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:		811-23574
Exact name of registrant as specified in charter:		PGIM Short Duration High Yield Opportunities Fund.
Address of principal executive offices:		655 Broad Street, 6th Floor
		Newark, New Jersey 07102
Name and address of agent for service:		Andrew R. French
		655 Broad Street, 6th Floor
		Newark, New Jersey 07102
Registrant’s telephone number, including area code:		800-225-1852
Date of fiscal year end:		07/31/2025
Date of reporting period:		07/31/2025

Item 1 – Reports to Stockholders

 

(a)

Report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

PGIM FIXED INCOME CLOSED-END FUNDS

PGIM GLOBAL HIGH YIELD FUND, INC.

PGIM HIGH YIELD BOND FUND, INC.

PGIM SHORT DURATION HIGH YIELD OPPORTUNITIES FUND

 

ANNUAL REPORT

JULY 31, 2025

 

 

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

Table of Contents

 

Letter from the President			3
PGIM Global High Yield Fund, Inc.			4
Strategy and Performance Overview			7
PGIM High Yield Bond Fund, Inc.			12
Strategy and Performance Overview			15
PGIM Short Duration High Yield Opportunities Fund			19
Strategy and Performance Overview			22
Holdings and Financial Statements			27
Approval of Advisory Agreements

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

Mutual funds are distributed by Prudential Investment Management Services LLC member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PGIM is a Prudential Financial Company. © 2025 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

 

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Letter from the President

 

		Dear Shareholder:   We hope you find the annual report for the PGIM Fixed Income Closed-End Funds informative and useful. The report covers performance for the 12-month period that ended July 31, 2025.   Financial markets rallied and the global economy remained resilient throughout the period as inflation cooled and recession fears faded. Employers continued hiring, consumers continued spending, and home prices maintained their upward trajectory.

With inflation falling, the US Federal Reserve (the Fed) began reducing the federal funds rate, implementing a 50-basis-point cut in September and two additional 25-basis-point cuts in November and December. Investor enthusiasm for artificial intelligence-related stocks drove equity markets to record highs during the period. For the entire period, equities in both US and international markets posted gains.

Bond markets generally produced solid returns, as the interest income from holding bonds more than offset the minimal impact of largely unchanged yield levels. US and global investment-grade bonds, along with US high yield corporate bonds and emerging market debt, all posted gains during the period.

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 a broad spectrum of asset classes and that reflects your personal investor profile and risk tolerance. However, diversification and asset allocation strategies do not assure a profit or protect against loss in declining markets.

At PGIM Investments, we provide access to active investment strategies across the global markets in the pursuit of consistent outperformance for investors. PGIM is the world’s 16th-largest investment manager with more than $1.5 trillion in assets under management. Our scale and investment expertise allow us to deliver a diversified suite of actively managed solutions across a broad spectrum of asset classes and investment styles.

Thank you for choosing our family of funds.

Sincerely,

 

Stuart S. Parker, President and Principal Executive Officer

PGIM Fixed Income Closed-End Funds

September 16, 2025

 

PGIM Fixed Income Closed-End Funds 3

PGIM Global High Yield Fund, Inc.

Your Fund’s Performance (unaudited)

 

Performance data quoted represent past performance and assume the reinvestment of all dividends. Past performance does not guarantee future results. An investor may obtain performance data as of the most recent month-end by visiting our website at pgim.com/investments.

Investment Objective

The Fund seeks to provide a high level of current income.

 

Price Per Share as of 7/31/2025

$13.18 Net Asset Value (NAV)

$13.11 Market Price

 

		Average Annual Total Returns as of 7/31/2025
		One Year (%)		Five Years (%)		Ten Years (%)
Net Asset Value (NAV)		11.03		6.07		5.80
Bloomberg Global High Yield 2% Issuer Constrained (USD Hedged) Index
		10.58		5.27		5.48

Total returns are based on changes in net asset value (NAV) or market price, respectively. NAV total return assumes the reinvestment of all distributions, including returns of capital, if any, at NAV. Market Price total return assumes the reinvestment of all distributions, including returns of capital, if any, in additional shares in accordance with the Fund’s Dividend Reinvestment Plan.

 

Key Fund Statistics as of 7/31/2025
Duration		4.6 years		Average Maturity		5.8 years

Duration shown includes the impact of leverage. Duration measures investment risk that takes into account both a bond’s interest payments and its value to maturity. Average Maturity is the average number of years to maturity of the bonds in the Fund’s portfolio.

 

4 Visit our website at pgim.com/investments

 

Growth of a $10,000 Investment (unaudited)

 

 

The graph compares a $10,000 investment in the Fund with a similar investment in the Bloomberg Global High Yield 2% Issuer Constrained (USD Hedged) Index by portraying the initial account values at the beginning of the 10-year period (July 31, 2015) and the account values at the end of the current fiscal year (July 31, 2025), as measured on a quarterly basis. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested.

Past performance does not predict future performance. Total returns and the ending account values in the graph include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. The Fund’s total returns do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares.

 

PGIM Fixed Income Closed-End Funds 5

PGIM Global High Yield Fund, Inc.

Your Fund’s Performance (continued)

 

Credit Quality expressed as a percentage of total investments as of 7/31/2025 (%)
AA			2.5
BBB			2.4
BB			40.7
B			39.4
CCC			12.8
CC			1.3
D			0.6
Not Rated			0.1
Cash/Cash Equivalents			0.2
Total			100.0

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable S&P/Fitch rating tier nomenclature. These rating agencies are independent and are widely used. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.

 

Distribution Rate and Dividends as of 7/31/2025
Total Monthly Dividends Paid per Share for Period		Current Monthly Dividend Paid per Share		Distribution Rate at Market Price as of 7/31/2025
$1.26		$0.105		9.61%

Distribution Rate at Market Price is the annualized rate determined by dividing the current monthly dividend paid per share by the market price per share as of July 31, 2025.

 

6 Visit our website at pgim.com/investments

Strategy and Performance Overview* (unaudited)

PGIM Global High Yield Fund, Inc.

How did the Fund perform?

The PGIM Global High Yield Fund, Inc.’s shares returned 16.56% based on market price and 11.03% based on net asset value (NAV) in the 12-month reporting period that ended July 31, 2025. For the same period, the Bloomberg Global High Yield 2% Issuer Constrained (USD Hedged) Index (the Index) returned 10.58%.

What were the market conditions?

 

●

Global high yield bonds posted gains over the reporting period, as generally solid corporate earnings and supportive technicals held firm overall against a challenging environment marked by the 2024 US election cycle, geopolitical and US-driven trade tensions on multiple fronts, and elevated inflation. In addition, despite macro uncertainty and tight financial conditions, the US high yield market continued to grow in 2025.

 

●

Spreads on the Bloomberg Global High Yield Bond Index tightened 86 basis points (bps) to 307 bps at the end of the reporting period. (One basis point equals 0.01%.) Meanwhile, the credit ratings profile of the US high yield market remained strong by historical standards, and balance sheets for high yield issuers generally were solid. In Europe, fundamentals diverged as companies with stronger balance sheets delivered improved credit metrics, while lower-rated companies with weaker balance sheets struggled.

 

●

Despite heavy outflows in early April following the US tariffs announcement, retail US high yield bond funds saw $11.6 billion flowing into the asset class during first seven months of 2025. A similar pattern was seen in European high yield funds, which posted €5.9 billion of inflows through the first seven months of 2025, despite a large dip in April.

 

●

Technicals were also supported by steady but subdued primary activity, heavily skewed toward refinancing activity. After totaling $288.8 billion in 2024, high yield gross issuance totaled $183 billion through the first seven months of 2025, or $48.5 billion excluding refinancing activity. In Europe, high yield gross issuance totaled €108 billion through the first seven months of 2025, while net issuance was €25 billion.

 

●

By quality, all credit tiers posted positive returns over the reporting period, with CCC-rated credits outperforming their B-rated and BB-rated peers. Meanwhile, the par-weighted US high yield default rate, including distressed exchanges, ended the reporting period at 1.37%, which was below its long-term historical average and down 10 bps from the end of 2024, according to J.P. Morgan.

 

PGIM Fixed Income Closed-End Funds 7

Strategy and Performance Overview* (continued)

 

●

Emerging market high yield corporate spreads tightened while high yield sovereign spreads widened amid waning headwinds from inflation, monetary policy, slowing Chinese growth, and US dollar strength. Part of the high yield sovereign spread widening was due, in part, to the re-inclusion of Venezuela in the benchmark index in 2024.

What worked?

 

●	Having more beta in the Fund, on average, over the reporting period than the Index was the largest contributor to the Fund’s performance during the reporting period. (Beta is a measure of the volatility or risk of a security or portfolio compared to the market or index.)

 

●	Overall security selection contributed to performance, with selection in retailers & restaurants, foreign non-corporates, and electric & water contributing most to performance.

 

●	In individual security selection, the Fund’s overweights relative to the Index in Bausch Health Companies, Inc. (health care & pharmaceutical) and Heritage Power LLC (electric utilities), and Digicel Investments Ltd. (telecom), were among the largest contributors to performance.

 

●	Overall sector allocation also contributed to performance, with overweights relative to the Index in the emerging-market high yield and British Pound Sterling (GBP) bank loan sectors, along with an underweight relative to the Index in the US investment-grade sector, contributing the most.

 

●	While overall industry allocation detracted from performance during the reporting period, overweights relative to the Index in cable & satellite and retailers & restaurants, and a neutral weighting to brokerage & asset managers contributed to performance.

What didn’t work?

 

●	Industry allocation detracted the most from performance, with overweights relative to the Index in telecom, chemicals, and foreign non-corporates detracting the most.

 

●	While overall security selection contributed to the Fund’s performance during the reporting period, selection in chemicals, consumer non-cyclicals, and building materials & home improvement detracted the most.

 

●	In individual security selection, the Fund’s overweights relative to the Index in Venator Materials, PLC (chemicals), TalkTalk Telecom Group LTD (telecom), and Cornerstone Chemical Co. (chemicals) were the largest detractors from performance.

 

●	While overall sector allocation contributed to performance, overweights relative to the Index in the US high yield corporate, US bank loans, and European bank loans sectors detracted from performance.

 

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How did the Fund’s borrowing (leverage) strategy affect its performance and distributions?

The Fund’s use of leverage contributed to results during the reporting period as the returns of the securities purchased exceeded the cost of borrowing. At the end of the reporting period, the Fund had borrowed $100 million and was about 15.6% leveraged. During the reporting period, the average amount of leverage utilized by the Fund was about 19.3%.

What was the impact of the Fund’s distribution policy?

The Fund’s level distribution policy is utilized to maintain a relatively stable level of distributions to shareholders. This policy may reduce the Fund’s NAV. However, PGIM Investments believes the policy helps maintain the Fund’s competitiveness and may benefit the Fund’s market price and premium/discount to the Fund’s NAV. For the fiscal year ended July 31, 2025, the tax character of dividends paid includes an ordinary income distribution of $35,642,453 and a tax return of capital distribution of $15,930,862 or 31% of the total distribution of $51,573,315, which had no material impact on the NAV during the reporting period.

Did the Fund use derivatives?

During the reporting period, derivatives in the form of forward currency exchange contracts were used to hedge against the Fund’s positions that were not denominated in US dollars. Such derivatives are used in an attempt to mitigate the impact to the Fund from fluctuating currencies outside the US dollar and had a negative impact on performance. The Fund held positions in credit default swaps, total return swaps (TRS), and futures to hedge credit risk and help manage its overall beta. Overall, the use of TRS and futures contributed to performance for the reporting period.

Current outlook

 

●

While spreads have compressed to near-historic levels, they may continue to grind tighter through the summer on solid technicals and a sound credit environment. Although tail risks abound from US fiscal and trade policies, as well as geopolitical tensions on multiple fronts, the domestic exposure of high yield issuers generally helps cushion them from global disruptions. Overall sector allocation also contributed to performance, with overweights relative to the Index in the emerging-market high yield, AAA collateralized loan obligation, and US investment-grade corporate bond sectors contributing the most. PGIM Fixed Income remains overweight short-duration bonds and is reducing the Fund’s underweight to high-quality issues.

 

●	The market’s improving credit quality also warrants mentioning, as BBs comprise more than half of the market compared to 40% as of 2004. Furthermore, the potential

 

PGIM Fixed Income Closed-End Funds 9

Strategy and Performance Overview* (continued)

 

for a Federal Reserve “put” remains in play should economic data deteriorate. However, rate cuts could lag economic conditions if inflation drifts higher from still-elevated levels.

 

●

PGIM Fixed Income expects the strong technical environment to persist amid light new issuance, manageable maturities, attractive yields, and defensively positioned active managers. Although 2025’s first quarter net supply deficit swung to a surplus in the second quarter, primary market activity is expected to remain light as issuers continue to demonstrate balance-sheet prudence.

 

●

Looking at industries, the Fund’s overweight building materials & home construction, telecom, and retailers & restaurants, and underweight technology, consumer non-cyclical, and media & entertainment. Recent risk reductions (but still overweight) have included positions in telecom, building materials & home construction, and cable & satellite. The Fund is also adding risk in midstream energy, as well as reducing an underweight to technology.

 

●

PGIM Fixed Income expects European high yield bonds to remain resilient in the third quarter of 2025, supported by limited net new supply and persistent inflows. While macro risks remain elevated, geopolitical tensions and tariff impacts have eased, providing a more supportive backdrop for spreads to grind tighter this quarter. Although cautiously constructive and running risk above market levels, the Fund remains generally underweight cyclical, consumer discretionary, and tariff-impacted businesses. PGIM Fixed Income believes careful credit selection and a focus on idiosyncratic relative value opportunities will continue to be rewarded.

 

●

While leverage has picked up in emerging-market corporates, fundamentals remain resilient, and PGIM Fixed Income expects emerging-market corporate high yield defaults to remain below the ~4% historical average. In addition, the recent weakness in the US dollar improves emerging-market corporates’ ability to service their US dollar-denominated bonds amid a general loosening in local financial conditions.

*This strategy and performance overview, which discusses what strategies or holdings (including derivatives, if applicable) affected the Fund’s performance, is compiled based on how the Fund performed relative to the Index and is viewed for performance attribution purposes at the aggregate Fund level, which in most instances will not directly correlate to the amounts disclosed in the Statement of Operations which conform to US generally accepted accounting principles.

 

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Benchmark Definition

Bloomberg Global High Yield 2% Issuer Constrained (USD Hedged) Index—The Bloomberg Global High Yield 2% Issuer Constrained (USD Hedged) Index (the Index) is an unmanaged index which covers the universe of non-investment-grade debt in the United States, developed markets and emerging markets. Issuers are capped at 2% of the Index.

Investors cannot invest directly in an index.

Looking for additional information?

The Fund is traded on the New York Stock Exchange (NYSE) under the symbol “GHY,” and its closing market price is available on most financial websites under the NYSE listings. The daily NAV is available online under the symbol “XGHYX” on most financial websites. Barron’s and The Wall Street Journal’s Monday edition both carry closed-end fund tables that provide additional information. In addition, the Fund issues press releases that can be found on most major financial websites as well as on pgim.com/investments.

 

PGIM Fixed Income Closed-End Funds 11

PGIM High Yield Bond Fund, Inc.

Your Fund’s Performance (unaudited)

 

Performance data quoted represent past performance and assume the reinvestment of all dividends. Past performance does not guarantee future results. An investor may obtain performance data as of the most recent month-end by visiting our website at pgim.com/investments.

Investment Objective

The Fund seeks to provide a high level of current income.

 

Price per Share as of 7/31/2025

$14.11 Net Asset Value (NAV)

$14.34 Market Price

 

		Average Annual Total Returns as of 7/31/2025
		One Year (%)		Five Years (%)		Ten Years (%)
Net Asset Value (NAV)		10.30		6.27		5.95
Bloomberg US Corporate High Yield 1% Issuer Capped Index
		8.65		5.13		5.42

Total returns are based on changes in net asset value (NAV) or market price, respectively. NAV total return assumes the reinvestment of all distributions, including returns of capital, if any, at NAV. Market Price total return assumes the reinvestment of all distributions, including returns of capital, if any, in additional shares in accordance with the Fund’s Dividend Reinvestment Plan.

 

Key Fund Statistics as of 7/31/2025
Duration		3.8 years		Average Maturity		5.3 years

Duration shown includes the impact of leverage. Duration measures investment risk that takes into account both a bond’s interest payments and its value to maturity. Average Maturity is the average number of years to maturity of the bonds in the Fund’s portfolio.

 

12 Visit our website at pgim.com/investments

 

Growth of a $10,000 Investment (unaudited)

 

The graph compares a $10,000 investment in the Fund with a similar investment in the Bloomberg US Corporate High Yield 1% Issuer Capped Index by portraying the initial account values at the beginning of the 10-year period (July 31, 2015) and the account values at the end of the current fiscal year (July 31, 2025), as measured on a quarterly basis. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested.

Past performance does not predict future performance. Total returns and the ending account values in the graph include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. The Fund’s total returns do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares.

 

PGIM Fixed Income Closed-End Funds 13

PGIM High Yield Bond Fund, Inc.

Your Fund’s Performance (continued)

 

Credit Quality expressed as a percentage of total investments as of 7/31/2025 (%)
AAA			3.3
A			0.1
BBB			4.2
BB			46.5
B			25.9
CCC			12.1
Not Rated			8.4
Cash/Cash Equivalents			(0.5	)
Total			100.0

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable S&P/Fitch rating tier nomenclature. These rating agencies are independent and are widely used. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.

 

Distribution Rate and Dividends as of 7/31/2025
Total Monthly Dividends Paid per Share for Period		Current Monthly Dividend Paid per Share		Distribution Rate at Market Price as of 7/31/2025
$1.26		$0.105		8.79%

Distribution Rate at market price is the annualized rate determined by dividing the current monthly dividend paid per share by the market price per share as of July 31, 2025.

 

14 Visit our website at pgim.com/investments

Strategy and Performance Overview* (unaudited)

PGIM High Yield Bond Fund, Inc.

How did the Fund perform?

The PGIM High Yield Bond Fund, Inc.’s shares returned 15.97% based on market price and 10.30% based on net asset value (NAV) in the 12-month reporting period that ended July 31, 2025. For the same period, the Bloomberg US Corporate High Yield 1% Issuer Capped Index (the Index) returned 8.65%.

What were the market conditions?

 

●

US high yield bonds posted gains over the reporting period, as overall solid corporate earnings and resilient market technicals held firm against a challenging environment marked by the 2024 US election cycle, geopolitical tensions on multiple fronts, a broad-based increase in US tariffs, and elevated inflation. In addition, despite macro uncertainty and tight financial conditions, the high yield market continued to grow in 2025.

 

●

Spreads on the Bloomberg US Corporate High Yield Bond Index tightened 36 basis points (bps) to 278 bps at the end of the reporting period. (One basis point equals 0.01%.) Meanwhile, corporate balance sheets generally remained solid, and the US high yield market was at historically high levels in terms of credit quality.

 

●

Despite heavy outflows in early April following the US tariffs announcement, retail US high yield bond funds saw $11.6 billion flowing into the asset class during the first seven months of 2025. After totaling $288.8 billion in 2024, high yield gross issuance totaled $183 billion through the first seven months of 2025, or $48.5 billion excluding refinancing activity.

 

●

By quality, all credit tiers posted positive returns over the reporting period, with CCC-rated credits outperforming their B-rated and BB-rated peers. Meanwhile, the par-weighted US high yield default rate, including distressed exchanges, ended the reporting period at 1.37%, which was below its long-term historical average and down 10 bps from the end of 2024, according to J.P. Morgan.

What worked?

 

●	Having more beta in the Fund, on average, over the reporting period than the Index was the largest contributor to the Fund’s performance during the reporting period. (Beta is a measure of the volatility or risk of a security or portfolio compared to the market or index.)

 

●	Overall security selection contributed to performance, with selection in health care & pharmaceutical, electric & water, and cable & satellite contributing the most.

 

●	In individual security selection, the Fund’s overweights relative to the Index in Digicel Investments LTD (telecom), EchoStar Corp. (cable & satellite), and Bausch Health Companies, Inc. (health care & pharmaceutical) contributed to performance.

 

PGIM Fixed Income Closed-End Funds 15

Strategy and Performance Overview* (continued)

 

•	Overall sector allocation also contributed to performance, with overweights relative to the Index in the emerging-market high yield, AAA collateralized loan obligation, and US investment-grade corporate bond sectors contributing the most.

 

•	While overall industry allocation detracted from performance, overweights relative to the Index in cable & satellite and telecom, and an underweight to downstream energy contributed to performance.

What didn’t work?

 

•	Overall industry allocation detracted from performance, with overweights relative to the Index in health care & pharmaceutical and building materials & home construction, and an underweight to technology detracting the most.

 

•	While overall security selection contributed to the Fund’s performance during the reporting period, selection in chemicals, consumer non-cyclicals, and metals & mining detracted.

 

•	In individual security selection, overweights relative to the Index in Venator Materials, PLC (chemicals) and Sinclair, Inc. (media & entertainment), and an underweight to Commscope Holdings Co. (technology) detracted from performance.

 

•	While overall sector allocation contributed, overweights relative to the Index in the US high yield corporate and US bank loan sectors detracted from the Fund’s performance.

How did the Fund’s borrowing (leverage) strategy affect its performance?

The Fund’s use of leverage contributed to results during the reporting period as the returns of the securities purchased exceeded the cost of borrowing. The Fund did not have any borrowing at the end of the reporting period. During the reporting period, the average amount of leverage utilized by the Fund was about 20.2%.

What was the impact of the Fund’s distribution policy?

The Fund’s level distribution policy is utilized to maintain a relatively stable level of distributions to shareholders. This policy may reduce the Fund’s NAV. However, PGIM Investments believes the policy helps maintain the Fund’s competitiveness and may benefit the Fund’s market price and premium/discount to the Fund’s NAV. For the fiscal year ended July 31, 2025, the tax character of dividends paid included an ordinary income distribution of $32,836,200 and a tax return of capital distribution of $9,079,951, or 22% of the total distribution of $41,916,151, which had no material impact on the NAV during the reporting period.

 

16 Visit our website at pgim.com/investments

Did the Fund use derivatives?

During the reporting period, the Fund held positions in total return swaps, credit default swaps and financial futures to help hedge credit risk and manage its overall beta. In aggregate, these positions contributed to performance over the reporting period.

Current outlook

 

●

While spreads compressed to near-historic tights by the end of the reporting period, they may continue to grind tighter through the summer on solid technicals and a sound credit environment. Although tail risks abound from US fiscal and trade policies, as well as geopolitical tensions on multiple fronts, the domestic exposure of high yield issuers generally helps cushion them from global disruptions. The Fund remains overweight short-duration bonds, and is reducing its underweight to high-quality issues.

 

●

The market’s improving credit quality also warrants mentioning, as BBs comprise more than half of the market compared to 40% as of 2004. Furthermore, the potential for a Federal Reserve “put” remains in play should economic data deteriorate. However, rate cuts could lag economic conditions if inflation drifts higher from still-elevated levels.

 

●

PGIM Fixed Income expects the strong technical environment to persist amid light new issuance, manageable maturities, attractive yields, and defensively positioned active managers. Although 2025’s first quarter net supply deficit swung to a surplus in the second quarter, primary market activity is expected to remain light as issuers continue to demonstrate balance-sheet prudence.

 

●

Looking at industries, the Fund is overweight home construction, telecom, and midstream energy, and underweight technology, media & entertainment, and retailers & restaurants. Recent risk reductions (but still overweight) have included positions in telecom, building materials & home construction, and cable & satellite. The Fund is also adding risk in midstream energy as well as reducing an underweight to technology.

*This strategy and performance overview, which discusses what strategies or holdings (including derivatives, if applicable) affected the Fund’s performance, is compiled based on how the Fund performed relative to the Index and is viewed for performance attribution purposes at the aggregate Fund level, which in most instances will not directly correlate to the amounts disclosed in the Statement of Operations which conform to US generally accepted accounting principles.

 

PGIM Fixed Income Closed-End Funds 17

Strategy and Performance Overview* (continued)

 

Benchmark Definition

Bloomberg US Corporate High Yield 1% Issuer Capped Index—The Bloomberg 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.

Looking for additional information?

The Fund is traded on the New York Stock Exchange (NYSE) under the symbol “ISD” and its closing market price is available on most financial websites under the NYSE listings. The daily NAV is available online under the symbol “XISDX” on most financial websites. Barron’s and The Wall Street Journal’s Monday edition both carry closed-end fund tables that provide additional information. In addition, the Fund issues press releases that can be found on most major financial websites as well as on pgim.com/investments.

 

18 Visit our website at pgim.com/investments

PGIM Short Duration High Yield Opportunities Fund

Your Fund’s Performance (unaudited)

Performance data quoted represent past performance and assume the reinvestment of all dividends. Past performance does not guarantee future results. An investor may obtain performance data as of the most recent month-end by visiting our website at pgim.com/investments.

Investment Objective

The Fund’s investment objective is to provide total return, through a combination of current income and capital appreciation.

 

Price per Share as of 7/31/2025

$17.81 Net Asset Value (NAV)

$16.69 Market Price

 

		Average Annual Total Returns as of 7/31/2025
		One Year (%)		Since Inception (%)
Net Asset Value (NAV)		8.98		4.71 (11/25/2020)
Bloomberg US High Yield Ba/B 1-5 Year 1% Capped Index
		7.45		5.03

Since Inception returns for the Index are measured from the closest month-end to the Fund’s inception date.

Total returns are based on changes in net asset value (NAV) or market price, respectively. NAV total return assumes the reinvestment of all distributions, including returns of capital, if any, at NAV. Market Price total return assumes the reinvestment of all distributions, including returns of capital, if any, in additional shares in accordance with the Fund’s Dividend Reinvestment Plan.

 

Key Fund Statistics as of 7/31/2025
Duration		2.8 years		Average Maturity		3.3 years

Duration shown includes the impact of leverage. Duration measures investment risk that takes into account both a bond’s interest payments and its value to maturity. Average Maturity is the average number of years to maturity of the bonds in the Fund’s portfolio.

 

PGIM Fixed Income Closed-End Funds 19

PGIM Short Duration High Yield Opportunities Fund

Your Fund’s Performance (continued)

 

Growth of a $10,000 Investment (unaudited)

 

The graph compares a $10,000 investment in the Fund with a similar investment in the Bloomberg US High Yield Ba/B 1-5 Year 1% Capped Index by portraying the initial account values at the commencement of operations (November 25, 2020) and the account values at the end of the current fiscal year (July 31, 2025), as measured on a quarterly basis. The Fund assumes an initial investment on November 25, 2020, while the benchmark and the Index assume that the initial investment occurred on November 30, 2020. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested.

Past performance does not predict future performance. Total returns and the ending account values in the graph include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. The Fund’s total returns do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares.

 

20 Visit our website at pgim.com/investments

Credit Quality expressed as a percentage of total investments as of 7/31/2025 (%)
AAA			4.0
BBB			5.0
BB			52.5
B			26.4
CCC			5.3
Not Rated			5.8
Cash/Cash Equivalents			1.0
Total			100.0

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable S&P/Fitch rating tier nomenclature. These rating agencies are independent and are widely used. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.

 

Distribution Rate and Dividends as of 7/31/2025
Total Monthly Dividends Paid per Share for Period		Current Monthly Dividend Paid per Share		Distribution Rate at Market Price as of 7/31/2025
$1.30		$0.108		7.77%

Distribution Rate at market price is the annualized rate determined by dividing the current monthly dividend paid per share by the market price per share as of July 31, 2025.

 

PGIM Fixed Income Closed-End Funds 21

Strategy and Performance Overview* (unaudited)

 

PGIM Short Duration High Yield Opportunities Fund

How did the Fund perform?

The PGIM Short Duration High Yield Opportunities Fund’s shares returned 14.89% based on market price and 8.98% based on net asset value (NAV) in the 12-month reporting period that ended July 31, 2025. For the same period, the Bloomberg US High Yield Ba/B 1-5 Year 1% Capped Index (the Index) returned 7.45%.

What were the market conditions?

 

•

US high yield bonds posted gains over the reporting period, as overall solid corporate earnings and resilient market technicals held firm against a challenging environment marked by the 2024 US election cycle, geopolitical tensions on multiple fronts, a broad-based increase in US tariffs, and elevated inflation. In addition, despite macro uncertainty and tight financial conditions, the high yield market continued to grow in 2025.

 

•

Spreads on the Bloomberg US Corporate High Yield Bond Index tightened 36 basis points (bps) to 278 bps at the end of the reporting period (one basis point equals 0.01%). Meanwhile, corporate balance sheets remained solid, and the US high yield market was at historically high levels in terms of credit quality.

 

•

Despite heavy outflows in early April following the US tariffs announcement, retail US high yield bond fund flows ended the reporting period net positive, with $11.6 billion flowing into the asset class during the first seven months of 2025. After totaling $288.8 billion in 2024, high yield gross issuance totaled $183 billion through the first seven months of 2025, or $48.5 billion excluding refinancing activity.

 

•

By quality, all credit tiers posted positive returns over the reporting period, with CCC-rated credits outperforming their B-rated and BB-rated peers. Meanwhile, the par-weighted US high yield default rate, including distressed exchanges, ended the reporting period at 1.37%, which was below its long-term historical average and down 10 bps from the end of 2024, according to J.P. Morgan.

What worked?

 

•

Having more beta in the Fund, on average, over the reporting period than the Index was a contributor to the Fund’s performance during the reporting period. (Beta is a measure of the volatility or risk of a security or portfolio compared to the market or index.)

 

•

Overall security selection contributed the most to performance, with selection in electric & water, cable & satellite, and health care & pharmaceutical contributing the most.

 

•

In individual security selection, the Fund’s overweights relative to the Index in Heritage Power, LLC (electric utilities) and EchoStar Corp. (cable & satellite), and an underweight to New Fortress Energy, Inc. (midstream energy) contributed to returns.

 

22 Visit our website at pgim.com/investments

  

 

 

 

•

Overall sector allocation contributed to performance, with overweights relative to the Index in the US high yield corporate, emerging-market high yield corporate, and AAA collateralized loan obligation sectors contributing to performance.

 

•

Overall industry allocation contributed to performance, with—relative to the Index—an overweight to telecom, and underweights to midstream energy and retailers & restaurants contributing to performance.

What didn’t work?

 

•

In individual security selection, the Fund’s overweights relative to the Index in Venator Materials PLC (chemicals), B&G Foods, Inc. (consumer non-cyclical), and PM General Purchaser (automotive) detracted from performance.

 

•

While overall industry allocation contributed to performance, relative to the Index, an overweight to building materials & home construction, and underweights to consumer non-cyclicals and media & entertainment, detracted from performance.

How did the Fund’s borrowing (leverage) strategy affect its performance?

The Fund’s use of leverage contributed to results during the reporting period as the returns of the securities purchased exceeded the cost of borrowing. The Fund did not have any borrowing at the end of the reporting period. During the reporting period, the average amount of leverage utilized by the Fund was about 20.9%.

What was the impact of the Fund’s distribution policy?

The Fund’s level distribution policy is utilized to maintain a relatively stable level of distributions to shareholders. This policy has no impact on the Fund’s investment strategy and may reduce the Fund’s NAV. However, PGIM Investments believes the policy helps maintain the Fund’s competitiveness and may benefit the Fund’s market price and premium/discount to the Fund’s NAV. For the period ended July 31, 2025, the tax character of dividends paid included an ordinary income distribution of $26,462,891 and a tax return of capital distribution of $5,513,390 or 17% of the total distribution of $31,976,281, which had no material impact on the NAV during the reporting period.

Did the Fund use derivatives?

During the reporting period, the Fund held positions in a credit default swap index, total return swaps, and interest rate futures in an effort to hedge credit risk and manage its overall beta. In aggregate, these positions contributed to performance during the reporting period.

Current outlook

 

•

While spreads compressed to near-historic levels by the end of the reporting period, they may continue to grind tighter through the summer on solid technicals and a sound credit environment. Although tail risks abound from US fiscal and trade

 

PGIM Fixed Income Closed-End Funds 23

Strategy and Performance Overview* (continued)

 

policies, as well as geopolitical tensions on multiple fronts, the domestic exposure of high yield issuers generally helps cushion them from global disruptions. The Fund remains overweight short-duration bonds and is reducing its underweight to high-quality issues.

 

•

The market’s improving credit quality also warrants mentioning, as BBs comprise more than half of the market compared to 40% as of 2004. Furthermore, the potential for a Federal Reserve “put” remains in play should economic data deteriorate. However, rate cuts could lag economic conditions if inflation drifts higher from still-elevated levels.

 

•

PGIM Fixed Income expects the strong technical environment to persist amid light new issuance, manageable maturities, attractive yields, and defensively positioned active managers. Although 2025’s first quarter net supply deficit swung to a surplus in the second quarter, primary market activity is expected to remain light as issuers continue to demonstrate balance-sheet prudence.

 

•

Looking at industries, The Fund is overweight home construction and telecom, and underweight technology, media & entertainment, and midstream energy. Recent risk reductions (but still overweight) have included positions in telecom, building materials & home construction, and cable & satellite. The Fund is also adding risk in midstream energy as well as reducing an underweight to technology.

*This strategy and performance overview, which discusses what strategies or holdings (including derivatives, if applicable) affected the Fund’s performance, is compiled based on how the Fund performed relative to the Index and is viewed for performance attribution purposes at the aggregate Fund level, which in most instances will not directly correlate to the amounts disclosed in the Statement of Operations which conform to US generally accepted accounting principles.

 

24 Visit our website at pgim.com/investments

  

 

 

Benchmark Definition

 

Bloomberg US High Yield Ba/B 1-5 Year 1% Capped Index—The Bloomberg US High Yield Ba/B 1-5 Year 1% Capped Index (the Index) is an unmanaged index which covers the universe of non-investment-grade debt in the United States, developed markets and emerging markets. Issuers are capped at 1% of the Index.

Investors cannot invest directly in an index.

Looking for additional information?

The Fund is traded on the New York Stock Exchange (NYSE) under the symbol “SDHY” and its closing market price is available on most financial websites under the NYSE listings. The daily NAV is available online under the symbol “XSDHX” on most financial websites. Barron’s and The Wall Street Journal’s Monday edition both carry closed-end fund tables that provide additional information. In addition, the Fund issues press releases that can be found on most major financial websites as well as on pgim.com/investments.

 

PGIM Fixed Income Closed-End Funds 25

Glossary

 

 

 

The following abbreviations are used in the Funds’ descriptions:

EUR—Euro

GBP—British Pound

USD—US Dollar

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

BARC—Barclays Bank PLC

BNP—BNP Paribas S.A.

BNY—Bank of New York Mellon

CDX—Credit Derivative Index

CGM—Citigroup Global Markets, Inc.

CITI—Citibank, N.A.

CLO—Collateralized Loan Obligation

CPI—Consumer Price Index

CVR—Contingent Value Rights

DAC—Designated Activity Company

EMTN—Euro Medium Term Note

ETF—Exchange-Traded Fund

EURIBOR—Euro Interbank Offered Rate

GMTN—Global Medium Term Note

GSI—Goldman Sachs International

HSBC—HSBC Bank PLC

iBoxx—Bond Market Indices

JPM—JPMorgan Chase Bank N.A.

JPS—J.P. Morgan Securities LLC

LIBOR—London Interbank Offered Rate

LP—Limited Partnership

MSI—Morgan Stanley & Co. International PLC

MTN—Medium Term Note

N/A—Not Applicable

OTC—Over-the-counter

PIK—Payment-in-Kind

Q—Quarterly payment frequency for swaps

REITs—Real Estate Investment Trust

SOFR—Secured Overnight Financing Rate

SONIA—Sterling Overnight Index Average

SSB—State Street Bank & Trust Company

T—Swap payment upon termination

 

 27

Glossary (continued)

 

 

 

TD—The Toronto-Dominion Bank

 

28

PGIM Global High Yield Fund, Inc.

Schedule of Investments

as of July 31, 2025

 

Description

Interest   Rate

Maturity    Date

Principal   Amount (000)#

Value

LONG-TERM INVESTMENTS 115.5%

ASSET-BACKED SECURITIES 0.7%

Cayman Islands

Atlas Static Senior Loan Fund Ltd.,

Series 2022-01A, Class AR, 144A, 3 Month

SOFR + 1.750% (Cap N/A, Floor 1.750%)

6.068%(c)

07/15/30

699

$

699,245

Carlyle Global Market Strategies CLO Ltd.,

Series 2014-01A, Class A1R2, 144A, 3 Month

SOFR + 1.232% (Cap N/A, Floor 0.970%)

5.554(c)

04/17/31

337

337,226

Madison Park Funding Ltd.,

Series 2015-18A, Class ARR, 144A, 3 Month

SOFR + 1.202% (Cap N/A, Floor 0.940%)

5.527(c)

10/21/30

2,390

2,390,551

Voya CLO Ltd.,

Series 2013-02A, Class A1R, 144A, 3 Month

SOFR + 1.232% (Cap N/A, Floor 0.970%)

5.550(c)

04/25/31

267

267,581

TOTAL ASSET-BACKED SECURITIES (cost $3,671,854)

3,694,603

CORPORATE BONDS 85.5%

Angola 0.2%

Azule Energy Finance PLC,

Gtd. Notes, 144A (aa)

8.125

01/23/30

1,000

1,004,400

Argentina 1.1%

Pan American Energy LLC,

Gtd. Notes, 144A

8.500

04/30/32

1,850

1,988,177

Telecom Argentina SA,

Sr. Unsec’d. Notes, 144A

9.250

05/28/33

750

770,625

Sr. Unsec’d. Notes, 144A

9.500

07/18/31

265

278,215

Transportadora de Gas del Sur SA,

Sr. Unsec’d. Notes, 144A

8.500

07/24/31

500

527,190

YPF SA,

Sr. Sec’d. Notes, 144A

9.500

01/17/31

700

738,717

Sr. Unsec’d. Notes, 144A

8.250

01/17/34

1,625

1,636,375

5,939,299

Australia 0.2%

Coronado Finance Pty Ltd.,

Sr. Sec’d. Notes, 144A

9.250

10/01/29

720

549,900

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds 29

PGIM Global High Yield Fund, Inc.

Schedule of Investments (continued)

as of July 31, 2025

 

Description		Interest   Rate				Maturity    Date		Principal   Amount (000)#				Value
CORPORATE BONDS (Continued)
Australia (cont’d.)
Mineral Resources Ltd.,
Sr. Unsec’d. Notes, 144A			8.125%			05/01/27			170			$	169,961
Sr. Unsec’d. Notes, 144A			9.250			10/01/28			150				156,375
Sr. Unsec’d. Notes, 144A, MTN			8.000			11/01/27			220				222,750
													1,098,986
Brazil 2.5%
Ambipar Lux Sarl,
Gtd. Notes, 144A			9.875			02/06/31			445				403,281
Braskem Netherlands Finance BV,
Gtd. Notes(aa)			4.500			01/31/30			2,000				1,407,000
Gtd. Notes, 144A(aa)			8.500			01/12/31			815				637,738
Centrais Eletricas Brasileiras SA,
Sr. Unsec’d. Notes, 144A(aa)			6.500			01/11/35			1,100				1,085,920
CSN Inova Ventures,
Gtd. Notes			6.750			01/28/28			750				711,997
CSN Resources SA,
Gtd. Notes, 144A			8.875			12/05/30			1,000				989,500
Globo Comunicacao e Participacoes SA,
Sr. Unsec’d. Notes(aa)			4.875			01/22/30			1,000				943,500
Karoon USA Finance, Inc.,
Sr. Sec’d. Notes, 144A(aa)			10.500			05/14/29			500				514,435
LD Celulose International GmbH,
Sr. Sec’d. Notes, 144A			7.950			01/26/32			270				282,285
Light S/A,
Unsec’d. Notes			23.382(s)			08/31/27			244				36,644
Light Servicos de Eletricidade SA,
Sec’d. Notes, PIK 2.260%			2.260			12/19/37			240				61,054
Sr. Sec’d. Notes			4.210			12/19/32			570				293,426
MARB BondCo PLC,
Gtd. Notes, 144A(aa)			3.950			01/29/31			1,330				1,175,520
Minerva Luxembourg SA,
Gtd. Notes, 144A			8.875			09/13/33			1,000				1,086,250
Nexa Resources SA,
Gtd. Notes, 144A			6.750			04/09/34			375				392,906
Petrobras Global Finance BV,
Gtd. Notes			6.000			01/13/35			500				483,938
Gtd. Notes(aa)			6.500			07/03/33			500				513,533

 

See Notes to Financial Statements.

30

PGIM Global High Yield Fund, Inc.

Schedule of Investments (continued)

as of July 31, 2025

 

Description		Interest   Rate				Maturity    Date		Principal   Amount (000)#				Value
CORPORATE BONDS (Continued)
Brazil (cont’d.)
Rumo Luxembourg Sarl,
Gtd. Notes			5.250%			01/10/28			800			$	796,250
Tupy Overseas SA,
Gtd. Notes			4.500			02/16/31			1,000				865,010
Usiminas International Sarl,
Gtd. Notes, 144A			7.500			01/27/32			800				816,700
													13,496,887
Canada 3.4%
1011778 BC ULC/New Red Finance, Inc.,
Sec’d. Notes, 144A(aa)			4.000			10/15/30			250				231,563
Sr. Sec’d. Notes, 144A(aa)			3.500			02/15/29			490				463,716
Sr. Sec’d. Notes, 144A			3.875			01/15/28			200				192,932
Baytex Energy Corp.,
Gtd. Notes, 144A			7.375			03/15/32			60				57,949
Gtd. Notes, 144A			8.500			04/30/30			115				116,603
Bombardier, Inc.,
Sr. Unsec’d. Notes, 144A(aa)			6.000			02/15/28			575				577,156
Sr. Unsec’d. Notes, 144A			6.750			06/15/33			500				512,500
Sr. Unsec’d. Notes, 144A			7.000			06/01/32			285				293,906
Sr. Unsec’d. Notes, 144A(aa)			7.125			06/15/26			276				275,828
Sr. Unsec’d. Notes, 144A			7.250			07/01/31			440				459,395
Sr. Unsec’d. Notes, 144A			7.450			05/01/34			100				108,375
Sr. Unsec’d. Notes, 144A(aa)			7.500			02/01/29			685				711,133
Sr. Unsec’d. Notes, 144A(aa)			7.875			04/15/27			211				211,528
Sr. Unsec’d. Notes, 144A(aa)			8.750			11/15/30			750				805,995
Brookfield Residential Properties, Inc./Brookfield Residential US LLC,
Gtd. Notes, 144A(aa)			4.875			02/15/30			1,250				1,133,150
Sr. Unsec’d. Notes, 144A(aa)			5.000			06/15/29			825				765,435
Capstone Copper Corp.,
Gtd. Notes, 144A			6.750			03/31/33			300				304,500
Champion Iron Canada, Inc.,
Gtd. Notes, 144A			7.875			07/15/32			565				576,837
Empire Communities Corp.,
Sr. Unsec’d. Notes, 144A			9.750			05/01/29			645				657,055
goeasy Ltd.,
Gtd. Notes, 144A			6.875			05/15/30			350				351,327
Sr. Unsec’d. Notes, 144A			7.375			10/01/30			675				686,279

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds 31

PGIM Global High Yield Fund, Inc.

Schedule of Investments (continued)

as of July 31, 2025

 

Description		Interest   Rate				Maturity    Date		Principal   Amount (000)#				Value
CORPORATE BONDS (Continued)
Canada (cont’d.)
goeasy Ltd., (cont’d.)
Sr. Unsec’d. Notes, 144A			7.625%			07/01/29			25			$	25,653
Hudbay Minerals, Inc.,
Gtd. Notes, 144A(aa)			4.500			04/01/26			1,230				1,217,835
Gtd. Notes, 144A(aa)			6.125			04/01/29			1,105				1,111,100
Kronos Acquisition Holdings, Inc.,
Sr. Sec’d. Notes, 144A			8.250			06/30/31			220				190,733
Sr. Unsec’d. Notes, 144A			10.750			06/30/32			920				614,238
Mattamy Group Corp.,
Sr. Unsec’d. Notes, 144A(aa)			4.625			03/01/30			950				909,425
New Flyer Holdings, Inc.,
Sec’d. Notes, 144A			9.250			07/01/30			355				376,300
New Gold, Inc.,
Sr. Unsec’d. Notes, 144A			6.875			04/01/32			230				236,042
Parkland Corp.,
Gtd. Notes, 144A(aa)			4.500			10/01/29			1,375				1,325,417
Sr. Unsec’d. Notes, 144A			6.625			08/15/32			265				269,868
Precision Drilling Corp.,
Gtd. Notes, 144A			6.875			01/15/29			472				471,032
Gtd. Notes, 144A(aa)			7.125			01/15/26			216				215,158
Superior Plus LP/Superior General Partner, Inc.,
Gtd. Notes, 144A(aa)			4.500			03/15/29			530				504,062
Taseko Mines Ltd.,
Sr. Sec’d. Notes, 144A			8.250			05/01/30			235				245,281
Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo US LLC,
Sr. Sec’d. Notes, 144A			9.500			05/15/30			700				716,373
Wrangler Holdco Corp.,
Gtd. Notes, 144A			6.625			04/01/32			215				222,097
													18,143,776
Chile 0.3%
Telefonica Moviles Chile SA,
Sr. Unsec’d. Notes			3.537			11/18/31			750				488,906
VTR Comunicaciones SpA,
Sr. Sec’d. Notes			4.375			04/15/29			1,000				916,560
													1,405,466

 

See Notes to Financial Statements.

32

PGIM Global High Yield Fund, Inc.

Schedule of Investments (continued)

as of July 31, 2025

 

Description		Interest   Rate				Maturity    Date		Principal   Amount (000)#				Value
CORPORATE BONDS (Continued)
China 0.1%
Agile Group Holdings Ltd.,
Sr. Sec’d. Notes			6.050%			10/13/25(d)			1,120			$	61,600
Franshion Brilliant Ltd.,
Gtd. Notes			4.250			07/23/29			200				179,250
Vanke Real Estate Hong Kong Co. Ltd.,
Sr. Unsec’d. Notes, EMTN			3.975			11/09/27			200				160,900
Yuzhou Group Holdings Co. Ltd.,
Sr. Sec’d. Notes			7.700			02/20/25(d)			900				63,000
Sr. Sec’d. Notes			8.500			02/26/24(d)			400				28,000
													492,750
Colombia 1.5%
AI Candelaria Spain SA,
Sr. Sec’d. Notes, 144A(aa)			5.750			06/15/33			1,440				1,241,986
Banco Davivienda SA,
Jr. Sub. Notes, 144A			8.125(ff)			07/02/35			500				506,545
Bancolombia SA,
Sub. Notes(aa)			8.625(ff)			12/24/34			750				796,125
Colombia Telecomunicaciones SA ESP,
Sr. Unsec’d. Notes			4.950			07/17/30			300				264,000
Ecopetrol SA,
Sr. Unsec’d. Notes			4.625			11/02/31			500				431,310
Sr. Unsec’d. Notes(aa)			6.875			04/29/30			1,400				1,401,820
Sr. Unsec’d. Notes			8.875			01/13/33			690				723,810
EnfraGen Energia Sur SAU/ EnfraGen Chile SpA/ EnfraGen Spain SAU,
Sr. Sec’d. Notes, 144A			8.499			06/30/32			200				202,565
Grupo Nutresa SA,
Gtd. Notes, 144A			9.000			05/12/35			1,000				1,093,500
SierraCol Energy Andina LLC,
Gtd. Notes, 144A(aa)			6.000			06/15/28			1,500				1,408,500
													8,070,161

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds 33

PGIM Global High Yield Fund, Inc.

Schedule of Investments (continued)

as of July 31, 2025

 

Description		Interest   Rate				Maturity    Date		Principal   Amount (000)#				Value
CORPORATE BONDS (Continued)
Costa Rica 0.1%
Autopistas del Sol SA,
Sr. Sec’d. Notes			7.375%			12/30/30			245			$	242,984
Instituto Costarricense de Electricidad,
Sr. Unsec’d. Notes, 144A			6.750			10/07/31			270				279,196
													522,180
Czech Republic 0.2%
CPI Property Group SA,
Sr. Unsec’d. Notes, EMTN			1.750			01/14/30		EUR	1,200				1,194,836
France 3.1%
Altice France SA,
Sr. Sec’d. Notes			3.375			01/15/28		EUR	2,150				2,127,855
Sr. Sec’d. Notes, 144A			5.500			10/15/29			490				424,154
Cerba Healthcare SACA,
Sr. Sec’d. Notes			3.500			05/31/28		EUR	2,020				1,644,777
Emeria SASU,
Sr. Sec’d. Notes			7.750			03/31/28		EUR	1,125				1,184,352
Sr. Sec’d. Notes, 144A			7.750			03/31/28		EUR	1,500				1,579,135
Iliad Holding SASU,
Sr. Sec’d. Notes(aa)			6.875			04/15/31		EUR	2,400				2,937,339
Sr. Sec’d. Notes, 144A(aa)			5.375			04/15/30		EUR	1,100				1,295,271
Sr. Sec’d. Notes, 144A			7.000			04/15/32			400				409,500
Sr. Sec’d. Notes, 144A			8.500			04/15/31			395				423,203
Picard Groupe SAS,
Sr. Sec’d. Notes(aa)			6.375			07/01/29		EUR	2,425				2,895,541
RCI Banque SA,
Sub. Notes, EMTN(aa)			5.500(ff)			10/09/34		EUR	1,700				2,025,135
													16,946,262
Germany 0.2%
Aroundtown SA,
Jr. Sub. Notes, EMTN			1.625(ff)			04/15/26(oo)		EUR	500				534,835
Grand City Properties SA,
Jr. Sub. Notes, EMTN			1.500(ff)			03/09/26(oo)		EUR	700				771,024
													1,305,859

 

See Notes to Financial Statements.

34

PGIM Global High Yield Fund, Inc.

Schedule of Investments (continued)

as of July 31, 2025

 

Description		Interest   Rate				Maturity    Date		Principal   Amount (000)#				Value
CORPORATE BONDS (Continued)
Ghana 0.0%
Tullow Oil PLC,
Sr. Sec’d. Notes, 144A			10.250%			05/15/26			300			$	267,938
Guatemala 0.7%
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL,
Gtd. Notes			5.250			04/27/29			1,000				967,790
CT Trust,
Sr. Sec’d. Notes, 144A			5.125			02/03/32			1,160				1,086,050
Millicom International Cellular SA,
Sr. Unsec’d. Notes, 144A			4.500			04/27/31			1,200				1,099,200
Sr. Unsec’d. Notes, 144A			7.375			04/02/32			500				512,625
													3,665,665
India 1.2%
Clean Renewable Power Mauritius Pte Ltd.,
Sr. Sec’d. Notes, 144A			4.250			03/25/27			1,067				1,035,960
Delhi International Airport Ltd.,
Sr. Sec’d. Notes, 144A(aa)			6.450			06/04/29			1,205				1,241,873
Greenko Power II Ltd.,
Sr. Sec’d. Notes			4.300			12/13/28			798				753,239
HDFC Bank Ltd.,
Jr. Sub. Notes, 144A(aa)			3.700(ff)			08/25/26(oo)			2,135				2,076,287
Vedanta Resources Finance II PLC,
Gtd. Notes, 144A(aa)			10.875			09/17/29			890				909,135
Gtd. Notes, 144A			11.250			12/03/31			330				343,612
													6,360,106
Ireland 0.5%
Flutter Treasury DAC,
Sr. Sec’d. Notes, 144A			6.125			06/04/31		GBP	2,000				2,612,765
GGAM Finance Ltd.,
Gtd. Notes, 144A			8.000			02/15/27			225				231,014
Sr. Unsec’d. Notes, 144A			8.000			06/15/28			125				131,768
													2,975,547

 

See Notes to Financial Statements.

PGIM Fixed Income Closed-End Funds 35