Prudential Investment Portfolios, Inc. 15 N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT

COMPANIES

Investment Company Act file number:	811-02896
Exact name of registrant as specified in charter:	Prudential Investment Portfolios, Inc. 15
Address of principal executive offices:	655 Broad Street, 17th Floor
	Newark, New Jersey 07102
Name and address of agent for service:	Andrew R. French
	655 Broad Street, 17th Floor
	Newark, New Jersey 07102
Registrant’s telephone number, including area code:	800-225-1852
Date of fiscal year end:	8/31/2019
Date of reporting period:	2/28/2019

Item 1 – Reports to Stockholders

PGIM SHORT DURATION HIGH YIELD INCOME FUND

(Formerly known as Prudential Short Duration High Yield Income Fund)

SEMIANNUAL REPORT

FEBRUARY 28, 2019

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (pgiminvestments.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-225-1852 or by sending an email request to PGIM Investments at shareholderreports@pgim.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary or follow instructions included with this notice to elect to continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-225-1852 or send an email request to shareholderreports@pgim.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

To enroll in e-delivery, go to pgiminvestments.com/edelivery

Objective: To provide a high level of current income

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

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

The accompanying financial statements as of February 28, 2019 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies.^© 2019 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.

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PGIM FUNDS — UPDATE

The Board of Directors/Trustees for the Fund has approved the implementation of an automatic conversion feature for Class C shares, effective as of April 1, 2019. To reflect these changes, effective April 1, 2019, the section of the Fund’s Prospectus entitled “How to Buy, Sell and Exchange Fund Shares—How to Exchange Your Shares—Frequent Purchases and Redemptions of Fund Shares” is restated to read as follows:

This supplement should be read in conjunction with your Summary Prospectus, Statutory Prospectus and Statement of Additional Information, be retained for future reference and is in addition to any existing Fund supplements.

1. In each Fund’s Statutory Prospectus, the following is added at the end of the section entitled “Fund Distributions And Tax Issues—If You Sell or Exchange Your Shares”:

Automatic Conversion of Class C Shares

The conversion of Class C shares into Class A shares—which happens automatically approximately 10 years after purchase—is not a taxable event for federal income tax purposes. For more information about the automatic conversion of Class C shares, seeClass C Shares Automatically Convert to Class A Shares inHow to Buy, Sell and Exchange Fund Shares.

2. In each Fund’s Statutory Prospectus, the following sentence is added at the end of the section entitled “How to Buy, Sell and Exchange Shares—Closure of Certain Share Classes to New Group Retirement Plans”:

Shareholders owning Class C shares may continue to hold their Class C shares until the shares automatically convert to Class A shares under the conversion schedule, or until the shareholder redeems their Class C shares.

3. In each Fund’s Statutory Prospectus, the following disclosure is added immediately following the section entitled “How to Buy, Sell and Exchange Shares—How to Buy Shares—Class B Shares Automatically Convert to Class A Shares”:

Class C Shares Automatically Convert to Class A Shares

Starting on or about April 1, 2019 (the “Effective Date”), Class C shares will be eligible for automatic conversion into Class A shares on a monthly basis approximately ten years after the original date of purchase (the “Conversion Date”). Conversion will take place based on the relative NAV of the two classes, without the imposition of any sales load, fee or other charge. All such automatic conversions of Class C shares will constitutetax-free exchanges for federal income tax purposes.

For shareholders investing in Class C shares through retirement plans or omnibus accounts, and in certain other instances, the Fund and its agents may not have transparency into how long a shareholder has held Class C shares for purposes of determining whether such

PGIM Short Duration High Yield Income Fund 3

Class C shares are eligible for automatic conversion into Class A shares, and the relevant financial intermediary may not have the ability to track purchases in order to credit individual shareholders’ holding periods. In these circumstances, the Fund will not be able to automatically convert Class C shares into Class A shares as described above. In order to determine eligibility for conversion in these circumstances, it is the responsibility of the financial intermediary to notify the Fund that the shareholder is eligible for the conversion of Class C shares to Class A shares, and the financial intermediary may be required to maintain and provide the Fund with records that substantiate the holding period of Class C shares. It is the financial intermediary’s (and not the Fund’s) responsibility to keep records of transactions made in accounts it holds and to ensure that the shareholder is credited with the proper holding period based on such records or those provided to the financial intermediary by the shareholder. Please consult with your financial intermediary for the applicability of this conversion feature to your shares.

A financial intermediary may sponsor and/or control accounts, programs or platforms that impose a different conversion schedule or different eligibility requirements for the exchange of Class C shares for Class A shares (seeAppendix A: Waivers and Discounts Available From Certain Financial Intermediaries of the Prospectus). Please consult with your financial intermediary if you have any questions regarding your shares’ conversion from Class C shares to Class A shares.

4. In Part II of each Fund’s Statement of Additional Information, the following disclosure is added immediately following the section entitled “Purchase, Redemption and Pricing of Fund Shares—Share Classes—Automatic Conversion of Class B Shares”:

AUTOMATIC CONVERSION OF CLASS C SHARES. Starting on or about April 1, 2019 (the “Effective Date”), Class C shares will be eligible for automatic conversion into Class A shares on a monthly basis approximately ten years after the original date of purchase (the “Conversion Date”). Conversion will take place based on the relative NAV of the two classes, without the imposition of any sales load, fee or other charge. Class C shares of a Fund acquired through automatic reinvestment of dividends or distributions will convert to Class A shares of the Fund on the Conversion Date pro rata with the converting Class C shares of the Fund that were not acquired through reinvestment of dividends or distributions. All such automatic conversions of Class C shares will constitutetax-free exchanges for federal income tax purposes.

For shareholders investing in Class C shares through retirement plans or omnibus accounts, and in certain other instances, the Fund and its agents may not have transparency into how long a shareholder has held Class C shares for purposes of determining whether such Class C shares are eligible for automatic conversion into Class A shares, and the relevant financial intermediary may not have the ability to track purchases in order to credit individual shareholders’ holding periods. In these circumstances, the Fund will not be able to automatically convert Class C shares into Class A shares as described above. In order to determine eligibility for conversion in these circumstances, it is the responsibility of the

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financial intermediary to notify the Fund that the shareholder is eligible for the conversion of Class C shares to Class A shares, and the financial intermediary may be required to maintain and provide the Fund with records that substantiate the holding period of Class C shares. It is the financial intermediary’s (and not the Fund’s) responsibility to keep records of transactions made in accounts it holds and to ensure that the shareholder is credited with the proper holding period based on such records or those provided to the financial intermediary by the shareholder. Please consult with your financial intermediary for the applicability of this conversion feature to your shares.

Class C shares were generally closed to investments by new group retirement plans effective June 1, 2018. Group retirement plans (and their successor, related and affiliated plans) that have Class C shares of the Fund available to participants on or before the Effective Date may continue to open accounts for new participants in such share class and purchase additional shares in existing participant accounts.

The Fund has no responsibility for monitoring or implementing a financial intermediary’s process for determining whether a shareholder meets the required holding period for conversion. A financial intermediary may sponsor and/or control accounts, programs or platforms that impose a different conversion schedule or different eligibility requirements for the exchange of Class C shares for Class A shares, as set forth onAppendix A: Waivers and Discounts Available From Certain Financial Intermediaries of the Prospectus. In these cases, Class C shareholders may have their shares exchanged for Class A shares under the policies of the financial intermediary. Financial intermediaries will be responsible for making such exchanges in those circumstances. Please consult with your financial intermediary if you have any questions regarding your shares’ conversion from Class C shares to Class A shares.

LR1094

- Not part of the Semiannual Report -

PGIM Short Duration High Yield Income Fund 5

Table of Contents

Letter from the President	7
Your Fund’s Performance	8
Fees and Expenses	11
Holdings and Financial Statements	13

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Letter from the President

Dear Shareholder:

We hope you find the semiannual report for PGIM Short Duration High Yield Income Fund informative and useful. The report covers performance for the six-month period ended February 28, 2019.

We have important information to share with you. Effective June 11, 2018, Prudential Mutual Funds were renamed PGIM Funds. This renaming is part of our ongoing effort to further build our reputation and establish our global brand, which began when our firm adopted PGIM Investments as its name in April 2017. Please note that only the Fund’s name has changed. Your Fund’s management and operation, along with its symbols, remained the same.*

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

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Short Duration High Yield Income Fund

April 15, 2019

*The Prudential Day One Funds did not change their names.

PGIM Short Duration High Yield Income Fund 7

Your Fund’s Performance(unaudited)

Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website atpgiminvestments.com or by calling (800) 225-1852.

	Total Returns as of 2/28/19 (without sales charges)	Average Annual Total Returns as of 2/28/19 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Since Inception (%)
Class A	2.28	1.38	2.96	3.41 (10/26/12)
Class C	1.91	3.02	2.88	3.17 (10/26/12)
Class Z	2.40	5.17	3.93	4.23 (10/26/12)
Class R6**	2.43	5.22	N/A	4.40 (10/27/14)
Bloomberg Barclays US High Yield Ba/B Rated 1–5 Yr 1% Capped Index
	2.54	5.15	3.80	—
Lipper High Yield Funds Average
	1.43	3.03	3.30	—

Source: PGIM Investments LLC, Lipper Inc., and Bloomberg Barclays

*Not annualized

**Formerly known as Class Q shares.

Since Inception returns are provided for any share class with less than 10 fiscal years of returns. Since Inception returns for the Index and the Lipper Average are measured from the closest month-end to the class’ inception date.

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The returns in the tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. The average annual total returns take into account applicable sales charges which are described for each share class in the table below.

	Class A	Class C	Class Z	Class R6*
Maximum initial sales charge	3.25% of the public offering price	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)	1.00% on sales of $1 million or more made within 12 months of purchase	1.00% on sales made within 12 months of purchase	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.25%	1.00%	None	None

*Formerly known as Class Q shares.

Benchmark Definitions

Bloomberg Barclays US High Yield Ba/B Rated 1–5 Year 1% Capped Index—The Bloomberg Barclays US High Yield Ba/B Rated 1–5 Year 1% Capped Index (the Index) represents the performance of US short duration, higher-rated high yield bonds. The average annual total returns for the Index measured from the month-end closest to the inception date of the Fund’s Class A, Class C, and Class Z shares is 4.65% and 4.01% for Class R6 shares.

Lipper High Yield Funds Average—The Lipper High Yield Funds Average (Lipper Average) is based on the average return of all funds in the Lipper High Yield Funds universe for the periods noted. Funds in the Lipper Average aim at high (relative) current yield from fixed income securities, have no quality or maturity restrictions, and tend to invest in lower-grade debt issues. The average annual total returns for the Lipper Average measured from the month-end closest to the inception date of the Fund’s Class A, Class C, and Class Z shares is 4.46% and 3.55% for Class R6 shares.

Investors cannot invest directly in an index or average. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes. Returns for the Lipper Average reflect the deduction of operating expenses of a mutual fund, but not sales charges or taxes.

PGIM Short Duration High Yield Income Fund 9

Your Fund’s Performance(continued)

Credit Quality expressed as a percentage of total investments as of 2/28/19 (%)
BBB	3.7
BB	41.8
B	41.2
CCC	8.5
CC	0.4
Not Rated	1.1
Cash/Cash Equivalents	3.3
Total Investments	100.0

Source: PGIM Fixed Income

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, 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 a NRSRO. Credit ratings are subject to change. Values may not sum to 100.0% due to rounding.

Distributions and Yields as of 2/28/19
	Total Distributions Paid for Six Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.24	5.01	4.93
Class C	0.21	4.43	4.37
Class Z	0.25	5.43	5.36
Class R6***	0.25	5.48	5.44

*SEC 30-Day Subsidized Yield (%)—A standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the Fund’s net expenses (net of any expense waivers or reimbursements). The investor experience is represented by the SEC 30-Day Subsidized Yield.

**SEC 30-Day Unsubsidized Yield (%)—A standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the Fund’s gross expenses. The investor experience is represented by the SEC 30-Day Subsidized Yield.

***Formerly known as Class Q shares.

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Fees and Expenses(unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemptions, as applicable, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses, as applicable. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 held through the six-month period ended February 28, 2019. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

The first line for each share class in the table on the following page provides information about actual account values and actual expenses. You may use the information on this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value ÷ $1,000 = 8.6), then multiply the result by the number on the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class in the table on the following page provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The Fund’s transfer agent may charge additional fees to holders of certain accounts that are not included in the expenses shown in the table on the following page. These fees apply to individual retirement accounts (IRAs) and Section 403(b) accounts. As of the close of the six-month period covered by the table, IRA fees included an annual maintenance fee of $15 per account (subject to a maximum annual maintenance fee of $25 for all accounts held by the same shareholder). Section 403(b) accounts are charged an annual $25 fiduciary maintenance fee. Some of the fees may vary in amount, or may be waived, based on your total account balance or the number of PGIM funds, including the Fund, that you own. You should consider the additional fees that were charged to your Fund account over the six-month period when you estimate the total ongoing expenses paid over the period

PGIM Short Duration High Yield Income Fund 11

Fees and Expenses(continued)

and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information provided in the expense table. Additional fees have the effect of reducing investment returns.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

PGIM Short Duration High Yield Income Fund		Beginning Account Value September 1, 2018		Ending Account Value February 28, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,022.80		1.00	%	$	5.02
	Hypothetical	$	1,000.00	$	1,019.84		1.00	%	$	5.01
Class C	Actual	$	1,000.00	$	1,019.10		1.75	%	$	8.76
	Hypothetical	$	1,000.00	$	1,016.12		1.75	%	$	8.75
Class Z	Actual	$	1,000.00	$	1,024.00		0.75	%	$	3.76
	Hypothetical	$	1,000.00	$	1,021.08		0.75	%	$	3.76
Class R6**	Actual	$	1,000.00	$	1,024.30		0.70	%	$	3.51
	Hypothetical	$	1,000.00	$	1,021.32		0.70	%	$	3.51

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended February 28, 2019, and divided by the 365 days in the Fund’s fiscal year ending August 31, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

**Formerly known as Class Q shares.

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Schedule of Investments(unaudited)

as of February 28, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    94.9%
BANK LOANS    15.6%
Auto Manufacturers    0.4%
Navistar, Inc., Tranche B Term Loan, 1 Month LIBOR + 3.500%		6.020	%(c)		11/06/24		9,875	$	9,829,805
Beverages    0.0%
Jacobs Douwe Egberts International BV (Netherlands), Term B EUR Loan, 2 Month EURIBOR + 2.000%		2.500	(c)		10/23/25	EUR	202		230,468
Chemicals    0.5%
Solenis International LP, First Lien Initial Dollar Term Loan, 1 - 3 Month LIBOR + 4.000%^		6.583	(c)		06/26/25		12,935		12,821,819
Commercial Services    1.5%
Financial & Risk US Holdings, Inc., Initial Dollar Term Loan, 1 Month LIBOR + 3.750%		6.240	(c)		10/01/25		18,415		18,119,587
Laureate Education, Inc., Series 2024 Term Loan, 1 Month LIBOR + 3.500%/PRIME + 2.500%		7.000	(c)		04/26/24		20,208		20,204,160
									38,323,747
Computers    1.1%
Everi Payments, Inc., New Term B Loan, 1 Month LIBOR + 3.000%		5.490	(c)		05/09/24		4,988		4,958,665
McAfee LLC,
Second Lien Initial Loan, 1 Month LIBOR + 8.500%		10.990	(c)		09/29/25		6,525		6,598,406
Term B USD Loan, 1 Month LIBOR + 3.750%		6.240	(c)		09/30/24		17,860		17,888,209
									29,445,280
Electric    0.1%
NRG Energy, Inc., Term Loan, 1 Month LIBOR + 1.750%		4.240	(c)		06/30/23		1,995		1,984,633
Engineering & Construction 0.5%
StandardAero Aviation Holdings, Inc., Initial Term Loan, 1 Month LIBOR + 3.750%		6.240	(c)		07/07/22		12,535		12,503,619

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 13

Schedule of Investments(unaudited) (continued)

as of February 28, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
BANK LOANS (Continued)
Foods     0.9%
JBS USA Lux SA, Initial Term Loan, 1 - 3 Month LIBOR + 2.500%		5.197	%(c)		10/30/22		19,404	$	19,331,701
Shearer’s Foods LLC, First Lien Term Loan, 1 Month LIBOR + 4.250%		6.740	(c)		06/30/21		3,524		3,478,046
									22,809,747
Insurance     0.6%
Asurion LLC,
ReplacementB-6 Term Loan, 1 Month LIBOR + 3.000%		5.490	(c)		11/03/23		5,984		5,982,563
Second Lien ReplacementB-2 Term Loan, 1 Month LIBOR + 6.500%		8.990	(c)		08/04/25		8,500		8,631,045
									14,613,608
Internet     0.3%
Symantec Corp., TermA-5 Loan, 1 Month LIBOR + 1.750%		4.240	(c)		08/01/21		6,838		6,794,872
Media     0.6%
Quebecor Media, Inc. (Canada), FacilityB-1 Tranche, 3 Month LIBOR + 2.250%		4.930	(c)		08/17/20		8,588		8,545,382
Radiate HoldCo LLC, Closing Date Term Loan, 1 Month LIBOR + 3.000%		5.490	(c)		02/01/24		6,467		6,428,978
									14,974,360
Mining     0.4%
Aleris International, Inc., Initial Term Loan, 1 Month LIBOR + 4.750%		7.240	(c)		02/27/23		9,893		9,911,817
Oil & Gas     0.1%
Citgo Petroleum Corp., Term B Loan, 3 Month LIBOR + 3.500%		6.300	(c)		07/29/21		3,350		3,266,250

See Notes to Financial Statements.

14

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
BANK LOANS (Continued)
Pharmaceuticals    0.7%
NVA Holdings, Inc., TermB-3 Loan (First Lien), 1 Month LIBOR + 2.750%		5.240	%(c)		02/02/25		9,859	$	9,619,053
PharMerica Corp., Initial Term Loan (First Lien), 1 Month LIBOR + 3.500%^		5.980	(c)		12/06/24		9,247		9,235,110
									18,854,163
Retail    1.0%
CEC Entertainment, Inc., First Lien Term B Loan, 1 Month LIBOR + 3.250%		5.740	(c)		02/15/21		10,770		10,496,303
Sally Holdings LLC, TermB-2 Loan^		4.500			07/05/24		16,929		16,336,485
									26,832,788
Software    4.3%	��
Boxer Parent Co., Inc., Initial Dollar Term Loan, 3 Month LIBOR + 4.250%		7.050	(c)		10/02/25		17,925		17,810,925
Dun & Bradstreet Corp., Initial Term Loan, 1 Month LIBOR + 5.000%		7.480	(c)		02/06/26		9,075		9,086,344
Exela Intermediate LLC, 2018 Repriced Term Loan, 3 Month LIBOR + 6.500%		9.335	(c)		07/12/23		5,812		5,805,234
Finastra USA, Inc., First Lien Dollar Term Loan, 3 Month LIBOR + 3.500%		6.300	(c)		06/13/24		7,231		7,159,676
First Data Corp.,
2022D New Dollar Term Loan, 1 Month LIBOR + 2.000%		4.490	(c)		07/08/22		11,656		11,641,418
2024A New Dollar Term Loan, 1 Month LIBOR + 2.000%		4.490	(c)		04/26/24		21,885		21,856,221
Infor US, Inc., TrancheB-6 Term Loan, 1 Month LIBOR + 2.750%		5.240	(c)		02/01/22		18,616		18,604,694
Informatica LLC, Dollar TermB-1 Loan, 1 Month LIBOR + 3.250%		5.740	(c)		08/05/22		18,000		17,995,085
									109,959,597

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 15

Schedule of Investments(unaudited) (continued)

as of February 28, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
BANK LOANS (Continued)
Telecommunications    2.6%
Digicel International Finance Ltd. (Saint Lucia), First Lien Initial Term B Loan, 3 Month LIBOR + 3.250%		5.880	%(c)		05/27/24		9,628	$	8,472,770
Intelsat Jackson Holdings SA (Luxembourg),
TrancheB-3 Term Loan, 1 Month LIBOR + 3.750%		6.230	(c)		11/27/23		4,000		3,992,500
TrancheB-5 Term Loan		6.630			01/02/24		16,475		16,680,938
Sprint Communications, Inc., Initial Term Loan, 1 Month LIBOR + 2.500%^		5.000	(c)		02/02/24		5,000		4,931,250
West Corp., Initial Term B Loan, 1 - 3 Month LIBOR + 4.000%		6.560	(c)		10/10/24		10,303		9,744,922
Xplornet Communications, Inc. (Canada), New Term B Loan, 3 Month LIBOR + 4.000%^		6.800	(c)		09/09/21		22,331		22,302,454
									66,124,834
TOTAL BANK LOANS (cost $399,392,593)									399,281,407
CORPORATE BONDS    79.0%
Advertising    1.0%
Clear Channel International BV, Gtd. Notes, 144A(a)		8.750			12/15/20		10,000		10,237,500
Outfront Media Capital LLC/Outfront Media Capital Corp., Gtd. Notes(a)		5.625			02/15/24		16,245		16,630,819
									26,868,319
Aerospace & Defense    2.6%
Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A(a)		7.500			12/01/24		24,700		25,132,250
Sr. Unsec’d. Notes, 144A		8.750			12/01/21		28,550		31,405,000
TransDigm, Inc., Gtd. Notes		6.000			07/15/22		10,225		10,414,162
									66,951,412
Agriculture    0.1%
Vector Group Ltd., Sr. Sec’d. Notes, 144A		6.125			02/01/25		1,550		1,371,750

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Auto Parts & Equipment    0.1%
American Axle & Manufacturing, Inc.,
Gtd. Notes(a)		6.250	%		04/01/25		300	$	299,280
Gtd. Notes		7.750			11/15/19		2,370		2,426,596
									2,725,876
Banks    0.6%
CIT Group, Inc., Sr. Unsec’d. Notes(a)		5.250			03/07/25		2,100		2,199,750
Popular, Inc. (Puerto Rico), Sr. Unsec’d. Notes		6.125			09/14/23		12,050		12,426,563
									14,626,313
Building Materials    2.5%
Griffon Corp., Gtd. Notes		5.250			03/01/22		32,793		32,383,087
Standard Industries, Inc., Sr. Unsec’d. Notes, 144A		5.375			11/15/24		7,495		7,607,425
Summit Materials LLC/Summit Materials Finance Corp.,
Gtd. Notes(a)		6.125			07/15/23		2,000		2,050,000
Gtd. Notes		8.500			04/15/22		3,550		3,709,750
U.S. Concrete, Inc., Gtd. Notes(a)		6.375			06/01/24		18,628		18,348,580
									64,098,842
Chemicals    3.6%
Chemours Co. (The),
Gtd. Notes(a)		6.625			05/15/23		31,608		32,794,880
Gtd. Notes		7.000			05/15/25		3,585		3,737,363
Hexion, Inc., Sr. Sec’d. Notes, 144A(a)		10.375			02/01/22		1,795		1,521,263
NOVA Chemicals Corp. (Canada),
Sr. Unsec’d. Notes, 144A		4.875			06/01/24		19,350		18,734,670
Sr. Unsec’d. Notes, 144A(a)		5.250			08/01/23		11,369		11,255,310
PQ Corp., Sr. Sec’d. Notes, 144A		6.750			11/15/22		12,592		13,091,902

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 17

Schedule of Investments(unaudited) (continued)

as of February 28, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Chemicals (cont’d.)
Sasol Financing International Ltd. (South Africa), Gtd. Notes		4.500	%		11/14/22		2,000	$	1,990,452
TPC Group, Inc., Sr. Sec’d. Notes, 144A(a)		8.750			12/15/20		7,863		7,705,740
									90,831,580
Commercial Services    1.5%
Laureate Education, Inc., Gtd. Notes, 144A		8.250			05/01/25		11,020		11,901,600
Nielsen Finance LLC/Nielsen Finance Co., Gtd. Notes, 144A(a)		5.000			04/15/22		25,864		25,799,340
United Rentals North America, Inc., Gtd. Notes		4.625			10/15/25		1,625		1,580,313
									39,281,253
Computers    1.4%
Dell International LLC/EMC Corp.,
Gtd. Notes, 144A		5.875			06/15/21		11,520		11,747,105
Gtd. Notes, 144A(a)		7.125			06/15/24		8,113		8,609,234
EMC Corp., Sr. Unsec’d. Notes		2.650			06/01/20		6,100		6,039,919
Everi Payments, Inc., Gtd. Notes, 144A		7.500			12/15/25		3,400		3,400,000
NCR Corp.,
Gtd. Notes(a)		4.625			02/15/21		3,500		3,482,500
Gtd. Notes		5.000			07/15/22		1,320		1,319,855
Gtd. Notes(a)		6.375			12/15/23		1,055		1,070,266
									35,668,879
Distribution/Wholesale    0.3%
Global Partners LP/GLP Finance Corp.,
Gtd. Notes		6.250			07/15/22		2,630		2,577,400
Gtd. Notes		7.000			06/15/23		4,865		4,810,269
									7,387,669
Diversified Financial Services    2.2%
Alliance Data Systems Corp.,
Gtd. Notes, 144A(a)		5.375			08/01/22		15,825		16,062,375

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Diversified Financial Services (cont’d.)
Alliance Data Systems Corp., (cont’d.)
Gtd. Notes, 144A, MTN		5.875	%		11/01/21		3,000	$	3,052,500
Lions Gate Capital Holdings LLC, Gtd. Notes, 144A		6.375			02/01/24		11,630		11,920,750
Nationstar Mortgage Holdings, Inc., Gtd. Notes, 144A		8.125			07/15/23		20,100		20,451,750
Navient Corp.,
Sr. Unsec’d. Notes(a)		6.500			06/15/22		3,400		3,493,500
Sr. Unsec’d. Notes, MTN		8.000			03/25/20		150		156,650
VFH Parent LLC/OrchestraCo-Issuer, Inc., Sec’d. Notes, 144A		6.750			06/15/22		1,125		1,154,115
									56,291,640
Electric    1.9%
Calpine Corp.,
Sr. Sec’d. Notes, 144A(a)		5.875			01/15/24		2,375		2,422,500
Sr. Unsec’d. Notes(a)		5.375			01/15/23		17,065		16,894,350
Sr. Unsec’d. Notes(a)		5.500			02/01/24		12,034		11,582,725
Sr. Unsec’d. Notes		5.750			01/15/25		2,500		2,393,750
GenOn Energy, Inc./NRG Americas, Inc., Sec’d. Notes, 3 Month LIBOR + 6.500%(a)		9.392	(c)		12/01/23		3,305		3,280,483
NRG Energy, Inc., Gtd. Notes(a)		6.250			05/01/24		1,997		2,066,895
Vistra Energy Corp., Gtd. Notes		7.625			11/01/24		10,164		10,799,250
									49,439,953
Electronics    0.0%
Sensata Technologies BV, Gtd. Notes, 144A(a)		5.625			11/01/24		1,100		1,155,000
Engineering & Construction    0.3%
StandardAero Aviation Holdings, Inc., Gtd. Notes, 144A(a)		10.000			07/15/23		6,160		6,637,400
Entertainment    3.4%
AMC Entertainment Holdings, Inc., Gtd. Notes(a)		5.750			06/15/25		6,450		5,950,125
Caesars Resort Collection LLC/CRC Finco, Inc., Gtd. Notes, 144A		5.250			10/15/25		5,000		4,743,750

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 19

Schedule of Investments(unaudited) (continued)

as of February 28, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Entertainment (cont’d.)
CCM Merger, Inc., Sr. Unsec’d. Notes, 144A		6.000	%		03/15/22		14,450	$	14,757,063
International Game Technology PLC, Sr. Sec’d. Notes, 144A		6.250			02/15/22		6,775		7,079,875
Jacobs Entertainment, Inc., Sec’d. Notes, 144A		7.875			02/01/24		8,486		8,889,085
National CineMedia LLC, Sr. Sec’d. Notes		6.000			04/15/22		9,536		9,642,326
Scientific Games International, Inc.,
Gtd. Notes		6.250			09/01/20		3,897		3,897,000
Gtd. Notes(a)		6.625			05/15/21		9,838		9,936,380
Gtd. Notes(a)		10.000			12/01/22		21,515		22,617,644
									87,513,248
Foods    0.2%
B&G Foods, Inc., Gtd. Notes(a)		4.625			06/01/21		5,400		5,391,563
Iceland Bondco PLC (United Kingdom), Sr. Sec’d. Notes, 144A, 3 Month GBP LIBOR + 4.250%		5.178	(c)		07/15/20	GBP	382		505,608
									5,897,171
Forest Products & Paper    0.1%
Mercer International, Inc. (Canada), Sr. Unsec’d. Notes		7.750			12/01/22		1,849		1,922,960
Gas    0.4%
AmeriGas Partners LP/AmeriGas Finance Corp.,
Sr. Unsec’d. Notes		5.500			05/20/25		2,150		2,128,500
Sr. Unsec’d. Notes(a)		5.625			05/20/24		1,550		1,565,500
Rockpoint Gas Storage Canada Ltd. (Canada), Sr. Sec’d. Notes, 144A(a)		7.000			03/31/23		6,270		6,136,763
									9,830,763

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Healthcare-Products    0.1%
Mallinckrodt International Finance SA, Gtd. Notes(a)		4.750	%		04/15/23		2,500	$	2,025,000
Mallinckrodt International Finance SA/Mallinckrodt CB LLC, Gtd. Notes, 144A		4.875			04/15/20		1,060		1,054,806
									3,079,806
Healthcare-Services    4.5%
Acadia Healthcare Co., Inc.,
Gtd. Notes		5.125			07/01/22		1,510		1,487,350
Gtd. Notes		6.500			03/01/24		9,000		8,955,000
CHS/Community Health Systems, Inc.,
Sec’d. Notes, 144A(a)		8.125			06/30/24		13,896		11,672,640
Sr. Sec’d. Notes(a)		6.250			03/31/23		5,250		5,053,125
HCA, Inc.,
Gtd. Notes		5.375			02/01/25		1,650		1,711,364
Gtd. Notes		5.875			05/01/23		1,000		1,057,500
Gtd. Notes		7.500			02/15/22		3,000		3,288,750
Gtd. Notes(a)		7.500			12/15/23		3,000		3,322,500
MEDNAX, Inc., Gtd. Notes, 144A		5.250			12/01/23		4,580		4,631,525
Molina Healthcare, Inc., Gtd. Notes		5.375			11/15/22		6,619		6,823,775
Select Medical Corp., Gtd. Notes		6.375			06/01/21		6,950		6,976,062
Surgery Center Holdings, Inc., Gtd. Notes, 144A(a)		8.875			04/15/21		10,400		10,582,000
Tenet Healthcare Corp.,
Sr. Sec’d. Notes		4.625			07/15/24		7,725		7,705,687
Sr. Sec’d. Notes		4.750			06/01/20		5,850		5,915,813
Sr. Unsec’d. Notes(a)		6.750			06/15/23		12,800		13,120,000
Sr. Unsec’d. Notes(a)		8.125			04/01/22		21,448		22,895,740
									115,198,831
Home Builders    7.0%
Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unsec’d. Notes, 144A		6.875			02/15/21		14,206		13,637,760
Beazer Homes USA, Inc., Gtd. Notes		8.750			03/15/22		25,193		26,169,229
Brookfield Residential Properties, Inc. (Canada), Gtd. Notes, 144A		6.500			12/15/20		3,213		3,221,033

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 21

Schedule of Investments(unaudited) (continued)

as of February 28, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Home Builders (cont’d.)
Brookfield Residential Properties, Inc./Brookfield Residential US Corp. (Canada), Gtd. Notes, 144A(a)		6.125	%		07/01/22		11,346	$	11,303,452
KB Home,
Gtd. Notes		7.000			12/15/21		2,770		2,929,275
Gtd. Notes		7.500			09/15/22		5,345		5,812,687
Gtd. Notes(a)		7.625			05/15/23		4,871		5,224,148
Lennar Corp.,
Gtd. Notes		4.125			01/15/22		8,200		8,159,000
Gtd. Notes		4.875			12/15/23		3,350		3,400,250
Gtd. Notes		6.250			12/15/21		1,382		1,445,918
M/I Homes, Inc., Gtd. Notes		6.750			01/15/21		10,175		10,327,625
Mattamy Group Corp. (Canada), Sr. Unsec’d. Notes, 144A		6.875			12/15/23		5,893		5,848,802
Meritage Homes Corp., Gtd. Notes		7.000			04/01/22		2,295		2,452,781
New Home Co., Inc. (The), Gtd. Notes		7.250			04/01/22		10,310		9,491,592
Shea Homes LP/Shea Homes Funding Corp., Gtd. Notes, 144A		5.875			04/01/23		2,325		2,237,813
Taylor Morrison Communities, Inc., Gtd. Notes		6.625			05/15/22		6,450		6,651,562
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc.,
Gtd. Notes, 144A(a)		5.250			04/15/21		13,123		13,139,404
Gtd. Notes, 144A		5.625			03/01/24		9,498		9,379,275
Gtd. Notes, 144A		5.875			04/15/23		6,170		6,154,575
TRI Pointe Group, Inc., Gtd. Notes(a)		4.875			07/01/21		8,395		8,374,012
TRI Pointe Group, Inc./TRI Pointe Homes, Inc., Gtd. Notes		4.375			06/15/19		2,350		2,347,063
William Lyon Homes, Inc.,
Gtd. Notes		6.000			09/01/23		14,800		13,764,000
Gtd. Notes		7.000			08/15/22		6,700		6,716,750
									178,188,006
Home Furnishings    0.5%
Tempur Sealy International, Inc., Gtd. Notes(a)		5.625			10/15/23		12,186		12,307,860

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Housewares    0.1%
Scotts Miracle-Gro Co. (The), Gtd. Notes		6.000	%		10/15/23		2,988	$	3,077,640
Internet    0.9%
Zayo Group LLC/Zayo Capital, Inc., Gtd. Notes(a)		6.000			04/01/23		22,345		22,624,313
Iron/Steel    0.9%
AK Steel Corp., Sr. Sec’d. Notes(a)		7.500			07/15/23		9,825		10,118,768
Cleveland-Cliffs, Inc., Sr. Sec’d. Notes, 144A(a)		4.875			01/15/24		12,092		12,061,770
									22,180,538
Lodging    1.0%
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp.,
Sec’d. Notes, 144A		10.250			11/15/22		9,610		10,354,775
Sr. Sec’d. Notes, 144A		6.750			11/15/21		12,200		12,566,000
MGM Resorts International, Gtd. Notes		6.000			03/15/23		3,600		3,766,500
									26,687,275
Machinery-Diversified    0.4%
Cloud Crane LLC, Sec’d. Notes, 144A		10.125			08/01/24		8,810		9,382,650
Media    13.8%
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes(a)		5.125			02/15/23		3,575		3,633,094
Sr. Unsec’d. Notes(a)		5.250			09/30/22		21,560		21,977,725
Sr. Unsec’d. Notes		5.750			01/15/24		1,000		1,024,375
Sr. Unsec’d. Notes, 144A(a)		5.125			05/01/23		24,372		24,800,947
Sr. Unsec’d. Notes, 144A(a)		5.875			04/01/24		13,500		14,056,875
Clear Channel Worldwide Holdings, Inc.,
Gtd. Notes, Series A(a)		6.500			11/15/22		13,440		13,725,600
Gtd. Notes, Series A		7.625			03/15/20		5,470		5,472,735
Gtd. Notes, Series B(a)		6.500			11/15/22		10,868		11,112,530
Sr. Sub. Notes, 144A		9.250			02/15/24		20,250		21,237,187
CSC Holdings LLC, Sr. Sec’d. Notes, 144A(a)		5.375			07/15/23		13,727		14,107,238

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 23

Schedule of Investments(unaudited) (continued)

as of February 28, 2019

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		5.125	%		12/15/21		50,336	$	50,494,055
Sr. Unsec’d. Notes, 144A		5.125			12/15/21		4,402		4,415,822
DISH DBS Corp.,
Gtd. Notes		5.125			05/01/20		22,757		22,927,677
Gtd. Notes(a)		5.875			07/15/22		3,242		3,096,110
Gtd. Notes(a)		6.750			06/01/21		7,524		7,693,290
Gray Television, Inc., Gtd. Notes, 144A		5.125			10/15/24		542		539,968
Mediacom Broadband LLC/Mediacom Broadband Corp., Sr. Unsec’d. Notes		5.500			04/15/21		18,535		18,488,662
Midcontinent Communications/Midcontinent Finance Corp., Gtd. Notes, 144A		6.875			08/15/23		7,575		7,906,103
Nexstar Broadcasting, Inc.,
Gtd. Notes, 144A(a)		5.625			08/01/24		6,155		6,108,838
Gtd. Notes, 144A(a)		6.125			02/15/22		3,950		4,009,250
Quebecor Media, Inc. (Canada), Sr. Unsec’d. Notes		5.750			01/15/23		3,525		3,651,680
Radiate Holdco LLC/Radiate Finance, Inc.,
Sr. Unsec’d. Notes, 144A(a)		6.625			02/15/25		600		564,000
Sr. Unsec’d. Notes, 144A		6.875			02/15/23		4,335		4,204,950
Sinclair Television Group, Inc.,
Gtd. Notes		5.375			04/01/21		18,470		18,493,087
Gtd. Notes(a)		6.125			10/01/22		9,443		9,652,635
Gtd. Notes, 144A(a)		5.625			08/01/24		6,860		6,920,025
TEGNA, Inc.,
Gtd. Notes		6.375			10/15/23		7,663		7,912,048
Gtd. Notes, 144A(a)		4.875			09/15/21		11,887		11,946,435
Univision Communications, Inc.,
Sr. Sec’d. Notes, 144A(a)		5.125			05/15/23		9,910		8,993,325
Sr. Sec’d. Notes, 144A		6.750			09/15/22		23,757		23,905,481
									353,071,747
Metal Fabricate/Hardware    1.0%
Novelis Corp., Gtd. Notes, 144A		6.250			08/15/24		6,716		6,766,370
Zekelman Industries, Inc., Sr. Sec’d. Notes, 144A		9.875			06/15/23		16,975		18,073,283
									24,839,653

See Notes to Financial Statements.

24

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Mining    2.3%
Constellium NV, Gtd. Notes, 144A(a)		6.625	%		03/01/25		5,630	$	5,672,225
First Quantum Minerals Ltd. (Zambia),
Gtd. Notes, 144A(a)		7.000			02/15/21		13,700		13,926,050
Sr. Unsec’d. Notes, 144A(a)		7.250			05/15/22		7,026		7,069,912
Freeport-McMoRan, Inc.,
Gtd. Notes(a)		3.875			03/15/23		11,605		11,436,495
Gtd. Notes(a)		4.550			11/14/24		7,085		7,014,150
Gtd. Notes(a)		6.875			02/15/23		4,265		4,504,906
IAMGOLD Corp. (Canada), Gtd. Notes, 144A		7.000			04/15/25		4,000		3,980,000
International Wire Group, Inc., Sec’d. Notes, 144A		10.750			08/01/21		1,175		1,078,063
New Gold, Inc. (Canada), Gtd. Notes, 144A(a)		6.250			11/15/22		3,635		3,221,519
									57,903,320
Miscellaneous Manufacturing    0.0%
FXI Holdings, Inc., Sr. Sec’d. Notes, 144A(a)		7.875			11/01/24		850		813,875
Oil & Gas    6.1%
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., Gtd. Notes		7.875			12/15/24		10,925		3,468,688
Antero Resources Corp.,
Gtd. Notes		5.125			12/01/22		300		300,480
Gtd. Notes		5.375			11/01/21		3,400		3,412,750
Gtd. Notes(a)		5.625			06/01/23		11,415		11,443,537
Ascent Resources Utica Holdings LLC/ARU Finance Corp., Sr. Unsec’d. Notes, 144A(a)		10.000			04/01/22		25,464		27,437,460
Citgo Holding, Inc., Sr. Sec’d. Notes, 144A		10.750			02/15/20		28,177		28,916,646
CNX Resources Corp., Gtd. Notes		5.875			04/15/22		17,149		17,320,490
Denbury Resources, Inc., Sec’d. Notes, 144A(a)		9.000			05/15/21		1,150		1,160,063
Endeavor Energy Resources LP/EER Finance, Inc., Sr. Unsec’d. Notes, 144A		5.500			01/30/26		6,500		6,808,750

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 25

Schedule of Investments(unaudited) (continued)

as of February 28, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont’d.)
MEG Energy Corp. (Canada),
Gtd. Notes, 144A		6.375	%		01/30/23		23,022	$	21,007,575
Gtd. Notes, 144A		7.000			03/31/24		1,325		1,212,375
Range Resources Corp.,
Gtd. Notes(a)		5.000			03/15/23		8,825		8,527,156
Gtd. Notes		5.875			07/01/22		4,124		4,165,240
Sunoco LP/Sunoco Finance Corp., Gtd. Notes(a)		4.875			01/15/23		13,475		13,643,437
WPX Energy, Inc.,
Sr. Unsec’d. Notes		6.000			01/15/22		4,000		4,130,000
Sr. Unsec’d. Notes		8.250			08/01/23		2,000		2,242,500
									155,197,147
Oil & Gas Services    0.1%
Nine Energy Service, Inc., Sr. Unsec’d. Notes, 144A		8.750			11/01/23		3,875		3,875,000
Packaging & Containers    1.1%
ARD Finance SA (Luxembourg), Sr. Sec’d. Notes, Cash coupon 7.125% or PIK 7.875%		7.125			09/15/23		9,950		9,974,875
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (Ireland),
Sr. Sec’d. Notes, 144A(a)		4.250			09/15/22		6,100		6,089,020
Sr. Sec’d. Notes, 144A		4.625			05/15/23		2,500		2,518,750
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC,
Sr. Sec’d. Notes		5.750			10/15/20		9,689		9,708,517
Sr. Sec’d. Notes, 144A		5.125			07/15/23		1,000		1,000,000
									29,291,162
Pharmaceuticals    0.2%
Bausch Health Cos., Inc., Sr. Sec’d. Notes, 144A		6.500			03/15/22		2,575		2,668,344
Endo Finance LLC/Endo Finco, Inc., Gtd. Notes, 144A		5.375			01/15/23		3,300		2,720,437
									5,388,781

See Notes to Financial Statements.

26

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Real Estate    0.3%
Howard Hughes Corp. (The), Sr. Unsec’d. Notes, 144A		5.375	%		03/15/25		2,250	$	2,221,875
Hunt Cos., Inc., Sr. Sec’d. Notes, 144A		6.250			02/15/26		50		46,500
Realogy Group LLC/RealogyCo-Issuer Corp., Gtd. Notes, 144A(a)		4.875			06/01/23		5,000		4,525,000
									6,793,375
Real Estate Investment Trusts (REITs)    1.2%
GLP Capital LP/GLP Financing II, Inc., Gtd. Notes(a)		5.375			11/01/23		2,130		2,211,877
Sabra Health Care LP/Sabra Capital Corp., Gtd. Notes		5.500			02/01/21		6,110		6,197,831
SBA Communications Corp., Sr. Unsec’d. Notes(a)		4.000			10/01/22		18,915		18,725,850
VICI Properties 1 LLC/VICI FC, Inc., Sec’d. Notes(a)		8.000			10/15/23		2,730		2,982,525
									30,118,083
Retail    4.8%
Beacon Roofing Supply, Inc., Gtd. Notes(a)		6.375			10/01/23		4,415		4,558,488
Brinker International, Inc., Gtd. Notes, 144A		5.000			10/01/24		1,000		962,500
Carvana Co., Gtd. Notes, 144A(a)		8.875			10/01/23		15,700		15,229,000
CEC Entertainment, Inc., Gtd. Notes(a)		8.000			02/15/22		7,100		6,443,250
Ferrellgas LP/Ferrellgas Finance Corp.,
Gtd. Notes		6.750			06/15/23		6,075		5,437,125
Sr. Unsec’d. Notes		6.500			05/01/21		1,725		1,543,875
Sr. Unsec’d. Notes		6.750			01/15/22		3,000		2,670,000
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp.,
Sr. Unsec’d. Notes		8.625			06/15/20		3,025		2,344,375
Sr. Unsec’d. Notes(a)		8.625			06/15/20		9,025		6,994,375
Golden Nugget, Inc.,
Gtd. Notes, 144A(a)		8.750			10/01/25		8,375		8,626,250
Sr. Unsec’d. Notes, 144A(a)		6.750			10/15/24		4,600		4,623,000
Hot Topic, Inc., Sr. Sec’d. Notes, 144A		9.250			06/15/21		1,836		1,836,000

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 27

Schedule of Investments(unaudited) (continued)

as of February 28, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Retail (cont’d.)
L Brands, Inc.,
Gtd. Notes(a)		5.625	%		10/15/23		22,676	$	22,505,930
Gtd. Notes		6.625			04/01/21		8,325		8,658,000
PetSmart, Inc., Gtd. Notes, 144A		7.125			03/15/23		11,200		7,588,000
Rite Aid Corp., Gtd. Notes, 144A(a)		6.125			04/01/23		16,307		13,901,717
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes		5.500			11/01/23		825		833,250
Gtd. Notes(a)		5.625			12/01/25		221		216,856
Stonegate Pub Co. Financing PLC (United Kingdom),
Sr. Sec’d. Notes, 144A		4.875			03/15/22	GBP	3,400		4,413,078
Sr. Sec’d. Notes, 144A, 3 Month GBP LIBOR + 4.375%		5.276	(c)		03/15/22	GBP	1,875		2,453,080
									121,838,149
Software    3.3%
First Data Corp., Sec’d. Notes, 144A(a)		5.750			01/15/24		6,155		6,336,265
Infor Software Parent LLC/Infor Software Parent, Inc., Sr. Unsec’d. Notes, 144A, Cash coupon 7.125% or PIK 7.875%(a)		7.125			05/01/21		8,705		8,739,820
Infor US, Inc., Gtd. Notes(a)		6.500			05/15/22		19,580		19,967,096
Informatica LLC, Sr. Unsec’d. Notes, 144A		7.125			07/15/23		8,572		8,680,179
RP Crown Parent LLC, Gtd. Notes, 144A		7.375			10/15/24		4,895		5,017,375
TIBCO Software, Inc., Sr. Unsec’d. Notes, 144A(a)		11.375			12/01/21		32,445		34,472,812
									83,213,547
Telecommunications    5.3%
Anixter, Inc., Gtd. Notes		5.500			03/01/23		3,200		3,308,000
CenturyLink, Inc.,
Sr. Unsec’d. Notes, Series S(a)		6.450			06/15/21		29,250		30,381,975
Sr. Unsec’d. Notes, Series Y(a)		7.500			04/01/24		3,365		3,559,539
CommScope Finance LLC,
First Lien, 144A		5.500			03/01/24		5,000		5,089,750

See Notes to Financial Statements.

28

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Telecommunications (cont’d.)
CommScope Finance LLC, (cont’d.)
First Lien, 144A		6.000	%		03/01/26		3,025	$	3,093,063
CommScope Technologies LLC, Gtd. Notes, 144A		6.000			06/15/25		7,078		6,671,015
CommScope, Inc., Gtd. Notes, 144A(a)		5.500			06/15/24		9,069		8,706,240
Iridium Communications, Inc., Sr. Unsec’d. Notes, 144A		10.250			04/15/23		800		874,000
Level 3 Financing, Inc.,
Gtd. Notes		5.375			08/15/22		1,520		1,529,500
Gtd. Notes		5.625			02/01/23		3,475		3,501,062
Gtd. Notes		6.125			01/15/21		22,647		22,738,720
ORBCOMM, Inc., Sr. Sec’d. Notes, 144A		8.000			04/01/24		7,080		7,327,800
Sprint Communications, Inc., Sr. Unsec’d. Notes		6.000			11/15/22		6,000		6,087,000
Sprint Corp.,
Gtd. Notes		7.250			09/15/21		11,720		12,379,250
Gtd. Notes		7.875			09/15/23		14,230		15,229,800
T-Mobile USA, Inc., Gtd. Notes(a)		6.375			03/01/25		4,725		4,916,953
									135,393,667
Textiles    0.1%
Eagle Intermediate Global Holding BV/Ruyi US Finance LLC (China), Sr. Sec’d. Notes, 144A		7.500			05/01/25		1,625		1,577,063
Transportation    0.6%
XPO Logistics, Inc.,
Gtd. Notes, 144A(a)		6.125			09/01/23		4,000		3,990,000
Gtd. Notes, 144A		6.500			06/15/22		1,301		1,323,767
Sr. Unsec’d. Notes, 144A		6.750			08/15/24		10,475		10,541,726
									15,855,493
Trucking & Leasing    1.2%
Avolon Holdings Funding Ltd. (Ireland),
Gtd. Notes, 144A		5.125			10/01/23		8,600		8,686,000
Gtd. Notes, 144A		5.500			01/15/23		6,125		6,279,350

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 29

Schedule of Investments(unaudited) (continued)

as of February 28, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Trucking & Leasing (cont’d.)
Park Aerospace Holdings Ltd. (Ireland),
Gtd. Notes, 144A		4.500	%		03/15/23		850	$	843,625
Gtd. Notes, 144A(a)		5.250			08/15/22		14,069		14,402,576
Gtd. Notes, 144A		5.500			02/15/24		1,525		1,576,469
									31,788,020
TOTAL CORPORATE BONDS (cost $2,033,595,950)									2,018,185,029
SOVEREIGN BOND    0.1%
Ecuador Government International Bond (Ecuador), Sr. Unsec’d. Notes (cost $1,141,794)(a)		10.750			03/28/22		1,080		1,175,796
						Shares
COMMON STOCK    0.2%
Electric Utilities
GenOn Holdings, Inc. (Class A)*^ (cost $4,444,599)							41,316		5,784,232
TOTAL LONG-TERM INVESTMENTS (cost $2,438,574,936)									2,424,426,464
SHORT-TERM INVESTMENTS    22.1%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(w)							121,292,651		121,292,651
PGIM Institutional Money Market Fund (cost $443,935,219; includes $443,077,530 of cash collateral for securities on loan)(b)(w)							443,931,097		444,064,276
TOTAL SHORT-TERM INVESTMENTS (cost $565,227,870)									565,356,927
TOTAL INVESTMENTS    117.0% (cost $3,003,802,806)									2,989,783,391
Liabilities in excess of other assets(z)    (17.0)%									(434,410,647	)
NET ASSETS    100.0%								$	2,555,372,744

See Notes to Financial Statements.

30

The following abbreviations are used in the semiannual report:

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.

EURIBOR—Euro Interbank Offered Rate

LIBOR—London Interbank Offered Rate

MTN—Medium Term Note

PIK—Payment-in-Kind

REIT(s)—Real Estate Investment Trust(s)

EUR—Euro

GBP—British Pound

* Non-income producing security.

# Principal amount is shown in U.S. dollars unless otherwise stated.

^ Indicates a Level 3 security. The aggregate value of Level 3 securities is $71,411,350 and 2.8% of net assets.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $433,055,697; cash collateral of $443,077,530 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

(b) Represents security purchased with cash collateral received for securities on loan and includes dividend reinvestment.

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at February 28, 2019.

(w) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund.

(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 February 28, 2019:

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
		Long Positions:
	992	2 Year U.S. Treasury Notes		Jun. 2019	$	210,497,750	$	(149,500	)
	216	5 Year U.S. Treasury Notes		Jun. 2019		24,745,500		(34,608	)
	466	10 Year U.S. Treasury Notes		Jun. 2019		56,852,000		(197,796	)
	4	20 Year U.S. Treasury Bonds		Jun. 2019		577,875		(3,694	)
	2	30 Year U.S. Ultra Treasury Bonds		Jun. 2019		319,188		(3,792	)
								(389,390	)
		Short Positions:
	15	5 Year Euro-Bobl		Jun. 2019		2,253,003		2,204
	18	10 Year U.K. Gilt		Jun. 2019		3,003,143		24,874
								27,078
							$	(362,312	)

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 31

Schedule of Investments(unaudited) (continued)

as of February 28, 2019

Forward foreign currency exchange contracts outstanding at February 28, 2019:

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 03/04/19		Citibank, N.A.	GBP	4,604	$	5,991,857	$	6,107,561	$	115,704	$	—
Euro,
Expiring 03/04/19		Citibank, N.A.	EUR	6,798		7,711,558		7,735,279		23,721		—
					$	13,703,415	$	13,842,840		139,425		—
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 03/04/19		UBS AG	GBP	4,604	$	6,065,260	$	6,107,561	$	—	$	(42,301	)
Expiring 04/02/19		Citibank, N.A.	GBP	4,604		6,001,171		6,117,069		—		(115,898	)
Euro,
Expiring 03/04/19		Citibank, N.A.	EUR	6,798		7,781,286		7,735,279		46,007		—
Expiring 04/02/19		Citibank, N.A.	EUR	6,798		7,730,828		7,754,922		—		(24,094	)
					$	27,578,545	$	27,714,831		46,007		(182,293	)
									$	185,432	$	(182,293	)

Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:

Cash and securities segregated as collateral to cover requirements for open centrally cleared/exchange-traded derivatives are listed by broker as follows:

Broker	Cash and/or Foreign Currency		Securities Market Value
Citigroup Global Markets Inc.	$	1,675,000	$	—

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.

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

See Notes to Financial Statements.

32

The following is a summary of the inputs used as of February 28, 2019 in valuing such portfolio securities:

	Level 1			Level 2		Level 3
Investments in Securities
Bank Loans	$	—		$	333,654,289	$	65,627,118
Corporate Bonds		—			2,018,185,029		—
Sovereign Bond		—			1,175,796		—
Common Stock		—			—		5,784,232
Affiliated Mutual Funds		565,356,927			—		—
Other Financial Instruments*
Futures Contracts		(362,312	)		—		—
OTC Forward Foreign Currency Exchange Contracts		—			3,139		—
Total	$	564,994,615		$	2,353,018,253	$	71,411,350

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

	Bank Loans			Common Stocks
Balance as of 08/31/18	$	26,094,669		$	—
Realized gain (loss)		333			—
Change in unrealized appreciation (depreciation)		71,417			1,339,633
Purchases/Exchanges/Issuances		30,101,926			4,444,599
Sales/Paydowns		(124,800	)		—
Accrued discount/premium		673			—
Transfers into of Level 3		13,036,400			—
Transfers out of Level 3		(3,553,500	)		—
Balance as of 02/28/19	$	65,627,118		$	5,784,232
Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end	$	71,417		$	1,339,633

* 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 the unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value.

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

Level 3 Securities	Fair Value as of February 28, 2019		Valuation Methodology		Unobservable Inputs
Bank Loans	$	65,627,118		Market Approach		Single Broker Indicative Quote
Common Stocks		5,784,232		Market Approach		Single Broker Indicative Quote
	$	71,411,350

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 33

Schedule of Investments(unaudited) (continued)

as of February 28, 2019

It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. Securities transferred levels as follows:

Investments in Securities	Amount Transferred		Level Transfer		Logic
Bank Loans	$	3,553,500		L3 to L2	Single Broker Indicative Quote to Multiple Broker Quotes
Bank Loans	$	13,036,400		L2 to L3	Multiple Broker Quotes to Single Broker Indicative Quote

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of February 28, 2019 were as follows:

Affiliated Mutual Funds (17.3% represents investments purchased with collateral from securities on loan)	22.1	%
Media	14.4
Telecommunications	7.9
Software	7.6
Home Builders	7.0
Oil & Gas	6.2
Retail	5.8
Healthcare-Services	4.5
Chemicals	4.1
Entertainment	3.4
Commercial Services	3.0
Mining	2.7
Aerospace & Defense	2.6
Computers	2.5
Building Materials	2.5
Diversified Financial Services	2.2
Electric	2.0
Trucking & Leasing	1.2
Real Estate Investment Trusts (REITs)	1.2
Internet	1.2
Packaging & Containers	1.1
Foods	1.1
Advertising	1.0
Lodging	1.0
Metal Fabricate/Hardware	1.0
Pharmaceuticals	0.9
Iron/Steel	0.9
Engineering & Construction	0.8
Transportation	0.6	%
Banks	0.6
Insurance	0.6
Home Furnishings	0.5
Gas	0.4
Auto Manufacturers	0.4
Machinery-Diversified	0.4
Distribution/Wholesale	0.3
Real Estate	0.3
Electric Utilities	0.2
Oil & Gas Services	0.1
Healthcare-Products	0.1
Housewares	0.1
Auto Parts & Equipment	0.1
Forest Products & Paper	0.1
Textiles	0.1
Agriculture	0.1
Sovereign Bond	0.1
Electronics	0.0	*
Miscellaneous Manufacturing	0.0	*
Beverages	0.0	*
	117.0
Liabilities in excess of other assets	(17.0	)
	100.0	%

* Less than +/- 0.05%

See Notes to Financial Statements.

34

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 foreign exchange contracts risk and interest rate contracts risk. 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 February 28, 2019 as presented in the Statement of Assets and Liabilities:

	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts	$	185,432		Unrealized depreciation on OTC forward foreign currency exchange contracts	$	182,293
Interest rate contracts	Due from/to broker— variation margin futures		27,078	*	Due from/to broker— variation margin futures		389,390	*
		$	212,510			$	571,683

* 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 February 28, 2019 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
Foreign exchange contracts	$	—	$	378,367
Interest rate contracts		1,462,158		—
Total	$	1,462,158	$	378,367

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 35

Schedule of Investments(unaudited) (continued)

as of February 28, 2019

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
Foreign exchange contracts	$	—		$	(282,061	)
Interest rate contracts		(357,102	)		—
Total	$	(357,102	)	$	(282,061	)

For the six months ended February 28, 2019, the Fund’s average volume of derivative activities is as follows:

Futures Contracts— Long Positions(1)		Futures Contracts— Short Positions(1)		Forward Foreign Currency Exchange Contracts—Purchased(2)
$	228,672,224	$	5,729,293	$	20,671,064

Forward Foreign Currency  Exchange Contracts—Sold(2)
$	38,933,621

(1) Notional Amount in USD.

(2) Value at Settlement Date.

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

The Fund invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions, where the legal right toset-off exists, is presented in the summary below.

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/(Liabilities)		Collateral Pledged/(Received)(2)			Net Amount
Securities on Loan	$	433,055,697	$	(433,055,697	)	$	—

See Notes to Financial Statements.

36

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
Citibank, N.A.	$	185,432	$	(139,992	)	$	45,440		$	—	$	45,440
UBS AG		—		(42,301	)		(42,301	)		—		(42,301	)
	$	185,432	$	(182,293	)	$	3,139		$	—	$	3,139

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

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

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 37

Statement of Assets & Liabilities(unaudited)

as of February 28, 2019

Assets
Investments at value, including securities on loan of $433,055,697:
Unaffiliated investments (cost $2,438,574,936)	$	2,424,426,464
Affiliated investments (cost $565,227,870)		565,356,927
Cash		509,980
Foreign currency, at value (cost $6,229,878)		6,249,691
Dividends and interest receivable		38,716,774
Receivable for investments sold		16,458,304
Receivable for Fund shares sold		10,695,836
Deposit with broker for centrally cleared/exchange-traded derivatives		1,675,000
Unrealized appreciation on OTC forward foreign currency exchange contracts		185,432
Prepaid expenses		9,908
Total Assets		3,064,284,316
Liabilities
Payable to broker for collateral for securities on loan		443,077,530
Payable for investments purchased		51,434,376
Payable for Fund shares reacquired		10,143,484
Management fee payable		1,203,789
Dividends payable		1,192,259
Accrued expenses and other liabilities		1,164,228
Distribution fee payable		293,872
Due to broker—variation margin futures		218,725
Unrealized depreciation on OTC forward foreign currency exchange contracts		182,293
Affiliated transfer agent fee payable		1,016
Total Liabilities		508,911,572
Net Assets	$	2,555,372,744
Net assets were comprised of:
Common stock, at par	$	2,881,888
Paid-in capital in excess of par		2,717,156,933
Total distributable earnings (loss)		(164,666,077	)
Net assets, February 28, 2019	$	2,555,372,744

See Notes to Financial Statements.

38

Class A
Net asset value and redemption price per share, ($242,816,823 ÷ 27,390,025 shares of common stock issued and outstanding)	$	8.87
Maximum sales charge (3.25% of offering price)		0.30
Maximum offering price to public	$	9.17
Class C
Net asset value, offering price and redemption price per share,
($324,900,638 ÷ 36,651,650 shares of common stock issued and outstanding)	$	8.86
Class Z
Net asset value, offering price and redemption price per share,
($1,830,725,466 ÷ 206,454,822 shares of common stock issued and outstanding)	$	8.87
Class R6
Net asset value, offering price and redemption price per share,
($156,929,817 ÷ 17,692,308 shares of common stock issued and outstanding)	$	8.87

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 39

Statement of Operations(unaudited)

Six Months Ended February 28, 2019

Net Investment Income (Loss)
Income
Interest income (net of $182 foreign withholding tax)	$	70,180,205
Affiliated dividend income		1,024,933
Income from securities lending, net (including affiliated income of $364,040)		655,020
Total income		71,860,158
Expenses
Management fee		8,149,239
Distribution fee(a)		1,914,136
Transfer agent’s fees and expenses (including affiliated expense of $2,825)(a)		1,035,595
Custodian and accounting fees		107,496
Registration fees(a)		74,873
Shareholders’ reports		62,386
Directors’ fees		23,229
Audit fee		20,395
SEC registration fees		19,274
Legal fees and expenses		14,686
Miscellaneous		22,211
Total expenses		11,443,520
Less: Fee waiver and/or expense reimbursement(a)		(781,446	)
Net expenses		10,662,074
Net investment income (loss)		61,198,084
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(11,488))		(642,899	)
Futures transactions		1,462,158
Forward currency contract transactions		378,367
Foreign currency transactions		90,735
		1,288,361
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $91,655)		(5,148,978	)
Futures		(357,102	)
Forward currency contracts		(282,061	)
Foreign currencies		(26,968	)
		(5,815,109	)
Net gain (loss) on investment and foreign currency transactions		(4,526,748	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	56,671,336

See Notes to Financial Statements.

40

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

	Class A			Class C			Class Z			Class R6
Distribution fee		311,996			1,602,140			—			—
Transfer agent’s fees and expenses		126,993			132,906			775,400			296
Registration fees		15,219			13,978			34,540			11,136
Fee waiver and/or expense reimbursement		(103,811	)		(97,745	)		(556,027	)		(23,863	)

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 41

Statements of Changes in Net Assets(unaudited)

	Six Months Ended February 28, 2019			Year Ended August 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	61,198,084		$	109,937,229
Net realized gain (loss) on investment and foreign currency transactions		1,288,361			(5,957,898	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(5,815,109	)		(20,313,872	)
Net increase (decrease) in net assets resulting from operations		56,671,336			83,665,459
Dividends and Distributions
Distributions from distributable earnings*
Class A		(6,909,608	)		—
Class C		(7,678,280	)		—
Class Z		(47,710,997	)		—
Class R6		(3,646,847	)		—
		(65,945,732	)		—
Tax return of capital distributions
Class A		—			(718,848	)
Class C		—			(721,146	)
Class Z		—			(3,759,002	)
Class R6		—			(215,926	)
		—			(5,414,922	)
Dividends from net investment income*
Class A					(15,695,003	)
Class C					(15,745,175	)
Class Z					(82,072,392	)
Class R6					(4,714,436	)
		*			(118,227,006	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		789,933,558			881,202,898
Net asset value of shares issued in reinvestment of dividends and distributions		57,646,535			101,932,229
Cost of shares reacquired		(567,045,546	)		(1,061,794,781	)
Net increase (decrease) in net assets from Fund share transactions		280,534,547			(78,659,654	)
Total increase (decrease)		271,260,151			(118,636,123	)
Net Assets:
Beginning of period		2,284,112,593			2,402,748,716
End of period(a)	$	2,555,372,744		$	2,284,112,593
(a) Includes undistributed/(distributions in excess of) net investment income of:	$	*		$	(992,319	)

* For the period ended February 28, 2019, the disclosures have been revised to reflect revisions to RegulationS-X adopted by the SEC in 2018 (refer to Note 9).

See Notes to Financial Statements.

42

Notes to Financial Statements(unaudited)

Prudential Investment Portfolios, Inc. 15 (the “Company”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as a diversifiedopen-end management investment company. The Company consists of two funds: PGIM High Yield Fund and PGIM Short Duration High Yield Income Fund. These financial statements relate only to the PGIM Short Duration High Yield Income Fund (the “Fund”).

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

1. Accounting Policies

The Fund follows 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 accounting policies conform to U.S. generally accepted accounting principles. The Fund consistently follows such policies in the preparation of its financial statements.

Securities Valuation:The Fund holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. 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. The Company’s Board of Directors (the “Board”) 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’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 permit the Fund 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. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

For the fiscal reportingperiod-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 Company’s foreign investments may change on days when investors cannot purchase or redeem Fund shares.

Various inputs determine how the Fund’s investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of

PGIM Short Duration High Yield Income Fund 43

Notes to Financial Statements(unaudited) (continued)

Investments and referred to herein as the “fair value hierarchy” in accordance with FASB ASC Topic 820—Fair Value Measurements and Disclosures.

Derivative instruments, such as futures or options, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Investments inopen-end,non-exchange-traded mutual funds are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

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

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

OTC 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

44

approach which generally involves obtaining data from an approved independent third-party vendor source. The Fund utilizes the market approach when quoted prices in broker-dealer markets are available but also includes 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 OTC 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 OTC derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain OTC derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies approved by the Board. 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.

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

Illiquid Securities:Pursuant to Rule22e-4 under the Investment Company Act of 1940, the Fund has adopted a Board approved Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Fund limit its illiquid investments that are assets to no more than 15% of net assets. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, 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 find it difficult to sell illiquid securities at the time considered most advantageous by its Subadviser and may incur transaction costs that would not be incurred in the sale of securities that were freely marketable.

PGIM Short Duration High Yield Income Fund 45

Notes to Financial Statements(unaudited) (continued)

Restricted Securities:Securities acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer are considered restricted as to disposition under federal securities law (‘restricted securities”). Such restricted securities are valued pursuant to the valuation procedures noted above. Restricted securities that would otherwise be considered illiquid investments pursuant to the Fund’s LRMP because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. Therefore, these Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act of 1933, may be classified higher than “Illiquid” under the LRMP (i.e. “moderately liquid” or “less liquid” investments). However, the liquidity of the Fund’s investments in restricted securities could be impaired if trading does not develop or declines.

Foreign Currency Translation:The books and records of the Fund 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 current rates of exchange;

(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 Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does 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 Fund does 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 realized foreign currency gains (losses) are included in the reported net realized gains (losses) on investment transactions. Notwithstanding the above, the Fund does isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations; such amounts are included in net realized gains (losses) on foreign currency transactions.

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Company’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign

46

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. The Fund enters 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 rates and any unrealized gain (loss) is included in net unrealized appreciation (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 Fund’s 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.

Financial Futures Contracts:A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the “initial margin.” Subsequent payments, known as “variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in the value of the underlying security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

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

Bank Loans:The Fund invests in bank loans. Bank loans include fixed and floating rate loans that are privately negotiated between a corporate borrower and one or more financial

PGIM Short Duration High Yield Income Fund 47

Notes to Financial Statements(unaudited) (continued)

institutions, including, but not limited to, term loans, revolvers, and other instruments issued in the bank loan market. The Fund may acquire interests in loans directly (by way of assignment from the selling institution) or indirectly (by way of the purchase of a participation interest from the selling institution). Under a bank loan assignment, the Fund generally will succeed to all the rights and obligations of an assigning lending institution and becomes a lender under the loan agreement with the relevant borrower in connection with that loan. Under a bank loan participation, the Fund generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the Fund generally will have the right to receive payments of principal, interest, and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the institution selling the participation to the Fund.

Master Netting Arrangements:The Company, on behalf of the Fund, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a Subadviser may have negotiated and entered into on behalf of the Fund. A master netting arrangement between the Fund and the counterparty permits the Fund 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 Fund to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right toset-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 toset-off the amount owed with the amount owed by the other party, the reporting party intends toset-off and the right ofset-off is enforceable by law. During the reporting period, there was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

The Company, on behalf of the 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 orre-pledged, is presented in the Schedule of Investments. Collateral pledged by the Fund is segregated by the Fund’s custodian and identified in the Schedule of Investments. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other

48

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.

Payment-In-Kind:The Fund invests in the open market or receive pursuant to debt restructuring, securities thatpay-in-kind (PIK) the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income.

Securities Lending:The Fund lends its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral.

The Fund recognizes income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto. The Fund also continues to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed on the Statement of Operations as “Income from securities lending, net”.

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 theex-date, or for certain foreign securities, when the Fund becomes aware of such dividends.

PGIM Short Duration High Yield Income Fund 49

Notes to Financial Statements(unaudited) (continued)

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. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Class specific expenses include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

Taxes:It is the 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. Therefore, no federal income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.

Dividends and Distributions:The Fund expects to declare dividends of its net investment income daily and pay such dividends monthly. Distributions of net realized capital and currency gains, if any, are declared and paid at least annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on theex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified amongst total distributable earnings (loss) andpaid-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.

2. Agreements

The Company, on behalf of the Fund, has a management agreement with PGIM Investments. Pursuant to this agreement, PGIM Investments has responsibility for all investment advisory services and supervises the Subadviser’s performance of such services. In addition, under the management agreement, PGIM Investments provides all of the administrative functions necessary for the organization, operation and management of the Fund. PGIM Investments administers the corporate affairs of the Fund and, in connection therewith, furnishes the Fund with office facilities, together with those ordinary clerical and

50

bookkeeping services which are not being furnished by the Fund’s custodian and the Fund’s transfer agent. PGIM Investments is also responsible for the staffing and management of dedicated groups of legal, marketing, compliance and related personnel necessary for the operation of the Fund. The legal, marketing, compliance and related personnel are also responsible for the management and oversight of the various service providers to the Fund, including, but not limited to, the custodian, transfer agent, and accounting agent.

PGIM Investments has entered into a subadvisory agreement with PGIM, Inc., which provides subadvisory services to the Fund through its PGIM Fixed Income unit. The subadvisory agreement provides that PGIM, Inc. will furnish investment advisory services in connection with the management of the Fund. In connection therewith, PGIM, Inc. is obligated to keep certain books and records of the Fund. PGIM Investments pays for the services of PGIM, Inc., the cost of compensation of officers of the Fund, occupancy and certain clerical and bookkeeping costs of the Fund. The Fund bears all other costs and expenses.

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.70% of the Fund’s average daily net assets up to $2 billion and 0.675% of the average daily net assets in excess of $2 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.70% for the six months ended February 28, 2019.

The Manager has contractually agreed, through December 31, 2019, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 1.00% of average daily net assets for Class A shares, 1.75% of average daily net assets for Class C shares, 0.75% of average daily net assets for Class Z shares, and 0.70% of average daily net assets for Class R6 shares. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives similar expenses on any other share class and, in addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by PGIM Investments may be recouped by PGIM Investments within the same fiscal year during which such waiver/reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year.

The Company, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class C, Class Z and Class R6 shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A and Class C shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS.

PGIM Short Duration High Yield Income Fund 51

Notes to Financial Statements(unaudited) (continued)

The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z or Class R6 shares of the Fund.

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to 0.25% and 1% of the average daily net assets of the Class A and Class C shares, respectively.

PIMS has advised the Fund that it received $328,227 infront-end sales charges resulting from sales of Class A shares during the reporting period ended February 28, 2019. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

PIMS has advised the Fund that for the reporting period ended February 28, 2019, it received $14,580 in contingent deferred sales charges imposed upon redemptions by certain Class C shareholders.

PGIM Investments, PGIM, Inc. and PIMS are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (“Prudential”).

3. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the Company’s transfer agent. Transfer agent’s fees and expenses in the Statement of Operations include certainout-of-pocket expenses paid tonon-affiliates, where applicable.

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule17a-7 procedures. Rule17a-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, and/or common officers. Pursuant to the Rule17a-7 procedures and consistent with guidance issued by the SEC, the Company’s Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such17a-7 transactions were effected in accordance with the Fund’s Rule17a-7 procedures. Any17a-7 transactions for the reporting period are disclosed in the “Portfolio Securities” note, below.

The Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment Portfolios

52

2, registered under the 1940 Act and managed by PGIM Investments. Through the Fund’s investments in the mentioned underlying funds, PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services. Earnings from the Core Fund and Money Market Fund are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended February 28, 2019, were $792,907,157 and $531,923,622, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended February 28, 2019, is presented as follows:

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
	PGIM Core Ultra Short Bond Fund*
$	74,054,732	$	537,404,814	$	490,166,895	$	—	$	—		$	121,292,651		121,292,651	$	1,024,933
	PGIM Institutional Money Market Fund*
	495,904,850		513,433,214		565,353,955		91,655		(11,488	)		444,064,276		443,931,097		364,040	**
$	569,959,582	$	1,050,838,028	$	1,055,520,850	$	91,655	$	(11,488	)	$	565,356,927			$	1,388,973

* The Fund did not have any capital gain distributions during the reporting period.

** This amount is included in “Income from securities lending, net” on the Statement of Operations.

For the reporting period ended February 28, 2019, no17a-7 transactions were entered into by the Fund.

5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of February 28, 2019 were as follows:

Tax Basis	$	3,017,055,658
Gross Unrealized Appreciation		23,291,285
Gross Unrealized Depreciation		(50,922,725	)
Net Unrealized Depreciation	$	(27,631,440	)

The book basis may differ from tax basis due to certaintax-related adjustments.

For federal income tax purposes, the Fund had a capital loss carryforward as of August 31, 2018 of approximately $134,256,000 which can be carried forward for an unlimited period.

PGIM Short Duration High Yield Income Fund 53

Notes to Financial Statements(unaudited) (continued)

No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

The Fund elected to treat certain late year losses of approximately $65,000 as having been incurred in the following fiscal year (August 31, 2019).

The Manager has analyzed the Fund’s 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 Fund’s financial statements for the current reporting period. The Fund’s federal, state and local income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

6. Capital and Ownership

The Fund offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximumfront-end sales charge of 3.25%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class Z and Class R6 shares are not subject to any sales or redemption charge and are available exclusively for sale to a limited group of investors.

Under certain circumstances, an exchange may be made from specified share classes of the Fund to one or more other share classes of the Fund as presented in the table of transactions in shares of common stock.

The Company is authorized to issue 6 billion shares of common stock, with a par value of $0.01 per share. Of the Company’s authorized capital stock, 1,185 billion authorized shares have been allocated to the Fund and divided into five classes, designated Class A, Class C, Class R6, Class Z and Class T common stock, each of which consists of 160 million, 100 million, 150 million, 700 million and 75 million authorized shares, respectively. The Fund currently does not have any Class T shares outstanding.

As of February 28, 2019, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned and 1,980,757 Class R6 shares of the Fund. At reporting period end, eight shareholders of record, each holding greater than 5% of the Fund, held 74% of the Fund’s outstanding shares.

54

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Six months ended February 28, 2019:
Shares sold		4,897,635		$	42,989,340
Shares issued in reinvestment of dividends and distributions		739,172			6,482,647
Shares reacquired		(6,965,335	)		(60,855,718	)
Net increase (decrease) in shares outstanding before conversion		(1,328,528	)		(11,383,731	)
Shares issued upon conversion from other share class(es)		391,663			3,441,407
Shares reacquired upon conversion into other share class(es)		(2,394,474	)		(21,107,437	)
Net increase (decrease) in shares outstanding		(3,331,339	)	$	(29,049,761	)
Year ended August 31, 2018:
Shares sold		8,429,647		$	75,415,197
Shares issued in reinvestment of dividends and distributions		1,736,593			15,528,712
Shares reacquired		(16,356,242	)		(146,548,672	)
Net increase (decrease) in shares outstanding before conversion		(6,190,002	)		(55,604,763	)
Shares issued upon conversion from other share class(es)		694,329			6,206,627
Shares reacquired upon conversion into other share class(es)		(3,589,822	)		(32,068,644	)
Net increase (decrease) in shares outstanding		(9,085,495	)	$	(81,466,780	)
Class C
Six months ended February 28, 2019:
Shares sold		3,755,664		$	32,920,929
Shares issued in reinvestment of dividends and distributions		801,654			7,029,235
Shares reacquired		(4,695,834	)		(41,109,577	)
Net increase (decrease) in shares outstanding before conversion		(138,516	)		(1,159,413	)
Shares reacquired upon conversion into other share class(es)		(774,692	)		(6,811,579	)
Net increase (decrease) in shares outstanding		(913,208	)	$	(7,970,992	)
Year ended August 31, 2018:
Shares sold		6,948,165		$	62,231,411
Shares issued in reinvestment of dividends and distributions		1,614,952			14,435,461
Shares reacquired		(10,734,529	)		(96,006,947	)
Net increase (decrease) in shares outstanding before conversion		(2,171,412	)		(19,340,075	)
Shares reacquired upon conversion into other share class(es)		(1,603,212	)		(14,374,275	)
Net increase (decrease) in shares outstanding		(3,774,624	)	$	(33,714,350	)
Class Z
Six months ended February 28, 2019:
Shares sold		72,595,445		$	637,557,807
Shares issued in reinvestment of dividends and distributions		4,814,414			42,227,803
Shares reacquired		(49,289,594	)		(430,697,451	)
Net increase (decrease) in shares outstanding before conversion		28,120,265			249,088,159
Shares issued upon conversion from other share class(es)		3,062,638			26,988,377
Shares reacquired upon conversion into other share class(es)		(314,350	)		(2,761,812	)
Net increase (decrease) in shares outstanding		30,868,553		$	273,314,724
Year ended August 31, 2018:
Shares sold		75,528,215		$	675,650,511
Shares issued in reinvestment of dividends and distributions		7,779,964			69,552,364
Shares reacquired		(82,452,080	)		(738,142,728	)
Net increase (decrease) in shares outstanding before conversion		856,099			7,060,147
Shares issued upon conversion from other share class(es)		5,076,870			45,399,311
Shares reacquired upon conversion into other share class(es)		(7,979,711	)		(71,238,497	)
Net increase (decrease) in shares outstanding		(2,046,742	)	$	(18,779,039	)

PGIM Short Duration High Yield Income Fund 55

Notes to Financial Statements(unaudited) (continued)

Class R6	Shares			Amount
Six months ended February 28, 2019:
Shares sold		8,764,846		$	76,465,482
Shares issued in reinvestment of dividends and distributions		217,172			1,906,850
Shares reacquired		(3,940,517	)		(34,382,800	)
Net increase (decrease) in shares outstanding before conversion		5,041,501			43,989,532
Shares issued upon conversion from other share class(es)		28,712			251,044
Net increase (decrease) in shares outstanding		5,070,213		$	44,240,576
Year ended August 31, 2018:
Shares sold		7,588,059		$	67,905,779
Shares issued in reinvestment of dividends and distributions		270,353			2,415,692
Shares reacquired		(9,075,595	)		(81,096,434	)
Net increase (decrease) in shares outstanding before conversion		(1,217,183	)		(10,774,963	)
Shares issued upon conversion from other share class(es)		7,406,338			66,118,936
Shares reacquired upon conversion into other share class(es)		(4,879	)		(43,458	)
Net increase (decrease) in shares outstanding		6,184,276		$	55,300,515

7. Borrowings

The Company, on behalf of the Fund, along with other affiliated registered investment companies (the “Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The SCA provides for a commitment of $900 million for the period October 4, 2018 through October 3, 2019. The Funds pay an annualized commitment fee of 0.15% of the unused portion of the SCA. The Fund’s portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. Prior to October 4, 2018, the Funds had another SCA that provided a commitment of $900 million and the Funds paid an annualized commitment fee of 0.15% of the unused portion of the SCA. The interest on borrowings under both SCAs is paid monthly and at a per annum interest rate based upon a contractual spread plus the higher of (1) the effective federal funds rate, (2) the1-month LIBOR rate or (3) zero percent.

Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Manager to allocate available funding per a Board-approved methodology designed to treat the Funds in the SCA equitably.

The Fund did not utilize the SCA during the reporting period ended February 28, 2019.

56

8. Risks of Investing in the Fund

The Fund’s risks include, but are not limited to, some or all of the risks discussed below:

Bond Obligations Risk:The Fund’s holdings, share price, yield and total return may 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 level 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 derivative transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” and therefore may magnify or otherwise increase investment losses to the Fund. 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 OTC derivative instruments will not have liquidity beyond the counterparty to the instrument. OTC derivative instruments also involve the risk that the other party will not meet its obligations to the Fund.

Interest Rate Risk:The value of an 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 securities. 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 face a heightened level of interest rate risk as a result of the U.S. Federal Reserve Board’s policies. The Fund’s investments may lose value if short-term or long-term interest rates rise sharply or in a manner not anticipated by the Subadviser.

Junk Bonds Risks:High-yield, high-risk bonds have predominantly speculative characteristics, including particularly high credit risk. Junk bonds tend to be less liquid than higher-rated securities. The liquidity of particular issuers or industries within a particular investment category may shrink or disappear suddenly and without warning. Thenon-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.

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

PGIM Short Duration High Yield Income Fund 57

Notes to Financial Statements(unaudited) (continued)

Fund are difficult to purchase or sell. 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 that trade in lower volumes may be more difficult to value. If the Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments 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 orders of a given size. The reduction in dealer market-making capacity in the fixed-income markets that has occurred in recent years also has the potential to reduce liquidity. 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.

Market and Credit 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 an investment in the Fund will decline. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

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.

9. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the Securities and Exchange Commission (the “SEC”) adopted amendments to RegulationS-X to update and simplify the disclosure requirements for registered investment companies by eliminating requirements that are redundant or duplicative of US GAAP requirements or other SEC disclosure requirements. The new

58

amendments require the presentation of the total, rather than the components, of distributable earnings on the Statement of Assets and Liabilities and the total, rather than the components, of dividends from net investment income and distributions from net realized gains on the Statements of Changes in Net Assets. The amendments also removed the requirement for the parenthetical disclosure of undistributed net investment income on the Statements of Changes in Net Assets and certain tax adjustments that were reflected in the Notes to Financial Statements. The Manager has adopted the amendments and reflected them in the Fund’s financial statements.

In August 2018, the FASB issued Accounting Standards Update (“ASU”)No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the Fund’s policy for the timing of transfers between levels. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Manager has evaluated the implications of certain provisions of the ASU and has determined to early adopt aspects related to the removal and modification of certain fair value measurement disclosures under the ASU effective immediately. At this time, the Manager is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

PGIM Short Duration High Yield Income Fund 59

Financial Highlights(unaudited)

Class A Shares
	Six Months Ended February 28,			Year Ended August 31,
	2019(a)			2018(a)			2017(a)			2016(a)			2015			2014(a)
Per Share Operating Performance:
Net Asset Value, Beginning of Period		$8.90			$9.06			$9.16			$9.21			$9.73			$9.79
Income (loss) from investment operations:
Net investment income (loss)		0.22			0.43			0.42			0.42			0.44			0.45
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.01	)		(0.10	)		(0.01	)		0.08			(0.37	)		0.09
Total from investment operations		0.21			0.33			0.41			0.50			0.07			0.54
Less Dividends and Distributions:
Dividends from net investment income		(0.24	)		(0.47	)		(0.51	)		(0.55	)		(0.59	)		(0.60	)
Tax return of capital distributions		-			(0.02	)		-			-			-			-
Total dividends and distributions		(0.24	)		(0.49	)		(0.51	)		(0.55	)		(0.59	)		(0.60	)
Net asset value, end of period		$8.87			$8.90			$9.06			$9.16			$9.21			$9.73
Total Return(b):		2.39%			3.73%			4.65%			5.68%			0.72%			5.55%
Ratios/Supplemental Data:
Net assets, end of period (000)		$242,817			$273,521			$360,573			$560,800			$366,345			$413,957
Average net assets (000)		$251,664			$303,566			$462,309			$425,721			$381,350			$354,627
Ratios to average net assets(c)(d)(e):
Expenses after waivers and/or expense reimbursement		1.00%			1.00%			1.04%			1.08%			1.11%			1.09%
Expenses before waivers and/or expense reimbursement		1.08%			1.07%			1.07%			1.08%			1.14%			1.14%
Net investment income (loss)		5.13%			4.80%			4.67%			4.67%			4.70%			4.63%
Portfolio turnover rate(f)		23%			67%			66%			58%			56%			60%

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

(b) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

(c) Effective September 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

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

(e) The distributor of the Fund had contractually agreed to limit its distribution and service(12b-1) fees to 0.25% of the average daily net assets through March 8, 2015. Effective March 9, 2015, the contractual distribution and service(12b-1) fees were reduced from 0.30% to 0.25% of the average daily net assets.

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

See Notes to Financial Statements.

60

Class C Shares
	Six Months Ended February 28,			Year Ended August 31,
	2019(a)			2018(a)			2017(a)			2016(a)			2015			2014(a)
Per Share Operating Performance:
Net Asset Value, Beginning of Period		$8.90			$9.06			$9.15			$9.21			$9.73			$9.79
Income (loss) from investment operations:
Net investment income (loss)		0.19			0.36			0.36			0.36			0.37			0.38
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.02	)		(0.10	)		(0.01	)		0.06			(0.37	)		0.08
Total from investment operations		0.17			0.26			0.35			0.42			-			0.46
Less Dividends and Distributions:
Dividends from net investment income		(0.21	)		(0.40	)		(0.44	)		(0.48	)		(0.52	)		(0.52	)
Tax return of capital distributions		-			(0.02	)		-			-			-			-
Total dividends and distributions		(0.21	)		(0.42	)		(0.44	)		(0.48	)		(0.52	)		(0.52	)
Net asset value, end of period		$8.86			$8.90			$9.06			$9.15			$9.21			$9.73
Total Return(b):		1.91%			2.95%			3.98%			4.78%			(0.02	)%		4.77%
Ratios/Supplemental Data:
Net assets, end of period (000)		$324,901			$334,430			$374,417			$372,754			$286,999			$304,897
Average net assets (000)		$323,078			$353,409			$377,098			$304,363			$298,555			$194,085
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.75%			1.75%			1.78%			1.83%			1.86%			1.83%
Expenses before waivers and/or expense reimbursement		1.81%			1.81%			1.83%			1.83%			1.86%			1.83%
Net investment income (loss)		4.39%			4.05%			3.92%			3.94%			3.95%			3.86%
Portfolio turnover rate(e)		23%			67%			66%			58%			56%			60%

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

(b) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

(c) Effective September 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

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

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

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 61

Financial Highlights(unaudited) (continued)

Class Z Shares
	Six Months Ended February 28,			Year Ended August 31,
	2019(a)			2018(a)			2017(a)			2016(a)			2015			2014(a)
Per Share Operating Performance:
Net Asset Value, Beginning of Period		$8.91			$9.06			$9.16			$9.21			$9.73			$9.79
Income (loss) from investment operations:
Net investment income (loss)		0.23			0.45			0.45			0.44			0.47			0.48
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.02	)		(0.09	)		(0.01	)		0.08			(0.38	)		0.08
Total from investment operations		0.21			0.36			0.44			0.52			0.09			0.56
Less Dividends and Distributions:
Dividends from net investment income		(0.25	)		(0.49	)		(0.54	)		(0.57	)		(0.61	)		(0.62	)
Tax return of capital distributions		-			(0.02	)		-			-			-			-
Total dividends and distributions		(0.25	)		(0.51	)		(0.54	)		(0.57	)		(0.61	)		(0.62	)
Net asset value, end of period		$8.87			$8.91			$9.06			$9.16			$9.21			$9.73
Total Return(b):		2.40%			4.11%			4.91%			5.94%			0.98%			5.82%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,830,725			$1,563,724			$1,609,403			$1,201,161			$656,491			$792,560
Average net assets (000)		$1,660,153			$1,517,050			$1,414,559			$818,901			$675,793			$507,805
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.75%			0.75%			0.78%			0.83%			0.86%			0.84%
Expenses before waivers and/or expense reimbursement		0.82%			0.83%			0.83%			0.83%			0.86%			0.84%
Net investment income (loss)		5.39%			5.05%			4.92%			4.90%			4.96%			4.89%
Portfolio turnover rate(e)		23%			67%			66%			58%			56%			60%

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

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

(c) Effective September 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

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

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

See Notes to Financial Statements.

62

Class R6 Shares
	Six Months Ended February 28,			Year Ended August 31,									October 27, 2014(a) through August 31,
	2019(b)			2018(b)			2017(b)			2016(b)			2015
Per Share Operating Performance:
Net Asset Value, Beginning of Period		$8.91			$9.06			$9.16			$9.22			$9.59
Income (loss) from investment operations:
Net investment income (loss)		0.24			0.46			0.45			0.45			0.39
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.03	)		(0.10	)		(0.01	)		0.07			(0.24	)
Total from investment operations		0.21			0.36			0.44			0.52			0.15
Less Dividends and Distributions:
Dividends from net investment income		(0.25	)		(0.49	)		(0.54	)		(0.58	)		(0.52	)
Tax return of capital distributions		-			(0.02	)		-			-			-
Total dividends and distributions		(0.25	)		(0.51	)		(0.54	)		(0.58	)		(0.52	)
Net asset value, end of period		$8.87			$8.91			$9.06			$9.16			$9.22
Total Return(c):		2.43%			4.15%			4.97%			5.92%			1.65%
Ratios/Supplemental Data:
Net assets, end of period (000)		$156,930			$112,437			$58,356			$25,252			$16,690
Average net assets (000)		$125,602			$86,373			$46,030			$29,782			$15,387
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.70%			0.70%			0.71%			0.74%			0.77%	(f)
Expenses before waivers and/or expense reimbursement		0.74%			0.75%			0.72%			0.74%			0.77%	(f)
Net investment income (loss)		5.45%			5.10%			4.97%			4.99%			4.77%	(f)
Portfolio turnover rate(g)		23%			67%			66%			58%			56%	(h)

(a) Commencement of offering.

(b) Calculated based on average shares outstanding during the period.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

(d) Effective September 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

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

(f) Annualized.

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

(h) Not annualized.

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 63

∎ MAIL	∎ TELEPHONE	∎ WEBSITE
655 Broad Street Newark, NJ 07102	(800) 225-1852	pgiminvestments.com

PROXY VOTING

The Board of Directors of the Fund has delegated to the Fund’s subadviser 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. 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.

DIRECTORS

Ellen S. Alberding • Kevin J. Bannon • Scott E. Benjamin • Linda W. Bynoe • Barry H. Evans • Keith F. Hartstein • Laurie Simon Hodrick • Michael S. Hyland • Stuart S. Parker • Brian K. Reid • Grace C. Torres

OFFICERS

Stuart S. Parker,President•Scott E. Benjamin,Vice President• Christian J. Kelly,Treasurer and Principal Financial and Accounting Officer• Raymond A. O’Hara,Chief Legal Officer • Chad A. Earnst,Chief Compliance Officer• Dino Capasso,Deputy Chief Compliance Officer • Charles H. Smith,Anti-Money Laundering Compliance Officer • Andrew R. French,Secretary • Jonathan D. Shain,Assistant Secretary• Claudia DiGiacomo,Assistant Secretary•Diana N. Huffman,Assistant Secretary• Peter Parrella,Assistant Treasurer• Lana Lomuti,Assistant Treasurer • Linda McMullin,Assistant Treasurer• Kelly A. Coyne,Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	PGIM Fixed Income	655 Broad Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	225 Liberty Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

An investor should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. The prospectus and summary prospectus contain this and other information about the Fund. An investor may obtain the prospectus and summary prospectus by visiting our website atpgiminvestments.com or by calling (800) 225-1852. The prospectus and summary prospectus should be read carefully before investing.

E-DELIVERY

To receive your mutual fund documents online, go topgiminvestments.com/edeliveryand enroll. Instead of receiving printed documents by mail, you will receive notification via email when new materials are available. You can cancel your enrollment or change your email address at any time by visiting the website address above.

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

Shareholders can communicate directly with the Board of Directors by writing to the Chair of the Board, PGIM Short Duration High Yield Income Fund, PGIM Investments, Attn: Board of Directors, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Director by writing to the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s FormsN-Q are available on the Commission’s website atsec.gov. Beginning with reporting periods on or after March 31, 2019, Form N-PORT will replace Form N-Q. Form N-PORT will be filed with the Securities and Exchange Commission quarterly, and each Fund’s full portfolio holdings as of its first and third quarters of each fiscal year will be made publicly available 60 days after the end of each quarter. The Fund’s schedule of portfolio holdings is also available on the Fund’s website as of the end of each month no sooner than 15 days after the end of the month.

Mutual Funds:

ARE NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY MAY LOSE VALUE ARE NOT A DEPOSIT OF OR GUARANTEED BY ANY BANK OR ANY BANK AFFILIATE

PGIM SHORT DURATION HIGH YIELD INCOME FUND

SHARE CLASS	A	C	Z	R6*
NASDAQ	HYSAX	HYSCX	HYSZX	HYSQX
CUSIP	74442J109	74442J208	74442J307	74442J406

* Formerly known as Class Q shares.

MF216E2    

PGIM HIGH YIELD FUND

(Formerly known as Prudential High Yield Fund)

SEMIANNUAL REPORT

FEBRUARY 28, 2019

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (pgiminvestments.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-225-1852 or by sending an email request to PGIM Investments at shareholderreports@pgim.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary or follow instructions included with this notice to elect to continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-225-1852 or send an email request to shareholderreports@pgim.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

To enroll in e-delivery, go to pgiminvestments.com/edelivery

Objective: Maximize current income, and capital appreciation as a secondary objective

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

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

The accompanying financial statements as of February 28, 2019 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies.^© 2019 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.

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PGIM FUNDS — UPDATE

The Board of Directors/Trustees for the Fund has approved the implementation of an automatic conversion feature for Class C shares, effective as of April 1, 2019. To reflect these changes, effective April 1, 2019, the section of the Fund’s Prospectus entitled “How to Buy, Sell and Exchange Fund Shares—How to Exchange Your Shares—Frequent Purchases and Redemptions of Fund Shares” is restated to read as follows:

This supplement should be read in conjunction with your Summary Prospectus, Statutory Prospectus and Statement of Additional Information, be retained for future reference and is in addition to any existing Fund supplements.

1. In each Fund’s Statutory Prospectus, the following is added at the end of the section entitled “Fund Distributions And Tax Issues—If You Sell or Exchange Your Shares”:

Automatic Conversion of Class C Shares

The conversion of Class C shares into Class A shares—which happens automatically approximately 10 years after purchase—is not a taxable event for federal income tax purposes. For more information about the automatic conversion of Class C shares, seeClass C Shares Automatically Convert to Class A Shares inHow to Buy, Sell and Exchange Fund Shares.

2. In each Fund’s Statutory Prospectus, the following sentence is added at the end of the section entitled “How to Buy, Sell and Exchange Shares—Closure of Certain Share Classes to New Group Retirement Plans”:

Shareholders owning Class C shares may continue to hold their Class C shares until the shares automatically convert to Class A shares under the conversion schedule, or until the shareholder redeems their Class C shares.

3. In each Fund’s Statutory Prospectus, the following disclosure is added immediately following the section entitled “How to Buy, Sell and Exchange Shares—How to Buy Shares—Class B Shares Automatically Convert to Class A Shares”:

Class C Shares Automatically Convert to Class A Shares

Starting on or about April 1, 2019 (the “Effective Date”), Class C shares will be eligible for automatic conversion into Class A shares on a monthly basis approximately ten years after the original date of purchase (the “Conversion Date”). Conversion will take place based on the relative NAV of the two classes, without the imposition of any sales load, fee or other charge. All such automatic conversions of Class C shares will constitute tax-free exchanges for federal income tax purposes.

For shareholders investing in Class C shares through retirement plans or omnibus accounts, and in certain other instances, the Fund and its agents may not have transparency into how long a shareholder has held Class C shares for purposes of determining whether such Class C shares are eligible for automatic conversion into Class A shares, and the relevant financial intermediary may not have the ability to track purchases

PGIM High Yield Fund 3

in order to credit individual shareholders’ holding periods. In these circumstances, the Fund will not be able to automatically convert Class C shares into Class A shares as described above. In order to determine eligibility for conversion in these circumstances, it is the responsibility of the financial intermediary to notify the Fund that the shareholder is eligible for the conversion of Class C shares to Class A shares, and the financial intermediary may be required to maintain and provide the Fund with records that substantiate the holding period of Class C shares. It is the financial intermediary’s (and not the Fund’s) responsibility to keep records of transactions made in accounts it holds and to ensure that the shareholder is credited with the proper holding period based on such records or those provided to the financial intermediary by the shareholder. Please consult with your financial intermediary for the applicability of this conversion feature to your shares.

A financial intermediary may sponsor and/or control accounts, programs or platforms that impose a different conversion schedule or different eligibility requirements for the exchange of Class C shares for Class A shares (seeAppendix A: Waivers and Discounts Available From Certain Financial Intermediaries of the Prospectus). Please consult with your financial intermediary if you have any questions regarding your shares’ conversion from Class C shares to Class A shares.

4. In Part II of each Fund’s Statement of Additional Information, the following disclosure is added immediately following the section entitled “Purchase, Redemption and Pricing of Fund Shares—Share Classes—Automatic Conversion of Class B Shares”:

AUTOMATIC CONVERSION OF CLASS C SHARES. Starting on or about April 1, 2019 (the “Effective Date”), Class C shares will be eligible for automatic conversion into Class A shares on a monthly basis approximately ten years after the original date of purchase (the “Conversion Date”). Conversion will take place based on the relative NAV of the two classes, without the imposition of any sales load, fee or other charge. Class C shares of a Fund acquired through automatic reinvestment of dividends or distributions will convert to Class A shares of the Fund on the Conversion Date pro rata with the converting Class C shares of the Fund that were not acquired through reinvestment of dividends or distributions. All such automatic conversions of Class C shares will constitute tax-free exchanges for federal income tax purposes.

For shareholders investing in Class C shares through retirement plans or omnibus accounts, and in certain other instances, the Fund and its agents may not have transparency into how long a shareholder has held Class C shares for purposes of determining whether such Class C shares are eligible for automatic conversion into Class A shares, and the relevant financial intermediary may not have the ability to track purchases in order to credit individual shareholders’ holding periods. In these circumstances, the Fund will not be able to automatically convert Class C shares into Class A shares as described above. In order to determine eligibility for conversion in these circumstances, it is the responsibility of the financial intermediary to notify the Fund that the shareholder is eligible for the conversion of Class C shares to Class A shares, and the financial

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intermediary may be required to maintain and provide the Fund with records that substantiate the holding period of Class C shares. It is the financial intermediary’s (and not the Fund’s) responsibility to keep records of transactions made in accounts it holds and to ensure that the shareholder is credited with the proper holding period based on such records or those provided to the financial intermediary by the shareholder. Please consult with your financial intermediary for the applicability of this conversion feature to your shares.

Class C shares were generally closed to investments by new group retirement plans effective June 1, 2018. Group retirement plans (and their successor, related and affiliated plans) that have Class C shares of the Fund available to participants on or before the Effective Date may continue to open accounts for new participants in such share class and purchase additional shares in existing participant accounts.

The Fund has no responsibility for monitoring or implementing a financial intermediary’s process for determining whether a shareholder meets the required holding period for conversion. A financial intermediary may sponsor and/or control accounts, programs or platforms that impose a different conversion schedule or different eligibility requirements for the exchange of Class C shares for Class A shares, as set forth onAppendix A: Waivers and Discounts Available From Certain Financial Intermediaries of the Prospectus. In these cases, Class C shareholders may have their shares exchanged for Class A shares under the policies of the financial intermediary. Financial intermediaries will be responsible for making such exchanges in those circumstances. Please consult with your financial intermediary if you have any questions regarding your shares’ conversion from Class C shares to Class A shares.

- Not part of the Semiannual Report -

PGIM High Yield Fund 5

Table of Contents

Letter from the President	7
Your Fund’s Performance	8
Fees and Expenses	12
Holdings and Financial Statements	15

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Letter from the President

Dear Shareholder:

We hope you find the semiannual report for PGIM High Yield Fund informative and useful. The report covers performance for the six-month period ended February 28, 2019.

We have important information to share with you. Effective June 11, 2018, Prudential Mutual Funds were renamed PGIM Funds. This renaming is part of our ongoing effort to further build our reputation and establish our global brand, which began when our firm adopted PGIM Investments as its name in April 2017. Please note that only the Fund’s name has changed. Your Fund’s management and operation, along with its symbols, remained the same.*

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

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM High Yield Fund

April 15, 2019

*The Prudential Day One Funds did not change their names.

PGIM High Yield Fund 7

Your Fund’s Performance (unaudited)

Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website atpgiminvestments.com or by calling (800) 225-1852.

	Total Returns as of 2/28/19 (without sales charges)	Average Annual Total Returns as of 2/28/19 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	1.71	–0.43	3.62	9.82	—
Class B	1.47	–1.14	3.91	9.80	—
Class C	1.36	2.55	3.82	9.59	—
Class R	1.75	3.95	4.31	10.05	—
Class Z	1.85	4.54	4.86	10.63	—
Class R2	1.84	4.34	N/A	N/A	3.75 (12/27/17)
Class R4	1.97	4.61	N/A	N/A	4.02 (12/27/17)
Class R6**	1.91	4.67	4.94	N/A	6.76 (10/31/11)
Bloomberg Barclays US Corporate High Yield 1% Issuer Capped Index
	1.92	4.15	4.51	11.32	—
Lipper High Yield Funds Average
	1.43	3.03	3.30	9.65	—

Source: PGIM Investments LLC and Lipper Inc.

*Not annualized

**Formerly known as Class Q shares.

Since Inception returns are provided for any share class with less than 10 fiscal years of returns. Since Inception returns for the Index and the Lipper Average are measured from the closest month-end to the class’ inception date.

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The returns in the tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. The average annual total returns take into account applicable sales charges, which are described for each share class in the table below.

	Class A	Class B*	Class C	Class R	Class Z	Class R2	Class R4	Class R6**
Maximum initial sales charge	4.50% of the public offering price	None	None	None	None	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)	1.00% on sales of $1 million or more made within 12 months of purchase	5.00% (Yr. 1) 4.00% (Yr. 2) 3.00% (Yr. 3) 2.00% (Yr. 4) 1.00% (Yr. 5) 1.00% (Yr. 6) 0.00% (Yr. 7)	1.00% on sales made within 12 months of purchase	None	None	None	None	None
Annual distribution and service(12b-1) fees (shown as a percentage of average daily net assets)	0.25%	0.75%	1.00%	0.75% (0.50% currently)	None	0.25%	None	None
Shareholder service fees	None	None	None	None	None	0.10%	0.10%	None

*Class B shares are closed to all purchase activity and no additional Class B shares may be purchased or acquired except by exchange from Class B shares of another Fund or through dividend or capital gains reinvestment.

**Formerly known as Class Q shares.

Benchmark Definitions

Bloomberg Barclays US Corporate High Yield 1% Issuer Capped Index—The Bloomberg Barclays US Corporate 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. The average annual total returns for the Index measured from the month-end closest to the inception date of the Fund’s Class R2 and Class R4 shares are 3.46% and 6.64% for Class R6 shares.

PGIM High Yield Fund 9

Your Fund’s Performance(continued)

Lipper High Yield Funds Average—The Lipper High Yield Funds Average (Lipper Average) is based on the average return of all funds in the Lipper High Yield Funds universe for the periods noted. Funds in the Lipper Average aim at high (relative) current yield from fixed income securities, have no quality or maturity restrictions, and tend to invest in lower-grade debt issues. The average annual total returns for the Lipper Average measured from the month-end closest to the inception date of the Fund’s Class R2 and Class R4 shares are 2.31% and 5.51% for Class R6 shares.

Investors cannot invest directly in an index or average. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes. Returns for the Lipper Average reflect the deduction of operating expenses of a mutual fund, but not sales charges or taxes.

Credit Quality expressed as a percentage of total  investments as of 2/28/19 (%)
AAA	4.8
BBB	5.6
BB	37.0
B	37.0
CCC	11.1
CC	0.6
Not Rated	1.1
Cash/Cash Equivalents	3.0
Total Investments	100.0

Source: PGIM Fixed Income

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, 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 a NRSRO. Credit ratings are subject to change. Values may not sum to 100.0% due to rounding.

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Distributions and Yields as of 2/28/19
	Total Distributions Paid for Six Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.16	6.04	6.04
Class B	0.15	5.86	5.86
Class C	0.14	5.64	5.64
Class R	0.15	6.03	5.78
Class Z	0.17	6.58	6.58
Class R2	0.16	6.20	5.97
Class R4	0.16	6.45	5.87
Class R6***	0.17	6.72	6.72

*SEC 30-Day Subsidized Yield (%)—A standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the Fund’s net expenses (net of any expense waivers or reimbursements). The investor experience is represented by the SEC 30-Day Subsidized Yield.

**SEC 30-Day Unsubsidized Yield (%)—A standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the Fund’s gross expenses. The investor experience is represented by the SEC 30-Day Subsidized Yield.

***Formerly known as Class Q shares.

PGIM High Yield Fund 11

Fees and Expenses(unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemptions, as applicable, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses, as applicable. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 held through the six-month period ended February 28, 2019. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

The first line for each share class in the table on the following page provides information about actual account values and actual expenses. You may use the information on this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value ÷ $1,000 = 8.6), then multiply the result by the number on the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class in the table on the following page provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The Fund’s transfer agent may charge additional fees to holders of certain accounts that are not included in the expenses shown in the table on the following page. These fees apply to individual retirement accounts (IRAs) and Section 403(b) accounts. As of the close of the six-month period covered by the table, IRA fees included an annual maintenance fee of $15 per account (subject to a maximum annual maintenance fee of $25 for all accounts held by the same shareholder). Section 403(b) accounts are charged an annual $25 fiduciary maintenance fee. Some of the fees may vary in amount, or may be waived, based on your total account balance or the number of PGIM funds, including the Fund, that you own. You should consider the additional fees that were charged to your Fund account over

12 Visit our website at pgiminvestments.com

the six-month period when you estimate the total ongoing expenses paid over the period and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information provided in the expense table. Additional fees have the effect of reducing investment returns.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

PGIM High Yield Fund		Beginning Account Value September 1, 2018		Ending Account Value February 28, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,017.10		0.80	%	$	4.00
	Hypothetical	$	1,000.00	$	1,020.83		0.80	%	$	4.01
Class B	Actual	$	1,000.00	$	1,014.70		1.28	%	$	6.39
	Hypothetical	$	1,000.00	$	1,018.45		1.28	%	$	6.41
Class C	Actual	$	1,000.00	$	1,013.60		1.50	%	$	7.49
	Hypothetical	$	1,000.00	$	1,017.36		1.50	%	$	7.50
Class R	Actual	$	1,000.00	$	1,017.50		1.10	%	$	5.50
	Hypothetical	$	1,000.00	$	1,019.34		1.10	%	$	5.51
Class Z	Actual	$	1,000.00	$	1,018.50		0.53	%	$	2.65
	Hypothetical	$	1,000.00	$	1,022.17		0.53	%	$	2.66
Class R2	Actual	$	1,000.00	$	1,018.40		0.91	%	$	4.55
	Hypothetical	$	1,000.00	$	1,020.28		0.91	%	$	4.56
Class R4	Actual	$	1,000.00	$	1,019.70		0.66	%	$	3.31
	Hypothetical	$	1,000.00	$	1,021.52		0.66	%	$	3.31
Class R6**	Actual	$	1,000.00	$	1,019.10		0.41	%	$	2.05
	Hypothetical	$	1,000.00	$	1,022.76		0.41	%	$	2.06

* Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended February 28, 2019, and divided by the 365 days in the Fund’s fiscal year ending August 31, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

**Formerly known as Class Q shares.

PGIM High Yield Fund 13

Schedule of Investments(unaudited)

as of February 28, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    95.2%
ASSET-BACKED SECURITIES    4.7%
Collateralized Loan Obligations
Adams Mill CLO Ltd. (Cayman Islands), Series2014-01A, Class A1R, 144A, 3 Month LIBOR + 1.100%		3.887	%(c)		07/15/26		19,946	$	19,897,587
Benefit Street Partners CLO Ltd. (Cayman Islands),
Series 2015-VIIA, Class A1AR, 144A, 3 Month LIBOR + 0.780%		3.560	(c)		07/18/27		30,000		29,755,149
Series2017-12A, Class A1, 144A, 3 Month LIBOR + 1.250%		4.037	(c)		10/15/30		20,000		19,937,024
CBAM Ltd. (Cayman Islands), Series2018-06A, Class A, 144A, 3 Month LIBOR + 0.940%		3.727	(c)		07/15/31		29,000		28,642,123
OCP CLO Ltd. (Cayman Islands), Series2015-09A, Class A1R, 144A, 3 Month LIBOR + 0.800%		3.587	(c)		07/15/27		20,000		19,804,250
OZLM Ltd. (Cayman Islands), Series2015-13A, Class A1R, 144A, 3 Month LIBOR + 1.080%		3.831	(c)		07/30/27		23,650		23,600,843
Silvermore CLO Ltd. (Cayman Islands), Series2014-01A, Class A1R, 144A, 3 Month LIBOR + 1.170%		3.854	(c)		05/15/26		33,178		33,103,390
Sound Point CLO Ltd. (Cayman Islands),
Series2015-02A, Class AR, 144A, 3 Month LIBOR + 0.880%		3.641	(c)		07/20/27		50,000		49,749,140
Series2016-02A, Class AR, 144A		—	(cc)		10/20/28		40,000		40,000,000
TCW CLO Ltd. (Cayman Islands), Series2019-01A, Class A, 144A		—	(p)		02/15/29		20,000		20,000,000
Venture CLO Ltd. (Cayman Islands), Series2015-21A, Class AR, 144A, 3 Month LIBOR + 0.880%		3.667	(c)		07/15/27		50,000		49,697,930
Wellfleet CLO Ltd. (Cayman Islands), Series2016-01A, Class AR, 144A, 3 Month LIBOR + 0.910%		3.671	(c)		04/20/28		3,000		2,965,486
Zais CLO Ltd. (Cayman Islands),
Series2016-02A, Class A1, 144A, 3 Month LIBOR + 1.530%		4.317	(c)		10/15/28		20,000		19,996,664
Series2018-02A, Class A, 144A, 3 Month LIBOR + 1.200%		3.961	(c)		07/20/31		30,000		29,521,119
TOTAL ASSET-BACKED SECURITIES (cost $388,842,825)									386,670,705

See Notes to Financial Statements.

PGIM High Yield Fund 15

Schedule of Investments(unaudited) (continued)

as of February 28, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
BANK LOANS    4.7%
Chemicals    0.3%
Solenis International LP, Second Lien Initial Term Loan, 3 Month LIBOR + 8.500%		11.130	%(c)		06/26/26		25,365	$	24,255,281
Commercial Services    0.5%
Financial & Risk US Holdings, Inc., Initial Dollar Term Loan, 1 Month LIBOR + 3.750%		6.240	(c)		10/01/25		39,825		39,186,127
Laureate Education, Inc., Series 2024 Term Loan, 1 Month LIBOR + 3.500%/PRIME + 2.500%		7.000	(c)		04/26/24		5,622		5,620,398
									44,806,525
Computers    1.1%
McAfee LLC,
Second Lien Initial Loan, 1 Month LIBOR + 8.500%		10.990	(c)		09/29/25		46,019		46,536,461
Term B USD Loan, 1 Month LIBOR + 3.750%		6.240	(c)		09/30/24		40,889		40,952,930
									87,489,391
Electric    0.4%
Calpine Corp.,
Term Loan (05/15), 3 Month LIBOR + 2.500%		5.310	(c)		01/15/24		14,138		14,049,086
Term Loan (2015), 3 Month LIBOR + 2.500%		5.310	(c)		01/15/23		14,402		14,321,337
Vistra Operations Co. LLC,
Initial TermB-1 Loan, 1 Month LIBOR + 2.000%		4.490	(c)		08/04/23		2,992		2,980,212
									31,350,635
Foods    0.1%
JBS USA Lux SA,
Initial Term Loan, 1 - 3 Month LIBOR + 2.500%		5.145	(c)		10/30/22		5,000		4,981,250
Holding Companies-Diversified    0.1%
Travelport Finance Sarl (Luxembourg), Initial Term Loans, 3 Month LIBOR + 2.500%		5.180	(c)		03/17/25		9,960		9,951,394
Insurance    0.1%
Asurion LLC, ReplacementB-6 Term Loan, 1 Month LIBOR + 3.000%		5.490	(c)		11/03/23		9,239		9,236,081

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
BANK LOANS (Continued)
Media    0.2%
Numericable US LLC (France), USDTLB-13 Incremental Term Loan, 1 Month LIBOR + 4.000%		6.490	%(c)		08/14/26		19,912	$	19,363,812
Mining    0.3%
Aleris International, Inc., Initial Term Loan, 1 Month LIBOR + 4.750%		7.240	(c)		02/27/23		21,928		21,969,230
Oil & Gas    0.2%
Citgo Petroleum Corp., Term B Loan, 3 Month LIBOR + 3.500%		6.300	(c)		07/29/21		15,425		15,039,375
Retail    0.3%
EG America LLC (United Kingdom), Second Lien Facility (USD), 3 Month LIBOR + 8.000%		10.810	(c)		04/20/26		11,975		11,615,750
Sally Holdings LLC, TermB-2 Loan^		4.500			07/05/24		13,000		12,545,000
									24,160,750
Software    0.9%
Boxer Parent Co., Inc., Initial Dollar Term Loan, 3 Month LIBOR + 4.250%		7.050	(c)		10/02/25		18,000		17,885,448
Finastra USA, Inc., Dollar Term Loan (Second Lien), 3 Month LIBOR + 7.250%		10.050	(c)		06/13/25		17,640		17,340,120
First Data Corp., 2022D New Dollar Term Loan, 1 Month LIBOR + 2.000%		4.490	(c)		07/08/22		15,990		15,970,434
Infor US, Inc., TrancheB-6 Term Loan, 1 Month LIBOR + 2.750%		5.240	(c)		02/01/22		5,550		5,546,531
Informatica LLC, Dollar TermB-1 Loan, 1 Month LIBOR + 3.250%		5.740	(c)		08/05/22		10,000		9,997,500
Kronos, Inc., Second Lien Initial Term Loan, 3 Month LIBOR + 8.250%		10.990	(c)		11/01/24		7,500		7,617,188
									74,357,221

See Notes to Financial Statements.

PGIM High Yield Fund 17

Schedule of Investments(unaudited) (continued)

as of February 28, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
BANK LOANS (Continued)
Telecommunications    0.2%
Intelsat Jackson Holdings SA (Luxembourg), TrancheB-5 Term Loan		6.630	%		01/02/24		12,305	$	12,458,813
TOTAL BANK LOANS (cost $377,578,938)									379,419,758
CORPORATE BONDS    85.2%
Advertising    0.1%
Clear Channel International BV, Gtd. Notes, 144A		8.750			12/15/20		3,807		3,897,416
Mood Media Borrower LLC/Mood MediaCo-Issuer, Inc., Sec’d. Notes, Cash pays ((6 Month LIBOR + 14.000%)/(1 - Statutory Reserves)) or PIK 8.000% (Cap N/A, Floor 1.000%)		16.873	(c)		07/01/24		2,153		2,120,391
									6,017,807
Aerospace & Defense    2.4%
Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A		5.750			03/15/22		1,413		1,415,826
Sr. Unsec’d. Notes, 144A(a)		6.125			01/15/23		1,207		1,216,053
Sr. Unsec’d. Notes, 144A		7.450			05/01/34		1,275		1,255,875
Sr. Unsec’d. Notes, 144A(a)		7.500			12/01/24		86,276		87,785,830
Sr. Unsec’d. Notes, 144A(a)		7.500			03/15/25		22,285		22,479,994
Sr. Unsec’d. Notes, 144A		7.875			04/15/27		19,850		19,700,331
Sr. Unsec’d. Notes, 144A		8.750			12/01/21		34,950		38,445,000
TransDigm UK Holdings PLC, Gtd. Notes, 144A		6.875			05/15/26		4,875		4,753,125
TransDigm, Inc.,
Gtd. Notes(a)		6.375			06/15/26		11,850		11,509,312
Gtd. Notes		6.500			07/15/24		4,830		4,878,300
Gtd. Notes(a)		6.500			05/15/25		2,300		2,291,375
									195,731,021
Agriculture    0.2%
Vector Group Ltd., Sr. Sec’d. Notes, 144A		6.125			02/01/25		16,552		14,648,520
Auto Manufacturers    1.5%
Allison Transmission, Inc., Sr. Unsec’d. Notes, 144A		4.750			10/01/27		5,350		5,122,625

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Auto Manufacturers (cont’d.)
Ford Motor Co.,
Sr. Unsec’d. Notes		4.750	%		01/15/43		10,550	$	8,074,889
Sr. Unsec’d. Notes(a)		5.291			12/08/46		44,658		36,038,353
General Motors Co.,
Sr. Unsec’d. Notes(a)		5.000			10/01/28		22,225		21,776,396
Sr. Unsec’d. Notes		5.200			04/01/45		2,150		1,873,245
JB Poindexter & Co., Inc., Sr. Unsec’d. Notes, 144A		7.125			04/15/26		7,225		7,098,563
Mclaren Finance PLC (United Kingdom), Sr. Sec’d. Notes, 144A(a)		5.750			08/01/22		825		779,559
Navistar International Corp., Gtd. Notes, 144A		6.625			11/01/25		38,000		39,179,140
									119,942,770
Auto Parts & Equipment    1.8%
Adient Global Holdings Ltd., Gtd. Notes, 144A		4.875			08/15/26		26,100		19,966,500
American Axle & Manufacturing, Inc.,
Gtd. Notes(a)		6.250			04/01/25		11,475		11,447,460
Gtd. Notes(a)		6.250			03/15/26		35,060		34,264,138
Gtd. Notes(a)		6.500			04/01/27		7,100		7,011,250
Cooper-Standard Automotive, Inc., Gtd. Notes, 144A(a)		5.625			11/15/26		23,602		21,153,292
Dana Financing Luxembourg Sarl,
Gtd. Notes, 144A(a)		5.750			04/15/25		3,509		3,491,455
Gtd. Notes, 144A(a)		6.500			06/01/26		30,377		30,984,540
IHO Verwaltungs GmbH (Germany), Sr. Sec’d. Notes, 144A, Cash coupon 4.750% or PIK 5.500%		4.750			09/15/26		2,725		2,519,808
Meritor, Inc., Gtd. Notes		6.250			02/15/24		2,375		2,422,500
Titan International, Inc., Sr. Sec’d. Notes(a)		6.500			11/30/23		13,625		12,705,312
									145,966,255
Banks    0.3%
CIT Group, Inc., Sub. Notes(a)		6.125			03/09/28		23,900		25,931,500

See Notes to Financial Statements.

PGIM High Yield Fund 19

Schedule of Investments(unaudited) (continued)

as of February 28, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Beverages    0.2%
Cott Holdings, Inc. (Canada), Gtd. Notes, 144A		5.500	%		04/01/25		17,082	$	16,868,475
Building Materials    1.9%
Cemex SAB de CV (Mexico),
Sr. Sec’d. Notes, 144A		5.700			01/11/25		4,635		4,732,335
Sr. Sec’d. Notes, 144A(a)		7.750			04/16/26		1,850		2,009,470
Griffon Corp., Gtd. Notes(a)		5.250			03/01/22		38,225		37,747,187
Masonite International Corp., Gtd. Notes, 144A(a)		5.750			09/15/26		11,759		11,759,000
NCI Building Systems, Inc., Gtd. Notes, 144A(a)		8.000			04/15/26		18,200		17,176,250
Standard Industries, Inc.,
Sr. Unsec’d. Notes, 144A(a)		4.750			01/15/28		17,853		16,692,555
Sr. Unsec’d. Notes, 144A(a)		5.375			11/15/24		3,710		3,765,650
Summit Materials LLC/Summit Materials Finance Corp.,
Gtd. Notes(a)		6.125			07/15/23		9,383		9,617,575
Gtd. Notes		8.500			04/15/22		5,025		5,251,125
Gtd. Notes, 144A(a)		5.125			06/01/25		7,482		7,145,310
Sr. Unsec’d. Notes, 144A		6.500			03/15/27		6,600		6,600,000
U.S. Concrete, Inc., Gtd. Notes(a)		6.375			06/01/24		32,402		31,915,970
									154,412,427
Chemicals    3.4%
Alpha 2 BV (Germany), Sr. Unsec’d. Notes, 144A, Cash coupon 8.750% or PIK 9.500%(a)		8.750			06/01/23		21,900		20,969,250
Alpha 3 BV/Alpha US Bidco, Inc. (United Kingdom), Gtd. Notes, 144A(a)		6.250			02/01/25		5,979		5,724,893
Ashland LLC, Gtd. Notes		6.875			05/15/43		29,629		30,221,580
Chemours Co. (The),
Gtd. Notes(a)		5.375			05/15/27		6,015		5,834,550
Gtd. Notes(a)		7.000			05/15/25		9,318		9,714,015
Cornerstone Chemical Co., Sr. Sec’d. Notes, 144A(a)		6.750			08/15/24		13,630		12,880,350
Element Solutions, Inc., Gtd. Notes, 144A(a)		5.875			12/01/25		13,420		13,579,430

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Chemicals (cont’d.)
Hexion, Inc.,
Sec’d. Notes, 144A(a)		13.750	%		02/01/22		14,465	$	5,207,400
Sr. Sec’d. Notes, 144A		10.375			02/01/22		10,465		8,869,087
NOVA Chemicals Corp. (Canada),
Sr. Unsec’d. Notes, 144A		4.875			06/01/24		2,820		2,730,324
Sr. Unsec’d. Notes, 144A(a)		5.000			05/01/25		4,100		3,915,500
Sr. Unsec’d. Notes, 144A(a)		5.250			06/01/27		39,013		36,672,220
PQ Corp., Sr. Sec’d. Notes, 144A		6.750			11/15/22		3,525		3,664,943
Rain CII Carbon LLC/CII Carbon Corp., Sec’d. Notes, 144A		7.250			04/01/25		29,264		25,313,360
Starfruit Finco BV/Starfruit US Holdco LLC (Netherlands), Sr. Unsec’d. Notes, 144A(a)		8.000			10/01/26		10,175		10,098,687
TPC Group, Inc., Sr. Sec’d. Notes, 144A		8.750			12/15/20		28,075		27,513,500
Tronox Finance PLC, Gtd. Notes, 144A(a)		5.750			10/01/25		24,367		22,661,310
Tronox, Inc., Gtd. Notes, 144A(a)		6.500			04/15/26		16,770		15,868,612
Venator Finance Sarl/Venator Materials LLC, Gtd. Notes, 144A		5.750			07/15/25		22,807		20,070,160
									281,509,171
Coal    0.2%
Warrior Met Coal, Inc., Sr. Sec’d. Notes, 144A		8.000			11/01/24		12,450		12,823,500
Commercial Services    3.4%
Laureate Education, Inc., Gtd. Notes, 144A		8.250			05/01/25		50,561		54,605,880
Nielsen Finance LLC/Nielsen Finance Co., Gtd. Notes, 144A(a)		5.000			04/15/22		15,329		15,290,678
Refinitiv US Holdings, Inc., Gtd. Notes, 144A(a)		8.250			11/15/26		64,955		63,554,408
Star Merger Sub Inc., Gtd. Notes, 144A		6.875			08/15/26		7,640		7,666,434
United Rentals North America, Inc.,
Gtd. Notes		4.625			10/15/25		500		486,250
Gtd. Notes(a)		4.875			01/15/28		68,650		65,474,937
Gtd. Notes(a)		5.500			05/15/27		12,005		12,005,000

See Notes to Financial Statements.

PGIM High Yield Fund 21

Schedule of Investments(unaudited) (continued)

as of February 28, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Commercial Services (cont’d.)
United Rentals North America, Inc., (cont’d.)
Gtd. Notes(a)		5.875	%		09/15/26		31,625	$	32,336,562
Gtd. Notes(a)		6.500			12/15/26		15,575		16,256,406
Verscend Escrow Corp., Sr. Unsec’d. Notes, 144A(a)		9.750			08/15/26		12,025		12,295,563
									279,972,118
Computers    1.5%
Banff Merger Sub, Inc., Sr. Unsec’d. Notes, 144A(a)		9.750			09/01/26		42,850		41,510,938
Dell International LLC/EMC Corp.,
Gtd. Notes, 144A		5.875			06/15/21		2,750		2,804,213
Gtd. Notes, 144A(a)		7.125			06/15/24		1,290		1,368,903
Everi Payments, Inc., Gtd. Notes, 144A(a)		7.500			12/15/25		21,921		21,921,000
NCR Corp.,
Gtd. Notes		5.000			07/15/22		9,403		9,401,966
Gtd. Notes(a)		6.375			12/15/23		844		856,213
West Corp., Gtd. Notes, 144A(a)		8.500			10/15/25		51,662		42,750,305
									120,613,538
Distribution/Wholesale    0.4%
Global Partners LP/GLP Finance Corp.,
Gtd. Notes		6.250			07/15/22		6,645		6,512,100
Gtd. Notes		7.000			06/15/23		18,670		18,459,963
H&E Equipment Services, Inc., Gtd. Notes(a)		5.625			09/01/25		9,600		9,504,000
									34,476,063
Diversified Financial Services    2.1%
Alliance Data Systems Corp., Gtd. Notes, 144A		5.375			08/01/22		12,765		12,956,475
LPL Holdings, Inc., Gtd. Notes, 144A		5.750			09/15/25		16,475		16,660,343
Nationstar Mortgage Holdings, Inc., Gtd. Notes, 144A		9.125			07/15/26		68,725		70,271,312
Navient Corp.,
Sr. Unsec’d. Notes(a)		7.250			09/25/23		6,675		6,883,594
Sr. Unsec’d. Notes, MTN(a)		8.000			03/25/20		5,575		5,822,140

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Diversified Financial Services (cont’d.)
Springleaf Finance Corp.,
Gtd. Notes(a)		6.000	%		06/01/20		8,225	$	8,420,344
Gtd. Notes		6.875			03/15/25		14,925		15,279,469
Gtd. Notes		7.125			03/15/26		14,800		14,985,000
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., Sr. Unsec’d. Notes, 144A(a)		6.750			06/01/25		14,250		14,392,500
VFH Parent LLC/OrchestraCo-Issuer, Inc., Sec’d. Notes, 144A		6.750			06/15/22		5,925		6,078,339
									171,749,516
Electric    3.4%
Calpine Corp.,
Sr. Unsec’d. Notes(a)		5.375			01/15/23		4,725		4,677,750
Sr. Unsec’d. Notes		5.500			02/01/24		26,870		25,862,375
Sr. Unsec’d. Notes(a)		5.750			01/15/25		97,019		92,895,692
GenOn Energy, Inc./NRG Americas, Inc., Sec’d. Notes, 3 Month LIBOR + 6.500%(a)		9.392	(c)		12/01/23		15,483		15,366,966
Keystone & Conemaugh Pass-Through Certificates, Gtd. Notes, 144A		9.000			12/01/23		6,375		6,438,750
Keystone Power Pass-Through Holders LLC/Conemaugh Power Pass-Through Holders, Sub. Notes, 144A, Cash coupon 13.000% or PIK N/A		13.000			06/01/24		7,666		7,665,817
Mirant Corp., Bonds, 144A^(d)		7.400			07/15/49		2,675		2,675
NRG Energy, Inc.,
Gtd. Notes(a)		5.750			01/15/28		12,050		12,366,313
Gtd. Notes		6.625			01/15/27		4,055		4,312,239
Gtd. Notes(a)		7.250			05/15/26		12,975		14,013,000
Vistra Energy Corp., Gtd. Notes(a)		7.625			11/01/24		26,642		28,307,125
Vistra Operations Co. LLC,
Gtd. Notes, 144A(a)		5.500			09/01/26		29,355		30,455,812
Sr. Unsec’d. Notes, 144A(a)		5.625			02/15/27		34,575		35,612,250
									277,976,764
Electronics    0.2%
Itron, Inc., Gtd. Notes, 144A(a)		5.000			01/15/26		6,325		6,151,063
Sensata Technologies BV, Gtd. Notes, 144A(a)		4.875			10/15/23		6,090		6,257,475

See Notes to Financial Statements.

PGIM High Yield Fund 23

Schedule of Investments(unaudited) (continued)

as of February 28, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Electronics (cont’d.)
Sensata Technologies BV, (cont’d.)
Gtd. Notes, 144A		5.000	%		10/01/25		1,800	$	1,818,000
Gtd. Notes, 144A		5.625			11/01/24		950		997,500
									15,224,038
Engineering & Construction    0.8%
AECOM,
Gtd. Notes		5.125			03/15/27		14,405		13,666,744
Gtd. Notes		5.875			10/15/24		8,925		9,311,452
StandardAero Aviation Holdings, Inc., Gtd. Notes, 144A		10.000			07/15/23		11,850		12,768,375
TopBuild Corp., Gtd. Notes, 144A		5.625			05/01/26		28,068		27,050,535
									62,797,106
Entertainment    3.5%
AMC Entertainment Holdings, Inc.,
Gtd. Notes(a)		5.750			06/15/25		12,925		11,923,313
Gtd. Notes(a)		5.875			11/15/26		31,775		28,600,677
Caesars Resort Collection LLC/CRC Finco, Inc., Gtd. Notes, 144A(a)		5.250			10/15/25		61,466		58,315,867
Churchill Downs, Inc., Gtd. Notes, 144A		4.750			01/15/28		11,561		11,043,067
International Game Technology PLC,
Sr. Sec’d. Notes, 144A(a)		6.250			01/15/27		14,190		14,775,338
Sr. Sec’d. Notes, 144A		6.500			02/15/25		14,906		15,856,257
Jacobs Entertainment, Inc., Sec’d. Notes, 144A		7.875			02/01/24		16,090		16,854,275
National CineMedia LLC,
Sr. Sec’d. Notes		6.000			04/15/22		4,625		4,676,569
Sr. Unsec’d. Notes		5.750			08/15/26		20,160		18,345,600
Penn National Gaming, Inc., Sr. Unsec’d. Notes, 144A		5.625			01/15/27		19,949		19,063,663
Scientific Games International, Inc.,
Gtd. Notes		6.250			09/01/20		6,000		6,000,000
Gtd. Notes		6.625			05/15/21		25,015		25,265,150
Gtd. Notes		10.000			12/01/22		46,775		49,172,219
Sr. Sec’d. Notes, 144A(a)		5.000			10/15/25		7,625		7,386,719
									287,278,714

See Notes to Financial Statements.

24

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Environmental Control    0.1%
Advanced Disposal Services, Inc., Gtd. Notes, 144A		5.625	%		11/15/24		10,925	$	11,034,250
Foods 2.0%
Albertsons Cos LLC/Safeway, Inc./New Albertsons LP/Albertson’s LLC, Gtd. Notes		5.750			03/15/25		12,130		11,523,500
B&G Foods, Inc.,
Gtd. Notes(a)		4.625			06/01/21		2,150		2,146,641
Gtd. Notes(a)		5.250			04/01/25		9,500		9,072,500
JBS USA LUX SA/JBS USA Finance, Inc.,
Gtd. Notes, 144A(a)		5.750			06/15/25		31,525		31,919,062
Gtd. Notes, 144A(a)		5.875			07/15/24		10,063		10,344,764
Matterhorn Merger Sub LLC/Matterhorn Finance Sub, Inc., Sr. Unsec’d. Notes, 144A		8.500			06/01/26		8,525		7,502,000
Picard Bondco SA (Luxembourg), Gtd. Notes		5.500			11/30/24	EUR	1,670		1,790,317
Picard Groupe SAS (France), Sr. Sec’d. Notes, 3 Month EURIBOR + 3.000%(a)		3.000	(c)		11/30/23	EUR	10,250		11,512,654
Pilgrim’s Pride Corp.,
Gtd. Notes, 144A		5.750			03/15/25		2,875		2,867,813
Gtd. Notes, 144A		5.875			09/30/27		39,590		38,897,175
Post Holdings, Inc.,
Gtd. Notes, 144A(a)		5.000			08/15/26		6,225		5,983,781
Gtd. Notes, 144A(a)		5.625			01/15/28		29,402		28,409,682
									161,969,889
Forest Products & Paper    0.0%
Mercer International, Inc. (Canada), Sr. Unsec’d. Notes		6.500			02/01/24		1,550		1,581,000
Gas    0.6%
AmeriGas Partners LP/AmeriGas Finance Corp.,
Sr. Unsec’d. Notes		5.500			05/20/25		25,635		25,378,650
Sr. Unsec’d. Notes(a)		5.625			05/20/24		3,550		3,585,500
Sr. Unsec’d. Notes(a)		5.750			05/20/27		10,355		10,147,900
Sr. Unsec’d. Notes(a)		5.875			08/20/26		10,517		10,540,137
									49,652,187

See Notes to Financial Statements.

PGIM High Yield Fund 25

Schedule of Investments(unaudited) (continued)

as of February 28, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Healthcare-Products    0.3%
Mallinckrodt International Finance SA, Gtd. Notes(a)		4.750	%		04/15/23		6,659	$	5,393,790
Mallinckrodt International Finance SA/Mallinckrodt CB LLC,
Gtd. Notes, 144A(a)		5.500			04/15/25		15,923		12,972,309
Gtd. Notes, 144A(a)		5.625			10/15/23		6,006		5,253,388
									23,619,487
Healthcare-Services    4.6%
Acadia Healthcare Co., Inc.,
Gtd. Notes		5.125			07/01/22		4,486		4,418,710
Gtd. Notes(a)		5.625			02/15/23		1,400		1,389,500
Gtd. Notes		6.125			03/15/21		2,070		2,072,588
Gtd. Notes		6.500			03/01/24		8,149		8,108,255
CHS/Community Health Systems, Inc.,
Gtd. Notes(a)		6.875			02/01/22		19,875		13,018,125
Sec’d. Notes, 144A(a)		8.125			06/30/24		27,282		22,916,880
Sr. Sec’d. Notes(a)		6.250			03/31/23		13,425		12,921,563
DaVita, Inc., Gtd. Notes(a)		5.000			05/01/25		11,147		10,756,855
Hadrian Merger Sub, Inc., Sr. Unsec’d. Notes, 144A		8.500			05/01/26		15,859		14,550,632
HCA, Inc.,
Gtd. Notes		5.375			02/01/25		45,632		47,329,054
Gtd. Notes		5.375			09/01/26		2,750		2,818,750
Gtd. Notes		5.875			02/15/26		5,295		5,592,844
Gtd. Notes		5.875			02/01/29		8,425		8,835,719
Gtd. Notes		7.500			12/15/23		12,480		13,821,600
MEDNAX, Inc., Gtd. Notes, 144A(a)		6.250			01/15/27		32,850		33,032,317
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., Gtd. Notes, 144A(a)		9.750			12/01/26		28,525		29,238,125
Select Medical Corp., Gtd. Notes		6.375			06/01/21		7,550		7,578,313
Surgery Center Holdings, Inc.,
Gtd. Notes, 144A(a)		6.750			07/01/25		7,785		7,084,350
Gtd. Notes, 144A(a)		8.875			04/15/21		7,800		7,936,500
Tenet Healthcare Corp.,
Sec’d. Notes, 144A		6.250			02/01/27		20,300		20,896,312
Sr. Unsec’d. Notes(a)		6.750			06/15/23		39,145		40,123,625

See Notes to Financial Statements.

26

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Healthcare-Services (cont’d.)
Tenet Healthcare Corp., (cont’d.)
Sr. Unsec’d. Notes(a)		7.000	%		08/01/25		34,763	$	34,849,907
Sr. Unsec’d. Notes(a)		8.125			04/01/22		28,516		30,440,830
									379,731,354
Home Builders    3.6%
Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unsec’d. Notes, 144A		6.750			08/01/25		21,144		19,035,943
Beazer Homes USA, Inc.,
Gtd. Notes(a)		5.875			10/15/27		10,575		9,226,688
Gtd. Notes		6.750			03/15/25		10,425		9,721,313
Gtd. Notes		7.250			02/01/23		421		402,055
Gtd. Notes		8.750			03/15/22		6,451		6,700,976
Brookfield Residential Properties, Inc. (Canada), Gtd. Notes, 144A		6.375			05/15/25		12,275		11,662,600
Brookfield Residential Properties, Inc./Brookfield Residential US Corp. (Canada), Gtd. Notes, 144A		6.125			07/01/22		3,725		3,711,031
KB Home,
Gtd. Notes		7.000			12/15/21		1,412		1,493,190
Gtd. Notes		7.500			09/15/22		525		570,938
Gtd. Notes		7.625			05/15/23		11,575		12,414,187
Sr. Unsec’d. Notes(a)		6.875			06/15/27		3,850		3,850,000
Lennar Corp.,
Gtd. Notes		4.750			05/30/25		1,224		1,227,443
Gtd. Notes		4.875			12/15/23		4,575		4,643,625
Gtd. Notes		5.250			06/01/26		9,250		9,284,688
Gtd. Notes		5.375			10/01/22		3,675		3,785,250
M/I Homes, Inc.,
Gtd. Notes		5.625			08/01/25		11,839		11,099,062
Gtd. Notes		6.750			01/15/21		5,550		5,633,250
Mattamy Group Corp. (Canada),
Sr. Unsec’d. Notes, 144A		6.500			10/01/25		14,654		14,081,578
Sr. Unsec’d. Notes, 144A(a)		6.875			12/15/23		11,725		11,637,062
Mattel, Inc., Gtd. Notes, 144A		6.750			12/31/25		5,550		5,459,813
Meritage Homes Corp.,
Gtd. Notes		5.125			06/06/27		22,373		20,862,822
Gtd. Notes(a)		6.000			06/01/25		14,125		14,513,437
New Home Co., Inc. (The), Gtd. Notes		7.250			04/01/22		10,192		9,382,959

See Notes to Financial Statements.

PGIM High Yield Fund 27

Schedule of Investments(unaudited) (continued)

as of February 28, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Home Builders (cont’d.)
PulteGroup, Inc.,
Gtd. Notes		5.000	%		01/15/27		14,950	$	14,314,625
Gtd. Notes		5.500			03/01/26		4,785		4,820,888
Shea Homes LP/Shea Homes Funding Corp., Gtd. Notes, 144A		6.125			04/01/25		6,645		6,279,525
Taylor Morrison Communities, Inc., Gtd. Notes		6.625			05/15/22		5,075		5,233,594
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc.,
Gtd. Notes, 144A(a)		5.625			03/01/24		10,688		10,554,400
Gtd. Notes, 144A		5.875			04/15/23		13,509		13,475,227
William Lyon Homes, Inc.,
Gtd. Notes(a)		5.875			01/31/25		37,065		33,358,500
Gtd. Notes		6.000			09/01/23		6,300		5,859,000
Gtd. Notes		7.000			08/15/22		9,844		9,868,610
									294,164,279
Home Furnishings    0.4%
Tempur Sealy International, Inc., Gtd. Notes(a)		5.500			06/15/26		32,114		32,033,715
Household Products/Wares    0.3%
Spectrum Brands, Inc., Gtd. Notes(a)		5.750			07/15/25		21,765		21,302,494
Housewares    0.1%
Scotts Miracle-Gro Co. (The),
Gtd. Notes(a)		5.250			12/15/26		9,634		9,200,470
Gtd. Notes		6.000			10/15/23		1,793		1,846,790
									11,047,260
Internet    0.7%
Zayo Group LLC/Zayo Capital, Inc.,
Gtd. Notes		6.000			04/01/23		5,755		5,826,937
Gtd. Notes, 144A(a)		5.750			01/15/27		52,032		50,471,040
									56,297,977
Iron/Steel    0.6%
AK Steel Corp., Gtd. Notes(a)		6.375			10/15/25		5,615		4,688,525

See Notes to Financial Statements.

28

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Iron/Steel (cont’d.)
AK Steel Corp., (cont’d.) Gtd. Notes(a)		7.000	%		03/15/27		9,154	$	7,689,360
Cleveland-Cliffs, Inc., Gtd. Notes(a)		5.750			03/01/25		23,420		22,893,050
United States Steel Corp., Sr. Unsec’d. Notes		6.250			03/15/26		11,550		10,929,188
									46,200,123
Lodging    0.6%
Boyd Gaming Corp., Gtd. Notes(a)		6.000			08/15/26		11,400		11,692,125
Interval Acquisition Corp., Gtd. Notes		5.625			04/15/23		3,500		3,517,500
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp.,
Sec’d. Notes, 144A		10.250			11/15/22		11,150		12,014,125
Sr. Sec’d. Notes, 144A		6.750			11/15/21		7,875		8,111,250
MGM Resorts International,
Gtd. Notes(a)		4.625			09/01/26		675		641,250
Gtd. Notes(a)		5.750			06/15/25		14,848		15,107,840
									51,084,090
Machinery-Diversified    0.5%
ATS Automation Tooling Systems, Inc. (Canada), Gtd. Notes, 144A		6.500			06/15/23		8,177		8,445,206
Cloud Crane LLC, Sec’d. Notes, 144A		10.125			08/01/24		26,915		28,664,475
RBS Global, Inc./Rexnord LLC, Gtd. Notes, 144A		4.875			12/15/25		6,300		6,174,000
									43,283,681
Media    10.4%
Altice France SA (France),
Sr. Sec’d. Notes, 144A		7.375			05/01/26		34,267		33,624,494
Sr. Sec’d. Notes, 144A		8.125			02/01/27		23,200		23,316,000
Altice Luxembourg SA (Luxembourg), Gtd. Notes, 144A		7.750			05/15/22		23,155		23,010,281
AMC Networks, Inc., Gtd. Notes(a)		4.750			08/01/25		12,985		12,615,739
Cablevision Systems Corp., Sr. Unsec’d. Notes(a)		8.000			04/15/20		10,000		10,475,000

See Notes to Financial Statements.

PGIM High Yield Fund 29

Schedule of Investments(unaudited) (continued)

as of February 28, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Media (cont’d.)
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes(a)		5.125	%		02/15/23		7,086	$	7,201,147
Sr. Unsec’d. Notes		5.750			01/15/24		305		312,434
Sr. Unsec’d. Notes, 144A(a)		5.000			02/01/28		29,580		28,452,262
Sr. Unsec’d. Notes, 144A(a)		5.125			05/01/23		7,730		7,866,048
Sr. Unsec’d. Notes, 144A(a)		5.375			05/01/25		4,802		4,916,048
Sr. Unsec’d. Notes, 144A(a)		5.500			05/01/26		2,685		2,745,413
Sr. Unsec’d. Notes, 144A(a)		5.750			02/15/26		9,688		9,975,637
Sr. Unsec’d. Notes, 144A(a)		5.875			05/01/27		26,282		26,996,542
Clear Channel Worldwide Holdings, Inc.,
Gtd. Notes, Series A(a)		6.500			11/15/22		29,955		30,591,544
Gtd. Notes, Series A		7.625			03/15/20		29,038		29,052,519
Gtd. Notes, Series B		7.625			03/15/20		60,084		60,114,042
Sr. Sub. Notes, 144A		9.250			02/15/24		62,505		65,552,119
CSC Holdings LLC,
Gtd. Notes, 144A(a)		5.375			02/01/28		12,965		12,738,112
Gtd. Notes, 144A(a)		6.500			02/01/29		9,805		10,258,579
Sr. Unsec’d. Notes, 144A(a)		5.125			12/15/21		43,537		43,673,706
Sr. Unsec’d. Notes, 144A		5.125			12/15/21		18,801		18,860,035
Sr. Unsec’d. Notes, 144A(a)		7.500			04/01/28		47,577		50,193,735
DISH DBS Corp.,
Gtd. Notes		5.875			07/15/22		3,075		2,936,625
Gtd. Notes(a)		5.875			11/15/24		9,215		7,760,873
Gtd. Notes		7.750			07/01/26		136,996		118,501,540
Gray Television, Inc.,
Gtd. Notes, 144A(a)		5.125			10/15/24		2,408		2,398,970
Gtd. Notes, 144A(a)		5.875			07/15/26		18,683		18,869,830
Sr. Unsec’d. Notes, 144A		7.000			05/15/27		11,310		11,960,325
Liberty Interactive LLC, Sr. Unsec’d. Notes		8.250			02/01/30		1,651		1,688,148
Mediacom Broadband LLC/Mediacom Broadband Corp., Sr. Unsec’d. Notes		5.500			04/15/21		5,510		5,496,225
Midcontinent Communications/Midcontinent Finance Corp., Gtd. Notes, 144A		6.875			08/15/23		11,345		11,840,890
Nexstar Broadcasting, Inc., Gtd. Notes, 144A(a)		5.625			08/01/24		23,474		23,297,945
Quebecor Media, Inc. (Canada), Sr. Unsec’d. Notes		5.750			01/15/23		13,841		14,338,411
Radiate Holdco LLC/Radiate Finance, Inc.,
Sr. Unsec’d. Notes, 144A(a)		6.625			02/15/25		3,086		2,900,840
Sr. Unsec’d. Notes, 144A(a)		6.875			02/15/23		29,829		28,934,130

See Notes to Financial Statements.

30

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Media (cont’d.)
Sinclair Television Group, Inc.,
Gtd. Notes		5.375	%		04/01/21		3,305	$	3,309,131
Gtd. Notes, 144A(a)		5.125			02/15/27		6,550		6,140,625
Gtd. Notes, 144A(a)		5.625			08/01/24		4,785		4,826,869
Gtd. Notes, 144A(a)		5.875			03/15/26		2,275		2,240,875
TEGNA, Inc.,
Gtd. Notes(a)		6.375			10/15/23		1,928		1,990,660
Gtd. Notes, 144A(a)		5.500			09/15/24		2,250		2,224,688
Tribune Media Co., Gtd. Notes		5.875			07/15/22		7,071		7,194,743
Univision Communications, Inc.,
Sr. Sec’d. Notes, 144A(a)		5.125			05/15/23		23,440		21,271,800
Sr. Sec’d. Notes, 144A(a)		5.125			02/15/25		16,622		14,544,250
Sr. Sec’d. Notes, 144A		6.750			09/15/22		5,597		5,631,981
Virgin Media Finance PLC (United Kingdom), Gtd. Notes, 144A		5.750			01/15/25		2,500		2,487,500
Ziggo Bond Co. BV (Netherlands), Sr. Unsec’d. Notes, 144A		6.000			01/15/27		10,711		10,148,672
									845,477,982
Metal Fabricate/Hardware    0.6%
Novelis Corp.,
Gtd. Notes, 144A		5.875			09/30/26		19,958		19,459,050
Gtd. Notes, 144A(a)		6.250			08/15/24		6,306		6,353,295
TriMas Corp., Gtd. Notes, 144A		4.875			10/15/25		4,730		4,647,225
Zekelman Industries, Inc., Sr. Sec’d. Notes, 144A		9.875			06/15/23		16,805		17,892,284
									48,351,854
Mining    2.2%
Constellium NV,
Gtd. Notes, 144A(a)		5.875			02/15/26		18,827		18,309,257
Gtd. Notes, 144A(a)		6.625			03/01/25		16,110		16,230,825
First Quantum Minerals Ltd. (Zambia),
Gtd. Notes, 144A		6.500			03/01/24		21,085		19,978,037
Gtd. Notes, 144A(a)		6.875			03/01/26		7,150		6,658,438
Gtd. Notes, 144A(a)		7.000			02/15/21		19,272		19,589,988
Gtd. Notes, 144A		7.250			04/01/23		2,230		2,190,975
Gtd. Notes, 144A		7.500			04/01/25		20,650		19,978,875

See Notes to Financial Statements.

PGIM High Yield Fund 31

Schedule of Investments(unaudited) (continued)

as of February 28, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Mining (cont’d.)
Freeport-McMoRan, Inc.,
Gtd. Notes		3.550	%		03/01/22		3,365	$	3,327,144
Gtd. Notes(a)		3.875			03/15/23		19,395		19,113,385
Gtd. Notes(a)		4.550			11/14/24		19,421		19,226,790
IAMGOLD Corp. (Canada), Gtd. Notes, 144A		7.000			04/15/25		23,151		23,035,245
International Wire Group, Inc., Sec’d. Notes, 144A		10.750			08/01/21		4,920		4,514,100
New Gold, Inc. (Canada), Gtd. Notes, 144A		6.250			11/15/22		10,391		9,209,024
									181,362,083
Miscellaneous Manufacturing    0.1%
FXI Holdings, Inc., Sr. Sec’d. Notes, 144A(a)		7.875			11/01/24		12,225		11,705,438
Office/Business Equipment    0.1%
CDW LLC/CDW Finance Corp., Gtd. Notes		5.500			12/01/24		5,105		5,321,963
Oil & Gas    8.5%
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., Gtd. Notes		7.875			12/15/24		67,860		21,545,550
Antero Resources Corp.,
Gtd. Notes(a)		5.000			03/01/25		27,790		26,678,400
Gtd. Notes		5.375			11/01/21		1,090		1,094,088
Gtd. Notes(a)		5.625			06/01/23		12,075		12,105,188
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Sr. Unsec’d. Notes, 144A(a)		7.000			11/01/26		23,850		23,015,250
Sr. Unsec’d. Notes, 144A(a)		10.000			04/01/22		33,424		36,014,360
Centennial Resource Production LLC, Gtd. Notes, 144A		5.375			01/15/26		13,786		13,165,630
Chesapeake Energy Corp., Gtd. Notes(a)		8.000			06/15/27		64,776		64,128,240
Citgo Holding, Inc., Sr. Sec’d. Notes, 144A		10.750			02/15/20		66,944		68,701,280
CNX Resources Corp., Gtd. Notes(a)		5.875			04/15/22		33,550		33,885,500

See Notes to Financial Statements.

32

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont’d.)
CrownRock LP/CrownRock Finance, Inc., Sr. Unsec’d. Notes, 144A		5.625	%		10/15/25		15,275	$	14,797,656
Denbury Resources, Inc., Sec’d. Notes, 144A(a)		9.000			05/15/21		4,125		4,161,094
Diamond Offshore Drilling, Inc., Sr. Unsec’d. Notes(a)		7.875			08/15/25		5,225		4,937,625
Endeavor Energy Resources LP/EER Finance, Inc., Sr. Unsec’d. Notes, 144A		5.750			01/30/28		12,015		12,795,975
Extraction Oil & Gas, Inc.,
Gtd. Notes, 144A		5.625			02/01/26		35,683		29,616,890
Gtd. Notes, 144A		7.375			05/15/24		11,685		10,458,075
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A		5.000			12/01/24		3,100		2,979,875
Sr. Unsec’d. Notes, 144A(a)		5.750			10/01/25		15,220		15,124,875
Sr. Unsec’d. Notes, 144A		6.250			11/01/28		13,625		13,352,500
MEG Energy Corp. (Canada),
Gtd. Notes, 144A		6.375			01/30/23		56,475		51,533,437
Gtd. Notes, 144A		7.000			03/31/24		14,326		13,108,290
Nabors Industries, Inc., Gtd. Notes(a)		5.750			02/01/25		18,228		16,131,780
Newfield Exploration Co.,
Sr. Unsec’d. Notes(a)		5.375			01/01/26		9,625		10,154,375
Sr. Unsec’d. Notes(a)		5.750			01/30/22		1,906		2,006,065
Petrobras Global Finance BV (Brazil),
Gtd. Notes(a)		5.299			01/27/25		2,720		2,745,840
Gtd. Notes		6.125			01/17/22		430		452,571
Gtd. Notes		7.375			01/17/27		5,705		6,269,795
Gtd. Notes		8.750			05/23/26		4,750		5,602,673
Precision Drilling Corp. (Canada),
Gtd. Notes(a)		7.750			12/15/23		5,650		5,706,500
Gtd. Notes, 144A(a)		7.125			01/15/26		13,033		12,804,922
Range Resources Corp.,
Gtd. Notes(a)		4.875			05/15/25		16,700		15,296,156
Gtd. Notes(a)		5.000			03/15/23		1,450		1,401,063
Gtd. Notes		5.875			07/01/22		21,518		21,733,180
Seven Generations Energy Ltd. (Canada), Gtd. Notes, 144A		5.375			09/30/25		8,250		7,940,625
Seventy Seven Energy, Inc., Sr. Unsec’d. Notes^(d)		6.500			07/15/22		1,800		18
Sunoco LP/Sunoco Finance Corp.,
Gtd. Notes(a)		4.875			01/15/23		11,000		11,137,500
Gtd. Notes		5.500			02/15/26		11,550		11,472,615

See Notes to Financial Statements.

PGIM High Yield Fund 33

Schedule of Investments(unaudited) (continued)

as of February 28, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont’d.)
Sunoco LP/Sunoco Finance Corp., (cont’d.) Gtd. Notes		5.875	%		03/15/28		1,525	$	1,502,125
Transocean Pontus Ltd., Sr. Sec’d. Notes, 144A		6.125			08/01/25		5,599		5,655,116
Transocean, Inc.,
Gtd. Notes, 144A		7.250			11/01/25		33,315		31,815,825
Gtd. Notes, 144A(a)		7.500			01/15/26		12,425		11,990,125
WPX Energy, Inc.,
Sr. Unsec’d. Notes		5.250			09/15/24		5,000		4,981,250
Sr. Unsec’d. Notes		5.750			06/01/26		5,625		5,660,156
Sr. Unsec’d. Notes(a)		6.000			01/15/22		10,858		11,210,885
Sr. Unsec’d. Notes		8.250			08/01/23		11,490		12,883,162
									689,754,100
Oil & Gas Services    0.1%
Nine Energy Service, Inc., Sr. Unsec’d. Notes, 144A		8.750			11/01/23		6,325		6,325,000
Packaging & Containers    1.2%
ARD Finance SA (Luxembourg), Sr. Sec’d. Notes, Cash coupon 7.125% or PIK 7.875%(a)		7.125			09/15/23		34,736		34,822,840
ARD Securities Finance SARL (Luxembourg), Sr. Sec’d. Notes, 144A, Cash coupon 8.750% or PIK 8.750%		8.750			01/31/23		12,974		12,195,652
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (Ireland),
Gtd. Notes, 144A		6.750			05/15/24	EUR	1,000		1,206,948
Gtd. Notes, 144A		7.250			05/15/24		21,925		22,768,016
Sr. Sec’d. Notes, 144A(a)		4.625			05/15/23		5,675		5,717,562
Owens-Brockway Glass Container, Inc., Gtd. Notes, 144A(a)		6.375			08/15/25		2,561		2,689,050
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, Gtd. Notes, 144A		7.000			07/15/24		15,810		16,165,725
Sealed Air Corp., Gtd. Notes, 144A(a)		5.125			12/01/24		1,100		1,131,416
									96,697,209

See Notes to Financial Statements.

34

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pharmaceuticals    0.9%
Bausch Health Americas, Inc., Gtd. Notes, 144A		8.500	%		01/31/27		9,785	$	10,164,169
Bausch Health Cos., Inc.,
Gtd. Notes, 144A(a)		5.500			03/01/23		1,215		1,208,925
Sr. Sec’d. Notes, 144A		5.750			08/15/27		3,895		3,929,081
Endo Dac/Endo Finance LLC/Endo Finco, Inc.,
Gtd. Notes, 144A		6.000			07/15/23		9,005		7,462,894
Gtd. Notes, 144A		6.000			02/01/25		21,080		16,231,600
Endo Finance LLC/Endo Finco, Inc., Gtd. Notes, 144A		5.375			01/15/23		10,825		8,923,859
NVA Holdings, Inc., Gtd. Notes, 144A(a)		6.875			04/01/26		29,358		28,330,470
									76,250,998
Pipelines    2.0%
Antero Midstream Partners LP/Antero Midstream Finance Corp., Gtd. Notes		5.375			09/15/24		4,075		4,075,000
CNX Midstream Partners LP/CNX Midstream Finance Corp., Sr. Unsec’d. Notes, 144A		6.500			03/15/26		8,850		8,695,125
DCP Midstream Operating LP,
Gtd. Notes		5.600			04/01/44		5,131		4,739,761
Gtd. Notes, 144A		6.450			11/03/36		12,900		12,996,750
Energy Transfer LP, Sr. Sec’d. Notes		7.500			10/15/20		10,800		11,475,000
NGPL PipeCo LLC,
Sr. Unsec’d. Notes, 144A		4.875			08/15/27		8,325		8,374,430
Sr. Unsec’d. Notes, 144A(a)		7.768			12/15/37		11,425		13,638,594
Rockies Express Pipeline LLC,
Sr. Unsec’d. Notes, 144A(a)		6.875			04/15/40		36,203		38,827,717
Sr. Unsec’d. Notes, 144A		7.500			07/15/38		7,665		8,661,450
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
Gtd. Notes, 144A		5.500			09/15/24		8,650		8,836,408
Gtd. Notes, 144A		5.500			01/15/28		26,471		26,404,822
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Gtd. Notes(a)		4.250			11/15/23		8,439		8,333,513

See Notes to Financial Statements.

PGIM High Yield Fund 35

Schedule of Investments(unaudited) (continued)

as of February 28, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pipelines (cont’d.)
Targa Resources Partners LP/Targa Resources Partners Finance Corp., (cont’d.)
Gtd. Notes(a)		5.125	%		02/01/25		2,350	$	2,361,750
Gtd. Notes(a)		6.750			03/15/24		4,900		5,132,750
									162,553,070
Real Estate    0.9%
Five Point Operating Co. LP/Five Point Capital Corp., Gtd. Notes, 144A		7.875			11/15/25		16,575		16,057,031
Greystar Real Estate Partners LLC, Sr. Sec’d. Notes, 144A		5.750			12/01/25		20,315		20,412,106
Howard Hughes Corp. (The), Sr. Unsec’d. Notes, 144A		5.375			03/15/25		7,095		7,006,312
Hunt Cos., Inc., Sr. Sec’d. Notes, 144A		6.250			02/15/26		27,022		25,130,460
Realogy Group LLC/RealogyCo-Issuer Corp., Gtd. Notes, 144A(a)		4.875			06/01/23		7,325		6,629,125
									75,235,034
Real Estate Investment Trusts (REITs)    0.9%
GLP Capital LP/GLP Financing II, Inc., Gtd. Notes		5.375			04/15/26		14,202		14,633,173
MGM Growth Properties Operating Partnership LP/MGP FinanceCo-Issuer, Inc.,
Gtd. Notes		4.500			09/01/26		9,100		8,720,803
Gtd. Notes		4.500			01/15/28		20,429		19,101,115
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes		5.000			10/15/27		11,850		11,761,125
Gtd. Notes		5.250			08/01/26		5,450		5,524,937
Sabra Health Care LP, Gtd. Notes		5.125			08/15/26		5,886		5,593,081
Senior Housing Properties Trust, Sr. Unsec’d. Notes		6.750			12/15/21		5,475		5,720,957
									71,055,191
Retail    4.7%
Beacon Roofing Supply, Inc.,
Gtd. Notes		6.375			10/01/23		7,350		7,588,875
Gtd. Notes, 144A(a)		4.875			11/01/25		19,225		17,897,273
Brinker International, Inc., Gtd. Notes, 144A(a)		5.000			10/01/24		6,104		5,875,100

See Notes to Financial Statements.

36

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Retail (cont’d.)
Caleres, Inc., Gtd. Notes		6.250	%		08/15/23		6,429	$	6,662,051
CEC Entertainment, Inc., Gtd. Notes(a)		8.000			02/15/22		28,560		25,918,200
Ferrellgas LP/Ferrellgas Finance Corp.,
Gtd. Notes		6.750			06/15/23		14,910		13,344,450
Sr. Unsec’d. Notes		6.500			05/01/21		5,075		4,542,125
Sr. Unsec’d. Notes		6.750			01/15/22		8,709		7,751,010
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp.,
Sr. Unsec’d. Notes(a)		8.625			06/15/20		30,487		23,627,425
Sr. Unsec’d. Notes(a)		8.625			06/15/20		27,881		21,607,775
Golden Nugget, Inc.,
Gtd. Notes, 144A(a)		8.750			10/01/25		31,725		32,676,750
Sr. Unsec’d. Notes, 144A(a)		6.750			10/15/24		18,604		18,697,020
Hot Topic, Inc., Sr. Sec’d. Notes, 144A(a)		9.250			06/15/21		3,363		3,363,000
L Brands, Inc.,
Gtd. Notes(a)		5.250			02/01/28		7,075		6,119,875
Gtd. Notes(a)		5.625			10/15/23		5,250		5,210,625
Gtd. Notes		6.750			07/01/36		26,650		22,519,250
Gtd. Notes		6.875			11/01/35		17,630		15,205,875
PetSmart, Inc.,
Gtd. Notes, 144A		7.125			03/15/23		19,767		13,392,143
Sr. Sec’d. Notes, 144A		5.875			06/01/25		36,800		29,256,000
Rite Aid Corp., Gtd. Notes, 144A(a)		6.125			04/01/23		41,505		35,383,012
Sally Holdings LLC/Sally Capital, Inc., Gtd. Notes(a)		5.625			12/01/25		27,457		26,942,181
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
Sr. Unsec’d. Notes		5.500			06/01/24		16,347		16,142,663
Sr. Unsec’d. Notes		5.750			03/01/25		5,025		4,861,688
Superior Plus LP/Superior General Partner, Inc. (Canada), Sr. Unsec’d. Notes, 144A		7.000			07/15/26		15,325		15,325,000
									379,909,366
Semiconductors    0.5%
Micron Technology, Inc., Sr. Unsec’d. Notes		5.500			02/01/25		25,767		26,474,304

See Notes to Financial Statements.

PGIM High Yield Fund 37

Schedule of Investments(unaudited) (continued)

as of February 28, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Semiconductors (cont’d.)
NXP BV/NXP Funding LLC (Netherlands), Gtd. Notes, 144A		4.625	%		06/15/22		6,125	$	6,247,500
Sensata Technologies UK Financing Co. PLC, Gtd. Notes, 144A		6.250			02/15/26		5,054		5,331,970
									38,053,774
Software    1.7%
Infor Software Parent LLC/Infor Software Parent, Inc., Sr. Unsec’d. Notes, 144A, Cash coupon 7.125% or PIK 7.875%		7.125			05/01/21		48,072		48,264,288
Infor US, Inc., Gtd. Notes		6.500			05/15/22		52,917		53,963,169
Informatica LLC, Sr. Unsec’d. Notes, 144A		7.125			07/15/23		4,865		4,926,396
RP Crown Parent LLC, Gtd. Notes, 144A		7.375			10/15/24		26,901		27,573,525
TIBCO Software, Inc., Sr. Unsec’d. Notes, 144A(a)		11.375			12/01/21		3,365		3,575,313
									138,302,691
Telecommunications    7.0%
Anixter, Inc.,
Gtd. Notes		5.500			03/01/23		1,975		2,041,656
Gtd. Notes, 144A		6.000			12/01/25		11,770		12,181,950
C&W Senior Financing DAC (Ireland), Sr. Unsec’d. Notes, 144A(a)		6.875			09/15/27		13,350		13,083,000
CenturyLink, Inc.,
Sr. Unsec’d. Notes, Series P		7.600			09/15/39		9,305		8,118,613
Sr. Unsec’d. Notes, Series S		6.450			06/15/21		22,715		23,594,070
Sr. Unsec’d. Notes, Series U(a)		7.650			03/15/42		13,388		11,681,030
Sr. Unsec’d. Notes, Series V		5.625			04/01/20		4,850		4,924,205
CommScope Technologies LLC,
Gtd. Notes, 144A(a)		5.000			03/15/27		12,380		11,083,814
Gtd. Notes, 144A		6.000			06/15/25		28,935		27,271,237
Sr. Unsec’d. Notes, 144A(a)		8.250			03/01/27		10,875		11,282,813
CommScope, Inc., Gtd. Notes, 144A		5.500			06/15/24		10,625		10,200,000
Digicel Group One Ltd. (Jamaica), Sr. Sec’d. Notes, 144A(a)		8.250			12/30/22		7,038		4,662,675
Digicel Group Two Ltd. (Jamaica), Sr. Unsec’d. Notes, 144A(a)		8.250			09/30/22		6,637		2,787,540

See Notes to Financial Statements.

38

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Telecommunications (cont’d.)
Digicel Group Two Ltd. (Jamaica), (cont’d.) Sr. Unsec’d. Notes, 144A, Cash coupon 9.1250% or PIK 9.1250%(a)		9.125	%		04/01/24		780	$	253,500
Digicel Ltd. (Jamaica),
Gtd. Notes, 144A(a)		6.750			03/01/23		50,530		35,118,350
Sr. Unsec’d. Notes, 144A(a)		6.000			04/15/21		6,710		5,500,104
GTT Communications, Inc., Gtd. Notes, 144A(a)		7.875			12/31/24		20,067		17,307,788
Intelsat Jackson Holdings SA (Luxembourg), Gtd. Notes, 144A		9.750			07/15/25		19,755		20,495,812
Level 3 Financing, Inc.,
Gtd. Notes(a)		5.125			05/01/23		5,500		5,534,870
Gtd. Notes		5.375			08/15/22		1,590		1,599,938
Gtd. Notes		5.625			02/01/23		4,510		4,543,825
ORBCOMM, Inc., Sr. Sec’d. Notes, 144A		8.000			04/01/24		26,685		27,618,975
Sprint Capital Corp.,
Gtd. Notes(a)		6.875			11/15/28		37,295		36,805,503
Gtd. Notes(a)		8.750			03/15/32		57,434		62,279,994
Sprint Corp.,
Gtd. Notes		7.125			06/15/24		3,805		3,919,150
Gtd. Notes(a)		7.625			02/15/25		45,863		48,041,492
Gtd. Notes		7.875			09/15/23		5,267		5,637,059
T-Mobile USA, Inc.,
Gtd. Notes		6.000			03/01/23		4,790		4,921,725
Gtd. Notes		6.375			03/01/25		1,038		1,080,169
Wind Tre SpA (Italy), Sr. Sec’d. Notes, 144A(a)		5.000			01/20/26		122,450		105,564,145
Xplornet Communications, Inc. (Canada), Gtd. Notes, 144A, Cash coupon 9.625% or PIK 10.625%		9.625			06/01/22		43,600		43,711,660
									572,846,662
Textiles    0.1%
Eagle Intermediate Global Holding BV/Ruyi US Finance LLC (China), Sr. Sec’d. Notes, 144A		7.500			05/01/25		8,575		8,322,038

See Notes to Financial Statements.

PGIM High Yield Fund 39

Schedule of Investments(unaudited) (continued)

as of February 28, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Transportation    0.6%
Navios Maritime Holdings, Inc./Navios Maritime Finance II US, Inc. (Greece), Sr. Sec’d. Notes, 144A		7.375	%		01/15/22		6,100	$	2,729,750
XPO Logistics, Inc.,
Gtd. Notes, 144A(a)		6.125			09/01/23		7,425		7,406,437
Gtd. Notes, 144A(a)		6.500			06/15/22		8,452		8,599,910
Sr. Unsec’d. Notes, 144A		6.750			08/15/24		34,507		34,726,810
									53,462,907
Trucking & Leasing    1.0%
Avolon Holdings Funding Ltd. (Ireland),
Gtd. Notes, 144A		5.250			05/15/24		15,975		16,374,375
Gtd. Notes, 144A		5.500			01/15/23		25,150		25,783,780
Park Aerospace Holdings Ltd. (Ireland),
Gtd. Notes, 144A		4.500			03/15/23		11,351		11,265,867
Gtd. Notes, 144A(a)		5.250			08/15/22		5,290		5,415,426
Gtd. Notes, 144A		5.500			02/15/24		20,260		20,943,775
									79,783,223
TOTAL CORPORATE BONDS (cost $7,064,529,774)									6,947,711,672
						Shares
COMMON STOCKS    0.6%
Electric Utilities    0.5%
GenOn Holdings, Inc. (Class A)*^							193,539		27,095,460
Keycon Power Holdings LLC*^							33,730		8,432,500
									35,527,960
Independent Power & Renewable Electricity Producers    0.1%
Vistra Energy Corp.*							342,429		8,916,851
Media    0.0%
Mood Media Corp.*^							669,375		133,875
Mood Media Corp.*^							546,428		109,286
									243,161

See Notes to Financial Statements.

40

Description	Shares		Value
COMMON STOCKS (Continued)
Oil, Gas & Consumable Fuels    0.0%
Ascent Resources - Marcellus LLC (Class A Stock)*^		35,140	$	96,635
Frontera Energy Corp. (Colombia)		55,828		531,978
				628,613
TOTAL COMMON STOCKS (cost $39,653,026)				45,316,585
PREFERRED STOCKS    0.0%
Capital Markets    0.0%
Goldman Sachs Group, Inc. (The) Series K, (fixed to floating preferred), 6.375%		87,000		2,331,600
Construction Materials    0.0%
New Millennium Homes LLC*^		2,000		52,000
Media    0.0%
Adelphia Communications Corp.^		20,000		20
TOTAL PREFERRED STOCKS (cost $2,193,416)				2,383,620
	Units
WARRANTS*    0.0%
Chemicals    0.0%
Hercules, Inc., expiring 03/31/29		230		—
Oil, Gas & Consumable Fuels    0.0%
Ascent Resources - Marcellus LLC, 2nd Lien Tranche A, expiring 03/30/23^		229,837		22,984
Ascent Resources - Marcellus LLC, 2nd Lien Tranche B, expiring 03/30/23^		178,762		8,938
				31,922
TOTAL WARRANTS (cost $52,352)				31,922
TOTAL LONG-TERM INVESTMENTS (cost $7,872,850,331)				7,761,534,262

See Notes to Financial Statements.

PGIM High Yield Fund 41

Schedule of Investments(unaudited) (continued)

as of February 28, 2019

Description	Shares		Value
SHORT-TERM INVESTMENTS    26.6%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(w)		390,926,431	$	390,926,431
PGIM Institutional Money Market Fund (cost $1,776,753,839; includes $1,773,122,133 of cash collateral for securities on loan)(b)(w)		1,776,775,690		1,777,308,722
TOTAL SHORT-TERM INVESTMENTS (cost $2,167,680,270)				2,168,235,153
TOTAL INVESTMENTS    121.8% (cost $10,040,530,601)				9,929,769,415
Liabilities in excess of other assets(z)    (21.8)%				(1,775,186,009	)
NET ASSETS    100.0%			$	8,154,583,406

The following abbreviations are used in the semiannual report:

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.

CLO—Collateralized Loan Obligation

EURIBOR—Euro Interbank Offered Rate

LIBOR—London Interbank Offered Rate

MTN—Medium Term Note

OTC—Over-the-counter

PIK—Payment-in-Kind

REIT(s)—Real Estate Investment Trust(s)

EUR—Euro

* Non-income producing security.

# Principal amount is shown in U.S. dollars unless otherwise stated.

^ Indicates a Level 3 security. The aggregate value of Level 3 securities is $48,499,391 and 0.6% of net assets.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $1,733,075,344; cash collateral of $1,773,122,133 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

(b) Represents security purchased with cash collateral received for securities on loan and includes dividend reinvestment.

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at February 28, 2019.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of February 28, 2019. 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.

(p) Interest rate not available as of February 28, 2019.

(w) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund.

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

See Notes to Financial Statements.

42

Futures contracts outstanding at February 28, 2019:

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
		Long Positions:
	1,709	2 Year U.S. Treasury Notes		Jun. 2019	$	362,641,789	$	(257,482	)
	1,486	5 Year U.S. Treasury Notes		Jun. 2019		170,239,875		(273,009	)
	1,375	10 Year U.S. Treasury Notes		Jun. 2019		167,750,000		(601,324	)
	25	20 Year U.S. Treasury Bonds		Jun. 2019		3,611,719		(28,998	)
								(1,160,813	)
		Short Positions:
	3	5 Year Euro-Bobl		Jun. 2019		450,600		441
	1	10 Year Euro-Bund		Mar. 2019		188,032		(3,021	)
	16	30 Year U.S. Ultra Treasury Bonds		Jun. 2019		2,553,500		36,350
								33,770
							$	(1,127,043	)

Forward foreign currency exchange contracts outstanding at February 28, 2019:

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Euro, Expiring 03/04/19	Citibank, N.A.	EUR	12,097	$	13,722,836	$	13,765,049	$	42,213	$	—
Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Euro,
Expiring 03/04/19	Citibank, N.A.	EUR	9,000	$	10,320,761	$	10,240,625	$	80,136	$	—
Expiring 03/04/19	Citibank, N.A.	EUR	3,097		3,545,386		3,524,424		20,962		—
Expiring 04/02/19	Citibank, N.A.	EUR	12,097		13,757,128		13,800,004		—		(42,876	)
				$	27,623,275	$	27,565,053		101,098		(42,876	)
								$	143,311	$	(42,876	)

See Notes to Financial Statements.

PGIM High Yield Fund 43

Schedule of Investments(unaudited) (continued)

as of February 28, 2019

Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:

Cash and securities segregated as collateral to cover requirements for open centrally cleared/exchange-traded derivatives are listed by broker as follows:

Broker	Cash and/or Foreign Currency		Securities Market Value
Citigroup Global Markets Inc.	$	3,950,000	$	—

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.

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 February 28, 2019 in valuing such portfolio securities:

	Level 1			Level 2		Level 3
Investments in Securities
Asset-Backed Securities
Collateralized Loan Obligations	$	—		$	386,670,705	$	—
Bank Loans		—			366,874,758		12,545,000
Corporate Bonds		—			6,947,708,979		2,693
Common Stocks		8,916,851			531,978		35,867,756
Preferred Stocks		2,331,600			—		52,020
Warrants		—			—		31,922
Affiliated Mutual Funds		2,168,235,153			—		—
Other Financial Instruments*
Futures Contracts		(1,127,043	)		—		—
OTC Forward Foreign Currency Exchange Contracts		—			100,435		—
Total	$	2,178,356,561		$	7,701,886,855	$	48,499,391

* 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 the unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value.

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of February 28, 2019 were as follows:

See Notes to Financial Statements.

44

Industry Classification (continued):
Affiliated Mutual Funds (21.7% represents investments purchased with collateral from securities on loan)	26.6	%
Media	10.6
Oil & Gas	8.7
Telecommunications	7.2
Retail	5.0
Collateralized Loan Obligations	4.7
Healthcare-Services	4.6
Commercial Services	3.9
Electric	3.8
Chemicals	3.7
Home Builders	3.6
Entertainment	3.5
Software	2.6
Computers	2.6
Mining	2.5
Aerospace & Defense	2.4
Diversified Financial Services	2.1
Foods	2.1
Pipelines	2.0
Building Materials	1.9
Auto Parts & Equipment	1.8
Auto Manufacturers	1.5
Packaging & Containers	1.2
Trucking & Leasing	1.0
Pharmaceuticals	0.9
Real Estate	0.9
Real Estate Investment Trusts (REITs)	0.9
Engineering & Construction	0.8
Internet	0.7
Transportation	0.6
Lodging	0.6
Gas	0.6
Metal Fabricate/Hardware	0.6
Iron/Steel	0.6
Machinery-Diversified	0.5	%
Semiconductors	0.5
Electric Utilities	0.5
Distribution/Wholesale	0.4
Home Furnishings	0.4
Banks	0.3
Healthcare-Products	0.3
Household Products/Wares	0.3
Beverages	0.2
Electronics	0.2
Agriculture	0.2
Coal	0.2
Miscellaneous Manufacturing	0.1
Housewares	0.1
Environmental Control	0.1
Holding Companies-Diversified	0.1
Insurance	0.1
Independent Power & Renewable Electricity Producers	0.1
Textiles	0.1
Oil & Gas Services	0.1
Advertising	0.1
Office/Business Equipment	0.1
Capital Markets	0.0	*
Forest Products & Paper	0.0	*
Oil, Gas & Consumable Fuels	0.0	*
Construction Materials	0.0	*
	121.8
Liabilities in excess of other assets	(21.8	)
	100.0	%

* Less than +/- 0.05%

Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure

The Fund invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are equity contracts risk, foreign exchange contracts risk and interest rate contracts risk. 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 February 28, 2019 as presented in the Statement of Assets and Liabilities:

See Notes to Financial Statements.

PGIM High Yield Fund 45

Schedule of Investments(unaudited) (continued)

as of February 28, 2019

	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
Equity contracts	Unaffiliated investments	$	31,922		—	$	—
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		143,311		Unrealized depreciation on OTC forward foreign currency exchange contracts		42,876
Interest rate contracts	Due from/to broker—variation margin futures		36,791	*	Due from/to broker—variation margin futures		1,163,834	*
		$	212,024			$	1,206,710

* 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 February 28, 2019 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
Foreign exchange contracts	$	—	$	35,660
Interest rate contracts		4,277,279		—
Total	$	4,277,279	$	35,660

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Warrants(1)			Futures			Forward Currency Exchange Contracts
Equity contracts	$	(9,959	)	$	—		$	—
Foreign exchange contracts		—			—			96,188
Interest rate contracts		—			(1,201,447	)		—
Total	$	(9,959	)	$	(1,201,447	)	$	96,188

(1) Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

See Notes to Financial Statements.

46

For the six months ended February 28, 2019, the Fund’s average volume of derivative activities is as follows:

Futures Contracts— Long Positions(1)	Futures Contracts— Short Positions(1)		Forward Foreign Currency Exchange Contracts— Purchased(2)
$720,728,414	$	3,355,826	$	5,316,979

Forward Foreign Currency Exchange Contracts— Sold(2)
$	10,695,673

(1) Notional Amount in USD.

(2) Value at Settlement Date.

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

The Fund invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions, where the legal right toset-off exists, is presented in the summary below.

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/(Liabilities)		Collateral Pledged/ (Received)(2)			Net Amount
Securities on Loan	$	1,733,075,344	$	(1,733,075,344	)	$	—

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
CitiBank, N.A.	$	143,311	$	(42,876	)	$	100,435	$	—	$	100,435

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

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

See Notes to Financial Statements.

PGIM High Yield Fund 47

Statement of Assets & Liabilities(unaudited)

as of February 28, 2019

Assets
Investments at value, including securities on loan of $1,733,075,344:
Unaffiliated investments (cost $7,872,850,331)	$	7,761,534,262
Affiliated investments (cost $2,167,680,270)		2,168,235,153
Cash		453,803
Foreign currency, at value (cost $9,613)		9,613
Dividends and interest receivable		127,540,387
Receivable for investments sold		75,204,004
Receivable for Fund shares sold		17,665,731
Deposit with broker for centrally cleared/exchange-traded derivatives		3,950,000
Unrealized appreciation on OTC forward foreign currency exchange contracts		143,311
Prepaid expenses		32,179
Total Assets		10,154,768,443
Liabilities
Payable to broker for collateral for securities on loan		1,773,122,133
Payable for investments purchased		192,719,182
Payable for Fund shares reacquired		21,888,913
Accrued expenses and other liabilities		4,399,761
Dividends payable		4,335,082
Management fee payable		2,339,415
Due to broker—variation margin futures		633,657
Distribution fee payable		510,324
Affiliated transfer agent fee payable		193,694
Unrealized depreciation on OTC forward foreign currency exchange contracts		42,876
Total Liabilities		2,000,185,037
Net Assets	$	8,154,583,406
Net assets were comprised of:
Common stock, at par	$	15,167,905
Paid-in capital in excess of par		8,320,289,271
Total distributable earnings (loss)		(180,873,770	)
Net assets, February 28, 2019	$	8,154,583,406

See Notes to Financial Statements.

48

Class A
Net asset value and redemption price per share, ($1,259,282,519 ÷ 234,487,872 shares of common stock issued and outstanding)	$	5.37
Maximum sales charge (4.50% of offering price)		0.25
Maximum offering price to public	$	5.62
Class B
Net asset value, offering price and redemption price per share,
($105,002,580 ÷ 19,575,351 shares of common stock issued and outstanding)	$	5.36
Class C
Net asset value, offering price and redemption price per share,
($238,456,015 ÷ 44,462,193 shares of common stock issued and outstanding)	$	5.36
Class R
Net asset value, offering price and redemption price per share,
($70,781,005 ÷ 13,185,590 shares of common stock issued and outstanding)	$	5.37
Class Z
Net asset value, offering price and redemption price per share,
($4,135,917,001 ÷ 768,464,547 shares of common stock issued and outstanding)	$	5.38
Class R2
Net asset value, offering price and redemption price per share,
($5,884,204 ÷ 1,094,580 shares of common stock issued and outstanding)	$	5.38
Class R4
Net asset value, offering price and redemption price per share,
($2,916,006 ÷ 542,386 shares of common stock issued and outstanding)	$	5.38
Class R6
Net asset value, offering price and redemption price per share,
($2,336,344,076 ÷ 434,977,945 shares of common stock issued and outstanding)	$	5.37

See Notes to Financial Statements.

PGIM High Yield Fund 49

Statement of Operations(unaudited)

Six Months Ended February 28, 2019

Net Investment Income (Loss)
Income
Interest income	$	248,960,451
Affiliated dividend income		4,069,848
Income from securities lending, net (including affiliated income of $1,380,745)		3,977,801
Unaffiliated dividend income (net of $2,078 foreign withholding tax)		81,104
Total income		257,089,204
Expenses
Management fee		14,477,038
Distribution fee(a)		3,414,777
Shareholder servicing fees(a)		3,777
Transfer agent’s fees and expenses (including affiliated expense of $460,906)(a)		3,449,689
Custodian and accounting fees		274,178
Shareholders’ reports		219,308
Registration fees(a)		176,567
SEC registration fees		67,959
Directors’ fees		62,822
Legal fees and expenses		27,256
Audit fee		20,741
Miscellaneous		55,529
Total expenses		22,249,641
Less: Fee waiver and/or expense reimbursement(a)		(12,256	)
Distribution fee waiver(a)		(87,625	)
Net expenses		22,149,760
Net investment income (loss)		234,939,444
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(20,864))		197,068
Futures transactions		4,277,279
Forward currency contract transactions		35,660
Foreign currency transactions		(108,483	)
		4,401,524
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $388,760)		(85,861,208	)
Futures		(1,201,447	)
Forward currency contracts		96,188
Foreign currencies		(5,733	)
		(86,972,200	)
Net gain (loss) on investment and foreign currency transactions		(82,570,676	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	152,368,768

See Notes to Financial Statements.

50

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

	Class A		Class B		Class C		Class R			Class Z		Class R2			Class R4			Class R6
Distribution fee		1,549,910		410,485		1,184,949		262,875			—		6,558			—			—
Shareholder servicing fees		—		—		—		—			—		2,624			1,153			—
Transfer agent’s fees and expenses		875,943		60,108		103,312		59,949			2,337,629		1,054			1,140			10,554
Registration fees		19,741		8,611		11,184		8,808			79,064		8,004			8,004			33,151
Fee waiver and/or expense reimbursement		—		—		—		—			—		(4,923	)		(7,333	)		—
Distribution fee waiver		—		—		—		(87,625	)		—		—			—			—

See Notes to Financial Statements.

PGIM High Yield Fund 51

Statements of Changes in Net Assets(unaudited)

	Six Months Ended February 28, 2019			Year Ended August 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	234,939,444		$	407,254,971
Net realized gain (loss) on investment and foreign currency transactions		4,401,524			(10,181,320	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(86,972,200	)		(145,272,901	)
Net increase (decrease) in net assets resulting from operations		152,368,768			251,800,750
Dividends and Distributions
Distributions from distributable earnings*
Class A		(38,002,801	)		—
Class B		(3,083,051	)		—
Class C		(6,429,150	)		—
Class R		(2,043,290	)		—
Class Z		(120,161,733	)		—
Class R2		(158,954	)		—
Class R4		(72,743	)		—
Class R6		(70,264,379	)		—
		(240,216,101	)		—
Dividends from net investment income*
Class A					(77,758,149	)
Class B					(7,643,669	)
Class C					(13,311,231	)
Class R					(3,975,941	)
Class Z					(194,377,366	)
Class R2					(39,555	)
Class R4					(15,936	)
Class R6					(117,518,238	)
		*			(414,640,085	)

See Notes to Financial Statements.

52

	Six Months Ended February 28, 2019			Year Ended August 31, 2018
Fund share transactions (Net of share conversions)
Net proceeds from shares sold	$	1,892,656,334		$	3,066,560,066
Net asset value of shares issued in reinvestment of dividends and distributions		211,087,842			375,749,809
Cost of shares reacquired		(1,384,787,653	)		(2,062,702,073	)
Net increase (decrease) in net assets from Fund share transactions		718,956,523			1,379,607,802
Total increase (decrease)		631,109,190			1,216,768,467
Net Assets:
Beginning of period		7,523,474,216			6,306,705,749
End of period(a)	$	8,154,583,406		$	7,523,474,216
(a) Includes undistributed/(distributions in excess of) net investment income of:	$	*		$	8,971,765

* For the period ended February 28, 2019, the disclosures have been revised to reflect revisions to RegulationS-X adopted by the SEC in 2018 (refer to Note 9).

See Notes to Financial Statements.

PGIM High Yield Fund 53

Notes to Financial Statements(unaudited)

Prudential Investment Portfolios, Inc. 15 (the “Company”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as a diversifiedopen-end management investment company. The Company consists of two funds: PGIM High Yield Fund and PGIM Short Duration High Yield Income Fund. These financial statements relate only to the PGIM High Yield Fund (the “Fund”).

The investment objective of the Fund is to maximize current income. As a secondary investment objective, the Fund seeks capital appreciation but only when consistent with the Fund’s primary objective of current income.

1. Accounting Policies

The Fund follows 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 accounting policies conform to U.S. generally accepted accounting principles. The Fund consistently follows such policies in the preparation of its financial statements.

Securities Valuation:The Fund holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. 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. The Company’s Board of Directors (the “Board”) 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’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 permit the Fund 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. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

For the fiscal reportingperiod-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 Company’s foreign investments may change on days when investors cannot purchase or redeem Fund shares.

54

Various inputs determine how the Fund’s 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 Measurements and Disclosures.

Derivative instruments, such as futures or options, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Investments inopen-end,non-exchange-traded mutual funds are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

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

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

OTC 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 Fund utilizes the market approach when quoted prices in broker-dealer

PGIM High Yield Fund 55

Notes to Financial Statements(unaudited) (continued)

markets are available but also includes 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 OTC 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 OTC derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain OTC derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies approved by the Board. 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.

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

Illiquid Securities:Pursuant to Rule22e-4 under the Investment Company Act of 1940, the Fund has adopted a Board approved Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Fund limit its illiquid investments that are assets to no more than 15% of net assets. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, 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 find it difficult to sell illiquid securities at the time considered most advantageous by its Subadviser and may incur transaction costs that would not be incurred in the sale of securities that were freely marketable.

56

Restricted Securities:Securities acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer are considered restricted as to disposition under federal securities law (‘restricted securities”). Such restricted securities are valued pursuant to the valuation procedures noted above. Restricted securities that would otherwise be considered illiquid investments pursuant to the Fund’s LRMP because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. Therefore, these Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act of 1933, may be classified higher than “Illiquid” under the LRMP (i.e. “moderately liquid” or “less liquid” investments). However, the liquidity of the Fund’s investments in restricted securities could be impaired if trading does not develop or declines.

Foreign Currency Translation:The books and records of the Fund 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 current rates of exchange;

(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 Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does 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 Fund does 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 realized foreign currency gains (losses) are included in the reported net realized gains (losses) on investment transactions. Notwithstanding the above, the Fund does isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations; such amounts are included in net realized gains (losses) on foreign currency transactions.

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Company’s 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. The Fund

PGIM High Yield Fund 57

Notes to Financial Statements (unaudited) (continued)

enters 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 rates and any unrealized gain (loss) is included in net unrealized appreciation (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 Fund’s 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.

Financial Futures Contracts:A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the “initial margin.” Subsequent payments, known as “variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in the value of the underlying security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

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

Bank Loans:The Fund invests in bank loans. Bank loans include fixed and floating rate loans that are privately negotiated between a corporate borrower and one or more financial institutions, including, but not limited to, term loans, revolvers, and other instruments issued

58

in the bank loan market. The Fund may acquire interests in loans directly (by way of assignment from the selling institution) or indirectly (by way of the purchase of a participation interest from the selling institution). Under a bank loan assignment, the Fund generally will succeed to all the rights and obligations of an assigning lending institution and becomes a lender under the loan agreement with the relevant borrower in connection with that loan. Under a bank loan participation, the Fund generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the Fund generally will have the right to receive payments of principal, interest, and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the institution selling the participation to the Fund.

Master Netting Arrangements:The Company, on behalf of the Fund, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a Subadviser may have negotiated and entered into on behalf of the Fund. A master netting arrangement between the Fund and the counterparty permits the Fund 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 Fund to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right toset-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 toset-off the amount owed with the amount owed by the other party, the reporting party intends toset-off and the right ofset-off is enforceable by law. During the reporting period, there was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

The Company, on behalf of the 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 orre-pledged, is presented in the Schedule of Investments. Collateral pledged by the Fund is segregated by the Fund’s custodian and identified in the Schedule of Investments. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the Fund and the applicable counterparty. Collateral requirements are determined based 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

PGIM High Yield Fund 59

Notes to Financial Statements(unaudited) (continued)

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.

Warrants and Rights:The Fund holds warrants and rights acquired either through a direct purchase or pursuant to corporate actions. Warrants and 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 warrants and rights are held as long positions by the Fund until exercised, sold or expired. Warrants and rights are valued at fair value in accordance with the Board approved fair valuation procedures.

Payment-In-Kind:The Fund invests in the open market or receive pursuant to debt restructuring, securities thatpay-in-kind (PIK) the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income.

Securities Lending:The Fund lends its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral.

The Fund recognizes income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto. The Fund also continues to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the

60

collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed on the Statement of Operations as “Income from securities lending, net”.

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 theex-date, or for certain foreign securities, when the Fund becomes 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. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Class specific expenses include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

Taxes:It is the 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. Therefore, no federal income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.

Dividends and Distributions:The Fund expects to declare dividends of its net investment income daily and pay such dividends monthly. Distributions of net realized capital and currency gains, if any, are declared and paid at least annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on theex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified amongst total distributable earnings (loss) andpaid-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.

2. Agreements

The Company, on behalf of the Fund, has a management agreement with PGIM Investments. Pursuant to this agreement, PGIM Investments has responsibility for all investment advisory services and supervises the Subadviser’s performance of such services. In addition, under the management agreement, PGIM Investments provides all of the

PGIM High Yield Fund 61

Notes to Financial Statements(unaudited) (continued)

administrative functions necessary for the organization, operation and management of the Fund. PGIM Investments administers the corporate affairs of the Fund and, in connection therewith, furnishes the Fund with office facilities, together with those ordinary clerical and bookkeeping services which are not being furnished by the Fund’s custodian and the Fund’s transfer agent. PGIM Investments is also responsible for the staffing and management of dedicated groups of legal, marketing, compliance and related personnel necessary for the operation of the Fund. The legal, marketing, compliance and related personnel are also responsible for the management and oversight of the various service providers to the Fund, including, but not limited to, the custodian, transfer agent, and accounting agent.

PGIM Investments has entered into a subadvisory agreement with PGIM, Inc., which provides subadvisory services to the Fund through its PGIM Fixed Income unit. The subadvisory agreement provides that PGIM, Inc. will furnish investment advisory services in connection with the management of the Fund. In connection therewith, PGIM, Inc. is obligated to keep certain books and records of the Fund. PGIM Investments pays for the services of PGIM, Inc., the cost of compensation of officers of the Fund, occupancy and certain clerical and bookkeeping costs of the Fund. The Fund bears all other costs and expenses.

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.50% of the Fund’s average daily net assets up to $250 million, 0.475% of the next $500 million, 0.45% of the next $750 million, 0.425% of the next $500 million, 0.40% of the next $500 million, 0.375% of the next $500 million and 0.35% of the Fund’s average daily net assets in excess of $3 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.38% for the six months ended February 28, 2019.

The Manager has contractually agreed, through December 31, 2019, to limit transfer agency, shareholder servicing,sub-transfer agency, and blue sky fees, as applicable, to the extent that such fees cause the total annual operating expenses to exceed 0.91% of average daily net assets for Class R2 shares, or 0.66% of average daily net assets for Class R4 shares. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives similar expenses on any other share class. In addition, total annual fund operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by PGIM Investments may be recouped by PGIM Investments within the

62

same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year.

The Company, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class B, Class C, Class R, Class Z, Class R2, Class R4 and Class R6 shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A, Class B, Class C, Class R and Class R2 shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z or Class R6 shares of the Fund.

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to 0.25%, 0.75%, 1%, 0.75% and 0.25% of the average daily net assets of the Class A, Class B, Class C, Class R and Class R2 shares, respectively. PIMS has contractually agreed through December 31, 2019 to limit such fees to 0.50% of the average daily net assets of the Class R shares.

The Fund has adopted a Shareholder Services Plan with respect to Class R2 and Class R4 shares. Under the terms of the Shareholder Services Plan, Class R2 and Class R4 shares are authorized to pay to Prudential Mutual Fund Services LLC (“PMFS”), its affiliates or third-party service providers, as compensation for services rendered to the shareholders of such Class R2 or Class R4 shares, a shareholder service fee at an annual rate of 0.10% of the average daily net assets attributable to Class R2 and Class R4 shares. The shareholder service fee is accrued daily and paid monthly.

PIMS has advised the Fund that it received $846,245 infront-end sales charges resulting from sales of Class A shares during the reporting period ended February 28, 2019. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

PIMS has advised the Fund that for the reporting period ended February 28, 2019, it received $1,392, $23,154 and $6,056 in contingent deferred sales charges imposed upon redemptions by certain Class A, Class B and Class C shareholders, respectively.

PGIM Investments, PGIM, Inc. and PIMS are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (“Prudential”).

3. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the Company’s transfer agent. Transfer agent’s fees and expenses in the Statement of Operations include certainout-of-pocket expenses paid tonon-affiliates, where applicable.

PGIM High Yield Fund 63

Notes to Financial Statements(unaudited) (continued)

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule17a-7 procedures. Rule17a-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, and/or common officers. Pursuant to the Rule17a-7 procedures and consistent with guidance issued by the SEC, the Company’s Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such17a-7 transactions were effected in accordance with the Fund’s Rule17a-7 procedures. Any17a-7 transactions for the reporting period are disclosed in the “Portfolio Securities” note, below.

The Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. Through the Fund’s investments in the mentioned underlying funds, PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services. Earnings from the Core Fund and Money Market Fund are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended February 28, 2019, were $2,487,550,615 and $1,589,457,067, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended February 28, 2019, is presented as follows:

64

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
	PGIM Core Ultra Short Bond Fund*
$	485,066,805	$	1,207,629,978	$	1,301,770,352	$	—	$	—		$	390,926,431		390,926,431	$	4,069,848
	PGIM Institutional Money Market Fund*
	1,484,028,566		1,385,816,374		1,092,904,114		388,760		(20,864	)		1,777,308,722		1,776,775,690		1,380,745	**
$	1,969,095,371	$	2,593,446,352	$	2,394,674,466	$	388,760	$	(20,864	)	$	2,168,235,153			$	5,450,593

* The Fund did not have any capital gain distributions during the reporting period.

** This amount is included in “Income from securities lending, net” on the Statement of Operations.

For the reporting period ended February 28, 2019, no17a-7 transactions were entered into by the Fund.

5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of February 28, 2019 were as follows:

Tax Basis	$	10,057,215,137
Gross Unrealized Appreciation		135,109,300
Gross Unrealized Depreciation		(263,581,630	)
Net Unrealized Depreciation	$	(128,472,330	)

The book basis may differ from tax basis due to certaintax-related adjustments.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), the Fund is permitted to carryforward capital losses realized on or after September 1, 2011 (“post-enactment losses”) for an unlimited period. Post-enactment losses are required to be utilized before the utilization of losses incurred prior to the effective date of the Act. As a result of this ordering rule, capital loss carryforwards related to taxable years ending before August 31, 2012(“pre-enactment losses”) may have an increased likelihood to expire unused. For the year ended August 31, 2018, approximately $49,857,000 of its capital loss carryforward was written off unused due to expiration. As of August 31, 2018, the Fund has a capital loss carryforward of approximately $63,716,000 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.

The Manager has analyzed the Fund’s 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 Fund’s financial statements for the current reporting period. The Fund’s federal, state and local income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal

PGIM High Yield Fund 65

Notes to Financial Statements(unaudited) (continued)

Revenue Service and state departments of revenue.

6. Capital and Ownership

The Fund offers Class A, Class B, Class C, Class R, Class Z, Class R2, Class R4 and Class R6 shares. Class A shares are sold with a maximumfront-end sales charge of 4.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class B shares are sold with a CDSC which declines from 5% to zero depending on the period of time the shares are held. Class B shares will automatically convert to Class A shares on a quarterly basis approximately seven years after purchase. Class B shares are closed to new purchases. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class R, Class Z and Class R6 shares are not subject to any sales or redemption charge and are available exclusively for sale to a limited group of investors.

Under certain circumstances, an exchange may be made from specified share classes of the Fund to one or more other share classes of the Fund as presented in the table of transactions in shares of common stock.

The Company is authorized to issue 6 billion shares of common stock, with a par value of $0.01 per share. Of the Company’s authorized capital stock, 4.815 billion authorized shares have been allocated to the Fund and divided into nine classes, designated Class A, Class B, Class C, Class R, Class Z, Class T, Class R2, Class R4 and Class R6 common stock, each of which consists of 665 million, 50 million, 200 million, 150 million, 2.250 billion, 300 million, 100 million, 100 million and 1 billion authorized shares, respectively. The Fund currently does not have any Class T shares outstanding.

As of February 28, 2019, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned 1,941 Class R2 shares, 1,947 Class R4 shares and 273,315 Class R6 shares of the Fund. At reporting period end, three shareholders of record, each holding greater than 5% of the Fund, held 41% of the Fund’s outstanding shares.

66

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Six months ended February 28, 2019:
Shares sold		24,872,455		$	132,199,146
Shares issued in reinvestment of dividends and distributions		5,979,067			31,674,969
Shares reacquired		(36,226,987	)		(192,191,629	)
Net increase (decrease) in shares outstanding before conversion		(5,375,465	)		(28,317,514	)
Shares issued upon conversion from other share class(es)		2,354,532			12,571,140
Shares reacquired upon conversion into other share class(es)		(815,729	)		(4,345,001	)
Net increase (decrease) in shares outstanding		(3,836,662	)	$	(20,091,375	)
Year ended August 31, 2018:
Shares sold		41,452,856		$	227,190,349
Shares issued in reinvestment of dividends and distributions		12,026,313			65,810,112
Shares reacquired		(63,962,439	)		(350,444,095	)
Net increase (decrease) in shares outstanding before conversion		(10,483,270	)		(57,443,634	)
Shares issued upon conversion from other share class(es)		5,019,853			27,483,371
Shares reacquired upon conversion into other share class(es)		(4,359,054	)		(23,861,398	)
Net increase (decrease) in shares outstanding		(9,822,471	)	$	(53,821,661	)
Class B
Six months ended February 28, 2019:
Shares sold		48,168		$	254,326
Shares issued in reinvestment of dividends and distributions		498,626			2,637,356
Shares reacquired		(1,691,795	)		(8,965,366	)
Net increase (decrease) in shares outstanding before conversion		(1,145,001	)		(6,073,684	)
Shares reacquired upon conversion into other share class(es)		(2,124,391	)		(11,329,418	)
Net increase (decrease) in shares outstanding		(3,269,392	)	$	(17,403,102	)
Year ended August 31, 2018:
Shares sold		266,008		$	1,470,659
Shares issued in reinvestment of dividends and distributions		1,175,286			6,425,312
Shares reacquired		(3,679,116	)		(20,102,326	)
Net increase (decrease) in shares outstanding before conversion		(2,237,822	)		(12,206,355	)
Shares reacquired upon conversion into other share class(es)		(4,381,449	)		(23,996,383	)
Net increase (decrease) in shares outstanding		(6,619,271	)	$	(36,202,738	)
Class C
Six months ended February 28, 2019:
Shares sold		3,127,543		$	16,564,407
Shares issued in reinvestment of dividends and distributions		1,106,626			5,851,026
Shares reacquired		(5,187,892	)		(27,410,234	)
Net increase (decrease) in shares outstanding before conversion		(953,723	)		(4,994,801	)
Shares reacquired upon conversion into other share class(es)		(597,325	)		(3,178,475	)
Net increase (decrease) in shares outstanding		(1,551,048	)	$	(8,173,276	)
Year ended August 31, 2018:
Shares sold		6,963,702		$	38,156,539
Shares issued in reinvestment of dividends and distributions		2,184,739			11,936,819
Shares reacquired		(9,644,357	)		(52,719,957	)
Net increase (decrease) in shares outstanding before conversion		(495,916	)		(2,626,599	)
Shares reacquired upon conversion into other share class(es)		(1,468,942	)		(8,038,162	)
Net increase (decrease) in shares outstanding		(1,964,858	)	$	(10,664,761	)

PGIM High Yield Fund 67

Notes to Financial Statements(unaudited) (continued)

Class R	Shares			Amount
Six months ended February 28, 2019:
Shares sold		1,614,903		$	8,573,135
Shares issued in reinvestment of dividends and distributions		379,392			2,009,481
Shares reacquired		(2,029,026	)		(10,693,961	)
Net increase (decrease) in shares outstanding		(34,731	)	$	(111,345	)
Year ended August 31, 2018:
Shares sold		6,214,810		$	33,933,000
Shares issued in reinvestment of dividends and distributions		732,744			4,004,529
Shares reacquired		(5,314,039	)		(28,996,499	)
Net increase (decrease) in shares outstanding		1,633,515		$	8,941,030
Class Z
Six months ended February 28, 2019:
Shares sold		235,848,684		$	1,254,732,784
Shares issued in reinvestment of dividends and distributions		20,023,877			106,276,907
Shares reacquired		(162,067,324	)		(857,058,028	)
Net increase (decrease) in shares outstanding before conversion		93,805,237			503,951,663
Shares issued upon conversion from other share class(es)		1,434,698			7,646,279
Shares reacquired upon conversion into other share class(es)		(492,533	)		(2,644,096	)
Net increase (decrease) in shares outstanding		94,747,402		$	508,953,846
Year ended August 31, 2018:
Shares sold		367,472,874		$	2,017,011,323
Shares issued in reinvestment of dividends and distributions		32,895,573			180,215,326
Shares reacquired		(215,791,963	)		(1,183,369,604	)
Net increase (decrease) in shares outstanding before conversion		184,576,484			1,013,857,045
Shares issued upon conversion from other share class(es)		5,490,592			30,124,848
Shares reacquired upon conversion into other share class(es)		(38,031,206	)		(210,930,963	)
Net increase (decrease) in shares outstanding		152,035,870		$	833,050,930
Class R2
Six months ended February 28, 2019:
Shares sold		625,797		$	3,329,118
Shares issued in reinvestment of dividends and distributions		29,604			156,915
Shares reacquired		(368,465	)		(1,962,502	)
Net increase (decrease) in shares outstanding		286,936		$	1,523,531
Period ended August 31, 2018*:
Shares sold		828,234		$	4,461,622
Shares issued in reinvestment of dividends and distributions		7,654			41,571
Shares reacquired		(28,244	)		(153,128	)
Net increase (decrease) in shares outstanding		807,644		$	4,350,065

68

Class R4	Shares			Amount
Six months ended February 28, 2019:
Shares sold		218,960		$	1,155,624
Shares issued in reinvestment of dividends and distributions		12,782			67,821
Shares reacquired		(50,153	)		(266,007	)
Net increase (decrease) in shares outstanding		181,589		$	957,438
Period ended August 31, 2018*:
Shares sold		358,100		$	1,932,289
Shares issued in reinvestment of dividends and distributions		3,105			16,881
Shares reacquired		(408	)		(2,219	)
Net increase (decrease) in shares outstanding		360,797		$	1,946,951
Class R6
Six months ended February 28, 2019:
Shares sold		89,868,615		$	475,847,794
Shares issued in reinvestment of dividends and distributions		11,782,972			62,413,367
Shares reacquired		(54,049,918	)		(286,239,926	)
Net increase (decrease) in shares outstanding before conversion		47,601,669			252,021,235
Shares issued upon conversion from other share class(es)		412,928			2,213,856
Shares reacquired upon conversion into other share class(es)		(177,282	)		(934,285	)
Net increase (decrease) in shares outstanding		47,837,315		$	253,300,806
Year ended August 31, 2018:
Shares sold		135,389,864		$	742,404,285
Shares issued in reinvestment of dividends and distributions		19,628,032			107,299,259
Shares reacquired		(78,047,021	)		(426,914,245	)
Net increase (decrease) in shares outstanding before conversion		76,970,875			422,789,299
Shares issued upon conversion from other share class(es)		37,913,483			209,624,787
Shares reacquired upon conversion into other share class(es)		(74,508	)		(406,100	)
Net increase (decrease) in shares outstanding		114,809,850		$	632,007,986

* Commencement of offering was December 27, 2017.

7. Borrowings

The Company, on behalf of the Fund, along with other affiliated registered investment companies (the “Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The SCA provides for a commitment of $900 million for the period October 4, 2018 through October 3, 2019. The Funds pay an annualized commitment fee of 0.15% of the unused portion of the SCA. The Fund’s portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. Prior to October 4, 2018, the Funds had another SCA that provided a commitment of $900 million and the Funds paid an annualized commitment fee of 0.15% of the unused portion of the SCA. The interest on borrowings under both SCAs is paid monthly and at a per annum interest rate based upon a contractual spread plus the higher of (1) the effective federal funds rate, (2) the1-month LIBOR rate or (3) zero percent.

PGIM High Yield Fund 69

Notes to Financial Statements(unaudited) (continued)

Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Manager to allocate available funding per a Board-approved methodology designed to treat the Funds in the SCA equitably.

The Fund utilized the SCA during the reporting period ended February 28, 2019. The average daily balance for the 1 days that the Fund had loans outstanding during the period was approximately $5,304,000, borrowed at a weighted average interest rate of 3.63%. The maximum loan outstanding amount during the period was $5,304,000. At February 28, 2019, the Fund did not have an outstanding loan amount.

8. Risks of Investing in the Fund

The Fund’s risks include, but are not limited to, some or all of the risks discussed below:

Bond Obligations Risk:The Fund’s holdings, share price, yield and total return may 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 level 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 derivative transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” and therefore may magnify or otherwise increase investment losses to the Fund. 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 OTC derivative instruments will not have liquidity beyond the counterparty to the instrument. OTC derivative instruments also involve the risk that the other party will not meet its obligations to the Fund.

Foreign Securities Risk:The Fund’s investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in

70

which the Fund may invest may have markets that are less liquid, less regulated and more volatile than US markets. The value of the Fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability.

Interest Rate Risk:The value of an 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 securities. 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 face a heightened level of interest rate risk as a result of the U.S. Federal Reserve Board’s policies. The Fund’s investments may lose value if short-term or long-term interest rates rise sharply or in a manner not anticipated by the Subadviser.

Junk Bonds Risks:High-yield, high-risk bonds have predominantly speculative characteristics, including particularly high credit risk. Junk bonds tend to be less liquid than higher-rated securities. The liquidity of particular issuers or industries within a particular investment category may shrink or disappear suddenly and without warning. Thenon-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.

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 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 that trade in lower volumes may be more difficult to value. If the Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments 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 orders of a given size. The reduction in dealer market-making capacity in the fixed-income markets that has occurred in recent years also has the potential to reduce liquidity. 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.

Market and Credit 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

PGIM High Yield Fund 71

Notes to Financial Statements(unaudited) (continued)

securities owned by the Fund fall, the value of an investment in the Fund will decline. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

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.

9. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the Securities and Exchange Commission (the “SEC”) adopted amendments to RegulationS-X to update and simplify the disclosure requirements for registered investment companies by eliminating requirements that are redundant or duplicative of US GAAP requirements or other SEC disclosure requirements. The new amendments require the presentation of the total, rather than the components, of distributable earnings on the Statement of Assets and Liabilities and the total, rather than the components, of dividends from net investment income and distributions from net realized gains on the Statements of Changes in Net Assets. The amendments also removed the requirement for the parenthetical disclosure of undistributed net investment income on the Statements of Changes in Net Assets and certain tax adjustments that were reflected in the Notes to Financial Statements. The Manager has adopted the amendments and reflected them in the Fund’s financial statements.

In August 2018, the FASB issued Accounting Standards Update (“ASU”)No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the Fund’s policy for the timing of transfers between levels. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Manager has evaluated the implications of certain provisions of the ASU and has determined to early adopt aspects related to the removal and modification of certain fair value measurement disclosures under the ASU

72

effective immediately. At this time, the Manager is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

PGIM High Yield Fund 73

Financial Highlights(unaudited)

Class A Shares
	Six Months Ended February 28,			Year Ended August 31,
	2019			2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$5.44			$5.57			$5.45			$5.38			$5.80			$5.60
Income (loss) from investment operations:
Net investment income (loss)		0.16			0.31			0.33			0.32			0.33			0.33
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.07	)		(0.12	)		0.13			0.08			(0.41	)		0.22
Total from investment operations		0.09			0.19			0.46			0.40			(0.08	)		0.55
Less Dividends and Distributions:
Dividends from net investment income		(0.16	)		(0.32	)		(0.34	)		(0.33	)		(0.34	)		(0.35	)
Net asset value, end of period		$5.37			$5.44			$5.57			$5.45			$5.38			$5.80
Total Return(b):		1.71%			3.60%			8.60%			7.96%			(1.39)%			10.11%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,259,283			$1,295,643			$1,382,192			$1,302,432			$1,218,179			$1,347,911
Average net assets (000)		$1,250,215			$1,328,272			$1,344,300			$1,180,916			$1,290,432			$1,355,610
Ratios to average net assets(c)(d)(e):
Expenses after waivers and/or expense reimbursement		0.80%	(f)		0.80%			0.81%			0.82%			0.83%			0.82%
Expenses before waivers and/or expense reimbursement		0.80%	(f)		0.80%			0.81%			0.82%			0.85%			0.87%
Net investment income (loss)		5.99%	(f)		5.75%			5.99%			6.18%			5.88%			5.78%
Portfolio turnover rate(g)		22%			44%			40%			28%			48%			51%

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

(b) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. 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) Effective March 9, 2015, the contractual distribution and service(12b-1) fees were reduced from 0.30% to 0.25% of the average daily net assets and the 0.05% contractual12b-1 fee waiver was terminated.

(e) Effective September 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(f) Annualized.

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

See Notes to Financial Statements.

74

Class B Shares
	Six Months Ended February 28,			Year Ended August 31,
	2019			2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$5.43			$5.56			$5.44			$5.37			$5.80			$5.60
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.29			0.30			0.29			0.30			0.30
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.06	)		(0.12	)		0.13			0.09			(0.42	)		0.23
Total from investment operations		0.08			0.17			0.43			0.38			(0.12	)		0.53
Less Dividends and Distributions:
Dividends from net investment income		(0.15	)		(0.30	)		(0.31	)		(0.31	)		(0.31	)		(0.33	)
Net asset value, end of period		$5.36			$5.43			$5.56			$5.44			$5.37			$5.80
Total Return(b):		1.47%			3.10%			8.07%			7.43%			(2.06)%			9.57%
Ratios/Supplemental Data:
Net assets, end of period (000)		$105,003			$124,044			$163,904			$188,011			$215,462			$259,756
Average net assets (000)		$110,371			$142,113			$173,630			$191,578			$235,221			$239,412
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.28%	(e)		1.26%			1.30%			1.32%			1.33%			1.32%
Expenses before waivers and/or expense reimbursement		1.28%	(e)		1.26%			1.30%			1.32%			1.33%			1.32%
Net investment income (loss)		5.49%	(e)		5.27%			5.49%			5.67%			5.38%			5.27%
Portfolio turnover rate(f)		22%			44%			40%			28%			48%			51%

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

(b) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. 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) Effective September 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(e) Annualized.

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

See Notes to Financial Statements.

PGIM High Yield Fund 75

Financial Highlights(unaudited) (continued)

Class C Shares
	Six Months Ended February 28,			Year Ended August 31,
	2019			2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$5.43			$5.56			$5.44			$5.37			$5.80			$5.59
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.28			0.29			0.28			0.29			0.29
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.07	)		(0.13	)		0.12			0.08			(0.42	)		0.23
Total from investment operations		0.07			0.15			0.41			0.36			(0.13	)		0.52
Less Dividends and Distributions:
Dividends from net investment income		(0.14	)		(0.28	)		(0.29	)		(0.29	)		(0.30	)		(0.31	)
Net asset value, end of period		$5.36			$5.43			$5.56			$5.44			$5.37			$5.80
Total Return(b):		1.36%			2.86%			7.80%			7.16%			(2.31)%			9.49%
Ratios/Supplemental Data:
Net assets, end of period (000)		$238,456			$249,818			$266,881			$250,106			$236,533			$270,142
Average net assets (000)		$238,957			$258,579			$260,724			$224,095			$254,515			$258,825
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.50%	(e)		1.50%			1.56%			1.57%			1.58%			1.57%
Expenses before waivers and/or expense reimbursement		1.50%	(e)		1.50%			1.56%			1.57%			1.58%			1.57%
Net investment income (loss)		5.29%	(e)		5.04%			5.24%			5.42%			5.13%			5.03%
Portfolio turnover rate(f)		22%			44%			40%			28%			48%			51%

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

(b) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. 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) Effective September 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(e) Annualized.

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

See Notes to Financial Statements.

76

Class R Shares
	Six Months Ended February 28,			Year Ended August 31,
	2019			2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$5.43			$5.57			$5.45			$5.38			$5.80			$5.60
Income (loss) from investment operations:
Net investment income (loss)		0.15			0.30			0.32			0.31			0.31			0.32
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.06	)		(0.13	)		0.12			0.08			(0.40	)		0.22
Total from investment operations		0.09			0.17			0.44			0.39			(0.09	)		0.54
Less Dividends and Distributions:
Dividends from net investment income		(0.15	)		(0.31	)		(0.32	)		(0.32	)		(0.33	)		(0.34	)
Net asset value, end of period		$5.37			$5.43			$5.57			$5.45			$5.38			$5.80
Total Return(b):		1.75%			3.10%			8.33%			7.70%			(1.63)%			9.84%
Ratios/Supplemental Data:
Net assets, end of period (000)		$70,781			$71,841			$64,518			$57,520			$51,716			$57,502
Average net assets (000)		$70,680			$71,368			$61,642			$50,921			$54,089			$55,379
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.10%	(e)		1.09%			1.06%			1.07%			1.08%			1.07%
Expenses before waivers and/or expense reimbursement		1.35%	(e)		1.34%			1.31%			1.32%			1.33%			1.32%
Net investment income (loss)		5.69%	(e)		5.46%			5.74%			5.93%			5.63%			5.53%
Portfolio turnover rate(f)		22%			44%			40%			28%			48%			51%

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

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. 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) Effective September 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(e) Annualized.

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

See Notes to Financial Statements.

PGIM High Yield Fund 77

Financial Highlights(unaudited) (continued)

Class Z Shares
	Six Months Ended February 28,			Year Ended August 31,
	2019			2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$5.45			$5.58			$5.46			$5.39			$5.82			$5.62
Income (loss) from investment operations:
Net investment income (loss)		0.17			0.33			0.34			0.34			0.34			0.35
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.07	)		(0.12	)		0.13			0.08			(0.41	)		0.22
Total from investment operations		0.10			0.21			0.47			0.42			(0.07	)		0.57
Less Dividends and Distributions:
Dividends from net investment income		(0.17	)		(0.34	)		(0.35	)		(0.35	)		(0.36	)		(0.37	)
Net asset value, end of period		$5.38			$5.45			$5.58			$5.46			$5.39			$5.82
Total Return(b):		1.85%			3.87%			8.89%			8.26%			(1.29)%			10.38%
Ratios/Supplemental Data:
Net assets, end of period (000)		$4,135,917			$3,670,684			$2,912,057			$2,661,635			$1,510,074			$1,336,453
Average net assets (000)		$3,781,562			$3,176,813			$2,808,766			$1,842,948			$1,394,662			$1,254,191
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.53%	(e)		0.55%			0.55%			0.57%			0.58%			0.57%
Expenses before waivers and/or expense reimbursement		0.53%	(e)		0.55%			0.55%			0.57%			0.58%			0.57%
Net investment income (loss)		6.27%	(e)		6.01%			6.25%			6.44%			6.13%			6.02%
Portfolio turnover rate(f)		22%			44%			40%			28%			48%			51%

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

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. 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) Effective September 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(e) Annualized.

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

See Notes to Financial Statements.

78

Class R2 Shares
	Six Months Ended February 28, 2019			December 27, 2017(a) through August 31, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$5.44			$5.52
Income (loss) from investment operations:
Net investment income (loss)		0.16			0.21
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.06	)		(0.07	)
Total from investment operations		0.10			0.14
Less Dividends and Distributions:
Dividends from net investment income		(0.16	)		(0.22	)
Net asset value, end of period		$5.38			$5.44
Total Return(c):		1.84%			2.53%
Ratios/Supplemental Data:
Net assets, end of period (000)		$5,884			$4,395
Average net assets (000)		$5,291			$967
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.91%	(e)		0.91%	(e)
Expenses before waivers and/or expense reimbursement		1.10%	(e)		3.42%	(e)
Net investment income (loss)		5.92%	(e)		5.89%	(e)
Portfolio turnover rate(f)		22%			44%

(a) Commencement of offering.

(b) Calculated based on average shares outstanding during the period.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. 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) Annualized.

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

See Notes to Financial Statements.

PGIM High Yield Fund 79

Financial Highlights (unaudited) (continued)

Class R4 Shares
	Six Months Ended February 28, 2019			December 27, 2017(a) through August 31, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$5.44			$5.52
Income (loss) from investment operations:
Net investment income (loss)		0.16			0.22
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.06	)		(0.07	)
Total from investment operations		0.10			0.15
Less Dividends and Distributions:
Dividends from net investment income		(0.16	)		(0.23	)
Net asset value, end of period		$5.38			$5.44
Total Return(c):		1.97%			2.71%
Ratios/Supplemental Data:
Net assets, end of period (000)		$2,916			$1,963
Average net assets (000)		$2,325			$372
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.66%	(e)		0.66%	(e)
Expenses before waivers and/or expense reimbursement		1.30%	(e)		7.16%	(e)
Net investment income (loss)		6.17%	(e)		6.17%	(e)
Portfolio turnover rate(f)		22%			44%

(a) Commencement of offering.

(b) Calculated based on average shares outstanding during the period.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. 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) Annualized.

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

See Notes to Financial Statements.

80

Class R6 Shares
	Six Months Ended February 28,			Year Ended August 31,
	2019			2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$5.44			$5.57			$5.46			$5.39			$5.81			$5.61
Income (loss) from investment operations:
Net investment income (loss)		0.17			0.34			0.35			0.34			0.35			0.35
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.07	)		(0.13	)		0.12			0.08			(0.41	)		0.23
Total from investment operations		0.10			0.21			0.47			0.42			(0.06	)		0.58
Less Dividends and Distributions:
Dividends from net investment income		(0.17	)		(0.34	)		(0.36	)		(0.35	)		(0.36	)		(0.38	)
Net asset value, end of period		$5.37			$5.44			$5.57			$5.46			$5.39			$5.81
Total Return(b):		1.91%			4.00%			8.82%			8.36%			(1.01)%			10.50%
Ratios/Supplemental Data:
Net assets, end of period (000)		$2,336,344			$2,105,086			$1,517,154			$327,725			$58,416			$14,336
Average net assets (000)		$2,167,770			$1,880,226			$988,188			$178,565			$44,388			$10,563
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.41%	(e)		0.42%			0.42%			0.45%			0.46%			0.46%
Expenses before waivers and/or expense reimbursement		0.41%	(e)		0.42%			0.42%			0.45%			0.46%			0.46%
Net investment income (loss)		6.40%	(e)		6.14%			6.35%			6.61%			6.27%			6.12%
Portfolio turnover rate(f)		22%			44%			40%			28%			48%			51%

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

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. 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) Effective September 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(e) Annualized.

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

See Notes to Financial Statements.

PGIM High Yield Fund 81

∎ MAIL	∎ TELEPHONE	∎ WEBSITE
655 Broad Street Newark, NJ 07102	(800) 225-1852	pgiminvestments.com

PROXY VOTING

The Board of Directors of the Fund has delegated to the Fund’s subadviser 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. 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.

DIRECTORS

Ellen S. Alberding• Kevin J. Bannon• Scott E. Benjamin• Linda W. Bynoe• Barry H. Evans• Keith F. Hartstein• Laurie Simon Hodrick• Michael S. Hyland• Stuart S. Parker• Brian K. Reid• Grace C. Torres

OFFICERS

Stuart S. Parker,President• Scott E. Benjamin,Vice President• Christian J. Kelly,Treasurer and Principal Financial and Accounting Officer• Raymond A. O’Hara,Chief Legal Officer• Chad A. Earnst,Chief Compliance Officer • Dino Capasso,Deputy Chief Compliance Officer • Charles H. Smith,Anti-Money Laundering Compliance Officer • Andrew R. French,Secretary • Jonathan D. Shain,Assistant Secretary• Claudia DiGiacomo,Assistant Secretary • Diana N. Huffman,Assistant Secretary•Peter Parrella,Assistant Treasurer • Lana Lomuti,Assistant Treasurer• Linda McMullin,Assistant Treasurer• Kelly A. Coyne,Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	PGIM Fixed Income	655 Broad Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	225 Liberty Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

An investor should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. The prospectus and summary prospectus contain this and other information about the Fund. An investor may obtain the prospectus and summary prospectus by visiting our website atpgiminvestments.com or by calling (800) 225-1852. The prospectus and summary prospectus should be read carefully before investing.

E-DELIVERY

To receive your mutual fund documents online, go topgiminvestments.com/edelivery and enroll. Instead of receiving printed documents by mail, you will receive notification via email when new materials are available. You can cancel your enrollment or change your email address at any time by visiting the website address above.

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

Shareholders can communicate directly with the Board of Directors by writing to the Chair of the Board, PGIM High Yield Fund, PGIM Investments, Attn: Board of Directors, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Director by writing to the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s FormsN-Q are available on the Commission’s website atsec.gov. Beginning with reporting periods on or after March 31, 2019, Form N-PORT will replace Form N-Q. Form N-PORT will be filed with the Securities and Exchange Commission quarterly, and each Fund’s full portfolio holdings as of its first and third quarters of each fiscal year will be made publicly available 60 days after the end of each quarter. The Fund’s schedule of portfolio holdings is also available on the Fund’s website as of the end of each month no sooner than 15 days after the end of the month.

Mutual Funds:

ARE NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY MAY LOSE VALUE ARE NOT A DEPOSIT OF OR GUARANTEED
BY ANY BANK OR ANY BANK AFFILIATE

PGIM HIGH YIELD FUND

SHARE CLASS	A	B	C	R	Z	R2	R4	R6*
NASDAQ	PBHAX	PBHYX	PRHCX	JDYRX	PHYZX	PHYEX	PHYGX	PHYQX
CUSIP	74440Y108	74440Y207	74440Y306	74440Y603	74440Y801	74442J604	74442J703	74440Y884

* Formerly known as Class Q shares.

MF110E2    

Item 2	–	Code of Ethics – Not required, as this is not an annual filing.
Item 3	–	Audit Committee Financial Expert – Not required, as this is not an annual filing.
Item 4	–	Principal Accountant Fees and Services – Not required, as this is not an annual filing.
Item 5	–	Audit Committee of Listed Registrants – Not applicable.
Item 6	–	Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7	–	Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies – Not applicable.
Item 8	–	Portfolio Managers ofClosed-End Management Investment Companies – Not applicable.
Item 9	–	Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers – Not applicable.
Item 10	–	Submission of Matters to a Vote of Security Holders – Not applicable.
Item 11	–	Controls and Procedures

(a)

It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b)

There has been no significant change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter of the period covered by this report that has materially affected, or is likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Exhibits

(a)	(1)    Codeof Ethics – Not required, as this is not an annual filing.
	(2)    Certificationspursuant to Section 302 of the Sarbanes-Oxley Act – Attached hereto as Exhibit           EX-99.CERT.
	(3)    Anywritten solicitation to purchase securities under Rule23c-1. – Not applicable.
(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act – Attached hereto as ExhibitEX-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:	Prudential Investment Portfolios, Inc. 15
By:	/s/ Andrew R. French
	Andrew R. French
	Secretary
Date:	April 12, 2019

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:	April 12, 2019
By:	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and Accounting Officer
Date:	April 12, 2019