NPORT-EX 2 PIPDLA0PGIMShtDurHighYieldOp.htm
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) as of October 31, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Long-Term Investments 124.2%
Bank Loans 14.6%
Airlines 0.7%
United Airlines, Inc.,
Class B Term Loan, 3 Month LIBOR + 3.750% 		4.500 %(c) 04/21/28   3,542  $3,587,742
Chemicals 2.3%
Alpha BV (United Kingdom),
Initial Dollar Term Loan, 3 Month LIBOR + 2.500% 		3.000(c) 03/18/28   2,369 2,364,917
Diamond BC BV,
Term Loan B, 3 Month LIBOR + 3.000% 		3.500(c) 09/29/28   1,400 1,396,500
LSF11 A5 HoldCo LLC,
Term Loans, 6 Month LIBOR + 3.750% 		3.874(c) 10/15/28   1,315 1,313,597
Solenis International LP,
First Lien Initial Dollar Term Loan, 1 Month LIBOR + 4.000% 		4.087(c) 06/26/25   5,916 5,910,870
          10,985,884
Commercial Services 0.4%
Cimpress PLC,
Tranche B-1 Term Loan, 1 Month LIBOR + 3.500% 		4.000(c) 05/17/28   998 997,916
Verscend Holding Corp.,
New Term Loan B, 1 Month LIBOR + 4.000% 		4.084(c) 08/27/25   998 998,747
          1,996,663
Computers 0.9%
McAfee LLC,
Term B Loan, 1 Month LIBOR + 3.750% 		3.837(c) 09/30/24   4,608 4,610,558
Electric 0.9%
Heritage Power LLC,
Term Loan B, 3 Month LIBOR + 6.000% 		7.000(c) 07/30/26   2,628 2,308,134
PG&E Corp.,
Term Loan B, 3 Month LIBOR + 3.000% 		3.500(c) 06/23/25   1,980 1,957,676
          4,265,810
Entertainment 0.5%
Golden Entertainment, Inc.,
Term B Facility Loan (First Lien), 1 Month LIBOR + 3.000% 		3.750(c) 10/21/24   2,623 2,616,499
1
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Bank Loans (Continued)
Healthcare-Services 0.2%
ATI Holdings Acquisition, Inc.,
Term Loan 		— %(p) 05/10/23   1,289  $1,212,405
Insurance 0.7%
Asurion LLC,          
New B-9 Term Loan, 1 Month LIBOR + 3.250% 3.337(c) 07/31/27   1,020 1,009,676
Replacement B-6 Term Loan, 1 Month LIBOR + 3.125% 3.212(c) 11/03/23   2,575 2,566,907
          3,576,583
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   23 22,560
First Lien Tranche B-3 Initial Term Loan, 3 Month LIBOR + 4.000% 4.500(c) 09/15/28   394 394,663
Tranche B-1 Term Loan, 3 Month LIBOR + 3.000% 4.000(c) 10/17/24   2,898 2,892,548
          3,309,771
Pharmaceuticals 0.5%
Change Healthcare Holdings LLC,
Closing Date Term Loan, 1 Month LIBOR + 2.500% 		3.500(c) 03/01/24   2,583 2,579,491
Retail 0.4%
LBM Acquisition LLC,
Term Loan 		—(p) 12/18/27   1,247 1,230,666
White Cap Buyer LLC,
Initial Closing Date Term Loan, 1 Month LIBOR + 4.000% 		4.500(c) 10/19/27   499 499,644
          1,730,310
Software 4.6%
Boxer Parent Co., Inc.,          
2021 Replacement Dollar Term Loan, 3 Month LIBOR + 3.750% 3.882(c) 10/02/25   4,409 4,378,297
Term Loan —(p) 03/31/26   150 151,875
     
 
2
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Bank Loans (Continued)
Software (cont’d.)
     
Dun & Bradstreet Corp.,
Term Loan B, 1 Month LIBOR + 3.250% 		3.338 %(c) 02/06/26   5,941  $5,918,736
Finastra USA, Inc.,
First Lien Dollar Term Loan, 6 Month LIBOR + 3.500% 		4.500(c) 06/13/24   3,566 3,544,837
Greeneden U.S. Holdings II LLC,
B-4 Dollar Term Loan, 1 Month LIBOR + 4.000% 		4.750(c) 12/01/27   597 598,306
Rackspace Technology Global, Inc.,
Term B Loan, 3 Month LIBOR + 2.750% 		3.500(c) 02/15/28   1,667 1,654,542
Skillsoft Finance II, Inc.,
Initial Term Loan, 1 Month LIBOR + 4.750% 		5.500(c) 07/14/28   1,050 1,055,250
TIBCO Software, Inc.,          
Second Lien Term Loan, 1 Month LIBOR + 7.250% 7.340(c) 03/03/28   1,620 1,623,545
Term Loan B-3, 1 Month LIBOR + 3.750% 3.840(c) 06/30/26   3,275 3,207,986
          22,133,374
Telecommunications 1.8%
Crown Subsea Communications Holding, Inc.,
Initial Term Loan, 1 Month LIBOR + 5.000% 		5.750(c) 04/27/27   455 458,876
West Corp.,
Initial Term B Loan, 3 Month LIBOR + 4.000% 		5.000(c) 10/10/24   5,710 5,608,079
Xplornet Communications, Inc. (Canada),
Term Loan 		—(p) 10/02/28   2,560 2,555,200
          8,622,155
     
 
Total Bank Loans
(cost $71,294,037) 		71,227,245
Corporate Bonds 109.6%
Aerospace & Defense 2.0%
Bombardier, Inc. (Canada),          
Sr. Unsec’d. Notes, 144A 6.000 02/15/28   1,425 1,437,357
Sr. Unsec’d. Notes, 144A 7.125 06/15/26   750 787,274
Sr. Unsec’d. Notes, 144A 7.500 12/01/24   2,477 2,578,467
Sr. Unsec’d. Notes, 144A 7.500 03/15/25   280 287,266
Sr. Unsec’d. Notes, 144A 7.875 04/15/27   375 389,988
     
 
Spirit AeroSystems, Inc.,
Sec’d. Notes, 144A 		7.500 04/15/25   875 923,876
3
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Aerospace & Defense (cont’d.)
     
SSL Robotics LLC,
Sr. Sec’d. Notes, 144A 		9.750 % 12/31/23   1,146  $1,238,709
TransDigm UK Holdings PLC,
Gtd. Notes 		6.875 05/15/26   650 685,471
TransDigm, Inc.,
Gtd. Notes 		5.500 11/15/27   1,525 1,563,585
          9,891,993
Airlines 1.4%
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
Sr. Sec’d. Notes, 144A(aa) 		5.500 04/20/26   4,700 4,928,723
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.,
Sr. Sec’d. Notes, 144A 		5.750 01/20/26   500 525,000
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A 		4.375 04/15/26   1,480 1,532,428
          6,986,151
Apparel 0.8%
Hanesbrands, Inc.,
Gtd. Notes, 144A 		4.625 05/15/24   1,525 1,594,405
William Carter Co. (The),          
Gtd. Notes, 144A 5.500 05/15/25   620 648,753
Gtd. Notes, 144A 5.625 03/15/27   1,797 1,864,371
          4,107,529
Auto Manufacturers 2.9%
Allison Transmission, Inc.,
Sr. Unsec’d. Notes, 144A 		4.750 10/01/27   1,075 1,118,761
Ford Motor Co.,          
Sr. Unsec’d. Notes 7.500 08/01/26   100 118,772
Sr. Unsec’d. Notes(aa) 8.500 04/21/23   3,575 3,917,478
Sr. Unsec’d. Notes(aa) 9.000 04/22/25   6,675 8,027,435
     
 
4
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Auto Manufacturers (cont’d.)
     
Jaguar Land Rover Automotive PLC (United Kingdom),
Sr. Unsec’d. Notes, 144A 		7.750 % 10/15/25   650  $701,774
PM General Purchaser LLC,
Sr. Sec’d. Notes, 144A 		9.500 10/01/28   175 182,491
          14,066,711
Auto Parts & Equipment 1.1%
Adient Global Holdings Ltd.,
Gtd. Notes, 144A 		4.875 08/15/26   1,800 1,833,981
American Axle & Manufacturing, Inc.,          
Gtd. Notes 6.250 03/15/26   200 205,505
Gtd. Notes 6.500 04/01/27   700 730,963
     
 
Dana, Inc.,
Sr. Unsec’d. Notes 		5.375 11/15/27   2,000 2,096,905
Titan International, Inc.,
Sr. Sec’d. Notes, 144A 		7.000 04/30/28   375 385,687
          5,253,041
Banks 0.2%
Popular, Inc. (Puerto Rico),
Sr. Unsec’d. Notes 		6.125 09/14/23   1,000 1,067,641
Building Materials 1.0%
JELD-WEN, Inc.,
Gtd. Notes, 144A 		4.875 12/15/27   400 414,773
Standard Industries, Inc.,          
Sr. Unsec’d. Notes, 144A 4.750 01/15/28   1,875 1,935,599
Sr. Unsec’d. Notes, 144A 5.000 02/15/27   1,925 1,975,900
     
 
Summit Materials LLC/Summit Materials Finance Corp.,
Gtd. Notes, 144A 		6.500 03/15/27   550 577,076
          4,903,348
Chemicals 3.6%
Cornerstone Chemical Co.,
Sr. Sec’d. Notes, 144A 		6.750 08/15/24   395 355,306
Kraton Polymers LLC/Kraton Polymers Capital Corp.,
Gtd. Notes, 144A(aa) 		4.250 12/15/25   4,000 4,132,985
5
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Chemicals (cont’d.)
Olympus Water US Holding Corp.,
Sr. Sec’d. Notes, 144A 		4.250 % 10/01/28   550  $541,366
Rain CII Carbon LLC/CII Carbon Corp.,
Sec’d. Notes, 144A 		7.250 04/01/25   1,602 1,635,405
SPCM SA (France),
Sr. Unsec’d. Notes, 144A 		3.125 03/15/27   2,025 2,018,659
TPC Group, Inc.,          
Sr. Sec’d. Notes, 144A 10.500 08/01/24   149 135,008
Sr. Sec’d. Notes, 144A 10.875 08/01/24   287 305,906
     
 
Tronox, Inc.,
Sr. Sec’d. Notes, 144A 		6.500 05/01/25   3,213 3,374,666
Venator Finance Sarl/Venator Materials LLC,          
Gtd. Notes, 144A 5.750 07/15/25   411 384,100
Sr. Sec’d. Notes, 144A 9.500 07/01/25   3,175 3,486,218
     
 
WR Grace Holdings LLC,
Sr. Sec’d. Notes, 144A 		4.875 06/15/27   1,050 1,066,568
          17,436,187
Commercial Services 6.3%
Adtalem Global Education, Inc.,
Sr. Sec’d. Notes, 144A 		5.500 03/01/28   700 708,021
Allied Universal Holdco LLC/Allied Universal Finance
Corp., 		         
Sr. Sec’d. Notes, 144A(aa) 6.625 07/15/26   4,800 5,048,146
Sr. Unsec’d. Notes, 144A 9.750 07/15/27   597 644,316
     
 
Alta Equipment Group, Inc.,
Sec’d. Notes, 144A 		5.625 04/15/26   1,925 1,975,059
AMN Healthcare, Inc.,
Gtd. Notes, 144A 		4.625 10/01/27   1,450 1,489,304
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,          
Gtd. Notes, 144A 5.750 07/15/27   825 862,441
Gtd. Notes, 144A 5.750 07/15/27   1,625 1,693,679
     
 
Brink’s Co. (The),
Gtd. Notes, 144A 		5.500 07/15/25   825 865,576
CoreLogic, Inc.,
Sr. Sec’d. Notes, 144A 		4.500 05/01/28   325 321,084
Herc Holdings, Inc.,
Gtd. Notes, 144A 		5.500 07/15/27   2,576 2,688,216
6
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Commercial Services (cont’d.)
     
MPH Acquisition Holdings LLC,
Sr. Sec’d. Notes, 144A 		5.500 % 09/01/28   475  $472,027
Nielsen Co. Luxembourg Sarl (The),
Gtd. Notes, 144A(aa) 		5.000 02/01/25   5,380 5,482,000
United Rentals North America, Inc.,
Gtd. Notes 		5.500 05/15/27   1,719 1,801,440
Verscend Escrow Corp.,
Sr. Unsec’d. Notes, 144A 		9.750 08/15/26   6,250 6,622,122
          30,673,431
Computers 0.4%
CA Magnum Holdings (India),
Sr. Sec’d. Notes, 144A 		5.375 10/31/26   250 257,521
Tempo Acquisition LLC/Tempo Acquisition Finance Corp.,
Sr. Sec’d. Notes, 144A 		5.750 06/01/25   1,500 1,570,326
          1,827,847
Distribution/Wholesale 1.4%
Avient Corp.,
Sr. Unsec’d. Notes, 144A(aa) 		5.750 05/15/25   4,554 4,774,838
H&E Equipment Services, Inc.,
Gtd. Notes, 144A 		3.875 12/15/28   1,950 1,942,681
          6,717,519
Diversified Financial Services 4.3%
Alliance Data Systems Corp.,
Gtd. Notes, 144A 		4.750 12/15/24   2,675 2,737,498
goeasy Ltd. (Canada),          
Gtd. Notes, 144A 4.375 05/01/26   450 462,776
Gtd. Notes, 144A(aa) 5.375 12/01/24   4,241 4,361,131
     
 
Home Point Capital, Inc.,
Gtd. Notes, 144A 		5.000 02/01/26   1,100 988,595
LD Holdings Group LLC,          
Gtd. Notes, 144A 6.125 04/01/28   1,075 985,074
Gtd. Notes, 144A 6.500 11/01/25   850 833,234
     
 
7
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Diversified Financial Services (cont’d.)
     
LFS Topco LLC,
Gtd. Notes, 144A 		5.875 % 10/15/26   250  $257,777
Nationstar Mortgage Holdings, Inc.,          
Gtd. Notes, 144A 5.500 08/15/28   800 819,531
Gtd. Notes, 144A 6.000 01/15/27   1,075 1,125,211
OneMain Finance Corp.,          
Gtd. Notes 3.875 09/15/28   350 341,484
Gtd. Notes 6.125 03/15/24   500 531,796
Gtd. Notes 6.875 03/15/25   2,025 2,264,085
Gtd. Notes(aa) 7.125 03/15/26   4,150 4,713,077
Gtd. Notes 8.875 06/01/25   400 432,628
          20,853,897
Electric 2.2%
Calpine Corp.,          
Sr. Sec’d. Notes, 144A(aa) 5.250 06/01/26   3,472 3,571,577
Sr. Unsec’d. Notes, 144A 4.625 02/01/29   325 315,997
Sr. Unsec’d. Notes, 144A 5.125 03/15/28   1,000 997,507
NRG Energy, Inc.,          
Gtd. Notes 5.750 01/15/28   250 265,121
Gtd. Notes 6.625 01/15/27   207 215,143
Vistra Operations Co. LLC,          
Gtd. Notes, 144A(aa) 5.000 07/31/27   3,750 3,839,639
Gtd. Notes, 144A 5.500 09/01/26   1,500 1,544,179
          10,749,163
Electrical Components & Equipment 0.6%
WESCO Distribution, Inc.,          
Gtd. Notes, 144A 7.125 06/15/25   1,450 1,542,584
Gtd. Notes, 144A 7.250 06/15/28   1,200 1,324,826
          2,867,410
Electronics 0.4%
Brightstar Escrow Corp.,
Sr. Sec’d. Notes, 144A 		9.750 10/15/25   1,825 1,957,057
8
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Energy-Alternate Sources 0.1%
Enviva Partners LP/Enviva Partners Finance Corp.,
Gtd. Notes, 144A 		6.500 % 01/15/26   700  $723,875
Engineering & Construction 0.1%
AECOM,
Gtd. Notes 		5.125 03/15/27   350 386,137
Entertainment 6.1%
Caesars Entertainment, Inc.,
Sr. Sec’d. Notes, 144A(aa) 		6.250 07/01/25   4,050 4,263,083
Caesars Resort Collection LLC/CRC Finco, Inc.,
Sr. Sec’d. Notes, 144A 		5.750 07/01/25   1,000 1,050,554
CCM Merger, Inc.,
Sr. Unsec’d. Notes, 144A 		6.375 05/01/26   1,350 1,421,173
Churchill Downs, Inc.,
Gtd. Notes, 144A 		5.500 04/01/27   1,990 2,062,117
Golden Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A 		7.625 04/15/26   1,000 1,050,482
International Game Technology PLC,          
Sr. Sec’d. Notes, 144A 6.250 01/15/27   1,125 1,267,186
Sr. Sec’d. Notes, 144A 6.500 02/15/25   2,800 3,111,633
     
 
Motion Bondco DAC (United Kingdom),
Gtd. Notes, 144A 		6.625 11/15/27   1,100 1,110,636
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance, Inc.,
Sr. Unsec’d. Notes, 144A 		8.500 11/15/27   1,100 1,173,807
Penn National Gaming, Inc.,
Sr. Unsec’d. Notes, 144A(aa) 		5.625 01/15/27   3,880 4,009,038
Scientific Games International, Inc.,          
Gtd. Notes, 144A(aa) 8.250 03/15/26   4,000 4,244,793
Gtd. Notes, 144A 8.625 07/01/25   875 945,781
Sr. Sec’d. Notes, 144A 5.000 10/15/25   300 309,078
     
 
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.,
Sr. Unsec’d. Notes, 144A(aa) 		7.750 04/15/25   3,440 3,624,412
          29,643,773
Environmental Control 0.0%
GFL Environmental, Inc. (Canada),
Gtd. Notes, 144A 		4.000 08/01/28   225 219,750
9
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Foods 3.3%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s
LP/Albertson’s LLC, 		         
Gtd. Notes, 144A 3.250 % 03/15/26   362  $368,130
Gtd. Notes, 144A(aa) 4.625 01/15/27   4,100 4,289,735
B&G Foods, Inc.,          
Gtd. Notes 5.250 04/01/25   2,750 2,814,425
Gtd. Notes 5.250 09/15/27   1,050 1,077,340
     
 
Chobani LLC/Chobani Finance Corp., Inc.,
Gtd. Notes, 144A 		7.500 04/15/25   1,775 1,844,994
Pilgrim’s Pride Corp.,
Gtd. Notes, 144A(aa) 		5.875 09/30/27   4,500 4,742,867
US Foods, Inc.,
Sr. Sec’d. Notes, 144A 		6.250 04/15/25   675 708,462
          15,845,953
Forest Products & Paper 0.1%
Pearl Merger Sub, Inc.,
Sr. Sec’d. Notes, 144A 		6.750 10/01/28   525 523,598
Gas 1.0%
AmeriGas Partners LP/AmeriGas Finance Corp.,          
Sr. Unsec’d. Notes 5.625 05/20/24   1,200 1,297,618
Sr. Unsec’d. Notes 5.750 05/20/27   1,675 1,874,327
Sr. Unsec’d. Notes 5.875 08/20/26   1,500 1,675,097
          4,847,042
Healthcare-Services 4.8%
HCA, Inc.,          
Gtd. Notes(aa) 5.875 02/15/26   4,214 4,799,585
Gtd. Notes 7.050 12/01/27   792 995,111
     
 
Legacy LifePoint Health LLC,
Sr. Sec’d. Notes, 144A 		6.750 04/15/25   3,225 3,386,267
MEDNAX, Inc.,
Gtd. Notes, 144A 		6.250 01/15/27   1,900 1,994,428
Prime Healthcare Services, Inc.,
Sr. Sec’d. Notes, 144A 		7.250 11/01/25   2,358 2,515,857
10
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Healthcare-Services (cont’d.)
     
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.,
Gtd. Notes, 144A 		9.750 % 12/01/26   4,050  $4,273,509
Tenet Healthcare Corp.,          
Gtd. Notes, 144A 6.125 10/01/28   450 472,592
Sr. Sec’d. Notes(aa) 4.625 07/15/24   3,205 3,247,310
Sr. Sec’d. Notes, 144A 4.875 01/01/26   500 514,122
Sr. Unsec’d. Notes 6.750 06/15/23   1,200 1,289,462
          23,488,243
Home Builders 4.8%
Beazer Homes USA, Inc.,
Gtd. Notes(aa) 		5.875 10/15/27   4,825 5,041,376
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada),
Gtd. Notes, 144A 		6.250 09/15/27   2,512 2,621,868
Century Communities, Inc.,
Gtd. Notes 		6.750 06/01/27   1,000 1,062,721
Empire Communities Corp. (Canada),
Sr. Unsec’d. Notes, 144A 		7.000 12/15/25   2,310 2,403,643
Forestar Group, Inc.,
Gtd. Notes, 144A 		3.850 05/15/26   1,150 1,150,388
KB Home,
Gtd. Notes 		6.875 06/15/27   432 509,924
M/I Homes, Inc.,
Gtd. Notes 		4.950 02/01/28   700 729,426
Mattamy Group Corp. (Canada),
Sr. Unsec’d. Notes, 144A 		5.250 12/15/27   1,875 1,955,068
Meritage Homes Corp.,
Gtd. Notes 		6.000 06/01/25   1,115 1,249,033
Taylor Morrison Communities, Inc.,          
Gtd. Notes, 144A 5.875 06/15/27   1,971 2,212,412
Gtd. Notes, 144A 6.625 07/15/27   2,257 2,381,252
     
 
TRI Pointe Group, Inc./TRI Pointe Homes, Inc.,
Gtd. Notes 		5.875 06/15/24   700 772,966
Tri Pointe Homes, Inc.,
Gtd. Notes 		5.250 06/01/27   1,150 1,240,882
          23,330,959
11
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Housewares 0.1%
Scotts Miracle-Gro Co. (The),
Gtd. Notes 		4.500 % 10/15/29   250  $260,267
Internet 2.9%
Cablevision Lightpath LLC,
Sr. Sec’d. Notes, 144A 		3.875 09/15/27   2,120 2,063,185
Cogent Communications Group, Inc.,
Sr. Sec’d. Notes, 144A 		3.500 05/01/26   1,575 1,594,567
Go Daddy Operating Co. LLC/GD Finance Co., Inc.,
Gtd. Notes, 144A 		5.250 12/01/27   2,985 3,099,956
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.,
Sr. Sec’d. Notes, 144A 		4.750 04/30/27   1,970 1,923,589
NortonLifeLock, Inc.,
Sr. Unsec’d. Notes, 144A(aa) 		5.000 04/15/25   5,500 5,572,966
          14,254,263
Iron/Steel 0.7%
Big River Steel LLC/BRS Finance Corp.,
Sr. Sec’d. Notes, 144A 		6.625 01/31/29   859 933,630
Cleveland-Cliffs, Inc.,
Sr. Sec’d. Notes, 144A 		9.875 10/17/25   2,115 2,420,482
          3,354,112
Leisure Time 0.1%
Viking Cruises Ltd.,
Gtd. Notes, 144A 		6.250 05/15/25   500 498,919
Lodging 3.4%
Hilton Domestic Operating Co., Inc.,          
Gtd. Notes, 144A 3.625 02/15/32   25 24,410
Gtd. Notes, 144A 5.375 05/01/25   1,100 1,147,777
     
 
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.,
Gtd. Notes 		4.875 04/01/27   120 124,228
MGM Resorts International,          
Gtd. Notes(aa) 4.625 09/01/26   4,585 4,788,202
Gtd. Notes 5.500 04/15/27   900 969,498
Gtd. Notes 6.750 05/01/25   3,237 3,414,450
12
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Lodging (cont’d.)
     
 
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp.,
Sr. Sec’d. Notes, 144A(aa) 		5.875 % 05/15/25   3,896  $3,864,748
Travel + Leisure Co.,
Sr. Sec’d. Notes 		6.600 10/01/25   1,300 1,451,377
Wynn Macau Ltd. (Macau),          
Sr. Unsec’d. Notes, 144A 4.875 10/01/24   350 332,003
Sr. Unsec’d. Notes, 144A 5.500 01/15/26   300 282,863
          16,399,556
Machinery-Diversified 1.5%
Maxim Crane Works Holdings Capital LLC,
Sec’d. Notes, 144A(aa) 		10.125 08/01/24   3,996 4,107,844
TK Elevator US Newco, Inc. (Germany),
Sr. Sec’d. Notes, 144A(aa) 		5.250 07/15/27   3,175 3,236,193
          7,344,037
Media 10.2%
CCO Holdings LLC/CCO Holdings Capital Corp.,          
Sr. Unsec’d. Notes, 144A 5.000 02/01/28   915 951,590
Sr. Unsec’d. Notes, 144A 5.125 05/01/27   2,415 2,505,319
Sr. Unsec’d. Notes, 144A(aa) 5.500 05/01/26   3,374 3,484,452
CSC Holdings LLC,          
Gtd. Notes, 144A 5.375 02/01/28   500 515,320
Gtd. Notes, 144A(aa) 5.500 04/15/27   4,520 4,667,123
Sr. Unsec’d. Notes 5.250 06/01/24   500 525,609
Sr. Unsec’d. Notes, 144A 7.500 04/01/28   200 213,664
DISH DBS Corp.,          
Gtd. Notes 5.000 03/15/23   500 517,376
Gtd. Notes 5.875 07/15/22   910 933,774
Gtd. Notes 5.875 11/15/24   2,850 3,041,219
Gtd. Notes 7.750 07/01/26   1,950 2,170,495
     
 
Gray Television, Inc.,
Gtd. Notes, 144A(aa) 		5.875 07/15/26   5,373 5,547,637
iHeartCommunications, Inc.,          
Sr. Sec’d. Notes 6.375 05/01/26   1,665 1,744,260
Sr. Sec’d. Notes, 144A 4.750 01/15/28   605 610,036
     
 
13
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Media (cont’d.)
     
Midcontinent Communications/Midcontinent Finance Corp.,
Gtd. Notes, 144A 		5.375 % 08/15/27   830  $862,917
Nexstar Media, Inc.,
Gtd. Notes, 144A 		5.625 07/15/27   3,000 3,164,115
Radiate Holdco LLC/Radiate Finance, Inc.,
Sr. Sec’d. Notes, 144A(aa) 		4.500 09/15/26   4,350 4,420,593
Scripps Escrow, Inc.,
Gtd. Notes, 144A 		5.875 07/15/27   455 464,507
Sinclair Television Group, Inc.,
Gtd. Notes, 144A 		5.875 03/15/26   3,000 3,069,344
Univision Communications, Inc.,          
Sr. Sec’d. Notes, 144A(aa) 5.125 02/15/25   5,685 5,786,829
Sr. Sec’d. Notes, 144A 9.500 05/01/25   500 543,180
     
 
Videotron Ltd. (Canada),
Gtd. Notes, 144A(aa) 		5.375 06/15/24   3,414 3,669,891
          49,409,250
Mining 4.9%
Constellium SE,
Gtd. Notes, 144A 		5.875 02/15/26   4,000 4,073,099
First Quantum Minerals Ltd. (Zambia),          
Gtd. Notes, 144A 6.500 03/01/24   500 507,644
Gtd. Notes, 144A 6.875 03/01/26   300 312,102
Gtd. Notes, 144A 7.250 04/01/23   4,500 4,578,731
Gtd. Notes, 144A 7.500 04/01/25   2,280 2,358,850
     
 
Freeport-McMoRan, Inc.,
Gtd. Notes 		4.375 08/01/28   650 676,730
Hudbay Minerals, Inc. (Canada),
Gtd. Notes, 144A 		4.500 04/01/26   2,920 2,911,645
New Gold, Inc. (Canada),          
Gtd. Notes, 144A 6.375 05/15/25   3,272 3,362,017
Sr. Unsec’d. Notes, 144A 7.500 07/15/27   600 647,807
     
 
Novelis Corp.,
Gtd. Notes, 144A 		3.250 11/15/26   4,420 4,418,216
          23,846,841
14
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Miscellaneous Manufacturing 0.3%
Amsted Industries, Inc.,
Gtd. Notes, 144A 		5.625 % 07/01/27   1,300  $1,354,895
Office/Business Equipment 1.5%
CDW LLC/CDW Finance Corp.,
Gtd. Notes(aa) 		4.125 05/01/25   7,250 7,475,353
Oil & Gas 4.3%
Aethon United BR LP/Aethon United Finance Corp.,
Sr. Unsec’d. Notes, 144A 		8.250 02/15/26   850 912,795
Antero Resources Corp.,
Gtd. Notes, 144A 		8.375 07/15/26   750 844,063
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Gtd. Notes, 144A 		7.000 11/01/26   500 516,218
Athabasca Oil Corp. (Canada),
Sec’d. Notes, 144A 		9.750 11/01/26   1,725 1,736,038
Chesapeake Energy Corp.,
Gtd. Notes, 144A 		5.500 02/01/26   425 444,816
Endeavor Energy Resources LP/EER Finance, Inc.,
Sr. Unsec’d. Notes, 144A 		6.625 07/15/25   500 527,291
EQT Corp.,
Sr. Unsec’d. Notes 		3.900 10/01/27   2,875 3,064,957
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A 		5.750 10/01/25   2,625 2,678,813
MEG Energy Corp. (Canada),
Sec’d. Notes, 144A 		6.500 01/15/25   1,636 1,675,349
Occidental Petroleum Corp.,          
Sr. Unsec’d. Notes 3.500 06/15/25   150 154,937
Sr. Unsec’d. Notes 5.550 03/15/26   525 579,584
Sr. Unsec’d. Notes 5.875 09/01/25   2,425 2,691,750
Sr. Unsec’d. Notes 6.375 09/01/28   500 584,528
     
 
Ovintiv Exploration, Inc.,
Gtd. Notes 		5.375 01/01/26   500 556,175
Range Resources Corp.,          
Gtd. Notes 5.000 03/15/23   2,000 2,055,593
Gtd. Notes 9.250 02/01/26   700 757,961
15
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Oil & Gas (cont’d.)
     
 
Sunoco LP/Sunoco Finance Corp.,
Gtd. Notes 		6.000 % 04/15/27   1,200  $1,257,285
          21,038,153
Packaging & Containers 2.4%
Ardagh Packaging Finance PLC/Ardagh Holdings USA,
Inc., 		         
Sr. Sec’d. Notes, 144A 4.125 08/15/26   525 535,632
Sr. Unsec’d. Notes, 144A 5.250 08/15/27   2,000 1,995,261
     
 
Graham Packaging Co., Inc.,
Gtd. Notes, 144A 		7.125 08/15/28   1,300 1,337,437
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada),
Sr. Sec’d. Notes, 144A 		6.000 09/15/28   1,950 2,007,836
Owens-Brockway Glass Container, Inc.,
Gtd. Notes, 144A 		6.625 05/13/27   1,000 1,067,908
Plastipak Holdings, Inc.,
Sr. Unsec’d. Notes, 144A 		6.250 10/15/25   2,375 2,418,097
Sealed Air Corp.,
Gtd. Notes, 144A 		5.500 09/15/25   1,000 1,104,684
Trident TPI Holdings, Inc.,
Gtd. Notes, 144A 		9.250 08/01/24   1,000 1,048,085
          11,514,940
Pharmaceuticals 3.6%
AdaptHealth LLC,
Gtd. Notes, 144A 		6.125 08/01/28   1,550 1,643,938
Bausch Health Americas, Inc.,          
Gtd. Notes, 144A 8.500 01/31/27   1,675 1,782,413
Gtd. Notes, 144A 9.250 04/01/26   234 248,977
Bausch Health Cos., Inc.,          
Gtd. Notes, 144A 5.000 01/30/28   376 348,142
Gtd. Notes, 144A(aa) 6.125 04/15/25   1,758 1,791,813
Gtd. Notes, 144A(aa) 9.000 12/15/25   6,131 6,434,344
     
 
P&L Development LLC/PLD Finance Corp.,
Sr. Sec’d. Notes, 144A(aa) 		7.750 11/15/25   5,139 5,279,523
          17,529,150
16
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Pipelines 2.2%
Antero Midstream Partners LP/Antero Midstream Finance Corp.,
Gtd. Notes, 144A 		7.875 % 05/15/26   1,150  $1,259,794
EQM Midstream Partners LP,
Sr. Unsec’d. Notes, 144A 		6.000 07/01/25   1,375 1,497,680
Global Partners LP/GLP Finance Corp.,
Gtd. Notes 		7.000 08/01/27   750 781,271
Tallgrass Energy Partners LP/Tallgrass Energy Finance
Corp., 		         
Gtd. Notes, 144A 6.000 03/01/27   1,384 1,439,653
Gtd. Notes, 144A 7.500 10/01/25   1,500 1,622,066
     
 
Targa Resources Partners LP/Targa Resources Partners Finance Corp.,
Gtd. Notes 		6.500 07/15/27   1,200 1,290,015
Western Midstream Operating LP,          
Sr. Unsec’d. Notes 3.950 06/01/25   500 526,828
Sr. Unsec’d. Notes 4.350 02/01/25   2,100 2,204,287
          10,621,594
Real Estate 0.8%
Five Point Operating Co. LP/Five Point Capital Corp.,
Gtd. Notes, 144A 		7.875 11/15/25   1,875 1,953,746
Greystar Real Estate Partners LLC,
Sr. Sec’d. Notes, 144A 		5.750 12/01/25   100 101,733
Howard Hughes Corp. (The),
Gtd. Notes, 144A 		5.375 08/01/28   1,647 1,731,252
          3,786,731
Real Estate Investment Trusts (REITs) 6.3%
Diversified Healthcare Trust,
Gtd. Notes(aa) 		9.750 06/15/25   4,968 5,396,602
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.,
Gtd. Notes 		4.500 09/01/26   901 977,617
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes 		5.000 10/15/27   1,900 1,999,637
17
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Real Estate Investment Trusts (REITs) (cont’d.)
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer,
Sr. Sec’d. Notes, 144A 		7.500 % 06/01/25   2,500  $2,655,649
RHP Hotel Properties LP/RHP Finance Corp.,
Gtd. Notes 		4.750 10/15/27   625 640,747
SBA Communications Corp.,
Sr. Unsec’d. Notes(aa) 		4.875 09/01/24   5,000 5,062,444
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL
Capital LLC, 		         
Gtd. Notes, 144A 7.125 12/15/24   1,460 1,497,008
Sr. Sec’d. Notes, 144A(aa) 7.875 02/15/25   7,450 7,843,146
VICI Properties LP/VICI Note Co., Inc.,          
Gtd. Notes, 144A 3.750 02/15/27   1,449 1,489,037
Gtd. Notes, 144A 4.250 12/01/26   2,825 2,927,671
          30,489,558
Retail 2.7%
1011778 BC ULC/New Red Finance, Inc. (Canada),
Sr. Sec’d. Notes, 144A 		3.875 01/15/28   425 423,960
Ambience Merger Sub, Inc.,
Sr. Sec’d. Notes, 144A 		4.875 07/15/28   100 98,145
Brinker International, Inc.,          
Gtd. Notes, 144A 5.000 10/01/24   825 873,892
Sr. Unsec’d. Notes 3.875 05/15/23   1,875 1,928,187
     
 
eG Global Finance PLC (United Kingdom),
Sr. Sec’d. Notes, 144A(aa) 		8.500 10/30/25   4,910 5,115,129
Golden Nugget, Inc.,
Sr. Unsec’d. Notes, 144A 		6.750 10/15/24   1,925 1,932,079
Sally Holdings LLC/Sally Capital, Inc.,
Sec’d. Notes, 144A 		8.750 04/30/25   2,500 2,684,500
          13,055,892
Semiconductors 1.3%
Microchip Technology, Inc.,
Gtd. Notes(aa) 		4.250 09/01/25   6,200 6,446,611
18
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Software 3.6%
Boxer Parent Co., Inc.,
Sr. Sec’d. Notes, 144A 		7.125 % 10/02/25   2,000  $2,121,852
Camelot Finance SA,
Sr. Sec’d. Notes, 144A 		4.500 11/01/26   4,775 4,950,664
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc.,
Gtd. Notes, 144A 		5.750 03/01/25   2,500 2,521,623
Clarivate Science Holdings Corp.,
Sr. Sec’d. Notes, 144A 		3.875 07/01/28   810 800,802
Dun & Bradstreet Corp. (The),          
Gtd. Notes, 144A 10.250 02/15/27   845 906,552
Sr. Sec’d. Notes, 144A 6.875 08/15/26   916 956,871
     
 
Open Text Corp. (Canada),
Gtd. Notes, 144A 		5.875 06/01/26   2,500 2,584,968
SS&C Technologies, Inc.,
Gtd. Notes, 144A 		5.500 09/30/27   2,500 2,633,424
          17,476,756
Telecommunications 6.9%
Altice France SA (France),
Sr. Sec’d. Notes, 144A 		8.125 02/01/27   2,420 2,600,667
CommScope, Inc.,
Sr. Sec’d. Notes, 144A 		6.000 03/01/26   2,465 2,553,203
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   1,553 1,591,961
Sr. Sec’d. Notes, 144A 8.750 05/25/24   1,000 1,040,001
Sr. Sec’d. Notes, 144A 8.750 05/25/24   3,560 3,696,049
     
 
Digicel Ltd. (Jamaica),
Gtd. Notes, 144A 		6.750 03/01/23   1,000 967,095
Iliad Holding SAS (France),          
Sr. Sec’d. Notes, 144A 6.500 10/15/26   1,075 1,107,648
Sr. Sec’d. Notes, 144A 7.000 10/15/28   375 386,284
     
 
Lumen Technologies, Inc.,
Sr. Unsec’d. Notes, Series T 		5.800 03/15/22   2,700 2,736,595
Sprint Corp.,          
Gtd. Notes 7.625 02/15/25   2,030 2,361,480
Gtd. Notes(aa) 7.625 03/01/26   5,150 6,180,709
19
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Telecommunications (cont’d.)
Viasat, Inc.,          
Sr. Sec’d. Notes, 144A 5.625 % 04/15/27   1,500  $1,560,061
Sr. Unsec’d. Notes, 144A 5.625 09/15/25   2,985 3,025,080
     
 
Zayo Group Holdings, Inc.,
Sr. Sec’d. Notes, 144A 		4.000 03/01/27   3,720 3,612,225
          33,419,058
Toys/Games/Hobbies 0.0%
Mattel, Inc.,
Gtd. Notes, 144A 		3.375 04/01/26   250 257,733
Transportation 0.8%
XPO Logistics, Inc.,
Gtd. Notes, 144A(aa) 		6.250 05/01/25   3,553 3,743,237
Trucking & Leasing 0.2%
Fortress Transportation & Infrastructure Investors LLC,
Sr. Unsec’d. Notes, 144A 		5.500 05/01/28   850 852,442
     
 
Total Corporate Bonds
(cost $530,271,048) 		532,797,603
    
      Units  
Warrants* 0.0%
Chemicals 0.0%
TPC Group, Inc., expiring 08/01/24^       104,385 490
Oil, Gas & Consumable Fuels 0.0%
Athabasca Oil Corp. (Canada), expiring 11/01/26       1,725 106
     
 
Total Warrants
(cost $0) 		596
 
Total Long-Term Investments
(cost $601,565,085) 		604,025,444
    
20
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2021
Description     Shares Value
Short-Term Investment 2.8%
Affiliated Mutual Fund           
PGIM Core Ultra Short Bond Fund
(cost $13,280,846)(wb) 		    13,280,846  $13,280,846
 
TOTAL INVESTMENTS 127.0%
(cost $614,845,931) 		617,306,290
Liabilities in excess of other assets(z) (27.0)% (131,072,115)
 
Net Assets 100.0% $486,234,175
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
    
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.
iBoxx Bond Market Indices
LIBOR London Interbank Offered Rate
LP Limited Partnership
PIK Payment-in-Kind
REITs Real Estate Investment Trust
    
* 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 $490 and 0.0% of net assets.
(aa) Represents security, or a portion thereof, with aggregate value of $167,592,579 segregated as collateral for amount of $135,000,000 borrowed and outstanding as of October 31, 2021.
(c) Variable rate instrument. The interest rate shown reflects the rate in effect at October 31, 2021.
(p) Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end.
(wb) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund.
(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 October 31, 2021:
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 $33,373)    33   $33,420   $48   $—
21
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of October 31, 2021
Total return swap agreements outstanding at October 31, 2021:
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 Index(T)   3 Month LIBOR(Q)   Goldman Sachs International   12/20/21   8,350    $58,234    $—    $58,234
iBoxx US Dollar Liquid High Index(T)   3 Month LIBOR(Q)   Goldman Sachs International   12/20/21   29,150   203,182   —   203,182
                    $261,416   $—   $261,416
(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).
22