PGIM Credit Income Fund
Schedule of Investments as of March 31, 2024 (unaudited)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Long-Term Investments 114.1% | |||||
| Asset-Backed Securities 16.2% | |||||
| Automobiles 0.9% | |||||
| Santander Bank Auto Credit-Linked Notes, Series 2023-B, Class G, 144A | 17.128 % | 12/15/33 | 900 | $908,153 | |
| Collateralized Loan Obligations 15.3% | |||||
| Atlas Senior Loan Fund Ltd. (Cayman Islands), Series 2021-16A, Class D, 144A, 3 Month SOFR + 3.962% (Cap N/A, Floor 3.700%) | 9.279(c) | 01/20/34 | 1,100 | 1,082,809 | |
| CQS US CLO Ltd. (United Kingdom), Series 2023-03A, Class D, 144A, 3 Month SOFR + 4.200% (Cap N/A, Floor 4.200%) | 9.519(c) | 01/25/37 | 1,500 | 1,501,562 | |
| Hayfin Emerald CLO DAC (Ireland), Series 01A, Class DR, 144A, 3 Month EURIBOR + 3.100% (Cap N/A, Floor 3.100%) | 7.032(c) | 04/17/34 | EUR | 1,000 | 1,005,333 |
| KKR CLO Ltd. (United Kingdom), Series 2022-43A, Class DR, 144A, 3 Month SOFR + 4.950% (Cap N/A, Floor 4.950%) | 10.295(c) | 01/15/36 | 2,000 | 1,975,231 | |
| Mariner CLO LLC (Cayman Islands), Series 2016-03A, Class D1R3, 144A, 3 Month SOFR + 4.150% (Cap N/A, Floor 4.150%) | 9.461(c) | 01/23/37 | 1,000 | 999,921 | |
| Northwoods Capital Ltd. (Cayman Islands), | |||||
| Series 2017-15A, Class DR, 144A, 3 Month SOFR + 4.012% (Cap N/A, Floor 4.012%) | 9.344(c) | 06/20/34 | 2,000 | 1,955,891 | |
| Series 2020-22A, Class DRR, 144A, 3 Month SOFR + 4.950% (Cap N/A, Floor 4.950%) | 10.283(c) | 03/16/37 | 950 | 950,692 | |
| Oaktree CLO Ltd. (Cayman Islands), Series 2019-04A, Class D1R, 144A, 3 Month SOFR + 3.612% (Cap N/A, Floor 3.350%) | 8.929(c) | 10/20/32 | 1,000 | 1,000,000 | |
| Silver Rock CLO (Cayman Islands), Series 2023-03A, Class D, 144A, 3 Month SOFR + 5.050% (Cap N/A, Floor 5.050%) | 10.387(c) | 01/20/36 | 1,000 | 1,001,852 | |
| Tikehau US CLO Ltd. (Bermuda), Series 2022-02A, Class D1R, 144A, 3 Month SOFR + 5.150% (Cap N/A, Floor 5.150%) | 10.468(c) | 01/20/36 | 2,000 | 2,023,358 | |
1
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2024 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Asset-Backed Securities (Continued) | |||||
| Collateralized Loan Obligations (cont’d.) | |||||
| Trinitas CLO Ltd. (Cayman Islands), Series 2023-26A, Class D, 144A, 3 Month SOFR + 4.500% (Cap N/A, Floor 4.500%) | 9.818 %(c) | 01/20/35 | 1,000 | $1,007,335 | |
| Z Capital Credit Partners BSL CLO Ltd. (Cayman Islands), Series 2024-01A, Class C, 144A, 3 Month SOFR + 3.650% (Cap N/A, Floor 3.650%) | 8.981(c) | 04/16/36 | 1,500 | 1,504,496 | |
| 16,008,480 | |||||
| Total Asset-Backed Securities (cost $16,709,550) | 16,916,633 | ||||
| Commercial Mortgage-Backed Securities 6.6% | |||||
| Benchmark Mortgage Trust, | |||||
| Series 2024-V05, Class XD, IO, 144A | 2.973(cc) | 01/10/57 | 8,000 | 960,616 | |
| Series 2024-V06, Class XD, IO | 3.502(cc) | 12/15/28 | 6,000 | 810,107 | |
| BMO Mortgage Trust, Series 2024-5C3, Class XD, IO, 144A | 2.859(cc) | 02/15/57 | 7,250 | 848,579 | |
| BPR Trust, Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) | 7.790(c) | 09/15/38 | 1,000 | 985,625 | |
| Morgan Stanley Capital I Trust, Series 2019-MEAD, Class C, 144A | 3.177(cc) | 11/10/36 | 1,210 | 1,092,200 | |
| ONE Mortgage Trust, Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) | 6.939(c) | 03/15/36 | 1,000 | 935,148 | |
| Wells Fargo Commercial Mortgage Trust, Series 2021-FCMT, Class C, 144A, 1 Month SOFR + 2.514% (Cap N/A, Floor 2.400%) | 7.840(c) | 05/15/31 | 1,300 | 1,249,803 | |
| Total Commercial Mortgage-Backed Securities (cost $6,846,908) | 6,882,078 | ||||
| Corporate Bonds 60.0% | |||||
| Advertising 0.7% | |||||
| Summer BC Holdco A Sarl (Luxembourg), Gtd. Notes | 9.250 | 10/31/27 | EUR | 653 | 683,277 |
| Aerospace & Defense 2.0% | |||||
| Bombardier, Inc. (Canada), Sr. Unsec’d. Notes, 144A(v) | 8.750 | 11/15/30 | 2,000 | 2,135,000 | |
2
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2024 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Corporate Bonds (Continued) | |||||
| Agriculture 0.5% | |||||
| Vector Group Ltd., Sr. Sec’d. Notes, 144A | 5.750 % | 02/01/29 | 575 | $532,684 | |
| Airlines 0.2% | |||||
| United Airlines, Inc., Sr. Sec’d. Notes, 144A | 4.375 | 04/15/26 | 200 | 193,411 | |
| Apparel 0.7% | |||||
| Wolverine World Wide, Inc., Gtd. Notes, 144A | 4.000 | 08/15/29 | 975 | 783,250 | |
| Auto Parts & Equipment 0.8% | |||||
| Tenneco, Inc., Sr. Sec’d. Notes, 144A | 8.000 | 11/17/28 | 900 | 821,091 | |
| Banks 3.6% | |||||
| Bank of America Corp., Jr. Sub. Notes, Series MM(v) | 4.300(ff) | 01/28/25(oo) | 2,300 | 2,242,759 | |
| JPMorgan Chase & Co., Jr. Sub. Notes, Series HH(v) | 4.600(ff) | 02/01/25(oo) | 1,500 | 1,478,331 | |
| 3,721,090 | |||||
| Building Materials 0.3% | |||||
| JELD-WEN, Inc., Gtd. Notes, 144A | 4.625 | 12/15/25 | 325 | 317,816 | |
| Chemicals 3.5% | |||||
| Ashland, Inc., Sr. Unsec’d. Notes, 144A | 3.375 | 09/01/31 | 300 | 253,868 | |
| Braskem Netherlands Finance BV (Brazil), Gtd. Notes | 8.500 | 01/12/31 | 400 | 411,600 | |
| Herens Midco Sarl (Luxembourg), Gtd. Notes | 5.250 | 05/15/29 | EUR | 710 | 498,387 |
| Monitchem HoldCo 3 SA (Luxembourg), Sr. Sec’d. Notes | 8.750 | 05/01/28 | EUR | 1,345 | 1,470,737 |
| Syensqo SA (Belgium), Jr. Sub. Notes | 2.500(ff) | 12/02/25(oo) | EUR | 1,000 | 1,032,028 |
| 3,666,620 | |||||
3
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2024 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Corporate Bonds (Continued) | |||||
| Commercial Services 0.9% | |||||
| Allied Universal Holdco LLC/Allied Universal Finance Corp., Sr. Sec’d. Notes, 144A | 6.625 % | 07/15/26 | 637 | $636,614 | |
| Autopistas del Sol SA (Costa Rica), Sr. Sec’d. Notes | 7.375 | 12/30/30 | 282 | 271,091 | |
| 907,705 | |||||
| Computers 0.5% | |||||
| McAfee Corp., Sr. Unsec’d. Notes, 144A | 7.375 | 02/15/30 | 575 | 530,515 | |
| Diversified Financial Services 0.7% | |||||
| Nationstar Mortgage Holdings, Inc., Gtd. Notes, 144A | 5.750 | 11/15/31 | 500 | 461,468 | |
| PennyMac Financial Services, Inc., Gtd. Notes, 144A | 5.750 | 09/15/31 | 250 | 232,147 | |
| 693,615 | |||||
| Electric 4.9% | |||||
| Calpine Corp., Sr. Unsec’d. Notes, 144A | 4.625 | 02/01/29 | 575 | 532,559 | |
| Eskom Holdings SOC Ltd. (South Africa), Sr. Unsec’d. Notes, MTN | 8.450 | 08/10/28 | 404 | 401,980 | |
| NRG Energy, Inc., Jr. Sub. Notes, 144A(v) | 10.250(ff) | 03/15/28(oo) | 1,800 | 1,924,770 | |
| Vistra Corp., Jr. Sub. Notes, 144A(v) | 7.000(ff) | 12/15/26(oo) | 2,300 | 2,278,151 | |
| 5,137,460 | |||||
| Energy-Alternate Sources 0.3% | |||||
| Energo-Pro A/S (Czech Republic), Sr. Unsec’d. Notes | 8.500 | 02/04/27 | 280 | 283,587 | |
| Engineering & Construction 0.3% | |||||
| Mexico City Airport Trust (Mexico), Sr. Sec’d. Notes | 5.500 | 07/31/47 | 400 | 337,625 | |
4
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2024 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Corporate Bonds (Continued) | |||||
| Entertainment 2.3% | |||||
| Caesars Entertainment, Inc., Gtd. Notes, 144A | 4.625 % | 10/15/29 | 1,150 | $1,050,868 | |
| Penn Entertainment, Inc., Sr. Unsec’d. Notes, 144A | 5.625 | 01/15/27 | 200 | 193,537 | |
| Scientific Games Holdings LP/Scientific Games US FinCo, Inc., Sr. Unsec’d. Notes, 144A | 6.625 | 03/01/30 | 500 | 483,513 | |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Gtd. Notes, 144A(v) | 5.125 | 10/01/29 | 675 | 639,820 | |
| 2,367,738 | |||||
| Foods 2.0% | |||||
| B&G Foods, Inc., Gtd. Notes | 5.250 | 09/15/27 | 225 | 210,392 | |
| Bellis Finco PLC (United Kingdom), Gtd. Notes | 4.000 | 02/16/27 | GBP | 1,325 | 1,503,023 |
| Lamb Weston Holdings, Inc., Gtd. Notes, 144A | 4.125 | 01/31/30 | 200 | 182,474 | |
| Post Holdings, Inc., Sr. Sec’d. Notes, 144A | 6.250 | 02/15/32 | 140 | 140,976 | |
| 2,036,865 | |||||
| Healthcare-Services 0.8% | |||||
| DaVita, Inc., Gtd. Notes, 144A | 3.750 | 02/15/31 | 975 | 815,752 | |
| Home Builders 0.3% | |||||
| Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | |||||
| Gtd. Notes, 144A | 6.250 | 09/15/27 | 100 | 97,500 | |
| Sr. Unsec’d. Notes, 144A | 5.000 | 06/15/29 | 300 | 270,750 | |
| 368,250 | |||||
| Housewares 0.2% | |||||
| Scotts Miracle-Gro Co. (The), Gtd. Notes | 4.375 | 02/01/32 | 250 | 215,629 | |
5
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2024 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Corporate Bonds (Continued) | |||||
| Iron/Steel 0.5% | |||||
| Mineral Resources Ltd. (Australia), Sr. Unsec’d. Notes, 144A | 9.250 % | 10/01/28 | 500 | $526,630 | |
| Leisure Time 1.7% | |||||
| Carnival Corp., Gtd. Notes, 144A(v) | 6.000 | 05/01/29 | 550 | 540,402 | |
| NCL Corp. Ltd., Sr. Sec’d. Notes, 144A | 8.125 | 01/15/29 | 650 | 686,250 | |
| Viking Cruises Ltd., Gtd. Notes, 144A | 5.875 | 09/15/27 | 525 | 513,188 | |
| 1,739,840 | |||||
| Lodging 1.5% | |||||
| MGM Resorts International, Gtd. Notes(v) | 4.750 | 10/15/28 | 1,075 | 1,022,166 | |
| Wynn Macau Ltd. (Macau), | |||||
| Sr. Unsec’d. Notes, 144A | 5.500 | 10/01/27 | 200 | 191,250 | |
| Sr. Unsec’d. Notes, 144A | 5.625 | 08/26/28 | 425 | 402,422 | |
| 1,615,838 | |||||
| Machinery-Diversified 0.7% | |||||
| Chart Industries, Inc., Sr. Sec’d. Notes, 144A | 7.500 | 01/01/30 | 300 | 311,590 | |
| Maxim Crane Works Holdings Capital LLC, Sec’d. Notes, 144A | 11.500 | 09/01/28 | 400 | 433,692 | |
| 745,282 | |||||
| Media 8.3% | |||||
| Altice Financing SA (Luxembourg), Sr. Sec’d. Notes | 3.000 | 01/15/28 | EUR | 505 | 446,196 |
| Altice Finco SA (Luxembourg), Sec’d. Notes | 4.750 | 01/15/28 | EUR | 1,605 | 1,178,877 |
| CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unsec’d. Notes, 144A(v) | 4.250 | 02/01/31 | 1,225 | 997,075 | |
| CSC Holdings LLC, Gtd. Notes, 144A | 5.500 | 04/15/27 | 875 | 782,809 | |
| DISH DBS Corp., Gtd. Notes | 7.750 | 07/01/26 | 125 | 83,549 | |
| DISH Network Corp., Sr. Sec’d. Notes, 144A | 11.750 | 11/15/27 | 1,525 | 1,557,770 | |
6
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2024 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Corporate Bonds (Continued) | |||||
| Media (cont’d.) | |||||
| Globo Comunicacao e Participacoes SA (Brazil), Sr. Unsec’d. Notes | 4.875 % | 01/22/30 | 250 | $218,125 | |
| Summer BidCo BV (Slovenia), Sr. Unsec’d. Notes, 144A, Cash coupon 10.000% or PIK 10.750% | 10.000 | 02/15/29 | EUR | 400 | 437,206 |
| Univision Communications, Inc., Sr. Sec’d. Notes, 144A | 6.625 | 06/01/27 | 525 | 513,889 | |
| Virgin Media Secured Finance PLC (United Kingdom), Sr. Sec’d. Notes | 4.250 | 01/15/30 | GBP | 2,275 | 2,470,143 |
| 8,685,639 | |||||
| Mining 1.8% | |||||
| First Quantum Minerals Ltd. (Zambia), Gtd. Notes, 144A | 6.875 | 10/15/27 | 200 | 190,400 | |
| Hudbay Minerals, Inc. (Canada), Gtd. Notes, 144A | 6.125 | 04/01/29 | 1,050 | 1,038,187 | |
| New Gold, Inc. (Canada), Gtd. Notes, 144A | 7.500 | 07/15/27 | 675 | 676,546 | |
| 1,905,133 | |||||
| Oil & Gas 6.5% | |||||
| Antero Resources Corp., Gtd. Notes, 144A(v) | 5.375 | 03/01/30 | 650 | 624,425 | |
| Ecopetrol SA (Colombia), Sr. Unsec’d. Notes | 8.875 | 01/13/33 | 350 | 367,672 | |
| Energean Israel Finance Ltd. (Israel), Sr. Sec’d. Notes, 144A | 5.375 | 03/30/28 | 400 | 365,875 | |
| Hilcorp Energy I LP/Hilcorp Finance Co., Sr. Unsec’d. Notes, 144A(v) | 8.375 | 11/01/33 | 975 | 1,055,296 | |
| Petroleos Mexicanos (Mexico), Gtd. Notes, MTN | 8.750 | 06/02/29 | 300 | 292,594 | |
| Preem Holdings AB (Sweden), Sr. Unsec’d. Notes | 12.000 | 06/30/27 | EUR | 1,728 | 2,006,402 |
| Raizen Fuels Finance SA (Brazil), Gtd. Notes, 144A | 6.450 | 03/05/34 | 200 | 204,287 | |
7
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2024 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Corporate Bonds (Continued) | |||||
| Oil & Gas (cont’d.) | |||||
| Southwestern Energy Co., Gtd. Notes(v) | 4.750 % | 02/01/32 | 850 | $782,543 | |
| Wintershall Dea Finance 2 BV (Germany), Gtd. Notes, Series NC8 | 3.000(ff) | 07/20/28(oo) | EUR | 1,100 | 1,043,199 |
| 6,742,293 | |||||
| Packaging & Containers 0.3% | |||||
| Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC, Sr. Sec’d. Notes, 144A | 4.000 | 10/15/27 | 300 | 280,250 | |
| Pharmaceuticals 0.8% | |||||
| AdaptHealth LLC, Gtd. Notes, 144A | 6.125 | 08/01/28 | 850 | 798,117 | |
| Real Estate 0.5% | |||||
| Howard Hughes Corp. (The), Gtd. Notes, 144A | 4.125 | 02/01/29 | 575 | 516,920 | |
| Real Estate Investment Trusts (REITs) 0.5% | |||||
| MPT Operating Partnership LP/MPT Finance Corp., Gtd. Notes | 5.000 | 10/15/27 | 400 | 337,654 | |
| RHP Hotel Properties LP/RHP Finance Corp., Gtd. Notes, 144A | 6.500 | 04/01/32 | 190 | 190,544 | |
| 528,198 | |||||
| Retail 4.8% | |||||
| Brinker International, Inc., Gtd. Notes, 144A(v) | 8.250 | 07/15/30 | 975 | 1,027,128 | |
| Douglas Service GmbH (Germany), Sr. Sec’d. Notes | 6.000 | 04/08/26 | EUR | 1,380 | 1,506,976 |
| eG Global Finance PLC (United Kingdom), | |||||
| Sr. Sec’d. Notes | 11.000 | 11/30/28 | EUR | 1,085 | 1,227,617 |
| Sr. Sec’d. Notes, 144A | 11.000 | 11/30/28 | EUR | 625 | 712,216 |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., Sr. Sec’d. Notes, 144A | 4.625 | 01/15/29 | 575 | 527,791 | |
| Sally Holdings LLC/Sally Capital, Inc., Gtd. Notes | 6.750 | 03/01/32 | 25 | 24,807 | |
| 5,026,535 | |||||
8
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2024 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Corporate Bonds (Continued) | |||||
| Telecommunications 4.0% | |||||
| Colombia Telecomunicaciones SA ESP (Colombia), Sr. Unsec’d. Notes | 4.950 % | 07/17/30 | 250 | $173,359 | |
| Eutelsat SA (France), Sr. Unsec’d. Notes, 144A | 9.750 | 04/13/29 | EUR | 500 | 548,730 |
| Level 3 Financing, Inc., | |||||
| Sr. Sec’d. Notes, 144A | 10.500 | 05/15/30 | 625 | 645,182 | |
| Sr. Sec’d. Notes, 144A | 11.000 | 11/15/29 | 1,000 | 1,041,694 | |
| TalkTalk Telecom Group Ltd. (United Kingdom), Gtd. Notes | 3.875 | 02/20/25 | GBP | 1,480 | 1,723,503 |
| 4,132,468 | |||||
| Transportation 2.6% | |||||
| GN Bondco LLC, Sr. Sec’d. Notes, 144A | 9.500 | 10/15/31 | 1,450 | 1,448,200 | |
| XPO, Inc., Gtd. Notes, 144A(v) | 7.125 | 02/01/32 | 1,225 | 1,260,860 | |
| 2,709,060 | |||||
| Total Corporate Bonds (cost $61,806,656) | 62,501,183 | ||||
| Floating Rate and Other Loans 27.1% | |||||
| Aerospace & Defense 0.3% | |||||
| TransDigm, Inc., Tranche J Term Loan, 3 Month SOFR + 3.250% | 8.559(c) | 02/28/31 | 349 | 350,689 | |
| Airlines 0.5% | |||||
| Air Canada (Canada), Term Loan, 3 Month SOFR + 2.500% | 7.833(c) | 03/21/31 | 300 | 300,187 | |
| American Airlines, Inc., Initial Term Loan, 3 Month SOFR + 5.012% | 10.329(c) | 04/20/28 | 186 | 193,178 | |
| 493,365 | |||||
9
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2024 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Floating Rate and Other Loans (Continued) | |||||
| Auto Manufacturers 0.3% | |||||
| American Trailer World Corp., First Lien Initial Term Loan, 1 Month SOFR + 3.850% | 9.180 %(c) | 03/03/28 | 205 | $199,647 | |
| Novae LLC, Tranche B Term Loan, 3 Month SOFR + 5.000% | 10.479(c) | 12/22/28 | 99 | 98,591 | |
| 298,238 | |||||
| Auto Parts & Equipment 1.2% | |||||
| First Brands Group LLC, | |||||
| 2022-Ii Incremental Term Loan, 3 Month SOFR + 5.000% | 10.574(c) | 03/30/27 | 508 | 507,618 | |
| Term Loan | —(p) | 03/30/28 | 500 | 493,750 | |
| Tenneco, Inc., Term B Loan, 3 Month SOFR + 5.100% | 10.411(c) | 11/17/28 | 305 | 286,128 | |
| 1,287,496 | |||||
| Beverages 0.2% | |||||
| Pegasus Bidco BV (Netherlands), 2024-1 Term Dollar Loan, 3 Month SOFR + 3.750% | 9.057(c) | 07/12/29 | 194 | 193,861 | |
| Building Materials 0.4% | |||||
| CP Atlas Buyer, Inc., Term B Loan, 1 Month SOFR + 3.850% | 9.180(c) | 11/23/27 | 204 | 201,265 | |
| MIWD HoldCo II LLC, Term Loan | —(p) | 04/30/31 | 225 | 225,914 | |
| 427,179 | |||||
| Chemicals 2.1% | |||||
| Ascend Performance Materials Operations LLC, 2021 Refinancing Term Loan, 6 Month SOFR + 4.850% | 10.074(c) | 08/27/26 | 274 | 268,251 | |
| Chemours Company (The), Tanche B-3 USD Term Loan, 1 Month SOFR + 3.500% | 8.830(c) | 08/18/28 | 299 | 297,752 | |
| Consolidated Energy Finance SA (Switzerland), 2024 Incremental Term Loan, 1 Month SOFR + 4.500% | 9.827(c) | 11/15/30 | 275 | 265,031 | |
10
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2024 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Floating Rate and Other Loans (Continued) | |||||
| Chemicals (cont’d.) | |||||
| DuBois Chemicals Group, Inc., First Lien Initial Term Loan, 1 Month SOFR + 4.600% | 9.930 %(c) | 09/30/26 | 199 | $198,643 | |
| Geon Performance Solutions LLC, Initial Term Loan, 3 Month SOFR + 5.012%^ | 10.314(c) | 08/18/28 | 299 | 299,233 | |
| Iris Holdings Ltd., Initial Term Loan, 3 Month SOFR + 4.850% | 10.163(c) | 06/28/28 | 214 | 204,395 | |
| LSF11 A5 HoldCo, LLC, Incremental Term Loan, 1 Month SOFR + 4.350% | 9.677(c) | 10/15/28 | 199 | 199,184 | |
| Nouryon Finance BV, Extended Dollar Term Loan, 3 Month SOFR + 4.100% | 9.419(c) | 04/03/28 | 194 | 194,305 | |
| Vantage Specialty Chemicals, Inc., First Lien 2023 Other Term Loan, 3 Month SOFR + 4.750% | 10.068(c) | 10/26/26 | 274 | 270,366 | |
| 2,197,160 | |||||
| Commercial Services 2.2% | |||||
| Allied Universal Holdco LLC, Amendment No. 3 Term Loan, 1 Month SOFR + 4.750% | 10.080(c) | 05/12/28 | 194 | 194,354 | |
| API Group DE, Inc., Term Loan | —(p) | 01/03/29 | 375 | 375,156 | |
| ArchKey Holdings, Inc., First Lien Initial Term Loan, 1 Month SOFR + 5.364% | 10.692(c) | 06/29/28 | 259 | 258,350 | |
| CoreLogic, Inc., First Lien Initial Term Loan, 1 Month SOFR + 3.614% | 8.945(c) | 06/02/28 | 289 | 281,608 | |
| DS Parent, Inc., Term B Loan, 2 Month SOFR + 5.500% | 10.813(c) | 01/31/31 | 75 | 73,906 | |
| Fly Funding II Sarl (Luxembourg), Term B Loan, 3 Month LIBOR + 1.750% | 7.330(c) | 08/11/25 | 243 | 237,263 | |
| Hertz Corp. (The), | |||||
| 2023 Incremental Term Loan, 1 Month SOFR + 3.750% | 9.079(c) | 06/30/28 | 200 | 193,183 | |
| Initial Term B Loan, 1 Month SOFR + 3.364% | 8.692(c) | 06/30/28 | 209 | 202,002 | |
| Initial Term C Loan, 1 Month SOFR + 3.364% | 8.692(c) | 06/30/28 | 40 | 39,142 | |
11
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2024 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Floating Rate and Other Loans (Continued) | |||||
| Commercial Services (cont’d.) | |||||
| Indy US Holdco LLC, Fifth Amendment Incremental Term Loan, 1 Month SOFR + 6.250% | 11.580 %(c) | 03/06/28 | 284 | $281,090 | |
| TruGreen LP, Second Refinancing Term Loan (First Lien), 1 Month SOFR + 4.100% | 9.430(c) | 11/02/27 | 204 | 198,210 | |
| 2,334,264 | |||||
| Computers 0.8% | |||||
| McAfee Corp., Tranche B-1 Term Loan, 1 Month SOFR + 3.850% | 9.176(c) | 03/01/29 | 259 | 258,360 | |
| NCR Atleos LLC, Term B Loan, 3 Month SOFR + 4.850% | 10.163(c) | 03/27/29 | 314 | 314,761 | |
| Peraton Corp., First Lien Term B Loan, 1 Month SOFR + 3.850% | 9.180(c) | 02/01/28 | 249 | 248,202 | |
| 821,323 | |||||
| Distribution/Wholesale 0.1% | |||||
| Closure Systems International Group, Inc., Term Loan | —(p) | 03/22/29 | 75 | 75,000 | |
| Diversified Financial Services 0.4% | |||||
| Blackhawk Network Holdings, Inc., Term Loan B, 1 Month SOFR + 5.000% | 10.327(c) | 03/12/29 | 250 | 250,111 | |
| Hudson River Trading LLC, Term Loan, 1 Month SOFR + 3.114% | 8.445(c) | 03/20/28 | 199 | 197,482 | |
| Nuvei Technologies Corp. (Canada), Initial Term Loan, 1 Month SOFR + 3.000% | 8.363(c) | 12/19/30 | 1 | 811 | |
| 448,404 | |||||
| Electric 0.3% | |||||
| Discovery Energy Holding Corp., Term Loan | —(p) | 02/28/31 | 275 | 274,484 | |
| Electronics 0.2% | |||||
| Roper Industrial Product, Tranche B Dollar Term Loan, 3 Month SOFR + 4.000% | 9.302(c) | 11/22/29 | 199 | 199,959 | |
12
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2024 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Floating Rate and Other Loans (Continued) | |||||
| Engineering & Construction 0.8% | |||||
| Aegion Corp., New Initial Term Loan, 1 Month SOFR + 4.250% | 9.580 %(c) | 05/17/28 | 249 | $250,206 | |
| Brand Industrial Services, Inc., Tranche B Term Loan, 3 Month SOFR + 5.500% | 10.806(c) | 08/01/30 | 199 | 199,580 | |
| Brown Group Holding LLC, Incremental Term B-2 Facility, 3 Month SOFR + 3.000% | 8.329(c) | 07/02/29 | 199 | 199,464 | |
| Osmose Utilities Services, Inc., First Lien Initial Term Loan, 1 Month SOFR + 3.364% | 8.692(c) | 06/23/28 | 199 | 195,954 | |
| 845,204 | |||||
| Entertainment 1.6% | |||||
| Allen Media LLC, Term B Loan, 3 Month SOFR + 5.650% | 10.959(c) | 02/10/27 | 358 | 311,398 | |
| AP Gaming I LLC, Term B Loan, 3 Month SOFR + 3.750% | 9.052(c) | 02/15/29 | 150 | 149,935 | |
| Caesars Entertainment, Inc., Incremental Term B-1 Loan, 3 Month SOFR + 2.750% | 8.040(c) | 02/06/31 | 575 | 574,713 | |
| Cinemark USA, Inc., Term Loan, 1 Month SOFR + 3.750% | 9.071(c) | 05/24/30 | 249 | 249,942 | |
| Flutter Financing BV (Ireland), Term B Loan, 3 Month SOFR + 2.250% | 7.559(c) | 11/25/30 | 224 | 224,237 | |
| J&J Ventures Gaming LLC, Initial Term Loan, 1 Month SOFR + 4.114% | 9.445(c) | 04/26/28 | 199 | 197,031 | |
| 1,707,256 | |||||
| Environmental Control 0.4% | |||||
| Action Environmental Group, Inc. (The), Initial Term Loan, 3 Month SOFR + 4.500%^ | 9.824(c) | 10/24/30 | 235 | 234,783 | |
| Madison IAQ LLC, Initial Term Loan, 1 Month SOFR + 3.364% | 8.693(c) | 06/21/28 | 199 | 198,502 | |
| 433,285 | |||||
| Healthcare-Services 0.2% | |||||
| Surgery Center Holdings, Inc., New First Lien Term Loan, 1 Month SOFR + 3.500% | 8.829(c) | 12/19/30 | 200 | 200,800 | |
13
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2024 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Floating Rate and Other Loans (Continued) | |||||
| Holding Companies-Diversified 0.6% | |||||
| Belfor Holdings, Inc., Initial Tranche B-1 Term Loan, 1 Month SOFR + 3.750%^ | 9.080 %(c) | 11/01/30 | 258 | $259,268 | |
| Clue OpCo LLC, Term B Loan, 1 Month SOFR + 4.500% | 9.827(c) | 12/19/30 | 364 | 358,636 | |
| 617,904 | |||||
| Home Furnishings 0.2% | |||||
| TGP Holdings III LLC, First Lien Closing Date Term Loan, 1 Month SOFR + 3.350% | 8.579(c) | 06/29/28 | 250 | 236,222 | |
| Household Products/Wares 0.2% | |||||
| Kronos Acquisition Holdings, Inc. (Canada), Tranche B-1 Term Loan, 3 Month SOFR + 4.012% | 9.314(c) | 12/22/26 | 199 | 198,997 | |
| Insurance 0.5% | |||||
| Acrisure LLC, Term Loan B 2020, 1 Month LIBOR + 3.500% | 8.945(c) | 02/15/27 | 274 | 272,891 | |
| Assured Partners, Inc., 2024 Term Loan, 1 Month SOFR + 3.500% | 8.827(c) | 02/14/31 | 94 | 93,867 | |
| Asurion LLC, New B-11 Term Loan, 1 Month SOFR + 4.350% | 9.677(c) | 08/21/28 | 199 | 191,720 | |
| 558,478 | |||||
| Internet 0.3% | |||||
| MH Sub I LLC, 2023 May New Term Loan, 1 Month SOFR + 4.250% | 9.580(c) | 05/03/28 | 264 | 261,859 | |
| Investment Companies 1.8% | |||||
| Guardian US Holdco, Initial Term Loan, 3 Month SOFR + 3.500% | 8.809(c) | 01/31/30 | 249 | 248,983 | |
| Hurricane CleanCo Ltd. (United Kingdom), Term Loan, 3 Month EURIBOR + 6.250%^ | 6.250(c) | 10/31/29 | EUR | 1,203 | 1,517,952 |
| WEC US Holdings Ltd., Initial Term Loan, 1 Month SOFR + 2.750% | 8.077(c) | 01/27/31 | 100 | 99,850 | |
| 1,866,785 | |||||
14
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2024 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Floating Rate and Other Loans (Continued) | |||||
| Leisure Time 0.7% | |||||
| Alterra Mountain Co., Term Loan^ | — %(p) | 05/31/30 | 175 | $175,656 | |
| Bombardier Recreational Products, Inc. (Canada), 2023 Replacement Term Loan, 1 Month SOFR + 2.750% | 8.080(c) | 12/13/29 | 249 | 249,373 | |
| Fender Musical Instruments Corp., Initial Term Loan, 1 Month SOFR + 4.100% | 9.429(c) | 12/01/28 | 140 | 136,524 | |
| Recess Holdings, Inc., Initial Term Loan, 3 Month SOFR + 4.500% | 9.843(c) | 02/20/30 | 150 | 150,563 | |
| 712,116 | |||||
| Machinery-Diversified 1.3% | |||||
| CPM Holdings, Inc., Initial Term Loan, 1 Month SOFR + 4.500% | 9.826(c) | 09/28/28 | 200 | 199,583 | |
| Hyster-Yale Group, Inc., Term loan B Facility, 1 Month SOFR + 3.614% | 8.942(c) | 05/26/28 | 349 | 346,702 | |
| Innio North America Holdings, Extended Facility B (USD), 3 Month SOFR + 4.250% | 9.564(c) | 11/02/28 | 125 | 125,156 | |
| STS Operating, Inc., Term Loan | —(p) | 03/25/31 | 200 | 200,376 | |
| TK Elevator US Newco, Inc. (Germany), Term Loan | —(p) | 04/30/30 | 523 | 524,606 | |
| 1,396,423 | |||||
| Media 0.7% | |||||
| Altice Financing SA (Luxembourg), 2022 Dollar Loan, 3 Month SOFR + 5.000% | 10.314(c) | 10/28/27 | 250 | 234,063 | |
| CSC Holdings LLC, 2022 Refinancing Term Loan, 1 Month SOFR + 4.500% | 9.825(c) | 01/18/28 | 249 | 239,473 | |
| Univision Communications, Inc., 2022 Incremental First-Lien Term Loan, 3 Month SOFR + 4.250% | 9.559(c) | 06/24/29 | 194 | 194,158 | |
| 667,694 | |||||
| Metal Fabricate/Hardware 0.9% | |||||
| Crosby US Acquisition Corp., Amendment No. 3 Replacement Term Loan, 1 Month SOFR + 4.000% | 9.327(c) | 08/16/29 | 299 | 300,586 | |
15
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2024 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Floating Rate and Other Loans (Continued) | |||||
| Metal Fabricate/Hardware (cont’d.) | |||||
| Grinding Media, Inc., First Lien Initial Term Loan, 3 Month SOFR + 4.262%^ | 9.591 %(c) | 10/12/28 | 199 | $197,985 | |
| Tank Holding Corp., Term Loan, 1 Month SOFR + 5.850% | 11.177(c) | 03/31/28 | 199 | 195,754 | |
| Trulite Glass & Aluminum Solutions LLC, Initial Term Loan, 1 Month SOFR + 6.000%^ | 11.326(c) | 03/01/30 | 225 | 224,156 | |
| 918,481 | |||||
| Mining 0.3% | |||||
| Arsenal AIC Parent LLC, 2024 Refinancing Term B Loan, 1 Month SOFR + 3.750% | 9.080(c) | 08/19/30 | 269 | 269,623 | |
| Packaging & Containers 0.8% | |||||
| Clydesdale Acquisition Holdings, Inc., Term B Loan, 1 Month SOFR + 3.775% | 9.105(c) | 04/13/29 | 199 | 199,174 | |
| Mauser Packaging Solutions Holding Co., Initial Term Loan, 1 Month SOFR + 4.000% | 9.326(c) | 08/14/26 | 195 | 195,077 | |
| ProAmpac PG Borrower LLC, Term Loan B, 3 Month SOFR + 4.500% | 9.814(c) | 09/15/28 | 195 | 194,513 | |
| Trident TPI Holdings, Inc., First Lien Tranche B-3 Initial Term Loan, 3 Month SOFR + 4.262% | 9.571(c) | 09/15/28 | 199 | 198,992 | |
| 787,756 | |||||
| Pharmaceuticals 0.4% | |||||
| Gainwell Acquisition Corp., Term B Loan, 3 Month SOFR + 4.100% | 9.409(c) | 10/01/27 | 254 | 242,194 | |
| Sharp Midco LLC, First Lien Initial Term Loan, 3 Month SOFR + 4.100% | 9.409(c) | 12/29/28 | 194 | 193,646 | |
| 435,840 | |||||
| Pipelines 0.2% | |||||
| Prairie ECI Acquiror LP, Initial Term Loan B-2, 1 Month SOFR + 4.750% | 10.080(c) | 08/01/29 | 199 | 198,524 | |
16
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2024 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Floating Rate and Other Loans (Continued) | |||||
| Real Estate 0.2% | |||||
| BRP Nimbus LLC, Initial Term B Loan, 1 Month SOFR + 2.600% | 7.927 %(c) | 08/27/25 | 248 | $246,923 | |
| Real Estate Investment Trusts (REITs) 0.6% | |||||
| Blackstone Mortgage Trust, Inc., Term B-4 Loan, 1 Month SOFR + 3.500% | 8.830(c) | 05/09/29 | 363 | 353,165 | |
| Starwood Property Mortgage LLC, Term Loan B-3, 1 Month SOFR + 3.350%^ | 8.680(c) | 07/24/26 | 249 | 249,036 | |
| 602,201 | |||||
| Retail 0.8% | |||||
| Great Outdoors Group LLC, Term B-2 Loan, 1 Month SOFR + 3.864% | 9.195(c) | 03/06/28 | 254 | 253,664 | |
| Kodiak BP LLC, Term Loan | 3.750 | 03/12/28 | 175 | 175,109 | |
| LBM Acquisition LLC, First Lien Initial Term Loan, 1 Month SOFR + 3.850% | 9.177(c) | 12/17/27 | 264 | 262,984 | |
| Petco Health & Wellness Co., Inc., First Lien Initial Term Loan, 3 Month SOFR + 3.512% | 8.821(c) | 03/03/28 | 100 | 92,344 | |
| 784,101 | |||||
| Shipbuilding 0.2% | |||||
| LSF11 Trinity Bidco, Inc., 2023-2 Rolled TLB, 1 Month SOFR + 4.000%^ | 9.329(c) | 06/14/30 | 250 | 250,716 | |
| Software 3.7% | |||||
| Applovin Corp., Term Loan | —(p) | 08/16/30 | 350 | 349,562 | |
| athenahealth, Inc., Initial Term Loan, 1 Month SOFR + 3.250% | 8.580(c) | 02/15/29 | 279 | 275,332 | |
| Boxer Parent Co., Inc., 2028 Extended Dollar Term Loan, 1 Month SOFR + 4.250% | 9.580(c) | 12/29/28 | 698 | 701,814 | |
| Bracket Intermediate Holding Corp., 2023 Refinancing Term Loan, 3 Month SOFR + 5.100% | 10.402(c) | 05/08/28 | 249 | 249,369 | |
| Cotiviti, Inc., Term Loan, 1 Month SOFR + 3.500% | 7.500(c) | 03/31/31 | 550 | 550,229 | |
17
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2024 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Floating Rate and Other Loans (Continued) | |||||
| Software (cont’d.) | |||||
| Dun & Bradstreet Corp., Incremental Term B-2, 1 Month SOFR + 2.750% | 8.082 %(c) | 01/18/29 | 325 | $324,848 | |
| Genesys Cloud Services, | |||||
| 2024 Incremental Dollar Term Loan, 1 Month SOFR + 3.864% | 9.192(c) | 12/01/27 | 50 | 50,156 | |
| 2024 Incremental No. 2 Dollar Term Loan, 1 Month SOFR + 3.500% | 8.827(c) | 12/01/27 | 299 | 299,920 | |
| Polaris Newco LLC, First Lien Dollar Term Loan, 3 Month SOFR + 4.262% | 9.574(c) | 06/02/28 | 249 | 246,193 | |
| Renaissance Holding Corp., Covenant-Lite First-Lien Term Loan, 1 Month SOFR + 4.250% | 9.577(c) | 04/05/30 | 249 | 249,687 | |
| Waystar Technologies, Inc., Initial Term Loan, 1 Month SOFR + 4.000% | 9.330(c) | 10/22/29 | 192 | 191,846 | |
| Webpros Investments Sarl (Luxembourg), Term Loan^ | —(p) | 03/28/31 | 125 | 125,156 | |
| Weld North Education LLC, 2024 Term Loan, 1 Month SOFR + 3.614% | 8.945(c) | 12/21/29 | 250 | 249,011 | |
| 3,863,123 | |||||
| Telecommunications 0.4% | |||||
| Patagonia Holdco LLC, Initial Term Loan, 3 Month SOFR + 5.750% | 11.064(c) | 08/01/29 | 313 | 289,511 | |
| Viasat, Inc., Initial Term Loan, 1 Month SOFR + 4.614% | 9.943(c) | 05/30/30 | 164 | 158,530 | |
| 448,041 | |||||
| Transportation 0.3% | |||||
| Daseke Cos., Inc., Term Loan, PRIME + 3.000% | 11.500(c) | 03/09/28 | 247 | 247,108 | |
| Kenan Advantage Group, Inc. (The), Term Loan B-3, 1 Month SOFR + 3.750% | 9.080(c) | 01/25/29 | 25 | 24,975 | |
| 272,083 | |||||
| Total Floating Rate and Other Loans (cost $27,999,075) | 28,181,857 | ||||
18
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2024 (unaudited) (continued)
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Residential Mortgage-Backed Security 1.9% | |||||
| PMT Credit Risk Transfer Trust, Series 2024-01R, Class A, 144A, 30 Day Average SOFR + 3.500% (Cap N/A, Floor 0.000%)^ (cost $2,000,000) | 8.820 %(c) | 05/25/33 | 2,000 | $2,001,800 | |
| Sovereign Bonds 2.3% | |||||
| Angolan Government International Bond (Angola), Sr. Unsec’d. Notes | 8.250 | 05/09/28 | 300 | 289,031 | |
| Egypt Government International Bond (Egypt), Sr. Unsec’d. Notes, EMTN | 3.875 | 02/16/26 | 300 | 275,625 | |
| Gabon Government International Bond (Gabon), Sr. Unsec’d. Notes | 6.950 | 06/16/25 | 600 | 587,625 | |
| Ivory Coast Government International Bond (Ivory Coast), Sr. Unsec’d. Notes | 5.875 | 10/17/31 | EUR | 400 | 398,096 |
| Pakistan Government International Bond (Pakistan), Sr. Unsec’d. Notes | 8.250 | 04/15/24 | 500 | 497,800 | |
| Romanian Government International Bond (Romania), Sr. Unsec’d. Notes, 144A | 6.375 | 01/30/34 | 140 | 142,056 | |
| Turkiye Government International Bond (Turkey), Sr. Unsec’d. Notes | 7.625 | 05/15/34 | 200 | 200,750 | |
| Total Sovereign Bonds (cost $2,307,749) | 2,390,983 | ||||
| Total Long-Term Investments (cost $117,669,938) | 118,874,534 | ||||
| Shares | |||||
| Short-Term Investment 1.4% | |||||
| Affiliated Mutual Fund | |||||
| PGIM Core Government Money Market Fund (7-day effective yield 5.552%) (cost $1,492,038)(wb) | 1,492,038 | 1,492,038 | |||
| TOTAL INVESTMENTS 115.5% (cost $119,161,976) | 120,366,572 | ||||
| Liabilities in excess of other assets(z) (15.5)% | (16,131,485) | ||||
| Net Assets 100.0% | $104,235,087 | ||||
19
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2024 (unaudited) (continued)
| Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings: |
| 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. |
| BNP | BNP Paribas S.A. |
| BOA | Bank of America, N.A. |
| CDX | Credit Derivative Index |
| CLO | Collateralized Loan Obligation |
| DAC | Designated Activity Company |
| EMTN | Euro Medium Term Note |
| EURIBOR | Euro Interbank Offered Rate |
| IO | Interest Only (Principal amount represents notional) |
| JPM | JPMorgan Chase Bank N.A. |
| LIBOR | London Interbank Offered Rate |
| LP | Limited Partnership |
| MSI | Morgan Stanley & Co International PLC |
| MTN | Medium Term Note |
| OTC | Over-the-counter |
| PIK | Payment-in-Kind |
| Q | Quarterly payment frequency for swaps |
| REITs | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| TD | The Toronto-Dominion Bank |
| # | Principal or notional amount is shown in U.S. dollars unless otherwise stated. |
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $5,535,519 and 5.3% of net assets. |
| (c) | Variable rate instrument. The interest rate shown reflects the rate in effect at March 31, 2024. |
| (cc) | Variable rate instrument. The rate shown is based on the latest available information as of March 31, 2024. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
| (ff) | Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end. |
| (oo) | Perpetual security. Maturity date represents next call date. |
| (p) | Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end. |
| (v) | Represents security, or a portion thereof, segregated as collateral for reverse repurchase agreements. |
| (wb) | Represents an investment in a Fund affiliated with the Manager. |
| (z) | Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments: |
Unfunded loan commitment outstanding at March 31, 2024:
| Borrower | Principal Amount (000)# | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||
| Action Environmental Group, Inc. (The), Delayed Draw Term Loan, 4.500%, Maturity Date 10/24/30 (cost $35,439)^ | 35 | $35,218 | $— | $(222) |
20
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2024 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at March 31, 2024:
| Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||
| OTC Forward Foreign Currency Exchange Contracts: | |||||||||||||
| British Pound, | |||||||||||||
| Expiring 04/02/24 | MSI | GBP | 4,707 | $5,932,258 | $5,941,127 | $8,869 | $— | ||||||
| Euro, | |||||||||||||
| Expiring 04/02/24 | BOA | EUR | 13,150 | 14,248,020 | 14,189,715 | — | (58,305) | ||||||
| Expiring 04/02/24 | BOA | EUR | 146 | 158,048 | 157,634 | — | (414) | ||||||
| Expiring 04/02/24 | JPM | EUR | 791 | 858,650 | 853,627 | — | (5,023) | ||||||
| Expiring 04/02/24 | JPM | EUR | 300 | 326,134 | 324,107 | — | (2,027) | ||||||
| Expiring 04/02/24 | TD | EUR | 113 | 122,959 | 121,620 | — | (1,339) | ||||||
| $21,646,069 | $21,587,830 | 8,869 | (67,108) | ||||||||||
| Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||
| OTC Forward Foreign Currency Exchange Contracts: | |||||||||||||
| British Pound, | |||||||||||||
| Expiring 04/02/24 | BNP | GBP | 4,618 | $5,856,341 | $5,829,147 | $27,194 | $— | ||||||
| Expiring 04/02/24 | BOA | GBP | 89 | 113,583 | 111,980 | 1,603 | — | ||||||
| Expiring 05/02/24 | MSI | GBP | 4,707 | 5,933,221 | 5,942,077 | — | (8,856) | ||||||
| Euro, | |||||||||||||
| Expiring 04/02/24 | BNP | EUR | 909 | 987,507 | 980,327 | 7,180 | — | ||||||
| Expiring 04/02/24 | BNP | EUR | 100 | 109,684 | 108,245 | 1,439 | — | ||||||
| Expiring 04/02/24 | BOA | EUR | 12,864 | 13,981,434 | 13,881,350 | 100,084 | — | ||||||
| Expiring 04/02/24 | MSI | EUR | 316 | 342,745 | 340,465 | 2,280 | — | ||||||
| Expiring 04/02/24 | MSI | EUR | 196 | 213,926 | 211,422 | 2,504 | — | ||||||
| Expiring 04/02/24 | MSI | EUR | 116 | 126,804 | 124,894 | 1,910 | — | ||||||
| Expiring 05/02/24 | BOA | EUR | 13,150 | 14,265,238 | 14,206,312 | 58,926 | — | ||||||
| $41,930,483 | $41,736,219 | 203,120 | (8,856) | ||||||||||
| $211,989 | $(75,964) | ||||||||||||
Credit default swap agreements outstanding at March 31, 2024:
| Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at March 31, 2024(4) | Value at Trade Date | Value at March 31, 2024 | Unrealized Appreciation (Depreciation) | ||||||||
| Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2): | |||||||||||||||
| CDX.NA.HY.41.V2 | 12/20/28 | 5.000%(Q) | 1,317 | 3.116% | $69,989 | $99,130 | $29,141 | ||||||||
| CDX.NA.HY.42.V1 | 06/20/29 | 5.000%(Q) | 5,930 | 3.289% | 413,703 | 437,328 | 23,625 | ||||||||
| $483,692 | $536,458 | $52,766 | |||||||||||||
21
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2024 (unaudited) (continued)
Credit default swap agreements outstanding at March 31, 2024 (continued):
The Fund entered into credit default swaps (“CDS”) to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.
| (1) | If the Fund is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
| (2) | If the Fund is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
| (3) | Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
| (4) | Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. |
| Reverse repurchase agreements outstanding at March 31, 2024: | ||||||||||
| Broker | Interest Rate | Trade Date | Cost | Maturity Date | Value at March 31, 2024 | |||||
BNP Paribas S.A. | 5.650% | 02/12/24 | $1,381,875 | Open | $1,381,875 | |||||
BNP Paribas S.A. | 5.650% | 02/12/24 | 1,825,000 | Open | 1,825,000 | |||||
BNP Paribas S.A. | 5.750% | 02/23/24 | 907,031 | Open | 907,031 | |||||
BNP Paribas S.A. | 5.750% | 02/23/24 | 1,148,437 | Open | 1,148,437 | |||||
BNP Paribas S.A. | 5.750% | 03/04/24 | 897,313 | Open | 897,313 | |||||
BNP Paribas S.A. | 5.750% | 03/04/24 | 933,562 | Open | 933,562 | |||||
BNP Paribas S.A. | 5.750% | 03/04/24 | 561,438 | Open | 561,438 | |||||
BNP Paribas S.A. | 5.750% | 03/04/24 | 608,344 | Open | 608,344 | |||||
BNP Paribas S.A. | 5.790% | 02/12/24 | 743,750 | Open | 743,750 | |||||
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PGIM Credit Income Fund
Schedule of Investments as of March 31, 2024 (unaudited) (continued)
| Reverse repurchase agreements outstanding at March 31, 2024 (continued): | ||||||||||
| Broker | Interest Rate | Trade Date | Cost | Maturity Date | Value at March 31, 2024 | |||||
BNP Paribas S.A. | 5.790% | 02/12/24 | $1,012,781 | Open | $1,012,781 | |||||
BNP Paribas S.A. | 5.790% | 03/19/24 | 1,685,250 | Open | 1,685,250 | |||||
BNP Paribas S.A. | 5.790% | 03/19/24 | 2,072,875 | Open | 2,072,875 | |||||
BNP Paribas S.A. | 5.790% | 03/19/24 | 480,563 | Open | 480,563 | |||||
BNP Paribas S.A. | 5.790% | 03/21/24 | 2,085,000 | Open | 2,085,000 | |||||
| $16,343,219 | $16,343,219 | |||||||||
Open maturity dates - Certain agreements have no stated maturity and can be terminated by either party at any time.
The aggregate value of the Reverse Repurchase Agreements is $16,343,219. Corporate Bonds with a combined market value of $17,716,193 have been segregated as collateral to cover the requirement for the reverse repurchase agreements outstanding as of March 31, 2024.
Other information regarding the Fund is available in the Fund’s most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).
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