NPORT-EX 2 PIPDLA0_PR4.3025.htm
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Long-Term Investments 115.0%
Asset-Backed Securities 3.3%
Collateralized Loan Obligations 
Atlas Static Senior Loan Fund Ltd. (Cayman Islands),
Series 2022-01A, Class AR, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) 		6.006 %(c) 07/15/30   856  $855,779
Battalion CLO Ltd. (Cayman Islands),
Series 2015-08A, Class A1R2, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%) 		5.601(c) 07/18/30   318 317,881
Jamestown CLO Ltd. (Cayman Islands),
Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) 		5.469(c) 04/20/32   3,208 3,201,276
Madison Park Funding Ltd. (Cayman Islands),
Series 2015-18A, Class ARR, 144A, 3 Month SOFR + 1.202% (Cap N/A, Floor 0.940%) 		5.471(c) 10/21/30   2,207 2,206,920
Saratoga Investment Corp. CLO Ltd. (Cayman Islands),
Series 2013-01A, Class A1R4, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) 		5.569(c) 04/20/33   858 857,566
Sound Point CLO Ltd. (Cayman Islands),
Series 2018-03A, Class A1AR, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) 		5.583(c) 10/26/31   1,955 1,955,338
TICP CLO Ltd. (Cayman Islands),
Series 2017-07A, Class ASR2, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) 		5.556(c) 04/15/33   4,500 4,500,000
Voya CLO Ltd. (Cayman Islands),
Series 2013-02A, Class A1R, 144A, 3 Month SOFR + 1.232% (Cap N/A, Floor 0.970%) 		5.513(c) 04/25/31   468 468,247
     
 
Total Asset-Backed Securities
(cost $14,348,376) 		14,363,007
Corporate Bonds 93.9%
Advertising 0.6%
Clear Channel Outdoor Holdings, Inc.,          
Sr. Sec’d. Notes, 144A(aa) 5.125 08/15/27   2,075 2,018,227
Sr. Sec’d. Notes, 144A 9.000 09/15/28   675 699,722
          2,717,949
Aerospace & Defense 2.3%
Boeing Co. (The),
Sr. Unsec’d. Notes 		2.196 02/04/26   900 881,749
1
Short Duration High Yield Opportunities Fund
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Aerospace & Defense (cont’d.)
Bombardier, Inc. (Canada),          
Sr. Unsec’d. Notes, 144A(aa) 6.000 % 02/15/28   2,600  $2,576,730
Sr. Unsec’d. Notes, 144A(aa) 7.125 06/15/26   819 819,000
Sr. Unsec’d. Notes, 144A 7.500 02/01/29   415 427,450
Sr. Unsec’d. Notes, 144A 7.875 04/15/27   267 266,581
TransDigm, Inc.,          
Gtd. Notes(aa) 5.500 11/15/27   3,250 3,235,912
Sr. Sec’d. Notes, 144A 6.375 03/01/29   1,005 1,024,638
Sr. Sec’d. Notes, 144A 6.750 08/15/28   450 458,953
          9,691,013
Airlines 1.7%
American Airlines, Inc.,
Sr. Sec’d. Notes, 144A 		7.250 02/15/28   750 740,561
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,          
Sr. Sec’d. Notes, 144A(aa) 5.500 04/20/26   1,717 1,699,500
Sr. Sec’d. Notes, 144A 5.750 04/20/29   100 96,628
United Airlines, Inc.,          
Sr. Sec’d. Notes, 144A(aa) 4.375 04/15/26   2,090 2,059,789
Sr. Sec’d. Notes, 144A 4.625 04/15/29   900 845,483
VistaJet Malta Finance PLC/Vista Management Holding,
Inc. (Switzerland), 		         
Sr. Unsec’d. Notes, 144A 7.875 05/01/27   1,320 1,280,400
Sr. Unsec’d. Notes, 144A 9.500 06/01/28   640 624,000
          7,346,361
Apparel 0.6%
Kontoor Brands, Inc.,
Gtd. Notes, 144A 		4.125 11/15/29   650 598,181
William Carter Co. (The),
Gtd. Notes, 144A(aa) 		5.625 03/15/27   1,797 1,747,997
Wolverine World Wide, Inc.,
Gtd. Notes, 144A 		4.000 08/15/29   175 145,768
          2,491,946
2
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Auto Manufacturers 0.8%
Ford Motor Credit Co. LLC,          
Sr. Unsec’d. Notes 3.375 % 11/13/25   975  $962,817
Sr. Unsec’d. Notes 4.125 08/17/27   400 383,570
Sr. Unsec’d. Notes 4.950 05/28/27   200 195,646
Sr. Unsec’d. Notes 5.125 06/16/25   200 199,826
Sr. Unsec’d. Notes 7.350 11/04/27   850 873,609
     
 
PM General Purchaser LLC,
Sr. Sec’d. Notes, 144A 		9.500 10/01/28   1,000 964,843
          3,580,311
Auto Parts & Equipment 2.2%
Adient Global Holdings Ltd.,
Sr. Sec’d. Notes, 144A 		7.000 04/15/28   305 306,525
American Axle & Manufacturing, Inc.,
Gtd. Notes 		6.500 04/01/27   625 610,507
Clarios Global LP/Clarios US Finance Co.,          
Gtd. Notes, 144A 8.500 05/15/27   1,100 1,104,125
Sr. Sec’d. Notes, 144A 6.250 05/15/26   1,121 1,118,197
Sr. Sec’d. Notes, 144A 6.750 02/15/30   50 50,687
     
 
Dana, Inc.,
Sr. Unsec’d. Notes(aa) 		5.375 11/15/27   2,200 2,187,488
Phinia, Inc.,
Sr. Sec’d. Notes, 144A 		6.750 04/15/29   485 490,473
Tenneco, Inc.,
Sr. Sec’d. Notes, 144A(aa) 		8.000 11/17/28   3,525 3,361,388
Titan International, Inc.,
Sr. Sec’d. Notes 		7.000 04/30/28   375 367,045
          9,596,435
Banks 1.3%
Freedom Mortgage Corp.,          
Sr. Unsec’d. Notes, 144A 6.625 01/15/27   1,350 1,340,498
Sr. Unsec’d. Notes, 144A(aa) 7.625 05/01/26   2,600 2,594,098
Sr. Unsec’d. Notes, 144A 12.000 10/01/28   250 267,650
     
 
Popular, Inc. (Puerto Rico),
Sr. Unsec’d. Notes 		7.250 03/13/28   1,225 1,270,570
          5,472,816
3
Short Duration High Yield Opportunities Fund
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Building Materials 2.0%
Builders FirstSource, Inc.,
Gtd. Notes, 144A 		5.000 % 03/01/30   130  $124,844
Griffon Corp.,
Gtd. Notes 		5.750 03/01/28   800 789,162
JELD-WEN, Inc.,
Gtd. Notes, 144A 		4.875 12/15/27   1,175 1,084,397
Quikrete Holdings, Inc.,
Sr. Sec’d. Notes, 144A 		6.375 03/01/32   735 739,934
Smyrna Ready Mix Concrete LLC,
Sr. Sec’d. Notes, 144A 		6.000 11/01/28   400 390,596
Standard Industries, Inc.,          
Sr. Unsec’d. Notes, 144A(aa) 4.750 01/15/28   1,825 1,786,861
Sr. Unsec’d. Notes, 144A 5.000 02/15/27   3,495 3,469,927
          8,385,721
Chemicals 1.7%
Celanese US Holdings LLC,          
Gtd. Notes 6.415 07/15/27   150 151,171
Gtd. Notes 6.600 11/15/28   475 479,827
Gtd. Notes 6.800 11/15/30   175 174,891
     
 
Cornerstone Chemical Co. LLC,
Sr. Sec’d. Notes, 144A, Cash coupon 5.000% and PIK 10.000% 		15.000 12/06/28   186 176,488
Hercules LLC,
Jr. Sub. Notes 		6.500 06/30/29   200 199,288
Olympus Water US Holding Corp.,          
Sr. Sec’d. Notes, 144A(aa) 7.125 10/01/27   1,775 1,779,449
Sr. Sec’d. Notes, 144A 9.750 11/15/28   1,575 1,646,044
Sr. Unsec’d. Notes, 144A 6.250 10/01/29   700 643,990
     
 
SNF Group SACA (France),
Sr. Unsec’d. Notes, 144A(aa) 		3.125 03/15/27   2,025 1,923,750
          7,174,898
Coal 0.1%
Coronado Finance Pty Ltd. (Australia),
Sr. Sec’d. Notes, 144A 		9.250 10/01/29   695 472,600
4
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Commercial Services 3.7%
Adtalem Global Education, Inc.,
Sr. Sec’d. Notes, 144A 		5.500 % 03/01/28   321  $316,737
Allied Universal Holdco LLC/Allied Universal Finance Corp.,
Sr. Unsec’d. Notes, 144A(aa) 		9.750 07/15/27   1,222 1,225,535
Allied Universal Holdco LLC/Allied Universal Finance
Corp./Atlas Luxco 4 Sarl, 		         
Sr. Sec’d. Notes, 144A 4.625 06/01/28   1,200 1,149,000
Sr. Sec’d. Notes, 144A 4.625 06/01/28   600 571,500
     
 
Alta Equipment Group, Inc.,
Sec’d. Notes, 144A 		9.000 06/01/29   260 218,680
AMN Healthcare, Inc.,          
Gtd. Notes, 144A 4.000 04/15/29   550 493,212
Gtd. Notes, 144A(aa) 4.625 10/01/27   2,850 2,727,740
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,          
Gtd. Notes, 144A 5.750 07/15/27   825 804,109
Gtd. Notes, 144A(aa) 5.750 07/15/27   1,625 1,579,786
     
 
Belron UK Finance PLC (United Kingdom),
Sr. Sec’d. Notes, 144A 		5.750 10/15/29   200 198,868
DCLI Bidco LLC,
Second Mortgage, 144A 		7.750 11/15/29   690 642,873
Herc Holdings, Inc.,          
Gtd. Notes, 144A(aa) 5.500 07/15/27   2,576 2,547,698
Gtd. Notes, 144A 6.625 06/15/29   395 390,186
Hertz Corp. (The),          
Gtd. Notes, 144A 4.625 12/01/26   190 158,879
Sr. Sec’d. Notes, 144A 12.625 07/15/29   365 355,103
     
 
Mavis Tire Express Services Topco Corp.,
Sr. Unsec’d. Notes, 144A 		6.500 05/15/29   825 761,537
NESCO Holdings II, Inc.,
Sec’d. Notes, 144A 		5.500 04/15/29   925 838,525
United Rentals North America, Inc.,
Gtd. Notes 		4.875 01/15/28   125 123,159
VT Topco, Inc.,
Sr. Sec’d. Notes, 144A 		8.500 08/15/30   250 261,607
Williams Scotsman, Inc.,          
Sr. Sec’d. Notes, 144A 6.625 06/15/29   235 238,486
Sr. Sec’d. Notes, 144A 6.625 04/15/30   230 234,503
          15,837,723
5
Short Duration High Yield Opportunities Fund
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Computers 0.9%
Fortress Intermediate 3, Inc.,
Sr. Sec’d. Notes, 144A 		7.500 % 06/01/31   455  $465,585
NCR Atleos Corp.,
Sr. Sec’d. Notes, 144A 		9.500 04/01/29   825 888,387
NCR Voyix Corp.,          
Gtd. Notes, 144A 5.000 10/01/28   1,375 1,332,158
Gtd. Notes, 144A 5.125 04/15/29   1,100 1,059,421
          3,745,551
Distribution/Wholesale 0.7%
H&E Equipment Services, Inc.,
Gtd. Notes, 144A(aa) 		3.875 12/15/28   2,676 2,666,635
RB Global Holdings, Inc. (Canada),
Sr. Sec’d. Notes, 144A 		6.750 03/15/28   100 101,725
Velocity Vehicle Group LLC,
Sr. Unsec’d. Notes, 144A 		8.000 06/01/29   175 177,106
          2,945,466
Diversified Financial Services 7.0%
Azorra Finance Ltd.,
Gtd. Notes, 144A 		7.750 04/15/30   385 381,631
Bread Financial Holdings, Inc.,
Gtd. Notes, 144A 		9.750 03/15/29   810 853,017
Freedom Mortgage Holdings LLC,          
Sr. Unsec’d. Notes, 144A 8.375 04/01/32   120 117,314
Sr. Unsec’d. Notes, 144A 9.250 02/01/29   805 821,080
GGAM Finance Ltd. (Ireland),          
Gtd. Notes, 144A 8.000 02/15/27   1,100 1,128,523
Sr. Unsec’d. Notes, 144A 7.750 05/15/26   425 428,719
Sr. Unsec’d. Notes, 144A 8.000 06/15/28   1,125 1,177,031
goeasy Ltd. (Canada),          
Gtd. Notes, 144A 6.875 05/15/30   340 331,585
Gtd. Notes, 144A 9.250 12/01/28   535 559,075
Sr. Unsec’d. Notes, 144A 7.375 10/01/30   270 265,337
Sr. Unsec’d. Notes, 144A 7.625 07/01/29   475 478,610
     
 
Jefferies Finance LLC/JFIN Co-Issuer Corp.,
Sr. Sec’d. Notes, 144A 		6.625 10/15/31   400 391,654
6
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
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   250  $205,531
Macquarie Airfinance Holdings Ltd. (United Kingdom),
Sr. Unsec’d. Notes, 144A(aa) 		6.400 03/26/29   795 814,912
Nationstar Mortgage Holdings, Inc.,          
Gtd. Notes, 144A(aa) 5.500 08/15/28   2,050 2,035,793
Gtd. Notes, 144A(aa) 6.000 01/15/27   1,756 1,757,828
Gtd. Notes, 144A 6.500 08/01/29   270 274,550
Navient Corp.,          
Sr. Unsec’d. Notes 4.875 03/15/28   775 744,618
Sr. Unsec’d. Notes 5.000 03/15/27   325 322,083
Sr. Unsec’d. Notes 6.750 06/25/25   950 951,238
Sr. Unsec’d. Notes 6.750 06/15/26   500 504,591
OneMain Finance Corp.,          
Gtd. Notes 3.875 09/15/28   450 416,409
Gtd. Notes 6.625 01/15/28   400 402,944
Gtd. Notes 6.750 03/15/32   550 539,355
Gtd. Notes(aa) 7.125 03/15/26   4,150 4,188,415
PennyMac Financial Services, Inc.,          
Gtd. Notes, 144A(aa) 4.250 02/15/29   2,425 2,265,933
Gtd. Notes, 144A 5.375 10/15/25   1,050 1,045,164
Gtd. Notes, 144A 7.875 12/15/29   50 52,127
     
 
PHH Escrow Issuer LLC/PHH Corp.,
Sr. Unsec’d. Notes, 144A 		9.875 11/01/29   480 466,791
PRA Group, Inc.,          
Gtd. Notes, 144A 8.375 02/01/28   1,500 1,515,002
Gtd. Notes, 144A 8.875 01/31/30   365 376,165
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.,          
Gtd. Notes, 144A 2.875 10/15/26   1,562 1,507,916
Gtd. Notes, 144A 3.625 03/01/29   1,125 1,048,607
     
 
SLM Corp.,
Sr. Unsec’d. Notes(x) 		6.500 01/31/30   160 164,829
United Wholesale Mortgage LLC,
Sr. Unsec’d. Notes, 144A 		5.500 11/15/25   1,250 1,244,169
UWM Holdings LLC,
Gtd. Notes, 144A 		6.625 02/01/30   305 302,217
          30,080,763
7
Short Duration High Yield Opportunities Fund
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Electric 3.9%
Calpine Corp.,          
Sr. Sec’d. Notes, 144A 3.750 % 03/01/31   500  $461,530
Sr. Sec’d. Notes, 144A(aa) 4.500 02/15/28   2,125 2,077,961
Sr. Unsec’d. Notes, 144A 5.125 03/15/28   2,475 2,449,339
NRG Energy, Inc.,          
Gtd. Notes 5.750 01/15/28   1,682 1,687,083
Gtd. Notes, 144A 3.875 02/15/32   25 22,396
Gtd. Notes, 144A(aa) 5.250 06/15/29   2,200 2,173,515
     
 
PG&E Corp.,
Sr. Sec’d. Notes 		5.000 07/01/28   175 170,793
Vistra Operations Co. LLC,          
Gtd. Notes, 144A 5.000 07/31/27   4,925 4,883,167
Gtd. Notes, 144A(aa) 5.500 09/01/26   2,700 2,691,098
Gtd. Notes, 144A 5.625 02/15/27   250 249,769
          16,866,651
Electrical Components & Equipment 0.8%
Energizer Holdings, Inc.,          
Gtd. Notes, 144A 4.750 06/15/28   669 645,412
Gtd. Notes, 144A 6.500 12/31/27   1,500 1,505,160
WESCO Distribution, Inc.,          
Gtd. Notes, 144A 6.375 03/15/29   330 334,815
Gtd. Notes, 144A 7.250 06/15/28   1,125 1,139,668
          3,625,055
Electronics 0.2%
Sensata Technologies BV,
Gtd. Notes, 144A 		4.000 04/15/29   1,000 919,910
Engineering & Construction 0.1%
AECOM,
Gtd. Notes 		5.125 03/15/27   280 279,072
Entertainment 2.7%
Caesars Entertainment, Inc.,          
Gtd. Notes, 144A(aa) 4.625 10/15/29   2,925 2,703,262
Sr. Sec’d. Notes, 144A 7.000 02/15/30   1,075 1,101,509
     
 
8
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Entertainment (cont’d.)
     
CCM Merger, Inc.,
Sr. Unsec’d. Notes, 144A(aa) 		6.375 % 05/01/26   2,085  $2,088,269
Cinemark USA, Inc.,
Gtd. Notes, 144A 		7.000 08/01/32   120 122,747
International Game Technology PLC,
Sr. Sec’d. Notes, 144A 		5.250 01/15/29   550 537,735
Jacobs Entertainment, Inc.,          
Sr. Unsec’d. Notes, 144A 6.750 02/15/29   1,050 955,024
Sr. Unsec’d. Notes, 144A 6.750 02/15/29   550 499,825
     
 
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.,
Sr. Sec’d. Notes, 144A 		4.875 05/01/29   1,200 1,136,352
Penn Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A(aa) 		5.625 01/15/27   2,025 1,995,762
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.,
Gtd. Notes, 144A 		5.125 10/01/29   400 386,057
          11,526,542
Environmental Control 0.8%
GFL Environmental, Inc.,          
Gtd. Notes, 144A 4.000 08/01/28   1,025 973,166
Gtd. Notes, 144A 4.375 08/15/29   860 819,382
Gtd. Notes, 144A 4.750 06/15/29   450 435,848
Reworld Holding Corp.,          
Gtd. Notes 5.000 09/01/30   120 110,587
Gtd. Notes, 144A 4.875 12/01/29   1,275 1,190,923
          3,529,906
Foods 1.7%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s LP/Albertson’s LLC,
Gtd. Notes, 144A(aa) 		4.625 01/15/27   2,250 2,226,213
B&G Foods, Inc.,          
Gtd. Notes(aa) 5.250 09/15/27   1,800 1,690,170
Sr. Sec’d. Notes, 144A 8.000 09/15/28   1,070 1,061,257
     
 
Bellis Acquisition Co. PLC (United Kingdom),
Sr. Sec’d. Notes, 144A 		8.125 05/14/30 GBP 775 960,461
9
Short Duration High Yield Opportunities Fund
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Foods (cont’d.)
     
Lamb Weston Holdings, Inc.,
Gtd. Notes, 144A 		4.125 % 01/31/30   275  $258,130
Post Holdings, Inc.,
Gtd. Notes, 144A 		5.500 12/15/29   1,013 994,597
          7,190,828
Gas 0.3%
AmeriGas Partners LP/AmeriGas Finance Corp.,          
Sr. Unsec’d. Notes 5.750 05/20/27   890 849,952
Sr. Unsec’d. Notes 5.875 08/20/26   395 390,327
          1,240,279
Healthcare-Products 1.3%
Medline Borrower LP,
Sr. Sec’d. Notes, 144A(aa) 		3.875 04/01/29   5,675 5,293,782
Medline Borrower LP/Medline Co-Issuer, Inc.,
Sr. Sec’d. Notes, 144A 		6.250 04/01/29   500 503,975
          5,797,757
Healthcare-Services 3.1%
DaVita, Inc.,
Gtd. Notes, 144A(aa) 		4.625 06/01/30   2,800 2,604,033
HCA, Inc.,
Gtd. Notes 		5.875 02/15/26   4,214 4,224,717
LifePoint Health, Inc.,          
Gtd. Notes, 144A 5.375 01/15/29   400 359,428
Sr. Sec’d. Notes, 144A 8.375 02/15/32   390 397,716
MPH Acquisition Holdings LLC,          
Sr. Sec’d. Notes, 144A 5.750 12/31/30   903 695,645
Sr. Sec’d. Notes, 144A, Cash coupon 6.500% and PIK 5.000% 11.500 12/31/30   472 439,662
     
 
Prime Healthcare Services, Inc.,
Sr. Sec’d. Notes, 144A 		9.375 09/01/29   1,290 1,229,228
Tenet Healthcare Corp.,          
Sr. Sec’d. Notes 4.250 06/01/29   1,275 1,215,354
10
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Healthcare-Services (cont’d.)
Tenet Healthcare Corp., (cont’d.)          
Sr. Sec’d. Notes 4.375 % 01/15/30   1,675  $1,588,232
Sr. Sec’d. Notes 4.625 06/15/28   600 584,120
          13,338,135
Home Builders 5.7%
Ashton Woods USA LLC/Ashton Woods Finance Co.,          
Sr. Unsec’d. Notes, 144A 4.625 08/01/29   1,200 1,112,861
Sr. Unsec’d. Notes, 144A 6.625 01/15/28   1,100 1,096,950
     
 
Beazer Homes USA, Inc.,
Gtd. Notes 		5.875 10/15/27   3,775 3,674,298
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada),
Gtd. Notes, 144A(aa) 		6.250 09/15/27   3,437 3,370,082
Empire Communities Corp. (Canada),
Sr. Unsec’d. Notes, 144A 		9.750 05/01/29   775 756,168
Forestar Group, Inc.,
Gtd. Notes, 144A 		5.000 03/01/28   975 946,952
KB Home,
Gtd. Notes 		6.875 06/15/27   432 442,536
Landsea Homes Corp.,
Gtd. Notes, 144A 		8.875 04/01/29   1,130 1,071,554
M/I Homes, Inc.,
Gtd. Notes 		4.950 02/01/28   925 902,854
Mattamy Group Corp. (Canada),
Sr. Unsec’d. Notes, 144A 		5.250 12/15/27   3,350 3,232,750
New Home Co., Inc. (The),
Sr. Unsec’d. Notes, 144A 		9.250 10/01/29   385 397,549
Shea Homes LP/Shea Homes Funding Corp.,          
Sr. Unsec’d. Notes 4.750 02/15/28   1,225 1,187,734
Sr. Unsec’d. Notes 4.750 04/01/29   400 376,872
     
 
STL Holding Co. LLC,
Sr. Unsec’d. Notes, 144A 		8.750 02/15/29   837 851,672
Taylor Morrison Communities, Inc.,          
Gtd. Notes, 144A(aa) 5.875 06/15/27   2,296 2,308,554
Gtd. Notes, 144A 6.625 07/15/27   350 343,572
11
Short Duration High Yield Opportunities Fund
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Home Builders (cont’d.)
Tri Pointe Homes, Inc.,          
Gtd. Notes(aa) 5.250 % 06/01/27   1,850  $1,842,835
Gtd. Notes 5.700 06/15/28   400 400,632
          24,316,425
Household Products/Wares 0.2%
ACCO Brands Corp.,
Gtd. Notes, 144A 		4.250 03/15/29   1,175 1,020,322
Housewares 0.4%
Newell Brands, Inc.,
Sr. Unsec’d. Notes 		6.375 05/15/30   1,100 1,001,948
Scotts Miracle-Gro Co. (The),          
Gtd. Notes 4.000 04/01/31   575 503,845
Gtd. Notes 4.375 02/01/32   250 218,687
          1,724,480
Insurance 0.8%
Acrisure LLC/Acrisure Finance, Inc.,          
Sr. Sec’d. Notes, 144A 7.500 11/06/30   305 311,439
Sr. Unsec’d. Notes, 144A(aa) 8.250 02/01/29   1,255 1,285,112
Sr. Unsec’d. Notes, 144A 8.500 06/15/29   285 293,893
AmWINS Group, Inc.,          
Sr. Sec’d. Notes, 144A 6.375 02/15/29   250 252,790
Sr. Unsec’d. Notes, 144A 4.875 06/30/29   1,050 999,807
     
 
AssuredPartners, Inc.,
Sr. Unsec’d. Notes, 144A 		5.625 01/15/29   175 174,754
          3,317,795
Internet 0.6%
Cablevision Lightpath LLC,          
Sr. Sec’d. Notes, 144A(aa) 3.875 09/15/27   620 585,900
Sr. Unsec’d. Notes, 144A 5.625 09/15/28   200 185,264
     
 
Cogent Communications Group LLC,
Sr. Sec’d. Notes, 144A 		3.500 05/01/26   700 687,475
12
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Internet (cont’d.)
     
Gen Digital, Inc.,
Gtd. Notes, 144A 		6.750 % 09/30/27   250  $254,210
Go Daddy Operating Co. LLC/GD Finance Co., Inc.,
Gtd. Notes, 144A 		5.250 12/01/27   1,100 1,090,500
          2,803,349
Iron/Steel 1.3%
ATI, Inc.,
Sr. Unsec’d. Notes 		7.250 08/15/30   170 176,921
Big River Steel LLC/BRS Finance Corp.,
Sr. Sec’d. Notes, 144A(aa) 		6.625 01/31/29   1,859 1,870,651
Cleveland-Cliffs, Inc.,          
Gtd. Notes, 144A 6.750 04/15/30   630 606,869
Gtd. Notes, 144A 6.875 11/01/29   550 532,957
Gtd. Notes, 144A 7.000 03/15/32   135 127,128
Sr. Unsec’d. Notes, 144A 7.500 09/15/31   165 159,851
Mineral Resources Ltd. (Australia),          
Sr. Unsec’d. Notes, 144A 8.125 05/01/27   410 398,778
Sr. Unsec’d. Notes, 144A 9.250 10/01/28   1,360 1,285,146
Sr. Unsec’d. Notes, 144A, MTN 8.000 11/01/27   315 299,288
          5,457,589
Leisure Time 5.1%
Carnival Corp.,          
Gtd. Notes, 144A 5.750 03/01/27   4,571 4,540,009
Gtd. Notes, 144A 5.750 03/15/30   700 692,125
Gtd. Notes, 144A 7.625 03/01/26   200 200,250
Sr. Sec’d. Notes, 144A 4.000 08/01/28   869 828,809
     
 
Life Time, Inc.,
Sr. Sec’d. Notes, 144A 		6.000 11/15/31   375 374,173
Lindblad Expeditions Holdings, Inc.,
Sr. Sec’d. Notes, 144A 		9.000 05/15/28   675 693,932
Lindblad Expeditions LLC,
Sr. Sec’d. Notes, 144A(aa) 		6.750 02/15/27   2,025 2,018,249
NCL Corp. Ltd.,          
Gtd. Notes, 144A 5.875 03/15/26   549 546,348
Sr. Sec’d. Notes, 144A 5.875 02/15/27   1,145 1,136,470
Sr. Sec’d. Notes, 144A 8.125 01/15/29   1,000 1,047,500
13
Short Duration High Yield Opportunities Fund
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Leisure Time (cont’d.)
NCL Corp. Ltd., (cont’d.)          
Sr. Unsec’d. Notes, 144A 6.250 % 03/01/30   823  $801,643
Sr. Unsec’d. Notes, 144A 6.750 02/01/32   535 520,287
Sr. Unsec’d. Notes, 144A 7.750 02/15/29   278 286,132
Royal Caribbean Cruises Ltd.,          
Sr. Unsec’d. Notes, 144A 5.375 07/15/27   1,025 1,023,719
Sr. Unsec’d. Notes, 144A 5.500 04/01/28   1,475 1,473,156
Sr. Unsec’d. Notes, 144A 5.625 09/30/31   410 407,181
Viking Cruises Ltd.,          
Gtd. Notes, 144A 5.875 09/15/27   2,050 2,044,875
Gtd. Notes, 144A 6.250 05/15/25   500 499,725
Sr. Unsec’d. Notes, 144A 7.000 02/15/29   875 880,469
     
 
Viking Ocean Cruises Ship VII Ltd.,
Sr. Sec’d. Notes, 144A 		5.625 02/15/29   1,000 985,000
VOC Escrow Ltd.,
Sr. Sec’d. Notes, 144A 		5.000 02/15/28   800 784,000
          21,784,052
Lodging 2.9%
Boyd Gaming Corp.,
Gtd. Notes, 144A 		4.750 06/15/31   1,004 936,642
Hilton Domestic Operating Co., Inc.,
Gtd. Notes, 144A 		5.875 04/01/29   480 485,184
MGM Resorts International,          
Gtd. Notes(aa) 4.625 09/01/26   4,760 4,719,795
Gtd. Notes 5.500 04/15/27   435 433,821
Gtd. Notes 6.125 09/15/29   450 448,282
     
 
Station Casinos LLC,
Gtd. Notes, 144A 		4.500 02/15/28   625 603,784
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,
Gtd. Notes, 144A 		5.250 05/15/27   1,250 1,237,814
Wynn Macau Ltd. (Macau),
Sr. Unsec’d. Notes, 144A 		5.500 10/01/27   3,575 3,458,813
          12,324,135
14
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Machinery-Construction & Mining 0.1%
Terex Corp.,
Gtd. Notes, 144A 		5.000 % 05/15/29   200  $191,292
Vertiv Group Corp.,
Sr. Sec’d. Notes, 144A 		4.125 11/15/28   175 168,922
          360,214
Machinery-Diversified 1.0%
Chart Industries, Inc.,          
Gtd. Notes, 144A 9.500 01/01/31   175 186,575
Sr. Sec’d. Notes, 144A 7.500 01/01/30   175 181,880
     
 
Maxim Crane Works Holdings Capital LLC,
Sec’d. Notes, 144A 		11.500 09/01/28   900 888,806
TK Elevator US Newco, Inc. (Germany),
Sr. Sec’d. Notes, 144A 		5.250 07/15/27   3,175 3,113,484
          4,370,745
Media 3.8%
CCO Holdings LLC/CCO Holdings Capital Corp.,          
Sr. Unsec’d. Notes, 144A(aa) 5.000 02/01/28   910 887,714
Sr. Unsec’d. Notes, 144A(aa) 5.125 05/01/27   1,865 1,838,748
Sr. Unsec’d. Notes, 144A(aa) 5.500 05/01/26   4,074 4,069,565
CSC Holdings LLC,          
Gtd. Notes, 144A 3.375 02/15/31   200 133,592
Gtd. Notes, 144A 4.125 12/01/30   200 137,010
Gtd. Notes, 144A 5.375 02/01/28   200 174,754
Gtd. Notes, 144A(aa) 5.500 04/15/27   200 185,906
Sr. Unsec’d. Notes, 144A 4.625 12/01/30   200 92,520
Sr. Unsec’d. Notes, 144A 7.500 04/01/28   200 146,687
DISH DBS Corp.,          
Gtd. Notes 5.125 06/01/29   175 109,106
Gtd. Notes 7.375 07/01/28   75 50,679
Gtd. Notes 7.750 07/01/26   1,795 1,563,836
     
 
DISH Network Corp.,
Sr. Sec’d. Notes, 144A 		11.750 11/15/27   840 882,499
Radiate Holdco LLC/Radiate Finance, Inc.,          
Sr. Sec’d. Notes, 144A(aa)(x) 4.500 09/15/26   3,350 2,895,957
Sr. Unsec’d. Notes, 144A(x) 6.500 09/15/28   200 129,820
     
 
15
Short Duration High Yield Opportunities Fund
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Media (cont’d.)
     
Sinclair Television Group, Inc.,
Sr. Sec’d. Notes, 144A 		8.125 % 02/15/33   50  $49,544
Univision Communications, Inc.,          
Sr. Sec’d. Notes, 144A 6.625 06/01/27   375 363,087
Sr. Sec’d. Notes, 144A(aa) 8.000 08/15/28   1,405 1,366,167
     
 
Virgin Media Secured Finance PLC (United Kingdom),
Sr. Sec’d. Notes, 144A 		5.500 05/15/29   1,400 1,344,546
          16,421,737
Mining 2.2%
Arsenal AIC Parent LLC,
Sr. Sec’d. Notes, 144A 		8.000 10/01/30   200 206,908
Eldorado Gold Corp. (Turkey),
Sr. Unsec’d. Notes, 144A 		6.250 09/01/29   200 197,654
First Quantum Minerals Ltd. (Zambia),          
Gtd. Notes, 144A 6.875 10/15/27   577 569,066
Sec’d. Notes, 144A 9.375 03/01/29   610 641,262
     
 
Hecla Mining Co.,
Gtd. Notes 		7.250 02/15/28   465 466,091
Hudbay Minerals, Inc. (Canada),
Gtd. Notes, 144A(aa) 		4.500 04/01/26   3,095 3,035,050
New Gold, Inc. (Canada),
Sr. Unsec’d. Notes, 144A 		6.875 04/01/32   95 97,138
Novelis Corp.,          
Gtd. Notes, 144A(aa) 3.250 11/15/26   3,570 3,465,091
Gtd. Notes, 144A 6.875 01/30/30   405 410,906
     
 
Taseko Mines Ltd. (Canada),
Sr. Sec’d. Notes, 144A 		8.250 05/01/30   170 171,622
          9,260,788
Miscellaneous Manufacturing 0.3%
Axon Enterprise, Inc.,
Sr. Unsec’d. Notes, 144A 		6.125 03/15/30   375 382,489
Trinity Industries, Inc.,
Gtd. Notes, 144A 		7.750 07/15/28   700 721,547
          1,104,036
16
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Oil & Gas 4.3%
Aethon United BR LP/Aethon United Finance Corp.,
Sr. Unsec’d. Notes, 144A 		7.500 % 10/01/29   395  $396,584
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Gtd. Notes, 144A 		9.000 11/01/27   800 937,714
CITGO Petroleum Corp.,
Sr. Sec’d. Notes, 144A 		6.375 06/15/26   875 871,109
Civitas Resources, Inc.,          
Gtd. Notes, 144A 8.375 07/01/28   1,080 1,061,033
Gtd. Notes, 144A 8.625 11/01/30   350 338,092
     
 
Comstock Resources, Inc.,
Gtd. Notes, 144A 		5.875 01/15/30   600 543,678
Crescent Energy Finance LLC,
Gtd. Notes, 144A 		9.250 02/15/28   775 783,306
Diamond Foreign Asset Co./Diamond Finance LLC,
Sec’d. Notes, 144A 		8.500 10/01/30   400 383,000
EQT Corp.,
Sr. Unsec’d. Notes, 144A 		7.500 06/01/27   400 406,574
Hilcorp Energy I LP/Hilcorp Finance Co.,          
Sr. Unsec’d. Notes, 144A 5.750 02/01/29   1,150 1,075,278
Sr. Unsec’d. Notes, 144A 6.000 04/15/30   250 228,457
Sr. Unsec’d. Notes, 144A 6.250 11/01/28   750 726,718
     
 
Nabors Industries, Inc.,
Gtd. Notes, 144A 		7.375 05/15/27   1,550 1,461,671
New Generation Gas Gathering LLC,          
Sr. Sec’d. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ 10.030(c) 09/30/29   176 173,041
Sr. Sec’d. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ 10.030(c) 09/30/29   211 207,648
     
 
Noble Finance II LLC,
Gtd. Notes, 144A 		8.000 04/15/30   555 528,229
Parkland Corp. (Canada),          
Gtd. Notes, 144A 4.500 10/01/29   575 543,375
Gtd. Notes, 144A 5.875 07/15/27   1,374 1,362,706
     
 
Permian Resources Operating LLC,
Gtd. Notes, 144A 		8.000 04/15/27   490 498,344
Precision Drilling Corp. (Canada),
Gtd. Notes, 144A 		7.125 01/15/26   307 306,147
Preem Holdings AB (Sweden),
Sr. Unsec’d. Notes 		12.000 06/30/27 EUR 800 937,184
17
Short Duration High Yield Opportunities Fund
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Oil & Gas (cont’d.)
     
SM Energy Co.,
Sr. Unsec’d. Notes, 144A 		6.750 % 08/01/29   265  $247,717
Sunoco LP,
Gtd. Notes, 144A 		7.000 05/01/29   400 411,250
Sunoco LP/Sunoco Finance Corp.,          
Gtd. Notes 4.500 05/15/29   146 138,392
Gtd. Notes 5.875 03/15/28   75 74,624
Gtd. Notes 6.000 04/15/27   1,200 1,195,399
Gtd. Notes, 144A 7.000 09/15/28   750 768,087
Transocean, Inc.,          
Gtd. Notes, 144A 8.250 05/15/29   1,435 1,156,596
Gtd. Notes, 144A 8.500 05/15/31   310 240,250
Sr. Sec’d. Notes, 144A 8.750 02/15/30   172 169,420
     
 
Valaris Ltd.,
Sec’d. Notes, 144A 		8.375 04/30/30   225 210,073
Vital Energy, Inc.,
Gtd. Notes 		9.750 10/15/30   75 62,986
          18,444,682
Packaging & Containers 2.6%
ARD Finance SA (Luxembourg),
Sr. Sec’d. Notes, 144A, Cash coupon 6.500% or PIK 7.250% 		6.500 06/30/27   207 4,280
Ardagh Packaging Finance PLC/Ardagh Holdings USA,
Inc., 		         
Sr. Sec’d. Notes 2.125 08/15/26 EUR 400 399,907
Sr. Sec’d. Notes, 144A 4.125 08/15/26   500 440,000
     
 
Ball Corp.,
Gtd. Notes 		6.000 06/15/29   770 785,938
Clydesdale Acquisition Holdings, Inc.,          
Gtd. Notes, 144A 8.750 04/15/30   700 721,153
Sr. Sec’d. Notes, 144A 6.750 04/15/32   375 383,631
Sr. Sec’d. Notes, 144A 6.875 01/15/30   50 51,075
     
 
Graham Packaging Co., Inc.,
Gtd. Notes, 144A 		7.125 08/15/28   415 405,414
Graphic Packaging International LLC,
Gtd. Notes, 144A 		3.500 03/15/28   500 471,879
18
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Packaging & Containers (cont’d.)
     
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada),
Sr. Sec’d. Notes, 144A(aa) 		6.000 % 09/15/28   2,085  $2,066,277
LABL, Inc.,          
Sr. Sec’d. Notes, 144A 5.875 11/01/28   275 227,385
Sr. Sec’d. Notes, 144A 8.625 10/01/31   295 241,103
Sr. Sec’d. Notes, 144A 9.500 11/01/28   175 152,596
Sr. Unsec’d. Notes, 144A(aa) 10.500 07/15/27   1,690 1,516,972
     
 
Mauser Packaging Solutions Holding Co.,
Sr. Sec’d. Notes, 144A 		7.875 04/15/27   1,520 1,522,952
Owens-Brockway Glass Container, Inc.,
Gtd. Notes, 144A 		6.625 05/13/27   160 159,750
Sealed Air Corp./Sealed Air Corp. US,
Gtd. Notes, 144A 		6.125 02/01/28   150 150,971
Trident TPI Holdings, Inc.,
Gtd. Notes, 144A(aa) 		12.750 12/31/28   1,535 1,607,953
          11,309,236
Pharmaceuticals 1.4%
1261229 BC Ltd.,
Sr. Sec’d. Notes, 144A 		10.000 04/15/32   785 767,337
AdaptHealth LLC,          
Gtd. Notes, 144A 4.625 08/01/29   225 201,340
Gtd. Notes, 144A(aa) 6.125 08/01/28   2,075 2,013,868
Bausch Health Cos., Inc.,          
Gtd. Notes, 144A 5.000 01/30/28   25 19,062
Gtd. Notes, 144A 5.000 02/15/29   25 15,750
Gtd. Notes, 144A 5.250 01/30/30   50 29,125
Gtd. Notes, 144A 5.250 02/15/31   50 27,000
Gtd. Notes, 144A 6.250 02/15/29   25 16,375
Gtd. Notes, 144A 7.000 01/15/28   50 40,875
Sr. Sec’d. Notes, 144A 4.875 06/01/28   600 487,290
Sr. Sec’d. Notes, 144A(aa) 11.000 09/30/28   805 757,022
Organon & Co./Organon Foreign Debt Co-Issuer BV,          
Sr. Sec’d. Notes, 144A 4.125 04/30/28   1,125 1,061,182
Sr. Unsec’d. Notes, 144A 5.125 04/30/31   425 356,540
19
Short Duration High Yield Opportunities Fund
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Pharmaceuticals (cont’d.)
     
 
P&L Development LLC/PLD Finance Corp.,
Sr. Sec’d. Notes, 144A, Cash coupon 9.000% and PIK 3.500% or Cash coupon 12.000% 		12.000 % 05/15/29   399  $395,546
          6,188,312
Pipelines 2.6%
Antero Midstream Partners LP/Antero Midstream
Finance Corp., 		         
Gtd. Notes, 144A 5.375 06/15/29   1,000 976,371
Gtd. Notes, 144A 5.750 03/01/27   305 304,200
     
 
Blue Racer Midstream LLC/Blue Racer Finance Corp.,
Sr. Unsec’d. Notes, 144A 		7.000 07/15/29   330 336,096
Global Partners LP/GLP Finance Corp.,
Gtd. Notes 		7.000 08/01/27   650 645,544
Howard Midstream Energy Partners LLC,
Sr. Unsec’d. Notes, 144A 		8.875 07/15/28   225 234,080
Rockies Express Pipeline LLC,          
Sr. Unsec’d. Notes, 144A 3.600 05/15/25   425 424,404
Sr. Unsec’d. Notes, 144A 4.800 05/15/30   575 538,679
Sr. Unsec’d. Notes, 144A 4.950 07/15/29   225 215,213
Tallgrass Energy Partners LP/Tallgrass Energy Finance
Corp., 		         
Gtd. Notes, 144A 6.000 03/01/27   1,384 1,364,491
Sr. Unsec’d. Notes, 144A 7.375 02/15/29   300 298,945
Venture Global LNG, Inc.,          
Jr. Sub. Notes, 144A 9.000(ff) 09/30/29(oo)   1,680 1,439,902
Sr. Sec’d. Notes, 144A 7.000 01/15/30   540 508,802
Sr. Sec’d. Notes, 144A(aa) 9.500 02/01/29   2,870 2,973,803
Sr. Sec’d. Notes, 144A 9.875 02/01/32   915 930,536
          11,191,066
Real Estate 1.4%
Five Point Operating Co. LP/Five Point Capital Corp.,
Gtd. Notes, 144A(aa) 		10.500(cc) 01/15/28   1,658 1,687,693
Greystar Real Estate Partners LLC,
Sr. Sec’d. Notes, 144A 		7.750 09/01/30   250 262,896
Howard Hughes Corp. (The),          
Gtd. Notes, 144A 4.125 02/01/29   275 252,016
20
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
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(aa) 5.375 % 08/01/28   3,622   $3,493,760
     
 
Hunt Cos., Inc.,
Sr. Sec’d. Notes, 144A 		5.250 04/15/29   175 166,117
          5,862,482
Real Estate Investment Trusts (REITs) 3.6%
Diversified Healthcare Trust,
Sr. Unsec’d. Notes 		4.750 02/15/28   25 22,369
MPT Operating Partnership LP/MPT Finance Corp.,          
Gtd. Notes(aa) 5.000 10/15/27   1,000 890,115
Sr. Sec’d. Notes, 144A 8.500 02/15/32   200 203,679
Park Intermediate Holdings LLC/PK Domestic
Property LLC/PK Finance Co-Issuer, 		         
Gtd. Notes, 144A 7.000 02/01/30   1,060 1,059,820
Sr. Sec’d. Notes, 144A 5.875 10/01/28   575 561,823
RHP Hotel Properties LP/RHP Finance Corp.,          
Gtd. Notes 4.750 10/15/27   1,350 1,324,742
Gtd. Notes, 144A 6.500 04/01/32   375 374,015
Gtd. Notes, 144A 7.250 07/15/28   200 205,644
SBA Communications Corp.,          
Sr. Unsec’d. Notes 3.125 02/01/29   1,000 926,265
Sr. Unsec’d. Notes(aa) 3.875 02/15/27   2,750 2,693,158
Starwood Property Trust, Inc.,          
Sr. Unsec’d. Notes, 144A 4.375 01/15/27   1,300 1,274,247
Sr. Unsec’d. Notes, 144A 6.000 04/15/30   75 74,338
Sr. Unsec’d. Notes, 144A 6.500 07/01/30   250 252,121
Sr. Unsec’d. Notes, 144A 6.500 10/15/30   285 287,479
Sr. Unsec’d. Notes, 144A 7.250 04/01/29   425 441,103
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL
Capital LLC, 		         
Sr. Sec’d. Notes, 144A 4.750 04/15/28   300 287,023
Sr. Sec’d. Notes, 144A(aa) 10.500 02/15/28   3,325 3,531,159
     
 
VICI Properties LP/VICI Note Co., Inc.,
Gtd. Notes, 144A 		4.500 09/01/26   901 896,442
          15,305,542
21
Short Duration High Yield Opportunities Fund
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Retail 4.0%
1011778 BC ULC/New Red Finance, Inc. (Canada),          
Sec’d. Notes, 144A 4.000 % 10/15/30   350  $317,625
Sec’d. Notes, 144A 4.375 01/15/28   792 764,280
Sr. Sec’d. Notes, 144A 3.875 01/15/28   1,100 1,054,625
Sr. Sec’d. Notes, 144A 6.125 06/15/29   465 471,947
     
 
Arko Corp.,
Gtd. Notes, 144A 		5.125 11/15/29   1,375 1,100,065
BCPE Ulysses Intermediate, Inc.,
Sr. Unsec’d. Notes, 144A, Cash coupon 7.750% or PIK 8.500% 		7.750 04/01/27   955 926,583
Brinker International, Inc.,
Gtd. Notes, 144A 		8.250 07/15/30   775 814,880
Carvana Co.,          
Sr. Sec’d. Notes, 144A, Cash coupon 9.000% or PIK 12.000%(aa) 9.000 12/01/28   2,422 2,489,322
Sr. Sec’d. Notes, 144A, Cash coupon 11.000% or PIK 13.000% 9.000 06/01/30   2,201 2,331,938
eG Global Finance PLC (United Kingdom),          
Sr. Sec’d. Notes 11.000 11/30/28 EUR 200 250,201
Sr. Sec’d. Notes, 144A 12.000 11/30/28   375 412,335
Fertitta Entertainment LLC/Fertitta Entertainment
Finance Co., Inc., 		         
Gtd. Notes, 144A 6.750 01/15/30   600 524,107
Sr. Sec’d. Notes, 144A 4.625 01/15/29   925 857,985
     
 
Gap, Inc. (The),
Gtd. Notes, 144A 		3.625 10/01/29   1,875 1,699,539
LCM Investments Holdings II LLC,
Sr. Unsec’d. Notes, 144A 		4.875 05/01/29   725 685,442
Lithia Motors, Inc.,
Sr. Unsec’d. Notes, 144A 		3.875 06/01/29   1,025 951,694
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes 		6.750 03/01/32   935 942,941
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
Sr. Unsec’d. Notes 		5.875 03/01/27   225 223,564
White Cap Buyer LLC,
Sr. Unsec’d. Notes, 144A 		6.875 10/15/28   560 544,188
          17,363,261
22
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Semiconductors 0.0%
Entegris, Inc.,
Sr. Sec’d. Notes, 144A 		4.750 % 04/15/29   175  $170,500
Software 1.9%
Camelot Finance SA,
Sr. Sec’d. Notes, 144A(aa) 		4.500 11/01/26   4,695 4,625,984
Clarivate Science Holdings Corp.,          
Gtd. Notes, 144A 4.875 07/01/29   600 546,022
Sr. Sec’d. Notes, 144A 3.875 07/01/28   500 472,166
     
 
SS&C Technologies, Inc.,
Gtd. Notes, 144A(aa) 		5.500 09/30/27   2,500 2,489,620
          8,133,792
Telecommunications 6.5%
Altice Financing SA (Luxembourg),
Sr. Sec’d. Notes, 144A 		9.625 07/15/27   200 172,000
Connect Finco Sarl/Connect US Finco LLC (United Kingdom),
Sr. Sec’d. Notes, 144A(aa) 		9.000 09/15/29   2,025 1,893,375
Digicel Group Holdings Ltd. (Jamaica),          
Sr. Sec’d. Notes, Series 1B14, 144A^ 0.000 12/31/30   25 —
Sr. Sec’d. Notes, Series 3B14, 144A^ 0.000 12/31/30   34 —
     
 
Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./DIFL US LLC (Jamaica),
Sr. Sec’d. Notes, Cash coupon 9.000% and PIK 1.942% 		10.942 05/25/27   1,912 1,912,230
Digicel MidCo Ltd./DIFL US II LLC (Jamaica),
Sr. Unsec’d. Notes, PIK 10.500% 		10.500 11/25/28   1,560 1,441,461
EchoStar Corp.,
Sr. Sec’d. Notes 		10.750 11/30/29   300 317,158
Frontier Communications Holdings LLC,          
Sec’d. Notes 5.875 11/01/29   150 150,104
Sec’d. Notes, 144A 6.000 01/15/30   775 778,796
Sec’d. Notes, 144A 6.750 05/01/29   600 602,825
Sr. Sec’d. Notes, 144A(aa) 5.000 05/01/28   1,925 1,906,255
Sr. Sec’d. Notes, 144A(aa) 5.875 10/15/27   3,598 3,594,594
     
 
Iliad Holding SASU (France),
Sr. Sec’d. Notes, 144A(aa) 		7.000 10/15/28   2,700 2,730,375
23
Short Duration High Yield Opportunities Fund
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Telecommunications (cont’d.)
     
Intelsat Jackson Holdings SA (Luxembourg),
Sr. Sec’d. Notes, 144A 		6.500 % 03/15/30   650  $638,885
Level 3 Financing, Inc.,          
Sec’d. Notes, 144A 4.875 06/15/29   1,530 1,338,056
Sr. Sec’d. Notes, 144A(aa) 10.500 04/15/29   3,050 3,382,173
Sr. Sec’d. Notes, 144A 11.000 11/15/29   149 167,050
     
 
Lumen Technologies, Inc.,
Sr. Sec’d. Notes, 144A 		10.000 10/15/32   175 174,609
Sprint LLC,
Gtd. Notes(aa) 		7.625 03/01/26   5,150 5,217,881
Viasat, Inc.,
Sr. Unsec’d. Notes, 144A 		5.625 09/15/25   310 310,000
Windstream Services LLC/Windstream Escrow Finance Corp.,
Sr. Sec’d. Notes, 144A 		8.250 10/01/31   520 533,178
Zegona Finance PLC (United Kingdom),
Sr. Sec’d. Notes, 144A 		8.625 07/15/29   460 490,015
          27,751,020
Transportation 0.7%
RXO, Inc.,
Gtd. Notes, 144A 		7.500 11/15/27   765 783,952
Star Leasing Co. LLC,
Sec’d. Notes, 144A 		7.625 02/15/30   555 497,690
XPO, Inc.,          
Gtd. Notes, 144A 7.125 06/01/31   75 76,802
Gtd. Notes, 144A 7.125 02/01/32   135 138,148
Sr. Sec’d. Notes, 144A 6.250 06/01/28   1,525 1,540,316
          3,036,908
     
 
Total Corporate Bonds
(cost $403,477,251) 		402,876,156
Floating Rate and Other Loans 12.3%
Airlines 0.1%
Vista Management Holding, Inc.,
Initial Term Loan, 3 Month SOFR + 3.750% 		8.048(c) 04/01/31   300 298,500
24
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Auto Parts & Equipment 1.2%
Clarios Global LP,          
2024 Term B Loan, 1 Month SOFR + 2.500% 6.822 %(c) 05/06/30   1,123  $1,100,203
Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% 7.072(c) 01/28/32   675 662,133
First Brands Group LLC,          
First Lien 2021 Term Loan, 3 Month SOFR + 5.262% 9.541(c) 03/30/27   1,884 1,745,997
Second Lien 2021 Term Loan, 3 Month SOFR + 8.762% 13.041(c) 03/30/28   1,028 863,520
Tenneco, Inc.,          
Term A Loan, 3 Month SOFR + 4.850% 9.172(c) 11/17/28   262 246,201
Term B Loan, 3 Month SOFR + 5.100% 9.411(c) 11/17/28   400 377,857
          4,995,911
Building Materials 0.2%
Eco Material Technologies, Inc.,
Initial Term Loan, 6 Month SOFR + 3.250%^ 		7.467(c) 02/12/32   441 441,000
Quikrete Holdings, Inc.,
Tranche B-3 Term Loan, 1 Month SOFR + 2.250% 		6.572(c) 02/10/32   225 220,324
          661,324
Chemicals 1.0%
Consolidated Energy Finance SA (Switzerland),
2024 Incremental Term Loan, 3 Month SOFR + 4.500% 		8.813(c) 11/15/30   994 908,638
Iris Holdings Ltd.,
Initial Term Loan, 3 Month SOFR + 4.850% 		9.130(c) 06/28/28   494 464,194
TPC Group, Inc.,
Initial Term Loan, 6 Month SOFR + 5.750% 		9.952(c) 12/16/31   1,600 1,512,000
Venator Finance Sarl,          
Initial First-Out Term Loan, 3 Month SOFR + 10.000%^ 14.261(c) 12/31/25   485 460,913
Term Loan —(p) 10/12/28   692 570,656
     
 
Venator Materials LLC,
First-Out B Term Loan, 3 Month SOFR + 10.000%^ 		15.299(c) 07/16/26   488 463,440
          4,379,841
25
Short Duration High Yield Opportunities Fund
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Commercial Services 0.9%
Cimpress PLC (Ireland),
2024-2 RefinancingTranche B-1, 1 Month SOFR + 2.500%^ 		6.822 %(c) 05/17/28   963  $957,985
Mavis Tire Express Services Topco Corp.,
2025 First Lien Incremental Term Loan, 3 Month SOFR + 3.000% 		7.313(c) 05/04/28   1,135 1,119,514
MPH Acquisition Holdings LLC,          
First Term Out Loan, 3 Month SOFR + 3.750% 8.030(c) 12/31/30   668 657,661
Second Out Term Loan, 3 Month SOFR + 4.862%^ 9.141(c) 12/31/30   410 339,070
     
 
TransUnion Intermediate Holdings, Inc.,
Term B-9 Loan, 1 Month SOFR + 1.750% 		6.072(c) 06/24/31   786 780,575
          3,854,805
Computers 0.9%
McAfee Corp.,
Refinancing Tranche B-1, 1 Month SOFR + 3.000% 		7.319(c) 03/01/29   3,132 2,923,619
NCR Atleos Corp.,
Term B Loan, 3 Month SOFR + 3.750% 		8.030(c) 04/16/29   646 643,370
NCR Atleos LLC,
Term A Loan, 1 Month SOFR + 2.500%^ 		6.801(c) 10/16/28   271 270,619
          3,837,608
Distribution/Wholesale 0.1%
Windsor Holdings III LLC,
2025 Refi Term B Loan, 1 Month SOFR + 2.750% 		7.073(c) 08/01/30   346 340,242
Electric 0.1%
Heritage Power LLC,
Term Loan, 3 Month SOFR + 5.500% 		9.799(c) 07/20/28   287 280,193
Electronics 0.1%
Likewize Corp.,
Closing Date Term Loan, 3 Month SOFR + 5.750% 		10.027(c) 08/15/29   395 381,175
Environmental Control 0.0%
GFL Environmental, Inc.,
Initial Term Loan, 3 Month SOFR + 2.500% 		6.819(c) 03/03/32   150 147,750
26
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Forest Products & Paper 0.1%
Magnera Corp.,
New Term Loan, 3 Month SOFR + 4.250% 		8.563 %(c) 11/04/31   449  $429,050
Healthcare-Services 0.0%
LifePoint Health, Inc.,
Term B Loan, 3 Month SOFR + 3.750% 		8.006(c) 05/16/31   100 97,680
Holding Companies-Diversified 0.3%
Clue OpCo LLC,
Term B Loan, 3 Month SOFR + 4.500% 		8.780(c) 12/19/30   1,475 1,326,025
Insurance 2.2%
Acrisure LLC,          
2024 Repricing Term B-6 Loan, 1 Month SOFR + 3.000% 7.322(c) 11/06/30   1,825 1,811,033
2024 Term B-1 Loan, 1 Month SOFR + 2.750% 7.072(c) 02/15/27   4,418 4,399,418
Asurion LLC,          
New B-08 Term Loan, 1 Month SOFR + 3.364% 7.686(c) 12/23/26   596 590,861
New B-09 Term Loan, 1 Month SOFR + 3.364% 7.686(c) 07/31/27   984 961,040
New B-12 Term Loan, 1 Month SOFR + 4.250% 8.572(c) 09/19/30   1,912 1,823,772
          9,586,124
Internet 0.0%
Cablevision Lightpath LLC,
2025 Refinancing Term Loan, 1 Month SOFR + 3.000% 		7.322(c) 11/30/27   25 24,666
Investment Companies 0.2%
Hurricane CleanCo Ltd. (United Kingdom),
Facility A, 3 Month LIBOR + 6.250% (Cap N/A, Floor 0.000%)^ 		6.250(c) 10/31/29   747 1,025,148
Media 0.9%
Altice Financing SA (Luxembourg),
2022 Dollar Loan, 3 Month SOFR + 5.000% 		9.256(c) 10/31/27   420 335,707
CSC Holdings LLC,
2022 Refinancing Term Loan, 1 Month SOFR + 4.500% 		8.822(c) 01/18/28   2,314 2,249,293
27
Short Duration High Yield Opportunities Fund
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Media (cont’d.)
Radiate Holdco LLC,
Amendment No. 6 Term Loan, 1 Month SOFR + 3.364% 		7.686 %(c) 09/25/26   297  $256,270
Virgin Media Bristol LLC,
Facility Q Advance, 1 Month SOFR + 3.364% 		7.686(c) 01/31/29   975 960,375
          3,801,645
Metal Fabricate/Hardware 0.5%
Doncasters US Finance LLC (United Kingdom),
Initial Term Loan, 3 Month SOFR + 6.500%^ 		10.799(c) 04/23/30   1,980 1,955,250
Oil & Gas 0.1%
Hilcorp Energy I LP,
Term B Loan, 1 Month SOFR + 2.000% 		6.321(c) 02/11/30   275 272,250
Packaging & Containers 0.7%
Trident TPI Holdings, Inc.,
Tranche B-7 Term Loan, 3 Month SOFR + 3.750% 		8.049(c) 09/15/28   3,299 3,186,094
Retail 0.4%
Foundation Building Materials, Inc.,
Term Loan 		—(p) 01/29/31   75 69,188
Great Outdoors Group LLC,
Term B-3 Loan, 1 Month SOFR + 3.250% 		7.572(c) 01/23/32   741 722,288
LBM Acquisition LLC,
First Lien Initial Term Loan, 1 Month SOFR + 3.850% 		8.172(c) 12/17/27   735 723,786
          1,515,262
Software 1.6%
AthenaHealth Group, Inc.,
Initial Term Loan, 1 Month SOFR + 3.000% 		7.322(c) 02/15/29   1,806 1,789,556
BMC Software, Inc.,
2031 Replacement Dollar Term Loan, 1 Month SOFR + 3.000% 		7.322(c) 07/30/31   881 861,828
28
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Software (cont’d.)
Dun & Bradstreet Corporation (The),
Incremental B-2 Term, 1 Month SOFR + 2.250% 		6.570 %(c) 01/18/29   3,636  $3,622,417
Skillsoft Finance II, Inc.,
Initial Term Loan, 1 Month SOFR + 5.364% 		9.685(c) 07/14/28   880 749,909
          7,023,710
Telecommunications 0.7%
Connect Finco Sarl (United Kingdom),
Amendment No. 1 Term Loan, 1 Month SOFR + 3.500% 		7.822(c) 12/11/26   600 595,050
Digicel International Finance Ltd. (Jamaica),
Initial Term Loan, 3 Month SOFR + 7.500% 		11.780(c) 05/25/27   62 60,787
Level 3 Financing, Inc.,
Term B-3 Loan 		—(p) 03/27/32   325 323,883
Lumen Technologies, Inc.,
Term B-1 Loan, 1 Month SOFR + 2.350% 		6.786(c) 04/15/29   474 451,883
MLN US HoldCo LLC,          
3L Term B Loan, PRIME + 10.250%^ 17.750(c) 10/18/27(d)   4 10
Initial Term Loan, 3 Month SOFR + 6.540%^ 14.940(c) 10/18/27(d)   21 21
Initial Term Loan (Second Out (First Lien Roll-Up)), PRIME + 7.700%^ 15.200(c) 10/18/27(d)   48 120
     
 
Viasat, Inc.,
Initial Term Loan, 1 Month SOFR + 4.614% 		8.936(c) 03/02/29   623 582,716
Windstream Services LLC,
2024 Term Loan, 1 Month SOFR + 4.850%^ 		9.172(c) 10/01/31   150 150,375
Xplore, Inc.,          
Initial Term Loan, 1 Month SOFR + 5.114% 9.436(c) 10/24/29   265 252,652
Second Out Term Loan, 1 Month SOFR + 1.614% 6.000(c) 10/24/31   1,018 782,407
          3,199,904
     
 
Total Floating Rate and Other Loans
(cost $54,124,554) 		52,620,157
U.S. Treasury Obligations(k) 1.0%
U.S. Treasury Notes 3.500 09/30/26   200 199,352
U.S. Treasury Notes(h) 3.625 08/31/29   1,965 1,961,162
U.S. Treasury Notes(h) 4.125 02/28/27   300 302,566
29
Short Duration High Yield Opportunities Fund
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Treasury Obligations(k) (Continued)
U.S. Treasury Notes(h) 4.250 % 11/30/26   1,840  $1,855,381
     
 
Total U.S. Treasury Obligations
(cost $4,317,510) 		4,318,461
    
      Shares  
Affiliated Exchange-Traded Fund 3.7%  
PGIM AAA CLO ETF
(cost $15,737,318)(wa) 		  307,811 15,756,845
Common Stocks 0.8%  
Chemicals 0.2%  
Cornerstone Chemical Co.*^       9,517 73,281
TPC Group, Inc.*^       4,927 98,540
Venator Materials PLC*^(x)       2,671 667,750
          839,571
Diversified Telecommunication Services 0.0%  
Stonepeak Falcon Holdings, Inc. (Canada), CVR^       4,527 1
Oil, Gas & Consumable Fuels 0.5%  
Heritage Power LLC*(x)       38,525 1,916,619
Heritage Power LLC*(x)       1,694 84,276
Heritage Power LLC*^(x)       44,338 22,169
          2,023,064
Wireless Telecommunication Services 0.1%  
Digicel International Finance Ltd. (Jamaica)*       51,487 360,409
Stonepeak Falcon Holdings, Inc. (Canada)*       83,927 223,034
          583,443
     
 
Total Common Stocks
(cost $6,177,151) 		  3,446,079
30
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description     Shares Value
Preferred Stock 0.0%
Wireless Telecommunication Services 
Digicel International Finance Ltd. (Jamaica)*^
(cost $11,820) 		      3,350  $38,655
 
Total Long-Term Investments
(cost $498,193,980) 		493,419,360
    
         
Short-Term Investment 7.2%
Affiliated Mutual Fund           
PGIM Core Government Money Market Fund (7-day effective yield 4.478%)
(cost $31,035,345)(wa) 		    31,035,345 31,035,345
     
 
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 122.2%
(cost $529,229,325) 		        524,454,705
Options Written*~ (0.0)%
(premiums received $22,347) (16,186)
 
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 122.2%
(cost $529,206,978) 		524,438,519
Liabilities in excess of other assets(z) (22.2)% (95,382,014)
 
Net Assets 100.0% $429,056,505
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
    
EUR Euro
GBP British Pound
    
144A Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.
BNP BNP Paribas S.A.
BNY Bank of New York Mellon
BOA Bank of America, N.A.
CDX Credit Derivative Index
CLO Collateralized Loan Obligation
CVR Contingent Value Rights
ETF Exchange-Traded Fund
GSI Goldman Sachs International
iBoxx Bond Market Indices
JPM JPMorgan Chase Bank N.A.
LIBOR London Interbank Offered Rate
LP Limited Partnership
MSI Morgan Stanley & Co International PLC
31
Short Duration High Yield Opportunities Fund
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
MTN Medium Term Note
N/A Not Applicable
OTC Over-the-counter
PIK Payment-in-Kind
Q Quarterly payment frequency for swaps
REITs Real Estate Investment Trust
SOFR Secured Overnight Financing Rate
SSB State Street Bank & Trust Company
T Swap payment upon termination
    
* Non-income producing security.
# Principal or notional amount is shown in U.S. dollars unless otherwise stated.
~ See tables subsequent to the Schedule of Investments for options detail. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.
^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $7,345,036 and 1.7% of net assets. 
(aa) Represents security, or a portion thereof, with aggregate value of $135,460,558 segregated as collateral for amount of $100,000,000 borrowed and outstanding as of April 30, 2025.
(c) Variable rate instrument. The interest rate shown reflects the rate in effect at April 30, 2025.
(cc) Variable rate instrument. The rate shown is based on the latest available information as of April 30, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.
(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.
(h) Represents security, or a portion thereof, segregated as collateral for OTC derivatives.
(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.
(oo) Perpetual security. Maturity date represents next call date.
(p) Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end.
(wa) Represents investments in Funds affiliated with the Manager.
(x) The following represents restricted securities that are acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law.
(x) Restricted Securities:
Issuer Description   Acquisition
Date 		  Original
Cost 		  Market
Value 		  Percentage
of
Net Assets
Heritage Power LLC*   11/21/23    $398,982    $1,916,619   0.5 %
Heritage Power LLC*   11/21/23   —   84,276   0.0
Heritage Power LLC*^   11/21/23   22,169   22,169   0.0
Radiate Holdco LLC/Radiate Finance, Inc., Sr. Sec’d. Notes, 144A(aa), 4.500%, 09/15/26   12/07/20-04/06/21   3,459,428   2,895,957   0.7
Radiate Holdco LLC/Radiate Finance, Inc., Sr. Unsec’d. Notes, 144A, 6.500%, 09/15/28   05/02/24   82,500   129,820   0.0
32
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
(x) Restricted Securities (continued):
Issuer Description   Acquisition
Date 		  Original
Cost 		  Market
Value 		  Percentage
of
Net Assets
SLM Corp., Sr. Unsec’d. Notes, 6.500%, 01/31/30   01/29/25    $159,643    $164,829   0.0 %
Venator Materials PLC*^   03/02/21-10/19/23   5,092,913   667,750   0.2
Total       $9,215,635   $5,881,420   1.4%
(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:
Unfunded corporate bond commitment outstanding at April 30, 2025:
Issuer   Principal
Amount
(000)# 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
New Generation Gas Gathering LLC, Sr. Sec’d. Notes, 144A, —%(p), Maturity Date 09/30/29 (cost $259,561)^    264   $259,561   $—   $—
Options Written:
OTC Swaptions
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike   Receive   Pay   Notional
Amount
(000)# 		  Value
CDX.NA.HY.43.V1, 12/20/29   Put   GSI   05/21/25   $102.00   5.00%(Q)   CDX.NA.HY. 43.V1(Q)     2,120    $(6,572)
CDX.NA.HY.43.V1, 12/20/29   Put   GSI   06/18/25   $101.00   5.00%(Q)   CDX.NA.HY. 43.V1(Q)     1,870   (9,614)
Total Options Written (premiums received $22,347)       $(16,186)
Futures contracts outstanding at April 30, 2025:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Long Positions:
68   2 Year U.S. Treasury Notes   Jun. 2025    $14,154,094    $58,658
428   5 Year U.S. Treasury Notes   Jun. 2025   46,735,593   390,878
8   20 Year U.S. Treasury Bonds   Jun. 2025   933,000   3,871
13   30 Year U.S. Ultra Treasury Bonds   Jun. 2025   1,573,406   (6,107)
                447,300
33
Short Duration High Yield Opportunities Fund
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Futures contracts outstanding at April 30, 2025 (continued):
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Short Position:
112   10 Year U.S. Treasury Notes   Jun. 2025    $12,568,500    $(186,473)
                $260,827
Forward foreign currency exchange contracts outstanding at April 30, 2025:
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 05/02/25   JPM   GBP 1,446    $1,925,880    $1,927,491    $1,611    $—
Euro,
Expiring 05/02/25   BNY   EUR 1,281   1,456,769   1,450,861   —   (5,908)
              $3,382,649   $3,378,352   1,611   (5,908)
    
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts:
British Pound,
Expiring 05/02/25   BOA   GBP 1,446    $1,873,547    $1,927,491    $—    $(53,944)
Expiring 06/03/25   JPM   GBP 1,446   1,926,069   1,927,728   —   (1,659)
Euro,
Expiring 05/02/25   SSB   EUR 1,281   1,389,284   1,450,861   —   (61,577)
Expiring 06/03/25   BNY   EUR 1,281   1,459,577   1,453,698   5,879   —
              $6,648,477   $6,759,778   5,879   (117,180)
                      $7,490   $(123,088)
34
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Credit default swap agreement outstanding at April 30, 2025:
Reference
Entity/
Obligation 		Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Implied Credit
Spread at
April 30,
2025(4) 		  Value at
Trade Date 		  Value at
April 30,
2025 		  Unrealized
Appreciation
(Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):
CDX.NA.HY.44.V1 06/20/30   5.000%(Q)     40,185   4.123%   $1,637,896   $1,688,615   $50,719
The Fund entered into credit default swaps (“CDS”) to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.
(1) If the Fund is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(2) If the Fund is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(3) Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.
   
35
Short Duration High Yield Opportunities Fund
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Total return swap agreements outstanding at April 30, 2025:
Reference Entity   Financing
Rate 		  Counterparty   Termination
Date 		  Long (Short)
Notional
Amount
(000)#(1) 		  Fair
Value 		  Upfront
Premiums
Paid
(Received) 		  Unrealized
Appreciation
(Depreciation)(2)
OTC Total Return Swap Agreements:
iBoxx US Dollar Liquid High Yield Index(T)   1 Day SOFR(Q)/ 4.410%   MSI   06/20/25   1,670    $6,175    $—    $6,175
iBoxx US Dollar Liquid High Yield Index(T)   1 Day SOFR(Q)/ 4.410%   BNP   06/20/25   4,500   (49,320)   —   (49,320)
iBoxx US Dollar Liquid High Yield Index(T)   1 Day SOFR(Q)/ 4.410%   MSI   06/20/25   71,870   (787,701)   —   (787,701)
iBoxx US Dollar Liquid Investment Grade Index(T)   1 Day SOFR(Q)/ 4.410%   MSI   06/20/25   (2,590)   (29,576)   —   (29,576)
iBoxx US Dollar Liquid Investment Grade Index(T)   1 Day SOFR(Q)/ 4.410%   MSI   09/20/25   (1,750)   (21,933)   —   (21,933)
iBoxx US Dollar Liquid Investment Grade Index(T)   1 Day SOFR(Q)/ 4.410%   BNP   09/22/25   (880)   1,904   —   1,904
iBoxx US Dollar Liquid Investment Grade Index(T)   1 Day SOFR(Q)/ 4.410%   MSI   12/20/25   (1,100)   (14,839)   —   (14,839)
                    $(895,290)   $—   $(895,290)
(1) On a long total return swap, the Fund receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Fund makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.
(2) Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).
Other information regarding the Fund is available in the Fund’s most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).
36