10/01/29     1,800       1,665,464  

Gtd. Notes(aa)

     6.250       03/15/26     686       698,768  

Gtd. Notes(aa)

     6.500       04/01/27     1,000       1,030,223  

Gtd. Notes

     6.875       07/01/28     406       426,523  

Cooper-Standard Automotive, Inc.,

          

Gtd. Notes, 144A

     5.625       11/15/26     1,090       816,436  

Dana Financing Luxembourg Sarl,

          

Gtd. Notes, 144A

     5.750       04/15/25     500       509,876  

Dana, Inc.,

          

Sr. Unsec’d. Notes

     4.250       09/01/30     250       243,101  

Sr. Unsec’d. Notes

     4.500       02/15/32     600       573,166  

Sr. Unsec’d. Notes

     5.375       11/15/27     200       206,589  

Sr. Unsec’d. Notes

     5.625       06/15/28     750       780,186  

Tenneco, Inc.,

          

Sr. Sec’d. Notes, 144A

     5.125       04/15/29     1,675       1,554,804  

Sr. Sec’d. Notes, 144A

     7.875       01/15/29     175       186,160  

Titan International, Inc.,

          

Sr. Sec’d. Notes

     7.000       04/30/28     650       682,953  
          

 

 

 
             12,406,963  

 

See Notes to Financial Statements.

 

78


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description   

Interest

Rate

       

Maturity      

Date

 

Principal    

Amount    

(000)#    

             Value           

CORPORATE BONDS (Continued)

          

Banks     0.8%

                                    

Citigroup, Inc.,

          

Jr. Sub. Notes

     3.875 %(ff)      02/18/26(oo)     625     $ 612,169  

Freedom Mortgage Corp.,

          

Sr. Unsec’d. Notes, 144A

     7.625       05/01/26     700       670,420  

Popular, Inc. (Puerto Rico),

          

Sr. Unsec’d. Notes

     6.125       09/14/23     2,875       3,006,183  
          

 

 

 
             4,288,772  

Building Materials     2.3%

                                    

Cornerstone Building Brands, Inc.,

          

Gtd. Notes, 144A

     6.125       01/15/29     900       930,252  

Eco Material Technologies, Inc.,

          

Sr. Sec’d. Notes, 144A

     7.875       01/31/27     400       405,660  

Griffon Corp.,

          

Gtd. Notes

     5.750       03/01/28     1,455       1,456,041  

JELD-WEN, Inc.,

          

Gtd. Notes, 144A

     4.625       12/15/25     701       697,877  

Masonite International Corp.,

          

Gtd. Notes, 144A

     3.500       02/15/30     375       353,972  

Gtd. Notes, 144A

     5.375       02/01/28     205       210,578  

MIWD Holdco II LLC/MIWD Finance Corp.,

          

Gtd. Notes, 144A

     5.500       02/01/30     275       272,510  

Patrick Industries, Inc.,

          

Gtd. Notes, 144A

     4.750       05/01/29     525       502,124  

Gtd. Notes, 144A

     7.500       10/15/27     825       873,328  

SRM Escrow Issuer LLC,

          

Sr. Sec’d. Notes, 144A

     6.000       11/01/28     1,550       1,590,590  

Standard Industries, Inc.,

          

Sr. Unsec’d. Notes, 144A

     3.375       01/15/31     625       568,911  

Sr. Unsec’d. Notes, 144A(aa)

     4.375       07/15/30     875       837,786  

Sr. Unsec’d. Notes, 144A(aa)

     4.750       01/15/28     1,975       1,957,990  

Sr. Unsec’d. Notes, 144A

     5.000       02/15/27     370       372,398  

Summit Materials LLC/Summit Materials Finance Corp.,

          

Gtd. Notes, 144A

     5.250       01/15/29     130       132,621  

Gtd. Notes, 144A(aa)

     6.500       03/15/27     1,400       1,445,356  
          

 

 

 
             12,607,994  

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    79


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description   

 Interest

 Rate

       

Maturity      

Date

 

Principal    

Amount    

(000)#    

             Value           

CORPORATE BONDS (Continued)

          

Chemicals     4.7%

                                    

Ashland LLC,

          

Gtd. Notes(aa)

     6.875     05/15/43     2,125     $ 2,689,406  

ASP Unifrax Holdings, Inc.,

          

Sr. Sec’d. Notes, 144A

     5.250       09/30/28     375       368,460  

Sr. Unsec’d. Notes, 144A

     7.500       09/30/29     225       218,099  

Chemours Co. (The),

          

Gtd. Notes, 144A

     4.625       11/15/29     1,300       1,238,258  

Gtd. Notes, 144A

     5.750       11/15/28     1,225       1,247,241  

Cornerstone Chemical Co.,

          

Sr. Sec’d. Notes, 144A

     6.750       08/15/24     2,255       1,971,314  

Diamond BC BV,

          

Gtd. Notes, 144A

     4.625       10/01/29     495       465,352  

EverArc Escrow Sarl,

          

Sr. Sec’d. Notes, 144A

     5.000       10/30/29     565       540,375  

Hexion, Inc.,

          

Gtd. Notes, 144A

     7.875       07/15/27     900       953,613  

Ingevity Corp.,

          

Gtd. Notes, 144A

     3.875       11/01/28     275       260,063  

NOVA Chemicals Corp. (Canada),

          

Sr. Unsec’d. Notes, 144A(aa)

     4.875       06/01/24     1,100       1,124,750  

Olympus Water US Holding Corp.,

          

Sr. Sec’d. Notes, 144A

     4.250       10/01/28     625       597,157  

Sr. Unsec’d. Notes, 144A

     6.250       10/01/29     350       333,709  

Rain CII Carbon LLC/CII Carbon Corp.,

          

Sec’d. Notes, 144A

     7.250       04/01/25     1,590       1,617,532  

SCIH Salt Holdings, Inc.,

          

Sr. Unsec’d. Notes, 144A

     6.625       05/01/29     275       256,481  

SPCM SA (France),

          

Sr. Unsec’d. Notes, 144A

     3.375       03/15/30     450       422,927  

TPC Group, Inc.,

          

Sr. Sec’d. Notes, 144A (original cost $ 1,968,531; purchased 07/19/19-08/21/20)(f)

     10.500       08/01/24     2,050       1,363,282  

Sr. Sec’d. Notes, 144A (original cost $ 495,261; purchased 02/01/21)(f)

     10.875       08/01/24     505       534,952  

Tronox, Inc.,

          

Gtd. Notes, 144A

     4.625       03/15/29     1,725       1,665,843  

Sr. Sec’d. Notes, 144A(aa)

     6.500       05/01/25     2,100       2,181,365  

Valvoline, Inc.,

          

Gtd. Notes, 144A

     4.250       02/15/30     460       444,131  

Sr. Unsec’d. Notes, 144A

     3.625       06/15/31     600       550,585  

 

See Notes to Financial Statements.

 

80


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description   

Interest

Rate

       

Maturity      

Date

 

Principal    

Amount    

(000)#    

             Value           

CORPORATE BONDS (Continued)

             

Chemicals (cont’d.)

                                     

Venator Finance Sarl/Venator Materials LLC,

             

Gtd. Notes, 144A(aa)

    5.750%     07/15/25        2,577     $ 2,441,218  

Sr. Sec’d. Notes, 144A

    9.500     07/01/25        1,040       1,129,783  

WR Grace Holdings LLC,

             

Sr. Sec’d. Notes, 144A

    4.875     06/15/27        600       597,175  

Sr. Sec’d. Notes, 144A

    5.625     10/01/24        100       104,118  

Sr. Unsec’d. Notes, 144A

    5.625     08/15/29        650       627,357  
             

 

 

 
                25,944,546  

Coal     0.1%

                                     

Coronado Finance Pty Ltd. (Australia),

             

Sr. Sec’d. Notes, 144A

    10.750     05/15/26        450       484,854  

Commercial Services    5.8%

                                     

Adtalem Global Education, Inc.,

             

Sr. Sec’d. Notes, 144A

    5.500     03/01/28        1,080       1,064,042  

Allied Universal Holdco LLC/Allied Universal Finance Corp.,

             

Sr. Sec’d. Notes, 144A

    6.625     07/15/26        430       441,792  

Sr. Unsec’d. Notes, 144A

    6.000     06/01/29        950       902,500  

Sr. Unsec’d. Notes, 144A(aa)

    9.750     07/15/27        2,900       3,073,030  

Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl,

             

Sr. Sec’d. Notes, 144A

    4.625     06/01/28        860       827,566  

Sr. Sec’d. Notes, 144A

    4.625     06/01/28        1,065       1,009,559  

Alta Equipment Group, Inc.,

             

Sec’d. Notes, 144A

    5.625     04/15/26        500       511,289  

AMN Healthcare, Inc.,

             

Gtd. Notes, 144A

    4.000     04/15/29        375       371,741  

Gtd. Notes, 144A

    4.625     10/01/27        400       404,179  

APi Escrow Corp.,

             

Gtd. Notes, 144A

    4.750     10/15/29        325       318,313  

Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,

             

Gtd. Notes, 144A

    4.750     04/01/28        1,295       1,273,735  

Avis Budget Finance PLC,

             

Gtd. Notes

    4.750     01/30/26   EUR      275       312,842  

Brink’s Co. (The),

             

Gtd. Notes, 144A

    4.625     10/15/27        375       381,196  

Gtd. Notes, 144A(aa)

    5.500     07/15/25        400       414,100  

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    81


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description   

Interest

Rate

       

Maturity      

Date

 

Principal    

Amount    

(000)#    

             Value           

CORPORATE BONDS (Continued)

          

Commercial Services (cont’d.)

                                

Carriage Services, Inc.,

          

Gtd. Notes, 144A

   4.250%     05/15/29     325     $ 317,001  

Gartner, Inc.,

          

Gtd. Notes, 144A

   3.625     06/15/29     425       411,777  

Gtd. Notes, 144A

   3.750     10/01/30     325       315,187  

Herc Holdings, Inc.,

          

Gtd. Notes, 144A

   5.500     07/15/27     441       453,737  

Hertz Corp. (The),

          

Gtd. Notes, 144A

   4.625     12/01/26     275       266,957  

Gtd. Notes, 144A

   5.000     12/01/29     525       506,556  

Metis Merger Sub LLC,

          

Sr. Unsec’d. Notes, 144A

   6.500     05/15/29     1,625       1,550,628  

MPH Acquisition Holdings LLC,

          

Sr. Sec’d. Notes, 144A

   5.500     09/01/28     1,300       1,248,108  

NESCO Holdings II, Inc.,

          

Sec’d. Notes, 144A

   5.500     04/15/29     900       891,159  

Nielsen Finance LLC/Nielsen Finance Co.,

          

Gtd. Notes, 144A

   5.625     10/01/28     610       611,749  

Gtd. Notes, 144A

   5.875     10/01/30     295       296,158  

Service Corp. International,

          

Sr. Unsec’d. Notes

   4.000     05/15/31     1,350       1,310,292  

United Rentals North America, Inc.,

          

Gtd. Notes

   3.750     01/15/32     575       555,193  

Gtd. Notes

   4.000     07/15/30     375       369,578  

Gtd. Notes(aa)

   4.875     01/15/28     5,770       5,945,009  

Verscend Escrow Corp.,

          

Sr. Unsec’d. Notes, 144A(aa)

   9.750     08/15/26     4,895       5,143,116  
          

 

 

 
             31,498,089  

Computers    0.6%

                                

CA Magnum Holdings (India),

          

Sr. Sec’d. Notes, 144A

   5.375     10/31/26     225       229,492  

NCR Corp.,

          

Gtd. Notes, 144A

   5.000     10/01/28     550       547,833  

Gtd. Notes, 144A

   5.125     04/15/29     825       823,427  

Gtd. Notes, 144A

   5.250     10/01/30     350       345,419  

Gtd. Notes, 144A(aa)

   5.750     09/01/27     1,000       1,019,681  

 

See Notes to Financial Statements.

 

82


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description   

Interest

Rate

       

Maturity      

Date

   

Principal    

Amount    

(000)#    

             Value           

CORPORATE BONDS (Continued)

          

Computers (cont’d.)

                                    

Tempo Acquisition LLC/Tempo Acquisition Finance Corp.,

          

Sr. Sec’d. Notes, 144A

   5.750%       06/01/25       375     $ 388,314  
          

 

 

 
             3,354,166  

Distribution/Wholesale    0.5%

                                    

Avient Corp.,

          

Sr. Unsec’d. Notes, 144A

   5.750       05/15/25       870       893,146  

H&E Equipment Services, Inc.,

          

Gtd. Notes, 144A

   3.875       12/15/28       1,800       1,698,461  
          

 

 

 
             2,591,607  

Diversified Financial Services    4.3%

                                    

Alliance Data Systems Corp.,

          

Gtd. Notes, 144A

   4.750       12/15/24       1,075       1,088,547  

goeasy Ltd. (Canada),

          

Gtd. Notes, 144A

   4.375       05/01/26       525       522,271  

Gtd. Notes, 144A

   5.375       12/01/24       500       511,508  

Home Point Capital, Inc.,

          

Gtd. Notes, 144A

   5.000       02/01/26       675       586,810  

Jefferies Finance LLC/JFIN Co-Issuer Corp.,

       

Sr. Unsec’d. Notes, 144A

   5.000       08/15/28       1,275       1,260,937  

LD Holdings Group LLC,

          

Gtd. Notes, 144A

   6.125       04/01/28       1,100       980,409  

LFS Topco LLC,

          

Gtd. Notes, 144A

   5.875       10/15/26       300       307,176  

LPL Holdings, Inc.,

          

Gtd. Notes, 144A

   4.000       03/15/29       1,375       1,336,163  

Gtd. Notes, 144A

   4.375       05/15/31       100       98,261  

Nationstar Mortgage Holdings, Inc.,

       

Gtd. Notes, 144A

   5.125       12/15/30       1,800       1,690,026  

Gtd. Notes, 144A(aa)

   5.500       08/15/28       2,645       2,592,085  

Gtd. Notes, 144A(aa)

   6.000       01/15/27       1,850       1,919,445  

Navient Corp.,

          

Sr. Unsec’d. Notes

   5.500       03/15/29       875       854,982  

OneMain Finance Corp.,

          

Gtd. Notes

   3.875       09/15/28       400       373,514  

Gtd. Notes

   4.000       09/15/30       500       466,114  

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    83


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description   

Interest

Rate

       

Maturity      

Date

 

Principal    

Amount    

(000)#    

             Value           

CORPORATE BONDS (Continued)

          

Diversified Financial Services (cont’d.)

                                

OneMain Finance Corp., (cont’d.)

          

Gtd. Notes

   6.625%     01/15/28     500     $ 537,655  

Gtd. Notes(aa)

   6.875     03/15/25     750       813,899  

Gtd. Notes(aa)

   7.125     03/15/26     5,498       6,046,984  

PennyMac Financial Services, Inc.,

          

Gtd. Notes, 144A

   4.250     02/15/29     575       519,672  

Gtd. Notes, 144A

   5.375     10/15/25     800       793,225  

VistaJet Malta Finance PLC/XO Management Holding, Inc. (Switzerland),

          

Sr. Unsec’d. Notes, 144A

   6.375     02/01/30     450       447,251  
          

 

 

 
             23,746,934  

Electric    5.2%

                                

Calpine Corp.,

          

Sr. Unsec’d. Notes, 144A

   4.625     02/01/29     1,350       1,278,088  

Sr. Unsec’d. Notes, 144A

   5.000     02/01/31     1,975       1,871,280  

Sr. Unsec’d. Notes, 144A(aa)

   5.125     03/15/28     5,950       5,803,547  

Keystone Power Pass-Through Holders LLC/Conemaugh Power Pass-Through Holders,
Sub. Notes, 144A, Cash coupon 13.000% or PIK N/A (original cost $353,171; purchased 01/17/19-12/01/21)(f)

   13.000     06/01/24     353       249,427  

NRG Energy, Inc.,

          

Gtd. Notes(aa)

   5.750     01/15/28     2,975       3,083,297  

Gtd. Notes, 144A

   3.375     02/15/29     200       185,404  

Gtd. Notes, 144A

   3.625     02/15/31     600       556,590  

Gtd. Notes, 144A

   3.875     02/15/32     575       540,541  

Gtd. Notes, 144A

   5.250     06/15/29     800       822,440  

PG&E Corp.,

          

Sr. Sec’d. Notes(aa)

   5.000     07/01/28     1,625       1,625,075  

Sr. Sec’d. Notes(aa)

   5.250     07/01/30     2,135       2,121,511  

Vistra Corp.,

          

Jr. Sub. Notes, 144A

   7.000(ff)     12/15/26(oo)     550       549,128  

Jr. Sub. Notes, 144A

   8.000(ff)     10/15/26(oo)     1,200       1,245,956  

Vistra Operations Co. LLC,

          

Gtd. Notes, 144A

   4.375     05/01/29     500       481,947  

 

See Notes to Financial Statements.

 

84


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest
Rate
          Maturity      
Date
    Principal    
Amount    
(000)#    
             Value           

CORPORATE BONDS (Continued)

          

Electric (cont’d.)

                                        

Vistra Operations Co. LLC, (cont’d.)

          

Gtd. Notes, 144A(aa)

     5.000%         07/31/27       1,100     $ 1,115,903  

Gtd. Notes, 144A(aa)

     5.625         02/15/27       6,700       6,833,480  
          

 

 

 
             28,363,614  

Electrical Components & Equipment    0.4%

                                        

Energizer Holdings, Inc.,

          

Gtd. Notes, 144A

     4.375         03/31/29       200       189,044  

WESCO Distribution, Inc.,

          

Gtd. Notes, 144A

     7.125         06/15/25       650       680,489  

Gtd. Notes, 144A(aa)

     7.250         06/15/28       1,130       1,211,696  
          

 

 

 
             2,081,229  

Electronics    0.4%

                                        

II-VI, Inc.,

          

Gtd. Notes, 144A

     5.000         12/15/29       250       249,462  

Likewize Corp.,

          

Sr. Sec’d. Notes, 144A

     9.750         10/15/25       950       1,016,956  

Sensata Technologies BV,

          

Gtd. Notes, 144A

     4.000         04/15/29       475       469,130  

Sensata Technologies, Inc.,

          

Gtd. Notes, 144A

     3.750         02/15/31       260       244,387  
          

 

 

 
             1,979,935  

Engineering & Construction    0.4%

                                        

AECOM,

          

Gtd. Notes(aa)

     5.125         03/15/27       555       582,001  

Artera Services LLC,

          

Sr. Sec’d. Notes, 144A

     9.033         12/04/25       700       716,112  

TopBuild Corp.,

          

Gtd. Notes, 144A

     3.625         03/15/29       500       484,537  

Gtd. Notes, 144A

     4.125         02/15/32       425       412,854  
          

 

 

 
             2,195,504  

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    85


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest
Rate
        Maturity      
Date
  Principal    
Amount    
(000)#    
             Value           

CORPORATE BONDS (Continued)

          

Entertainment     5.2%

                                    

AMC Entertainment Holdings, Inc.,

          

Sec’d. Notes, 144A, Cash coupon 10.000% or PIK 12.000% or Cash coupon 5.000% and PIK 6.000%

     10.000%       06/15/26     533     $ 497,717  

Caesars Entertainment, Inc.,

          

Sr. Sec’d. Notes, 144A

     6.250       07/01/25     1,685       1,746,433  

Sr. Unsec’d. Notes, 144A

     4.625       10/15/29     800       766,733  

Caesars Resort Collection LLC/CRC Finco, Inc.,

          

Sr. Sec’d. Notes, 144A

     5.750       07/01/25     600       618,000  

CCM Merger, Inc.,

          

Sr. Unsec’d. Notes, 144A

     6.375       05/01/26     275       285,312  

Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Operations LLC, Gtd. Notes

     6.500       10/01/28     675       708,767  

Churchill Downs, Inc.,

          

Gtd. Notes, 144A

     4.750       01/15/28     250       252,072  

Gtd. Notes, 144A

     5.500       04/01/27     625       642,196  

Everi Holdings, Inc.,

          

Gtd. Notes, 144A

     5.000       07/15/29     250       248,644  

Golden Entertainment, Inc.,

          

Sr. Unsec’d. Notes, 144A(aa)

     7.625       04/15/26     2,275       2,361,373  

International Game Technology PLC,

          

Sr. Sec’d. Notes, 144A

     5.250       01/15/29     600       614,161  

Sr. Sec’d. Notes, 144A(aa)

     6.500       02/15/25     2,110       2,256,097  

Jacobs Entertainment, Inc.,

          

Sec’d. Notes, 144A

     7.875       02/01/24     2,500       2,557,251  

Sr. Unsec’d. Notes, 144A

     6.750       02/15/29     525       529,974  

Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.,

          

Sr. Sec’d. Notes, 144A

     4.875       05/01/29     825       806,184  

Motion Bondco DAC (United Kingdom),

          

Gtd. Notes, 144A

     6.625       11/15/27     1,419       1,430,528  

Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance, Inc.,

          

Sr. Unsec’d. Notes, 144A

     8.500       11/15/27     1,325       1,420,980  

Penn National Gaming, Inc.,

          

Sr. Unsec’d. Notes, 144A

     4.125       07/01/29     325       305,478  

Sr. Unsec’d. Notes, 144A(aa)

     5.625       01/15/27     3,030       3,105,252  

Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.,

          

Gtd. Notes, 144A

     5.625       09/01/29     575       540,578  

 

See Notes to Financial Statements.

 

86


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest
Rate
        Maturity      
Date
  Principal    
Amount    
(000)#    
             Value           

CORPORATE BONDS (Continued)

          

Entertainment (cont’d.)

                                    

Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., (cont’d.)

          

Gtd. Notes, 144A

     5.875     09/01/31     1,225     $ 1,154,205  

Scientific Games International, Inc.,

          

Gtd. Notes, 144A(aa)

     8.250       03/15/26     2,725       2,847,625  

Gtd. Notes, 144A

     8.625       07/01/25     800       846,365  

Sr. Sec’d. Notes, 144A

     5.000       10/15/25     700       715,443  

Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.,

          

Gtd. Notes, 144A(aa)

     5.125       10/01/29     860       835,512  

Sr. Unsec’d. Notes, 144A

     7.750       04/15/25     275       286,337  
          

 

 

 
             28,379,217  

Environmental Control     0.2%

                                    

GFL Environmental, Inc. (Canada),

          

Gtd. Notes, 144A

     4.000       08/01/28     275       258,029  

Gtd. Notes, 144A

     4.375       08/15/29     575       549,445  

Madison IAQ LLC,

          

Sr. Unsec’d. Notes, 144A

     5.875       06/30/29     500       462,419  
          

 

 

 
             1,269,893  

Foods     4.2%

                                    

Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s LP/Albertson’s LLC,

          

Gtd. Notes, 144A(aa)

     3.500       03/15/29     435       411,167  

B&G Foods, Inc.,

          

Gtd. Notes

     5.250       09/15/27     1,850       1,874,088  

C&S Group Enterprises LLC,

          

Gtd. Notes, 144A

     5.000       12/15/28     875       805,174  

Chobani LLC/Chobani Finance Corp., Inc.,

          

Gtd. Notes, 144A

     7.500       04/15/25     225       229,644  

Sr. Sec’d. Notes, 144A

     4.625       11/15/28     475       475,328  

JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,

          

Gtd. Notes, 144A

     3.750       12/01/31     525       513,187  

Gtd. Notes, 144A

     6.500       04/15/29     1,025       1,113,787  

Sr. Unsec’d. Notes, 144A

     5.500       01/15/30     900       956,327  

Kraft Heinz Foods Co.,

          

Gtd. Notes(aa)

     4.375       06/01/46     1,775       1,861,179  

Gtd. Notes

     4.875       10/01/49     1,075       1,226,747  

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    87


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest
Rate
        Maturity      
Date
  Principal    
Amount    
(000)#    
             Value           

CORPORATE BONDS (Continued)

          

Foods (cont’d.)

                                    

Kraft Heinz Foods Co., (cont’d.)

          

Gtd. Notes

     5.000     07/15/35     235     $ 268,106  

Gtd. Notes

     5.000       06/04/42     450       513,868  

Gtd. Notes

     5.200       07/15/45     300       348,082  

Gtd. Notes

     5.500       06/01/50     1,450       1,794,398  

Lamb Weston Holdings, Inc.,

          

Gtd. Notes, 144A

     4.125       01/31/30     725       716,725  

Gtd. Notes, 144A

     4.375       01/31/32     725       716,037  

Pilgrim’s Pride Corp.,

          

Gtd. Notes, 144A

     3.500       03/01/32     375       357,392  

Gtd. Notes, 144A(aa)

     5.875       09/30/27     4,800       5,012,157  

Post Holdings, Inc.,

          

Gtd. Notes, 144A

     4.625       04/15/30     1,375       1,325,210  

Gtd. Notes, 144A

     5.500       12/15/29     225       231,099  

Gtd. Notes, 144A

     5.625       01/15/28     61       62,620  

Sr. Unsec’d. Notes, 144A

     4.500       09/15/31     2,050       1,950,647  

U.S. Foods, Inc.,

          

Gtd. Notes, 144A

     4.750       02/15/29     425       418,089  
          

 

 

 
             23,181,058  

Gas     0.9%

                                    

AmeriGas Partners LP/AmeriGas Finance Corp.,

          

Sr. Unsec’d. Notes(aa)

     5.500       05/20/25     600       619,763  

Sr. Unsec’d. Notes

     5.625       05/20/24     200       206,511  

Sr. Unsec’d. Notes(aa)

     5.750       05/20/27     3,250       3,442,077  

Sr. Unsec’d. Notes(aa)

     5.875       08/20/26     575       607,968  
          

 

 

 
             4,876,319  

Healthcare-Products     0.9%

                                    

Mozart Debt Merger Sub, Inc.,

          

Sr. Sec’d. Notes, 144A

     3.875       04/01/29     2,650       2,553,152  

Sr. Unsec’d. Notes, 144A(aa)

     5.250       10/01/29     2,450       2,382,625  
          

 

 

 
             4,935,777  

Healthcare-Services     5.5%

                                    

Catalent Pharma Solutions, Inc.,

          

Gtd. Notes, 144A

     3.125       02/15/29     325       303,884  

 

See Notes to Financial Statements.

 

88


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest
Rate
        Maturity      
Date
  Principal    
Amount    
(000)#    
             Value           

CORPORATE BONDS (Continued)

          

Healthcare-Services (cont’d.)

                                    

Catalent Pharma Solutions, Inc., (cont’d.)

          

Gtd. Notes, 144A

     3.500     04/01/30     525     $ 492,128  

CHS/Community Health Systems, Inc.,

          

Sr. Sec’d. Notes, 144A

     5.250       05/15/30     525       522,617  

DaVita, Inc.,

          

Gtd. Notes, 144A

     3.750       02/15/31     1,400       1,285,965  

Gtd. Notes, 144A(aa)

     4.625       06/01/30     3,250       3,162,782  

HCA, Inc.,

          

Gtd. Notes(aa)

     5.625       09/01/28     2,700       3,007,080  

Sr. Sec’d. Notes(aa)

     4.750       05/01/23     4,700       4,879,125  

MEDNAX, Inc.,

          

Gtd. Notes, 144A

     6.250       01/15/27     1,405       1,468,432  

Prime Healthcare Services, Inc.,

          

Sr. Sec’d. Notes, 144A

     7.250       11/01/25     1,225       1,278,981  

RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.,

          

Gtd. Notes, 144A(aa)

     9.750       12/01/26     3,400       3,582,769  

Tenet Healthcare Corp.,

          

Gtd. Notes, 144A

     6.125       10/01/28     775       778,612  

Sec’d. Notes, 144A

     6.250       02/01/27     1,300       1,331,934  

Sr. Sec’d. Notes, 144A(aa)

     4.250       06/01/29     2,175       2,099,153  

Sr. Sec’d. Notes, 144A

     4.375       01/15/30     1,275       1,230,236  

Sr. Sec’d. Notes, 144A(aa)

     4.875       01/01/26     743       746,471  

Sr. Unsec’d. Notes(aa)

     6.750       06/15/23     1,675       1,754,992  

Sr. Unsec’d. Notes(aa)

     6.875       11/15/31     2,200       2,393,446  
          

 

 

 
             30,318,607  

Home Builders     5.6%

                                    

Ashton Woods USA LLC/Ashton Woods Finance Co.,

          

Sr. Unsec’d. Notes, 144A

     4.625       08/01/29     825       814,540  

Sr. Unsec’d. Notes, 144A

     4.625       04/01/30     525       517,830  

Beazer Homes USA, Inc.,

          

Gtd. Notes

     5.875       10/15/27     1,100       1,127,187  

Gtd. Notes(aa)

     7.250       10/15/29     2,675       2,864,388  

Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada),

          

Gtd. Notes, 144A

     4.875       02/15/30     1,875       1,818,659  

Gtd. Notes, 144A(aa)

     6.250       09/15/27     815       839,991  

Sr. Unsec’d. Notes, 144A

     5.000       06/15/29     400       398,122  

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    89


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest
Rate
        Maturity      
Date
  Principal    
Amount    
(000)#    
             Value           

CORPORATE BONDS (Continued)

          

Home Builders (cont’d.)

                                    

Century Communities, Inc.,

          

Gtd. Notes

     6.750%       06/01/27     1,725     $ 1,796,392  

Gtd. Notes, 144A

     3.875       08/15/29     150       143,586  

Forestar Group, Inc.,

          

Gtd. Notes, 144A

     3.850       05/15/26     450       443,865  

Gtd. Notes, 144A(aa)

     5.000       03/01/28     650       659,200  

KB Home,

          

Gtd. Notes

     4.000       06/15/31     500       494,568  

Gtd. Notes

     4.800       11/15/29     575       600,139  

Gtd. Notes(aa)

     6.875       06/15/27     1,650       1,874,355  

Lennar Corp.,

          

Gtd. Notes(aa)

     5.000       06/15/27     1,250       1,383,689  

M/I Homes, Inc.,

          

Gtd. Notes

     3.950       02/15/30     375       362,148  

Gtd. Notes

     4.950       02/01/28     425       429,617  

Mattamy Group Corp. (Canada),

          

Sr. Unsec’d. Notes, 144A(aa)

     4.625       03/01/30     1,158       1,141,922  

Sr. Unsec’d. Notes, 144A(aa)

     5.250       12/15/27     1,075       1,094,685  

Meritage Homes Corp.,

          

Gtd. Notes(aa)

     5.125       06/06/27     2,523       2,700,595  

Shea Homes LP/Shea Homes Funding Corp.,

          

Sr. Unsec’d. Notes, 144A

     4.750       02/15/28     1,293       1,272,259  

Sr. Unsec’d. Notes, 144A

     4.750       04/01/29     225       221,113  

STL Holding Co. LLC,

          

Sr. Unsec’d. Notes, 144A

     7.500       02/15/26     650       683,816  

Taylor Morrison Communities, Inc.,

          

Gtd. Notes, 144A

     5.875       06/15/27     375       402,454  

Gtd. Notes, 144A(aa)

     6.625       07/15/27     2,800       2,918,486  

Sr. Unsec’d. Notes, 144A

     5.125       08/01/30     480       498,429  

Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc.,

          

Gtd. Notes, 144A(aa)

     5.625       03/01/24     1,873       1,974,648  

Tri Pointe Homes, Inc.,

          

Gtd. Notes

     5.700       06/15/28     915       972,085  
          

 

 

 
             30,448,768  

Home Furnishings     0.1%

                                    

Tempur Sealy International, Inc.,

          

Gtd. Notes, 144A

     4.000       04/15/29     450       431,779  

 

See Notes to Financial Statements.

 

90


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description   

Interest

Rate

       

Maturity      

Date

 

Principal    

Amount    

(000)#    

             Value           

CORPORATE BONDS (Continued)

          

Household Products/Wares     0.5%

                                    

ACCO Brands Corp.,

          

Gtd. Notes, 144A

     4.250     03/15/29     1,075     $ 1,027,529  

Central Garden & Pet Co.,

          

Gtd. Notes, 144A

     4.125       04/30/31     350       334,587  

Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada),

          

Gtd. Notes, 144A

     7.000       12/31/27     800       729,465  

Sr. Sec’d. Notes, 144A

     5.000       12/31/26     175       164,216  

Spectrum Brands, Inc.,

          

Gtd. Notes, 144A

     3.875       03/15/31     200       188,689  

Gtd. Notes, 144A

     5.000       10/01/29     250       259,070  
          

 

 

 
             2,703,556  

Housewares     0.6%

                                    

Scotts Miracle-Gro Co. (The),

          

Gtd. Notes

     4.375       02/01/32     350       339,439  

Gtd. Notes

     4.500       10/15/29     1,125       1,145,293  

Gtd. Notes, 144A

     4.000       04/01/31     750       714,233  

SWF Escrow Issuer Corp.,

          

Sr. Unsec’d. Notes, 144A

     6.500       10/01/29     1,250       1,162,858  
          

 

 

 
             3,361,823  

Insurance     0.4%

                                    

Acrisure LLC/Acrisure Finance, Inc.,

          

Sr. Unsec’d. Notes, 144A

     6.000       08/01/29     1,025       973,482  

AmWINS Group, Inc.,

          

Sr. Unsec’d. Notes, 144A

     4.875       06/30/29     400       392,440  

BroadStreet Partners, Inc.,

          

Sr. Unsec’d. Notes, 144A

     5.875       04/15/29     875       834,049  
          

 

 

 
             2,199,971  

Internet     1.0%

                                    

Cablevision Lightpath LLC,

          

Sr. Sec’d. Notes, 144A

     3.875       09/15/27     1,925       1,806,765  

Sr. Unsec’d. Notes, 144A

     5.625       09/15/28     625       597,044  

Go Daddy Operating Co. LLC/GD Finance Co., Inc.,

          

Gtd. Notes, 144A

     3.500       03/01/29     525       489,637  

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    91


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description   

Interest

Rate

       

Maturity      

Date

 

Principal    

Amount    

(000)#    

             Value           

CORPORATE BONDS (Continued)

          

Internet (cont’d.)

                                    

Go Daddy Operating Co. LLC/GD Finance Co., Inc., (cont’d.)

          

Gtd. Notes, 144A

     5.250     12/01/27     1,365     $ 1,402,863  

NortonLifeLock, Inc.,

          

Sr. Unsec’d. Notes, 144A

     5.000       04/15/25     1,000       1,003,626  
          

 

 

 
             5,299,935  

Iron/Steel     0.9%

                                    

Big River Steel LLC/BRS Finance Corp.,

          

Sr. Sec’d. Notes, 144A

     6.625       01/31/29     1,359       1,443,090  

Cleveland-Cliffs, Inc.,

          

Sr. Sec’d. Notes, 144A

     9.875       10/17/25     1,700       1,900,172  

Commercial Metals Co.,

          

Sr. Unsec’d. Notes

     4.125       01/15/30     300       297,370  

Sr. Unsec’d. Notes

     4.375       03/15/32     300       298,540  

TMS International Corp.,

          

Sr. Unsec’d. Notes, 144A

     6.250       04/15/29     175       169,040  

United States Steel Corp.,

          

Sr. Unsec’d. Notes

     6.875       03/01/29     1,065       1,084,858  
          

 

 

 
             5,193,070  

Leisure Time     0.4%

                                    

Lindblad Expeditions LLC,

          

Sr. Sec’d. Notes, 144A

     6.750       02/15/27     50       50,581  

NCL Corp. Ltd.,

          

Sr. Sec’d. Notes, 144A

     10.250       02/01/26     638       724,084  

Sr. Sec’d. Notes, 144A

     12.250       05/15/24     87       101,287  

Viking Cruises Ltd.,

          

Gtd. Notes, 144A

     5.875       09/15/27     350       319,469  

Viking Ocean Cruises Ship VII Ltd.,

          

Sr. Sec’d. Notes, 144A

     5.625       02/15/29     200       196,089  

Vista Outdoor, Inc.,

          

Gtd. Notes, 144A

     4.500       03/15/29     675       654,824  
          

 

 

 
             2,046,334  

Lodging     2.3%

                                    

Boyd Gaming Corp.,

          

Gtd. Notes

     4.750       12/01/27     50       49,802  

 

See Notes to Financial Statements.

 

92


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description   

Interest

Rate

       

Maturity      

Date

 

Principal    

Amount    

(000)#    

             Value           

CORPORATE BONDS (Continued)

          

Lodging (cont’d.)

                                    

Boyd Gaming Corp., (cont’d.)

          

Gtd. Notes, 144A

     4.750     06/15/31     375     $ 369,235  

Gtd. Notes, 144A

     8.625       06/01/25     226       239,687  

Hilton Domestic Operating Co., Inc.,

          

Gtd. Notes, 144A

     3.625       02/15/32     900       854,843  

Gtd. Notes, 144A

     3.750       05/01/29     300       292,109  

Gtd. Notes, 144A

     4.000       05/01/31     1,300       1,279,392  

Gtd. Notes, 144A

     5.375       05/01/25     225       231,440  

MGM Resorts International,

          

Gtd. Notes

     4.625       09/01/26     275       279,095  

Gtd. Notes(aa)

     4.750       10/15/28     2,025       2,005,814  

Gtd. Notes(aa)

     5.500       04/15/27     1,061       1,096,979  

Gtd. Notes(aa)

     6.750       05/01/25     2,325       2,410,323  

Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp.,

          

Sr. Sec’d. Notes, 144A

     5.875       05/15/25     625       623,689  

Wynn Macau Ltd. (Macau),

          

Sr. Unsec’d. Notes, 144A

     5.125       12/15/29     1,325       1,188,928  

Sr. Unsec’d. Notes, 144A

     5.625       08/26/28     1,900       1,727,995  
          

 

 

 
             12,649,331  

Machinery-Construction & Mining     0.1%

                                    

Terex Corp.,

          

Gtd. Notes, 144A

     5.000       05/15/29     725       718,060  

Machinery-Diversified     0.6%

                                    

GrafTech Finance, Inc.,

          

Sr. Sec’d. Notes, 144A

     4.625       12/15/28     700       677,322  

Maxim Crane Works Holdings Capital LLC,

          

Sec’d. Notes, 144A(aa)

     10.125       08/01/24     1,815       1,867,338  

TK Elevator Holdco GmbH (Germany),

          

Gtd. Notes, 144A

     7.625       07/15/28     200       210,488  

TK Elevator US Newco, Inc. (Germany),

          

Sr. Sec’d. Notes, 144A

     5.250       07/15/27     625       632,669  
          

 

 

 
             3,387,817  

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    93


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description   

Interest

Rate

       

Maturity      

Date

 

Principal    

Amount    

(000)#    

             Value           

CORPORATE BONDS (Continued)

          

Media     9.5%

                                    

CCO Holdings LLC/CCO Holdings Capital Corp.,

          

Sr. Unsec’d. Notes

     4.500     05/01/32     1,850     $ 1,782,973  

Sr. Unsec’d. Notes, 144A(aa)

     4.250       02/01/31     5,600       5,348,844  

Sr. Unsec’d. Notes, 144A

     4.500       06/01/33     700       665,811  

Sr. Unsec’d. Notes, 144A(aa)

     4.750       03/01/30     2,900       2,879,306  

Sr. Unsec’d. Notes, 144A

     5.000       02/01/28     1,000       1,012,414  

Sr. Unsec’d. Notes, 144A

     5.500       05/01/26     250       256,005  

CSC Holdings LLC,

          

Gtd. Notes, 144A

     3.375       02/15/31     1,175       1,025,657  

Gtd. Notes, 144A(aa)

     4.125       12/01/30     775       708,380  

Gtd. Notes, 144A

     5.500       04/15/27     200       204,421  

Sr. Unsec’d. Notes, 144A(aa)

     4.625       12/01/30     4,875       4,340,049  

Sr. Unsec’d. Notes, 144A

     5.750       01/15/30     2,350       2,214,071  

Diamond Sports Group LLC/Diamond Sports Finance Co.,

          

Gtd. Notes, 144A

     6.625       08/15/27     6,595       1,736,890  

Sr. Sec’d. Notes, 144A(aa)

     5.375       08/15/26     3,085       1,426,620  

DISH DBS Corp.,

          

Gtd. Notes

     5.125       06/01/29     1,160       1,012,200  

Gtd. Notes

     5.875       11/15/24     90       90,606  

Gtd. Notes

     7.375       07/01/28     750       725,607  

Gtd. Notes(aa)

     7.750       07/01/26     5,180       5,337,099  

Gray Television, Inc.,

          

Gtd. Notes, 144A

     5.875       07/15/26     200       204,849  

Gtd. Notes, 144A

     7.000       05/15/27     1,625       1,723,044  

iHeartCommunications, Inc.,

          

Gtd. Notes(aa)

     8.375       05/01/27     2,400       2,512,743  

Sr. Sec’d. Notes

     6.375       05/01/26     395       409,302  

Midcontinent Communications/Midcontinent Finance Corp.,

          

Gtd. Notes, 144A

     5.375       08/15/27     550       557,501  

News Corp.,

          

Sr. Unsec’d. Notes, 144A

     3.875       05/15/29     550       527,934  

Nexstar Media, Inc.,

          

Gtd. Notes, 144A

     4.750       11/01/28     775       767,280  

Gtd. Notes, 144A

     5.625       07/15/27     1,500       1,543,500  

Quebecor Media, Inc. (Canada),

          

Sr. Unsec’d. Notes

     5.750       01/15/23     1,500       1,529,046  

Radiate Holdco LLC/Radiate Finance, Inc.,

          

Sr. Sec’d. Notes, 144A

     4.500       09/15/26     610       588,497  

 

See Notes to Financial Statements.

 

94


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description   

Interest

Rate

       

Maturity      

Date

 

Principal    

Amount    

(000)#    

             Value           

CORPORATE BONDS (Continued)

          

Media (cont’d.)

                                    

Radiate Holdco LLC/Radiate Finance, Inc., (cont’d.)

          

Sr. Unsec’d. Notes, 144A

     6.500     09/15/28     1,300     $ 1,253,293  

Scripps Escrow II, Inc.,

          

Sr. Sec’d. Notes, 144A

     3.875       01/15/29     350       334,189  

Sr. Unsec’d. Notes, 144A

     5.375       01/15/31     275       271,966  

Scripps Escrow, Inc.,

          

Gtd. Notes, 144A(aa)

     5.875       07/15/27     1,310       1,342,511  

Sinclair Television Group, Inc.,

          

Gtd. Notes, 144A

     5.875       03/15/26     1,240       1,254,125  

Univision Communications, Inc.,

          

Sr. Sec’d. Notes, 144A

     4.500       05/01/29     400       396,457  

Sr. Sec’d. Notes, 144A(aa)

     5.125       02/15/25     2,300       2,320,198  

Sr. Sec’d. Notes, 144A(aa)

     6.625       06/01/27     2,135       2,254,641  

VZ Secured Financing BV (Netherlands),

          

Sr. Sec’d. Notes, 144A

     5.000       01/15/32     1,600       1,543,010  
          

 

 

 
             52,101,039  

Metal Fabricate/Hardware     0.1%

                                    

Roller Bearing Co. of America, Inc.,

          

Sr. Unsec’d. Notes, 144A

     4.375       10/15/29     525       519,920  

Mining     2.8%

                                    

Eldorado Gold Corp. (Turkey),

          

Sr. Unsec’d. Notes, 144A

     6.250       09/01/29     1,550       1,551,575  

First Quantum Minerals Ltd. (Zambia),

          

Gtd. Notes, 144A

     6.500       03/01/24     500       506,302  

Gtd. Notes, 144A

     6.875       10/15/27     700       743,538  

Gtd. Notes, 144A

     7.250       04/01/23     1,298       1,304,002  

Gtd. Notes, 144A

     7.500       04/01/25     3,305       3,379,372  

Freeport-McMoRan, Inc.,

          

Gtd. Notes(aa)

     4.375       08/01/28     1,075       1,108,006  

Hecla Mining Co.,

          

Gtd. Notes(aa)

     7.250       02/15/28     1,075       1,148,137  

Hudbay Minerals, Inc. (Canada),

          

Gtd. Notes, 144A

     4.500       04/01/26     900       885,519  

Gtd. Notes, 144A

     6.125       04/01/29     1,195       1,242,753  

IAMGOLD Corp. (Burkina Faso),

          

Gtd. Notes, 144A

     5.750       10/15/28     405       380,839  

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    95


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description   

Interest

Rate

       

Maturity      

Date

 

Principal    

Amount    

(000)#    

             Value           

CORPORATE BONDS (Continued)

          

Mining (cont’d.)

                                    

New Gold, Inc. (Canada),

          

Gtd. Notes, 144A(aa)

     6.375     05/15/25     755     $ 771,618  

Gtd. Notes, 144A

     7.500       07/15/27     1,220       1,287,248  

Novelis Corp.,

          

Gtd. Notes, 144A

     3.875       08/15/31     800       754,368  

Gtd. Notes, 144A

     4.750       01/30/30     275       274,435  
          

 

 

 
             15,337,712  

Miscellaneous Manufacturing     0.3%

                                    

Amsted Industries, Inc.,

          

Gtd. Notes, 144A(aa)

     5.625       07/01/27     1,075       1,102,111  

Sr. Unsec’d. Notes, 144A(aa)

     4.625       05/15/30     785       793,871  
          

 

 

 
             1,895,982  

Office/Business Equipment     0.1%

                                    

CDW LLC/CDW Finance Corp.,

          

Gtd. Notes

     3.250       02/15/29     710       676,327  

Oil & Gas     8.1%

                                    

Aethon United BR LP/Aethon United Finance Corp.,

          

Sr. Unsec’d. Notes, 144A

     8.250       02/15/26     975       1,028,927  

Alta Mesa Holdings LP/Alta Mesa Finance Services Corp.,

          

Sr. Unsec’d. Notes^

     7.875       12/15/24(d)     5,325       36,210  

Antero Resources Corp.,

          

Gtd. Notes

     5.000       03/01/25     1,500       1,520,040  

Gtd. Notes, 144A

     5.375       03/01/30     825       851,728  

Gtd. Notes, 144A

     7.625       02/01/29     979       1,066,371  

Gtd. Notes, 144A

     8.375       07/15/26     162       180,758  

Apache Corp.,

          

Sr. Unsec’d. Notes

     5.100       09/01/40     725       759,926  

Sr. Unsec’d. Notes

     5.350       07/01/49     115       120,655  

Ascent Resources Utica Holdings LLC/ARU Finance Corp.,

          

Gtd. Notes, 144A

     7.000       11/01/26     25       24,971  

Gtd. Notes, 144A

     9.000       11/01/27     252       334,597  

Athabasca Oil Corp. (Canada),

          

Sec’d. Notes, 144A

     9.750       11/01/26     2,000       2,007,617  

 

See Notes to Financial Statements.

 

96


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest
Rate
        Maturity      
Date
  Principal    
Amount    
(000)#    
             Value           

CORPORATE BONDS (Continued)

          

Oil & Gas (cont’d.)

                                    

Chesapeake Energy Corp.,

          

Gtd. Notes, 144A

     5.500     02/01/26     375     $ 387,079  

Gtd. Notes, 144A

     5.875       02/01/29     400       417,292  

Gtd. Notes, 144A

     6.750       04/15/29     725       775,278  

Citgo Holding, Inc.,

          

Sr. Sec’d. Notes, 144A

     9.250       08/01/24     453       453,455  

CITGO Petroleum Corp.,

          

Sr. Sec’d. Notes, 144A

     7.000       06/15/25     1,175       1,183,653  

CNX Resources Corp.,

          

Gtd. Notes, 144A(aa)

     7.250       03/14/27     1,550       1,626,924  

Comstock Resources, Inc.,

          

Gtd. Notes, 144A

     5.875       01/15/30     600       596,727  

Gtd. Notes, 144A

     6.750       03/01/29     975       1,006,134  

CrownRock LP/CrownRock Finance, Inc.,

          

Sr. Unsec’d. Notes, 144A

     5.000       05/01/29     500       504,755  

Sr. Unsec’d. Notes, 144A

     5.625       10/15/25     575       579,373  

Devon Energy Corp.,

          

Sr. Unsec’d. Notes

     5.250       10/15/27     175       183,296  

Endeavor Energy Resources LP/EER Finance, Inc.,

          

Sr. Unsec’d. Notes, 144A(aa)

     5.750       01/30/28     975       1,008,671  

Sr. Unsec’d. Notes, 144A

     6.625       07/15/25     300       313,593  

EQT Corp.,

          

Sr. Unsec’d. Notes(aa)

     3.900       10/01/27     1,725       1,739,320  

Sr. Unsec’d. Notes

     5.000       01/15/29     325       344,395  

Sr. Unsec’d. Notes

     7.500 (c)      02/01/30     225       267,804  

Hilcorp Energy I LP/Hilcorp Finance Co.,

          

Sr. Unsec’d. Notes, 144A

     5.750       02/01/29     275       280,783  

Sr. Unsec’d. Notes, 144A

     6.000       02/01/31     275       280,733  

Sr. Unsec’d. Notes, 144A(aa)

     6.250       11/01/28     1,658       1,719,972  

MEG Energy Corp. (Canada),

          

Gtd. Notes, 144A

     5.875       02/01/29     575       584,537  

Gtd. Notes, 144A

     7.125       02/01/27     1,802       1,869,486  

Nabors Industries Ltd.,

          

Gtd. Notes, 144A

     7.250       01/15/26     975       933,497  

Gtd. Notes, 144A

     7.500       01/15/28     1,325       1,247,524  

Nabors Industries, Inc.,

          

Gtd. Notes(aa)

     5.750       02/01/25     1,400       1,295,271  

Gtd. Notes, 144A

     7.375       05/15/27     50       51,152  

Occidental Petroleum Corp.,

          

Sr. Unsec’d. Notes

     5.500       12/01/25     50       53,097  

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    97


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest
Rate
        Maturity      
Date
  Principal    
Amount    
(000)#    
             Value           

CORPORATE BONDS (Continued)

 

       

Oil & Gas (cont’d.)

                                    

Occidental Petroleum Corp., (cont’d.)

 

       

Sr. Unsec’d. Notes

     5.550     03/15/26     75     $ 79,912  

Sr. Unsec’d. Notes

     6.125       01/01/31     745       860,412  

Sr. Unsec’d. Notes

     6.450       09/15/36     1,000       1,210,015  

Sr. Unsec’d. Notes

     7.150       05/15/28     900       1,009,277  

Sr. Unsec’d. Notes

     8.875       07/15/30     200       259,471  

Parkland Corp. (Canada),

          

Gtd. Notes, 144A

     4.500       10/01/29     525       505,688  

Gtd. Notes, 144A

     4.625       05/01/30     625       602,394  

Precision Drilling Corp. (Canada),

 

       

Gtd. Notes, 144A

     6.875       01/15/29     275       275,519  

Gtd. Notes, 144A(aa)

     7.125       01/15/26     2,560       2,582,471  

Range Resources Corp.,

          

Gtd. Notes

     4.875       05/15/25     425       433,123  

Gtd. Notes

     5.000       03/15/23     1,523       1,538,364  

Gtd. Notes, 144A

     4.750       02/15/30     275       275,284  

Southwestern Energy Co.,

          

Gtd. Notes

     4.750       02/01/32     650       649,400  

Gtd. Notes

     5.375       02/01/29     125       127,131  

Gtd. Notes

     5.375       03/15/30     1,900       1,948,446  

Sunoco LP/Sunoco Finance Corp.,

 

       

Gtd. Notes

     4.500       05/15/29     905       886,937  

Gtd. Notes

     6.000       04/15/27     775       798,955  

Gtd. Notes, 144A

     4.500       04/30/30     700       690,668  

Transocean, Inc.,

          

Gtd. Notes, 144A

     7.250       11/01/25     425       331,393  

Gtd. Notes, 144A

     7.500       01/15/26     1,625       1,240,521  

Gtd. Notes, 144A

     8.000       02/01/27     225       169,758  
          

 

 

 
             44,110,740  

Packaging & Containers     1.8%

 

                           

ARD Finance SA (Luxembourg),

 

       

Sr. Sec’d. Notes, 144A, Cash coupon 6.500% or PIK 7.250%

     6.500       06/30/27     1,066       1,080,359  

Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.,

 

       

Sr. Sec’d. Notes, 144A

     4.125       08/15/26     475       471,323  

Sr. Unsec’d. Notes, 144A

     5.250       08/15/27     1,075       1,049,244  

 

See Notes to Financial Statements.

 

98


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description     Interest
 Rate
        Maturity      
Date
  Principal    
Amount    
(000)#    
             Value           

CORPORATE BONDS (Continued)

          

Packaging & Containers (cont’d.)

                                    

Graham Packaging Co., Inc.,

          

Gtd. Notes, 144A

     7.125     08/15/28     1,360     $ 1,380,424  

Intelligent Packaging Holdco Issuer LP (Canada),

          

Sr. Unsec’d. Notes, 144A, Cash coupon 9.000% or PIK 9.750%

     9.000       01/15/26     300       311,959  

Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada),

          

Sr. Sec’d. Notes, 144A

     6.000       09/15/28     1,184       1,183,849  

LABL, Inc.,

          

Sr. Sec’d. Notes, 144A

     5.875       11/01/28     425       420,563  

Sr. Unsec’d. Notes, 144A

     8.250       11/01/29     1,100       1,050,878  

Sr. Unsec’d. Notes, 144A

     10.500       07/15/27     150       154,128  

OI European Group BV,

          

Gtd. Notes, 144A

     4.750       02/15/30     400       390,093  

Owens-Brockway Glass Container, Inc.,

          

Gtd. Notes, 144A

     6.375       08/15/25     500       531,290  

Gtd. Notes, 144A(aa)

     6.625       05/13/27     975       1,023,277  

Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc.,

          

Sr. Sec’d. Notes, 144A

     4.375       10/15/28     625       598,112  

Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC/Reynolds Group Issuer LLC,

          

Sr. Sec’d. Notes, 144A

     4.000       10/15/27     50       47,364  

TriMas Corp.,

          

Gtd. Notes, 144A

     4.125       04/15/29     325       320,097  
          

 

 

 
             10,012,960  

Pharmaceuticals     3.3%

                                    

AdaptHealth LLC,

          

Gtd. Notes, 144A

     4.625       08/01/29     1,000       956,535  

Gtd. Notes, 144A

     5.125       03/01/30     325       318,197  

Gtd. Notes, 144A

     6.125       08/01/28     670       696,289  

Bausch Health Americas, Inc.,

          

Gtd. Notes, 144A

     8.500       01/31/27     1,100       1,112,455  

Bausch Health Cos., Inc.,

          

Gtd. Notes, 144A

     5.000       01/30/28     1,000       842,789  

Gtd. Notes, 144A

     5.000       02/15/29     950       764,855  

Gtd. Notes, 144A(aa)

     5.250       01/30/30     2,325       1,873,925  

Gtd. Notes, 144A(aa)

     5.250       02/15/31     2,635       2,101,929  

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    99


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest
Rate
        Maturity      
Date
  Principal    
Amount    
(000)#    
             Value           

CORPORATE BONDS (Continued)

          

Pharmaceuticals (cont’d.)

                                    

Bausch Health Cos., Inc., (cont’d.)

          

Gtd. Notes, 144A

     6.125     04/15/25     1,178     $ 1,201,527  

Gtd. Notes, 144A

     6.250       02/15/29     2,960       2,508,702  

Gtd. Notes, 144A(aa)

     7.000       01/15/28     725       649,805  

Sr. Sec’d. Notes, 144A

     6.125       02/01/27     400       401,220  

Embecta Corp.,

          

Sr. Sec’d. Notes, 144A

     5.000       02/15/30     450       450,598  

Endo Luxembourg Finance Co. I Sarl/Endo US, Inc.,

          

Sr. Sec’d. Notes, 144A

     6.125       04/01/29     325       308,826  

Jazz Securities DAC,

          

Sr. Sec’d. Notes, 144A

     4.375       01/15/29     1,075       1,063,536  

Organon & Co./Organon Foreign Debt Co-Issuer BV,

          

Sr. Sec’d. Notes, 144A

     4.125       04/30/28     450       444,744  

Sr. Unsec’d. Notes, 144A

     5.125       04/30/31     1,100       1,099,614  

P&L Development LLC/PLD Finance Corp.,

          

Sr. Sec’d. Notes, 144A

     7.750       11/15/25     1,025       1,003,994  

Prestige Brands, Inc.,

          

Gtd. Notes, 144A

     3.750       04/01/31     550       500,090  
          

 

 

 
             18,299,630  

Pipelines     5.2%

                                    

Antero Midstream Partners LP/Antero Midstream Finance Corp.,

          

Gtd. Notes, 144A

     5.375       06/15/29     975       983,320  

Gtd. Notes, 144A(aa)

     5.750       01/15/28     2,425       2,460,120  

Cheniere Energy Partners LP,

          

Gtd. Notes

     4.000       03/01/31     1,575       1,571,709  

Cheniere Energy, Inc.,

          

Sr. Sec’d. Notes(aa)

     4.625       10/15/28     3,250       3,298,963  

CNX Midstream Partners LP,

          

Gtd. Notes, 144A

     4.750       04/15/30     200       195,912  

DCP Midstream Operating LP,

          

Gtd. Notes(aa)

     5.125       05/15/29     1,375       1,456,135  

Gtd. Notes

     5.625       07/15/27     510       551,195  

Energy Transfer LP,

          

Jr. Sub. Notes, Series G(aa)

     7.125 (ff)      05/15/30(oo)     1,075       1,097,055  

EQM Midstream Partners LP,

          

Sr. Unsec’d. Notes

     4.750       07/15/23     85       85,947  

Sr. Unsec’d. Notes

     5.500       07/15/28     50       50,621  

 

See Notes to Financial Statements.

 

100


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description   

Interest

Rate

     

Maturity      

Date

   

Principal    

Amount    

(000)#    

           Value           

CORPORATE BONDS (Continued)

          

Pipelines (cont’d.)

                                

EQM Midstream Partners LP, (cont’d.)

          

Sr. Unsec’d. Notes, 144A(aa)

   6.000%       07/01/25     955   $ 988,374  

Sr. Unsec’d. Notes, 144A

   6.500       07/01/27     1,275     1,341,145  

Global Partners LP/GLP Finance Corp.,

          

Gtd. Notes

   6.875       01/15/29     375     386,964  

Gtd. Notes(aa)

   7.000       08/01/27     750     771,875  

Rockies Express Pipeline LLC,

          

Sr. Unsec’d. Notes, 144A(aa)

   6.875       04/15/40     2,050     2,172,820  

Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,

          

Gtd. Notes, 144A(aa)

   5.500       01/15/28     2,054     1,962,969  

Gtd. Notes, 144A

   6.000       12/31/30     925     887,691  

Gtd. Notes, 144A

   7.500       10/01/25     200     210,355  

Targa Resources Partners LP/Targa Resources Partners Finance Corp.,

          

Gtd. Notes

   5.000       01/15/28     200     204,622  

Gtd. Notes(aa)

   5.375       02/01/27     1,575     1,615,795  

Gtd. Notes

   5.500       03/01/30     75     79,564  

Gtd. Notes(aa)

   6.500       07/15/27     1,000     1,061,060  

Venture Global Calcasieu Pass LLC,

          

Sr. Sec’d. Notes, 144A

   3.875       08/15/29     985     984,642  

Sr. Sec’d. Notes, 144A

   4.125       08/15/31     310     312,311  

Western Midstream Operating LP,

          

Sr. Unsec’d. Notes

   3.950       06/01/25     600     614,330  

Sr. Unsec’d. Notes

   4.000       07/01/22     250     250,214  

Sr. Unsec’d. Notes

   4.350(cc)       02/01/25     75     75,933  

Sr. Unsec’d. Notes(aa)

   5.300(cc)       02/01/30     2,375     2,485,420  

Sr. Unsec’d. Notes

   5.450       04/01/44     50     55,328  

Sr. Unsec’d. Notes

   5.500       08/15/48     75     82,724  
          

 

 

 
             28,295,113  

Real Estate    1.6%

                                

Five Point Operating Co. LP/Five Point Capital Corp.,

          

Gtd. Notes, 144A(aa)

   7.875       11/15/25     2,200     2,269,752  

Greystar Real Estate Partners LLC,

          

Sr. Sec’d. Notes, 144A(aa)

   5.750       12/01/25     2,000     2,032,992  

Howard Hughes Corp. (The),

          

Gtd. Notes, 144A

   4.125       02/01/29     1,025     985,940  

Gtd. Notes, 144A

   4.375       02/01/31     675     644,099  

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    101


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description   

Interest

Rate

           

Maturity      

Date

 

Principal    

Amount    

(000)#    

             Value           

CORPORATE BONDS (Continued)

            

Real Estate (cont’d.)

                                        

Howard Hughes Corp. (The), (cont’d.)

            

Gtd. Notes, 144A

   5.375%       08/01/28     340     $ 346,581  

Hunt Cos., Inc.,

            

Sr. Sec’d. Notes, 144A

   5.250       04/15/29     1,700       1,621,410  

Realogy Group LLC/Realogy Co-Issuer Corp.,

            

Gtd. Notes, 144A

   5.250       04/15/30     1,050       1,005,323  
            

 

 

 
               8,906,097  

Real Estate Investment Trusts (REITs)    4.3%

                                        

Diversified Healthcare Trust,

            

Gtd. Notes

   4.375       03/01/31     611       552,003  

Gtd. Notes(aa)

   9.750       06/15/25     2,500       2,656,988  

Sr. Unsec’d. Notes

   4.750       02/15/28     1,375       1,294,791  

MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.,

            

Gtd. Notes

   4.500       01/15/28     2,000       2,143,061  

Gtd. Notes, 144A

   4.625       06/15/25     245       257,682  

MPT Operating Partnership LP/MPT Finance Corp.,

            

Gtd. Notes

   3.500       03/15/31     150       145,203  

Gtd. Notes(aa)

   5.000       10/15/27     2,325       2,388,909  

Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer,

            

Sr. Sec’d. Notes, 144A(aa)

   5.875       10/01/28     900       920,338  

Sr. Sec’d. Notes, 144A(aa)

   7.500       06/01/25     1,940       2,031,513  

RHP Hotel Properties LP/RHP Finance Corp.,

            

Gtd. Notes, 144A

   4.500       02/15/29     325       314,403  

SBA Communications Corp.,

            

Sr. Unsec’d. Notes

   3.125       02/01/29     450       420,067  

Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC,

            

Sr. Sec’d. Notes, 144A(aa)

   7.875       02/15/25     6,650       6,924,954  

Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC,

            

Sr. Sec’d. Notes, 144A

   4.750       04/15/28     1,035       1,005,441  

VICI Properties LP/VICI Note Co., Inc.,

            

Gtd. Notes, 144A(aa)

   4.250       12/01/26     1,235       1,247,458  

Gtd. Notes, 144A(aa)

   4.625       12/01/29     950       978,525  
            

 

 

 
               23,281,336  

 

See Notes to Financial Statements.

 

102


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest
Rate
      Maturity      
Date
    Principal    
Amount    
(000)#    
           Value           

CORPORATE BONDS (Continued)

             

Retail    4.2%

                                         

1011778 BC ULC/New Red Finance, Inc. (Canada),

             

Sec’d. Notes, 144A

   4.000%       10/15/30        3,250   $ 3,017,153  

Sr. Sec’d. Notes, 144A

   3.500       02/15/29        325     308,140  

Sr. Sec’d. Notes, 144A

   3.875       01/15/28        388     378,843  

At Home Group, Inc.,

             

Gtd. Notes, 144A

   7.125       07/15/29        1,625     1,522,673  

Sr. Sec’d. Notes, 144A

   4.875       07/15/28        125     119,665  

Brinker International, Inc.,

             

Gtd. Notes, 144A(aa)

   5.000       10/01/24        1,250     1,299,294  

Sr. Unsec’d. Notes

   3.875       05/15/23        125     126,659  

Carrols Restaurant Group, Inc.,

             

Gtd. Notes, 144A

   5.875       07/01/29        950     820,422  

eG Global Finance PLC (United Kingdom),

             

Sr. Sec’d. Notes

   4.375       02/07/25       EUR      600     661,618  

Sr. Sec’d. Notes

   6.250       10/30/25       EUR      553     623,551  

Sr. Sec’d. Notes, 144A

   6.750       02/07/25        725     725,572  

Sr. Sec’d. Notes, 144A

   8.500       10/30/25        1,450     1,471,532  

Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.,

             

Gtd. Notes, 144A

   6.750       01/15/30        1,200     1,165,589  

Sr. Sec’d. Notes, 144A

   4.625       01/15/29        550     535,738  

Foundation Building Materials, Inc.,

             

Gtd. Notes, 144A

   6.000       03/01/29        800     771,646  

Gap, Inc. (The),

             

Gtd. Notes, 144A

   3.625       10/01/29        875     814,100  

Gtd. Notes, 144A

   3.875       10/01/31        800     743,095  

LBM Acquisition LLC,

             

Gtd. Notes, 144A

   6.250       01/15/29        775     738,802  

LCM Investments Holdings II LLC,

             

Sr. Unsec’d. Notes, 144A

   4.875       05/01/29        675     652,110  

Park River Holdings, Inc.,

             

Gtd. Notes, 144A

   5.625       02/01/29        1,925     1,756,781  

Sally Holdings LLC/Sally Capital, Inc.,

             

Gtd. Notes(aa)

   5.625       12/01/25        900     914,836  

Sec’d. Notes, 144A

   8.750       04/30/25        300     316,647  

SRS Distribution, Inc.,

             

Gtd. Notes, 144A

   6.000       12/01/29        600     584,917  

Suburban Propane Partners LP/Suburban Energy Finance Corp.,

             

Sr. Unsec’d. Notes

   5.875       03/01/27        675     694,837  

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    103


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description   

Interest

Rate

     

Maturity      

Date

   

Principal    

Amount    

(000)#    

           Value           

CORPORATE BONDS (Continued)

          

Retail (cont’d.)

                                

Suburban Propane Partners LP/Suburban Energy Finance Corp., (cont’d.)

       

Sr. Unsec’d. Notes, 144A

   5.000%       06/01/31     900   $ 888,050  

Superior Plus LP/Superior General Partner, Inc. (Canada),

          

Gtd. Notes, 144A

   4.500       03/15/29     600     600,465  

White Cap Buyer LLC,

          

Sr. Unsec’d. Notes, 144A

   6.875       10/15/28     700     718,864  
          

 

 

 
             22,971,599  

Semiconductors    0.1%

                                

Microchip Technology, Inc.,

          

Gtd. Notes

   4.250       09/01/25     430     443,106  

Software    1.0%

                                

Black Knight InfoServ LLC,

          

Gtd. Notes, 144A

   3.625       09/01/28     1,643     1,575,032  

Change Healthcare Holdings LLC/Change Healthcare Finance, Inc.,

          

Gtd. Notes, 144A

   5.750       03/01/25     2,000     2,006,284  

Clarivate Science Holdings Corp.,

          

Sr. Sec’d. Notes, 144A

   3.875       07/01/28     1,075     1,027,273  

Dun & Bradstreet Corp. (The),

          

Gtd. Notes, 144A

   5.000       12/15/29     250     249,476  

Rackspace Technology Global, Inc.,

          

Sr. Sec’d. Notes, 144A

   3.500       02/15/28     625     583,912  
          

 

 

 
             5,441,977  

Telecommunications    7.1%

                                

Altice France SA (France),

          

Sr. Sec’d. Notes, 144A

   5.125       07/15/29     550     508,921  

Sr. Sec’d. Notes, 144A

   8.125       02/01/27     955     1,010,454  

CommScope Technologies LLC,

          

Gtd. Notes, 144A

   6.000       06/15/25     2,125     2,069,743  

CommScope, Inc.,

          

Sr. Sec’d. Notes, 144A

   6.000       03/01/26     960     972,922  

Digicel Group Holdings Ltd. (Jamaica),

          

Sr. Unsec’d. Notes, 144A, Cash coupon 5.000% and PIK 3.000%

   8.000       04/01/25     1,000     930,494  

 

See Notes to Financial Statements.

 

104


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description   

Interest

Rate

     

Maturity      

Date

 

Principal    

Amount    

(000)#    

           Value           

CORPORATE BONDS (Continued)

          

Telecommunications (cont’d.)

                            

Digicel International Finance Ltd./Digicel International Holdings Ltd. (Jamaica),

          

Sr. Sec’d. Notes, 144A

   8.750%     05/25/24   1,050   $ 1,076,913  

Sr. Sec’d. Notes, 144A

   8.750     05/25/24   525     538,089  

Digicel Ltd. (Jamaica),

          

Gtd. Notes, 144A

   6.750     03/01/23   7,368     7,176,642  

Iliad Holding SASU (France),

          

Sr. Sec’d. Notes, 144A

   6.500     10/15/26   1,525     1,546,616  

Sr. Sec’d. Notes, 144A

   7.000     10/15/28   875     886,951  

Intelsat Jackson Holdings SA (Luxembourg),

          

Gtd. Notes

   5.500     08/01/23(d)   2,160     945,431  

Gtd. Notes, 144A

   9.750     07/15/25(d)   4,135     1,830,167  

Sr. Sec’d. Notes, 144A

   6.500     03/15/30   2,365     2,305,875  

Intrado Corp.,

          

Gtd. Notes, 144A(aa)

   8.500     10/15/25   914     895,027  

Level 3 Financing, Inc.,

          

Gtd. Notes, 144A

   3.750     07/15/29   400     366,199  

Lumen Technologies, Inc.,

          

Sr. Unsec’d. Notes(aa)

   5.625     04/01/25   1,830     1,891,885  

Sr. Unsec’d. Notes, Series U

   7.650     03/15/42   1,055     1,058,006  

Sprint Capital Corp.,

          

Gtd. Notes(aa)

   6.875     11/15/28   700     836,343  

Gtd. Notes

   8.750     03/15/32   706     986,264  

Sprint Corp.,

          

Gtd. Notes

   7.125     06/15/24   250     272,542  

Gtd. Notes(aa)

   7.625     02/15/25   2,725     3,031,794  

Gtd. Notes(aa)

   7.875     09/15/23   1,794     1,937,459  

Switch Ltd.,

          

Gtd. Notes, 144A

   4.125     06/15/29   375     365,399  

Viasat, Inc.,

          

Sr. Sec’d. Notes, 144A

   5.625     04/15/27   70     71,192  

Sr. Unsec’d. Notes, 144A(aa)

   5.625     09/15/25   2,970     2,925,264  

Sr. Unsec’d. Notes, 144A

   6.500     07/15/28   420     417,640  

Viavi Solutions, Inc.,

          

Gtd. Notes, 144A

   3.750     10/01/29   200     191,924  

Zayo Group Holdings, Inc.,

          

Sr. Sec’d. Notes, 144A

   4.000     03/01/27   120     113,509  

Sr. Unsec’d. Notes, 144A

   6.125     03/01/28   1,475     1,397,549  
          

 

 

 
             38,557,214  

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    105


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description   

Interest

Rate

            Maturity      
Date
  Principal    
Amount    
(000)#    
             Value           

CORPORATE BONDS (Continued)

            

Toys/Games/Hobbies    0.1%

                                            

Mattel, Inc.,

            

Gtd. Notes, 144A

     3.375%         04/01/26     275     $ 274,911  

Transportation    0.3%

                                            

XPO Logistics, Inc.,

            

Gtd. Notes, 144A

     6.250         05/01/25     1,330       1,377,789  

Trucking & Leasing    0.2%

                                            

Fortress Transportation & Infrastructure Investors LLC,

            

Sr. Unsec’d. Notes, 144A

     5.500         05/01/28     875       849,080  
            

 

 

 

TOTAL CORPORATE BONDS

            

(cost $642,442,477)

               632,450,004  
            

 

 

 
                      

Shares

       

COMMON STOCKS    3.4%

            

Electric Utilities     0.3%

                                            

GenOn Energy Holdings, Inc. (Class A Stock) (original cost $984,219; purchased 02/28/19)*^(f)

             9,187       1,286,180  

Keycon Power Holdings LLC^

             2,600       366,600  
            

 

 

 
               1,652,780  

Gas Utilities    0.7%

                                            

Ferrellgas Partners LP (Class B Stock)

             15,475       3,946,125  

Hotels, Restaurants & Leisure    0.1%

                                            

CEC Entertainment, Inc.*

             22,321       396,198  

Oil, Gas & Consumable Fuels    2.3%

                                            

Chesapeake Energy Corp.

             163,307       11,132,638  

Chesapeake Energy Corp. Backstop Commitment

             1,644       112,071  

Civitas Resources, Inc.

             25,456       1,387,352  
            

 

 

 
               12,632,061  
            

 

 

 

TOTAL COMMON STOCKS

            

(cost $6,211,542)

               18,627,164  
            

 

 

 

 

See Notes to Financial Statements.

 

106


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description                                                                 Shares                    Value           

PREFERRED STOCK    0.8%

           

Gas Utilities

                                     

Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31^

           

(cost $4,001,250)

          4,125   $ 4,125,000  
           

 

 

 
                   

Units

     

WARRANTS*    0.0%

           

Chemicals    0.0%

                                     

TPC Group, Inc., expiring 08/01/24 (original cost $0; purchased 02/02/21)^(f)

          1,436,166     6,750  
           

 

 

 

Oil, Gas & Consumable Fuels    0.0%

                                     

Athabasca Oil Corp. (Canada), expiring 11/01/26

          2,000     91,396  
           

 

 

 

TOTAL WARRANTS

           

(cost $0)

              98,146  
           

 

 

 

TOTAL LONG-TERM INVESTMENTS

           

(cost $699,833,784)

              702,361,686  
           

 

 

 
                   

Shares

     

SHORT-TERM INVESTMENT    0.1%

           

UNAFFILIATED FUND

           

Dreyfus Government Cash Management (Institutional Shares)

           

(cost $144,612)

          144,612     144,612  
           

 

 

 

TOTAL INVESTMENTS     128.6%

           

(cost $699,978,396)

              702,506,298  

Liabilities in excess of other assets(z)     (28.6)%

              (156,024,708
           

 

 

 

NET ASSETS     100.0%

            $ 546,481,590  
           

 

 

 

 

See the Glossary for a list of the abbreviation(s) used in the semiannual 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 $6,156,346 and 1.1% of net assets.

(aa)

Represents security, or a portion thereof, with aggregate value of $225,305,129 segregated as collateral for amount of $181,000,000 borrowed and outstanding as of January 31, 2022.

(c)

Variable rate instrument. The interest rate shown reflects the rate in effect at January 31, 2022.

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    107


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

(cc)

Variable rate instrument. The rate shown is based on the latest available information as of January 31, 2022. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

(d)

Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.

(f)

Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the aggregate original cost of such securities is $8,855,947. The aggregate value of $8,587,692 is 1.6% of net assets.

(ff)

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

(oo)

Perpetual security. Maturity date represents next call date.

(z)

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

Unfunded loan commitment outstanding at January 31, 2022:

 

Borrower                                                                                                    

   Principal
Amount
(000)#
   Current
Value
   Unrealized
Appreciation
  Unrealized
Depreciation

Intelsat Jackson Holdings SA, DIP Term Loan, 3 Month LIBOR + 4.750%, 5.750%(c), Maturity Date 07/13/22 (cost $108,402)

       109        $109,167        $765       $—
         

 

 

      

 

 

     

 

 

 

Forward foreign currency exchange contracts outstanding at January 31, 2022:

 

Purchase

Contracts

  

Counterparty

   Notional
Amount
(000)
   Value at
Settlement
Date
   Current
Value
   Unrealized
Appreciation
   Unrealized
Depreciation

OTC Forward Foreign Currency Exchange Contracts:

                        

Euro,

                           

Expiring 02/02/22

   The Toronto-Dominion Bank      EUR  1,254      $ 1,414,233      $ 1,409,176      $      $ (5,057 )
            

 

 

      

 

 

      

 

 

      

 

 

 

Sale

Contracts

  

Counterparty

     Notional  
Amount
(000)
   Value at
Settlement
Date
   Current
Value
   Unrealized
Appreciation
   Unrealized
Depreciation

OTC Forward Foreign Currency Exchange Contracts:

                        

Euro,

                           

Expiring 02/02/22

   Goldman Sachs International      EUR  203      $  231,754      $    227,714      $  4,040        $  —  

Expiring 02/02/22

   Morgan Stanley & Co. International PLC      EUR 483        547,364        542,687        4,677           —  

Expiring 02/02/22

   Morgan Stanley & Co. International PLC      EUR  261        295,469        292,844        2,625           —  

Expiring 02/02/22

   Morgan Stanley & Co. International PLC      EUR 207        234,389        232,087        2,302           —  

Expiring 02/02/22

   Morgan Stanley & Co. International PLC      EUR 101        115,132        113,844        1,288           —  

 

See Notes to Financial Statements.

 

108


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

Forward foreign currency exchange contracts outstanding at January 31, 2022 (continued):

 

Sale

Contracts

  

Counterparty

     Notional  
Amount
(000)
   Value at
Settlement
Date
   Current
Value
   Unrealized
Appreciation
   Unrealized
Depreciation

OTC Forward Foreign Currency Exchange Contracts (cont’d.):

 

         

Euro (cont’d.),

                           

Expiring 03/02/22

   Bank of America, N.A.      EUR 100      $     112,638      $     112,127      $     511      $      —

Expiring 03/02/22

   The Toronto-Dominion Bank      EUR   1,254        1,415,040        1,409,907        5,133       
            

 

 

      

 

 

      

 

 

      

 

 

 
             $ 2,951,786      $ 2,931,210        20,576       
            

 

 

      

 

 

      

 

 

      

 

 

 
                       $ 20,576        $ (5,057
                      

 

 

      

 

 

 

Credit default swap agreement outstanding at January 31, 2022:

 

Reference

Entity/

Obligation

   Termination
Date
     Fixed
Rate
    Notional
Amount
(000)#(3)
     Implied
Credit
Spread at
January 31,
2022(4)
    Fair
Value
     Upfront
Premiums
Paid
(Received)
     Unrealized
Appreciation
(Depreciation)
     Counterparty  
                                                                                                 

OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Sell Protection(2):

 

           

EQT Corp.

     06/20/22        5.000 %(Q)      450        1.441      $ 8,881            $ 6,222                     $ 2,659                   
Credit Suisse
International
 
 
               

 

 

          

 

 

          

 

 

       

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.

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    109


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

(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 January 31, 2022:

 

Reference Entity

  

Financing

Rate

  

Counterparty

  

Termination

Date

  

Long

(Short)

Notional

Amount

(000)#(1)

   Fair
Value
   Upfront
Premiums
Paid
(Received)
   Unrealized
Appreciation
(Depreciation)(2)

OTC Total Return Swap Agreements:

                    

iBoxx US Dollar Liquid High Yield Index(T)

   3 Month LIBOR(Q)    Goldman Sachs International Morgan Stanley & Co.    3/20/22    11,400        $(221,666      $      $ (221,666

iBoxx US Dollar Liquid High Yield Index(T)

   3 Month LIBOR(Q)    International PLC Morgan Stanley & Co.    3/20/22    18,250        (151,370 )               (151,370 )

iBoxx US Dollar Liquid High Yield Index(T)

   3 Month LIBOR(T)    International PLC    3/20/22    2,590        (48,817 )               (48,817 )

iBoxx US Dollar Liquid High Yield Index(T)

   3 Month LIBOR(T)    Goldman Sachs International    3/20/22    9,010        (183,240 )               (183,240 )
                

 

 

      

 

 

      

 

 

 
                 $ (605,093      $      $ (605,093
                

 

 

      

 

 

      

 

 

 

 

(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).

 

See Notes to Financial Statements.

 

110


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

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

 

      Premiums Paid    Premiums Received   

Unrealized

Appreciation

   Unrealized
Depreciation

OTC Swap Agreements

   $6,222    $—    $2,659    $(605,093)

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 January 31, 2022 in valuing such portfolio securities:

 

     Level 1             Level 2            Level 3  

Investments in Securities

             

Assets

             

Long-Term Investments

             

Bank Loans

   $         $ 46,725,766        $ 335,606  

Corporate Bonds

               632,413,794          36,210  

Common Stocks

     12,519,990           4,454,394          1,652,780  

Preferred Stock

                        4,125,000  

Warrants

               91,396          6,750  

Short-Term Investment

             

Unaffiliated Fund

     144,612                     
  

 

 

       

 

 

      

 

 

 

Total

   $ 12,664,602         $ 683,685,350        $ 6,156,346  
  

 

 

       

 

 

      

 

 

 

Other Financial Instruments*

             

Assets

             

Unfunded Loan Commitment

   $         $ 765        $  

OTC Forward Foreign Currency Exchange Contracts

               20,576           

OTC Credit Default Swap Agreement

               8,881           
  

 

 

       

 

 

      

 

 

 

Total

   $         $ 30,222        $  
  

 

 

       

 

 

      

 

 

 

Liabilities

             

OTC Forward Foreign Currency Exchange Contract

   $         $ (5,057      $  

OTC Total Return Swap Agreements

               (605,093         
  

 

 

       

 

 

      

 

 

 

Total

   $         $ (610,150      $  
  

 

 

       

 

 

      

 

 

 

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    111


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

 

 

*

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.

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

 

   

Bank Loans

 

Corporate Bonds

 

Common Stocks

Balance as of 07/31/21

    $ 2,091,441     $     $ 1,741,369

Realized gain (loss)

      1,821            

Change in unrealized appreciation (depreciation)

      (5,317 )       (122,141 )      

Purchases/Exchanges/Issuances

      267,300            

Sales/Paydowns

      (123,750 )            

Accrued discount/premium

      411       151,695      

Transfers into Level 3*

            6,656      

Transfers out of Level 3*

      (1,896,300 )             (88,589 )
   

 

 

     

 

 

     

 

 

 

Balance as of 01/31/22

    $ 335,606     $ 36,210     $ 1,652,780
   

 

 

     

 

 

     

 

 

 

Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end

    $ 1,457     $ (122,141 )     $
   

 

 

     

 

 

     

 

 

 

 

   

Preferred Stock

 

Warrants

Balance as of 07/31/21

    $ 4,125,000     $

Realized gain (loss)

           

Change in unrealized appreciation (depreciation)

            6,750

Purchases/Exchanges/Issuances

           

Sales/Paydowns

           

Accrued discount/premium

           

Transfers into Level 3*

           

Transfers out of Level 3*

           
   

 

 

     

 

 

 

Balance as of 01/31/22

    $ 4,125,000     $ 6,750
   

 

 

     

 

 

 

Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end

    $     $ 6,750
   

 

 

     

 

 

 

 

*

It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. Securities transferred levels due to a change in observable and/or unobservable inputs.

 

See Notes to Financial Statements.

 

112


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

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
January 31, 2022
  

Valuation
Approach

   Valuation
Methodology
  

Unobservable Inputs

Corporate Bonds                     

    $ 36,210    Market        Transaction Based    Unadjusted Last Traded Price

Common Stocks

      366,600    Market        Enterprise Value    Estimated Cash Flow

Preferred Stock

      4,125,000    Market        Transaction Based    Unadjusted Last Traded Price
   

 

 

            
    $ 4,527,810           
   

 

 

            

 

**

The table does not include Level 3 securities and/or derivatives that are valued by independent pricing vendors or brokers. As of January 31, 2022, the aggregate value of these securities and/or derivatives was $1,628,536. The unobservable inputs for these investments were not developed by the Fund and are not readily available.

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2022 were as follows:

 

Media

     9.7

Oil & Gas

     9.0  

Telecommunications

     8.3  

Commercial Services

     6.0  

Home Builders

     5.6  

Healthcare-Services

     5.5  

Electric

     5.5  

Entertainment

     5.2  

Pipelines

     5.2  

Chemicals

     5.0  

Retail

     4.5  

Diversified Financial Services

     4.3  

Real Estate Investment Trusts (REITs)

     4.3  

Foods

     4.2  

Aerospace & Defense

     3.8  

Pharmaceuticals

     3.6  

Software

     3.3  

Mining

     2.8  

Oil, Gas & Consumable Fuels

     2.3  

Auto Manufacturers

     2.3  

Lodging

     2.3  

Building Materials

     2.3  

Auto Parts & Equipment

     2.3  

Computers

     2.0  

Packaging & Containers

     1.8  

Airlines

     1.7  

Real Estate

     1.6  

Gas Utilities

     1.5

Internet

     1.0  

Iron/Steel

     0.9  

Healthcare-Products

     0.9  

Gas

     0.9  

Housewares

     0.8  

Banks

     0.8  

Insurance

     0.8  

Machinery-Diversified

     0.6  

Advertising

     0.6  

Household Products/Wares

     0.5  

Distribution/Wholesale

     0.5  

Engineering & Construction

     0.4  

Apparel

     0.4  

Electrical Components & Equipment

     0.4  

Leisure Time

     0.4  

Electronics

     0.4  

Miscellaneous Manufacturing

     0.3  

Electric Utilities

     0.3  

Transportation

     0.3  

Environmental Control

     0.2  

Agriculture

     0.2  

Trucking & Leasing

     0.2  

Machinery-Construction & Mining

     0.1  

Office/Business Equipment

     0.1  

Metal Fabricate/Hardware

     0.1  

Coal

     0.1  
 

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    113


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

Industry Classification (continued):

 

Semiconductors

     0.1

Home Furnishings

     0.1  

Hotels, Restaurants & Leisure

     0.1  

Toys/Games/Hobbies

     0.1  

Unaffiliated Fund

     0.1  
  

 

 

 
     128.6  

Liabilities in excess of other assets

     (28.6
  

 

 

 
     100.0
  

 

 

 

                    

 

 

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 contracts risk, foreign exchange contracts risk and interest rate contracts 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 January 31, 2022 as presented in the Statement of Assets and Liabilities:

 

    

Asset Derivatives

  

Liability Derivatives

Derivatives not accounted for as

hedging instruments, carried at

fair value                                            

  

Statement of

Assets and

  Liabilities Location  

   Fair
  Value  
  

Statement of

Assets and

  Liabilities Location  

   Fair
  Value  

Credit contracts

   Premiums paid for OTC swap agreements      $ 6,222         $

Credit contracts

   Unrealized appreciation on OTC swap agreements        2,659          
   Unrealized appreciation on OTC forward foreign currency exchange         Unrealized depreciation on OTC forward foreign currency exchange     

Foreign exchange contracts

   contracts        20,576    contracts        5,057

Interest rate contracts

             Unrealized depreciation on OTC swap agreements        605,093
       

 

 

         

 

 

 
        $ 29,457         $ 610,150
       

 

 

         

 

 

 

 

See Notes to Financial Statements.

 

114


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

The effects of derivative instruments on the Statement of Operations for the six months ended January 31, 2022 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income    

 

 

 

Derivatives not accounted for as hedging

instruments, carried at fair value

  

Forward

Currency

Exchange

Contracts

  

 Swaps 

Credit contracts

     $      $ (577 )

Foreign exchange contracts

       18,261       

Interest rate contracts

              349,809
    

 

 

      

 

 

 

Total

     $ 18,261      $ 349,232
    

 

 

      

 

 

 
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income                      

 

Derivatives not accounted for as

hedging instruments,

carried at fair value

  

Forward

Currency

Exchange

Contracts

  

 Swaps 

Credit contracts

     $      $ 2,659

Foreign exchange contracts

       13,120       

Interest rate contracts

              (628,435 )
    

 

 

      

 

 

 

Total

     $ 13,120      $ (625,776 )
    

 

 

      

 

 

 

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    115


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

For the six months ended January 31, 2022, the Fund’s average volume of derivative activities is as follows:

 

   

Forward Foreign

Currency Exchange

Contracts— Purchased(1)

   
 

 

$693,571

 

    

Forward Foreign

Currency Exchange

Contracts—Sold(1)

    
  

 

$1,431,028

 

        

 

Credit Default

Swap Agreements—

Sell Protection(2)

        Total Return
Swap
Agreements(2)
 

        

 

 

$300,000

     

 

$29,750,000

 

 

 

(1)

Value at Settlement Date.

(2)

Notional Amount in USD.

Average volume is based on average quarter end balances as noted for the six months ended January 31, 2022.

Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:

The Fund invested in OTC derivatives 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 where the legal right to set-off exists is presented in the summary below.

Offsetting of OTC derivative assets and liabilities:

 

Counterparty

  

Gross Amounts of

Recognized

      Assets(1)      

  

Gross Amounts of

Recognized

      Liabilities(1)      

 

Net Amounts of

Recognized

Assets/(Liabilities)

 

Collateral

Pledged/(Received)(2)

  

Net Amount

Bank of America, N.A.

     $ 511      $     $ 511     $      $ 511

Credit Suisse International

       8,881              8,881              8,881

Goldman Sachs International

       4,040        (404,906 )       (400,866 )              (400,866 )

 

See Notes to Financial Statements.

 

116


PGIM High Yield Bond Fund, Inc.

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

Counterparty

  

Gross Amounts of

Recognized

      Assets(1)      

  

Gross Amounts of

Recognized

      Liabilities(1)      

 

Net Amounts of

Recognized

Assets/(Liabilities)

 

Collateral

Pledged/(Received)(2)

  

Net Amount

Morgan Stanley & Co. International PLC

     $ 10,892      $ (200,187 )     $ (189,295 )     $      $ (189,295 )

The Toronto-Dominion Bank

       5,133        (5,057 )       76              76
    

 

 

      

 

 

     

 

 

     

 

 

      

 

 

 
     $ 29,457      $ (610,150 )     $ (580,693 )     $      $ (580,693 )
    

 

 

      

 

 

     

 

 

     

 

 

      

 

 

 

 

(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 Fixed Income Closed-End Funds    117


PGIM High Yield Bond Fund, Inc.

Statement of Assets & Liabilities  (unaudited)

as of January 31, 2022

 

Assets

          

Unaffiliated investments (cost $699,978,396)

     $ 702,506,298

Cash

       15,137,153

Foreign currency, at value (cost $7,294)

       7,339

Dividends and interest receivable

       10,571,747

Receivable for investments sold

       8,345,799

Unrealized appreciation on OTC forward foreign currency exchange contracts

       20,576

Premiums paid for OTC swap agreements

       6,222

Unrealized appreciation on OTC swap agreements

       2,659

Unrealized appreciation on unfunded loan commitment

       765

Prepaid expenses

       2,190
    

 

 

 

Total Assets

       736,600,748
    

 

 

 

Liabilities

          

Loan payable

       181,000,000

Payable for investments purchased

       7,715,850

Unrealized depreciation on OTC swap agreements

       605,093

Management fee payable

       491,684

Interest payable

       122,690

Accrued expenses and other liabilities

       112,696

Deferred directors’ fees and directors’ fees payable

       50,459

Exchange listing fees payable

       15,629

Unrealized depreciation on OTC forward foreign currency exchange contracts

       5,057
    

 

 

 

Total Liabilities

       190,119,158
    

 

 

 

Net Assets

     $ 546,481,590
    

 

 

 

                    

          

Net assets were comprised of:

    

Common stock, at par

     $ 33,257

Paid-in capital in excess of par

       627,383,702

Total distributable earnings (loss)

       (80,935,369 )
    

 

 

 

Net assets, January 31, 2022

     $ 546,481,590
    

 

 

 

Net asset value per share

    

($546,481,590 ÷ 33,256,724 shares of common stock issued and outstanding)

     $ 16.43
    

 

 

 

 

See Notes to Financial Statements.

 

118


PGIM High Yield Bond Fund, Inc.

Statement of Operations (unaudited)

Six Months Ended January 31, 2022

 

Net Investment Income (Loss)

        

Income

  

Interest income (net of $6,817 foreign withholding tax)

   $ 20,396,359  

Unaffiliated dividend income

     145,697  

Affiliated dividend income

     9,068  
  

 

 

 

Total income

     20,551,124  
  

 

 

 

Expenses

  

Management fee

     2,989,775  

Interest expense

     750,901  

Legal fees and expenses

     69,250  

Custodian and accounting fees

     53,873  

Shareholders’ reports

     40,107  

Audit fee

     22,257  

Exchange listing fees

     18,129  

Transfer agent’s fees and expenses

     11,274  

Directors’ fees

     5,446  

Miscellaneous

     9,402  
  

 

 

 

Total expenses

     3,970,414  
  

 

 

 

Net investment income (loss)

     16,580,710  
  

 

 

 

Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions

        

Net realized gain (loss) on:

  

Investment transactions

     7,330,584  

Forward currency contract transactions

     18,261  

Swap agreement transactions

     349,232  

Foreign currency transactions

     (1,573
  

 

 

 
     7,696,504  
  

 

 

 

Net change in unrealized appreciation (depreciation) on:

  

Investments

     (28,910,988

Forward currency contracts

     13,120  

Swap agreements

     (625,776

Foreign currencies

     19  

Unfunded loan commitments

     765  
  

 

 

 
     (29,522,860
  

 

 

 

Net gain (loss) on investment and foreign currency transactions

     (21,826,356
  

 

 

 

Net Increase (Decrease) In Net Assets Resulting From Operations

   $ (5,245,646
  

 

 

 

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    119


PGIM High Yield Bond Fund, Inc.

Statements of Changes in Net Assets (unaudited)

 

     Six Months Ended
January 31, 2022
  Two Months
Ended July 31, 2021
  Year Ended
May 31, 2021
   

Increase (Decrease) in Net Assets

                                

Operations

              

Net investment income (loss)

     $ 16,580,710     $ 5,547,915     $ 35,904,966    

Net realized gain (loss) on investment and foreign currency transactions

       7,696,504       2,855,319       (3,221,468 )  

Net change in unrealized appreciation (depreciation) on investments and foreign currencies

       (29,522,860 )       1,001,707       78,820,666  
    

 

 

     

 

 

     

 

 

   

Net increase (decrease) in net assets resulting from operations

       (5,245,646 )       9,404,941       111,504,164  
    

 

 

     

 

 

     

 

 

   

Dividends and Distributions

              

Distributions from distributable earnings

       (20,951,736 )       (5,937,281 )       (37,167,898 )  

Tax return of capital distributions

             (1,046,631 )       (4,735,574 )  
    

 

 

     

 

 

     

 

 

   

Total dividends and distributions

       (20,951,736 )       (6,983,912 )       (41,903,472 )  
    

 

 

     

 

 

     

 

 

   

Total increase (decrease)

       (26,197,382 )       2,421,029       69,600,692  

Net Assets:

                                

Beginning of period

       572,678,972       570,257,943       500,657,251  
    

 

 

     

 

 

     

 

 

   

End of period

     $ 546,481,590     $ 572,678,972     $ 570,257,943  
    

 

 

     

 

 

     

 

 

   

 

See Notes to Financial Statements.

 

120


PGIM High Yield Bond Fund, Inc.

Statement of Cash Flows (unaudited)

Six Months Ended January 31, 2022

 

Cash Flows Provided By / (Used For) Operating Activities:

  

Net increase (decrease) in net assets resulting from operations

   $ (5,245,646
  

 

 

 

Adjustments To Reconcile Net Increase (Decrease) In Net Assets Resulting From Operations To Net Cash Provided By / (Used For) Operating Activities:

  

Proceeds from disposition of long-term portfolio investments, net of amounts receivable

     143,327,291  

Purchases of long-term portfolio investments, net of amounts payable

     (159,689,944

Net proceeds (purchases) of short-term portfolio investments

     35,591,425  

Net premiums (paid) received for swap agreements

     343,010  

Amortization of premium and accretion of discount on portfolio investments

     80,387  

Net realized (gain) loss on investment transactions

     (7,330,584

Net realized (gain) loss on forward currency contract transactions

     (18,261

Net realized (gain) loss on swap agreement transactions

     (349,232

Net realized (gain) loss on foreign currency transactions

     1,573  

Net change in unrealized (appreciation) depreciation on investments

     28,910,988  

Net change in unrealized (appreciation) depreciation on forward currency contracts

     (13,120

Net change in unrealized (appreciation) depreciation on swap agreements

     625,776  

Net change in unrealized (appreciation) depreciation on foreign currencies

     (19

Net change in unrealized (appreciation) depreciation on unfunded loan commitments

     (765

(Increase) Decrease In Assets:

  

Interest receivable

     (309,734

Prepaid expenses and other assets

     184,380  

Increase (Decrease) In Liabilities:

  

Management fee payable

     (22,557

Interest payable

     (10,103

Accrued expenses and other liabilities

     (46,974

Deferred directors’ fees and directors’ fees payable

     (1,034

Exchange listing fees payable

     (18,459

Dividends payable

     (119,161
  

 

 

 

Total adjustments

     41,134,883  
  

 

 

 

Net cash provided by (used for) operating activities

     35,889,237  
  

 

 

 

Effect of exchange rate changes on cash

     16,707  
  

 

 

 

Cash Flows Provided By (Used For) Financing Activities:

  

Cash paid on distributions from distributable earnings

     (20,951,736
  

 

 

 

Net cash provided by (used for) financing activities

     (20,951,736
  

 

 

 

Net increase (decrease) in cash and restricted cash, including foreign currency

     14,954,208  
  

 

 

 

Cash and restricted cash at beginning of period, including foreign currency

     190,284  
  

 

 

 

Cash And Restricted Cash At End Of Period, Including Foreign Currency

   $ 15,144,492  
  

 

 

 

Supplemental Disclosure of Cash Flow Information

  

Cash paid during the period for interest expense

   $ 761,004  
  

 

 

 

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    121


PGIM High Yield Bond Fund, Inc.

Statement of Cash Flows  (unaudited) (continued)

Six Months Ended January 31, 2022

 

Reconciliation Of Cash And Restricted Cash Reported With The Statement Of Assets And Liabilities To The Statement Of Cash Flows:

 

    

January 31, 2022

Cash

     $ 15,137,153

Foreign currency, at value

       7,339
    

 

 

 

Total cash and restricted cash, including foreign currency

     $ 15,144,492
    

 

 

 

 

See Notes to Financial Statements.

 

122


PGIM High Yield Bond Fund, Inc.

Financial Highlights (unaudited) (continued)

Six Months Ended January 31, 2022

 

                                                                                   
      Six Months
Ended January 31,
2022
  Two Months
Ended July 31,
2021
                         
   Year Ended May 31,
   2021   2020   2019   2018   2017

Per Share Operating Performance(a):

 

                                                                      
Net Asset Value, Beginning of Period        $17.22       $17.15                  $15.05       $16.20       $16.29       $16.84       $16.79

Income (loss) from investment operations:

 

                                                            

Net investment income (loss)

       0.50       0.17                  1.08       1.13       0.91       0.90       0.98
Net realized and unrealized gain (loss) on investment and foreign currency transactions        (0.66 )       0.11                  2.28       (1.03 )       0.07       (0.36 )       0.32

Total from investment operations

       (0.16 )       0.28                  3.36       0.10       0.98       0.54       1.30

Less Dividends and Distributions:

 

                                                                      
Dividends from net investment income        (0.63 )       (0.18 )                  (1.12 )       (1.23 )       (1.07 )       (1.09 )       (1.25 )

Tax return of capital distributions

       -       (0.03 )                  (0.14 )       (0.02 )       -       -       -

Total dividends and distributions

       (0.63 )       (0.21 )                  (1.26 )       (1.25 )       (1.07 )       (1.09 )       (1.25 )

Net asset value, end of period

       $16.43       $17.22                  $17.15       $15.05       $16.20       $16.29       $16.84

Market price, end of period

       $15.48       $16.19                  $16.18       $13.38       $13.93       $14.07       $15.59

Total Return(b):

       (0.61 )%       1.35 %                  31.72 %       4.84 %       6.84 %       (2.89 )%       8.36 %
   
                                     

Ratios/Supplemental Data:

 

                              

Net assets, end of period (000)

       $546,482       $572,679                  $570,258       $500,657       $538,869       $541,660       $560,069

Average net assets (000)

       $566,546       $573,494                  $545,673       $533,714       $539,282       $550,742       $559,484

Ratios to average net assets(c):

                                                                                 
Expenses after waivers and/or expense reimbursement(d)        1.39 %(e)       1.43 %(f)                  1.45 %       1.96 %       2.21 %       1.84 %       1.71 %

 

See Notes to Financial Statements.

High Yield Bond    123


PGIM High Yield Bond Fund, Inc.

Financial Highlights  (unaudited) (continued)

Six Months Ended January 31, 2022

 

                                                                                  
     Six Months
Ended January 31,
2022
  Two Months
Ended July 31,
2021
                         
   Year Ended May 31,
   2021   2020   2019   2018   2017
Expenses before waivers and/or expense reimbursement(d)       1.39 %(e)       1.43 %(f)                  1.45 %       1.96 %       2.21 %       1.84 %       1.71 %

Net investment income (loss)

      5.81 %(e)       5.86 %(f)                  6.58 %       7.03 %       5.58 %       5.43 %       5.84 %

Portfolio turnover rate(g)

      19 %       7 %                  56 %       60 %       87 %       72 %       65 %

Asset coverage

      402 %       416 %                  400 %       378 %       399 %       428 %       411 %

Total debt outstanding at period-end (000)

      $181,000       $181,000                  $190,000       $180,000       $180,000       $165,000       $180,000

 

(a)

Calculated based on average shares outstanding during the period.

(b)

Total return is calculated assuming a purchase of common stock at the current market price on the first day and a sale at the closing market price on the last day for the period reported. Dividends are assumed, for the purpose of this calculation, to be reinvested at prices obtainable under the Fund’s dividend reinvestment plan. This amount does not reflect brokerage commissions or sales load. Total returns for periods less than one full year are not annualized.

(c)

Does not include expenses of the underlying fund in which the Fund invests.

(d)

Includes interest expense of 0.26%, 0.28%, 0.30%, 0.81%, 1.06%, 0.71%, and 0.54%, for the six months ended January 31, 2022, two months ended July 31, 2021 and years ended May 31, 2021, 2020, 2019, 2018, and 2017, respectively.

(e)

Annualized.

(f)

Annualized, with the exception of certain non-recurring expenses.

(g)

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.

 

124


PGIM Short Duration High Yield Opportunities Fund

Schedule of Investments  (unaudited)

as of January 31, 2022

 

  Description    Interest    
Rate
    Maturity    
Date
    Principal    
Amount    
(000)#    
             Value          

LONG-TERM INVESTMENTS    126.9%

         

BANK LOANS    13.9%

         

Airlines    0.7%

                                 

United Airlines, Inc.,

         

Class B Term Loan, 3 Month LIBOR + 3.750%

     4.500%(c)       04/21/28       3,533      $ 3,532,749  

Chemicals    1.1%

                                 

Alpha BV (United Kingdom),

         

Initial Dollar Term Loan, 1 Month LIBOR + 2.500%

     3.000(c)       03/18/28       2,363        2,357,640  

Diamond BC BV,

         

Term Loan B, 1 Month LIBOR + 3.000%

     3.500(c)       09/29/28       1,400        1,394,750  

LSF11 A5 HoldCo LLC,

         

Term Loans, 3 Month LIBOR + 3.750%

     4.250(c)       10/15/28       1,315        1,315,236  
         

 

 

 
            5,067,626  

Commercial Services    0.7%

                                 

Cimpress PLC,

         

Tranche B-1 Term Loan, 1 Month LIBOR + 3.500%

     4.000(c)       05/17/28       995        992,928  

Trans Union LLC,

         

2021 Incremental Term B-6 Loan, 1 Month LIBOR + 2.250%

     2.750(c)       12/01/28       1,300        1,293,795  

Verscend Holding Corp.,

         

New Term Loan B, 1 Month LIBOR + 4.000%

     4.104(c)       08/27/25       995        994,005  
         

 

 

 
            3,280,728  

Computers    1.0%

                                 

McAfee LLC,

         

Term B USD Loan, 1 Month LIBOR + 3.750%

     3.859(c)       09/30/24       4,593        4,584,349  

Electric    0.4%

                                 

Heritage Power LLC,

         

Term Loan B, 6 Month LIBOR + 6.000%

     7.000(c)       07/30/26       2,600        1,932,386  

Electronics    0.3%

                                 

II-VI, Inc.,

         

Term Loan

     — (p)       12/08/28       1,300        1,296,750  

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    125


PGIM Short Duration High Yield Opportunities Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest    
Rate
  Maturity    
Date
    Principal    
Amount    
(000)#    
             Value          

BANK LOANS (Continued)

         

Entertainment    0.5%

                             

Golden Entertainment, Inc.,

         

Term B Facility Loan (First Lien), 1 Month LIBOR + 3.000%

   3.750%(c)     10/21/24       2,526      $ 2,519,592  

Healthcare-Services    0.3%

                             

ATI Holdings Acquisition, Inc.,

         

Initial Term Loan (First Lien), 6 Month LIBOR + 3.500% (original cost $1,284,383; purchased 04/23/21 - 05/04/21)(f)

   4.500(c)     05/10/23       1,284        1,242,640  

Insurance    0.7%

                             

Asurion LLC,

         

New B-9 Term Loan, 1 Month LIBOR + 3.250%

   3.355(c)     07/31/27       1,017        1,010,530  

Replacement B-6 Term Loan, 1 Month LIBOR + 3.125%

   3.230(c)     11/03/23       2,434        2,426,542  
         

 

 

 
            3,437,072  

Packaging & Containers    0.7%

                             

Trident TPI Holdings, Inc.,

         

First Lien Tranche B-3 Delayed Draw Term Loan, 3 Month LIBOR + 4.000%

   4.500(c)     09/15/28       22        22,488  

First Lien Tranche B-3 Initial Term Loan, 3 Month LIBOR + 4.000%

   4.500(c)     09/15/28       393        393,395  

Tranche B-1 Term Loan, 3 Month LIBOR + 3.250%

   4.250(c)     10/17/24       2,885        2,880,289  
         

 

 

 
            3,296,172  

Pharmaceuticals    0.5%

                             

Change Healthcare Holdings LLC,

         

Closing Date Term Loan, 1 Month LIBOR + 2.500%

   3.500(c)     03/01/24       2,522        2,518,676  

Retail    0.4%

                             

LBM Acquisition LLC,

         

First Lien Initial Term Loan, 1 Month LIBOR + 3.750%

   4.500(c)     12/17/27       1,244        1,235,455  

White Cap Buyer LLC,

         

Term Loan, 1 Month LIBOR + 4.000%

   6.250(c)     10/19/27       497        497,099  
         

 

 

 
            1,732,554  

 

See Notes to Financial Statements.

 

126


PGIM Short Duration High Yield Opportunities Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest    
Rate
    Maturity    
Date
    Principal    
Amount    
(000)#    
             Value          

BANK LOANS (Continued)

         

Software    4.5%

                                 

athenahealth, Inc.,

         

Term Loan

     — %(p)       01/27/29       1,582      $ 1,573,975  

Term Loan

     — (p)       01/27/29       268        266,775  

Boxer Parent Co., Inc.,

         

2021 Replacement Dollar Term Loan, 3 Month LIBOR + 3.750%

     3.974(c)       10/02/25       4,397        4,374,044  

Second Lien Incremental Term Loan, 3 Month LIBOR + 5.500%

     6.000(c)       02/27/26       150        150,488  

Dun & Bradstreet Corp.,

         

Term Loan B, 1 Month LIBOR + 3.250%

     3.358(c)       02/06/26       5,926        5,897,653  

Finastra USA, Inc.,

         

First Lien Dollar Term Loan, 6 Month LIBOR + 3.500% (original cost $3,461,747; purchased 11/30/20 - 06/23/21)(f)

     4.500(c)       06/13/24       3,556        3,542,261  

Greeneden U.S. Holdings II LLC,

         

B-4 Dollar Term Loan, 1 Month LIBOR + 4.000%

     4.750(c)       12/01/27       596        595,287  

Rackspace Technology Global, Inc.,

         

Term B Loan, 3 Month LIBOR + 2.750%

     3.500(c)       02/15/28       1,662        1,644,774  

Skillsoft Finance II, Inc.,

         

Initial Term Loan, 3 Month LIBOR + 4.750%

     5.500(c)       07/14/28       1,050        1,055,250  

TIBCO Software, Inc.,

         

Term Loan B-3, 1 Month LIBOR + 3.750%

     3.860(c)       06/30/26       2,267        2,260,600  
         

 

 

 
            21,361,107  

Telecommunications    2.1%

                                 

Crown Subsea Communications Holding, Inc.,

         

Initial Term Loan, 1 Month LIBOR + 4.750%

     5.500(c)       04/27/27       455        457,170  

Intelsat Jackson Holdings SA (Luxembourg),
Term Loan

     — (p)       02/01/29       1,720        1,710,325  

West Corp.,

         

Initial Term B Loan, 3 Month LIBOR + 4.000%

     5.000(c)       10/10/24       5,710        5,334,933  

Xplornet Communications, Inc. (Canada),

         

Term Loan, 1 Month LIBOR + 4.000%

     4.500(c)       10/01/28       2,554        2,548,281  
         

 

 

 
            10,050,709  
         

 

 

 

TOTAL BANK LOANS
(cost $66,522,624)

            65,853,110  
         

 

 

 

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    127


PGIM Short Duration High Yield Opportunities Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest    
Rate
  Maturity    
Date
 

Principal    

Amount    
(000)#    

             Value          

CORPORATE BONDS     113.0%

         

Aerospace & Defense     2.8%

                         

Bombardier, Inc. (Canada),

         

Sr. Unsec’d. Notes, 144A

   6.000%   02/15/28     1,425      $ 1,382,420  

Sr. Unsec’d. Notes, 144A

   7.125   06/15/26     1,200        1,219,559  

Sr. Unsec’d. Notes, 144A

   7.500   12/01/24     2,477        2,563,869  

Sr. Unsec’d. Notes, 144A

   7.500   03/15/25     280        283,436  

Sr. Unsec’d. Notes, 144A

   7.875   04/15/27     375        379,875  

Maxar Space Robotics LLC,

         

Sr. Sec’d. Notes, 144A

   9.750   12/31/23     1,146        1,230,481  

Spirit AeroSystems, Inc.,

         

Sec’d. Notes, 144A

   7.500   04/15/25     875        908,216  

TransDigm UK Holdings PLC,

         

Gtd. Notes

   6.875   05/15/26     650        673,617  

TransDigm, Inc.,

         

Gtd. Notes

   5.500   11/15/27     2,650        2,667,812  

Gtd. Notes

   7.500   03/15/27     775        803,402  

Sr. Sec’d. Notes, 144A

   6.250   03/15/26     925        956,573  
         

 

 

 
            13,069,260  

Airlines    1.4%

                         

American Airlines, Inc./AAdvantage Loyalty IP Ltd.,

         

Sr. Sec’d. Notes, 144A(aa)

   5.500   04/20/26     4,700        4,811,126  

Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.,

         

Sr. Sec’d. Notes, 144A

   5.750   01/20/26     500        511,163  

United Airlines, Inc.,

         

Sr. Sec’d. Notes, 144A

   4.375   04/15/26     1,480        1,469,551  
         

 

 

 
            6,791,840  

Apparel    0.5%

                         

William Carter Co. (The),

         

Gtd. Notes, 144A

   5.500   05/15/25     620        642,220  

Gtd. Notes, 144A

   5.625   03/15/27     1,797        1,845,862  
         

 

 

 
            2,488,082  

Auto Manufacturers    0.4%

                         

Allison Transmission, Inc.,

         

Sr. Unsec’d. Notes, 144A

   4.750   10/01/27     1,075        1,090,275  

 

See Notes to Financial Statements.

 

128


PGIM Short Duration High Yield Opportunities Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description   

Interest    

Rate

 

Maturity    

Date

  

Principal    

Amount    

(000)#    

             Value          

CORPORATE BONDS (Continued)

          

Auto Manufacturers (cont’d.)

                          

Jaguar Land Rover Automotive PLC (United Kingdom),

          

Gtd. Notes, 144A

   7.750%   10/15/25      650      $ 686,225  

PM General Purchaser LLC,

          

Sr. Sec’d. Notes, 144A

   9.500   10/01/28      300        297,532  
          

 

 

 
             2,074,032  

Auto Parts & Equipment    1.1%

                          

Adient Global Holdings Ltd.,

          

Gtd. Notes, 144A

   4.875   08/15/26      1,800        1,810,743  

American Axle & Manufacturing, Inc.,

          

Gtd. Notes

   6.250   03/15/26      200        203,723  

Gtd. Notes

   6.500   04/01/27      700        721,156  

Dana, Inc.,

          

Sr. Unsec’d. Notes

   5.375   11/15/27      2,000        2,065,892  

Titan International, Inc.,

          

Sr. Sec’d. Notes

   7.000   04/30/28      375        394,011  
          

 

 

 
             5,195,525  

Banks    0.2%

                          

Popular, Inc. (Puerto Rico),

          

Sr. Unsec’d. Notes

   6.125   09/14/23      1,000        1,045,629  

Building Materials    1.1%

                          

Eco Material Technologies, Inc.,

          

Sr. Sec’d. Notes, 144A

   7.875   01/31/27      350        354,952  

JELD-WEN, Inc.,

          

Gtd. Notes, 144A

   4.875   12/15/27      675        673,616  

Standard Industries, Inc.,

          

Sr. Unsec’d. Notes, 144A

   4.750   01/15/28      1,925        1,908,421  

Sr. Unsec’d. Notes, 144A

   5.000   02/15/27      1,925        1,937,477  

Summit Materials LLC/Summit Materials Finance Corp.,

          

Gtd. Notes, 144A

   6.500   03/15/27      550        567,818  
          

 

 

 
             5,442,284  

Chemicals    4.1%

                          

Cornerstone Chemical Co.,

          

Sr. Sec’d. Notes, 144A

   6.750   08/15/24      395        345,308  

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    129


PGIM Short Duration High Yield Opportunities Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest    
Rate
    Maturity    
Date
    

Principal    

Amount    

(000)#    

             Value          

CORPORATE BONDS (Continued)

          

Chemicals (cont’d.)

                                  

Hexion, Inc.,

          

Gtd. Notes, 144A

     7.875%       07/15/27        1,400      $ 1,483,398  

Kraton Polymers LLC/Kraton Polymers Capital Corp.,

          

Gtd. Notes, 144A

     4.250       12/15/25        3,600        3,764,151  

Olympus Water US Holding Corp.,

          

Sr. Sec’d. Notes, 144A

     4.250       10/01/28        550        525,498  

Rain CII Carbon LLC/CII Carbon Corp.,

          

Sec’d. Notes, 144A

     7.250       04/01/25        1,862        1,894,242  

SPCM SA (France),

          

Sr. Unsec’d. Notes, 144A

     3.125       03/15/27        2,025        1,940,292  

TPC Group, Inc.,

          

Sr. Sec’d. Notes, 144A (original cost $ 114,916; purchased 12/07/20)(f)

     10.500       08/01/24        149        99,087  

Sr. Sec’d. Notes, 144A (original cost $ 304,747; purchased 02/01/21 - 09/27/21)(f)

     10.875       08/01/24        287        303,622  

Tronox, Inc.,

          

Sr. Sec’d. Notes, 144A

     6.500       05/01/25        3,213        3,337,488  

Venator Finance Sarl/Venator Materials LLC,

          

Gtd. Notes, 144A

     5.750       07/15/25        411        389,345  

Sr. Sec’d. Notes, 144A(aa)

     9.500       07/01/25        3,375        3,666,362  

WR Grace Holdings LLC,

          

Sr. Sec’d. Notes, 144A

     4.875       06/15/27        1,050        1,045,056  

Sr. Sec’d. Notes, 144A

     5.625       10/01/24        675        702,794  
          

 

 

 
             19,496,643  

Commercial Services    6.1%

                                  

Adtalem Global Education, Inc.,

          

Sr. Sec’d. Notes, 144A

     5.500       03/01/28        855        842,367  

Allied Universal Holdco LLC/Allied Universal Finance Corp.,

          

Sr. Sec’d. Notes, 144A(aa)

     6.625       07/15/26        5,000        5,137,117  

Sr. Unsec’d. Notes, 144A

     9.750       07/15/27        597        632,620  

Alta Equipment Group, Inc.,

          

Sec’d. Notes, 144A

     5.625       04/15/26        1,925        1,968,464  

AMN Healthcare, Inc.,

          

Gtd. Notes, 144A

     4.625       10/01/27        1,450        1,465,147  

Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,

          

Gtd. Notes, 144A

     5.750       07/15/27        825        848,488  

Gtd. Notes, 144A

     5.750       07/15/27        1,625        1,666,938  

 

See Notes to Financial Statements.

 

130


PGIM Short Duration High Yield Opportunities Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest    
Rate
    Maturity    
Date
    

Principal    

Amount    

(000)#    

             Value          

CORPORATE BONDS (Continued)

          

Commercial Services (cont’d.)

                                  

Brink’s Co. (The),

          

Gtd. Notes, 144A

     5.500%       07/15/25        825      $ 854,082  

Herc Holdings, Inc.,

          

Gtd. Notes, 144A

     5.500       07/15/27        2,576        2,650,400  

Hertz Corp. (The),

          

Gtd. Notes, 144A

     4.625       12/01/26        250        242,688  

MPH Acquisition Holdings LLC,

          

Sr. Sec’d. Notes, 144A

     5.500       09/01/28        600        576,050  

Nielsen Co. Luxembourg Sarl (The),

          

Gtd. Notes, 144A(aa)

     5.000       02/01/25        5,380        5,424,834  

Verscend Escrow Corp.,

          

Sr. Unsec’d. Notes, 144A(aa)

     9.750       08/15/26        6,135        6,445,969  
          

 

 

 
             28,755,164  

Computers    0.4%

                                  

CA Magnum Holdings (India),

          

Sr. Sec’d. Notes, 144A

     5.375       10/31/26        250        254,992  

Tempo Acquisition LLC/Tempo Acquisition Finance Corp.,

          

Sr. Sec’d. Notes, 144A

     5.750       06/01/25        1,500        1,553,256  
          

 

 

 
             1,808,248  

Distribution/Wholesale    1.4%

                                  

Avient Corp.,

          

Sr. Unsec’d. Notes, 144A(aa)

     5.750       05/15/25        4,754        4,880,477  

H&E Equipment Services, Inc.,

          

Gtd. Notes, 144A

     3.875       12/15/28        1,950        1,840,000  
          

 

 

 
             6,720,477  

Diversified Financial Services    4.4%

                                  

Alliance Data Systems Corp.,

          

Gtd. Notes, 144A

     4.750       12/15/24        2,675        2,708,711  

goeasy Ltd. (Canada),

          

Gtd. Notes, 144A

     4.375       05/01/26        450        447,661  

Gtd. Notes, 144A(aa)

     5.375       12/01/24        4,241        4,338,610  

Home Point Capital, Inc.,

          

Gtd. Notes, 144A

     5.000       02/01/26        1,050        912,816  

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    131


PGIM Short Duration High Yield Opportunities Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest    
Rate
    Maturity    
Date
    

Principal    

Amount    

(000)#    

             Value          

CORPORATE BONDS (Continued)

          

Diversified Financial Services (cont’d.)

                                  

LD Holdings Group LLC,

          

Gtd. Notes, 144A

     6.125%       04/01/28        1,075      $ 958,127  

Gtd. Notes, 144A

     6.500       11/01/25        850        806,326  

LFS Topco LLC,

          

Gtd. Notes, 144A

     5.875       10/15/26        550        563,157  

Nationstar Mortgage Holdings, Inc.,

          

Gtd. Notes, 144A

     5.500       08/15/28        800        783,995  

Gtd. Notes, 144A

     6.000       01/15/27        1,075        1,115,353  

OneMain Finance Corp.,

          

Gtd. Notes

     3.875       09/15/28        350        326,825  

Gtd. Notes

     6.125       03/15/24        500        523,722  

Gtd. Notes

     6.875       03/15/25        2,025        2,197,526  

Gtd. Notes(aa)

     7.125       03/15/26        4,150        4,564,384  

Gtd. Notes

     8.875       06/01/25        400        424,973  
          

 

 

 
             20,672,186  

Electric    1.9%

                                  

Calpine Corp.,

          

Sr. Sec’d. Notes, 144A(aa)

     5.250       06/01/26        1,716        1,748,984  

Sr. Unsec’d. Notes, 144A

     4.625       02/01/29        325        307,688  

Sr. Unsec’d. Notes, 144A

     5.125       03/15/28        1,000        975,386  

NRG Energy, Inc.,

          

Gtd. Notes

     5.750       01/15/28        250        259,101  

Gtd. Notes

     6.625       01/15/27        207        213,873  

Vistra Operations Co. LLC,

          

Gtd. Notes, 144A(aa)

     5.000       07/31/27        3,750        3,804,216  

Gtd. Notes, 144A

     5.500       09/01/26        1,500        1,528,283  
          

 

 

 
             8,837,531  

Electrical Components & Equipment     0.7%

                                  

WESCO Distribution, Inc.,

          

Gtd. Notes, 144A

     7.125       06/15/25        1,950        2,041,467  

Gtd. Notes, 144A

     7.250       06/15/28        1,200        1,286,757  
          

 

 

 
             3,328,224  

 

See Notes to Financial Statements.

 

132


PGIM Short Duration High Yield Opportunities Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest    
Rate
    Maturity    
Date
    

Principal    

Amount    

(000)#    

             Value          

CORPORATE BONDS (Continued)

          

Electronics 0.4%

                                  

Likewize Corp.,

          

Sr. Sec’d. Notes, 144A

     9.750%       10/15/25        1,825      $ 1,953,625  

Energy-Alternate Sources 0.2%

                                  

Enviva Partners LP/Enviva Partners Finance Corp.,

          

Gtd. Notes, 144A

     6.500       01/15/26        700        723,052  

Engineering & Construction 0.1%

                                  

AECOM,

          

Gtd. Notes

     5.125       03/15/27        275        288,379  

Entertainment 6.7%

                                  

Caesars Entertainment, Inc.,

          

Sr. Sec’d. Notes, 144A(aa)

     6.250       07/01/25        4,550        4,715,887  

Caesars Resort Collection LLC/CRC Finco, Inc.,

          

Sr. Sec’d. Notes, 144A

     5.750       07/01/25        1,660        1,709,800  

CCM Merger, Inc.,

          

Sr. Unsec’d. Notes, 144A

     6.375       05/01/26        1,350        1,400,625  

Churchill Downs, Inc.,

          

Gtd. Notes, 144A

     5.500       04/01/27        1,990        2,044,753  

Golden Entertainment, Inc.,

          

Sr. Unsec’d. Notes, 144A

     7.625       04/15/26        1,000        1,037,966  

International Game Technology PLC,

          

Sr. Sec’d. Notes, 144A

     6.250       01/15/27        1,125        1,224,874  

Sr. Sec’d. Notes, 144A

     6.500       02/15/25        2,800        2,993,873  

Jacobs Entertainment, Inc.,

          

Sr. Unsec’d. Notes, 144A

     6.750       02/15/29        450        454,263  

Motion Bondco DAC (United Kingdom),

          

Gtd. Notes, 144A

     6.625       11/15/27        1,100        1,108,937  

Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance, Inc.,

          

Sr. Unsec’d. Notes, 144A

     8.500       11/15/27        1,100        1,179,682  

Penn National Gaming, Inc.,

          

Sr. Unsec’d. Notes, 144A(aa)

     5.625       01/15/27        3,880        3,976,362  

Scientific Games International, Inc.,

          

Gtd. Notes, 144A(aa)

     8.250       03/15/26        4,000        4,180,000  

Gtd. Notes, 144A

     8.625       07/01/25        875        925,712  

Sr. Sec’d. Notes, 144A

     5.000       10/15/25        300        306,618  

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    133


PGIM Short Duration High Yield Opportunities Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest    
Rate
    Maturity    
Date
    

Principal    

Amount    

(000)#    

             Value          

CORPORATE BONDS (Continued)

          

Entertainment (cont’d.)

                                  

Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.,

          

Sr. Unsec’d. Notes, 144A(aa)

     7.750%       04/15/25        4,109      $ 4,278,393  
          

 

 

 
             31,537,745  

Environmental Control     0.0%

                                  

GFL Environmental, Inc. (Canada),

          

Gtd. Notes, 144A

     4.000       08/01/28        225        211,115  

Foods    3.5%

                                  

Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s

          

LP/Albertson’s LLC,

          

Gtd. Notes, 144A

     3.250       03/15/26        737        717,384  

Gtd. Notes, 144A(aa)

     4.625       01/15/27        3,725        3,811,527  

B&G Foods, Inc.,

          

Gtd. Notes

     5.250       04/01/25        2,750        2,777,078  

Gtd. Notes

     5.250       09/15/27        1,050        1,063,672  

Chobani LLC/Chobani Finance Corp., Inc.,

          

Gtd. Notes, 144A

     7.500       04/15/25        1,775        1,811,640  

Pilgrim’s Pride Corp.,

          

Gtd. Notes, 144A(aa)

     5.875       09/30/27        4,500        4,698,897  

Post Holdings, Inc.,

          

Gtd. Notes, 144A

     5.625       01/15/28        750        769,915  

Gtd. Notes, 144A

     5.750       03/01/27        250        256,816  

US Foods, Inc.,

          

Sr. Sec’d. Notes, 144A

     6.250       04/15/25        675        698,668  
          

 

 

 
             16,605,597  

Gas    1.0%

                                  

AmeriGas Partners LP/AmeriGas Finance Corp.,

          

Sr. Unsec’d. Notes

     5.625       05/20/24        1,200        1,239,065  

Sr. Unsec’d. Notes

     5.750       05/20/27        1,675        1,773,994  

Sr. Unsec’d. Notes

     5.875       08/20/26        1,500        1,586,005  
          

 

 

 
             4,599,064  

Healthcare-Services    5.3%

                                  

HCA, Inc.,

          

Gtd. Notes(aa)

     5.875       02/15/26        4,214        4,594,904  

 

See Notes to Financial Statements.

 

134


PGIM Short Duration High Yield Opportunities Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest    
Rate
    Maturity    
Date
    

Principal    

Amount    

(000)#    

             Value          

CORPORATE BONDS (Continued)

          

Healthcare-Services (cont’d.)

                                  

HCA, Inc., (cont’d.)

          

Gtd. Notes

     7.050%       12/01/27        792      $ 933,694  

Legacy LifePoint Health LLC,

          

Sr. Sec’d. Notes, 144A

     6.750       04/15/25        3,225        3,339,857  

MEDNAX, Inc.,

          

Gtd. Notes, 144A

     6.250       01/15/27        1,900        1,985,779  

Prime Healthcare Services, Inc.,

          

Sr. Sec’d. Notes, 144A

     7.250       11/01/25        2,808        2,931,738  

RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.,

          

Gtd. Notes, 144A(aa)

     9.750       12/01/26        4,050        4,267,711  

Tenet Healthcare Corp.,

          

Gtd. Notes, 144A

     6.125       10/01/28        950        954,427  

Sr. Sec’d. Notes(aa)

     4.625       07/15/24        3,205        3,217,395  

Sr. Sec’d. Notes, 144A

     4.875       01/01/26        500        502,336  

Sr. Sec’d. Notes, 144A

     5.125       11/01/27        1,000        1,002,469  

Sr. Unsec’d. Notes

     6.750       06/15/23        1,150        1,204,920  
          

 

 

 
             24,935,230  

Home Builders 5.8%

                                  

Beazer Homes USA, Inc.,

          

Gtd. Notes(aa)

     5.875       10/15/27        4,825        4,944,253  

Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada),

          

Gtd. Notes, 144A

     6.250       09/15/27        2,887        2,975,528  

Century Communities, Inc.,

          

Gtd. Notes

     6.750       06/01/27        1,000        1,041,387  

Empire Communities Corp. (Canada),

          

Sr. Unsec’d. Notes, 144A

     7.000       12/15/25        2,710        2,764,539  

Forestar Group, Inc.,

          

Gtd. Notes, 144A

     3.850       05/15/26        1,500        1,479,550  

KB Home,

          

Gtd. Notes

     6.875       06/15/27        432        490,740  

M/I Homes, Inc.,

          

Gtd. Notes

     4.950       02/01/28        950        960,320  

Mattamy Group Corp. (Canada),

          

Sr. Unsec’d. Notes, 144A

     5.250       12/15/27        3,200        3,258,598  

Meritage Homes Corp.,

          

Gtd. Notes

     6.000       06/01/25        1,115        1,209,923  

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    135


PGIM Short Duration High Yield Opportunities Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest    
Rate
    Maturity    
Date
    

Principal    

Amount    

(000)#    

             Value          

CORPORATE BONDS (Continued)

          

Home Builders (cont’d.)

                                  

Shea Homes LP/Shea Homes Funding Corp.,

          

Sr. Unsec’d. Notes, 144A

     4.750%       02/15/28        550      $ 541,177  

STL Holding Co. LLC,

          

Sr. Unsec’d. Notes, 144A

     7.500       02/15/26        1,155        1,215,088  

Taylor Morrison Communities, Inc.,

          

Gtd. Notes, 144A

     5.875       06/15/27        1,971        2,115,298  

Gtd. Notes, 144A

     6.625       07/15/27        2,257        2,352,508  

TRI Pointe Group, Inc./TRI Pointe Homes, Inc.,

          

Gtd. Notes

     5.875       06/15/24        700        737,497  

Tri Pointe Homes, Inc.,

          

Gtd. Notes

     5.250       06/01/27        1,350        1,396,260  
          

 

 

 
             27,482,666  

Housewares    0.1%

                                  

Scotts Miracle-Gro Co. (The),

          

Gtd. Notes

     4.500       10/15/29        250        254,510  

Internet    3.0%

                                  

Cablevision Lightpath LLC,

          

Sr. Sec’d. Notes, 144A

     3.875       09/15/27        2,120        1,989,787  

Cogent Communications Group, Inc.,

          

Sr. Sec’d. Notes, 144A

     3.500       05/01/26        700        688,084  

Go Daddy Operating Co. LLC/GD Finance Co., Inc.,

          

Gtd. Notes, 144A

     5.250       12/01/27        2,985        3,067,800  

Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.,

          

Sr. Sec’d. Notes, 144A

     4.750       04/30/27        2,235        2,129,101  

NortonLifeLock, Inc.,

          

Sr. Unsec’d. Notes, 144A(aa)

     5.000       04/15/25        6,150        6,172,302  
          

 

 

 
             14,047,074  

Iron/Steel    0.9%

                                  

Big River Steel LLC/BRS Finance Corp.,

          

Sr. Sec’d. Notes, 144A

     6.625       01/31/29        1,859        1,974,028  

Cleveland-Cliffs, Inc.,

          

Sr. Sec’d. Notes, 144A

     9.875       10/17/25        2,115        2,364,037  
          

 

 

 
             4,338,065  

 

See Notes to Financial Statements.

 

136


PGIM Short Duration High Yield Opportunities Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Interest    
Rate
    Maturity    
Date
    

Principal    

Amount    

(000)#    

             Value          

CORPORATE BONDS (Continued)

          

Leisure Time    0.1%

                                  

Viking Cruises Ltd.,

          

Gtd. Notes, 144A

     6.250%       05/15/25        500      $ 488,969  

Lodging    3.4%

                                  

Hilton Domestic Operating Co., Inc.,

          

Gtd. Notes, 144A

     3.625       02/15/32        25        23,746  

Gtd. Notes, 144A

     5.375       05/01/25        1,100        1,131,487  

MGM Resorts International,

          

Gtd. Notes(aa)

     4.625       09/01/26        4,585        4,653,273  

Gtd. Notes

     5.500       04/15/27        900        930,519  

Gtd. Notes(aa)

     6.750       05/01/25        3,237        3,355,791  

Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp.,

          

Sr. Sec’d. Notes, 144A(aa)

     5.875       05/15/25        3,896        3,887,829  

Travel + Leisure Co.,

          

Sr. Sec’d. Notes

     6.600       10/01/25        1,300        1,418,972  

Wynn Macau Ltd. (Macau),

          

Sr. Unsec’d. Notes, 144A

     4.875       10/01/24        350        332,283  

Sr. Unsec’d. Notes, 144A

     5.500       01/15/26        300        282,564  
          

 

 

 
             16,016,464  

Machinery-Diversified    1.5%

                                  

Maxim Crane Works Holdings Capital LLC,

          

Sec’d. Notes, 144A(aa)

     10.125       08/01/24        3,996        4,111,230  

TK Elevator US Newco, Inc. (Germany),

          

Sr. Sec’d. Notes, 144A(aa)

     5.250       07/15/27        3,175        3,213,957  
          

 

 

 
             7,325,187  

Media    12.0%

                                  

CCO Holdings LLC/CCO Holdings Capital Corp.,

          

Sr. Unsec’d. Notes, 144A

     5.000       02/01/28        1,560        1,579,366  

Sr. Unsec’d. Notes, 144A(aa)

     5.125       05/01/27        4,515        4,627,343  

Sr. Unsec’d. Notes, 144A(aa)

     5.500       05/01/26        3,374        3,455,045  

CSC Holdings LLC,

          

Gtd. Notes, 144A

     5.375       02/01/28        500        501,705  

Gtd. Notes, 144A(aa)

     5.500       04/15/27        4,520        4,619,925  

Sr. Unsec’d. Notes

     5.250       06/01/24        500        515,033  

Sr. Unsec’d. Notes, 144A

     7.500       04/01/28        200        206,984  

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    137


PGIM Short Duration High Yield Opportunities Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description   

Interest    

Rate

   

Maturity    

Date

    

Principal    

Amount    

(000)#    

             Value          

CORPORATE BONDS (Continued)

          

Media (cont’d.)

                                  

DISH DBS Corp.,

          

Gtd. Notes

     5.000%       03/15/23        1,250      $ 1,269,504  

Gtd. Notes

     5.875       07/15/22        910        921,990  

Gtd. Notes(aa)

     5.875       11/15/24        3,450        3,473,228  

Gtd. Notes

     7.750       07/01/26        2,595        2,673,701  

Gray Television, Inc.,

          

Gtd. Notes, 144A(aa)

     5.875       07/15/26        5,373        5,503,256  

iHeartCommunications, Inc.,

          

Gtd. Notes

     8.375       05/01/27        1,245        1,303,485  

Sr. Sec’d. Notes

     6.375       05/01/26        1,665        1,725,287  

Sr. Sec’d. Notes, 144A

     4.750       01/15/28        1,420        1,413,177  

Midcontinent Communications/Midcontinent Finance Corp.,

          

Gtd. Notes, 144A

     5.375       08/15/27        2,010        2,037,414  

Nexstar Media, Inc.,

          

Gtd. Notes, 144A

     5.625       07/15/27        3,000        3,086,999  

Quebecor Media, Inc. (Canada),

          

Sr. Unsec’d. Notes

     5.750       01/15/23        795        810,395  

Radiate Holdco LLC/Radiate Finance, Inc.,

          

Sr. Sec’d. Notes, 144A(aa)

     4.500       09/15/26        4,350        4,196,658  

Scripps Escrow, Inc.,

          

Gtd. Notes, 144A

     5.875       07/15/27        455        466,292  

Sinclair Television Group, Inc.,

          

Gtd. Notes, 144A

     5.875       03/15/26        3,000        3,034,173  

Univision Communications, Inc.,

          

Sr. Sec’d. Notes, 144A(aa)

     5.125       02/15/25        5,685        5,734,924  

Sr. Sec’d. Notes, 144A

     9.500       05/01/25        500        530,017  

Videotron Ltd. (Canada),

          

Gtd. Notes, 144A(aa)

     5.375       06/15/24        3,214        3,356,615  
          

 

 

 
             57,042,516  

Mining    4.2%

                                  

Constellium SE,

          

Gtd. Notes, 144A

     5.875       02/15/26        2,250        2,275,447  

First Quantum Minerals Ltd. (Zambia),

          

Gtd. Notes, 144A

     6.500       03/01/24        500        506,302  

Gtd. Notes, 144A

     7.250       04/01/23        2,896        2,909,391  

Gtd. Notes, 144A

     7.500       04/01/25        2,280        2,331,307  

 

See Notes to Financial Statements.

 

138


PGIM Short Duration High Yield Opportunities Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description   

Interest    

Rate

   

Maturity    

Date

    

Principal    

Amount    

(000)#    

             Value          

CORPORATE BONDS (Continued)

          

Mining (cont’d.)

                                  

Freeport-McMoRan, Inc.,

          

Gtd. Notes

     4.375%       08/01/28        650      $ 669,957  

Hudbay Minerals, Inc. (Canada),

          

Gtd. Notes, 144A

     4.500       04/01/26        2,920        2,873,018  

New Gold, Inc. (Canada),

          

Gtd. Notes, 144A

     6.375       05/15/25        3,272        3,344,019  

Gtd. Notes, 144A

     7.500       07/15/27        600        633,073  

Novelis Corp.,

          

Gtd. Notes, 144A

     3.250       11/15/26        4,420        4,290,727  
          

 

 

 
             19,833,241  

Miscellaneous Manufacturing    0.3%

                                  

Amsted Industries, Inc.,

          

Gtd. Notes, 144A

     5.625       07/01/27        1,300        1,332,786  

Office/Business Equipment    1.5%

                                  

CDW LLC/CDW Finance Corp.,

          

Gtd. Notes(aa)

     4.125       05/01/25        7,250        7,342,263  

Oil & Gas    5.6%

                                  

Aethon United BR LP/Aethon United Finance Corp.,

          

Sr. Unsec’d. Notes, 144A

     8.250       02/15/26        850        897,013  

Antero Resources Corp.,

          

Gtd. Notes, 144A

     8.375       07/15/26        750        836,843  

Ascent Resources Utica Holdings LLC/ARU Finance Corp.,

          

Gtd. Notes, 144A

     7.000       11/01/26        3,000        2,996,547  

Athabasca Oil Corp. (Canada),

          

Sec’d. Notes, 144A

     9.750       11/01/26        1,725        1,731,570  

Chesapeake Energy Corp.,

          

Gtd. Notes, 144A

     5.500       02/01/26        2,936        3,030,571  

Endeavor Energy Resources LP/EER Finance, Inc.,

          

Sr. Unsec’d. Notes, 144A

     5.750       01/30/28        811        839,007  

Sr. Unsec’d. Notes, 144A

     6.625       07/15/25        500        522,654  

EQT Corp.,

          

Sr. Unsec’d. Notes

     3.900       10/01/27        2,875        2,898,867  

MEG Energy Corp. (Canada),

          

Gtd. Notes, 144A

     7.125       02/01/27        800        829,960  

Sec’d. Notes, 144A

     6.500       01/15/25        706        717,867  

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    139


PGIM Short Duration High Yield Opportunities Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description   

Interest    

Rate

   

Maturity    

Date

    

Principal    

Amount    

(000)#    

             Value          

CORPORATE BONDS (Continued)

          

Oil & Gas (cont’d.)

                                  

Nabors Industries, Inc.,

          

Gtd. Notes, 144A

     7.375%       05/15/27        900      $ 920,741  

Occidental Petroleum Corp.,

          

Sr. Unsec’d. Notes

     5.550       03/15/26        525        559,381  

Sr. Unsec’d. Notes

     5.875       09/01/25        2,425        2,591,163  

Sr. Unsec’d. Notes

     6.375       09/01/28        500        567,771  

Parkland Corp. (Canada),

          

Gtd. Notes, 144A

     5.875       07/15/27        975        1,004,848  

Range Resources Corp.,

          

Gtd. Notes

     4.875       05/15/25        500        509,556  

Gtd. Notes

     5.000       03/15/23        2,000        2,020,176  

Gtd. Notes

     9.250       02/01/26        700        748,566  

Southwestern Energy Co.,

          

Gtd. Notes

     8.375       09/15/28        900        986,747  

Sunoco LP/Sunoco Finance Corp.,

          

Gtd. Notes

     6.000       04/15/27        1,200        1,237,092  
          

 

 

 
             26,446,940  

Packaging & Containers    1.9%

                                  

Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.,

          

Sr. Sec’d. Notes, 144A

     4.125       08/15/26        525        520,936  

Sr. Unsec’d. Notes, 144A

     5.250       08/15/27        2,000        1,952,082  

Graham Packaging Co., Inc.,

          

Gtd. Notes, 144A

     7.125       08/15/28        1,300        1,319,523  

Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada),

          

Sr. Sec’d. Notes, 144A

     6.000       09/15/28        1,950        1,949,751  

LABL, Inc.,

          

Sr. Sec’d. Notes, 144A

     6.750       07/15/26        250        253,480  

Owens-Brockway Glass Container, Inc.,

          

Gtd. Notes, 144A

     6.625       05/13/27        1,000        1,049,515  

Sealed Air Corp.,

          

Gtd. Notes, 144A

     5.500       09/15/25        1,000        1,076,220  

Trident TPI Holdings, Inc.,

          

Gtd. Notes, 144A

     9.250       08/01/24        1,000        1,040,484  
          

 

 

 
             9,161,991  

 

See Notes to Financial Statements.

 

140


PGIM Short Duration High Yield Opportunities Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description   

Interest    

Rate

   

Maturity    

Date

    

Principal    

Amount    

(000)#    

             Value          

CORPORATE BONDS (Continued)

          

Pharmaceuticals    3.6%

                                  

AdaptHealth LLC,

          

Gtd. Notes, 144A

     6.125%       08/01/28        1,550      $ 1,610,817  

Bausch Health Americas, Inc.,

          

Gtd. Notes, 144A(aa)

     8.500       01/31/27        7,909        7,998,549  

Bausch Health Cos., Inc.,

          

Gtd. Notes, 144A

     5.000       01/30/28        376        316,889  

Gtd. Notes, 144A

     6.125       04/15/25        1,758        1,793,111  

Sr. Sec’d. Notes, 144A

     6.125       02/01/27        350        351,067  

P&L Development LLC/PLD Finance Corp.,

          

Sr. Sec’d. Notes, 144A(aa)

     7.750       11/15/25        5,139        5,033,685  
          

 

 

 
             17,104,118  

Pipelines    2.6%

                                  

Antero Midstream Partners LP/Antero Midstream Finance Corp.,

          

Gtd. Notes, 144A

     5.750       03/01/27        175        177,682  

Gtd. Notes, 144A

     7.875       05/15/26        2,525        2,711,583  

EQM Midstream Partners LP,

          

Sr. Unsec’d. Notes, 144A

     6.000       07/01/25        1,375        1,423,051  

Global Partners LP/GLP Finance Corp.,

          

Gtd. Notes

     7.000       08/01/27        750        771,875  

Rockies Express Pipeline LLC,

          

Sr. Unsec’d. Notes, 144A

     3.600       05/15/25        475        470,476  

Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,

          

Gtd. Notes, 144A

     6.000       03/01/27        1,384        1,408,856  

Gtd. Notes, 144A

     7.500       10/01/25        1,500        1,577,663  

Targa Resources Partners LP/Targa Resources Partners Finance Corp.,

          

Gtd. Notes

     6.500       07/15/27        1,200        1,273,272  

Western Midstream Operating LP,

          

Sr. Unsec’d. Notes

     3.950       06/01/25        500        511,942  

Sr. Unsec’d. Notes

     4.350(cc)       02/01/25        2,100        2,126,114  
          

 

 

 
             12,452,514  

Real Estate    1.1%

                                  

Five Point Operating Co. LP/Five Point Capital Corp.,

          

Gtd. Notes, 144A

     7.875       11/15/25        3,025        3,120,909  

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    141


PGIM Short Duration High Yield Opportunities Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description   

Interest    

Rate

   

Maturity    

Date

    

Principal    

Amount    

(000)#    

             Value          

CORPORATE BONDS (Continued)

             

Real Estate (cont’d.)

                                           

Greystar Real Estate Partners LLC,

             

Sr. Sec’d. Notes, 144A

     5.750%       12/01/25           100      $ 101,649  

Howard Hughes Corp. (The),

             

Gtd. Notes, 144A

     5.375       08/01/28           2,122        2,163,073  
             

 

 

 
                5,385,631  

Real Estate Investment Trusts (REITs)    5.2%

                                           

Diversified Healthcare Trust,

             

Gtd. Notes(aa)

     9.750       06/15/25           5,468        5,811,364  

MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.,

             

Gtd. Notes

     4.500       09/01/26           901        946,111  

MPT Operating Partnership LP/MPT Finance Corp.,

             

Gtd. Notes

     5.000       10/15/27           1,900        1,952,227  

Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer,

             

Sr. Sec’d. Notes, 144A

     7.500       06/01/25           2,500        2,617,929  

RHP Hotel Properties LP/RHP Finance Corp.,

             

Gtd. Notes

     4.750       10/15/27           925        912,122  

Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC,

             

Sr. Sec’d. Notes, 144A(aa)

     7.875       02/15/25           7,900        8,226,637  

VICI Properties LP/VICI Note Co., Inc.,

             

Gtd. Notes, 144A

     3.750       02/15/27           1,449        1,436,057  

Gtd. Notes, 144A

     4.250       12/01/26           2,825        2,853,497  
             

 

 

 
                24,755,944  

Retail    3.0%

                                           

1011778 BC ULC/New Red Finance, Inc. (Canada),

             

Sr. Sec’d. Notes, 144A

     3.875       01/15/28           325        317,330  

At Home Group, Inc.,

             

Sr. Sec’d. Notes, 144A

     4.875       07/15/28           100        95,732  

Brinker International, Inc.,

             

Gtd. Notes, 144A

     5.000       10/01/24           825        857,534  

Sr. Unsec’d. Notes

     3.875       05/15/23           1,875        1,899,887  

eG Global Finance PLC (United Kingdom),

             

Sr. Sec’d. Notes

     4.375       02/07/25        EUR        200        220,540  

Sr. Sec’d. Notes

     6.250       10/30/25        EUR        200        225,516  

 

See Notes to Financial Statements.

 

142


PGIM Short Duration High Yield Opportunities Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description   

Interest    

Rate

   

Maturity    

Date

  

Principal    

Amount    

(000)#    

             Value          

CORPORATE BONDS (Continued)

          

Retail (cont’d.)

                              

eG Global Finance PLC (United Kingdom), (cont’d.)

          

Sr. Sec’d. Notes, 144A

       6.750%     02/07/25      825      $ 825,651  

Sr. Sec’d. Notes, 144A(aa)

       8.500     10/30/25      4,910        4,982,912  

Golden Nugget, Inc.,

          

Sr. Unsec’d. Notes, 144A

       6.750     10/15/24      1,925        1,925,543  

Sally Holdings LLC/Sally Capital, Inc.,

          

Sec’d. Notes, 144A

       8.750     04/30/25      2,500        2,638,726  
          

 

 

 
             13,989,371  

Semiconductors    1.3%

                              

Microchip Technology, Inc.,

          

Gtd. Notes(aa)

       4.250     09/01/25      6,200        6,388,970  

Software    2.9%

                              

Boxer Parent Co., Inc.,

          

Sr. Sec’d. Notes, 144A

       7.125     10/02/25      2,000        2,086,258  

Camelot Finance SA,

          

Sr. Sec’d. Notes, 144A

       4.500     11/01/26      5,720        5,807,257  

Change Healthcare Holdings LLC/Change Healthcare Finance, Inc.,

          

Gtd. Notes, 144A

       5.750     03/01/25      2,500        2,507,855  

Clarivate Science Holdings Corp.,

          

Sr. Sec’d. Notes, 144A

       3.875     07/01/28      965        922,157  

SS&C Technologies, Inc.,

          

Gtd. Notes, 144A

       5.500     09/30/27      2,500        2,584,819  
          

 

 

 
             13,908,346  

Telecommunications    8.2%

                              

Altice France SA (France),

          

Sr. Sec’d. Notes, 144A

       8.125     02/01/27      2,420        2,560,523  

CommScope, Inc.,

          

Sr. Sec’d. Notes, 144A

       6.000     03/01/26      2,465        2,498,179  

Digicel International Finance Ltd./Digicel International Holdings Ltd. (Jamaica),
Gtd. Notes, 144A, Cash coupon 6.000% and PIK 7.000%

     13.000     12/31/25      1,607        1,642,902  

Sr. Sec’d. Notes, 144A

       8.750     05/25/24      1,000        1,025,631  

Sr. Sec’d. Notes, 144A

       8.750     05/25/24      3,560        3,648,759  

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    143


PGIM Short Duration High Yield Opportunities Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description   

Interest    

Rate

 

Maturity    

Date

  

Principal    

Amount    

(000)#    

             Value          

CORPORATE BONDS (Continued)

          

Telecommunications (cont’d.)

                          

Digicel Ltd. (Jamaica),

          

Gtd. Notes, 144A

   6.750%   03/01/23      1,000      $ 974,028  

Iliad Holding SASU (France),

          

Sr. Sec’d. Notes, 144A

   6.500   10/15/26      1,075        1,090,238  

Sr. Sec’d. Notes, 144A

   7.000   10/15/28      875        886,951  

Level 3 Financing, Inc.,

          

Gtd. Notes(aa)

   5.250   03/15/26      4,610        4,697,146  

Gtd. Notes

   5.375   05/01/25      700        710,967  

Lumen Technologies, Inc.,

          

Sr. Unsec’d. Notes, Series T

   5.800   03/15/22      2,700        2,707,085  

Sprint Corp.,

          

Gtd. Notes

   7.625   02/15/25      2,030        2,258,548  

Gtd. Notes(aa)

   7.625   03/01/26      5,150        5,911,478  

Viasat, Inc.,

          

Sr. Sec’d. Notes, 144A

   5.625   04/15/27      1,050        1,067,881  

Sr. Unsec’d. Notes, 144A(aa)

   5.625   09/15/25      3,535        3,481,754  

Zayo Group Holdings, Inc.,

          

Sr. Sec’d. Notes, 144A(aa)

   4.000   03/01/27      3,720        3,518,771  
          

 

 

 
             38,680,841  

Toys/Games/Hobbies    0.1%

                          

Mattel, Inc.,

          

Gtd. Notes, 144A

   3.375   04/01/26      250        249,919  

Transportation    0.8%

                          

XPO Logistics, Inc.,

          

Gtd. Notes, 144A(aa)

   6.250   05/01/25      3,553        3,680,665  

Trucking & Leasing    0.2%

                          

Fortress Transportation & Infrastructure Investors LLC,

          

Sr. Unsec’d. Notes, 144A

   5.500   05/01/28      850        824,820  
          

 

 

 

TOTAL CORPORATE BONDS
(cost $541,042,479)

             535,112,743  
          

 

 

 

 

See Notes to Financial Statements.

 

144


PGIM Short Duration High Yield Opportunities Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

  Description    Units                  Value          

WARRANTS*    0.0%

     

Chemicals    0.0%

                 

TPC Group, Inc., expiring 08/01/24 (original cost $0; purchased 02/02/21)^(f)

     104,385      $ 491  
     

 

 

 

Oil, Gas & Consumable Fuels    0.0%

                 

Athabasca Oil Corp. (Canada), expiring 11/01/26

     1,725        78,829  
     

 

 

 

TOTAL WARRANTS
(cost $0)

        79,320  
     

 

 

 

TOTAL LONG-TERM INVESTMENTS
(cost $607,565,103)

        601,045,173  
     

 

 

 
    

Shares

        

SHORT-TERM INVESTMENT    0.5%

     

UNAFFILIATED FUND

     

Dreyfus Government Cash Management (Institutional Shares)
(cost $2,325,574)

     2,325,574        2,325,574  
     

 

 

 

TOTAL INVESTMENTS    127.4%
(cost $609,890,677)

        603,370,747  

Liabilities in excess of other assets(z)    (27.4)%

        (129,746,840
     

 

 

 

NET ASSETS 100.0%

      $ 473,623,907  
     

 

 

 

 

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

 

*

Non-income producing security.

#

Principal amount is shown in U.S. dollars unless otherwise stated.

^

Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $491 and 0.0% of net assets.

(aa)

Represents security, or a portion thereof, with aggregate value of $182,891,164 segregated as collateral for amount of $150,000,000 borrowed and outstanding as of January 31, 2022.

(c)

Variable rate instrument. The interest rate shown reflects the rate in effect at January 31, 2022.

(cc)

Variable rate instrument. The rate shown is based on the latest available information as of January 31, 2022. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

(f)

Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the aggregate original cost of such securities is $5,165,793. The aggregate value of $5,188,101 is 1.1% of net assets.

(p)

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

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    145


PGIM Short Duration High Yield Opportunities Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

(z)

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

Unfunded loan commitment outstanding at January 31, 2022:

 

Borrower

  Principal
Amount
(000)#
  Current
Value
  Unrealized
Appreciation
 

Unrealized

Depreciation

Trident TPI Holdings, Inc., First Lien Tranche B-3 Delayed Draw Term Loan, 3 Month LIBOR + 4.000%, 4.500%(c), Maturity Date 09/15/28 (cost $33,372)

      33     $ 33,396     $ 24     $
       

 

 

     

 

 

     

 

 

 

Forward foreign currency exchange contracts outstanding at January 31, 2022:

 

Purchase

Contracts

 

Counterparty

 

Notional

Amount

(000)

   

Value at

Settlement
Date

   

Current

  Value  

         

Unrealized

Appreciation

   

Unrealized

Depreciation

 

OTC Forward Foreign Currency Exchange Contracts:

                             

Euro,

                               

Expiring 02/02/22

  BNP Paribas S.A.   EUR     308              $ 347,267                       $ 345,945                           $—                       $ (1,322  
         

 

 

       

 

 

         

 

 

       

 

 

   
         

 

 

       

 

 

                 

 

Sale

Contracts

 

Counterparty

 

Notional

Amount
(000)

 

Value at

Settlement
Date

 

Current

  Value  

 

Unrealized

Appreciation

 

Unrealized

Depreciation

OTC Forward Foreign Currency Exchange Contracts:

                                                     

Euro,

                                                       

Expiring 02/02/22

  Bank of America, N.A.   EUR       101                $ 115,957                    $ 113,858                    $ 2,099                    $    

Expiring 02/02/22

  JPMorgan Chase Bank, N.A.   EUR       207           234,390                      232,087                      2,303                  

Expiring 03/02/22

  Bank of America, N.A.   EUR       100           112,638               112,127               511                  

Expiring 03/02/22

  BNP Paribas S.A.   EUR       308           347,465               346,125               1,340                  
               

 

 

             

 

 

             

 

 

             

 

 

     
                $ 810,450             $ 804,197               6,253                  
               

 

 

             

 

 

             

 

 

             

 

 

     
                                        $ 6,253                    $ (1,322 )    
                                       

 

 

             

 

 

     

Total return swap agreements outstanding at January 31, 2022:

 

Reference Entity  

Financing

Rate

    Counterparty    

Termination

Date

   

Long

(Short)

Notional

Amount

(000)#(1)

   

Fair

Value

   

Upfront

Premiums

Paid

(Received)

   

Unrealized

Appreciation

(Depreciation)(2)

 

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

OTC Total Return Swap Agreements:

 

           

iBoxx US Dollar Liquid High Yield Index(T)

    3 Month LIBOR (Q)      BNP Paribas S.A.       3/20/22       9,250       $(78,142     $—       $(78,142

iBoxx US Dollar Liquid High Yield Index(T)

    3 Month LIBOR (Q)      Goldman Sachs International       3/20/22       18,580       (361,277           (361,277

 

See Notes to Financial Statements.

 

146


PGIM Short Duration High Yield Opportunities Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

Total return swap agreements outstanding at January 31, 2022 (continued):

Reference Entity                

  Financing
Rate
  Counterparty     Termination
Date
    Long
(Short)
Notional
Amount
  (000)#(1)  
   

Fair

  Value  

   

Upfront

Premiums

Paid

(Received)

 

Unrealized

Appreciation

(Depreciation)(2)

OTC Total Return Swap Agreements (cont’d.):

 

                     

iBoxx US Dollar Liquid
High Yield Index(T)

  3 Month LIBOR(T)    
Morgan Stanley & Co.
International PLC
 
 
    3/20/22       4,220       $ (79,539            $                 $ (79,539    

iBoxx US Dollar Liquid High Yield Index(T)

  3 Month LIBOR(T)     Goldman Sachs International       3/20/22       14,700         (298,960                   (298,960  
           

 

 

       

 

 

       

 

 

   
            $ (817,918       $         $ (817,918  
           

 

 

       

 

 

       

 

 

   

 

(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

Appreciation

   Unrealized
Depreciation

OTC Swap Agreements

     $      $      $      $ (817,918

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.

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    147


PGIM Short Duration High Yield Opportunities Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

The following is a summary of the inputs used as of January 31, 2022 in valuing such portfolio securities:

 

     Level 1      Level 2    

Level 3

Investments in Securities

           

Assets

           

Long-Term Investments

           

Bank Loans

   $      $ 65,853,110       $ —  

Corporate Bonds

            535,112,743        

Warrants

            78,829       491  

Short-Term Investment

           

Unaffiliated Fund

     2,325,574                       
  

 

 

    

 

 

     

 

 

Total

   $ 2,325,574      $ 601,044,682       $491  
  

 

 

    

 

 

   

 

Other Financial Instruments*

           

Assets

           

Unfunded Loan Commitment

   $      $ 24       $ —  

OTC Forward Foreign Currency Exchange Contracts

            6,253        
  

 

 

    

 

 

     

 

 

Total

   $      $ 6,277       $ —  
  

 

 

    

 

 

   

 

Liabilities

           

OTC Forward Foreign Currency Exchange Contract

   $      $ (1,322     $ —  

OTC Total Return Swap Agreements

            (817,918      
  

 

 

    

 

 

     

 

 

Total

   $      $ (819,240     $ —  
  

 

 

    

 

 

   

 

 

                                         

 

*

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.

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2022 were as follows:

 

Media

     12.0

Telecommunications

     10.3  

Software

     7.4  

Entertainment

     7.2  

Commercial Services

     6.8  

Home Builders

     5.8  

Oil & Gas

     5.6  

Healthcare-Services

     5.6  

Real Estate Investment Trusts (REITs)

     5.2  

Chemicals

     5.2  

Diversified Financial Services

     4.4  

Mining

     4.2  

Pharmaceuticals

     4.1

Foods

     3.5  

Lodging

     3.4  

Retail

     3.4  

Internet

     3.0  

Aerospace & Defense

     2.8  

Packaging & Containers

     2.6  

Pipelines

     2.6  

Electric

     2.3  

Airlines

     2.1  

Office/Business Equipment

     1.5  

Machinery-Diversified

     1.5  
 

 

See Notes to Financial Statements.

 

148


PGIM Short Duration High Yield Opportunities Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

Industry Classification (continued):

 

Distribution/Wholesale

     1.4

Computers

     1.4  

Semiconductors

     1.3  

Building Materials

     1.1  

Real Estate

     1.1  

Auto Parts & Equipment

     1.1  

Gas

     1.0  

Iron/Steel

     0.9  

Transportation

     0.8  

Insurance

     0.7  

Electrical Components & Equipment

     0.7  

Electronics

     0.7  

Apparel

     0.5  

Unaffiliated Fund

     0.5  

Auto Manufacturers

     0.4  

Miscellaneous Manufacturing

     0.3  

Banks

     0.2  

Trucking & Leasing

     0.2

Energy-Alternate Sources

     0.2  

Leisure Time

     0.1  

Engineering & Construction

     0.1  

Housewares

     0.1  

Toys/Games/Hobbies

     0.1  

Environmental Control

     0.0

Oil, Gas & Consumable Fuels

     0.0
  

 

 

 
     127.4  

Liabilities in excess of other assets

     (27.4
  

 

 

 
     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 type of risk associated with these derivative instruments are credit contracts risk, foreign exchange contracts risk and interest rate contracts 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 January 31, 2022 as presented in the Statement of Assets and Liabilities:

 

    

Asset Derivatives

    

Liability Derivatives

 

Derivatives not accounted for as

hedging instruments, carried at

fair value                                                 

  

Statement of

Assets and

            Liabilities Location             

   Fair
Value
    

Statement of

Assets and

            Liabilities Location             

   Fair
Value
 
Foreign exchange contracts    Unrealized appreciation on OTC forward foreign currency exchange contracts    $ 6,253      Unrealized depreciation on OTC forward foreign currency exchange contracts    $ 1,322  

Interest rate contracts

             Unrealized depreciation on OTC swap agreements      817,918  
     

 

 

       

 

 

 
      $ 6,253         $ 819,240  
     

 

 

       

 

 

 

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    149


PGIM Short Duration High Yield Opportunities Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

The effects of derivative instruments on the Statement of Operations for the six months ended January 31, 2022 are as follows:

 

Amount of Realized Gain (Loss) on Derivatives Recognized in Income

Derivatives not accounted for as hedging

instruments, carried at fair value

  Swaps  

Credit contracts

    $64,317  

Interest rate contracts

    375,666  
 

 

 

 

Total

  $ 439,983  
 

 

 

 

 

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

Derivatives not accounted for

as hedging instruments,

carried at fair value

 

Forward

Currency

Exchange

 Contracts 

   Swaps

Credit contracts

    $        $(17,240 )

Foreign exchange contracts

      4,931       

Interest rate contracts

             (817,918 )
   

 

 

      

 

 

 

Total

    $ 4,931      $ (835,158 )
   

 

 

      

 

 

 

For the six months ended January 31, 2022, the Fund’s average volume of derivative activities is as follows:

 

Forward Foreign

Currency Exchange

Contracts— Purchased(1)

$115,756

Forward Foreign

Currency Exchange

Contracts—Sold(1)

$270,150

 

    

Credit Default

Swap Agreements—

Sell Protection(2)

       

Total Return

Swap

Agreements(2)

    
                     
   $1,666,667       $28,083,333   

 

                                         

 

(1)

Value at Settlement Date.

(2)

Notional Amount in USD.

Average volume is based on average quarter end balances as noted for the six months ended January 31, 2022.

 

See Notes to Financial Statements.

 

150


PGIM Short Duration High Yield Opportunities Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

 

Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:

The Fund invested in OTC derivatives 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 where the legal right to set-off exists is presented in the summary below.

Offsetting of OTC derivative assets and liabilities:

 

    Counterparty

Gross Amounts of

Recognized

          Assets(1)         

Gross Amounts of

Recognized

      Liabilities(1)      

Net Amounts of

Recognized

Assets/(Liabilities)

Collateral

Pledged/(Received)(2)

Net Amount

Bank of America, N.A.

$ 2,610 $ $ 2,610 $ $ 2,610

BNP Paribas S.A.

  1,340   (79,464 )   (78,124 )     (78,124 )

S.A. Goldman Sachs International

    (660,237 )   (660,237 )   660,237  

JPMorgan Chase Bank, N.A.

  2,303     2,303     2,303

Morgan Stanley & Co. International PLC

    (79,539 )   (79,539 )     (79,539 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
$ 6,253 $ (819,240 $ (812,987 ) $ 660,237 $ (152,750

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 Fixed Income Closed-End Funds    151


PGIM Short Duration High Yield Opportunities Fund

Statement of Assets & Liabilities  (unaudited)

as of January 31, 2022

 

Assets

        

Unaffiliated investments (cost $609,890,677)

   $ 603,370,747  

Cash

     15,083,176  

Cash segregated for counterparty - OTC

     830,000  

Interest receivable

     9,123,643  

Receivable for investments sold

     6,679,680  

Unrealized appreciation on OTC forward foreign currency exchange contracts

     6,253  

Unrealized appreciation on unfunded loan commitment

     24  

Prepaid expenses and other assets

     1,875  
  

 

 

 

Total Assets

     635,095,398  
  

 

 

 

Liabilities

        

Loan payable

     150,000,000  

Payable for investments purchased

     9,917,368  

Unrealized depreciation on OTC swap agreements

     817,918  

Management fee payable

     521,927  

Interest payable

     99,845  

Accrued expenses and other liabilities

     82,604  

Exchange listing fees payable

     29,502  

Unrealized depreciation on OTC forward foreign currency exchange contracts

     1,322  

Trustees’ fees payable

     1,005  
  

 

 

 

Total Liabilities

     161,471,491  
  

 

 

 

Net Assets

   $ 473,623,907  
  

 

 

 

    

        

Net assets were comprised of:

  

Shares of beneficial interest, at par

   $ 24,673  

Paid-in capital in excess of par

     492,672,053  

Total distributable earnings (loss)

     (19,072,819
  

 

 

 

Net assets, January 31, 2022

   $ 473,623,907  
  

 

 

 

Net asset value and redemption price per share

($473,623,907 ÷ 24,673,056 common shares issued and outstanding)

   $ 19.20  
  

 

 

 

 

See Notes to Financial Statements.

 

152


PGIM Short Duration High Yield Opportunities Fund

Statement of Operations  (unaudited)

Six Months Ended January 31, 2022

 

Net Investment Income (Loss)

        

Income

  

Interest income

   $ 12,668,721  

Affiliated dividend income

     12,458  

Unaffiliated dividend income

     207  
  

 

 

 

Total income

     12,681,386  
  

 

 

 

Expenses

  

Management fee

     3,168,309  

Interest expense

     613,328  

Legal fees and expenses

     52,637  

Custodian and accounting fees

     37,662  

Audit fee

     22,685  

Shareholders’ reports

     15,988  

Exchange listing fees

     12,602  

Transfer agent’s fees and expenses

     7,941  

Trustees’ fees

     6,135  

Miscellaneous

     7,197  
  

 

 

 

Total expenses

     3,944,484  
  

 

 

 

Net investment income (loss)

     8,736,902  
  

 

 

 

Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions

        

Net realized gain (loss) on:

  

Investment transactions

     1,175,152  

Swap agreement transactions

     439,983  

Foreign currency transactions

     (228
  

 

 

 
     1,614,907  
  

 

 

 

Net change in unrealized appreciation (depreciation) on:

  

Investments

     (10,998,951

Forward currency contracts

     4,931  

Swap agreements

     (835,158

Foreign currencies

     (50

Unfunded loan commitments

     24  
  

 

 

 
     (11,829,204
  

 

 

 

Net gain (loss) on investment and foreign currency transactions

     (10,214,297
  

 

 

 

Net Increase (Decrease) In Net Assets Resulting From Operations

   $ (1,477,395
  

 

 

 

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    153


PGIM Short Duration High Yield Opportunities Fund

Statement of Changes in Net Assets  (unaudited)

 

 

Six Months Ended

January 31, 2022

November 25, 2020*

through

      July 31, 2021      

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

  $  8,736,902   $  10,210,274

Net realized gain (loss) on investment and foreign currency transactions

  1,614,907   1,574,617

Net change in unrealized appreciation (depreciation) on investments and foreign currencies

  (11,829,204 )   4,496,261

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

  (1,477,395 )   16,281,152

 

 

 

 

 

 

Dividends and Distributions

Distributions from distributable earnings

  (15,988,140 )   (17,948,001 )

Tax return of capital distributions

    (704,829 )

 

 

 

 

 

 

Total dividends and distributions

  (15,988,140 )   (18,652,830 )

 

 

 

 

 

 

Fund share transactions

Net proceeds from shares sold

    493,361,120

 

 

 

 

 

 

Total increase (decrease)

  (17,465,535 )   490,989,442

Net Assets:

Beginning of period

  491,089,442   100,000

 

 

 

 

 

 

End of period

  $473,623,907     $491,089,442

 

 

 

 

 

 

 

*

Commencement of operations.

 

See Notes to Financial Statements.

 

154


PGIM Short Duration High Yield Opportunities Fund

Statement of Cash Flows  (unaudited)

Six Months Ended January 31, 2022

 

Cash Flows Provided By / (Used For) Operating Activities:

  

Net increase (decrease) in net assets resulting from operations

   $ (1,477,395
  

 

 

 

Adjustments To Reconcile Net Increase (Decrease) In Net Assets Resulting From Operations To Net Cash Provided By / (Used For) Operating Activities:

  

Proceeds from disposition of long-term portfolio investments, net of amounts receivable

     152,924,352  

Purchases of long-term portfolio investments, net of amounts payable

     (147,490,728

Net proceeds (purchases) of short-term portfolio investments

     16,157,257  

Net premiums (paid) received for swap agreements

     422,743  

Amortization of premium and accretion of discount on portfolio investments

     4,867,459  

Net realized (gain) loss on investment transactions

     (1,175,152

Net realized (gain) loss on swap agreement transactions

     (439,983

Net realized (gain) loss on foreign currency transactions

     228  

Net change in unrealized (appreciation) depreciation on investments

     10,998,951  

Net change in unrealized (appreciation) depreciation on forward currency contracts

     (4,931

Net change in unrealized (appreciation) depreciation on swap agreements

     835,158  

Net change in unrealized (appreciation) depreciation on foreign currencies

     50  

Net change in unrealized (appreciation) depreciation on unfunded loan commitments

     (24

(Increase) Decrease In Assets:

  

Interest receivable

     (412,098

Prepaid expenses and other assets

     240,612  

Increase (Decrease) In Liabilities:

  

Management fee payable

     (27,464

Interest payable

     (13,077

Accrued expenses and other liabilities

     (18,788

Exchange listing fees payable

     12,602  

Trustees’ fees payable

     175  

Dividends payable

     (126,481

Due to broker - variation margin swaps

     (13,892
  

 

 

 

Total adjustments

     36,736,969  
  

 

 

 

Net cash provided by (used for) operating activities

     35,259,574  
  

 

 

 

Effect of exchange rate changes on cash

     (278
  

 

 

 

Cash Flows Provided By (Used For) Financing Activities:

  

Decrease in borrowing

     (4,000,000

Cash paid on distributions from distributable earnings

     (15,988,140
  

 

 

 

Net cash provided by (used for) financing activities

     (19,988,140
  

 

 

 

Net increase (decrease) in cash and restricted cash

     15,271,156  
  

 

 

 

Cash and restricted cash at beginning of period

     642,020  
  

 

 

 

Cash And Restricted Cash At End Of Period

   $ 15,913,176  
  

 

 

 

Supplemental Disclosure of Cash Flow Information

  

Cash paid during the period for interest expense

   $ 626,405  
  

 

 

 

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds    155


PGIM Short Duration High Yield Opportunities Fund

Statement of Cash Flows  (unaudited) (continued)

Six Months Ended January 31, 2022

 

Reconciliation Of Cash And Restricted Cash Reported With The Statement Of Assets And Liabilities To The Statement Of Cash Flows:

 

   

January 31, 2022

Cash

            $15,083,176         

Restricted cash:

      

Cash segregated for counterparty - OTC

       830,000    
    

 

 

   

Total cash and restricted cash

       $15,913,176    
    

 

 

   

 

See Notes to Financial Statements.

 

156


PGIM Short Duration High Yield Opportunities Fund

Financial Highlights  (unaudited)

Six Months Ended January 31, 2022

 

        

                                 
    

Six Months

Ended January 31,

2022

 

  

  November 25, 2020(a)
through  July 31,
2021
    
Per Share Operating Performance(b):                                  
Net Asset Value, Beginning of Period       $19.90           $20.00          
Income (loss) from investment operations:                                  
Net investment income (loss)       0.35           0.42          
Net realized and unrealized gain (loss) on investment       (0.40 )           0.24          
Total from investment operations       (0.05 )           0.66          
Less Dividends and Distributions:                                  
Dividends from net investment income       (0.65 )           (0.73 )          
Tax return of capital distributions       -           (0.03 )          
Total dividends and distributions       (0.65 )           (0.76 )          
Net asset value, end of period       $19.20           $19.90          
Market price, end of period       $17.81           $19.50          
Total Return(c):       (5.43 )%           1.38 %          
   
                 
Ratios/Supplemental Data:                
Net assets, end of period (000)       $473,624           $491,089          
Average net assets (000)       $485,855           $489,610          
Ratios to average net assets(d):                                  
Expenses after waivers and/or expense reimbursement(e)       1.61 %(f)           1.50 %(g)          
Expenses before waivers and/or expense reimbursement(e)       1.61 %(f)           1.50 %(g)          
Net investment income (loss)       3.57 %(f)           3.09 %(g)          
Portfolio turnover rate(h)       23 %           45 %          
Asset coverage       416 %           419 %          
Total debt outstanding at period-end (000)       $150,000           $154,000          

 

(a)

Commencement of operations.

(b)

Calculated based on average shares outstanding during the period.

(c)

Total return is calculated assuming a purchase of common stock at the current market price on the first day and a sale at the closing market price on the last day for the period reported. Dividends are assumed, for the purpose of this calculation, to be reinvested at prices obtainable under the Fund’s dividend reinvestment plan. This amount does not reflect brokerage commissions or sales load. Total returns for periods less than one full year are not annualized.

(d)

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

(e)

Includes interest expense of 0.25% and 0.20% for the six months ended January 31, 2022 and for the period ended July 31, 2021 and a tax expense of 0.01% for the period ended July 31, 2021.

(f)

Annualized.

(g)

Annualized, with the exception of certain non-recurring expenses.

(h)

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 Fixed Income Closed-End Funds    157


Notes to Financial Statements (unaudited)

 

1.

Organization

PGIM Global High Yield Fund, Inc. (“Global High Yield” or “GHY”), PGIM High Yield Bond Fund, Inc. (“High Yield Bond” or “ISD”) and PGIM Short Duration High Yield Opportunities Fund (“Short Duration High Yield Opportunities” or “SDHY”) (each, a “Fund” and collectively, the “Funds”) are registered under the Investment Company Act of 1940, as amended (“1940 Act”), as diversified, closed-end management investment companies. Global High Yield and High Yield Bond were organized as Maryland corporations on July 23, 2012 and November 14, 2011, respectively. Short Duration High Yield Opportunities was organized as a Maryland statutory trust on May 18, 2020.

The Funds have the following investment objective(s):

 

Fund

       

Investment Objective(s)

Global High Yield

      Provide a high level of current income.

High Yield Bond

      Provide a high level of current income.

Short Duration High Yield Opportunities

      Provide total return, through a combination of current income and capital appreciation.

 

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 its 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.

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. Global High Yield and High Yield Bond Board of Directors and Short Duration High Yield Opportunities Board of Trustees (collectively, the “Board Members”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board Member’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair

 

158


valuation of portfolio securities and other assets and liabilities. 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 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. A record of the Valuation Committee’s actions is subject to the Board Member’s review at its first quarterly meeting following the quarter in which such actions take place.

For the fiscal reporting period-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 sell 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 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 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 exchange-traded funds) 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 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

 

PGIM Fixed Income Closed-End Funds    159


Notes to Financial Statements (unaudited) (continued)

 

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.

Bank 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. Bank loans valued using such vendor prices are generally classified as Level 2 in the fair value hierarchy. Bank 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 pricing methodologies approved by the Board Members. 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

 

160


the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the Manager 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:

(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, the Funds do 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 its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency and to gain

 

PGIM Fixed Income Closed-End Funds    161


Notes to Financial Statements (unaudited) (continued)

 

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. The cash amounts pledged for forward currency contracts are considered restricted cash and are included in “Cash segregated for counterparty - OTC” in the Statement of Assets and Liabilities.

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. The cash amounts pledged for swaps contracts are considered restricted cash and are included in “Due from broker-variation margin swaps” and “Deposit with broker for centrally cleared/exchange-traded derivatives” in the Statement of Assets and Liabilities.

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.

Certain Funds are subject to credit risk in the normal course of pursuing its investment objectives, and as such, has entered into CDS contracts to provide a measure of protection

 

162


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. A Fund’s 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 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 its investment objectives. Certain Funds entered into total return swaps to manage its 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 Fund’s favor, from the point of entering into the contract.

 

PGIM Fixed Income Closed-End Funds    163


Notes to Financial Statements (unaudited) (continued)

 

Bank Loans: Certain Funds invested in bank loans. Bank loans include fixed and floating rate 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 bank loan 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 bank loan 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 bank loan 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 Funds are 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 the Funds. A master netting arrangement between the Funds and the counterparty permits the Funds to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Funds to cover the Funds’ 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.

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 the Fund is held in a segregated account by the 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 the Fund is segregated by the 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 the Fund and the applicable counterparty. Collateral requirements are determined based

 

164


on the Fund’s net position with each counterparty. Termination events applicable to the Fund may occur upon a decline in the 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 the Fund’s counterparties to elect early termination could impact the 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 Members 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 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 Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are

 

PGIM Fixed Income Closed-End Funds    165


Notes to Financial Statements (unaudited) (continued)

 

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.

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 all of its taxable net investment income and capital gains, if any, to its shareholders (for purposes of this report the shareholders of SDHY and the stockholders of ISD and GHY are referred to as “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. However, due to the timing of when distributions are made by the Fund, the Fund may be subject to an excise tax of 4% of the amount by which 98% of the Fund’s annual taxable income for the calendar year and 98.2% of its net capital gains for a one-year period ending on October 31 exceed the distributions from such taxable income and net capital gains for the calendar year. 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: The Funds intend to make a level dividend distribution each month to the holders of common stock of ISD and GHY, and to the holders of common shares of beneficial interest (“common shares”) of SDHY (sometimes collectively referred to herein as “shares”). The level dividend rate may be modified by the Board Members from time to time, and will be based upon the past and projected performance and expenses of the Funds. The Funds intend to also make a distribution during or with respect to each calendar year (which may be combined with a regular monthly distribution), which will generally include any net investment income and net realized capital gain for the year not otherwise distributed.

PGIM Investments has received an order from the Securities and Exchange Commission (the “SEC”) granting the Funds an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 thereunder to permit certain closed-end funds managed by PGIM Investments to include realized long-term capital gains as a part of their respective regular distributions to the holders of common stock/common shares more frequently than would otherwise be permitted by the 1940 Act (generally once per taxable year). The Funds intend to rely on this exemptive order. The Board Members may, at the request of PGIM Investments, adopt a managed distribution policy.

 

166


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 amongst total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.

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

Each Fund has a management agreement with PGIM Investments. Pursuant to these agreements, PGIM Investments has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. With respect to ISD and GHY,PGIM Investments has entered into subadvisory agreements with PGIM, Inc., which provides subadvisory services to the Funds through its business unit PGIM Fixed Income, and PGIM, Inc. has entered into a sub-subadvisory agreement with PGIM Limited. With respect to SDHY, PGIM Investments has entered into a subadvisory agreement with PGIM, Inc., which provides subadvisory services to the Fund through its business unit PGIM Fixed Income, and PGIM Limited (collectively the “subadviser”).

The management fee paid to the Manager is accrued daily and payable monthly, using the average daily value of the Fund’s investable assets at the respective annual rates specified below. “Investable assets” refers to the net assets attributable to the outstanding common stock of the Fund plus the liquidation preference of any outstanding preferred stock issued by the Fund, the principal amount of any borrowings and the principal on any debt securities issued by the Fund.

 

Fund

   Management Fee

Global High Yield

   0.85%

High Yield Bond

   0.80

Short Duration High Yield Opportunities

   1.00

PGIM Investments, PGIM Limited and PGIM, Inc. are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (“Prudential”).

 

4.

Other Transactions with Affiliates

The Funds may invest their overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), a fund of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services. In addition to the realized and unrealized gains on investments in the Core Fund, earnings from such investments are disclosed on the

 

PGIM Fixed Income Closed-End Funds    167


Notes to Financial Statements (unaudited) (continued)

 

Statement of Operations as “Affiliated dividend income”. Effective January 2022, the Funds changed their overnight cash sweep vehicle from the Core Fund to an unaffiliated money market fund.

The Funds may enter into certain securities purchase or sale transactions under Board Members 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 reporting period ended January 31, 2022, no 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 reporting period ended January 31, 2022, were as follows:

 

Fund

   Cost of
Purchases
     Proceeds
from Sales
 

Global High Yield

   $ 168,831,065      $ 262,426,373  

High Yield Bond

     144,819,905        139,289,882  

Short Duration High Yield Opportunities

     139,297,030        158,114,775  

A summary of the cost of purchases and proceeds from sales of shares of an affiliated mutual fund for the reporting period ended January 31, 2022, is presented as follows:

Global High Yield

 

Value,

Beginning

of

Period

  

Cost of

Purchases

   

Proceeds

from Sales

   

Change in

Unrealized

Gain

    (Loss)    

  

Realized

Gain

  (Loss)  

    

Value,

End of

Period

      

Shares,

End

of

Period

  

Income

Short-Term Investments - Affiliated Mutual Fund:

   

PGIM Core Ultra Short Bond Fund(1)

$17,190,234                 $ 166,991,707                         $ 184,181,941                         $                               $                           $                                $ 9,099    

 

    

 

 

       

 

 

       

 

 

         

 

 

         

 

 

             

 

 

   

 

(1)

The Fund did not have any capital gain distributions during the reporting period.

 

168


High Yield Bond

 

Value,

Beginning

of

Period

  

Cost of

Purchases

   

Proceeds

from Sales

   

Change in

Unrealized

Gain

    (Loss)    

  

Realized

Gain

  (Loss)  

    

Value,

End of

Period

      

Shares,

End

of

Period

  

Income

Short-Term Investments - Affiliated Mutual Fund:

   

PGIM Core Ultra Short Bond Fund(1)

$35,736,037                 $ 68,188,721                         $ 103,924,758                         $                               $                           $                                $ 9,068    

 

    

 

 

       

 

 

       

 

 

         

 

 

         

 

 

             

 

 

   

 

(1)

The Fund did not have any capital gain distributions during the reporting period.

Short Duration High Yield Opportunities

 

Value,

Beginning

of

Period

  

Cost of

Purchases

   

Proceeds

from Sales

   

Change in

Unrealized

Gain

    (Loss)    

  

Realized

Gain

  (Loss)  

    

Value,

End of

Period

      

Shares,

End

of

Period

  

Income

Short-Term Investments - Affiliated Mutual Fund:

   

PGIM Core Ultra Short Bond Fund(1)

$18,482,831                 $ 92,229,394                         $ 110,712,225                         $                               $                           $                                $ 12,458    

 

    

 

 

       

 

 

       

 

 

         

 

 

         

 

 

             

 

 

   

 

(1)

The Fund did not have any capital gain distributions during the reporting period.

 

6.

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.

The United States federal income tax basis of the Funds’ investments and the net unrealized appreciation (depreciation) as of January 31, 2022 were as follows:

 

Fund

   Tax Basis   

Gross

Unrealized

    Appreciation    

  

Gross

Unrealized

    Depreciation    

 

Net

Unrealized

Appreciation

    (Depreciation)    

Global High Yield

     $ 793,154,635          $ 33,585,006      $ (55,992,371 )     $ (22,407,365 )

High Yield Bond

       699,918,135            30,469,536        (28,461,301 )       2,008,235

Short Duration High Yield Opportunities

       609,894,781            1,744,837        (9,081,834 )       (7,336,997 )

For federal income tax purposes, the following Funds had a capital loss carryforward as of July 31, 2021 which can be carried forward for an unlimited period.

 

     Capital Loss
Carryforward
 

Global High Yield

     $110,576,000   

High Yield Bond

     82,097,000   

Short Duration High Yield Opportunities

     39,000   

 

PGIM Fixed Income Closed-End Funds    169


Notes to Financial Statements (unaudited) (continued)

 

The PGIM High Yield Bond Fund utilized approximately $2,694,000 of its capital loss carryforward to offset net taxable gains realized in the fiscal year ended July 31, 2021. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

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. The Funds’ federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

 

7.

Capital and Ownership

Global High Yield and High Yield Bond have 1 billion shares of $0.001 par value common stock authorized. Short Duration High Yield Opportunities has authorized an unlimited amount of common shares of beneficial interest with $0.001 par value per share. As of January 31, 2022, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Funds as follows:

 

Fund   Number of Shares       Percentage of  
Outstanding Shares  

Global High Yield

      11,351       0.03 %

High Yield Bond

      11,650       0.04 %

Short Duration High Yield Opportunities

      5,353       0.02 %

At the reporting period end, the number of shareholders holding greater than 5% of the Funds are as follows:

 

     Affiliated       Unaffiliated    
Fund  

Number of

Shareholders  

  

Percentage of

Outstanding Shares  

 

Number of

Shareholders  

  

Percentage of

Outstanding Shares  

Global High Yield

     —%   8    61.8%

High Yield Bond

     —      6    53.5   

Short Duration High Yield Opportunities

     —      4    70.2   

For the reporting period ended January 31, 2022, the Funds did not issue any shares of common stock/common shares in connection with the Funds’ dividend reinvestment plan.

 

8.

Borrowings and Re-hypothecation

Each Fund has entered into a committed credit facility agreement (the “Credit Facility”). Global High Yield has entered into a credit facility agreement with BNP Paribas Prime Brokerage, Inc.; High Yield Bond and Short Duration High Yield Opportunities have entered

 

170


into credit facility agreements with The Bank of Nova Scotia (collectively, the “Financial Institutions”) pursuant to which Global High Yield, High Yield Bond and Short Duration High Yield Opportunities may borrow up to a maximum commitment amount of $300 million, $240 million and $250 million, respectively. The Funds will pay interest in the amount of 0.75% plus the 1-month U.S. Dollar London Interbank Offered Rate (LIBOR) on the amount outstanding. Such interest expenses, as well as fees for the Credit Facility (including commitment fees for any portion of the Credit Facility not drawn upon at any time during the period), are disclosed in the Statement of Operations under Interest and Miscellaneous expense, respectively. The Funds’ obligations under the Credit Facility are secured by the assets of the Funds segregated for the purpose of securing the amount borrowed and are indicated in the Schedule of Investments. The purpose of the Credit Facility is to provide the Funds with portfolio leverage and to meet its general cash flow requirements. If the Funds fails to meet certain requirements or maintain other financial covenants required under the Credit Facility, the Funds may be required to repay immediately, in part or in full, the loan balance outstanding.

The following Funds utilized the credit facility during the reporting period ended January 31, 2022. The average balance outstanding is for the number of days the Funds utilized the credit facility.

 

Fund

   Average
Balance
Outstanding
        Weighted
Average
Interest Rates
       Number
of Days
Outstanding
        Maximum
Balance
Outstanding
        Balance
Outstanding at

January 31, 2022

Global High Yield

   $198,782,609       0.84%      184       $249,000,000       $149,000,000

High Yield Bond

     174,804,348       0.84         184         181,000,000         181,000,000

Short Duration High Yield Opportunities

     142,619,565       0.84         184         154,000,000         150,000,000

Re-hypothecation: The credit facility permits, subject to certain conditions, the Financial Institutions to re-hypothecate, a portion of the portfolio securities segregated by the Funds as collateral. The Funds continue to receive interest on re-hypothecated securities. The Funds also have the right under the agreement to recall the re-hypothecated securities from the Financial Institutions on demand. If the Financial Institutions fail to deliver the recalled security in a timely manner, the Funds will be compensated by the Financial Institutions for any fees or losses related to the failed delivery or, in the event a recalled security will not be returned by the Financial Institutions, the Funds, upon notice to the Financial Institutions, may reduce the loan balance outstanding by the value of the recalled security failed to be returned plus accrued interest. The Funds will receive a portion of the fees earned by the Financial Institutions in connection with the re-hypothecation of portfolio securities which reduces the interest expense on borrowings. For the reporting period ended January 31, 2022, there were no re-hypothecated securities.

 

9.

Risks of Investing in the Funds

The following is a summary description of principal risks of investing in the Funds. Each Fund’s risks include, but are not limited to, some or all of the risks discussed below.

 

PGIM Fixed Income Closed-End Funds    171


Notes to Financial Statements (unaudited) (continued)

 

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 longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk.

Cyber Security Risk: Failures or breaches of the electronic systems of the Fund, the Fund’s manager, subadviser and other service providers, or the issuers of securities in which the Fund invests have the ability to cause disruptions and negatively impact the Fund’s business operations, potentially resulting in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cyber security plans and systems of the Fund’s service providers or issuers of securities in which the Fund invests.

Debt Obligations Risk: Debt obligations 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 lose 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 the 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” 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 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. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make derivatives more costly, limit their availability or utility, or otherwise adversely affect their performance or disrupt markets.

 

172


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 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.

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. 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.” 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.

 

PGIM Fixed Income Closed-End Funds    173


Notes to Financial Statements (unaudited) (continued)

 

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.

Leverage Risk: The Fund may seek to enhance the level of its current distributions to holders of common shares through the use of leverage. The Fund may use leverage through borrowings, including loans from certain financial institutions. The Fund may borrow in amounts up to 33 1/3% (as determined immediately after borrowing) of the Fund’s investable assets. The use of leverage can create special risks. There can be no assurance that any leveraging strategy the Fund employs will be successful during any period in which it is employed.

LIBOR Risk: Many financial instruments use or may use a floating rate based on the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short-term Eurodollar deposits between major international banks. Over the course of the last several years, global regulators have indicated an intent to phase out the use of LIBOR and similar interbank offering rates (“IBOR”). There still remains uncertainty regarding the nature of any replacement rates for LIBOR and the other IBORs as well as around fallback approaches for instruments extending beyond the any phase-out of these reference rates. The lack of consensus around replacement rates and the uncertainty of the phase out of LIBOR and other IBORs may result in increased volatility in corporate or governmental debt, bank loans, derivatives and other instruments invested in by the Fund as well as loan facilities used by the Fund.

The potential effect of a transition away from LIBOR on the Fund or the financial instruments in which the Fund invests cannot yet be determined. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Fund’s performance and/or net asset value. Certain proposed replacement rates to LIBOR, such as the Secured Overnight Financing Rate (“SOFR”), are materially different from LIBOR, and changes in the applicable spread for instruments previously linked to LIBOR will need to be made in order for instruments to pay similar rates. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to reduced coupons on debt held by the Fund, higher rates

 

174


required to be paid by the Fund on bank lines of credit due to increases in spreads, increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, adversely affecting the Fund’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR and the other IBORs as benchmarks could deteriorate during the transition period, these effects could be experienced until the anticipated discontinuance date in 2023 for the majority of the LIBOR rates.

Limited Term and Tender Offer Risk (applicable to SDHY only): In accordance with the Fund’s Declaration of Trust (the “Declaration of Trust”), the Fund intends to terminate as of the close of business on the ninth anniversary of the effective date of the Fund’s initial registration statement, which the Fund currently expects to occur on or about November 30, 2029 (the “Dissolution Date”); provided that the Board may, by a vote of a majority of the Board and seventy-five percent (75%) of the members of the Board who either (i) have been a member of the Board for a period of at least thirty-six months (or since the commencement of the Fund’s operations, if less than thirty-six months) or (ii) were nominated to serve as a member of the Board by a majority of the Continuing Trustees (as defined in the Declaration of Trust) then members of the Board (the “75% Requirement”) (a “Board Action Vote”), without shareholder approval, extend the Dissolution Date once for up to six months, which date shall then become the Dissolution Date. Notwithstanding the foregoing, the Board may determine, by a Board Action Vote, to cause the Fund to conduct a tender offer, as of a date within twelve months preceding the Dissolution Date (as may be extended as described above), to all common shareholders to purchase 100% of the then outstanding Common Shares of the Fund at a price equal to the NAV per Common Share on the expiration date of the tender offer (an “Eligible Tender Offer”). The Board has established that the Fund must have at least $200 million of net assets immediately following the completion of an Eligible Tender Offer to ensure the continued viability of the Fund (the “Dissolution Threshold”). In an Eligible Tender Offer, the Fund will offer to purchase all Common Shares held by each common shareholder; provided that if the number of properly tendered Common Shares would result in the Fund having aggregate net assets below the Dissolution Threshold, the Eligible Tender Offer will be canceled, no Common Shares will be repurchased pursuant to the Eligible Tender Offer, and the Fund will terminate as scheduled. If an Eligible Tender Offer is conducted and the number of properly tendered Common Shares would result in the Fund having aggregate net assets greater than or equal to the Dissolution Threshold, all Common Shares properly tendered and not withdrawn will be purchased by the Fund pursuant to the terms of the Eligible Tender Offer. Following the completion of an Eligible Tender Offer, the Board may, by a Board Action Vote, eliminate the Dissolution Date without shareholder approval and cause the Fund to have a perpetual existence. Unless the limited term provision of the Declaration of Trust is amended by the Board and the shareholders in accordance with the Declaration of Trust, or unless the Fund completes an Eligible Tender Offer and converts to perpetual existence, the Fund will terminate on or about the Dissolution Date (subject to possible extension). The Fund is not a

 

PGIM Fixed Income Closed-End Funds    175


Notes to Financial Statements (unaudited) (continued)

 

so-called “target date” or “life cycle” fund whose asset allocation becomes more conservative over time as its target date, often associated with retirement, approaches. In addition, the Fund is not a “target term” fund as its investment objective is not to return its original NAV on the Dissolution Date or in an Eligible Tender Offer. The Fund’s investment objective and policies are not designed to seek to return to investors that purchase shares in this offering their initial investment on the Dissolution Date or in an Eligible Tender Offer, and such investors and investors that purchase shares after the completion of this offering may receive more or less than their original investment upon dissolution or in an Eligible Tender Offer. Because the assets of the Fund will be liquidated in connection with the dissolution, the Fund will incur transaction costs in connection with dispositions of portfolio securities. The Fund does not limit its investments to securities having a maturity date prior to the Dissolution Date and may be required to sell portfolio securities when it otherwise would not, including at times when market conditions are not favorable, which may cause the Fund to lose money. In particular, the Fund’s portfolio may still have large exposures to illiquid securities as the Dissolution Date approaches, and losses due to portfolio liquidation may be significant. The Fund generally considers “illiquid securities” to be securities that cannot be sold or disposed of within seven days in the ordinary course of business at approximately the value used by the Fund in determining its NAV. During the Wind-Down Period, the Fund may begin liquidating all or a portion of the Fund’s portfolio, and the Fund may deviate from its investment strategy and may not achieve its investment objective. As a result, during the Wind-Down Period, the Fund’s distributions may decrease, and such distributions may include a return of capital. It is expected that common shareholders will receive cash in any liquidating distribution from the Fund, regardless of their participation in the Fund’s automatic dividend reinvestment plan. However, if on the Dissolution Date the Fund owns securities for which no market exists or securities that are trading at depressed prices, such securities may be placed in a liquidating trust. The Fund cannot predict the amount, if any, of securities that will be required to be placed in a liquidating trust. The Fund may receive proceeds from the disposition of portfolio investments that are less than the valuations of such investments by the Fund and, in particular, losses from the disposition of illiquid securities may be significant. The disposition of portfolio investments by the Fund could also cause market prices of such instruments, and hence the NAV and market price of the Common Shares, to decline. In addition, disposition of portfolio investments will cause the Fund to incur increased brokerage and related transaction expenses. Moreover, in conducting such portfolio transactions, the Fund may need to deviate from its investment policies and may not achieve its investment objective. The Fund’s portfolio PGIM Short Duration High Yield Opportunities Fund 55 composition may change as its portfolio holdings mature or are called or sold in anticipation of an Eligible Tender Offer or the Dissolution Date. During such period(s), it is possible that the Fund will hold a greater percentage of its total assets in shorter term and lower yielding securities and cash and cash equivalents than it would otherwise, which may impede the Fund’s ability to achieve its investment objective and adversely impact the Fund’s performance and distributions to common shareholders,

 

176


which may in turn adversely impact the market value of the Common Shares. In addition, the Fund may be required to reduce its leverage, which could also adversely impact its performance. The additional cash or cash equivalents held by the Fund could be obtained through reducing the Fund’s distributions to common shareholders and/or holding cash in lieu of reinvesting, which could limit the ability of the Fund to participate in new investment opportunities. The Fund does not limit its investments to securities having a maturity date prior to or around the Dissolution Date, which may exacerbate the foregoing risks and considerations. A common shareholder may be subject to the foregoing risks over an extended period of time, particularly if the Fund conducts an Eligible Tender Offer and is also subsequently terminated by or around the Dissolution Date. If the Fund conducts an Eligible Tender Offer, the Fund anticipates that funds to pay the aggregate purchase price of shares accepted for purchase pursuant to the tender offer will be first derived from any cash on hand and then from the proceeds from the sale of portfolio investments held by the Fund. In addition, the Fund may be required to dispose of portfolio investments in connection with any reduction in the Fund’s outstanding leverage necessary in order to maintain the Fund’s desired leverage ratios following a tender offer. The risks related to the disposition of securities in connection with the Fund’s dissolution also would be present in connection with the disposition of securities in connection with an Eligible Tender Offer. It is likely that during the pendency of a tender offer, and possibly for a time thereafter, the Fund will hold a greater than normal percentage of its total assets in cash and cash equivalents, which may impede the Fund’s ability to achieve its investment objective and decrease returns to shareholders. The tax effect of any such dispositions of portfolio investments will depend on the difference between the price at which the investments are sold and the tax basis of the Fund in the investments. Any capital gains recognized on such dispositions, as reduced by any capital losses the Fund realizes in the year of such dispositions and by any available capital loss carryforwards, will be distributed to shareholders as capital gain dividends (to the extent of net long-term capital gains over net short-term capital losses) or ordinary dividends (to the extent of net short-term capital gains over net long-term capital losses) during or with respect to such year, and such distributions will generally be taxable to common shareholders. Therefore, the Fund’s early disposition of portfolio investments could accelerate the timing of the Fund’s recognition of taxable income and cause the Fund to make taxable distributions to common shareholders earlier than the Fund otherwise would have. The purchase of Common Shares by the Fund pursuant to a tender offer will have the effect of increasing the proportionate interest in the Fund of non-tendering common shareholders. All common shareholders remaining after a tender offer may be subject to proportionately higher expenses due to the reduction in the Fund’s total assets resulting from payment for the tendered Common Shares. Such reduction in the Fund’s total assets may result in less investment flexibility, reduced diversification and greater volatility for the Fund, and may have an adverse effect on the Fund’s investment performance. Such reduction in the Fund’s total assets may also cause Common Shares to become thinly traded or otherwise negatively impact secondary trading of Common Shares. A reduction in net assets, and the corresponding increase in the Fund’s expense ratio, could result in lower returns and put the Fund at a disadvantage relative to its peers and potentially cause the Common Shares to trade at a wider discount to NAV than it otherwise would. Furthermore, the portfolio of the Fund following an Eligible Tender Offer could be significantly different

 

PGIM Fixed Income Closed-End Funds    177


Notes to Financial Statements (unaudited) (continued)

 

and, therefore, common shareholders retaining an investment in the Fund could be subject to greater risk. For example, the Fund may be required to sell its more liquid, higher quality portfolio investments to purchase Common Shares that are tendered in an Eligible Tender Offer, which would leave a less liquid, lower quality portfolio for remaining shareholders. The prospects of an Eligible Tender Offer may attract arbitrageurs who would purchase the Common Shares prior to the tender offer for the sole purpose of tendering those shares which could have the effect of exacerbating the risks described herein for shareholders retaining an investment in the Fund following an Eligible Tender Offer. The Fund is not required to conduct an Eligible Tender Offer. If the Fund conducts an Eligible Tender Offer, there can be no assurance that the number of tendered Common Shares would not result in the Fund having aggregate net assets below the Dissolution Threshold, in which case the Eligible Tender Offer will be canceled, no Common Shares will be repurchased pursuant to the Eligible Tender Offer and the Fund will dissolve on the Dissolution Date (subject to possible extensions of no more than six months in total). Following the completion of an Eligible Tender Offer in which the number of tendered Common Shares would result in the Fund having aggregate net assets greater than or equal to the Dissolution Threshold, the Board may, by a Board Action Vote, eliminate the Dissolution Date without shareholder approval. Thereafter, the Fund will have a perpetual term. The Manager may have a conflict of interest in recommending to the Board that the Dissolution Date be eliminated because the Manager would continue to receive management fees on the remaining assets of the Fund while it remains in existence. The Fund is not required to conduct additional tender offers following an Eligible Tender Offer and conversion to perpetual existence. Therefore, remaining common shareholders may not have another opportunity to participate in a tender offer.

Liquidity Risk: The Fund may invest in instruments that trade in lower volumes and are less liquid than other investments. Liquidity risk exists when particular investments made by the Fund are difficult to purchase or sell. Liquidity risk includes the risk that the Fund may make investments that may become less liquid in response to market developments or adverse investor perceptions. Investments that are illiquid or trade in lower volumes may be more difficult to value. If the Fund is forced to sell these investments for any reason, the Fund may lose money. In addition, when there is no willing buyer and investments may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, the Fund may incur higher transaction costs when executing trade order of a given size. 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: The value of your investment may decrease if judgments by the subadviser about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements are incorrect.

 

178


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), 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).

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.

COVID-19 and the related governmental and public responses have had and may continue to have an impact on the Fund’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. They have also had and may continue to result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. The occurrence, reoccurrence and pendency of public health epidemics could adversely affect the economies and financial markets either in specific countries or worldwide.

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.

Risks of Investments in Bank Loans: The Fund’s ability to receive payments of principal and interest and other amounts in connection with loans (whether through participations, assignments or otherwise) will depend primarily on the financial condition of the borrower. The failure by the Fund’s scheduled interest or principal payments on a loan because of a default, bankruptcy or any other reason would adversely affect the income of the Fund and would likely reduce the value of its assets. Even with loans secured by collateral, there is the risk that the value of the collateral may decline, may be insufficient to meet the obligations of the borrower, or be difficult to liquidate. In the event of a default, the Fund may have difficulty collecting on any collateral and would not have the ability to collect on any

 

PGIM Fixed Income Closed-End Funds    179


Notes to Financial Statements (unaudited) (continued)

 

collateral for an uncollateralized loan. Further, the Fund’s access to collateral, if any, may be limited by bankruptcy laws.

Risk of Market Price Discount from Net Asset Value: Shares of closed-end funds frequently trade at a discount from their net asset value. This characteristic is a risk separate and distinct from the risk that net asset value could decrease as a result of investment activities.

 

10.

Recent Accounting Pronouncement and Regulatory Developments

In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, which provides optional guidance for applying GAAP to contract modifications, hedging relationships and other transactions affected by the reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. Management does not expect ASU 2020-04 to have a material impact on the financial statements.

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board Members’ assignment of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule took effect on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Rule and its impact to the Funds.

 

11.

Subsequent Event

Dividends to shareholders: On February 28, 2022, Global High Yield and High Yield Bond declared monthly dividends of $0.105 per share and Short Duration High Yield Opportunities declared monthly dividends of $0.108 per share payable on March 31, 2022, April 29, 2022 and May 31, 2022, respectively, to shareholders of record on March 18, 2022, April 14, 2022 and May 13, 2022, respectively. The ex-dates are March 17, 2022, April 13, 2022 and May 12, 2022, respectively.

 

180


Other Information (unaudited)

 

Dividend Reinvestment Plan. Unless a common shareholder of SDHY, or a holder of common stock of ISD or GHY (collectively referred to herein as “common shareholders”) elects to receive cash by contacting Computershare Trust Company, N.A, (the “Plan Administrator”), all dividends declared on common shares of SDHY and common stock of ISD and GHY (collectively referred to herein as “Common Shares”) will be automatically reinvested by the Plan Administrator pursuant to the Funds’ Automatic Dividend Reinvestment Plan (the “Plan”), in additional Common Shares. The common shareholders who elect not to participate in the Plan will receive all dividends and other distributions (together, a “Dividend”) in cash paid by check mailed directly to the shareholder of record (or, if the Common Shares are held in street or other nominee name, then to such nominee) by the Plan Administrator as dividend disbursing agent. Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Plan Administrator prior to the Dividend record date; otherwise such termination or resumption will be effective with respect to any subsequently declared Dividend. Such notice will be effective with respect to a particular Dividend. Some brokers may automatically elect to receive cash on behalf of the common shareholders and may reinvest that cash in additional Common Shares.

 

The Plan Administrator will open an account for each common shareholder under the Plan in the same name in which such common shareholder’s Common Shares are registered. Whenever the Funds declare a Dividend payable in cash, non-participants in the Plan will receive cash and participants in the Plan will receive the equivalent in Common Shares. The Common Shares will be acquired by the Plan Administrator for the participants’ accounts, depending upon the circumstances described below, either (i) through receipt of additional unissued but authorized Common Shares from the Fund (“Newly Issued Common Shares”) or (ii) by purchase of outstanding Common Shares on the open market (“Open-Market Purchases”) on the New York Stock Exchange or elsewhere. If, on the payment date for any Dividend, the closing market price per Common Share plus per share fees (as defined below) is equal to or greater than the NAV per Common Share (such condition being referred to as “market premium”), the Plan Administrator will invest the Dividend amount in Newly Issued Common Shares on behalf of the participants. The number of shares of Newly Issued Common Shares to be credited to each participant’s account will be determined by dividing the dollar amount of the Dividend by the NAV per Common Share on the payment date, provided that, if the NAV per Common Share is less than or equal to 95% of the closing market price per Common Share on the payment date, the dollar amount of the Dividend will be divided by 95% of the closing market price per Common Share on the payment date. If, on the payment date for any Dividend, the NAV per Common Share is greater than the closing market value per Common Share plus per share fees (such condition being referred to as “market discount”), the Plan Administrator will invest the Dividend amount in Common Shares acquired on behalf of the participants in

 

PGIM Fixed Income Closed-End Funds

    181  


Other Information (unaudited) (continued)

 

Open-Market Purchases. “Per share fees” include any applicable brokerage commissions the Plan Administrator is required to pay.

 

In the event of a market discount on the payment date for any Dividend, the Plan Administrator will have until the last business day before the next date on which the Common Shares trades on an “ex-dividend” basis or 30 days after the payment date for such Dividend, whichever is sooner (the “Last Purchase Date”), to invest the Dividend amount in Common Shares acquired in Open-Market Purchases on behalf of participants. If, before the Plan Administrator has completed its Open-Market Purchases, the market price per Common Share exceeds the NAV per Common Share, the average per share purchase price paid by the Plan Administrator for Common Shares may exceed the NAV per Common Share, resulting in the acquisition of fewer Common Shares than if the Dividend had been paid in shares of Newly Issued Common Shares on the Dividend payment date. Because of the foregoing difficulty with respect to Open-Market Purchases, the Plan provides that if the Plan Administrator is unable to invest the full Dividend amount in Open-Market Purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Administrator may cease making Open-Market Purchases and may invest the uninvested portion of the Dividend amount in Newly Issued Common Shares at the NAV per Common Share at the close of business on the Last Purchase Date, provided that, if the NAV is less than or equal to 95% of the then current market price per Common Share, the dollar amount of the Dividend will be divided by 95% of the market price on the payment date for purposes of determining the number of shares issuable under the Plan.

 

The Plan Administrator maintains all shareholder accounts in the Plan and furnishes written confirmation of all transactions in the accounts, including information needed by shareholders for tax records. Common Shares in the account of each Plan participant will be held by the Plan Administrator on behalf of the Plan participant, and each shareholder proxy will include those shares purchased or received pursuant to the Plan. The Plan Administrator will forward all proxy solicitation materials to participants and vote proxies for shares held under the Plan in accordance with the instructions of the participants.

 

In the case of the common shareholders such as banks, brokers or nominees that hold Common Shares for others who are the beneficial owners, the Plan Administrator will administer the Plan on the basis of the number of Common Shares certified from time to time by the record shareholder’s name and held for the account of beneficial owners who participate in the Plan.

 

The Plan Administrator’s service fee, if any, and expenses for administering the plan will be paid for by the Funds. If a participant elects by written, Internet or telephonic notice to the

 

182  


 

Plan Administrator to have the Plan Administrator sell part or all of the shares held by the Plan Administrator in the participant’s account and remit the proceeds to the participant, the Plan Administrator is authorized to deduct a $15.00 transaction fee plus a $0.12 per share fee. If a participant elects to sell his or her Common Shares, the Plan Administrator will process all sale instructions received no later than five business days after the date on which the order is received by the Plan Administrator, assuming the relevant markets are open and sufficient market liquidity exists (and except where deferral is required under applicable federal or state laws or regulations). Such sale will be made through the Plan Administrator’s broker on the relevant market and the sale price will not be determined until such time as the broker completes the sale. In every case the price to the participant shall be the weighted average sale price obtained by the Plan Administrator’s broker net of fees for each aggregate order placed by the participant and executed by the broker. To maximize cost savings, the Plan Administrator will seek to sell shares in round lot transactions. For this purpose the Plan Administrator may combine a participant’s shares with those of other selling participants.

 

There will be no brokerage charges with respect to Common Shares issued directly by the Funds. However, each participant will pay a pro rata share of brokerage commissions incurred in connection with Open-Market Purchases. Each participant will be charged a per share fee (currently $0.05 per share) on all Open-Market Purchases. The automatic reinvestment of Dividends will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such Dividends. Participants that request a sale of Common Shares through the Plan Administrator are subject to brokerage commissions.

 

Each participant may terminate the participant’s account under the Plan by so notifying the Plan Administrator via the Plan Administrator’s website at www.computershare.com/investor, by filling out the transaction request form located at the bottom of the participant’s Statement and sending it to the Plan Administrator or by calling the Plan Administrator. Such termination will be effective immediately if the participant’s notice is received by the Plan Administrator prior to any Dividend record date. Upon any withdrawal or termination, the Plan Administrator will cause to be delivered to each terminating participant a statement of holdings for the appropriate number of the Fund’s whole book-entry Common Shares and a check for the cash adjustment of any fractional share at the market value per Common Share as of the close of business on the date the termination is effective less any applicable fees. In the event a participant’s notice of termination is on or after a record date (but before payment date) for an account whose Dividends are reinvested, the Plan Administrator, in its sole discretion, may either distribute such Dividends in cash or reinvest them in Common Shares on behalf of the terminating participant. In the event reinvestment is made, the Plan Administrator will process the termination as soon as practicable, but in

 

PGIM Fixed Income Closed-End Funds

    183  


Other Information (unaudited) (continued)

 

no event later than five business days after the reinvestment is completed. The Plan may be terminated by the Funds upon notice in writing mailed to each participant at least 30 days prior to any record date for the payment of any Dividend by the Fund.

 

The Funds reserve the right to amend or terminate the Plan. There is no direct service charge to participants with regard to purchases in the Plan; however, the Funds reserve the right to amend the Plan to include a service charge payable by the participants.

 

All correspondence or questions concerning the Plan should be directed to the Plan Administrator, Computershare Trust Company, N.A., P.O. Box 505000, Louisville, KY 40233-5000, by calling (toll-free) (800) 451-6788, or through the Plan Administrator’s website www.computershare.com/investor.

 

Portfolio Management. As of the date of this Semi-Annual Report, Robert Cignarella, Robert Spano, Ryan Kelly, Brian Clapp, and Daniel Thorogood of PGIM Fixed Income are primarily responsible for the day-to-day management of each Fund.

 

Effective April 1, 2022, Daniel Thorogood will retire from each Fund’s portfolio management team.

 

Effective April 1, 2022, Michael Gormally will be added to each Fund’s portfolio management team.

 

Michael Gormally is a Vice President, and portfolio manager and trader for PGIM Fixed Income’s U.S. High Yield Bond Team. Previously, he was an Analyst in the Portfolio Analysis Group, where he managed a team of portfolio analysts dedicated to High Yield. He was responsible for the monitoring of daily risk and positioning, along with the implementation of portfolio management trading tools and performance attribution models. Before joining the Firm in 2014, Mr. Gormally was a credit analyst at BNY Mellon. Mr. Gormally received a BA in Economics from Johns Hopkins University and an MBA from the University of Notre Dame.

 

184  


Privacy Notice

 

Prudential values your business and your trust. We respect the privacy of your personal information and take our responsibility to protect it seriously. This privacy notice is provided on behalf of the Prudential companies listed at the end of this notice (Prudential), and applies to our current and former customers. This notice describes how we treat the information we receive about you, including the ways in which we will share your personal information within Prudential and your right to opt out of such sharing.

 

Protecting Your Personal Information

We maintain physical, electronic and procedural safeguards to protect your personal information. The people who are authorized to have access to your personal information need it to do their jobs, and we require them to keep that information secure and confidential.

 

Personal Information We Collect

We collect your personal information from you, such as when you fill out applications and other forms, when you visit or enter personal details on our websites, when you respond to our emails, and when you provide information over the telephone. We also collect personal information that others give us about you. Collectively, this personal information includes, for example:

    Name
    address, email address, telephone number, and other contact information
    employment and occupation, demographic, income, and financial information
    Social Security number
    transaction history
    medical information for insurance applications
    consumer reports from consumer reporting agencies
    participant information from organizations that purchase products or services from us for the benefit of their members or employees
    video and audio recordings, and biometric data
    information gathered from your internet or network activity

 

Using Your Information

We use your personal information for various business purposes, including:

    normal everyday business purposes, such as providing services to you and administrating your account or policy
    business research and analysis
    data analytics, modeling, and the deployment of automated tools
    marketing products and services of Prudential and other companies in which you may be interested
    detecting and preventing identity theft, fraud, or misuse of your accounts
    as required by law


Sharing Your Information

We may share your personal information, including information about your transactions and experiences, among Prudential companies and with other non-Prudential companies who perform services for us or on our behalf, for our everyday business purposes, such as providing services to you, administering your account or policy. We may also share your personal information with another financial institution if you agree that your account or policy can be transferred to that financial company.

 

We may share your personal information among Prudential companies so that the Prudential companies can market their products and services to you. We may also share consumer report information among Prudential companies which may include information about you from credit reports and certain information that we receive from you and from consumer reporting agencies or other third parties. You can limit this sharing by following the instructions described in this notice. For those customers who have one of our products through a plan sponsored by an employer or other organization, we will share your personal information in a manner consistent with the terms of the plan agreement or consistent with our agreement with you.

 

We may also share your personal information as permitted or required by law, including, for example, to law enforcement officials and regulators, in response to subpoenas, and to prevent fraud.

 

Unless you agree otherwise, we do not share your personal information with non-Prudential companies for them to market their products or services to you. We may tell you about a product or service that other companies offer and, if you respond, that company will know that we selected you to receive the information.

 

Limiting Our Sharing—Opt Out/Privacy Choice

You may tell us not to share your personal information among Prudential companies for marketing purposes, and not to share consumer report information among Prudential companies, by “opting out” of such sharing. To limit our sharing for these purposes:

    visit us online at: www.prudential.com/privacyoptout
    call us at: 1-877-248-4019

 

If you previously told us since 2016 not to share your personal information among Prudential companies for marketing purposes, or not to share your consumer report information among Prudential companies, you do not need to tell us not to share your information again.

 

You are not able to limit our ability to share your personal information among Prudential companies and with other non- Prudential companies for servicing and administration purposes.

 

Questions

If you have any questions about how we protect, use, and share your personal information or about this privacy notice, please call us. The toll-free number is 1-877-248-4019.


We reserve the right to modify this notice at any time. This notice is also available anytime at www.prudential.com.

 

This notice is being provided to customers and former customers of the Prudential companies listed below.

 

Insurance Companies and Insurance Company Separate Accounts

The Prudential Insurance Company of America; Prudential Annuities Life Assurance Corporation; Pruco Life Insurance Company; Pruco Life Insurance Company of New Jersey; Prudential Retirement Insurance and Annuity Company (PRIAC); CG Variable Annuity Account I and CG Variable Annuity Account II; Prudential Legacy Insurance Company of New Jersey; All insurance company separate accounts that include the following names or are otherwise identified as maintained by an entity that includes the following names: Prudential, Pruco, or PRIAC

 

Insurance Agencies

Prudential Insurance Agency, LLC; Mullin TBG Insurance Agency Services, LLC; Assurance IQ, LLC.

 

Broker-Dealers and Registered Investment Advisers

AST Investment Services, Inc.; Prudential Annuities Distributors, Inc.; Global Portfolio Strategies, Inc.; Pruco Securities, LLC; PGIM, Inc.; Prudential Investment Management Services LLC; PGIM Investments LLC; Prudential Private Placement Investors, L.P., Rock Investment Advisors LLC; PGIM Quantitative Solutions LLC; Jennison Associates LLC

 

Bank and Trust Companies

Prudential Bank & Trust, FSB; Prudential Trust Company

 

Investment Companies and Other Investment Vehicles

PGIM Funds; Prudential Insurance Funds; Prudential Capital Partners, L.P.; PGIM Private Placement Investors, Inc.; All funds that include the following names: Prudential, PCP, PGIM, PEP, or PCEP

 

Other Companies

Prudential Workplace Solutions Group Services, LLC; Prudential Mutual Fund Services LLC; Assurance Intelligence, LLC

 

Vermont Residents: We will not share information about your creditworthiness among Prudential companies, other than as permitted by Vermont law, unless you authorize us to make those disclosures.

 

LOGO

 

 

Prudential, the Prudential logo and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

D6021    Privacy Ed 1/2022


 MAIL    MAIL (OVERNIGHT)    TELEPHONE

Computershare

P.O. Box 30170

College Station, TX 77842-3170

  Computershare

211 Quality Circle

Suite 210

College Station, TX 77845

  (800) 451-6788
   WEBSITE
  pgim.com/investments

 

PROXY VOTING
The Board of Directors or Trustees (as applicable) of each Fund has delegated to the Fund’s subadviser(s) the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the Fund. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (800) 451-6788 or by visiting the Securities and Exchange Commission’s website at sec.gov. Information regarding how each Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website and on the Securities and Exchange Commission’s website.

 

DIRECTORS/TRUSTEES
Ellen S. Alberding Kevin J. Bannon Scott E. Benjamin  Barry H. Evans Keith F. Hartstein Stuart S. Parker Brian K. Reid Grace C. Torres

 

OFFICERS
Stuart S. Parker, President Scott E. Benjamin, Vice President Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer Claudia DiGiacomo, Chief Legal Officer Dino Capasso, Chief Compliance Officer Andrew R. French, Secretary Melissa Gonzalez, Assistant Secretary Diana N. Huffman, Assistant Secretary Patrick E. McGuinness, Assistant Secretary Debra Rubano, Assistant Secretary  Lana Lomuti, Assistant Treasurer Russ Shupak, Assistant Treasurer  Elyse M. McLaughlin, Assistant Treasurer Deborah Conway, Assistant Treasurer

 

MANAGER   PGIM Investments LLC   655 Broad Street
Newark, NJ 07102

 

SUBADVISER(S)   PGIM Fixed Income  

655 Broad Street

Newark, NJ 07102

  PGIM Limited (SDHY only)  

Grand Buildings, 1-3 Strand

Trafalgar Square

London, WC2N 5HR

United Kingdom

 

CUSTODIAN   The Bank of New York Mellon   240 Greenwich Street
New York, NY 10286

 

TRANSFER AGENT   Computershare Trust Company, N.A.   PO Box 30170
College Station, TX
77842-3170

 

INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
  PricewaterhouseCoopers LLP  

300 Madison Avenue

New York, NY 10017

 

FUND COUNSEL   Willkie Farr & Gallagher LLP   787 Seventh Avenue
New York, NY 10019

 


SHAREHOLDER COMMUNICATIONS WITH DIRECTORS/TRUSTEES
Shareholders can communicate directly with the Board of Directors by writing to the Chair of the Board, PGIM Global High Yield Fund, Inc., PGIM High Yield Bond Fund, Inc. and PGIM Short Duration High Yield Opportunities Fund, PGIM Investments, Attn: Board of Directors or Trustees (as applicable), 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Director or Trustee by writing to the same address. Communications are not screened before being delivered to the addressee.

 

AVAILABILITY OF PORTFOLIO SCHEDULE
The Funds file the complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Form N-PORT filings are available on the Commission’s website at sec.gov.

 

CERTIFICATIONS
The Fund’s Chief Executive Officer has submitted to the New York Stock Exchange (NYSE) the required annual certifications and the Funds have also included the certifications of the Funds’ Chief Executive Officer and Chief Financial Officer as required by Section 302 of the Sarbanes-Oxley Act, on the Funds’ Form N-CSR filed with the Commission, for the period of this report.

 

An investor should consider the investment objective, risks, charges, and expenses of the Funds carefully before investing.

 

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940 that the Fund may purchase, from time to time, shares of its common stock at market prices.


LOGO

 

 

 

PGIM FIXED INCOME CLOSED-END FUNDS

 

FUND   NYSE   CUSIP
PGIM Global High Yield Fund, Inc.   GHY   69346J106
PGIM High Yield Bond Fund, Inc.   ISD   69346H100
PGIM Short Duration High Yield Opportunities Fund   SDHY   69355J104

 

PICE1000E2


Item 2 – Code of Ethics – Not required, as this is not an annual filing.

Item 3 – Audit Committee Financial Expert – Not required, as this is not an annual filing.

Item 4 – Principal Accountant Fees and Services – Not required, as this is not an annual filing.

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

 

Item 6 –

Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form.

 

Item 7 –

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not required, as this is not an annual filing.

 

Item 8 –

Portfolio Managers of Closed-End Management Investment Companies – Not required, as this is not an annual filing.

 

Item 9 –

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – None.

 

Item 10 –

Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 – 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 that occurred during the period covered by this report that has materially affected, or is likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Controls and Procedures - Disclosure of Securities Lending Activities for Closed-End    

Management Investment Companies – None.

Item 13 – Exhibits

 

  (a)

(1) Code of Ethics – Not required, as this is not an annual filing.

 

  (2)

Certifications pursuant to Section  302 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.CERT.

 

  (3)

Any written solicitation to purchase securities under Rule 23c-1. – Not applicable.

 

  (b)

Certifications pursuant to Section  906 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.906CERT.


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:

  

PGIM Global High Yield Fund, Inc.

By:

  

/s/ Andrew R. French

  

Andrew R. French

  

Secretary

Date:

  

March 22, 2022

 

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:

  

/s/ Stuart S. Parker

  

Stuart S. Parker

  

President and Principal Executive Officer

Date:

  

March 22, 2022

By:

  

/s/ Christian J. Kelly

  

Christian J. Kelly

  

Treasurer and Principal Financial and Accounting Officer

Date:

  

March 22, 2022

EX-99.CERT 2 d291839dex99cert.htm CERTIFICATIONS PURSUANT TO SECTION 302 Certifications pursuant to Section 302

Item 13

PGIM Global High Yield Fund, Inc.

Semi-Annual period ending 1/31/22

File No. 811-22724

CERTIFICATIONS

I, Stuart S. Parker, certify that:

 

  1.

I have reviewed this report on Form N-CSR of the above named Fund(s).

 

  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;

 

  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.

 

  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:

 

  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;

 

  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;

 

  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

 

  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.

 

1


  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):

 

  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

 

  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.

March 22, 2022

 

/s/ Stuart S. Parker
Stuart S. Parker
President and Principal Executive Officer

 

2


Item 13

PGIM Global High Yield Fund, Inc.

Semi-Annual period ending 1/31/22

File No. 811-22724

CERTIFICATIONS

I, Christian J. Kelly, certify that:

 

  1.

I have reviewed this report on Form N-CSR of the above named Fund(s).

 

  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;

 

  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.

 

  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:

 

  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;

 

  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;

 

  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

 

  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.

 

3


  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):

 

  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

 

  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.

March 22, 2022

 

/s/ Christian J. Kelly
Christian J. Kelly

Treasurer and Principal Financial and

Accounting Officer

 

4

EX-99.906 CERT 3 d291839dex99906cert.htm CERTIFICATIONS PURSUANT TO SECTION 906 Certifications pursuant to Section 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:             PGIM Global High Yield Fund, Inc.

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.

 

March 22, 2022

     

/s/ Stuart S. Parker

     

Stuart S. Parker

     

President and Principal Executive Officer

March 22, 2022

     

/s/ Christian J. Kelly

     

Christian J. Kelly

     

Treasurer and Principal Financial and Accounting

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.

GRAPHIC 4 g291839g01a01.jpg GRAPHIC begin 644 g291839g01a01.jpg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g291839g42m21.jpg GRAPHIC begin 644 g291839g42m21.jpg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end GRAPHIC 6 g291839g51j22.jpg GRAPHIC begin 644 g291839g51j22.jpg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�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end GRAPHIC 7 g291839g96j90.jpg GRAPHIC begin 644 g291839g96j90.jpg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end GRAPHIC 8 g291839stuphoto.jpg GRAPHIC begin 644 g291839stuphoto.jpg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end