UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT
COMPANIES
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| Investment Company Act file number: | | 811-22724 |
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| Exact name of registrant as specified in charter: | | PGIM Global High Yield Fund, Inc. |
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| Address of principal executive offices: | | 655 Broad Street, 6th Floor |
| | | Newark, New Jersey 07102 |
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| Name and address of agent for service: | | Andrew R. French |
| | | 655 Broad Street, 6th Floor |
| | | Newark, New Jersey 07102 |
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| Registrant’s telephone number, including area code: | | 800-225-1852 |
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| Date of fiscal year end: | | 7/31/2023 |
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| Date of reporting period: | | 1/31/2024 |
Item 1 – Reports to Stockholders
PGIM FIXED INCOME CLOSED-END FUNDS
PGIM GLOBAL HIGH YIELD FUND, INC.
PGIM HIGH YIELD BOND FUND, INC.
PGIM SHORT DURATION HIGH YIELD OPPORTUNITIES FUND
SEMIANNUAL REPORT
JANUARY 31, 2024
To enroll in e-delivery, go to pgim.com/investments/resource/edelivery
Table of Contents
The views expressed in this report and information about the Fund’s portfolio holdings are for the period covered by this report and are subject to change thereafter.
The accompanying financial statements as of January 31, 2024 were not audited and, accordingly, no auditor’s opinion is expressed on them.
PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PGIM is a Prudential Financial Company. © 2024 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.
2 Visit our website at pgim.com/investments
Letter from the President
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 | | Dear Shareholder: We hope you find the semiannual report for the PGIM Fixed Income Closed-End Funds informative and useful. The report covers performance for the six-month period ended January 31, 2024. Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals. |
Your financial advisor can help you create a diversified investment plan that may include funds covering all the basic asset classes and that reflects your personal investor profile and risk tolerance. However, diversification and asset allocation strategies do not assure a profit or protect against loss in declining markets.
At PGIM Investments, we provide access to active investment strategies across the global markets in the pursuit of consistent outperformance for investors. PGIM is the world’s 14th-largest investment manager with more than $1.3 trillion in assets under management. Our scale and investment expertise allow us to deliver a diversified suite of actively managed solutions across a broad spectrum of asset classes and investment styles.
Thank you for choosing our family of funds.
Sincerely,
Stuart S. Parker, President and Principal Executive Officer
PGIM Fixed Income Closed-End Funds
March 15, 2024
PGIM Fixed Income Closed-End Funds 3
PGIM Global High Yield Fund, Inc.
Your Fund’s Performance
Performance data quoted represent past performance and assume the reinvestment of all dividends. Past performance does not guarantee future results. An investor may obtain performance data as of the most recent month-end by visiting our website at pgim.com/investments.
Investment Objective
The Fund seeks to provide a high level of current income.
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| Price Per Share as of 1/31/24 |
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$12.89 Net Asset Value (NAV) |
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$11.39 Market Price |
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| | | Total Returns as of 1/31/24 | | Average Annual Total Returns as of 1/31/24 |
| | Six Months* (%) | | One Year (%) | | Five Years (%) | | Ten Years (%) |
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Net Asset Value (NAV) | | 7.01 | | 9.91 | | 4.43 | | 4.48 |
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Market Price | | 5.90 | | 7.57 | | 5.84 | | 4.93 |
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Bloomberg Global High Yield 2% Issuer Constrained (USD Hedged) Index | | | | |
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| | | 6.57 | | 9.55 | | 3.57 | | 4.43 |
*Not annualized
Total returns are based on changes in net asset value (NAV) or market price, respectively. NAV total return assumes the reinvestment of all distributions, including returns of capital, if any, at NAV. Market Price total return assumes the reinvestment of all distributions, including returns of capital, if any, in additional shares in accordance with the Fund’s Dividend Reinvestment Plan.
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| Key Fund Statistics as of 1/31/24 | |
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Duration | | 4.7 years | | Average Maturity | | | 6.1 years | |
Duration shown includes the impact of leverage. Duration measures investment risk that takes into account both a bond’s interest payments and its value to maturity. Average Maturity is the average number of years to maturity of the bonds in the Fund’s portfolio.
4 Visit our website at pgim.com/investments
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| Credit Quality expressed as a percentage of total investments as of 1/31/24 (%) | | | |
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AAA | | | 3.2 | |
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BBB | | | 9.6 | |
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BB | | | 45.2 | |
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B | | | 27.9 | |
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CCC | | | 10.4 | |
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CC | | | 0.4 | |
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C | | | 0.4 | |
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Not Rated | | | 3.1 | |
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Cash/Cash Equivalents | | | -0.2 | |
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Total | | | 100.0 | |
Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable S&P/Fitch rating tier nomenclature. These rating agencies are independent and are widely used. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.
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| Yield and Dividends as of 1/31/24 |
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Total Monthly Dividends Paid per Share for Period | | Current Monthly Dividend Paid per Share | | Yield at Market Price as of 1/31/24 |
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$0.63 | | $0.105 | | 11.06% |
Yield at Market Price is the annualized rate determined by dividing the current monthly dividend paid per share by the market price per share as of January 31, 2024.
PGIM Fixed Income Closed-End Funds 5
Strategy and Performance Overview*
PGIM Global High Yield Fund, Inc.
How did the Fund perform?
| · | | The PGIM Global High Yield Fund, Inc.’s shares returned 5.90% based on market price and 7.01% based on net asset value (NAV) in the six-month reporting period that ended January 31, 2024. For the same period, the Bloomberg Global High Yield 2% Issuer Constrained (USD Hedged) Index (the Index) returned 6.57%, including reinvestment of dividends. |
What were the market conditions?
| · | | Global high yield bond spreads tightened during the reporting period, as risk assets benefited from increasingly benign inflation data, better-than-feared corporate earnings, and the expectation that central banks would pivot to interest-rate cuts sometime in 2024. Meanwhile, the technical backdrop remained supportive due to a variety of factors, including lower new issuance, sizeable rising stars, and a growing share of below-investment-grade companies opting to issue in the private markets instead. (A rising star is a low-rated bond that could become investment grade because of improvements in the issuing company’s credit quality.) |
| · | | In the US, spreads on the Bloomberg US High Yield 1% Issuer Constrained Index tightened by 27 basis points (bps) to end the reporting period at 345 bps. (One basis point equals 0.01%). This index posted total returns and excess returns of 6.18% and 2.82%, respectively, over the reporting period. By quality, while all ratings categories exhibited positive total returns, lower-quality (CCC-rated) bonds outperformed over the reporting period. |
| · | | High yield gross new-issue volume increased to $31 billion in January 2024, which was the most active month for primary issuance since November 2021. Over the reporting period, issuance totaled approximately $106 billion, or just $28 billion excluding issuance that backed refinancing activity. The par-weighted US high yield default rate, including distressed exchanges, ended the reporting period at 2.77%, up from 2.29% at the beginning of the reporting period, according to J.P. Morgan. |
| · | | In Europe, spreads on the Bloomberg Pan-European High Yield Index tightened by 59 bps to end the reporting period at 381 bps amid improved risk sentiment and limited net new issuance. By quality, all credit tiers posted positive returns over the reporting period, with CCC-rated bonds outperforming as risk sentiment improved markedly. |
| · | | In the emerging-market debt sector, high yield sovereigns and corporates posted positive returns as emerging-market assets benefited from an improving macro-economic backdrop, signs that inflation had peaked, and a likely pivot by the US Federal Reserve (the Fed). Emerging-market hard currency spreads, as measured by the JP Morgan EMBI Global Diversified Index, tightened during the reporting period, with the high yield portion of that index tightening 15 bps to end the reporting period at 672 bps. |
6 Visit our website at pgim.com/investments
What worked?
| · | | Having more beta in the portfolio, on average, than the Index was a strong contributor to the Fund’s relative performance during the reporting period. (Beta is a measure of the volatility or risk of a security or portfolio compared to the market or index.) Overall sector allocation also contributed while security selection detracted from performance. |
| · | | Within the North American region, an underweight relative to the Index to technology, along with overweights relative to the Index to the consumer non-cyclical and media & entertainment industries, contributed to performance. |
| · | | In the European+ developed-markets region, overweights relative to the Index to the cable and food industries, along with an underweight relative to the Index to financials, contributed to performance. |
| · | | Within emerging markets, overweights relative to the Index to Pakistan and the Republic of Serbia, along with an underweight relative to the Index to China, contributed to performance. |
| · | | Overweights relative to the Index to Bellis Acquisition Company PLC (food), Jerrold FinCo PLC (financials), and Atlas LuxCo S.a.r.l. (consumer non-cyclical) were among the largest single-name contributors. |
What didn’t work?
| · | | Within the North American region, overweights relative to the Index to the chemicals, healthcare & pharmaceuticals, and cable & satellite industries detracted from the Fund’s performance during the reporting period. |
| · | | In the European+ developed-markets region, underweights relative to the Index to gaming and property, along with an overweight to travel & transport, detracted from performance. |
| · | | Within emerging markets, overweights relative to the Index to Jamaica, Brazil, and Argentina detracted from performance. |
| · | | Overweights relative to the Index to Cornerstone Chemical Co. (chemicals), Venator Materials PLC (chemicals), and Codere Finance S.A. (gaming) were among the largest single-name detractors. |
How did the Fund’s borrowing (leverage) strategy affect its performance?
The Fund’s use of leverage during the reporting period contributed positively to NAV performance and shareholder distributions, as both the returns and income earned on the securities purchased exceeded the cost of borrowing. As of January 31, 2024, the Fund had borrowed $145 million and was 21.6% leveraged. During the reporting period, the average amount of leverage utilized by the Fund was 22.3%.
PGIM Fixed Income Closed-End Funds 7
Strategy and Performance Overview* (continued)
Did the Fund use derivatives?
The Fund utilized credit index derivatives to manage its overall risk profile, which had a positive impact on performance during the reporting period. In addition, the Fund traded interest rate futures, swaps, and foreign exchange derivatives, the combined impact of which was negative.
Current outlook
| · | | While the current state of the global economy is far from recession, PGIM Fixed Income believes numerous headwinds are not being priced into the US high yield market. The lagged effects of tighter monetary policy, tighter lending standards, and the potential for fiscal tightening are headwinds to economic growth in 2024. Shrinking savings and slowing job growth will likely impact consumer confidence and spending. Should the consumer continue to pull back, downward pressures on corporate earnings and profit margins will increase, in PGIM Fixed Income’s view. |
| · | | The market’s anticipation of an economic soft landing and the Fed’s expected pivot have pushed US high yield spreads to their lowest levels since April 2022, and the current positive technical backdrop is likely to push spreads even tighter in the near term until supply re-emerges in mid-January. With positive technicals showing no signs of abating over the near term, PGIM Fixed Income’s short-term outlook is neutral to modestly positive. Nonetheless, the upside of 25 to 50 bps of additional spread tightening is not enough to compensate for the risk of a still-existent downside scenario in 2024, in PGIM Fixed Income’s view. |
| · | | PGIM Fixed Income remains constructive on the total return prospects for European high yield and loans, but it is more cautious on an excess return basis. Spreads tightened significantly in 2023, as the supply of new issuance remained modest and markets priced in a lower probability of recession. While PGIM Fixed Income expects spreads to remain rangebound or tighten over the short term amid a general lack of supply, spreads appear more at risk of widening as European economies continue to slow. |
| · | | After emerging markets suffered for almost four years under successive shocks, PGIM Fixed Income believes the headwinds from higher inflation and rates that weighed on these markets will dissipate in 2024. Spreads remain wide to historical levels in some credit segments—as well as to other spread asset classes—and are contributing to elevated yields. Although the spread tightening in 2023 brought emerging-market corporate spreads to their historical average, opportunities likely remain as they have significantly underperformed their developed-market counterparts. |
*This strategy and performance overview, which discusses what strategies or holdings (including derivatives, if applicable) affected the Fund’s performance, is compiled based on how the Fund performed relative to the Index and is viewed for performance attribution purposes at the aggregate Fund level, which in most instances will not
8 Visit our website at pgim.com/investments
directly correlate to the amounts disclosed in the Statement of Operations which conform to US generally accepted accounting principles.
PGIM Fixed Income Closed-End Funds 9
Strategy and Performance Overview* (continued)
Benchmark Definition
Bloomberg Global High Yield 2% Issuer Constrained (USD Hedged) Index—The Bloomberg Global High Yield 2% Issuer Constrained (USD Hedged) Index (the Index) is an unmanaged index which covers the universe of non-investment-grade debt in the United States, developed markets and emerging markets. Issuers are capped at 2% of the Index.
Investors cannot invest directly in an index.
Looking for additional information?
The Fund is traded on the New York Stock Exchange (NYSE) under the symbol “GHY,” and its closing market price is available on most financial websites under the NYSE listings. The daily NAV is available online under the symbol “XGHYX” on most financial websites. Barron’s and The Wall Street Journal’s Monday edition both carry closed-end fund tables that provide additional information. In addition, the Fund issues press releases that can be found on most major financial websites as well as on pgim.com/investments.
10 Visit our website at pgim.com/investments
PGIM High Yield Bond Fund, Inc.
Your Fund’s Performance
Performance data quoted represent past performance and assume the reinvestment of all dividends. Past performance does not guarantee future results. An investor may obtain performance data as of the most recent month-end by visiting our website at pgim.com/investments.
Investment Objective
The Fund seeks to provide a high level of current income.
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| Price per Share as of 1/31/24 |
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$ 13.90 Net Asset Value (NAV) |
|
$ 12.65 Market Price |
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| | | Total Returns as of 1/31/24 | | Average Annual Total Returns as of 1/31/24 |
| | | Six Months* (%) | | One Year (%) | | Five Years (%) | | Ten Years (%) |
| | | | |
Net Asset Value (NAV) | | 5.53 | | 8.60 | | 5.33 | | 4.88 |
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Market Price | | 7.29 | | 7.33 | | 7.26 | | 5.41 |
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Bloomberg US High Yield 1% Issuer Capped Index | | | | | | | | |
| | | | |
| | | 6.18 | | 9.31 | | 4.33 | | 4.45 |
*Not annualized
Total returns are based on changes in net asset value (NAV) or market price, respectively. NAV total return assumes the reinvestment of all distributions, including returns of capital, if any, at NAV. Market Price total return assumes the reinvestment of all distributions, including returns of capital, if any, in additional shares in accordance with the Fund’s Dividend Reinvestment Plan.
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| Key Fund Statistics as of 1/31/24 | | | | |
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Duration | | 4.2 years | | Average Maturity | | 4.8 years |
Duration shown includes the impact of leverage. Duration measures investment risk that takes into account both a bond’s interest payments and its value to maturity. Average Maturity is the average number of years to maturity of the bonds in the Fund’s portfolio.
PGIM Fixed Income Closed-End Funds 11
PGIM High Yield Bond Fund, Inc.
Your Fund’s Performance (continued)
| | | | |
| |
| Credit Quality expressed as a percentage of total investments as of 1/31/24 (%) | | | |
| |
AAA | | | 5.7 | |
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A | | | 0.3 | |
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BBB | | | 5.7 | |
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BB | | | 46.7 | |
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B | | | 23.9 | |
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CCC | | | 11.0 | |
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Not Rated | | | 4.0 | |
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Cash/Cash Equivalents | | | 2.7 | |
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| Total | | | 100.0 | |
Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable S&P/Fitch rating tier nomenclature. These rating agencies are independent and are widely used. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.
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| Yield and Dividends as of 1/31/24 |
| | |
Total Monthly Dividends Paid per Share for Period | | Current Monthly Dividend Paid per Share | | Yield at Market Price as of 1/31/24 |
| | |
$0.63 | | $0.105 | | 9.96% |
Yield at market price is the annualized rate determined by dividing the current monthly dividend paid per share by the market price per share as of January 31, 2024.
12 Visit our website at pgim.com/investments
Strategy and Performance Overview*
PGIM High Yield Bond Fund, Inc.
How did the Fund perform?
The PGIM High Yield Bond Fund, Inc.’s shares returned 7.29% based on market price and 5.53% based on net asset value (NAV) in the six-month reporting period that ended January 31, 2024. For the same period, the Bloomberg US High Yield 1% Issuer Capped Index (the Index) returned 6.18%.
What were the market conditions?
| · | | US high yield bond spreads tightened during the reporting period, as risk assets benefited from increasingly benign inflation data, better-than-feared corporate earnings, and the expectation that the US Federal Reserve (the Fed) would pivot to interest-rate cuts sometime in 2024. Meanwhile, the technical backdrop remained supportive due to a variety of factors, including lower new issuance, sizeable rising stars, and a growing share of below-investment-grade companies opting to issue in the private markets instead. (A rising star is a low-rated bond that could become investment grade because of improvements in the issuing company’s credit quality.) |
| · | | Spreads on the Index tightened by 27 basis points (bps) to end the reporting period at 345 bps. (One basis point equals 0.01%). The Index posted total returns and excess returns of 6.18% and 2.82%, respectively, over the reporting period. By quality, while all ratings categories exhibited positive total returns, lower-quality (CCC-rated) bonds outperformed over the reporting period. |
| · | | High yield gross new-issue volume increased to $31 billion in January 2024, which was the most active month for primary issuance since November 2021. Over the reporting period, issuance totaled approximately $106 billion, or just $28 billion excluding issuance that backed refinancing activity. The par-weighted US high yield default rate, including distressed exchanges, ended the reporting period at 2.77%, up from 2.29% at the beginning of the reporting period, according to J.P. Morgan. |
What worked?
| · | | Having more beta in the portfolio, on average, than the Index was a strong contributor to the Fund’s relative performance during the reporting period. (Beta is a measure of the volatility or risk of a security or portfolio compared to the market or index.) |
| · | | While overall security selection detracted from performance during the reporting period, selection in media & entertainment, technology, and finance & insurance contributed to performance. |
| · | | While overall sector allocation detracted from performance, overweights relative to the Index to gaming/lodging/leisure, media & entertainment, and building materials & home construction contributed to performance. |
| · | | In individual security selection, the Fund’s overweights relative to the Index to Diamond Sports Group LLC (media & entertainment) and Intelsat S.A. (cable & satellite), along with an underweight relative to the Index to Commscope Inc. (technology) were the largest contributors to performance. |
PGIM Fixed Income Closed-End Funds 13
Strategy and Performance Overview* (continued)
What didn’t work?
| · | | Overall security selection detracted from the Fund’s performance, with selection in telecom, chemicals, and cable & satellite detracting the most. |
| · | | Within sector allocation, overweights relative to the Index to cable & satellite, transportation & environmental services, and chemicals detracted. |
| · | | In individual security selection, the Fund’s overweights relative to the Index to Digicel Group (telecom), Cornerstone Chemical Co. (chemicals), and Radiate HoldCo LLC (cable & satellite) were the largest detractors from performance. |
How did the Fund’s borrowing (leverage) strategy affect its performance?
The Fund’s use of leverage during the reporting period contributed positively to NAV performance and shareholder distributions, as both the returns and income earned on the securities purchased exceeded the cost of borrowing. As of January 31, 2024, the Fund had borrowed $120 million and was about 20.6% leveraged. During the reporting period, the average amount of leverage utilized by the Fund was about 21.9%.
Did the Fund use derivatives?
The Fund used credit index derivatives to manage its overall risk profile, which had a positive impact on performance during the reporting period. In addition, the Fund traded interest rate futures, swaps, and foreign exchange derivatives, the combined impact of which was negative.
Current outlook
| · | | While the US economy remains far from a recession, PGIM Fixed Income believes numerous headwinds are not being priced into the US high yield market. The lagged effects of tighter monetary policy, tighter lending standards, and the potential for fiscal tightening are headwinds to economic growth in 2024. The market’s belief in an economic soft landing and the Fed’s pivot have pushed high yield spreads tighter, and the positive technical backdrop may push spreads even tighter. Nonetheless, PGIM Fixed Income believes the upside of 25 to 50 bps of additional spread tightening is not enough to compensate for the risk of a still-existent downside scenario in 2024. |
| · | | While high yield companies’ earnings and liquidity generally remain strong and leverage remains well below the long-term average, credit metrics have shown some signs of deterioration, with revenues declining year-over-year for the second consecutive quarter and earnings before interest, taxes, depreciation, and amortization (EBITDA) margins slipping to a six-quarter low in the third quarter of 2023. Due to the strength of most issuers’ balance sheets, the absence of a significant maturity wall through 2024, and manageable (but higher) maturities in 2025, PGIM Fixed Income does not anticipate a sharp increase in default rates. |
| · | | Meanwhile, the technical backdrop remains supportive due to a variety of factors, including lower new issuance, a sizeable group of rising stars, and a growing share of |
14 Visit our website at pgim.com/investments
| | below-investment-grade companies opting to issue in the private credit markets. This has led to a meaningful supply deficit and an overall shrinking of the high yield market, which has continued to support market technicals. |
| · | | With positive technicals showing no signs of abating over the near term, PGIM Fixed Income’s outlook is neutral to modestly positive, and it is looking to take advantage of an expected uptick in new issuance to opportunistically add higher-quality, short-duration issues in the secondary market. |
*This strategy and performance overview, which discusses what strategies or holdings (including derivatives, if applicable) affected the Fund’s performance, is compiled based on how the Fund performed relative to the Index and is viewed for performance attribution purposes at the aggregate Fund level, which in most instances will not directly correlate to the amounts disclosed in the Statement of Operations which conform to US generally accepted accounting principles.
Benchmark Definition
Bloomberg US High Yield 1% Issuer Capped Index—The Bloomberg US High Yield 1% Issuer Capped Index (the Index) is an unmanaged index which covers the universe of US dollar denominated, non-convertible, fixed rate, non-investment grade debt. Issuers are capped at 1% of the Index. Index holdings must have at least one year to final maturity, at least $150 million par amount outstanding, and be publicly issued with a rating of Ba1 or lower.
Investors cannot invest directly in an index.
Looking for additional information?
The Fund is traded on the New York Stock Exchange (NYSE) under the symbol “ISD” and its closing market price is available on most financial websites under the NYSE listings. The daily NAV is available online under the symbol “XISDX” on most financial websites. Barron’s and The Wall Street Journal’s Monday edition both carry closed-end fund tables that provide additional information. In addition, the Fund issues press releases that can be found on most major financial websites as well as on pgim.com/investments.
PGIM Fixed Income Closed-End Funds 15
PGIM Short Duration High Yield Opportunities Fund
Your Fund’s Performance
Performance data quoted represent past performance and assume the reinvestment of all dividends. Past performance does not guarantee future results. An investor may obtain performance data as of the most recent month-end by visiting our website at pgim.com/investments.
Investment Objective
The Fund’s investment objective is to provide total return, through a combination of current income and capital appreciation.
|
|
| Price per Share as of 1/31/24 |
|
$17.46 Net Asset Value (NAV) |
|
$15.09 Market Price |
| | | | | | |
| | |
| | | Total Returns as of 1/31/24 | | Average Annual Total Returns as of 1/31/24 |
| | | Six Months* (%) | | One Year (%) | | Since Inception (%) |
| | | |
Net Asset Value (NAV) | | 5.19 | | 9.13 | | 2.71 (11/25/2020) |
| | | |
Market Price | | 3.22 | | 4.00 | | -1.19 (11/25/2020) |
| | |
Bloomberg US High Yield Ba/B 1-5 Year 1% Capped Index | | | | |
| | | |
| | | 5.56 | | 8.67 | | 3.75 |
*Not annualized
Since Inception returns for the Index are measured from the closest month-end to the Fund’s inception date.
Total returns are based on changes in net asset value (NAV) or market price, respectively. NAV total return assumes the reinvestment of all distributions, including returns of capital, if any, at NAV. Market Price total return assumes the reinvestment of all distributions, including returns of capital, if any, in additional shares in accordance with the Fund’s Dividend Reinvestment Plan.
| | | | | | |
| | |
| Key Fund Statistics as of 1/31/24 | | | | |
| | | |
Duration | | 2.6 years | | Average Maturity | | 2.6 years |
Duration shown includes the impact of leverage. Duration measures investment risk that takes into account both a bond’s interest payments and its value to maturity. Average Maturity is the average number of years to maturity of the bonds in the Fund’s portfolio.
16 Visit our website at pgim.com/investments
| | | | |
| |
| Credit Quality expressed as a percentage of total investments as of 1/31/24 (%) | | | |
| |
AAA | | | 5.1 | |
| |
A | | | 0.2 | |
| |
BBB | | | 7.3 | |
| |
BB | | | 42.6 | |
| |
B | | | 26.7 | |
| |
CCC | | | 5.2 | |
| |
Not Rated | | | 2.1 | |
| |
Cash/Cash Equivalents | | | 10.8 | |
| | |
| Total | | | 100.0 | |
Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable S&P/Fitch rating tier nomenclature. These rating agencies are independent and are widely used. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.
| | | | |
|
| Yield and Dividends as of 1/31/24 |
| | |
Total Monthly Dividends Paid per Share for Period | | Current Monthly Dividend Paid per Share | | Yield at Market Price as of 1/31/24 |
| | |
$0.65 | | $0.108 | | 8.59% |
Yield at market price is the annualized rate determined by dividing the current monthly dividend paid per share by the market price per share as of January 31, 2024.
PGIM Fixed Income Closed-End Funds 17
Strategy and Performance Overview*
PGIM Short Duration High Yield Opportunities Fund
How did the Fund perform?
The PGIM Short Duration High Yield Opportunities Fund’s shares returned 3.22% based on market price and 5.19% based on net asset value (NAV) in the six-month reporting period that ended January 31, 2024. For the same period, the Bloomberg US 1–5 Year High Yield Ba/B 1% Issuer Capped Index (the Index) returned 5.56%, including reinvestment of dividends.
What were the market conditions?
| · | | US high yield bond spreads tightened during the reporting period, as risk assets benefited from increasingly benign inflation data, better-than-feared corporate earnings, and the expectation that the US Federal Reserve (the Fed) would pivot to interest-rate cuts sometime in 2024. Meanwhile, the technical backdrop remained supportive due to a variety of factors, including lower new issuance, sizeable rising stars, and a growing share of below-investment-grade companies opting to issue in the private markets instead. (A rising star is a low-rated bond that could become investment grade because of improvements in the issuing company’s credit quality.) |
| · | | Spreads on the Bloomberg US High Yield 1% Issuer Constrained Index tightened by 27 basis points (bps) to end the reporting period at 345 bps. (One basis point equals 0.01%). This index posted total returns and excess returns of 6.18% and 2.82%, respectively, over the reporting period. By quality, while all ratings categories exhibited positive total returns, lower-quality (CCC-rated) bonds outperformed over the reporting period. |
| · | | High yield gross new-issue volume increased to $31 billion in January 2024, which was the most active month for primary issuance since November 2021. Over the reporting period, issuance totaled approximately $106 billion, or just $28 billion excluding issuance that backed refinancing activity. The par-weighted US high yield default rate, including distressed exchanges, ended the reporting period at 2.77%, up from 2.29% at the beginning of the reporting period, according to J.P. Morgan. |
What worked?
| · | | Having more beta in the portfolio, on average, than the Index was a strong contributor to the Fund’s relative performance during the reporting period. (Beta is a measure of the volatility or risk of a security or portfolio compared to the market or index). |
| · | | While overall security selection detracted from performance, selection in technology, finance & insurance, and media & entertainment contributed to performance. |
| · | | While overall sector allocation detracted from performance, an overweight relative to the Index to telecom, along with underweights relative to the Index to real estate investment trusts (REITs) and transportation & environmental services contributed to performance. |
18 Visit our website at pgim.com/investments
| · | | In individual security selection, the Fund’s underweights relative to the Index to Spirit IP Cayman Ltd. (transportation & environmental services), Hughes Satellite (aerospace & defense), and Enviva Inc. (electric utilities) contributed to performance. |
What didn’t work?
| · | | Within security selection, selection in chemicals, telecom, and healthcare & pharmaceuticals detracted the most from the Fund’s performance during the reporting period. |
| · | | Within sector allocation, overweights relative to the Index to cable & satellite and healthcare & pharmaceuticals, along with an underweight relative to the Index to consumer non-cyclicals, detracted from performance. |
| · | | In individual security selection, the Fund’s overweights relative to the Index to Venator Finance S.a.r.l. (chemicals), Xplornet Communications Inc. (telecom), and P&L Development LLC (healthcare & pharmaceuticals) detracted from performance. |
How did the Fund’s borrowing (leverage) strategy affect its performance?
The Fund’s use of leverage during the reporting period contributed positively to NAV performance and shareholder distributions, as both the returns and income earned on the securities purchased exceeded the cost of borrowing. As of January 31, 2024, the Fund had borrowed $125 million and was about 22.5% leveraged. During the reporting period, the average amount of leverage utilized by the Fund was about 22.5%.
Did the Fund use derivatives?
The Fund used credit index derivatives to manage its overall risk profile, which had a positive impact on performance during the reporting period. In addition, the Fund traded interest rate futures, swaps, and foreign exchange derivatives, the combined impact of which was negative.
Current outlook
| · | | While the US economy remains far from a recession, PGIM Fixed Income believes numerous headwinds are not being priced into the US high yield market. The lagged effects of tighter monetary policy, tighter lending standards, and the potential for fiscal tightening are headwinds to economic growth in 2024. The market’s belief in an economic soft landing and the Fed’s pivot have pushed high yield spreads tighter, and the positive technical backdrop may push spreads even tighter. Nonetheless, PGIM Fixed Income believes the upside of 25 to 50 bps of additional spread tightening is not enough to compensate for the risk of a still-existent downside scenario in 2024. |
| · | | While high yield companies’ earnings and liquidity generally remain strong and leverage remains well below the long-term average, credit metrics have shown some signs of deterioration, with revenues declining year-over-year for the second consecutive quarter and earnings before interest, taxes, depreciation, and |
PGIM Fixed Income Closed-End Funds 19
Strategy and Performance Overview* (continued)
amortization (EBITDA) margins slipping to a six-quarter low in the third quarter of 2023. Due to the strength of most issuers’ balance sheets, the absence of a significant maturity wall through 2024, and manageable (but higher) maturities in 2025, PGIM Fixed Income does not anticipate a sharp increase in default rates.
| · | | Meanwhile, the technical backdrop remains supportive due to a variety of factors, including lower new issuance, a sizeable group of rising stars, and a growing share of below-investment-grade companies opting to issue in the private credit markets. This has led to a meaningful supply deficit and an overall shrinking of the high yield market, which has continued to support market technicals. |
| · | | With positive technicals showing no signs of abating over the near term, PGIM Fixed Income’s outlook is neutral to modestly positive, and it is looking to take advantage of an expected uptick in new issuance to opportunistically add higher-quality, short-duration issues in the secondary market. |
*This strategy and performance overview, which discusses what strategies or holdings (including derivatives, if applicable) affected the Fund’s performance, is compiled based on how the Fund performed relative to the Index and is viewed for performance attribution purposes at the aggregate Fund level, which in most instances will not directly correlate to the amounts disclosed in the Statement of Operations which conform to US generally accepted accounting principles.
20 Visit our website at pgim.com/investments
Benchmark Definition
Bloomberg US High Yield Ba/B 1-5 Year 1% Capped Index—The Bloomberg US High Yield Ba/B 1-5 Year 1% Capped Index (the Index) is an unmanaged index which covers the universe of non-investment-grade debt in the United States, developed markets and emerging markets. Issuers are capped at 1% of the Index.
Investors cannot invest directly in an index.
Looking for additional information?
The Fund is traded on the New York Stock Exchange (NYSE) under the symbol “SDHY” and its closing market price is available on most financial websites under the NYSE listings. The daily NAV is available online under the symbol “XSDHX” on most financial websites. Barron’s and The Wall Street Journal’s Monday edition both carry closed-end fund tables that provide additional information. In addition, the Fund issues press releases that can be found on most major financial websites as well as on pgim.com/investments.
PGIM Fixed Income Closed-End Funds 21
Glossary
The following abbreviations are used in the Funds’ descriptions:
EUR—Euro
GBP—British Pound
USD—US Dollar
144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.
BARC—Barclays Bank PLC
BNP—BNP Paribas S.A.
BNYM—Bank of New York Mellon
CDX—Credit Derivative Index
CGM—Citigroup Global Markets, Inc.
CITI—Citibank, N.A.
CLO—Collateralized Loan Obligation
DAC—Designated Activity Company
EMTN—Euro Medium Term Note
EURIBOR—Euro Interbank Offered Rate
GMTN—Global Medium Term Note
GSI—Goldman Sachs International
HSBC—HSBC Bank PLC
iBoxx—Bond Market Indices
iTraxx—International Credit Derivative Index
JPM—JPMorgan Chase Bank N.A.
JPS—J.P. Morgan Securities LLC
LIBOR—London Interbank Offered Rate
LP—Limited Partnership
MSI—Morgan Stanley & Co International PLC
MTN—Medium Term Note
OTC—Over-the-counter
PIK—Payment-in-Kind
Q—Quarterly payment frequency for swaps
REITs—Real Estate Investment Trust
SOFR—Secured Overnight Financing Rate
SONIA—Sterling Overnight Index Average
T—Swap payment upon termination
TD—The Toronto-Dominion Bank
23
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited)
as of January 31, 2024
| | | | | | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | | |
LONG-TERM INVESTMENTS 126.1% | | | | | | | | | | | | | | | | |
| | | | | |
ASSET-BACKED SECURITIES 4.0% | | | | | | | | | | | | | | | | |
| | | | | |
Cayman Islands | | | | | | | | | | | | | | | | |
| | | | | |
Atlas Static Senior Loan Fund Ltd., | | | | | | | | | | | | | | | | |
Series 2022-01A, Class AR, 144A, 3 Month SOFR + 1.750%
(Cap N/A, Floor 1.750%) | | 7.064%(c) | | 07/15/30 | | | | | | | 4,860 | | | $ | 4,879,829 | |
Carlyle Global Market Strategies CLO Ltd., | | | | | | | | | | | | | | | | |
Series 2014-01A, Class A1R2, 144A, 3 Month SOFR + 1.232%
(Cap N/A, Floor 0.970%) | | 6.548(c) | | 04/17/31 | | | | | | | 1,681 | | | | 1,683,516 | |
Madison Park Funding Ltd., | | | | | | | | | | | | | | | | |
Series 2015-18A, Class ARR, 144A, 3 Month SOFR + 1.202%
(Cap N/A, Floor 0.940%) | | 6.519(c) | | 10/21/30 | | | | | | | 4,383 | | | | 4,388,498 | |
Neuberger Berman CLO Ltd., | | | | | | | | | | | | | | | | |
Series 2014-17A, Class AR2, 144A, 3 Month SOFR + 1.292%
(Cap N/A, Floor 1.030%) | | 6.609(c) | | 04/22/29 | | | | | | | 1,939 | | | | 1,939,504 | |
OFSI BSL Ltd., | | | | | | | | | | | | | | | | |
Series 2023-12A, Class A1, 144A, 3 Month SOFR + 2.400%
(Cap N/A, Floor 2.400%) | | 7.718(c) | | 01/20/35 | | | | | | | 2,500 | | | | 2,521,129 | |
Voya CLO Ltd., | | | | | | | | | | | | | | | | |
Series 2013-02A, Class A1R, 144A, 3 Month SOFR + 1.232%
(Cap N/A, Floor 0.970%) | | 6.556(c) | | 04/25/31 | | | | | | | 1,204 | | | | 1,205,561 | |
Series 2015-03A, Class A1R, 144A, 3 Month SOFR + 1.452%
(Cap N/A, Floor 1.452%) | | 6.769(c) | | 10/20/31 | | | | | | | 4,666 | | | | 4,675,199 | |
| | | | | | | | | | | | | | | | |
| | | | | |
TOTAL ASSET-BACKED SECURITIES
(cost $21,087,785) | | | | | | | | | | | | | | | 21,293,236 | |
| | | | | | | | | | | | | | | | |
| | | | | |
CONVERTIBLE BOND 0.0% | | | | | | | | | | | | | | | | |
| | | | | |
China | | | | | | | | | | | | | | | | |
| | | | | |
Sunac China Holdings Ltd., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A, Cash coupon 1.000%
(cost $23,899) | | 1.000 | | 09/30/32 | | | | | | | 194 | | | | 9,723 | |
| | | | | | | | | | | | | | | | |
| | | | | |
CORPORATE BONDS 94.9% | | | | | | | | | | | | | | | | |
| | | | | |
Argentina 0.2% | | | | | | | | | | | | | | | | |
| | | | | |
YPF SA, | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 9.500 | | 01/17/31 | | | | | | | 700 | | | | 699,510 | |
Sr. Unsec’d. Notes, 144A | | 8.500 | | 03/23/25 | | | | | | | 173 | | | | 169,387 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 868,897 | |
See Notes to Financial Statements.
24
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | |
| | | | | |
Australia 0.6% | | | | | | | | | | | | | | |
| | | | | |
APA Infrastructure Ltd., | | | | | | | | | | | | | | |
Gtd. Notes, EMTN | | 7.125%(ff) | | 11/09/83 | | EUR | | | 2,253 | | | $ | 2,603,404 | |
Mineral Resources Ltd., | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 9.250 | | 10/01/28 | | | | | 650 | | | | 684,125 | |
| | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | 3,287,529 | |
| | | | | |
Brazil 3.9% | | | | | | | | | | | | | | |
| | | | | |
Ambipar Lux Sarl, | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 9.875 | | 02/06/31 | | | | | 750 | | | | 745,500 | |
Banco do Brasil SA, | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(aa) | | 4.875 | | 01/11/29 | | | | | 1,250 | | | | 1,207,031 | |
Banco Votorantim SA, | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A, MTN(aa) | | 4.500 | | 09/24/24 | | | | | 1,120 | | | | 1,103,200 | |
Braskem Netherlands Finance BV, | | | | | | | | | | | | | | |
Gtd. Notes(aa) | | 4.500 | | 01/31/30 | | | | | 2,000 | | | | 1,576,200 | |
Gtd. Notes, 144A(aa) | | 8.500 | | 01/12/31 | | | | | 815 | | | | 772,196 | |
Cosan Luxembourg SA, | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 7.250 | | 06/27/31 | | | | | 600 | | | | 602,820 | |
CSN Inova Ventures, | | | | | | | | | | | | | | |
Gtd. Notes | | 6.750 | | 01/28/28 | | | | | 750 | | | | 718,125 | |
Embraer Netherlands Finance BV, | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 6.950 | | 01/17/28 | | | | | 2,055 | | | | 2,111,513 | |
Gtd. Notes, 144A(aa) | | 7.000 | | 07/28/30 | | | | | 1,180 | | | | 1,235,755 | |
Globo Comunicacao e Participacoes SA, | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 4.875 | | 01/22/30 | | | | | 1,000 | | | | 843,750 | |
JSM Global Sarl, | | | | | | | | | | | | | | |
Gtd. Notes | | 4.750 | | 10/20/30(d) | | | | | 1,600 | | | | 328,000 | |
Light Servicos de Eletricidade SA/Light Energia SA, | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 4.375 | | 06/18/26(d) | | | | | 1,500 | | | | 682,500 | |
MARB BondCo PLC, | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 3.950 | | 01/29/31 | | | | | 1,330 | | | | 1,056,020 | |
MercadoLibre, Inc., | | | | | | | | | | | | | | |
Gtd. Notes(aa) | | 3.125 | | 01/14/31 | | | | | 1,326 | | | | 1,113,691 | |
Minerva Luxembourg SA, | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 8.875 | | 09/13/33 | | | | | 1,000 | | | | 1,047,000 | |
NBM US Holdings, Inc., | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 7.000 | | 05/14/26 | | | | | 1,000 | | | | 1,002,835 | |
Nexa Resources SA, | | | | | | | | | | | | | | |
Gtd. Notes | | 6.500 | | 01/18/28 | | | | | 1,000 | | | | 1,001,800 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 25
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | |
| | | | | |
Brazil (cont’d.) | | | | | | | | | | | | | | |
| | | | | |
Petrobras Global Finance BV, | | | | | | | | | | | | | | |
Gtd. Notes(aa) | | 6.500% | | 07/03/33 | | | | | 1,165 | | | $ | 1,153,350 | |
Rumo Luxembourg Sarl, | | | | | | | | | | | | | | |
Gtd. Notes | | 5.250 | | 01/10/28 | | | | | 800 | | | | 764,250 | |
Sitios Latinoamerica SAB de CV, | | | | | | | | | | | | | | |
Gtd. Notes | | 5.375 | | 04/04/32 | | | | | 500 | | | | 462,845 | |
Tupy Overseas SA, | | | | | | | | | | | | | | |
Gtd. Notes | | 4.500 | | 02/16/31 | | | | | 1,000 | | | | 842,500 | |
| | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | 20,370,881 | |
| | | | | |
Canada 4.5% | | | | | | | | | | | | | | |
| | | | | |
1011778 BC ULC/New Red Finance, Inc., | | | | | | | | | | | | | | |
Sec’d. Notes, 144A(aa) | | 4.000 | | 10/15/30 | | | | | 575 | | | | 513,188 | |
Sr. Sec’d. Notes, 144A(aa) | | 3.500 | | 02/15/29 | | | | | 840 | | | | 768,600 | |
Athabasca Oil Corp., | | | | | | | | | | | | | | |
Sec’d. Notes, 144A(aa) | | 9.750 | | 11/01/26 | | | | | 1,765 | | | | 1,875,312 | |
Bombardier, Inc., | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(aa) | | 6.000 | | 02/15/28 | | | | | 1,800 | | | | 1,754,082 | |
Sr. Unsec’d. Notes, 144A(aa) | | 7.125 | | 06/15/26 | | | | | 834 | | | | 840,830 | |
Sr. Unsec’d. Notes, 144A(aa) | | 7.500 | | 02/01/29 | | | | | 1,025 | | | | 1,042,938 | |
Sr. Unsec’d. Notes, 144A | | 7.875 | | 04/15/27 | | | | | 2,001 | | | | 1,995,577 | |
Sr. Unsec’d. Notes, 144A(aa) | | 8.750 | | 11/15/30 | | | | | 1,080 | | | | 1,142,100 | |
Brookfield Residential Properties, Inc./Brookfield Residential US LLC, | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 4.875 | | 02/15/30 | | | | | 1,275 | | | | 1,131,563 | |
Sr. Unsec’d. Notes, 144A | | 5.000 | | 06/15/29 | | | | | 475 | | | | 429,281 | |
GFL Environmental, Inc., | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.000 | | 08/01/28 | | | | | 100 | | | | 91,500 | |
Gtd. Notes, 144A(aa) | | 4.375 | | 08/15/29 | | | | | 900 | | | | 822,375 | |
Sr. Sec’d. Notes, 144A | | 6.750 | | 01/15/31 | | | | | 400 | | | | 408,000 | |
Hudbay Minerals, Inc., | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.500 | | 04/01/26 | | | | | 575 | | | | 560,366 | |
Gtd. Notes, 144A(aa) | | 6.125 | | 04/01/29 | | | | | 1,210 | | | | 1,191,850 | |
Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 9.000 | | 02/15/29 | | | | | 235 | | | | 235,000 | |
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc., | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 5.000 | | 12/31/26 | | | | | 200 | | | | 193,000 | |
See Notes to Financial Statements.
26
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | |
| | | | | |
Canada (cont’d.) | | | | | | | | | | | | | | |
| | | | | |
Mattamy Group Corp., | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(aa) | | 4.625% | | 03/01/30 | | | | | 1,125 | | | $ | 1,020,938 | |
Sr. Unsec’d. Notes, 144A(aa) | | 5.250 | | 12/15/27 | | | | | 1,650 | | | | 1,592,250 | |
New Gold, Inc., | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 7.500 | | 07/15/27 | | | | | 1,035 | | | | 1,025,944 | |
Parkland Corp., | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 4.500 | | 10/01/29 | | | | | 1,625 | | | | 1,497,031 | |
Precision Drilling Corp., | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 6.875 | | 01/15/29 | | | | | 250 | | | | 246,950 | |
Gtd. Notes, 144A(aa) | | 7.125 | | 01/15/26 | | | | | 592 | | | | 589,762 | |
Ritchie Bros Holdings, Inc., | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 7.750 | | 03/15/31 | | | | | 525 | | | | 551,250 | |
Sr. Sec’d. Notes, 144A | | 6.750 | | 03/15/28 | | | | | 150 | | | | 154,032 | |
Superior Plus LP/Superior General Partner, Inc., | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 4.500 | | 03/15/29 | | | | | 2,000 | | | | 1,813,980 | |
| | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | 23,487,699 | |
| | | | | |
Chile 0.5% | | | | | | | | | | | | | | |
| | | | | |
Falabella SA, | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 3.375 | | 01/15/32 | | | | | 1,000 | | | | 740,000 | |
Mercury Chile Holdco LLC, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 6.500 | | 01/24/27 | | | | | 1,000 | | | | 922,725 | |
VTR Comunicaciones SpA, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes | | 4.375 | | 04/15/29 | | | | | 1,000 | | | | 575,000 | |
VTR Finance NV, | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 6.375 | | 07/15/28 | | | | | 705 | | | | 270,103 | |
| | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | 2,507,828 | |
| | | | | |
China 0.5% | | | | | | | | | | | | | | |
| | | | | |
Agile Group Holdings Ltd., | | | | | | | | | | | | | | |
Sr. Sec’d. Notes | | 6.050 | | 10/13/25 | | | | | 1,120 | | | | 151,200 | |
China Hongqiao Group Ltd., | | | | | | | | | | | | | | |
Gtd. Notes | | 6.250 | | 06/08/24 | | | | | 1,100 | | | | 1,089,858 | |
Country Garden Holdings Co. Ltd., | | | | | | | | | | | | | | |
Sr. Sec’d. Notes | | 6.150 | | 09/17/25(d) | | | | | 1,620 | | | | 125,550 | |
Sunac China Holdings Ltd., | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A, PIK 6.000% | | 6.000 | | 09/30/26 | | | | | 157 | | | | 19,664 | |
Sr. Sec’d. Notes, 144A, PIK 6.250% | | 6.250 | | 09/30/27 | | | | | 157 | | | | 18,090 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 27
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | |
| | | | | |
China (cont’d.) | | | | | | | | | | | | | | |
| | | | | |
Sunac China Holdings Ltd., (cont’d.) | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A, PIK 6.500% | | 6.500% | | 09/30/27 | | | | | 315 | | | $ | 31,855 | |
Sr. Sec’d. Notes, 144A, PIK 6.750% | | 6.750 | | 09/30/28 | | | | | 472 | | | | 41,765 | |
Sr. Sec’d. Notes, 144A, PIK 7.000% | | 7.000 | | 09/30/29 | | | | | 472 | | | | 36,810 | |
Sr. Sec’d. Notes, 144A, PIK 7.250% | | 7.250 | | 09/30/30 | | | | | 222 | | | | 15,518 | |
West China Cement Ltd., | | | | | | | | | | | | | | |
Gtd. Notes | | 4.950 | | 07/08/26 | | | | | 1,143 | | | | 844,391 | |
Yuzhou Group Holdings Co. Ltd., | | | | | | | | | | | | | | |
Sr. Sec’d. Notes | | 7.700 | | 02/20/25(d) | | | | | 900 | | | | 63,000 | |
Sr. Sec’d. Notes | | 8.500 | | 02/26/24(d) | | | | | 400 | | | | 28,000 | |
| | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | 2,465,701 | |
| | | | | |
Colombia 1.1% | | | | | | | | | | | | | | |
| | | | | |
AI Candelaria Spain SA, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 5.750 | | 06/15/33 | | | | | 1,440 | | | | 1,119,600 | |
Ecopetrol SA, | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 4.625 | | 11/02/31 | | | | | 500 | | | | 409,600 | |
Sr. Unsec’d. Notes(aa) | | 5.375 | | 06/26/26 | | | | | 975 | | | | 959,839 | |
Sr. Unsec’d. Notes(aa) | | 6.875 | | 04/29/30 | | | | | 1,400 | | | | 1,358,560 | |
Sr. Unsec’d. Notes | | 8.875 | | 01/13/33 | | | | | 690 | | | | 727,846 | |
SierraCol Energy Andina LLC, | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 6.000 | | 06/15/28 | | | | | 1,700 | | | | 1,428,964 | |
| | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | 6,004,409 | |
| | | | | |
Costa Rica 0.1% | | | | | | | | | | | | | | |
| | | | | |
Autopistas del Sol SA, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes | | 7.375 | | 12/30/30 | | | | | 282 | | | | 268,804 | |
Instituto Costarricense de Electricidad, | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 6.750 | | 10/07/31 | | | | | 270 | | | | 267,047 | |
| | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | 535,851 | |
| | | | | |
Czech Republic 0.1% | | | | | | | | | | | | | | |
| | | | | |
Energo-Pro A/S, | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 8.500 | | 02/04/27 | | | | | 700 | | | | 692,344 | |
See Notes to Financial Statements.
28
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | |
| | | | | |
France 1.5% | | | | | | | | | | | | | | |
| | | | | |
Altice France SA, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes(aa) | | 3.375% | | 01/15/28 | | EUR | | | 3,125 | | | $ | 2,572,235 | |
Emeria SASU, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes | | 7.750 | | 03/31/28 | | EUR | | | 700 | | | | 724,460 | |
Sr. Sec’d. Notes, 144A(aa) | | 7.750 | | 03/31/28 | | EUR | | | 1,500 | | | | 1,552,415 | |
Goldstory SAS, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 6.750 | | 02/01/30 | | EUR | | | 1,160 | | | | 1,248,597 | |
Loxam SAS, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 6.375 | | 05/31/29 | | EUR | | | 850 | | | | 943,030 | |
Midco GB SASU, | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A, Cash coupon 7.750%or PIK 8.500% | | 7.750 | | 11/01/27 | | EUR | | | 1,050 | | | | 1,131,376 | |
| | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | 8,172,113 | |
| | | | | |
Germany 1.3% | | | | | | | | | | | | | | |
| | | | | |
Douglas GmbH, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes | | 6.000 | | 04/08/26 | | EUR | | | 1,425 | | | | 1,525,060 | |
Sr. Sec’d. Notes, 144A | | 6.000 | | 04/08/26 | | EUR | | | 540 | | | | 578,016 | |
Techem Verwaltungsgesellschaft 675 mbH, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes(aa) | | 2.000 | | 07/15/25 | | EUR | | | 2,600 | | | | 2,739,743 | |
Wintershall Dea Finance 2 BV, | | | | | | | | | | | | | | |
Gtd. Notes, Series NC8(aa) | | 3.000(ff) | | 07/20/28(oo) | | EUR | | | 2,000 | | | | 1,882,796 | |
| | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | 6,725,615 | |
| | | | | |
Ghana 0.3% | | | | | | | | | | | | | | |
| | | | | |
Tullow Oil PLC, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A (aa) | | 10.250 | | 05/15/26 | | | | | 1,716 | | | | 1,568,531 | |
| | | | | |
Guatemala 0.6% | | | | | | | | | | | | | | |
| | | | | |
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, | | | | | | | | | | | | | | |
Gtd. Notes | | 5.250 | | 04/27/29 | | | | | 1,000 | | | | 930,000 | |
CT Trust, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 5.125 | | 02/03/32 | | | | | 1,160 | | | | 1,009,200 | |
Millicom International Cellular SA, | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 4.500 | | 04/27/31 | | | | | 1,200 | | | | 1,000,500 | |
| | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | 2,939,700 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 29
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | |
| | | | | |
India 2.0% | | | | | | | | | | | | | | |
| | | | | |
ABJA Investment Co. Pte Ltd., | | | | | | | | | | | | | | |
Gtd. Notes(aa) | | 5.950% | | 07/31/24 | | | | | 651 | | | $ | 647,921 | |
Clean Renewable Power Mauritius Pte Ltd., | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 4.250 | | 03/25/27 | | | | | 1,193 | | | | 1,103,062 | |
Delhi International Airport Ltd., | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 6.450 | | 06/04/29 | | | | | 1,205 | | | | 1,185,117 | |
GMR Hyderabad International Airport Ltd., | | | | | | | | | | | | | | |
Sr. Sec’d. Notes(aa) | | 4.250 | | 10/27/27 | | | | | 1,460 | | | | 1,347,945 | |
Greenko Power II Ltd., | | | | | | | | | | | | | | |
Sr. Sec’d. Notes | | 4.300 | | 12/13/28 | | | | | 900 | | | | 819,113 | |
HDFC Bank Ltd., | | | | | | | | | | | | | | |
Jr. Sub. Notes, 144A(aa) | | 3.700(ff) | | 08/25/26(oo) | | | | | 2,135 | | | | 1,957,528 | |
HPCL-Mittal Energy Ltd., | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes(aa) | | 5.250 | | 04/28/27 | | | | | 2,000 | | | | 1,922,500 | |
India Cleantech Energy, | | | | | | | | | | | | | | |
Sec’d. Notes | | 4.700 | | 08/10/26 | | | | | 751 | | | | 698,667 | |
Periama Holdings LLC, | | | | | | | | | | | | | | |
Gtd. Notes | | 5.950 | | 04/19/26 | | | | | 770 | | | | 758,450 | |
Vedanta Resources Finance II PLC, | | | | | | | | | | | | | | |
Gtd. Notes | | 13.875 | | 01/21/27 | | | | | 310 | | | | 291,633 | |
| | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | 10,731,936 | |
| | | | | |
Indonesia 0.1% | | | | | | | | | | | | | | |
| | | | | |
Pertamina Geothermal Energy PT, | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 5.150 | | 04/27/28 | | | | | 530 | | | | 529,669 | |
| | | | | |
Ireland 0.1% | | | | | | | | | | | | | | |
| | | | | |
GGAM Finance Ltd., | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 8.000 | | 02/15/27 | | | | | 275 | | | | 283,313 | |
| | | | | |
Israel 0.6% | | | | | | | | | | | | | | |
| | | | | |
Energian Israel Finance Ltd., | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 5.375 | | 03/30/28 | | | | | 2,250 | | | | 1,960,312 | |
Sr. Sec’d. Notes, 144A | | 5.875 | | 03/30/31 | | | | | 500 | | | | 416,250 | |
Leviathan Bond Ltd., | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 6.750 | | 06/30/30 | | | | | 1,110 | | | | 994,399 | |
| | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | 3,370,961 | |
See Notes to Financial Statements.
30
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | |
| | | | | |
Jamaica 0.5% | | | | | | | | | | | | | | |
| | | | | |
Digicel Group Holdings Ltd., | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, Series 1A14, 144A (original cost $51,249; purchased 11/14/23)^(f) | | 0.000% | | 12/31/30 | | | | | 46 | | | $ | 51,249 | |
Sr. Sec’d. Notes, Series 1B14, 144A (original cost $14; purchased 11/14/23)^(f) | | 0.000 | | 12/31/30 | | | | | 142 | | | | — | |
Sr. Sec’d. Notes, Series 3A14, 144A (original cost $2,179; purchased 11/14/23)^(f) | | 0.000 | | 12/31/30 | | | | | 1 | | | | 2,179 | |
Sr. Sec’d. Notes, Series 3B14, 144A (original cost $4; purchased 11/14/23)^(f) | | 0.000 | | 12/31/30 | | | | | 43 | | | | — | |
Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./DIFL US LLC, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, Cash coupon 9.000% and PIK 1.500% (original cost $1,751,714; purchased 01/29/24 - 01/30/24)(f) | | 9.000 | | 05/25/27 | | | | | 1,896 | | | | 1,787,939 | |
Digicel MidCo Ltd./DIFL US II LLC, | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, PIK 10.500% (original cost $616,445; purchased 01/30/24)(f) | | 10.500 | | 11/25/28 | | | | | 955 | | | | 630,408 | |
| | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | 2,471,775 | |
| | | | | |
Japan 0.8% | | | | | | | | | | | | | | |
| | | | | |
SoftBank Group Corp., | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 3.875 | | 07/06/32 | | EUR | | | 1,400 | | | | 1,325,522 | |
Sr. Unsec’d. Notes(aa) | | 5.000 | | 04/15/28 | | EUR | | | 2,700 | | | | 2,896,297 | |
| | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | 4,221,819 | |
| | | | | |
Kuwait 0.2% | | | | | | | | | | | | | | |
| | | | | |
Kuwait Projects Co. SPC Ltd., | | | | | | | | | | | | | | |
Gtd. Notes | | 4.229 | | 10/29/26 | | | | | 925 | | | | 810,531 | |
Gtd. Notes, EMTN | | 4.500 | | 02/23/27 | | | | | 200 | | | | 172,750 | |
| | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | 983,281 | |
| | | | | |
Luxembourg 2.3% | | | | | | | | | | | | | | |
| | | | | |
Altice Financing SA, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes | | 2.250 | | 01/15/25 | | EUR | | | 700 | | | | 729,067 | |
Sr. Sec’d. Notes | | 3.000 | | 01/15/28 | | EUR | | | 4,175 | | | | 3,947,932 | |
Altice Finco SA, | | | | | | | | | | | | | | |
Sec’d. Notes | | 4.750 | | 01/15/28 | | EUR | | | 2,125 | | | | 1,936,123 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 31
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | |
| | | | | |
Luxembourg (cont’d.) | | | | | | | | | | | | | | |
| | | | | |
Altice France Holding SA, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes | | 8.000% | | 05/15/27 | | EUR | | | 1,575 | | | $ | 887,646 | |
Galapagos SA, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes | | 0.000(cc) | | 06/15/21(d) | | EUR | | | 315 | | | | 1,700 | |
Herens Midco Sarl, | | | | | | | | | | | | | | |
Gtd. Notes | | 5.250 | | 05/15/29 | | EUR | | | 1,481 | | | | 1,105,045 | |
LHMC Finco 2 Sarl, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, Cash coupon 7.250% or PIK 8.000% | | 7.250 | | 10/02/25 | | EUR | | | 523 | | | | 558,290 | |
Summer BC Holdco B Sarl, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes | | 5.750 | | 10/31/26 | | EUR | | | 2,925 | | | | 3,082,021 | |
| | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | 12,247,824 | |
| | | | | |
Macau 0.9% | | | | | | | | | | | | | | |
| | | | | |
MGM China Holdings Ltd., | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 4.750 | | 02/01/27 | | | | | 525 | | | | 490,875 | |
Sr. Unsec’d. Notes, 144A | | 5.250 | | 06/18/25 | | | | | 325 | | | | 315,961 | |
Sands China Ltd., | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 5.650(cc) | | 08/08/28 | | | | | 1,534 | | | | 1,502,706 | |
Wynn Macau Ltd., | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 5.125 | | 12/15/29 | | | | | 1,000 | | | | 886,250 | |
Sr. Unsec’d. Notes, 144A | | 5.500 | | 01/15/26 | | | | | 1,000 | | | | 966,250 | |
Sr. Unsec’d. Notes, 144A | | 5.625 | | 08/26/28 | | | | | 925 | | | | 856,088 | |
| | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | 5,018,130 | |
| | | | | |
Malaysia 0.3% | | | | | | | | | | | | | | |
| | | | | |
Gohl Capital Ltd., | | | | | | | | | | | | | | |
Gtd. Notes | | 4.250 | | 01/24/27 | | | | | 1,889 | | | | 1,807,301 | |
| | | | | |
Mexico 5.5% | | | | | | | | | | | | | | |
| | | | | |
Banco Mercantil del Norte SA, | | | | | | | | | | | | | | |
Jr. Sub. Notes | | 7.500(ff) | | 06/27/29(oo) | | | | | 600 | | | | 568,500 | |
Jr. Sub. Notes, 144A(aa) | | 6.625(ff) | | 01/24/32(oo) | | | | | 1,485 | | | | 1,254,825 | |
Braskem Idesa SAPI, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 7.450 | | 11/15/29 | | | | | 1,750 | | | | 1,209,162 | |
Cemex SAB de CV, | | | | | | | | | | | | | | |
Gtd. Notes | | 5.450 | | 11/19/29 | | | | | 930 | | | | 917,399 | |
Sub. Notes | | 9.125(ff) | | 03/14/28(oo) | | | | | 1,000 | | | | 1,057,950 | |
See Notes to Financial Statements.
32
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | |
| | | | | |
Mexico (cont’d.) | | | | | | | | | | | | | | |
| | | | | |
Comision Federal de Electricidad, | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.688% | | 05/15/29 | | | | | 605 | | | $ | 568,322 | |
Electricidad Firme de Mexico Holdings SA de CV, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 4.900 | | 11/20/26 | | | | | 1,000 | | | | 901,250 | |
Mexico City Airport Trust, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes | | 3.875 | | 04/30/28 | | | | | 2,230 | | | | 2,067,834 | |
Sr. Sec’d. Notes | | 5.500 | | 07/31/47 | | | | | 670 | | | | 549,601 | |
Nemak SAB de CV, | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(aa) | | 3.625 | | 06/28/31 | | | | | 1,230 | | | | 987,075 | |
Petroleos Mexicanos, | | | | | | | | | | | | | | |
Gtd. Notes(aa) | | 5.350 | | 02/12/28 | | | | | 2,500 | | | | 2,184,175 | |
Gtd. Notes(aa) | | 6.490 | | 01/23/27 | | | | | 3,758 | | | | 3,534,211 | |
Gtd. Notes(aa) | | 6.500 | | 03/13/27 | | | | | 2,720 | | | | 2,545,920 | |
Gtd. Notes(aa) | | 6.500 | | 06/02/41 | | | | | 2,100 | | | | 1,397,949 | |
Gtd. Notes | | 6.700 | | 02/16/32 | | | | | 545 | | | | 442,240 | |
Gtd. Notes | | 10.000 | | 02/07/33 | | | | | 145 | | | | 142,644 | |
Gtd. Notes, EMTN(aa) | | 2.750 | | 04/21/27 | | EUR | | | 1,915 | | | | 1,764,283 | |
Gtd. Notes, MTN(aa) | | 6.750 | | 09/21/47 | | | | | 1,825 | | | | 1,167,453 | |
Gtd. Notes, MTN(aa) | | 6.875 | | 08/04/26 | | | | | 3,200 | | | | 3,108,480 | |
Tierra Mojada Luxembourg II Sarl, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 5.750 | | 12/01/40 | | | | | 1,796 | | | | 1,565,551 | |
Total Play Telecomunicaciones SA de CV, | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 6.375 | | 09/20/28 | | | | | 910 | | | | 395,850 | |
Sr. Unsec’d. Notes, 144A(aa) | | 7.500 | | 11/12/25 | | | | | 1,355 | | | | 785,900 | |
| | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | 29,116,574 | |
| | | | | |
Morocco 0.1% | | | | | | | | | | | | | | |
| | | | | |
OCP SA, | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 6.875 | | 04/25/44 | | | | | 280 | | | | 256,550 | |
Sr. Unsec’d. Notes, 144A | | 3.750 | | 06/23/31 | | | | | 200 | | | | 168,470 | |
| | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | 425,020 | |
| | | | | |
Netherlands 1.5% | | | | | | | | | | | | | | |
| | | | | |
Summer BidCo BV, | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A, Cash coupon 10.000% or PIK 10.750% | | 10.000 | | 02/15/29 | | EUR | | | 1,775 | | | | 1,936,341 | |
VEON Holdings BV, | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(aa) | | 3.375 | | 11/25/27 | | | | | 920 | | | | 691,472 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 33
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | |
| | | | | |
Netherlands (cont’d.) | | | | | | | | | | | | | | |
| | | | | |
VZ Secured Financing BV, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes | | 3.500% | | 01/15/32 | | EUR | | | 2,225 | | | $ | 2,174,153 | |
Wp/ap Telecom Holdings III BV, | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 5.500 | | 01/15/30 | | EUR | | | 1,125 | | | | 1,108,494 | |
Sr. Unsec’d. Notes, 144A | | 5.500 | | 01/15/30 | | EUR | | | 1,917 | | | | 1,888,874 | |
| | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | 7,799,334 | |
| | | | | |
Nigeria 0.1% | | | | | | | | | | | | | | |
| | | | | |
IHS Holding Ltd., | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 6.250 | | 11/29/28 | | | | | 645 | | | | 541,800 | |
| | | | | |
Panama 0.2% | | | | | | | | | | | | | | |
| | | | | |
AES Panama Generation Holdings SRL, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 4.375 | | 05/31/30 | | | | | 378 | | | | 323,281 | |
C&W Senior Financing DAC, | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 6.875 | | 09/15/27 | | | | | 750 | | | | 708,203 | |
| | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | 1,031,484 | |
| | | | | |
Peru 0.4% | | | | | | | | | | | | | | |
| | | | | |
InRetail Consumer, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes | | 3.250 | | 03/22/28 | | | | | 800 | | | | 710,500 | |
Kallpa Generacion SA, | | | | | | | | | | | | | | |
Gtd. Notes(aa) | | 4.125 | | 08/16/27 | | | | | 1,000 | | | | 942,500 | |
Minsur SA, | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 4.500 | | 10/28/31 | | | | | 750 | | | | 649,453 | |
| | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | 2,302,453 | |
| | | | | |
Russia 0.0% | | | | | | | | | | | | | | |
| | | | | |
Alfa Bank AO Via Alfa Bond Issuance PLC, | | | | | | | | | | | | | | |
Sub. Notes | | 5.950 | | 04/15/30 | | | | | 1,500 | | | | 75,000 | |
Sub. Notes, 144A | | 5.950 | | 04/15/30 | | | | | 985 | | | | 49,250 | |
Sovcombank Via SovCom Capital DAC, | | | | | | | | | | | | | | |
Jr. Sub. Notes, 144A | | 7.600 | | 02/17/27(oo) | | | | | 1,500 | | | | 54,188 | |
| | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | 178,438 | |
See Notes to Financial Statements.
34
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | |
| | | | | |
Saudi Arabia 0.3% | | | | | | | | | | | | | | |
| | | | | |
Arabian Centres Sukuk Ltd., | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 5.375% | | 11/26/24 | | | | | 1,635 | | | $ | 1,601,278 | |
| | | | | |
Slovenia 0.7% | | | | | | | | | | | | | | |
| | | | | |
United Group BV, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes(aa) | | 3.125 | | 02/15/26 | | EUR | | | 2,900 | | | | 3,012,116 | |
Sr. Sec’d. Notes, 144A(aa) | | 3.125 | | 02/15/26 | | EUR | | | 850 | | | | 882,862 | |
| | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | 3,894,978 | |
| | | | | |
South Africa 1.9% | | | | | | | | | | | | | | |
| | | | | |
Eskom Holdings SOC Ltd., | | | | | | | | | | | | | | |
Gov’t. Gtd. Notes, MTN(aa) | | 6.350 | | 08/10/28 | | | | | 2,080 | | | | 2,020,200 | |
Sr. Unsec’d. Notes(aa) | | 7.125 | | 02/11/25 | | | | | 1,270 | | | | 1,262,063 | |
Sr. Unsec’d. Notes, MTN(aa) | | 8.450 | | 08/10/28 | | | | | 1,040 | | | | 1,038,700 | |
Sasol Financing USA LLC, | | | | | | | | | | | | | | |
Gtd. Notes(aa) | | 4.375 | | 09/18/26 | | | | | 790 | | | | 735,934 | |
Gtd. Notes(aa) | | 6.500 | | 09/27/28 | | | | | 1,930 | | | | 1,821,823 | |
Gtd. Notes, 144A(aa) | | 8.750 | | 05/03/29 | | | | | 2,100 | | | | 2,138,167 | |
Transnet SOC Ltd., | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(aa) | | 8.250 | | 02/06/28 | | | | | 935 | | | | 939,769 | |
| | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | 9,956,656 | |
| | | | | |
Spain 1.0% | | | | | | | | | | | | | | |
| | | | | |
Banco de Sabadell SA, | | | | | | | | | | | | | | |
Sub. Notes | | 2.000(ff) | | 01/17/30 | | EUR | | | 700 | | | | 729,332 | |
Cellnex Finance Co. SA, | | | | | | | | | | | | | | |
Gtd. Notes, EMTN | | 2.000 | | 09/15/32 | | EUR | | | 2,300 | | | | 2,144,684 | |
Gtd. Notes, EMTN | | 2.000 | | 02/15/33 | | EUR | | | 500 | | | | 462,864 | |
Codere Finance 2 Luxembourg SA, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, Cash coupon 2.000% and PIK 10.750% | | 12.750 | | 11/30/27(d) | | EUR | | | 673 | | | | 21,820 | |
Sr. Sec’d. Notes, 144A, Cash coupon 2.000% and PIK 11.625%^ | | 13.625 | | 11/30/27(d) | | | | | 224 | | | | 1,121 | |
Eroski S Coop, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 10.625 | | 04/30/29 | | EUR | | | 1,480 | | | | 1,702,152 | |
| | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | 5,061,973 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 35
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | |
| | | | | |
Sweden 0.6% | | | | | | | | | | | | | | |
| | | | | |
Preem Holdings AB, | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A (aa) | | 12.000% | | 06/30/27 | | EUR | | | 2,520 | | | $ | 2,954,850 | |
| | | | | |
Switzerland 0.3% | | | | | | | | | | | | | | |
| | | | | |
VistaJet Malta Finance PLC/Vista Management Holding, Inc., | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(aa) | | 7.875 | | 05/01/27 | | | | | 1,540 | | | | 1,301,300 | |
Sr. Unsec’d. Notes, 144A | | 9.500 | | 06/01/28 | | | | | 580 | | | | 490,182 | |
| | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | 1,791,482 | |
| | | | | |
Thailand 0.6% | | | | | | | | | | | | | | |
| | | | | |
Bangkok Bank PCL, | | | | | | | | | | | | | | |
Jr. Sub. Notes, 144A, MTN (aa) | | 5.000(ff) | | 09/23/25(oo) | | | | | 3,016 | | | | 2,937,584 | |
| | | | | |
Turkey 1.3% | | | | | | | | | | | | | | |
| | | | | |
Aydem Yenilenebilir Enerji A/S, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 7.750 | | 02/02/27 | | | | | 1,140 | | | | 1,068,394 | |
Eldorado Gold Corp., | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(aa) | | 6.250 | | 09/01/29 | | | | | 1,250 | | | | 1,187,587 | |
KOC Holding A/S, | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(aa) | | 6.500 | | 03/11/25 | | | | | 1,000 | | | | 997,500 | |
Mersin Uluslararasi Liman Isletmeciligi A/S, | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(aa) | | 8.250 | | 11/15/28 | | | | | 1,000 | | | | 1,030,312 | |
TAV Havalimanlari Holding A/S, | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 8.500 | | 12/07/28 | | | | | 1,000 | | | | 1,019,688 | |
Turkiye Sinai Kalkinma Bankasi A/S, | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A, MTN(aa) | | 9.375 | | 10/19/28 | | | | | 1,000 | | | | 1,060,000 | |
WE Soda Investments Holding PLC, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 9.500 | | 10/06/28 | | | | | 500 | | | | 510,000 | |
| | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | 6,873,481 | |
| | | | | |
Ukraine 0.2% | | | | | | | | | | | | | | |
| | | | | |
NAK Naftogaz Ukraine via Kondor Finance PLC, | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes(aa) | | 7.125 | | 07/19/26(d) | | EUR | | | 1,035 | | | | 598,411 | |
Sr. Unsec’d. Notes | | 7.625 | | 11/08/28(d) | | | | | 830 | | | | 444,050 | |
| | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | 1,042,461 | |
See Notes to Financial Statements.
36
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | |
| | | | | |
United Arab Emirates 0.3% | | | | | | | | | | | | | | |
| | | | | |
DP World Salaam, | | | | | | | | | | | | | | |
Jr. Sub. Notes | | 6.000%(ff) | | 10/01/25(oo) | | | | | 1,620 | | | $ | 1,606,230 | |
| | | | | |
United Kingdom 6.7% | | | | | | | | | | | | | | |
| | | | | |
Bellis Finco PLC, | | | | | | | | | | | | | | |
Gtd. Notes | | 4.000 | | 02/16/27 | | GBP | | | 1,275 | | | | 1,473,277 | |
Sr. Unsec’d. Notes, 144A | | 4.000 | | 02/16/27 | | GBP | | | 2,275 | | | | 2,628,789 | |
Connect Finco Sarl/Connect US Finco LLC, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 6.750 | | 10/01/26 | | | | | 800 | | | | 782,368 | |
eG Global Finance PLC, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes | | 11.000 | | 11/30/28 | | EUR | | | 1,825 | | | | 2,087,163 | |
Sr. Sec’d. Notes, 144A | | 11.000 | | 11/30/28 | | EUR | | | 600 | | | | 686,839 | |
Jerrold Finco PLC, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes(aa) | | 5.250 | | 01/15/27 | | GBP | | | 2,275 | | | | 2,668,316 | |
Sr. Sec’d. Notes, 144A(aa) | | 5.250 | | 01/15/27 | | GBP | | | 1,325 | | | | 1,522,685 | |
Macquarie Airfinance Holdings Ltd., | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 8.125 | | 03/30/29 | | | | | 250 | | | | 260,000 | |
Sr. Unsec’d. Notes, 144A(aa) | | 8.375 | | 05/01/28 | | | | | 975 | | | | 1,020,094 | |
Motion Bondco DAC, | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 6.625 | | 11/15/27 | | | | | 250 | | | | 239,375 | |
Motion Finco Sarl, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes | | 7.375 | | 06/15/30 | | EUR | | | 1,400 | | | | 1,561,062 | |
Sherwood Financing PLC, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 6.000 | | 11/15/26 | | GBP | | | 1,350 | | | | 1,564,816 | |
TalkTalk Telecom Group Ltd., | | | | | | | | | | | | | | |
Gtd. Notes(aa) | | 3.875 | | 02/20/25 | | GBP | | | 4,900 | | | | 5,133,431 | |
Very Group Funding PLC (The), | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 6.500 | | 08/01/26 | | GBP | | | 3,275 | | | | 3,673,111 | |
Virgin Media Secured Finance PLC, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes | | 4.125 | | 08/15/30 | | GBP | | | 4,525 | | | | 4,894,366 | |
Sr. Sec’d. Notes(aa) | | 4.250 | | 01/15/30 | | GBP | | | 3,570 | | | | 3,966,510 | |
Zenith Finco PLC, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 6.500 | | 06/30/27 | | GBP | | | 1,175 | | | | 1,161,376 | |
| | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | 35,323,578 | |
| | | | | |
United States 49.8% | | | | | | | | | | | | | | |
| | | | | |
ACCO Brands Corp., | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 4.250 | | 03/15/29 | | | | | 1,225 | | | | 1,110,907 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 37
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | |
| | | | | |
United States (cont’d.) | | | | | | | | | | | | | | |
| | | | | |
AdaptHealth LLC, | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.625% | | 08/01/29 | | | | | 625 | | | $ | 494,245 | |
Gtd. Notes, 144A(aa) | | 5.125 | | 03/01/30 | | | | | 925 | | | | 726,211 | |
Gtd. Notes, 144A(aa) | | 6.125 | | 08/01/28 | | | | | 655 | | | | 573,212 | |
Adient Global Holdings Ltd., | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 7.000 | | 04/15/28 | | | | | 450 | | | | 458,437 | |
Adtalem Global Education, Inc., | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 5.500 | | 03/01/28 | | | | | 725 | | | | 685,906 | |
Aethon United BR LP/Aethon United Finance Corp., | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 8.250 | | 02/15/26 | | | | | 625 | | | | 622,983 | |
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s LP/Albertson’s LLC, | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 6.500 | | 02/15/28 | | | | | 150 | | | | 151,586 | |
Allied Universal Holdco LLC/Allied Universal Finance Corp., | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 6.625 | | 07/15/26 | | | | | 1,790 | | | | 1,765,313 | |
Sr. Unsec’d. Notes, 144A | | 6.000 | | 06/01/29 | | | | | 600 | | | | 496,842 | |
Sr. Unsec’d. Notes, 144A(aa) | | 9.750 | | 07/15/27 | | | | | 2,575 | | | | 2,517,201 | |
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 3.625 | | 06/01/28 | | EUR | | | 3,225 | | | | 3,176,115 | |
Alta Equipment Group, Inc., | | | | | | | | | | | | | | |
Sec’d. Notes, 144A | | 5.625 | | 04/15/26 | | | | | 600 | | | | 575,708 | |
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., | | | | | | | | | | | | | | |
Gtd. Notes(aa) | | 7.875 | | 12/15/24(d) | | | | | 6,450 | | | | 645 | |
American Airlines, Inc., | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 7.250 | | 02/15/28 | | | | | 400 | | | | 406,299 | |
American Airlines, Inc./AAdvantage Loyalty IP Ltd., | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 5.750 | | 04/20/29 | | | | | 1,700 | | | | 1,670,437 | |
American Axle & Manufacturing, Inc., | | | | | | | | | | | | | | |
Gtd. Notes | | 6.250 | | 03/15/26 | | | | | 426 | | | | 421,089 | |
AmeriGas Partners LP/AmeriGas Finance Corp., | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 5.750 | | 05/20/27 | | | | | 375 | | | | 359,348 | |
Sr. Unsec’d. Notes | | 5.875 | | 08/20/26 | | | | | 685 | | | | 662,295 | |
AMN Healthcare, Inc., | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 4.000 | | 04/15/29 | | | | | 800 | | | | 725,941 | |
Amsted Industries, Inc., | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(aa) | | 4.625 | | 05/15/30 | | | | | 1,475 | | | | 1,336,116 | |
See Notes to Financial Statements.
38
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | |
| | | | | |
United States (cont’d.) | | | | | | | | | | | | | | |
| | | | | |
Antero Midstream Partners LP/Antero Midstream Finance Corp., | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 5.375% | | 06/15/29 | | | | | 175 | | | $ | 168,260 | |
Gtd. Notes, 144A(aa) | | 5.750 | | 01/15/28 | | | | | 1,400 | | | | 1,374,613 | |
Gtd. Notes, 144A | | 6.625 | | 02/01/32 | | | | | 255 | | | | 254,021 | |
Antero Resources Corp., | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 7.625 | | 02/01/29 | | | | | 689 | | | | 709,441 | |
Arsenal AIC Parent LLC, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 8.000 | | 10/01/30 | | | | | 250 | | | | 261,528 | |
Ascent Resources Utica Holdings LLC/ARU Finance Corp., | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 9.000 | | 11/01/27 | | | | | 368 | | | | 467,246 | |
Sr. Unsec’d. Notes, 144A(aa) | | 8.250 | | 12/31/28 | | | | | 2,275 | | | | 2,324,918 | |
Ashton Woods USA LLC/Ashton Woods Finance Co., | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(aa) | | 4.625 | | 08/01/29 | | | | | 1,425 | | | | 1,296,857 | |
Sr. Unsec’d. Notes, 144A | | 4.625 | | 04/01/30 | | | | | 150 | | | | 135,733 | |
ASP Unifrax Holdings, Inc., | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 5.250 | | 09/30/28 | | | | | 425 | | | | 275,856 | |
Sr. Unsec’d. Notes, 144A | | 7.500 | | 09/30/29 | | | | | 275 | | | | 131,013 | |
ATI, Inc., | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 7.250 | | 08/15/30 | | | | | 320 | | | | 329,789 | |
B&G Foods, Inc., | | | | | | | | | | | | | | |
Gtd. Notes(aa) | | 5.250 | | 09/15/27 | | | | | 3,170 | | | | 2,858,612 | |
Sr. Sec’d. Notes, 144A | | 8.000 | | 09/15/28 | | | | | 625 | | | | 651,170 | |
Banff Merger Sub, Inc., | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes(aa) | | 8.375 | | 09/01/26 | | EUR | | | 2,550 | | | | 2,680,139 | |
Bausch Health Cos., Inc., | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 5.000 | | 01/30/28 | | | | | 1,450 | | | | 623,500 | |
Gtd. Notes, 144A | | 5.000 | | 02/15/29 | | | | | 125 | | | | 51,875 | |
Gtd. Notes, 144A(aa) | | 5.250 | | 01/30/30 | | | | | 2,225 | | | | 896,541 | |
Gtd. Notes, 144A(aa) | | 5.250 | | 02/15/31 | | | | | 1,600 | | | | 668,000 | |
Gtd. Notes, 144A(aa) | | 6.250 | | 02/15/29 | | | | | 3,540 | | | | 1,486,800 | |
Gtd. Notes, 144A | | 7.000 | | 01/15/28 | | | | | 250 | | | | 110,000 | |
Beacon Roofing Supply, Inc., | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 6.500 | | 08/01/30 | | | | | 225 | | | | 228,384 | |
Beazer Homes USA, Inc., | | | | | | | | | | | | | | |
Gtd. Notes | | 5.875 | | 10/15/27 | | | | | 75 | | | | 73,161 | |
Gtd. Notes(aa) | | 6.750 | | 03/15/25 | | | | | 575 | | | | 574,858 | |
Gtd. Notes(aa) | | 7.250 | | 10/15/29 | | | | | 1,650 | | | | 1,658,442 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 39
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | |
| | | | | |
United States (cont’d.) | | | | | | | | | | | | | | |
| | | | | |
Boeing Co. (The), | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes(aa) | | 5.805% | | 05/01/50 | | | | | 880 | | | $ | 882,165 | |
Sr. Unsec’d. Notes | | 5.930 | | 05/01/60 | | | | | 275 | | | | 274,200 | |
Boyd Gaming Corp., | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.750 | | 06/15/31 | | | | | 125 | | | | 114,948 | |
Brand Industrial Services, Inc., | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 10.375 | | 08/01/30 | | | | | 200 | | | | 211,313 | |
Bread Financial Holdings, Inc., | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 9.750 | | 03/15/29 | | | | | 850 | | | | 850,708 | |
Brinker International, Inc., | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 8.250 | | 07/15/30 | | | | | 1,050 | | | | 1,098,641 | |
C&S Group Enterprises LLC, | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 5.000 | | 12/15/28 | | | | | 400 | | | | 324,785 | |
Caesars Entertainment, Inc., | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 6.250 | | 07/01/25 | | | | | 125 | | | | 125,604 | |
Sr. Sec’d. Notes, 144A | | 6.500 | | 02/15/32 | | | | | 1,315 | | | | 1,327,942 | |
Sr. Sec’d. Notes, 144A(aa) | | 7.000 | | 02/15/30 | | | | | 1,725 | | | | 1,776,786 | |
Sr. Unsec’d. Notes, 144A(aa) | | 4.625 | | 10/15/29 | | | | | 1,325 | | | | 1,209,983 | |
Calpine Corp., | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 5.000 | | 02/01/31 | | | | | 325 | | | | 294,821 | |
Sr. Unsec’d. Notes, 144A(aa) | | 5.125 | | 03/15/28 | | | | | 6,425 | | | | 6,140,785 | |
Camelot Return Merger Sub, Inc., | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 8.750 | | 08/01/28 | | | | | 725 | | | | 744,557 | |
Carnival Corp., | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 5.750 | | 03/01/27 | | | | | 2,400 | | | | 2,370,000 | |
Sr. Sec’d. Notes, 144A | | 4.000 | | 08/01/28 | | | | | 125 | | | | 115,494 | |
CCM Merger, Inc., | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 6.375 | | 05/01/26 | | | | | 325 | | | | 321,622 | |
CCO Holdings LLC/CCO Holdings Capital Corp., | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes(aa) | | 4.500 | | 05/01/32 | | | | | 1,300 | | | | 1,084,847 | |
Sr. Unsec’d. Notes, 144A(aa) | | 4.250 | | 02/01/31 | | | | | 2,550 | | | | 2,148,913 | |
Sr. Unsec’d. Notes, 144A | | 4.250 | | 01/15/34 | | | | | 609 | | | | 485,044 | |
Sr. Unsec’d. Notes, 144A(aa) | | 4.500 | | 06/01/33 | | | | | 750 | | | | 614,810 | |
Sr. Unsec’d. Notes, 144A(aa) | | 4.750 | | 03/01/30 | | | | | 3,050 | | | | 2,709,920 | |
Sr. Unsec’d. Notes, 144A(aa) | | 5.000 | | 02/01/28 | | | | | 3,575 | | | | 3,373,716 | |
Sr. Unsec’d. Notes, 144A(aa) | | 5.125 | | 05/01/27 | | | | | 950 | | | | 915,911 | |
Sr. Unsec’d. Notes, 144A | | 5.375 | | 06/01/29 | | | | | 50 | | | | 46,508 | |
Chart Industries, Inc., | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 9.500 | | 01/01/31 | | | | | 420 | | | | 448,611 | |
Sr. Sec’d. Notes, 144A(aa) | | 7.500 | | 01/01/30 | | | | | 1,045 | | | | 1,075,388 | |
See Notes to Financial Statements.
40
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | |
| | | | | |
United States (cont’d.) | | | | | | | | | | | | | | |
| | | | | |
Cheniere Energy, Inc., | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes(aa) | | 4.625% | | 10/15/28 | | | | | 2,550 | | | $ | 2,469,844 | |
Chesapeake Energy Corp., | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 5.875 | | 02/01/29 | | | | | 475 | | | | 471,723 | |
Gtd. Notes, 144A | | 6.750 | | 04/15/29 | | | | | 565 | | | | 571,406 | |
Churchill Downs, Inc., | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 6.750 | | 05/01/31 | | | | | 75 | | | | 76,024 | |
Sr. Unsec’d. Notes, 144A | | 5.750 | | 04/01/30 | | | | | 650 | | | | 628,884 | |
CITGO Petroleum Corp., | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 7.000 | | 06/15/25 | | | | | 1,325 | | | | 1,323,626 | |
Civitas Resources, Inc., | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 8.375 | | 07/01/28 | | | | | 800 | | | | 841,242 | |
Gtd. Notes, 144A | | 8.625 | | 11/01/30 | | | | | 350 | | | | 374,046 | |
Clarios Global LP/Clarios US Finance Co., | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 8.500 | | 05/15/27 | | | | | 425 | | | | 427,550 | |
Clarivate Science Holdings Corp., | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 4.875 | | 07/01/29 | | | | | 725 | | | | 676,928 | |
Cleveland-Cliffs, Inc., | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 6.750 | | 04/15/30 | | | | | 925 | | | | 932,776 | |
CMG Media Corp., | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 8.875 | | 12/15/27 | | | | | 1,645 | | | | 1,281,835 | |
CNX Midstream Partners LP, | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.750 | | 04/15/30 | | | | | 175 | | | | 152,731 | |
CNX Resources Corp., | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 7.250 | | 03/14/27 | | | | | 1,325 | | | | 1,330,417 | |
Comstock Resources, Inc., | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 6.750 | | 03/01/29 | | | | | 1,000 | | | | 919,852 | |
Cornerstone Building Brands, Inc., | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 6.125 | | 01/15/29 | | | | | 550 | | | | 488,972 | |
Cornerstone Chemical Co., | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A^(aa) | | 15.000 | | 12/06/28 | | | | | 891 | | | | 891,477 | |
Crescent Energy Finance LLC, | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 7.250 | | 05/01/26 | | | | | 125 | | | | 124,849 | |
Gtd. Notes, 144A(aa) | | 9.250 | | 02/15/28 | | | | | 790 | | | | 824,270 | |
CrownRock LP/CrownRock Finance, Inc., | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 5.000 | | 05/01/29 | | | | | 179 | | | | 176,458 | |
CSC Holdings LLC, | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 4.125 | | 12/01/30 | | | | | 900 | | | | 652,021 | |
Gtd. Notes, 144A(aa) | | 5.500 | | 04/15/27 | | | | | 1,000 | | | | 897,872 | |
Sr. Unsec’d. Notes, 144A(aa) | | 4.625 | | 12/01/30 | | | | | 4,050 | | | | 2,091,150 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 41
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | |
| | | | |
| Description | | Interest
Rate | | Maturity
Date | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | | |
United States (cont’d.) | | | | | | | | | | | | | | | | |
| | | | | |
Dana, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 4.250% | | 09/01/30 | | | | | | | 450 | | | $ | 393,226 | |
Sr. Unsec’d. Notes(aa) | | 4.500 | | 02/15/32 | | | | | | | 725 | | | | 622,441 | |
DaVita, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 3.750 | | 02/15/31 | | | | | | | 1,550 | | | | 1,276,576 | |
Gtd. Notes, 144A | | 4.625 | | 06/01/30 | | | | | | | 2,875 | | | | 2,543,049 | |
Diamond Foreign Asset Co./Diamond Finance LLC, | | | | | | | | | | | | | | | | |
Sec’d. Notes, 144A | | 8.500 | | 10/01/30 | | | | | | | 350 | | | | 358,750 | |
Diamond Sports Group LLC/Diamond Sports Finance Co., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A (original cost $3,927,328; purchased 07/18/19 - 02/27/20)(aa)(f) | | 6.625 | | 08/15/27(d) | | | | | | | 4,125 | | | | 278,438 | |
Sec’d. Notes, 144A (original cost $2,387,283;purchased 07/18/19 - 07/05/22)(f) | | 5.375 | | 08/15/26(d) | | | | | | | 3,150 | | | | 218,541 | |
Directv Financing LLC, | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 8.875 | | 02/01/30 | | | | | | | 330 | | | | 336,645 | |
DISH DBS Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes | | 5.125 | | 06/01/29 | | | | | | | 975 | | | | 361,272 | |
Gtd. Notes | | 7.375 | | 07/01/28 | | | | | | | 515 | | | | 227,101 | |
Gtd. Notes | | 7.750 | | 07/01/26 | | | | | | | 2,910 | | | | 1,716,970 | |
DISH Network Corp., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 11.750 | | 11/15/27 | | | | | | | 1,100 | | | | 1,147,757 | |
Diversified Healthcare Trust, | | | | | | | | | | | | | | | | |
Gtd. Notes(aa) | | 4.375 | | 03/01/31 | | | | | | | 750 | | | | 566,135 | |
Gtd. Notes | | 9.750 | | 06/15/25 | | | | | | | 550 | | | | 547,800 | |
Sr. Unsec’d. Notes | | 4.750 | | 02/15/28 | | | | | | | 575 | | | | 451,191 | |
Eco Material Technologies, Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 7.875 | | 01/31/27 | | | | | | | 845 | | | | 845,399 | |
Embecta Corp., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 5.000 | | 02/15/30 | | | | | | | 500 | | | | 409,085 | |
Sr. Sec’d. Notes, 144A | | 6.750 | | 02/15/30 | | | | | | | 75 | | | | 65,861 | |
Energizer Holdings, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 4.375 | | 03/31/29 | | | | | | | 1,725 | | | | 1,558,687 | |
Energy Transfer LP, | | | | | | | | | | | | | | | | |
Jr. Sub. Notes, Series G(aa) | | 7.125(ff) | | 05/15/30(oo) | | | | | | | 1,275 | | | | 1,232,546 | |
EnerSys, | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 6.625 | | 01/15/32 | | | | | | | 175 | | | | 177,320 | |
EQM Midstream Partners LP, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(aa) | | 6.500 | | 07/01/27 | | | | | | | 1,480 | | | | 1,498,781 | |
See Notes to Financial Statements.
42
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | |
| | | | |
| Description | | Interest
Rate | | Maturity
Date | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | | |
United States (cont’d.) | | | | | | | | | | | | | | | | |
| | | | | |
EQM Midstream Partners LP, (cont’d.) | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 7.500% | | 06/01/27 | | | | | | | 200 | | | $ | 205,663 | |
Sr. Unsec’d. Notes, 144A | | 7.500 | | 06/01/30 | | | | | | | 200 | | | | 214,509 | |
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 6.750 | | 01/15/30 | | | | | | | 2,125 | | | | 1,910,241 | |
Sr. Sec’d. Notes, 144A | | 4.625 | | 01/15/29 | | | | | | | 650 | | | | 598,631 | |
Five Point Operating Co. LP/Five Point Capital Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 10.500(cc) | | 01/15/28 | | | | | | | 1,049 | | | | 1,070,564 | |
Forestar Group, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 3.850 | | 05/15/26 | | | | | | | 1,025 | | | | 973,387 | |
Gtd. Notes, 144A(aa) | | 5.000 | | 03/01/28 | | | | | | | 800 | | | | 760,453 | |
Foundation Building Materials, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 6.000 | | 03/01/29 | | | | | | | 500 | | | | 439,365 | |
Freedom Mortgage Corp., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 7.625 | | 05/01/26 | | | | | | | 325 | | | | 323,651 | |
Sr. Unsec’d. Notes, 144A | | 12.000 | | 10/01/28 | | | | | | | 300 | | | | 329,132 | |
Freedom Mortgage Holdings LLC, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 9.250 | | 02/01/29 | | | | | | | 125 | | | | 126,583 | |
Gap, Inc. (The), | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 3.625 | | 10/01/29 | | | | | | | 250 | | | | 214,101 | |
Gtd. Notes, 144A(aa) | | 3.875 | | 10/01/31 | | | | | | | 1,850 | | | | 1,526,977 | |
Global Partners LP/GLP Finance Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes | | 6.875 | | 01/15/29 | | | | | | | 450 | | | | 446,155 | |
Gtd. Notes, 144A | | 8.250 | | 01/15/32 | | | | | | | 300 | | | | 307,640 | |
GN Bondco LLC, | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 9.500 | | 10/15/31 | | | | | | | 1,700 | | | | 1,676,771 | |
Golden Entertainment, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(aa) | | 7.625 | | 04/15/26 | | | | | | | 1,250 | | | | 1,257,411 | |
Gray Television, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 5.875 | | 07/15/26 | | | | | | | 1,315 | | | | 1,288,724 | |
Greystar Real Estate Partners LLC, | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 7.750 | | 09/01/30 | | | | | | | 300 | | | | 319,461 | |
Griffon Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes(aa) | | 5.750 | | 03/01/28 | | | | | | | 800 | | | | 784,219 | |
GTCR W-2 Merger Sub LLC, | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 7.500 | | 01/15/31 | | | | | | | 525 | | | | 547,001 | |
H&E Equipment Services, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 3.875 | | 12/15/28 | | | | | | | 2,400 | | | | 2,179,056 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 43
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | |
| | | | |
| Description | | Interest
Rate | | Maturity
Date | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | | |
United States (cont’d.) | | | | | | | | | | | | | | | | |
| | | | | |
Hecla Mining Co., | | | | | | | | | | | | | | | | |
Gtd. Notes(aa) | | 7.250% | | 02/15/28 | | | | | | | 605 | | | $ | 606,641 | |
| | | | | |
Hertz Corp. (The), | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.625 | | 12/01/26 | | | | | | | 325 | | | | 292,502 | |
Gtd. Notes, 144A | | 5.000 | | 12/01/29 | | | | | | | 650 | | | | 514,853 | |
| | | | | |
Hilcorp Energy I LP/Hilcorp Finance Co., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 5.750 | | 02/01/29 | | | | | | | 325 | | | | 315,578 | |
Sr. Unsec’d. Notes, 144A | | 6.000 | | 04/15/30 | | | | | | | 700 | | | | 679,558 | |
Sr. Unsec’d. Notes, 144A(aa) | | 6.000 | | 02/01/31 | | | | | | | 1,325 | | | | 1,275,057 | |
Sr. Unsec’d. Notes, 144A(aa) | | 6.250 | | 11/01/28 | | | | | | | 900 | | | | 896,691 | |
Sr. Unsec’d. Notes, 144A(aa) | | 6.250 | | 04/15/32 | | | | | | | 875 | | | | 844,999 | |
Sr. Unsec’d. Notes, 144A | | 8.375 | | 11/01/33 | | | | | | | 383 | | | | 411,453 | |
| | | | | |
Hilton Domestic Operating Co., Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.000 | | 05/01/31 | | | | | | | 700 | | | | 628,294 | |
| | | | | |
Howard Hughes Corp. (The), | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 4.125 | | 02/01/29 | | | | | | | 1,150 | | | | 1,038,048 | |
Gtd. Notes, 144A(aa) | | 4.375 | | 02/01/31 | | | | | | | 800 | | | | 698,773 | |
| | | | | |
Hunt Cos., Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 5.250 | | 04/15/29 | | | | | | | 1,875 | | | | 1,742,241 | |
| | | | | |
International Game Technology PLC, | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 6.250 | | 01/15/27 | | | | | | | 750 | | | | 751,650 | |
| | | | | |
Jacobs Entertainment, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(aa) | | 6.750 | | 02/15/29 | | | | | | | 825 | | | | 782,731 | |
Sr. Unsec’d. Notes, 144A | | 6.750 | | 02/15/29 | | | | | | | 375 | | | | 343,115 | |
| | | | | |
JB Poindexter & Co., Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 8.750 | | 12/15/31 | | | | | | | 605 | | | | 619,282 | |
| | | | | |
Jefferies Finance LLC/JFIN Co-Issuer Corp., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(aa) | | 5.000 | | 08/15/28 | | | | | | | 1,100 | | | | 991,978 | |
| | | | | |
KB Home, | | | | | | | | | | | | | | | | |
Gtd. Notes | | 4.000 | | 06/15/31 | | | | | | | 400 | | | | 353,688 | |
Gtd. Notes(aa) | | 4.800 | | 11/15/29 | | | | | | | 2,500 | | | | 2,358,742 | |
| | | | | |
Knife River Corp., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 7.750 | | 05/01/31 | | | | | | | 350 | | | | 367,862 | |
| | | | | |
Kontoor Brands, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.125 | | 11/15/29 | | | | | | | 325 | | | | 295,051 | |
| | | | | |
LABL, Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 5.875 | | 11/01/28 | | | | | | | 500 | | | | 448,107 | |
Sr. Sec’d. Notes, 144A | | 9.500 | | 11/01/28 | | | | | | | 225 | | | | 224,703 | |
Sr. Unsec’d. Notes, 144A | | 8.250 | | 11/01/29 | | | | | | | 450 | | | | 367,920 | |
See Notes to Financial Statements.
44
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | |
| | | | |
| Description | | Interest
Rate | | Maturity
Date | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | | |
United States (cont’d.) | | | | | | | | | | | | | | | | |
| | | | | |
LABL, Inc., (cont’d.) | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 10.500% | | 07/15/27 | | | | | | | 575 | | | $ | 549,852 | |
| | | | | |
LBM Acquisition LLC, | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 6.250 | | 01/15/29 | | | | | | | 475 | | | | 431,550 | |
| | | | | |
LCM Investments Holdings II LLC, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(aa) | | 4.875 | | 05/01/29 | | | | | | | 750 | | | | 678,033 | |
Sr. Unsec’d. Notes, 144A(aa) | | 8.250 | | 08/01/31 | | | | | | | 710 | | | | 728,212 | |
| | | | | |
LD Holdings Group LLC, | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 6.125 | | 04/01/28 | | | | | | | 775 | | | | 631,418 | |
| | | | | |
Level 3 Financing, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A (original cost $44,250; purchased 11/03/23 - 11/08/23)(f) | | 4.250 | | 07/01/28 | | | | | | | 75 | | | | 42,000 | |
Gtd. Notes, 144A (original cost $1,211,250; purchased 02/08/23)(f) | | 4.625 | | 09/15/27 | | | | | | | 1,500 | | | | 922,500 | |
Sr. Sec’d. Notes, 144A (original cost $145,423;purchased 02/21/23)(f) | | 3.400 | | 03/01/27 | | | | | | | 175 | | | | 171,938 | |
| | | | | |
LifePoint Health, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 5.375 | | 01/15/29 | | | | | | | 1,000 | | | | 790,502 | |
| | | | | |
Light & Wonder International, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 7.500 | | 09/01/31 | | | | | | | 350 | | | | 364,507 | |
| | | | | |
Likewize Corp., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 9.750 | | 10/15/25 | | | | | | | 790 | | | | 800,961 | |
| | | | | |
Lindblad Expeditions Holdings, Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 9.000 | | 05/15/28 | | | | | | | 650 | | | | 674,833 | |
| | | | | |
LPL Holdings, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 4.625 | | 11/15/27 | | | | | | | 1,040 | | | | 1,001,891 | |
| | | | | |
M/I Homes, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes(aa) | | 4.950 | | 02/01/28 | | | | | | | 1,025 | | | | 981,181 | |
| | | | | |
Masonite International Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 3.500 | | 02/15/30 | | | | | | | 400 | | | | 345,000 | |
Gtd. Notes, 144A | | 5.375 | | 02/01/28 | | | | | | | 230 | | | | 222,525 | |
| | | | | |
Mauser Packaging Solutions Holding Co., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 7.875 | | 08/15/26 | | | | | | | 750 | | | | 757,638 | |
| | | | | |
Mavis Tire Express Services Topco Corp., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 6.500 | | 05/15/29 | | | | | | | 2,725 | | | | 2,503,622 | |
| | | | | |
Maxim Crane Works Holdings Capital LLC, | | | | | | | | | | | | | | | | |
Sec’d. Notes, 144A(aa) | | 11.500 | | 09/01/28 | | | | | | | 1,100 | | | | 1,149,086 | |
| | | | | |
McAfee Corp., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 7.375 | | 02/15/30 | | | | | | | 450 | | | | 407,686 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 45
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | |
| | | | |
| Description | | Interest
Rate | | Maturity
Date | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | | |
United States (cont’d.) | | | | | | | | | | | | | | | | |
| | | | | |
Medline Borrower LP, | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 3.875% | | 04/01/29 | | | | | | | 1,525 | | | $ | 1,380,920 | |
Sr. Unsec’d. Notes, 144A(aa) | | 5.250 | | 10/01/29 | | | | | | | 1,075 | | | | 1,002,429 | |
| | | | | |
MGM Resorts International, | | | | | | | | | | | | | | | | |
Gtd. Notes(aa) | | 4.750 | | 10/15/28 | | | | | | | 2,238 | | | | 2,112,825 | |
Gtd. Notes | | 5.750 | | 06/15/25 | | | | | | | 25 | | | | 25,026 | |
Gtd. Notes | | 6.750 | | 05/01/25 | | | | | | | 125 | | | | 125,284 | |
| | | | | |
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 4.875 | | 05/01/29 | | | | | | | 1,125 | | | | 1,042,141 | |
| | | | | |
MIWD Holdco II LLC/MIWD Finance Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 5.500 | | 02/01/30 | | | | | | | 400 | | | | 364,105 | |
| | | | | |
MPH Acquisition Holdings LLC, | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 5.500 | | 09/01/28 | | | | | | | 1,025 | | | | 909,872 | |
| | | | | |
Nabors Industries Ltd., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 7.250 | | 01/15/26 | | | | | | | 575 | | | | 561,344 | |
Gtd. Notes, 144A | | 7.500 | | 01/15/28 | | | | | | | 325 | | | | 294,775 | |
| | | | | |
Nabors Industries, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 7.375 | | 05/15/27 | | | | | | | 925 | | | | 914,400 | |
Gtd. Notes, 144A | | 9.125 | | 01/31/30 | | | | | | | 670 | | | | 682,963 | |
| | | | | |
Nationstar Mortgage Holdings, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 5.125 | | 12/15/30 | | | | | | | 1,575 | | | | 1,418,157 | |
Gtd. Notes, 144A | | 5.500 | | 08/15/28 | | | | | | | 390 | | | | 371,268 | |
Sr. Unsec’d. Notes, 144A | | 7.125 | | 02/01/32 | | | | | | | 420 | | | | 416,896 | |
| | | | | |
Navient Corp., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 6.750 | | 06/25/25 | | | | | | | 375 | | | | 377,549 | |
Sr. Unsec’d. Notes | | 9.375 | | 07/25/30 | | | | | | | 350 | | | | 364,992 | |
| | | | | |
NCL Corp. Ltd., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 5.875 | | 02/15/27 | | | | | | | 500 | | | | 491,625 | |
Sr. Sec’d. Notes, 144A | | 8.125 | | 01/15/29 | | | | | | | 225 | | | | 235,406 | |
Sr. Sec’d. Notes, 144A | | 8.375 | | 02/01/28 | | | | | | | 1,575 | | | | 1,646,568 | |
| | | | | |
NCR Voyix Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 5.000 | | 10/01/28 | | | | | | | 650 | | | | 612,555 | |
Gtd. Notes, 144A | | 5.250 | | 10/01/30 | | | | | | | 300 | | | | 275,147 | |
| | | | | |
NESCO Holdings II, Inc., | | | | | | | | | | | | | | | | |
Sec’d. Notes, 144A | | 5.500 | | 04/15/29 | | | | | | | 525 | | | | 492,023 | |
| | | | | |
Noble Finance II LLC, | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 8.000 | | 04/15/30 | | | | | | | 275 | | | | 285,648 | |
| | | | | |
NRG Energy, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes(aa) | | 5.750 | | 01/15/28 | | | | | | | 590 | | | | 583,819 | |
See Notes to Financial Statements.
46
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | |
| | | | |
| Description | | Interest
Rate | | Maturity
Date | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | | |
United States (cont’d.) | | | | | | | | | | | | | | | | |
| | | | | |
NRG Energy, Inc., (cont’d.) | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 3.625% | | 02/15/31 | | | | | | | 175 | | | $ | 149,895 | |
Gtd. Notes, 144A | | 3.875 | | 02/15/32 | | | | | | | 700 | | | | 597,364 | |
Jr. Sub. Notes, 144A(aa) | | 10.250(ff) | | 03/15/28(oo) | | | | | | | 900 | | | | 947,664 | |
| | | | | |
Olympus Water US Holding Corp., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 9.625 | | 11/15/28 | | | EUR | | | | 1,500 | | | | 1,752,225 | |
Sr. Sec’d. Notes, 144A(aa) | | 9.750 | | 11/15/28 | | | | | | | 1,050 | | | | 1,113,762 | |
| | | | | |
OneMain Finance Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes | | 3.875 | | 09/15/28 | | | | | | | 475 | | | | 416,567 | |
Gtd. Notes | | 6.875 | | 03/15/25 | | | | | | | 567 | | | | 570,009 | |
Gtd. Notes(aa) | | 7.125 | | 03/15/26 | | | | | | | 1,375 | | | | 1,393,384 | |
Gtd. Notes | | 7.875 | | 03/15/30 | | | | | | | 345 | | | | 350,495 | |
| | | | | |
Organon & Co./Organon Foreign Debt Co-Issuer BV, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(aa) | | 5.125 | | 04/30/31 | | | | | | | 1,300 | | | | 1,117,891 | |
| | | | | |
Owens-Brockway Glass Container, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 6.625 | | 05/13/27 | | | | | | | 267 | | | | 266,992 | |
Gtd. Notes, 144A | | 7.250 | | 05/15/31 | | | | | | | 450 | | | | 453,555 | |
| | | | | |
P&L Development LLC/PLD Finance Corp., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 7.750 | | 11/15/25 | | | | | | | 550 | | | | 448,915 | |
| | | | | |
Park River Holdings, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 5.625 | | 02/01/29 | | | | | | | 1,350 | | | | 1,105,113 | |
| | | | | |
Penn Entertainment, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 4.125 | | 07/01/29 | | | | | | | 675 | | | | 579,740 | |
Sr. Unsec’d. Notes, 144A | | 5.625 | | 01/15/27 | | | | | | | 300 | | | | 289,856 | |
| | | | | |
PennyMac Financial Services, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 5.375 | | 10/15/25 | | | | | | | 1,150 | | | | 1,133,819 | |
Gtd. Notes, 144A | | 7.875 | | 12/15/29 | | | | | | | 250 | | | | 257,959 | |
| | | | | |
Permian Resources Operating LLC, | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 7.000 | | 01/15/32 | | | | | | | 870 | | | | 898,200 | |
Gtd. Notes, 144A | | 8.000 | | 04/15/27 | | | | | | | 275 | | | | 284,784 | |
| | | | | |
PM General Purchaser LLC, | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 9.500 | | 10/01/28 | | | | | | | 1,000 | | | | 1,010,213 | |
| | | | | |
Post Holdings, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 5.500 | | 12/15/29 | | | | | | | 904 | | | | 874,402 | |
| | | | | |
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.,
| | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 5.875 | | 09/01/31 | | | | | | | 1,125 | | | | 816,284 | |
| | | | | |
Prime Healthcare Services, Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 7.250 | | 11/01/25 | | | | | | | 1,425 | | | | 1,418,274 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 47
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | |
| | | | |
| Description | | Interest
Rate | | Maturity
Date | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | | |
United States (cont’d.) | | | | | | | | | | | | | | | | |
| | | | | |
Radiate Holdco LLC/Radiate Finance, Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 4.500% | | 09/15/26 | | | | | | | 1,000 | | | $ | 774,612 | |
Sr. Unsec’d. Notes, 144A(aa) | | 6.500 | | 09/15/28 | | | | | | | 1,525 | | | | 656,048 | |
| | | | | |
Rain Carbon, Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 12.250 | | 09/01/29 | | | | | | | 575 | | | | 568,844 | |
| | | | | |
Rain CII Carbon LLC/CII Carbon Corp., | | | | | | | | | | | | | | | | |
Sec’d. Notes, 144A | | 7.250 | | 04/01/25 | | | | | | | 32 | | | | 31,174 | |
| | | | | |
Range Resources Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.750 | | 02/15/30 | | | | | | | 150 | | | | 139,608 | |
| | | | | |
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 9.750 | | 12/01/26 | | | | | | | 750 | | | | 749,675 | |
| | | | | |
RHP Hotel Properties LP/RHP Finance Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.500 | | 02/15/29 | | | | | | | 250 | | | | 232,277 | |
| | | | | |
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 3.625 | | 03/01/29 | | | | | | | 400 | | | | 356,501 | |
Gtd. Notes, 144A | | 3.875 | | 03/01/31 | | | | | | | 425 | | | | 373,051 | |
| | | | | |
Royal Caribbean Cruises Ltd., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 7.250 | | 01/15/30 | | | | | | | 800 | | | | 833,576 | |
Sr. Unsec’d. Notes, 144A | | 5.500 | | 04/01/28 | | | | | | | 425 | | | | 419,804 | |
Sr. Unsec’d. Notes, 144A | | 11.625 | | 08/15/27 | | | | | | | 600 | | | | 653,016 | |
| | | | | |
RXO, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 7.500 | | 11/15/27 | | | | | | | 275 | | | | 284,025 | |
| | | | | |
Scientific Games Holdings LP/Scientific Games US FinCo, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(aa) | | 6.625 | | 03/01/30 | | | | | | | 900 | | | | 852,836 | |
| | | | | |
Scotts Miracle-Gro Co. (The), | | | | | | | | | | | | | | | | |
Gtd. Notes(aa) | | 4.000 | | 04/01/31 | | | | | | | 1,950 | | | | 1,641,716 | |
Gtd. Notes | | 4.375 | | 02/01/32 | | | | | | | 425 | | | | 356,334 | |
| | | | | |
Sealed Air Corp./Sealed Air Corp. US, | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 6.125 | | 02/01/28 | | | | | | | 175 | | | | 175,839 | |
| | | | | |
Shea Homes LP/Shea Homes Funding Corp., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes(aa) | | 4.750 | | 04/01/29 | | | | | | | 1,035 | | | | 973,812 | |
| | | | | |
SilverBow Resources, Inc., | | | | | | | | | | | | | | | | |
Sec’d. Notes, 144A, 3 Month SOFR + 7.750%(aa) | | 13.135(c) | | 12/15/28 | | | | | | | 2,155 | | | | 2,117,775 | |
| | | | | |
Sinclair Television Group, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 5.125 | | 02/15/27 | | | | | | | 1,215 | | | | 1,149,273 | |
| | | | | |
SK Invictus Intermediate II Sarl, | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 5.000 | | 10/30/29 | | | | | | | 1,200 | | | | 1,018,824 | |
See Notes to Financial Statements.
48
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | |
| | | | |
| Description | | Interest
Rate | | Maturity
Date | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | | |
United States (cont’d.) | | | | | | | | | | | | | | | | |
| | | | | |
Smyrna Ready Mix Concrete LLC, | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 6.000% | | 11/01/28 | | | | | | | 1,273 | | | $ | 1,244,331 | |
Sr. Sec’d. Notes, 144A | | 8.875 | | 11/15/31 | | | | | | | 470 | | | | 493,884 | |
| | | | | |
Southwestern Energy Co., | | | | | | | | | | | | | | | | |
Gtd. Notes | | 4.750 | | 02/01/32 | | | | | | | 350 | | | | 324,182 | |
Gtd. Notes(aa) | | 5.375 | | 02/01/29 | | | | | | | 875 | | | | 856,006 | |
Gtd. Notes(aa) | | 5.375 | | 03/15/30 | | | | | | | 1,275 | | | | 1,234,221 | |
| | | | | |
SRS Distribution, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 6.000 | | 12/01/29 | | | | | | | 750 | | | | 702,000 | |
| | | | | |
Standard Industries, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(aa) | | 3.375 | | 01/15/31 | | | | | | | 825 | | | | 700,732 | |
Sr. Unsec’d. Notes, 144A(aa) | | 4.375 | | 07/15/30 | | | | | | | 975 | | | | 886,021 | |
| | | | | |
STL Holding Co. LLC, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 8.750 | | 02/15/29 | | | | | | | 615 | | | | 625,523 | |
| | | | | |
Suburban Propane Partners LP/Suburban Energy Finance Corp., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 5.000 | | 06/01/31 | | | | | | | 575 | | | | 516,783 | |
| | | | | |
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 5.875 | | 05/15/25 | | | | | | | 625 | | | | 617,815 | |
| | | | | |
Summit Materials LLC/Summit Materials Finance Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 7.250 | | 01/15/31 | | | | | | | 110 | | | | 114,318 | |
| | | | | |
Sunoco LP/Sunoco Finance Corp., Gtd. Notes | | 4.500 | | 05/15/29 | | | | | | | 700 | | | | 652,820 | |
Gtd. Notes(aa) | | 4.500 | | 04/30/30 | | | | | | | 850 | | | | 786,745 | |
| | | | | |
SWF Escrow Issuer Corp., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(aa) | | 6.500 | | 10/01/29 | | | | | | | 1,600 | | | | 1,104,855 | |
| | | | | |
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 5.500 | | 01/15/28 | | | | | | | 1,188 | | | | 1,135,814 | |
Gtd. Notes, 144A | | 6.000 | | 12/31/30 | | | | | | | 50 | | | | 46,582 | |
Sr. Unsec’d. Notes, 144A | | 7.375 | | 02/15/29 | | | | | | | 370 | | | | 369,018 | |
| | | | | |
Taylor Morrison Communities, Inc., Gtd. Notes, 144A | | 5.875 | | 06/15/27 | | | | | | | 625 | | | | 625,029 | |
Sr. Unsec’d. Notes, 144A(aa) | | 5.125 | | 08/01/30 | | | | | | | 1,525 | | | | 1,456,538 | |
| | | | | |
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 5.750 | | 06/01/25 | | | | | | | 1,425 | | | | 1,418,931 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 49
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | |
| | | | |
| Description | | Interest
Rate | | Maturity
Date | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | | |
United States (cont’d.) | | | | | | | | | | | | | | | | |
| | | | | |
Tenet Healthcare Corp., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes(aa) | | 4.250% | | 06/01/29 | | | | | | | 2,380 | | | $ | 2,206,245 | |
Sr. Sec’d. Notes(aa) | | 4.375 | | 01/15/30 | | | | | | | 2,250 | | | | 2,080,009 | |
Sr. Sec’d. Notes, 144A(aa) | | 6.750 | | 05/15/31 | | | | | | | 1,000 | | | | 1,023,423 | |
Sr. Unsec’d. Notes(aa) | | 6.875 | | 11/15/31 | | | | | | | 525 | | | | 540,697 | |
| | | | | |
Tenneco, Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 8.000 | | 11/17/28 | | | | | | | 1,175 | | | | 1,026,747 | |
| | | | | |
Titan International, Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes | | 7.000 | | 04/30/28 | | | | | | | 600 | | | | 597,238 | |
| | | | | |
TopBuild Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.125 | | 02/15/32 | | | | | | | 500 | | | | 438,899 | |
| | | | | |
TPC Group, Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 13.000 | | 12/16/27 | | | | | | | 776 | | | | 789,315 | |
| | | | | |
TransDigm, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes | | 4.625 | | 01/15/29 | | | | | | | 700 | | | | 653,708 | |
| | | | | |
Transocean, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 8.000 | | 02/01/27 | | | | | | | 150 | | | | 148,467 | |
| | | | | |
TriMas Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 4.125 | | 04/15/29 | | | | | | | 1,200 | | | | 1,078,607 | |
| | | | | |
United Airlines, Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 4.375 | | 04/15/26 | | | | | | | 850 | | | | 820,703 | |
Sr. Sec’d. Notes, 144A(aa) | | 4.625 | | 04/15/29 | | | | | | | 1,086 | | | | 1,005,939 | |
| | | | | |
United Rentals North America, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes(aa) | | 3.750 | | 01/15/32 | | | | | | | 975 | | | | 858,062 | |
Gtd. Notes | | 3.875 | | 02/15/31 | | | | | | | 477 | | | | 430,288 | |
Gtd. Notes(aa) | | 5.250 | | 01/15/30 | | | | | | | 1,200 | | | | 1,178,940 | |
| | | | | |
Univision Communications, Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 4.500 | | 05/01/29 | | | | | | | 475 | | | | 422,672 | |
Sr. Sec’d. Notes, 144A(aa) | | 6.625 | | 06/01/27 | | | | | | | 3,025 | | | | 2,993,614 | |
Sr. Sec’d. Notes, 144A(aa) | | 8.000 | | 08/15/28 | | | | | | | 1,045 | | | | 1,062,570 | |
| | | | | |
Valaris Ltd., | | | | | | | | | | | | | | | | |
Sec’d. Notes, 144A | | 8.375 | | 04/30/30 | | | | | | | 375 | | | | 382,980 | |
| | | | | |
Venture Global LNG, Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 9.500 | | 02/01/29 | | | | | | | 2,675 | | | | 2,841,708 | |
Sr. Sec’d. Notes, 144A(aa) | | 9.875 | | 02/01/32 | | | | | | | 2,875 | | | | 3,022,239 | |
| | | | | |
Verscend Escrow Corp., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 9.750 | | 08/15/26 | | | | | | | 445 | | | | 446,627 | |
| | | | | |
Viasat, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(aa) | | 5.625 | | 09/15/25 | | | | | | | 1,650 | | | | 1,600,406 | |
See Notes to Financial Statements.
50
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | |
| | | | |
| Description | | Interest
Rate | | Maturity
Date | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | | |
United States (cont’d.) | | | | | | | | | | | | | | | | |
| | | | | |
Viking Cruises Ltd., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 5.875% | | 09/15/27 | | | | | | | 1,150 | | | $ | 1,110,773 | |
Sr. Unsec’d. Notes, 144A | | 7.000 | | 02/15/29 | | | | | | | 750 | | | | 747,187 | |
| | | | | |
Viking Ocean Cruises Ship VII Ltd., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 5.625 | | 02/15/29 | | | | | | | 250 | | | | 243,710 | |
| | | | | |
Vista Outdoor, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.500 | | 03/15/29 | | | | | | | 250 | | | | 245,415 | |
| | | | | |
Vistra Corp., | | | | | | | | | | | | | | | | |
Jr. Sub. Notes, 144A(aa) | | 7.000(ff) | | 12/15/26(oo) | | | | | | | 750 | | | | 730,883 | |
Jr. Sub. Notes, 144A(aa) | | 8.000(ff) | | 10/15/26(oo) | | | | | | | 1,025 | | | | 1,028,642 | |
| | | | | |
Vistra Operations Co. LLC, | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 4.375 | | 05/01/29 | | | | | | | 1,375 | | | | 1,269,868 | |
Gtd. Notes, 144A(aa) | | 5.000 | | 07/31/27 | | | | | | | 1,330 | | | | 1,288,205 | |
Gtd. Notes, 144A(aa) | | 5.625 | | 02/15/27 | | | | | | | 1,100 | | | | 1,084,650 | |
| | | | | |
Vital Energy, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes | | 9.750 | | 10/15/30 | | | | | | | 175 | | | | 185,902 | |
Gtd. Notes | | 10.125 | | 01/15/28 | | | | | | | 175 | | | | 183,294 | |
| | | | | |
VOC Escrow Ltd., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 5.000 | | 02/15/28 | | | | | | | 650 | | | | 622,472 | |
| | | | | |
VT Topco, Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 8.500 | | 08/15/30 | | | | | | | 300 | | | | 313,457 | |
| | | | | |
White Cap Buyer LLC, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 6.875 | | 10/15/28 | | | | | | | 575 | | | | 562,534 | |
| | | | | |
Windsor Holdings III LLC, | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 8.500 | | 06/15/30 | | | | | | | 850 | | | | 875,686 | |
| | | | | |
Wolverine World Wide, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 4.000 | | 08/15/29 | | | | | | | 1,600 | | | | 1,289,337 | |
| | | | | |
WR Grace Holdings LLC, | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 7.375 | | 03/01/31 | | | | | | | 200 | | | | 203,570 | |
| | | | | |
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 5.125 | | 10/01/29 | | | | | | | 860 | | | | 813,976 | |
| | | | | |
XPO, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 7.125 | | 06/01/31 | | | | | | | 1,050 | | | | 1,075,438 | |
Gtd. Notes, 144A | | 7.125 | | 02/01/32 | | | | | | | 265 | | | | 270,289 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 262,580,544 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 51
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | |
| | | | |
| Description | | Interest
Rate | | Maturity
Date | | Principal Amount (000)# | | | Value | |
| | | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | | |
Vietnam 0.2% | | | | | | | | | | | | | | | | |
| | | | | |
Mong Duong Finance Holdings BV, | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A (aa) | | 5.125% | | 05/07/29 | | | | | | | 1,411 | | | $ | 1,317,618 | |
| | | | | |
Zambia 0.2% | | | | | | | | | | | | | | | | |
| | | | | |
First Quantum Minerals Ltd., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | 7.500 | | 04/01/25 | | | | | | | 444 | | | | 431,288 | |
Gtd. Notes, 144A(aa) | | 8.625 | | 06/01/31 | | | | | | | 775 | | | | 711,547 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 1,142,835 | |
| | | | | | | | | | | | | | | | |
| | | | | |
TOTAL CORPORATE BONDS
(cost $550,639,325) | | | | | | | | | | | | | | | 500,773,758 | |
| | | | | | | | | | | | | | | | |
| | | | | |
FLOATING RATE AND OTHER LOANS 4.5% | | | | | | | | | | | | | | | | |
| | | | | |
Jamaica 0.4% | | | | | | | | | | | | | | | | |
| | | | | |
Digicel International Finance Ltd., | | | | | | | | | | | | | | | | |
Term Loan, 3 Month SOFR + 6.750% | | 12.063(c) | | 05/29/27 | | | | | | | 2,445 | | | | 2,253,325 | |
| | | | | |
Jersey 0.8% | | | | | | | | | | | | | | | | |
| | | | | |
Aston Finco SARL, | | | | | | | | | | | | | | | | |
Term Loan, SONIA + 4.750% | | 9.956(c) | | 10/09/26 | | | GBP | | | | 3,600 | | | | 4,075,635 | |
| | | | | |
United Kingdom 1.3% | | | | | | | | | | | | | | | | |
| | | | | |
Constellation Automotive Group Ltd., | | | | | | | | | | | | | | | | |
Facility 1 Loan, SONIA + 7.500% | | 12.743(c) | | 07/27/29 | | | GBP | | | | 3,000 | | | | 2,756,378 | |
| | | | | |
EG Group Ltd., | | | | | | | | | | | | | | | | |
Additional Second Lien Loan Facility, 3 Month | | | | | | | | | | | | | | | | |
EURIBOR + 7.000% | | 10.925(c) | | 04/30/27 | | | EUR | | | | 2,780 | | | | 2,732,077 | |
| | | | | |
Hurricane CleanCo Ltd., | | | | | | | | | | | | | | | | |
Term Loan, 3 Month EURIBOR + 6.250% | | 6.250(c) | | 10/31/29 | | | EUR | | | | 850 | | | | 1,046,397 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 6,534,852 | |
| | | | | |
United States 2.0% | | | | | | | | | | | | | | | | |
| | | | | |
CSC Holdings LLC, | | | | | | | | | | | | | | | | |
2022 Refinancing Term Loan, 1 Month SOFR + 4.500% | | 9.833(c) | | 01/18/28 | | | | | | | 3,219 | | | | 3,138,398 | |
| | | | | |
Diamond Sports Group LLC, | | | | | | | | | | | | | | | | |
First Lien Term Loan, 1 Month SOFR + 10.100% | | 12.775(c) | | 05/25/26 | | | | | | | 260 | | | | 245,594 | |
See Notes to Financial Statements.
52
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | |
| | | | |
| Description | | Interest
Rate | | Maturity Date | | Principal Amount
(000)# | | | Value | |
| | | | | |
FLOATING RATE AND OTHER LOANS (Continued) | | | | | | | | | | | | | | | | |
| | | | | |
United States (cont’d.) | | | | | | | | | | | | | | | | |
| | | | | |
Diamond Sports Group LLC, (cont’d.) | | | | | | | | | | | | | | | | |
Second Lien Term Loan | | 8.175% | | 08/24/26 | | | | | | | 265 | | | $ | 17,297 | |
| | | | | |
Great Outdoors Group LLC, | | | | | | | | | | | | | | | | |
Term B-2 Loan, 1 Month SOFR + 3.864% | | 9.197(c) | | 03/06/28 | | | | | | | 1,455 | | | | 1,450,342 | |
| | | | | |
Heritage Power LLC, | | | | | | | | | | | | | | | | |
Term Loan, 3 Month SOFR + 5.500% | | 10.867(c) | | 07/20/26 | | | | | | | 272 | | | | 258,032 | |
| | | | | |
Level 3 Financing, Inc., | | | | | | | | | | | | | | | | |
Tranche B 2027 Term Loan, 1 Month SOFR + 1.864%^ | | 7.197(c) | | 03/01/27 | | | | | | | 60 | | | | 57,600 | |
| | | | | |
Lumen Technologies, Inc., | | | | | | | | | | | | | | | | |
Term B Loan, 1 Month SOFR + 2.364% | | 7.697(c) | | 03/15/27 | | | | | | | 30 | | | | 20,570 | |
Term Loan | | — (p) | | 06/01/28 | | | | | | | 33 | | | | 29,825 | |
| | | | | |
McAfee Corp., | | | | | | | | | | | | | | | | |
Tranche B-1 Term Loan, 1 Month SOFR + 3.850% | | 9.203(c) | | 03/01/29 | | | | | | | 1,119 | | | | 1,104,660 | |
| | | | | |
MLN US HoldCo LLC, | | | | | | | | | | | | | | | | |
3L Term B Loan, 3 Month SOFR + 9.250% | | 14.660(c) | | 10/18/27 | | | | | | | 4 | | | | 400 | |
Initial Term Loan, 3 Month SOFR + 6.540% | | 11.850(c) | | 10/18/27 | | | | | | | 27 | | | | 14,934 | |
Initial Term Loan (Second Out (First Lien | | | | | | | | | | | | | | | | |
Roll-Up)), 3 Month SOFR + 6.800% | | 12.110(c) | | 10/18/27 | | | | | | | 61 | | | | 9,198 | |
| | | | | |
NCR Atleos, LLC, | | | | | | | | | | | | | | | | |
Term B Loan, 1 Month SOFR + 4.850% | | 10.173(c) | | 03/27/29 | | | | | | | 1,250 | | | | 1,248,047 | |
| | | | | |
Skillsoft Finance II, Inc., | | | | | | | | | | | | | | | | |
Initial Term Loan, 1 Month SOFR + 5.364% | | 10.696(c) | | 07/14/28 | | | | | | | 1,247 | | | | 1,155,595 | |
| | | | | |
Tenneco, Inc., | | | | | | | | | | | | | | | | |
Term A Loan, 3 Month SOFR + 4.850% | | 10.219(c) | | 11/17/28 | | | | | | | 424 | | | | 382,596 | |
| | | | | |
Univision Communications, Inc., | | | | | | | | | | | | | | | | |
2021 Replacement Term Loan, 1 Month SOFR + 3.364% | | 8.697(c) | | 03/15/26 | | | | | | | 525 | | | | 523,745 | |
| | | | | |
Venator Finance Sarl, | | | | | | | | | | | | | | | | |
Initial First-Out Term Loan, 3 Month SOFR + 10.000% | | 15.314(c) | | 12/31/25 | | | | | | | 298 | | | | 295,507 | |
Term Loan, 3 Month SOFR + 10.000% | | 15.326(c) | | 10/12/28 | | | | | | | 748 | | | | 742,951 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 10,695,291 | |
| | | | | | | | | | | | | | | | |
| | | | | |
TOTAL FLOATING RATE AND OTHER LOANS
(cost $25,166,062) | | | | | | | | | | | | | | | 23,559,103 | |
| | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 53
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | |
| | | | | |
| Description | | Interest
Rate | | Maturity
Date | | | | | Principal Amount (000)# | | | Value | |
| | | | | |
SOVEREIGN BONDS 20.5% | | | | | | | | | | | | | | | | |
| | | | | |
Angola 1.1% | | | | | | | | | | | | | | | | |
Angolan Government International Bond, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 8.250% | | 05/09/28 | | | | | | | 3,160 | | | $ | 2,844,000 | |
Sr. Unsec’d. Notes | | 9.500 | | 11/12/25 | | | | | | | 2,445 | | | | 2,399,034 | |
Sr. Unsec’d. Notes, EMTN | | 8.000 | | 11/26/29 | | | | | | | 650 | | | | 563,875 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 5,806,909 | |
| | | | | |
Argentina 1.8% | | | | | | | | | | | | | | | | |
Argentine Republic Government International Bond, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 0.750(cc) | | 07/09/30 | | | | | | | 6,608 | | | | 2,672,800 | |
Sr. Unsec’d. Notes | | 1.000 | | 07/09/29 | | | | | | | 1,237 | | | | 497,366 | |
Sr. Unsec’d. Notes | | 3.625(cc) | | 07/09/35 | | | | | | | 1,864 | | | | 623,394 | |
Sr. Unsec’d. Notes | | 4.250(cc) | | 01/09/38 | | | | | | | 13,769 | | | | 5,287,390 | |
Provincia de Buenos Aires, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A, MTN | | 6.375(cc) | | 09/01/37 | | | | | | | 1,284 | | | | 502,159 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 9,583,109 | |
| | | | | |
Bahrain 0.3% | | | | | | | | | | | | | | | | |
Bahrain Government International Bond, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes(aa) | | 6.750 | | 09/20/29 | | | | | | | 1,240 | | | | 1,244,650 | |
Sr. Unsec’d. Notes | | 7.000 | | 10/12/28 | | | | | | | 430 | | | | 440,213 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 1,684,863 | |
| | | | | |
Brazil 1.5% | | | | | | | | | | | | | | | | |
Brazilian Government International Bond, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes(aa) | | 3.875 | | 06/12/30 | | | | | | | 3,960 | | | | 3,585,780 | |
Sr. Unsec’d. Notes(aa) | | 4.500 | | 05/30/29 | | | | | | | 3,170 | | | | 3,032,105 | |
Sr. Unsec’d. Notes(aa) | | 5.625 | | 01/07/41 | | | | | | | 1,500 | | | | 1,351,500 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 7,969,385 | |
| | | | | |
Cameroon 0.2% | | | | | | | | | | | | | | | | |
Republic of Cameroon International Bond, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 5.950 | | 07/07/32 | | | EUR | | | | 290 | | | | 230,351 | |
Sr. Unsec’d. Notes | | 9.500 | | 11/19/25 | | | | | | | 720 | | | | 696,874 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 927,225 | |
See Notes to Financial Statements.
54
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | |
| | | | | |
| Description | | Interest
Rate | | Maturity
Date | | | | | Principal Amount (000)# | | | Value | |
| | | | | |
SOVEREIGN BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | | |
Colombia 1.7% | | | | | | | | | | | | | | | | |
Colombia Government International Bond, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes(aa) | | 3.000% | | 01/30/30 | | | | | | | 3,200 | | | $ | 2,649,600 | |
Sr. Unsec’d. Notes(aa) | | 3.875 | | 04/25/27 | | | | | | | 1,290 | | | | 1,220,985 | |
Sr. Unsec’d. Notes(aa) | | 4.500 | | 03/15/29 | | | | | | | 1,770 | | | | 1,627,515 | |
Sr. Unsec’d. Notes(aa) | | 6.125 | | 01/18/41 | | | | | | | 2,645 | | | | 2,294,537 | |
Sr. Unsec’d. Notes(aa) | | 7.375 | | 09/18/37 | | | | | | | 780 | | | | 775,320 | |
Sr. Unsec’d. Notes | | 7.500 | | 02/02/34 | | | | | | | 430 | | | | 438,815 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 9,006,772 | |
| | | | | |
Costa Rica 0.2% | | | | | | | | | | | | | | | | |
Costa Rica Government International Bond, | | | | | | | | | | | | | | | | |
Unsec’d. Notes, 144A | | 7.300 | | 11/13/54 | | | | | | | 800 | | | | 835,600 | |
| | | | | |
Dominican Republic 1.8% | | | | | | | | | | | | | | | | |
Dominican Republic International Bond, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 5.500 | | 01/27/25 | | | | | | | 1,225 | | | | 1,220,100 | |
Sr. Unsec’d. Notes | | 5.950 | | 01/25/27 | | | | | | | 3,000 | | | | 3,001,500 | |
Sr. Unsec’d. Notes | | 6.850 | | 01/27/45 | | | | | | | 1,840 | | | | 1,798,600 | |
Sr. Unsec’d. Notes | | 7.450 | | 04/30/44 | | | | | | | 2,300 | | | | 2,397,750 | |
Sr. Unsec’d. Notes, 144A | | 5.875 | | 01/30/60 | | | | | | | 855 | | | | 724,612 | |
Sr. Unsec’d. Notes, 144A | | 7.050 | | 02/03/31 | | | | | | | 320 | | | | 332,480 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 9,475,042 | |
| | | | | |
Ecuador 0.4% | | | | | | | | | | | | | | | | |
Ecuador Government International Bond, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 6.000(cc) | | 07/31/30 | | | | | | | 720 | | | | 377,946 | |
Sr. Unsec’d. Notes, 144A | | 5.583(s) | | 07/31/30 | | | | | | | 414 | | | | 136,761 | |
Sr. Unsec’d. Notes, 144A | | 2.500(cc) | | 07/31/40 | | | | | | | 901 | | | | 329,920 | |
Sr. Unsec’d. Notes, 144A | | 3.500(cc) | | 07/31/35 | | | | | | | 1,829 | | | | 741,587 | |
Sr. Unsec’d. Notes, 144A | | 6.000(cc) | | 07/31/30 | | | | | | | 786 | | | | 412,434 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 1,998,648 | |
| | | | | |
Egypt 0.9% | | | | | | | | | | | | | | | | |
Egypt Government International Bond, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 5.800 | | 09/30/27 | | | | | | | 685 | | | | 511,181 | |
Sr. Unsec’d. Notes | | 8.700 | | 03/01/49 | | | | | | | 1,130 | | | | 700,600 | |
Sr. Unsec’d. Notes, 144A, MTN | | 6.375 | | 04/11/31 | | | EUR | | | | 1,845 | | | | 1,271,106 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 55
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | |
| | | | | |
| Description | | Interest
Rate | | Maturity
Date | | | | | Principal Amount (000)# | | | Value | |
| | | | | |
SOVEREIGN BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | | |
Egypt (cont’d.) | | | | | | | | | | | | | | | | |
Egypt Government International Bond, (cont’d.) | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, EMTN | | 4.750% | | 04/11/25 | | | EUR | | | | 100 | | | $ | 98,479 | |
Sr. Unsec’d. Notes, EMTN | | 4.750 | | 04/16/26 | | | EUR | | | | 1,995 | | | | 1,746,357 | |
Sr. Unsec’d. Notes, EMTN | | 5.625 | | 04/16/30 | | | EUR | | | | 860 | | | | 592,494 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 4,920,217 | |
| | | | | |
El Salvador 0.2% | | | | | | | | | | | | | | | | |
El Salvador Government International Bond, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 8.250 | | 04/10/32 | | | | | | | 1,000 | | | | 851,500 | |
| | | | | |
Gabon 0.4% | | | | | | | | | | | | | | | | |
Gabon Government International Bond, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 6.625 | | 02/06/31 | | | | | | | 340 | | | | 277,100 | |
Sr. Unsec’d. Notes | | 6.950 | | 06/16/25 | | | | | | | 1,220 | | | | 1,168,913 | |
Sr. Unsec’d. Notes, 144A | | 6.625 | | 02/06/31 | | | | | | | 650 | | | | 529,750 | |
Sr. Unsec’d. Notes, 144A | | 7.000 | | 11/24/31 | | | | | | | 540 | | | | 440,100 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 2,415,863 | |
| | | | | |
Ghana 0.2% | | | | | | | | | | | | | | | | |
Ghana Government International Bond, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 7.875 | | 03/26/27(d) | | | | | | | 1,860 | | | | 837,000 | |
Sr. Unsec’d. Notes | | 8.125 | | 01/18/26(d) | | | | | | | 390 | | | | 185,250 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 1,022,250 | |
| | | | | |
Guatemala 0.3% | | | | | | | | | | | | | | | | |
Guatemala Government Bond, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 4.375 | | 06/05/27 | | | | | | | 1,140 | | | | 1,090,980 | |
Sr. Unsec’d. Notes | | 4.900 | | 06/01/30 | | | | | | | 450 | | | | 429,075 | |
Sr. Unsec’d. Notes | | 6.125 | | 06/01/50 | | | | | | | 300 | | | | 272,798 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 1,792,853 | |
| | | | | |
Honduras 0.2% | | | | | | | | | | | | | | | | |
Honduras Government International Bond, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 6.250 | | 01/19/27 | | | | | | | 930 | | | | 882,570 | |
See Notes to Financial Statements.
56
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | |
| | | | | |
| Description | | Interest
Rate | | Maturity
Date | | | | | Principal Amount (000)# | | | Value | |
| | | | | |
SOVEREIGN BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | | |
Hungary 0.2% | | | | | | | | | | | | | | | | |
Magyar Export-Import Bank Zrt, | | | | | | | | | | | | | | | | |
Gov’t. Gtd. Notes, 144A | | 6.125% | | 12/04/27 | | | | | | | 890 | | | $ | 900,013 | |
| | | | | |
Ivory Coast 1.1% | | | | | | | | | | | | | | | | |
Ivory Coast Government International Bond, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 4.875 | | 01/30/32 | | | EUR | | | | 270 | | | | 244,373 | |
Sr. Unsec’d. Notes | | 5.250 | | 03/22/30 | | | EUR | | | | 2,480 | | | | 2,429,878 | |
Sr. Unsec’d. Notes | | 5.875 | | 10/17/31 | | | EUR | | | | 1,245 | | | | 1,213,111 | |
Sr. Unsec’d. Notes | | 6.875 | | 10/17/40 | | | EUR | | | | 1,460 | | | | 1,315,509 | |
Sr. Unsec’d. Notes, 144A | | 7.625 | | 01/30/33 | | | | | | | 575 | | | | 569,825 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 5,772,696 | |
| | | | | |
Jordan 0.1% | | | | | | | | | | | | | | | | |
Jordan Government International Bond, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 7.500 | | 01/13/29 | | | | | | | 515 | | | | 504,056 | |
| | | | | |
Lebanon 0.0% | | | | | | | | | | | | | | | | |
Lebanon Government International Bond, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, EMTN | | 6.100 | | 10/04/22(d) | | | | | | | 2,000 | | | | 114,000 | |
Sr. Unsec’d. Notes, GMTN | | 6.250 | | 05/27/22(d) | | | | | | | 2,550 | | | | 145,350 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 259,350 | |
| | | | | |
Mongolia 0.0% | | | | | | | | | | | | | | | | |
Mongolia Government International Bond, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 7.875 | | 06/05/29 | | | | | | | 205 | | | | 210,404 | |
| | | | | |
Morocco 0.5% | | | | | | | | | | | | | | | | |
Morocco Government International Bond, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 1.500 | | 11/27/31 | | | EUR | | | | 860 | | | | 743,522 | |
Sr. Unsec’d. Notes | | 2.000 | | 09/30/30 | | | EUR | | | | 820 | | | | 758,786 | |
Sr. Unsec’d. Notes, 144A | | 5.950 | | 03/08/28 | | | | | | | 400 | | | | 408,000 | |
Sr. Unsec’d. Notes, 144A | | 6.500 | | 09/08/33 | | | | | | | 495 | | | | 511,706 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 2,422,014 | |
| | | | | |
Mozambique 0.4% | | | | | | | | | | | | | | | | |
Mozambique International Bond, | | | | | | | | | | | | | | | | |
Unsec’d. Notes | | 9.000 | | 09/15/31 | | | | | | | 2,295 | | | | 1,982,306 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 57
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | |
| | | | | |
| Description | | Interest
Rate | | Maturity
Date | | | | | Principal Amount (000)# | | | Value | |
| | | | | |
SOVEREIGN BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | | |
Nigeria 0.2% | | | | | | | | | | | | | | | | |
Nigeria Government International Bond, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 7.875% | | 02/16/32 | | | | | | | 920 | | | $ | 798,100 | |
Sr. Unsec’d. Notes, EMTN | | 6.500 | | 11/28/27 | | | | | | | 450 | | | | 407,475 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 1,205,575 | |
| | | | | |
Oman 0.8% | | | | | | | | | | | | | | | | |
Oman Government International Bond, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 5.625 | | 01/17/28 | | | | | | | 1,525 | | | | 1,542,728 | |
Sr. Unsec’d. Notes | | 6.500 | | 03/08/47 | | | | | | | 1,120 | | | | 1,103,060 | |
Sr. Unsec’d. Notes | | 6.750 | | 01/17/48 | | | | | | | 720 | | | | 725,400 | |
Sr. Unsec’d. Notes, EMTN | | 6.000 | | 08/01/29 | | | | | | | 1,015 | | | | 1,036,569 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 4,407,757 | |
| | | | | |
Pakistan 0.7% | | | | | | | | | | | | | | | | |
Pakistan Government International Bond, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 8.250 | | 04/15/24 | | | | | | | 1,840 | | | | 1,798,600 | |
Sr. Unsec’d. Notes | | 8.250 | | 09/30/25 | | | | | | | 290 | | | | 250,882 | |
Sr. Unsec’d. Notes, 144A | | 8.250 | | 04/15/24 | | | | | | | 530 | | | | 518,075 | |
Sr. Unsec’d. Notes, 144A | | 8.250 | | 09/30/25 | | | | | | | 610 | | | | 527,717 | |
Sr. Unsec’d. Notes, EMTN | | 7.375 | | 04/08/31 | | | | | | | 660 | | | | 425,773 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 3,521,047 | |
| | | | | |
Paraguay 0.2% | | | | | | | | | | | | | | | | |
Paraguay Government International Bond, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 6.100 | | 08/11/44 | | | | | | | 950 | | | | 904,400 | |
| | | | | |
Romania 0.7% | | | | | | | | | | | | | | | | |
Romanian Government International Bond, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 7.125 | | 01/17/33 | | | | | | | 3,374 | | | | 3,635,822 | |
| | | | | |
Senegal 0.4% | | | | | | | | | | | | | | | | |
Senegal Government International Bond, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 4.750 | | 03/13/28 | | | EUR | | | | 1,095 | | | | 1,081,301 | |
Sr. Unsec’d. Notes | | 5.375 | | 06/08/37 | | | EUR | | | | 610 | | | | 476,292 | |
Sr. Unsec’d. Notes, 144A | | 5.375 | | 06/08/37 | | | EUR | | | | 570 | | | | 445,059 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 2,002,652 | |
See Notes to Financial Statements.
58
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | |
| | | | | |
| Description | | Interest
Rate | | Maturity
Date | | | | | Principal Amount (000)# | | | Value | |
| | | | | |
SOVEREIGN BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | | |
Serbia 0.8% | | | | | | | | | | | | | | | | |
Serbia International Bond, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 1.500% | | 06/26/29 | | | EUR | | | | 1,490 | | | $ | 1,350,591 | |
Sr. Unsec’d. Notes | | 3.125 | | 05/15/27 | | | EUR | | | | 1,820 | | | | 1,878,365 | |
Sr. Unsec’d. Notes, 144A | | 6.250 | | 05/26/28 | | | | | | | 500 | | | | 510,688 | |
Sr. Unsec’d. Notes, 144A | | 6.500 | | 09/26/33 | | | | | | | 660 | | | | 674,173 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 4,413,817 | |
| | | | | |
South Africa 0.3% | | | | | | | | | | | | | | | | |
Republic of South Africa Government International Bond, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes (aa) | | 4.850 | | 09/30/29 | | | | | | | 1,690 | | | | 1,536,126 | |
| | | | | |
Sri Lanka 0.2% | | | | | | | | | | | | | | | | |
Sri Lanka Government International Bond, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 5.750 | | 04/18/23(d) | | | | | | | 390 | | | | 203,818 | |
Sr. Unsec’d. Notes | | 6.200 | | 05/11/27(d) | | | | | | | 900 | | | | 456,849 | |
Sr. Unsec’d. Notes | | 7.550 | | 03/28/30(d) | | | | | | | 500 | | | | 251,305 | |
Sr. Unsec’d. Notes | | 7.850 | | 03/14/29(d) | | | | | | | 400 | | | | 201,144 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 1,113,116 | |
| | | | | |
Turkey 1.9% | | | | | | | | | | | | | | | | |
Turkiye Government International Bond, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes(aa) | | 4.250 | | 04/14/26 | | | | | | | 1,750 | | | | 1,666,875 | |
Sr. Unsec’d. Notes(aa) | | 4.875 | | 10/09/26 | | | | | | | 3,000 | | | | 2,863,500 | |
Sr. Unsec’d. Notes | | 5.750 | | 05/11/47 | | | | | | | 350 | | | | 255,658 | |
Sr. Unsec’d. Notes | | 5.950 | | 01/15/31 | | | | | | | 495 | | | | 449,460 | |
Sr. Unsec’d. Notes(aa) | | 6.000 | | 03/25/27 | | | | | | | 525 | | | | 510,037 | |
Sr. Unsec’d. Notes | | 9.125 | | 07/13/30 | | | | | | | 375 | | | | 399,375 | |
Sr. Unsec’d. Notes(aa) | | 9.375 | | 03/14/29 | | | | | | | 985 | | | | 1,058,875 | |
Sr. Unsec’d. Notes(aa) | | 9.375 | | 01/19/33 | | | | | | | 1,890 | | | | 2,050,650 | |
Turkiye Ihracat Kredi Bankasi A/S, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A, MTN(aa) | | 9.000 | | 01/28/27 | | | | | | | 745 | | | | 772,937 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 10,027,367 | |
| | | | | |
Ukraine 0.5% | | | | | | | | | | | | | | | | |
Ukraine Government International Bond, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 4.375 | | 01/27/32(d) | | | EUR | | | | 605 | | | | 136,649 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 59
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | |
| | | | | |
| Description | | Interest
Rate | | Maturity
Date | | | | | Principal Amount (000)# | | | Value | |
| | | | | |
SOVEREIGN BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | | |
Ukraine (cont’d.) | | | | | | | | | | | | | | | | |
Ukraine Government International Bond, (cont’d.) | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 6.750% | | 06/20/28(d) | | | EUR | | | | 1,230 | | | $ | 317,029 | |
Sr. Unsec’d. Notes | | 7.750 | | 09/01/24(d) | | | | | | | 320 | | | | 92,000 | |
Sr. Unsec’d. Notes | | 7.750 | | 09/01/25(d) | | | | | | | 260 | | | | 71,110 | |
Sr. Unsec’d. Notes | | 7.750 | | 09/01/26(d) | | | | | | | 590 | | | | 153,252 | |
Sr. Unsec’d. Notes | | 7.750 | | 09/01/27(d) | | | | | | | 1,005 | | | | 253,260 | |
Sr. Unsec’d. Notes | | 7.750 | | 09/01/28(d) | | | | | | | 910 | | | | 227,500 | |
Sr. Unsec’d. Notes | | 7.750 | | 09/01/29(d) | | | | | | | 1,180 | | | | 292,640 | |
Sr. Unsec’d. Notes | | 8.994 | | 02/01/26(d) | | | | | | | 400 | | | | 115,400 | |
Sr. Unsec’d. Notes | | 9.750 | | 11/01/30(d) | | | | | | | 3,075 | | | | 811,800 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 2,470,640 | |
| | | | | |
United Arab Emirates 0.2% | | | | | | | | | | | | | | | | |
Finance Department Government of Sharjah, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 6.500 | | 11/23/32 | | | | | | | 950 | | | | 980,875 | |
| | | | | |
Zambia 0.1% | | | | | | | | | | | | | | | | |
Zambia Government International Bond, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 8.500 | | 04/14/24(d) | | | | | | | 670 | | | | 422,100 | |
Sr. Unsec’d. Notes | | 8.970 | | 07/30/27(d) | | | | | | | 480 | | | | 299,400 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 721,500 | |
| | | | | | | | | | | | | | | | |
| | | | | |
TOTAL SOVEREIGN BONDS
(cost $133,983,446) | | | | | | | | | | | | | | | 108,164,339 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | Shares | | | | |
| | | | | |
COMMON STOCKS 2.1% | | | | | | | | | | | | | | | | |
| | | | | |
Jamaica 0.1% | | | | | | | | | | | | | | | | |
Digicel International Finance Ltd. | | | | | | | | | | | | | | | | |
(original Cost $208,462; purchased 01/29/24 - 01/30/24)*(f) | | | | | | | | | | | 171,102 | | | | 307,984 | |
| | | | | | | | | | | | | | | | |
| | | | | |
Luxembourg 0.3% | | | | | | | | | | | | | | | | |
Intelsat Emergence SA* | | | | | | | | | | | 51,488 | | | | 1,419,163 | |
| | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
60
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Description | | | | | | | | | | | Shares | | | Value | |
| | | | | |
COMMON STOCKS (Continued) | | | | | | | | | | | | | | | | | | | | |
| | | | | |
United States 1.7% | | | | | | | | | | | | | | | | | | | | |
CEC Entertainment, Inc.* | | | | | | | | | | | | | | | 34,226 | | | $ | 616,068 | |
Chesapeake Energy Corp. | | | | | | | | | | | | | | | 18,874 | | | | 1,455,374 | |
Cornerstone Chemical Co.*^ | | | | | | | | | | | | | | | 50,669 | | | | 962,711 | |
Ferrellgas Partners LP (Class B Stock) | | | | | | | | | | | | | | | | | | | | |
(original cost $2,328,464; purchased 09/15/15 - 01/30/17)(f) | | | | | | | | | | | | | | | 8,479 | | | | 1,393,917 | |
GenOn Energy Holdings, Inc. (Class A Stock)*^ | | | | | | | | | | | | | | | 14,397 | | | | 615,472 | |
Heritage Power LLC*^ | | | | | | | | | | | | | | | 37,551 | | | | 474,645 | |
Heritage Power LLC*^ | | | | | | | | | | | | | | | 1,652 | | | | 20,881 | |
Heritage Power LLC*^ | | | | | | | | | | | | | | | 43,215 | | | | 21,608 | |
TPC Group, Inc.*^ | | | | | | | | | | | | | | | 48,777 | | | | 1,365,756 | |
Venator Materials PLC | | | | | | | | | | | | | | | | | | | | |
(original cost $2,477,338; purchased 03/08/19 - 10/19/23)*(f) | | | | | | | | | | | | | | | 2,352 | | | | 2,266,656 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | | | | | 9,193,088 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
TOTAL COMMON STOCKS
(cost $8,013,035) | | | | | | | | | | | | | | | | | | | 10,920,235 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
PREFERRED STOCK 0.1% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Jamaica | | | | | | | | | | | | | | | | | | | | |
Digicel International Finance Ltd. | | | | | | | | | | | | | | | | | | | | |
| | | | | |
(original cost $481,450; purchased 01/26/24 - 01/29/24)*^(f) (cost $481,450) | | | | | | | | | | | | | | | 55,365 | | | | 553,650 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
TOTAL LONG-TERM INVESTMENTS
(cost $739,395,002) | | | | | | | | | | | | | | | | | | | 665,274,044 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
SHORT-TERM INVESTMENT 0.2% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
AFFILIATED MUTUAL FUND | | | | | | | | | | | | | | | | | | | | |
| | | | | |
PGIM Core Government Money Market Fund (7-day effective yield 5.560%)
(cost $1,154,864)(wb) | | | | | | | | | | | | | | | 1,154,864 | | | | 1,154,864 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
TOTAL INVESTMENTS 126.3%
(cost $740,549,866) | | | | | | | | | | | | | | | | | | | 666,428,908 | |
Liabilities in excess of other assets(z) (26.3)% | | | | | | | | | | | | | | | | | | | (138,944,180 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
NET ASSETS 100.0% | | | | | | | | | | | | | | | | | | $ | 527,484,728 | |
| | | | | | | | | | | | | | | | | | | | |
See the Glossary for a list of the abbreviation(s) used in the semiannual report.
| * | Non-income producing security. |
| # | Principal or notional amount is shown in U.S. dollars unless otherwise stated. |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 61
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $5,018,349 and 0.9% of net assets. |
| (aa) | Represents security, or a portion thereof, with aggregate value of $312,575,773 segregated as collateral for amount of $145,000,000 borrowed and outstanding as of January 31, 2024. |
| (c) | Variable rate instrument. The interest rate shown reflects the rate in effect at January 31, 2024. |
| (cc) | Variable rate instrument. The rate shown is based on the latest available information as of January 31, 2024. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
| (d) | Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity. |
| (f) | Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the aggregate original cost of such securities is $15,632,853. The aggregate value of $8,627,399 is 1.6% of net assets. |
| (ff) | Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end. |
| (oo) | Perpetual security. Maturity date represents next call date. |
| (p) | Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end. |
| (s) | Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date. |
| (wb) | Represents an investment in a Fund affiliated with the Manager. |
| (z) | Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments: |
Futures contracts outstanding at January 31, 2024:
| | | | | | | | | | | | | | | | | | |
Number
of
Contracts | | | | Type | | Expiration
Date | | Current
Notional
Amount | | | Value /
Unrealized
Appreciation
(Depreciation) | |
Long Positions: | | | | | | | | | | | | |
145 | | | | 2 Year U.S. Treasury Notes | | Mar. 2024 | | $ | 29,820,156 | | | $ | 253,198 | | | | | |
121 | | | | 5 Year Euro-Bobl | | Mar. 2024 | | | 15,499,540 | | | | 159,433 | | | | | |
131 | | | | 10 Year U.S. Treasury Notes | | Mar. 2024 | | | 14,714,985 | | | | 251,448 | | | | | |
73 | | | | 20 Year U.S. Treasury Bonds | | Mar. 2024 | | | 8,931,094 | | | | 425,543 | | | | | |
49 | | | | 30 Year U.S. Ultra Treasury Bonds | | Mar. 2024 | | | 6,331,719 | | | | 304,617 | | | | | |
152 | | | | Euro Schatz Index | | Mar. 2024 | | | 17,443,449 | | | | 52,968 | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,447,207 | | | | | |
| | | | | | | | | | | | | | | | | | |
Short Positions: | | | | | | | | | | | | |
49 | | | | 5 Year U.S. Treasury Notes | | Mar. 2024 | | | 5,311,141 | | | | 5,471 | | | | | |
29 | | | | 10 Year Euro-Bund | | Mar. 2024 | | | 4,257,580 | | | | (53,226 | ) | | | | |
46 | | | | 10 Year U.K. Gilt | | Mar. 2024 | | | 5,827,831 | | | | (156,857 | ) | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | (204,612 | ) | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | $ | 1,242,595 | | | | | |
| | | | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
62
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
Forward foreign currency exchange contracts outstanding at January 31, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase Contracts | | Counterparty | | | | | Notional
Amount
(000) | | | Value at
Settlement
Date | | | Current
Value | | | | | | Unrealized
Appreciation | | | | | | | | | Unrealized
Depreciation | | | | |
| | | | | | | | |
OTC Forward Foreign Currency Exchange Contracts: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
British Pound, | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 02/02/24 | | BNYM | | | | | | | GBP | | | | 24,507 | | | $ | 31,131,193 | | | $ | 31,058,148 | | | | | | | $ | — | | | | | | | | | | | $ | (73,045 | ) | | | | |
Expiring 02/02/24 | | JPM | | | | | | | GBP | | | | 1,034 | | | | 1,312,745 | | | | 1,310,383 | | | | | | | | — | | | | | | | | | | | | (2,362 | ) | | | | |
Euro, | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 02/02/24 | | BNP | | | | | | | EUR | | | | 77,714 | | | | 84,524,463 | | | | 83,992,079 | | | | | | | | — | | | | | | | | | | | | (532,384 | ) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | $ | 116,968,401 | | | $ | 116,360,610 | | | | | | | | — | | | | | | | | | | | | (607,791 | ) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
Sale Contracts | | Counterparty | | | | | Notional
Amount
(000) | | | Value at
Settlement
Date | | | Current
Value | | | | | | Unrealized
Appreciation | | | | | | | | | Unrealized
Depreciation | | | | |
| | | | | | |
OTC Forward Foreign Currency Exchange Contracts: | | | | | | | | | | | | | | | | | | | | | | | | | |
British Pound, | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 02/02/24 | | BNYM | | | | | | | GBP | | | | 25,541 | | | $ | 32,461,463 | | | $ | 32,368,530 | | | | | | | $ | 92,933 | | | | | | | | | | | $ | — | | | | | |
Expiring 03/04/24 | | BNYM | | | | | | | GBP | | | | 24,507 | | | | 31,136,829 | | | | 31,066,173 | | | | | | | | 70,656 | | | | | | | | | | | | — | | | | | |
Expiring 03/04/24 | | HSBC | | | | | | | GBP | | | | 1,217 | | | | 1,549,700 | | | | 1,542,305 | | | | | | | | 7,395 | | | | | | | | | | | | — | | | | | |
Euro, | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 02/02/24 | | BNP | | | | | | | EUR | | | | 72,650 | | | | 79,588,670 | | | | 78,519,221 | | | | | | | | 1,069,449 | | | | | | | | | | | | — | | | | | |
Expiring 02/02/24 | | BNYM | | | | | | | EUR | | | | 88 | | | | 95,346 | | | | 94,849 | | | | | | | | 497 | | | | | | | | | | | | — | | | | | |
Expiring 02/02/24 | | CITI | | | | | | | EUR | | | | 3,686 | | | | 4,040,056 | | | | 3,983,652 | | | | | | | | 56,404 | | | | | | | | | | | | — | | | | | |
Expiring 02/02/24 | | MSI | | | | | | | EUR | | | | 1,148 | | | | 1,247,796 | | | | 1,240,627 | | | | | | | | 7,169 | | | | | | | | | | | | — | | | | | |
Expiring 02/02/24 | | TD | | | | | | | EUR | | | | 142 | | | | 155,903 | | | | 153,730 | | | | | | | | 2,173 | | | | | | | | | | | | — | | | | | |
Expiring 03/04/24 | | BNP | | | | | | | EUR | | | | 77,714 | | | | 84,628,212 | | | | 84,107,262 | | | | | | | | 520,950 | | | | | | | | | | | | — | | | | | |
Expiring 03/04/24 | | HSBC | | | | | | | EUR | | | | 886 | | | | 963,458 | | | | 958,708 | | | | | | | | 4,750 | | | | | | | | | | | | — | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | $ | 235,867,433 | | | $ | 234,035,057 | | | | | | | | 1,832,376 | | | | | | | | | | | | — | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 1,832,376 | | | | | | | | | | | $ | (607,791 | ) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Credit default swap agreements outstanding at January 31, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Reference Entity/ Obligation | | Termination
Date | | | Fixed Rate | | Notional
Amount
(000)#(3) | | | Value at
Trade Date | | | Value at
January 31,
2024 | | | Unrealized
Appreciation
(Depreciation) | |
| |
Centrally Cleared Credit Default Swap Agreements on credit indices - Buy Protection(1): | | | | | |
CDX.NA.HY.41.V2 | | | 12/20/28 | | | 5.000%(Q) | | | 20,666 | | | | | | | $ | (1,116,897 | ) | | | | | | | | | | $ | (1,270,541 | ) | | | | | | | | | | $ | (153,644 | ) | | | | |
iTraxx.XO.40.V1 | | | 12/20/28 | | | 5.000%(Q) EUR | | | 1,840 | | | | | | | | (69,758 | ) | | | | | | | | | | | (152,301 | ) | | | | | | | | | | | (82,543 | ) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | $ | (1,186,655 | ) | | | | | | | | | | $ | (1,422,842 | ) | | | | | | | | | | $ | (236,187 | ) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 63
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
Credit default swap agreements outstanding at January 31, 2024 (continued):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Reference Entity/ Obligation | | Termination
Date | | | Fixed Rate | | Notional
Amount
(000)#(3) | | | Implied Credit
Spread at
January 31,
2024(4) | | | Value at
Trade Date | | | | | | Value at
January 31,
2024 | | | | | | | | | Unrealized
Appreciation
(Depreciation) | |
|
Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2): | |
CDX.NA.IG.41.V1 | | | 12/20/28 | | | 1.000%(Q) | | | 8,200 | | | | 0.564 | % | | | | | | $ | 159,121 | | | | | | | $ | 166,987 | | | | | | | | | | | $ | 7,866 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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. |
See Notes to Financial Statements.
64
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
Total return swap agreements outstanding at January 31, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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 Investment Grade Index(T) | | 1 Day SOFR(Q)/ 5.320% | | MSI | | 09/20/24 | | (7,290) | | $ | (234,308 | ) | | | | | | $ | — | | | | | | | | | | | $ | (234,308 | ) | | | | |
iBoxx US Dollar Liquid Investment Grade Index(T) | | 1 Day SOFR(Q)/ 5.320% | | BNP | | 09/20/24 | | (5,275) | | | (134,050 | ) | | | | | | | — | | | | | | | | | | | | (134,050 | ) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | $ | (368,358 | ) | | | | | | $ | — | | | | | | | | | | | $ | (368,358 | ) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | On a long total return swap, the Fund receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Fund makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate. |
| (2) | Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation). |
Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:
| | | | | | | | |
| | | Premiums Paid | | Premiums Received | | Unrealized
Appreciation | | Unrealized
Depreciation |
OTC Swap Agreements | | $— | | $— | | $— | | $(368,358) |
Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:
| | | | | | | | | | |
Broker | | Cash and/or Foreign Currency | | Securities Market Value |
CGM | | | $ | 1,185,000 | | | | $ | — | |
JPS | | | | 1,716,000 | | | | | — | |
| | | | | | | | | | |
Total | | | $ | 2,901,000 | | | | $ | — | |
| | | | | | | | | | |
Fair Value Measurements:
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1—unadjusted quoted prices generally in active markets for identical securities.
Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 65
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.
The following is a summary of the inputs used as of January 31, 2024 in valuing such portfolio securities:
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Investments in Securities | | | | | | | | | | | | |
Assets | | | | | | | | | | | | |
Long-Term Investments | | | | | | | | | | | | |
Asset-Backed Securities | | | | | | | | | | | | |
Cayman Islands | | $ | — | | | $ | 21,293,236 | | | $ | — | |
Convertible Bond | | | | | | | | | | | | |
China | | | — | | | | 9,723 | | | | — | |
Corporate Bonds | | | | | | | | | | | | |
Argentina | | | — | | | | 868,897 | | | | — | |
Australia | | | — | | | | 3,287,529 | | | | — | |
Brazil | | | — | | | | 20,370,881 | | | | — | |
Canada | | | — | | | | 23,487,699 | | | | — | |
Chile | | | — | | | | 2,507,828 | | | | — | |
China | | | — | | | | 2,465,701 | | | | — | |
Colombia | | | — | | | | 6,004,409 | | | | — | |
Costa Rica | | | — | | | | 535,851 | | | | — | |
Czech Republic | | | — | | | | 692,344 | | | | — | |
France | | | — | | | | 8,172,113 | | | | — | |
Germany | | | — | | | | 6,725,615 | | | | — | |
Ghana | | | — | | | | 1,568,531 | | | | — | |
Guatemala | | | — | | | | 2,939,700 | | | | — | |
India | | | — | | | | 10,731,936 | | | | — | |
Indonesia | | | — | | | | 529,669 | | | | — | |
Ireland | | | — | | | | 283,313 | | | | — | |
Israel | | | — | | | | 3,370,961 | | | | — | |
Jamaica | | | — | | | | 2,418,347 | | | | 53,428 | |
Japan | | | — | | | | 4,221,819 | | | | — | |
Kuwait | | | — | | | | 983,281 | | | | — | |
Luxembourg | | | — | | | | 12,247,824 | | | | — | |
Macau | | | — | | | | 5,018,130 | | | | — | |
Malaysia | | | — | | | | 1,807,301 | | | | — | |
Mexico | | | — | | | | 29,116,574 | | | | — | |
Morocco | | | — | | | | 425,020 | | | | — | |
Netherlands | | | — | | | | 7,799,334 | | | | — | |
Nigeria | | | — | | | | 541,800 | | | | — | |
Panama | | | — | | | | 1,031,484 | | | | — | |
Peru | | | — | | | | 2,302,453 | | | | — | |
Russia | | | — | | | | 178,438 | | | | — | |
Saudi Arabia | | | — | | | | 1,601,278 | | | | — | |
Slovenia | | | — | | | | 3,894,978 | | | | — | |
South Africa | | | — | | | | 9,956,656 | | | | — | |
Spain | | | — | | | | 5,060,852 | | | | 1,121 | |
Sweden | | | — | | | | 2,954,850 | | | | — | |
See Notes to Financial Statements.
66
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Investments in Securities (continued) | | | | | | | | | | | | |
Assets (continued) | | | | | | | | | | | | |
Long-Term Investments (continued) | | | | | | | | | | | | |
Corporate Bonds (continued) | | | | | | | | | | | | |
Switzerland | | $ | — | | | $ | 1,791,482 | | | $ | — | |
Thailand | | | — | | | | 2,937,584 | | | | — | |
Turkey | | | — | | | | 6,873,481 | | | | — | |
Ukraine | | | — | | | | 1,042,461 | | | | — | |
United Arab Emirates | | | — | | | | 1,606,230 | | | | — | |
United Kingdom | | | — | | | | 35,323,578 | | | | — | |
United States | | | — | | | | 261,689,067 | | | | 891,477 | |
Vietnam | | | — | | | | 1,317,618 | | | | — | |
Zambia | | | — | | | | 1,142,835 | | | | — | |
Floating Rate and Other Loans | | | | | | | | | | | | |
Jamaica | | | — | | | | 2,253,325 | | | | — | |
Jersey | | | — | | | | 4,075,635 | | | | — | |
United Kingdom | | | — | | | | 6,534,852 | | | | — | |
United States | | | — | | | | 10,637,691 | | | | 57,600 | |
Sovereign Bonds | | | | | | | | | | | | |
Angola | | | — | | | | 5,806,909 | | | | — | |
Argentina | | | — | | | | 9,583,109 | | | | — | |
Bahrain | | | — | | | | 1,684,863 | | | | — | |
Brazil | | | — | | | | 7,969,385 | | | | — | |
Cameroon | | | — | | | | 927,225 | | | | — | |
Colombia | | | — | | | | 9,006,772 | | | | — | |
Costa Rica | | | — | | | | 835,600 | | | | — | |
Dominican Republic | | | — | | | | 9,475,042 | | | | — | |
Ecuador | | | — | | | | 1,998,648 | | | | — | |
Egypt | | | — | | | | 4,920,217 | | | | — | |
El Salvador | | | — | | | | 851,500 | | | | — | |
Gabon | | | — | | | | 2,415,863 | | | | — | |
Ghana | | | — | | | | 1,022,250 | | | | — | |
Guatemala | | | — | | | | 1,792,853 | | | | — | |
Honduras | | | — | | | | 882,570 | | | | — | |
Hungary | | | — | | | | 900,013 | | | | — | |
Ivory Coast | | | — | | | | 5,772,696 | | | | — | |
Jordan | | | — | | | | 504,056 | | | | — | |
Lebanon | | | — | | | | 259,350 | | | | — | |
Mongolia | | | — | | | | 210,404 | | | | — | |
Morocco | | | — | | | | 2,422,014 | | | | — | |
Mozambique | | | — | | | | 1,982,306 | | | | — | |
Nigeria | | | — | | | | 1,205,575 | | | | — | |
Oman | | | — | | | | 4,407,757 | | | | — | |
Pakistan | | | — | | | | 3,521,047 | | | | — | |
Paraguay | | | — | | | | 904,400 | | | | — | |
Romania | | | — | | | | 3,635,822 | | | | — | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 67
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Investments in Securities (continued) | | | | | | | | | | | | |
Assets (continued) | | | | | | | | | | | | |
Long-Term Investments (continued) | | | | | | | | | | | | |
Sovereign Bonds (continued) | | | | | | | | | | | | |
Senegal | | $ | — | | | $ | 2,002,652 | | | $ | — | |
Serbia | | | — | | | | 4,413,817 | | | | — | |
South Africa | | | — | | | | 1,536,126 | | | | — | |
Sri Lanka | | | — | | | | 1,113,116 | | | | — | |
Turkey | | | — | | | | 10,027,367 | | | | — | |
Ukraine | | | — | | | | 2,470,640 | | | | — | |
United Arab Emirates | | | — | | | | 980,875 | | | | — | |
Zambia | | | — | | | | 721,500 | | | | — | |
Common Stocks | | | | | | | | | | | | |
Jamaica | | | — | | | | 307,984 | | | | — | |
Luxembourg | | | — | | | | 1,419,163 | | | | — | |
United States | | | 1,455,374 | | | | 4,276,641 | | | | 3,461,073 | |
Preferred Stock | | | | | | | | | | | | |
Jamaica | | | — | | | | — | | | | 553,650 | |
Short-Term Investment | | | | | | | | | | | | |
Affiliated Mutual Fund | | | 1,154,864 | | | | — | | | | — | |
| | | | | | | | | | | | |
Total | | $ | 2,610,238 | | | $ | 658,800,321 | | | $ | 5,018,349 | |
| | | | | | | | | | | | |
| | | |
Other Financial Instruments* | | | | | | | | | | | | |
Assets | | | | | | | | | | | | |
Futures Contracts | | $ | 1,452,678 | | | $ | — | | | $ | — | |
OTC Forward Foreign Currency Exchange Contracts | | | — | | | | 1,832,376 | | | | — | |
Centrally Cleared Credit Default Swap Agreement | | | — | | | | 7,866 | | | | — | |
| | | | | | | | | | | | |
Total | | $ | 1,452,678 | | | $ | 1,840,242 | | | $ | — | |
| | | | | | | | | | | | |
| | | |
Liabilities | | | | | | | | | | | | |
Futures Contracts | | $ | (210,083 | ) | | $ | — | | | $ | — | |
OTC Forward Foreign Currency Exchange Contracts | | | — | | | | (607,791 | ) | | | — | |
Centrally Cleared Credit Default Swap Agreements | | | — | | | | (236,187 | ) | | | — | |
OTC Total Return Swap Agreements | | | — | | | | (368,358 | ) | | | — | |
| | | | | | | | | | | | |
Total | | $ | (210,083 | ) | | $ | (1,212,336 | ) | | $ | — | |
| | | | | | | | | | | | |
| * | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. |
See Notes to Financial Statements.
68
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2024 were as follows:
| | | | |
Sovereign Bonds | | | 20.5 | % |
Oil & Gas | | | 12.8 | |
Media | | | 10.0 | |
Retail | | | 6.0 | |
Telecommunications | | | 5.5 | |
Electric | | | 5.3 | |
Commercial Services | | | 4.7 | |
Chemicals | | | 4.2 | |
Collateralized Loan Obligations | | | 4.0 | |
Diversified Financial Services | | | 3.9 | |
Home Builders | | | 3.2 | |
Pipelines | | | 3.2 | |
Entertainment | | | 3.0 | |
Healthcare-Services | | | 2.4 | |
Foods | | | 2.3 | |
Aerospace & Defense | | | 2.3 | |
Banks | | | 2.0 | |
Lodging | | | 2.0 | |
Engineering & Construction | | | 2.0 | |
Building Materials | | | 2.0 | |
Leisure Time | | | 2.0 | |
Mining | | | 1.8 | |
Real Estate | | | 1.8 | |
Internet | | | 1.6 | |
Computers | | | 1.5 | |
Pharmaceuticals | | | 1.4 | |
Transportation | | | 1.2 | |
Auto Parts & Equipment | | | 1.2 | |
Software | | | 1.1 | |
Airlines | | | 1.1 | |
Advertising | | | 0.8 | |
Packaging & Containers | | | 0.8 | |
| | | | |
Iron/Steel | | | 0.8 | % |
Distribution/Wholesale | | | 0.7 | |
Gas | | | 0.7 | |
Energy-Alternate Sources | | | 0.6 | |
Housewares | | | 0.6 | |
Machinery-Diversified | | | 0.5 | |
Healthcare-Products | | | 0.5 | |
Wireless Telecommunication Services | | | 0.4 | |
Environmental Control | | | 0.4 | |
Oil, Gas & Consumable Fuels | | | 0.4 | |
Real Estate Investment Trusts (REITs) | | | 0.3 | |
Electrical Components & Equipment | | | 0.3 | |
Auto Manufacturers | | | 0.3 | |
Apparel | | | 0.3 | |
Gas Utilities | | | 0.3 | |
Miscellaneous Manufacturing | | | 0.3 | |
Household Products/Wares | | | 0.2 | |
Affiliated Mutual Fund | | | 0.2 | |
Investment Companies | | | 0.2 | |
Holding Companies-Diversified | | | 0.2 | |
Beverages | | | 0.2 | |
Electronics | | | 0.1 | |
Hotels, Restaurants & Leisure | | | 0.1 | |
Electric Utilities | | | 0.1 | |
| | | | |
| | | 126.3 | |
Liabilities in excess of other assets | | | (26.3 | ) |
| | | | |
| | | 100.0 | % |
| | | | |
Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit risk, foreign exchange and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.
Fair values of derivative instruments as of January 31, 2024 as presented in the Statement of Assets and Liabilities:
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 69
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | |
| | | Asset Derivatives | | | Liability Derivatives | |
Derivatives not accounted for as hedging instruments, carried at fair value | | Statement of Assets and Liabilities Location | | Fair
Value | | | Statement of Assets and Liabilities Location | | Fair
Value | |
Credit contracts | | Due from/to broker-variation margin swaps | | $ | 7,866 | * | | Due from/to broker-variation margin swaps | | $ | 236,187 | * |
Foreign exchange contracts | | Unrealized appreciation on OTC forward foreign currency exchange contracts | | | 1,832,376 | | | Unrealized depreciation on OTC forward foreign currency exchange contracts | | | 607,791 | |
Interest rate contracts | | Due from/to broker-variation margin futures | | | 1,452,678 | * | | Due from/to broker-variation margin futures | | | 210,083 | * |
Interest rate contracts | | — | | | — | | | Unrealized depreciation on OTC swap agreements | | | 368,358 | |
| | | | | | | | | | | | |
| | | | |
| | | | $ | 3,292,920 | | | | | $ | 1,422,419 | |
| | | | | | | | | | | | |
| * | Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities. |
The effects of derivative instruments on the Statement of Operations for the six months ended January 31, 2024 are as follows:
| | | | | | | | | | | | |
| Amount of Realized Gain (Loss) on Derivatives Recognized in Income | |
Derivatives not accounted for as hedging instruments, carried at fair value | | Futures | | | Forward
Currency
Exchange
Contracts | | | Swaps | |
Credit contracts | | $ | — | | | $ | — | | | $ | (982,717 | ) |
Foreign exchange contracts | | | — | | | | 1,059,792 | | | | — | |
Interest rate contracts | | | (1,576,165 | ) | | | — | | | | (14,619 | ) |
| | | | | | | | | | | | |
Total | | $ | (1,576,165 | ) | | $ | 1,059,792 | | | $ | (997,336 | ) |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | |
Derivatives not accounted for as hedging instruments, carried at fair value | | Futures | | | Forward
Currency
Exchange
Contracts | | | Swaps | |
Credit contracts | | $ | — | | | $ | — | | | $ | 518,542 | |
See Notes to Financial Statements.
70
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | |
| Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | |
Derivatives not accounted for as hedging instruments, carried at fair value | | Futures | | | Forward
Currency
Exchange
Contracts | | | Swaps | |
Foreign exchange contracts | | $ | — | | | $ | 1,690,392 | | | $ | — | |
Interest rate contracts | | | 2,206,789 | | | | — | | | | (428,142 | ) |
| | | | | | | | | | | | |
Total | | $ | 2,206,789 | | | $ | 1,690,392 | | | $ | 90,400 | |
| | | | | | | | | | | | |
For the six months ended January 31, 2024, the Fund’s average volume of derivative activities is as follows:
| | | | | |
Derivative Contract Type | | Average Volume of Derivative Activities* |
Futures Contracts - Long Positions (1) | | | $ | 84,208,292 | |
Futures Contracts - Short Positions (1) | | | | 11,157,870 | |
Forward Foreign Currency Exchange Contracts - Purchased (2) | | | | 108,492,703 | |
Forward Foreign Currency Exchange Contracts - Sold (2) | | | | 215,655,745 | |
Credit Default Swap Agreements - Buy Protection (1) | | | | 25,819,907 | |
Credit Default Swap Agreements - Sell Protection (1) | | | | 2,733,333 | |
Total Return Swap Agreements (1) | | | | 8,591,667 | |
| * | Average volume is based on average quarter end balances for the six months ended January 31, 2024. |
| (1) | Notional Amount in USD. |
| (2) | Value at Settlement Date. |
Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Fund invested in OTC derivatives during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives where the legal right to set-off exists is presented in the summary below.
Offsetting of OTC derivative assets and liabilities:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Counterparty | | Gross Amounts of Recognized Assets(1) | | | Gross Amounts of Recognized Liabilities(1) | | | Net Amounts of Recognized Assets/(Liabilities) | | | Collateral Pledged/(Received)(2) | | | Net Amount | |
| | | | | | | | | | | | | | | |
BNP | | | | | | $ | 1,590,399 | | | | | | | | | | | $ | (666,434 | ) | | | | | | | | | | $ | 923,965 | | | | | | | | | | | $ | (873,388 | ) | | | | | | | | | | $ | 50,577 | | | | | |
BNYM | | | | | | | 164,086 | | | | | | | | | | | | (73,045 | ) | | | | | | | | | | | 91,041 | | | | | | | | | | | | — | | | | | | | | | | | | 91,041 | | | | | |
CITI | | | | | | | 56,404 | | | | | | | | | | | | — | | | | | | | | | | | | 56,404 | | | | | | | | | | | | — | | | | | | | | | | | | 56,404 | | | | | |
HSBC | | | | | | | 12,145 | | | | | | | | | | | | — | | | | | | | | | | | | 12,145 | | | | | | | | | | | | — | | | | | | | | | | | | 12,145 | | | | | |
JPM | | | | | | | — | | | | | | | | | | | | (2,362 | ) | | | | | | | | | | | (2,362 | ) | | | | | | | | | | | — | | | | | | | | | | | | (2,362 | ) | | | | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 71
PGIM Global High Yield Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Counterparty | | Gross Amounts of Recognized Assets(1) | | | Gross Amounts of Recognized Liabilities(1) | | | Net Amounts of Recognized Assets/(Liabilities) | | | Collateral Pledged/(Received)(2) | | | Net Amount | |
| | | | | | | | | | | | | | | |
MSI | | | | | | $ | 7,169 | | | | | | | | | | | $ | (234,308 | ) | | | | | | | | | | $ | (227,139 | ) | | | | | | | | | | $ | 227,139 | | | | | | | | | | | $ | — | | | | | |
TD | | | | | | | 2,173 | | | | | | | | | | | | — | | | | | | | | | | | | 2,173 | | | | | | | | | | | | — | | | | | | | | | | | | 2,173 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | $ | 1,832,376 | | | | | | | | | | | $ | (976,149 | ) | | | | | | | | | | $ | 856,227 | | | | | | | | | | | $ | (646,249 | ) | | | | | | | | | | $ | 209,978 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities. |
| (2) | Collateral amount disclosed by the Fund is limited to the market value of financial instruments/transactions and the Fund’s OTC derivative exposure by counterparty. |
See Notes to Financial Statements.
72
PGIM Global High Yield Fund, Inc.
Statement of Assets & Liabilities (unaudited)
as of January 31, 2024
| | | | |
Assets | | | | |
| |
Investments at value: | | | | |
Unaffiliated investments (cost $739,395,002) | | $ | 665,274,044 | |
Affiliated investments (cost $1,154,864) | | | 1,154,864 | |
Cash | | | 126,090 | |
Foreign currency, at value (cost $79,520) | | | 79,316 | |
Cash segregated for counterparty - OTC | | | 300,000 | |
Dividends and interest receivable | | | 10,570,599 | |
Receivable for investments sold | | | 4,367,517 | |
Deposit with broker for centrally cleared/exchange-traded derivatives | | | 2,901,000 | |
Unrealized appreciation on OTC forward foreign currency exchange contracts | | | 1,832,376 | |
Due from broker—variation margin futures | | | 304,461 | |
Due from broker—variation margin swaps | | | 89,212 | |
Tax reclaim receivable | | | 14,196 | |
Prepaid expenses | | | 2,720 | |
| | | | |
| |
Total Assets | | | 687,016,395 | |
| | | | |
| |
Liabilities | | | | |
| |
Loan payable | | | 145,000,000 | |
Payable for investments purchased | | | 11,989,427 | |
Interest payable | | | 785,432 | |
Unrealized depreciation on OTC forward foreign currency exchange contracts | | | 607,791 | |
Management fee payable | | | 482,755 | |
Unrealized depreciation on OTC swap agreements | | | 368,358 | |
Accrued expenses and other liabilities | | | 220,592 | |
Deferred directors’ fees and directors’ fees payable | | | 57,278 | |
Exchange listing fees payable | | | 20,034 | |
| | | | |
| |
Total Liabilities | | | 159,531,667 | |
| | | | |
| |
Net Assets | | $ | 527,484,728 | |
| | | | |
| |
| | | | |
| | |
Net assets were comprised of: | | | | |
Common stock, at par | | $ | 40,924 | |
Paid-in capital in excess of par | | | 768,273,815 | |
Total distributable earnings (loss) | | | (240,830,011 | ) |
| | | | |
| |
Net assets, January 31, 2024 | | $ | 527,484,728 | |
| | | | |
| |
Net asset value and redemption price per share ($527,484,728 ÷ 40,923,879 shares of common stock issued and outstanding) | | $ | 12.89 | |
| | | | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 73
PGIM Global High Yield Fund, Inc.
Statement of Operations (unaudited)
Six Months Ended January 31, 2024
| | | | |
Net Investment Income (Loss) | | | | |
| |
Income | | | | |
Interest income (net of $10,412 foreign withholding tax) | | $ | 24,140,447 | |
Affiliated dividend income | | | 217,100 | |
Unaffiliated dividend income | | | 34,172 | |
| | | | |
| |
Total income | | | 24,391,719 | |
| | | | |
| |
Expenses | | | | |
Management fee | | | 2,791,965 | |
Interest expense | | | 4,586,512 | |
Shareholders’ reports | | | 41,196 | |
Professional fees | | | 35,813 | |
Custodian and accounting fees | | | 28,418 | |
Audit fee | | | 24,887 | |
Exchange listing fees | | | 20,034 | |
Transfer agent’s fees and expenses | | | 11,327 | |
Directors’ fees | | | 5,809 | |
Miscellaneous | | | 19,653 | |
| | | | |
| |
Total expenses | | | 7,565,614 | |
| | | | |
| |
Net investment income (loss) | | | 16,826,105 | |
| | | | |
| |
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions | | | | |
| |
Net realized gain (loss) on: | | | | |
Investment transactions | | | (18,395,489 | ) |
Futures transactions | | | (1,576,165 | ) |
Forward currency contract transactions | | | 1,059,792 | |
Swap agreement transactions | | | (997,336 | ) |
Foreign currency transactions | | | (3,329,765 | ) |
| | | | |
| |
| | | (23,238,963 | ) |
| | | | |
| |
Net change in unrealized appreciation (depreciation) on: | | | | |
Investments | | | 37,194,411 | |
Futures | | | 2,206,789 | |
Forward currency contracts | | | 1,690,392 | |
Swap agreements | | | 90,400 | |
Foreign currencies | | | (10,658 | ) |
| | | | |
| |
| | | 41,171,334 | |
| | | | |
| |
Net gain (loss) on investment and foreign currency transactions | | | 17,932,371 | |
| | | | |
| |
Net Increase (Decrease) In Net Assets Resulting From Operations | | $ | 34,758,476 | |
| | | | |
See Notes to Financial Statements.
74
PGIM Global High Yield Fund, Inc.
Statements of Changes in Net Assets (unaudited)
| | | | | | | | | | | | | | | | |
| | |
| | | Six Months Ended
January 31, 2024 | | Year Ended
July 31, 2023 |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
| | | | | | |
Operations | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | | $ | 16,826,105 | | | | | | | $ | 34,894,656 | | | |
Net realized gain (loss) on investment and foreign currency transactions | | | | | (23,238,963 | ) | | | | | | | (18,060,451 | ) | | |
Net change in unrealized appreciation (depreciation) on investments and foreign currencies | | | | | 41,171,334 | | | | | | | | 18,156,960 | | | |
| | | | | | | | | | | | | | | | |
| | | | | | |
Net increase (decrease) in net assets resulting from operations | | | | | 34,758,476 | | | | | | | | 34,991,165 | | | |
| | | | | | | | | | | | | | | | |
| | | | | | |
Dividends and Distributions | | | | | | | | | | | | | | | | |
Distributions from distributable earnings | | | | | (25,782,044 | ) | | | | | | | (51,564,088 | ) | | |
| | | | | | | | | | | | | | | | |
| | | | | | |
Total increase (decrease) | | | | | 8,976,432 | | | | | | | | (16,572,923 | ) | | |
| | | | | | |
Net Assets: | | | | | | | | | | | | | | | | |
| | | | | | |
Beginning of period | | | | | 518,508,296 | | | | | | | | 535,081,219 | | | |
| | | | | | | | | | | | | | | | |
| | | | | | |
End of period | | | | $ | 527,484,728 | | | | | | | $ | 518,508,296 | | | |
| | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 75
PGIM Global High Yield Fund, Inc.
Statement of Cash Flows (unaudited)
Six Months Ended January 31, 2024
| | | | |
Cash Flows Provided By / (Used For) Operating Activities: | | | | |
Net increase (decrease) in net assets resulting from operations | | $ | 34,758,476 | |
| | | | |
| |
Adjustments To Reconcile Net Increase (Decrease) In Net Assets Resulting From
Operations To Net Cash Provided By / (Used For) Operating Activities: | | | | |
Proceeds from disposition of long-term portfolio investments, net of amounts receivable | | | 144,260,274 | |
Purchases of long-term portfolio investments, net of amounts payable | | | (130,884,560 | ) |
Net proceeds (purchases) of short-term portfolio investments | | | 372,312 | |
Net premiums (paid) received for swap agreements | | | (478,794 | ) |
Amortization of premium and accretion of discount on portfolio investments | | | (2,957,378 | ) |
Net realized (gain) loss on investment transactions | | | 18,395,489 | |
Net realized (gain) loss on futures transactions | | | 1,576,165 | |
Net realized (gain) loss on forward currency contract transactions | | | (1,059,792 | ) |
Net realized (gain) loss on swap agreement transactions | | | 997,336 | |
Net realized (gain) loss on foreign currency transactions | | | 3,329,765 | |
Net change in unrealized (appreciation) depreciation on investments | | | (37,194,411 | ) |
Net change in unrealized (appreciation) depreciation on futures | | | (2,206,789 | ) |
Net change in unrealized (appreciation) depreciation on forward currency contracts | | | (1,690,392 | ) |
Net change in unrealized (appreciation) depreciation on swap agreements | | | (90,400 | ) |
Net change in unrealized (appreciation) depreciation on foreign currencies | | | 10,658 | |
(Increase) Decrease In Assets: | | | | |
Dividends and interest receivable | | | 525,791 | |
Prepaid expenses | | | (2,720 | ) |
Increase (Decrease) In Liabilities: | | | | |
Interest payable | | | 43,475 | |
Management fee payable | | | 8,173 | |
Accrued expenses and other liabilities | | | 36,582 | |
Deferred directors’ fees and directors’ fees payable | | | 1,878 | |
Exchange listing fees payable | | | (19,816 | ) |
Dividends payable | | | (71,405 | ) |
| | | | |
| |
Total adjustments | | | (7,098,559 | ) |
| | | | |
| |
Net cash provided by (used for) operating activities | | | 27,659,917 | |
| | | | |
| |
Effect of exchange rate changes on cash | | | (1,650,007 | ) |
| | | | |
| |
Cash Flows Provided By (Used For) Financing Activities: | | | | |
Cash paid on distributions from distributable earnings | | | (25,782,044 | ) |
| | | | |
| |
Net cash provided by (used for) financing activities | | | (25,782,044 | ) |
| | | | |
| |
Net increase (decrease) in cash and restricted cash, including foreign currency | | | 227,866 | |
| | | | |
| |
Cash and restricted cash at beginning of period, including foreign currency | | | 3,572,213 | |
| | | | |
Cash And Restricted Cash At End Of Period, Including Foreign Currency | | $ | 3,800,079 | |
| | | | |
| |
Supplemental Disclosure of Cash Flow Information | | | | |
Cash paid during the period for interest expense | | $ | 4,543,037 | |
| | | | |
See Notes to Financial Statements.
76
PGIM Global High Yield Fund, Inc.
Statement of Cash Flows (unaudited) (continued)
Six Months Ended January 31, 2024
Reconciliation Of Cash And Restricted Cash Reported With The Statement Of Assets And Liabilities To The Statement Of Cash Flows:
| | | | | | | | | | | | |
| | | January 31, 2024 | |
| | | |
Cash | | | | | | $ | 126,090 | | | | | |
Foreign currency, at value | | | | | | | 79,316 | | | | | |
Restricted cash: | | | | | | | | | | | | |
Cash segregated for counterparty - OTC | | | | | | | 300,000 | | | | | |
Deposit with broker for centrally cleared/exchange-traded derivatives | | | | | | | 2,901,000 | | | | | |
Due from broker-variation margin futures | | | | | | | 304,461 | | | | | |
Due from broker-variation margin swaps | | | | | | | 89,212 | | | | | |
| | | | | | | | | | | | |
| | | |
Total Cash and Restricted Cash, Including Foreign Currency | | | | | | $ | 3,800,079 | | | | | |
| | | | | | | | | | | | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 77
PGIM Global High Yield Fund, Inc.
Financial Highlights (unaudited)
Six Months Ended January 31, 2024
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | |
| | | Six Months Ended January 31, | | Year Ended July 31, |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Per Share Operating Performance(a): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, Beginning of Period | | | | $12.67 | | | | | $13.08 | | | | | $16.71 | | | | | $15.50 | | | | | $16.64 | | | | | $16.17 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | | 0.41 | | | | | 0.85 | | | | | 0.94 | | | | | 1.09 | | | | | 1.10 | | | | | 0.91 | |
Net realized and unrealized gain (loss) on investment and foreign currency transactions | | | | 0.44 | | | | | - | (b) | | | | (3.31 | ) | | | | 1.38 | | | | | (0.98 | ) | | | | 0.64 | |
Total from investment operations | | | | 0.85 | | | | | 0.85 | | | | | (2.37 | ) | | | | 2.47 | | | | | 0.12 | | | | | 1.55 | |
Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | (0.63 | ) | | | | (1.26 | ) | | | | (1.26 | ) | | | | (1.10 | ) | | | | (1.26 | ) | | | | (1.08 | ) |
Tax return of capital distributions | | | | - | | | | | - | | | | | - | | | | | (0.16 | ) | | | | - | | | | | - | |
Total dividends and distributions | | | | (0.63 | ) | | | | (1.26 | ) | | | | (1.26 | ) | | | | (1.26 | ) | | | | (1.26 | ) | | | | (1.08 | ) |
Net asset value, end of period | | | | $12.89 | | | | | $12.67 | | | | | $13.08 | | | | | $16.71 | | | | | $15.50 | | | | | $16.64 | |
Market price, end of period | | | | $11.39 | | | | | $11.38 | | | | | $11.98 | | | | | $15.59 | | | | | $13.18 | | | | | $14.52 | |
Total Return(c): | | | | 5.90 | % | | | | 6.31 | % | | | | (15.91 | )% | | | | 28.97 | % | | | | (0.40 | )% | | | | 15.12 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | | | $527,485 | | | | | $518,508 | | | | | $535,081 | | | | | $683,720 | | | | | $634,170 | | | | | $680,904 | |
Average net assets (000) | | | | $507,874 | | | | | $514,641 | | | | | $623,650 | | | | | $663,605 | | | | | $634,188 | | | | | $657,922 | |
Ratios to average net assets(d): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses after waivers and/or expense reimbursement(e) | | | | 2.96 | %(f) | | | | 2.28 | % | | | | 1.48 | % | | | | 1.59 | % | | | | 1.99 | % | | | | 2.56 | % |
Expenses before waivers and/or expense reimbursement(e) | | | | 2.96 | %(f) | | | | 2.28 | % | | | | 1.48 | % | | | | 1.59 | % | | | | 1.99 | % | | | | 2.56 | % |
Net investment income (loss) | | | | 6.59 | %(f) | | | | 6.78 | % | | | | 6.19 | % | | | | 6.70 | % | | | | 7.13 | % | | | | 5.68 | % |
Portfolio turnover rate(g) | | | | 21 | % | | | | 25 | % | | | | 35 | % | | | | 51 | % | | | | 49 | % | | | | 96 | % |
Asset coverage | | | | 464 | % | | | | 458 | % | | | | 701 | % | | | | 375 | % | | | | 383 | % | | | | 340 | % |
Total debt outstanding at period-end (000) | | | | $145,000 | | | | | $145,000 | | | | | $89,000 | | | | | $249,000 | | | | | $224,000 | | | | | $284,000 | |
| (a) | Calculated based on average shares outstanding during the period. |
| (b) | Amount rounds to zero. |
| (c) | Total return is calculated assuming a purchase of common stock at the current market price on the first day and a sale at the closing market price on the last day for the period reported. Dividends are assumed, for the purpose of this calculation, to be reinvested at prices obtainable under the Fund’s dividend reinvestment plan. This amount does not reflect brokerage commissions or sales load. Total returns for periods less than one full year are not annualized. |
| (d) | Does not include expenses of the underlying funds in which the Fund invests. |
| (e) | Includes interest expense of 1.80%, 1.12%, 0.32%, 0.33%, 0.75% and 1.28%, for the six months ended January 31, 2024 and years ended July 31, 2023, 2022, 2021, 2020 and 2019, respectively. Includes tax expense of 0.05%, 0.01% and 0.01% for the years ended July 31, 2023, 2020 and 2019, respectively. |
See Notes to Financial Statements.
78
PGIM Global High Yield Fund, Inc.
Financial Highlights (unaudited) (continued)
Six Months Ended January 31, 2024
| (g) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 79
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited)
as of January 31, 2024
| | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
LONG-TERM INVESTMENTS 120.3% | | | | | | | | | | | | |
| | | | |
ASSET-BACKED SECURITIES 7.2% | | | | | | | | | | | | |
| | | | |
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%) | | 7.064%(c) | | 07/15/30 | | | 4,166 | | | $ | 4,182,711 | |
Battalion CLO Ltd. (Cayman Islands), | | | | | | | | | | | | |
Series 2015-08A, Class A1R2, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%) | | 6.630(c) | | 07/18/30 | | | 1,524 | | | | 1,524,671 | |
BlueMountain CLO Ltd. (Cayman Islands), | | | | | | | | | | | | |
Series 2016-02A, Class A1R2, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%) | | 6.749(c) | | 08/20/32 | | | 3,000 | | | | 2,997,590 | |
Carlyle Global Market Strategies CLO Ltd. (Cayman Islands), | | | | | | | | | | | | |
Series 2014-01A, Class A1R2, 144A, 3 Month SOFR + 1.232% (Cap N/A, Floor 0.970%) | | 6.548(c) | | 04/17/31 | | | 2,522 | | | | 2,525,275 | |
CIFC Funding Ltd. (Cayman Islands), | | | | | | | | | | | | |
Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.302% (Cap N/A, Floor 0.000%) | | 6.619(c) | | 04/20/31 | | | 2,615 | | | | 2,618,382 | |
KKR CLO Ltd. (Cayman Islands), | | | | | | | | | | | | |
Series 11, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | | 6.756(c) | | 01/15/31 | | | 1,625 | | | | 1,625,101 | |
KKR Static CLO Ltd. (Cayman Islands), | | | | | | | | | | | | |
Series 2022-02A, Class A1, 144A, 3 Month SOFR + 2.220% (Cap N/A, Floor 2.220%) | | 7.538(c) | | 10/20/31 | | | 1,531 | | | | 1,534,638 | |
Madison Park Funding Ltd. (Cayman Islands), | | | | | | | | | | | | |
Series 2015-18A, Class ARR, 144A, 3 Month SOFR + 1.202% (Cap N/A, Floor 0.940%) | | 6.519(c) | | 10/21/30 | | | 2,435 | | | | 2,438,054 | |
OFSI BSL Ltd. (Cayman Islands), | | | | | | | | | | | | |
Series 2023-12A, Class A1, 144A, 3 Month SOFR + 2.400% (Cap N/A, Floor 2.400%) | | 7.718(c) | | 01/20/35 | | | 2,250 | | | | 2,269,016 | |
Palmer Square Loan Funding Ltd. (Cayman Islands), | | | | | | | | | | | | |
Series 2022-03A, Class A1A, 144A, 3 Month SOFR + 1.820% (Cap N/A, Floor 1.820%) | | 7.134(c) | | 04/15/31 | | | 3,119 | | | | 3,125,978 | |
Shackleton CLO Ltd. (Cayman Islands), | | | | | | | | | | | | |
Series 2017-11A, Class AR, 144A, 3 Month SOFR + 1.352% (Cap N/A, Floor 0.262%) | | 6.731(c) | | 08/15/30 | | | 1,621 | | | | 1,624,138 | |
Signal Peak CLO Ltd., | | | | | | | | | | | | |
Series 2018-05A, Class A, 144A, 3 Month SOFR + 1.372% (Cap N/A, Floor 1.110%) | | 6.696(c) | | 04/25/31 | | | 2,066 | | | | 2,067,944 | |
Voya CLO Ltd. (Cayman Islands), | | | | | | | | | | | | |
Series 2013-02A, Class A1R, 144A, 3 Month SOFR + 1.232% (Cap N/A, Floor 0.970%) | | 6.556(c) | | 04/25/31 | | | 1,083 | | | | 1,085,005 | |
See Notes to Financial Statements.
80
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
ASSET-BACKED SECURITIES (Continued) | | | | | | | | | | | | |
| | | | |
Collateralized Loan Obligations (cont’d.) | | | | | | | | | | | | |
| | | | |
Voya CLO Ltd. (Cayman Islands), (cont’d.) | | | | | | | | | | | | |
Series 2015-03A, Class A1R, 144A, 3 Month SOFR + 1.452% (Cap N/A, Floor 1.452%) | | 6.769%(c) | | 10/20/31 | | | 3,809 | | | $ | 3,816,489 | |
| | | | | | | | | | | | |
| | | | |
TOTAL ASSET-BACKED SECURITIES
(cost $33,021,480) | | | | | | | | | | | 33,434,992 | |
| | | | | | | | | | | | |
| | | | |
CORPORATE BONDS 105.6% | | | | | | | | | | | | |
| | | | |
Advertising 0.3% | | | | | | | | | | | | |
| | | | |
CMG Media Corp., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 8.875 | | 12/15/27 | | | 1,640 | | | | 1,277,938 | |
| | | | |
Aerospace & Defense 2.9% | | | | | | | | | | | | |
| | | | |
Boeing Co. (The), | | | | | | | | | | | | |
Sr. Unsec’d. Notes(aa) | | 5.805 | | 05/01/50 | | | 2,650 | | | | 2,656,520 | |
Sr. Unsec’d. Notes | | 5.930 | | 05/01/60 | | | 750 | | | | 747,817 | |
Bombardier, Inc. (Canada), | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 6.000 | | 02/15/28 | | | 1,500 | | | | 1,461,735 | |
Sr. Unsec’d. Notes, 144A | | 7.125 | | 06/15/26 | | | 679 | | | | 684,561 | |
Sr. Unsec’d. Notes, 144A | | 7.500 | | 02/01/29 | | | 1,350 | | | | 1,373,625 | |
Sr. Unsec’d. Notes, 144A | | 7.875 | | 04/15/27 | | | 2,645 | | | | 2,637,832 | |
Sr. Unsec’d. Notes, 144A | | 8.750 | | 11/15/30 | | | 940 | | | | 994,050 | |
TransDigm, Inc., | | | | | | | | | | | | |
Gtd. Notes | | 4.625 | | 01/15/29 | | | 600 | | | | 560,321 | |
Gtd. Notes(aa) | | 5.500 | | 11/15/27 | | | 1,825 | | | | 1,778,496 | |
Sr. Sec’d. Notes, 144A | | 6.250 | | 03/15/26 | | | 600 | | | | 596,748 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 13,491,705 | |
| | | | |
Agriculture 0.3% | | | | | | | | | | | | |
| | | | |
Vector Group Ltd., | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 5.750 | | 02/01/29 | | | 1,350 | | | | 1,245,464 | |
| | | | |
Airlines 1.4% | | | | | | | | | | | | |
| | | | |
American Airlines, Inc., | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 7.250 | | 02/15/28 | | | 350 | | | | 355,512 | |
American Airlines, Inc./AAdvantage Loyalty IP Ltd., | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 5.500 | | 04/20/26 | | | 863 | | | | 853,875 | |
Sr. Sec’d. Notes, 144A(aa) | | 5.750 | | 04/20/29 | | | 1,425 | | | | 1,400,219 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 81
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | |
| | | | |
Airlines (cont’d.) | | | | | | | | | | | | |
| | | | |
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 5.750% | | 01/20/26 | | | 400 | | | $ | 376,360 | |
United Airlines, Inc., | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 4.375 | | 04/15/26 | | | 1,080 | | | | 1,042,776 | |
Sr. Sec’d. Notes, 144A | | 4.625 | | 04/15/29 | | | 830 | | | | 768,811 | |
VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Switzerland), | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 6.375 | | 02/01/30 | | | 750 | | | | 532,500 | |
Sr. Unsec’d. Notes, 144A | | 7.875 | | 05/01/27 | | | 905 | | | | 764,725 | |
Sr. Unsec’d. Notes, 144A | | 9.500 | | 06/01/28 | | | 520 | | | | 439,474 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 6,534,252 | |
| | | | |
Apparel 0.4% | | | | | | | | | | | | |
| | | | |
Kontoor Brands, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.125 | | 11/15/29 | | | 375 | | | | 340,444 | |
Wolverine World Wide, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.000 | | 08/15/29 | | | 1,825 | | | | 1,470,650 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 1,811,094 | |
| | | | |
Auto Manufacturers 1.3% | | | | | | | | | | | | |
| | | | |
Ford Motor Co., | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 3.250 | | 02/12/32 | | | 538 | | | | 445,556 | |
Sr. Unsec’d. Notes | | 4.750 | | 01/15/43 | | | 1,200 | | | | 988,118 | |
Sr. Unsec’d. Notes | | 7.400 | | 11/01/46 | | | 200 | | | | 217,072 | |
Ford Motor Credit Co. LLC, | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 3.375 | | 11/13/25 | | | 725 | | | | 695,858 | |
Sr. Unsec’d. Notes | | 5.584 | | 03/18/24 | | | 310 | | | | 309,757 | |
Jaguar Land Rover Automotive PLC (United Kingdom), | | | | | | | | | | | | |
Gtd. Notes, 144A | | 7.750 | | 10/15/25 | | | 1,000 | | | | 1,006,400 | |
JB Poindexter & Co., Inc., | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 8.750 | | 12/15/31 | | | 525 | | | | 537,393 | |
Nissan Motor Co. Ltd. (Japan), | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 4.810 | | 09/17/30 | | | 400 | | | | 373,538 | |
PM General Purchaser LLC, | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 9.500 | | 10/01/28 | | | 1,325 | | | | 1,338,533 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 5,912,225 | |
See Notes to Financial Statements.
82
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | |
| | | | |
Auto Parts & Equipment 1.4% | | | | | | | | | | | | |
| | | | |
Adient Global Holdings Ltd., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.875% | | 08/15/26 | | | 1,611 | | | $ | 1,566,697 | |
Sr. Sec’d. Notes, 144A | | 7.000 | | 04/15/28 | | | 400 | | | | 407,500 | |
American Axle & Manufacturing, Inc., | | | | | | | | | | | | |
Gtd. Notes | | 6.250 | | 03/15/26 | | | 195 | | | | 192,752 | |
Gtd. Notes | | 6.500 | | 04/01/27 | | | 256 | | | | 255,239 | |
Clarios Global LP/Clarios US Finance Co., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 8.500 | | 05/15/27 | | | 375 | | | | 377,250 | |
Dana Financing Luxembourg Sarl, | | | | | | | | | | | | |
Gtd. Notes, 144A | | 5.750 | | 04/15/25 | | | 250 | | | | 248,438 | |
Dana, Inc., | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 4.250 | | 09/01/30 | | | 250 | | | | 218,459 | |
Sr. Unsec’d. Notes | | 4.500 | | 02/15/32 | | | 600 | | | | 515,124 | |
Sr. Unsec’d. Notes | | 5.375 | | 11/15/27 | | | 200 | | | | 195,282 | |
Sr. Unsec’d. Notes | | 5.625 | | 06/15/28 | | | 600 | | | | 585,555 | |
Tenneco, Inc., | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 8.000 | | 11/17/28 | | | 1,375 | | | | 1,201,512 | |
Titan International, Inc., | | | | | | | | | | | | |
Sr. Sec’d. Notes | | 7.000 | | 04/30/28 | | | 925 | | | | 920,742 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 6,684,550 | |
| | | | |
Banks 0.8% | | | | | | | | | | | | |
| | | | |
Citigroup, Inc., | | | | | | | | | | | | |
Jr. Sub. Notes | | 3.875(ff) | | 02/18/26(oo) | | | 825 | | | | 761,614 | |
Freedom Mortgage Corp., | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 7.625 | | 05/01/26 | | | 550 | | | | 547,716 | |
Sr. Unsec’d. Notes, 144A | | 12.000 | | 10/01/28 | | | 250 | | | | 274,277 | |
Sr. Unsec’d. Notes, 144A | | 12.250 | | 10/01/30 | | | 325 | | | | 362,184 | |
Intesa Sanpaolo SpA (Italy), | | | | | | | | | | | | |
Sub. Notes, 144A | | 4.198(ff) | | 06/01/32 | | | 2,200 | | | | 1,818,872 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 3,764,663 | |
| | | | |
Building Materials 2.1% | | | | | | | | | | | | |
| | | | |
Camelot Return Merger Sub, Inc., | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 8.750 | | 08/01/28 | | | 650 | | | | 667,534 | |
Cornerstone Building Brands, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 6.125 | | 01/15/29 | | | 1,100 | | | | 977,944 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 83
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | |
| | | | |
Building Materials (cont’d.) | | | | | | | | | | | | |
| | | | |
Eco Material Technologies, Inc., | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 7.875% | | 01/31/27 | | | 720 | | | $ | 720,340 | |
Griffon Corp., | | | | | | | | | | | | |
Gtd. Notes | | 5.750 | | 03/01/28 | | | 430 | | | | 421,518 | |
JELD-WEN, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.625 | | 12/15/25 | | | 462 | | | | 451,066 | |
Knife River Corp., | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 7.750 | | 05/01/31 | | | 300 | | | | 315,310 | |
Masonite International Corp., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 3.500 | | 02/15/30 | | | 675 | | | | 582,187 | |
Gtd. Notes, 144A | | 5.375 | | 02/01/28 | | | 105 | | | | 101,587 | |
MIWD Holdco II LLC/MIWD Finance Corp., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 5.500 | | 02/01/30 | | | 682 | | | | 620,800 | |
Smyrna Ready Mix Concrete LLC, | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 6.000 | | 11/01/28 | | | 1,123 | | | | 1,097,709 | |
Sr. Sec’d. Notes, 144A | | 8.875 | | 11/15/31 | | | 555 | | | | 583,204 | |
Standard Industries, Inc., | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 3.375 | | 01/15/31 | | | 350 | | | | 297,280 | |
Sr. Unsec’d. Notes, 144A(aa) | | 4.375 | | 07/15/30 | | | 1,250 | | | | 1,135,925 | |
Sr. Unsec’d. Notes, 144A | | 4.750 | | 01/15/28 | | | 1,400 | | | | 1,338,602 | |
Sr. Unsec’d. Notes, 144A | | 5.000 | | 02/15/27 | | | 320 | | | | 310,832 | |
Summit Materials LLC/Summit Materials Finance Corp., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 7.250 | | 01/15/31 | | | 195 | | | | 202,655 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 9,824,493 | |
| | | | |
Chemicals 2.7% | | | | | | | | | | | | |
| | | | |
Ashland, Inc., | | | | | | | | | | | | |
Sr. Unsec’d. Notes(aa) | | 6.875 | | 05/15/43 | | | 2,125 | | | | 2,104,703 | |
ASP Unifrax Holdings, Inc., | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 5.250 | | 09/30/28 | | | 325 | | | | 210,949 | |
Sr. Unsec’d. Notes, 144A | | 7.500 | | 09/30/29 | | | 225 | | | | 107,192 | |
Avient Corp., | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 5.750 | | 05/15/25 | | | 870 | | | | 866,818 | |
Chemours Co. (The), | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.625 | | 11/15/29 | | | 625 | | | | 546,681 | |
Gtd. Notes, 144A | | 5.750 | | 11/15/28 | | | 345 | | | | 326,057 | |
Cornerstone Chemical Co., | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A^ | | 15.000 | | 12/06/28 | | | 772 | | | | 771,511 | |
See Notes to Financial Statements.
84
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | |
| | | | |
Chemicals (cont’d.) | | | | | | | | | | | | |
| | | | |
Iris Holding, Inc., | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 10.000% | | 12/15/28 | | | 925 | | | $ | 788,103 | |
NOVA Chemicals Corp. (Canada), | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 4.875 | | 06/01/24 | | | 1,315 | | | | 1,303,494 | |
Olympus Water US Holding Corp., | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 4.250 | | 10/01/28 | | | 625 | | | | 570,282 | |
Sr. Sec’d. Notes, 144A | | 9.750 | | 11/15/28 | | | 925 | | | | 981,171 | |
Rain Carbon, Inc., | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 12.250 | | 09/01/29 | | | 475 | | | | 469,915 | |
Rain CII Carbon LLC/CII Carbon Corp., | | | | | | | | | | | | |
Sec’d. Notes, 144A | | 7.250 | | 04/01/25 | | | 35 | | | | 34,096 | |
SK Invictus Intermediate II Sarl, | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 5.000 | | 10/30/29 | | | 1,195 | | | | 1,014,579 | |
SNF Group SACA (France), | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 3.375 | | 03/15/30 | | | 450 | | | | 384,687 | |
TPC Group, Inc., | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 13.000 | | 12/16/27 | | | 1,009 | | | | 1,026,271 | |
Tronox, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.625 | | 03/15/29 | | | 515 | | | | 454,790 | |
Valvoline, Inc., | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 3.625 | | 06/15/31 | | | 400 | | | | 341,995 | |
WR Grace Holdings LLC, | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 7.375 | | 03/01/31 | | | 175 | | | | 178,124 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 12,481,418 | |
| | | | |
Coal 0.2% | | | | | | | | | | | | |
| | | | |
Conuma Resources Ltd. (Canada), | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 13.125 | | 05/01/28 | | | 686 | | | | 661,133 | |
Coronado Finance Pty Ltd. (Australia), | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 10.750 | | 05/15/26 | | | 400 | | | | 419,000 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 1,080,133 | |
| | | | |
Commercial Services 7.0% | | | | | | | | | | | | |
| | | | |
Adtalem Global Education, Inc., | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 5.500 | | 03/01/28 | | | 759 | | | | 718,072 | |
Allied Universal Holdco LLC/Allied Universal Finance Corp., | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 6.625 | | 07/15/26 | | | 430 | | | | 424,070 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 85
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | |
| | | | |
Commercial Services (cont’d.) | | | | | | | | | | | | |
| | | | |
Allied Universal Holdco LLC/Allied Universal Finance Corp., (cont’d.) | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(aa) | | 6.000% | | 06/01/29 | | | 1,350 | | | $ | 1,117,895 | |
Sr. Unsec’d. Notes, 144A(aa) | | 9.750 | | 07/15/27 | | | 3,875 | | | | 3,788,020 | |
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 4.625 | | 06/01/28 | | | 860 | | | | 777,225 | |
Sr. Sec’d. Notes, 144A | | 4.625 | | 06/01/28 | | | 1,315 | | | | 1,180,213 | |
Alta Equipment Group, Inc., | | | | | | | | | | | | |
Sec’d. Notes, 144A | | 5.625 | | 04/15/26 | | | 500 | | | | 479,757 | |
AMN Healthcare, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.000 | | 04/15/29 | | | 825 | | | | 748,627 | |
Gtd. Notes, 144A | | 4.625 | | 10/01/27 | | | 400 | | | | 381,280 | |
APi Group DE, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.750 | | 10/15/29 | | | 325 | | | | 303,792 | |
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 4.750 | | 04/01/28 | | | 1,295 | | | | 1,193,987 | |
Avis Budget Finance PLC, | | | | | | | | | | | | |
Gtd. Notes | | 4.750 | | 01/30/26 | | EUR | 275 | | | | 295,344 | |
Brink’s Co. (The), | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.625 | | 10/15/27 | | | 375 | | | | 356,573 | |
Gtd. Notes, 144A(aa) | | 5.500 | | 07/15/25 | | | 200 | | | | 199,216 | |
Carriage Services, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.250 | | 05/15/29 | | | 200 | | | | 173,646 | |
Gartner, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 3.625 | | 06/15/29 | | | 425 | | | | 386,259 | |
Gtd. Notes, 144A | | 3.750 | | 10/01/30 | | | 325 | | | | 291,164 | |
GTCR W-2 Merger Sub LLC, | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 7.500 | | 01/15/31 | | | 450 | | | | 468,858 | |
Herc Holdings, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 5.500 | | 07/15/27 | | | 441 | | | | 432,972 | |
Hertz Corp. (The), | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.625 | | 12/01/26 | | | 475 | | | | 427,503 | |
Gtd. Notes, 144A | | 5.000 | | 12/01/29 | | | 525 | | | | 415,843 | |
Mavis Tire Express Services Topco Corp., | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(aa) | | 6.500 | | 05/15/29 | | | 2,750 | | | | 2,526,591 | |
MPH Acquisition Holdings LLC, | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 5.500 | | 09/01/28 | | | 2,075 | | | | 1,841,936 | |
NESCO Holdings II, Inc., | | | | | | | | | | | | |
Sec’d. Notes, 144A | | 5.500 | | 04/15/29 | | | 875 | | | | 820,039 | |
See Notes to Financial Statements.
86
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | |
| | | | |
Commercial Services (cont’d.) | | | | | | | | | | | | |
| | | | |
Service Corp. International, | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 3.375% | | 08/15/30 | | | 1,457 | | | $ | 1,269,926 | |
United Rentals North America, Inc., | | | | | | | | | | | | |
Gtd. Notes | | 3.750 | | 01/15/32 | | | 575 | | | | 506,036 | |
Gtd. Notes | | 4.000 | | 07/15/30 | | | 150 | | | | 137,208 | |
Gtd. Notes(aa) | | 4.875 | | 01/15/28 | | | 5,720 | | | | 5,582,031 | |
Verscend Escrow Corp., | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(aa) | | 9.750 | | 08/15/26 | | | 4,825 | | | | 4,842,643 | |
VT Topco, Inc., | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 8.500 | | 08/15/30 | | | 350 | | | | 365,700 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 32,452,426 | |
| | | | |
Computers 0.7% | | | | | | | | | | | | |
| | | | |
CA Magnum Holdings (India), | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 5.375 | | 10/31/26 | | | 225 | | | | 210,094 | |
McAfee Corp., | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(aa) | | 7.375 | | 02/15/30 | | | 1,130 | | | | 1,023,744 | |
NCR Voyix Corp., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 5.000 | | 10/01/28 | | | 550 | | | | 518,316 | |
Gtd. Notes, 144A | | 5.125 | | 04/15/29 | | | 425 | | | | 399,917 | |
Gtd. Notes, 144A | | 5.250 | | 10/01/30 | | | 350 | | | | 321,004 | |
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 5.750 | | 06/01/25 | | | 875 | | | | 871,273 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 3,344,348 | |
| | | | |
Distribution/Wholesale 0.7% | | | | | | | | | | | | |
| | | | |
H&E Equipment Services, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 3.875 | | 12/15/28 | | | 2,250 | | | | 2,042,865 | |
Ritchie Bros Holdings, Inc. (Canada), | | | | | | | | | | | | |
Gtd. Notes, 144A | | 7.750 | | 03/15/31 | | | 450 | | | | 472,500 | |
Sr. Sec’d. Notes, 144A | | 6.750 | | 03/15/28 | | | 150 | | | | 154,032 | |
Windsor Holdings III LLC, | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 8.500 | | 06/15/30 | | | 750 | | | | 772,665 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 3,442,062 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 87
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | |
| | | | |
Diversified Financial Services 4.5% | | | | | | | | | | | | |
| | | | |
Bread Financial Holdings, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 9.750% | | 03/15/29 | | | 1,140 | | | $ | 1,140,949 | |
Freedom Mortgage Holdings LLC, | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 9.250 | | 02/01/29 | | | 110 | | | | 111,393 | |
GGAM Finance Ltd. (Ireland), | | | | | | | | | | | | |
Gtd. Notes, 144A | | 8.000 | | 02/15/27 | | | 425 | | | | 437,848 | |
goeasy Ltd. (Canada), | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.375 | | 05/01/26 | | | 525 | | | | 500,062 | |
Gtd. Notes, 144A | | 9.250 | | 12/01/28 | | | 230 | | | | 244,375 | |
Jefferies Finance LLC/JFIN Co-Issuer Corp., | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 5.000 | | 08/15/28 | | | 1,525 | | | | 1,375,242 | |
LD Holdings Group LLC, | | | | | | | | | | | | |
Gtd. Notes, 144A | | 6.125 | | 04/01/28 | | | 900 | | | | 733,259 | |
LFS Topco LLC, | | | | | | | | | | | | |
Gtd. Notes, 144A | | 5.875 | | 10/15/26 | | | 875 | | | | 806,359 | |
LPL Holdings, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.375 | | 05/15/31 | | | 100 | | | | 90,837 | |
Macquarie Airfinance Holdings Ltd. (United Kingdom), | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 8.125 | | 03/30/29 | | | 800 | | | | 832,000 | |
Sr. Unsec’d. Notes, 144A | | 8.375 | | 05/01/28 | | | 200 | | | | 209,250 | |
Nationstar Mortgage Holdings, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 5.125 | | 12/15/30 | | | 1,075 | | | | 967,949 | |
Gtd. Notes, 144A(aa) | | 5.500 | | 08/15/28 | | | 2,420 | | | | 2,303,765 | |
Gtd. Notes, 144A(aa) | | 6.000 | | 01/15/27 | | | 1,725 | | | | 1,698,786 | |
Sr. Unsec’d. Notes, 144A | | 7.125 | | 02/01/32 | | | 360 | | | | 357,340 | |
Navient Corp., | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 5.500 | | 03/15/29 | | | 1,800 | | | | 1,626,669 | |
Sr. Unsec’d. Notes | | 9.375 | | 07/25/30 | | | 525 | | | | 547,488 | |
OneMain Finance Corp., | | | | | | | | | | | | |
Gtd. Notes | | 6.875 | | 03/15/25 | | | 125 | | | | 125,663 | |
Gtd. Notes(aa) | | 7.125 | | 03/15/26 | | | 3,748 | | | | 3,798,112 | |
Gtd. Notes | | 7.875 | | 03/15/30 | | | 215 | | | | 218,424 | |
PennyMac Financial Services, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.250 | | 02/15/29 | | | 575 | | | | 521,513 | |
Gtd. Notes, 144A | | 5.375 | | 10/15/25 | | | 800 | | | | 788,744 | |
Gtd. Notes, 144A | | 7.875 | | 12/15/29 | | | 225 | | | | 232,163 | |
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 3.625 | | 03/01/29 | | | 200 | | | | 178,250 | |
See Notes to Financial Statements.
88
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | |
| | | | |
Diversified Financial Services (cont’d.) | | | | | | | | | | | | |
| | | | |
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., (cont’d.) | | | | | | | | | | | | |
Gtd. Notes, 144A | | 3.875% | | 03/01/31 | | | 50 | | | $ | 43,888 | |
Gtd. Notes, 144A | | 4.000 | | 10/15/33 | | | 1,175 | | | | 997,010 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 20,887,338 | |
| | | | |
Electric 5.1% | | | | | | | | | | | | |
| | | | |
Calpine Corp., | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 3.750 | | 03/01/31 | | | 75 | | | | 65,420 | |
Sr. Sec’d. Notes, 144A | | 4.500 | | 02/15/28 | | | 375 | | | | 356,729 | |
Sr. Unsec’d. Notes, 144A(aa) | | 4.625 | | 02/01/29 | | | 2,025 | | | | 1,870,798 | |
Sr. Unsec’d. Notes, 144A | | 5.000 | | 02/01/31 | | | 875 | | | | 793,748 | |
Sr. Unsec’d. Notes, 144A(aa) | | 5.125 | | 03/15/28 | | | 5,950 | | | | 5,686,797 | |
Keystone Power Pass-Through Holders LLC/Conemaugh Power Pass-Through Holders, | | | | | | | | | | | | |
Sub. Notes, 144A, Cash coupon 13.000% (original cost $267,174; purchased 01/17/19 - 12/11/23)(f) | | 13.000 | | 06/01/24 | | | 267 | | | | 160,304 | |
NRG Energy, Inc., | | | | | | | | | | | | |
Gtd. Notes(aa) | | 5.750 | | 01/15/28 | | | 2,975 | | | | 2,943,832 | |
Gtd. Notes, 144A | | 3.375 | | 02/15/29 | | | 150 | | | | 132,919 | |
Gtd. Notes, 144A | | 3.625 | | 02/15/31 | | | 325 | | | | 278,377 | |
Gtd. Notes, 144A | | 3.875 | | 02/15/32 | | | 625 | | | | 533,360 | |
Gtd. Notes, 144A | | 5.250 | | 06/15/29 | | | 650 | | | | 623,286 | |
Jr. Sub. Notes, 144A | | 10.250(ff) | | 03/15/28(oo) | | | 1,050 | | | | 1,105,608 | |
PG&E Corp., | | | | | | | | | | | | |
Sr. Sec’d. Notes | | 5.250 | | 07/01/30 | | | 510 | | | | 487,915 | |
Vistra Corp., | | | | | | | | | | | | |
Jr. Sub. Notes, 144A | | 7.000(ff) | | 12/15/26(oo) | | | 825 | | | | 803,972 | |
Jr. Sub. Notes, 144A | | 8.000(ff) | | 10/15/26(oo) | | | 375 | | | | 376,333 | |
Vistra Operations Co. LLC, | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.375 | | 05/01/29 | | | 1,075 | | | | 992,806 | |
Gtd. Notes, 144A | | 5.000 | | 07/31/27 | | | 325 | | | | 314,787 | |
Gtd. Notes, 144A | | 5.500 | | 09/01/26 | | | 525 | | | | 520,122 | |
Gtd. Notes, 144A(aa) | | 5.625 | | 02/15/27 | | | 5,675 | | | | 5,595,809 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 23,642,922 | |
| | | | |
Electrical Components & Equipment 0.7% | | | | | | | | | | | | |
| | | | |
Energizer Gamma Acquisition BV, | | | | | | | | | | | | |
Gtd. Notes | | 3.500 | | 06/30/29 | | EUR | 100 | | | | 94,967 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 89
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | |
| | | | |
Electrical Components & Equipment (cont’d.) | | | | | | | | | | | | | | |
| | | | |
Energizer Holdings, Inc., | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 4.375% | | | 03/31/29 | | | 750 | | | $ | 677,690 | |
Gtd. Notes, 144A | | | 4.750 | | | 06/15/28 | | | 350 | | | | 325,686 | |
EnerSys, | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 6.625 | | | 01/15/32 | | | 160 | | | | 162,121 | |
WESCO Distribution, Inc., | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 7.125 | | | 06/15/25 | | | 600 | | | | 603,166 | |
Gtd. Notes, 144A(aa) | | | 7.250 | | | 06/15/28 | | | 1,130 | | | | 1,160,984 | |
| | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | 3,024,614 | |
| | | | |
Electronics 0.3% | | | | | | | | | | | | | | |
| | | | |
Likewize Corp., | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 9.750 | | | 10/15/25 | | | 1,515 | | | | 1,536,020 | |
| | | | |
Engineering & Construction 0.3% | | | | | | | | | | | | | | |
| | | | |
AECOM, | | | | | | | | | | | | | | |
Gtd. Notes | | | 5.125 | | | 03/15/27 | | | 205 | | | | 201,759 | |
Brand Industrial Services, Inc., | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 10.375 | | | 08/01/30 | | | 350 | | | | 369,798 | |
TopBuild Corp., | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 3.625 | | | 03/15/29 | | | 500 | | | | 454,024 | |
Gtd. Notes, 144A | | | 4.125 | | | 02/15/32 | | | 425 | | | | 373,064 | |
| | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | 1,398,645 | |
| | | | |
Entertainment 4.1% | | | | | | | | | | | | | | |
| | | | |
Caesars Entertainment, Inc., | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 6.250 | | | 07/01/25 | | | 2,035 | | | | 2,044,840 | |
Sr. Sec’d. Notes, 144A | | | 6.500 | | | 02/15/32 | | | 1,140 | | | | 1,151,220 | |
Sr. Sec’d. Notes, 144A | | | 7.000 | | | 02/15/30 | | | 1,575 | | | | 1,622,283 | |
Sr. Unsec’d. Notes, 144A | | | 4.625 | | | 10/15/29 | | | 1,575 | | | | 1,438,281 | |
CCM Merger, Inc., | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 6.375 | | | 05/01/26 | | | 275 | | | | 272,142 | |
Churchill Downs, Inc., | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 6.750 | | | 05/01/31 | | | 50 | | | | 50,683 | |
Sr. Unsec’d. Notes, 144A | | | 5.750 | | | 04/01/30 | | | 1,075 | | | | 1,040,077 | |
Everi Holdings, Inc., | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 5.000 | | | 07/15/29 | | | 100 | | | | 91,883 | |
See Notes to Financial Statements.
90
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | |
| | | | |
Entertainment (cont’d.) | | | | | | | | | | | | | | |
| | | | |
Golden Entertainment, Inc., | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(aa) | | | 7.625% | | | 04/15/26 | | | 2,100 | | | $ | 2,112,451 | |
International Game Technology PLC, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 4.125 | | | 04/15/26 | | | 300 | | | | 289,734 | |
Sr. Sec’d. Notes, 144A | | | 6.250 | | | 01/15/27 | | | 350 | | | | 350,770 | |
Sr. Sec’d. Notes, 144A | | | 6.500 | | | 02/15/25 | | | 860 | | | | 860,000 | |
Jacobs Entertainment, Inc., | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 6.750 | | | 02/15/29 | | | 825 | | | | 782,731 | |
Sr. Unsec’d. Notes, 144A | | | 6.750 | | | 02/15/29 | | | 525 | | | | 480,361 | |
Light & Wonder International, Inc., | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 7.500 | | | 09/01/31 | | | 75 | | | | 78,109 | |
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 4.875 | | | 05/01/29 | | | 825 | | | | 764,237 | |
Motion Bondco DAC (United Kingdom), | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 6.625 | | | 11/15/27 | | | 344 | | | | 329,380 | |
Penn Entertainment, Inc., | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 4.125 | | | 07/01/29 | | | 675 | | | | 579,740 | |
Sr. Unsec’d. Notes, 144A(aa) | | | 5.625 | | | 01/15/27 | | | 2,080 | | | | 2,009,670 | |
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 5.875 | | | 09/01/31 | | | 1,100 | | | | 798,144 | |
Scientific Games Holdings LP/Scientific Games US FinCo, Inc., | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 6.625 | | | 03/01/30 | | | 825 | | | | 781,767 | |
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | | 5.125 | | | 10/01/29 | | | 1,110 | | | | 1,050,597 | |
Gtd. Notes, 144A | | | 7.125 | | | 02/15/31 | | | 100 | | | | 103,149 | |
| | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | 19,082,249 | |
| | | | |
Environmental Control 0.7% | | | | | | | | | | | | | | |
| | | | |
Covanta Holding Corp., | | | | | | | | | | | | | | |
Gtd. Notes | | | 5.000 | | | 09/01/30 | | | 325 | | | | 276,780 | |
Gtd. Notes, 144A | | | 4.875 | | | 12/01/29 | | | 700 | | | | 604,901 | |
GFL Environmental, Inc. (Canada), | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 4.000 | | | 08/01/28 | | | 275 | | | | 251,625 | |
Gtd. Notes, 144A | | | 4.375 | | | 08/15/29 | | | 1,625 | | | | 1,484,844 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 91
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | |
| | | | |
Environmental Control (cont’d.) | | | | | | | | | | | | | | |
| | | | |
GFL Environmental, Inc. (Canada), (cont’d.) | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 4.750% | | | 06/15/29 | | | 50 | | | $ | 46,875 | |
Sr. Sec’d. Notes, 144A | | | 6.750 | | | 01/15/31 | | | 380 | | | | 387,600 | |
| | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | 3,052,625 | |
| | | | |
Foods 1.9% | | | | | | | | | | | | | | |
| | | | |
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s LP/Albertson’s LLC, | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 3.500 | | | 03/15/29 | | | 985 | | | | 890,817 | |
B&G Foods, Inc., | | | | | | | | | | | | | | |
Gtd. Notes(aa) | | | 5.250 | | | 09/15/27 | | | 2,950 | | | | 2,660,222 | |
Sr. Sec’d. Notes, 144A | | | 8.000 | | | 09/15/28 | | | 550 | | | | 573,030 | |
C&S Group Enterprises LLC, | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 5.000 | | | 12/15/28 | | | 325 | | | | 263,888 | |
Chobani LLC/Chobani Finance Corp., Inc., | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 4.625 | | | 11/15/28 | | | 50 | | | | 46,823 | |
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., | | | | | | | | | | | | | | |
Gtd. Notes | | | 3.750 | | | 12/01/31 | | | 525 | | | | 452,192 | |
Sr. Unsec’d. Notes | | | 5.500 | | | 01/15/30 | | | 900 | | | | 880,074 | |
Lamb Weston Holdings, Inc., | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 4.125 | | | 01/31/30 | | | 225 | | | | 205,366 | |
Pilgrim’s Pride Corp., | | | | | | | | | | | | | | |
Gtd. Notes | | | 3.500 | | | 03/01/32 | | | 375 | | | | 316,733 | |
Post Holdings, Inc., | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 4.625 | | | 04/15/30 | | | 1,075 | | | | 988,751 | |
Gtd. Notes, 144A | | | 5.500 | | | 12/15/29 | | | 425 | | | | 411,085 | |
Sr. Unsec’d. Notes, 144A | | | 4.500 | | | 09/15/31 | | | 1,400 | | | | 1,257,048 | |
| | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | 8,946,029 | |
| | | | |
Gas 0.3% | | | | | | | | | | | | | | |
| | | | |
AmeriGas Partners LP/AmeriGas Finance Corp., | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 5.500 | | | 05/20/25 | | | 25 | | | | 24,575 | |
Sr. Unsec’d. Notes | | | 5.750 | | | 05/20/27 | | | 1,075 | | | | 1,030,132 | |
Sr. Unsec’d. Notes | | | 5.875 | | | 08/20/26 | | | 325 | | | | 314,227 | |
| | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | 1,368,934 | |
See Notes to Financial Statements.
92
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | |
| | | | |
Healthcare-Products 1.0% | | | | | | | | | | | | | | |
| | | | |
Embecta Corp., | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 5.000% | | | 02/15/30 | | | 800 | | | $ | 654,535 | |
Sr. Sec’d. Notes, 144A | | | 6.750 | | | 02/15/30 | | | 150 | | | | 131,723 | |
Medline Borrower LP, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | | 3.875 | | | 04/01/29 | | | 2,725 | | | | 2,467,545 | |
Sr. Unsec’d. Notes, 144A | | | 5.250 | | | 10/01/29 | | | 1,325 | | | | 1,235,553 | |
| | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | 4,489,356 | |
| | | | |
Healthcare-Services 4.1% | | | | | | | | | | | | | | |
| | | | |
DaVita, Inc., | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | | 3.750 | | | 02/15/31 | | | 3,300 | | | | 2,717,872 | |
Gtd. Notes, 144A(aa) | | | 4.625 | | | 06/01/30 | | | 2,475 | | | | 2,189,234 | |
Legacy LifePoint Health LLC, | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 4.375 | | | 02/15/27 | | | 550 | | | | 515,802 | |
LifePoint Health, Inc., | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 5.375 | | | 01/15/29 | | | 925 | | | | 731,215 | |
Prime Healthcare Services, Inc., | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | | 7.250 | | | 11/01/25 | | | 1,550 | | | | 1,542,684 | |
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | | 9.750 | | | 12/01/26 | | | 3,050 | | | | 3,048,677 | |
Tenet Healthcare Corp., | | | | | | | | | | | | | | |
Sr. Sec’d. Notes(aa) | | | 4.250 | | | 06/01/29 | | | 1,925 | | | | 1,784,462 | |
Sr. Sec’d. Notes(aa) | | | 4.375 | | | 01/15/30 | | | 4,825 | | | | 4,460,463 | |
Sr. Unsec’d. Notes(aa) | | | 6.875 | | | 11/15/31 | | | 2,025 | | | | 2,085,544 | |
| | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | 19,075,953 | |
| | | | |
Home Builders 5.5% | | | | | | | | | | | | | | |
| | | | |
Ashton Woods USA LLC/Ashton Woods Finance Co., | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 4.625 | | | 08/01/29 | | | 975 | | | | 887,323 | |
Sr. Unsec’d. Notes, 144A | | | 4.625 | | | 04/01/30 | | | 625 | | | | 565,554 | |
Beazer Homes USA, Inc., | | | | | | | | | | | | | | |
Gtd. Notes | | | 5.875 | | | 10/15/27 | | | 1,425 | | | | 1,390,050 | |
Gtd. Notes(aa) | | | 7.250 | | | 10/15/29 | | | 1,975 | | | | 1,985,105 | |
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | | 4.875 | | | 02/15/30 | | | 2,175 | | | | 1,930,312 | |
Gtd. Notes, 144A | | | 6.250 | | | 09/15/27 | | | 40 | | | | 38,800 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 93
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | |
| | | | |
Home Builders (cont’d.) | | | | | | | | | | | | |
| | | | |
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), (cont’d.) | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 5.000% | | 06/15/29 | | | 400 | | | $ | 361,500 | |
Century Communities, Inc., | | | | | | | | | | | | |
Gtd. Notes | | 6.750 | | 06/01/27 | | | 1,600 | | | | 1,611,681 | |
Empire Communities Corp. (Canada), | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 7.000 | | 12/15/25 | | | 275 | | | | 271,906 | |
Forestar Group, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 3.850 | | 05/15/26 | | | 450 | | | | 427,341 | |
Gtd. Notes, 144A(aa) | | 5.000 | | 03/01/28 | | | 1,200 | | | | 1,140,680 | |
KB Home, | | | | | | | | | | | | |
Gtd. Notes | | 4.800 | | 11/15/29 | | | 1,000 | | | | 943,497 | |
Gtd. Notes | | 6.875 | | 06/15/27 | | | 1,225 | | | | 1,263,144 | |
Lennar Corp., | | | | | | | | | | | | |
Gtd. Notes(aa) | | 5.000 | | 06/15/27 | | | 1,250 | | | | 1,252,166 | |
M/I Homes, Inc., | | | | | | | | | | | | |
Gtd. Notes | | 3.950 | | 02/15/30 | | | 375 | | | | 335,571 | |
Gtd. Notes | | 4.950 | | 02/01/28 | | | 450 | | | | 430,762 | |
Mattamy Group Corp. (Canada), | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(aa) | | 4.625 | | 03/01/30 | | | 1,333 | | | | 1,209,697 | |
Sr. Unsec’d. Notes, 144A(aa) | | 5.250 | | 12/15/27 | | | 1,075 | | | | 1,037,375 | |
Meritage Homes Corp., | | | | | | | | | | | | |
Gtd. Notes | | 5.125 | | 06/06/27 | | | 1,775 | | | | 1,748,524 | |
Shea Homes LP/Shea Homes Funding Corp., | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 4.750 | | 02/15/28 | | | 1,043 | | | | 995,896 | |
Sr. Unsec’d. Notes | | 4.750 | | 04/01/29 | | | 475 | | | | 446,919 | |
STL Holding Co. LLC, | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 7.500 | | 02/15/26 | | | 975 | | | | 992,144 | |
Sr. Unsec’d. Notes, 144A | | 8.750 | | 02/15/29 | | | 535 | | | | 544,154 | |
Taylor Morrison Communities, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 5.750 | | 01/15/28 | | | 450 | | | | 447,670 | |
Gtd. Notes, 144A | | 5.875 | | 06/15/27 | | | 925 | | | | 925,043 | |
Sr. Unsec’d. Notes, 144A | | 5.125 | | 08/01/30 | | | 830 | | | | 792,739 | |
Tri Pointe Homes, Inc., | | | | | | | | | | | | |
Gtd. Notes | | 5.700 | | 06/15/28 | | | 1,555 | | | | 1,533,516 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 25,509,069 | |
| | | | |
Home Furnishings 0.0% | | | | | | | | | | | | |
| | | | |
Tempur Sealy International, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.000 | | 04/15/29 | | | 200 | | | | 180,600 | |
See Notes to Financial Statements.
94
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | |
| | | | |
Household Products/Wares 0.4% | | | | | | | | | | | | |
| | | | |
ACCO Brands Corp., | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 4.250% | | 03/15/29 | | | 1,150 | | | $ | 1,042,892 | |
Central Garden & Pet Co., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.125 | | 04/30/31 | | | 100 | | | | 88,486 | |
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada), | | | | | | | | | | | | |
Gtd. Notes, 144A | | 7.000 | | 12/31/27 | | | 800 | | | | 774,000 | |
Sr. Sec’d. Notes, 144A | | 5.000 | | 12/31/26 | | | 175 | | | | 168,875 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 2,074,253 | |
| | | | |
Housewares 0.7% | | | | | | | | | | | | |
| | | | |
Scotts Miracle-Gro Co. (The), | | | | | | | | | | | | |
Gtd. Notes | | 4.000 | | 04/01/31 | | | 1,500 | | | | 1,262,858 | |
Gtd. Notes | | 4.375 | | 02/01/32 | | | 725 | | | | 607,863 | |
SWF Escrow Issuer Corp., | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(aa) | | 6.500 | | 10/01/29 | | | 1,675 | | | | 1,156,645 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 3,027,366 | |
| | | | |
Insurance 0.3% | | | | | | | | | | | | |
| | | | |
Acrisure LLC/Acrisure Finance, Inc., | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 8.250 | | 02/01/29 | | | 380 | | | | 381,177 | |
Sr. Unsec’d. Notes, 144A | | 10.125 | | 08/01/26 | | | 225 | | | | 234,590 | |
BroadStreet Partners, Inc., | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 5.875 | | 04/15/29 | | | 725 | | | | 687,767 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 1,303,534 | |
| | | | |
Internet 1.3% | | | | | | | | | | | | |
| | | | |
Cablevision Lightpath LLC, | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 3.875 | | 09/15/27 | | | 1,925 | | | | 1,724,566 | |
Sr. Unsec’d. Notes, 144A | | 5.625 | | 09/15/28 | | | 625 | | | | 528,205 | |
Gen Digital, Inc., | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(aa) | | 5.000 | | 04/15/25 | | | 2,000 | | | | 1,988,912 | |
Go Daddy Operating Co. LLC/GD Finance Co., Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 3.500 | | 03/01/29 | | | 525 | | | | 475,056 | |
Gtd. Notes, 144A | | 5.250 | | 12/01/27 | | | 1,165 | | | | 1,143,425 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 5,860,164 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 95
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | |
| | | | |
Iron/Steel 0.8% | | | | | | | | | | | | |
| | | | |
ATI, Inc., | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 7.250% | | 08/15/30 | | | 275 | | | $ | 283,413 | |
Big River Steel LLC/BRS Finance Corp., | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 6.625 | | 01/31/29 | | | 1,709 | | | | 1,728,523 | |
Cleveland-Cliffs, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 6.750 | | 04/15/30 | | | 800 | | | | 806,725 | |
Commercial Metals Co., | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 4.125 | | 01/15/30 | | | 175 | | | | 159,523 | |
Sr. Unsec’d. Notes | | 4.375 | | 03/15/32 | | | 275 | | | | 245,495 | |
Mineral Resources Ltd. (Australia), | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 9.250 | | 10/01/28 | | | 575 | | | | 605,187 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 3,828,866 | |
| | | | |
Leisure Time 4.7% | | | | | | | | | | | | |
| | | | |
Carnival Corp., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 5.750 | | 03/01/27 | | | 4,175 | | | | 4,122,812 | |
Gtd. Notes, 144A | | 6.000 | | 05/01/29 | | | 1,275 | | | | 1,230,375 | |
Gtd. Notes, 144A | | 10.500 | | 06/01/30 | | | 200 | | | | 218,750 | |
Sr. Sec’d. Notes, 144A | | 4.000 | | 08/01/28 | | | 325 | | | | 300,285 | |
Carnival Holdings Bermuda Ltd., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 10.375 | | 05/01/28 | | | 1,300 | | | | 1,423,413 | |
Lindblad Expeditions Holdings, Inc., | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 9.000 | | 05/15/28 | | | 975 | | | | 1,012,250 | |
NCL Corp. Ltd., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 5.875 | | 03/15/26 | | | 2,150 | | | | 2,092,219 | |
Sr. Sec’d. Notes, 144A | | 5.875 | | 02/15/27 | | | 150 | | | | 147,488 | |
Sr. Sec’d. Notes, 144A | | 8.125 | | 01/15/29 | | | 200 | | | | 209,250 | |
Sr. Sec’d. Notes, 144A | | 8.375 | | 02/01/28 | | | 1,150 | | | | 1,202,256 | |
Sr. Unsec’d. Notes, 144A | | 7.750 | | 02/15/29 | | | 1,335 | | | | 1,343,344 | |
Royal Caribbean Cruises Ltd., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 7.250 | | 01/15/30 | | | 1,150 | | | | 1,198,266 | |
Gtd. Notes, 144A | | 9.250 | | 01/15/29 | | | 475 | | | | 510,772 | |
Sr. Sec’d. Notes, 144A | | 8.250 | | 01/15/29 | | | 875 | | | | 927,189 | |
Sr. Unsec’d. Notes, 144A | | 5.375 | | 07/15/27 | | | 500 | | | | 491,875 | |
Sr. Unsec’d. Notes, 144A | | 5.500 | | 08/31/26 | | | 250 | | | | 247,500 | |
Sr. Unsec’d. Notes, 144A | | 5.500 | | 04/01/28 | | | 1,225 | | | | 1,210,022 | |
Sr. Unsec’d. Notes, 144A | | 11.625 | | 08/15/27 | | | 250 | | | | 272,090 | |
Viking Cruises Ltd., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 5.875 | | 09/15/27 | | | 1,425 | | | | 1,376,393 | |
See Notes to Financial Statements.
96
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | |
| | | | |
Leisure Time (cont’d.) | | | | | | | | | | | | |
| | | | |
Viking Cruises Ltd., (cont’d.) | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 7.000% | | 02/15/29 | | | 250 | | | $ | 249,063 | |
Sr. Unsec’d. Notes, 144A | | 9.125 | | 07/15/31 | | | 625 | | | | 668,750 | |
Viking Ocean Cruises Ship VII Ltd., | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 5.625 | | 02/15/29 | | | 1,200 | | | | 1,169,808 | |
Vista Outdoor, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.500 | | 03/15/29 | | | 225 | | | | 220,874 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 21,845,044 | |
| | | | |
Lodging 2.0% | | | | | | | | | | | | |
| | | | |
Boyd Gaming Corp., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.750 | | 06/15/31 | | | 475 | | | | 436,803 | |
Hilton Domestic Operating Co., Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 3.625 | | 02/15/32 | | | 900 | | | | 772,507 | |
Gtd. Notes, 144A | | 4.000 | | 05/01/31 | | | 275 | | | | 246,830 | |
MGM Resorts International, | | | | | | | | | | | | |
Gtd. Notes | | 4.625 | | 09/01/26 | | | 200 | | | | 194,256 | |
Gtd. Notes(aa) | | 5.500 | | 04/15/27 | | | 1,136 | | | | 1,121,211 | |
Gtd. Notes | | 5.750 | | 06/15/25 | | | 50 | | | | 50,052 | |
Gtd. Notes(aa) | | 6.750 | | 05/01/25 | | | 1,910 | | | | 1,914,345 | |
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 5.875 | | 05/15/25 | | | 625 | | | | 617,815 | |
Wynn Macau Ltd. (Macau), | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 5.125 | | 12/15/29 | | | 1,325 | | | | 1,174,281 | |
Sr. Unsec’d. Notes, 144A | | 5.500 | | 10/01/27 | | | 550 | | | | 515,453 | |
Sr. Unsec’d. Notes, 144A | | 5.625 | | 08/26/28 | | | 2,425 | | | | 2,244,337 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 9,287,890 | |
| | | | |
Machinery-Construction & Mining 0.2% | | | | | | | | | | | | |
| | | | |
Terex Corp., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 5.000 | | 05/15/29 | | | 725 | | | | 690,585 | |
| | | | |
Machinery-Diversified 0.8% | | | | | | | | | | | | |
| | | | |
Chart Industries, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 9.500 | | 01/01/31 | | | 435 | | | | 464,633 | |
Sr. Sec’d. Notes, 144A | | 7.500 | | 01/01/30 | | | 750 | | | | 771,810 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 97
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | |
| | | | |
Machinery-Diversified (cont’d.) | | | | | | | | | | | | |
| | | | |
GrafTech Finance, Inc., | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 4.625% | | 12/15/28 | | | 975 | | | $ | 643,418 | |
Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (Canada), | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 9.000 | | 02/15/29 | | | 205 | | | | 205,000 | |
Maxim Crane Works Holdings Capital LLC, | | | | | | | | | | | | |
Sec’d. Notes, 144A | | 11.500 | | 09/01/28 | | | 775 | | | | 809,583 | |
TK Elevator US Newco, Inc. (Germany), | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 5.250 | | 07/15/27 | | | 625 | | | | 603,125 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 3,497,569 | |
| | | | |
Media 8.1% | | | | | | | | | | | | |
Altice Financing SA (Luxembourg), | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 5.000 | | 01/15/28 | | | 600 | | | | 536,250 | |
Sr. Sec’d. Notes, 144A | | 5.750 | | 08/15/29 | | | 200 | | | | 173,500 | |
CCO Holdings LLC/CCO Holdings Capital Corp., | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 4.500 | | 05/01/32 | | | 1,550 | | | | 1,293,472 | |
Sr. Unsec’d. Notes, 144A(aa) | | 4.250 | | 02/01/31 | | | 5,600 | | | | 4,719,181 | |
Sr. Unsec’d. Notes, 144A | | 4.500 | | 06/01/33 | | | 700 | | | | 573,822 | |
Sr. Unsec’d. Notes, 144A(aa) | | 4.750 | | 03/01/30 | | | 2,900 | | | | 2,576,645 | |
Sr. Unsec’d. Notes, 144A | | 5.000 | | 02/01/28 | | | 1,000 | | | | 943,697 | |
Sr. Unsec’d. Notes, 144A | | 5.125 | | 05/01/27 | | | 75 | | | | 72,309 | |
Sr. Unsec’d. Notes, 144A | | 5.500 | | 05/01/26 | | | 375 | | | | 371,446 | |
CSC Holdings LLC, | | | | | | | | | | | | |
Gtd. Notes, 144A | | 3.375 | | 02/15/31 | | | 1,175 | | | | 804,284 | |
Gtd. Notes, 144A(aa) | | 4.125 | | 12/01/30 | | | 775 | | | | 561,463 | |
Gtd. Notes, 144A | | 6.500 | | 02/01/29 | | | 1,200 | | | | 1,022,994 | |
Sr. Unsec’d. Notes, 144A(aa) | | 4.625 | | 12/01/30 | | | 4,875 | | | | 2,517,125 | |
Sr. Unsec’d. Notes, 144A(aa) | | 5.750 | | 01/15/30 | | | 2,550 | | | | 1,351,358 | |
Diamond Sports Group LLC/Diamond Sports Finance Co., | | | | | | | | | | | | |
Gtd. Notes, 144A (original cost $5,393,891;purchased 07/18/19 - 11/18/21)(f) | | 6.625 | | 08/15/27(d) | | | 6,595 | | | | 445,162 | |
Sec’d. Notes, 144A (original cost $3,277,261;purchased 07/18/19 - 08/30/22)(f) | | 5.375 | | 08/15/26(d) | | | 6,090 | | | | 422,513 | |
Directv Financing LLC, | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 8.875 | | 02/01/30 | | | 550 | | | | 561,075 | |
DISH DBS Corp., | | | | | | | | | | | | |
Gtd. Notes | | 5.125 | | 06/01/29 | | | 1,840 | | | | 681,786 | |
See Notes to Financial Statements.
98
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | |
| | | | |
Media (cont’d.) | | | | | | | | | | | | |
| | | | |
DISH DBS Corp., (cont’d.) | | | | | | | | | | | | |
Gtd. Notes | | 7.375% | | 07/01/28 | | | 1,065 | | | $ | 469,637 | |
Gtd. Notes | | 7.750 | | 07/01/26 | | | 5,015 | | | | 2,958,971 | |
DISH Network Corp., | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 11.750 | | 11/15/27 | | | 1,875 | | | | 1,956,403 | |
Gray Television, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 5.875 | | 07/15/26 | | | 1,805 | | | | 1,768,933 | |
Midcontinent Communications/Midcontinent Finance Corp., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 5.375 | | 08/15/27 | | | 1,040 | | | | 1,007,873 | |
News Corp., | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 3.875 | | 05/15/29 | | | 325 | | | | 298,639 | |
Nexstar Media, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.750 | | 11/01/28 | | | 150 | | | | 137,374 | |
Gtd. Notes, 144A | | 5.625 | | 07/15/27 | | | 984 | | | | 957,088 | |
Radiate Holdco LLC/Radiate Finance, Inc., | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 4.500 | | 09/15/26 | | | 610 | | | | 472,513 | |
Sr. Unsec’d. Notes, 144A(aa) | | 6.500 | | 09/15/28 | | | 3,680 | | | | 1,583,119 | |
Sinclair Television Group, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 5.125 | | 02/15/27 | | | 1,095 | | | | 1,035,765 | |
Univision Communications, Inc., | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 4.500 | | 05/01/29 | | | 400 | | | | 355,934 | |
Sr. Sec’d. Notes, 144A(aa) | | 6.625 | | 06/01/27 | | | 2,135 | | | | 2,112,848 | |
Sr. Sec’d. Notes, 144A | | 8.000 | | 08/15/28 | | | 1,205 | | | | 1,225,261 | |
VZ Secured Financing BV (Netherlands), | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 5.000 | | 01/15/32 | | | 1,600 | | | | 1,392,000 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 37,360,440 | |
| | | | |
Metal Fabricate/Hardware 0.1% | | | | | | | | | | | | |
Roller Bearing Co. of America, Inc., | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 4.375 | | 10/15/29 | | | 525 | | | | 482,431 | |
| | | | |
Mining 1.7% | | | | | | | | | | | | |
| | | | |
Arsenal AIC Parent LLC, | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 8.000 | | 10/01/30 | | | 275 | | | | 287,681 | |
Eldorado Gold Corp. (Turkey), | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 6.250 | | 09/01/29 | | | 1,425 | | | | 1,353,850 | |
First Quantum Minerals Ltd. (Zambia), | | | | | | | | | | | | |
Gtd. Notes, 144A | | 6.875 | | 10/15/27 | | | 200 | | | | 177,638 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 99
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | |
| | | | |
Mining (cont’d.) | | | | | | | | | | | | |
| | | | |
First Quantum Minerals Ltd. (Zambia), (cont’d.) | | | | | | | | | | | | |
Gtd. Notes, 144A | | 7.500% | | 04/01/25 | | | 604 | | | $ | 586,707 | |
Gtd. Notes, 144A | | 8.625 | | 06/01/31 | | | 500 | | | | 459,063 | |
Hecla Mining Co., | | | | | | | | | | | | |
Gtd. Notes(aa) | | 7.250 | | 02/15/28 | | | 700 | | | | 701,898 | |
Hudbay Minerals, Inc. (Canada), | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.500 | | 04/01/26 | | | 900 | | | | 877,095 | |
Gtd. Notes, 144A | | 6.125 | | 04/01/29 | | | 1,270 | | | | 1,250,950 | |
New Gold, Inc. (Canada), | | | | | | | | | | | | |
Gtd. Notes, 144A | | 7.500 | | 07/15/27 | | | 1,245 | | | | 1,234,106 | |
Novelis Corp., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 3.875 | | 08/15/31 | | | 775 | | | | 672,670 | |
Gtd. Notes, 144A | | 4.750 | | 01/30/30 | | | 275 | | | | 255,124 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 7,856,782 | |
| | | | |
Miscellaneous Manufacturing 0.5% | | | | | | | | | | | | |
| | | | |
Amsted Industries, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 5.625 | | 07/01/27 | | | 1,075 | | | | 1,060,025 | |
Sr. Unsec’d. Notes, 144A(aa) | | 4.625 | | 05/15/30 | | | 785 | | | | 711,086 | |
Trinity Industries, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 7.750 | | 07/15/28 | | | 550 | | | | 573,034 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 2,344,145 | |
| | | | |
Office/Business Equipment 0.1% | | | | | | | | | | | | |
| | | | |
CDW LLC/CDW Finance Corp., | | | | | | | | | | | | |
Gtd. Notes | | 3.250 | | 02/15/29 | | | 685 | | | | 621,120 | |
| | | | |
Oil & Gas 8.6% | | | | | | | | | | | | |
| | | | |
Aethon United BR LP/Aethon United Finance Corp., | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 8.250 | | 02/15/26 | | | 550 | | | | 548,225 | |
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., | | | | | | | | | | | | |
Gtd. Notes | | 7.875 | | 12/15/24(d) | | | 5,325 | | | | 533 | |
Antero Resources Corp., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 5.375 | | 03/01/30 | | | 775 | | | | 739,398 | |
Gtd. Notes, 144A | | 7.625 | | 02/01/29 | | | 504 | | | | 518,953 | |
See Notes to Financial Statements.
100
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | |
| | | | |
Oil & Gas (cont’d.) | | | | | | | | | | | | |
| | | | |
Ascent Resources Utica Holdings LLC/ARU Finance Corp., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 7.000% | | 11/01/26 | | | 25 | | | $ | 25,015 | |
Gtd. Notes, 144A | | 9.000 | | 11/01/27 | | | 527 | | | | 669,127 | |
Sr. Unsec’d. Notes, 144A(aa) | | 8.250 | | 12/31/28 | | | 2,192 | | | | 2,240,097 | |
Athabasca Oil Corp. (Canada), | | | | | | | | | | | | |
Sec’d. Notes, 144A(aa) | | 9.750 | | 11/01/26 | | | 1,650 | | | | 1,753,125 | |
Chesapeake Energy Corp., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 5.500 | | 02/01/26 | | | 375 | | | | 373,163 | |
Gtd. Notes, 144A | | 5.875 | | 02/01/29 | | | 750 | | | | 744,825 | |
Gtd. Notes, 144A | | 6.750 | | 04/15/29 | | | 535 | | | | 541,066 | |
CITGO Petroleum Corp., | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 7.000 | | 06/15/25 | | | 1,175 | | | | 1,173,781 | |
Civitas Resources, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 8.375 | | 07/01/28 | | | 975 | | | | 1,025,264 | |
Gtd. Notes, 144A | | 8.625 | | 11/01/30 | | | 575 | | | | 614,505 | |
CNX Resources Corp., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 7.250 | | 03/14/27 | | | 1,175 | | | | 1,179,804 | |
Comstock Resources, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 5.875 | | 01/15/30 | | | 600 | | | | 519,914 | |
Gtd. Notes, 144A | | 6.750 | | 03/01/29 | | | 975 | | | | 896,856 | |
Crescent Energy Finance LLC, | | | | | | | | | | | | |
Gtd. Notes, 144A | | 7.250 | | 05/01/26 | | | 125 | | | | 124,849 | |
Gtd. Notes, 144A | | 9.250 | | 02/15/28 | | | 925 | | | | 965,126 | |
CrownRock LP/CrownRock Finance, Inc., | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 5.000 | | 05/01/29 | | | 326 | | | | 321,370 | |
Sr. Unsec’d. Notes, 144A | | 5.625 | | 10/15/25 | | | 525 | | | | 523,259 | |
Diamond Foreign Asset Co./Diamond Finance LLC, | | | | | | | | | | | | |
Sec’d. Notes, 144A | | 8.500 | | 10/01/30 | | | 300 | | | | 307,500 | |
Endeavor Energy Resources LP/EER Finance, Inc., | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 5.750 | | 01/30/28 | | | 775 | | | | 771,216 | |
Hilcorp Energy I LP/Hilcorp Finance Co., | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 5.750 | | 02/01/29 | | | 275 | | | | 267,028 | |
Sr. Unsec’d. Notes, 144A | | 6.000 | | 04/15/30 | | | 850 | | | | 825,178 | |
Sr. Unsec’d. Notes, 144A | | 6.000 | | 02/01/31 | | | 625 | | | | 601,442 | |
Sr. Unsec’d. Notes, 144A(aa) | | 6.250 | | 11/01/28 | | | 1,808 | | | | 1,801,353 | |
Sr. Unsec’d. Notes, 144A | | 6.250 | | 04/15/32 | | | 750 | | | | 724,285 | |
Sr. Unsec’d. Notes, 144A | | 8.375 | | 11/01/33 | | | 333 | | | | 357,739 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 101
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | |
| | | | |
Oil & Gas (cont’d.) | | | | | | | | | | | | |
| | | | |
MEG Energy Corp. (Canada), | | | | | | | | | | | | |
Gtd. Notes, 144A | | 5.875% | | 02/01/29 | | | 375 | | | $ | 364,800 | |
Nabors Industries Ltd., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 7.250 | | 01/15/26 | | | 975 | | | | 951,844 | |
Gtd. Notes, 144A | | 7.500 | | 01/15/28 | | | 1,325 | | | | 1,201,775 | |
Nabors Industries, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 7.375 | | 05/15/27 | | | 50 | | | | 49,427 | |
Gtd. Notes, 144A | | 9.125 | | 01/31/30 | | | 1,230 | | | | 1,253,797 | |
Noble Finance II LLC, | | | | | | | | | | | | |
Gtd. Notes, 144A | | 8.000 | | 04/15/30 | | | 225 | | | | 233,712 | |
Parkland Corp. (Canada), | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.500 | | 10/01/29 | | | 525 | | | | 483,656 | |
Gtd. Notes, 144A | | 4.625 | | 05/01/30 | | | 1,325 | | | | 1,215,687 | |
Permian Resources Operating LLC, | | | | | | | | | | | | |
Gtd. Notes, 144A | | 7.000 | | 01/15/32 | | | 765 | | | | 789,796 | |
Gtd. Notes, 144A | | 8.000 | | 04/15/27 | | | 250 | | | | 258,894 | |
Precision Drilling Corp. (Canada), | | | | | | | | | | | | |
Gtd. Notes, 144A | | 6.875 | | 01/15/29 | | | 275 | | | | 271,645 | |
Gtd. Notes, 144A(aa) | | 7.125 | | 01/15/26 | | | 1,106 | | | | 1,101,819 | |
Range Resources Corp., | | | | | | | | | | | | |
Gtd. Notes | | 4.875 | | 05/15/25 | | | 100 | | | | 98,722 | |
Gtd. Notes, 144A | | 4.750 | | 02/15/30 | | | 575 | | | | 535,163 | |
SilverBow Resources, Inc., | | | | | | | | | | | | |
Sec’d. Notes, 144A, 3 Month SOFR + 7.750% | | 13.135(c) | | 12/15/28 | | | 1,905 | | | | 1,872,093 | |
Southwestern Energy Co., | | | | | | | | | | | | |
Gtd. Notes | | 4.750 | | 02/01/32 | | | 1,300 | | | | 1,204,104 | |
Gtd. Notes | | 5.375 | | 02/01/29 | | | 375 | | | | 366,860 | |
Gtd. Notes | | 5.375 | | 03/15/30 | | | 1,800 | | | | 1,742,429 | |
Sunoco LP/Sunoco Finance Corp., | | | | | | | | | | | | |
Gtd. Notes | | 4.500 | | 05/15/29 | | | 1,530 | | | | 1,426,878 | |
Gtd. Notes | | 4.500 | | 04/30/30 | | | 700 | | | | 647,908 | |
Transocean, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 7.500 | | 01/15/26 | | | 1,400 | | | | 1,384,250 | |
Gtd. Notes, 144A | | 8.000 | | 02/01/27 | | | 100 | | | | 98,978 | |
Valaris Ltd., | | | | | | | | | | | | |
Sec’d. Notes, 144A | | 8.375 | | 04/30/30 | | | 425 | | | | 434,044 | |
See Notes to Financial Statements.
102
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | |
| | | | |
Oil & Gas (cont’d.) | | | | | | | | | | | | |
| | | | |
Vital Energy, Inc., | | | | | | | | | | | | |
Gtd. Notes | | 9.750% | | 10/15/30 | | | 225 | | | $ | 239,016 | |
Gtd. Notes | | 10.125 | | 01/15/28 | | | 200 | | | | 209,478 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 39,590,771 | |
| | | | |
Packaging & Containers 2.4% | | | | | | | | | | | | |
| | | | |
ARD Finance SA (Luxembourg), | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A, Cash coupon 6.500% or PIK 7.250%(aa) | | 6.500 | | 06/30/27 | | | 1,266 | | | | 611,946 | |
Graham Packaging Co., Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 7.125 | | 08/15/28 | | | 1,210 | | | | 1,083,205 | |
Graphic Packaging International LLC, | | | | | | | | | | | | |
Gtd. Notes | | 4.125 | | 08/15/24 | | | 300 | | | | 297,155 | |
Gtd. Notes, 144A | | 3.500 | | 03/01/29 | | | 575 | | | | 519,352 | |
Intelligent Packaging Holdco Issuer LP (Canada), | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A, Cash coupon 9.000% or PIK 9.750% | | 9.000 | | 01/15/26 | | | 300 | | | | 270,000 | |
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada), | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 6.000 | | 09/15/28 | | | 1,184 | | | | 1,110,000 | |
LABL, Inc., | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 5.875 | | 11/01/28 | | | 425 | | | | 380,891 | |
Sr. Sec’d. Notes, 144A | | 6.750 | | 07/15/26 | | | 250 | | | | 243,262 | |
Sr. Sec’d. Notes, 144A | | 9.500 | | 11/01/28 | | | 200 | | | | 199,736 | |
Sr. Unsec’d. Notes, 144A(aa) | | 8.250 | | 11/01/29 | | | 1,250 | | | | 1,022,000 | |
Sr. Unsec’d. Notes, 144A | | 10.500 | | 07/15/27 | | | 800 | | | | 765,011 | |
Mauser Packaging Solutions Holding Co., | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 7.875 | | 08/15/26 | | | 650 | | | | 656,619 | |
OI European Group BV, | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.750 | | 02/15/30 | | | 325 | | | | 300,788 | |
Owens-Brockway Glass Container, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 6.375 | | 08/15/25 | | | 500 | | | | 500,339 | |
Gtd. Notes, 144A | | 6.625 | | 05/13/27 | | | 230 | | | | 229,993 | |
Gtd. Notes, 144A | | 7.250 | | 05/15/31 | | | 400 | | | | 403,160 | |
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc., | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 4.375 | | 10/15/28 | | | 725 | | | | 676,392 | |
Sealed Air Corp./Sealed Air Corp. US, | | | | | | | | | | | | |
Gtd. Notes, 144A | | 6.125 | | 02/01/28 | | | 150 | | | | 150,719 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 103
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | |
| | | | |
Packaging & Containers (cont’d.) | | | | | | | | | | | | |
| | | | |
Trident TPI Holdings, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 12.750% | | 12/31/28 | | | 1,275 | | | $ | 1,366,094 | |
TriMas Corp., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.125 | | 04/15/29 | | | 325 | | | | 292,123 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 11,078,785 | |
| | | | |
Pharmaceuticals 2.5% | | | | | | | | | | | | |
| | | | |
AdaptHealth LLC, | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 4.625 | | 08/01/29 | | | 1,225 | | | | 968,720 | |
Gtd. Notes, 144A | | 5.125 | | 03/01/30 | | | 725 | | | | 569,192 | |
Gtd. Notes, 144A | | 6.125 | | 08/01/28 | | | 845 | | | | 739,488 | |
Bausch Health Americas, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 8.500 | | 01/31/27 | | | 925 | | | | 512,379 | |
Bausch Health Cos., Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 5.000 | | 01/30/28 | | | 975 | | | | 419,250 | |
Gtd. Notes, 144A | | 5.000 | | 02/15/29 | | | 1,150 | | | | 477,250 | |
Gtd. Notes, 144A(aa) | | 5.250 | | 01/30/30 | | | 2,325 | | | | 936,836 | |
Gtd. Notes, 144A(aa) | | 5.250 | | 02/15/31 | | | 2,635 | | | | 1,100,113 | |
Gtd. Notes, 144A(aa) | | 6.250 | | 02/15/29 | | | 4,110 | | | | 1,726,200 | |
Gtd. Notes, 144A | | 7.000 | | 01/15/28 | | | 250 | | | | 110,000 | |
Gtd. Notes, 144A | | 9.000 | | 12/15/25 | | | 500 | | | | 471,250 | |
Jazz Securities DAC, | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 4.375 | | 01/15/29 | | | 355 | | | | 327,860 | |
Organon & Co./Organon Foreign Debt Co-Issuer BV, | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 4.125 | | 04/30/28 | | | 375 | | | | 342,616 | |
Sr. Unsec’d. Notes, 144A(aa) | | 5.125 | | 04/30/31 | | | 2,625 | | | | 2,257,279 | |
P&L Development LLC/PLD Finance Corp., | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 7.750 | | 11/15/25 | | | 725 | | | | 591,752 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 11,550,185 | |
| | | | |
Pipelines 5.3% | | | | | | | | | | | | |
| | | | |
Antero Midstream Partners LP/Antero Midstream Finance Corp., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 5.375 | | 06/15/29 | | | 725 | | | | 697,078 | |
Gtd. Notes, 144A(aa) | | 5.750 | | 01/15/28 | | | 2,425 | | | | 2,381,026 | |
Gtd. Notes, 144A | | 6.625 | | 02/01/32 | | | 300 | | | | 298,848 | |
Cheniere Energy Partners LP, | | | | | | | | | | | | |
Gtd. Notes | | 4.000 | | 03/01/31 | | | 1,575 | | | | 1,429,437 | |
See Notes to Financial Statements.
104
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | |
| | | | |
Pipelines (cont’d.) | | | | | | | | | | | | |
| | | | |
Cheniere Energy, Inc., | | | | | | | | | | | | |
Sr. Unsec’d. Notes(aa) | | 4.625% | | 10/15/28 | | | 2,000 | | | $ | 1,937,132 | |
CNX Midstream Partners LP, | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.750 | | 04/15/30 | | | 100 | | | | 87,275 | |
Energy Transfer LP, | | | | | | | | | | | | |
Jr. Sub. Notes, Series G(aa) | | 7.125(ff) | | 05/15/30(oo) | | | 1,075 | | | | 1,039,205 | |
EQM Midstream Partners LP, | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 5.500 | | 07/15/28 | | | 50 | | | | 49,595 | |
Sr. Unsec’d. Notes, 144A | | 6.000 | | 07/01/25 | | | 351 | | | | 351,002 | |
Sr. Unsec’d. Notes, 144A | | 6.500 | | 07/01/27 | | | 1,275 | | | | 1,291,179 | |
Sr. Unsec’d. Notes, 144A | | 7.500 | | 06/01/27 | | | 125 | | | | 128,539 | |
Sr. Unsec’d. Notes, 144A | | 7.500 | | 06/01/30 | | | 525 | | | | 563,086 | |
Global Partners LP/GLP Finance Corp., | | | | | | | | | | | | |
Gtd. Notes | | 6.875 | | 01/15/29 | | | 375 | | | | 371,796 | |
Gtd. Notes(aa) | | 7.000 | | 08/01/27 | | | 750 | | | | 754,499 | |
Gtd. Notes, 144A | | 8.250 | | 01/15/32 | | | 375 | | | | 384,551 | |
Howard Midstream Energy Partners LLC, | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 8.875 | | 07/15/28 | | | 250 | | | | 263,568 | |
Rockies Express Pipeline LLC, | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(aa) | | 6.875 | | 04/15/40 | | | 2,050 | | | | 2,032,227 | |
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 5.500 | | 01/15/28 | | | 1,829 | | | | 1,748,656 | |
Gtd. Notes, 144A | | 6.000 | | 12/31/30 | | | 365 | | | | 340,052 | |
Sr. Unsec’d. Notes, 144A | | 7.375 | | 02/15/29 | | | 435 | | | | 433,846 | |
Venture Global Calcasieu Pass LLC, | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 3.875 | | 08/15/29 | | | 985 | | | | 879,922 | |
Sr. Sec’d. Notes, 144A | | 4.125 | | 08/15/31 | | | 285 | | | | 252,295 | |
Sr. Sec’d. Notes, 144A | | 6.250 | | 01/15/30 | | | 300 | | | | 300,608 | |
Venture Global LNG, Inc., | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 9.500 | | 02/01/29 | | | 2,350 | | | | 2,496,454 | |
Sr. Sec’d. Notes, 144A(aa) | | 9.875 | | 02/01/32 | | | 2,500 | | | | 2,628,034 | |
Western Midstream Operating LP, | | | | | | | | | | | | |
Sr. Unsec’d. Notes(aa) | | 4.050(cc) | | 02/01/30 | | | 1,275 | | | | 1,196,261 | |
Sr. Unsec’d. Notes | | 5.500 | | 08/15/48 | | | 75 | | | | 66,403 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 24,402,574 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 105
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | |
| | | | |
Real Estate 1.2% | | | | | | | | | | | | |
| | | | |
Five Point Operating Co. LP/Five Point Capital Corp., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 10.500%(cc) | | 01/15/28 | | | 1,112 | | | $ | 1,134,798 | |
Greystar Real Estate Partners LLC, | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 7.750 | | 09/01/30 | | | 250 | | | | 266,217 | |
Howard Hughes Corp. (The), | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.125 | | 02/01/29 | | | 1,175 | | | | 1,060,614 | |
Gtd. Notes, 144A | | 4.375 | | 02/01/31 | | | 875 | | | | 764,283 | |
Gtd. Notes, 144A | | 5.375 | | 08/01/28 | | | 590 | | | | 565,549 | |
Hunt Cos., Inc., | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 5.250 | | 04/15/29 | | | 1,700 | | | | 1,579,632 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 5,371,093 | |
| | | | |
Real Estate Investment Trusts (REITs) 1.9% | | | | | | | | | | | | |
| | | | |
Diversified Healthcare Trust, | | | | | | | | | | | | |
Gtd. Notes | | 4.375 | | 03/01/31 | | | 861 | | | | 649,924 | |
Gtd. Notes | | 9.750 | | 06/15/25 | | | 500 | | | | 498,000 | |
Sr. Unsec’d. Notes(aa) | | 4.750 | | 02/15/28 | | | 1,375 | | | | 1,078,936 | |
MPT Operating Partnership LP/MPT Finance Corp., | | | | | | | | | | | | |
Gtd. Notes | | 3.500 | | 03/15/31 | | | 125 | | | | 76,881 | |
Gtd. Notes(aa) | | 5.000 | | 10/15/27 | | | 2,125 | | | | 1,611,854 | |
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 7.500 | | 06/01/25 | | | 1,665 | | | | 1,674,203 | |
RHP Hotel Properties LP/RHP Finance Corp., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.500 | | 02/15/29 | | | 675 | | | | 627,148 | |
VICI Properties LP/VICI Note Co., Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 4.500 | | 01/15/28 | | | 2,000 | | | | 1,910,014 | |
Gtd. Notes, 144A(aa) | | 4.625 | | 12/01/29 | | | 825 | | | | 780,589 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 8,907,549 | |
| | | | |
Retail 5.6% | | | | | | | | | | | | |
| | | | |
1011778 BC ULC/New Red Finance, Inc. (Canada), | | | | | | | | | | | | |
Sec’d. Notes, 144A(aa) | | 4.000 | | 10/15/30 | | | 2,525 | | | | 2,253,562 | |
Sr. Sec’d. Notes, 144A | | 3.875 | | 01/15/28 | | | 338 | | | | 318,142 | |
Arko Corp., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 5.125 | | 11/15/29 | | | 625 | | | | 550,726 | |
See Notes to Financial Statements.
106
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | |
| | | | |
Retail (cont’d.) | | | | | | | | | | | | |
| | | | |
BCPE Ulysses Intermediate, Inc., | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A, Cash coupon 7.750% or PIK 8.500% | | 7.750% | | 04/01/27 | | | 225 | | | $ | 214,221 | |
Beacon Roofing Supply, Inc., | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 6.500 | | 08/01/30 | | | 125 | | | | 126,880 | |
Brinker International, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 5.000 | | 10/01/24 | | | 450 | | | | 446,639 | |
Gtd. Notes, 144A | | 8.250 | | 07/15/30 | | | 900 | | | | 941,692 | |
Carrols Restaurant Group, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 5.875 | | 07/01/29 | | | 500 | | | | 511,984 | |
eG Global Finance PLC (United Kingdom), | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 12.000 | | 11/30/28 | | | 1,075 | | | | 1,133,104 | |
Ferrellgas LP/Ferrellgas Finance Corp., | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A (original cost $ 115,938; purchased 08/02/22 - 08/04/22)(f) | | 5.375 | | 04/01/26 | | | 125 | | | | 123,198 | |
Sr. Unsec’d. Notes, 144A (original cost $ 850,675; purchased 08/02/22 - 08/22/22)(f) | | 5.875 | | 04/01/29 | | | 980 | | | | 960,310 | |
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 6.750 | | 01/15/30 | | | 2,425 | | | | 2,179,922 | |
Sr. Sec’d. Notes, 144A | | 4.625 | | 01/15/29 | | | 550 | | | | 506,534 | |
Foundation Building Materials, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 6.000 | | 03/01/29 | | | 1,150 | | | | 1,010,540 | |
Gap, Inc. (The), | | | | | | | | | | | | |
Gtd. Notes, 144A | | 3.625 | | 10/01/29 | | | 900 | | | | 770,764 | |
Gtd. Notes, 144A | | 3.875 | | 10/01/31 | | | 575 | | | | 474,601 | |
LBM Acquisition LLC, | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 6.250 | | 01/15/29 | | | 1,550 | | | | 1,408,216 | |
LCM Investments Holdings II LLC, | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 4.875 | | 05/01/29 | | | 1,875 | | | | 1,695,082 | |
Sr. Unsec’d. Notes, 144A | | 8.250 | | 08/01/31 | | | 720 | | | | 738,468 | |
Park River Holdings, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 5.625 | | 02/01/29 | | | 1,725 | | | | 1,412,089 | |
Sr. Unsec’d. Notes, 144A | | 6.750 | | 08/01/29 | | | 200 | | | | 170,324 | |
Patrick Industries, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.750 | | 05/01/29 | | | 175 | | | | 161,250 | |
Gtd. Notes, 144A | | 7.500 | | 10/15/27 | | | 675 | | | | 680,148 | |
Sally Holdings LLC/Sally Capital, Inc., | | | | | | | | | | | | |
Gtd. Notes(aa) | | 5.625 | | 12/01/25 | | | 1,975 | | | | 1,954,406 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 107
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | |
| | | | |
Retail (cont’d.) | | | | | | | | | | | | |
| | | | |
SRS Distribution, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 6.000% | | 12/01/29 | | | 1,075 | | | $ | 1,006,200 | |
Suburban Propane Partners LP/Suburban Energy Finance Corp., | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 5.875 | | 03/01/27 | | | 610 | | | | 606,001 | |
Sr. Unsec’d. Notes, 144A | | 5.000 | | 06/01/31 | | | 1,275 | | | | 1,145,910 | |
Superior Plus LP/Superior General Partner, Inc. (Canada), | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.500 | | 03/15/29 | | | 1,400 | | | | 1,269,786 | |
White Cap Buyer LLC, | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 6.875 | | 10/15/28 | | | 950 | | | | 929,404 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 25,700,103 | |
| | | | |
Software 1.0% | | | | | | | | | | | | |
| | | | |
Black Knight InfoServ LLC, | | | | | | | | | | | | |
Gtd. Notes, 144A | | 3.625 | | 09/01/28 | | | 1,643 | | | | 1,554,407 | |
Boxer Parent Co., Inc., | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 7.125 | | 10/02/25 | | | 600 | | | | 601,133 | |
Clarivate Science Holdings Corp., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.875 | | 07/01/29 | | | 1,425 | | | | 1,330,513 | |
Sr. Sec’d. Notes, 144A | | 3.875 | | 07/01/28 | | | 1,075 | | | | 990,775 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 4,476,828 | |
| | | | |
Telecommunications 4.2% | | | | | | | | | | | | |
| | | | |
Altice France SA (France), | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 8.125 | | 02/01/27 | | | 1,855 | | | | 1,650,950 | |
Connect Finco Sarl/Connect US Finco LLC (United Kingdom), | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 6.750 | | 10/01/26 | | | 650 | | | | 635,674 | |
Digicel Group Holdings Ltd. (Jamaica), | | | | | | | | | | | | |
Sr. Sec’d. Notes, Series 1A14, 144A (original cost $210,619; purchased 11/14/23)^(f) | | 0.000 | | 12/31/30 | | | 188 | | | | 210,619 | |
Sr. Sec’d. Notes, Series 1B14, 144A (original cost $58; purchased 11/14/23)^(f) | | 0.000 | | 12/31/30 | | | 585 | | | | 1 | |
Sr. Sec’d. Notes, Series 3A14, 144A (original cost $1,746; purchased 11/14/23)^(f) | | 0.000 | | 12/31/30 | | | 1 | | | | 1,746 | |
Sr. Sec’d. Notes, Series 3B14, 144A (original cost $3;purchased 11/14/23)^(f) | | 0.000 | | 12/31/30 | | | 35 | | | | — | |
See Notes to Financial Statements.
108
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | |
| | | | |
Telecommunications (cont’d.) | | | | | | | | | | | | |
| | | | |
Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./DIFL US LLC (Jamaica), | | | | | | | | | | | | |
Sr. Sec’d. Notes, Cash coupon 9.000% and PIK 1.500% (original cost $1,297,663; purchased 01/30/24 - 01/31/24)(f) | | 9.000% | | 05/25/27 | | | 1,405 | | | $ | 1,324,650 | |
Digicel MidCo Ltd./DIFL US II LLC (Jamaica), | | | | | | | | | | | | |
Sr. Unsec’d. Notes, PIK 10.500% (original cost $729,618; purchased 01/30/24)(f) | | 10.500 | | 11/25/28 | | | 1,130 | | | | 746,146 | |
Frontier Communications Holdings LLC, | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 5.000 | | 05/01/28 | | | 1,575 | | | | 1,453,733 | |
Iliad Holding SASU (France), | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 6.500 | | 10/15/26 | | | 1,095 | | | | 1,075,837 | |
Sr. Sec’d. Notes, 144A | | 7.000 | | 10/15/28 | | | 375 | | | | 370,312 | |
Intelsat Jackson Holdings SA (Luxembourg), | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 6.500 | | 03/15/30 | | | 2,015 | | | | 1,900,246 | |
Level 3 Financing, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A (original cost $400,000; purchased 01/11/21)(f) | | 3.750 | | 07/15/29 | | | 400 | | | | 210,000 | |
Gtd. Notes, 144A (original cost $1,452,425; purchased 02/10/22 - 04/05/22)(f) | | 4.250 | | 07/01/28 | | | 1,555 | | | | 870,800 | |
Gtd. Notes, 144A (original cost $312,129; purchased 02/10/23)(f) | | 4.625 | | 09/15/27 | | | 400 | | | | 246,000 | |
Sr. Sec’d. Notes, 144A (original cost $73,688;purchased 11/07/23)(f) | | 3.400 | | 03/01/27 | | | 75 | | | | 73,687 | |
Sr. Sec’d. Notes, 144A (original cost $674,388; purchased 03/31/23 - 11/03/23)(f) | | 10.500 | | 05/15/30 | | | 703 | | | | 700,622 | |
Sprint Capital Corp., | | | | | | | | | | | | |
Gtd. Notes | | 6.875 | | 11/15/28 | | | 700 | | | | 756,841 | |
Gtd. Notes | | 8.750 | | 03/15/32 | | | 706 | | | | 867,300 | |
Sprint LLC, | | | | | | | | | | | | |
Gtd. Notes | | 7.125 | | 06/15/24 | | | 250 | | | | 251,122 | |
Gtd. Notes(aa) | | 7.625 | | 02/15/25 | | | 2,725 | | | | 2,769,912 | |
Viasat, Inc., | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(aa) | | 5.625 | | 09/15/25 | | | 3,200 | | | | 3,103,818 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 19,220,016 | |
| | | | |
Transportation 0.5% | | | | | | | | | | | | |
| | | | |
GN Bondco LLC, | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 9.500 | | 10/15/31 | | | 1,500 | | | | 1,479,504 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 109
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | |
| | | | |
Transportation (cont’d.) | | | | | | | | | | | | |
| | | | |
RXO, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 7.500% | | 11/15/27 | | | 325 | | | $ | 335,666 | |
XPO, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 7.125 | | 06/01/31 | | | 150 | | | | 153,634 | |
Gtd. Notes, 144A | | 7.125 | | 02/01/32 | | | 345 | | | | 351,886 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 2,320,690 | |
| | | | | | | | | | | | |
TOTAL CORPORATE BONDS
(cost $530,368,359) | | | | | | | | | | | 488,239,908 | |
| | | | | | | | | | | | |
| | | | |
FLOATING RATE AND OTHER LOANS 4.3% | | | | | | | | | | | | |
| | | | |
Airlines 0.3% | | | | | | | | | | | | |
| | | | |
United Airlines, Inc., | | | | | | | | | | | | |
Class B Term Loan, 1 Month SOFR + 3.864% | | 9.201(c) | | 04/21/28 | | | 1,196 | | | | 1,195,680 | |
| | | | |
Auto Parts & Equipment 0.1% | | | | | | | | | | | | |
| | | | |
Tenneco, Inc., | | | | | | | | | | | | |
Term A Loan, 3 Month SOFR + 4.850% | | 10.219(c) | | 11/17/28 | | | 499 | | | | 450,113 | |
| | | | |
Chemicals 0.3% | | | | | | | | | | | | |
| | | | |
Iris Holdings Ltd., | | | | | | | | | | | | |
Initial Term Loan, 3 Month SOFR + 4.750% | | 10.163(c) | | 06/28/28 | | | 449 | | | | 421,121 | |
Venator Finance Sarl, | | | | | | | | | | | | |
Initial First-Out Term Loan, 3 Month SOFR + 10.000% | | 15.314(c) | | 12/31/25 | | | 268 | | | | 265,955 | |
Term Loan, 3 Month SOFR + 10.000% | | 15.326(c) | | 10/12/28 | | | 674 | | | | 668,653 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 1,355,729 | |
| | | | |
Computers 0.5% | | | | | | | | | | | | |
| | | | |
McAfee Corp., | | | | | | | | | | | | |
Tranche B-1 Term Loan, 1 Month SOFR + 3.850% | | 9.203(c) | | 03/01/29 | | | 1,351 | | | | 1,334,390 | |
NCR Atleos, LLC, | | | | | | | | | | | | |
Term B Loan, 1 Month SOFR + 4.850% | | 10.173(c) | | 03/27/29 | | | 1,100 | | | | 1,098,282 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 2,432,672 | |
See Notes to Financial Statements.
110
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
FLOATING RATE AND OTHER LOANS (Continued) | | | | | | | | | | | | | | |
| | | | |
Electric 0.0% | | | | | | | | | | | | | | |
| | | | |
Heritage Power LLC, | | | | | | | | | | | | | | |
Term Loan, 3 Month SOFR + 5.500% | | | 10.867%(c) | | | 07/20/26 | | | 220 | | | $ | 209,347 | |
| | | | |
Housewares 0.2% | | | | | | | | | | | | | | |
| | | | |
SWF Holdings I Corp., | | | | | | | | | | | | | | |
Initial Term Loan, 1 Month SOFR + 4.114% | | | 9.447(c) | | | 10/06/28 | | | 997 | | | | 886,295 | |
| | | | |
Insurance 0.4% | | | | | | | | | | | | | | |
| | | | |
Acrisure LLC, | | | | | | | | | | | | | | |
2021-1 Additional Term Loan, 3 Month LIBOR + 3.750% | | | 9.400(c) | | | 02/15/27 | | | 471 | | | | 470,205 | |
Term Loan B 2020, 3 Month LIBOR + 3.500% | | | 9.150(c) | | | 02/15/27 | | | 298 | | | | 295,873 | |
Asurion LLC, | | | | | | | | | | | | | | |
New B-04 Term Loan, 1 Month SOFR + 5.364% | | | 10.697(c) | | | 01/20/29 | | | 1,080 | | | | 1,021,613 | |
| | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | 1,787,691 | |
| | | | |
Investment Companies 0.2% | | | | | | | | | | | | | | |
| | | | |
Hurricane CleanCo Ltd. (United Kingdom), | | | | | | | | | | | | | | |
Term Loan, 3 Month EURIBOR + 6.250% | | | 6.250(c) | | | 10/31/29 | | EUR | 750 | | | | 923,291 | |
| | | | |
Media 0.8% | | | | | | | | | | | | | | |
| | | | |
CSC Holdings LLC, | | | | | | | | | | | | | | |
2022 Refinancing Term Loan, 1 Month SOFR + 4.500% | | | 9.833(c) | | | 01/18/28 | | | 1,485 | | | | 1,447,875 | |
Diamond Sports Group LLC, | | | | | | | | | | | | | | |
First Lien Term Loan, 1 Month SOFR + 10.100% | | | 12.775(c) | | | 05/25/26 | | | 1,315 | | | | 1,243,477 | |
Second Lien Term Loan | | | 8.175 | | | 08/24/26 | | | 3,201 | | | | 208,735 | |
Radiate Holdco LLC, | | | | | | | | | | | | | | |
Amendment No. 6 Term Loan, 1 Month SOFR + 3.250% | | | 8.697(c) | | | 09/25/26 | | | 583 | | | | 470,099 | |
Univision Communications, Inc., | | | | | | | | | | | | | | |
2021 Replacement Term Loan, 1 Month SOFR + 3.364% | | | 8.697(c) | | | 03/15/26 | | | 432 | | | | 430,960 | |
| | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | 3,801,146 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 111
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
FLOATING RATE AND OTHER LOANS (Continued) | | | | | | | | | | | | | | |
| | | | |
Mining 0.4% | | | | | | | | | | | | | | |
| | | | |
Rain Carbon GmbH (Germany), | | | | | | | | | | | | | | |
2023 Replacement Term Loan, 3 Month EURIBOR + 5.000%^ | | | 8.994%(c) | | | 10/31/28 | | EUR | 1,943 | | | $ | 2,089,756 | |
| | | | |
Retail 0.3% | | | | | | | | | | | | | | |
| | | | |
Great Outdoors Group LLC, | | | | | | | | | | | | | | |
Term B-2 Loan, 1 Month SOFR + 3.864% | | | 9.197(c) | | | 03/06/28 | | | 1,188 | | | | 1,184,446 | |
| | | | |
Software 0.3% | | | | | | | | | | | | | | |
| | | | |
Boxer Parent Co., Inc., | | | | | | | | | | | | | | |
2028 Extended Dollar Term Loan, 1 Month SOFR + 4.250% | | | 9.583(c) | | | 12/29/28 | | | 220 | | | | 219,879 | |
Skillsoft Finance II, Inc., | | | | | | | | | | | | | | |
Initial Term Loan, 1 Month SOFR + 5.364% | | | 10.696(c) | | | 07/14/28 | | | 1,096 | | | | 1,015,723 | |
| | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | 1,235,602 | |
| | | | |
Telecommunications 0.5% | | | | | | | | | | | | | | |
| | | | |
Digicel International Finance Ltd. (Jamaica), | | | | | | | | | | | | | | |
Term Loan, 3 Month SOFR + 6.750% | | | 12.063(c) | | | 05/29/27 | | | 177 | | | | 163,142 | |
Level 3 Financing, Inc., | | | | | | | | | | | | | | |
Tranche B 2027 Term Loan, 1 Month SOFR + 1.864%^ | | | 7.197(c) | | | 03/01/27 | | | 885 | | | | 849,600 | |
Lumen Technologies, Inc., | | | | | | | | | | | | | | |
Term B Loan, 1 Month SOFR + 2.364% | | | 7.697(c) | | | 03/15/27 | | | 30 | | | | 20,569 | |
Term Loan | | | — (p) | | | 06/01/28 | | | 73 | | | | 65,558 | |
MLN US HoldCo LLC, | | | | | | | | | | | | | | |
3L Term B Loan, 3 Month SOFR + 9.250% | | | 14.660(c) | | | 10/18/27 | | | 4 | | | | 400 | |
Initial Term Loan, 3 Month SOFR + 6.540% | | | 11.850(c) | | | 10/18/27 | | | 25 | | | | 13,867 | |
Initial Term Loan (Second Out (First Lien Roll-Up)), 3 Month SOFR + 6.800% | | | 12.110(c) | | | 10/18/27 | | | 57 | | | | 8,541 | |
See Notes to Financial Statements.
112
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
FLOATING RATE AND OTHER LOANS (Continued) | | | | | | | | | | | | |
| | | | |
Telecommunications (cont’d.) | | | | | | | | | | | | |
| | | | |
Xplornet Communications, Inc. (Canada), | | | | | | | | | | | | |
First Lien Refinancing Term Loan, 3 Month SOFR + 4.262% | | 9.610%(c) | | 10/02/28 | | | 1,951 | | | $ | 885,863 | |
Initial Term Loan- Second Lien, 3 Month SOFR + 7.262% | | 12.610(c) | | 10/01/29 | | | 1,055 | | | | 215,616 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 2,223,156 | |
| | | | | | | | | | | | |
| | | | |
TOTAL FLOATING RATE AND OTHER LOANS
(cost $21,941,057) | | | | | | | | | | | 19,774,924 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | Shares | | | | |
| | | | |
COMMON STOCKS 2.4% | | | | | | | | | | | | |
| | | | |
Chemicals 1.1% | | | | | | | | | | | | |
| | | | |
Cornerstone Chemical Co.*^ | | | | | | | 43,850 | | | | 833,150 | |
| | | | |
TPC Group, Inc.*^ | | | | | | | 67,793 | | | | 1,898,204 | |
| | | | |
Venator Materials PLC (original cost $4,596,226; purchased 03/08/19 - 10/19/23)*(f) | | | | | | | 2,297 | | | | 2,213,652 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 4,945,006 | |
| | | | |
Electric Utilities 0.1% | | | | | | | | | | | | |
| | | | |
GenOn Energy Holdings, Inc. (Class A Stock)*^ | | | | | | | 9,187 | | | | 392,745 | |
| | | | |
Keycon Power Holdings LLC (original cost $722,836; purchased 01/17/19 - 11/21/19)*^(f) | | | | | | | 2,600 | | | | 121,394 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 514,139 | |
| | | | |
Gas Utilities 0.3% | | | | | | | | | | | | |
| | | | |
Ferrellgas Partners LP (Class B Stock) (original cost $2,052,750; purchased 05/06/15 - 09/19/19)(f) | | | | | | | 7,475 | | | | 1,228,863 | |
| | | | |
Hotels, Restaurants & Leisure 0.1% | | | | | | | | | | | | |
| | | | |
CEC Entertainment, Inc.* | | | | | | | 22,321 | | | | 401,778 | |
| | | | |
Oil, Gas & Consumable Fuels 0.3% | | | | | | | | | | | | |
| | | | |
Chesapeake Energy Corp. | | | | | | | 16,047 | | | | 1,237,384 | |
| | | | |
Heritage Power LLC*^ | | | | | | | 30,465 | | | | 385,078 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 113
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | |
| | |
| Description | | Shares | | Value | |
| | |
COMMON STOCKS (Continued) | | | | | | |
| | |
Oil, Gas & Consumable Fuels (cont’d.) | | | | | | |
| | |
Heritage Power LLC*^ | | 1,340 | | $ | 16,938 | |
| | |
Heritage Power LLC*^ | | 35,061 | | | 17,530 | |
| | | | | | |
| | |
| | | | | 1,656,930 | |
| | |
Wireless Telecommunication Services 0.5% | | | | | | |
| | |
Digicel International Finance Ltd. (Jamaica) (original cost $336,101; purchased 01/29/24 - 01/30/24)*(f) | | 276,054 | | | 496,897 | |
Intelsat Emergence SA (Luxembourg)* | | 59,619 | | | 1,643,278 | |
| | | | | | |
| | |
| | | | | 2,140,175 | |
| | | | | | |
| | |
TOTAL COMMON STOCKS
(cost $10,970,771) | | | | | 10,886,891 | |
| | | | | | |
| | |
PREFERRED STOCKS 0.8% | | | | | | |
| | |
Electronic Equipment, Instruments & Components 0.6% | | | | | | |
| | |
Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31 (original cost $2,635,000; purchased 03/29/21 - 07/08/22)^(f) | | 2,625 | | | 2,625,000 | |
| | |
Wireless Telecommunication Services 0.2% | | | | | | |
| | |
Digicel International Finance Ltd. (Jamaica) (original cost $776,270; purchased 01/26/24 - 01/29/24)*^(f) | | 89,273 | | | 892,730 | |
| | | | | | |
| | |
TOTAL PREFERRED STOCKS
(cost $3,347,520) | | | | | 3,517,730 | |
| | | | | | |
| | |
TOTAL LONG-TERM INVESTMENTS
(cost $599,649,187) | | | | | 555,854,445 | |
| | | | | | |
See Notes to Financial Statements.
114
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | |
| | |
| Description | | Shares | | Value | |
| | |
SHORT-TERM INVESTMENT 4.0% | | | | | | |
| | |
AFFILIATED MUTUAL FUND | | | | | | |
| | |
PGIM Core Government Money Market Fund (7-day effective yield 5.560%) (cost $18,468,801)(wb) | | 18,468,801 | | $ | 18,468,801 | |
| | | | | | |
| | |
TOTAL INVESTMENTS 124.3%
(cost $618,117,988) | | | | | 574,323,246 | |
Liabilities in excess of other assets(z) (24.3)% | | | | | (112,186,329 | ) |
| | | | | | |
| | |
NET ASSETS 100.0% | | | | $ | 462,136,917 | |
| | | | | | |
See the Glossary for a list of the abbreviation(s) used in the semiannual report.
| * | Non-income producing security. |
| # | Principal or notional amount is shown in U.S. dollars unless otherwise stated. |
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $11,106,002 and 2.4% of net assets. |
| (aa) | Represents security, or a portion thereof, with aggregate value of $160,047,636 segregated as collateral for amount of $120,000,000 borrowed and outstanding as of January 31, 2024. |
| (c) | Variable rate instrument. The interest rate shown reflects the rate in effect at January 31, 2024. |
| (cc) | Variable rate instrument. The rate shown is based on the latest available information as of January 31, 2024. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
| (d) | Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity. |
| (f) | Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the aggregate original cost of such securities is $26,176,459. The aggregate value of $14,074,294 is 3.0% of net assets. |
| (ff) | Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end. |
| (oo) | Perpetual security. Maturity date represents next call date. |
| (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) | Represents an investment in a Fund affiliated with the Manager. |
| (z) | Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments: |
Futures contracts outstanding at January 31, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | |
Number of Contracts | | | Type | | Expiration
Date | | | Current
Notional
Amount | | | Value /
Unrealized
Appreciation
(Depreciation) | |
| | | | | |
| | Long Positions: | | | | | | | | | | | | | | | | | | | | |
| | 152 | | | 2 Year U.S. Treasury Notes | | | Mar. 2024 | | | $ | 31,259,750 | | | | | | | $ | 202,897 | | | | | |
| | 294 | | | 5 Year U.S. Treasury Notes | | | Mar. 2024 | | | | 31,866,845 | | | | | | | | 669,968 | | | | | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 115
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
Futures contracts outstanding at January 31, 2024 (continued):
| | | | | | | | | | | | | | | | | | | | | | |
Number of Contracts | | | | Type | | Expiration
Date | | Current
Notional
Amount | | | Value /
Unrealized
Appreciation
(Depreciation) | |
Long Positions (cont’d): | | | | | | | | | | | | | | | | |
178 | | | | 10 Year U.S. Treasury Notes | | Mar. 2024 | | $ | 19,994,407 | | | | | | | $ | 492,526 | | | | | |
19 | | | | 20 Year U.S. Treasury Bonds | | Mar. 2024 | | | 2,324,531 | | | | | | | | 25,470 | | | | | |
5 | | | | 30 Year U.S. Ultra Treasury Bonds | | Mar. 2024 | | | 646,094 | | | | | | | | 11,498 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | $ | 1,402,359 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Forward foreign currency exchange contracts outstanding at January 31, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase Contracts | | Counterparty | | | | | Notional
Amount
(000) | | | Value at
Settlement
Date | | | Current
Value | | | Unrealized
Appreciation | | | Unrealized
Depreciation | |
| | | | | | | | |
OTC Forward Foreign Currency Exchange Contracts: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Euro, | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 02/02/24 | | BNYM | | | EUR | | | | | | | | 1,965 | | | $ | 2,130,133 | | | $ | 2,123,628 | | | | | | | $ | — | | | | | | | | | | | $ | (6,505 | ) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Sale Contracts | | Counterparty | | | | | Notional
Amount
(000) | | | Value at
Settlement
Date | | | Current
Value | | | Unrealized
Appreciation | | | Unrealized
Depreciation | |
| | | | | | |
OTC Forward Foreign Currency Exchange Contracts: | | | | | | | | | | | | | | | | | | | | | | | | | |
Euro, | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 02/02/24 | | BNYM | | | EUR | | | | | | | | 1,965 | | | $ | 2,155,521 | | | $ | 2,123,628 | | | | | | | $ | 31,893 | | | | | | | | | | | $ | — | | | | | |
Expiring 03/04/24 | | BNYM | | | EUR | | | | | | | | 1,965 | | | | 2,132,778 | | | | 2,126,540 | | | | | | | | 6,238 | | | | | | | | | | | | — | | | | | |
Expiring 03/04/24 | | HSBC | | | EUR | | | | | | | | 468 | | | | 509,157 | | | | 506,647 | | | | | | | | 2,510 | | | | | | | | | | | | — | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | $ | 4,797,456 | | | $ | 4,756,815 | | | | | | | | 40,641 | | | | | | | | | | | | — | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 40,641 | | | | | | | | | | | $ | (6,505 | ) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Credit default swap agreements outstanding at January 31, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Reference Entity/ Obligation | | Termination
Date | | | Fixed Rate | | | | | Notional
Amount
(000)#(3) | | | Value at
Trade Date | | | Value at
January 31,
2024 | | | Unrealized
Appreciation
(Depreciation) | |
| |
Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1): | | | | | |
CDX.NA.IG.41.V1 | | | 12/20/28 | | | 1.000%(Q) | | | | | | | 23,760 | | | | | | | $ | (412,059 | ) | | | | | | $ | (483,854 | ) | | | | | | | | | | | | | | $ | (71,795 | ) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
116
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
Credit default swap agreements outstanding at January 31, 2024 (continued):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Reference Entity/ Obligation | | Termination
Date | | | Fixed Rate | | Notional
Amount
(000)#(3) | | | Implied Credit
Spread at
January 31,
2024(4) | | | Value at
Trade Date | | | | | | Value at
January 31,
2024 | | | Unrealized
Appreciation
(Depreciation) | |
|
Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2): | |
CDX.NA.HY.41.V2 | | | 12/20/28 | | | 5.000%(Q) | | | 32,729 | | | | 3.607 | % | | | | | | $ | 890,130 | | | | | | | $ | 2,012,172 | | | $ | 1,122,042 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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. |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 117
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
Total return swap agreements outstanding at January 31, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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)/
5.320% |
| | | MSI | | | | 03/20/24 | | | | | | | | 10,525 | | | | | | | $ | 588,143 | | | | | | | $ | — | | | | | | | | | | | $ | 588,143 | | | | | |
iBoxx US Dollar Liquid High Yield Index(T) | |
| 1 Day
SOFR(Q)/
5.320% |
| | | BARC | | | | 06/20/24 | | | | | | | | 4,000 | | | | | | | | (11,239 | ) | | | | | | | — | | | | | | | | | | | | (11,239 | ) | | | | |
iBoxx US Dollar Liquid Investment Grade Index(T) | |
| 1 Day
SOFR(Q)/
5.320% |
| | | GSI | | | | 06/20/24 | | | | | | | | (5,254 | ) | | | | | | | (164,898 | ) | | | | | | | — | | | | | | | | | | | | (164,898 | ) | | | | |
iBoxx US Dollar Liquid Investment Grade Index(T) | |
| 1 Day
SOFR(Q)/
5.320% |
| | | MSI | | | | 09/20/24 | | | | | | | | (5,380 | ) | | | | | | | (172,919 | ) | | | | | | | — | | | | | | | | | | | | (172,919 | ) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | $ | 239,087 | | | | | | | $ | — | | | | | | | | | | | $ | 239,087 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | On a long total return swap, the Fund receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Fund makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate. |
| (2) | Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation). |
Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:
| | | | | | | | | | | | | | | | | | | | |
| | | Premiums Paid | | Premiums Received | | Unrealized
Appreciation | | Unrealized
Depreciation |
| | | | |
OTC Swap Agreements | | $— | | $— | | $588,143 | | $(349,056) |
Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:
| | | | | | | | | | |
Broker | | Cash and/or Foreign Currency | | Securities Market Value |
CGM | | | | $2,669,000 | | | | | $— | |
JPS | | | | 1,332,000 | | | | | — | |
| | | | | | | | | | |
Total | | | $ | 4,001,000 | | | | $ | — | |
| | | | | | | | | | |
See Notes to Financial Statements.
118
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
Fair Value Measurements:
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1—unadjusted quoted prices generally in active markets for identical securities.
Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.
Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.
The following is a summary of the inputs used as of January 31, 2024 in valuing such portfolio securities:
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Investments in Securities | | | | | | | | | | | | |
Assets | | | | | | | | | | | | |
Long-Term Investments | | | | | | | | | | | | |
Asset-Backed Securities | | | | | | | | | | | | |
Collateralized Loan Obligations | | $ | — | | | $ | 33,434,992 | | | $ | — | |
Corporate Bonds | | | — | | | | 487,256,031 | | | | 983,877 | |
Floating Rate and Other Loans | | | — | | | | 16,835,568 | | | | 2,939,356 | |
Common Stocks | | | 1,237,384 | | | | 5,984,468 | | | | 3,665,039 | |
Preferred Stocks | | | — | | | | — | | | | 3,517,730 | |
Short-Term Investment | | | | | | | | | | | | |
Affiliated Mutual Fund | | | 18,468,801 | | | | — | | | | — | |
| | | | | | | | | | | | |
Total | | $ | 19,706,185 | | | $ | 543,511,059 | | | $ | 11,106,002 | |
| | | | | | | | | | | | |
| | | |
Other Financial Instruments* | | | | | | | | | | | | |
Assets | | | | | | | | | | | | |
Futures Contracts | | $ | 1,402,359 | | | $ | — | | | $ | — | |
OTC Forward Foreign Currency Exchange Contracts | | | — | | | | 40,641 | | | | — | |
Centrally Cleared Credit Default Swap Agreement | | | — | | | | 1,122,042 | | | | — | |
OTC Total Return Swap Agreement | | | — | | | | 588,143 | | | | — | |
| | | | | | | | | | | | |
Total | | $ | 1,402,359 | | | $ | 1,750,826 | | | $ | — | |
| | | | | | | | | | | | |
| | | |
Liabilities | | | | | | | | | | | | |
OTC Forward Foreign Currency Exchange Contract | | $ | — | | | $ | (6,505 | ) | | $ | — | |
Centrally Cleared Credit Default Swap Agreement | | | — | | | | (71,795 | ) | | | — | |
OTC Total Return Swap Agreements | | | — | | | | (349,056 | ) | | | — | |
| | | | | | | | | | | | |
Total | | $ | — | | | $ | (427,356 | ) | | $ | — | |
| | | | | | | | | | | | |
| * | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 119
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
The following is a reconciliation of assets in which unobservable inputs (Level 3) were used in determining fair value:
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Corporate Bonds | | Floating Rate
and Other Loans | | Common Stocks | | Preferred Stocks | | Rights |
Balance as of 07/31/23 | | | $ | 37,281 | | | | $ | 1,130,946 | | | | $ | 2,851,595 | | | | $ | 2,625,000 | | | | $ | 71,847 | |
Realized gain (loss) | | | | 68,292 | | | | | 337,670 | | | | | 407,627 | | | | | — | | | | | 116,751 | |
Change in unrealized appreciation (depreciation) | | | | 29 | | | | | (99,895 | ) | | | | (352,745 | ) | | | | 116,460 | | | | | (71,698 | ) |
Purchases/Exchanges/Issuances | | | | 987,824 | | | | | 3,022,654 | | | | | 1,166,189 | | | | | 776,270 | | | | | — | |
Sales/Paydowns | | | | (72,141 | ) | | | | (1,490,857 | ) | | | | (407,627 | ) | | | | — | | | | | (116,900 | ) |
Accrued discount/premium | | | | (133 | ) | | | | 39,438 | | | | | — | | | | | — | | | | | — | |
Transfers into Level 3* | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | |
Transfers out of Level 3* | | | | (37,275 | ) | | | | (600 | ) | | | | — | | | | | — | | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Balance as of 01/31/24 | | | $ | 983,877 | | | | $ | 2,939,356 | | | | $ | 3,665,039 | | | | $ | 3,517,730 | | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end | | | $ | 36 | | | | $ | 5,267 | | | | $ | (352,745 | ) | | | $ | 116,460 | | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| * | It is the Fund’s policy to recognize transfers in and transfers out at the securities’ fair values as of the beginning of period. Securities transferred between Level 2 and Level 3 are due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are typically a result of a change from the use of methods used by independent pricing services (Level 2) to the use of a single broker quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market quotations (Level 3). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market data provided by independent pricing services or other valuation techniques which utilize observable inputs. In accordance with the requirements of ASC 820, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to the Schedule of Investments of the Fund. |
Level 3 securities as presented in the table above are being fair valued using pricing methodologies approved by the Board, which contain unobservable inputs as follows:
| | | | | | | | | | |
Level 3 Securities** | | Fair Value as of
January 31, 2024 | | | Valuation Approach | | Valuation Methodology | | Unobservable Inputs |
Corporate Bonds | | $
| 212,366
|
| | Market | | Recovery Value | | Recovery Value Unadjusted Purchase |
Corporate Bonds | | | 771,511 | | | Market | | Transaction Based | | Price |
Common Stocks | | | 392,745 | | | Market | | Discounting | | Discount Rate |
Common Stocks | | | 833,150 | | | Market | | Enterprise Value | | Implied Value |
Common Stocks | | | 419,546 | | | Market | | Implied Value | | Implied Value |
Common Stocks | | | 121,394 | | | Market | | Recovery Value | | Implied Equity Value |
Preferred Stocks | | | 892,730 | | | Market | | Implied Value | | Implied Value |
Preferred Stocks | | | 2,625,000 | | | Market | | Transaction Based | | Unadjusted Trade Price |
| | | | | | | | | | |
| | $ | 6,268,442 | | | | | | | |
| | | | | | | | | | |
See Notes to Financial Statements.
120
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| ** | The table does not include Level 3 securities and/or derivatives that are valued by independent pricing vendors or brokers. As of January 31, 2024, the aggregate value of these securities and/or derivatives was $4,837,560. The unobservable inputs for these investments were not developed by the Fund and are not readily available (e.g. single broker quotes). |
Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2024 were as follows:
| | | | |
Media | | | 8.9 | % |
Oil & Gas | | | 8.6 | |
Collateralized Loan Obligations | | | 7.2 | |
Commercial Services | | | 7.0 | |
Retail | | | 5.9 | |
Home Builders | | | 5.5 | |
Pipelines | | | 5.3 | |
Electric | | | 5.1 | |
Leisure Time | | | 4.7 | |
Telecommunications | | | 4.7 | |
Diversified Financial Services | | | 4.5 | |
Entertainment | | | 4.1 | |
Healthcare-Services | | | 4.1 | |
Chemicals | | | 4.1 | |
Affiliated Mutual Fund | | | 4.0 | |
Aerospace & Defense | | | 2.9 | |
Pharmaceuticals | | | 2.5 | |
Packaging & Containers | | | 2.4 | |
Mining | | | 2.1 | |
Building Materials | | | 2.1 | |
Lodging | | | 2.0 | |
Foods | | | 1.9 | |
Real Estate Investment Trusts (REITs) | | | 1.9 | |
Airlines | | | 1.7 | |
Auto Parts & Equipment | | | 1.5 | |
Auto Manufacturers | | | 1.3 | |
Internet | | | 1.3 | |
Software | | | 1.3 | |
Computers | | | 1.2 | |
Real Estate | | | 1.2 | |
Healthcare-Products | | | 1.0 | |
Housewares | | | 0.9 | |
Iron/Steel | | | 0.8 | |
Banks | | | 0.8 | |
| | | | |
Machinery-Diversified | | | 0.8 | % |
Distribution/Wholesale | | | 0.7 | |
Insurance | | | 0.7 | |
Environmental Control | | | 0.7 | |
Wireless Telecommunication Services | | | 0.7 | |
Electrical Components & Equipment | | | 0.7 | |
Electronic Equipment, Instruments & Components | | | 0.6 | |
Miscellaneous Manufacturing | | | 0.5 | |
Transportation | | | 0.5 | |
Household Products/Wares | | | 0.4 | |
Apparel | | | 0.4 | |
Oil, Gas & Consumable Fuels | | | 0.3 | |
Electronics | | | 0.3 | |
Engineering & Construction | | | 0.3 | |
Gas | | | 0.3 | |
Advertising | | | 0.3 | |
Agriculture | | | 0.3 | |
Gas Utilities | | | 0.3 | |
Coal | | | 0.2 | |
Investment Companies | | | 0.2 | |
Machinery-Construction & Mining | | | 0.2 | |
Office/Business Equipment | | | 0.1 | |
Electric Utilities | | | 0.1 | |
Metal Fabricate/Hardware | | | 0.1 | |
Hotels, Restaurants & Leisure | | | 0.1 | |
Home Furnishings | | | 0.0 | * |
| | | | |
| | | 124.3 | |
Liabilities in excess of other assets | | | (24.3 | ) |
| | | | |
| | | 100.0 | % |
| | | | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 121
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.
Fair values of derivative instruments as of January 31, 2024 as presented in the Statement of Assets and Liabilities:
| | | | | | | | | | | | |
| | | Asset Derivatives | | | Liability Derivatives | |
Derivatives not accounted for
as hedging instruments,
carried at fair value | | Statement of Assets and Liabilities Location | | Fair
Value | | | Statement of Assets and Liabilities Location | | Fair
Value | |
Credit contracts | | Due from/to broker-variation margin swaps | | $ | 1,122,042 | * | | Due from/to broker-variation margin swaps | | $ | 71,795 | * |
Foreign exchange contracts | | Unrealized appreciation on OTC forward foreign currency exchange contracts | | | 40,641 | | | Unrealized depreciation on OTC forward foreign currency exchange contracts | | | 6,505 | |
Interest rate contracts | | Due from/to broker-variation margin futures | | | 1,402,359 | * | | — | | | — | |
Interest rate contracts | | Unrealized appreciation on OTC swap agreements | | | 588,143 | | | Unrealized depreciation on OTC swap agreements | | | 349,056 | |
| | | | | | | | | | | | |
| | | | $ | 3,153,185 | | | | | $ | 427,356 | |
| | | | | | | | | | | | |
| * | Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities. |
The effects of derivative instruments on the Statement of Operations for the six months ended January 31, 2024 are as follows:
| | | | | | | | | | | | |
|
| Amount of Realized Gain (Loss) on Derivatives Recognized in Income | |
| | | |
Derivatives not accounted for as hedging instruments, carried at fair value | | Futures | | | Forward
Currency
Exchange
Contracts | | | Swaps | |
| | | |
Credit contracts | | $ | — | | | $ | — | | | $ | 1,436,894 | |
Foreign exchange contracts | | | — | | | | (14,861 | ) | | | — | |
Interest rate contracts | | | (2,413,637 | ) | | | — | | | | (62,029 | ) |
| | | | | | | | | | | | |
| | | |
Total | | $ | (2,413,637 | ) | | $ | (14,861 | ) | | $ | 1,374,865 | |
| | | | | | | | | | | | |
See Notes to Financial Statements.
122
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | |
| Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income |
Derivatives not accounted for as hedging instruments, carried at fair value | | Futures | | Forward
Currency
Exchange
Contracts | | Swaps |
Credit contracts | | | $ | — | | | | $ | — | | | | $ | (354,195 | ) |
Foreign exchange contracts | | | | — | | | | | 50,717 | | | | | — | |
Interest rate contracts | | | | 2,885,480 | | | | | — | | | | | 199,157 | |
| | | | | | | | | | | | | | | |
Total | | | $ | 2,885,480 | | | | $ | 50,717 | | | | $ | (155,038 | ) |
| | | | | | | | | | | | | | | |
For the six months ended January 31, 2024, the Fund’s average volume of derivative activities is as follows:
| | | | |
Derivative Contract Type | | | Average Volume of Derivative Activities* | |
Futures Contracts - Long Positions (1) | | | $84,059,250 | |
Futures Contracts - Short Positions (1) | | | 517,792 | |
Forward Foreign Currency Exchange Contracts - Purchased (2) | | | 2,724,203 | |
Forward Foreign Currency Exchange Contracts - Sold (2) | | | 5,577,362 | |
Credit Default Swap Agreements - Buy Protection (1) | | | 35,533,333 | |
Credit Default Swap Agreements - Sell Protection (1) | | | 36,346,800 | |
Total Return Swap Agreements (1) | | | 15,314,667 | |
| * | Average volume is based on average quarter end balances for the six months ended January 31, 2024. |
| (1) | Notional Amount in USD. |
| (2) | Value at Settlement Date. |
Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Fund invested in OTC derivatives during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives where the legal right to set-off exists is presented in the summary below.
Offsetting of OTC derivative assets and liabilities:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Counterparty | | Gross Amounts of Recognized Assets(1) | | | Gross Amounts of Recognized Liabilities(1) | | | Net Amounts of Recognized Assets/(Liabilities) | | | Collateral Pledged/(Received)(2) | | | Net Amount | |
| | | | | | | | | | | | | | | |
BARC | | | | | | $ | — | | | | | | | | | | | $ | (11,239 | ) | | | | | | | | | | $ | (11,239 | ) | | | | | | | | | | $ | — | | | | | | | | | | | $ | (11,239 | ) | | | | |
BNYM | | | | | | | 38,131 | | | | | | | | | | | | (6,505 | ) | | | | | | | | | | | 31,626 | | | | | | | | | | | | — | | | | | | | | | | | | 31,626 | | | | | |
GSI | | | | | | | — | | | | | | | | | | | | (164,898 | ) | | | | | | | | | | | (164,898 | ) | | | | | | | | | | | — | | | | | | | | | | | | (164,898 | ) | | | | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 123
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Counterparty | | Gross Amounts of Recognized Assets(1) | | | Gross Amounts of Recognized Liabilities(1) | | | Net Amounts of Recognized Assets/(Liabilities) | | | Collateral Pledged/(Received)(2) | | | Net Amount | |
| | | | | | | | | | | | | | | |
HSBC | | | | | | $ | 2,510 | | | | | | | | | | | $ | — | | | | | | | | | | | $ | 2,510 | | | | | | | | | | | $ | — | | | | | | | | | | | $ | 2,510 | | | | | |
MSI | | | | | | | 588,143 | | | | | | | | | | | | (172,919 | ) | | | | | | | | | | | 415,224 | | | | | | | | | | | | (349,482 | ) | | | | | | | | | | | 65,742 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | $ | 628,784 | | | | | | | | | | | $ | (355,561 | ) | | | | | | | | | | $ | 273,223 | | | | | | | | | | | $ | (349,482 | ) | | | | | | | | | | $ | (76,259 | ) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities. |
| (2) | Collateral amount disclosed by the Fund is limited to the market value of financial instruments/transactions and the Fund’s OTC derivative exposure by counterparty. |
See Notes to Financial Statements.
124
PGIM High Yield Bond Fund, Inc.
Statement of Assets & Liabilities (unaudited)
as of January 31, 2024
| | | | |
Assets | | | | |
| |
Investments at value: | | | | |
Unaffiliated investments (cost $599,649,187) | | $ | 555,854,445 | |
Affiliated investments (cost $18,468,801) | | | 18,468,801 | |
Cash | | | 66,358 | |
Foreign currency, at value (cost $106,807) | | | 105,547 | |
Dividends and interest receivable | | | 8,971,705 | |
Deposit with broker for centrally cleared/exchange-traded derivatives | | | 4,001,000 | |
Receivable for investments sold | | | 708,513 | |
Unrealized appreciation on OTC swap agreements | | | 588,143 | |
Due from broker—variation margin futures | | | 375,581 | |
Unrealized appreciation on OTC forward foreign currency exchange contracts | | | 40,641 | |
Prepaid expenses | | | 2,416 | |
| | | | |
Total Assets | | | 589,183,150 | |
| | | | |
| |
Liabilities | | | | |
| |
Loan payable | | | 120,000,000 | |
Payable for investments purchased | | | 5,264,256 | |
Interest payable | | | 639,360 | |
Management fee payable | | | 392,511 | |
Unrealized depreciation on OTC swap agreements | | | 349,056 | |
Accrued expenses and other liabilities | | | 204,302 | |
Due to broker—variation margin swaps | | | 116,936 | |
Deferred directors’ fees and directors’ fees payable | | | 57,026 | |
Exchange listing fees payable | | | 16,281 | |
Unrealized depreciation on OTC forward foreign currency exchange contracts | | | 6,505 | |
| | | | |
Total Liabilities | | | 127,046,233 | |
| | | | |
| |
Net Assets | | $ | 462,136,917 | |
| | | | |
| |
| | | | |
| | |
Net assets were comprised of: | | | | |
Common stock, at par | | $ | 33,257 | |
Paid-in capital in excess of par | | | 615,644,998 | |
Total distributable earnings (loss) | | | (153,541,338 | ) |
| | | | |
| |
Net assets, January 31, 2024 | | $ | 462,136,917 | |
| | | | |
| |
Net asset value per share ($462,136,917 ÷ 33,256,724 shares of common stock issued and outstanding) | | $ | 13.90 | |
| | | | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 125
PGIM High Yield Bond Fund, Inc.
Statement of Operations (unaudited)
Six Months Ended January 31, 2024
| | | | |
Net Investment Income (Loss) | | | | |
| |
Income | | | | |
Interest income | | $ | 19,811,125 | |
Affiliated dividend income | | | 481,377 | |
Unaffiliated dividend income | | | 29,147 | |
| | | | |
Total income | | | 20,321,649 | |
| | | | |
| |
Expenses | | | | |
Management fee | | | 2,305,861 | |
Interest expense | | | 3,972,523 | |
Professional fees | | | 40,854 | |
Shareholders’ reports | | | 39,732 | |
Custodian and accounting fees | | | 29,077 | |
Audit fee | | | 23,176 | |
Exchange listing fees | | | 16,280 | |
Transfer agent’s fees and expenses | | | 10,224 | |
Directors’ fees | | | 5,807 | |
Miscellaneous | | | 19,402 | |
| | | | |
Total expenses | | | 6,462,936 | |
| | | | |
Net investment income (loss) | | | 13,858,713 | |
| | | | |
| |
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions | | | | |
| |
Net realized gain (loss) on: | | | | |
Investment transactions | | | (14,663,510 | ) |
Futures transactions | | | (2,413,637 | ) |
Forward currency contract transactions | | | (14,861 | ) |
Swap agreement transactions | | | 1,374,865 | |
Foreign currency transactions | | | (17,466 | ) |
| | | | |
| | | (15,734,609 | ) |
| | | | |
| |
Net change in unrealized appreciation (depreciation) on: | | | | |
Investments | | | 23,712,715 | |
Futures | | | 2,885,480 | |
Forward currency contracts | | | 50,717 | |
Swap agreements | | | (155,038 | ) |
Foreign currencies | | | 4,446 | |
| | | | |
| | | 26,498,320 | |
| | | | |
Net gain (loss) on investment and foreign currency transactions | | | 10,763,711 | |
| | | | |
Net Increase (Decrease) In Net Assets Resulting From Operations | | $ | 24,622,424 | |
| | | | |
See Notes to Financial Statements.
126
PGIM High Yield Bond Fund, Inc.
Statements of Changes in Net Assets (unaudited)
| | | | | | | | | | | | | | | | |
| | |
| | | Six Months Ended January 31, 2024 | | Year Ended July 31, 2023 |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
| | | | | | |
Operations | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | | $ | 13,858,713 | | | | | | | $ | 30,104,649 | | | |
Net realized gain (loss) on investment and foreign currency transactions | | | | | (15,734,609 | ) | | | | | | | (2,196,710 | ) | | |
Net change in unrealized appreciation (depreciation) on investments and foreign currencies | | | | | 26,498,320 | | | | | | | | (7,902,488 | ) | | |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | | | 24,622,424 | | | | | | | | 20,005,451 | | | |
| | | | | | | | | | | | | | | | |
| | | | | | |
Dividends and Distributions | | | | | | | | | | | | | | | | |
Distributions from distributable earnings | | | | | (20,951,736 | ) | | | | | | | (36,503,713 | ) | | |
Tax return of capital distributions | | | | | — | | | | | | | | (5,399,759 | ) | | |
| | | | | | | | | | | | | | | | |
Total dividends and distributions | | | | | (20,951,736 | ) | | | | | | | (41,903,472 | ) | | |
| | | | | | | | | | | | | | | | |
| | | | | | |
Total increase (decrease) | | | | | 3,670,688 | | | | | | | | (21,898,021 | ) | | |
| | | | | | |
Net Assets: | | | | | | | | | | | | | | | | |
| | | | | | |
Beginning of period | | | | | 458,466,229 | | | | | | | | 480,364,250 | | | |
| | | | | | | | | | | | | | | | |
| | | | | | |
End of period | | | | $ | 462,136,917 | | | | | | | $ | 458,466,229 | | | |
| | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 127
PGIM High Yield Bond Fund, Inc.
Statement of Cash Flows (unaudited)
Six Months Ended January 31, 2024
| | | | |
Cash Flows Provided By / (Used For) Operating Activities: | | | | |
Net increase (decrease) in net assets resulting from operations | | $ | 24,622,424 | |
| | | | |
| |
Adjustments To Reconcile Net Increase (Decrease) In Net Assets Resulting From
Operations To Net Cash Provided By / (Used For) Operating Activities: | | | | |
Proceeds from disposition of long-term portfolio investments, net of amounts receivable | | | 112,653,992 | |
Purchases of long-term portfolio investments, net of amounts payable | | | (93,880,033 | ) |
Net proceeds (purchases) of short-term portfolio investments | | | (3,902,787 | ) |
Net premiums (paid) received for swap agreements | | | 1,020,670 | |
Amortization of premium and accretion of discount on portfolio investments | | | (1,472,240 | ) |
Net realized (gain) loss on investment transactions | | | 14,663,510 | |
Net realized (gain) loss on futures transactions | | | 2,413,637 | |
Net realized (gain) loss on forward currency contract transactions | | | 14,861 | |
Net realized (gain) loss on swap agreement transactions | | | (1,374,865 | ) |
Net realized (gain) loss on foreign currency transactions | | | 17,466 | |
Net change in unrealized (appreciation) depreciation on investments | | | (23,712,715 | ) |
Net change in unrealized (appreciation) depreciation on futures | | | (2,885,480 | ) |
Net change in unrealized (appreciation) depreciation on forward currency contracts | | | (50,717 | ) |
Net change in unrealized (appreciation) depreciation on swap agreements | | | 155,038 | |
Net change in unrealized (appreciation) depreciation on foreign currencies | | | (4,446 | ) |
(Increase) Decrease In Assets: | | | | |
Dividends and interest receivable | | | 1,056,810 | |
Prepaid expenses | | | 22,026 | |
Increase (Decrease) In Liabilities: | | | | |
Interest payable | | | (42,201 | ) |
Management fee payable | | | (4,506 | ) |
Accrued expenses and other liabilities | | | 53,178 | |
Due to broker - variation margin swaps | | | 116,936 | |
Deferred directors’ fees and directors’ fees payable | | | 1,920 | |
Exchange listing fees payable | | | (16,103 | ) |
Dividends payable | | | (80,274 | ) |
| | | | |
Total adjustments | | | 4,763,677 | |
| | | | |
Net cash provided by (used for) operating activities | | | 29,386,101 | |
| | | | |
| |
Effect of exchange rate changes on cash | | | 443,962 | |
| | | | |
| |
Cash Flows Provided By (Used For) Financing Activities: | | | | |
Decrease in borrowing | | | (10,000,000 | ) |
Cash paid on distributions from distributable earnings | | | (20,951,736 | ) |
| | | | |
Net cash provided by (used for) financing activities | | | (30,951,736 | ) |
| | | | |
| |
Net increase (decrease) in cash and restricted cash, including foreign currency | | | (1,121,673 | ) |
| | | | |
Cash and restricted cash at beginning of period, including foreign currency | | | 5,670,159 | |
| | | | |
Cash And Restricted Cash At End Of Period, Including Foreign Currency | | $ | 4,548,486 | |
| | | | |
| |
Supplemental Disclosure of Cash Flow Information | | | | |
Cash paid during the period for interest expense | | $ | 4,014,724 | |
| | | | |
See Notes to Financial Statements.
128
PGIM High Yield Bond Fund, Inc.
Statement of Cash Flows (unaudited) (continued)
Six Months Ended January 31, 2024
Reconciliation Of Cash And Restricted Cash Reported With The Statement Of Assets And Liabilities To The Statement Of Cash Flows:
| | | | | | | | | | | | |
| | | January 31, 2024 | |
| | | |
Cash | | | | | | $ | 66,358 | | | | | |
Foreign currency, at value | | | | | | | 105,547 | | | | | |
Restricted cash: | | | | | | | | | | | | |
Deposit with broker for centrally cleared/exchange-traded derivatives | | | | | | | 4,001,000 | | | | | |
Due from broker-variation margin futures | | | | | | | 375,581 | | | | | |
| | | | | | | | | | | | |
| | | |
Total Cash and Restricted Cash, Including Foreign Currency | | | | | | $ | 4,548,486 | | | | | |
| | | | | | | | | | | | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 129
PGIM High Yield Bond Fund, Inc.
Financial Highlights (unaudited) (continued)
Six Months Ended January 31, 2024
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| |
| | | | | Six Months Ended January 31, | | | Year Ended
July 31, | | | Two Months Ended
July 31, | | | Year Ended May 31, | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2021 | | | 2020 | | | 2019 | |
| | | | | | | | | | | | |
| Per Share Operating Performance(a): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Period | | | | | $13.79 | | | | $14.44 | | | | $17.22 | | | | $17.15 | | | | $15.05 | | | | $16.20 | | | | $16.29 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | | | 0.42 | | | | 0.91 | | | | 0.96 | | | | 0.17 | | | | 1.08 | | | | 1.13 | | | | 0.91 | |
| Net realized and unrealized gain (loss) on investment and foreign currency transactions | | | | | 0.32 | | | | (0.30 | ) | | | (2.48 | ) | | | 0.11 | | | | 2.28 | | | | (1.03 | ) | | | 0.07 | |
| Total from investment operations | | | | | 0.74 | | | | 0.61 | | | | (1.52 | ) | | | 0.28 | | | | 3.36 | | | | 0.10 | | | | 0.98 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends from net investment income | | | | | (0.63 | ) | | | (1.10 | ) | | | (1.07 | ) | | | (0.18 | ) | | | (1.12 | ) | | | (1.23 | ) | | | (1.07 | ) |
| Tax return of capital distributions | | | | | - | | | | (0.16 | ) | | | (0.19 | ) | | | (0.03 | ) | | | (0.14 | ) | | | (0.02 | ) | | | - | |
| Total dividends and distributions | | | | | (0.63 | ) | | | (1.26 | ) | | | (1.26 | ) | | | (0.21 | ) | | | (1.26 | ) | | | (1.25 | ) | | | (1.07 | ) |
| Net asset value, end of period | | | | | $13.90 | | | | $13.79 | | | | $14.44 | | | | $17.22 | | | | $17.15 | | | | $15.05 | | | | $16.20 | |
| Market price, end of period | | | | | $12.65 | | | | $12.42 | | | | $13.02 | | | | $16.19 | | | | $16.18 | | | | $13.38 | | | | $13.93 | |
| Total Return(b): | | | | | 7.29 | % | | | 5.60 | % | | | (12.48 | )% | | | 1.35 | % | | | 31.72 | % | | | 4.84 | % | | | 6.84 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000) | | | | | $462,137 | | | | $458,466 | | | | $480,364 | | | | $572,679 | | | | $570,258 | | | | $500,657 | | | | $538,869 | |
| Average net assets (000) | | | | | $447,571 | | | | $457,031 | | | | $533,901 | | | | $573,494 | | | | $545,673 | | | | $533,714 | | | | $539,282 | |
| Ratios to average net assets(c): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Expenses after waivers and/or expense reimbursement(d) | | | | | 2.87 | %(e) | | | 2.45 | % | | | 1.48 | % | | | 1.43 | %(f) | | | 1.45 | % | | | 1.96 | % | | | 2.21 | % |
| Expenses before waivers and/or expense reimbursement(d) | | | | | 2.87 | %(e) | | | 2.45 | % | | | 1.48 | % | | | 1.43 | %(f) | | | 1.45 | % | | | 1.96 | % | | | 2.21 | % |
| Net investment income (loss) | | | | | 6.16 | %(e) | | | 6.59 | % | | | 6.01 | % | | | 5.86 | %(f) | | | 6.58 | % | | | 7.03 | % | | | 5.58 | % |
| Portfolio turnover rate(g) | | | | | 16 | % | | | 22 | % | | | 30 | % | | | 7 | % | | | 56 | % | | | 60 | % | | | 87 | % |
| Asset coverage | | | | | 485 | % | | | 453 | % | | | 500 | % | | | 416 | % | | | 400 | % | | | 378 | % | | | 399 | % |
| Total debt outstanding at period-end (000) | | | | | $120,000 | | | | $130,000 | | | | $120,000 | | | | $181,000 | | | | $190,000 | | | | $180,000 | | | | $180,000 | |
| (a) | Calculated based on average shares outstanding during the period. |
| (b) | Total return is calculated assuming a purchase of common stock at the current market price on the first day and a sale at the closing market price on the last day for the period reported. Dividends are assumed, for the purpose of this calculation, to be reinvested at prices obtainable under the Fund’s dividend reinvestment plan. This amount does not reflect brokerage commissions or sales load. Total returns for periods less than one full year are not annualized. |
| (c) | Does not include expenses of the underlying funds in which the Fund invests. |
| (d) | Includes interest expense of 1.77%, 1.36%, 0.35%, 0.28%, 0.30%, 0.81% and 1.06%, for the six months ended January 31, 2024, years ended July 31, 2023, 2022, two months ended July 31, 2021, years ended May 31, 2021, 2020 and 2019, respectively. |
See Notes to Financial Statements.
130
PGIM High Yield Bond Fund, Inc.
Financial Highlights (unaudited) (continued)
Six Months Ended January 31, 2024
| (f) | Annualized, with the exception of certain non-recurring expenses. |
| (g) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 131
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited)
as of January 31, 2024
| | | | | | | | | | | | | | | | |
| | | | |
| Description | | Interest
Rate | | | Maturity
Date | | | Principal
Amount
(000)# | | | Value | |
| | | | |
LONG-TERM INVESTMENTS 112.8% | | | | | | | | | | | | | | | | |
| | | | |
ASSET-BACKED SECURITIES 6.6% | | | | | | | | | | | | | | | | |
| | | | |
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%) | | | 7.064%(c) | | | | 07/15/30 | | | | 3,934 | | | $ | 3,950,338 | |
CIFC Funding Ltd. (Cayman Islands), | | | | | | | | | | | | | | | | |
Series 2018-02A, Class A1, 144A, 3 Month SOFR + | | | | | | | | | | | | | | | | |
1.302% (Cap N/A, Floor 0.000%) | | | 6.619(c) | | | | 04/20/31 | | | | 2,377 | | | | 2,380,347 | |
KKR Static CLO Ltd. (Cayman Islands), | | | | | | | | | | | | | | | | |
Series 2022-02A, Class A1, 144A, 3 Month SOFR + | | | | | | | | | | | | | | | | |
2.220% (Cap N/A, Floor 2.220%) | | | 7.538(c) | | | | 10/20/31 | | | | 3,061 | | | | 3,069,275 | |
Madison Park Funding Ltd. (Cayman Islands), | | | | | | | | | | | | | | | | |
Series 2015-18A, Class ARR, 144A, 3 Month SOFR + | | | | | | | | | | | | | | | | |
1.202% (Cap N/A, Floor 0.940%) | | | 6.519(c) | | | | 10/21/30 | | | | 3,896 | | | | 3,900,887 | |
Neuberger Berman CLO Ltd. (Cayman Islands), | | | | | | | | | | | | | | | | |
Series 2014-17A, Class AR2, 144A, 3 Month SOFR + | | | | | | | | | | | | | | | | |
1.292% (Cap N/A, Floor 1.030%) | | | 6.609(c) | | | | 04/22/29 | | | | 1,745 | | | | 1,745,553 | |
OFSI BSL Ltd. (Cayman Islands), | | | | | | | | | | | | | | | | |
Series 2023-12A, Class A1, 144A, 3 Month SOFR + | | | | | | | | | | | | | | | | |
2.400% (Cap N/A, Floor 2.400%) | | | 7.718(c) | | | | 01/20/35 | | | | 2,000 | | | | 2,016,904 | |
Palmer Square CLO Ltd. (Cayman Islands), | | | | | | | | | | | | | | | | |
Series 2015-02A, Class A1R2, 144A, 3 Month SOFR + | | | | | | | | | | | | | | | | |
1.362% (Cap N/A, Floor 1.100%) | | | 6.679(c) | | | | 07/20/30 | | | | 1,465 | | | | 1,465,005 | |
Palmer Square Loan Funding Ltd. (Cayman Islands), | | | | | | | | | | | | | | | | |
Series 2022-03A, Class A1A, 144A, 3 Month SOFR + | | | | | | | | | | | | | | | | |
1.820% (Cap N/A, Floor 1.820%) | | | 7.134(c) | | | | 04/15/31 | | | | 2,729 | | | | 2,735,231 | |
Signal Peak CLO Ltd., | | | | | | | | | | | | | | | | |
Series 2018-05A, Class A, 144A, 3 Month SOFR + | | | | | | | | | | | | | | | | |
1.372% (Cap N/A, Floor 1.110%) | | | 6.696(c) | | | | 04/25/31 | | | | 1,560 | | | | 1,560,713 | |
Voya CLO Ltd. (Cayman Islands), | | | | | | | | | | | | | | | | |
Series 2013-02A, Class A1R, 144A, 3 Month SOFR + | | | | | | | | | | | | | | | | |
1.232% (Cap N/A, Floor 0.970%) | | | 6.556(c) | | | | 04/25/31 | | | | 1,605 | | | | 1,607,415 | |
Series 2015-03A, Class A1R, 144A, 3 Month SOFR + | | | | | | | | | | | | | | | | |
1.452% (Cap N/A, Floor 1.452%) | | | 6.769(c) | | | | 10/20/31 | | | | 3,809 | | | | 3,816,489 | |
| | | | | | | | | | | | | | | | |
| | | | |
TOTAL ASSET-BACKED SECURITIES
(cost $27,988,343) | | | | | | | | | | | | | | | 28,248,157 | |
| | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
132
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | |
| | | | |
| Description | | Interest
Rate | | | Maturity
Date | | | Principal
Amount
(000)# | | | Value | |
| | | | |
CORPORATE BONDS 95.8% | | | | | | | | | | | | | | | | |
| | | | |
Aerospace & Defense 2.3% | | | | | | | | | | | | | | | | |
Bombardier, Inc. (Canada), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 6.000% | | | | 02/15/28 | | | | 1,375 | | | $ | 1,339,924 | |
Sr. Unsec’d. Notes, 144A(aa) | | | 7.125 | | | | 06/15/26 | | | | 2,483 | | | | 2,503,336 | |
Sr. Unsec’d. Notes, 144A | | | 7.500 | | | | 02/01/29 | | | | 500 | | | | 508,750 | |
Sr. Unsec’d. Notes, 144A | | | 7.875 | | | | 04/15/27 | | | | 675 | | | | 673,171 | |
TransDigm, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes(aa) | | | 5.500 | | | | 11/15/27 | | | | 2,900 | | | | 2,826,103 | |
Gtd. Notes | | | 7.500 | | | | 03/15/27 | | | | 775 | | | | 776,180 | |
Sr. Sec’d. Notes, 144A | | | 6.250 | | | | 03/15/26 | | | | 1,425 | | | | 1,417,276 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 10,044,740 | |
| | | | |
Airlines 1.7% | | | | | | | | | | | | | | | | |
American Airlines, Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 7.250 | | | | 02/15/28 | | | | 325 | | | | 330,118 | |
American Airlines, Inc./AAdvantage Loyalty IP Ltd., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | | 5.500 | | | | 04/20/26 | | | | 3,863 | | | | 3,823,875 | |
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 5.750 | | | | 01/20/26 | | | | 335 | | | | 315,201 | |
United Airlines, Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 4.375 | | | | 04/15/26 | | | | 1,480 | | | | 1,428,990 | |
VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Switzerland), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 7.875 | | | | 05/01/27 | | | | 1,205 | | | | 1,018,225 | |
Sr. Unsec’d. Notes, 144A | | | 9.500 | | | | 06/01/28 | | | | 540 | | | | 456,377 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 7,372,786 | |
| | | | |
Apparel 0.6% | | | | | | | | | | | | | | | | |
Hanesbrands, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 4.875 | | | | 05/15/26 | | | | 618 | | | | 595,318 | |
William Carter Co. (The), | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 5.625 | | | | 03/15/27 | | | | 1,797 | | | | 1,770,601 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 2,365,919 | |
| | | | |
Auto Manufacturers 2.0% | | | | | | | | | | | | | | | | |
Allison Transmission, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 4.750 | | | | 10/01/27 | | | | 1,075 | | | | 1,034,342 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 133
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | |
| | | | |
| Description | | Interest
Rate | | | Maturity
Date | | | Principal
Amount
(000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | |
Auto Manufacturers (cont’d.) | | | | | | | | | | | | | | | | |
Ford Motor Credit Co. LLC, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 2.300% | | | | 02/10/25 | | | | 1,000 | | | $ | 965,233 | |
Sr. Unsec’d. Notes | | | 2.900 | | | | 02/16/28 | | | | 1,075 | | | | 967,375 | |
Sr. Unsec’d. Notes | | | 3.375 | | | | 11/13/25 | | | | 975 | | | | 935,809 | |
Sr. Unsec’d. Notes | | | 3.664 | | | | 09/08/24 | | | | 250 | | | | 246,571 | |
Sr. Unsec’d. Notes | | | 4.125 | | | | 08/17/27 | | | | 400 | | | | 379,945 | |
Sr. Unsec’d. Notes | | | 4.950 | | | | 05/28/27 | | | | 200 | | | | 195,752 | |
Sr. Unsec’d. Notes | | | 5.125 | | | | 06/16/25 | | | | 200 | | | | 198,235 | |
Sr. Unsec’d. Notes | | | 6.800 | | | | 05/12/28 | | | | 824 | | | | 855,406 | |
Sr. Unsec’d. Notes | | | 6.950 | | | | 03/06/26 | | | | 350 | | | | 357,869 | |
Sr. Unsec’d. Notes | | | 7.350 | | | | 11/04/27 | | | | 850 | | | | 893,715 | |
Jaguar Land Rover Automotive PLC (United Kingdom), | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 7.750 | | | | 10/15/25 | | | | 650 | | | | 654,160 | |
Nissan Motor Acceptance Co. LLC, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A, MTN | | | 1.850 | | | | 09/16/26 | | | | 575 | | | | 520,187 | |
Nissan Motor Co. Ltd. (Japan), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 4.345 | | | | 09/17/27 | | | | 250 | | | | 240,194 | |
PM General Purchaser LLC, | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 9.500 | | | | 10/01/28 | | | | 300 | | | | 303,064 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 8,747,857 | |
| | | | |
Auto Parts & Equipment 1.4% | | | | | | | | | | | | | | | | |
Adient Global Holdings Ltd., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 4.875 | | | | 08/15/26 | | | | 1,050 | | | | 1,021,125 | |
Sr. Sec’d. Notes, 144A | | | 7.000 | | | | 04/15/28 | | | | 305 | | | | 310,719 | |
American Axle & Manufacturing, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 6.250 | | | | 03/15/26 | | | | 60 | | | | 59,308 | |
Gtd. Notes | | | 6.500 | | | | 04/01/27 | | | | 625 | | | | 623,142 | |
Dana, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 5.375 | | | | 11/15/27 | | | | 2,000 | | | | 1,952,815 | |
Tenneco, Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 8.000 | | | | 11/17/28 | | | | 2,050 | | | | 1,791,345 | |
Titan International, Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes | | | 7.000 | | | | 04/30/28 | | | | 375 | | | | 373,274 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 6,131,728 | |
See Notes to Financial Statements.
134
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | |
| | | | |
| Description | | Interest
Rate | | | Maturity
Date | | | Principal
Amount
(000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | |
Banks 0.7% | | | | | | | | | | | | | | | | |
Freedom Mortgage Corp., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 7.625% | | | | 05/01/26 | | | | 1,000 | | | $ | 995,848 | |
Sr. Unsec’d. Notes, 144A | | | 12.000 | | | | 10/01/28 | | | | 250 | | | | 274,277 | |
Intesa Sanpaolo SpA (Italy), | | | | | | | | | | | | | | | | |
Sub. Notes, 144A, MTN | | | 5.017 | | | | 06/26/24 | | | | 600 | | | | 596,611 | |
Popular, Inc. (Puerto Rico), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 7.250 | | | | 03/13/28 | | | | 1,225 | | | | 1,264,568 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 3,131,304 | |
| | | | |
Building Materials 1.8% | | | | | | | | | | | | | | | | |
Eco Material Technologies, Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 7.875 | | | | 01/31/27 | | | | 670 | | | | 670,317 | |
Griffon Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 5.750 | | | | 03/01/28 | | | | 400 | | | | 392,110 | |
JELD-WEN, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 4.625 | | | | 12/15/25 | | | | 435 | | | | 424,705 | |
Gtd. Notes, 144A | | | 4.875 | | | | 12/15/27 | | | | 1,175 | | | | 1,120,386 | |
Masonite International Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 5.375 | | | | 02/01/28 | | | | 125 | | | | 120,937 | |
Standard Industries, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 4.750 | | | | 01/15/28 | | | | 1,825 | | | | 1,744,963 | |
Sr. Unsec’d. Notes, 144A(aa) | | | 5.000 | | | | 02/15/27 | | | | 3,300 | | | | 3,205,455 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 7,678,873 | |
| | | | |
Chemicals 1.5% | | | | | | | | | | | | | | | | |
Avient Corp., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(aa) | | | 5.750 | | | | 05/15/25 | | | | 2,474 | | | | 2,464,952 | |
Cornerstone Chemical Co., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A^ | | | 15.000 | | | | 12/06/28 | | | | 167 | | | | 167,443 | |
NOVA Chemicals Corp. (Canada), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 4.875 | | | | 06/01/24 | | | | 665 | | | | 659,181 | |
Olympus Water US Holding Corp., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 9.750 | | | | 11/15/28 | | | | 875 | | | | 928,135 | |
Rain CII Carbon LLC/CII Carbon Corp., | | | | | | | | | | | | | | | | |
Sec’d. Notes, 144A | | | 7.250 | | | | 04/01/25 | | | | 41 | | | | 39,941 | |
SNF Group SACA (France), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 3.125 | | | | 03/15/27 | | | | 2,025 | | | | 1,873,166 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 135
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | |
| | | | |
| Description | | Interest
Rate | | | Maturity
Date | | | Principal
Amount
(000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | |
Chemicals (cont’d.) | | | | | | | | | | | | | | | | |
TPC Group, Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 13.000% | | | | 12/16/27 | | | | 204 | | | $ | 207,728 | |
WR Grace Holdings LLC, | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 4.875 | | | | 06/15/27 | | | | 175 | | | | 167,328 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 6,507,874 | |
| | | | |
Coal 0.2% | | | | | | | | | | | | | | | | |
Conuma Resources Ltd. (Canada), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 13.125 | | | | 05/01/28 | | | | 686 | | | | 661,132 | |
| | | | |
Commercial Services 5.9% | | | | | | | | | | | | | | | | |
Adtalem Global Education, Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 5.500 | | | | 03/01/28 | | | | 646 | | | | 611,166 | |
Allied Universal Holdco LLC/Allied Universal Finance Corp., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | | 6.625 | | | | 07/15/26 | | | | 7,600 | | | | 7,495,182 | |
Sr. Unsec’d. Notes, 144A(aa) | | | 9.750 | | | | 07/15/27 | | | | 797 | | | | 779,110 | |
Alta Equipment Group, Inc., | | | | | | | | | | | | | | | | |
Sec’d. Notes, 144A | | | 5.625 | | | | 04/15/26 | | | | 1,925 | | | | 1,847,064 | |
AMN Healthcare, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | | 4.625 | | | | 10/01/27 | | | | 1,575 | | | | 1,501,290 | |
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 5.750 | | | | 07/15/27 | | | | 825 | | | | 797,067 | |
Gtd. Notes, 144A | | | 5.750 | | | | 07/15/27 | | | | 1,625 | | | | 1,558,592 | |
Brink’s Co. (The), | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 5.500 | | | | 07/15/25 | | | | 825 | | | | 821,767 | |
Herc Holdings, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | | 5.500 | | | | 07/15/27 | | | | 2,576 | | | | 2,529,108 | |
Hertz Corp. (The), | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 4.625 | | | | 12/01/26 | | | | 550 | | | | 495,003 | |
MPH Acquisition Holdings LLC, | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 5.500 | | | | 09/01/28 | | | | 1,675 | | | | 1,486,864 | |
United Rentals North America, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 4.875 | | | | 01/15/28 | | | | 125 | | | | 121,985 | |
See Notes to Financial Statements.
136
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | |
| | | | |
| Description | | Interest
Rate | | | Maturity
Date | | | Principal
Amount
(000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | |
Commercial Services (cont’d.) | | | | | | | | | | | | | | | | |
Verscend Escrow Corp., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(aa) | | | 9.750% | | | | 08/15/26 | | | | 5,235 | | | $ | 5,254,143 | |
VT Topco, Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 8.500 | | | | 08/15/30 | | | | 250 | | | | 261,214 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 25,559,555 | |
| | | | |
Computers 0.6% | | | | | | | | | | | | | | | | |
CA Magnum Holdings (India), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 5.375 | | | | 10/31/26 | | | | 250 | | | | 233,438 | |
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 5.750 | | | | 06/01/25 | | | | 2,100 | | | | 2,091,056 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 2,324,494 | |
| | | | |
Distribution/Wholesale 0.3% | | | | | | | | | | | | | | | | |
H&E Equipment Services, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 3.875 | | | | 12/15/28 | | | | 1,451 | | | | 1,317,421 | |
Ritchie Bros Holdings, Inc. (Canada), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 6.750 | | | | 03/15/28 | | | | 125 | | | | 128,360 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 1,445,781 | |
| | | | |
Diversified Financial Services 3.8% | | | | | | | | | | | | | | | | |
Bread Financial Holdings, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 9.750 | | | | 03/15/29 | | | | 985 | | | | 985,820 | |
Freedom Mortgage Holdings LLC, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 9.250 | | | | 02/01/29 | | | | 100 | | | | 101,266 | |
GGAM Finance Ltd. (Ireland), | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 8.000 | | | | 02/15/27 | | | | 525 | | | | 540,871 | |
goeasy Ltd. (Canada), | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 4.375 | | | | 05/01/26 | | | | 450 | | | | 428,625 | |
Gtd. Notes, 144A | | | 9.250 | | | | 12/01/28 | | | | 235 | | | | 249,687 | |
LD Holdings Group LLC, | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | | 6.125 | | | | 04/01/28 | | | | 1,575 | | | | 1,283,203 | |
LFS Topco LLC, | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 5.875 | | | | 10/15/26 | | | | 1,050 | | | | 967,630 | |
Macquarie Airfinance Holdings Ltd. (United Kingdom), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 8.125 | | | | 03/30/29 | | | | 200 | | | | 208,000 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 137
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | |
| | | | |
| Description | | Interest
Rate | | | Maturity
Date | | | Principal
Amount
(000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | |
Diversified Financial Services (cont’d.) | | | | | | | | | | | | | | | | |
Macquarie Airfinance Holdings Ltd. (United Kingdom), (cont’d.) | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 8.375% | | | | 05/01/28 | | | | 100 | | | $ | 104,625 | |
Nationstar Mortgage Holdings, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 5.500 | | | | 08/15/28 | | | | 500 | | | | 475,985 | |
Gtd. Notes, 144A | | | 6.000 | | | | 01/15/27 | | | | 1,256 | | | | 1,236,913 | |
Navient Corp., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 4.875 | | | | 03/15/28 | | | | 450 | | | | 409,100 | |
Sr. Unsec’d. Notes | | | 5.000 | | | | 03/15/27 | | | | 325 | | | | 309,865 | |
Sr. Unsec’d. Notes | | | 5.875 | | | | 10/25/24 | | | | 200 | | | | 199,691 | |
Sr. Unsec’d. Notes | | | 6.750 | | | | 06/25/25 | | | | 950 | | | | 956,457 | |
OneMain Finance Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 6.875 | | | | 03/15/25 | | | | 1,075 | | | | 1,080,706 | |
Gtd. Notes(aa) | | | 7.125 | | | | 03/15/26 | | | | 4,150 | | | | 4,205,487 | |
PennyMac Financial Services, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 5.375 | | | | 10/15/25 | | | | 1,050 | | | | 1,035,226 | |
Gtd. Notes, 144A | | | 7.875 | | | | 12/15/29 | | | | 200 | | | | 206,367 | |
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 2.875 | | | | 10/15/26 | | | | 750 | | | | 695,353 | |
Gtd. Notes, 144A | | | 3.625 | | | | 03/01/29 | | | | 950 | | | | 846,689 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 16,527,566 | |
| | | | |
Electric 2.3% | | | | | | | | | | | | | | | | |
Calpine Corp., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 4.500 | | | | 02/15/28 | | | | 900 | | | | 856,149 | |
Sr. Sec’d. Notes, 144A | | | 5.250 | | | | 06/01/26 | | | | 1,066 | | | | 1,048,759 | |
Sr. Unsec’d. Notes, 144A | | | 5.125 | | | | 03/15/28 | | | | 1,000 | | | | 955,764 | |
NRG Energy, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 5.750 | | | | 01/15/28 | | | | 1,682 | | | | 1,664,378 | |
Gtd. Notes, 144A | | | 3.875 | | | | 02/15/32 | | | | 25 | | | | 21,334 | |
Gtd. Notes, 144A | | | 5.250 | | | | 06/15/29 | | | | 400 | | | | 383,561 | |
Vistra Operations Co. LLC, | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | | 5.000 | | | | 07/31/27 | | | | 3,750 | | | | 3,632,157 | |
Gtd. Notes, 144A | | | 5.500 | | | | 09/01/26 | | | | 1,200 | | | | 1,188,850 | |
Gtd. Notes, 144A | | | 5.625 | | | | 02/15/27 | | | | 300 | | | | 295,814 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 10,046,766 | |
See Notes to Financial Statements.
138
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | |
| | | | |
| Description | | Interest
Rate | | | Maturity
Date | | | Principal
Amount
(000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | |
Electrical Components & Equipment 1.2% | | | | | | | | | | | | | | | | |
Energizer Holdings, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 6.500% | | | | 12/31/27 | | | | 1,500 | | | $ | 1,494,119 | |
WESCO Distribution, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 7.125 | | | | 06/15/25 | | | | 2,175 | | | | 2,186,479 | |
Gtd. Notes, 144A | | | 7.250 | | | | 06/15/28 | | | | 1,200 | | | | 1,232,903 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 4,913,501 | |
| | | | |
Electronics 0.4% | | | | | | | | | | | | | | | | |
Likewize Corp., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 9.750 | | | | 10/15/25 | | | | 1,800 | | | | 1,824,974 | |
| | | | |
Engineering & Construction 0.0% | | | | | | | | | | | | | | | | |
Brand Industrial Services, Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 10.375 | | | | 08/01/30 | | | | 75 | | | | 79,242 | |
| | | | |
Entertainment 3.9% | | | | | | | | | | | | | | | | |
Caesars Entertainment, Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 6.250 | | | | 07/01/25 | | | | 5,300 | | | | 5,325,626 | |
Sr. Sec’d. Notes, 144A | | | 7.000 | | | | 02/15/30 | | | | 1,450 | | | | 1,493,530 | |
Sr. Unsec’d. Notes, 144A | | | 4.625 | | | | 10/15/29 | | | | 200 | | | | 182,639 | |
CCM Merger, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 6.375 | | | | 05/01/26 | | | | 1,750 | | | | 1,731,813 | |
Golden Entertainment, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 7.625 | | | | 04/15/26 | | | | 1,000 | | | | 1,005,929 | |
International Game Technology PLC, | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 6.250 | | | | 01/15/27 | | | | 550 | | | | 551,210 | |
Sr. Sec’d. Notes, 144A | | | 6.500 | | | | 02/15/25 | | | | 1,550 | | | | 1,550,000 | |
Jacobs Entertainment, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 6.750 | | | | 02/15/29 | | | | 225 | | | | 205,869 | |
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 4.875 | | | | 05/01/29 | | | | 450 | | | | 416,856 | |
Motion Bondco DAC (United Kingdom), | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 6.625 | | | | 11/15/27 | | | | 450 | | | | 430,875 | |
Penn Entertainment, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(aa) | | | 5.625 | | | | 01/15/27 | | | | 4,150 | | | | 4,009,678 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 16,904,025 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 139
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | |
| | | | |
| Description | | Interest
Rate | | | Maturity
Date | | | Principal
Amount
(000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | |
Foods 1.3% | | | | | | | | | | | | | | | | |
| | | | |
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s LP/Albertson’s LLC, | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 3.250 | % | | | 03/15/26 | | | | 587 | | | $ | 558,503 | |
Gtd. Notes, 144A | | | 4.625 | | | | 01/15/27 | | | | 2,175 | | | | 2,110,445 | |
Gtd. Notes, 144A | | | 6.500 | | | | 02/15/28 | | | | 75 | | | | 75,793 | |
| | | | |
B&G Foods, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes(aa) | | | 5.250 | | | | 04/01/25 | | | | 1,228 | | | | 1,205,266 | |
Gtd. Notes | | | 5.250 | | | | 09/15/27 | | | | 650 | | | | 586,151 | |
| | | | |
Post Holdings, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 5.625 | | | | 01/15/28 | | | | 888 | | | | 873,436 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 5,409,594 | |
| | | | |
Gas 0.4% | | | | | | | | | | | | | | | | |
| | | | |
AmeriGas Partners LP/AmeriGas Finance Corp., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 5.500 | | | | 05/20/25 | | | | 825 | | | | 810,990 | |
Sr. Unsec’d. Notes | | | 5.750 | | | | 05/20/27 | | | | 625 | | | | 598,914 | |
Sr. Unsec’d. Notes | | | 5.875 | | | | 08/20/26 | | | | 425 | | | | 410,913 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 1,820,817 | |
| | | | |
Healthcare-Services 3.3% | | | | | | | | | | | | | | | | |
| | | | |
HCA, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes(aa) | | | 5.875 | | | | 02/15/26 | | | | 4,214 | | | | 4,254,021 | |
Gtd. Notes | | | 7.050 | | | | 12/01/27 | | | | 792 | | | | 836,646 | |
| | | | |
Legacy LifePoint Health LLC, | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 4.375 | | | | 02/15/27 | | | | 210 | | | | 196,943 | |
| | | | |
Prime Healthcare Services, Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | | 7.250 | | | | 11/01/25 | | | | 3,833 | | | | 3,814,908 | |
| | | | |
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | | 9.750 | | | | 12/01/26 | | | | 3,175 | | | | 3,173,622 | |
| | | | |
Tenet Healthcare Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 6.125 | | | | 10/01/28 | | | | 725 | | | | 720,782 | |
Sr. Sec’d. Notes | | | 4.250 | | | | 06/01/29 | | | | 550 | | | | 509,846 | |
Sr. Sec’d. Notes | | | 4.625 | | | | 06/15/28 | | | | 600 | | | | 569,013 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 14,075,781 | |
See Notes to Financial Statements.
140
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | |
| | | | |
| Description | | Interest
Rate | | | Maturity
Date | | | Principal
Amount
(000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | |
Home Builders 6.2% | | | | | | | | | | | | | | | | |
| | | | |
Ashton Woods USA LLC/Ashton Woods Finance Co., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 6.625 | % | | | 01/15/28 | | | | 600 | | | $ | 594,097 | |
| | | | |
Beazer Homes USA, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes(aa) | | | 5.875 | | | | 10/15/27 | | | | 3,775 | | | | 3,682,414 | |
| | | | |
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | | 6.250 | | | | 09/15/27 | | | | 3,437 | | | | 3,333,890 | |
| | | | |
Century Communities, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 6.750 | | | | 06/01/27 | | | | 1,000 | | | | 1,007,301 | |
| | | | |
Empire Communities Corp. (Canada), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(aa) | | | 7.000 | | | | 12/15/25 | | | | 2,920 | | | | 2,887,150 | |
| | | | |
Forestar Group, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | | 3.850 | | | | 05/15/26 | | | | 2,356 | | | | 2,237,366 | |
| | | | |
KB Home, | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 6.875 | | | | 06/15/27 | | | | 432 | | | | 445,452 | |
| | | | |
M/I Homes, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 4.950 | | | | 02/01/28 | | | | 925 | | | | 885,456 | |
| | | | |
Mattamy Group Corp. (Canada), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(aa) | | | 5.250 | | | | 12/15/27 | | | | 3,350 | | | | 3,232,750 | |
| | | | |
Meritage Homes Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 6.000 | | | | 06/01/25 | | | | 695 | | | | 693,804 | |
| | | | |
Shea Homes LP/Shea Homes Funding Corp., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 4.750 | | | | 02/15/28 | | | | 550 | | | | 525,161 | |
| | | | |
STL Holding Co. LLC, | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 7.500 | | | | 02/15/26 | | | | 1,280 | | | | 1,302,507 | |
Sr. Unsec’d. Notes, 144A | | | 8.750 | | | | 02/15/29 | | | | 495 | | | | 503,469 | |
| | | | |
Taylor Morrison Communities, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 5.875 | | | | 06/15/27 | | | | 2,296 | | | | 2,296,107 | |
Gtd. Notes, 144A | | | 6.625 | | | | 07/15/27 | | | | 350 | | | | 346,985 | |
| | | | |
TRI Pointe Group, Inc./TRI Pointe Homes, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 5.875 | | | | 06/15/24 | | | | 700 | | | | 699,782 | |
| | | | |
Tri Pointe Homes, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 5.250 | | | | 06/01/27 | | | | 1,850 | | | | 1,818,177 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 26,491,868 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 141
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | |
| | | | |
| Description | | Interest
Rate | | | Maturity
Date | | | Principal
Amount
(000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | |
Household Products/Wares 0.2% | | | | | | | | | | | | | | | | |
| | | | |
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada), | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 7.000 | % | | | 12/31/27 | | | | 500 | | | $ | 483,750 | |
Sr. Sec’d. Notes, 144A | | | 5.000 | | | | 12/31/26 | | | | 250 | | | | 241,250 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 725,000 | |
| | | | |
Housewares 0.2% | | | | | | | | | | | | | | | | |
| | | | |
Scotts Miracle-Gro Co. (The), | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 4.000 | | | | 04/01/31 | | | | 575 | | | | 484,096 | |
Gtd. Notes | | | 4.375 | | | | 02/01/32 | | | | 125 | | | | 104,804 | |
Gtd. Notes | | | 4.500 | | | | 10/15/29 | | | | 300 | | | | 266,353 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 855,253 | |
| | | | |
Insurance 0.1% | | | | | | | | | | | | | | | | |
| | | | |
Acrisure LLC/Acrisure Finance, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 8.250 | | | | 02/01/29 | | | | 355 | | | | 356,099 | |
Sr. Unsec’d. Notes, 144A | | | 10.125 | | | | 08/01/26 | | | | 200 | | | | 208,524 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 564,623 | |
| | | | |
Internet 2.5% | | | | | | | | | | | | | | | | |
| | | | |
Cablevision Lightpath LLC, | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 3.875 | | | | 09/15/27 | | | | 2,120 | | | | 1,899,263 | |
| | | | |
Cogent Communications Group, Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 3.500 | | | | 05/01/26 | | | | 700 | | | | 671,969 | |
| | | | |
Gen Digital, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(aa) | | | 5.000 | | | | 04/15/25 | | | | 6,150 | | | | 6,115,905 | |
| | | | |
Go Daddy Operating Co. LLC/GD Finance Co., Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 5.250 | | | | 12/01/27 | | | | 600 | | | | 588,888 | |
| | | | |
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 4.750 | | | | 04/30/27 | | | | 1,435 | | | | 1,382,330 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 10,658,355 | |
| | | | |
Iron/Steel 1.2% | | | | | | | | | | | | | | | | |
| | | | |
ATI, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 7.250 | | | | 08/15/30 | | | | 200 | | | | 206,118 | |
| | | | |
Big River Steel LLC/BRS Finance Corp., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 6.625 | | | | 01/31/29 | | | | 1,859 | | | | 1,880,237 | |
See Notes to Financial Statements.
142
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | |
| | | | |
| Description | | Interest
Rate | | | Maturity
Date | | | Principal
Amount
(000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | |
Iron/Steel (cont’d.) | | | | | | | | | | | | | | | | |
| | | | |
Cleveland-Cliffs, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 6.750 | % | | | 04/15/30 | | | | 550 | | | $ | 554,624 | |
Sr. Sec’d. Notes, 144A | | | 6.750 | | | | 03/15/26 | | | | 1,750 | | | | 1,758,039 | |
| | | | |
Mineral Resources Ltd. (Australia), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 9.250 | | | | 10/01/28 | | | | 550 | | | | 578,875 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 4,977,893 | |
| | | | |
Leisure Time 4.5% | | | | | | | | | | | | | | | | |
| | | | |
Carnival Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 5.750 | | | | 03/01/27 | | | | 3,525 | | | | 3,480,937 | |
Sr. Sec’d. Notes, 144A | | | 4.000 | | | | 08/01/28 | | | | 1,225 | | | | 1,131,845 | |
| | | | |
Carnival Holdings Bermuda Ltd., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 10.375 | | | | 05/01/28 | | | | 550 | | | | 602,213 | |
| | | | |
Lindblad Expeditions Holdings, Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 9.000 | | | | 05/15/28 | | | | 550 | | | | 571,013 | |
| | | | |
NCL Corp. Ltd., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 5.875 | | | | 03/15/26 | | | | 1,650 | | | | 1,605,656 | |
Sr. Sec’d. Notes, 144A | | | 5.875 | | | | 02/15/27 | | | | 975 | | | | 958,669 | |
Sr. Sec’d. Notes, 144A | | | 8.125 | | | | 01/15/29 | | | | 175 | | | | 183,094 | |
Sr. Sec’d. Notes, 144A | | | 8.375 | | | | 02/01/28 | | | | 725 | | | | 757,944 | |
Sr. Unsec’d. Notes, 144A | | | 3.625 | | | | 12/15/24 | | | | 1,025 | | | | 1,000,656 | |
Sr. Unsec’d. Notes, 144A | | | 7.750 | | | | 02/15/29 | | | | 200 | | | | 201,250 | |
| | | | |
Royal Caribbean Cruises Ltd., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 7.250 | | | | 01/15/30 | | | | 225 | | | | 234,443 | |
Sr. Unsec’d. Notes, 144A | | | 5.375 | | | | 07/15/27 | | | | 1,025 | | | | 1,008,344 | |
Sr. Unsec’d. Notes, 144A | | | 5.500 | | | | 04/01/28 | | | | 1,275 | | | | 1,259,411 | |
Sr. Unsec’d. Notes, 144A | | | 11.625 | | | | 08/15/27 | | | | 3,375 | | | | 3,673,215 | |
| | | | |
Viking Cruises Ltd., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 5.875 | | | | 09/15/27 | | | | 1,825 | | | | 1,762,749 | |
Gtd. Notes, 144A | | | 6.250 | | | | 05/15/25 | | | | 500 | | | | 495,810 | |
Sr. Unsec’d. Notes, 144A | | | 7.000 | | | | 02/15/29 | | | | 600 | | | | 597,750 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 19,524,999 | |
| | | | |
Lodging 4.4% | | | | | | | | | | | | | | | | |
| | | | |
Genting New York LLC/GENNY Capital, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 3.300 | | | | 02/15/26 | | | | 1,375 | | | | 1,273,284 | |
| | | | |
Las Vegas Sands Corp., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | | 3.500 | | | | 08/18/26 | | | | 500 | | | | 477,387 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 143
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | |
| | | | |
| Description | | Interest
Rate | | | Maturity
Date | | | Principal
Amount
(000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | |
Lodging (cont’d.) | | | | | | | | | | | | | | | | |
| | | | |
MGM Resorts International, | | | | | | | | | | | | | | | | |
Gtd. Notes(aa) | | | 4.625 | % | | | 09/01/26 | | | | 4,585 | | | $ | 4,453,314 | |
Gtd. Notes | | | 5.750 | | | | 06/15/25 | | | | 75 | | | | 75,079 | |
Gtd. Notes(aa) | | | 6.750 | | | | 05/01/25 | | | | 3,162 | | | | 3,169,193 | |
| | | | |
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | | 5.875 | | | | 05/15/25 | | | | 3,896 | | | | 3,851,214 | |
| | | | |
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 5.250 | | | | 05/15/27 | | | | 675 | | | | 659,957 | |
| | | | |
Wynn Macau Ltd. (Macau), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 5.500 | | | | 01/15/26 | | | | 550 | | | | 531,437 | |
Sr. Unsec’d. Notes, 144A | | | 5.500 | | | | 10/01/27 | | | | 3,975 | | | | 3,725,320 | |
Sr. Unsec’d. Notes, 144A | | | 5.625 | | | | 08/26/28 | | | | 600 | | | | 555,300 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 18,771,485 | |
| | | | |
Machinery-Diversified 1.0% | | | | | | | | | | | | | | | | |
| | | | |
Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (Canada), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 9.000 | | | | 02/15/29 | | | | 190 | | | | 190,000 | |
| | | | |
Maxim Crane Works Holdings Capital LLC, | | | | | | | | | | | | | | | | |
Sec’d. Notes, 144A | | | 11.500 | | | | 09/01/28 | | | | 900 | | | | 940,161 | |
| | | | |
TK Elevator US Newco, Inc. (Germany), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | | 5.250 | | | | 07/15/27 | | | | 3,175 | | | | 3,063,875 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 4,194,036 | |
| | | | |
Media 10.2% | | | | | | | | | | | | | | | | |
| | | | |
Altice Financing SA (Luxembourg), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes | | | 2.250 | | | | 01/15/25 | | | EUR | 2,750 | | | | 2,864,193 | |
Sr. Sec’d. Notes, 144A | | | 5.000 | | | | 01/15/28 | | | | 450 | | | | 402,187 | |
| | | | |
CCO Holdings LLC/CCO Holdings Capital Corp., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A(aa) | | | 5.000 | | | | 02/01/28 | | | | 2,885 | | | | 2,722,566 | |
Sr. Unsec’d. Notes, 144A(aa) | | | 5.125 | | | | 05/01/27 | | | | 4,965 | | | | 4,786,838 | |
Sr. Unsec’d. Notes, 144A | | | 5.375 | | | | 06/01/29 | | | | 200 | | | | 186,033 | |
Sr. Unsec’d. Notes, 144A(aa) | | | 5.500 | | | | 05/01/26 | | | | 3,074 | | | | 3,044,864 | |
| | | | |
CSC Holdings LLC, | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 5.375 | | | | 02/01/28 | | | | 500 | | | | 430,039 | |
Gtd. Notes, 144A(aa) | | | 5.500 | | | | 04/15/27 | | | | 3,520 | | | | 3,160,508 | |
Sr. Unsec’d. Notes | | | 5.250 | | | | 06/01/24 | | | | 715 | | | | 713,827 | |
See Notes to Financial Statements.
144
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | |
| | | | |
| Description | | Interest
Rate | | | Maturity
Date | | | Principal
Amount
(000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | |
Media (cont’d.) | | | | | | | | | | | | | | | | |
| | | | |
CSC Holdings LLC, (cont’d.) | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 7.500 | % | | | 04/01/28 | | | | 200 | | | $ | 133,613 | |
| | | | |
Directv Financing LLC, | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 8.875 | | | | 02/01/30 | | | | 290 | | | | 295,840 | |
| | | | |
DISH DBS Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 5.875 | | | | 11/15/24 | | | | 1,850 | | | | 1,720,787 | |
Gtd. Notes | | | 7.750 | | | | 07/01/26 | | | | 2,595 | | | | 1,531,112 | |
| | | | |
DISH Network Corp., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | | 11.750 | | | | 11/15/27 | | | | 3,690 | | | | 3,850,202 | |
| | | | |
Gray Television, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | | 5.875 | | | | 07/15/26 | | | | 3,923 | | | | 3,844,612 | |
| | | | |
Midcontinent Communications/Midcontinent Finance Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 5.375 | | | | 08/15/27 | | | | 2,180 | | | | 2,112,657 | |
| | | | |
Nexstar Media, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | | 5.625 | | | | 07/15/27 | | | | 3,345 | | | | 3,253,515 | |
| | | | |
Radiate Holdco LLC/Radiate Finance, Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | | 4.500 | | | | 09/15/26 | | | | 3,350 | | | | 2,594,950 | |
| | | | |
Sinclair Television Group, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 5.125 | | | | 02/15/27 | | | | 1,000 | | | | 945,904 | |
| | | | |
Univision Communications, Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | | 8.000 | | | | 08/15/28 | | | | 2,155 | | | | 2,191,234 | |
| | | | |
Videotron Ltd. (Canada), | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | | 5.375 | | | | 06/15/24 | | | | 3,214 | | | | 3,204,358 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 43,989,839 | |
| | | | |
Mining 2.1% | | | | | | | | | | | | | | | | |
| | | | |
Arsenal AIC Parent LLC, | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 8.000 | | | | 10/01/30 | | | | 200 | | | | 209,222 | |
| | | | |
Constellium SE, | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 5.875 | | | | 02/15/26 | | | | 825 | | | | 814,688 | |
| | | | |
First Quantum Minerals Ltd. (Zambia), | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 6.875 | | | | 10/15/27 | | | | 400 | | | | 355,276 | |
Gtd. Notes, 144A | | | 7.500 | | | | 04/01/25 | | | | 279 | | | | 271,012 | |
| | | | |
Hecla Mining Co., | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 7.250 | | | | 02/15/28 | | | | 350 | | | | 350,949 | |
| | | | |
Hudbay Minerals, Inc. (Canada), | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | | 4.500 | | | | 04/01/26 | | | | 2,920 | | | | 2,845,686 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 145
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | |
| | | | |
| Description | | Interest
Rate | | | Maturity
Date | | | Principal
Amount
(000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | |
Mining (cont’d.) | | | | | | | | | | | | | | | | |
| | | | |
New Gold, Inc. (Canada), | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 7.500% | | | | 07/15/27 | | | | 1,035 | | | $ | 1,025,944 | |
| | | | |
Novelis Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | | 3.250 | | | | 11/15/26 | | | | 3,570 | | | | 3,342,406 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 9,215,183 | |
| | | | |
Miscellaneous Manufacturing 0.5% | | | | | | | | | | | | | | | | |
| | | | |
Amsted Industries, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 5.625 | | | | 07/01/27 | | | | 1,523 | | | | 1,501,784 | |
| | | | |
Trinity Industries, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 7.750 | | | | 07/15/28 | | | | 500 | | | | 520,940 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 2,022,724 | |
| | | | |
Office/Business Equipment 0.9% | | | | | | | | | | | | | | | | |
| | | | |
CDW LLC/CDW Finance Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes(aa) | | | 4.125 | | | | 05/01/25 | | | | 3,982 | | | | 3,915,232 | |
| | | | |
Oil & Gas 5.7% | | | | | | | | | | | | | | | | |
| | | | |
Aethon United BR LP/Aethon United Finance Corp., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 8.250 | | | | 02/15/26 | | | | 1,300 | | | | 1,295,805 | |
| | | | |
Ascent Resources Utica Holdings LLC/ARU Finance Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | | 7.000 | | | | 11/01/26 | | | | 4,025 | | | | 4,027,368 | |
| | | | |
Athabasca Oil Corp. (Canada), | | | | | | | | | | | | | | | | |
Sec’d. Notes, 144A | | | 9.750 | | | | 11/01/26 | | | | 1,587 | | | | 1,686,187 | |
| | | | |
Chesapeake Energy Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | | 5.500 | | | | 02/01/26 | | | | 2,936 | | | | 2,921,618 | |
| | | | |
CITGO Petroleum Corp., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 6.375 | | | | 06/15/26 | | | | 875 | | | | 873,664 | |
Sr. Sec’d. Notes, 144A | | | 7.000 | | | | 06/15/25 | | | | 200 | | | | 199,793 | |
| | | | |
Civitas Resources, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 8.375 | | | | 07/01/28 | | | | 775 | | | | 814,953 | |
Gtd. Notes, 144A | | | 8.625 | | | | 11/01/30 | | | | 150 | | | | 160,306 | |
| | | | |
CNX Resources Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 7.250 | | | | 03/14/27 | | | | 675 | | | | 677,760 | |
| | | | |
Crescent Energy Finance LLC, | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 7.250 | | | | 05/01/26 | | | | 200 | | | | 199,759 | |
Gtd. Notes, 144A | | | 9.250 | | | | 02/15/28 | | | | 525 | | | | 547,774 | |
See Notes to Financial Statements.
146
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | |
| | | | |
| Description | | Interest
Rate | | | Maturity
Date | | | Principal
Amount
(000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | |
Oil & Gas (cont’d.) | | | | | | | | | | | | | | | | |
| | | | |
Diamond Foreign Asset Co./Diamond Finance LLC, | | | | | | | | | | | | | | | | |
Sec’d. Notes, 144A | | | 8.500% | | | | 10/01/30 | | | | 150 | | | $ | 153,750 | |
| | | | |
Endeavor Energy Resources LP/EER Finance, Inc., | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 5.750 | | | | 01/30/28 | | | | 475 | | | | 472,681 | |
| | | | |
Nabors Industries Ltd., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 7.250 | | | | 01/15/26 | | | | 775 | | | | 756,594 | |
| | | | |
Nabors Industries, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 7.375 | | | | 05/15/27 | | | | 1,300 | | | | 1,285,103 | |
| | | | |
Noble Finance II LLC, | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 8.000 | | | | 04/15/30 | | | | 175 | | | | 181,776 | |
| | | | |
Parkland Corp. (Canada), | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 5.875 | | | | 07/15/27 | | | | 1,150 | | | | 1,141,064 | |
| | | | |
Precision Drilling Corp. (Canada), | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 7.125 | | | | 01/15/26 | | | | 479 | | | | 477,189 | |
| | | | |
Preem Holdings AB (Sweden), | | | | | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | | 12.000 | | | | 06/30/27 | | | EUR | 900 | | | | 1,055,304 | |
| | | | |
Range Resources Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 4.875 | | | | 05/15/25 | | | | 200 | | | | 197,443 | |
| | | | |
SilverBow Resources, Inc., | | | | | | | | | | | | | | | | |
Sec’d. Notes, 144A, 3 Month SOFR + 7.750% | | | 13.135(c) | | | | 12/15/28 | | | | 1,755 | | | | 1,724,684 | |
| | | | |
Southwestern Energy Co., | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 5.375 | | | | 02/01/29 | | | | 425 | | | | 415,774 | |
Gtd. Notes | | | 8.375 | | | | 09/15/28 | | | | 1,650 | | | | 1,717,105 | |
| | | | |
Sunoco LP/Sunoco Finance Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 6.000 | | | | 04/15/27 | | | | 1,200 | | | | 1,199,734 | |
| | | | |
Valaris Ltd., | | | | | | | | | | | | | | | | |
Sec’d. Notes, 144A | | | 8.375 | | | | 04/30/30 | | | | 225 | | | | 229,788 | |
| | | | |
Vital Energy, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes | | | 9.750 | | | | 10/15/30 | | | | 75 | | | | 79,672 | |
Gtd. Notes | | | 10.125 | | | | 01/15/28 | | | | 150 | | | | 157,109 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 24,649,757 | |
| | | | |
Packaging & Containers 1.8% | | | | | | | | | | | | | | | | |
| | | | |
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 4.125 | | | | 08/15/26 | | | | 300 | | | | 269,250 | |
| | | | |
Graham Packaging Co., Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 7.125 | | | | 08/15/28 | | | | 500 | | | | 447,605 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 147
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | |
| | | | |
| Description | | Interest
Rate | | | Maturity
Date | | | Principal
Amount
(000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | | | | | |
| | | | |
Packaging & Containers (cont’d.) | | | | | | | | | | | | | | | | |
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada), | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 6.000% | | | | 09/15/28 | | | | 1,700 | | | $ | 1,593,750 | |
LABL, Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 6.750 | | | | 07/15/26 | | | | 1,500 | | | | 1,459,574 | |
Sr. Sec’d. Notes, 144A | | | 9.500 | | | | 11/01/28 | | | | 175 | | | | 174,769 | |
Sr. Unsec’d. Notes, 144A(aa) | | | 10.500 | | | | 07/15/27 | | | | 1,400 | | | | 1,338,770 | |
Mauser Packaging Solutions Holding Co., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 7.875 | | | | 08/15/26 | | | | 475 | | | | 479,837 | |
Owens-Brockway Glass Container, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 6.625 | | | | 05/13/27 | | | | 160 | | | | 159,995 | |
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 4.375 | | | | 10/15/28 | | | | 575 | | | | 536,449 | |
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC, | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 4.000 | | | | 10/15/27 | | | | 150 | | | | 139,945 | |
Sealed Air Corp./Sealed Air Corp. US, | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 6.125 | | | | 02/01/28 | | | | 150 | | | | 150,719 | |
Trident TPI Holdings, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | | 12.750 | | | | 12/31/28 | | | | 875 | | | | 937,515 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 7,688,178 | |
| | | | |
Pharmaceuticals 1.5% | | | | | | | | | | | | | | | | |
AdaptHealth LLC, | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 6.125 | | | | 08/01/28 | | | | 2,025 | | | | 1,772,146 | |
Bausch Health Americas, Inc., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | | 8.500 | | | | 01/31/27 | | | | 3,409 | | | | 1,888,325 | |
Organon & Co./Organon Foreign Debt Co-Issuer BV, | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | | 4.125 | | | | 04/30/28 | | | | 1,000 | | | | 913,643 | |
P&L Development LLC/PLD Finance Corp., | | | | | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | | 7.750 | | | | 11/15/25 | | | | 2,414 | | | | 1,970,330 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 6,544,444 | |
| | | | |
Pipelines 3.4% | | | | | | | | | | | | | | | | |
Antero Midstream Partners LP/Antero Midstream Finance Corp., | | | | | | | | | | | | | | | | |
Gtd. Notes, 144A | | | 5.750 | | | | 03/01/27 | | | | 375 | | | | 372,150 | |
See Notes to Financial Statements.
148
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | |
| | | | |
Pipelines (cont’d.) | | | | | | | | | | | | |
| | | | |
Antero Midstream Partners LP/Antero Midstream Finance Corp., (cont’d.) | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 7.875% | | 05/15/26 | | | 2,525 | | | $ | 2,584,772 | |
EQM Midstream Partners LP, | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 6.000 | | 07/01/25 | | | 505 | | | | 505,003 | |
Sr. Unsec’d. Notes, 144A | | 6.500 | | 07/01/27 | | | 1,475 | | | | 1,493,717 | |
Sr. Unsec’d. Notes, 144A | | 7.500 | | 06/01/27 | | | 400 | | | | 411,325 | |
Global Partners LP/GLP Finance Corp., | | | | | | | | | | | | |
Gtd. Notes | | 7.000 | | 08/01/27 | | | 750 | | | | 754,499 | |
Howard Midstream Energy Partners LLC, | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 8.875 | | 07/15/28 | | | 225 | | | | 237,211 | |
Northriver Midstream Finance LP (Canada), | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 5.625 | | 02/15/26 | | | 375 | | | | 365,625 | |
Rockies Express Pipeline LLC, | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 3.600 | | 05/15/25 | | | 475 | | | | 460,934 | |
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 6.000 | | 03/01/27 | | | 1,384 | | | | 1,361,190 | |
Sr. Unsec’d. Notes, 144A | | 7.375 | | 02/15/29 | | | 300 | | | | 299,204 | |
Venture Global LNG, Inc., | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 9.500 | | 02/01/29 | | | 2,225 | | | | 2,363,664 | |
Sr. Sec’d. Notes, 144A | | 9.875 | | 02/01/32 | | | 1,175 | | | | 1,235,176 | |
Western Midstream Operating LP, | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 3.100 | | 02/01/25 | | | 2,100 | | | | 2,047,409 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 14,491,879 | |
| | | | |
Real Estate 1.0% | | | | | | | | | | | | |
Five Point Operating Co. LP/Five Point Capital Corp., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 10.500(cc) | | 01/15/28 | | | 1,658 | | | | 1,691,492 | |
Greystar Real Estate Partners LLC, | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 7.750 | | 09/01/30 | | | 250 | | | | 266,217 | |
Howard Hughes Corp. (The), | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 5.375 | | 08/01/28 | | | 2,372 | | | | 2,273,700 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 4,231,409 | |
| | | | |
Real Estate Investment Trusts (REITs) 1.6% | | | | | | | | | | | | |
Diversified Healthcare Trust, Gtd. Notes | | 9.750 | | 06/15/25 | | | 734 | | | | 731,064 | |
Sr. Unsec’d. Notes | | 4.750 | | 02/15/28 | | | 50 | | | | 39,234 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 149
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | |
| | | | |
Real Estate Investment Trusts (REITs) (cont’d.) | | | | | | | | | | | | |
| | | | |
MPT Operating Partnership LP/MPT Finance Corp., | | | | | | | | | | | | |
Gtd. Notes | | 5.000% | | 10/15/27 | | | 2,250 | | | $ | 1,706,668 | |
| | | | |
Park Intermediate Holdings LLC/PK Domestic | | | | | | | | | | | | |
Property LLC/PK Finance Co-Issuer, | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 7.500 | | 06/01/25 | | | 2,750 | | | | 2,765,201 | |
| | | | |
RHP Hotel Properties LP/RHP Finance Corp., | | | | | | | | | | | | |
Gtd. Notes | | 4.750 | | 10/15/27 | | | 650 | | | | 626,457 | |
Gtd. Notes, 144A | | 7.250 | | 07/15/28 | | | 200 | | | | 207,210 | |
| | | | |
VICI Properties LP/VICI Note Co., Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.500 | | 09/01/26 | | | 901 | | | | 877,445 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 6,953,279 | |
| | | | |
Retail 1.4% | | | | | | | | | | | | |
| | | | |
1011778 BC ULC/New Red Finance, Inc. (Canada), | | | | | | | | | | | | |
Sec’d. Notes, 144A | | 4.375 | | 01/15/28 | | | 792 | | | | 754,911 | |
Sr. Sec’d. Notes, 144A | | 3.875 | | 01/15/28 | | | 50 | | | | 47,062 | |
| | | | |
Brinker International, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 5.000 | | 10/01/24 | | | 525 | | | | 521,078 | |
Gtd. Notes, 144A | | 8.250 | | 07/15/30 | | | 850 | | | | 889,376 | |
| | | | |
eG Global Finance PLC (United Kingdom), | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 12.000 | | 11/30/28 | | | 1,175 | | | | 1,238,509 | |
| | | | |
Ferrellgas LP/Ferrellgas Finance Corp., | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A (original cost $226,012; purchased 08/25/22 - 03/17/23)(f) | | 5.375 | | 04/01/26 | | | 250 | | | | 246,396 | |
| | | | |
Fertitta Entertainment LLC/Fertitta Entertainment | | | | | | | | | | | | |
Finance Co., Inc., | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 4.625 | | 01/15/29 | | | 200 | | | | 184,194 | |
| | | | |
LCM Investments Holdings II LLC, | | | | | | | | | | | | |
Sr. Unsec’d. Notes, 144A | | 4.875 | | 05/01/29 | | | 1,000 | | | | 904,044 | |
| | | | |
Sally Holdings LLC/Sally Capital, Inc., | | | | | | | | | | | | |
Gtd. Notes | | 5.625 | | 12/01/25 | | | 1,100 | | | | 1,088,530 | |
| | | | |
Suburban Propane Partners LP/Suburban Energy | | | | | | | | | | | | |
Finance Corp., | | | | | | | | | | | | |
Sr. Unsec’d. Notes | | 5.875 | | 03/01/27 | | | 225 | | | | 223,525 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 6,097,625 | |
See Notes to Financial Statements.
150
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | |
| | | | |
Semiconductors 0.8% | | | | | | | | | | | | |
| | | | |
Microchip Technology, Inc., | | | | | | | | | | | | |
Gtd. Notes(aa) | | 4.250% | | 09/01/25 | | | 3,630 | | | $ | 3,578,239 | |
| | | | |
Software 2.7% | | | | | | | | | | | | |
| | | | |
Black Knight InfoServ LLC, | | | | | | | | | | | | |
Gtd. Notes, 144A | | 3.625 | | 09/01/28 | | | 880 | | | | 832,549 | |
| | | | |
Boxer Parent Co., Inc., | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 7.125 | | 10/02/25 | | | 2,000 | | | | 2,003,776 | |
| | | | |
Camelot Finance SA, | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A(aa) | | 4.500 | | 11/01/26 | | | 5,720 | | | | 5,501,290 | |
| | | | |
Clarivate Science Holdings Corp., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 4.875 | | 07/01/29 | | | 575 | | | | 536,874 | |
Sr. Sec’d. Notes, 144A | | 3.875 | | 07/01/28 | | | 500 | | | | 460,826 | |
| | | | |
SS&C Technologies, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A(aa) | | 5.500 | | 09/30/27 | | | 2,500 | | | | 2,453,919 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 11,789,234 | |
| | | | |
Telecommunications 5.8% | | | | | | | | | | | | |
| | | | |
Altice France SA (France), | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 8.125 | | 02/01/27 | | | 1,870 | | | | 1,664,300 | |
| | | | |
Connect Finco Sarl/Connect US Finco LLC (United Kingdom), | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 6.750 | | 10/01/26 | | | 600 | | | | 586,776 | |
| | | | |
Digicel Group Holdings Ltd. (Jamaica), | | | | | | | | | | | | |
Sr. Sec’d. Notes, Series 1A14, 144A (original cost $10,222; purchased 11/14/23)^(f) | | 0.000 | | 12/31/30 | | | 9 | | | | 10,222 | |
Sr. Sec’d. Notes, Series 1B14, 144A (original cost $3; purchased 11/14/23)^(f) | | 0.000 | | 12/31/30 | | | 28 | | | | — | |
Sr. Sec’d. Notes, Series 3A14, 144A (original cost $1,746; purchased 11/14/23)^(f) | | 0.000 | | 12/31/30 | | | 1 | | | | 1,746 | |
Sr. Sec’d. Notes, Series 3B14, 144A (original cost $3; purchased 11/14/23)^(f) | | 0.000 | | 12/31/30 | | | 35 | | | | — | |
Digicel Intermediate Holdings Ltd./Digicel International | | | | | | | | | | | | |
Finance Ltd./DIFL US LLC (Jamaica),
Sr. Sec’d. Notes, Cash coupon 9.000% and
PIK 1.500% (original cost $3,547,246; purchased 01/29/24 - 01/30/24)(f) | | 9.000 | | 05/25/27 | | | 3,841 | | | | 3,622,315 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 151
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
CORPORATE BONDS (Continued) | | | | | | | | | | | | |
| | | | |
Telecommunications (cont’d.) | | | | | | | | | | | | |
| | | | |
Digicel MidCo Ltd./DIFL US II LLC (Jamaica), | | | | | | | | | | | | |
Sr. Unsec’d. Notes, PIK 10.500% (original cost $1,225,666; purchased 01/30/24)(f) | | 10.500% | | 11/25/28 | | | 1,899 | | | $ | 1,253,431 | |
| | | | |
Frontier Communications Holdings LLC, | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 5.000 | | 05/01/28 | | | 1,000 | | | | 923,005 | |
| | | | |
Iliad Holding SASU (France), | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 6.500 | | 10/15/26 | | | 1,545 | | | | 1,517,962 | |
| | | | |
Level 3 Financing, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A (original cost $44,250; purchased 11/03/23 - 11/08/23)(f) | | 4.250 | | 07/01/28 | | | 75 | | | | 42,000 | |
Gtd. Notes, 144A (original cost $1,297,822; purchased 11/07/22 - 02/08/23)(f) | | 4.625 | | 09/15/27 | | | 1,530 | | | | 940,950 | |
Sr. Sec’d. Notes, 144A (original cost $2,214,688; purchased 09/08/22 - 02/08/23)(f) | | 3.400 | | 03/01/27 | | | 2,550 | | | | 2,505,375 | |
Sr. Sec’d. Notes, 144A (original cost $94,750; purchased 11/03/23)(f) | | 10.500 | | 05/15/30 | | | 100 | | | | 99,662 | |
| | | | |
Sprint LLC, | | | | | | | | | | | | |
Gtd. Notes | | 7.625 | | 02/15/25 | | | 2,030 | | | | 2,063,457 | |
Gtd. Notes(aa) | | 7.625 | | 03/01/26 | | | 5,150 | | | | 5,375,688 | |
| | | | |
Viasat, Inc., | | | | | | | | | | | | |
Sr. Sec’d. Notes, 144A | | 5.625 | | 04/15/27 | | | 550 | | | | 515,798 | |
Sr. Unsec’d. Notes, 144A(aa) | | 5.625 | | 09/15/25 | | | 3,885 | | | | 3,768,229 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 24,890,916 | |
| | | | |
Transportation 0.5% | | | | | | | | | | | | |
| | | | |
RXO, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 7.500 | | 11/15/27 | | | 275 | | | | 284,025 | |
| | | | |
XPO, Inc., | | | | | | | | | | | | |
Gtd. Notes, 144A | | 7.125 | | 06/01/31 | | | 75 | | | | 76,817 | |
Gtd. Notes, 144A | | 7.125 | | 02/01/32 | | | 265 | | | | 270,289 | |
Sr. Sec’d. Notes, 144A | | 6.250 | | 06/01/28 | | | 1,525 | | | | 1,526,651 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 2,157,782 | |
| | | | | | | | | | | | |
| | | | |
TOTAL CORPORATE BONDS
(cost $421,023,626) | | | | | | | | | | | 412,553,541 | |
| | | | | | | | | | | | |
See Notes to Financial Statements.
152
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | |
FLOATING RATE AND OTHER LOANS 9.6% | | | | | | | | | | | | |
| | | | |
Airlines 0.5% | | | | | | | | | | | | |
| | | | |
United Airlines, Inc., | | | | | | | | | | | | |
Class B Term Loan, 1 Month SOFR + 3.864% | | 9.201%(c) | | 04/21/28 | | | 2,081 | | | $ | 2,081,075 | |
| | | | |
Auto Parts & Equipment 0.0% | | | | | | | | | | | | |
| | | | |
Tenneco, Inc., | | | | | | | | | | | | |
Term A Loan, 3 Month SOFR + 4.850% | | 10.219(c) | | 11/17/28 | | | 140 | | | | 126,032 | |
| | | | |
Chemicals 0.2% | | | | | | | | | | | | |
| | | | |
Venator Finance Sarl, | | | | | | | | | | | | |
Initial First-Out Term Loan, 3 Month SOFR + 10.000% | | 15.314(c) | | 12/31/25 | | | 249 | | | | 246,835 | |
Term Loan, 3 Month SOFR + 10.000% | | 15.326(c) | | 10/12/28 | | | 625 | | | | 620,581 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 867,416 | |
| | | | |
Commercial Services 0.9% | | | | | | | | | | | | |
| | | | |
Cimpress PLC, | | | | | | | | | | | | |
Tranche B-1 Term Loan, 1 Month SOFR + 3.614% | | 8.947(c) | | 05/17/28 | | | 975 | | | | 970,125 | |
| | | | |
Mavis Tire Express Services TopCo LP, | | | | | | | | | | | | |
First Lien Initial Term Loan, 1 Month SOFR + 4.000% | | 9.470(c) | | 05/04/28 | | | 1,146 | | | | 1,144,820 | |
| | | | |
Trans Union LLC, | | | | | | | | | | | | |
2021 Incremental Term B-6 Loan, 1 Month SOFR + 2.250% | | 7.701(c) | | 12/01/28 | | | 792 | | | | 790,863 | |
| | | | |
Verscend Holding Corp., | | | | | | | | | | | | |
New Term Loan B, 1 Month SOFR + 4.114% | | 9.447(c) | | 08/27/25 | | | 975 | | | | 974,307 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 3,880,115 | |
| | | | |
Computers 0.8% | | | | | | | | | | | | |
| | | | |
McAfee Corp., | | | | | | | | | | | | |
Tranche B-1 Term Loan, 1 Month SOFR + 3.850% | | 9.203(c) | | 03/01/29 | | | 2,354 | | | | 2,324,719 | |
| | | | |
NCR Atleos, LLC, | | | | | | | | | | | | |
Term B Loan, 1 Month SOFR + 4.850% | | 10.173(c) | | 03/27/29 | | | 1,275 | | | | 1,273,008 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | 3,597,727 | |
| | | | |
Distribution/Wholesale 0.1% | | | | | | | | | | | | |
| | | | |
Windsor Holdings III LLC, | | | | | | | | | | | | |
Dollar Term B Loan, 3 Month SOFR + 4.500% | | 9.848(c) | | 08/01/30 | | | 350 | | | | 349,903 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 153
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | | |
FLOATING RATE AND OTHER LOANS (Continued) | | | | | | | | | | | | | | | | |
| | | | | |
Electric 0.1% | | | | | | | | | | | | | | | | |
| | | | | |
Heritage Power LLC, | | | | | | | | | | | | | | | | |
Term Loan, 3 Month SOFR + 5.500% | | 10.867%(c) | | 07/20/26 | | | | | | | 279 | | | $ | 264,734 | |
| | | | | |
Entertainment 0.4% | | | | | | | | | | | | | | | | |
| | | | | |
Golden Entertainment, Inc., | | | | | | | | | | | | | | | | |
Term B-1 Facility Term Loan, 1 Month SOFR + 2.850% | | 8.187(c) | | 05/28/30 | | | | | | | 1,547 | | | | 1,544,054 | |
| | | | | |
Healthcare-Products 0.4% | | | | | | | | | | | | | | | | |
| | | | | |
Mozart Borrower LP, | | | | | | | | | | | | | | | | |
Initial Dollar Term Loan, 1 Month SOFR + 3.114% | | 8.451(c) | | 10/23/28 | | | | | | | 1,779 | | | | 1,776,200 | |
| | | | | |
Insurance 0.4% | | | | | | | | | | | | | | | | |
| | | | | |
Acrisure LLC, | | | | | | | | | | | | | | | | |
2021-1 Additional Term Loan, 3 Month LIBOR + 3.750% | | 9.400(c) | | 02/15/27 | | | | | | | 347 | | | | 346,467 | |
Term Loan B 2020, 3 Month LIBOR + 3.500% | | 9.150(c) | | 02/15/27 | | | | | | | 397 | | | | 394,498 | |
| | | | | |
Asurion LLC, | | | | | | | | | | | | | | | | |
New B-09 Term Loan, 1 Month SOFR + 3.364% | | 8.697(c) | | 07/31/27 | | | | | | | 997 | | | | 981,148 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 1,722,113 | |
| | | | | |
Investment Companies 0.2% | | | | | | | | | | | | | | | | |
| | | | | |
Hurricane CleanCo Ltd. (United Kingdom), | | | | | | | | | | | | | | | | |
Term Loan, 3 Month EURIBOR + 6.250% | | 6.250(c) | | 10/31/29 | | | EUR | | | | 700 | | | | 861,739 | |
| | | | | |
Media 0.5% | | | | | | | | | | | | | | | | |
| | | | | |
CSC Holdings LLC, | | | | | | | | | | | | | | | | |
2022 Refinancing Term Loan, 1 Month SOFR + 4.500% | | 9.833(c) | | 01/18/28 | | | | | | | 1,718 | | | | 1,674,733 | |
| | | | | |
Radiate Holdco LLC, | | | | | | | | | | | | | | | | |
Amendment No. 6 Term Loan, 1 Month SOFR + 3.250% | | 8.697(c) | | 09/25/26 | | | | | | | 75 | | | | 60,369 | |
| | | | | |
Univision Communications, Inc., | | | | | | | | | | | | | | | | |
2021 Replacement Term Loan, 1 Month SOFR + 3.364% | | 8.697(c) | | 03/15/26 | | | | | | | 397 | | | | 396,285 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 2,131,387 | |
See Notes to Financial Statements.
154
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | Maturity Date | | Principal Amount (000)# | | | Value | |
| | | | | |
FLOATING RATE AND OTHER LOANS (Continued) | | | | | | | | | | | | | | | | |
| | | | | |
Mining 0.5% | | | | | | | | | | | | | | | | |
| | | | | |
Rain Carbon GmbH (Germany), | | | | | | | | | | | | | | | | |
2023 Replacement Term Loan, 3 Month EURIBOR + 5.000%^ | | 8.994%(c) | | 10/31/28 | | | EUR | | | | 1,943 | | | $ | 2,089,756 | |
| | | | | |
Packaging & Containers 0.7% | | | | | | | | | | | | | | | | |
| | | | | |
Trident TPI Holdings, Inc., | | | | | | | | | | | | | | | | |
First Lien Tranche B-3 Initial Term Loan, 3 Month SOFR + 4.262% | | 9.610(c) | | 09/15/28 | | | | | | | 440 | | | | 438,519 | |
Tranche B-5 Initial Term Loan, 3 Month SOFR + 4.500% | | 9.848(c) | | 09/15/28 | | | | | | | 2,833 | | | | 2,824,693 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 3,263,212 | |
| | | | | |
Retail 0.7% | | | | | | | | | | | | | | | | |
| | | | | |
Great Outdoors Group LLC, | | | | | | | | | | | | | | | | |
Term B-2 Loan, 1 Month SOFR + 3.864% | | 9.197(c) | | 03/06/28 | | | | | | | 812 | | | | 808,957 | |
LBM Acquisition LLC, | | | | | | | | | | | | | | | | |
First Lien Initial Term Loan, 1 Month SOFR + 3.850% | | 9.183(c) | | 12/17/27 | | | | | | | 995 | | | | 986,118 | |
White Cap Buyer LLC, | | | | | | | | | | | | | | | | |
Initial Closing Date Term Loan, 1 Month SOFR + 3.750% | | 9.083(c) | | 10/19/27 | | | | | | | 1,119 | | | | 1,117,396 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 2,912,471 | |
| | | | | |
Software 2.4% | | | | | | | | | | | | | | | | |
| | | | | |
athenahealth, Inc., | | | | | | | | | | | | | | | | |
Initial Term Loan, 1 Month SOFR + 3.250% | | 8.583(c) | | 02/15/29 | | | | | | | 1,625 | | | | 1,599,128 | |
Boxer Parent Co., Inc., | | | | | | | | | | | | | | | | |
2028 Extended Dollar Term Loan, 1 Month SOFR + 4.250% | | 9.583(c) | | 12/29/28 | | | | | | | 4,308 | | | | 4,309,005 | |
Dun & Bradstreet Corp., | | | | | | | | | | | | | | | | |
Incremental Term B-2, 1 Month SOFR + 2.750% | | 8.087(c) | | 01/18/29 | | | | | | | 3,673 | | | | 3,669,107 | |
Skillsoft Finance II, Inc., | | | | | | | | | | | | | | | | |
Initial Term Loan, 1 Month SOFR + 5.364% | | 10.696(c) | | 07/14/28 | | | | | | | 968 | | | | 896,833 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 10,474,073 | |
| | | | | |
Telecommunications 0.8% | | | | | | | | | | | | | | | | |
| | | | | |
Digicel International Finance Ltd. (Jamaica), | | | | | | | | | | | | | | | | |
Term Loan, 3 Month SOFR + 6.750% | | 12.063(c) | | 05/29/27 | | | | | | | 61 | | | | 55,935 | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 155
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | | | | | |
| | | | |
| Description | | Interest Rate | | | Maturity Date | | | Principal Amount
(000)# | | | Value | |
| | | | | |
FLOATING RATE AND OTHER LOANS (Continued) | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Telecommunications (cont’d.) | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Level 3 Financing, Inc., | | | | | | | | | | | | | | | | | | | | |
Tranche B 2027 Term Loan, 1 Month SOFR + 1.864%^ | | | 7.197%(c) | | | | 03/01/27 | | | | | | | | 1,010 | | | $ | 969,600 | |
Lumen Technologies, Inc., | | | | | | | | | | | | | | | | | | | | |
Term B Loan, 1 Month SOFR + 2.364% | | | 7.697(c) | | | | 03/15/27 | | | | | | | | 30 | | | | 20,570 | |
Term Loan | | | — (p) | | | | 06/01/28 | | | | | | | | 92 | | | | 82,906 | |
MLN US HoldCo LLC, | | | | | | | | | | | | | | | | | | | | |
3L Term B Loan, 3 Month SOFR + 9.250% | | | 14.660(c) | | | | 10/18/27 | | | | | | | | 4 | | | | 400 | |
Initial Term Loan, 3 Month SOFR + 6.540% | | | 11.850(c) | | | | 10/18/27 | | | | | | | | 21 | | | | 11,734 | |
Initial Term Loan (Second Out (First Lien Roll-Up)), 3 Month SOFR + 6.800% | | | 12.110(c) | | | | 10/18/27 | | | | | | | | 48 | | | | 7,227 | |
Viasat, Inc., | | | | | | | | | | | | | | | | | | | | |
Initial Term Loan, 1 Month SOFR + 4.500% | | | 9.833(c) | | | | 03/02/29 | | | | | | | | 1,284 | | | | 1,259,211 | |
Xplornet Communications, Inc. (Canada), | | | | | | | | | | | | | | | | | | | | |
First Lien Refinancing Term Loan, 3 Month SOFR + 4.262% | | | 9.610(c) | | | | 10/02/28 | | | | | | | | 2,502 | | | | 1,136,089 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | | | | | 3,543,672 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
TOTAL FLOATING RATE AND OTHER LOANS
(cost $42,572,099) | | | | | | | | | | | | | | | | | | | 41,485,679 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | Shares | | | | |
| | | | | |
COMMON STOCKS 0.8% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Chemicals 0.7% | | | | | | | | | | | | | | | | | | | | |
Cornerstone Chemical Co.*^ | | | | | | | | | | | | | | | 9,517 | | | | 180,823 | |
TPC Group, Inc.*^ | | | | | | | | | | | | | | | 4,927 | | | | 137,956 | |
Venator Materials PLC (original cost $5,092,913; purchased 03/02/21 - 10/19/23)*(f) | | | | | | | | | | | | | | | 2,671 | | | | 2,574,082 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | | | | | 2,892,861 | |
| | | | | |
Oil, Gas & Consumable Fuels 0.1% | | | | | | | | | | | | | | | | | | | | |
Heritage Power LLC*^ | | | | | | | | | | | | | | | 38,525 | | | | 486,956 | |
Heritage Power LLC*^ | | | | | | | | | | | | | | | 1,694 | | | | 21,412 | |
Heritage Power LLC*^ | | | | | | | | | | | | | | | 44,338 | | | | 22,169 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | | | | | 530,537 | |
See Notes to Financial Statements.
156
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Description | | | | | | | | | | | Shares | | | Value | |
| | | | | |
COMMON STOCKS (Continued) | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Wireless Telecommunication Services 0.0% | | | | | | | | | | | | | | | | | | | | |
Digicel International Finance Ltd. (Jamaica) (original cost $62,379; purchased 01/29/24 - 01/30/24)*(f) | | | | | | | | | | | | | | | 51,488 | | | $ | 92,678 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
TOTAL COMMON STOCKS
(cost $5,810,652) | | | | | | | | | | | | | | | | | | | 3,516,076 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
PREFERRED STOCK 0.0% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Wireless Telecommunication Services | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Digicel International Finance Ltd. (Jamaica) (original cost $144,110; purchased 01/26/24 - 01/29/24)*^(f)
(cost $144,110) | | | | | | | | | | | | | | | 16,579 | | | | 165,790 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
TOTAL LONG-TERM INVESTMENTS
(cost $497,538,830) | | | | | | | | | | | | | | | | | | | 485,969,243 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
SHORT-TERM INVESTMENT 14.4% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
AFFILIATED MUTUAL FUND | | | | | | | | | | | | | | | | | | | | |
PGIM Core Government Money Market Fund (7-day effective yield 5.560%)
(cost $62,090,061)(wb) | | | | | | | | | | | | | | | 62,090,061 | | | | 62,090,061 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
TOTAL INVESTMENTS 127.2%
(cost $559,628,891) | | | | | | | | | | | | | | | | | | | 548,059,304 | |
Liabilities in excess of other assets(z) (27.2)% | | | | | | | | | | | | | | | | | | | (117,248,612 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
NET ASSETS 100.0% | | | | | | | | | | | | | | | | | | $ | 430,810,692 | |
| | | | | | | | | | | | | | | | | | | | |
See the Glossary for a list of the abbreviation(s) used in the semiannual report.
| * | Non-income producing security. |
| # | Principal or notional amount is shown in U.S. dollars unless otherwise stated. |
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $4,253,873 and 0.9% of net assets. |
| (aa) | Represents security, or a portion thereof, with aggregate value of $163,891,070 segregated as collateral for amount of $125,000,000 borrowed and outstanding as of January 31, 2024. |
| (c) | Variable rate instrument. The interest rate shown reflects the rate in effect at January 31, 2024. |
| (cc) | Variable rate instrument. The rate shown is based on the latest available information as of January 31, 2024. 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. |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 157
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| (f) | Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the aggregate original cost of such securities is $13,961,810. The aggregate value of $11,554,647 is 2.7% of net assets. |
| (p) | Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end. |
| (wb) | Represents an investment in a Fund affiliated with the Manager. |
| (z) | Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments: |
Futures contracts outstanding at January 31, 2024:
| | | | | | | | | | | | | | | | | |
Number
of
Contracts | | Type | | Expiration
Date | | Current
Notional
Amount | | Value /
Unrealized
Appreciation
(Depreciation) |
| | |
Long Positions: | | | | | | | | | | | |
67 | | 2 Year U.S. Treasury Notes | | | | Mar. 2024 | | | | $ | 13,778,969 | | | | $ | 8,699 | |
658 | | 5 Year U.S. Treasury Notes | | | | Mar. 2024 | | | | | 71,321,035 | | | | | 1,390,628 | |
13 | | 20 Year U.S. Treasury Bonds | | | | Mar. 2024 | | | | | 1,590,469 | | | | | 59,756 | |
12 | | 30 Year U.S. Ultra Treasury Bonds | | | | Mar. 2024 | | | | | 1,550,625 | | | | | 54,477 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | 1,513,560 | |
| | | | | | | | | | | | | | | | | |
| | |
Short Position: | | | | | | | | | | | |
266 | | 10 Year U.S. Treasury Notes | | | | Mar. 2024 | | | | | 29,879,283 | | | | | (527,642 | ) |
| | | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | $ | 985,918 | |
| | | | | | | | | | | | | | | | | |
Forward foreign currency exchange contracts outstanding at January 31, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase Contracts | | Counterparty | | | | Notional
Amount
(000) | | Value at
Settlement
Date | | Current
Value | | Unrealized
Appreciation | | Unrealized
Depreciation |
| | | | |
OTC Forward Foreign Currency Exchange Contracts: | | | | | | | | | | | | | | | | | | | | | |
Euro, | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 02/02/24 | | | | BNYM | | | | | | | | | EUR | 5,340 | | | | $ | 5,789,094 | | | | $ | 5,771,415 | | | | $ | — | | | | $ | (17,679 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sale Contracts | | Counterparty | | | | Notional
Amount
(000) | | Value at
Settlement
Date | | Current
Value | | Unrealized
Appreciation | | Unrealized Depreciation |
OTC Forward Foreign Currency Exchange Contracts: | | | | | | | | | | | | | | | | | | | | | | | | | | |
Euro, | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring 02/02/24 | | | | BNYM | | | | | | | | | | EUR | | | | | 5,340 | | | | $ | 5,858,092 | | | | $ | 5,771,415 | | | | $ | 86,677 | | | | $ | — | |
Expiring 03/04/24 | | | | BNYM | | | | | | | | | | EUR | | | | | 5,340 | | | | | 5,796,282 | | | | | 5,779,330 | | | | | 16,952 | | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | $ | 11,654,374 | | | | $ | 11,550,745 | | | | | 103,629 | | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 103,629 | | | | $ | (17,679 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
158
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
Credit default swap agreements outstanding at January 31, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Reference Entity/ Obligation | | Termination
Date | | Fixed Rate | | Notional
Amount
(000)#(3) | | Value at
Trade Date | | | Value at
January 31,
2024 | | | Unrealized
Appreciation
(Depreciation) | |
Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1): | | | | | |
CDX.NA.IG.41.V1 | | 12/20/28 | | 1.000%(Q) | | 7,260 | | | | | | $ | (125,302 | ) | | | | | | | | | | $ | (147,844 | ) | | | | | | | | | | $ | (22,542 | ) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Reference Entity/ Obligation | | Termination
Date | | Fixed
Rate | | Notional
Amount
(000)#(3) | | Implied Credit
Spread at
January 31,
2024(4) | | Value at
Trade Date | | | Value at
January 31,
2024 | | | Unrealized
Appreciation
(Depreciation) | |
Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CDX.NA.HY.41.V2 | | 12/20/28 | | 5.000%(Q) | | 40,442 | | 3.607% | | | | | | | $620,348 | | | | | | | | | | | | $2,486,304 | | | | | | | | | | | | $1,865,956 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (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. |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 159
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
Total return swap agreements outstanding at January 31, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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)/
5.320% | | BNP | | 03/20/24 | | | | 10,200 | | | | | | | | $ | 567,228 | | | | | | | | | | | $ | — | | | | | | | | | | | $ | 567,228 | | | | | |
iBoxx US Dollar Liquid High Yield Index(T) | | 1 Day
SOFR(Q)/
5.320% | | JPM | | 03/20/24 | | | | 27,500 | | | | | | | | | 550,728 | | | | | | | | | | | | — | | | | | | | | | | | | 550,728 | | | | | |
iBoxx US Dollar Liquid High Yield Index(T) | | 1 Day
SOFR(Q)/
5.320% | | BARC | | 06/20/24 | | | | 15,000 | | | | | | | | | (42,145 | ) | | | | | | | | | | | — | | | | | | | | | | | | (42,145 | ) | | | | |
iBoxx US Dollar Liquid Investment Grade Index(T) | | 1 Day
SOFR(Q)/
5.320% | | MSI | | 09/20/24 | | | | (5,120) | | | | | | | | | (164,562 | ) | | | | | | | | | | | — | | | | | | | | | | | | (164,562 | ) | | | | |
iBoxx US Dollar Liquid Investment Grade Index(T) | | 1 Day
SOFR(Q)/
5.320% | | BNP | | 09/20/24 | | | | (3,300) | | | | | | | | | (83,861 | ) | | | | | | | | | | | — | | | | | | | | | | | | (83,861 | ) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | 827,388 | | | | | | | | | | | $ | — | | | | | | | | | | | $ | 827,388 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | On a long total return swap, the Fund receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Fund makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate. |
| (2) | Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation). |
Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:
| | | | | | | | | | | | | | | | | | | | |
| | | Premiums Paid | | Premiums Received | | Unrealized
Appreciation | | Unrealized
Depreciation |
| | | | |
OTC Swap Agreements | | | $ | — | | | | $ | — | | | | $ | 1,117,956 | | | | $ | (290,568 | ) |
Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:
| | | | | | | | | | | | | | | | | | | | | | | | |
Broker | | Cash and/or Foreign Currency | | | Securities Market Value | |
CGM | | | | | | $ | 2,959,000 | | | | | | | | | | | $ | — | | | | | |
JPS | | | | | | | 962,000 | | | | | | | | | | | | — | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | | | | $ | 3,921,000 | | | | | | | | | | | $ | — | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
160
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
Fair Value Measurements:
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1—unadjusted quoted prices generally in active markets for identical securities.
Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.
Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.
The following is a summary of the inputs used as of January 31, 2024 in valuing such portfolio securities:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Level 1 | | | | Level 2 | | | | Level 3 | | |
Investments in Securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Long-Term Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Asset-Backed Securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Collateralized Loan Obligations | | | $ | — | | | | | | | | | $ | 28,248,157 | | | | | | | | | $ | — | | | | | | |
Corporate Bonds | | | | — | | | | | | | | | | 412,374,130 | | | | | | | | | | 179,411 | | | | | | |
Floating Rate and Other Loans | | | | — | | | | | | | | | | 38,426,323 | | | | | | | | | | 3,059,356 | | | | | | |
Common Stocks | | | | — | | | | | | | | | | 2,666,760 | | | | | | | | | | 849,316 | | | | | | |
Preferred Stock | | | | — | | | | | | | | | | — | | | | | | | | | | 165,790 | | | | | | |
Short-Term Investment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Affiliated Mutual Fund | | | | 62,090,061 | | | | | | | | | | — | | | | | | | | | | — | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | $ | 62,090,061 | | | | | | | | | $ | 481,715,370 | | | | | | | | | $ | 4,253,873 | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Other Financial Instruments* | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures Contracts | | | $ | 1,513,560 | | | | | | | | | $ | — | | | | | | | | | $ | — | | | | | | |
OTC Forward Foreign Currency Exchange Contracts | | | | — | | | | | | | | | | 103,629 | | | | | | | | | | — | | | | | | |
Centrally Cleared Credit Default Swap Agreement | | | | — | | | | | | | | | | 1,865,956 | | | | | | | | | | — | | | | | | |
OTC Total Return Swap Agreements | | | | — | | | | | | | | | | 1,117,956 | | | | | | | | | | — | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | $ | 1,513,560 | | | | | | | | | $ | 3,087,541 | | | | | | | | | $ | — | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures Contracts | | | $ | (527,642 | ) | | | | | | | | $ | — | | | | | | | | | $ | — | | | | | | |
OTC Forward Foreign Currency Exchange Contract | | | | — | | | | | | | | | | (17,679 | ) | | | | | | | | | — | | | | | | |
Centrally Cleared Credit Default Swap Agreement | | | | — | | | | | | | | | | (22,542 | ) | | | | | | | | | — | | | | | | |
OTC Total Return Swap Agreements | | | | — | | | | | | | | | | (290,568 | ) | | | | | | | | | — | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | $ | (527,642 | ) | | | | | | | | $ | (330,789 | ) | | | | | | | | $ | — | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| * | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 161
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2024 were as follows:
| | | | |
Affiliated Mutual Fund | | | 14.4 | % |
Media | | | 10.7 | |
Commercial Services | | | 6.8 | |
Telecommunications | | | 6.6 | |
Collateralized Loan Obligations | | | 6.6 | |
Home Builders | | | 6.2 | |
Oil & Gas | | | 5.7 | |
Software | | | 5.1 | |
Leisure Time | | | 4.5 | |
Lodging | | | 4.4 | |
Entertainment | | | 4.3 | |
Diversified Financial Services | | | 3.8 | |
Pipelines | | | 3.4 | |
Healthcare-Services | | | 3.3 | |
Mining | | | 2.6 | |
Packaging & Containers | | | 2.5 | |
Internet | | | 2.5 | |
Electric | | | 2.4 | |
Chemicals | | | 2.4 | |
Aerospace & Defense | | | 2.3 | |
Airlines | | | 2.2 | |
Retail | | | 2.1 | |
Auto Manufacturers | | | 2.0 | |
Building Materials | | | 1.8 | |
Real Estate Investment Trusts (REITs) | | | 1.6 | |
Pharmaceuticals | | | 1.5 | |
Auto Parts & Equipment | | | 1.4 | |
Computers | | | 1.4 | |
Foods | | | 1.3 | |
Iron/Steel | | | 1.2 | |
| | | | |
Electrical Components & Equipment | | | 1.2 | % |
Real Estate | | | 1.0 | |
Machinery-Diversified | | | 1.0 | |
Office/Business Equipment | | | 0.9 | |
Semiconductors | | | 0.8 | |
Banks | | | 0.7 | |
Apparel | | | 0.6 | |
Insurance | | | 0.5 | |
Transportation | | | 0.5 | |
Miscellaneous Manufacturing | | | 0.5 | |
Electronics | | | 0.4 | |
Gas | | | 0.4 | |
Distribution/Wholesale | | | 0.4 | |
Healthcare-Products | | | 0.4 | |
Investment Companies | | | 0.2 | |
Housewares | | | 0.2 | |
Household Products/Wares | | | 0.2 | |
Coal | | | 0.2 | |
Oil, Gas & Consumable Fuels | | | 0.1 | |
Wireless Telecommunication Services | | | 0.0 | * |
Engineering & Construction | | | 0.0 | * |
| | | | |
| | | 127.2 | |
Liabilities in excess of other assets | | | (27.2 | ) |
| | | | |
| |
| | | 100.0 | % |
| | | | |
Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.
Fair values of derivative instruments as of January 31, 2024 as presented in the Statement of Assets and Liabilities:
See Notes to Financial Statements.
162
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | |
| | | Asset Derivatives | | | Liability Derivatives | |
| | | | |
Derivatives not accounted for as hedging instruments, carried at fair value | | Statement of Assets and Liabilities Location | | Fair
Value | | | Statement of Assets and Liabilities Location | | Fair
Value | |
Credit contracts | | Due from/to broker-variation margin swaps | | $ | 1,865,956 | * | | Due from/to broker-variation margin swaps | | $ | 22,542 | * |
Foreign exchange contracts | | Unrealized appreciation on OTC forward foreign currency exchange contracts | | | 103,629 | | | Unrealized depreciation on OTC forward foreign currency exchange contracts | | | 17,679 | |
Interest rate contracts | | Due from/to broker-variation margin futures | | | 1,513,560 | * | | Due from/to broker-variation margin futures | | | 527,642 | * |
Interest rate contracts | | Unrealized appreciation on OTC swap agreements | | | 1,117,956 | | | Unrealized depreciation on OTC swap agreements | | | 290,568 | |
| | | | | | | | | | | | |
| | | | |
| | | | $ | 4,601,101 | | | | | $ | 858,431 | |
| | | | | | | | | | | | |
| * | Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities. |
The effects of derivative instruments on the Statement of Operations for the six months ended January 31, 2024 are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Amount of Realized Gain (Loss) on Derivatives Recognized in Income | |
| | | |
Derivatives not accounted for as hedging instruments, carried at fair value | | Futures | | | Forward
Currency
Exchange
Contracts | | | Swaps | |
Credit contracts | | | | | | $ | — | | | | | | | | | | | $ | — | | | | | | | | | | | $ | 2,400,279 | | | | | |
Foreign exchange contracts | | | | | | | — | | | | | | | | | | | | (42,499 | ) | | | | | | | | | | | — | | | | | |
Interest rate contracts | | | | | | | (2,061,886 | ) | | | | | | | | | | | — | | | | | | | | | | | | (92,167 | ) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | | | | $ | (2,061,886 | ) | | | | | | | | | | $ | (42,499 | ) | | | | | | | | | | $ | 2,308,112 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | |
| | | |
Derivatives not accounted for as hedging instruments, carried at fair value | | Futures | | | Forward
Currency
Exchange
Contracts | | | Swaps | |
Credit contracts | | | | | | $ | — | | | | | | | | | | | $ | — | | | | | | | | | | | $ | 131,794 | | | | | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 163
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | |
Derivatives not accounted for as hedging instruments, carried at fair value | | Futures | | | Forward
Currency
Exchange
Contracts | | | Swaps | |
Foreign exchange contracts | | | | | | $ | — | | | | | | | | | | | $ | 99,199 | | | | | | | | | | | $ | — | | | | | |
Interest rate contracts | | | | | | | 2,165,902 | | | | | | | | | | | | — | | | | | | | | | | | | 789,991 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | | | | $ | 2,165,902 | | | | | | | | | | | $ | 99,199 | | | | | | | | | | | $ | 921,785 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
For the six months ended January 31, 2024, the Fund’s average volume of derivative activities is as follows:
| | | | | | | | | | | | |
| Derivative Contract Type | | Average Volume of Derivative Activities* | |
Futures Contracts - Long Positions (1) | | | | | | | $86,221,306 | | | | | |
Futures Contracts - Short Positions (1) | | | | | | | 18,002,418 | | | | | |
Forward Foreign Currency Exchange Contracts - Purchased (2) | | | | | | | 3,682,353 | | | | | |
Forward Foreign Currency Exchange Contracts - Sold (2) | | | | | | | 7,529,536 | | | | | |
Credit Default Swap Agreements - Buy Protection (1) | | | | | | | 14,153,333 | | | | | |
Credit Default Swap Agreements - Sell Protection (1) | | | | | | | 47,453,167 | | | | | |
Total Return Swap Agreements (1) | | | | | | | 25,946,000 | | | | | |
| * | Average volume is based on average quarter end balances for the six months ended January 31, 2024. |
| (1) | Notional Amount in USD. |
| (2) | Value at Settlement Date. |
Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Fund invested in OTC derivatives during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives where the legal right to set-off exists is presented in the summary below.
Offsetting of OTC derivative assets and liabilities:
| | | | | | | | | | | | | | | | | | | | | | | | | |
Counterparty | | Gross Amounts of
Recognized
Assets(1) | | Gross Amounts of
Recognized
Liabilities(1) | | Net Amounts of
Recognized
Assets/(Liabilities) | | Collateral
Pledged/(Received)(2) | | Net Amount |
BARC | | | $ | — | | | | $ | (42,145 | ) | | | $ | (42,145 | ) | | | $ | — | | | | $ | (42,145 | ) |
BNP | | | | 567,228 | | | | | (83,861 | ) | | | | 483,367 | | | | | (483,367 | ) | | | | — | |
BNYM | | | | 103,629 | | | | | (17,679 | ) | | | | 85,950 | | | | | — | | | | | 85,950 | |
JPM | | | | 550,728 | | | | | — | | | | | 550,728 | | | | | (550,728 | ) | | | | — | |
MSI | | | | — | | | | | (164,562 | ) | | | | (164,562 | ) | | | | — | | | | | (164,562 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | $ | 1,221,585 | | | | $ | (308,247 | ) | | | $ | 913,338 | | | | $ | (1,034,095 | ) | | | $ | (120,757 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
164
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2024
| (1) | Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities. |
| (2) | Collateral amount disclosed by the Fund is limited to the market value of financial instruments/transactions and the Fund’s OTC derivative exposure by counterparty. |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 165
PGIM Short Duration High Yield Opportunities Fund
Statement of Assets & Liabilities (unaudited)
as of January 31, 2024
| | | | |
| |
Assets | | | | |
Investments at value: | | | | |
Unaffiliated investments (cost $497,538,830) | | $ | 485,969,243 | |
Affiliated investments (cost $62,090,061) | | | 62,090,061 | |
Cash | | | 245,011 | |
Foreign currency, at value (cost $192,686) | | | 190,223 | |
Dividends and interest receivable | | | 7,157,484 | |
Deposit with broker for centrally cleared/exchange-traded derivatives | | | 3,921,000 | |
Unrealized appreciation on OTC swap agreements | | | 1,117,956 | |
Receivable for investments sold | | | 570,791 | |
Due from broker—variation margin futures | | | 209,910 | |
Unrealized appreciation on OTC forward foreign currency exchange contracts | | | 103,629 | |
Prepaid expenses | | | 2,243 | |
| | | | |
| |
Total Assets | | | 561,577,551 | |
| | | | |
| |
Liabilities | | | | |
| |
Loan payable | | | 125,000,000 | |
Payable for investments purchased | | | 4,028,220 | |
Interest payable | | | 665,999 | |
Management fee payable | | | 469,279 | |
Unrealized depreciation on OTC swap agreements | | | 290,568 | |
Due to broker—variation margin swaps | | | 157,820 | |
Accrued expenses and other liabilities | | | 119,919 | |
Unrealized depreciation on OTC forward foreign currency exchange contracts | | | 17,679 | |
Exchange listing fees payable | | | 16,805 | |
Trustees’ fees payable | | | 570 | |
| | | | |
| |
Total Liabilities | | | 130,766,859 | |
| | | | |
| |
Net Assets | | $ | 430,810,692 | |
| | | | |
| |
| | | | | |
Net assets were comprised of: | | | | |
Shares of beneficial interest, at par | | $ | 24,673 | |
Paid-in capital in excess of par | | | 482,839,222 | |
Total distributable earnings (loss) | | | (52,053,203 | ) |
| | | | |
| |
Net assets, January 31, 2024 | | $ | 430,810,692 | |
| | | | |
| |
Net asset value and redemption price per share ($430,810,692 ÷ 24,673,056 common shares issued and outstanding) | | $ | 17.46 | |
| | | | |
See Notes to Financial Statements.
166
PGIM Short Duration High Yield Opportunities Fund
Statement of Operations (unaudited)
Six Months Ended January 31, 2024
| | | | |
| |
Net Investment Income (Loss) | | | | |
Income | | | | |
Interest income | | $ | 16,393,987 | |
Affiliated dividend income | | | 1,226,787 | |
| | | | |
Total income | | | 17,620,774 | |
| | | | |
| |
Expenses | | | | |
Management fee | | | 2,740,819 | |
Interest expense | | | 3,950,451 | |
Professional fees | | | 46,799 | |
Shareholders’ reports | | | 34,933 | |
Audit fee | | | 23,444 | |
Custodian and accounting fees | | | 23,240 | |
Exchange listing fees | | | 13,591 | |
Transfer agent’s fees and expenses | | | 8,309 | |
Trustees’ fees | | | 5,337 | |
Miscellaneous | | | 20,521 | |
| | | | |
Total expenses | | | 6,867,444 | |
| | | | |
Net investment income (loss) | | | 10,753,330 | |
| | | | |
| |
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions | | | | |
Net realized gain (loss) on: | | | | |
Investment transactions | | | (9,363,704 | ) |
Futures transactions | | | (2,061,886 | ) |
Forward currency contract transactions | | | (42,499 | ) |
Swap agreement transactions | | | 2,308,112 | |
Foreign currency transactions | | | 22,261 | |
| | | | |
| | | (9,137,716 | ) |
| | | | |
Net change in unrealized appreciation (depreciation) on: | | | | |
Investments | | | 16,587,328 | |
Futures | | | 2,165,902 | |
Forward currency contracts | | | 99,199 | |
Swap agreements | | | 921,785 | |
Foreign currencies | | | 610 | |
Unfunded loan commitment | | | 6,144 | |
| | | | |
| | | 19,780,968 | |
| | | | |
Net gain (loss) on investment and foreign currency transactions | | | 10,643,252 | |
| | | | |
Net Increase (Decrease) In Net Assets Resulting From Operations | | $ | 21,396,582 | |
| | | | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 167
PGIM Short Duration High Yield Opportunities Fund
Statements of Changes in Net Assets (unaudited)
| | | | | | | | | | |
| | |
| | | Six Months Ended
January 31, 2024 | | Year Ended July 31, 2023 |
| | |
Increase (Decrease) in Net Assets | | | | | | | | | | |
| | |
Operations | | | | | | | | | | |
Net investment income (loss) | | | $ | 10,753,330 | | | | $ | 19,363,246 | |
Net realized gain (loss) on investment and foreign currency transactions | | | | (9,137,716 | ) | | | | (2,412,486 | ) |
Net change in unrealized appreciation (depreciation) on investments and foreign currencies | | | | 19,780,968 | | | | | 9,321,774 | |
| | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | | 21,396,582 | | | | | 26,272,534 | |
| | | | | | | | | | |
Dividends and Distributions | | | | | | | | | | |
Distributions from distributable earnings | | | | (15,988,140 | ) | | | | (27,273,240 | ) |
Tax return of capital distributions | | | | — | | | | | (4,703,041 | ) |
| | | | | | | | | | |
Total dividends and distributions | | | | (15,988,140 | ) | | | | (31,976,281 | ) |
| | | | | | | | | | |
Total increase (decrease) | | | | 5,408,442 | | | | | (5,703,747 | ) |
| | |
Net Assets: | | | | | | | | | | |
| | |
Beginning of period | | | | 425,402,250 | | | | | 431,105,997 | |
| | | | | | | | | | |
End of period | | | $ | 430,810,692 | | | | $ | 425,402,250 | |
| | | | | | | | | | |
See Notes to Financial Statements.
168
PGIM Short Duration High Yield Opportunities Fund
Statement of Cash Flows (unaudited)
Six Months Ended January 31, 2024
| | | | |
Cash Flows Provided By / (Used For) Operating Activities: | | | | |
Net increase (decrease) in net assets resulting from operations | | $ | 21,396,582 | |
| | | | |
| |
Adjustments To Reconcile Net Increase (Decrease) In Net Assets Resulting From Operations To Net Cash Provided By / (Used For) Operating Activities: | | | | |
Proceeds from disposition of long-term portfolio investments, net of amounts receivable | | | 131,222,484 | |
Purchases of long-term portfolio investments, net of amounts payable | | | (98,065,561 | ) |
Net proceeds (purchases) of short-term portfolio investments | | | (35,518,763 | ) |
Net premiums (paid) received for swap agreements | | | 2,439,906 | |
Amortization of premium and accretion of discount on portfolio investments | | | 591,010 | |
Net realized (gain) loss on investment transactions | | | 9,363,704 | |
Net realized (gain) loss on futures transactions | | | 2,061,886 | |
Net realized (gain) loss on forward currency contract transactions | | | 42,499 | |
Net realized (gain) loss on swap agreement transactions | | | (2,308,112 | ) |
Net realized (gain) loss on foreign currency transactions | | | (22,261 | ) |
Net change in unrealized (appreciation) depreciation on investments | | | (16,587,328 | ) |
Net change in unrealized (appreciation) depreciation on futures | | | (2,165,902 | ) |
Net change in unrealized (appreciation) depreciation on forward currency contracts | | | (99,199 | ) |
Net change in unrealized (appreciation) depreciation on swap agreements | | | (921,785 | ) |
Net change in unrealized (appreciation) depreciation on foreign currencies | | | (610 | ) |
Net change in unrealized (appreciation) depreciation on unfunded loan commitment | | | (6,144 | ) |
(Increase) Decrease In Assets: | | | | |
Dividends and interest receivable | | | 863,837 | |
Prepaid expenses | | | 114,970 | |
Increase (Decrease) In Liabilities: | | | | |
Interest payable | | | 10,651 | |
Management fee payable | | | 4,266 | |
Due to broker - variation margin swaps | | | 156,723 | |
Accrued expenses and other liabilities | | | (22,469 | ) |
Exchange listing fees payable | | | (10,434 | ) |
Trustees’ fees payable | | | (183 | ) |
Dividends payable | | | (121,556 | ) |
| | | | |
Total adjustments | | | (8,978,371 | ) |
| | | | |
Net cash provided by (used for) operating activities | | | 12,418,211 | |
| | | | |
| |
Effect of exchange rate changes on cash | | | 84,388 | |
| | | | |
Cash Flows Provided By (Used For) Financing Activities: | | | | |
Cash paid on distributions from distributable earnings | | | (15,988,140 | ) |
| | | | |
Net cash provided by (used for) financing activities | | | (15,988,140 | ) |
| | | | |
| |
Net increase (decrease) in cash and restricted cash, including foreign currency | | | (3,485,541 | ) |
| | | | |
Cash and restricted cash at beginning of period, including foreign currency | | | 8,051,685 | |
| | | | |
Cash And Restricted Cash At End Of Period, Including Foreign Currency | | $ | 4,566,144 | |
| | | | |
| |
Supplemental Disclosure of Cash Flow Information | | | | |
Cash paid during the period for interest expense | | $ | 3,939,800 | |
| | | | |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 169
PGIM Short Duration High Yield Opportunities Fund
Statement of Cash Flows (unaudited) (continued)
Six Months Ended January 31, 2024
Reconciliation Of Cash And Restricted Cash Reported With The Statement Of Assets And Liabilities To The Statement Of Cash Flows:
| | | | | |
| | | January 31, 2024 |
Cash | | | $ | 245,011 | |
Foreign currency, at value | | | | 190,223 | |
Restricted cash: | | | | | |
Deposit with broker for centrally cleared/exchange-traded derivatives | | | | 3,921,000 | |
Due from broker-variation margin futures | | | | 209,910 | |
| | | | | |
Total Cash and Restricted Cash, Including Foreign Currency | | | $ | 4,566,144 | |
| | | | | |
See Notes to Financial Statements.
170
PGIM Short Duration High Yield Opportunities Fund
Financial Highlights (unaudited)
Six Months Ended January 31, 2024
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended January 31,
2024 | | Year Ended July 31, | | November 25, 2020(a)
through July 31,
2021 | | |
| | 2023 | | 2022 |
Per Share Operating Performance(b): | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, Beginning of Period | | | | $17.24 | | | | | $17.47 | | | | | $19.90 | | | | | $20.00 | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | | 0.44 | | | | | 0.78 | | | | | 0.70 | | | | | 0.42 | | | | | | |
Net realized and unrealized gain (loss) on investment | | | | 0.43 | | | | | 0.29 | | | | | (1.83 | ) | | | | 0.24 | | | | | | |
Total from investment operations | | | | 0.87 | | | | | 1.07 | | | | | (1.13 | ) | | | | 0.66 | | | | | | |
Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | (0.65 | ) | | | | (1.11 | ) | | | | (1.09 | ) | | | | (0.73 | ) | | | | | |
Tax return of capital distributions | | | | - | | | | | (0.19 | ) | | | | (0.21 | ) | | | | (0.03 | ) | | | | | |
Total dividends and distributions | | | | (0.65 | ) | | | | (1.30 | ) | | | | (1.30 | ) | | | | (0.76 | ) | | | | | |
Net asset value, end of period | | | | $17.46 | | | | | $17.24 | | | | | $17.47 | | | | | $19.90 | | | | | | |
Market price, end of period | | | | $15.09 | | | | | $15.27 | | | | | $15.59 | | | | | $19.50 | | | | | | |
Total Return(c): | | | | 3.22 | % | | | | 6.75 | % | | | | (13.84 | )% | | | | 1.38 | % | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | | | $430,811 | | | | | $425,402 | | | | | $431,106 | | | | | $491,089 | | | | | | |
Average net assets (000) | | | | $420,185 | | | | | $419,758 | | | | | $465,574 | | | | | $489,610 | | | | | | |
Ratios to average net assets(d): | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses after waivers and/or expense reimbursement(e) | | | | 3.25 | %(f) | | | | 2.71 | % | | | | 1.75 | % | | | | 1.50 | %(g) | | | | | |
Expenses before waivers and/or expense reimbursement(e) | | | | 3.25 | %(f) | | | | 2.71 | % | | | | 1.75 | % | | | | 1.50 | %(g) | | | | | |
Net investment income (loss) | | | | 5.09 | %(f) | | | | 4.61 | % | | | | 3.69 | % | | | | 3.09 | %(g) | | | | | |
Portfolio turnover rate(h) | | | | 18 | % | | | | 27 | % | | | | 32 | % | | | | 45 | % | | | | | |
Asset coverage | | | | 445 | % | | | | 440 | % | | | | 445 | % | | | | 419 | % | | | | | |
Total debt outstanding at period-end (000) | | | | $125,000 | | | | | $125,000 | | | | | $125,000 | | | | | $154,000 | | | | | | |
| (a) | Commencement of operations. |
| (b) | Calculated based on average shares outstanding during the period. |
| (c) | Total return is calculated assuming a purchase of common stock at the current market price on the first day and a sale at the closing market price on the last day for the period reported. Dividends are assumed, for the purpose of this calculation, to be reinvested at prices obtainable under the Fund’s dividend reinvestment plan. This amount does not reflect brokerage commissions or sales load. Total returns for periods less than one full year are not annualized. |
| (d) | Does not include expenses of the underlying funds in which the Fund invests. |
| (e) | Includes interest expense of 1.87%, 1.36%, 0.37% and 0.20%, for the six months ended January 31, 2024, years ended July 31, 2023, 2022 and period ended July 31, 2021, respectively. Includes tax expense of 0.01% for the period ended July 31, 2021. |
| (g) | Annualized, with the exception of certain non-recurring expenses. |
| (h) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
See Notes to Financial Statements.
PGIM Fixed Income Closed-End Funds 171
Notes to Financial Statements (unaudited)
PGIM Global High Yield Fund, Inc. (“Global High Yield” or “GHY”), PGIM High Yield Bond Fund, Inc. (“High Yield Bond” or “ISD”) and PGIM Short Duration High Yield Opportunities Fund (“Short Duration High Yield Opportunities” or “SDHY”) (each, a “Fund” and collectively, the “Funds”) are registered under the Investment Company Act of 1940, as amended (“1940 Act”), as diversified, closed-end management investment companies. Global High Yield and High Yield Bond were organized as Maryland corporations on July 23, 2012 and November 14, 2011, respectively. Short Duration High Yield Opportunities was organized as a Maryland statutory trust on May 18, 2020.
The Funds have the following investment objective(s):
| | |
| | |
| Fund | | Investment Objective(s) |
Global High Yield | | Provide a high level of current income. |
High Yield Bond | | Provide a high level of current income. |
Short Duration High Yield Opportunities | | Provide total return, through a combination of current income and capital appreciation. |
The Funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services — Investment Companies. The following is a summary of significant accounting policies followed by the Funds in the preparation of its financial statements. The policies conform to U.S. generally accepted accounting principles (“GAAP”). The Funds consistently follow such policies in the preparation of their financial statements.
Securities Valuation: The Funds hold securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Funds’ investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. Global High Yield and High Yield Bond Board of Directors and Short Duration High Yield Opportunities Board of Trustees (collectively, the “Board Members”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”) Pursuant to the Board Member’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures
172
permit the Funds to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.
For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Funds’ foreign investments may change on days when investors cannot purchase or sell Fund shares.
Various inputs determine how the Funds’ investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the “fair value hierarchy” in accordance with FASB ASC Topic 820 Fair Value Measurement.
Common or preferred stocks, exchange-traded funds (“ETFs”) and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on a valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.
Investments in open-end funds (other than ETFs) are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.
Fixed income securities traded in the OTC market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Funds utilize the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors’ valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business
PGIM Fixed Income Closed-End Funds 173
Notes to Financial Statements (unaudited) (continued)
days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.
Floating rate and other loans are generally valued at prices provided by approved independent pricing vendors. The pricing vendors utilize broker/dealer quotations and provide prices based on the average of such quotations. Floating rate and other loans valued using such vendor prices are generally classified as Level 2 in the fair value hierarchy. Floating rate and other loans valued based on a single broker quote or at the original transaction price in excess of five business days are classified as Level 3 in the fair value hierarchy.
OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Funds utilize the market approach when quoted prices in broker-dealer markets are available but also include consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors’ valuation techniques used to derive the evaluated derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.
Securities and other assets that cannot be priced according to the methods described above are valued based on policies and procedures approved by the Board Members. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.
When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any
174
comparable securities; and any available analyst media or other reports or information deemed reliable by the Valuation Designee regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.
Foreign Currency Translation: The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:
(i) market value of investment securities, other assets and liabilities — at the exchange rate as of the valuation date;
(ii) purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.
Although the net assets of the Funds are presented at the foreign exchange rates and market values at the close of the period, the Funds do not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Funds do not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period unrealized and realized foreign currency gains (losses) are included in the reported net change in unrealized appreciation (depreciation) on investments and net realized gains (losses) on investment transactions on the Statements of Operations. Notwithstanding the above, the Funds do isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations; such amounts are included in net realized gains (losses) on foreign currency transactions.
Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on investment transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.
Forward and Cross Currency Contracts: A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Certain Funds enter into forward currency contracts, as defined in the prospectus, in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency and to gain exposure to certain currencies. The contracts are valued daily at current forward exchange
PGIM Fixed Income Closed-End Funds 175
Notes to Financial Statements (unaudited) (continued)
rates and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on forward and cross currency contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on forward and cross currency contract transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Funds’ maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract’s life. A cross currency contract is a forward contract where a specified amount of one foreign currency will be exchanged for a specified amount of another foreign currency. The cash amounts pledged for forward currency contracts are considered restricted cash and are included in “Cash segregated for counterparty - OTC” in the Statement of Assets and Liabilities.
Swap Agreements: Certain Funds entered into certain types of swap agreements detailed in the disclosures below. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty (“OTC-traded”) or through a central clearing facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on swap agreements. Centrally cleared swaps pay or receive an amount known as “variation margin”, based on daily changes in the valuation of the swap contract. For OTC-traded, upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments. The cash amounts pledged for swaps contracts are considered restricted cash and are included in “Due from broker-variation margin swaps” and “Deposit with broker for centrally cleared/exchange-traded derivatives” in the Statement of Assets and Liabilities.
Credit Default Swaps (“CDS”): CDS involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified payment in the event of a default or as a result of a default (collectively a “credit event”) for the referenced entity (typically corporate issues or sovereign issues of an emerging country) on its obligation; or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index.
Certain Funds are subject to credit risk in the normal course of pursuing its investment objectives, and as such, has entered into CDS contracts to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a
176
particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be “short the credit” because the higher the contract value rises, the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases. A Fund’s maximum risk of loss from counterparty credit risk for purchased CDS is the inability of the counterparty to honor the contract up to the notional value due to a credit event.
As a seller of protection on credit default swap agreements, the Fund generally receives an agreed upon payment from the buyer of protection throughout the term of the swap, provided no credit event occurs. As the seller, the Fund effectively increases its investment risk because, in addition to its total net assets, the Fund may be subject to investment exposure on the notional amount of the swap.
The maximum amount of the payment that the Fund, as a seller of protection, could be required to make under a credit default swap agreement would be equal to the notional amount of the underlying security or index contract as a result of a credit event. This potential amount will be partially offset by any recovery values of the respective referenced obligations or net amounts received from the settlement of buy protection credit default swap agreements which the Fund entered into for the same referenced entity or index. As a buyer of protection, the Fund generally receives an amount up to the notional value of the swap if a credit event occurs.
Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where the Fund is the seller of protection as of period end are disclosed in the footnotes to the Schedule of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.
Total Return Swaps: In a total return swap, one party receives payments based on the market value of the security or the commodity involved, or total return of a specific referenced asset, such as an equity, index or bond, and in return pays a defined amount. Certain Funds are subject to risk exposures associated with the referenced asset in the normal course of pursuing its investment objectives. Certain Funds entered into total return swaps to manage its exposure to a security or an index. The Funds’ maximum risk of loss from counterparty credit risk is the change in the value of the security, in the Fund’s favor, from the point of entering into the contract.
PGIM Fixed Income Closed-End Funds 177
Notes to Financial Statements (unaudited) (continued)
Floating Rate and Other Loans: Certain Funds invested in floating rate and other loans. Floating rate and other loans include loans that are privately negotiated between a corporate borrower and one or more financial institutions, including, but not limited to, term loans, revolvers, and other instruments issued in the floating rate and other loans market. The Funds acquire interests in loans directly (by way of assignment from the selling institution) and/or indirectly (by way of the purchase of a participation interest from the selling institution). Under a floating rate and other loans assignment, the Funds generally will succeed to all the rights and obligations of an assigning lending institution and become a lender under the loan agreement with the relevant borrower in connection with that loan. Under a floating rate and other loans participation, the Funds generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the Funds generally will have the right to receive payments of principal, interest, and any fees to which they are entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Funds may not directly benefit from the collateral supporting the debt obligation in which they have purchased the participation. As a result, the Funds will assume the credit risk of both the borrower and the institution selling the participation to the Funds.
Master Netting Arrangements: The Funds are subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of the Funds. A master netting arrangement between the Funds and the counterparty permits the Funds to offset amounts payable by the Fund to the same counterparty against amounts to be received and by the receipt of collateral from the counterparty by the Funds to cover the Funds’ exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.
Each Fund is a party to International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the Fund is held in a segregated account by the Fund’s custodian and with respect to those amounts which can be sold or re-pledged, is presented in the Schedule of Investments. Collateral pledged by the Fund is segregated by the Fund’s custodian and identified in the Schedule of Investments. Collateral can be in the form of cash or debt
178
securities issued by the U.S. Government or related agencies or other securities as agreed to by the Fund and the applicable counterparty. Collateral requirements are determined based on the Fund’s net position with each counterparty. Termination events applicable to the Fund may occur upon a decline in the Fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Fund’s counterparties to elect early termination could impact the Fund’s future derivative activity.
In addition to each instrument’s primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in the portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/insolvency of either party. Such OTC derivative agreements include conditions which, when materialized, give the counterparty the right to cause an early termination of the transactions under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.
Short sales and OTC contracts, including forward foreign currency exchange contracts, swaps, forward rate agreements and written options involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities, if applicable. Such risks may be mitigated by engaging in master netting arrangements.
Rights: Certain Funds held rights acquired either through a direct purchase or pursuant to corporate actions. Rights entitle the holder to buy a proportionate amount of common stock, or such other security that the issuer may specify, at a specific price and time through the expiration dates. Such rights are held as long positions by the Funds until exercised, sold or expired. Rights are valued at fair value in accordance with the Board Members approved fair valuation procedures.
Payment-In-Kind: Certain Funds invested in the open market or received pursuant to debt restructuring securities that pay-in-kind (PIK) the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have the same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income.
PGIM Fixed Income Closed-End Funds 179
Notes to Financial Statements (unaudited) (continued)
Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Funds become aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual expense amounts.
Taxes: It is each Fund’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net investment income and capital gains, if any, to its shareholders (for purposes of this report the shareholders of SDHY and the stockholders of ISD and GHY are referred to as “shareholders”). Therefore, no federal income tax provision is required. However, due to the timing of when distributions are made by the Fund, the Fund may be subject to an excise tax of 4% of the amount by which 98% of the Fund’s annual taxable income for the calendar year and 98.2% of its net capital gains for a one-year period ending on October 31 exceed the distributions from such taxable income and net capital gains for the calendar year. The Global High Yield paid approximately $269,000 of Federal excise taxes attributable to calendar year 2022 in March 2023. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.
Dividends and Distributions: The Funds intend to make a level dividend distribution each month to the holders of common stock of ISD and GHY, and to the holders of common shares of beneficial interest (“common shares”) of SDHY (sometimes collectively referred to herein as “shares”). The level dividend rate may be modified by the Board Members from time to time, and will be based upon the past and projected performance and expenses of the Funds. The Funds intend to also make a distribution during or with respect to each calendar year (which may be combined with a regular monthly distribution), which will generally include any net investment income and net realized capital gain for the year not otherwise distributed.
PGIM Investments has received an order from the Securities and Exchange Commission (the “SEC”) granting the Funds an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 thereunder to permit certain closed-end funds managed by PGIM Investments to include realized long-term capital gains as a part of their respective regular distributions to the holders of common stock/common shares more frequently than would otherwise be permitted by the 1940 Act (generally once per taxable year). The Funds intend to rely on this exemptive order. The Board Members may, at the request of PGIM Investments, adopt a managed distribution policy.
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Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified amongst total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.
Estimates: The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
Each Fund has a management agreement with PGIM Investments. Pursuant to these agreements, PGIM Investments has responsibility for all investment advisory services,, supervises the subadviser’s performance of such services and renders administrative services. With respect to ISD and GHY, PGIM Investments has entered into subadvisory agreements with PGIM, Inc., which provides subadvisory services to the Funds through its business unit PGIM Fixed Income, and PGIM, Inc. has entered into a sub-subadvisory agreement with PGIM Limited. With respect to SDHY, PGIM Investments has entered into a subadvisory agreement with PGIM, Inc., which provides subadvisory services to the Fund through its business unit PGIM Fixed Income, and PGIM Limited (collectively the “subadviser”).
The management fee paid to the Manager is accrued daily and payable monthly, using the average daily value of the Fund’s investable assets at the respective annual rates specified below. “Investable assets” refers to the net assets attributable to the outstanding common stock of the Fund plus the liquidation preference of any outstanding preferred stock issued by the Fund, the principal amount of any borrowings and the principal on any debt securities issued by the Fund.
| | | | | |
| | |
| Fund | | Management Fee |
| |
Global High Yield | | 0.85% |
| |
High Yield Bond | | 0.80 |
| |
Short Duration High Yield Opportunities | | 1.00 |
PGIM Investments, PGIM Limited and PGIM, Inc. are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (“Prudential”).
| 4. | Other Transactions with Affiliates |
The Funds may invest their overnight sweep cash in the PGIM Core Government Money Market Fund (the “Core Government Fund”), a series of the Prudential Government Money Market Fund, Inc., registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Government Fund. In addition to the realized and unrealized gains on
PGIM Fixed Income Closed-End Funds 181
Notes to Financial Statements (unaudited) (continued)
investments in the Core Government Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income”.
The Funds may enter into certain securities purchase or sale transactions under Board Members approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended January 31, 2024, no Rule 17a-7 transactions were entered into by the Funds.
The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended January 31, 2024, were as follows:
| | | | | | | | | | | | |
| | | | |
| Fund | | Cost of
Purchases | | | | | | Proceeds
from Sales | |
Global High Yield | | $ | 136,602,433 | | | | | | | $ | 130,997,184 | |
High Yield Bond | | | 86,067,425 | | | | | | | | 99,723,180 | |
Short Duration High Yield Opportunities | | | 88,210,410 | | | | | | | | 118,760,315 | |
A summary of the cost of purchases and proceeds from sales of shares of an affiliated mutual fund for the reporting period ended January 31, 2024, is presented as follows:
Global High Yield
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Value, Beginning of Period | | Cost of Purchases | | Proceeds from Sales | | Change in Unrealized Gain (Loss) | | Realized Gain (Loss) | | Value, End of Period | | Shares, End of Period | | Income |
| | | | | | | |
Short-Term Investments -Affiliated Mutual Fund: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
PGIM Core Government Money Market Fund (7-day effective yield 5.560%)(1)(wb) | |
$1,527,176 | | | | $88,922,650 | | | | | $89,294,962 | | | | | $— | | | | | $— | | | | | $1,154,864 | | | | | 1,154,864 | | | | | $217,100 | |
182
High Yield Bond
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Value, Beginning of Period | | Cost of Purchases | | Proceeds from Sales | | Change in Unrealized Gain (Loss) | | Realized Gain (Loss) | | Value, End of Period | | Shares, End of Period | | Income |
| | | | | | | |
Short-Term Investments -Affiliated Mutual Fund: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
PGIM Core Government Money Market Fund (7-day effective yield 5.560%)(1)(wb) | |
$14,566,014 | | | | $73,582,798 | | | | | $69,680,011 | | | | | $— | | | | | $— | | | | | $18,468,801 | | | | | 18,468,801 | | | | | $481,377 | |
Short Duration High Yield Opportunities
| | | | | | | | | | | | | | | | |
| | | | | | | | |
Value, Beginning of Period | | Cost of Purchases | | Proceeds from Sales | | Change in Unrealized Gain (Loss) | | Realized Gain (Loss) | | Value, End of Period | | Shares, End of Period | | Income | |
| |
Short-Term Investments - Affiliated Mutual Fund: | | | | |
| |
PGIM Core Government Money Market Fund (7-day effective yield 5.560%)(1)(wb) | | | | |
$26,571,298 | | $91,381,023 | | $55,862,260 | | $— | | $— | | $62,090,061 | | 62,090,061 | | | $1,226,787 | |
| (1) | The Fund did not have any capital gain distributions during the reporting period. |
| (wb) | Represents an investment in a Fund affiliated with the Manager. |
The United States federal income tax basis of the Funds’ investments and the net unrealized depreciation as of January 31, 2024 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
| Fund | | Tax Basis | | | | Gross Unrealized Appreciation | | | | | | | | Gross Unrealized Depreciation | | | | | | | | Net Unrealized Depreciation | | | |
Global High Yield | | $745,144,966 | | | | $17,877,771 | | | | | | | | | | $(94,723,328) | | | | | | | | | | $(76,845,557) | | | | |
High Yield Bond | | 619,137,587 | | | | 14,065,521 | | | | | | | | | | (56,154,033) | | | | | | | | | | (42,088,512) | | | | |
Short Duration High Yield Opportunities | | 559,760,530 | | | | 9,867,697 | | | | | | | | | | (17,826,253) | | | | | | | | | | (7,958,556) | | | | |
The GAAP basis may differ from tax basis due to certain tax-related adjustments.
For federal income tax purposes, the following Funds had an approximated capital loss carryforward as of July 31, 2023 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.
| | | | | | | | | | |
| | | |
| Fund | | Capital Loss Carryforward | | Capital Loss Carryforward Utilized |
Global High Yield | | | $ | 130,093,000 | | | | $ | — | |
High Yield Bond | | | | 82,770,000 | | | | | — | |
Short Duration High Yield Opportunities | | | | 13,079,000 | | | | | — | |
PGIM Fixed Income Closed-End Funds 183
Notes to Financial Statements (unaudited) (continued)
The Funds indicated below elected to treat the below approximated losses as having been incurred in the following fiscal year (July 31, 2024).
| | | | | | | | | | | | | | | |
| | | | |
| Fund | | Qualified Late-Year Losses | | | | Post-October Capital Losses |
Global High Yield | | | | $6,382,000 | | | | | | | | | | $— | |
High Yield Bond | | | | 298,000 | | | | | | | | | | — | |
Short Duration High Yield Opportunities | | | | 220,000 | | | | | | | | | | — | |
The Manager has analyzed the Funds’ tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Funds’ U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended July 31, 2023 are subject to such review.
Global High Yield and High Yield Bond have 1 billion shares of $0.001 par value common stock authorized. Short Duration High Yield Opportunities has authorized an unlimited amount of common shares of beneficial interest with $0.001 par value per share. As of January 31, 2024, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Funds as follows:
| | | | | | | | | | | | | | | |
| | | | |
| Fund | | Number of Shares | | | | Percentage of Outstanding Shares |
Global High Yield | | | | 14,104 | | | | | | | | | | 0.03 | % |
High Yield Bond | | | | 14,211 | | | | | | | | | | 0.04 | |
Short Duration High Yield Opportunities | | | | 6,249 | | | | | | | | | | 0.03 | |
At the reporting period end, the number of shareholders holding greater than 5% of the Funds are as follows:
| | | | | | | | | | |
| | | |
| Fund | | Number of Shareholders | | Percentage of Outstanding Shares |
Affiliated: | | | | | | | | | | |
Global High Yield | | | | — | | | | | — | % |
High Yield Bond | | | | — | | | | | — | |
Short Duration High Yield Opportunities | | | | — | | | | | — | |
Unaffiliated: | | | | | | | | | | |
Global High Yield | | | | 6 | | | | | 60.1 | |
High Yield Bond | | | | 7 | | | | | 68.5 | |
Short Duration High Yield Opportunities | | | | 6 | | | | | 74.1 | |
For the reporting period ended January 31, 2024, the Funds did not issue any shares of
184
common stock/common shares in connection with the Funds’ dividend reinvestment plan.
| 8. | Borrowings and Re-hypothecation |
Each Fund has entered into a committed credit facility agreement (the “Credit Facility”). Global High Yield has entered into a credit facility agreement with BNP Paribas Prime Brokerage, Inc.; High Yield Bond and Short Duration High Yield Opportunities have entered into credit facility agreements with The Bank of Nova Scotia (collectively, the “Financial Institutions”) pursuant to which Global High Yield, High Yield Bond and Short Duration High Yield Opportunities may borrow up to a maximum commitment amount of $300 million, $240 million and $250 million, respectively. The Funds will pay interest in the amount of 0.85% plus the daily Secured Overnight Financing Rate (“SOFR”) on the amount outstanding. Such interest expenses, as well as fees for the Credit Facility (including commitment fees for any portion of the Credit Facility not drawn upon at any time during the period), are disclosed in the Statement of Operations under Interest expense. The Funds’ obligations under the Credit Facility are secured by the assets of the Funds segregated for the purpose of securing the amount borrowed and are indicated in the Schedule of Investments. The purpose of the Credit Facility is to provide the Funds with portfolio leverage and to meet its general cash flow requirements. If the Funds fails to meet certain requirements or maintain other financial covenants required under the Credit Facility, the Funds may be required to repay immediately, in part or in full, the loan balance outstanding.
The following Funds utilized the credit facility during the reporting period ended January 31, 2024. The average balance outstanding is for the number of days the Funds utilized the credit facility.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Fund | | Average Balance Outstanding | | | Weighted Average Interest Rates | | | Number of Days Outstanding | | | Maximum Balance Outstanding | | | Balance Outstanding at January 31, 2024 | |
Global High Yield | | $ | 145,543,478 | | | | | | | | 6.17 | % | | | | | | | | | | | 184 | | | | | | | | | | | $ | 150,000,000 | | | | | | | | | | | $ | 145,000,000 | | | | | |
High Yield Bond | | | 125,706,522 | | | | | | | | 6.18 | | | | | | | | | | | | 184 | | | | | | | | | | | | 130,000,000 | | | | | | | | | | | | 120,000,000 | | | | | |
Short Duration High Yield Opportunities | | | 125,000,000 | | | | | | | | 6.18 | | | | | | | | | | | | 184 | | | | | | | | | | | | 125,000,000 | | | | | | | | | | | | 125,000,000 | | | | | |
Re-hypothecation: The credit facility permits, subject to certain conditions, the Financial Institutions to re-hypothecate, a portion of the portfolio securities segregated by the Funds as collateral. The Funds continue to receive interest on re-hypothecated securities. The Funds also have the right under the agreement to recall the re-hypothecated securities from the Financial Institutions on demand. If the Financial Institutions fail to deliver the recalled security in a timely manner, the Funds will be compensated by the Financial Institutions for any fees or losses related to the failed delivery or, in the event a recalled security will not be returned by the Financial Institutions, the Funds, upon notice to the Financial Institutions, may reduce the loan balance outstanding by the value of the recalled security failed to be returned plus accrued interest. The Funds will receive a portion of the fees earned by the Financial Institutions in connection with the re-hypothecation of portfolio securities which reduces the interest expense on borrowings. For the reporting period ended January 31,
PGIM Fixed Income Closed-End Funds 185
Notes to Financial Statements (unaudited) (continued)
2024, there were no re-hypothecated securities.
| 9. | Risks of Investing in the Funds |
The following is a summary description of principal risks of investing in the Funds. Each Fund’s risks include, but are not limited to, some or all of the risks discussed below.
Credit Risk: This is the risk that the issuer, the guarantor, or the insurer of a fixed income security, or the counterparty to a contract may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Additionally, fixed income securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer, or counterparty to pay back debt. The lower the credit quality of a bond, the more sensitive it is to credit risk.
Cyber Security Risk: Failures or breaches of the electronic systems of the Fund, the Fund’s manager, subadviser and other service providers, or the issuers of securities in which the Fund invests have the ability to cause disruptions and negatively impact the Fund’s business operations, potentially resulting in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cyber security plans and systems of the Fund’s service providers or issuers of securities in which the Fund invests.
Debt Obligations Risk: Debt obligations are subject to credit risk, market risk and interest rate risk. The Fund’s holdings, share price, yield and total return may also fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer’s goods and services. Certain types of fixed income obligations also may be subject to “call and redemption risk,” which is the risk that the issuer may call a bond held by the Fund for redemption before it matures and the Fund may not be able to reinvest at the same rate of interest and therefore would earn less income.
Derivatives Risk: Derivatives involve special risks and costs and may result in losses to the Fund. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, the Fund will depend on the subadviser’s ability to analyze and manage derivatives transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” or may create economic leverage for the Fund and therefore may magnify or otherwise increase investment losses to the Fund. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders.
186
Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the Fund’s derivatives positions. In fact, many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Fund. The use of derivatives also exposes the Fund to operational issues, such as documentation and settlement issues, systems failures, inadequate control and human error.
Derivatives may also involve legal risks, such as insufficient documentation, the lack of capacity or authority of a counterparty to execute or settle a transaction, and the legality and enforceability of derivatives contracts. The U.S. Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements and risk exposure limitations. Regulation of derivatives may make derivatives more costly, limit their availability or utility to the Fund, or otherwise adversely affect their performance or disrupt markets.
Emerging Markets Risk: The risks of foreign investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic and political systems that are less fully developed, and can be expected to be less stable, than those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Low trading volumes may result in a lack of liquidity and price volatility. Emerging market countries may have policies that restrict investment by non-U.S. investors, or that prevent non-U.S. investors from withdrawing their money at will.
The Fund may invest in some emerging markets that subject it to risks such as those associated with illiquidity, custody of assets, different settlement and clearance procedures and asserting legal title under a developing legal and regulatory regime to a greater degree than in developed markets or even in other emerging markets.
Foreign Securities Risk: Investments in securities of non-U.S. issuers (including those denominated in U.S. dollars) may involve more risk than investing in securities of U.S. issuers. Foreign political, economic and legal systems, especially those in developing and emerging market countries, may be less stable and more volatile than in the United States. Foreign legal systems generally have fewer regulatory requirements than the U.S. legal system, particularly those of emerging markets. In general, less information is publicly available with respect to non-U.S. companies than U.S. companies. Non-U.S. companies generally are not subject to the same accounting, auditing, and financial reporting standards as are U.S. companies. Additionally, the changing value of foreign currencies and changes in exchange rates could also affect the value of the assets the Fund holds and the Fund’s performance. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. Investments in emerging markets are subject to greater volatility and price declines.
PGIM Fixed Income Closed-End Funds 187
Notes to Financial Statements (unaudited) (continued)
In addition, the Fund’s investments in non-U.S. securities may be subject to the risks of nationalization or expropriation of assets, imposition of currency exchange controls or restrictions on the repatriation of non-U.S. currency, confiscatory taxation and adverse diplomatic developments. Special U.S. tax considerations may apply.
Interest Rate Risk: The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. Similarly, a rise in interest rates may also have a greater negative impact on the value of equity securities whose issuers expect earnings further out in the future. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as “duration risk.” When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund’s holdings may fall sharply. This is referred to as “extension risk.” The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.
Junk Bonds Risk: High-yield, high-risk bonds have predominantly speculative characteristics, including particularly high credit risk. Junk bonds tend to have lower market liquidity than higher-rated securities. The liquidity of particular issuers or industries within a particular investment category may shrink or disappear suddenly and without warning. The non-investment grade bond market can experience sudden and sharp price swings and become illiquid due to a variety of factors, including changes in economic forecasts, stock market activity, large sustained sales by major investors, a high profile default or a change in the market’s psychology.
Leverage Risk: The Fund may seek to enhance the level of its current distributions to holders of common shares through the use of leverage. The Fund may use leverage through borrowings, including loans from certain financial institutions. The Fund may borrow in amounts up to 33 1/3% (as determined immediately after borrowing) of the Fund’s investable assets. The use of leverage can create special risks. There can be no assurance that any leveraging strategy the Fund employs will be successful during any period in which it is employed.
Limited Term and Tender Offer Risk (applicable to SDHY only): In accordance with the Fund’s Declaration of Trust (the “Declaration of Trust”), the Fund intends to terminate as of the close of business on the ninth anniversary of the effective date of the Fund’s initial registration statement, which the Fund currently expects to occur on or about November 30, 2029 (the “Dissolution Date”); provided that the Board may, by a vote of a majority of the
188
Board and seventy-five percent (75%) of the members of the Board who either (i) have been a member of the Board for a period of at least thirty-six months (or since the commencement of the Fund’s operations, if less than thirty-six months) or (ii) were nominated to serve as a member of the Board by a majority of the Continuing Trustees (as defined in the Declaration of Trust) then members of the Board (the “75% Requirement”) (a “Board Action Vote”), without shareholder approval, extend the Dissolution Date once for up to six months, which date shall then become the Dissolution Date. Notwithstanding the foregoing, the Board may determine, by a Board Action Vote, to cause the Fund to conduct a tender offer, as of a date within twelve months preceding the Dissolution Date (as may be extended as described above), to all common shareholders to purchase 100% of the then outstanding Common Shares of the Fund at a price equal to the NAV per Common Share on the expiration date of the tender offer (an “Eligible Tender Offer”). The Board has established that the Fund must have at least $200 million of net assets immediately following the completion of an Eligible Tender Offer to ensure the continued viability of the Fund (the “Dissolution Threshold”). In an Eligible Tender Offer, the Fund will offer to purchase all Common Shares held by each common shareholder; provided that if the number of properly tendered Common Shares would result in the Fund having aggregate net assets below the Dissolution Threshold, the Eligible Tender Offer will be canceled, no Common Shares will be repurchased pursuant to the Eligible Tender Offer, and the Fund will terminate as scheduled. If an Eligible Tender Offer is conducted and the number of properly tendered Common Shares would result in the Fund having aggregate net assets greater than or equal to the Dissolution Threshold, all Common Shares properly tendered and not withdrawn will be purchased by the Fund pursuant to the terms of the Eligible Tender Offer. Following the completion of an Eligible Tender Offer, the Board may, by a Board Action Vote, eliminate the Dissolution Date without shareholder approval and cause the Fund to have a perpetual existence. Unless the limited term provision of the Declaration of Trust is amended by the Board and the shareholders in accordance with the Declaration of Trust, or unless the Fund completes an Eligible Tender Offer and converts to perpetual existence, the Fund will terminate on or about the Dissolution Date (subject to possible extension). The Fund is not a so-called “target date” or “life cycle” fund whose asset allocation becomes more conservative over time as its target date, often associated with retirement, approaches. In addition, the Fund is not a “target term” fund as its investment objective is not to return its original NAV on the Dissolution Date or in an Eligible Tender Offer. The Fund’s investment objective and policies are not designed to seek to return to investors that purchase shares in this offering their initial investment on the Dissolution Date or in an Eligible Tender Offer, and such investors and investors that purchase shares after the completion of this offering may receive more or less than their original investment upon dissolution or in an Eligible Tender Offer. Because the assets of the Fund will be liquidated in connection with the dissolution, the Fund will incur transaction costs in connection with dispositions of portfolio securities. The Fund does not limit its investments to securities having a maturity date prior to the Dissolution Date and may be required to sell portfolio securities when it otherwise would not, including at times when market conditions are not favorable, which may cause the Fund to lose money. In particular, the Fund’s portfolio may still have large exposures to illiquid securities as the Dissolution Date approaches, and losses due to portfolio liquidation may be significant. The Fund generally considers “illiquid securities” to be securities that cannot be
PGIM Fixed Income Closed-End Funds 189
Notes to Financial Statements (unaudited) (continued)
sold or disposed of within seven days in the ordinary course of business at approximately the value used by the Fund in determining its NAV. During the Wind-Down Period, the Fund may begin liquidating all or a portion of the Fund’s portfolio, and the Fund may deviate from its investment strategy and may not achieve its investment objective. As a result, during the Wind-Down Period, the Fund’s distributions may decrease, and such distributions may include a return of capital. It is expected that common shareholders will receive cash in any liquidating distribution from the Fund, regardless of their participation in the Fund’s automatic dividend reinvestment plan. However, if on the Dissolution Date the Fund owns securities for which no market exists or securities that are trading at depressed prices, such securities may be placed in a liquidating trust. The Fund cannot predict the amount, if any, of securities that will be required to be placed in a liquidating trust. The Fund may receive proceeds from the disposition of portfolio investments that are less than the valuations of such investments by the Fund and, in particular, losses from the disposition of illiquid securities may be significant. The disposition of portfolio investments by the Fund could also cause market prices of such instruments, and hence the NAV and market price of the Common Shares, to decline. In addition, disposition of portfolio investments will cause the Fund to incur increased brokerage and related transaction expenses. Moreover, in conducting such portfolio transactions, the Fund may need to deviate from its investment policies and may not achieve its investment objective. The Fund’s portfolio composition may change as its portfolio holdings mature or are called or sold in anticipation of an Eligible Tender Offer or the Dissolution Date. During such period(s), it is possible that the Fund will hold a greater percentage of its total assets in shorter term and lower yielding securities and cash and cash equivalents than it would otherwise, which may impede the Fund’s ability to achieve its investment objective and adversely impact the Fund’s performance and distributions to common shareholders, which may in turn adversely impact the market value of the Common Shares. In addition, the Fund may be required to reduce its leverage, which could also adversely impact its performance. The additional cash or cash equivalents held by the Fund could be obtained through reducing the Fund’s distributions to common shareholders and/or holding cash in lieu of reinvesting, which could limit the ability of the Fund to participate in new investment opportunities. The Fund does not limit its investments to securities having a maturity date prior to or around the Dissolution Date, which may exacerbate the foregoing risks and considerations. A common shareholder may be subject to the foregoing risks over an extended period of time, particularly if the Fund conducts an Eligible Tender Offer and is also subsequently terminated by or around the Dissolution Date. If the Fund conducts an Eligible Tender Offer, the Fund anticipates that funds to pay the aggregate purchase price of shares accepted for purchase pursuant to the tender offer will be first derived from any cash on hand and then from the proceeds from the sale of portfolio investments held by the Fund. In addition, the Fund may be required to dispose of portfolio investments in connection with any reduction in the Fund’s outstanding leverage necessary in order to maintain the Fund’s desired leverage ratios following a tender offer. The risks related to the disposition of securities in connection with the Fund’s dissolution also would
190
be present in connection with the disposition of securities in connection with an Eligible Tender Offer. It is likely that during the pendency of a tender offer, and possibly for a time thereafter, the Fund will hold a greater than normal percentage of its total assets in cash and cash equivalents, which may impede the Fund’s ability to achieve its investment objective and decrease returns to shareholders. The tax effect of any such dispositions of portfolio investments will depend on the difference between the price at which the investments are sold and the tax basis of the Fund in the investments. Any capital gains recognized on such dispositions, as reduced by any capital losses the Fund realizes in the year of such dispositions and by any available capital loss carryforwards, will be distributed to shareholders as capital gain dividends (to the extent of net long-term capital gains over net short-term capital losses) or ordinary dividends (to the extent of net short-term capital gains over net long-term capital losses) during or with respect to such year, and such distributions will generally be taxable to common shareholders. Therefore, the Fund’s early disposition of portfolio investments could accelerate the timing of the Fund’s recognition of taxable income and cause the Fund to make taxable distributions to common shareholders earlier than the Fund otherwise would have. The purchase of Common Shares by the Fund pursuant to a tender offer will have the effect of increasing the proportionate interest in the Fund of non-tendering common shareholders. All common shareholders remaining after a tender offer may be subject to proportionately higher expenses due to the reduction in the Fund’s total assets resulting from payment for the tendered Common Shares. Such reduction in the Fund’s total assets may result in less investment flexibility, reduced diversification and greater volatility for the Fund, and may have an adverse effect on the Fund’s investment performance. Such reduction in the Fund’s total assets may also cause Common Shares to become thinly traded or otherwise negatively impact secondary trading of Common Shares. A reduction in net assets, and the corresponding increase in the Fund’s expense ratio, could result in lower returns and put the Fund at a disadvantage relative to its peers and potentially cause the Common Shares to trade at a wider discount to NAV than it otherwise would. Furthermore, the portfolio of the Fund following an Eligible Tender Offer could be significantly different and, therefore, common shareholders retaining an investment in the Fund could be subject to greater risk. For example, the Fund may be required to sell its more liquid, higher quality portfolio investments to purchase Common Shares that are tendered in an Eligible Tender Offer, which would leave a less liquid, lower quality portfolio for remaining shareholders. The prospects of an Eligible Tender Offer may attract arbitrageurs who would purchase the Common Shares prior to the tender offer for the sole purpose of tendering those shares which could have the effect of exacerbating the risks described herein for shareholders retaining an investment in the Fund following an Eligible Tender Offer. The Fund is not required to conduct an Eligible Tender Offer. If the Fund conducts an Eligible Tender Offer, there can be no assurance that the number of tendered Common Shares would not result in the Fund having aggregate net assets below the Dissolution Threshold, in which case the Eligible Tender Offer will be canceled, no Common Shares will be repurchased pursuant to the Eligible Tender Offer and the Fund will dissolve on the Dissolution Date (subject to possible extensions of no more than six months in total). Following the completion of an Eligible Tender Offer in which the number of tendered Common Shares would result in the Fund having aggregate net assets greater than or equal to the Dissolution Threshold, the Board may, by a Board Action Vote, eliminate the
PGIM Fixed Income Closed-End Funds 191
Notes to Financial Statements (unaudited) (continued)
Dissolution Date without shareholder approval. Thereafter, the Fund will have a perpetual term. The Manager may have a conflict of interest in recommending to the Board that the Dissolution Date be eliminated because the Manager would continue to receive management fees on the remaining assets of the Fund while it remains in existence. The Fund is not required to conduct additional tender offers following an Eligible Tender Offer and conversion to perpetual existence. Therefore, remaining common shareholders may not have another opportunity to participate in a tender offer.
Liquidity Risk: The Fund may invest in instruments that trade in lower volumes and are less liquid than other investments. Liquidity risk exists when particular investments made by the Fund are difficult to purchase or sell. Liquidity risk includes the risk that the Fund may make investments that may become less liquid in response to market developments or adverse investor perceptions. Investments that are illiquid or trade in lower volumes may be more difficult to value. If the Fund is forced to sell these investments for any reason, the Fund may lose money. In addition, when there is no willing buyer and investments may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, the Fund may incur higher transaction costs when executing trade order of a given size. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities.
Management Risk: Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser’s judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund’s benchmark and other funds with similar investment objectives.
Market Disruption and Geopolitical Risks: Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia’s military invasion of Ukraine), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as Asia, Eastern Europe and the Middle East, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).
The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or
192
government intervention. They may also cause short-or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund’s investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.
Market Risk: Securities markets may be volatile and the market prices of the Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.
Risks of Investments in Bank Loans: The Fund’s ability to receive payments of principal and interest and other amounts in connection with loans (whether through participations, assignments or otherwise) will depend primarily on the financial condition of the borrower. The failure by the Fund’s scheduled interest or principal payments on a loan because of a default, bankruptcy or any other reason would adversely affect the income of the Fund and would likely reduce the value of its assets. Even with loans secured by collateral, there is the risk that the value of the collateral may decline, may be insufficient to meet the obligations of the borrower, or be difficult to liquidate. In the event of a default, the Fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. Further, the Fund’s access to collateral, if any, may be limited by bankruptcy laws.
Risk of Market Price Discount from Net Asset Value: Shares of closed-end funds frequently trade at a discount from their net asset value. This characteristic is a risk separate and distinct from the risk that net asset value could decrease as a result of investment activities.
Dividends to shareholders: On February 29, 2024, Global High Yield and High Yield Bond declared monthly dividends of $0.105 per share and Short Duration High Yield Opportunities declared monthly dividends of $0.108 per share payable on March 28, 2024, April 30, 2024 and May 31, 2024, respectively, to shareholders of record on March 15, 2024, April 12, 2024 and May 10, 2024, respectively. The ex-dates are March 14, 2024, April 11, 2024 and May 9, 2024, respectively.
PGIM Fixed Income Closed-End Funds 193
Other Information (unaudited)
Dividend Reinvestment Plan. Unless a common shareholder of SDHY, or a holder of common stock of ISD or GHY (collectively referred to herein as “common shareholders”) elects to receive cash by contacting Computershare Trust Company, N.A, (the “Plan Administrator”), all dividends declared on common shares of SDHY and common stock of ISD and GHY (collectively referred to herein as “Common Shares”) will be automatically reinvested by the Plan Administrator pursuant to the Funds’ Automatic Dividend Reinvestment Plan (the “Plan”), in additional Common Shares. The common shareholders who elect not to participate in the Plan will receive all dividends and other distributions (together, a “Dividend”) in cash paid by check mailed directly to the shareholder of record (or, if the Common Shares are held in street or other nominee name, then to such nominee) by the Plan Administrator as dividend disbursing agent. Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Plan Administrator prior to the Dividend record date. Otherwise such termination or resumption will be effective with respect to any subsequently declared Dividend. Such notice will be effective with respect to a particular Dividend. Some brokers may automatically elect to receive cash on behalf of the common shareholders and may reinvest that cash in additional Common Shares.
The Plan Administrator will open an account for each common shareholder under the Plan in the same name in which such common shareholder’s Common Shares are registered. Whenever the Funds declare a Dividend payable in cash, non-participants in the Plan will receive cash and participants in the Plan will receive the equivalent in Common Shares. The Common Shares will be acquired by the Plan Administrator for the participants’ accounts, depending upon the circumstances described below, either (i) through receipt of additional unissued but authorized Common Shares from the Fund (“Newly Issued Common Shares”) or (ii) by purchase of outstanding Common Shares on the open market (“Open-Market Purchases”) on the New York Stock Exchange or elsewhere. If, on the payment date for any Dividend, the closing market price per Common Share plus per share fees (as defined below) is equal to or greater than the NAV per Common Share (such condition being referred to as “market premium”), the Plan Administrator will invest the Dividend amount in Newly Issued Common Shares on behalf of the participants. The number of shares of Newly Issued Common Shares to be credited to each participant’s account will be determined by dividing the dollar amount of the Dividend by the NAV per Common Share on the payment date, provided that, if the NAV per Common Share is less than or equal to 95% of the closing market price per Common Share on the payment date, the dollar amount of the Dividend will be divided by 95% of the closing market price per Common Share on the payment date. If, on the payment date for any Dividend, the NAV per Common Share is greater than the closing market value per Common Share plus per share fees (such condition being referred to as “market discount”), the Plan Administrator will invest the Dividend amount in Common Shares acquired on behalf of the participants in
194
Open-Market Purchases. “Per share fees” include any applicable brokerage commissions the Plan Administrator is required to pay.
In the event of a market discount on the payment date for any Dividend, the Plan Administrator will have until the last business day before the next date on which the Common Shares trades on an “ex-dividend” basis or 30 days after the payment date for such Dividend, whichever is sooner (the “Last Purchase Date”), to invest the Dividend amount in Common Shares acquired in Open-Market Purchases on behalf of participants. If, before the Plan Administrator has completed its Open-Market Purchases, the market price per Common Share exceeds the NAV per Common Share, the average per share purchase price paid by the Plan Administrator for Common Shares may exceed the NAV per Common Share, resulting in the acquisition of fewer Common Shares than if the Dividend had been paid in shares of Newly Issued Common Shares on the Dividend payment date. Because of the foregoing difficulty with respect to Open-Market Purchases, the Plan provides that if the Plan Administrator is unable to invest the full Dividend amount in Open-Market Purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Administrator may cease making Open-Market Purchases and may invest the uninvested portion of the Dividend amount in Newly Issued Common Shares at the NAV per Common Share at the close of business on the Last Purchase Date, provided that, if the NAV is less than or equal to 95% of the then current market price per Common Share, the dollar amount of the Dividend will be divided by 95% of the market price on the payment date for purposes of determining the number of shares issuable under the Plan.
The Plan Administrator maintains all shareholder accounts in the Plan and furnishes written confirmation of all transactions in the accounts, including information needed by shareholders for tax records. Common Shares in the account of each Plan participant will be held by the Plan Administrator on behalf of the Plan participant, and each shareholder proxy will include those shares purchased or received pursuant to the Plan. The Plan Administrator will forward all proxy solicitation materials to participants and vote proxies for shares held under the Plan in accordance with the instructions of the participants.
In the case of the common shareholders such as banks, brokers or nominees that hold Common Shares for others who are the beneficial owners, the Plan Administrator will administer the Plan on the basis of the number of Common Shares certified from time to time by the record shareholder’s name and held for the account of beneficial owners who participate in the Plan.
The Plan Administrator’s service fee, if any, and expenses for administering the plan will be paid for by the Funds. If a participant elects by written, Internet or telephonic notice to the Plan Administrator to have the Plan Administrator sell part or all of the shares held by the
PGIM Fixed Income Closed-End Funds 195
Other Information (unaudited) (continued)
Plan Administrator in the participant’s account and remit the proceeds to the participant, the Plan Administrator is authorized to deduct a $15.00 transaction fee plus a $0.12 per share fee. If a participant elects to sell his or her Common Shares, the Plan Administrator will process all sale instructions received no later than five business days after the date on which the order is received by the Plan Administrator, assuming the relevant markets are open and sufficient market liquidity exists (and except where deferral is required under applicable federal or state laws or regulations). Such sale will be made through the Plan Administrator’s broker on the relevant market and the sale price will not be determined until such time as the broker completes the sale. In every case the price to the participant shall be the weighted average sale price obtained by the Plan Administrator’s broker net of fees for each aggregate order placed by the participant and executed by the broker. To maximize cost savings, the Plan Administrator will seek to sell shares in round lot transactions. For this purpose the Plan Administrator may combine a participant’s shares with those of other selling participants.
There will be no brokerage charges with respect to Common Shares issued directly by the Funds. However, each participant will be charged a per share fee (currently $0.05 per share) on all Open-Market Purchases. The automatic reinvestment of Dividends will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such Dividends. Participants that request a sale of Common Shares through the Plan Administrator are subject to the fees described in the preceding paragraph.
Each participant may terminate the participant’s account under the Plan by so notifying the Plan Administrator via the Plan Administrator’s website at www.computershare.com/ investor, by filling out the transaction request form located at the bottom of the participant’s Statement and sending it to the Plan Administrator or by calling the Plan Administrator. Such termination will be effective immediately if the participant’s notice is received by the Plan Administrator prior to any Dividend record date. Upon any withdrawal or termination, the Plan Administrator will cause to be delivered to each terminating participant a statement of holdings for the appropriate number of the Fund’s whole book-entry Common Shares and a check for the cash adjustment of any fractional share at the market value per Common Share as of the close of business on the date the termination is effective less any applicable fees. In the event a participant’s notice of termination is on or after a record date (but before payment date) for an account whose Dividends are reinvested, the Plan Administrator, in its sole discretion, may either distribute such Dividends in cash or reinvest them in Common Shares on behalf of the terminating participant. In the event reinvestment is made, the Plan Administrator will process the termination as soon as practicable, but in no event later than five business days after the reinvestment is completed. The Plan may be terminated by the Funds upon notice in writing mailed to each participant at least 30 days prior to any record date for the payment of any Dividend by the Fund.
196
The Funds reserve the right to amend or terminate the Plan. There is no direct service charge to participants with regard to purchases in the Plan; however, the Funds reserve the right to amend the Plan to include a service charge payable by the participants.
All correspondence or questions concerning the Plan should be directed to the Plan Administrator, Computershare Trust Company, N.A., P.O. Box 43006, Providence, RI 02940-3006, by calling (toll-free) (800) 451-6788, or through the Plan Administrator’s website www.computershare.com/investor.
PGIM Fixed Income Closed-End Funds 197
US Consumer Privacy Notice
Prudential values your business and your trust. We respect the privacy of your personal information and take our responsibility to protect it seriously. This privacy notice is provided on behalf of the Prudential companies listed at the end of this notice, except for Assurance IQ, and applies to our current and former customers. This notice describes how we treat the information we receive about you, including the ways in which we will share your personal information within Prudential and your right to opt out of such sharing.
Protecting Your Personal Information
We maintain physical, electronic, and procedural safeguards to protect your personal information. The people authorized to access your personal information need it to do their jobs, and we require that they keep your information secure and confidential.
Personal Information We Collect
We collect your personal information from you, such as when you fill out applications and other forms, when you visit or enter personal details on our websites, when you respond to our emails, and when you provide information over the telephone. We also collect personal information about you that others give to us. Collectively, this personal information includes, for example:
| | · | | Address, email address, telephone number, and other contact information |
| | · | | Employment and occupation, demographic, income, and financial information |
| | · | | Medical information for insurance applications |
| | · | | Consumer reports from consumer reporting agencies |
| | · | | Participant information from organizations that purchase products or services from us for the benefit of their members or employees |
| | · | | Video and audio recordings, and biometric data |
| | · | | Information gathered from your internet or network activity |
Using Your Information
We use your personal information for various business purposes, including:
| | · | | Normal everyday business purposes, such as providing services to you and administrating your account or policy |
| | · | | Business research and analysis |
| | · | | Data analytics, modeling (such as predictive modeling), and the deployment of automated tools |
| | · | | Marketing products and services of Prudential and other companies that may interest you |
| | · | | Detecting and preventing identity theft, fraud, or misuse of your accounts |
Sharing Your Information
We may share your personal information, including information about your transactions and experiences, among Prudential companies and with other non-Prudential companies that perform services for us or on our behalf for our everyday business purposes, such as providing services to you, administering your account or policy, and marketing products and services of Prudential and other companies in which you may be interested. Unless you agree otherwise, we do not share your personal information with non-Prudential companies for them to market their products or services to you. We may tell you about a product or service that other companies offer and, if you respond, that company will know that we selected you to receive the information. We may also share your personal information with another financial institution if you agree that your account or policy can be transferred to that company. We will not share your phone number with non-Prudential companies for the purposes of text messaging. Only Prudential companies who have obtained your prior express written consent will be able to contact you via text messaging.
We may also share consumer report information among Prudential companies, which may include information about you from credit reports and certain information that we receive from you and from consumer reporting agencies or other third parties. You can limit this sharing by following the instructions described in this notice. For those customers who have one of our products through a plan sponsored by an employer or other organization, we will share your personal information in a manner consistent with the terms of the plan agreement or consistent with our agreement with you.
We may also share your personal information as permitted or required by law, including, for example, to law enforcement officials and regulators, in response to subpoenas, and to prevent fraud.
Limiting Our Sharing – Opt Out/Privacy Choice
You may tell us not to share your personal information among Prudential companies for marketing purposes, and not to share consumer report information among Prudential companies, by “opting out” of such sharing. To limit our sharing for these purposes:
| | · | | Visit us online at: https://www.prudential.com/links/privacy-center. |
| | · | | Call us at: 1-877-248-4019 |
If, after 2016, you told us not to share your personal information among Prudential companies for marketing purposes, or not to share your consumer report information among Prudential companies, you do not need to tell us not to share your information again.
Please note that you are not able to limit our ability to share your personal information among Prudential companies and with other non-Prudential companies for servicing and administration purposes.
Questions?
If you have any questions about how we protect, use, and share your personal information or about this privacy notice, please call us. The toll-free number is 1-877-248-4019.
We reserve the right to modify this notice at any time. This notice is also available anytime at www.prudential.com.
Prudential companies include the following:
Insurance Companies and Insurance Company Separate Accounts
The Prudential Insurance Company of America; Pruco Life Insurance Company; Pruco Life Insurance Company of New Jersey; Prudential Legacy Insurance Company of New Jersey; Insurance company separate accounts that include the following names or are otherwise identified as maintained by an entity that includes the following names: Prudential or Pruco (except for insurance company separate accounts sponsored by Prudential Retirement Insurance and Annuity Company (PRIAC), which were transferred to Empower as part of the sale of PRIAC to Empower Annuity Insurance Company of America and are no longer affiliated with Prudential)
Insurance Agencies
Prudential Insurance Agency, LLC; Assurance IQ, LLC
Broker-Dealers and Registered Investment Advisers
AST Investment Services, Inc.; Prudential Annuities Distributors, Inc.; Pruco Securities, LLC; PGIM, Inc.; Prudential Investment Management Services LLC; PGIM Investments LLC; PGIM Private Placement Investors, L.P.; Prudential Select Strategies LLC; PGIM Quantitative Solutions LLC; Jennison Associates LLC; PGIM Custom Harvest LLC; ; PGIM DC Solutions, LLC; PGIM Wadhwani, LLP
Bank and Trust Companies
Prudential Trust Company
Investment Companies and Other Investment Vehicles
PGIM Funds; Prudential Insurance Funds; All funds that include the following names: Prudential, PCP, PGIM, PEP, PCEP, or PSLO
Other Companies
Prudential Workplace Solutions Group Services, LLC; Prudential Mutual Fund Services LLC
Vermont Residents: We will not share information about your creditworthiness among Prudential companies, other than as permitted by Vermont law, unless you authorize us to make those disclosures.
Prudential, the Prudential logo, and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.
Privacy Ed 1/2024
D6021
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| ∎ MAIL | | ∎ MAIL (OVERNIGHT) | | ∎ TELEPHONE |
Computershare P.O. Box 43078 Providence, RI 02940-3078 | | Computershare 150 Royall Street Suite 101 Canton, MA 02021 | | (800) 451-6788 ∎ WEBSITE pgim.com/investments |
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PROXY VOTING The Board of Directors or Trustees (as applicable) of each Fund has delegated to the Fund’s subadviser(s) the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the Fund. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (800) 225-1852 or by visiting the Securities and Exchange Commission’s website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website and on the Securities and Exchange Commission’s website. |
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DIRECTORS/TRUSTEES Ellen S. Alberding (GHY and ISD)● Kevin J. Bannon ● Scott E. Benjamin ● Barry H. Evans ● Keith F. Hartstein ● Stuart S. Parker ● Brian K. Reid ● Grace C. Torres |
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OFFICERS Stuart S. Parker, President ● Scott E. Benjamin, Vice President ● Christian J. Kelly, Chief Financial Officer ● Claudia DiGiacomo, Chief Legal Officer ●
Andrew Donohue, Chief Compliance Officer ● Russ Shupak, Treasurer and Principal Accounting Officer ● Andrew R. French, Secretary ●
Melissa Gonzalez, Assistant Secretary ● Patrick E. McGuinness, Assistant Secretary ● Debra Rubano, Assistant Secretary ● George Hoyt, Assistant
Secretary ● Devan Goolsby, Assistant Secretary ● Lana Lomuti, Assistant Treasurer ● Elyse M. McLaughlin, Assistant Treasurer ● Deborah Conway,
Assistant Treasurer ● Robert W. McCormack, Assistant Treasurer |
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| MANAGER | | PGIM Investments LLC | | 655 Broad Street Newark, NJ 07102 |
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| SUBADVISER(S) | | PGIM Fixed Income | | 655 Broad Street Newark, NJ 07102 |
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| | | PGIM Limited (SDHY only) | | Grand Buildings, 1-3 Strand Trafalgar Square London, WC2N 5HR United Kingdom |
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| CUSTODIAN | | The Bank of New York Mellon | | 240 Greenwich Street New York, NY 10286 |
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| TRANSFER AGENT | | Computershare Trust Company, N.A. | | P.O. Box 43078 Providence, RI 02940-3078 |
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INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | | PricewaterhouseCoopers LLP | | 300 Madison Avenue New York, NY 10017 |
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| FUND COUNSEL | | Willkie Farr & Gallagher LLP | | 787 Seventh Avenue New York, NY 10019 |
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SHAREHOLDER COMMUNICATIONS WITH DIRECTORS/TRUSTEES Shareholders can communicate directly with the Board of Directors or Trustees (as applicable) by writing to the Chair of the Board, PGIM Global High Yield Fund, Inc., PGIM High Yield Bond Fund, Inc., and PGIM Short Duration High Yield Opportunities Fund, PGIM Investments, Attn: Board of Directors or Trustees (as applicable), 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Director/Trustee by writing to that Director/Trustee at the same address. Communications are not screened before being delivered to the addressee. |
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AVAILABILITY OF PORTFOLIO HOLDINGS Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Each Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov. |
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CERTIFICATIONS Each Fund’s Chief Executive Officer has submitted to the New York Stock Exchange (NYSE) the required annual certifications and the Funds have also included the certifications of the Funds’ Chief Executive Officer and Chief Financial Officer as required by Section 302 of the Sarbanes-Oxley Act, on the Funds’ Form N-CSR filed with the Commission, for the period of this report. |
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| An investor should consider the investment objectives, risks, charges, and expenses of a Fund carefully before investing. |
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| Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940 that the Fund may purchase, from time to time, its shares at market prices. |
PGIM FIXED INCOME CLOSED-END FUNDS
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| Fund | | NYSE | | CUSIP |
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PGIM Global High Yield Fund, Inc. | | GHY | | 69346J106 |
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PGIM High Yield Bond Fund, Inc. | | ISD | | 69346H100 |
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PGIM Short Duration High Yield Opportunities Fund | | SDHY | | 69355J104 |
PICE1000E2
Item 2 – Code of Ethics – Not required, as this is not an annual filing.
Item 3 – Audit Committee Financial Expert – Not required, as this is not an annual filing.
Item 4 – Principal Accountant Fees and Services – Not required, as this is not an annual filing.
Item 5 – Audit Committee of Listed Registrants – Not required, as this is not an annual filing.
| Item 6 – | Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form. |
| Item 7 – | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not required, as this is not an annual filing. |
| Item 8 – | Portfolio Managers of Closed-End Management Investment Companies – Not required, as this is not an annual filing. |
| Item 9 – | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – None. |
| Item 10 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures. |
| Item 11 – | Controls and Procedures |
| | (a) | It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure. |
| | (b) | There has been no significant change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12 – Controls and Procedures - Disclosure of Securities Lending Activities for Closed-End Management Investment
Companies – Not applicable.
Item 13 – Exhibits
(a)(1) Code of Ethics – Not required, as this is not an annual filing.
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act – Attached hereto as
Exhibit EX-99.CERT.
(a)(2)(1) Any written solicitation to purchase securities under Rule 23c-1 – Not applicable.
(a)(2)(2) Change in the registrant’s independent public accountant – Not applicable.
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act – Attached hereto as
Exhibit EX-99.906CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | |
| Registrant: | | PGIM Global High Yield Fund, Inc. |
| |
| By: | | /s/ Andrew R. French |
| | Andrew R. French |
| | Secretary |
| |
| Date: | | March 18, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | |
| By: | | /s/ Stuart S. Parker |
| | Stuart S. Parker |
| | President and Principal Executive Officer |
| |
| Date: | | March 18, 2024 |
| |
| By: | | /s/ Christian J. Kelly |
| | Christian J. Kelly |
| | Chief Financial Officer (Principal Financial Officer) |
| |
| Date: | | March 18, 2024 |
