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:		811-22724
Exact name of registrant as specified in charter:		PGIM Global High Yield Fund, Inc.
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:		07/31/2026
Date of reporting period:		07/31/2026

 

Item 1 – Reports to Stockholders

 

(a)

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

 

PGIM CREDIT CLOSED-END FUNDS

PGIM GLOBAL HIGH YIELD FUND, INC. (GHY)

PGIM HIGH YIELD BOND FUND, INC. (ISD)

PGIM SHORT DURATION HIGH YIELD OPPORTUNITIES FUND (SDHY)

 

ANNUAL REPORT

JULY 31, 2026

 

 

To enroll in e-delivery, go to pgim.com/us/en/intermediary/resources/featured/e-delivery

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.

PGIM Credit is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PGIM is a Prudential Financial Company. © 2026 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/closed-end-fund-documents

Letter from the President

 

		Dear Shareholder:   We hope you find the annual report for the PGIM Credit Closed-End Funds informative and useful. The report covers performance for the 12-month period that ended July 31, 2026.   Financial markets rallied and the global economy remained resilient for much of the period, although renewed inflation concerns emerged in the final months as energy prices climbed amid heightened geopolitical tensions in the Middle East. Employers continued hiring, consumers continued spending, and home prices maintained their upward trajectory.

With inflation cooling, the US Federal Reserve (Fed) reduced the federal funds rate three times early in the period—by 25 basis points each in September, October, and December 2025—then held rates steady for the remainder of the period as inflation reaccelerated. Investor enthusiasm for artificial intelligence-related stocks continued to drive equity markets to record highs for most of the period, although volatility increased in the final months. For the entire period, equities in both US and international markets posted gains.

Bond markets generally produced positive but more uneven returns, as interest income and price gains during the first half of the period more than offset the impact of rising yields later. US and global investment-grade bonds, along with US high yield corporate bonds and emerging market debt, all posted gains.

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, we provide access to active investment strategies across the global markets in the pursuit of consistent outperformance for investors. PGIM is one of the world’s largest investment managers with more than $1 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 Credit Closed-End Funds

September 16, 2026

 

PGIM Credit 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/closed-end-fund-documents.

Investment Objective

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

 

Price Per Share as of 7/31/2026

$12.75 Net Asset Value (NAV)

$11.66 Market Price

 

		Average Annual Total Returns as of 7/31/2026
		One Year (%)		Five Years (%)		Ten Years (%)
Net Asset Value (NAV)		6.50		4.18		5.92
Market Price		-1.54		4.51		6.64
Bloomberg Global High Yield 2% Issuer Constrained (USD Hedged) Index
		6.69		4.68		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 7/31/2026
Duration		4.8 years		Average Maturity		6.4 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/closed-end-fund-documents

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, 2016) and the account values at the end of the current fiscal year (July 31, 2026), 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 Credit 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 7/31/2026 (%)
AAA			0.8
BBB			8.6
BB			46.5
B			33.5
CCC			7.0
CC			0.1
C			0.9
D			0.1
NR			3.7
Cash/Cash Equivalents			(1.1)
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 (NR) category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to 100.0% due to rounding.

 

Distribution Rate and Dividends as of 7/31/2026
Total Monthly Dividends Paid per Share for Period		Current Monthly Dividend Paid per Share		Distribution Rate at Market Price as of 7/31/2026
$1.26		$0.105		10.81%

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, 2026.

 

6 Visit our website at pgim.com/closed-end-fund-documents

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 -1.54% based on market price and 6.50% based on net asset value (NAV) in the 12-month reporting period that ended July 31, 2026. For the same period, the Bloomberg Global High Yield 2% Issuer Constrained (USD Hedged) Index (the Index) returned 6.69%.

What were the market conditions?

 

●	Global 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 whipsawing geopolitical tensions and monetary policy expectations.

 

●

Spreads on the Bloomberg Global High Yield Bond Index tightened 20 basis points (bps) to 287 bps at the end of the period. (One basis point equals 0.01%.) Meanwhile, the credit ratings profile of the U.S. high yield market remained strong by historical standards, and balance sheets for high yield issuers were generally solid. In Europe, fundamentals continued to diverge as companies with stronger balance sheets delivered improved credit metrics, while lower-rated companies with weaker balance sheets struggled.

 

●	Despite heavy outflows during the first quarter of 2026, retail U.S. high yield bond fund flows were positive YTD at $441 million by the end of the reporting period. A similar pattern was seen in European high yield funds, which posted €2.6 billion of inflows through the first seven months of 2026.

 

●

Meanwhile, after totaling $332 billion in 2025, high yield gross issuance totaled $205 billion through the first seven months of 2026, or $89.8 billion excluding refinancing activity. In Europe, high yield gross issuance totaled €97 billion through the first seven months of 2026, while net issuance was €40 billion.

 

●

By quality, all credit tiers posted positive returns over the reporting period, with B-rated credits outperforming their BB-rated and CCC-rated peers. Meanwhile, the par-weighted U.S. high yield default rate, including distressed exchanges, ended the period at 2.77%, which was still below its long-term historical average but up 90 bps from the end of 2025, according to J.P. Morgan.

 

●

In emerging-market high yield corporates, the four months prior to the end of the reporting period saw continued spread compression, inflows, and new issue supply to the sector, marking a reversal of the spread widening that occurred around the onset of the Iran war. PGIM Credit notes that tight spreads do not mean rich spreads. Tight spreads, combined with unresolved risks, call for deliberate positioning, as well as a thorough examination of the current backdrop and potential downstream impacts from the war.

 

PGIM Credit Closed-End Funds 7

Strategy and Performance Overview* (continued)

 

 

What worked?

 

●	Having more risk in the Fund, on average, over the reporting period than the Index was the largest contributor to the Fund’s performance during the period.

 

●	Overall industry allocation contributed to performance during the period, with overweights relative to the Index in foreign non-corporate and other financial, and an underweight to technology contributing the most.

 

●	While overall security selection detracted from performance, selection in telecom, cable & satellite, and foreign non-corporate contributed most to performance.

 

●	In individual security selection, the Fund’s overweights relative to the Index in Digicel International Finance Ltd. (telecom), Radiate Holdings LP (cable & satellite), and DISH DBS Corp. (cable & satellite) were among the largest contributors to performance.

 

●	While overall sector allocation detracted from performance, overweights relative to the Index in the emerging-market high yield and euro-denominated high yield sectors contributed to performance.

What didn’t work?

 

●	Overall security selection detracted the most from the Fund’s performance relative to the Index during the reporting period, with selection in paper & packaging, chemicals, and consumer non-cyclicals detracting the most.

 

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

 

●	In individual security selection, the Fund’s overweights in LABL, Inc. (paper & packaging), Centrient Holding B.V. (health care & pharmaceutical), and CSC Holdings, LLC (cable & satellite), were the largest detractors from performance.

 

●	Overall sector allocation detracted from performance, with overweights relative to the Index in the U.S. high yield corporate and GBP-denominated high yield corporate sectors, and allocations to the U.S. bank loans and European bank loans sectors, detracting from performance.

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 period, the Fund had borrowed $100 million and was about 16.1% leveraged. During the period, the average amount of leverage utilized by the Fund was about 15.7%.

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

 

8 Visit our website at pgim.com/closed-end-fund-documents

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 fiscal year ended July 31, 2026, the tax character of dividends paid include an ordinary income distribution of $38,409,947 and a tax return of capital distribution of $13,200,265 or 25.6% of the total distribution of $51,610,212 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 U.S. dollars. Such derivatives are used in an attempt to mitigate the impact to the Fund from fluctuating currencies outside the U.S. 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. (Beta is a measure of the volatility or risk of a security or portfolio compared to the market or index.) Overall, the use of TRS and futures contributed to performance for the period.

Current outlook

 

●

U.S. high yield bond spreads compressed in the second quarter of 2026 to near post-global financial crisis (GFC) tights, as strong earnings and bullish outlooks offset an uncertain macro outlook. As evidenced by the steady tightening, PGIM Credit believes investors are focused on an economic outcome that more closely resembles PGIM Credit’s overheating economic base case than stagflation/recession conditions as a result of the global energy shock.

 

●

With spreads now back to year-to-date tights, PGIM Credit believes risks are skewed to the downside. However, elevated rate markets and range-bound high yield spreads create an attractive carry environment. While bouts of geopolitical-driven volatility are likely over the near term, PGIM Credit believes the current fiscal and monetary outlooks are supportive for credit fundamentals and economic growth.

 

●

If PGIM Credit’s overheating scenario plays out, expectations are that excess returns will be flat, and U.S. high yield will outperform other sectors on a risk-adjusted basis. Meanwhile, a quick resolution with Iran could cause spreads to compress through post-GFC tights, resulting in further upside.

 

●	Heading into the second half of 2026, the default rate remains well below long-term averages, and overall duration is relatively short. PGIM Credit is maintaining its overweight to short-duration bonds and continues to favor high-quality issues.

 

●	Sector positioning includes overweights to homebuilders, telecom, and finance companies, and underweights to technology (software), media & entertainment, and

 

PGIM Credit Closed-End Funds 9

Strategy and Performance Overview* (continued)

 

 

retailers & restaurants. Recent adjustments include an overweight to chemicals and a reduction in the Fund’s underweight to technology. PGIM Credit has also increased the Fund’s underweight to media & entertainment.

 

●	PGIM Credit expects the European high yield bond and leveraged loan markets to remain resilient, supported by strong technicals. However, the upside/downside dynamic remains negatively skewed given the tight spread levels and complicated macro and geopolitical backdrop.

 

●

Looking ahead, PGIM Credit remains invested but cautious—running risk slightly above market neutral—and generally defensive in single-name positioning, as well as underweight cyclicals. PGIM Credit continues to focus on relative value opportunities, maintaining a high threshold for high-beta names given the wide range of potential macro outcomes.

 

●

For emerging-market corporates, PGIM Credit’s outlook is largely carry driven, with some bouts of volatility around geopolitical headlines and the trajectory of the global economy. Technicals are supportive amid strong demand for new issues, including crossover investor demand, given the yield pick-up to developed markets. Industries like oil & gas, commodities, and chemicals generally reported good earnings results. PGIM Credit expects overall defaults to remain contained in the 3% range for emerging-market high yield, in line with developed markets, considering very manageable refinancing needs and resiliency in the underlying emerging-market economies. PGIM Credit favors sectors like Latin American financials and oil & gas, plus Asian metals & mining and infrastructure plays across energy and transportation. PGIM Credit has become more cautious on UAE high yield property and corporates in frontier countries. The risks to the carry thesis are that an extended Iran conflict impacts global growth and high yield spreads decompress.

*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 U.S. generally accepted accounting principles.

 

10 Visit our website at pgim.com/closed-end-fund-documents

Benchmark Definition

Bloomberg Global High Yield 2% Issuer Constrained (USD Hedged) Index—The Bloomberg Global High Yield 2% Issuer Constrained (USD Hedged) Index is an unmanaged index which covers the universe of non-investment-grade debt in the U.S., 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/closed-end-fund-documents.

 

PGIM Credit 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/closed-end-fund-documents.

Investment Objective

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

 

Price per Share as of 7/31/2026

$13.50 Net Asset Value (NAV)

$12.44 Market Price

 

		Average Annual Total Returns as of 7/31/2026
		One Year (%)		Five Years (%)		Ten Years (%)
Net Asset Value (NAV)		4.80		4.09		5.95
Market Price		-4.89		4.20		6.36
Bloomberg US Corporate High Yield 1% Issuer Capped Index
		5.19		4.06		5.44

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 7/31/2026
Duration		4.0 years		Average Maturity		5.2 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/closed-end-fund-documents

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, 2016) and the account values at the end of the current fiscal year (July 31, 2026), 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 Credit 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 7/31/2026 (%)
AAA			1.4
A			0.1
BBB			7.2
BB			51.9
B			25.5
CCC			8.2
CC			0.2
Not Rated			5.8
Cash/Cash Equivalents			(0.3)
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 (NR) category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to 100.0% due to rounding.

 

Distribution Rate and Dividends as of 7/31/2026
Total Monthly Dividends Paid per Share for Period		Current Monthly Dividend Paid per Share		Distribution Rate at Market Price as of 7/31/2026
$1.26		$0.105		10.13%

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, 2026.

 

14 Visit our website at pgim.com/closed-end-fund-documents

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 -4.89% based on market price and 4.80% based on net asset value (NAV) in the 12-month reporting period that ended July 31, 2026. For the same period, the Bloomberg US Corporate High Yield 1% Issuer Capped Index (the Index) returned 5.19%.

What were the market conditions?

 

●	U.S. 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 whipsawing geopolitical tensions and U.S. Federal Reserve policy expectations.

 

●

Spreads on the Bloomberg U.S. Corporate High Yield Bond Index were unchanged at 279 basis points (bps) at the end of the period. (One basis point equals 0.01%.) Meanwhile, corporate balance sheets remained generally solid, and the U.S. high yield market remained at historically high levels in terms of credit quality.

 

●

Despite heavy outflows during the first quarter of 2026, retail U.S. high yield bond fund flows were positive YTD at $441 million by the end of the reporting period. After totaling $332 billion in 2025, high yield gross issuance totaled $205 billion through the first seven months of 2026, or $89.8 billion excluding refinancing activity.

 

●

By quality, all credit tiers posted positive returns over the reporting period, with B-rated credits outperforming their BB-rated and CCC-rated peers. Meanwhile, the par-weighted U.S. high yield default rate, including distressed exchanges, ended the period at 2.77%, which was still below its long-term historical average but up 90 bps from the end of 2025, according to J.P. Morgan.

What worked?

 

●	Overall security selection contributed the most to performance relative to the Index during the reporting period, with selection in telecom, 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), Radiate Holdco, LLC (cable & satellite), and DISH DBS Corp. (cable & satellite) contributed the most to performance.

 

●	While overall sector allocation detracted from performance, allocations in the emerging markets high yield corporates and AAA collateralized loan obligation sectors contributed to performance.

 

●	While overall industry allocation detracted from performance, underweights relative to the Index in technology and property & casualty, and an overweight to midstream energy contributed to performance.

 

PGIM Credit Closed-End Funds 15

Strategy and Performance Overview* (continued)

 

●	Having more risk in the Fund, on average, than the Index contributed to the Fund’s performance.

What didn’t work?

 

●	Overall industry allocation detracted the most from the Fund’s performance relative to the Index during the reporting period, with an overweight in cable & satellite, and underweights in automotive and retailers & restaurants detracting the most.

 

●	Overall sector allocation detracted from performance, with an overweight in the U.S. high yield corporate sector, and allocations to the U.S. and European bank loan sectors, detracting from performance.

 

●	While overall security selection contributed to the Fund’s performance, selection in media & entertainment, automotive, and paper & packaging detracted.

 

●	In individual security selection, overweights in First Brands Group, LLC (automotive), CSC Holdings, LLC (cable & satellite), and DSG TopCo, Inc. (media & entertainment) detracted from performance.

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

The Fund did not carry any leverage during the reporting period.

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 fiscal year ended July 31, 2026, the tax character of dividends paid include an ordinary income distribution of $31,172,388 and a tax return of capital distribution of $10,819,822 or 25.8% of the total distribution of $41,992,210 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, interest rate futures, and foreign exchange forwards in an effort to hedge credit risk and manage its overall beta. (Beta is a measure of the volatility or risk of a security or portfolio compared to the market or index.) In aggregate, these positions contributed to performance over the period.

Current outlook

 

●	U.S. high yield bond spreads compressed in the second quarter of 2026 to near post-global financial crisis (GFC) tights, as strong earnings and bullish outlooks offset an uncertain macro outlook. As evidenced by the steady tightening, PGIM Credit

 

16 Visit our website at pgim.com/closed-end-fund-documents

believes investors are focused on an economic outcome that more closely resembles PGIM Credit’s overheating economic base case than stagflation/recession conditions as a result of the global energy shock.

 

●

With spreads now back to year-to-date tights, PGIM Credit believes risks are skewed to the downside. However, elevated rate markets and range-bound high yield spreads create an attractive carry environment. While bouts of geopolitical-driven volatility are likely over the near term, PGIM Credit believes the current fiscal and monetary outlooks are supportive for credit fundamentals and economic growth.

 

●

If PGIM Credit’s overheating scenario plays out, expectations are that excess returns will be flat, and U.S. high yield will outperform other sectors on a risk-adjusted basis. Meanwhile, a quick resolution with Iran could cause spreads to compress through post-GFC tights, resulting in further upside.

 

●	Heading into the second half of 2026, the default rate remains well below long-term averages, and overall duration is relatively short. PGIM Credit is maintaining its overweight to short-duration bonds and continues to favor high-quality issues.

 

●

Sector positioning includes overweights to homebuilders, telecom, and finance companies, and underweights to technology (software), media & entertainment, and retailers & restaurants. Recent adjustments include an overweight to chemicals and a reduction in the Fund’s underweight to technology. PGIM Credit has also increased the Fund’s underweight to media & entertainment.

*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 U.S. generally accepted accounting principles.

Benchmark Definition

Bloomberg US Corporate High Yield 1% Issuer Capped Index—The Bloomberg US Corporate High Yield 1% Issuer Capped Index is an unmanaged index which covers the universe of U.S. 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.

 

PGIM Credit Closed-End Funds 17

Strategy and Performance Overview* (continued)

 

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/closed-end-fund-documents.

 

18 Visit our website at pgim.com/closed-end-fund-documents

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/closed-end-fund-documents.

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 7/31/2026

$17.16 Net Asset Value (NAV)

$16.14 Market Price

 

		Average Annual Total Returns as of 7/31/2026
		One Year (%)		Five Years (%)		Since Inception (%)
Net Asset Value (NAV)		3.78		4.49		4.55 (11/25/2020)
Market Price		4.60		4.38		4.09 (11/25/2020)
Bloomberg US High Yield Ba/B 1-5 Year 1% Capped Index
		5.52		4.79		5.11

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 7/31/2026
Duration		3.0 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 Credit 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, 2026), 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/closed-end-fund-documents

Credit Quality expressed as a percentage of total investments as of 7/31/2026 (%)
AAA			1.4
BBB			10.0
BB			57.3
B			26.2
CCC			4.5
CC			0.1
NR			1.8
Cash/Cash Equivalents			(1.2)
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 (NR) category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to 100.0% due to rounding.

 

Distribution Rate and Dividends as of 7/31/2026
Total Monthly Dividends Paid per Share for Period		Current Monthly Dividend Paid per Share		Distribution Rate at Market Price as of 7/31/2026
$1.30		$0.108		8.03%

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, 2026.

 

PGIM Credit 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 4.60% based on market price and 3.78% based on net asset value (NAV) in the 12-month reporting period that ended July 31, 2026. For the same period, the Bloomberg US High Yield Ba/B 1–5 Year 1% Capped Index (the Index) returned 5.52%.

What were the market conditions?

 

●	U.S. 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 whipsawing geopolitical tensions and U.S. Federal Reserve policy expectations.

 

●

Spreads on the Bloomberg U.S. Corporate High Yield Bond Index were unchanged at 279 basis points (bps) at the end of the period. (One basis point equals 0.01%.) Meanwhile, corporate balance sheets remained generally solid, and the U.S. high yield market remained at historically high levels in terms of credit quality.

 

●

Despite heavy outflows during the first quarter of 2026, retail U.S. high yield bond fund flows were positive YTD at $441 million by the end of the reporting period. After totaling $332 billion in 2025, high yield gross issuance totaled $205 billion through the first seven months of 2026, or $89.8 billion excluding refinancing activity.

 

●

By quality, all credit tiers posted positive returns over the reporting period, with B-rated credits outperforming their BB-rated and CCC-rated peers. Meanwhile, the par-weighted U.S. high yield default rate, including distressed exchanges, ended the period at 2.77%, which was still below its long-term historical average but up 90 bps from the end of 2025, according to J.P. Morgan.

What worked?

 

●	Having more risk in the Fund, on average, over the reporting period than the Index contributed the most to the Fund’s performance during the period.

 

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

 

●	In individual security selection, the Fund’s overweights relative to the Index in Digicel International Finance Ltd. (telecom), Radiate Holdco, LLC (cable & satellite), and DISH DBS Corp. (cable & satellite) contributed to returns.

 

●	While overall industry allocation detracted from performance, underweights to technology and consumer non-cyclical, and an overweight to capital goods contributed to performance.

 

22 Visit our website at pgim.com/closed-end-fund-documents

●	While overall sector allocation detracted from performance, allocations to the emerging-markets high yield corporate and AAA collateralized loan obligation sectors contributed to performance.

What didn’t work?

 

●	Overall sector allocation detracted the most from performance relative to the Index during the reporting period, with an overweight to the U.S. high yield corporate sector and an allocation to the U.S. bank loans sector detracting the most.

 

●	Overall industry allocation detracted from performance, with underweights in automotive and upstream energy, and an overweight to cable & satellite, detracting from performance.

 

●	While overall security selection contributed to performance, selection in paper & packaging, automotive, and property & casualty detracted from performance.

 

●	In individual security selection, overweights in First Brands Group, LLC (automotive), LABL, Inc. (paper & packaging), and CSC Holdings, LLC (cable & satellite) detracted from performance.

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

The Fund did not use leverage during the reporting period.

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

The Fund’s 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 fiscal year ended July 31, 2026, the tax character of dividends paid include an ordinary income distribution of $26,794,678 and a tax return of capital distribution of $5,181,603 or 16.2% 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. (Beta is a measure of the volatility or risk of a security or portfolio compared to the market or index.) In aggregate, these positions contributed to performance during the period.

Current outlook

 

●	U.S. high yield bond spreads compressed in the second quarter of 2026 to near post-global financial crisis (GFC) tights, as strong earnings and bullish outlooks offset

 

PGIM Credit Closed-End Funds 23

Strategy and Performance Overview* (continued)

 

an uncertain macro outlook. As evidenced by the steady tightening, PGIM Credit believes investors are focused on an economic outcome that more closely resembles PGIM Credit’s overheating economic base case than stagflation/recession conditions as a result of the global energy shock.

 

●

With spreads now back to year-to-date tights, PGIM Credit believes risks are skewed to the downside. However, elevated rate markets and range-bound high yield spreads create an attractive carry environment. While bouts of geopolitical-driven volatility are likely over the near term, PGIM Credit believes the current fiscal and monetary outlooks are supportive for credit fundamentals and economic growth.

 

●

If PGIM Credit’s overheating scenario plays out, expectations are that excess returns will be flat, and U.S. high yield will outperform other sectors on a risk-adjusted basis. Meanwhile, a quick resolution with Iran could cause spreads to compress through post-GFC tights, resulting in further upside.

 

●	Heading into the second half of 2026, the default rate remains well below long-term averages, and overall duration is relatively short. PGIM Credit is maintaining its overweight to short-duration bonds and continues to favor high-quality issues.

 

●

Sector positioning includes overweights to homebuilders, telecom, and finance companies, and underweights to technology (software), media & entertainment, and retailers & restaurants. Recent adjustments include an overweight to chemicals and a reduction in the Fund’s underweight to technology. PGIM Credit has also increased the Fund’s underweight to media & entertainment.

*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 U.S. generally accepted accounting principles.

 

24 Visit our website at pgim.com/closed-end-fund-documents

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 is an unmanaged index which covers the universe of non-investment-grade debt in the U.S., 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/closed-end-fund-documents.

 

PGIM Credit 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.

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

IBEX—Spanish Stock Index

JPM—JPMorgan Chase Bank N.A.

JPS—J.P. Morgan Securities LLC

LP—Limited Partnership

MSI—Morgan Stanley & Co. International PLC

MTN—Medium Term Note

N/A—Not Applicable

PIK—Payment-in-Kind

Q—Quarterly payment frequency for swaps

RBC—Royal Bank of Canada

REITs—Real Estate Investment Trust

SOFR—Secured Overnight Financing Rate

SONIA—Sterling Overnight Index Average

SSB—State Street Bank & Trust Company

 

27

PGIM Global High Yield Fund, Inc.

Schedule of Investments

as of July 31, 2026

 

Description		Interest   Rate				Maturity    Date		Principal   Amount (000)#				Value
LONG-TERM INVESTMENTS 118.5%
CORPORATE BONDS 86.1%
Angola 0.3%
Azule Energy Finance PLC,
Gtd. Notes, 144A(aa)			8.125%			01/23/30			1,000			$	1,013,300
Gtd. Notes, 144A			8.250			01/22/31			630				638,977
													1,652,277
Argentina 1.2%
Empresa Distribuidora de Electricidad de Mendoza SA,
Sr. Unsec’d. Notes, 144A			9.750			06/11/33			550				527,038
IRSA Inversiones y Representaciones SA,
Sr. Unsec’d. Notes, 144A			8.000			03/31/35			700				723,093
Pampa Energia SA,
Sr. Unsec’d. Notes, 144A			7.750			11/14/37			300				304,283
Tecpetrol SA,
Sr. Unsec’d. Notes			7.625			11/03/30			181				185,937
Telecom Argentina SA,
Sr. Unsec’d. Notes, 144A			9.250			05/28/33			750				803,932
Sr. Unsec’d. Notes, 144A			9.500			07/18/31			265				286,856
Vista Energy Argentina SAU,
Sr. Unsec’d. Notes			7.625			12/10/35			500				516,750
Sr. Unsec’d. Notes			8.500			06/10/33			500				530,187
YPF SA,
Sr. Sec’d. Notes, 144A			9.500			01/17/31			630				668,241
Sr. Unsec’d. Notes, 144A			8.250			01/17/34			1,625				1,711,125
													6,257,442
Australia 0.4%
Coronado Finance Pty Ltd.,
Sr. Sec’d. Notes, 144A(aa)			9.250			10/01/29			765				642,600
Mineral Resources Ltd.,
Sr. Unsec’d. Notes, 144A			6.000			05/01/32			415				406,733
Sr. Unsec’d. Notes, 144A			6.250			05/01/34			190				184,775
Sr. Unsec’d. Notes, 144A			7.000			04/01/31			340				348,595
Sr. Unsec’d. Notes, 144A			9.250			10/01/28			248				254,984
Sr. Unsec’d. Notes, 144A, MTN			8.500			05/01/30			85				87,460

 

See Notes to Financial Statements.

28

PGIM Global High Yield Fund, Inc.

Schedule of Investments (continued)

as of July 31, 2026

 

Description		Interest   Rate				Maturity    Date		Principal   Amount (000)#				Value
CORPORATE BONDS (Continued)
Australia (cont’d.)
PLS Group Ltd.,
Sr. Unsec’d. Notes, 144A			6.875%			05/01/31			150			$	151,633
													2,076,780
Austria 0.3%
Constantia Flexibles GmbH,
Sr. Sec’d. Notes, 144A			6.250			07/15/32		EUR	1,300				1,504,717
Brazil 1.8%
Aegea Finance Sarl,
Gtd. Notes			9.000			01/20/31			400				388,440
Braskem Netherlands Finance BV,
Gtd. Notes(aa)			4.500			01/31/30(d)			2,000				1,085,000
Gtd. Notes, 144A(aa)			8.500			01/12/31(d)			815				461,901
CSN Inova Ventures,
Gtd. Notes			6.750			01/28/28			750				625,650
CSN Resources SA,
Gtd. Notes, 144A			8.875			12/05/30			1,000				707,500
LD Celulose International GmbH,
Sr. Sec’d. Notes, 144A			7.950			01/26/32			270				280,976
Light SA,
Unsec’d. Notes			23.382(s)			08/31/27			244				36,644
Light Servicos de Eletricidade SA,
Sec’d. Notes			2.260			12/19/37			242				60,564
Sr. Sec’d. Notes			4.210			12/19/32			570				415,924
MARB BondCo PLC,
Gtd. Notes, 144A(aa)			3.950			01/29/31			1,330				1,165,590
Minerva Luxembourg SA,
Gtd. Notes, 144A			7.500			04/22/36			750				715,462
Gtd. Notes, 144A			8.875			09/13/33			1,000				1,035,500
Nova Securitisation Sarl,
Sr. Sec’d. Notes, 144A			6.500			02/03/36			500				455,000
Raizen Fuels Finance SA,
Gtd. Notes			6.250			07/08/32(d)			800				422,000
Gtd. Notes			6.450			03/05/34(d)			650				342,875

 

See Notes to Financial Statements.

PGIM Credit Closed-End Funds 29

PGIM Global High Yield Fund, Inc.

Schedule of Investments (continued)

as of July 31, 2026

 

Description		Interest   Rate				Maturity    Date		Principal   Amount (000)#				Value
CORPORATE BONDS (Continued)
Brazil (cont’d.)
Rede D’or Finance Sarl,
Gtd. Notes, 144A			6.550%			04/28/36			600			$	577,146
Usiminas International Sarl,
Gtd. Notes, 144A			7.500			01/27/32			800				821,688
													9,597,860
Canada 3.0%
1011778 BC ULC/New Red Finance, Inc.,
Sec’d. Notes, 144A(aa)			4.000			10/15/30			250				235,117
Sr. Sec’d. Notes, 144A(aa)			3.500			02/15/29			490				468,636
Sr. Sec’d. Notes, 144A			3.875			01/15/28			25				24,544
Bausch Health Cos., Inc.,
Gtd. Notes, 144A(aa)			5.000			01/30/28			1,225				1,108,747
Gtd. Notes, 144A			5.000			02/15/29			75				57,375
Gtd. Notes, 144A			5.250			01/30/30			325				220,188
Gtd. Notes, 144A(aa)			5.250			02/15/31			450				278,437
Gtd. Notes, 144A			6.250			02/15/29			425				333,625
Gtd. Notes, 144A			7.000			01/15/28			200				180,434
Sr. Sec’d. Notes, 144A			4.875			06/01/28			225				209,768
Sr. Sec’d. Notes, 144A			11.000			09/30/28			200				204,242
Bombardier, Inc.,
Sr. Unsec’d. Notes, 144A			6.750			06/15/33			665				684,950
Sr. Unsec’d. Notes, 144A			7.000			06/01/32			345				355,350
Sr. Unsec’d. Notes, 144A			7.250			07/01/31			525				546,656
Sr. Unsec’d. Notes, 144A			7.450			05/01/34			500				546,605
Brookfield Residential Properties, Inc./Brookfield Residential US LLC,
Gtd. Notes, 144A(aa)			4.875			02/15/30			1,250				1,162,550
Sr. Unsec’d. Notes, 144A(aa)			5.000			06/15/29			825				782,191
Capstone Copper Corp.,
Gtd. Notes, 144A			6.750			03/31/33			265				265,254
Champion Iron Canada, Inc.,
Gtd. Notes, 144A			7.875			07/15/32			340				348,500
Empire Communities Corp.,
Sr. Unsec’d. Notes, 144A			9.750			05/01/29			645				661,009
goeasy Ltd.,
Gtd. Notes, 144A			6.875			02/15/31			213				189,455
Sr. Unsec’d. Notes, 144A			7.375			10/01/30			375				341,655

 

See Notes to Financial Statements.

30

PGIM Global High Yield Fund, Inc.

Schedule of Investments (continued)

as of July 31, 2026

 

Description		Interest   Rate				Maturity    Date		Principal   Amount (000)#				Value
CORPORATE BONDS (Continued)
Canada (cont’d.)
Hudbay Minerals, Inc.,
Gtd. Notes, 144A(aa)			6.125%			04/01/29			980			$	980,794
Kronos Acquisition Holdings, Inc.,
Sr. Unsec’d. Notes, 144A			10.750			06/30/32			595				182,963
Mattamy Group Corp.,
Sr. Unsec’d. Notes, 144A(aa)			4.625			03/01/30			950				907,592
Sr. Unsec’d. Notes, 144A			6.000			12/15/33			560				532,846
New Flyer Holdings, Inc.,
Sec’d. Notes, 144A			9.250			07/01/30			545				582,730
Precision Drilling Corp.,
Gtd. Notes, 144A			6.875			01/15/29			807				810,293
Skeena Resources Ltd.,
Sr. Sec’d. Notes, 144A(aa)			8.500			04/01/31			1,045				1,089,412
Superior Plus LP/Superior General Partner, Inc.,
Gtd. Notes, 144A			4.500			03/15/29			240				231,329
Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo US LLC,
Sr. Sec’d. Notes, 144A			9.500			05/15/30			700				631,750
Trekor Metals Ltd.,
Sr. Sec’d. Notes, 144A			8.250			05/01/30			410				425,313
													15,580,310
Chile 0.1%
Telefonica Moviles Chile SA,
Sr. Unsec’d. Notes			3.537			11/18/31			750				591,563
China 0.1%
Agile Group Holdings Ltd.,
Sr. Sec’d. Notes			6.050			10/13/25(d)			1,120				44,800
Franshion Brilliant Ltd.,
Gtd. Notes			4.250			07/23/29			200				185,090
Vanke Real Estate Hong Kong Co. Ltd.,
Sr. Unsec’d. Notes, EMTN			3.975			11/09/27			200				99,772
													329,662
Colombia 1.3%
AI Candelaria Spain SA,
Sr. Sec’d. Notes, 144A(aa)			5.750			06/15/33			500				459,375

 

See Notes to Financial Statements.

PGIM Credit Closed-End Funds 31

PGIM Global High Yield Fund, Inc.

Schedule of Investments (continued)

as of July 31, 2026

 

Description		Interest   Rate				Maturity    Date		Principal   Amount (000)#				Value
CORPORATE BONDS (Continued)
Colombia (cont’d.)
Banco Davivienda SA,
Sub. Notes, 144A			8.125%(ff)			07/02/35			500			$	514,500
Bancolombia SA,
Sub. Notes(aa)			8.625(ff)			12/24/34			750				790,313
Colombia Telecomunicaciones SA ESP,
Sr. Unsec’d. Notes			4.950			07/17/30			300				283,335
Ecopetrol SA,
Sr. Unsec’d. Notes			4.625			11/02/31			500				454,250
Sr. Unsec’d. Notes			5.875			05/28/45			695				552,629
Sr. Unsec’d. Notes(aa)			6.875			04/29/30			1,400				1,416,380
Sr. Unsec’d. Notes			8.875			01/13/33			690				744,165
EnfraGen Energia Sur SAU/ EnfraGen Chile SpA/ EnfraGen Spain SAU,
Sr. Sec’d. Notes, 144A			8.499			06/30/32			200				207,452
Grupo Nutresa SA,
Gtd. Notes, 144A(aa)			9.000			05/12/35			1,000				1,107,038
Parex Resources, Inc.,
Gtd. Notes, 144A			8.500			05/11/31			400				405,000
													6,934,437
Costa Rica 0.1%
Autopistas del Sol SA,
Sr. Sec’d. Notes			7.375			12/30/30			216				214,460
Instituto Costarricense de Electricidad,
Sr. Unsec’d. Notes, 144A			6.750			10/07/31			270				280,168
													494,628
Czech Republic 0.2%
CPI Property Group SA,
Sr. Unsec’d. Notes, EMTN			1.750			01/14/30		EUR	750				745,416
Denmark 0.2%
TDC Brands A/S,
Sr. Sec’d. Notes			8.000			04/30/31		EUR	775				885,362
El Salvador 0.1%
Comision Ejecutiva Hidroelectrica del Rio Lempa,
Gov’t. Gtd. Notes			8.650			01/24/33			615				658,819

 

See Notes to Financial Statements.

32

PGIM Global High Yield Fund, Inc.

Schedule of Investments (continued)

as of July 31, 2026

 

Description		Interest   Rate				Maturity    Date		Principal   Amount (000)#				Value
CORPORATE BONDS (Continued)
France 2.0%
Alstom SA,
Sub. Notes(aa)			5.868%(ff)			05/29/29(oo)		EUR	1,200			$	1,417,946
Altice France SA,
Sr. Sec’d. Notes, 144A(aa)			4.750			10/15/30		EUR	866				969,104
Banijay Gaming SAS,
Sr. Sec’d. Notes			5.125			12/10/31		EUR	550				640,391
Sr. Sec’d. Notes, 144A			5.125			12/10/31		EUR	750				874,651
Emeria SASU,
Sr. Sec’d. Notes(aa)			3.375			03/31/28		EUR	2,100				1,916,103
Eutelsat Communications SACA,
Gtd. Notes			5.750			03/15/31		EUR	500				587,190
Gtd. Notes, 144A			5.750			03/15/31		EUR	500				586,611
Gtd. Notes, 144A			6.250			03/15/33		EUR	475				560,714
Flamingo Lux II SCA,
Sr. Unsec’d. Notes			5.000			03/31/29		EUR	100				37,439
Forvia SE,
Sr. Unsec’d. Notes(aa)			5.500			06/15/31		EUR	1,300				1,526,206
Iliad Holding SAS,
Sr. Sec’d. Notes, 144A			7.000			10/15/28			255				255,196
Sr. Sec’d. Notes, 144A			7.000			04/15/32			400				403,077
Sr. Sec’d. Notes, 144A			8.500			04/15/31			395				415,244
Valeo SE,
Sr. Unsec’d. Notes, EMTN			4.625			03/23/32		EUR	300				343,987
													10,533,859
Germany 0.5%
Bayer AG,
Jr. Sub. Notes			5.375(ff)			03/25/82		EUR	100				116,960
Jr. Sub. Notes			5.500(ff)			09/13/54		EUR	300				353,089
Nidda Healthcare Holding GmbH,
Sr. Sec’d. Notes, 144A, 3 Month EURIBOR + 3.250% (Cap N/A, Floor 0.000%)(aa)			5.533(c)			10/15/32		EUR	1,325				1,525,838
ZF North America Capital, Inc.,
Gtd. Notes, 144A			7.500			03/24/31			325				326,625
													2,322,512

 

See Notes to Financial Statements.

PGIM Credit Closed-End Funds 33

PGIM Global High Yield Fund, Inc.

Schedule of Investments (continued)

as of July 31, 2026

 

Description		Interest   Rate				Maturity    Date		Principal   Amount (000)#				Value
CORPORATE BONDS (Continued)
Ghana 0.0%
Kosmos Energy Ltd.,
Gtd. Notes			8.750%			10/01/31			200			$	174,774
Greece 0.5%
Eurobank SA,
Sub. Notes, EMTN (aa)			4.125(ff)			04/29/37		EUR	2,175				2,439,620
Guatemala 0.8%
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, Gtd. Notes			5.250			04/27/29			700				683,690
CT Trust,
Sr. Sec’d. Notes, 144A			5.125			02/03/32			1,160				1,084,600
Industrial Subordinated Trust 2.0,
Sub. Notes, 144A			6.550(ff)			04/15/36			1,000				1,005,100
Millicom International Cellular SA,
Sr. Unsec’d. Notes, 144A			4.500			04/27/31			1,200				1,105,592
Sr. Unsec’d. Notes, 144A			7.375			04/02/32			500				511,563
													4,390,545
Hong Kong  0.3%
NWD MTN Ltd.,
Gtd. Notes			8.625			02/08/28			435				419,775
Gtd. Notes, EMTN			4.500			05/19/30			1,655				1,365,375
													1,785,150
India  0.7%
Clean Renewable Power Mauritius Pte Ltd.,
Sr. Sec’d. Notes, 144A			4.250			03/25/27			551				543,670
Greenko Power II Ltd.,
Sr. Sec’d. Notes			4.300			12/13/28			270				259,002
Vedanta Resources Finance II PLC,
Sr. Sec’d. Notes, 144A(aa)			7.375			07/13/34			2,600				2,590,952
													3,393,624

 

See Notes to Financial Statements.

34

PGIM Global High Yield Fund, Inc.

Schedule of Investments (continued)

as of July 31, 2026

 

Description		Interest   Rate				Maturity    Date		Principal   Amount (000)#				Value
CORPORATE BONDS (Continued)
Indonesia 0.0%
Nickel Industries Ltd.,
Sr. Unsec’d. Notes			9.000%			09/30/30			200			$	203,524
Ireland 0.6%
Cedacri SpA,
Sr. Sec’d. Notes, 3 Month EURIBOR + 4.625% (Cap N/A, Floor 4.625%)			6.908(c)			05/15/28		EUR	200				226,347
eircom Finance DAC,
Sr. Sec’d. Notes(aa)			5.000			04/30/31		EUR	1,350				1,571,993
GGAM Finance Ltd.,
Gtd. Notes, 144A			8.000			02/15/27			225				224,964
Sr. Unsec’d. Notes, 144A			8.000			06/15/28			125				129,065
Virgin Media O2 Vendor Financing Notes V DAC,
Sr. Sec’d. Notes			7.875			03/15/32		GBP	400				363,866
Virgin Media O2 Vendor Financing Notes VI DAC,
Sr. Sec’d. Notes, 144A(aa)			8.500			03/15/33			980				619,850
													3,136,085
Israel  0.6%
Energean Israel Finance Ltd.,
Sr. Sec’d. Notes, 144A(aa)			5.375			03/30/28			1,750				1,728,125
Sr. Sec’d. Notes, 144A			5.875			03/30/31			427				407,587
Leviathan Bond Ltd.,
Sr. Sec’d. Notes, 144A(aa)			6.750			06/30/30			1,110				1,138,313
													3,274,025
Italy  0.8%
Conceria Pasubio SpA,
Sr. Sec’d. Notes, 144A			9.500			07/31/32		EUR	700				794,363
FIS Fabbrica Italiana Sintetici SpA,
Sr. Sec’d. Notes, 144A(aa)			5.250			02/05/31		EUR	925				1,072,008
Neopharmed Gentili SpA,
Sr. Sec’d. Notes, 144A, 3 Month EURIBOR + 3.250% (Cap N/A, Floor 0.000%)			5.543(c)			06/29/33		EUR	775				895,518
TeamSystem SpA,
Sr. Sec’d. Notes, 144A			6.500			07/01/32		EUR	1,175				1,344,834
													4,106,723

 

See Notes to Financial Statements.

PGIM Credit Closed-End Funds 35