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

FORM N-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: 8/31/2021

Date of reporting period: 2/28/2021

Item 1 – Reports to Stockholders

PGIM SHORT DURATION HIGH YIELD INCOME FUND

SEMIANNUAL REPORT

FEBRUARY 28, 2021

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

Letter from the President	3
Your Fund’s Performance	4
Fees and Expenses	7
Holdings and Financial Statements	9

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, 2021 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. ^© 2021 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2 Visit our website at pgim.com/investments

Letter from the President

Dear Shareholder,

We hope you find the semiannual report for the PGIM Short Duration High Yield Income Fund informative and useful. The report covers performance for the six-month period ended February 28, 2021.

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, 2021

PGIM Short Duration High Yield Income Fund 3

Your Fund’s Performance

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 at pgim.com/investments or by calling (800) 225-1852.

	(without sales charges)	Average Annual Total Returns as of 2/28/21 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Since Inception (%)
Class A	5.63	4.76	5.45	4.19 (10/26/12)
Class C	5.24	5.38	5.15	3.70 (10/26/12)
Class Z	5.76	7.44	6.20	4.74 (10/26/12)
Class R6	5.67	7.49	6.25	5.03 (10/27/14)
Bloomberg Barclays US High Yield Ba/B Rated 1–5 Yr 1% Capped Index
	5.04	6.97	7.02	—

Average Annual Total Returns as of 2/28/21 Since Inception (%)
	Class A, C, Z (10/26/12)	Class R6 (10/27/14)
Bloomberg Barclays US High Yield Ba/B Rated 1–5 Yr 1% Capped Index
	4.92	4.57

*Not annualized

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

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Your Fund’s Performance (continued)

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	2.25% of the public offering price	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption)	1.00% on sales of $500,000 or more 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

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.

Investors cannot invest directly in an index. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes that may be paid by an investor.

PGIM Short Duration High Yield Income Fund 5

Your Fund’s Performance (continued)

Credit Quality expressed as a percentage of total investments as of 2/28/21 (%)
BBB	2.0
BB	50.4
B	33.3
CCC	8.0
CC	0.1
D	0.2
Not Rated	3.1
Cash/Cash Equivalents	2.9
Total Investments	100.0

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global Ratings (S&P), or Fitch, 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.

Distributions and Yields as of 2/28/21
	Total Distributions Paid for Six Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.22	2.05	2.01
Class C	0.18	1.34	1.30
Class Z	0.23	2.35	2.29
Class R6	0.23	2.40	2.38

*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.

6 Visit our website at pgim.com/investments

Fees and Expenses

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, 2021. The example is for illustrative purposes only; you should consult the Fund’s 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 7

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, 2020		Ending Account Value February 28, 2021		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,056.30		1.00	%	$	5.10
	Hypothetical	$	1,000.00	$	1,019.84		1.00	%	$	5.01
Class C	Actual	$	1,000.00	$	1,052.40		1.75	%	$	8.91
	Hypothetical	$	1,000.00	$	1,016.12		1.75	%	$	8.75
Class Z	Actual	$	1,000.00	$	1,057.60		0.75	%	$	3.83
	Hypothetical	$	1,000.00	$	1,021.08		0.75	%	$	3.76
Class R6	Actual	$	1,000.00	$	1,056.70		0.70	%	$	3.57
	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, 2021, and divided by the 365 days in the Fund’s fiscal year ending August 31, 2021 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

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Schedule of Investments (unaudited)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    97.4%
BANK LOANS    12.6%
Advertising    0.2%
Clear Channel Outdoor Holdings, Inc., Term B Loan, 2 - 3 Month LIBOR + 3.500%		3.685	%(c)		08/21/26		6,913	$	6,712,328
Auto Manufacturers    0.3%
Navistar, Inc., Tranche B Term Loan, 1 Month LIBOR + 3.500%		3.620	(c)		11/06/24		10,673		10,664,991
Beverages    0.0%
Jacobs Douwe Egberts International BV (Netherlands), Term B EUR Loan, 3 Month EURIBOR + 1.750%		2.250	(c)		11/03/25	EUR	202		243,983
Building Materials    0.3%
Ply Gem Midco, Inc., Initial Term Loan, 1 Month LIBOR + 3.750%		3.860	(c)		04/12/25		9,735		9,726,429
Chemicals    1.9%
Alpha Bidco, Inc. (United Kingdom), Initial Term B-1 Loan, 3 Month LIBOR + 3.000%		4.000	(c)		01/31/24		7,689		7,694,014
Hexion, Inc., Senior Secured Term B Loan, 3 Month LIBOR + 3.500%^		3.740	(c)		07/01/26		17,524		17,436,206
Nouryon USA LLC (Netherlands), Initial Dollar Term Loan, 1 Month LIBOR + 3.000%		3.111	(c)		10/01/25		13,758		13,709,322
PQ Corp., New Term Loan, 3 Month LIBOR + 3.000%		4.000	(c)		02/07/27		1,391		1,391,503
Solenis International LP, First Lien Initial Dollar Term Loan, 3 Month LIBOR + 4.000%		4.256	(c)		06/26/25		18,962		18,963,527
Venator Materials LLC, Initial Term Loan, 1 Month LIBOR + 3.000%		3.115	(c)		08/08/24		9,523		9,463,422
									68,657,994

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 9

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
BANK LOANS (Continued)
Commercial Services    0.3%
MPH Acquisition Holdings LLC, Initial Term Loan, 3 Month LIBOR + 2.750%		3.750	%(c)		06/07/23		6,220	$	6,209,524
Verscend Holding Corp., Term B Loan, 1 Month LIBOR + 4.500%		4.615	(c)		08/27/25		5,677		5,695,619
									11,905,143
Computers    0.8%
Everi Payments, Inc., Term Loan, 1 Month LIBOR + 10.500%^		11.500	(c)		05/09/24		622		646,750
McAfee LLC, Term B USD Loan, 1 Month LIBOR + 3.750%		3.865	(c)		09/30/24		23,753		23,795,746
Redstone Buyer LLC, Initial Term Loan, 3 Month LIBOR + 5.000%		6.000	(c)		09/01/27		1,995		2,013,703
Surf Holdings LLC, Senior Secured First Lien Dollar Tranche Term Loan, 3 Month LIBOR + 3.500%		3.726	(c)		03/05/27		3,728		3,708,863
									30,165,062
Electric    0.7%
Heritage Power LLC, Term Loan B, 6 Month LIBOR + 6.000%		7.000	(c)		07/30/26		10,958		10,483,277
PG&E Corp., Term Loan B, 1 Month LIBOR + 3.000%		3.500	(c)		06/23/25		13,006		13,032,747
									23,516,024
Electronics    0.1%
Tiger Merger Sub Co., Non-FILO Term Loan, 1 Month LIBOR + 3.500%		3.615	(c)		06/30/25		3,566		3,589,242
Entertainment    0.6%
Playtika Holding Corp., Term B Loan, 3 Month LIBOR + 6.000%		7.000	(c)		12/10/24		12,540		12,575,827
Scientific Games International, Inc., Initial Term B-5 Loan, 1 Month LIBOR + 2.750%		2.865	(c)		08/14/24		8,535		8,390,721
									20,966,548
Healthcare-Services    0.4%
LifePoint Health, Inc., First Lien Term B Loan, 1 Month LIBOR + 3.750%		3.865	(c)		11/17/25		16,066		16,071,339

See Notes to Financial Statements.

10

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
BANK LOANS (Continued)
Insurance    0.2%
Asurion LLC, Replacement B-6 Term Loan, 1 Month LIBOR + 3.000%		3.115	%(c)		11/03/23		1,335	$	1,332,785
Second Lien Term Loan B-3, 1 Month LIBOR + 5.250%		5.365	(c)		01/31/28		3,275		3,366,428
Term Loan		—	(p)		08/31/27		2,075		2,067,219
									6,766,432
Media    0.5%
iHeartCommunications, Inc., New Term Loan, 1 Month LIBOR + 3.000%		3.115	(c)		05/01/26		6,934		6,869,995
Second Amendment Incremental Term Loan, 1 Month LIBOR + 4.000%		4.750	(c)		05/01/26		7,846		7,855,407
Radiate Holdco LLC, Term B Loan, 1 Month LIBOR + 3.500%		4.250	(c)		09/25/26		4,501		4,510,297
									19,235,699
Oil & Gas    0.7%
Ascent Resources Utica Holdings LLC, Second Lien Term Loan, 3 Month LIBOR + 9.000%		10.000	(c)		11/01/25		21,327		23,606,323
Citgo Holding, Inc., Term Loan, 3 Month LIBOR + 7.000%		8.000	(c)		08/01/23		3,465		3,308,991
									26,915,314
Pharmaceuticals    0.2%
Milano Acquisition Corp., Term B Loan, 3 Month LIBOR + 4.000%		4.750	(c)		10/01/27		6,125		6,094,375
Software    2.9%
Boxer Parent Co., Inc., Initial Dollar Term Loan, 3 Month LIBOR + 3.750%		3.898	(c)		10/02/25		17,680		17,688,648
BY Crown Parent LLC, Additional B-1 Term Loan, 1 Month LIBOR + 3.000%		4.000	(c)		02/02/26		2,481		2,486,274
Camelot Co. (Luxembourg), Amendment No. 2 Incremental Term Loans, 1 Month LIBOR + 3.000%		4.000	(c)		10/30/26		2,975		2,980,206

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 11

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
BANK LOANS (Continued)
Software (cont’d.)
Dun & Bradstreet Corp, Term Loan B, 1 Month LIBOR + 3.250%		3.365	%(c)		02/06/26		10,002	$	10,016,928
Exela Intermediate LLC, 2018 Repriced Term Loan, 3 Month LIBOR + 6.500%		7.500	(c)		07/12/23		2,559		916,890
Finastra USA, Inc., First Lien Dollar Term Loan, 3 Month LIBOR + 3.500%		4.500	(c)		06/13/24		16,863		16,670,904
Greeneden U.S. Holdings II LLC, B-4 Dollar Term Loan, 1 Month LIBOR + 4.000%		4.750	(c)		12/01/27		3,100		3,111,625
Informatica LLC, Dollar 2020 Term Loan, 1 Month LIBOR + 3.250%		3.365	(c)		02/25/27		13,895		13,869,906
Second Lien Initial Loan		7.125			02/25/25		3,125		3,200,522
Rackspace Technology Global, Inc., Term B Loan, 3 Month LIBOR + 2.750%		3.500	(c)		02/15/28		2,925		2,923,172
TIBCO Software, Inc., Second Lien Term Loan, 1 Month LIBOR + 7.250%		7.370	(c)		03/03/28		7,275		7,341,690
Term Loan B-3, 1 Month LIBOR + 3.750%		3.870	(c)		06/30/26		18,053		18,012,102
UKG, Inc., 2021 Incremental Term Loan, 3 Month LIBOR + 3.250%		4.000	(c)		05/04/26		5,611		5,638,992
									104,857,859
Telecommunications    2.5%
Digicel International Finance Ltd. (Saint Lucia), First Lien Initial Term B Loan,1 - 3 Month LIBOR + 3.250%		3.510	(c)		05/27/24		9,433		8,955,639
Intelsat Jackson Holdings SA (Luxembourg), SuperPriority Secured DIP Term Loan, 3 Month LIBOR + 5.500%		6.500	(c)		07/14/21		3,946		3,993,521
Tranche B-3 Term Loan, PRIME + 4.750%		8.000	(c)		11/27/23		4,000		4,054,168
Tranche B-5 Term Loan		8.625			01/02/24		18,833		19,107,540
West Corp., Incremental B1 Term Loan,1 - 3 Month LIBOR + 3.500%		4.500	(c)		10/10/24		6,287		6,148,554
Initial Term B Loan,1 - 3 Month LIBOR + 4.000%		5.000	(c)		10/10/24		23,349		22,977,162

See Notes to Financial Statements.

12

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
BANK LOANS (Continued)
Telecommunications (cont’d.)
Windstream Services LLC, Initial Term Loan, 1 Month LIBOR + 6.250%		7.250	%(c)		09/21/27		16,019	$	16,029,400
Xplornet Communications, Inc. (Canada), Initial Term Loan, 1 Month LIBOR + 4.750%		4.865	(c)		06/10/27		9,819		9,864,012
									91,129,996
TOTAL BANK LOANS (cost $452,370,894)									457,218,758
CORPORATE BONDS    83.4%
Advertising    0.1%
National CineMedia LLC, Sr. Unsec’d. Notes		5.750			08/15/26		6,100		5,246,906
Aerospace & Defense    0.6%
Howmet Aerospace, Inc., Sr. Unsec’d. Notes		6.875			05/01/25		2,875		3,338,915
Spirit AeroSystems, Inc., Sec’d. Notes, 144A(a)		7.500			04/15/25		3,350		3,544,562
SSL Robotics LLC, Sr. Sec’d. Notes, 144A		9.750			12/31/23		12,750		14,280,093
									21,163,570
Agriculture     0.1%
Vector Group Ltd., Gtd. Notes, 144A		10.500			11/01/26		2,125		2,293,348
Airlines    0.1%
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., Sr. Sec’d. Notes, 144A		5.750			01/20/26		2,875		3,017,043
Apparel    0.6%
Hanesbrands, Inc.,
Gtd. Notes, 144A(a)		4.625			05/15/24		6,068		6,416,910
Gtd. Notes, 144A		5.375			05/15/25		1,300		1,377,378

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 13

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Apparel (cont’d.)
William Carter Co. (The), Gtd. Notes, 144A		5.500	%		05/15/25		6,766	$	7,154,125
Wolverine World Wide, Inc., Gtd. Notes, 144A		6.375			05/15/25		5,080		5,429,593
									20,378,006
Auto Manufacturers    2.4%
Allison Transmission, Inc., Sr. Unsec’d. Notes, 144A		4.750			10/01/27		2,050		2,118,567
Ford Motor Co.,
Sr. Unsec’d. Notes		8.500			04/21/23		3,800		4,246,500
Sr. Unsec’d. Notes		9.000			04/22/25		45,416		54,919,763
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes		3.336			03/18/21		4,695		4,698,998
Sr. Unsec’d. Notes		5.584			03/18/24		6,025		6,523,088
Jaguar Land Rover Automotive PLC (United Kingdom), Sr. Unsec’d. Notes, 144A(a)		7.750			10/15/25		4,975		5,388,344
Navistar International Corp.,
Gtd. Notes, 144A		6.625			11/01/25		3,625		3,766,627
Sr. Sec’d. Notes, 144A		9.500			05/01/25		4,550		5,089,473
									86,751,360
Auto Parts & Equipment    1.2%
Adient Global Holdings Ltd., Gtd. Notes, 144A		4.875			08/15/26		5,000		5,064,322
Adient US LLC, Sr. Sec’d. Notes, 144A		9.000			04/15/25		4,500		4,992,194
American Axle & Manufacturing, Inc.,
Gtd. Notes(a)		6.250			04/01/25		13,484		13,892,206
Gtd. Notes		6.250			03/15/26		1,000		1,023,928
Dana Financing Luxembourg Sarl,
Gtd. Notes, 144A		5.750			04/15/25		12,473		12,859,666
Gtd. Notes, 144A		6.500			06/01/26		175		182,755
Dana, Inc.,
Sr. Unsec’d. Notes		5.375			11/15/27		400		419,232
Sr. Unsec’d. Notes		5.500			12/15/24		5,000		5,104,935
									43,539,238

See Notes to Financial Statements.

14

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks    0.5%
CIT Group, Inc., Sr. Unsec’d. Notes		5.000	%		08/15/22		975	$	1,031,138
Freedom Mortgage Corp., Sr. Unsec’d. Notes, 144A		7.625			05/01/26		4,475		4,788,028
Popular, Inc. (Puerto Rico), Sr. Unsec’d. Notes(a)		6.125			09/14/23		12,050		13,015,823
									18,834,989
Building Materials    1.3%
Cemex SAB de CV (Mexico), Sr. Sec’d. Notes, 144A(a)		7.375			06/05/27		1,885		2,117,936
Cornerstone Building Brands, Inc., Gtd. Notes, 144A		8.000			04/15/26		3,487		3,617,716
Forterra Finance LLC/FRTA Finance Corp., Sr. Sec’d. Notes, 144A		6.500			07/15/25		1,225		1,321,342
JELD-WEN, Inc.,
Gtd. Notes, 144A		4.625			12/15/25		450		458,446
Sr. Sec’d. Notes, 144A		6.250			05/15/25		4,600		4,928,756
Standard Industries, Inc., Sr. Unsec’d. Notes, 144A		5.000			02/15/27		22,585		23,348,988
U.S. Concrete, Inc., Gtd. Notes		6.375			06/01/24		11,617		11,910,044
									47,703,228
Chemicals    3.3%
Chemours Co. (The), Gtd. Notes		7.000			05/15/25		25,425		26,202,892
Cornerstone Chemical Co., Sr. Sec’d. Notes, 144A		6.750			08/15/24		6,000		5,655,021
INEOS Quattro Finance 2 PLC (United Kingdom), Sr. Sec’d. Notes, 144A		3.375			01/15/26		5,400		5,386,338
Kraton Polymers LLC/Kraton Polymers Capital Corp., Gtd. Notes, 144A(a)		4.250			12/15/25		10,795		10,915,671
Nouryon Holding BV (Netherlands), Sr. Unsec’d. Notes, 144A(a)		8.000			10/01/26		6,000		6,381,372
NOVA Chemicals Corp. (Canada),
Sr. Unsec’d. Notes, 144A		4.875			06/01/24		9,350		9,678,172
Sr. Unsec’d. Notes, 144A		5.250			08/01/23		11,244		11,315,437
Rain CII Carbon LLC/CII Carbon Corp., Sec’d. Notes, 144A		7.250			04/01/25		6,211		6,353,910

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 15

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

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	$	2,065,766
TPC Group, Inc.,
Sr. Sec’d. Notes, 144A		10.500			08/01/24		9,649		8,796,930
Sr. Sec’d. Notes, 144A		10.875			08/01/24		2,378		2,366,261
Tronox Finance PLC, Gtd. Notes, 144A(a)		5.750			10/01/25		9,007		9,302,845
Tronox, Inc.,
Gtd. Notes, 144A(a)		6.500			04/15/26		5,738		5,929,883
Sr. Sec’d. Notes, 144A		6.500			05/01/25		7,150		7,647,430
W.R. Grace & Co.-Conn.,
Gtd. Notes, 144A		4.875			06/15/27		1,925		1,995,125
Gtd. Notes, 144A(a)		5.625			10/01/24		500		546,550
									120,539,603
Commercial Services    2.9%
Adtalem Global Education, Inc.,
Sr. Sec’d. Notes, 144A		5.500			03/01/28		3,875		3,856,287
Allied Universal Holdco LLC/Allied Universal Finance Corp., Sr. Sec’d. Notes, 144A		6.625			07/15/26		9,810		10,382,853
Brink’s Co. (The), Gtd. Notes, 144A		5.500			07/15/25		6,310		6,686,687
Laureate Education, Inc., Gtd. Notes, 144A		8.250			05/01/25		38,145		40,049,143
Nielsen Co. Luxembourg Sarl (The), Gtd. Notes, 144A(a)		5.000			02/01/25		12,741		13,064,250
Nielsen Finance LLC/Nielsen Finance Co., Gtd. Notes, 144A		5.000			04/15/22		6,441		6,459,497
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., Gtd. Notes, 144A		4.625			11/01/26		5,298		5,535,145
United Rentals North America, Inc., Gtd. Notes		5.875			09/15/26		3,250		3,421,305
Verscend Escrow Corp., Sr. Unsec’d. Notes, 144A(a)		9.750			08/15/26		15,650		16,799,748
									106,254,915
Computers    1.6%
Dell International LLC/EMC Corp., Gtd. Notes, 144A		5.875			06/15/21		7,847		7,858,883

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Computers (cont’d.)
Dell International LLC/EMC Corp., (cont’d.)
Gtd. Notes, 144A		7.125	%		06/15/24		8,463	$	8,759,070
EMC Corp., Sr. Unsec’d. Notes(a)		3.375			06/01/23		3,500		3,624,394
Everi Payments, Inc., Gtd. Notes, 144A		7.500			12/15/25		9,322		9,669,362
Tempo Acquisition LLC/Tempo Acquisition Finance Corp.,
Sr. Sec’d. Notes, 144A		5.750			06/01/25		5,370		5,701,265
Sr. Unsec’d. Notes, 144A		6.750			06/01/25		22,613		23,194,632
									58,807,606
Distribution/Wholesale    0.1%
Avient Corp., Sr. Unsec’d. Notes, 144A		5.750			05/15/25		1,725		1,826,850
Core & Main Holdings LP, Sr. Unsec’d. Notes, 144A, Cash coupon 8.625% or PIK 9.375%		8.625			09/15/24		1,000		1,020,140
Univar Solutions USA, Inc., Gtd. Notes, 144A		5.125			12/01/27		2,000		2,089,871
									4,936,861
Diversified Financial Services    3.2%
Alliance Data Systems Corp., Gtd. Notes, 144A(a)		4.750			12/15/24		9,840		10,081,572
Antares Holdings LP (Canada), Sr. Unsec’d. Notes, 144A		3.950			07/15/26		1,750		1,782,552
Fairstone Financial, Inc. (Canada), Sr. Unsec’d. Notes, 144A		7.875			07/15/24		4,865		5,127,313
goeasy Ltd. (Canada), Gtd. Notes, 144A		5.375			12/01/24		22,447		23,313,193
Home Point Capital, Inc., Gtd. Notes, 144A		5.000			02/01/26		4,225		4,204,865
LPL Holdings, Inc., Gtd. Notes, 144A		5.750			09/15/25		8,067		8,305,231
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A		5.500			08/15/28		3,745		3,862,915
Gtd. Notes, 144A		6.000			01/15/27		3,875		4,083,489
OneMain Finance Corp.,
Gtd. Notes		5.625			03/15/23		5,160		5,490,178
Gtd. Notes		6.875			03/15/25		13,405		15,111,137

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 17

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Diversified Financial Services (cont’d.)
OneMain Finance Corp., (cont’d.)
Gtd. Notes		7.125	%		03/15/26		20,638	$	23,866,414
Gtd. Notes		8.875			06/01/25		500		548,925
Park Aerospace Holdings Ltd. (Ireland),
Gtd. Notes, 144A		4.500			03/15/23		1,924		2,011,061
Gtd. Notes, 144A		5.250			08/15/22		642		671,149
PennyMac Financial Services, Inc., Gtd. Notes, 144A		5.375			10/15/25		5,075		5,331,340
PHH Mortgage Corp., Sr. Sec’d. Notes, 144A		7.875			03/15/26		2,025		2,060,438
									115,851,772
Electric    1.4%
Calpine Corp., Sr. Sec’d. Notes, 144A		5.250			06/01/26		15,407		15,846,779
NRG Energy, Inc.,
Gtd. Notes		5.750			01/15/28		1,300		1,380,048
Gtd. Notes		6.625			01/15/27		6,150		6,395,230
Gtd. Notes		7.250			05/15/26		6,900		7,175,692
Vistra Operations Co. LLC,
Gtd. Notes, 144A		5.000			07/31/27		4,290		4,472,362
Gtd. Notes, 144A		5.500			09/01/26		15,667		16,248,125
									51,518,236
Electrical Components & Equipment    0.4%
WESCO Distribution, Inc., Gtd. Notes, 144A(a)		7.125			06/15/25		12,889		13,953,299
Electronics    0.4%
Brightstar Escrow Corp., Sr. Sec’d. Notes, 144A		9.750			10/15/25		7,763		8,298,583
Sensata Technologies BV,
Gtd. Notes, 144A		4.875			10/15/23		2,500		2,677,721
Gtd. Notes, 144A		5.000			10/01/25		3,495		3,835,600
Gtd. Notes, 144A(a)		5.625			11/01/24		1,100		1,214,384
									16,026,288
Energy-Alternate Sources    0.2%
Enviva Partners LP/Enviva Partners Finance Corp., Gtd. Notes, 144A		6.500			01/15/26		5,525		5,783,049

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Engineering & Construction    0.6%
AECOM,
Gtd. Notes		5.125	%		03/15/27		4,990	$	5,463,856
Gtd. Notes		5.875			10/15/24		11,822		13,087,404
PowerTeam Services LLC,
Sr. Sec’d. Notes, 144A		9.033			12/04/25		2,025		2,253,353
									20,804,613
Entertainment    4.3%
AMC Entertainment Holdings, Inc., Sec’d. Notes, 144A, Cash coupon 10.000% / PIK 12.000% or Cash coupon 5.000% and PIK 6.000%		12.000			06/15/26		5,037		3,902,636
Bally’s Corp., Gtd. Notes, 144A		6.750			06/01/27		2,275		2,426,036
Caesars Entertainment, Inc., Sr. Sec’d. Notes, 144A		6.250			07/01/25		9,915		10,507,047
Caesars Resort Collection LLC/CRC Finco, Inc.,
Gtd. Notes, 144A		5.250			10/15/25		23,914		23,762,491
Sr. Sec’d. Notes, 144A		5.750			07/01/25		675		708,715
CCM Merger, Inc.,
Sr. Unsec’d. Notes, 144A		6.375			05/01/26		2,025		2,146,973
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp., Gtd. Notes		5.375			06/01/24		5,000		5,030,616
Golden Entertainment, Inc., Sr. Unsec’d. Notes, 144A		7.625			04/15/26		14,275		15,164,347
International Game Technology PLC, Sr. Sec’d. Notes, 144A		6.500			02/15/25		19,880		21,971,979
Jacobs Entertainment, Inc., Sec’d. Notes, 144A		7.875			02/01/24		10,511		10,936,758
Mohegan Gaming & Entertainment, Sec’d. Notes, 144A		8.000			02/01/26		2,600		2,570,647
Motion Bondco DAC (United Kingdom), Gtd. Notes, 144A		6.625			11/15/27		5,475		5,635,657
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance Inc., Sr. Unsec’d. Notes, 144A		8.500			11/15/27		5,550		5,967,749
Penn National Gaming, Inc., Sr. Unsec’d. Notes, 144A(a)		5.625			01/15/27		4,100		4,280,418
Scientific Games International, Inc., Gtd. Notes, 144A		8.625			07/01/25		15,235		16,400,765

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 19

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Entertainment (cont’d.)
Scientific Games International, Inc., (cont’d.)
Sr. Sec’d. Notes, 144A		5.000	%		10/15/25		5,325	$	5,478,528
Six Flags Entertainment Corp., Gtd. Notes, 144A		4.875			07/31/24		8,798		8,815,848
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Sr. Unsec’d. Notes, 144A(a)		7.750			04/15/25		10,200		11,060,154
									156,767,364
Foods    2.4%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s LP/Albertson’s LLC,
Gtd. Notes, 144A(a)		3.250			03/15/26		15,800		15,643,093
Gtd. Notes, 144A		4.625			01/15/27		19,700		20,397,699
B&G Foods, Inc., Gtd. Notes		5.250			04/01/25		19,804		20,310,886
Chobani LLC/Chobani Finance Corp., Inc., Gtd. Notes, 144A		7.500			04/15/25		8,886		9,251,735
Pilgrim’s Pride Corp., Gtd. Notes, 144A		5.750			03/15/25		16,343		16,677,151
Post Holdings, Inc., Gtd. Notes, 144A		5.000			08/15/26		4,775		4,984,997
									87,265,561
Gas    0.8%
AmeriGas Partners LP/AmeriGas Finance Corp.,
Sr. Unsec’d. Notes		5.500			05/20/25		14,649		16,037,185
Sr. Unsec’d. Notes		5.625			05/20/24		9,820		10,867,251
Sr. Unsec’d. Notes		5.750			05/20/27		1,395		1,570,964
Sr. Unsec’d. Notes		5.875			08/20/26		235		265,378
									28,740,778
Healthcare-Services    3.6%
Acadia Healthcare Co., Inc., Gtd. Notes		6.500			03/01/24		9,000		9,146,250
HCA, Inc.,
Gtd. Notes		5.375			02/01/25		500		560,747
Gtd. Notes(a)		5.375			09/01/26		710		810,590
Gtd. Notes		7.500			12/15/23		3,000		3,398,603

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Healthcare-Services (cont’d.)
Legacy LifePoint Health LLC, Sr. Sec’d. Notes, 144A		6.750	%		04/15/25		7,375	$	7,826,514
MEDNAX, Inc., Gtd. Notes, 144A(a)		6.250			01/15/27		9,900		10,456,594
Molina Healthcare, Inc., Sr. Unsec’d. Notes(a)		5.375			11/15/22		6,619		6,989,741
Prime Healthcare Services, Inc., Sr. Sec’d. Notes, 144A		7.250			11/01/25		10,975		11,787,728
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., Gtd. Notes, 144A		9.750			12/01/26		18,970		20,441,942
Surgery Center Holdings, Inc.,
Gtd. Notes, 144A(a)		6.750			07/01/25		4,450		4,552,230
Gtd. Notes, 144A(a)		10.000			04/15/27		6,760		7,520,539
Tenet Healthcare Corp.,
Sec’d. Notes(a)		5.125			05/01/25		2,910		2,940,594
Sr. Sec’d. Notes		4.625			07/15/24		16,947		17,268,772
Sr. Sec’d. Notes, 144A		4.875			01/01/26		3,450		3,572,224
Sr. Sec’d. Notes, 144A(a)		7.500			04/01/25		6,151		6,679,662
Sr. Unsec’d. Notes		6.750			06/15/23		11,450		12,358,097
Sr. Unsec’d. Notes		7.000			08/01/25		5,000		5,181,810
									131,492,637
Home Builders    3.2%
Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unsec’d. Notes, 144A		6.750			08/01/25		10,075		10,478,636
Beazer Homes USA, Inc.,
Gtd. Notes		5.875			10/15/27		1,550		1,619,707
Gtd. Notes		6.750			03/15/25		12,045		12,419,568
Brookfield Residential Properties, Inc./Brookfield Residential US Corp. (Canada),
Gtd. Notes, 144A		6.250			09/15/27		3,955		4,172,652
Gtd. Notes, 144A		6.375			05/15/25		8,040		8,238,334
Century Communities, Inc., Gtd. Notes		5.875			07/15/25		2,820		2,949,618
Empire Communities Corp. (Canada), Sr. Unsec’d. Notes, 144A		7.000			12/15/25		12,025		12,655,010
Forestar Group, Inc.,
Gtd. Notes, 144A		5.000			03/01/28		3,150		3,296,447
Gtd. Notes, 144A		8.000			04/15/24		4,025		4,209,635

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 21

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Home Builders (cont’d.)
KB Home,
Gtd. Notes		7.000	%		12/15/21		1,820	$	1,874,973
Gtd. Notes		7.500			09/15/22		3,345		3,639,760
Gtd. Notes		7.625			05/15/23		4,871		5,338,338
Lennar Corp., Gtd. Notes		4.875			12/15/23		2,450		2,687,982
M/I Homes, Inc., Gtd. Notes		5.625			08/01/25		2,466		2,559,134
Meritage Homes Corp.,
Gtd. Notes		6.000			06/01/25		5,200		5,880,775
Gtd. Notes		7.000			04/01/22		990		1,044,797
New Home Co., Inc. (The), Gtd. Notes, 144A		7.250			10/15/25		6,650		6,832,003
STL Holding Co. LLC, Sr. Unsec’d. Notes, 144A		7.500			02/15/26		2,675		2,792,012
Taylor Morrison Communities, Inc., Gtd. Notes, 144A		6.625			07/15/27		782		844,946
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc.,
Gtd. Notes, 144A		5.625			03/01/24		14,098		15,255,565
Gtd. Notes, 144A		5.875			04/15/23		6,545		6,982,827
Tri Pointe Homes, Inc., Gtd. Notes		5.250			06/01/27		758		819,514
									116,592,233
Household Products/Wares    0.0%
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada), Sr. Sec’d. Notes, 144A(a)		5.000			12/31/26		900		926,478
Internet    0.8%
Cablevision Lightpath LLC, Sr. Sec’d. Notes, 144A		3.875			09/15/27		5,125		5,107,250
Go Daddy Operating Co. LLC/GD Finance Co., Inc., Gtd. Notes, 144A		5.250			12/01/27		3,500		3,684,149
NortonLifeLock, Inc., Sr. Unsec’d. Notes, 144A		5.000			04/15/25		19,000		19,304,983
									28,096,382

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Iron/Steel    0.0%
Big River Steel LLC/BRS Finance Corp., Sr. Sec’d. Notes, 144A		6.625	%		01/31/29		624	$	673,611
Leisure Time    0.8%
Carnival Corp.,
Sr. Unsec’d. Notes, 144A		5.750			03/01/27		3,000		3,045,331
Sr. Unsec’d. Notes, 144A		7.625			03/01/26		125		131,381
NCL Corp. Ltd.,
Sr. Sec’d. Notes, 144A		10.250			02/01/26		4,725		5,505,286
Sr. Sec’d. Notes, 144A		12.250			05/15/24		970		1,152,478
Sr. Unsec’d. Notes, 144A(a)		3.625			12/15/24		5,473		5,059,995
Royal Caribbean Cruises Ltd., Sr. Unsec’d. Notes(a)		5.250			11/15/22		10,575		10,764,746
Viking Cruises Ltd., Sr. Unsec’d. Notes, 144A		6.250			05/15/25		3,000		2,958,853
									28,618,070
Lodging    3.2%
Boyd Gaming Corp.,
Gtd. Notes		6.375			04/01/26		3,627		3,744,707
Gtd. Notes, 144A		8.625			06/01/25		2,250		2,480,388
Full House Resorts, Inc., Sr. Sec’d. Notes, 144A		8.250			02/15/28		1,625		1,722,461
Genting New York LLC/GENNY Capital, Inc., Sr. Unsec’d. Notes, 144A		3.300			02/15/26		1,350		1,354,167
Hilton Domestic Operating Co., Inc., Gtd. Notes, 144A		5.375			05/01/25		10,962		11,523,440
MGM Resorts International,
Gtd. Notes(a)		4.625			09/01/26		2,900		3,048,012
Gtd. Notes		5.500			04/15/27		1,000		1,084,608
Gtd. Notes(a)		5.750			06/15/25		12,215		13,431,605
Gtd. Notes		6.000			03/15/23		7,172		7,645,747
Gtd. Notes		6.750			05/01/25		19,975		21,364,942
Gtd. Notes		7.750			03/15/22		11,750		12,411,163
Station Casinos LLC, Gtd. Notes, 144A(a)		5.000			10/01/25		9,176		9,259,696
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., Sr. Sec’d. Notes, 144A		5.875			05/15/25		6,000		5,820,671
Wyndham Destinations, Inc., Sr. Sec’d. Notes(a)		6.600			10/01/25		3,150		3,532,838

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 23

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Lodging (cont’d.)
Wynn Macau Ltd. (Macau),
Sr. Unsec’d. Notes, 144A(a)		4.875	%		10/01/24		12,550	$	12,695,734
Sr. Unsec’d. Notes, 144A(a)		5.500			01/15/26		3,800		3,966,404
									115,086,583
Machinery-Diversified    0.4%
Maxim Crane Works Holdings Capital LLC, Sec’d. Notes, 144A		10.125			08/01/24		15,423		16,194,242
Media    9.4%
Beasley Mezzanine Holdings LLC, Sr. Sec’d. Notes, 144A		8.625			02/01/26		1,970		1,993,524
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A		5.000			02/01/28		5,529		5,787,068
Sr. Unsec’d. Notes, 144A		5.125			05/01/27		12,300		12,886,628
Sr. Unsec’d. Notes, 144A		5.500			05/01/26		11,465		11,856,860
Sr. Unsec’d. Notes, 144A		5.750			02/15/26		26,738		27,621,977
Sr. Unsec’d. Notes, 144A		5.875			05/01/27		23,827		24,676,978
Clear Channel Worldwide Holdings, Inc., Gtd. Notes(a)		9.250			02/15/24		19,720		20,628,843
CSC Holdings LLC,
Gtd. Notes, 144A		5.500			05/15/26		47,562		49,234,628
Gtd. Notes, 144A		5.500			04/15/27		18,766		19,742,877
Sr. Unsec’d. Notes		6.750			11/15/21		3,000		3,101,353
Diamond Sports Group LLC/Diamond Sports Finance Co., Sr. Sec’d. Notes, 144A(a)		5.375			08/15/26		15,460		10,937,020
DISH DBS Corp.,
Gtd. Notes(a)		5.000			03/15/23		1,635		1,685,793
Gtd. Notes(a)		5.875			07/15/22		12,300		12,820,170
Gtd. Notes(a)		5.875			11/15/24		6,247		6,538,134
Gtd. Notes		6.750			06/01/21		34,812		35,251,502
EW Scripps Co. (The), Gtd. Notes, 144A(a)		5.125			05/15/25		14,652		14,963,369
Gray Television, Inc., Gtd. Notes, 144A		5.875			07/15/26		23,847		24,719,111
Quebecor Media, Inc. (Canada), Sr. Unsec’d. Notes		5.750			01/15/23		3,451		3,678,582
Radiate Holdco LLC/Radiate Finance, Inc., Sr. Sec’d. Notes, 144A		4.500			09/15/26		9,853		10,029,779

See Notes to Financial Statements.

24

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Media (cont’d.)
Sinclair Television Group, Inc.,
Gtd. Notes, 144A		5.875	%		03/15/26		3,923	$	4,011,473
Sirius XM Radio, Inc.,
Gtd. Notes, 144A		3.875			08/01/22		7,063		7,107,437
Gtd. Notes, 144A(a)		4.625			07/15/24		3,869		3,989,159
TEGNA, Inc.,
Gtd. Notes, 144A(a)		4.750			03/15/26		2,725		2,903,053
Gtd. Notes, 144A(a)		5.500			09/15/24		537		546,635
Townsquare Media, Inc., Sr. Sec’d. Notes, 144A(a)		6.875			02/01/26		2,600		2,720,464
Univision Communications, Inc.,
Sr. Sec’d. Notes, 144A		5.125			02/15/25		7,443		7,451,122
Sr. Sec’d. Notes, 144A		6.625			06/01/27		6,425		6,747,263
Urban One, Inc., Sr. Sec’d. Notes, 144A		7.375			02/01/28		1,450		1,460,386
Videotron Ltd. (Canada), Gtd. Notes, 144A		5.125			04/15/27		4,344		4,545,590
									339,636,778
Mining    3.3%
Constellium SE,
Gtd. Notes, 144A		5.750			05/15/24		12,602		12,787,176
Gtd. Notes, 144A		5.875			02/15/26		1,700		1,747,080
Eldorado Gold Corp. (Turkey), Sec’d. Notes, 144A		9.500			06/01/24		6,741		7,512,689
First Quantum Minerals Ltd. (Zambia),
Gtd. Notes, 144A		6.500			03/01/24		6,675		6,819,922
Gtd. Notes, 144A		6.875			03/01/26		660		689,674
Gtd. Notes, 144A(a)		7.250			04/01/23		22,185		22,631,362
Freeport-McMoRan, Inc.,
Gtd. Notes(a)		3.875			03/15/23		17,245		17,987,526
Gtd. Notes		4.550			11/14/24		1,535		1,693,132
Hudbay Minerals, Inc. (Peru),
Gtd. Notes, 144A		4.500			04/01/26		2,075		2,102,970
Gtd. Notes, 144A		7.625			01/15/25		22,910		23,864,251
New Gold, Inc. (Canada),
Gtd. Notes, 144A		6.375			05/15/25		3,811		3,933,322
Sr. Unsec’d. Notes, 144A		7.500			07/15/27		5,250		5,528,372

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 25

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Mining (cont’d.)
Novelis Corp., Gtd. Notes, 144A		5.875	%		09/30/26			10,825	$	11,291,114
										118,588,590
Miscellaneous Manufacturing    1.1%
Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A		7.500			12/01/24			2,350		2,206,288
Sr. Unsec’d. Notes, 144A(a)		7.500			03/15/25			9,428		8,622,370
Sr. Unsec’d. Notes, 144A(a)		8.750			12/01/21			27,115		28,165,394
FXI Holdings, Inc., Sr. Sec’d. Notes, 144A		7.875			11/01/24			836		850,888
										39,844,940
Oil & Gas    6.6%
Aethon United BR LP/Aethon United Finance Corp., Sr. Unsec’d. Notes, 144A		8.250			02/15/26			4,925		5,121,894
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., Gtd. Notes		7.875			12/15/24	(d)		10,985		7,250
Antero Resources Corp.,
Gtd. Notes		5.000			03/01/25			5,645		5,610,345
Gtd. Notes		5.625			06/01/23			26,046		26,087,119
Gtd. Notes, 144A		8.375			07/15/26			2,275		2,494,617
Ascent Resources Utica Holdings LLC/ARU Finance Corp., Gtd. Notes, 144A		9.000			11/01/27			8,489		10,873,041
Chesapeake Energy Corp., Gtd. Notes, 144A		5.500			02/01/26			2,425		2,527,330
Citgo Holding, Inc., Sr. Sec’d. Notes, 144A		9.250			08/01/24			17,582		17,304,668
CITGO Petroleum Corp.,
Sr. Sec’d. Notes, 144A		6.250			08/15/22			1,000		1,000,388
Sr. Sec’d. Notes, 144A		7.000			06/15/25			9,285		9,552,638
Double Eagle III Midco 1 LLC/Double Eagle Finance Corp., Sr. Unsec’d. Notes, 144A		7.750			12/15/25			8,050		8,630,363
Endeavor Energy Resources LP/EER Finance, Inc.,
Sr. Unsec’d. Notes, 144A		5.500			01/30/26			6,500		6,639,888
Sr. Unsec’d. Notes, 144A		5.750			01/30/28			284		300,354
Sr. Unsec’d. Notes, 144A		6.625			07/15/25			4,350		4,567,647

See Notes to Financial Statements.

26

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont’d.)
EQT Corp.,
Sr. Unsec’d. Notes(a)		3.000	%		10/01/22		1,000	$	1,006,785
Sr. Unsec’d. Notes		3.900			10/01/27		9,361		9,710,233
Sr. Unsec’d. Notes(a)		8.500	(cc)		02/01/30		1,475		1,928,167
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A		5.000			12/01/24		6,400		6,504,908
Sr. Unsec’d. Notes, 144A		5.750			10/01/25		11,761		11,997,603
MEG Energy Corp. (Canada),
Gtd. Notes, 144A		7.125			02/01/27		4,450		4,671,200
Sec’d. Notes, 144A		6.500			01/15/25		3,385		3,493,784
Nabors Industries Ltd., Gtd. Notes, 144A		7.250			01/15/26		2,800		2,486,922
Nabors Industries, Inc., Gtd. Notes		5.750			02/01/25		11,240		8,948,232
Occidental Petroleum Corp.,
Sr. Unsec’d. Notes(a)		2.900			08/15/24		1,525		1,483,858
Sr. Unsec’d. Notes		3.200			08/15/26		275		263,043
Sr. Unsec’d. Notes		3.400			04/15/26		2,000		1,939,802
Sr. Unsec’d. Notes		3.450			07/15/24		4,425		4,424,216
Sr. Unsec’d. Notes		3.500			06/15/25		125		123,117
Sr. Unsec’d. Notes		5.500			12/01/25		2,775		2,938,627
Sr. Unsec’d. Notes		5.550			03/15/26		1,200		1,279,493
Sr. Unsec’d. Notes(a)		5.875			09/01/25		9,300		10,088,366
Sr. Unsec’d. Notes		6.950			07/01/24		175		192,986
Ovintiv Exploration, Inc., Gtd. Notes		5.375			01/01/26		1,500		1,657,348
PBF Holding Co. LLC/PBF Finance Corp., Sr. Sec’d. Notes, 144A		9.250			05/15/25		7,465		7,278,428
Precision Drilling Corp. (Canada), Gtd. Notes, 144A(a)		7.125			01/15/26		8,221		7,967,677
Range Resources Corp.,
Gtd. Notes		4.875			05/15/25		4,825		4,772,438
Gtd. Notes		5.000			03/15/23		14,129		14,204,661
Gtd. Notes(a)		9.250			02/01/26		2,600		2,830,133
Sunoco LP/Sunoco Finance Corp., Gtd. Notes(a)		6.000			04/15/27		3,275		3,405,239
Transocean, Inc.,
Gtd. Notes, 144A		7.250			11/01/25		1,200		803,956
Gtd. Notes, 144A		7.500			01/15/26		8,325		5,469,078

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 27

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont’d.)
WPX Energy, Inc.,
Sr. Unsec’d. Notes		5.250	%		09/15/24		10,208	$	11,375,805
Sr. Unsec’d. Notes		8.250			08/01/23		4,720		5,439,337
									239,402,984
Packaging & Containers    0.4%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.,
Sr. Sec’d. Notes, 144A		4.125			08/15/26		2,250		2,327,395
Sr. Unsec’d. Notes, 144A		5.250			08/15/27		6,300		6,525,481
Owens-Brockway Glass Container, Inc., Gtd. Notes, 144A(a)		6.375			08/15/25		5,435		6,071,562
									14,924,438
Pharmaceuticals    2.4%
Bausch Health Americas, Inc.,
Gtd. Notes, 144A		8.500			01/31/27		7,450		8,255,797
Gtd. Notes, 144A		9.250			04/01/26		5,025		5,569,763
Bausch Health Cos., Inc.,
Gtd. Notes, 144A		6.125			04/15/25		47,150		48,267,714
Gtd. Notes, 144A		9.000			12/15/25		5,775		6,290,031
Sr. Sec’d. Notes, 144A		5.500			11/01/25		500		514,823
Sr. Sec’d. Notes, 144A(a)		7.000			03/15/24		5,000		5,108,403
P&L Development LLC/PLD Finance Corp., Sr. Sec’d. Notes, 144A		7.750			11/15/25		11,350		12,123,333
									86,129,864
Pipelines    1.4%
DCP Midstream Operating LP, Gtd. Notes, 144A		4.750			09/30/21		2,825		2,850,750
EQM Midstream Partners LP,
Sr. Unsec’d. Notes(a)		4.125			12/01/26		3,729		3,647,516
Sr. Unsec’d. Notes		4.750			07/15/23		2,077		2,141,484
Sr. Unsec’d. Notes, 144A		6.000			07/01/25		2,505		2,646,616
Rattler Midstream LP, Gtd. Notes, 144A		5.625			07/15/25		2,005		2,092,936
Rockies Express Pipeline LLC, Sr. Unsec’d. Notes, 144A		3.600			05/15/25		4,875		4,990,359

See Notes to Financial Statements.

28

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pipelines (cont’d.)
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
Gtd. Notes, 144A		5.500	%		09/15/24		11,211	$	11,268,794
Gtd. Notes, 144A		7.500			10/01/25		1,900		2,025,353
Targa Resources Partners LP/Targa Resources Partners Finance Corp.,
Gtd. Notes		4.250			11/15/23		7,800		7,822,312
Gtd. Notes(a)		5.875			04/15/26		625		650,993
Western Midstream Operating LP,
Sr. Unsec’d. Notes		3.950			06/01/25		3,050		3,094,405
Sr. Unsec’d. Notes(a)		4.350			02/01/25		7,650		7,831,518
									51,063,036
Real Estate    0.5%
Five Point Operating Co. LP/Five Point Capital Corp., Gtd. Notes, 144A		7.875			11/15/25		7,815		8,244,490
Greystar Real Estate Partners LLC, Sr. Sec’d. Notes, 144A		5.750			12/01/25		6,150		6,336,496
Hunt Cos., Inc., Sr. Sec’d. Notes, 144A		6.250			02/15/26		2,450		2,513,709
									17,094,695
Real Estate Investment Trusts (REITs)    3.4%
Diversified Healthcare Trust,
Gtd. Notes		9.750			06/15/25		18,900		21,278,116
Sr. Unsec’d. Notes		4.750			05/01/24		2,000		2,040,841
Sr. Unsec’d. Notes		6.750			12/15/21		690		700,157
ESH Hospitality, Inc., Gtd. Notes, 144A		5.250			05/01/25		19,413		19,780,130
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, Gtd. Notes, 144A		3.750			12/15/27		1,800		1,794,318
GLP Capital LP/GLP Financing II, Inc., Gtd. Notes		5.375			04/15/26		3,100		3,559,128
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., Gtd. Notes, 144A		4.625			06/15/25		1,130		1,197,576
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes		5.000			10/15/27		4,375		4,641,934
Gtd. Notes		5.250			08/01/26		375		389,597

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 29

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Real Estate Investment Trusts (REITs) (cont’d.)
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, Sr. Sec’d. Notes, 144A		7.500	%		06/01/25			17,455	$	18,920,818
Sabra Health Care LP, Gtd. Notes		5.125			08/15/26			650		733,045
SBA Communications Corp., Sr. Unsec’d. Notes		4.875			09/01/24			6,829		7,003,803
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, Sr. Sec’d. Notes, 144A		7.875			02/15/25			11,110		11,904,029
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, Sr. Sec’d. Notes, 144A		6.000			04/15/23			4,000		4,071,268
VICI Properties LP/VICI Note Co., Inc.,
Gtd. Notes, 144A(a)		3.500			02/15/25			4,450		4,511,724
Gtd. Notes, 144A		3.750			02/15/27			14,100		14,299,773
Gtd. Notes, 144A		4.250			12/01/26			6,370		6,569,306
										123,395,563
Retail    3.4%
BCPE Ulysses Intermediate, Inc., Sr. Unsec’d. Notes, 144A, Cash coupon 7.750% or PIK 8.500%(a)		7.750			04/01/27			1,325		1,348,154
Beacon Roofing Supply, Inc., Gtd. Notes, 144A(a)		4.875			11/01/25			2,825		2,851,310
Brinker International, Inc.,
Gtd. Notes, 144A		5.000			10/01/24			17,608		18,304,648
Sr. Unsec’d. Notes		3.875			05/15/23			3,125		3,132,569
eG Global Finance PLC (United Kingdom), Sr. Sec’d. Notes, 144A		8.500			10/30/25			13,926		14,785,969
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp.,
Sr. Unsec’d. Notes		8.625			06/15/20	(d)		4,790		2,759,693
Sr. Unsec’d. Notes		8.625			06/15/20	(d)		9,025		4,626,332
Golden Nugget, Inc., Sr. Unsec’d. Notes, 144A(a)		6.750			10/15/24			12,929		13,141,446
L Brands, Inc., Gtd. Notes		5.625			10/15/23			19,076		20,653,661
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes		5.500			11/01/23			2,217		2,237,105
Gtd. Notes		5.625			12/01/25			9,245		9,531,786

See Notes to Financial Statements.

30

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Retail (cont’d.)
Sally Holdings LLC/Sally Capital, Inc., (cont’d.) Sec’d. Notes, 144A		8.750	%		04/30/25		3,770	$	4,186,935
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
Sr. Unsec’d. Notes		5.500			06/01/24		9,272		9,404,526
Sr. Unsec’d. Notes		5.750			03/01/25		15,192		15,437,593
									122,401,727
Semiconductors    0.7%
Microchip Technology, Inc., Gtd. Notes, 144A(a)		4.250			09/01/25		12,742		13,321,409
Sensata Technologies UK Financing Co. PLC, Gtd. Notes, 144A		6.250			02/15/26		12,210		12,591,562
									25,912,971
Software    1.4%
Boxer Parent Co., Inc., Sr. Sec’d. Notes, 144A		7.125			10/02/25		8,000		8,647,132
BY Crown Parent LLC, Gtd. Notes, 144A		7.375			10/15/24		8,170		8,321,306
BY Crown Parent LLC/BY Bond Finance, Inc., Sr. Sec’d. Notes, 144A		4.250			01/31/26		14,305		14,730,403
Dun & Bradstreet Corp. (The), Gtd. Notes, 144A(a)		10.250			02/15/27		4,849		5,432,862
Sr. Sec’d. Notes, 144A		6.875			08/15/26		9,605		10,300,018
Open Text Corp. (Canada), Gtd. Notes, 144A		5.875			06/01/26		1,500		1,551,535
									48,983,256
Telecommunications    8.0%
Altice France SA (France), Sr. Sec’d. Notes, 144A		7.375			05/01/26		2,700		2,817,191
CommScope Technologies LLC, Gtd. Notes, 144A(a)		6.000			06/15/25		8,463		8,608,015
CommScope, Inc.,
Sr. Sec’d. Notes, 144A		5.500			03/01/24		8,000		8,224,527
Sr. Sec’d. Notes, 144A		6.000			03/01/26		14,280		15,011,460
Digicel Holdings Bermuda Ltd./Digicel International Finance Ltd. (Jamaica), Gtd. Notes, 144A		8.000			12/31/26		967		923,869

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 31

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Telecommunications (cont’d.)
Digicel Holdings Bermuda Ltd./Digicel International Finance Ltd. (Jamaica), (cont’d.)
Gtd. Notes, 144A, Cash coupon 6.000% and PIK 7.000%		13.000	%		12/31/25			2,979	$	3,028,026
Sr. Sec’d. Notes, 144A		8.750			05/25/24			17,350		18,172,841
Sr. Sec’d. Notes, 144A		8.750			05/25/24			11,997		12,566,916
Intelsat Jackson Holdings SA (Luxembourg), Gtd. Notes		5.500			08/01/23	(d)		6,971		4,461,679
Sr. Sec’d. Notes, 144A		8.000			02/15/24	(d)		20,302		20,968,980
Level 3 Financing, Inc.,
Gtd. Notes		5.250			03/15/26			995		1,024,043
Gtd. Notes		5.375			05/01/25			4,870		4,993,811
Lumen Technologies, Inc.,
Sr. Unsec’d. Notes(a)		5.625			04/01/25			5,000		5,355,966
Sr. Unsec’d. Notes, Series S		6.450			06/15/21			22,135		22,417,723
Sr. Unsec’d. Notes, Series T		5.800			03/15/22			7,640		7,922,636
Sr. Unsec’d. Notes, Series W		6.750			12/01/23			2,753		3,055,477
Sr. Unsec’d. Notes, Series Y(a)		7.500			04/01/24			4,100		4,606,235
Sprint Communications, Inc.,
Gtd. Notes		6.000			11/15/22			5,580		5,967,809
Sprint Corp.,
Gtd. Notes		7.125			06/15/24			11,700		13,487,653
Gtd. Notes		7.250			09/15/21			13,721		14,120,028
Gtd. Notes		7.625			02/15/25			5,365		6,384,233
Gtd. Notes		7.625			03/01/26			1,500		1,840,234
Gtd. Notes		7.875			09/15/23			26,784		30,921,904
T-Mobile USA, Inc.,
Gtd. Notes		5.125			04/15/25			5,667		5,767,912
Gtd. Notes		6.000			04/15/24			15,275		15,386,242
Gtd. Notes		6.500			01/15/26			26,256		27,122,045
Viasat, Inc.,
Sr. Sec’d. Notes, 144A		5.625			04/15/27			3,808		3,990,617
Sr. Unsec’d. Notes, 144A		5.625			09/15/25			10,225		10,429,500
Zayo Group Holdings, Inc.,
Sr. Sec’d. Notes, 144A		4.000			03/01/27			8,654		8,612,471
										288,190,043
Transportation    0.9%
XPO Logistics, Inc., Gtd. Notes, 144A		6.125			09/01/23			4,500		4,582,044

See Notes to Financial Statements.

32

PGIM Short Duration High Yield Income Fund 32

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Transportation (cont’d.)
XPO Logistics, Inc., (cont’d.)
Gtd. Notes, 144A		6.250	%		05/01/25		12,075	$	12,966,170
Gtd. Notes, 144A		6.750			08/15/24		15,275		16,131,651
									33,679,865
TOTAL CORPORATE BONDS (cost $2,974,102,275)									3,023,106,619
SOVEREIGN BONDS     0.0%
Ecuador Government International Bond (Ecuador),
Sr. Unsec’d. Notes, 144A		6.608	(s)		07/31/30		92		38,487
Sr. Unsec’d. Notes, 144A		0.500	(cc)		07/31/30		324		192,382
Sr. Unsec’d. Notes, 144A		0.500	(cc)		07/31/35		535		245,924
Sr. Unsec’d. Notes, 144A		0.500	(cc)		07/31/40		125		53,326
TOTAL SOVEREIGN BONDS (cost $733,982)									530,119
						Shares
COMMON STOCKS    1.4%
Electric Utilities    0.1%
GenOn Energy Holdings, Inc. (Class A Stock)*^							41,315		5,784,100
Hotels, Restaurants & Leisure    0.2%
CEC Entertainment, Inc.*							366,068		6,360,432
Oil, Gas & Consumable Fuels    1.1%
Chesapeake Energy Corp.*							876,941		38,743,253
Chesapeake Energy Corp. Backstop Commitment*							5,043		212,700
									38,955,953
TOTAL COMMON STOCKS (cost $19,082,632)									51,100,485

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 33

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Units		Value
WARRANTS*    0.0%
Hotels, Restaurants & Leisure
CEC Entertainment, Inc., expiring 02/15/22 (cost $0)		142,674	$	128,407
TOTAL LONG-TERM INVESTMENTS (cost $3,446,289,783)				3,532,084,388
	Shares
SHORT-TERM INVESTMENTS    8.4%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(wa)		96,747,474		96,747,474
PGIM Institutional Money Market Fund (cost $206,754,663; includes $206,731,266 of cash collateral for securities on loan)(b)(wa)		206,892,607		206,789,161
TOTAL SHORT-TERM INVESTMENTS (cost $303,502,137)				303,536,635
TOTAL INVESTMENTS    105.8% (cost $3,749,791,920)				3,835,621,023
Liabilities in excess of other assets(z)    (5.8)%				(210,216,902	)
NET ASSETS    100.0%			$	3,625,404,121

Below is a list of the abbreviation(s) used in the semiannual report:

EUR—Euro

USD—US Dollar

144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.

CDX—Credit Derivative Index

DIP—Debtor-In-Possession

EURIBOR—Euro Interbank Offered Rate

LIBOR—London Interbank Offered Rate

LP—Limited Partnership

OTC—Over-the-counter

PIK—Payment-in-Kind

Q—Quarterly payment frequency for swaps

REITs—Real Estate Investment Trust

* Non-income producing security.

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

^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $23,867,015 and 0.7% of net assets.

See Notes to Financial Statements.

34

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $201,676,739; cash collateral of $206,731,266 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

(b) Represents security, or portion thereof, 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, 2021.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of February 28, 2021. 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) Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end.

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

(wa) 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, if applicable.

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

Unfunded loan commitment outstanding at February 28, 2021:

Borrower	Principal Amount (000)#		Current Value		Unrealized Appreciation		Unrealized Depreciation
U.S. Concrete, Inc., Initial Delayed Draw Term Loan, 1 Month LIBOR + 2.750%, 1.375%(c), Maturity Date 05/01/25 (cost $1,530,695)^		1,546		$1,530,654		$—		$	(41	)

Futures contracts outstanding at February 28, 2021:

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
	Long Positions:
	1,517	2 Year U.S. Treasury Notes		Jun. 2021	$	334,901,454	$	(193,017	)
	76	5 Year Euro-Bobl		Mar. 2021		12,306,762		(98,185	)
	2,320	5 Year U.S. Treasury Notes		Jun. 2021		287,607,500		(2,592,786	)
	3	Euro Schatz Index		Mar. 2021		406,016		(564	)
								(2,884,552	)
	Short Positions:
	27	10 Year Euro-Bund		Mar. 2021		5,648,826		123,115
	4	10 Year Euro-Bund		Jun. 2021		823,012		(3,961	)
	465	10 Year U.S. Treasury Notes		Jun. 2021		61,714,219		830,296

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 35

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Futures contracts outstanding at February 28, 2021 (continued):

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
	Short Positions (cont’d):
	2	20 Year U.S. Treasury Bonds		Jun. 2021	$	318,438	$	3,716
	3	30 Year U.S. Ultra Treasury Bonds		Jun. 2021		567,188		5,449
								958,615
							$	(1,925,937	)

Forward foreign currency exchange contracts outstanding at February 28, 2021:

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Euro,
Expiring 03/02/21	Barclays Bank PLC		EUR  1,370	$	1,664,502	$	1,653,475	$	—	$	(11,027	)
Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Euro,
Expiring 03/02/21	Citibank, N.A.		EUR  1,370	$	1,666,771	$	1,653,475	$	13,296	$	—
Expiring 04/06/21	Barclays Bank PLC		EUR  1,370		1,665,770		1,655,040		10,730		—
				$	3,332,541	$	3,308,515		24,026		—
								$	24,026	$	(11,027)

Credit default swap agreements outstanding at February 28, 2021:

Reference Entity/ Obligation	Termination Date	Fixed Rate	Notional Amount (000)#(3)	Implied Credit Spread at February 28, 2021(4)	Value at Trade Date		Value at February 28, 2021		Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):
CDX.NA.HY.35.V1	12/20/25	5.000%(Q)	129,975	3.088%		$10,891,920		$12,055,251		$1,163,331

The Fund entered into credit default swaps (“CDS”) to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

See Notes to Financial Statements.

36

(1) If the Fund is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Fund is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3) Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

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

Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

Broker	Cash and/or Foreign Currency			Securities Market Value
Citigroup Global Markets, Inc.		$	6,464,000		$	—

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.

PGIM Short Duration High Yield Income Fund 37

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

The following is a summary of the inputs used as of February 28, 2021 in valuing such portfolio securities:

	Level 1			Level 2			Level 3
Investments in Securities
Assets
Bank Loans	$	—		$	439,135,802		$	18,082,956
Corporate Bonds		—			3,023,106,619			—
Sovereign Bonds		—			530,119			—
Common Stocks		38,743,253			6,573,132			5,784,100
Warrants		—			128,407			—
Affiliated Mutual Funds		303,536,635			—			—
Total	$	342,279,888		$	3,469,474,079		$	23,867,056
Other Financial Instruments*
Assets
Futures Contracts	$	962,576		$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—			24,026			—
Centrally Cleared Credit Default Swap Agreement		—			1,163,331			—
Total	$	962,576		$	1,187,357		$	—
Liabilities
Unfunded Loan Commitment	$	—		$	—		$	(41	)
Futures Contracts		(2,888,513	)		—			—
OTC Forward Foreign Currency Exchange Contract		—			(11,027	)		—
Total	$	(2,888,513)		$	(11,027)		$	(41	)

* Other financial instruments are derivative instruments, with the exception of unfunded loan commitments, and are not reflected in the Schedule of Investments. Futures, forwards, centrally cleared swap contracts and unfunded loan commitments are recorded at net unrealized appreciation (depreciation) and OTC swap contracts are recorded at fair value.

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of February 28, 2021 were as follows:

Telecommunications	10.5	%
Media	9.9
Affiliated Mutual Funds (5.7% represents investments purchased with collateral from securities on loan)	8.4
Oil & Gas	7.3
Chemicals	5.2
Entertainment	4.9
Software	4.3
Healthcare-Services	4.0
Real Estate Investment Trusts (REITs)	3.4
Retail	3.4

Mining	3.3	%
Commercial Services	3.2
Home Builders	3.2
Diversified Financial Services	3.2
Lodging	3.2
Auto Manufacturers	2.7
Pharmaceuticals	2.6
Computers	2.4
Foods	2.4
Electric	2.1
Building Materials	1.6
Pipelines	1.4

See Notes to Financial Statements.

38

Industry Classification (continued):

Auto Parts & Equipment	1.2	%
Miscellaneous Manufacturing	1.1
Oil, Gas & Consumable Fuels	1.1
Transportation	0.9
Gas	0.8
Leisure Time	0.8
Internet	0.8
Semiconductors	0.7
Aerospace & Defense	0.6
Engineering & Construction	0.6
Apparel	0.6
Electronics	0.5
Banks	0.5
Real Estate	0.5
Machinery-Diversified	0.4
Packaging & Containers	0.4
Electrical Components & Equipment	0.4
Advertising	0.3
Insurance	0.2

Hotels, Restaurants & Leisure	0.2	%
Energy-Alternate Sources	0.2
Electric Utilities	0.1
Distribution/Wholesale	0.1
Airlines	0.1
Agriculture	0.1
Household Products/Wares	0.0	*
Iron/Steel	0.0	*
Sovereign Bonds	0.0	*
Beverages	0.0	*
	105.8
Liabilities in excess of other assets	(5.8	)
	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 credit contracts risk, foreign exchange contracts risk, and interest rate contracts risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of February 28, 2021 as presented in the Statement of Assets and Liabilities:

	Asset Derivatives					Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value				Statement of Assets and Liabilities Location	Fair Value
Credit contracts	Due from/to broker-variation margin swaps		$	1,163,331	*	—		$	—
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts			24,026		Unrealized depreciation on OTC forward foreign currency exchange contracts			11,027

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 39

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

	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
Interest rate contracts	Due from/to broker-variation margin futures		$	962,576	*	Due from/to broker-variation margin futures		$	2,888,513	*
			$	2,149,933				$	2,899,540

* 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, 2021 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures				Forward Currency Exchange Contracts				Swaps
Credit contracts		$	—			$	—			$	(15,596,730	)
Foreign exchange contracts			—				(51,871	)			—
Interest rate contracts			(1,063,892	)			—				—
Total		$	(1,063,892	)		$	(51,871	)		$	(15,596,730	)

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures				Forward Currency Exchange Contracts			Swaps
Credit contracts		$	—			$	—		$	18,279,917
Foreign exchange contracts			—				40,407			—
Interest rate contracts			(2,130,496	)			—			—
Total		$	(2,130,496	)		$	40,407		$	18,279,917

See Notes to Financial Statements.

40

For the six months ended February 28, 2021, 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)
	$	428,651,342		$	65,181,152		$	1,636,137

Forward Foreign Currency Exchange Contracts—Sold(2)			Credit Default Swap  Agreements— Buy Protection(1)
	$	3,269,485		$	48,338,717

Credit Default

Swap Agreements—

Sell Protection(1)

$53,325,000

(1) Notional Amount in USD.

(2) Value at Settlement Date.

Average volume is based on average quarter end balances as noted for the six months ended February 28, 2021.

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 to set-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		$201,676,739		$(201,676,739)		$—

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
Barclays Bank PLC		$10,730		$(11,027)		$(297)		$—		$(297)
Citibank, N.A.		13,296		—		13,296		—		13,296
		$24,026		$(11,027)		$12,999		$—		$12,999

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 41

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

(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.

42

Statement of Assets and Liabilities (unaudited)

as of February 28, 2021

Assets
Investments at value, including securities on loan of $201,676,739:
Unaffiliated investments (cost $3,446,289,783)	$	3,532,084,388
Affiliated investments (cost $303,502,137)		303,536,635
Cash		9,783,133
Foreign currency, at value (cost $1,935,052)		2,052,792
Dividends and interest receivable		52,079,334
Receivable for investments sold		37,650,958
Receivable for Fund shares sold		35,147,143
Deposit with broker for centrally cleared/exchange-traded derivatives		6,464,000
Due from broker—variation margin swaps		160,650
Due from broker—variation margin futures		144,788
Unrealized appreciation on OTC forward foreign currency exchange contracts		24,026
Prepaid expenses		16,120
Total Assets		3,979,143,967
Liabilities
Payable to broker for collateral for securities on loan		206,731,266
Payable for Fund shares purchased		116,621,804
Payable for investments purchased		25,701,155
Management fee payable		1,802,292
Dividends payable		1,694,236
Accrued expenses and other liabilities		866,673
Distribution fee payable		288,632
Affiliated transfer agent fee payable		22,720
Unrealized depreciation on OTC forward foreign currency exchange contracts		11,027
Unrealized depreciation on unfunded loan commitments		41
Total Liabilities		353,739,846
Net Assets	$	3,625,404,121
Net assets were comprised of:
Common stock, at par	$	4,018,677
Paid-in capital in excess of par		3,746,378,190
Total distributable earnings (loss)		(124,992,746	)
Net assets, February 28, 2021	$	3,625,404,121

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 43

Statement of Assets and Liabilities (unaudited)

as of February 28, 2021

Class A
Net asset value and redemption price per share, ($354,544,634 ÷ 39,310,254 shares of common stock issued and outstanding)	$	9.02
Maximum sales charge (2.25% of offering price)		0.21
Maximum offering price to public	$	9.23
Class C
Net asset value, offering price and redemption price per share,
($285,345,700 ÷ 31,641,579 shares of common stock issued and outstanding)	$	9.02
Class Z
Net asset value, offering price and redemption price per share,
($2,409,839,719 ÷ 267,134,884 shares of common stock issued and outstanding)	$	9.02
Class R6
Net asset value, offering price and redemption price per share,
($575,674,068 ÷ 63,780,975 shares of common stock issued and outstanding)	$	9.03

See Notes to Financial Statements.

44

Statement of Operations (unaudited)

Six Months Ended February 28, 2021

Net Investment Income (Loss)
Income
Interest income	$	87,656,931
Unaffiliated dividend income		670,441
Income from securities lending, net (including affiliated income of $115,847)		154,799
Affiliated dividend income		145,149
Total income		88,627,320
Expenses
Management fee		11,876,575
Distribution fee(a)		1,870,377
Transfer agent’s fees and expenses (including affiliated expense of $62,491)(a)		1,287,677
Custodian and accounting fees		166,797
Registration fees(a)		106,354
Shareholders’ reports		44,054
SEC registration fees		24,613
Directors’ fees		22,295
Audit fee		21,463
Legal fees and expenses		16,750
Miscellaneous		29,282
Total expenses		15,466,237
Less: Fee waiver and/or expense reimbursement(a)		(814,869	)
Net expenses		14,651,368
Net investment income (loss)		73,975,952
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(46,111))		(10,178,653	)
Futures transactions		(1,063,892	)
Forward currency contract transactions		(51,871	)
Swap agreement transactions		(15,596,730	)
Foreign currency transactions		21,206
		(26,869,940	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(22,366))		129,652,106
Futures		(2,130,496	)
Forward currency contracts		40,407
Swap agreements		18,279,917
Foreign currencies		(13,898	)
Unfunded loan commitments		(40,697	)
		145,787,339
Net gain (loss) on investment and foreign currency transactions		118,917,399
Net Increase (Decrease) In Net Assets Resulting From Operations	$	192,893,351

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 45

Statement of Operations (unaudited)

Six Months Ended February 28, 2021

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

	Class A			Class C			Class Z			Class R6
Distribution fee		420,496			1,449,881			—			—
Transfer agent’s fees and expenses		119,058			108,171			1,058,420			2,028
Registration fees		20,365			15,230			51,248			19,511
Fee waiver and/or expense reimbursement		(69,864	)		(63,959	)		(639,839	)		(41,207	)

See Notes to Financial Statements.

46

Statements of Changes in Net Assets (unaudited)

	Six Months Ended February 28, 2021				Year Ended August 31, 2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	73,975,952			$	152,160,117
Net realized gain (loss) on investment and foreign currency transactions			(26,869,940	)			(12,971,888	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			145,787,339				(81,436,818	)
Net increase (decrease) in net assets resulting from operations			192,893,351				57,751,411
Dividends and Distributions
Distributions from distributable earnings
Class A			(8,298,640	)			(14,503,070	)
Class C			(6,062,451	)			(13,478,523	)
Class Z			(58,536,920	)			(114,851,528	)
Class R6			(14,596,955	)			(12,758,102	)
			(87,494,966	)			(155,591,223	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold			829,719,742				1,970,449,569
Net asset value of shares issued in reinvestment of dividends and distributions			76,626,499				133,318,119
Cost of shares purchased			(712,936,484	)			(1,635,347,430	)
Net increase (decrease) in net assets from Fund share transactions			193,409,757				468,420,258
Total increase (decrease)			298,808,142				370,580,446
Net Assets:
Beginning of period			3,326,595,979				2,956,015,533
End of period		$	3,625,404,121			$	3,326,595,979

See Notes to Financial Statements.

PGIM Short Duration High Yield Income Fund 47

Notes to Financial Statements (unaudited)

1. Organization

Prudential Investment Portfolios, Inc. 15 (the “Company”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Company currently 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 Fund is classified as a diversified fund for purposes of the 1940 Act.

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

2. 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 is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform to U.S. generally accepted accounting principles (“GAAP”). 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 as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Fund’s investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. 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. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. A record of the Valuation Committee’s actions is subject to the Board’s review at its first quarterly meeting following the quarter in which such actions take place.

For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some

48

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

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

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

Fixed income securities traded in the OTC market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The 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.

PGIM Short Duration High Yield Income Fund 49

Notes to Financial Statements (unaudited) (continued)

OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The 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 derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors’ valuation techniques used to derive the evaluated derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.

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

Foreign Currency Translation: The books and records of the 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;

50

(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 investment transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Fund’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 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 or depreciation on forward and cross currency contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on forward and cross currency contract transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The 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.

PGIM Short Duration High Yield Income Fund 51

Notes to Financial Statements (unaudited) (continued)

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 invested in bank loans. Bank loans include fixed and floating rate loans that are privately negotiated between a corporate borrower and one or more financial institutions, including, but not limited to, term loans, revolvers, and other instruments issued in the bank loan market. The Fund acquires interests in loans directly (by way of assignment from the selling institution) and/or indirectly (by way of the purchase of a participation interest from the selling institution). Under a bank loan assignment, the 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.

Swap Agreements: The Fund entered into certain types of swap agreements detailed in the disclosures below. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty

52

(“OTC-traded”) or through a central clearing facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on swap agreements. Centrally cleared swaps pay or receive an amount known as “variation margin”, based on daily changes in the valuation of the swap contract. For OTC-traded, upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.

Credit Default Swaps (“CDS”): CDS involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified payment in the event of a default or as a result of a default (collectively a “credit event”) for the referenced entity (typically corporate issues or sovereign issues of an emerging country) on its obligation; or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index.

The Fund is subject to credit risk in the normal course of pursuing its investment objectives, and as such, has entered into CDS contracts to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases. The Fund’s maximum risk of loss from counterparty credit risk for purchased CDS is the inability of the counterparty to honor the contract up to the notional value due to a credit event.

As a seller of protection on credit default swap agreements, the Fund generally receives an agreed upon payment from the buyer of protection throughout the term of the swap, provided no credit event occurs. As the seller, the Fund effectively increases its investment risk because, in addition to its total net assets, the Fund may be subject to investment exposure on the notional amount of the swap.

The maximum amount of the payment that the Fund, as a seller of protection, could be required to make under a credit default swap agreement would be equal to the notional amount of the underlying security or index contract as a result of a credit event. This potential amount will be partially offset by any recovery values of the respective referenced obligations, or net amounts received from the settlement of buy protection credit default swap agreements which the Fund entered into for the same referenced entity or index. As a buyer of protection, the Fund generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where the Fund is the seller of protection as of

PGIM Short Duration High Yield Income Fund 53

Notes to Financial Statements (unaudited) (continued)

period end are disclosed in the footnotes to the Schedule of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

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 all or a portion 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 to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

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

54

the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Fund’s counterparties to elect early termination could impact the Fund’s future derivative activity.

In addition to each instrument’s primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in the portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/insolvency of either party. Such OTC derivative agreements include conditions which, when materialized, give the counterparty the right to cause an early termination of the transactions under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.

Short sales and OTC contracts, including forward foreign currency exchange contracts, swaps, forward rate agreements and written options involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities, if applicable. Such risks may be mitigated by engaging in master netting arrangements.

Warrants: The Fund held warrants acquired either through a direct purchase or pursuant to corporate actions. Warrants entitle the holder to buy a proportionate amount of common stock, or such other security that the issuer may specify, at a specific price and time through the expiration dates. Such warrants are held as long positions by the Fund until exercised, sold or expired. Warrants are valued at fair value in accordance with the Board approved fair valuation procedures.

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

Securities 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

PGIM Short Duration High Yield Income Fund 55

Notes to Financial Statements (unaudited) (continued)

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. The remaining maturities of the securities lending transactions are considered overnight and continuous. 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, which are reflected in interest income or unaffiliated dividend income based on the nature of the payment on the Statement of Operations. 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 in the Statement of Operations.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the 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. Such class specific expenses and waivers 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.

56

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 GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.

Estimates: The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

3. Agreements

The Company, on behalf of the Fund, has a management agreement with the Manager. Pursuant to this agreement, the Manager has responsibility for all investment advisory services and supervises the subadvisers’ performance of such services.

The Manager has entered into a subadvisory agreement with PGIM, Inc., which provides subadvisory services to the Fund through its business unit PGIM Fixed Income and PGIM, Inc. has entered into a sub-subadvisory agreement with PGIM Limited (each a “subadviser” and collectively the “subadvisers”). The Manager pays for the services of the subadvisers.

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 0.69% for the reporting period ended February 28, 2021.

The Manager has contractually agreed, through December 31, 2021, 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 such expenses on any other share class. 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 the Manager may be recouped by the Manager within the same fiscal year

PGIM Short Duration High Yield Income Fund 57

Notes to Financial Statements (unaudited) (continued)

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.

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. 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.

For the reporting period ended February 28, 2021, PIMS received $189,413 in front-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended February 28, 2021, PIMS received $5,733 and $12,317 in contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders, respectively.

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

4. 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 Fund’s transfer agent. Transfer agent’s fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

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. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

58

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. For the reporting period ended February 28, 2021, no 17a-7 transactions were entered into by the Fund.

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended February 28, 2021, were $1,505,482,221 and $1,130,096,947, 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, 2021, 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
		Short-Term Investments - Affiliated Mutual Funds:
		PGIM Core Ultra Short Bond Fund (1)(wa)
	$	250,616,162		$	641,007,960		$	794,876,648		$	—			$	—			$	96,747,474		96,747,474		$	145,149
		PGIM Institutional Money Market Fund (1)(b)(wa)
		265,573,744			391,074,083			449,790,189			(22,366	)			(46,111	)			206,789,161		206,892,607			115,847	(2)
	$	516,189,906		$	1,032,082,043		$	1,244,666,837		$	(22,366	)		$	(46,111	)		$	303,536,635				$	260,996

(1) The Fund did not have any capital gain distributions during the reporting period.

(2) The amount, or a portion thereof, represents the affiliated securities lending income shown on the Statement of Operations.

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

(wa) 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, if applicable.

6. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of February 28, 2021 were as follows:

Tax Basis	$	3,774,136,111
Gross Unrealized Appreciation		103,584,748
Gross Unrealized Depreciation		(42,849,485	)
Net Unrealized Appreciation	$	60,735,263

The GAAP basis may differ from tax basis due to certain tax-related adjustments.

PGIM Short Duration High Yield Income Fund 59

Notes to Financial Statements (unaudited) (continued)

For federal income tax purposes, the Fund had a capital loss carryforward as of August 31, 2020 of approximately $147,068,000 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. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended August 31, 2020 are subject to such review.

7. Capital and Ownership

The Fund offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 2.25%. Investors who purchase $500,000 or more of Class A shares and sell those shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1.00% on sales although these purchases are not subject to a front-end 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 C shares will automatically convert to Class A shares on a monthly basis approximately 10 years after purchase. Effective January 22, 2021, Class C shares will automatically convert to Class A shares on a monthly basis approximately eight years after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charges 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, below.

The Company is authorized to issue 13.985 billion shares of capital stock, $0.01 par value per share, 1.185 billion of which are designated as shares of the Fund. The shares are further classified and designated as follows:

Class A	160,000,000
Class C	100,000,000
Class Z	700,000,000
Class T	75,000,000
Class R6	150,000,000

The Fund currently does not have any Class T shares outstanding.

60

As of February 28, 2021, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

	Number of Shares	Percentage of   Outstanding  Shares
Class R6	3,930,124	6.2%

At the reporting period end, the number of shareholders holding greater than 5% of the Fund are as follows:

Affiliated		Unaffiliated
Number of Shareholders	Percentage of Outstanding Shares	Number of Shareholders	Percentage of Outstanding Shares
—	—%	8	72.7%

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Six months ended February 28, 2021:
Shares sold		7,017,575		$	62,197,786
Shares issued in reinvestment of dividends and distributions		783,785			6,949,965
Shares purchased		(6,539,499	)		(58,106,082	)
Net increase (decrease) in shares outstanding before conversion		1,261,861			11,041,669
Shares issued upon conversion from other share class(es)		2,168,472			19,376,696
Shares purchased upon conversion into other share class(es)		(859,169	)		(7,631,615	)
Net increase (decrease) in shares outstanding		2,571,164		$	22,786,750
Year ended August 31, 2020:
Shares sold		18,900,946		$	164,795,617
Shares issued in reinvestment of dividends and distributions		1,457,286			12,636,531
Shares purchased		(13,820,694	)		(117,224,852	)
Net increase (decrease) in shares outstanding before conversion		6,537,538			60,207,296
Shares issued upon conversion from other share class(es)		2,415,860			20,997,881
Shares purchased upon conversion into other share class(es)		(2,409,994	)		(21,100,369	)
Net increase (decrease) in shares outstanding		6,543,404		$	60,104,808
Class C
Six months ended February 28, 2021:
Shares sold		2,093,326		$	18,598,590
Shares issued in reinvestment of dividends and distributions		619,884			5,488,993
Shares purchased		(3,336,944	)		(29,540,950	)
Net increase (decrease) in shares outstanding before conversion		(623,734	)		(5,453,367	)
Shares purchased upon conversion into other share class(es)		(1,759,906	)		(15,748,648	)
Net increase (decrease) in shares outstanding		(2,383,640	)	$	(21,202,015	)
Year ended August 31, 2020:
Shares sold		7,339,004		$	64,401,674
Shares issued in reinvestment of dividends and distributions		1,401,310			12,146,605
Shares purchased		(9,092,710	)		(77,337,845	)
Net increase (decrease) in shares outstanding before conversion		(352,396	)		(789,566	)
Shares purchased upon conversion into other share class(es)		(2,694,286	)		(23,412,299	)
Net increase (decrease) in shares outstanding		(3,046,682	)	$	(24,201,865	)

PGIM Short Duration High Yield Income Fund 61

Notes to Financial Statements (unaudited) (continued)

Class Z	Shares			Amount
Six months ended February 28, 2021:
Shares sold		61,323,504		$	546,065,272
Shares issued in reinvestment of dividends and distributions		5,879,067			52,108,020
Shares purchased		(54,005,743	)		(479,849,726	)
Net increase (decrease) in shares outstanding before conversion		13,196,828			118,323,566
Shares issued upon conversion from other share class(es)		1,437,102			12,756,121
Shares purchased upon conversion into other share class(es)		(1,014,813	)		(9,000,592	)
Net increase (decrease) in shares outstanding		13,619,117		$	122,079,095
Year ended August 31, 2020:
Shares sold		155,743,015		$	1,336,511,258
Shares issued in reinvestment of dividends and distributions		11,609,062			100,708,544
Shares purchased		(160,319,772	)		(1,348,189,185	)
Net increase (decrease) in shares outstanding before conversion		7,032,305			89,030,617
Shares issued upon conversion from other share class(es)		3,597,866			31,396,774
Shares purchased upon conversion into other share class(es)		(998,358	)		(8,658,619	)
Net increase (decrease) in shares outstanding		9,631,813		$	111,768,772
Class R6
Six months ended February 28, 2021:
Shares sold		22,815,210		$	202,858,094
Shares issued in reinvestment of dividends and distributions		1,361,272			12,079,521
Shares purchased		(16,221,026	)		(145,439,726	)
Net increase (decrease) in shares outstanding before conversion		7,955,456			69,497,889
Shares issued upon conversion from other share class(es)		31,565			279,370
Shares purchased upon conversion into other share class(es)		(3,505	)		(31,332	)
Net increase (decrease) in shares outstanding		7,983,516		$	69,745,927
Year ended August 31, 2020:
Shares sold		47,484,348		$	404,741,020
Shares issued in reinvestment of dividends and distributions		905,556			7,826,439
Shares purchased		(11,015,284	)		(92,595,548	)
Net increase (decrease) in shares outstanding before conversion		37,374,620			319,971,911
Shares issued upon conversion from other share class(es)		88,586			776,632
Net increase (decrease) in shares outstanding		37,463,206		$	320,748,543

8. Borrowings

The Company, on behalf of the Fund, along with other affiliated registered investment companies (the “Participating 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 table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.

	Current SCA	Prior SCA
Term of Commitment	10/2/2020 – 9/30/2021	10/3/2019 – 10/1/2020
Total Commitment	$1,200,000,000	$1,222,500,000*

62

	Current SCA	Prior SCA
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.30% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent

* Effective March 31, 2020, the SCA’s total commitment was increased from $900,000,000 to $1,162,500,000 and subsequently, effective April 7, 2020 was increased to $1,222,500,000.

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 Participating Funds in the SCA equitably.

The Fund did not utilize the SCA during the reporting period ended February 28, 2021.

9. Risks of Investing in the Fund

The Fund’s risks include, but are not limited to, some or all of the risks discussed below. For further information on the Fund’s risks, please refer to the Fund’s Prospectus and Statement of Additional Information.

Bond Obligations Risk: As with credit risk, market risk and interest rate 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 lose income.

Credit Risk: This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract, may be unable or unwilling to make timely principal and interest payments, or to otherwise honor its obligations. Additionally, fixed income securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk.

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

PGIM Short Duration High Yield Income Fund 63

Notes to Financial Statements (unaudited) (continued)

ways, especially in abnormal market conditions. Some derivatives are “leveraged” and therefore may magnify or otherwise increase investment losses to the Fund. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the Fund’s derivatives positions. In fact, many OTC derivative instruments lack 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: Investments in securities of non-US issuers (including those denominated in US dollars) generally involve more risk than investing in securities of US issuers. Foreign political, economic and legal systems, especially those in developing and emerging market countries, may be less stable and more volatile than in the US. Foreign legal systems generally have fewer regulatory requirements than the US legal system. In general, less information is publicly available about non-US companies than about US companies. Non-US companies generally are not subject to the same accounting, auditing, and financial reporting standards as are US companies. Additionally, the changing value of foreign currencies and changes in exchange rates could also affect the value of the assets the Fund holds and the Fund’s performance. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. Investments in emerging markets are subject to greater volatility and price declines. In addition, the Fund’s investments in non-US securities may be subject to the risks of nationalization or expropriation of assets, imposition of currency exchange controls or restrictions on the repatriation of non-US currency, confiscatory taxation and adverse diplomatic developments. Special US tax considerations may apply.

Interest Rate Risk: The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as “duration risk.” When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund’s holdings may fall sharply. This is referred to as “extension risk.” The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

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

64

higher-rated securities. The liquidity of particular issuers or industries within a particular investment category may shrink or disappear suddenly and without warning. The non-investment grade bond market can experience sudden and sharp price swings and become illiquid due to a variety of factors, including changes in economic forecasts, stock market activity, large sustained sales by major investors, a high profile default or a change in the market’s psychology.

Large Shareholder and Large Scale Redemption Risk: Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund’s shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund’s shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy. The Fund’s ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.

LIBOR Risk: Many financial instruments use or may use a floating rate based on the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short-term Eurodollar deposits between major international banks. Over the course of the last several years, global regulators have indicated an intent to phase out the use of LIBOR and similar interbank offering rates (IBOR). On November 30, 2020, the administrator of LIBOR announced a delay in the phase out of a majority of the U.S. dollar LIBOR publications until June 30, 2023, with the remainder of LIBOR publications to still end at the end of 2021. There still remains uncertainty regarding the nature of any replacement rates for LIBOR and the other IBORs as well as around fallback approaches for instruments extending beyond the any phase-out of these reference rates. The lack of consensus around replacement rates and the uncertainty of the phase out of LIBOR and other IBORs may result in increased volatility in corporate or governmental debt, bank loans, derivatives and other instruments invested in by a Fund as well as loan facilities used by a Fund. As such, the potential impact of a transition away from LIBOR on a Fund or the financial instruments in which a Fund invests cannot yet be determined. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Fund’s performance and/or net asset value. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR and the other IBORs as benchmarks could deteriorate during the transition period, these effects could begin to be experienced by the end of 2021 and beyond until the anticipated discontinuance date in 2023 for the majority of the LIBOR rates.

PGIM Short Duration High Yield Income Fund 65

Notes to Financial Statements (unaudited) (continued)

Liquidity Risk: Liquidity risk is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors’ interests in the Fund. The Fund may invest in instruments that trade in lower volumes and are more illiquid than other investments. 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 cannot be readily sold at the desired time or price, the Fund may have to accept a lower price or may not be able to sell the instrument at all. 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 Disruption and Geopolitical Risks: International wars or conflicts and geopolitical developments in foreign countries, along with instability in regions such as Asia, Eastern Europe, and the Middle East, possible terrorist attacks in the United States or around the world, public health epidemics such as the outbreak of infectious diseases like the recent outbreak of coronavirus globally or the 2014–2016 outbreak in West Africa of the Ebola virus, and other similar events could adversely affect the U.S. and foreign financial markets, including increases in market volatility, reduced liquidity in the securities markets and government intervention, and may cause further long-term economic uncertainties in the United States and worldwide generally. The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Fund’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide.

Market Risk: Securities markets may be volatile and the market prices of the Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

Risks of Investments in Bank Loans: The Fund’s ability to receive payments of principal and interest and other amounts in connection with loans (whether through participations, assignments or otherwise) will depend primarily on the financial condition of the borrower. The failure by the Fund’s scheduled interest or principal payments on a loan because of a default, bankruptcy or any other reason would adversely affect the income of the Fund and

66

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.

10. Recent Accounting Pronouncement and Regulatory Developments

In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, which provides optional guidance for applying GAAP to contract modifications, hedging relationships and other transactions affected by the reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. At this time, management is evaluating the implications of certain provisions of the ASU and any impact on the financial statement disclosures has not yet been determined.

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule is scheduled to take effect on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Rule and its impact to the Fund.

PGIM Short Duration High Yield Income Fund 67

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended February 28,			Year Ended August 31,
	2021			2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$8.75			$8.97			$8.90			$9.06			$9.16			$9.21
Income (loss) from investment operations:
Net investment income (loss)		0.18			0.42			0.43			0.43			0.42			0.42
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.31			(0.21	)		0.12			(0.10	)		(0.01	)		0.08
Total from investment operations		0.49			0.21			0.55			0.33			0.41			0.50
Less Dividends and Distributions:
Dividends from net investment income		(0.22	)		(0.43	)		(0.48	)		(0.47	)		(0.51	)		(0.55	)
Tax return of capital distributions		-			-			-			(0.02	)		-			-
Total dividends and distributions		(0.22	)		(0.43	)		(0.48	)		(0.49	)		(0.51	)		(0.55	)
Net asset value, end of period		$9.02			$8.75			$8.97			$8.90			$9.06			$9.16
Total Return(b):		5.63	%		2.53	%		6.43	%		3.73	%		4.65	%		5.68	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$354,545			$321,482			$270,853			$273,521			$360,573			$560,800
Average net assets (000)		$339,185			$290,219			$252,620			$303,566			$462,309			$425,721
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.00	%(e)		1.00	%		1.00	%		1.00	%		1.04	%		1.08	%
Expenses before waivers and/or expense reimbursement		1.04	%(e)		1.07	%		1.08	%		1.07	%		1.07	%		1.08	%
Net investment income (loss)		4.15	%(e)		4.89	%		4.81	%		4.80	%		4.67	%		4.67	%
Portfolio turnover rate(f)		34	%		65	%		49	%		67	%		66	%		58	%

(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 GAAP. 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) 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.

68

Class C Shares
	Six Months Ended February 28,			Year Ended August 31,
	2021			2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$8.75			$8.97			$8.90			$9.06			$9.15			$9.21
Income (loss) from investment operations:
Net investment income (loss)		0.15			0.36			0.36			0.36			0.36			0.36
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.30			(0.21	)		0.13			(0.10	)		(0.01	)		0.06
Total from investment operations		0.45			0.15			0.49			0.26			0.35			0.42
Less Dividends and Distributions:
Dividends from net investment income		(0.18	)		(0.37	)		(0.42	)		(0.40	)		(0.44	)		(0.48	)
Tax return of capital distributions		-			-			-			(0.02	)		-			-
Total dividends and distributions		(0.18	)		(0.37	)		(0.42	)		(0.42	)		(0.44	)		(0.48	)
Net asset value, end of period		$9.02			$8.75			$8.97			$8.90			$9.06			$9.15
Total Return(b):		5.24	%		1.77	%		5.64	%		2.95	%		3.98	%		4.78	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$285,346			$297,707			$332,503			$334,430			$374,417			$372,754
Average net assets (000)		$292,379			$315,727			$326,067			$353,409			$377,098			$304,363
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.75	%(e)		1.75	%		1.75	%		1.75	%		1.78	%		1.83	%
Expenses before waivers and/or expense reimbursement		1.79	%(e)		1.81	%		1.81	%		1.81	%		1.83	%		1.83	%
Net investment income (loss)		3.40	%(e)		4.16	%		4.06	%		4.05	%		3.92	%		3.94	%
Portfolio turnover rate(f)		34	%		65	%		49	%		67	%		66	%		58	%

(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 GAAP. 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) 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 Short Duration High Yield Income Fund 69

Financial Highlights (unaudited) (continued)

Class Z Shares
	Six Months Ended February 28,			Year Ended August 31,
	2021			2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$8.75			$8.97			$8.91			$9.06			$9.16			$9.21
Income (loss) from investment operations:
Net investment income (loss)		0.19			0.45			0.45			0.45			0.45			0.44
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.31			(0.22	)		0.12			(0.09	)		(0.01	)		0.08
Total from investment operations		0.50			0.23			0.57			0.36			0.44			0.52
Less Dividends and Distributions:
Dividends from net investment income		(0.23	)		(0.45	)		(0.51	)		(0.49	)		(0.54	)		(0.57	)
Tax return of capital distributions		-			-			-			(0.02	)		-			-
Total dividends and distributions		(0.23	)		(0.45	)		(0.51	)		(0.51	)		(0.54	)		(0.57	)
Net asset value, end of period		$9.02			$8.75			$8.97			$8.91			$9.06			$9.16
Total Return(b):		5.76	%		2.79	%		6.57	%		4.11	%		4.91	%		5.94	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$2,409,840			$2,218,850			$2,188,123			$1,563,724			$1,609,403			$1,201,161
Average net assets (000)		$2,279,052			$2,184,180			$1,859,209			$1,517,050			$1,414,559			$818,901
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.75	%(e)		0.75	%		0.75	%		0.75	%		0.78	%		0.83	%
Expenses before waivers and/or expense reimbursement		0.81	%(e)		0.83	%		0.83	%		0.83	%		0.83	%		0.83	%
Net investment income (loss)		4.40	%(e)		5.14	%		5.03	%		5.05	%		4.92	%		4.90	%
Portfolio turnover rate(f)		34	%		65	%		49	%		67	%		66	%		58	%

(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 GAAP. 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) 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.

70

Class R6 Shares
	Six Months Ended February 28,			Year Ended August 31,
	2021			2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$8.76			$8.97			$8.91			$9.06			$9.16			$9.22
Income (loss) from investment operations:
Net investment income (loss)		0.20			0.45			0.45			0.46			0.45			0.45
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.30			(0.20	)		0.12			(0.10	)		(0.01	)		0.07
Total from investment operations		0.50			0.25			0.57			0.36			0.44			0.52
Less Dividends and Distributions:
Dividends from net investment income		(0.23	)		(0.46	)		(0.51	)		(0.49	)		(0.54	)		(0.58	)
Tax return of capital distributions		-			-			-			(0.02	)		-			-
Total dividends and distributions		(0.23	)		(0.46	)		(0.51	)		(0.51	)		(0.54	)		(0.58	)
Net asset value, end of period		$9.03			$8.76			$8.97			$8.91			$9.06			$9.16
Total Return(b):		5.67	%		2.95	%		6.63	%		4.15	%		4.97	%		5.92	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$575,674			$488,557			$164,537			$112,437			$58,356			$25,252
Average net assets (000)		$563,459			$245,125			$141,275			$86,373			$46,030			$29,782
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.70	%(e)		0.70	%		0.70	%		0.70	%		0.71	%		0.74	%
Expenses before waivers and/or expense reimbursement		0.71	%(e)		0.73	%		0.74	%		0.75	%		0.72	%		0.74	%
Net investment income (loss)		4.43	%(e)		5.13	%		5.08	%		5.10	%		4.97	%		4.99	%
Portfolio turnover rate(f)		34	%		65	%		49	%		67	%		66	%		58	%

(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 GAAP. 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) 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 Short Duration High Yield Income Fund 71

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

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 or by visiting the Securities and Exchange Commission’s website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website and on the Securities and Exchange Commission’s website.

DIRECTORS

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

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer • Claudia DiGiacomo, Chief Legal Officer • Dino Capasso, Chief Compliance Officer • Jon Corbett, Anti-Money Laundering Compliance Officer • Andrew R. French, Secretary • Melissa Gonzalez, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Kelly A. Coyne, Assistant Secretary • Patrick McGuinness, Assistant Secretary • Debra Rubano, Assistant Secretary • Lana Lomuti, Assistant Treasurer • Russ Shupak, Assistant Treasurer • Elyse McLaughlin, Assistant Treasurer • Deborah Conway, 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	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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 at pgim.com/investments 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 to pgim.com/investments/resource/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 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 that Director at 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 as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov.

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

MF216E2    

PGIM HIGH YIELD FUND

SEMIANNUAL REPORT

FEBRUARY 28, 2021

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

Table of Contents

Letter from the President	3
Your Fund’s Performance	4
Fees and Expenses	7
Holdings and Financial Statements	9

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, 2021 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. ^© 2021 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2 Visit our website at pgim.com/investments

Letter from the President

Dear Shareholder,

We hope you find the semiannual report for the PGIM High Yield Fund informative and useful. The report covers performance for the six-month period ended February 28, 2021.

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, 2021

PGIM High Yield Fund 3

Your Fund’s Performance

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 at pgim.com/investments or by calling (800) 225-1852.

	(without sales charges)	Average Annual Total Returns as of 2/28/21 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	6.40	4.80	7.96	5.99	—
Class C	6.22	6.76	7.91	5.58	—
Class R	6.24	8.18	8.38	6.06	—
Class Z	6.72	8.79	9.00	6.63	—
Class R2	6.33	8.39	N/A	N/A	6.24 (12/27/17)
Class R4	6.64	8.64	N/A	N/A	6.51 (12/27/17)
Class R6	6.79	8.93	9.10	N/A	7.10 (10/31/11)
Bloomberg Barclays US Corporate High Yield 1% Issuer Capped Index
	6.12	8.92	8.85	6.40	—

Average Annual Total Returns as of 2/28/21 Since inception
	Class R2, R4 (12/27/17)	Class R6 (10/31/11)
Bloomberg Barclays US Corporate High Yield 1% Issuer Capped Index
	5.90	6.77

*Not annualized

Since Inception returns are provided for any share class with less than 10 fiscal years of returns. Since Inception returns for the Index 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 R	Class Z	Class R2	Class R4	Class R6
Maximum initial sales charge	3.25% of the public offering price	None	None	None	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption)	1.00% on sales of $500,000 or more made within 12 months of purchase	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%	1.00%	0.75% (0.50% currently)	None	0.25%	None	None
Shareholder service fee	None	None	None	None	0.10%*	0.10%*	None

*Shareholder service fee reflects maximum allowable fees under a shareholder services plan.

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.

Investors cannot invest directly in an index. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes that may be paid by an investor.

PGIM High Yield Fund 5

Your Fund’s Performance (continued)

Credit Quality expressed as a percentage of total  investments as of 2/28/21 (%)
AAA	1.4
BBB	4.5
BB	42.6
B	32.3
CCC	13.1
CC	0.2
D	0.2
Not Rated	2.5
Cash/Cash Equivalents	3.2
Total Investments	100.0

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global Ratings (S&P), or Fitch, 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.

Distributions and Yields as of 2/28/21
	Total Distributions Paid for Six Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.18	3.16	3.16
Class C	0.16	2.53	2.53
Class R	0.17	2.95	2.70
Class Z	0.19	3.51	3.51
Class R2	0.17	3.18	3.18
Class R4	0.18	3.34	3.32
Class R6	0.19	3.62	3.62

*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.

6 Visit our website at pgim.com/investments

Fees and Expenses

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, 2021. The example is for illustrative purposes only; you should consult the Fund’s 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

PGIM High Yield Fund 7

Fees and Expenses (continued)

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, 2020		Ending Account Value February 28, 2021		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,064.00		0.77	%	$	3.94
	Hypothetical	$	1,000.00	$	1,020.98		0.77	%	$	3.86
Class C	Actual	$	1,000.00	$	1,062.20		1.47	%	$	7.52
	Hypothetical	$	1,000.00	$	1,017.50		1.47	%	$	7.35
Class R	Actual	$	1,000.00	$	1,062.40		1.07	%	$	5.47
	Hypothetical	$	1,000.00	$	1,019.49		1.07	%	$	5.36
Class Z	Actual	$	1,000.00	$	1,067.20		0.50	%	$	2.56
	Hypothetical	$	1,000.00	$	1,022.32		0.50	%	$	2.51
Class R2	Actual	$	1,000.00	$	1,063.30		0.87	%	$	4.45
	Hypothetical	$	1,000.00	$	1,020.48		0.87	%	$	4.36
Class R4	Actual	$	1,000.00	$	1,066.40		0.67	%	$	3.43
	Hypothetical	$	1,000.00	$	1,021.47		0.67	%	$	3.36
Class R6	Actual	$	1,000.00	$	1,067.90		0.39	%	$	2.00
	Hypothetical	$	1,000.00	$	1,022.86		0.39	%	$	1.96

*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, 2021, and divided by the 365 days in the Fund’s fiscal year ending August 31, 2021 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

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Schedule of Investments  (unaudited)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    95.3%
ASSET-BACKED SECURITIES    1.4%
Collateralized Loan Obligations
Carlyle Global Market Strategies CLO Ltd. (Cayman Islands), Series 2014-01A, Class A1R2, 144A, 3 Month LIBOR + 0.970% (Cap N/A, Floor 0.970%)		1.193	%(c)		04/17/31		15,453	$	15,368,464
Carlyle US CLO Ltd. (Cayman Islands), Series 2019-04A, Class A11, 144A, 3 Month LIBOR + 1.330% (Cap N/ A, Floor 1.330%)		1.571	(c)		01/15/33		20,000		19,956,482
Catamaran CLO Ltd. (Cayman Islands), Series 2014-01A, Class A1AR, 144A, 3 Month LIBOR + 1.260% (Cap N/A, Floor 0.000%)		1.482	(c)		04/22/30		29,847		29,793,380
Cathedral Lake CLO Ltd. (Cayman Islands), Series 2016-04A, Class AR, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 1.250%)		1.474	(c)		10/20/28		14,500		14,485,327
JMP Credit Advisors CLO Ltd. (Cayman Islands), Series 2017-01A, Class AR, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 1.280%)		1.503	(c)		07/17/29		24,628		24,602,303
LCM LP (Cayman Islands), Series 13A, Class ARR, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 0.000%)		1.363	(c)		07/19/27		25,000		24,975,982
Madison Park Funding Ltd. (Cayman Islands), Series 2015-19A, Class A1R2, 144A, 3 Month LIBOR + 0.920% (Cap N/A, Floor 0.920%)		1.142	(c)		01/22/28		36,500		36,409,243
OCP CLO Ltd. (Cayman Islands), Series 2015-09A, Class A1R, 144A, 3 Month LIBOR + 0.800% (Cap N/A, Floor 0.000%)		1.041	(c)		07/15/27		5,725		5,729,863
OZLM Ltd. (Cayman Islands), Series 2015-11A, Class A1R, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)		1.455	(c)		10/30/30		19,784		19,758,339
Series 2015-13A, Class A1R, 144A, 3 Month LIBOR + 1.080% (Cap N/A, Floor 0.000%)		1.285	(c)		07/30/27		4,741		4,739,367
Race Point CLO Ltd. (Cayman Islands), Series 2013-08A, Class AR2, 144A, 3 Month LIBOR + 1.040% (Cap N/A, Floor 1.040%)		1.222	(c)		02/20/30		9,873		9,873,269
SCOF Ltd. (Cayman Islands), Series 2015-02A, Class AR, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 0.000%)		1.421	(c)		07/15/28		36,638		36,626,262
Sound Point CLO Ltd. (Cayman Islands), Series 2017-01A, Class AR, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)		1.368	(c)		01/23/29		15,000		14,990,208

See Notes to Financial Statements.

PGIM High Yield Fund 9

Schedule of Investments  (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Voya CLO Ltd. (Cayman Islands), Series 2014-02A, Class A1RR, 144A, 3 Month LIBOR + 1.020% (Cap N/A, Floor 1.020%)		1.243	%(c)		04/17/30		24,843	$	24,774,292
Series 2015-01A, Class A1R, 144A, 3 Month LIBOR + 0.900% (Cap N/A, Floor 0.900%)		1.123	(c)		01/18/29		9,750		9,747,139
Series 2016-01A, Class A1R, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%)		1.294	(c)		01/20/31		11,725		11,679,561
Wellfleet CLO Ltd. (Cayman Islands), Series 2016-01A, Class AR, 144A, 3 Month LIBOR + 0.910% (Cap N/A, Floor 0.000%)		1.134	(c)		04/20/28		2,305		2,299,932
Zais CLO Ltd. (Cayman Islands), Series 2018-02A, Class A, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 0.000%)		1.424	(c)		07/20/31		29,593		29,531,505
TOTAL ASSET-BACKED SECURITIES (cost $330,534,669)									335,340,918
BANK LOANS    5.4%
Advertising    0.0%
Clear Channel Outdoor Holdings, Inc., Term B Loan, 2 - 3 Month LIBOR + 3.500%		3.685	(c)		08/21/26		9,925		9,637,226
Auto Manufacturers    0.1%
Navistar, Inc., Tranche B Term Loan, 1 Month LIBOR + 3.500%		3.620	(c)		11/06/24		15,441		15,429,392
Chemicals    0.4%
Alpha Bidco, Inc. (United Kingdom), Initial Term B-1 Loan, 3 Month LIBOR + 3.000%		4.000	(c)		01/31/24		1,963		1,964,178
Hexion, Inc., Senior Secured Term B Loan, 3 Month LIBOR + 3.500%^		3.740	(c)		07/01/26		9,570		9,521,723
Nouryon USA LLC (Netherlands), Initial Dollar Term Loan, 1 Month LIBOR + 3.000%		3.111	(c)		10/01/25		13,375		13,327,949
PQ Corp., New Term Loan, 3 Month LIBOR + 3.000%		4.000	(c)		02/07/27		9,002		9,006,120

See Notes to Financial Statements.

10

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
BANK LOANS (Continued)
Chemicals (cont’d.)
Solenis International LP, First Lien Initial Dollar Term Loan, 3 Month LIBOR + 4.000%		4.256	%(c)		06/26/25		26,793	$	26,794,667
Second Lien Initial Term Loan, 3 Month LIBOR + 8.500%		8.690	(c)		06/26/26		41,684		41,736,488
									102,351,125
Commercial Services    0.2%
MPH Acquisition Holdings LLC, Initial Term Loan, 3 Month LIBOR + 2.750%		3.750	(c)		06/07/23		13,486		13,464,437
Verscend Holding Corp., Term B Loan, 1 Month LIBOR + 4.500%		4.615	(c)		08/27/25		21,242		21,309,833
									34,774,270
Computers    0.6%
Everi Payments, Inc., Term Loan, 1 Month LIBOR + 10.500%^		11.500	(c)		05/09/24		4,204		4,372,030
McAfee LLC, Term B USD Loan, 1 Month LIBOR + 3.750%		3.865	(c)		09/30/24		68,239		68,362,280
Peraton Corp.,
Term Loan^		—	(p)		02/01/28		22,039		22,011,240
Term Loan^		—	(p)		08/03/28		38,786		38,737,729
Redstone Buyer LLC, Initial Term Loan, 3 Month LIBOR + 5.000%		6.000	(c)		09/01/27		3,990		4,027,406
									137,510,685
Electric    0.2%
Calpine Corp., 2020 Term Loan, 1 Month LIBOR + 2.500%		2.620	(c)		12/16/27		6,922		6,900,897
Term Loan, 1 Month LIBOR + 2.000%		2.120	(c)		04/05/26		1,827		1,818,253
Heritage Power LLC, Term Loan B, 6 Month LIBOR + 6.000%		7.000	(c)		07/30/26		37,297		35,681,012
PG&E Corp.,
Term Loan B, 1 Month LIBOR + 3.000%		3.500	(c)		06/23/25		3,348		3,355,133
									47,755,295
Electronics    0.1%
Tiger Merger Sub Co.,
Non-FILO Term Loan, 1 Month LIBOR + 3.500%		3.615	(c)		06/30/25		22,020		22,162,941

See Notes to Financial Statements.

PGIM High Yield Fund 11

Schedule of Investments  (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
BANK LOANS (Continued)
Engineering & Construction    0.1%
Landry’s Finance Acquisition Co., 2020 Initial Term Loan, 3 Month LIBOR + 12.000%^		13.000	%(c)		10/06/23		21,265	$	24,561,145
Entertainment    0.4%
Golden Entertainment, Inc.,
Term B Facility Loan (First Lien), 1 Month LIBOR + 3.000%		3.750	(c)		10/21/24		12,183		12,031,107
Playtika Holding Corp.,
Term B Loan, 3 Month LIBOR + 6.000%		7.000	(c)		12/10/24		47,289		47,424,131
Scientific Games International, Inc.,
Initial Term B-5 Loan, 1 Month LIBOR + 2.750%		2.865	(c)		08/14/24		30,736		30,217,115
Twin River Worldwide Holdings, Inc.,
Term B-1 Facility Loan, 3 Month LIBOR + 8.000%		9.000	(c)		05/11/26		14,477		15,472,561
									105,144,914
Healthcare-Services    0.0%
LifePoint Health, Inc.,
First Lien Term B Loan, 1 Month LIBOR + 3.750%		3.865	(c)		11/17/25		7,100		7,102,143
Insurance    0.1%
Asurion LLC,
New B-8 Term Loan, 1 Month LIBOR + 3.250%		3.365	(c)		12/23/26		3,803		3,789,925
Replacement B-6 Term Loan, 1 Month LIBOR + 3.000%		3.115	(c)		11/03/23		4,839		4,831,347
Second Lien Term Loan B-3, 1 Month LIBOR + 5.250%		5.365	(c)		01/31/28		5,625		5,782,033
Term Loan		—	(p)		08/31/27		12,375		12,328,594
									26,731,899
Media    0.2%
iHeartCommunications, Inc.,
New Term Loan, 1 Month LIBOR + 3.000%		3.115	(c)		05/01/26		17,360		17,200,472
Second Amendment Incremental Term Loan, 1 Month LIBOR + 4.000%		4.750	(c)		05/01/26		26,802		26,835,099
Radiate Holdco LLC,
Term B Loan, 1 Month LIBOR + 3.500%		4.250	(c)		09/25/26		1,371		1,373,521
									45,409,092

See Notes to Financial Statements.

12

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
BANK LOANS (Continued)
Oil & Gas    0.4%
Ascent Resources Utica Holdings LLC,
Second Lien Term Loan, 3 Month LIBOR + 9.000%		10.000	%(c)		11/01/25		58,174	$	64,391,346
Citgo Holding, Inc.,
Term Loan, 3 Month LIBOR + 7.000%		8.000	(c)		08/01/23		18,336		17,510,872
Citgo Petroleum Corp., 2019 Incremental Term B Loan, 3 Month LIBOR + 6.250%		7.250	(c)		03/28/24		16,014		16,039,114
									97,941,332
Pharmaceuticals    0.1%
Milano Acquisition Corp.,
Term B Loan, 3 Month LIBOR + 4.000%		4.750	(c)		10/01/27		31,950		31,790,250
Retail    0.3%
Bass Pro Group LLC,
Term Loan		—	(p)		03/31/28		51,700		51,441,500
EG America LLC (United Kingdom),
Second Lien Facility, 3 Month LIBOR + 8.000%		9.000	(c)		04/20/26		6,489		6,380,817
Serta Simmons Bedding LLC,
New Money Facility 2016, 1 Month LIBOR + 7.500%		8.500	(c)		08/10/23		5,152		5,199,353
									63,021,670
Software    1.3%
Boxer Parent Co., Inc.,
Initial Dollar Term Loan, 3 Month LIBOR + 3.750%		3.898	(c)		10/02/25		17,045		17,052,995
BY Crown Parent LLC,
Additional B-1 Term Loan, 1 Month LIBOR + 3.000%		4.000	(c)		02/02/26		2,997		3,002,832
Camelot Co. (Luxembourg),
Amendment No. 2 Incremental Term Loans, 1 Month LIBOR + 3.000%		4.000	(c)		10/30/26		21,500		21,537,625
Championx Holding, Inc.,
Dollar Term Loan (Second Lien), 3 Month LIBOR + 7.250%		8.250	(c)		06/13/25		30,459		30,654,853
Dun & Bradstreet Corp,
Term Loan B, 1 Month LIBOR + 3.250%		3.365	(c)		02/06/26		48,150		48,222,121
Finastra USA, Inc.,
First Lien Dollar Term Loan, 3 Month LIBOR + 3.500%		4.500	(c)		06/13/24		22,887		22,626,677
Greeneden U.S. Holdings II LLC,
B-4 Dollar Term Loan, 1 Month LIBOR + 4.000%		4.750	(c)		12/01/27		19,080		19,151,550
Informatica LLC,
Dollar 2020 Term Loan, 1 Month LIBOR + 3.250%		3.365	(c)		02/25/27		12,456		12,433,380

See Notes to Financial Statements.

PGIM High Yield Fund 13

Schedule of Investments  (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
BANK LOANS (Continued)
Software (cont’d.)
Informatica LLC, (cont’d.)
Second Lien Initial Loan		7.125	%		02/25/25			13,375	$	13,698,234
Rackspace Technology Global, Inc.,
Term B Loan, 3 Month LIBOR + 2.750%		3.500	(c)		02/15/28			26,000		25,983,750
TIBCO Software, Inc.,
Second Lien Term Loan, 1 Month LIBOR + 7.250%		7.370	(c)		03/03/28			31,797		32,088,515
Term Loan B-3, 1 Month LIBOR + 3.750%		3.870	(c)		06/30/26			50,514		50,400,437
										296,852,969
Telecommunications    0.9%
Digicel International Finance Ltd. (Saint Lucia), First Lien Initial Term B Loan, 1 - 3 Month LIBOR + 3.250%		3.510	(c)		05/27/24			10,474		9,944,127
Intelsat Jackson Holdings SA (Luxembourg), SuperPriority Secured DIP Term Loan, 3 Month LIBOR + 5.500%		6.500	(c)		07/14/21			22,909		23,185,760
Tranche B-3 Term Loan, PRIME + 4.750%		8.000	(c)		11/27/23			14,105		14,295,568
Tranche B-5 Term Loan		8.625			01/02/24			14,070		14,275,183
Iridium Satellite LLC,
Term B-1 Loan, 1 Month LIBOR + 2.750%		3.750	(c)		11/04/26			5,710		5,735,313
West Corp.,
Initial Term B Loan, 1 - 3 Month LIBOR + 4.000%		5.000	(c)		10/10/24			67,000		65,932,003
Windstream Services LLC,
Initial Term Loan, 1 Month LIBOR + 6.250%		7.250	(c)		09/21/27			6,323		6,327,145
Xplornet Communications, Inc. (Canada), Initial Term Loan, 1 Month LIBOR + 4.750%		4.865	(c)		06/10/27			69,229		69,545,917
										209,241,016
TOTAL BANK LOANS (cost $1,243,459,374)										1,277,417,364
CONVERTIBLE BOND    0.0%
Telecommunications
Digicel Group 0.5 Ltd. (Jamaica),
Sub. Notes, 144A, Cash coupon 7.000% or PIK 7.000%
(cost $415,021)		7.000			04/05/21	(oo)		10,819		7,113,513

See Notes to Financial Statements.

14

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS     86.9%
Advertising     0.6%
Lamar Media Corp.,
Gtd. Notes, 144A(a)		3.625	%		01/15/31		7,425	$	7,338,412
National CineMedia LLC,
Sr. Sec’d. Notes, 144A(a)		5.875			04/15/28		18,628		17,159,412
Sr. Unsec’d. Notes		5.750			08/15/26		20,190		17,366,398
Terrier Media Buyer, Inc.,
Gtd. Notes, 144A(a)		8.875			12/15/27		89,264		95,697,779
									137,562,001
Aerospace & Defense     1.7%
Boeing Co. (The),
Sr. Unsec’d. Notes		5.150			05/01/30		71,515		83,331,782
Sr. Unsec’d. Notes		5.805			05/01/50		85,455		110,179,681
Sr. Unsec’d. Notes		5.930			05/01/60		33,026		43,395,739
Howmet Aerospace, Inc.,
Sr. Unsec’d. Notes(a)		6.875			05/01/25		11,200		13,007,251
Spirit AeroSystems, Inc.,
Sec’d. Notes, 144A(a)		7.500			04/15/25		27,900		29,520,381
SSL Robotics LLC,
Sr. Sec’d. Notes, 144A		9.750			12/31/23		45,900		51,408,337
TransDigm UK Holdings PLC,
Gtd. Notes		6.875			05/15/26		4,875		5,129,419
TransDigm, Inc.,
Gtd. Notes(a)		5.500			11/15/27		24,411		25,059,879
Gtd. Notes		6.375			06/15/26		11,450		11,786,632
Gtd. Notes(a)		6.500			05/15/25		2,300		2,346,389
Gtd. Notes, 144A(a)		4.625			01/15/29		25,375		24,994,375
									400,159,865
Agriculture     0.3%
Vector Group Ltd.,
Gtd. Notes, 144A		10.500			11/01/26		8,378		9,041,726
Sr. Sec’d. Notes, 144A		5.750			02/01/29		54,475		56,480,128
									65,521,854
Airlines     0.1%
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.,
Sr. Sec’d. Notes, 144A(a)		5.750			01/20/26		18,375		19,282,841

See Notes to Financial Statements.

PGIM High Yield Fund 15

Schedule of Investments  (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Apparel     0.3%
Hanesbrands, Inc.,
Gtd. Notes, 144A(a)		4.625	%		05/15/24		1,100	$	1,163,250
Gtd. Notes, 144A(a)		5.375			05/15/25		9,410		9,970,100
Levi Strauss & Co.,
Sr. Unsec’d. Notes(a)		5.000			05/01/25		3,000		3,074,008
William Carter Co. (The),
Gtd. Notes, 144A(a)		5.500			05/15/25		23,166		24,494,896
Gtd. Notes, 144A(a)		5.625			03/15/27		10,350		10,904,621
Wolverine World Wide, Inc.,
Gtd. Notes, 144A(a)		5.000			09/01/26		13,320		13,653,975
Gtd. Notes, 144A		6.375			05/15/25		12,375		13,226,615
									76,487,465
Auto Manufacturers     2.3%
Allison Transmission, Inc.,
Gtd. Notes, 144A		3.750			01/30/31		5,150		4,930,232
Sr. Unsec’d. Notes, 144A		4.750			10/01/27		2,263		2,338,692
Sr. Unsec’d. Notes, 144A(a)		5.875			06/01/29		10,500		11,447,231
Ford Motor Co.,
Sr. Unsec’d. Notes(a)		4.750			01/15/43		128,640		129,982,944
Sr. Unsec’d. Notes(a)		5.291			12/08/46		85,863		90,909,658
Sr. Unsec’d. Notes(a)		7.400			11/01/46		7,450		9,698,552
Sr. Unsec’d. Notes		7.500			08/01/26		400		466,286
Sr. Unsec’d. Notes		8.500			04/21/23		2,475		2,765,812
Sr. Unsec’d. Notes		8.900			01/15/32		2,700		3,642,964
Sr. Unsec’d. Notes		9.000			04/22/25		61,200		74,006,727
Sr. Unsec’d. Notes(a)		9.625			04/22/30		12,300		17,443,354
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes		3.350			11/01/22		3,860		3,921,113
Sr. Unsec’d. Notes(a)		4.000			11/13/30		17,950		18,350,783
Sr. Unsec’d. Notes(a)		5.584			03/18/24		10,375		11,232,703
Jaguar Land Rover Automotive PLC (United Kingdom),
Sr. Unsec’d. Notes, 144A(a)		7.750			10/15/25		29,200		31,626,058
Navistar International Corp.,
Gtd. Notes, 144A		6.625			11/01/25		67,212		69,837,946
Sr. Sec’d. Notes, 144A		9.500			05/01/25		23,500		26,286,287
PM General Purchaser LLC,
Sr. Sec’d. Notes, 144A		9.500			10/01/28		35,851		39,198,099
									548,085,441

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Auto Parts & Equipment     1.4%
Adient Global Holdings Ltd.,
Gtd. Notes, 144A		4.875	%		08/15/26			72,431	$	73,362,785
Adient US LLC,
Sr. Sec’d. Notes, 144A		9.000			04/15/25			10,859		12,046,720
American Axle & Manufacturing, Inc.,
Gtd. Notes(a)		6.250			04/01/25			9,250		9,530,029
Gtd. Notes(a)		6.250			03/15/26			39,009		39,942,418
Gtd. Notes(a)		6.500			04/01/27			43,643		45,570,074
Gtd. Notes(a)		6.875			07/01/28			5,651		6,005,808
Cooper-Standard Automotive, Inc.,
Gtd. Notes, 144A		5.625			11/15/26			31,081		26,995,737
Dana Financing Luxembourg Sarl,
Gtd. Notes, 144A		5.750			04/15/25			8,739		9,009,911
Gtd. Notes, 144A(a)		6.500			06/01/26			48,017		50,144,758
Dana, Inc.,
Sr. Unsec’d. Notes(a)		5.375			11/15/27			14,475		15,170,961
Sr. Unsec’d. Notes		5.500			12/15/24			1,150		1,174,135
Sr. Unsec’d. Notes(a)		5.625			06/15/28			9,594		10,210,093
IHO Verwaltungs GmbH (Germany),
Sr. Sec’d. Notes, 144A, Cash coupon 4.750% or PIK 5.500%		4.750			09/15/26			2,725		2,813,015
Tenneco, Inc.,
Sr. Sec’d. Notes, 144A(a)		7.875			01/15/29			12,425		13,924,888
Titan International, Inc.,
Sr. Sec’d. Notes		6.500			11/30/23			22,599		22,182,137
										338,083,469
Banks     0.4%
CIT Group, Inc.,
Sr. Unsec’d. Notes(a)		4.750			02/16/24			4,361		4,749,097
Sub. Notes(a)		6.125			03/09/28			23,900		29,836,820
Citigroup, Inc.,
Jr. Sub. Notes		3.875	(ff)		02/18/26	(oo)		26,150		26,033,462
Freedom Mortgage Corp.,
Sr. Unsec’d. Notes, 144A		7.625			05/01/26			26,490		28,342,984
										88,962,363
Building Materials     2.0%
Cemex SAB de CV (Mexico),
Sr. Sec’d. Notes, 144A(a)		5.450			11/19/29			31,375		34,286,153

See Notes to Financial Statements.

PGIM High Yield Fund 17

Schedule of Investments  (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Building Materials (cont’d.)
Cemex SAB de CV (Mexico), (cont’d.)
Sr. Sec’d. Notes, 144A(a)		7.375	%		06/05/27		2,680	$	3,011,177
Cornerstone Building Brands, Inc.,
Gtd. Notes, 144A(a)		6.125			01/15/29		32,885		33,700,302
Gtd. Notes, 144A(a)		8.000			04/15/26		52,224		54,181,695
Forterra Finance LLC/FRTA Finance Corp.,
Sr. Sec’d. Notes, 144A		6.500			07/15/25		6,875		7,415,694
Griffon Corp.,
Gtd. Notes(a)		5.750			03/01/28		45,295		47,547,945
JELD-WEN, Inc.,
Gtd. Notes, 144A(a)		4.625			12/15/25		15,940		16,239,189
Gtd. Notes, 144A(a)		4.875			12/15/27		11,334		11,760,939
Sr. Sec’d. Notes, 144A		6.250			05/15/25		6,421		6,879,900
Masonite International Corp.,
Gtd. Notes, 144A		5.375			02/01/28		1,906		2,021,828
Gtd. Notes, 144A		5.750			09/15/26		10,249		10,674,264
Patrick Industries, Inc.,
Gtd. Notes, 144A		7.500			10/15/27		13,875		15,195,512
SRM Escrow Issuer LLC,
Sr. Sec’d. Notes, 144A		6.000			11/01/28		40,525		42,177,209
Standard Industries, Inc.,
Sr. Unsec’d. Notes, 144A(a)		3.375			01/15/31		23,125		22,099,657
Sr. Unsec’d. Notes, 144A		4.375			07/15/30		32,875		33,889,073
Sr. Unsec’d. Notes, 144A(a)		4.750			01/15/28		19,295		20,081,934
Sr. Unsec’d. Notes, 144A		5.000			02/15/27		23,535		24,331,124
Summit Materials LLC/Summit Materials Finance Corp.,
Gtd. Notes, 144A		5.125			06/01/25		7,235		7,361,637
Gtd. Notes, 144A(a)		5.250			01/15/29		22,310		23,669,663
Gtd. Notes, 144A		6.500			03/15/27		4,845		5,139,131
U.S. Concrete, Inc.,
Gtd. Notes		6.375			06/01/24		29,958		30,713,704
Gtd. Notes, 144A(a)		5.125			03/01/29		22,346		23,000,804
									475,378,534
Chemicals     3.2%
Ashland LLC,
Gtd. Notes		6.875			05/15/43		36,370		48,408,581
Axalta Coating Systems LLC,
Gtd. Notes, 144A		3.375			02/15/29		19,610		19,051,880
Chemours Co. (The),
Gtd. Notes(a)		5.375			05/15/27		24,840		26,317,485

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
Chemicals (cont’d.)
Chemours Co. (The), (cont’d.)
Gtd. Notes(a)		7.000	%		05/15/25		60,122		$	61,961,465
Gtd. Notes, 144A(a)		5.750			11/15/28		37,300			38,190,342
Cornerstone Chemical Co.,
Sr. Sec’d. Notes, 144A		6.750			08/15/24		31,923			30,087,541
HB Fuller Co.,
Sr. Unsec’d. Notes(a)		4.250			10/15/28		11,625			11,867,300
Hexion, Inc.,
Gtd. Notes, 144A(a)		7.875			07/15/27		45,016			48,096,211
INEOS Quattro Finance 2 PLC (United Kingdom),
Sr. Sec’d. Notes, 144A		3.375			01/15/26		5,750			5,735,453
Ingevity Corp.,
Gtd. Notes, 144A		3.875			11/01/28		12,000			11,886,463
Minerals Technologies, Inc.,
Gtd. Notes, 144A		5.000			07/01/28		15,080			15,719,489
Nouryon Holding BV (Netherlands),
Sr. Unsec’d. Notes, 144A(a)		8.000			10/01/26		39,610			42,127,694
NOVA Chemicals Corp. (Canada),
Sr. Unsec’d. Notes, 144A(a)		4.875			06/01/24		3,395			3,514,160
Sr. Unsec’d. Notes, 144A(a)		5.000			05/01/25		7,100			7,351,994
Sr. Unsec’d. Notes, 144A(a)		5.250			06/01/27		34,233	��		35,645,759
Rain CII Carbon LLC/CII Carbon Corp.,
Sec’d. Notes, 144A		7.250			04/01/25		34,829			35,630,388
TPC Group, Inc.,
Sr. Sec’d. Notes, 144A		10.500			08/01/24		71,803			65,462,323
Sr. Sec’d. Notes, 144A		10.875			08/01/24		17,269			17,185,499
Tronox Finance PLC,
Gtd. Notes, 144A(a)		5.750			10/01/25		56,857			58,724,530
Tronox, Inc.,
Gtd. Notes, 144A(a)		6.500			04/15/26		47,340			48,923,082
Sr. Sec’d. Notes, 144A(a)		6.500			05/01/25		23,524			25,160,581
Valvoline, Inc.,
Gtd. Notes, 144A		4.250			02/15/30		7,760			8,021,656
Sr. Unsec’d. Notes, 144A		3.625			06/15/31		13,475			13,298,141
Venator Finance Sarl/Venator Materials LLC,
Gtd. Notes, 144A(a)		5.750			07/15/25		42,122			41,812,945
Sr. Sec’d. Notes, 144A		9.500			07/01/25		15,185			17,180,340
W.R. Grace & Co.-Conn.,
Gtd. Notes, 144A(a)		4.875			06/15/27		17,304			17,934,356
										755,295,658

See Notes to Financial Statements.

PGIM High Yield Fund 19

Schedule of Investments  (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Commercial Services    3.3%
Adtalem Global Education, Inc.,
Sr. Sec’d. Notes, 144A		5.500	%		03/01/28		25,350	$	25,227,582
Allied Universal Holdco LLC/Allied Universal Finance Corp.,
Sr. Sec’d. Notes, 144A		6.625			07/15/26		39,295		41,589,625
Sr. Unsec’d. Notes, 144A		9.750			07/15/27		46,337		51,123,906
AMN Healthcare, Inc.,
Gtd. Notes, 144A		4.000			04/15/29		15,897		16,164,791
Gtd. Notes, 144A		4.625			10/01/27		23,200		24,163,739
Brink’s Co. (The),
Gtd. Notes, 144A(a)		4.625			10/15/27		2,173		2,235,878
Gtd. Notes, 144A(a)		5.500			07/15/25		23,530		24,934,665
Gartner, Inc.,
Gtd. Notes, 144A		3.750			10/01/30		10,000		10,120,464
Gtd. Notes, 144A		4.500			07/01/28		7,880		8,278,733
Laureate Education, Inc.,
Gtd. Notes, 144A(a)		8.250			05/01/25		115,770		121,549,070
Nielsen Co. Luxembourg Sarl (The),
Gtd. Notes, 144A		5.000			02/01/25		8,024		8,227,576
Gtd. Notes, 144A		5.500			10/01/21		2,005		2,010,025
Nielsen Finance LLC/Nielsen Finance Co.,
Gtd. Notes, 144A		5.000			04/15/22		18,744		18,797,829
Gtd. Notes, 144A		5.625			10/01/28		20,750		21,892,807
Gtd. Notes, 144A(a)		5.875			10/01/30		12,980		14,027,300
Service Corp. International,
Sr. Unsec’d. Notes		3.375			08/15/30		8,990		8,826,180
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.,
Gtd. Notes, 144A		4.625			11/01/26		6,035		6,305,134
United Rentals North America, Inc.,
Gtd. Notes(a)		3.875			02/15/31		35,095		35,927,460
Gtd. Notes(a)		4.000			07/15/30		34,942		36,228,066
Gtd. Notes(a)		4.875			01/15/28		72,360		76,525,992
Gtd. Notes(a)		5.250			01/15/30		50,065		55,049,547
Gtd. Notes(a)		5.500			05/15/27		8,830		9,352,928
Gtd. Notes		5.875			09/15/26		37,504		39,480,810
Verscend Escrow Corp.,
Sr. Unsec’d. Notes, 144A(a)		9.750			08/15/26		115,768		124,273,045
									782,313,152

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Computers    1.8%
Banff Merger Sub, Inc.,
Sr. Unsec’d. Notes, 144A(a)		9.750	%		09/01/26		117,088	$	124,534,032
Dell International LLC/EMC Corp.,
Gtd. Notes, 144A		5.875			06/15/21		5,792		5,800,771
Everi Payments, Inc.,
Gtd. Notes, 144A(a)		7.500			12/15/25		57,151		59,280,591
NCR Corp.,
Gtd. Notes, 144A		5.000			10/01/28		15,425		15,662,759
Gtd. Notes, 144A(a)		5.250			10/01/30		16,325		16,952,311
Gtd. Notes, 144A(a)		5.750			09/01/27		11,642		12,171,658
Gtd. Notes, 144A(a)		8.125			04/15/25		7,180		7,814,183
Tempo Acquisition LLC/Tempo Acquisition Finance Corp.,
Sr. Sec’d. Notes, 144A		5.750			06/01/25		25,215		26,770,465
Sr. Unsec’d. Notes, 144A		6.750			06/01/25		149,335		153,176,068
									422,162,838
Distribution/Wholesale    0.6%
Avient Corp.,
Sr. Unsec’d. Notes, 144A		5.750			05/15/25		8,225		8,710,632
Core & Main Holdings LP,
Sr. Unsec’d. Notes, 144A, Cash coupon 8.625% or PIK 9.375%(a)		8.625			09/15/24		52,249		53,301,282
H&E Equipment Services, Inc.,
Gtd. Notes, 144A(a)		3.875			12/15/28		60,514		58,235,143
Performance Food Group, Inc.,
Gtd. Notes, 144A		5.500			10/15/27		10,640		11,188,349
Univar Solutions USA, Inc.,
Gtd. Notes, 144A		5.125			12/01/27		6,100		6,374,107
									137,809,513
Diversified Financial Services    2.3%
Alliance Data Systems Corp.,
Gtd. Notes, 144A		4.750			12/15/24		27,673		28,352,373
Ally Financial, Inc.,
Gtd. Notes(a)		8.000			11/01/31		1,125		1,601,829
Sub. Notes(a)		5.750			11/20/25		4,430		5,061,112
Antares Holdings LP (Canada),
Sr. Unsec’d. Notes, 144A		3.950			07/15/26		8,800		8,963,690
Fairstone Financial, Inc. (Canada),
Sr. Unsec’d. Notes, 144A		7.875			07/15/24		14,550		15,334,512

See Notes to Financial Statements.

PGIM High Yield Fund 21

Schedule of Investments  (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Diversified Financial Services (cont’d.)
goeasy Ltd. (Canada),
Gtd. Notes, 144A		5.375	%		12/01/24		3,318	$	3,446,036
Home Point Capital, Inc.,
Gtd. Notes, 144A		5.000			02/01/26		30,750		30,603,452
LPL Holdings, Inc.,
Gtd. Notes, 144A		5.750			09/15/25		36,920		38,010,305
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A(a)		5.125			12/15/30		42,000		42,863,992
Gtd. Notes, 144A		5.500			08/15/28		2,935		3,027,411
Gtd. Notes, 144A		6.000			01/15/27		43,670		46,019,600
OneMain Finance Corp.,
Gtd. Notes		4.000			09/15/30		25,350		24,568,469
Gtd. Notes		5.375			11/15/29		11,468		12,115,364
Gtd. Notes		6.625			01/15/28		51,436		58,440,651
Gtd. Notes		6.875			03/15/25		37,725		42,526,494
Gtd. Notes		7.125			03/15/26		71,010		82,118,135
Gtd. Notes		8.250			10/01/23		1,568		1,790,641
Park Aerospace Holdings Ltd. (Ireland),
Gtd. Notes, 144A		4.500			03/15/23		6,666		6,967,635
Gtd. Notes, 144A		5.500			02/15/24		6,740		7,325,993
PennyMac Financial Services, Inc.,
Gtd. Notes, 144A		4.250			02/15/29		18,675		18,466,689
Gtd. Notes, 144A		5.375			10/15/25		24,700		25,947,607
PHH Mortgage Corp.,
Sr. Sec’d. Notes, 144A		7.875			03/15/26		12,550		12,769,625
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc.,
Gtd. Notes, 144A(a)		3.875			03/01/31		21,450		21,293,341
									537,614,956
Electric    3.5%
Calpine Corp.,
Sr. Sec’d. Notes, 144A		3.750			03/01/31		8,910		8,597,689
Sr. Sec’d. Notes, 144A(a)		4.500			02/15/28		17,483		17,960,895
Sr. Sec’d. Notes, 144A		5.250			06/01/26		5,690		5,852,416
Sr. Unsec’d. Notes, 144A(a)		4.625			02/01/29		56,385		55,608,968
Sr. Unsec’d. Notes, 144A(a)		5.000			02/01/31		83,741		82,843,103
Sr. Unsec’d. Notes, 144A		5.125			03/15/28		169,874		171,331,194
Keystone Power Pass-Through Holders LLC/Conemaugh Power Pass-Through Holders,
Gtd. Notes, 144A		9.000			12/01/23		4,106		3,859,466

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
Keystone Power Pass-Through Holders LLC/Conemaugh Power Pass-Through Holders, (cont’d.)
Sub. Notes, 144A, Cash coupon 13.000% or PIK 13.000%		13.000	%		06/01/24		9,738	$	7,778,515
Mirant Corp.,
Sr. Unsec’d. Notes, 144A^		0.000	(cc)		07/15/49		2,675		2,675
NRG Energy, Inc.,
Gtd. Notes		5.750			01/15/28		25,425		26,990,544
Gtd. Notes		6.625			01/15/27		58,887		61,235,103
Gtd. Notes(a)		7.250			05/15/26		8,360		8,694,027
Gtd. Notes, 144A(a)		3.375			02/15/29		18,401		18,123,087
Gtd. Notes, 144A(a)		3.625			02/15/31		34,816		34,291,633
Gtd. Notes, 144A(a)		5.250			06/15/29		5,355		5,672,132
PG&E Corp.,
Sr. Sec’d. Notes(a)		5.000			07/01/28		30,155		31,706,486
Sr. Sec’d. Notes(a)		5.250			07/01/30		92,565		99,028,762
Vistra Operations Co. LLC,
Gtd. Notes, 144A(a)		5.000			07/31/27		61,052		63,647,241
Gtd. Notes, 144A(a)		5.500			09/01/26		35,237		36,544,022
Gtd. Notes, 144A(a)		5.625			02/15/27		83,978		87,743,069
									827,511,027
Electrical Components & Equipment    0.2%
WESCO Distribution, Inc.,
Gtd. Notes, 144A(a)		7.125			06/15/25		26,080		28,233,537
Gtd. Notes, 144A		7.250			06/15/28		26,417		29,340,280
									57,573,817
Electronics    0.2%
Brightstar Escrow Corp.,
Sr. Sec’d. Notes, 144A		9.750			10/15/25		16,575		17,718,538
Itron, Inc.,
Gtd. Notes, 144A(a)		5.000			01/15/26		6,325		6,487,034
Sensata Technologies BV,
Gtd. Notes, 144A		4.875			10/15/23		9,193		9,846,516
Gtd. Notes, 144A		5.000			10/01/25		1,225		1,344,381
Gtd. Notes, 144A(a)		5.625			11/01/24		950		1,048,786
Sensata Technologies, Inc.,
Gtd. Notes, 144A(a)		3.750			02/15/31		9,200		9,234,481
									45,679,736

See Notes to Financial Statements.

PGIM High Yield Fund 23

Schedule of Investments  (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Energy-Alternate Sources    0.1%
Enviva Partners LP/Enviva Partners Finance Corp.,
Gtd. Notes, 144A		6.500	%		01/15/26		12,059	$	12,622,223
Engineering & Construction    0.5%
AECOM,
Gtd. Notes(a)		5.125			03/15/27		48,974		53,624,624
Gtd. Notes		5.875			10/15/24		16,517		18,284,948
PowerTeam Services LLC,
Sr. Sec’d. Notes, 144A		9.033			12/04/25		21,800		24,258,325
TopBuild Corp.,
Sr. Unsec’d. Notes, 144A		3.625			03/15/29		16,200		16,257,651
									112,425,548
Entertainment    4.1%
AMC Entertainment Holdings, Inc.,
Sec’d. Notes, 144A, Cash coupon 10.000% / PIK 12.000% or Cash coupon 5.000% and PIK 6.000%		12.000			06/15/26		34,464		26,700,922
Bally’s Corp.,
Gtd. Notes, 144A		6.750			06/01/27		66,437		70,847,713
Caesars Entertainment, Inc.,
Sr. Sec’d. Notes, 144A		6.250			07/01/25		15,600		16,531,511
Sr. Unsec’d. Notes, 144A(a)		8.125			07/01/27		42,288		46,090,024
Caesars Resort Collection LLC/CRC Finco, Inc.,
Gtd. Notes, 144A(a)		5.250			10/15/25		125,483		124,687,992
CCM Merger, Inc.,
Sr. Unsec’d. Notes, 144A		6.375			05/01/26		8,920		9,457,285
Cedar Fair LP,
Gtd. Notes(a)		5.250			07/15/29		26,461		26,736,320
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op,
Gtd. Notes, 144A(a)		6.500			10/01/28		11,206		11,889,739
Golden Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A(a)		7.625			04/15/26		48,778		51,816,918
International Game Technology PLC,
Sr. Sec’d. Notes, 144A(a)		5.250			01/15/29		22,430		23,753,175
Sr. Sec’d. Notes, 144A(a)		6.250			01/15/27		25,620		29,019,773
Sr. Sec’d. Notes, 144A(a)		6.500			02/15/25		15,281		16,889,025
Jacobs Entertainment, Inc.,
Sec’d. Notes, 144A		7.875			02/01/24		41,912		43,609,686
Merlin Entertainments Ltd. (United Kingdom),
Sec’d. Notes, 144A(a)		5.750			06/15/26		2,450		2,586,485

See Notes to Financial Statements.

24

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Entertainment (cont’d.)
Mohegan Gaming & Entertainment,
Sec’d. Notes, 144A		8.000	%		02/01/26		20,775	$	20,540,456
Motion Bondco DAC (United Kingdom),
Gtd. Notes, 144A(a)		6.625			11/15/27		49,853		51,315,873
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance Inc.,
Sr. Unsec’d. Notes, 144A		8.500			11/15/27		31,100		33,440,897
Penn National Gaming, Inc.,
Sr. Unsec’d. Notes, 144A(a)		5.625			01/15/27		54,234		56,620,541
Scientific Games International, Inc.,
Gtd. Notes		5.500			02/15/26	EUR	11,350		13,558,767
Gtd. Notes, 144A(a)		7.000			05/15/28		38,058		40,327,592
Gtd. Notes, 144A		7.250			11/15/29		8,311		9,029,908
Gtd. Notes, 144A(a)		8.250			03/15/26		86,617		91,740,044
Gtd. Notes, 144A(a)		8.625			07/01/25		46,166		49,698,569
Sr. Sec’d. Notes, 144A		5.000			10/15/25		2,100		2,160,546
Six Flags Entertainment Corp.,
Gtd. Notes, 144A(a)		4.875			07/31/24		33,487		33,554,932
Gtd. Notes, 144A(a)		5.500			04/15/27		17,407		17,774,405
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.,
Gtd. Notes, 144A(a)		5.125			10/01/29		17,755		18,691,300
Sr. Unsec’d. Notes, 144A(a)		7.750			04/15/25		18,362		19,910,445
									958,980,843
Foods    2.3%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s LP/Albertson’s LLC,
Gtd. Notes, 144A(a)		3.500			03/15/29		58,300		55,976,043
Gtd. Notes, 144A		4.625			01/15/27		5,945		6,155,549
Gtd. Notes, 144A		4.875			02/15/30		9,455		9,790,033
B&G Foods, Inc.,
Gtd. Notes(a)		5.250			04/01/25		5,788		5,936,145
Gtd. Notes(a)		5.250			09/15/27		22,213		23,275,410
C&S Group Enterprises LLC,
Gtd. Notes, 144A(a)		5.000			12/15/28		31,000		30,626,748
Chobani LLC/Chobani Finance Corp., Inc.,
Gtd. Notes, 144A		7.500			04/15/25		13,313		13,860,944
Sr. Sec’d. Notes, 144A		4.625			11/15/28		4,995		5,155,716
JBS USA LUX SA/JBS USA Finance, Inc.,
Gtd. Notes, 144A		6.750			02/15/28		15,000		16,485,572

See Notes to Financial Statements.

PGIM High Yield Fund 25

Schedule of Investments  (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Foods (cont’d.)
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,
Gtd. Notes, 144A		6.500	%		04/15/29		46,948	$	52,812,277
Sr. Unsec’d. Notes, 144A(a)		5.500			01/15/30		27,248		30,493,089
Kraft Heinz Foods Co.,
Gtd. Notes		4.375			06/01/46		47,125		50,892,385
Gtd. Notes(a)		4.875			10/01/49		33,000		38,618,234
Gtd. Notes		5.000			07/15/35		10,005		12,017,209
Gtd. Notes		5.000			06/04/42		14,175		16,575,589
Gtd. Notes		5.200			07/15/45		9,850		11,786,793
Gtd. Notes(a)		5.500			06/01/50		32,000		40,602,100
Lamb Weston Holdings, Inc.,
Gtd. Notes, 144A		4.875			05/15/28		815		891,142
Pilgrim’s Pride Corp.,
Gtd. Notes		5.750			03/15/25		200		204,089
Gtd. Notes, 144A		5.750			03/15/25		15,091		15,399,552
Gtd. Notes, 144A(a)		5.875			09/30/27		50,540		54,198,832
Post Holdings, Inc.,
Gtd. Notes, 144A(a)		4.625			04/15/30		5,945		6,035,827
Gtd. Notes, 144A(a)		5.500			12/15/29		18,004		19,375,445
Gtd. Notes, 144A(a)		5.625			01/15/28		8,426		8,850,450
SEG Holding LLC/SEG Finance Corp.,
Sr. Sec’d. Notes, 144A		5.625			10/15/28		1,450		1,542,611
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed,
Sec’d. Notes, 144A		4.625			03/01/29		10,750		10,887,371
U.S. Foods, Inc.,
Sr. Unsec’d. Notes, 144A(a)		4.750			02/15/29		14,000		14,197,796
									552,642,951
Gas    0.8%
AmeriGas Partners LP/AmeriGas Finance Corp.,
Sr. Unsec’d. Notes		5.500			05/20/25		57,838		63,318,909
Sr. Unsec’d. Notes		5.625			05/20/24		29,579		32,733,442
Sr. Unsec’d. Notes		5.750			05/20/27		42,093		47,402,584
Sr. Unsec’d. Notes		5.875			08/20/26		37,286		42,105,964
									185,560,899
Healthcare-Services    4.1%
Acadia Healthcare Co., Inc.,
Gtd. Notes		5.625			02/15/23		9,013		9,013,000

See Notes to Financial Statements.

26

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Healthcare-Services (cont’d.)
Acadia Healthcare Co., Inc., (cont’d.)
Gtd. Notes		6.500	%		03/01/24		4,332	$	4,402,395
Catalent Pharma Solutions, Inc.,
Gtd. Notes, 144A(a)		3.125			02/15/29		10,725		10,596,719
Centene Corp.,
Sr. Unsec’d. Notes		4.250			12/15/27		10,940		11,390,024
CHS/Community Health Systems, Inc.,
Sec’d. Notes, 144A(a)		6.875			04/15/29		14,075		14,438,859
DaVita, Inc.,
Gtd. Notes, 144A(a)		3.750			02/15/31		51,462		49,081,166
Gtd. Notes, 144A		4.625			06/01/30		80,005		81,337,774
Encompass Health Corp.,
Gtd. Notes(a)		4.625			04/01/31		9,600		10,199,494
Gtd. Notes(a)		4.750			02/01/30		3,145		3,330,505
HCA, Inc.,
Gtd. Notes(a)		3.500			09/01/30		12,072		12,504,213
Gtd. Notes		5.375			02/01/25		20,632		23,138,662
Gtd. Notes(a)		5.625			09/01/28		35,812		41,633,322
Gtd. Notes		5.875			02/01/29		8,782		10,346,375
Gtd. Notes		7.500			12/15/23		12,480		14,138,188
Legacy LifePoint Health LLC,
Sr. Sec’d. Notes, 144A		6.750			04/15/25		15,485		16,433,026
MEDNAX, Inc.,
Gtd. Notes, 144A(a)		6.250			01/15/27		44,729		47,243,735
Prime Healthcare Services, Inc.,
Sr. Sec’d. Notes, 144A		7.250			11/01/25		20,550		22,071,783
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.,
Gtd. Notes, 144A(a)		9.750			12/01/26		120,232		129,561,178
Surgery Center Holdings, Inc.,
Gtd. Notes, 144A(a)		6.750			07/01/25		22,427		22,942,217
Gtd. Notes, 144A(a)		10.000			04/15/27		27,651		30,761,899
Tenet Healthcare Corp.,
Gtd. Notes, 144A(a)		6.125			10/01/28		125,164		131,727,943
Sec’d. Notes(a)		5.125			05/01/25		2,002		2,023,048
Sec’d. Notes, 144A(a)		6.250			02/01/27		52,853		55,786,343
Sr. Sec’d. Notes		4.625			07/15/24		12,825		13,068,508
Sr. Sec’d. Notes, 144A(a)		4.625			06/15/28		16,233		16,886,950
Sr. Sec’d. Notes, 144A(a)		4.875			01/01/26		15,435		15,981,818
Sr. Sec’d. Notes, 144A(a)		7.500			04/01/25		9,300		10,099,310
Sr. Unsec’d. Notes(a)		6.750			06/15/23		46,169		49,830,652

See Notes to Financial Statements.

PGIM High Yield Fund 27

Schedule of Investments  (unaudited) (continued)

as of February 28, 2021

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)		6.875	%		11/15/31		20,500	$	22,468,484
Sr. Unsec’d. Notes(a)		7.000			08/01/25		71,772		74,381,778
									956,819,368
Home Builders    3.7%
Ashton Woods USA LLC/Ashton Woods Finance Co.,
Sr. Unsec’d. Notes, 144A		6.625			01/15/28		9,349		10,016,453
Sr. Unsec’d. Notes, 144A		6.750			08/01/25		31,571		32,835,833
Sr. Unsec’d. Notes, 144A		9.875			04/01/27		27,641		31,298,363
Beazer Homes USA, Inc.,
Gtd. Notes(a)		5.875			10/15/27		45,583		47,632,984
Gtd. Notes		6.750			03/15/25		31,376		32,351,711
Gtd. Notes(a)		7.250			10/15/29		73,953		82,312,353
Brookfield Residential Properties, Inc./Brookfield Residential US Corp. (Canada),
Gtd. Notes, 144A		4.875			02/15/30		21,208		21,463,921
Gtd. Notes, 144A		6.250			09/15/27		33,602		35,451,189
Gtd. Notes, 144A		6.375			05/15/25		47,550		48,722,984
Century Communities, Inc.,
Gtd. Notes(a)		6.750			06/01/27		32,288		34,612,753
Forestar Group, Inc.,
Gtd. Notes, 144A		5.000			03/01/28		11,350		11,877,675
Gtd. Notes, 144A		8.000			04/15/24		27,797		29,072,104
KB Home,
Gtd. Notes(a)		4.800			11/15/29		15,415		16,581,802
Gtd. Notes(a)		6.875			06/15/27		25,375		29,876,701
Gtd. Notes		7.000			12/15/21		787		810,771
Gtd. Notes(a)		7.500			09/15/22		525		571,263
Gtd. Notes		7.625			05/15/23		8,400		9,205,920
Lennar Corp.,
Gtd. Notes		4.875			12/15/23		4,075		4,470,827
Gtd. Notes		5.250			06/01/26		9,250		10,772,536
Gtd. Notes		5.375			10/01/22		3,675		3,939,837
M/I Homes, Inc.,
Gtd. Notes		4.950			02/01/28		33,264		34,906,075
Gtd. Notes		5.625			08/01/25		13,591		14,104,293
Mattamy Group Corp. (Canada),
Sr. Unsec’d. Notes, 144A(a)		4.625			03/01/30		32,788		34,062,280
Sr. Unsec’d. Notes, 144A(a)		5.250			12/15/27		26,381		27,755,995
Meritage Homes Corp.,
Gtd. Notes		5.125			06/06/27		23,100		25,821,094

See Notes to Financial Statements.

28

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Home Builders (cont’d.)
Meritage Homes Corp., (cont’d.)
Gtd. Notes		6.000	%		06/01/25		14,525	$	16,426,587
New Home Co., Inc. (The),
Gtd. Notes, 144A		7.250			10/15/25		10,250		10,530,532
Shea Homes LP/Shea Homes Funding Corp.,
Sr. Unsec’d. Notes, 144A		4.750			02/15/28		13,656		14,125,038
Sr. Unsec’d. Notes, 144A		4.750			04/01/29		6,925		7,114,323
STL Holding Co. LLC,
Sr. Unsec’d. Notes, 144A		7.500			02/15/26		16,550		17,273,945
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A		5.750			01/15/28		12,533		13,975,862
Gtd. Notes, 144A		5.875			06/15/27		37,123		41,704,688
Gtd. Notes, 144A		6.625			07/15/27		43,573		47,080,334
Sr. Unsec’d. Notes, 144A		5.125			08/01/30		29,985		32,209,277
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc.,
Gtd. Notes, 144A(a)		5.625			03/01/24		23,245		25,153,611
Gtd. Notes, 144A		5.875			04/15/23		16,125		17,203,680
Tri Pointe Homes, Inc.,
Gtd. Notes(a)		5.700			06/15/28		7,855		8,737,111
									882,062,705
Household Products/Wares     0.2%
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada),
Sr. Sec’d. Notes, 144A(a)		5.000			12/31/26		5,450		5,610,342
Prestige Brands, Inc.,
Gtd. Notes, 144A		3.750			04/01/31		13,325		13,030,910
Spectrum Brands, Inc.,
Gtd. Notes		5.750			07/15/25		23,102		23,795,060
Gtd. Notes		6.125			12/15/24		2,392		2,449,442
Gtd. Notes, 144A		5.000			10/01/29		4,975		5,299,190
									50,184,944
Housewares     0.1%
Scotts Miracle-Gro Co. (The),
Gtd. Notes		4.500			10/15/29		14,154		14,997,702

See Notes to Financial Statements.

PGIM High Yield Fund 29

Schedule of Investments  (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Internet     0.5%
Cablevision Lightpath LLC,
Sr. Sec’d. Notes, 144A		3.875	%		09/15/27		25,790	$	25,700,675
Sr. Unsec’d. Notes, 144A		5.625			09/15/28		14,110		14,352,352
Go Daddy Operating Co. LLC/GD Finance Co., Inc.,
Gtd. Notes, 144A(a)		3.500			03/01/29		17,425		17,315,889
NortonLifeLock, Inc.,
Sr. Unsec’d. Notes, 144A(a)		5.000			04/15/25		34,320		34,870,896
Zayo Group LLC/Zayo Capital, Inc.,
Gtd. Notes(a)		6.000			04/01/23		13,760		13,553,830
									105,793,642
Iron/Steel     0.3%
Big River Steel LLC/BRS Finance Corp.,
Sr. Sec’d. Notes, 144A(a)		6.625			01/31/29		44,470		48,005,604
United States Steel Corp.,
Sr. Unsec’d. Notes		6.875			03/01/29		33,900		33,264,655
									81,270,259
Leisure Time     0.6%
Carnival Corp.,
Sr. Unsec’d. Notes, 144A		5.750			03/01/27		18,325		18,601,895
Sr. Unsec’d. Notes, 144A		7.625			03/01/26		1,125		1,182,431
NCL Corp. Ltd.,
Sr. Sec’d. Notes, 144A		10.250			02/01/26		32,355		37,698,104
Sr. Sec’d. Notes, 144A		12.250			05/15/24		2,495		2,964,364
Sr. Unsec’d. Notes, 144A(a)		3.625			12/15/24		21,825		20,178,035
Royal Caribbean Cruises Ltd.,
Sr. Unsec’d. Notes(a)		5.250			11/15/22		8,263		8,411,262
Viking Cruises Ltd.,
Sr. Unsec’d. Notes, 144A(a)		7.000			02/15/29		11,175		11,339,346
Viking Ocean Cruises Ship VII Ltd.,
Sr. Sec’d. Notes, 144A(a)		5.625			02/15/29		6,525		6,592,499
Vista Outdoor, Inc.,
Gtd. Notes, 144A		4.500			03/15/29		22,975		22,789,534
									129,757,470
Lodging     2.3%
Boyd Gaming Corp.,
Gtd. Notes		4.750			12/01/27		6,032		6,131,742
Gtd. Notes(a)		6.000			08/15/26		5,150		5,330,105

See Notes to Financial Statements.

30

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Lodging (cont’d.)
Boyd Gaming Corp., (cont’d.)
Gtd. Notes(a)		6.375	%		04/01/26		26,956	$	27,830,805
Gtd. Notes, 144A(a)		8.625			06/01/25		26,672		29,403,070
Full House Resorts, Inc.,
Sr. Sec’d. Notes, 144A		8.250			02/15/28		10,400		11,023,752
Genting New York LLC/GENNY Capital, Inc.,
Sr. Unsec’d. Notes, 144A(a)		3.300			02/15/26		3,200		3,209,878
Hilton Domestic Operating Co., Inc.,
Gtd. Notes(a)		4.875			01/15/30		12,000		12,927,126
Gtd. Notes, 144A		3.625			02/15/32		35,524		34,991,760
Gtd. Notes, 144A(a)		4.000			05/01/31		31,800		32,182,335
Gtd. Notes, 144A(a)		5.375			05/01/25		6,155		6,470,240
Gtd. Notes, 144A(a)		5.750			05/01/28		7,225		7,826,758
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.,
Gtd. Notes(a)		4.875			04/01/27		27,355		28,449,200
Marriott International, Inc.,
Sr. Unsec’d. Notes		2.875			03/01/21		5,650		5,650,000
Sr. Unsec’d. Notes, Series EE		5.750			05/01/25		6,275		7,246,608
MGM Resorts International,
Gtd. Notes(a)		4.625			09/01/26		3,920		4,120,072
Gtd. Notes		4.750			10/15/28		53,673		55,990,167
Gtd. Notes(a)		5.500			04/15/27		38,198		41,429,853
Gtd. Notes(a)		5.750			06/15/25		2,173		2,389,429
Gtd. Notes(a)		6.750			05/01/25		76,654		81,987,896
Gtd. Notes(a)		7.750			03/15/22		13,075		13,810,720
Station Casinos LLC,
Gtd. Notes, 144A		4.500			02/15/28		11,508		11,463,845
Gtd. Notes, 144A(a)		5.000			10/01/25		16,047		16,193,368
Travel + Leisure Co.,
Sr. Sec’d. Notes, 144A		4.625			03/01/30		9,425		9,779,973
Wyndham Destinations, Inc.,
Sr. Sec’d. Notes		6.600			10/01/25		4,774		5,354,211
Wynn Macau Ltd. (Macau),
Sr. Unsec’d. Notes, 144A		4.875			10/01/24		11,025		11,153,025
Sr. Unsec’d. Notes, 144A(a)		5.125			12/15/29		15,250		15,539,020
Sr. Unsec’d. Notes, 144A		5.500			01/15/26		21,200		22,128,360
Sr. Unsec’d. Notes, 144A		5.500			10/01/27		5,750		5,984,613
Sr. Unsec’d. Notes, 144A(a)		5.625			08/26/28		13,650		14,196,170
									530,194,101

See Notes to Financial Statements.

PGIM High Yield Fund 31

Schedule of Investments  (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Machinery-Diversified     0.4%
ATS Automation Tooling Systems, Inc. (Canada),
Sr. Unsec’d. Notes, 144A		4.125	%		12/15/28		6,850	$	6,925,307
GrafTech Finance, Inc.,
Sr. Sec’d. Notes, 144A(a)		4.625			12/15/28		5,750		5,864,351
Maxim Crane Works Holdings Capital LLC,
Sec’d. Notes, 144A		10.125			08/01/24		51,888		54,482,711
Vertical Holdco GmbH (Germany),
Gtd. Notes, 144A		7.625			07/15/28		2,111		2,280,653
Vertical US Newco, Inc. (Germany),
Sr. Sec’d. Notes, 144A		5.250			07/15/27		11,625		12,119,869
									81,672,891
Media     7.5%
AMC Networks, Inc.,
Gtd. Notes(a)		5.000			04/01/24		2,182		2,213,312
Beasley Mezzanine Holdings LLC,
Sr. Sec’d. Notes, 144A		8.625			02/01/26		10,360		10,483,709
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A		4.250			02/01/31		62,145		62,691,256
Sr. Unsec’d. Notes, 144A(a)		4.500			05/01/32		136,029		139,763,015
Sr. Unsec’d. Notes, 144A		4.750			03/01/30		15,350		16,006,750
Sr. Unsec’d. Notes, 144A(a)		5.000			02/01/28		34,696		36,315,446
Sr. Unsec’d. Notes, 144A		5.125			05/01/27		13,344		13,980,420
Sr. Unsec’d. Notes, 144A		5.375			06/01/29		31,177		33,586,769
Sr. Unsec’d. Notes, 144A		5.500			05/01/26		78,079		80,747,647
Sr. Unsec’d. Notes, 144A(a)		5.750			02/15/26		92,658		95,721,339
Sr. Unsec’d. Notes, 144A		5.875			05/01/27		44,045		45,616,213
Clear Channel Worldwide Holdings, Inc.,
Gtd. Notes(a)		9.250			02/15/24		141,182		147,688,710
Sr. Sec’d. Notes, 144A(a)		5.125			08/15/27		7,480		7,603,566
CSC Holdings LLC,
Gtd. Notes, 144A(a)		3.375			02/15/31		27,213		26,115,200
Gtd. Notes, 144A(a)		4.125			12/01/30		21,175		21,262,169
Gtd. Notes, 144A(a)		5.375			02/01/28		11,490		12,145,710
Gtd. Notes, 144A		5.500			05/15/26		30,538		31,611,940
Gtd. Notes, 144A		5.500			04/15/27		13,366		14,061,776
Gtd. Notes, 144A(a)		6.500			02/01/29		2,700		2,989,245
Sr. Unsec’d. Notes(a)		5.250			06/01/24		8,000		8,611,816
Sr. Unsec’d. Notes		6.750			11/15/21		7,245		7,489,769
Sr. Unsec’d. Notes, 144A(a)		4.625			12/01/30		100,975		100,642,903
Sr. Unsec’d. Notes, 144A		5.750			01/15/30		1,615		1,723,816
Sr. Unsec’d. Notes, 144A(a)		7.500			04/01/28		18,737		20,640,620

See Notes to Financial Statements.

32

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Media (cont’d.)
Diamond Sports Group LLC/Diamond Sports Finance Co.,
Gtd. Notes, 144A		6.625	%		08/15/27		226,381	$	116,627,362
Sr. Sec’d. Notes, 144A(a)		5.375			08/15/26		56,171		39,737,604
DISH DBS Corp.,
Gtd. Notes		5.000			03/15/23		7,905		8,150,577
Gtd. Notes(a)		5.875			07/15/22		5,647		5,885,813
Gtd. Notes(a)		5.875			11/15/24		3,400		3,558,453
Gtd. Notes		6.750			06/01/21		11,160		11,300,895
Gtd. Notes(a)		7.375			07/01/28		26,015		27,267,773
Gtd. Notes(a)		7.750			07/01/26		118,928		130,693,407
EW Scripps Co. (The),
Gtd. Notes, 144A(a)		5.125			05/15/25		8,964		9,154,494
Gray Television, Inc.,
Gtd. Notes, 144A(a)		4.750			10/15/30		23,025		23,024,554
Gtd. Notes, 144A		5.875			07/15/26		43,204		44,784,017
Gtd. Notes, 144A(a)		7.000			05/15/27		2,784		3,041,798
iHeartCommunications, Inc.,
Gtd. Notes(a)		8.375			05/01/27		15,666		16,603,896
Sr. Sec’d. Notes(a)		6.375			05/01/26		14,955		15,820,851
Midcontinent Communications/Midcontinent Finance Corp.,
Gtd. Notes, 144A(a)		5.375			08/15/27		7,675		8,100,142
Nexstar Broadcasting, Inc.,
Gtd. Notes, 144A(a)		5.625			07/15/27		5,565		5,877,106
Sr. Unsec’d. Notes, 144A(a)		4.750			11/01/28		22,925		23,405,774
Quebecor Media, Inc. (Canada),
Sr. Unsec’d. Notes		5.750			01/15/23		12,231		13,037,592
Radiate Holdco LLC/Radiate Finance, Inc.,
Sr. Sec’d. Notes, 144A		4.500			09/15/26		28,385		28,894,274
Sr. Unsec’d. Notes, 144A(a)		6.500			09/15/28		29,375		30,845,116
Scripps Escrow II, Inc.,
Sr. Sec’d. Notes, 144A		3.875			01/15/29		11,000		10,805,414
Sr. Unsec’d. Notes, 144A(a)		5.375			01/15/31		9,200		9,343,364
Scripps Escrow, Inc.,
Gtd. Notes, 144A(a)		5.875			07/15/27		6,420		6,682,355
Sinclair Television Group, Inc.,
Gtd. Notes, 144A(a)		5.125			02/15/27		19,245		19,100,514
Gtd. Notes, 144A		5.875			03/15/26		19,652		20,095,198
Sirius XM Radio, Inc.,
Gtd. Notes, 144A		3.875			08/01/22		11,767		11,841,033
Gtd. Notes, 144A(a)		5.375			07/15/26		11,312		11,719,251

See Notes to Financial Statements.

PGIM High Yield Fund 33

Schedule of Investments  (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Media (cont’d.)
TEGNA, Inc.,
Gtd. Notes, 144A(a)		4.750	%		03/15/26		8,700	$	9,268,462
Townsquare Media, Inc.,
Sr. Sec’d. Notes, 144A(a)		6.875			02/01/26		6,800		7,115,059
Univision Communications, Inc.,
Sr. Sec’d. Notes, 144A(a)		5.125			02/15/25		32,730		32,765,714
Sr. Sec’d. Notes, 144A		6.625			06/01/27		95,271		100,049,575
Urban One, Inc.,
Sr. Sec’d. Notes, 144A		7.375			02/01/28		9,100		9,165,183
Videotron Ltd. (Canada),
Gtd. Notes(a)		5.000			07/15/22		650		676,080
Virgin Media Finance PLC (United Kingdom),
Gtd. Notes, 144A(a)		5.000			07/15/30		16,246		16,503,734
									1,770,655,550
Mining     2.8%
Constellium SE,
Gtd. Notes, 144A(a)		5.750			05/15/24		28,746		29,168,399
Gtd. Notes, 144A(a)		5.875			02/15/26		28,443		29,230,695
Sr. Unsec’d. Notes, 144A(a)		5.625			06/15/28		3,500		3,706,551
Eldorado Gold Corp. (Turkey),
Sec’d. Notes, 144A(a)		9.500			06/01/24		27,546		30,699,383
First Quantum Minerals Ltd. (Zambia),
Gtd. Notes, 144A(a)		6.500			03/01/24		56,772		58,004,589
Gtd. Notes, 144A(a)		6.875			03/01/26		29,557		30,885,891
Gtd. Notes, 144A(a)		6.875			10/15/27		41,475		44,985,037
Gtd. Notes, 144A(a)		7.250			04/01/23		58,502		59,679,060
Gtd. Notes, 144A(a)		7.500			04/01/25		27,636		28,613,812
Freeport-McMoRan, Inc.,
Gtd. Notes(a)		4.375			08/01/28		29,850		31,809,335
Gtd. Notes(a)		4.550			11/14/24		31,518		34,764,916
Gtd. Notes(a)		4.625			08/01/30		28,378		31,349,016
Hecla Mining Co.,
Gtd. Notes(a)		7.250			02/15/28		21,117		22,896,715
Hudbay Minerals, Inc. (Peru),
Gtd. Notes, 144A		4.500			04/01/26		13,025		13,200,571
Gtd. Notes, 144A(a)		6.125			04/01/29		16,450		17,726,056
Gtd. Notes, 144A		7.625			01/15/25		14,397		14,996,666
IAMGOLD Corp. (Burkina Faso),
Gtd. Notes, 144A(a)		5.750			10/15/28		37,558		38,791,132

See Notes to Financial Statements.

34

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Mining (cont’d.)
New Gold, Inc. (Canada),
Gtd. Notes, 144A(a)		6.375	%		05/15/25			18,680	$	19,279,574
Sr. Unsec’d. Notes, 144A(a)		7.500			07/15/27			51,419		54,145,405
Novelis Corp.,
Gtd. Notes, 144A		4.750			01/30/30			26,164		27,271,883
Gtd. Notes, 144A(a)		5.875			09/30/26			27,777		28,973,050
										650,177,736
Miscellaneous Manufacturing     1.8%
Amsted Industries, Inc.,
Gtd. Notes, 144A		5.625			07/01/27			9,075		9,621,425
Sr. Unsec’d. Notes, 144A		4.625			05/15/30			21,713		22,692,446
Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A		7.450			05/01/34			3,925		3,587,257
Sr. Unsec’d. Notes, 144A		7.500			12/01/24			70,996		66,654,299
Sr. Unsec’d. Notes, 144A(a)		7.500			03/15/25			56,819		51,963,770
Sr. Unsec’d. Notes, 144A(a)		7.875			04/15/27			150,747		135,400,877
Sr. Unsec’d. Notes, 144A		8.750			12/01/21			115,298		119,764,471
FXI Holdings, Inc.,
Sr. Sec’d. Notes, 144A		7.875			11/01/24			12,011		12,224,899
										421,909,444
Office/Business Equipment     0.1%
CDW LLC/CDW Finance Corp.,
Gtd. Notes(a)		3.250			02/15/29			14,360		14,135,073
Gtd. Notes		4.125			05/01/25			10,150		10,483,547
										24,618,620
Oil & Gas     7.5%
Aethon United BR LP/Aethon United Finance Corp.,
Sr. Unsec’d. Notes, 144A		8.250			02/15/26			31,275		32,525,329
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp.,
Gtd. Notes		7.875			12/15/24	(d)		104,709		69,108
Antero Resources Corp.,
Gtd. Notes		5.000			03/01/25			70,800		70,365,352
Gtd. Notes		5.625			06/01/23			38,390		38,450,607
Gtd. Notes, 144A		7.625			02/01/29			37,925		40,416,575
Gtd. Notes, 144A		8.375			07/15/26			9,400		10,307,429

See Notes to Financial Statements.

PGIM High Yield Fund 35

Schedule of Investments  (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont’d.)
Apache Corp.,
Sr. Unsec’d. Notes(a)		4.375	%		10/15/28		10,750	$	11,041,752
Sr. Unsec’d. Notes(a)		4.750			04/15/43		11,225		10,962,587
Sr. Unsec’d. Notes		4.875			11/15/27		500		523,688
Sr. Unsec’d. Notes		5.100			09/01/40		29,850		30,678,904
Sr. Unsec’d. Notes		5.250			02/01/42		2,225		2,319,466
Sr. Unsec’d. Notes		5.350			07/01/49		2,750		2,739,111
Sr. Unsec’d. Notes(a)		7.750			12/15/29		8,468		9,880,678
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Gtd. Notes, 144A		9.000			11/01/27		30,497		39,061,744
Sr. Unsec’d. Notes, 144A		7.000			11/01/26		47,838		48,097,143
Sr. Unsec’d. Notes, 144A		8.250			12/31/28		18,585		19,475,392
Chesapeake Energy Corp.,
Gtd. Notes, 144A		5.500			02/01/26		12,425		12,949,308
Gtd. Notes, 144A		5.875			02/01/29		12,775		13,636,398
Citgo Holding, Inc.,
Sr. Sec’d. Notes, 144A(a)		9.250			08/01/24		69,724		68,624,200
CITGO Petroleum Corp.,
Sr. Sec’d. Notes, 144A		6.250			08/15/22		625		625,242
Sr. Sec’d. Notes, 144A		7.000			06/15/25		58,830		60,525,760
CNX Resources Corp.,
Gtd. Notes, 144A		7.250			03/14/27		78,884		84,481,420
Comstock Resources, Inc.,
Sr. Unsec’d. Notes, 144A		6.750			03/01/29		22,775		23,618,513
Continental Resources, Inc.,
Gtd. Notes(a)		4.900			06/01/44		8,865		8,860,349
Gtd. Notes, 144A(a)		5.750			01/15/31		16,950		19,107,778
CrownRock LP/CrownRock Finance, Inc.,
Sr. Unsec’d. Notes, 144A(a)		5.625			10/15/25		7,487		7,565,865
Double Eagle III Midco 1 LLC/Double Eagle Finance Corp.,
Sr. Unsec’d. Notes, 144A(a)		7.750			12/15/25		60,350		64,700,918
Endeavor Energy Resources LP/EER Finance, Inc.,
Sr. Unsec’d. Notes, 144A		5.500			01/30/26		3,277		3,347,525
Sr. Unsec’d. Notes, 144A(a)		5.750			01/30/28		42,309		44,745,358
Sr. Unsec’d. Notes, 144A(a)		6.625			07/15/25		24,064		25,268,015
EQT Corp.,
Sr. Unsec’d. Notes(a)		3.900			10/01/27		39,978		41,469,466
Sr. Unsec’d. Notes(a)		5.000			01/15/29		8,150		8,949,022
Sr. Unsec’d. Notes(a)		8.500			02/01/30		7,738		10,115,361

See Notes to Financial Statements.

36

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont’d.)
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A(a)		5.000	%		12/01/24		8,236	$	8,371,003
Sr. Unsec’d. Notes, 144A(a)		5.750			10/01/25		30,956		31,578,761
Sr. Unsec’d. Notes, 144A		5.750			02/01/29		8,200		8,362,045
Sr. Unsec’d. Notes, 144A		6.000			02/01/31		8,200		8,337,972
Sr. Unsec’d. Notes, 144A		6.250			11/01/28		34,055		35,573,179
MEG Energy Corp. (Canada),
Gtd. Notes, 144A		5.875			02/01/29		27,525		27,950,567
Gtd. Notes, 144A(a)		7.125			02/01/27		35,580		37,348,603
Sec’d. Notes, 144A		6.500			01/15/25		4,939		5,097,725
Nabors Industries Ltd.,
Gtd. Notes, 144A(a)		7.250			01/15/26		26,955		23,941,070
Gtd. Notes, 144A		7.500			01/15/28		32,235		27,823,340
Nabors Industries, Inc.,
Gtd. Notes		5.750			02/01/25		94,970		75,606,194
Occidental Petroleum Corp.,
Sr. Unsec’d. Notes		2.700			02/15/23		22,475		21,967,499
Sr. Unsec’d. Notes(a)		2.900			08/15/24		43,020		41,859,398
Sr. Unsec’d. Notes		3.200			08/15/26		250		239,130
Sr. Unsec’d. Notes		3.450			07/15/24		13,510		13,507,605
Sr. Unsec’d. Notes(a)		3.500			06/15/25		2,864		2,820,865
Sr. Unsec’d. Notes(a)		3.500			08/15/29		1,358		1,298,506
Sr. Unsec’d. Notes		4.100			02/15/47		3,013		2,560,776
Sr. Unsec’d. Notes(a)		4.400			04/15/46		6,150		5,504,911
Sr. Unsec’d. Notes		4.500			07/15/44		1,975		1,767,634
Sr. Unsec’d. Notes		4.625			06/15/45		3,025		2,756,766
Sr. Unsec’d. Notes(a)		5.550			03/15/26		13,330		14,213,031
Sr. Unsec’d. Notes(a)		5.875			09/01/25		5,075		5,505,210
Sr. Unsec’d. Notes(a)		6.125			01/01/31		21,750		24,107,173
Sr. Unsec’d. Notes		6.450			09/15/36		2,000		2,283,098
Sr. Unsec’d. Notes(a)		6.625			09/01/30		24,975		28,577,310
Sr. Unsec’d. Notes		6.950			07/01/24		875		964,932
Sr. Unsec’d. Notes		7.150			05/15/28		2,448		2,663,504
Sr. Unsec’d. Notes		8.500			07/15/27		750		897,960
Sr. Unsec’d. Notes(a)		8.875			07/15/30		3,750		4,795,952
Ovintiv, Inc.,
Gtd. Notes(a)		6.500			08/15/34		17,991		22,225,167
Gtd. Notes		6.500			02/01/38		9,573		11,638,867
Gtd. Notes		6.625			08/15/37		4,425		5,413,493
PBF Holding Co. LLC/PBF Finance Corp.,
Sr. Sec’d. Notes, 144A(a)		9.250			05/15/25		17,460		17,023,624

See Notes to Financial Statements.

PGIM High Yield Fund 37

Schedule of Investments  (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont’d.)
Precision Drilling Corp. (Canada),
Gtd. Notes(a)		5.250	%		11/15/24		20,000	$	18,670,149
Gtd. Notes		7.750			12/15/23		5,650		5,683,634
Gtd. Notes, 144A(a)		7.125			01/15/26		29,218		28,317,672
Range Resources Corp.,
Gtd. Notes		4.875			05/15/25		58,280		57,645,119
Gtd. Notes		5.000			03/15/23		10,954		11,012,659
Gtd. Notes(a)		9.250			02/01/26		44,901		48,875,304
Gtd. Notes, 144A		8.250			01/15/29		1,100		1,182,248
Seven Generations Energy Ltd. (Canada),
Gtd. Notes, 144A		5.375			09/30/25		1,410		1,464,236
Seventy Seven Energy, Inc.,
Sr. Unsec’d. Notes^		6.500			07/15/22		1,800		18
Sunoco LP/Sunoco Finance Corp.,
Gtd. Notes		5.500			02/15/26		24,754		25,466,456
Gtd. Notes		5.875			03/15/28		3,936		4,181,053
Gtd. Notes(a)		6.000			04/15/27		2,325		2,417,460
Gtd. Notes, 144A		4.500			05/15/29		17,950		17,949,703
Transocean, Inc.,
Gtd. Notes, 144A		7.250			11/01/25		38,403		25,728,611
Gtd. Notes, 144A(a)		7.500			01/15/26		30,108		19,779,339
Gtd. Notes, 144A		8.000			02/01/27		25,070		15,810,086
WPX Energy, Inc.,
Sr. Unsec’d. Notes		5.250			09/15/24		33,554		37,392,609
Sr. Unsec’d. Notes		5.250			10/15/27		46,325		49,573,774
Sr. Unsec’d. Notes		5.750			06/01/26		7,445		7,822,989
Sr. Unsec’d. Notes		5.875			06/15/28		175		191,306
Sr. Unsec’d. Notes		8.250			08/01/23		4,165		4,799,754
									1,774,052,412
Packaging & Containers     0.8%
ARD Finance SA (Luxembourg),
Sr. Sec’d. Notes, 144A, Cash coupon 6.500% or PIK 7.250%(a)		6.500			06/30/27		48,211		50,986,066
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC,
Sr. Unsec’d. Notes, 144A		4.000			09/01/29		19,725		19,725,000
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.,
Sr. Sec’d. Notes, 144A(a)		4.125			08/15/26		12,475		12,904,115
Sr. Unsec’d. Notes, 144A(a)		5.250			08/15/27		27,745		28,738,010

See Notes to Financial Statements.

38

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Packaging & Containers (cont’d.)
Graham Packaging Co., Inc.,
Gtd. Notes, 144A(a)		7.125	%		08/15/28		8,315	$	8,997,220
Intelligent Packaging Holdco Issuer LP (Canada),
Sr. Unsec’d. Notes, 144A, Cash coupon 9.000% or PIK 9.750%		9.000			01/15/26		10,550		10,684,049
Intelligent Packaging Ltd. Finco, Inc./Intelligent
Packaging Ltd. Co-Issuer LLC (Canada),
Sr. Sec’d. Notes, 144A		6.000			09/15/28		6,000		6,268,751
Owens-Brockway Glass Container, Inc.,
Gtd. Notes, 144A(a)		6.375			08/15/25		5,236		5,849,255
Gtd. Notes, 144A(a)		6.625			05/13/27		35,277		38,078,068
TriMas Corp.,
Gtd. Notes, 144A		4.875			10/15/25		4,780		4,876,755
									187,107,289
Pharmaceuticals     2.5%
AdaptHealth LLC,
Gtd. Notes, 144A(a)		4.625			08/01/29		27,691		27,709,673
Gtd. Notes, 144A		6.125			08/01/28		21,478		22,812,089
Bausch Health Americas, Inc.,
Gtd. Notes, 144A		8.500			01/31/27		20,983		23,252,534
Gtd. Notes, 144A		9.250			04/01/26		18,175		20,145,363
Bausch Health Cos., Inc.,
Gtd. Notes, 144A(a)		5.000			01/30/28		49,822		50,831,715
Gtd. Notes, 144A		5.000			02/15/29		22,576		22,915,963
Gtd. Notes, 144A(a)		5.250			01/30/30		31,950		32,461,251
Gtd. Notes, 144A		5.250			02/15/31		37,730		38,309,556
Gtd. Notes, 144A(a)		6.125			04/15/25		96,915		99,212,419
Gtd. Notes, 144A		6.250			02/15/29		117,039		124,730,685
Gtd. Notes, 144A(a)		7.000			01/15/28		42,058		45,457,568
Gtd. Notes, 144A(a)		7.250			05/30/29		15,896		17,615,219
Gtd. Notes, 144A		9.000			12/15/25		2,000		2,178,366
Cheplapharm Arzneimittel GmbH (Germany),
Sr. Sec’d. Notes, 144A(a)		5.500			01/15/28		7,525		7,682,339
Endo Dac/Endo Finance LLC/Endo Finco, Inc.,
Gtd. Notes, 144A(a)		6.000			06/30/28		16,648		14,613,425
Sec’d. Notes, 144A(a)		9.500			07/31/27		10,892		12,275,890
P&L Development LLC/PLD Finance Corp.,
Sr. Sec’d. Notes, 144A		7.750			11/15/25		33,367		35,640,463
									597,844,518

See Notes to Financial Statements.

PGIM High Yield Fund 39

Schedule of Investments  (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pipelines     3.3%
Antero Midstream Partners LP/Antero Midstream Finance Corp.,
Gtd. Notes		5.375	%		09/15/24			4,075	$	4,119,850
Gtd. Notes, 144A(a)		5.750			01/15/28			39,930		40,223,129
Gtd. Notes, 144A		7.875			05/15/26			2,725		2,966,183
Blue Racer Midstream LLC/Blue Racer Finance Corp.,
Sr. Unsec’d. Notes, 144A(a)		7.625			12/15/25			8,800		9,465,980
Cheniere Energy Partners LP,
Sr. Unsec’d. Notes, 144A		4.000			03/01/31			39,175		39,401,363
Cheniere Energy, Inc.,
Sr. Sec’d. Notes, 144A		4.625			10/15/28			95,572		99,360,580
DCP Midstream Operating LP,
Gtd. Notes		5.125			05/15/29			10,361		10,976,202
Gtd. Notes		5.625			07/15/27			15,410		16,677,832
Gtd. Notes, 144A		4.750			09/30/21			8,048		8,121,358
Gtd. Notes, 144A(a)		6.450			11/03/36			3,455		3,860,578
Energy Transfer Operating LP,
Jr. Sub. Notes, Series G		7.125	(ff)		05/15/30	(oo)		17,825		17,234,259
EQM Midstream Partners LP,
Sr. Unsec’d. Notes		4.125			12/01/26			50		48,907
Sr. Unsec’d. Notes		4.750			07/15/23			3,494		3,602,478
Sr. Unsec’d. Notes(a)		5.500			07/15/28			2,300		2,379,925
Sr. Unsec’d. Notes, 144A(a)		6.000			07/01/25			10,370		10,956,249
Sr. Unsec’d. Notes, 144A		6.500			07/01/27			26,949		28,923,605
Global Partners LP/GLP Finance Corp.,
Gtd. Notes(a)		6.875			01/15/29			16,086		17,401,031
Gtd. Notes(a)		7.000			08/01/27			14,055		14,903,135
Hess Midstream Operations LP,
Gtd. Notes, 144A		5.125			06/15/28			1,800		1,857,995
Gtd. Notes, 144A		5.625			02/15/26			8,005		8,286,981
NGPL PipeCo LLC,
Sr. Unsec’d. Notes, 144A(a)		4.875			08/15/27			4,775		5,439,132
Sr. Unsec’d. Notes, 144A		7.768			12/15/37			10,486		13,992,699
Rattler Midstream LP,
Gtd. Notes, 144A		5.625			07/15/25			9,325		9,733,980
Rockies Express Pipeline LLC,
Sr. Unsec’d. Notes, 144A		3.600			05/15/25			5,500		5,630,149
Sr. Unsec’d. Notes, 144A		6.875			04/15/40			50,698		56,167,915
Sr. Unsec’d. Notes, 144A(a)		7.500			07/15/38			7,842		8,832,608
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
Gtd. Notes, 144A		5.500			09/15/24			12,523		12,587,557

See Notes to Financial Statements.

40

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pipelines (cont’d.)
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., (cont’d.)
Gtd. Notes, 144A		5.500	%		01/15/28		68,488	$	68,555,579
Gtd. Notes, 144A		6.000			03/01/27		14,884		15,062,773
Gtd. Notes, 144A		6.000			12/31/30		12,850		12,816,016
Gtd. Notes, 144A		7.500			10/01/25		7,347		7,831,718
Targa Resources Partners LP/Targa Resources Partners Finance Corp.,
Gtd. Notes(a)		4.250			11/15/23		8,439		8,463,140
Gtd. Notes(a)		5.000			01/15/28		9,690		10,084,325
Gtd. Notes(a)		5.375			02/01/27		14,012		14,545,000
Gtd. Notes(a)		5.500			03/01/30		12,773		13,653,665
Gtd. Notes(a)		5.875			04/15/26		9,600		9,999,259
Gtd. Notes(a)		6.500			07/15/27		12,740		13,731,394
Gtd. Notes(a)		6.875			01/15/29		1,250		1,384,952
Gtd. Notes, 144A(a)		4.000			01/15/32		19,025		18,652,425
Gtd. Notes, 144A		4.875			02/01/31		21,341		21,876,177
Western Midstream Operating LP,
Sr. Unsec’d. Notes		3.950			06/01/25		29,329		29,755,999
Sr. Unsec’d. Notes		4.000			07/01/22		2,366		2,416,224
Sr. Unsec’d. Notes		4.350			02/01/25		13,120		13,431,309
Sr. Unsec’d. Notes(a)		5.300			02/01/30		42,494		46,013,011
Sr. Unsec’d. Notes		5.450			04/01/44		3,070		3,276,652
Sr. Unsec’d. Notes(a)		5.500			08/15/48		7,755		7,969,805
Sr. Unsec’d. Notes(a)		6.500			02/01/50		9,300		10,703,464
									783,374,547
Real Estate     1.0%
Five Point Operating Co. LP/Five Point Capital Corp.,
Gtd. Notes, 144A		7.875			11/15/25		61,653		65,041,272
Greystar Real Estate Partners LLC,
Sr. Sec’d. Notes, 144A(a)		5.750			12/01/25		39,691		40,894,610
Howard Hughes Corp. (The),
Gtd. Notes, 144A		4.125			02/01/29		13,450		13,350,132
Gtd. Notes, 144A		4.375			02/01/31		21,900		21,845,914
Gtd. Notes, 144A(a)		5.375			08/01/28		23,460		24,666,210
Hunt Cos., Inc.,
Sr. Sec’d. Notes, 144A		6.250			02/15/26		49,556		50,844,640
Realogy Group LLC/Realogy Co-Issuer Corp.,
Gtd. Notes, 144A		5.750			01/15/29		8,125		8,151,769
									224,794,547

See Notes to Financial Statements.

PGIM High Yield Fund 41

Schedule of Investments  (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Real Estate Investment Trusts (REITs)     3.0%
Diversified Healthcare Trust,
Gtd. Notes		9.750	%		06/15/25		67,184	$	75,637,509
Sr. Unsec’d. Notes		4.750			05/01/24		5,679		5,794,968
Sr. Unsec’d. Notes(a)		4.750			02/15/28		40,884		40,465,349
Sr. Unsec’d. Notes		6.750			12/15/21		5,089		5,163,914
ESH Hospitality, Inc.,
Gtd. Notes, 144A		4.625			10/01/27		11,649		11,826,972
Gtd. Notes, 144A(a)		5.250			05/01/25		56,727		57,799,796
Global Net Lease, Inc./Global Net Lease Operating Partnership LP,
Gtd. Notes, 144A		3.750			12/15/27		10,750		10,716,069
GLP Capital LP/GLP Financing II, Inc.,
Gtd. Notes		4.000			01/15/30		8,000		8,528,994
Gtd. Notes		5.300			01/15/29		150		171,918
Gtd. Notes(a)		5.375			11/01/23		7,074		7,739,131
Gtd. Notes		5.375			04/15/26		25,997		29,847,306
Gtd. Notes		5.750			06/01/28		9,742		11,431,232
Host Hotels & Resorts LP,
Sr. Unsec’d. Notes, Series F(a)		4.500			02/01/26		20,440		22,363,846
Sr. Unsec’d. Notes, Series H(a)		3.375			12/15/29		5,435		5,467,576
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.,
Gtd. Notes(a)		4.500			09/01/26		7,250		7,703,241
Gtd. Notes		4.500			01/15/28		20,579		21,765,095
Gtd. Notes		5.625			05/01/24		3,026		3,267,726
Gtd. Notes, 144A		4.625			06/15/25		6,195		6,565,473
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes(a)		3.500			03/15/31		42,225		42,996,248
Gtd. Notes		5.000			10/15/27		34,653		36,767,298
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer,
Sr. Sec’d. Notes, 144A(a)		5.875			10/01/28		50,487		53,217,812
Sr. Sec’d. Notes, 144A(a)		7.500			06/01/25		70,840		76,788,927
RHP Hotel Properties LP/RHP Finance Corp.,
Gtd. Notes, 144A		4.500			02/15/29		10,650		10,518,234
Sabra Health Care LP,
Gtd. Notes		5.125			08/15/26		6,308		7,113,921
SBA Communications Corp.,
Sr. Unsec’d. Notes(a)		3.875			02/15/27		12,000		12,437,246
Sr. Unsec’d. Notes(a)		4.875			09/01/24		10,668		10,941,070
Sr. Unsec’d. Notes, 144A		3.125			02/01/29		15,700		15,258,870

See Notes to Financial Statements.

42

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Real Estate Investment Trusts (REITs) (cont’d.)
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC,
Sr. Sec’d. Notes, 144A		7.875	%		02/15/25			37,480	$	40,158,686
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC,
Sr. Sec’d. Notes, 144A		6.000			04/15/23			3,200		3,257,014
VICI Properties LP/VICI Note Co., Inc.,
Gtd. Notes, 144A		3.500			02/15/25			1,240		1,257,200
Gtd. Notes, 144A		3.750			02/15/27			2,612		2,649,008
Gtd. Notes, 144A		4.125			08/15/30			3,975		4,142,360
Gtd. Notes, 144A(a)		4.250			12/01/26			27,572		28,434,679
Gtd. Notes, 144A(a)		4.625			12/01/29			38,068		39,932,637
										718,127,325
Retail     3.1%
1011778 BC ULC/New Red Finance, Inc. (Canada),
Sec’d. Notes, 144A(a)		4.000			10/15/30			89,805		87,574,291
Sr. Sec’d. Notes, 144A		3.500			02/15/29			1,300		1,279,593
BCPE Ulysses Intermediate, Inc.,
Sr. Unsec’d. Notes, 144A, Cash coupon 7.750% or PIK 8.500%		7.750			04/01/27			8,475		8,623,097
Beacon Roofing Supply, Inc.,
Gtd. Notes, 144A(a)		4.875			11/01/25			16,359		16,511,355
Brinker International, Inc.,
Gtd. Notes, 144A(a)		5.000			10/01/24			25,021		26,010,938
Sr. Unsec’d. Notes		3.875			05/15/23			29,290		29,360,947
Caleres, Inc.,
Gtd. Notes(a)		6.250			08/15/23			6,458		6,485,448
eG Global Finance PLC (United Kingdom),
Sr. Sec’d. Notes, 144A(a)		8.500			10/30/25			25,675		27,260,502
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp.,
Sr. Unsec’d. Notes		8.625			06/15/20	(d)		40,571		23,374,428
Sr. Unsec’d. Notes		8.625			06/15/20	(d)		68,975		35,357,480
Foundation Building Materials, Inc.,
Gtd. Notes, 144A		6.000			03/01/29			7,975		7,949,972
Golden Nugget, Inc.,
Sr. Unsec’d. Notes, 144A(a)		6.750			10/15/24			58,110		59,064,847
L Brands, Inc.,
Gtd. Notes		5.625			10/15/23			7,435		8,049,904

See Notes to Financial Statements.

PGIM High Yield Fund 43

Schedule of Investments  (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Retail (cont’d.)
LBM Acquisition LLC,
Gtd. Notes, 144A		6.250	%		01/15/29		7,050	$	7,148,654
Murphy Oil USA, Inc.,
Gtd. Notes, 144A		3.750			02/15/31		10,700		10,693,736
Park River Holdings, Inc.,
Gtd. Notes, 144A(a)		5.625			02/01/29		52,551		51,558,335
PetSmart, Inc.,
Gtd. Notes, 144A		7.125			03/15/23		95,164		95,324,618
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes(a)		5.500			11/01/23		6,200		6,256,226
Gtd. Notes(a)		5.625			12/01/25		60,970		62,861,327
Sec’d. Notes, 144A		8.750			04/30/25		21,264		23,615,649
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
Sr. Unsec’d. Notes(a)		5.500			06/01/24		28,229		28,632,480
Sr. Unsec’d. Notes(a)		5.750			03/01/25		14,975		15,217,085
Sr. Unsec’d. Notes(a)		5.875			03/01/27		40,062		41,956,827
Superior Plus LP/Superior General Partner, Inc. (Canada),
Sr. Unsec’d. Notes, 144A(a)		7.000			07/15/26		38,321		40,896,384
White Cap Buyer LLC,
Sr. Unsec’d. Notes, 144A(a)		6.875			10/15/28		18,425		19,592,846
									740,656,969
Semiconductors     0.3%
Microchip Technology, Inc.,
Gtd. Notes, 144A(a)		4.250			09/01/25		51,214		53,542,820
Sensata Technologies UK Financing Co. PLC,
Gtd. Notes, 144A		6.250			02/15/26		18,942		19,533,938
									73,076,758
Software     1.0%
Black Knight InfoServ LLC,
Gtd. Notes, 144A(a)		3.625			09/01/28		51,280		50,907,642
Boxer Parent Co., Inc.,
Sr. Sec’d. Notes, 144A		7.125			10/02/25		35,288		38,142,501
BY Crown Parent LLC,
Gtd. Notes, 144A		7.375			10/15/24		27,031		27,531,606
BY Crown Parent LLC/BY Bond Finance, Inc.,
Sr. Sec’d. Notes, 144A		4.250			01/31/26		22,617		23,289,585

See Notes to Financial Statements.

44

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Software (cont’d.)
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc.,
Gtd. Notes, 144A(a)		5.750	%		03/01/25		20,104	$	20,581,730
Dun & Bradstreet Corp. (The),
Gtd. Notes, 144A(a)		10.250			02/15/27		15,750		17,646,439
Sr. Sec’d. Notes, 144A		6.875			08/15/26		14,360		15,399,089
Open Text Corp. (Canada),
Gtd. Notes, 144A		5.875			06/01/26		4,750		4,913,194
Rackspace Technology Global, Inc.,
Gtd. Notes, 144A(a)		5.375			12/01/28		10,500		10,839,747
Sr. Sec’d. Notes, 144A(a)		3.500			02/15/28		18,200		17,870,509
Rocket Software, Inc.,
Sr. Unsec’d. Notes, 144A		6.500			02/15/29		15,675		15,666,947
									242,788,989
Telecommunications     7.7%
Altice France Holding SA (Luxembourg),
Gtd. Notes, 144A(a)		6.000			02/15/28		2,965		2,902,278
Altice France SA (France),
Sr. Sec’d. Notes, 144A(a)		7.375			05/01/26		59,935		62,536,425
Sr. Sec’d. Notes, 144A(a)		8.125			02/01/27		4,000		4,359,808
C&W Senior Financing DAC (Ireland),
Sr. Unsec’d. Notes, 144A(a)		6.875			09/15/27		18,485		19,793,600
CommScope Technologies LLC,
Gtd. Notes, 144A(a)		6.000			06/15/25		22,365		22,748,227
CommScope, Inc.,
Gtd. Notes, 144A(a)		7.125			07/01/28		21,540		22,589,837
Sr. Sec’d. Notes, 144A(a)		5.500			03/01/24		7,000		7,196,461
Sr. Sec’d. Notes, 144A(a)		6.000			03/01/26		30,600		32,167,414
Digicel Group 0.5 Ltd. (Jamaica),
Sr. Sec’d. Notes, Cash coupon 8.000% and PIK 2.000% or PIK 10.000%(a)		10.000			04/01/24		57,444		56,584,329
Sr. Unsec’d. Notes, 144A, Cash coupon 5.000% and PIK 3.000% or PIK 8.000%(a)		8.000			04/01/25		14,065		11,460,172
Digicel Holdings Bermuda Ltd./Digicel International Finance Ltd. (Jamaica),
Gtd. Notes, 144A		8.000			12/31/26		25,896		24,747,135
Gtd. Notes, 144A, Cash coupon 6.000% and PIK 7.000%(a)		13.000			12/31/25		70,877		72,032,972
Sr. Sec’d. Notes, 144A(a)		8.750			05/25/24		6,493		6,800,937
Sr. Sec’d. Notes, 144A(a)		8.750			05/25/24		83,455		87,422,322

See Notes to Financial Statements.

PGIM High Yield Fund 45

Schedule of Investments  (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Telecommunications (cont’d.)
Digicel Ltd. (Jamaica),
Gtd. Notes, 144A		6.750	%		03/01/23			157,197	$	144,601,875
Sr. Unsec’d. Notes, 144A		6.000			04/15/21			65		57,839
Embarq Corp.,
Sr. Unsec’d. Notes		7.995			06/01/36			28,981		34,454,354
Hughes Satellite Systems Corp.,
Gtd. Notes		7.625			06/15/21			9,462		9,622,754
Intelsat Jackson Holdings SA (Luxembourg),
Gtd. Notes		5.500			08/01/23	(d)		26,705		17,092,115
Gtd. Notes, 144A(a)		8.500			10/15/24	(d)		14,775		9,670,629
Gtd. Notes, 144A		9.750			07/15/25	(d)		89,167		57,152,869
Sr. Sec’d. Notes, 144A		8.000			02/15/24	(d)		37,993		39,241,181
Intelsat Luxembourg SA (Luxembourg),
Gtd. Notes		8.125			06/01/23	(d)		37,355		1,776,637
Intrado Corp.,
Gtd. Notes, 144A(a)		8.500			10/15/25			108,508		108,160,968
Level 3 Financing, Inc.,
Gtd. Notes		5.250			03/15/26			8,633		8,884,988
Gtd. Notes		5.375			05/01/25			14,170		14,530,248
Gtd. Notes, 144A		3.625			01/15/29			12,065		11,814,418
Gtd. Notes, 144A(a)		3.750			07/15/29			35,660		35,555,008
Gtd. Notes, 144A		4.250			07/01/28			25,475		25,836,174
Gtd. Notes, 144A		4.625			09/15/27			3,900		4,039,000
Lumen Technologies, Inc.,
Sr. Unsec’d. Notes		5.625			04/01/25			100		107,119
Sr. Unsec’d. Notes, 144A(a)		4.500			01/15/29			34,700		34,605,247
Sr. Unsec’d. Notes, Series P(a)		7.600			09/15/39			26,705		31,948,644
Sr. Unsec’d. Notes, Series S		6.450			06/15/21			61,197		61,978,650
Sr. Unsec’d. Notes, Series T		5.800			03/15/22			700		725,896
Sr. Unsec’d. Notes, Series U		7.650			03/15/42			31,305		37,446,053
Sr. Unsec’d. Notes, Series W		6.750			12/01/23			12,111		13,441,657
Qwest Corp.,
Sr. Unsec’d. Notes		6.750			12/01/21			19,665		20,409,199
Sprint Capital Corp.,
Gtd. Notes		6.875			11/15/28			12,811		16,207,993
Gtd. Notes		8.750			03/15/32			34,452		51,220,217
Sprint Communications, Inc.,
Gtd. Notes		6.000			11/15/22			28,350		30,320,318
Gtd. Notes(a)		11.500			11/15/21			22,872		24,423,736
Sprint Corp.,
Gtd. Notes		7.125			06/15/24			37,247		42,938,003
Gtd. Notes		7.250			09/15/21			47,561		48,944,147

See Notes to Financial Statements.

46

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
Telecommunications (cont’d.)
Sprint Corp., (cont’d.)
Gtd. Notes(a)		7.625	%		02/15/25		45,648		$	54,320,121
Gtd. Notes(a)		7.625			03/01/26		16,400			20,119,889
Gtd. Notes		7.875			09/15/23		76,404			88,207,778
T-Mobile USA, Inc.,
Gtd. Notes		2.250			02/15/26		21,050			20,979,495
Gtd. Notes(a)		2.875			02/15/31		19,625			19,258,563
Gtd. Notes		4.500			02/01/26		1,500			1,532,113
Gtd. Notes		4.750			02/01/28		612			647,529
Gtd. Notes		5.125			04/15/25		7,000	��		7,124,649
Gtd. Notes(a)		6.000			03/01/23		17,763			17,828,786
Gtd. Notes(a)		6.000			04/15/24		10,252			10,326,661
Gtd. Notes(a)		6.500			01/15/26		64,103			66,217,416
Viasat, Inc.,
Sr. Sec’d. Notes, 144A(a)		5.625			04/15/27		15,225			15,955,133
Sr. Unsec’d. Notes, 144A		5.625			09/15/25		25,449			25,957,980
Sr. Unsec’d. Notes, 144A(a)		6.500			07/15/28		11,680			12,489,036
Windstream Escrow LLC/Windstream Escrow Finance Corp.,
Sr. Sec’d. Notes, 144A(a)		7.750			08/15/28		19,680			20,163,221
Zayo Group Holdings, Inc.,
Sr. Sec’d. Notes, 144A		4.000			03/01/27		19,993			19,897,058
Sr. Unsec’d. Notes, 144A(a)		6.125			03/01/28		44,739			46,182,701
										1,817,757,982
Transportation     0.3%
XPO Logistics, Inc.,
Gtd. Notes, 144A(a)		6.125			09/01/23		10,925			11,124,185
Gtd. Notes, 144A(a)		6.250			05/01/25		15,718			16,878,035
Gtd. Notes, 144A		6.750			08/15/24		46,858			49,485,884
										77,488,104
TOTAL CORPORATE BONDS (cost $19,655,921,429)										20,474,900,866
						Shares
COMMON STOCKS     1.4%
Chemicals     0.0%
Hexion Holdings Corp. (Class B Stock)*							343,580			5,325,490

See Notes to Financial Statements.

PGIM High Yield Fund 47

Schedule of Investments  (unaudited) (continued)

as of February 28, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Electric Utilities     0.2%
GenOn Energy Holdings, Inc. (Class A Stock)*^		195,390	$	27,354,600
Keycon Power Holdings LLC*^		82,238		12,746,890
				40,101,490
Hotels, Restaurants & Leisure     0.0%
CEC Entertainment, Inc.*		240,485		4,178,427
Independent Power & Renewable Electricity Producers     0.1%
Vistra Corp.		342,429		5,906,900
Oil, Gas & Consumable Fuels     1.1%
Chesapeake Energy Corp.*		4,876,978		215,464,889
Chesapeake Energy Corp. Backstop Commitment*		28,045		1,182,862
Extraction Oil & Gas, Inc.*		1,241,318		41,770,351
Frontera Energy Corp. (Colombia)		55,828		278,777
				258,696,879
TOTAL COMMON STOCKS (cost $149,871,721)				314,209,186
EXCHANGE-TRADED FUND     0.2%
SPDR Bloomberg Barclays High Yield Bond ETF(a)
(cost $37,257,584)		411,261		44,481,990
PREFERRED STOCKS     0.0%
Capital Markets     0.0%
Goldman Sachs Group, Inc. (The), Series K, 6.375%, Maturing 12/31/49(a)(oo)		87,000		2,388,150
Construction Materials     0.0%
New Millennium Homes LLC, Maturing 01/01/49*^		2,000		20,000
Media     0.0%
Adelphia Communications Corp.*^		20,000		20
TOTAL PREFERRED STOCKS (cost $2,193,416)				2,408,170

See Notes to Financial Statements.

48

Description	Units		Value
WARRANTS*    0.0%
Chemicals    0.0%
Hercules, Inc., expiring 03/31/29		230	$	—
Hotels, Restaurants & Leisure    0.0%
CEC Entertainment, Inc., expiring 02/15/22		697,609		627,848
Media    0.0%
Mood Media Corp., expiring 07/31/25^		2,614,385		262
Mood Media Corp., expiring 07/31/25^		2,614,385		262
Mood Media Corp., expiring 07/31/25^		2,614,385		261
				785
TOTAL WARRANTS (cost $8)				628,633
TOTAL LONG-TERM INVESTMENTS (cost $21,419,653,222)				22,456,500,640
	Shares
SHORT-TERM INVESTMENTS    17.3%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(wa)		1,207,646,782		1,207,646,782
PGIM Institutional Money Market Fund (cost $2,878,610,199; includes $2,878,297,472 of cash collateral for securities on loan)(b)(wa)		2,880,288,324		2,878,848,179
TOTAL SHORT-TERM INVESTMENTS (cost $4,086,256,981)				4,086,494,961
TOTAL INVESTMENTS    112.6% (cost $25,505,910,203)				26,542,995,601
Liabilities in excess of other assets(z)    (12.6)%				(2,963,943,517	)
NET ASSETS    100.0%			$	23,579,052,084

Below is a list of the abbreviation(s) used in the semiannual report:

EUR—Euro

USD—US Dollar

144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.

CDX—Credit Derivative Index

CLO—Collateralized Loan Obligation

DIP—Debtor-In-Possession

See Notes to Financial Statements.

PGIM High Yield Fund 49

Schedule of Investments  (unaudited)  (continued)

as of February 28, 2021

ETF—Exchange-Traded Fund

LIBOR—London Interbank Offered Rate

LP—Limited Partnership

OTC—Over-the-counter

PIK—Payment-in-Kind

Q—Quarterly payment frequency for swaps

REITs—Real Estate Investment Trust

SPDR—Standard & Poor’s Depositary Receipts

* Non-income producing security.

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

^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $139,328,532 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 $2,808,490,855; cash collateral of $2,878,297,472 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

(b) Represents security, or portion thereof, 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, 2021.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of February 28, 2021. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

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

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

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

(oo) Perpetual security. Maturity date represents next call date.

(wa) 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, if applicable.

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

Unfunded loan commitment outstanding at February 28, 2021:

Borrower	Principal Amount (000)#		Current Value			Unrealized Appreciation			Unrealized Depreciation
U.S. Concrete, Inc., Initial Delayed Draw Term Loan, 1 Month LIBOR + 2.750%, 1.375%(c), Maturity Date 05/01/25 (cost $12,122,116)^		12,244		$	12,121,793		$	—		$	(323	)

Futures contracts outstanding at February 28, 2021:

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
	Long Positions:
	5,057	2 Year U.S. Treasury Notes		Jun. 2021		$1,116,411,771		$      (441,281	)

See Notes to Financial Statements.

50

Futures contracts outstanding at February 28, 2021 (continued):

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
	Long Positions (cont’d):
	418	5 Year Euro-Bobl		Mar. 2021	$	67,687,190	$	(540,015	)
	5,885	5 Year U.S. Treasury Notes		Jun. 2021		729,556,094		(6,845,434	)
	5,385	10 Year U.S. Treasury Notes		Jun. 2021		714,690,469		(9,152,786	)
	1,325	20 Year U.S. Treasury Bonds		Jun. 2021		210,964,844		(2,328,113	)
	16	Euro Schatz Index		Mar. 2021		2,165,419		(3,008	)
								(19,310,637	)
	Short Positions:
	150	10 Year Euro-Bund		Mar. 2021		31,382,365		701,961
	25	10 Year Euro-Bund		Jun. 2021		5,143,824		(24,757	)
	141	30 Year U.S. Ultra Treasury Bonds		Jun. 2021		26,657,813		99,029
								776,233
							$	(18,534,404	)

Forward foreign currency exchange contracts outstanding at February 28, 2021:

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date			Current Value			Unrealized Appreciation			Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Euro,
Expiring 03/02/21	Barclays Bank PLC		EUR    18,246		$	22,163,342		$	22,016,514		$	—		$	(146,828	)

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date			Current Value			Unrealized Appreciation			Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Euro,
Expiring 03/02/21	Citibank, N.A.		EUR    18,246		$	22,193,557		$	22,016,514		$	177,043		$	—
Expiring 04/06/21	Barclays Bank PLC		EUR    18,246			22,180,220			22,037,349			142,871			—
					$	44,373,777		$	44,053,863			319,914			—
											$	319,914		$	(146,828	)

See Notes to Financial Statements.

PGIM High Yield Fund 51

Schedule of Investments  (unaudited)(continued)

as of February 28, 2021

Credit default swap agreements outstanding at February 28, 2021:

Reference Entity/ Obligation	Termination Date	Fixed Rate	Notional Amount (000)#(3)		Implied Credit Spread at February 28, 2021(4)	Value at Trade Date	Value at February 28, 2021	Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):
CDX.NA.HY.35.V1	12/20/25	5.000%(Q)		1,439,275	3.088%	$121,162,694	$133,493,523	$12,330,829

The Fund entered into credit default swaps (“CDS”) to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1) If the Fund is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Fund is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3) Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

See Notes to Financial Statements.

52

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

Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

Broker	Cash and/or Foreign Currency	Securities Market Value
Citigroup Global Markets, Inc.	$134,654,000	$—

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, 2021 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Asset-Backed Securities
Collateralized Loan Obligations	$	—	$	335,340,918	$	—
Bank Loans		—		1,178,213,497		99,203,867
Convertible Bond		—		7,113,513		—
Corporate Bonds		—		20,474,898,173		2,693
Common Stocks		268,746,407		5,361,289		40,101,490
Exchange-Traded Fund		44,481,990		—		—
Preferred Stocks		2,388,150		—		20,020
Warrants		—		627,848		785
Affiliated Mutual Funds		4,086,494,961		—		—
Total	$	4,402,111,508	$	22,001,555,238	$	139,328,855
Other Financial Instruments*
Assets
Futures Contracts.	$	800,990	$	—	$	—
OTC Forward Foreign Currency Exchange Contracts		—		319,914		—
Centrally Cleared Credit Default Swap Agreement		—		12,330,829		—
Total	$	800,990	$	12,650,743	$	—
Liabilities
Unfunded Loan Commitment.	$	—	$	—	$	(323	)

See Notes to Financial Statements.

PGIM High Yield Fund 53

Schedule of Investments (unaudited)(continued)

as of February 28, 2021

	Level 1			Level 2			Level 3
Other Financial Instruments* (continued) Liabilities (continued)
Futures Contracts	$	(19,335,394	)	$	—		$	—
OTC Forward Foreign Currency Exchange Contract		—			(146,828	)		—
Total	$	(19,335,394	)	$	(146,828	)	$	(323	)

* Other financial instruments are derivative instruments, with the exception of unfunded loan commitments, and are not reflected in the Schedule of Investments. Futures, forwards, centrally cleared swap contracts and unfunded loan commitments are recorded at net unrealized appreciation (depreciation) and OTC swap contracts are recorded at fair value.

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of February 28, 2021 were as follows:

Affiliated Mutual Funds (12.2% represents investments purchased with collateral from securities on loan)	17.3	%
Telecommunications	8.6
Oil & Gas	7.9
Media	7.7
Entertainment	4.5
Healthcare-Services	4.1
Home Builders	3.7
Electric	3.7
Chemicals	3.6
Commercial Services	3.5
Retail	3.4
Pipelines	3.3
Real Estate Investment Trusts (REITs)	3.0
Mining	2.8
Pharmaceuticals	2.6
Auto Manufacturers	2.4
Computers	2.4
Foods	2.3
Software	2.3
Diversified Financial Services	2.3
Lodging	2.3
Building Materials	2.0
Miscellaneous Manufacturing	1.8
Aerospace & Defense	1.7
Auto Parts & Equipment	1.4
Collateralized Loan Obligations	1.4
Oil, Gas & Consumable Fuels	1.1
Real Estate	1.0
Packaging & Containers	0.8

Gas	0.8	%
Advertising	0.6
Distribution/Wholesale	0.6
Engineering & Construction	0.6
Leisure Time	0.6
Internet	0.5
Banks	0.4
Machinery-Diversified	0.4
Iron/Steel	0.3
Transportation	0.3
Apparel	0.3
Semiconductors	0.3
Electronics	0.3
Agriculture	0.3
Electrical Components & Equipment	0.2
Household Products/Wares	0.2
Exchange-Traded Fund	0.2
Electric Utilities	0.2
Insurance	0.1
Office/Business Equipment	0.1
Airlines	0.1
Housewares	0.1
Energy-Alternate Sources	0.1
Independent Power & Renewable Electricity Producers	0.1
Hotels, Restaurants & Leisure	0.0	*
Capital Markets	0.0	*

See Notes to Financial Statements.

54

Industry Classification (continued):
Construction Materials	0.0	*%
	112.6
Liabilities in excess of other assets	(12.6	)
	100.0	%

* Less than +/- 0.05%

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

The Fund invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit contracts risk, foreign exchange contracts risk and interest rate contracts risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of February 28, 2021 as presented in the Statement of Assets and Liabilities:

	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Credit contracts	Due from/to broker-variation margin swaps	$	12,330,829	*	—	$	—
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		319,914		Unrealized depreciation on OTC forward foreign currency exchange contracts		146,828
Interest rate contracts	Due from/to broker-variation margin futures		800,990	*	Due from/to broker-variation margin futures		19,335,394	*
		$	13,451,733			$	19,482,222

* 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.

See Notes to Financial Statements.

PGIM High Yield Fund 55

Schedule of Investments  (unaudited) (continued)

as of February 28, 2021

The effects of derivative instruments on the Statement of Operations for the six months ended February 28, 2021 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures			Forward Currency Exchange Contracts			Swaps
Credit contracts	$	—		$	—		$	(10,940,564	)
Foreign exchange contracts		—			(690,682	)		—
Interest rate contracts		(46,418,395	)		—			—
Total	$	(46,418,395	)	$	(690,682	)	$	(10,940,564	)

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures			Forward Currency Exchange Contracts		Swaps
Credit contracts	$	—		$	—	$	12,330,829
Foreign exchange contracts		—			538,035		—
Interest rate contracts		(15,291,859	)		—		—
Total	$	(15,291,859	)	$	538,035	$	12,330,829

For the six months ended February 28, 2021, 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)
$2,037,192,139	$	218,074,953	$21,785,651

Forward Foreign

Currency Exchange

Contracts—Sold(2)

$43,534,172

Credit Default

Swap Agreements—

Sell Protection(1)

$479,758,333

(1) Notional Amount in USD.

(2) Value at Settlement Date.

Average volume is based on average quarter end balances as noted for the six months ended February 28, 2021.

See Notes to Financial Statements.

56

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 to set-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		$	2,808,490,855		$	(2,808,490,855	)		$	—

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
Barclays Bank PLC		$	142,871		$	(146,828	)		$	(3,957	)		$	—		$	(3,957	)
Citibank, N.A.			177,043			—				177,043				—			177,043
		$	319,914		$	(146,828	)		$	173,086			$	—		$	173,086

(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 57

Statement of Assets and Liabilities  (unaudited)

as of February 28, 2021

Assets
Investments at value, including securities on loan of $2,808,490,855:
Unaffiliated investments (cost $21,419,653,222)	$	22,456,500,640
Affiliated investments (cost $4,086,256,981)		4,086,494,961
Cash		34,893,882
Foreign currency, at value (cost $13,395,265)		13,370,602
Dividends and interest receivable		317,620,750
Receivable for Fund shares sold		154,471,170
Deposit with broker for centrally cleared/exchange-traded derivatives		134,654,000
Receivable for investments sold		110,268,996
Due from broker—variation margin swaps		2,391,751
Due from broker—variation margin futures		2,218,263
Unrealized appreciation on OTC forward foreign currency exchange contracts		319,914
Prepaid expenses and other assets		644,255
Total Assets		27,313,849,184
Liabilities
Payable to broker for collateral for securities on loan		2,878,297,472
Payable for investments purchased		515,958,478
Payable for Fund shares purchased		314,988,516
Dividends payable		14,372,807
Management fee payable		6,492,539
Accrued expenses and other liabilities		3,795,722
Distribution fee payable		587,722
Affiliated transfer agent fee payable		156,385
Unrealized depreciation on OTC forward foreign currency exchange contracts		146,828
Unrealized depreciation on unfunded loan commitments		323
Affiliated shareholder servicing fees payable		308
Total Liabilities		3,734,797,100
Net Assets	$	23,579,052,084
Net assets were comprised of:
Common stock, at par	$	42,627,118
Paid-in capital in excess of par		22,619,368,166
Total distributable earnings (loss)		917,056,800
Net assets, February 28, 2021	$	23,579,052,084

See Notes to Financial Statements.

58

Class A
Net asset value and redemption price per share, ($1,760,938,036 ÷ 318,735,898 shares of common stock issued and outstanding)	$	5.52
Maximum sales charge (3.25% of offering price)		0.19
Maximum offering price to public	$	5.71
Class C
Net asset value, offering price and redemption price per share, ($269,126,807 ÷ 48,775,896 shares of common stock issued and outstanding)	$	5.52
Class R
Net asset value, offering price and redemption price per share, ($76,012,335 ÷ 13,765,819 shares of common stock issued and outstanding)	$	5.52
Class Z
Net asset value, offering price and redemption price per share, ($11,348,774,360 ÷ 2,049,278,550 shares of common stock issued and outstanding)	$	5.54
Class R2
Net asset value, offering price and redemption price per share, ($40,878,298 ÷ 7,393,014 shares of common stock issued and outstanding)	$	5.53
Class R4
Net asset value, offering price and redemption price per share, ($26,027,517 ÷ 4,707,462 shares of common stock issued and outstanding)	$	5.53
Class R6
Net asset value, offering price and redemption price per share, ($10,057,294,731 ÷ 1,820,055,180 shares of common stock issued and outstanding)	$	5.53

See Notes to Financial Statements.

PGIM High Yield Fund 59

Statement of Operations (unaudited)

Six Months Ended February 28, 2021

Net Investment Income (Loss)
Income
Interest income	$	617,848,438
Unaffiliated dividend income		9,736,570
Income from securities lending, net (including affiliated income of $1,315,160)		1,838,801
Affiliated dividend income		1,168,464
Total income		630,592,273
Expenses
Management fee		38,294,336
Distribution fee(a)		3,799,860
Shareholder servicing fees (including affiliated expense of $709)(a)		17,148
Transfer agent’s fees and expenses (including affiliated expense of $394,870)(a)		6,818,267
Custodian and accounting fees		597,338
SEC registration fees		440,498
Registration fees(a)		408,589
Shareholders’ reports		261,119
Directors’ fees		110,821
Legal fees and expenses		49,699
Audit fee		22,670
Miscellaneous		113,967
Total expenses		50,934,312
Less: Fee waiver and/or expense reimbursement(a)		(3,902	)
Distribution fee waiver(a)		(91,574	)
Net expenses		50,838,836
Net investment income (loss)		579,753,437
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(596,888))		44,430,853
Futures transactions		(46,418,395	)
Forward currency contract transactions		(690,682	)
Swap agreement transactions		(10,940,564	)
Foreign currency transactions		760,092
		(12,858,696	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(253,015))		800,542,799
Futures		(15,291,859	)
Forward currency contracts		538,035
Swap agreements		12,330,829
Foreign currencies		(142,068	)
Unfunded loan commitments		(236,371	)
		797,741,365
Net gain (loss) on investment and foreign currency transactions		784,882,669
Net Increase (Decrease) In Net Assets Resulting From Operations	$	1,364,636,106

See Notes to Financial Statements.

60

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

	Class A		Class C		Class R			Class Z		Class R2		Class R4			Class R6
Distribution fee		2,125,173		1,367,249		274,723			—		32,715		—			—
Shareholder servicing fees		—		—		—			—		9,224		7,924			—
Transfer agent’s fees and expenses		1,053,276		100,857		55,435			5,544,646		10,771		14,499			38,783
Registration fees		40,700		14,694		10,359			182,188		10,423		10,423			139,802
Fee waiver and/or expense reimbursement		—		—		—			—		—		(3,902	)		—
Distribution fee waiver		—		—		(91,574	)		—		—		—			—

See Notes to Financial Statements.

PGIM High Yield Fund 61

Statements of Changes in Net Assets  (unaudited)

	Six Months Ended February 28, 2021				Year Ended August 31, 2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	579,753,437			$	818,275,561
Net realized gain (loss) on investment and foreign currency transactions			(12,858,696	)			105,118,022
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			797,741,365				170,562,106
Net increase (decrease) in net assets resulting from operations			1,364,636,106				1,093,955,689
Dividends and Distributions
Distributions from distributable earnings
Class A			(55,711,329	)			(98,562,297	)
Class B			—				(2,814,098	)
Class C			(8,063,157	)			(12,788,723	)
Class R			(2,299,647	)			(4,172,421	)
Class Z			(340,431,792	)			(396,141,308	)
Class R2			(882,662	)			(525,606	)
Class R4			(683,330	)			(906,646	)
Class R6			(319,587,457	)			(309,953,205	)
			(727,659,374	)			(825,864,304	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold			5,899,861,597				13,637,395,078
Net asset value of shares issued in reinvestment of dividends and distributions			630,463,649				730,727,029
Cost of shares purchased			(3,087,657,272	)			(4,900,192,503	)
Net increase (decrease) in net assets from Fund share transactions			3,442,667,974				9,467,929,604
Total increase (decrease)			4,079,644,706				9,736,020,989
Net Assets:
Beginning of period			19,499,407,378				9,763,386,389
End of period		$	23,579,052,084			$	19,499,407,378

See Notes to Financial Statements.

62

Notes to Financial Statements  (unaudited)

1.  Organization

Prudential Investment Portfolios, Inc. 15 (the “Company”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Company currently 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 Fund is classified as a diversified fund for purposes of the 1940 Act.

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.

2.  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 is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform to U.S. generally accepted accounting principles (“GAAP”). 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 as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Fund’s investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. 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. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. A record of the Valuation Committee’s actions is subject to the Board’s review at its first quarterly meeting following the quarter in which such actions take place.

For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur

PGIM High Yield Fund 63

Notes to Financial Statements  (unaudited) (continued)

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

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

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

Fixed income securities traded in the OTC market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The 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

64

the average of such quotations. Bank loans valued using such vendor prices are generally classified as Level 2 in the fair value hierarchy. Bank loans valued based on a single broker quote or at the original transaction price in excess of five business days are classified as Level 3 in the fair value hierarchy.

OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The 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 derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors’ valuation techniques used to derive the evaluated derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.

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

Foreign Currency Translation: The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:

PGIM High Yield Fund 65

Notes to Financial Statements  (unaudited) (continued)

(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 investment transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Fund’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 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 or depreciation on forward and cross currency contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on forward and cross currency contract transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange

66

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 invested in bank loans. Bank loans include fixed and floating rate loans that are privately negotiated between a corporate borrower and one or more financial institutions, including, but not limited to, term loans, revolvers, and other instruments issued in the bank loan market. The Fund acquires interests in loans directly (by way of assignment from the selling institution) and/or indirectly (by way of the purchase of a participation interest from the selling institution). Under a bank loan assignment, the 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.

Swap Agreements: The Fund entered into certain types of swap agreements detailed in the disclosures below. A swap agreement is an agreement to exchange the return generated by

PGIM High Yield Fund 67

Notes to Financial Statements  (unaudited) (continued)

one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty (“OTC-traded”) or through a central clearing facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on swap agreements. Centrally cleared swaps pay or receive an amount known as “variation margin”, based on daily changes in the valuation of the swap contract. For OTC-traded, upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.

Credit Default Swaps (“CDS”): CDS involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified payment in the event of a default or as a result of a default (collectively a “credit event”) for the referenced entity (typically corporate issues or sovereign issues of an emerging country) on its obligation; or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index.

The Fund is subject to credit risk in the normal course of pursuing its investment objectives, and as such, has entered into CDS contracts to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases. The Fund’s maximum risk of loss from counterparty credit risk for purchased CDS is the inability of the counterparty to honor the contract up to the notional value due to a credit event.

As a seller of protection on credit default swap agreements, the Fund generally receives an agreed upon payment from the buyer of protection throughout the term of the swap, provided no credit event occurs. As the seller, the Fund effectively increases its investment risk because, in addition to its total net assets, the Fund may be subject to investment exposure on the notional amount of the swap.

The maximum amount of the payment that the Fund, as a seller of protection, could be required to make under a credit default swap agreement would be equal to the notional amount of the underlying security or index contract as a result of a credit event. This potential amount will be partially offset by any recovery values of the respective referenced obligations, or net amounts received from the settlement of buy protection credit default

68

swap agreements which the Fund entered into for the same referenced entity or index. As a buyer of protection, the Fund generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where the Fund is the seller of protection as of period end are disclosed in the footnotes to the Schedule of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

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 all or a portion 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 to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

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 or re-pledged, is presented in the Schedule of Investments. Collateral pledged by the Fund is segregated by the Fund’s custodian and identified in the Schedule of Investments. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the Fund and the applicable counterparty. Collateral requirements are determined based 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 69

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.

In addition to each instrument’s primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in the portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/insolvency of either party. Such OTC derivative agreements include conditions which, when materialized, give the counterparty the right to cause an early termination of the transactions under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.

Short sales and OTC contracts, including forward foreign currency exchange contracts, swaps, forward rate agreements and written options involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities, if applicable. Such risks may be mitigated by engaging in master netting arrangements.

Warrants: The Fund held warrants acquired either through a direct purchase or pursuant to corporate actions. Warrants entitle the holder to buy a proportionate amount of common stock, or such other security that the issuer may specify, at a specific price and time through the expiration dates. Such warrants are held as long positions by the Fund until exercised, sold or expired. Warrants are valued at fair value in accordance with the Board approved fair valuation procedures.

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

Securities 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.

70

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. The remaining maturities of the securities lending transactions are considered overnight and continuous. 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, which are reflected in interest income or unaffiliated dividend income based on the nature of the payment on the Statement of Operations. 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 in the Statement of Operations.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the 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. Such class specific expenses and waivers 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

PGIM High Yield Fund 71

Notes to Financial Statements  (unaudited) (continued)

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 GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.

Estimates: The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

3. Agreements

The Company, on behalf of the Fund, has a management agreement with the Manager. Pursuant to this agreement, the Manager has responsibility for all investment advisory services and supervises the subadvisers’ performance of such services.

The Manager has entered into a subadvisory agreement with PGIM, Inc., which provides subadvisory services to the Fund through its business unit PGIM Fixed Income and PGIM Limited (each a “subadviser” and collectively the “subadvisers”). The Manager pays for the services of the subadvisers.

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 0.36% for the reporting period ended February 28, 2021.

The Manager has contractually agreed, through December 31, 2021, 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 expense limitation excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired

72

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 such 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 the Manager may be recouped by the Manager within the 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 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 C, Class R and Class R2 shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS.

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to 0.25%, 1%, 0.75% and 0.25% of the average daily net assets of the Class A, Class C, Class R and Class R2 shares, respectively. PIMS has contractually agreed through December 31, 2021 to limit such fees to 0.50% of the average daily net assets of the Class R shares. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z, Class R4 or Class R6 shares of the Fund.

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 up to 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, as applicable.

For the reporting period ended February 28, 2021, PIMS received $1,303,575 in front-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended February 28, 2021, PIMS received $16,254 and $21,520 in contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders, respectively. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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

PGIM High Yield Fund 73

Notes to Financial Statements  (unaudited) (continued)

4. Other Transactions with Affiliates

PMFS serves as the Fund’s transfer agent. Transfer agent’s fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

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. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. For the reporting period ended February 28, 2021, no 17a-7 transactions were entered into by the Fund.

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments, in-kind transactions and U.S. Government securities) for the reporting period ended February 28, 2021, were $8,387,912,767 and $5,074,639,477, 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, 2021, 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
Short-Term Investments - Affiliated Mutual Funds:
PGIM Core Ultra Short Bond Fund (1)(wa)
$1,103,301,953	$3,018,736,742	$2,914,391,913	$      —	$      —	$1,207,646,782	1,207,646,782		$1,168,464
PGIM Institutional Money Market Fund (1)(b)(wa)
2,639,041,082	3,968,294,291	3,727,637,291	(253,015)	(596,888)	2,878,848,179	2,880,288,324		1,315,160	(2)

74

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
	$3,742,343,035		$6,987,031,033		$6,642,029,204		$(253,015)		$(596,888)		$4,086,494,961			$2,483,624

(1) The Fund did not have any capital gain distributions during the reporting period.

(2) The amount, or a portion thereof, represents the affiliated securities lending income shown on the Statement of Operations.

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

(wa) 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, if applicable.

6. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of February 28, 2021 were as follows:

Tax Basis	$	25,553,187,253
Gross Unrealized Appreciation		1,372,991,689
Gross Unrealized Depreciation		(389,214,153	)
Net Unrealized Appreciation	$	983,777,536

The GAAP basis may differ from tax basis due to certain tax-related adjustments.

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. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended August 31, 2020 are subject to such review.

7. Capital and Ownership

The Fund offers Class A, Class C, Class R, Class Z, Class R2, Class R4 and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 3.25%. Investors who purchase $500,000 or more of Class A shares and sell those shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1.00% on sales although these purchases are not subject to a front-end 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. Effective June 26, 2020, all of the issued and outstanding Class B shares of the Fund converted into Class A shares. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately 10 years after purchase. Effective January 22, 2021, Class C shares will automatically convert to Class A shares on a monthly basis approximately eight years after purchase. Class R, Class Z, Class R2, Class R4 and Class R6 shares are not

PGIM High Yield Fund 75

Notes to Financial Statements  (unaudited) (continued)

subject to any sales or redemption charges 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, below.

The Company is authorized to issue 13.985 billion shares of common stock, $0.01 par value per share, 12.8 billion of which are designated as shares of the Fund. The shares are further classified and designated as follows:

Class A	1,500,000,000
Class B	50,000,000
Class C	250,000,000
Class R	300,000,000
Class Z	5,000,000,000
Class T	300,000,000
Class R2	200,000,000
Class R4	200,000,000
Class R6	5,000,000,000

The Fund currently does not have any Class B or Class T shares outstanding.

As of February 28, 2021, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

	Number of Shares	Percentage of Outstanding Shares
Class A	170,588	0.1%
Class R	1,441,235	10.5%
Class Z	695,447	0.1%
Class R6	47,539,322	2.6%

At the reporting period end, the number of shareholders holding greater than 5% of the Fund are as follows:

Affiliated		Unaffiliated
Number of Shareholders	Percentage of Outstanding Shares	Number of Shareholders	Percentage of Outstanding Shares
—	—%	8	70.0%

76

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Six months ended February 28, 2021:
Shares sold		42,359,201		$	231,222,691
Shares issued in reinvestment of dividends and distributions		9,093,794			49,448,413
Shares purchased		(46,265,106	)		(250,901,731	)
Net increase (decrease) in shares outstanding before conversion		5,187,889			29,769,373
Shares issued upon conversion from other share class(es)		7,820,288			43,121,923
Shares purchased upon conversion into other share class(es)		(18,558,162	)		(100,861,301	)
Net increase (decrease) in shares outstanding		(5,549,985	)	$	(27,970,005	)
Year ended August 31, 2020:
Shares sold		116,206,819		$	606,295,822
Shares issued in reinvestment of dividends and distributions		16,469,758			87,104,550
Shares purchased		(132,992,270	)		(709,966,347	)
Net increase (decrease) in shares outstanding before conversion		(315,693	)		(16,565,975	)
Shares issued upon conversion from other share class(es)		21,067,344			110,658,711
Shares purchased upon conversion into other share class(es)		(3,829,084	)		(20,358,052	)
Net increase (decrease) in shares outstanding		16,922,567		$	73,734,684
Class B
Period ended June 26, 2020*:
Shares sold		29,679		$	157,779
Shares issued in reinvestment of dividends and distributions		435,705			2,311,133
Shares purchased		(1,335,625	)		(6,919,994	)
Net increase (decrease) in shares outstanding before conversion		(870,241	)		(4,451,082	)
Shares purchased upon conversion into other share class(es)		(14,083,448	)		(73,612,182	)
Net increase (decrease) in shares outstanding		(14,953,689	)	$	(78,063,264	)
Class C
Six months ended February 28, 2021:
Shares sold		7,467,623		$	40,577,059
Shares issued in reinvestment of dividends and distributions		1,374,135			7,472,593
Shares purchased		(4,212,952	)		(22,851,022	)
Net increase (decrease) in shares outstanding before conversion		4,628,806			25,198,630
Shares purchased upon conversion into other share class(es)		(5,305,595	)		(29,376,191	)
Net increase (decrease) in shares outstanding		(676,789	)	$	(4,177,561	)
Year ended August 31, 2020:
Shares sold		19,200,786		$	100,359,297
Shares issued in reinvestment of dividends and distributions		2,214,010			11,651,948
Shares purchased		(9,197,693	)		(47,590,902	)
Net increase (decrease) in shares outstanding before conversion		12,217,103			64,420,343
Shares purchased upon conversion into other share class(es)		(5,460,416	)		(29,105,318	)
Net increase (decrease) in shares outstanding		6,756,687		$	35,315,025

PGIM High Yield Fund 77

Notes to Financial Statements  (unaudited) (continued)

Class R	Shares			Amount
Six months ended February 28, 2021:
Shares sold		1,456,858		$	7,969,331
Shares issued in reinvestment of dividends and distributions		422,477			2,296,081
Shares purchased		(2,191,707	)		(11,831,618	)
Net increase (decrease) in shares outstanding		(312,372	)	$	(1,566,206	)
Year ended August 31, 2020:
Shares sold		3,875,715		$	20,506,968
Shares issued in reinvestment of dividends and distributions		786,081			4,147,680
Shares purchased		(4,156,309	)		(21,720,816	)
Net increase (decrease) in shares outstanding before conversion		505,487			2,933,832
Shares issued upon conversion from other share class(es)		434			2,419
Shares purchased upon conversion into other share class(es)		(3,761	)		(20,950	)
Net increase (decrease) in shares outstanding		502,160		$	2,915,301
Class Z
Six months ended February 28, 2021:
Shares sold		541,273,785		$	2,963,628,614
Shares issued in reinvestment of dividends and distributions		59,456,704			324,587,485
Shares purchased		(287,038,400	)		(1,560,612,111	)
Net increase (decrease) in shares outstanding before conversion		313,692,089			1,727,603,988
Shares issued upon conversion from other share class(es)		18,993,361			103,440,683
Shares purchased upon conversion into other share class(es)		(3,100,468	)		(16,934,593	)
Net increase (decrease) in shares outstanding		329,584,982		$	1,814,110,078
Year ended August 31, 2020:
Shares sold		1,409,635,494		$	7,288,568,810
Shares issued in reinvestment of dividends and distributions		70,587,703			372,643,957
Shares purchased		(555,948,572	)		(2,870,058,854	)
Net increase (decrease) in shares outstanding before conversion		924,274,625			4,791,153,913
Shares issued upon conversion from other share class(es)		4,470,319			23,770,191
Shares purchased upon conversion into other share class(es)		(52,818,679	)		(288,876,399	)
Net increase (decrease) in shares outstanding		875,926,265		$	4,526,047,705
Class R2
Six months ended February 28, 2021:
Shares sold		5,395,784		$	29,440,025
Shares issued in reinvestment of dividends and distributions		161,077			882,630
Shares purchased		(738,108	)		(4,059,223	)
Net increase (decrease) in shares outstanding		4,818,753		$	26,263,432
Year ended August 31, 2020:
Shares sold		2,000,824		$	10,446,442
Shares issued in reinvestment of dividends and distributions		99,075			522,997
Shares purchased		(872,116	)		(4,603,503	)
Net increase (decrease) in shares outstanding		1,227,783		$	6,365,936

78

Class R4	Shares			Amount
Six months ended February 28, 2021:
Shares sold		2,014,324		$	11,048,123
Shares issued in reinvestment of dividends and distributions		69,030			376,101
Shares purchased		(949,465	)		(5,143,182	)
Net increase (decrease) in shares outstanding		1,133,889		$	6,281,042
Year ended August 31, 2020:
Shares sold		2,305,216		$	12,266,091
Shares issued in reinvestment of dividends and distributions		111,836			589,172
Shares purchased		(930,390	)		(4,794,805	)
Net increase (decrease) in shares outstanding		1,486,662		$	8,060,458
Class R6
Six months ended February 28, 2021:
Shares sold		480,728,676		$	2,615,975,754
Shares issued in reinvestment of dividends and distributions		45,073,800			245,400,346
Shares purchased		(225,101,715	)		(1,232,258,385	)
Net increase (decrease) in shares outstanding before conversion		300,700,761			1,629,117,715
Shares issued upon conversion from other share class(es)		339,100			1,848,683
Shares purchased upon conversion into other share class(es)		(226,392	)		(1,239,204	)
Net increase (decrease) in shares outstanding		300,813,469		$	1,629,727,194
Year ended August 31, 2020:
Shares sold		1,108,888,655		$	5,598,793,869
Shares issued in reinvestment of dividends and distributions		47,945,610			251,755,592
Shares purchased		(238,619,541	)		(1,234,537,282	)
Net increase (decrease) in shares outstanding before conversion		918,214,724			4,616,012,179
Shares issued upon conversion from other share class(es)		50,899,474			278,317,149
Shares purchased upon conversion into other share class(es)		(147,142	)		(775,569	)
Net increase (decrease) in shares outstanding		968,967,056		$	4,893,553,759

* Effective June 26, 2020, all of the issued and outstanding Class B shares of the Fund converted into Class A shares.

8.   Borrowings

The Company, on behalf of the Fund, along with other affiliated registered investment companies (the “Participating 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 table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.

	Current SCA	Prior SCA
Term of Commitment	10/2/2020 – 9/30/2021	10/3/2019 – 10/1/2020
Total Commitment	$1,200,000,000	$1,222,500,000*
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.30% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent

*Effective March 31, 2020, the SCA’s total commitment was increased from $900,000,000 to $1,162,500,000 and subsequently, effective April 7, 2020 was increased to $1,222,500,000.

PGIM High Yield Fund 79

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 Participating Funds in the SCA equitably.

The Fund did not utilize the SCA during the reporting period ended February 28, 2021.

9.   Purchases & Redemption In-kind

On September 15, 2020, the Board approved changes which would change the way an affiliated mutual fund within the PGIM Retail Mutual Fund Complex (“PGIM Income Builder Fund”), obtained exposure to certain asset classes from direct investments in a particular asset class to investing in an applicable PGIM Retail Mutual Fund (the “Underlying Funds”), one of which is the PGIM High Yield Fund, that invests in the same asset class utilizing a substantially similar investment strategy.

As of the close of business on October 23, 2020, the PGIM Income Builder Fund delivered portfolio securities and other assets to four Underlying Funds in exchange for Class R6 shares of the Underlying Funds.

The following table is a summary of the value of such securities and other assets of PGIM Income Builder Fund that were transferred in-kind and the Class R6 shares of PGIM High Yield Fund purchased in-kind:

PGIM Income Builder Fund Sleeve	Market Value of Net Assets Received	Applicable Underlying Fund	Applicable Class R6 Shares of the Underlying Fund Transferred
High Yield	$59,333,969	PGIM High Yield Fund	11,111,230

The dollar amount of in-kind shares is included with net proceeds from the Class R6 shares sold on the Statement of Changes in Net Assets. The share amount of in-kind shares is included within shares sold for Class R6 in Note 7.

For US GAAP purposes, the securities and other assets transferred were recorded at fair value, but the historical cost basis of the assets transferred was not carried forward to the Underlying Funds.

80

10.   Risks of Investing in the Fund

The Fund’s risks include, but are not limited to, some or all of the risks discussed below. For further information on the Fund’s risks, please refer to the Fund’s Prospectus and Statement of Additional Information.

Bond Obligations Risk: As with credit risk, market risk and interest rate 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 lose income.

Credit Risk: This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract, may be unable or unwilling to make timely principal and interest payments, or to otherwise honor its obligations. Additionally, fixed income securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk.

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. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the Fund’s derivatives positions. In fact, many OTC derivative instruments lack 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. The securities of such issuers may trade in 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. Lack of information may also affect the value of these securities.

Interest Rate Risk: The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as

PGIM High Yield Fund 81

Notes to Financial Statements  (unaudited) (continued)

“duration risk.” When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund’s holdings may fall sharply. This is referred to as “extension risk.” The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

Junk Bonds 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. The non-investment grade bond market can experience sudden and sharp price swings and become illiquid due to a variety of factors, including changes in economic forecasts, stock market activity, large sustained sales by major investors, a high profile default or a change in the market’s psychology.

Large Shareholder and Large Scale Redemption Risk: Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund’s shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund’s shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy. The Fund’s ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.

LIBOR Risk: Many financial instruments use or may use a floating rate based on the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short-term Eurodollar deposits between major international banks. Over the course of the last several years, global regulators have indicated an intent to phase out the use of LIBOR and similar interbank offering rates (IBOR). On November 30, 2020, the administrator of LIBOR announced a delay in the phase out of a majority of the U.S. dollar LIBOR publications until June 30, 2023, with the remainder of LIBOR publications to still end at the end of 2021. There still remains uncertainty regarding the nature of any replacement rates for LIBOR and the other IBORs as well as around fallback approaches for instruments extending beyond the any phase-out of these reference rates. The lack of consensus around replacement rates and the uncertainty of the phase out of LIBOR and other IBORs may result in increased volatility in corporate or governmental debt, bank loans, derivatives and other instruments invested in

82

by a Fund as well as loan facilities used by a Fund. As such, the potential impact of a transition away from LIBOR on a Fund or the financial instruments in which a Fund invests cannot yet be determined. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Fund’s performance and/or net asset value. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR and the other IBORs as benchmarks could deteriorate during the transition period, these effects could begin to be experienced by the end of 2021 and beyond until the anticipated discontinuance date in 2023 for the majority of the LIBOR rates.

Liquidity Risk: Liquidity risk is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors’ interests in the Fund. The Fund may invest in instruments that trade in lower volumes and are more illiquid than other investments. 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 cannot be readily sold at the desired time or price, the Fund may have to accept a lower price or may not be able to sell the instrument at all. 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 Disruption and Geopolitical Risks: International wars or conflicts and geopolitical developments in foreign countries, along with instability in regions such as Asia, Eastern Europe, and the Middle East, possible terrorist attacks in the United States or around the world, public health epidemics such as the outbreak of infectious diseases like the recent outbreak of coronavirus globally or the 2014–2016 outbreak in West Africa of the Ebola virus, and other similar events could adversely affect the U.S. and foreign financial markets, including increases in market volatility, reduced liquidity in the securities markets and government intervention, and may cause further long-term economic uncertainties in the United States and worldwide generally. The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Fund’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide.

PGIM High Yield Fund 83

Notes to Financial Statements  (unaudited) (continued)

Market Risk: Securities markets may be volatile and the market prices of the Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

Risks of Investments in Bank Loans: The Fund’s ability to receive payments of principal and interest and other amounts in connection with loans (whether through participations, assignments or otherwise) will depend primarily on the financial condition of the borrower. The failure by the Fund’s scheduled interest or principal payments on a loan because of a default, bankruptcy or any other reason would adversely affect the income of the Fund and would likely reduce the value of its assets. Even with loans secured by collateral, there is the risk that the value of the collateral may decline, may be insufficient to meet the obligations of the borrower, or be difficult to liquidate. In the event of a default, the Fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. Further, the Fund’s access to collateral, if any, may be limited by bankruptcy laws.

11.   Recent Accounting Pronouncement and Regulatory Developments

In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, which provides optional guidance for applying GAAP to contract modifications, hedging relationships and other transactions affected by the reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. At this time, management is evaluating the implications of certain provisions of the ASU and any impact on the financial statement disclosures has not yet been determined.

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule is scheduled to take effect on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Rule and its impact to the Fund.

84

Financial Highlights  (unaudited)

Class A Shares
	Six Months Ended February 28,			Year Ended August 31,
	2021			2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$5.36			$5.49			$5.44			$5.57			$5.45			$5.38
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.32			0.31			0.31			0.33			0.32
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.20			(0.13	)(b)		0.07			(0.12	)		0.13			0.08
Total from investment operations		0.34			0.19			0.38			0.19			0.46			0.40
Less Dividends and Distributions:
Dividends from net investment income		(0.16	)		(0.32	)		(0.33	)		(0.32	)		(0.34	)		(0.33	)
Distributions from net realized gains		(0.02	)		-			-			-			-			-
Total dividends and distributions		(0.18	)		(0.32	)		(0.33	)		(0.32	)		(0.34	)		(0.33	)
Net asset value, end of period		$5.52			$5.36			$5.49			$5.44			$5.57			$5.45
Total Return(c):		6.40	%		3.67	%		7.28	%		3.60	%		8.60	%		7.96	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,760,938			$1,738,601			$1,687,802			$1,295,643			$1,382,192			$1,302,432
Average net assets (000)		$1,714,228			$1,639,881			$1,402,647			$1,328,272			$1,344,300			$1,180,916
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.76	%(f)		0.79	%		0.80	%		0.80	%		0.81	%		0.82	%
Expenses before waivers and/or expense reimbursement		0.76	%(f)		0.79	%		0.80	%		0.80	%		0.81	%		0.82	%
Net investment income (loss)		5.22	%(f)		5.96	%		5.82	%		5.75	%		5.99	%		6.18	%
Portfolio turnover rate(g)		25	%		45	%		43	%		44	%		40	%		28	%

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

(b) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(c) 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 GAAP. 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) 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.

See Notes to Financial Statements.

PGIM High Yield Fund 85

Financial Highlights  (unaudited) (continued)

(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.

86

Class C Shares
	Six Months Ended February 28, 2021			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$5.35			$5.48			$5.43			$5.56			$5.44			$5.37
Income (loss) from investment operations:
Net investment income (loss)		0.12			0.28			0.28			0.28			0.29			0.28
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.21			(0.13	)(b)		0.06			(0.13	)		0.12			0.08
Total from investment operations		0.33			0.15			0.34			0.15			0.41			0.36
Less Dividends and Distributions:
Dividends from net investment income		(0.14	)		(0.28	)		(0.29	)		(0.28	)		(0.29	)		(0.29	)
Distributions from net realized gains		(0.02	)		-			-			-			-			-
Total dividends and distributions		(0.16	)		(0.28	)		(0.29	)		(0.28	)		(0.29	)		(0.29	)
Net asset value, end of period		$5.52			$5.35			$5.48			$5.43			$5.56			$5.44
Total Return(c):		6.22	%		2.95	%		6.55	%		2.86	%		7.80	%		7.16	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$269,127			$264,771			$234,165			$249,818			$266,881			$250,106
Average net assets (000)		$275,716			$240,674			$234,601			$258,579			$260,724			$224,095
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.46	%(f)		1.49	%		1.49	%		1.50	%		1.56	%		1.57	%
Expenses before waivers and/or expense reimbursement		1.46	%(f)		1.49	%		1.49	%		1.50	%		1.56	%		1.57	%
Net investment income (loss)		4.50	%(f)		5.27	%		5.14	%		5.04	%		5.24	%		5.42	%
Portfolio turnover rate(g)		25	%		45	%		43	%		44	%		40	%		28	%

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

(b) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(c) 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 GAAP. 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) 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.

PGIM High Yield Fund 87

Financial Highlights (unaudited) (continued)

Class R Shares
	Six Months Ended February 28, 2021			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$5.36			$5.49			$5.43			$5.57			$5.45			$5.38
Income (loss) from investment operations:
Net investment income (loss)		0.13			0.30			0.30			0.30			0.32			0.31
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.20			(0.13	)(b)		0.07			(0.13	)		0.12			0.08
Total from investment operations		0.33			0.17			0.37			0.17			0.44			0.39
Less Dividends and Distributions:
Dividends from net investment income		(0.15	)		(0.30	)		(0.31	)		(0.31	)		(0.32	)		(0.32	)
Distributions from net realized gains		(0.02	)		-			-			-			-			-
Total dividends and distributions		(0.17	)		(0.30	)		(0.31	)		(0.31	)		(0.32	)		(0.32	)
Net asset value, end of period		$5.52			$5.36			$5.49			$5.43			$5.57			$5.45
Total Return(c):		6.24	%		3.35	%		7.17	%		3.10	%		8.33	%		7.70	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$76,012			$75,437			$74,523			$71,841			$64,518			$57,520
Average net assets (000)		$73,867			$73,040			$71,667			$71,368			$61,642			$50,921
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.06	%(f)		1.10	%		1.09	%		1.09	%		1.06	%		1.07	%
Expenses before waivers and/or expense reimbursement		1.31	%(f)		1.35	%		1.34	%		1.34	%		1.31	%		1.32	%
Net investment income (loss)		4.92	%(f)		5.67	%		5.55	%		5.46	%		5.74	%		5.93	%
Portfolio turnover rate(g)		25	%		45	%		43	%		44	%		40	%		28	%

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

(b) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(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 GAAP. 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) 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.

88

Class Z Shares
	Six Months Ended February 28,			Year Ended August 31,
	2021			2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$5.37			$5.50			$5.45			$5.58			$5.46			$5.39
Income (loss) from investment operations:
Net investment income (loss)		0.15			0.33			0.33			0.33			0.34			0.34
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.21			(0.13	)(b)		0.06			(0.12	)		0.13			0.08
Total from investment operations		0.36			0.20			0.39			0.21			0.47			0.42
Less Dividends and Distributions:
Dividends from net investment income		(0.17	)		(0.33	)		(0.34	)		(0.34	)		(0.35	)		(0.35	)
Distributions from net realized gains		(0.02	)		-			-			-			-			-
Total dividends and distributions		(0.19	)		(0.33	)		(0.34	)		(0.34	)		(0.35	)		(0.35	)
Net asset value, end of period		$5.54			$5.37			$5.50			$5.45			$5.58			$5.46
Total Return(c):		6.72	%		3.94	%		7.56	%		3.87	%		8.89	%		8.26	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$11,348,774			$9,241,395			$4,643,766			$3,670,684			$2,912,057			$2,661,635
Average net assets (000)		$10,010,389			$6,354,707			$4,021,108			$3,176,813			$2,808,766			$1,842,948
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.49	%(f)		0.53	%		0.54	%		0.55	%		0.55	%		0.57	%
Expenses before waivers and/or expense reimbursement		0.49	%(f)		0.53	%		0.54	%		0.55	%		0.55	%		0.57	%
Net investment income (loss)		5.46	%(f)		6.18	%		6.09	%		6.01	%		6.25	%		6.44	%
Portfolio turnover rate(g)		25	%		45	%		43	%		44	%		40	%		28	%

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

(b) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(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 GAAP. 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) 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.

See Notes to Financial Statements.

PGIM High Yield Fund 89

Financial Highlights (unaudited)(continued)

(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.

90

Class R2 Shares
	Six Months Ended February 28,			Year Ended August 31,						December 27, 2017(a)  through August 31,
	2021			2020			2019			2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$5.37			$5.50			$5.44			$5.52
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.31			0.31			0.21
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.19			(0.13	)(c)		0.07			(0.07	)
Total from investment operations		0.33			0.18			0.38			0.14
Less Dividends and Distributions:
Dividends from net investment income		(0.15	)		(0.31	)		(0.32	)		(0.22	)
Distributions from net realized gains		(0.02	)		-			-			-
Total dividends and distributions		(0.17	)		(0.31	)		(0.32	)		(0.22	)
Net asset value, end of period		$5.53			$5.37			$5.50			$5.44
Total Return(d):		6.33	%		3.55	%		7.36	%		2.53	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$40,878			$13,815			$7,402			$4,395
Average net assets (000)		$26,389			$8,936			$6,253			$967
Ratios to average net assets(e):
Expenses after waivers and/or expense reimbursement		0.86	%(f)		0.91	%		0.91	%		0.91	%(f)
Expenses before waivers and/or expense reimbursement		0.86	%(f)		1.11	%		1.22	%		3.42	%(f)
Net investment income (loss)		5.04	%(f)		5.83	%		5.73	%		5.89	%(f)
Portfolio turnover rate(g)		25	%		45	%		43	%		44	%

(a) Commencement of offering.

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

(c) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(d) 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 GAAP. Total returns for periods less than one full year are not annualized.

(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.

See Notes to Financial Statements.

PGIM High Yield Fund 91

Financial Highlights  (unaudited) (continued)

Class R4 Shares
	Six Months Ended February 28,			Year Ended August 31,						December 27, 2017(a)  through August 31,
	2021			2020			2019			2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$5.36			$5.50			$5.44			$5.52
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.32			0.33			0.22
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.21			(0.14	)(c)		0.07			(0.07	)
Total from investment operations		0.35			0.18			0.40			0.15
Less Dividends and Distributions:
Dividends from net investment income		(0.16	)		(0.32	)		(0.34	)		(0.23	)
Distributions from net realized gains		(0.02	)		-			-			-
Total dividends and distributions		(0.18	)		(0.32	)		(0.34	)		(0.23	)
Net asset value, end of period		$5.53			$5.36			$5.50			$5.44
Total Return(d):		6.64	%		3.61	%		7.66	%		2.71	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$26,028			$19,171			$11,469			$1,963
Average net assets (000)		$20,638			$14,759			$4,571			$372
Ratios to average net assets(e):
Expenses after waivers and/or expense reimbursement		0.66	%(f)		0.66	%		0.66	%		0.66	%(f)
Expenses before waivers and/or expense reimbursement		0.70	%(f)		0.79	%		1.07	%		7.16	%(f)
Net investment income (loss)		5.30	%(f)		6.10	%		6.00	%		6.17	%(f)
Portfolio turnover rate(g)		25	%		45	%		43	%		44	%

(a) Commencement of offering.

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

(c) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(d) 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 GAAP. Total returns for periods less than one full year are not annualized.

(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.

See Notes to Financial Statements.

92

Class R6 Shares
	Six Months Ended February 28,			Year Ended August 31,
	2021			2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$5.36			$5.49			$5.44			$5.57			$5.46			$5.39
Income (loss) from investment operations:
Net investment income (loss)		0.15			0.33			0.34			0.34			0.35			0.34
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.21			(0.12	)(b)		0.06			(0.13	)		0.12			0.08
Total from investment operations		0.36			0.21			0.40			0.21			0.47			0.42
Less Dividends and Distributions:
Dividends from net investment income		(0.17	)		(0.34	)		(0.35	)		(0.34	)		(0.36	)		(0.35	)
Distributions from net realized gains		(0.02	)		-			-			-			-			-
Total dividends and distributions		(0.19	)		(0.34	)		(0.35	)		(0.34	)		(0.36	)		(0.35	)
Net asset value, end of period		$5.53			$5.36			$5.49			$5.44			$5.57			$5.46
Total Return(c):		6.79	%		4.07	%		7.71	%		4.00	%		8.82	%		8.36	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$10,057,295			$8,146,218			$3,022,241			$2,105,086			$1,517,154			$327,725
Average net assets (000)		$9,228,312			$4,881,610			$2,462,874			$1,880,226			$988,188			$178,565
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.38	%(f)		0.40	%		0.40	%		0.42	%		0.42	%		0.45	%
Expenses before waivers and/or expense reimbursement		0.38	%(f)		0.40	%		0.40	%		0.42	%		0.42	%		0.45	%
Net investment income (loss)		5.57	%(f)		6.29	%		6.22	%		6.14	%		6.35	%		6.61	%
Portfolio turnover rate(g)		25	%		45	%		43	%		44	%		40	%		28	%

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

(b) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(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 GAAP. 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) 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.

PGIM High Yield Fund 93

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

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 or by visiting the Securities and Exchange Commission’s website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website and on the Securities and Exchange Commission’s website.

DIRECTORS

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

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer • Claudia DiGiacomo, Chief Legal Officer • Dino Capasso, Chief Compliance Officer • Jon Corbett, Anti-Money Laundering Compliance Officer • Andrew R. French, Secretary • Melissa Gonzalez, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Kelly A. Coyne, Assistant Secretary • Patrick McGuinness, Assistant Secretary • Debra Rubano, Assistant Secretary • Lana Lomuti, Assistant Treasurer • Russ Shupak, Assistant Treasurer • Elyse McLaughlin, Assistant Treasurer • Deborah Conway, Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	PGIM Fixed Income	655 Broad Street Newark, NJ 07102
	PGIM Limited	Grand Buildings, 1-3 Strand Trafalgar Square London, WC2N 5HR United Kingdom
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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 at pgim.com/investments 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 to pgim.com/investments/resource/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 that Director at 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 as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov.

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	C	R	Z	R2	R4	R6
NASDAQ	PBHAX	PRHCX	JDYRX	PHYZX	PHYEX	PHYGX	PHYQX
CUSIP	74440Y108	74440Y306	74440Y603	74440Y801	74442J604	74442J703	74440Y884

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 for Closed-End Management Investment Companies – Not applicable.

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 – Controls and Procedures

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

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

Item 12 – Controls and Procedures—Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable.

Item 13 – Exhibits

(a) (1) Code  of Ethics – Not required, as this is not an annual filing.

(2) Certifications pursuant to Section  302 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.CERT.

(3) Any written solicitation to purchase securities under Rule 23c-1. – Not applicable.

(b) Certifications pursuant to Section  906 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:	Prudential Investment Portfolios, Inc. 15
By:	/s/ Andrew R. French
	Andrew R. French
	Secretary
Date:	April 20, 2021

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 20, 2021
By:	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and Accounting Officer
Date:	April 20, 2021