NPORT-EX 2 PIPA080PRU033125.htm
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2025 (unaudited)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Long-Term Investments 127.7%
Asset-Backed Securities 22.9%
Automobiles 0.3%
Huntington Bank Auto Credit-Linked Notes,
Series 2024-01, Class D, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) 		9.594 %(c) 05/20/32   270  $276,010
Collateralized Loan Obligations 20.9%
Atlas Senior Loan Fund Ltd. (Cayman Islands),
Series 2021-16A, Class D, 144A, 3 Month SOFR + 3.962% (Cap N/A, Floor 3.700%) 		8.255(c) 01/20/34   1,100 1,099,513
Barings Euro CLO DAC (Ireland),
Series 2024-01A, Class D, 144A, 3 Month EURIBOR + 4.500% (Cap N/A, Floor 4.500%) 		7.244(c) 07/20/37 EUR 1,000 1,085,727
Barrow Hanley CLO Ltd. (Cayman Islands),
Series 2024-03A, Class D, 144A, 3 Month SOFR + 4.150% (Cap N/A, Floor 4.150%) 		8.443(c) 04/20/37   1,000 1,003,537
Carlyle Euro CLO DAC (Ireland),
Series 2022-05A, Class CR, 144A, 3 Month EURIBOR + 4.150% (Cap N/A, Floor 4.150%) 		6.823(c) 04/25/37 EUR 1,000 1,085,796
CQS US CLO Ltd. (United Kingdom),
Series 2023-03A, Class D, 144A, 3 Month SOFR + 4.200% (Cap N/A, Floor 4.200%) 		8.500(c) 01/25/37   1,500 1,510,439
Elevation CLO Ltd. (Cayman Islands),
Series 2021-12A, Class D2R, 144A, 3 Month SOFR + 5.360% (Cap N/A, Floor 5.360%) 		9.653(c) 04/20/37   1,000 1,007,037
Harvest CLO DAC (Ireland),
Series 32A, Class D, 144A, 3 Month EURIBOR + 3.600% (Cap N/A, Floor 3.600%) 		6.273(c) 07/25/37 EUR 1,000 1,084,510
Hayfin Emerald CLO DAC (Ireland),
Series 05A, Class DR, 144A, 3 Month EURIBOR + 4.160% (Cap N/A, Floor 4.160%) 		6.925(c) 11/17/37 EUR 1,000 1,081,299
Invesco Euro CLO DAC (Ireland),
Series 03A, Class DR, 144A, 3 Month EURIBOR + 3.850% (Cap N/A, Floor 3.850%) 		6.465(c) 10/30/38 EUR 1,000 1,071,188
KKR CLO Ltd. (United Kingdom),
Series 2022-43A, Class DR, 144A, 3 Month SOFR + 4.950% (Cap N/A, Floor 4.950%) 		9.252(c) 01/15/36   2,000 2,014,046
Monument CLO DAC (Ireland),
Series 01A, Class D, 144A, 3 Month EURIBOR + 4.350% (Cap N/A, Floor 4.350%) 		6.906(c) 05/15/37 EUR 1,500 1,650,806
Nassau Euro CLO DAC (Ireland),
Series 04A, Class D, 144A, 3 Month EURIBOR + 3.950% (Cap N/A, Floor 3.950%) 		6.694(c) 07/20/38 EUR 1,000 1,086,842
1
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Asset-Backed Securities (Continued)
Collateralized Loan Obligations (cont’d.)
Northwoods Capital Ltd. (Cayman Islands),
Series 2020-22A, Class DRR, 144A, 3 Month SOFR + 4.950% (Cap N/A, Floor 4.950%) 		9.249 %(c) 09/16/31   950  $956,599
OFSI BSL CLO Ltd. (Cayman Islands),
Series 2024-13A, Class D1, 144A, 3 Month SOFR + 4.500% (Cap N/A, Floor 4.500%) 		8.793(c) 04/20/37   1,000 1,006,994
Silver Rock CLO (Cayman Islands),
Series 2023-03A, Class D, 144A, 3 Month SOFR + 5.050% (Cap N/A, Floor 5.050%) 		9.343(c) 01/20/36   1,000 1,007,031
Tikehau US CLO Ltd. (Bermuda),
Series 2022-02A, Class D1R, 144A, 3 Month SOFR + 5.150% (Cap N/A, Floor 5.150%) 		9.443(c) 01/20/36   2,000 2,014,051
Trinitas CLO Ltd. (Bermuda),
Series 2023-26A, Class D, 144A, 3 Month SOFR + 4.500% (Cap N/A, Floor 4.500%) 		8.793(c) 01/20/35   1,000 1,003,765
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%) 		7.958(c) 04/16/36   1,500 1,505,371
          22,274,551
Consumer Loans 0.8%
Affirm Asset Securitization Trust,
Series 2024-A, Class 1E, 144A 		9.170 02/15/29   850 872,458
Credit Cards 0.9%
Genesis Sales Finance Master Trust,
Series 2024-B, Class B, 144A 		6.260 12/20/32   1,000 1,007,350
     
 
Total Asset-Backed Securities
(cost $24,118,916) 		24,430,369
Commercial Mortgage-Backed Securities 11.8%
Benchmark Mortgage Trust,          
Series 2024-V05, Class XD, IO, 144A 2.973(cc) 01/10/57   8,000 779,069
Series 2024-V06, Class XD, IO 3.260(cc) 03/15/57   6,000 666,712
Series 2024-V12, Class A3 5.738 12/15/57   230 237,985
BFLD Mortgage Trust,          
Series 2024-VICT, Class B, 144A, 1 Month SOFR + 2.589% (Cap N/A, Floor 2.589%) 6.908(c) 07/15/41   700 696,937
Series 2024-WRHS, Class E, 144A, 1 Month SOFR + 3.689% (Cap N/A, Floor 3.689%) 8.008(c) 08/15/26   927 931,048
2
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Commercial Mortgage-Backed Securities (Continued)
BMO Mortgage Trust,          
Series 2024-05C3, Class XD, IO, 144A 2.859 %(cc) 02/15/57   7,250  $691,027
Series 2024-05C5, Class XD, IO, 144A 2.477(cc) 02/15/57   3,975 355,414
     
 
BPR Trust,
Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) 		6.784(c) 09/15/38   1,000 992,548
BX Commercial Mortgage Trust,          
Series 2025-SPOT, Class D, 144A, 1 Month SOFR + 2.492% (Cap N/A, Floor 2.492%) 6.812(c) 04/15/40   500 499,687
Series 2025-SPOT, Class E, 144A, 1 Month SOFR + 3.690% (Cap N/A, Floor 3.690%) 8.010(c) 04/15/40   500 499,687
BX Trust,          
Series 2025-DIME, Class E, 144A, 1 Month SOFR + 3.000% (Cap N/A, Floor 3.000%) 7.319(c) 02/15/35   1,000 992,863
Series 2025-ROIC, Class E, 144A, 1 Month SOFR + 2.941% (Cap N/A, Floor 2.941%) 7.260(c) 03/15/30   750 745,322
     
 
GS Mortgage Securities Corp. Trust,
Series 2025-800D, Class A, 144A, 1 Month SOFR + 2.650% (Cap N/A, Floor 2.650%)(c) 		6.969 11/18/29   205 205,000
NYC Commercial Mortgage Trust,
Series 2025-03BP, Class E, 144A, 1 Month SOFR + 3.540% (Cap N/A, Floor 3.540%) 		7.859(c) 02/15/42   1,000 992,743
ONE Mortgage Trust,
Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) 		5.933(c) 03/15/36   1,000 959,475
ROCK Trust,
Series 2024-CNTR, Class E, 144A 		8.819 11/13/41   1,000 1,053,927
Wells Fargo Commercial Mortgage Trust,
Series 2021-FCMT, Class C, 144A, 1 Month SOFR + 2.514% (Cap N/A, Floor 2.400%) 		6.834(c) 05/15/31   1,300 1,287,143
     
 
Total Commercial Mortgage-Backed Securities
(cost $12,688,318) 		12,586,587
Corporate Bonds 51.6%
Aerospace & Defense 2.0%
Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A(v) 		8.750 11/15/30   2,000 2,107,040
Airlines 0.2%
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A 		4.375 04/15/26   200 196,643
3
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Apparel 0.8%
Wolverine World Wide, Inc.,
Gtd. Notes, 144A(v) 		4.000 % 08/15/29   975  $824,590
Auto Parts & Equipment 0.8%
Tenneco, Inc.,
Sr. Sec’d. Notes, 144A(v) 		8.000 11/17/28   900 858,578
Banks 4.1%
Cassa Depositi e Prestiti SpA (Italy),
Sr. Unsec’d. Notes, 144A(v) 		5.875 04/30/29   200 206,267
Citigroup, Inc.,          
Jr. Sub. Notes, Series CC(v) 7.125(ff) 08/15/29(oo)   470 480,751
Jr. Sub. Notes, Series X(v) 3.875(ff) 02/18/26(oo)   1,233 1,207,212
     
 
Goldman Sachs Group, Inc. (The),
Jr. Sub. Notes, Series U 		3.650(ff) 08/10/26(oo)   1,000 970,943
Royal Bank of Canada (Canada),
Jr. Sub. Notes 		7.500(ff) 05/02/84   750 766,875
Toronto-Dominion Bank (The) (Canada),
Jr. Sub. Notes 		7.250(ff) 07/31/84   785 785,981
          4,418,029
Building Materials 0.1%
Camelot Return Merger Sub, Inc.,
Sr. Sec’d. Notes, 144A 		8.750 08/01/28   175 144,163
Chemicals 2.9%
Ashland, Inc.,
Sr. Unsec’d. Notes, 144A(v) 		3.375 09/01/31   300 258,037
Braskem Netherlands Finance BV (Brazil),
Gtd. Notes 		8.500 01/12/31   400 400,600
Herens Midco Sarl (Luxembourg),
Gtd. Notes 		5.250 05/15/29 EUR 710 593,319
Monitchem HoldCo 3 SA (Luxembourg),
Sr. Sec’d. Notes 		8.750 05/01/28 EUR 1,445 1,562,713
OCP SA (Morocco),
Sr. Unsec’d. Notes, 144A(v) 		6.750 05/02/34   260 266,825
          3,081,494
4
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Coal 0.5%
Coronado Finance Pty Ltd. (Australia),
Sr. Sec’d. Notes, 144A(v) 		9.250 % 10/01/29   550  $508,877
Commercial Services 0.3%
Alta Equipment Group, Inc.,
Sec’d. Notes, 144A 		9.000 06/01/29   50 43,766
Autopistas del Sol SA (Costa Rica),
Sr. Sec’d. Notes 		7.375 12/30/30   257 253,900
DCLI Bidco LLC,
Second Mortgage, 144A 		7.750 11/15/29   20 20,575
          318,241
Computers 0.5%
McAfee Corp.,
Sr. Unsec’d. Notes, 144A(v) 		7.375 02/15/30   575 509,474
Diversified Financial Services 0.8%
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A(v) 		5.750 11/15/31   500 499,297
OneMain Finance Corp.,
Gtd. Notes 		6.625 05/15/29   150 150,477
PennyMac Financial Services, Inc.,
Gtd. Notes, 144A(v) 		5.750 09/15/31   250 237,197
          886,971
Electric 5.1%
Aydem Yenilenebilir Enerji A/S (Turkey),
Sr. Sec’d. Notes 		7.750 02/02/27   189 187,645
Calpine Corp.,
Sr. Unsec’d. Notes, 144A(v) 		4.625 02/01/29   575 551,741
Eskom Holdings SOC Ltd. (South Africa),
Sr. Unsec’d. Notes, MTN 		8.450 08/10/28   404 416,625
NRG Energy, Inc.,
Jr. Sub. Notes, 144A(v) 		10.250(ff) 03/15/28(oo)   1,800 1,984,623
Vistra Corp.,
Jr. Sub. Notes, 144A(v) 		7.000(ff) 12/15/26(oo)   2,300 2,327,836
          5,468,470
5
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Engineering & Construction 0.5%
Mexico City Airport Trust (Mexico),          
Sr. Sec’d. Notes 5.500 % 07/31/47   400  $328,752
Sr. Sec’d. Notes, 144A(v) 5.500 07/31/47   300 246,564
          575,316
Entertainment 2.3%
Caesars Entertainment, Inc.,
Gtd. Notes, 144A(v) 		4.625 10/15/29   1,100 1,010,570
Jacobs Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A 		6.750 02/15/29   150 144,005
Penn Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A 		5.625 01/15/27   200 197,343
Scientific Games Holdings LP/Scientific Games US FinCo, Inc.,
Sr. Unsec’d. Notes, 144A(v) 		6.625 03/01/30   500 471,435
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.,
Gtd. Notes, 144A(v) 		5.125 10/01/29   675 647,815
          2,471,168
Foods 2.9%
B&G Foods, Inc.,
Gtd. Notes 		5.250 09/15/27   225 210,474
Bellis Acquisition Co. PLC (United Kingdom),
Sr. Sec’d. Notes, 144A 		8.125 05/14/30 GBP 825 984,552
Bellis Finco PLC (United Kingdom),
Gtd. Notes 		4.000 02/16/27 GBP 1,325 1,606,495
Lamb Weston Holdings, Inc.,
Gtd. Notes, 144A(v) 		4.125 01/31/30   200 186,361
Post Holdings, Inc.,
Sr. Sec’d. Notes, 144A 		6.250 02/15/32   140 140,889
          3,128,771
Forest Products & Paper 0.2%
LD Celulose International GmbH (Brazil),
Sr. Sec’d. Notes, 144A 		7.950 01/26/32   200 205,900
6
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Healthcare-Services 1.1%
Chrome Holdco SAS (France),
Gtd. Notes 		5.000 % 05/31/29 EUR 750  $349,863
DaVita, Inc.,
Gtd. Notes, 144A(v) 		3.750 02/15/31   975 847,551
          1,197,414
Holding Companies-Diversified 1.4%
Clue Opco LLC,
Sr. Sec’d. Notes, 144A(v) 		9.500 10/15/31   1,450 1,450,947
Home Builders 0.3%
Brookfield Residential Properties, Inc./Brookfield
Residential US LLC (Canada), 		         
Gtd. Notes, 144A 6.250 09/15/27   100 98,295
Sr. Unsec’d. Notes, 144A(v) 5.000 06/15/29   300 269,250
          367,545
Household Products/Wares 0.1%
Kronos Acquisition Holdings, Inc. (Canada),
Sr. Unsec’d. Notes, 144A 		10.750 06/30/32   100 75,750
Housewares 0.2%
Scotts Miracle-Gro Co. (The),
Gtd. Notes 		4.375 02/01/32   250 219,428
Iron/Steel 0.5%
Mineral Resources Ltd. (Australia),
Sr. Unsec’d. Notes, 144A(v) 		9.250 10/01/28   500 499,260
Leisure Time 1.5%
Carnival Corp.,          
Gtd. Notes, 144A(v) 6.000 05/01/29   350 346,787
Sr. Unsec’d. Notes, 144A 5.750 03/15/30   100 99,120
     
 
NCL Corp. Ltd.,
Sr. Sec’d. Notes, 144A(v) 		8.125 01/15/29   650 682,279
Viking Cruises Ltd.,
Gtd. Notes, 144A(v) 		5.875 09/15/27   525 522,375
          1,650,561
7
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Lodging 1.4%
MGM Resorts International,
Gtd. Notes(v) 		4.750 % 10/15/28   1,075  $1,035,362
Wynn Macau Ltd. (Macau),
Sr. Unsec’d. Notes, 144A(v) 		5.625 08/26/28   425 408,531
          1,443,893
Machinery-Diversified 0.6%
Chart Industries, Inc.,
Sr. Sec’d. Notes, 144A 		7.500 01/01/30   225 233,598
Maxim Crane Works Holdings Capital LLC,
Sec’d. Notes, 144A(v) 		11.500 09/01/28   400 402,036
          635,634
Media 5.2%
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A(v) 		4.250 02/01/31   548 485,515
DISH DBS Corp.,          
Gtd. Notes 5.125 06/01/29   25 16,255
Gtd. Notes 7.375 07/01/28   25 17,780
Gtd. Notes 7.750 07/01/26   125 107,974
     
 
DISH Network Corp.,
Sr. Sec’d. Notes, 144A(v) 		11.750 11/15/27   1,525 1,606,784
Globo Comunicacao e Participacoes SA (Brazil),
Sr. Unsec’d. Notes 		4.875 01/22/30   250 232,500
Univision Communications, Inc.,
Sr. Sec’d. Notes, 144A 		6.625 06/01/27   525 520,188
Virgin Media Secured Finance PLC (United Kingdom),
Sr. Sec’d. Notes 		4.250 01/15/30 GBP 2,275 2,541,077
          5,528,073
Mining 1.0%
Hudbay Minerals, Inc. (Canada),
Gtd. Notes, 144A(v) 		6.125 04/01/29   1,050 1,040,288
Oil & Gas 4.1%
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Gtd. Notes, 144A 		9.000 11/01/27   75 91,617
8
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Oil & Gas (cont’d.)
Ecopetrol SA (Colombia),
Sr. Unsec’d. Notes(v) 		8.875 % 01/13/33   350  $360,412
Expand Energy Corp.,
Gtd. Notes(v) 		4.750 02/01/32   850 804,999
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A(v) 		8.375 11/01/33   975 999,071
New Generation Gas Gathering LLC,          
Sr. Sec’d. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ 10.041(c) 09/30/29   276 271,540
Sr. Sec’d. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ 10.335(c) 09/30/29   230 226,284
     
 
Petroleos Mexicanos (Mexico),
Gtd. Notes, MTN(v) 		8.750 06/02/29   300 298,470
Preem Holdings AB (Sweden),
Sr. Unsec’d. Notes 		12.000 06/30/27 EUR 1,136 1,291,629
          4,344,022
Packaging & Containers 0.2%
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC,
Sr. Sec’d. Notes, 144A 		4.000 10/15/27   225 227,250
Pharmaceuticals 0.6%
Grifols SA (Spain),
Sr. Sec’d. Notes, 144A 		7.125 05/01/30 EUR 580 647,762
Pipelines 0.4%
Venture Global LNG, Inc.,
Jr. Sub. Notes, 144A 		9.000(ff) 09/30/29(oo)   420 397,515
Real Estate 0.6%
Five Point Operating Co. LP/Five Point Capital Corp.,
Gtd. Notes, 144A 		10.500(cc) 01/15/28   150 152,828
Howard Hughes Corp. (The),
Gtd. Notes, 144A(v) 		4.125 02/01/29   575 525,754
          678,582
Real Estate Investment Trusts (REITs) 0.6%
MPT Operating Partnership LP/MPT Finance Corp.,          
Gtd. Notes(v) 3.500 03/15/31   225 150,064
9
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Real Estate Investment Trusts (REITs) (cont’d.)
MPT Operating Partnership LP/MPT Finance Corp., (cont’d.)          
Gtd. Notes 5.000 % 10/15/27   100  $90,233
Sr. Sec’d. Notes, 144A 8.500 02/15/32   25 25,476
     
 
RHP Hotel Properties LP/RHP Finance Corp.,
Gtd. Notes, 144A 		6.500 04/01/32   190 189,722
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC,
Sr. Sec’d. Notes, 144A 		10.500 02/15/28   144 153,057
          608,552
Retail 3.6%
Brinker International, Inc.,
Gtd. Notes, 144A(v) 		8.250 07/15/30   825 866,344
Carvana Co.,          
Sr. Sec’d. Notes, 144A, Cash coupon 9.000% or PIK 12.000% 9.000 12/01/28   86 88,628
Sr. Sec’d. Notes, 144A, Cash coupon 11.000% or PIK 13.000% 9.000 06/01/30   275 291,041
eG Global Finance PLC (United Kingdom),          
Sr. Sec’d. Notes 11.000 11/30/28 EUR 1,085 1,291,001
Sr. Sec’d. Notes, 144A 11.000 11/30/28 EUR 625 744,523
     
 
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.,
Sr. Sec’d. Notes, 144A(v) 		4.625 01/15/29   625 576,045
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes 		6.750 03/01/32   25 25,025
          3,882,607
Telecommunications 3.0%
Colombia Telecomunicaciones SA ESP (Colombia),
Sr. Unsec’d. Notes 		4.950 07/17/30   250 223,830
Frontier Communications Holdings LLC,
Sec’d. Notes, 144A 		6.750 05/01/29   200 200,910
Level 3 Financing, Inc.,          
Sr. Sec’d. Notes, 144A(v) 10.500 05/15/30   525 566,152
Sr. Sec’d. Notes, 144A(v) 11.000 11/15/29   1,100 1,227,332
     
 
Lorca Telecom Bondco SA (Spain),
Sr. Sec’d. Notes, 144A 		5.750 04/30/29 EUR 100 112,390
TalkTalk Telecom Group Ltd. (United Kingdom),          
Sec’d. Notes, 144A, Cash coupon N/A or PIK N/A 11.750 03/01/28 GBP 382 139,252
10
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Telecommunications (cont’d.)
TalkTalk Telecom Group Ltd. (United Kingdom), (cont’d.)          
Sr. Sec’d. Notes, 144A, Cash coupon N/A or PIK N/A 8.250 % 09/01/27 GBP 646   $675,093
     
 
Windstream Services LLC/Windstream Escrow Finance Corp.,
Sr. Sec’d. Notes, 144A 		8.250 10/01/31   70 71,322
          3,216,281
Transportation 1.2%
XPO, Inc.,
Gtd. Notes, 144A(v) 		7.125 02/01/32   1,225 1,256,552
     
 
Total Corporate Bonds
(cost $54,308,131) 		55,071,641
Floating Rate and Other Loans 34.6%
Advertising 0.2%
Summer (BC) Bidco B LLC (Luxembourg),
Extended Facility B1, 3 Month SOFR + 5.260% 		9.559(c) 02/15/29   175 174,344
Aerospace & Defense 0.2%
Azorra Soar TLB Finance Limited (Cayman Islands),
Initial Term Loan, 3 Month SOFR + 3.500% 		7.799(c) 10/18/29   249 249,683
Agriculture 0.5%
Alltech, Inc.,
Term B-2 Loan, 1 Month SOFR + 4.364% 		8.689(c) 08/13/30   524 517,739
Airlines 0.2%
Vista Management Holding, Inc.,
Term B Loan^ 		—(p) 04/30/31   175 173,688
Auto Parts & Equipment 2.6%
Clarios Global LP,
Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% 		7.075(c) 01/28/32   625 616,016
Constellation Automotive Group Ltd. (United Kingdom),
Term Loan^ 		—(p) 02/28/31   1,000 1,059,674
11
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Auto Parts & Equipment (cont’d.)
First Brands Group LLC,          
2022-Ii Incremental Termloan, 3 Month SOFR + 5.262% 9.552 %(c) 03/30/27   106  $98,456
Second Lien 2021 Term Loan, 3 Month SOFR + 8.762% 13.052(c) 03/30/28   600 540,000
Tenneco, Inc.,          
Term A Loan, 3 Month SOFR + 4.850% 9.172(c) 11/17/28   198 191,169
Term B Loan, 3 Month SOFR + 5.100% 9.411(c) 11/17/28   250 242,344
          2,747,659
Beverages 0.2%
Pegasus Bidco BV (Netherlands),
2024-2 Dollar Term Loan, 3 Month SOFR + 3.250% 		7.573(c) 07/12/29   192 192,725
Building Materials 0.7%
Eco Material Technologies, Inc.,
Initial Term Loan, 6 Month SOFR + 3.250% 		7.467(c) 02/12/32   290 290,000
Emerald Debt Merger Sub LLC,
Second Amendment Incremental Term Loan, 3 Month SOFR + 2.500% 		6.799(c) 08/04/31   473 467,603
          757,603
Chemicals 1.6%
A-Ap Buyer, Inc.,
Initial Term Loan, 1 Month SOFR + 2.750% 		7.075(c) 09/09/31   175 174,344
Consolidated Energy Finance SA (Switzerland),
2024 Incremental Term Loan, 3 Month SOFR + 4.500% 		8.813(c) 11/15/30   322 308,971
Geon Performance Solutions LLC,
2024 Refinancing Term Loan, 3 Month SOFR + 4.512% 		8.811(c) 08/18/28   346 340,726
Iris Holdings Ltd.,
Initial Term Loan, 3 Month SOFR + 4.850% 		9.141(c) 06/28/28   212 199,416
Nouryon Finance BV (Netherlands),
November 2024 B-1 Dollar Term Loan, 3 Month SOFR + 3.250% 		7.553(c) 04/03/28   188 188,726
12
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Chemicals (cont’d.)
Paint Intermediate III LLC,
Paint Intermediate/Wesco Group Cov-Lite Term B Loan, 3 Month SOFR + 3.000% 		7.302 %(c) 09/11/31   100  $99,750
TPC Group, Inc.,
Initial Term Loan, 6 Month SOFR + 5.750%^ 		9.952(c) 12/16/31   350 349,125
          1,661,058
Commercial Services 2.6%
Belfor Holdings, Inc.,
Tranche B3, 1 Month SOFR + 3.000%^ 		7.325(c) 11/01/30   251 252,550
Belron Finance US LLC,
2031 Dollar Incremental Term Loan, 3 Month SOFR + 2.750% 		7.052(c) 10/16/31   323 322,364
CoreLogic, Inc.,
First Lien Initial Term Loan, 1 Month SOFR + 3.614% 		7.939(c) 06/02/28   266 259,687
Crisis Prevention Institute, Inc.,
2024 Term Loan, 3 Month SOFR + 4.000% 		8.299(c) 04/09/31   200 199,251
DS Parent, Inc.,
Term B Loan, 3 Month SOFR + 5.500% 		9.799(c) 01/31/31   149 137,709
Grant Thornton Advisors LLC,
2025 Incremental Term Loan, 1 Month SOFR + 2.750% 		7.075(c) 06/02/31   149 148,272
Jupiter Buyer, Inc.,
Initial Term Loan, 1 Month SOFR + 4.750% 		9.073(c) 11/01/31   202 201,409
Mavis Tire Express Services Topco Corp.,
2025 First Lien Incremental Term Loan, 3 Month SOFR + 3.000% 		7.313(c) 05/04/28   300 297,555
Neon Maple US Debt Mergersub, Inc.,
Tranche B-1 Term Loan, 1 Month SOFR + 3.000% 		7.325(c) 11/17/31   625 621,354
TruGreen LP,
Second Refinancing Term Loan (First Lien), 1 Month SOFR + 4.100% 		8.425(c) 11/02/27   202 189,560
Verde Purchaser LLC,
Initial Term Loan, 3 Month SOFR + 4.000% 		8.299(c) 11/30/30   150 149,026
          2,778,737
Computers 2.0%
Fortress Intermediate,
Initial Term Loan, 1 Month SOFR + 3.750% 		8.075(c) 06/27/31   478 476,406
13
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Computers (cont’d.)
Indy US Bidco LLC,
Eleventh Amendment Term Loan, 1 Month SOFR + 3.500% 		7.825 %(c) 03/06/28   207  $206,430
McAfee Corp.,
Refinancing Tranche B-1, 1 Month SOFR + 3.000% 		7.323(c) 03/01/29   481 456,804
NCR Atleos Corp.,
Term B Loan, 3 Month SOFR + 3.750% 		8.053(c) 04/16/29   134 134,232
Peraton Corp.,
First Lien Term B Loan, 1 Month SOFR + 3.850% 		8.175(c) 02/01/28   246 218,520
Sandisk Corp.,
Term B Loan, 3 Month SOFR + 3.000% 		7.330(c) 02/20/32   450 443,250
Synechron, Inc.,
Initial Term Loan, 3 Month SOFR + 3.750%^ 		8.041(c) 09/26/31   250 250,000
          2,185,642
Cosmetics/Personal Care 0.4%
Opal US LLC,
Term B Loan 		—(p) 04/30/32   400 398,000
Distribution/Wholesale 0.3%
Protective Industrial Products, Inc.,
Term Loan 		—(p) 01/31/32   350 335,562
Diversified Financial Services 1.3%
CPI Holdco B, LLC,
First Amendment Incremental Term Loan, 1 Month SOFR + 2.250% 		6.575(c) 05/19/31   275 272,938
Focus Financial Partners LLC,
Tranche B Incremental Term Loan, 1 Month SOFR + 2.750% 		7.075(c) 09/15/31   349 345,197
Hudson River Trading LLC,
Term B-1 Loan, 1 Month SOFR + 3.000% 		7.322(c) 03/18/30   445 443,786
Jefferies Finance LLC,
Initial Term Loan 2024, 1 Month SOFR + 3.000% 		7.319(c) 10/21/31   299 297,754
          1,359,675
Education 0.9%
Dukes Education Group Ltd. (United Kingdom),          
Accordion Facility, SONIA + 5.500%^ 10.099(c) 11/27/28 GBP 68 87,272
14
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Education (cont’d.)
Dukes Education Group Ltd. (United Kingdom), (cont’d.)          
Acquisition/Capex Facility 1, SONIA + 5.500%^ 10.100 %(c) 11/27/28 GBP 61  $78,684
Acquisition/Capex Facility 5, 6 Month EURIBOR + 5.500%^ 10.263(c) 11/27/28 EUR 7 9,561
Facility B, SONIA + 5.500%^ 10.142(c) 11/27/28 GBP 25 32,524
Term Loan, 3 Month SOFR + 5.500%^ 1.299(c) 11/25/28   544 702,108
Term Loan, 3 Month SOFR + 5.500%^ 8.197(c) 11/27/28   34 37,226
Term Loan, 3 Month SOFR + 5.500%^ 7.984(c) 11/27/28   18 19,652
          967,027
Electric 0.2%
Discovery Energy Holding Corp.,
Initial Dollar Term Loan, 3 Month SOFR + 3.750% 		8.049(c) 05/01/31   252 247,583
Electronics 0.4%
Ingram Micro, Inc.,
2024 Term B Loan, 3 Month SOFR + 2.750% 		7.053(c) 09/22/31   207 208,165
Minimax Viking GmbH - MX Holdings US, Inc.,
Term B Loan^ 		—(p) 03/31/32   175 174,344
          382,509
Engineering & Construction 0.7%
Azuria Water Solutions, Inc.,
2025 Replacement Term Loan, 1 Month SOFR + 3.000% 		7.325(c) 05/17/28   247 245,036
Brown Group Holding LLC,
Initial Term Loan, 1 Month SOFR + 2.500% 		6.825(c) 07/01/31   99 98,606
Red SPV LLC (United Kingdom),
Initial Term Loan, 3 Month SOFR + 2.250%^ 		6.575(c) 03/15/32   350 350,438
          694,080
Entertainment 1.1%
AP Gaming I LLC,
Term B Loan, 1 Month SOFR + 3.750% 		8.075(c) 02/15/29   148 148,780
Caesars Entertainment, Inc.,
Incremental Term B-1 Loan, 3 Month SOFR + 2.250% 		6.563(c) 02/06/31   347 344,009
Cinemark USA, Inc.,
Term B Loan, 3 Month SOFR + 2.750% 		7.068(c) 05/24/30   247 247,268
15
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Entertainment (cont’d.)
ECL Entertainment LLC,
Term B Loan, 1 Month SOFR + 3.500% 		7.825 %(c) 08/31/30   74  $74,810
Entain PLC (United Kingdom),
Facility B3, 3 Month SOFR + 2.750% 		7.053(c) 10/31/29   347 347,462
          1,162,329
Environmental Control 1.8%
Action Environmental Group, Inc. (The),
2024 Term Loan B-4th Amendment, 3 Month SOFR + 3.750%^ 		8.049(c) 10/24/30   491 493,866
GFL Environmental, Inc.,
Initial Term Loan, 3 Month SOFR + 2.500% 		6.819(c) 03/03/32   450 446,437
JFL-Tiger Acquisition Co., Inc.,
Initial Term Loan, 3 Month SOFR + 4.000% 		8.303(c) 10/17/30   75 74,436
Madison Iaq LLC,          
Initial Term Loan, 6 Month SOFR + 2.500% 6.762(c) 06/21/28   197 195,016
Loan^ —(p) 04/30/32   275 272,250
     
 
Tidal Waste & Recycling Holdings LLC,
Term B Loan, 3 Month SOFR + 3.500% 		7.799(c) 10/24/31   200 199,812
WIN Waste Innovations Holdings, Inc.,
New Term B-1 Loan, 1 Month SOFR + 3.864% 		8.189(c) 03/24/28   235 232,650
          1,914,467
Foods 0.0%
UTZ Quality Foods LLC,
Term B Loan, 1 Month SOFR + 2.500% 		6.825(c) 01/29/32   25 24,925
Forest Products & Paper 0.1%
Magnera Corp.,
New Term Loan, 3 Month SOFR + 4.250% 		8.563(c) 11/04/31   150 149,157
Hand/Machine Tools 0.5%
Alliance Laundry Systems LLC,
Initial Term B Loan, 3 Month SOFR + 2.750% 		7.072(c) 08/19/31   350 348,687
Madison Safety & Flow LLC,
2025 Incremental Term B, 1 Month SOFR + 2.750% 		7.075(c) 09/26/31   150 149,438
          498,125
16
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Healthcare & Pharmaceuticals 0.1%
Loire Finco Luxembourg Sarl (Luxembourg),
Term B Loan 		— %(p) 01/31/30   150  $149,250
Healthcare-Services 0.8%
LifePoint Health, Inc.,
Term B Loan, 3 Month SOFR + 3.750% 		8.052(c) 05/16/31   249 240,729
Phoenix Guarantor, Inc.,
Tranche B-5 Term Loan, 1 Month SOFR + 2.500% 		6.825(c) 02/21/31   248 246,286
Upstream Newco, Inc.,
August 2021 Incremental Term Loan, 3 Month SOFR + 4.250% 		8.802(c) 11/20/26   499 411,743
          898,758
Holding Companies-Diversified 0.3%
Clue OpCo LLC,
Term B Loan, 3 Month SOFR + 4.500% 		8.791(c) 12/19/30   314 304,059
Home Furnishings 0.2%
TGP Holdings III LLC,
First Lien Closing Date Term Loan, 1 Month SOFR + 3.350% 		7.675(c) 06/29/28   250 228,573
Household Products/Wares 0.2%
Kronos Acquisition Holdings, Inc. (Canada),
Initial Loan 2024, 3 Month SOFR + 4.000% 		8.299(c) 07/08/31   197 170,383
Insurance 0.7%
Acrisure LLC,
2024 Repricing Term B-6 Loan, 1 Month SOFR + 3.000% 		7.325(c) 11/06/30   272 269,997
Assured Partners, Inc.,
2024 Term Loan, 1 Month SOFR + 3.500% 		7.825(c) 02/14/31   266 266,188
Asurion LLC,
New B-11 Term Loan, 1 Month SOFR + 4.350% 		8.675(c) 08/21/28   197 195,015
          731,200
17
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Internet 0.2%
MH Sub I LLC,          
2023 May New Term Loan, 1 Month SOFR + 4.250% 8.575 %(c) 05/03/28   156  $148,229
2024 December New Term Loan, 1 Month SOFR + 4.250% 8.575(c) 12/31/31   105 96,180
          244,409
Investment Companies 1.6%
Hurricane CleanCo Ltd. (United Kingdom),
Facility A, 3 Month LIBOR + 6.250% (Cap N/A, Floor 0.000%)^ 		6.250(c) 10/31/29   1,280 1,703,396
Leisure Time 1.1%
International Park Holdings BV (Netherlands),
Term Loan, 3 Month SOFR + 5.500%^ 		8.099(c) 01/30/32   500 528,676
LC Ahab US Bidco LLC,
Initial Term Loan, 1 Month SOFR + 3.000% 		7.325(c) 05/01/31   449 451,116
Recess Holdings, Inc.,
Amendment No. 5 Term Loan, 3 Month SOFR + 3.750% 		8.047(c) 02/20/30   149 148,206
          1,127,998
Machinery-Diversified 1.3%
Graftech Global Enterprises, Inc.,          
Delayed Draw Term Loan^ 1.000 12/21/29   145 146,182
Initial Term Loan, 3 Month SOFR + 6.000% 10.303(c) 12/21/29   255 258,682
     
 
Hyster-Yale Group, Inc.,
Term Loan B Facility, 1 Month SOFR + 3.614% 		7.939(c) 05/26/28   346 345,081
Innio Group Holding GmbH,
2025 Amended Facility B (USD), 3 Month SOFR + 2.500% 		6.808(c) 11/02/28   124 123,595
TK Elevator US Newco, Inc. (Germany),
Facility B2 (USD), 6 Month SOFR + 3.500% 		7.737(c) 04/30/30   518 517,653
          1,391,193
Media 0.8%
CSC Holdings LLC,
2022 Refinancing Term Loan, 1 Month SOFR + 4.500% 		8.819(c) 01/18/28   247 239,446
18
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Media (cont’d.)
Univision Communications, Inc.,          
2022 Incremental First-Lien Term Loan, 3 Month SOFR + 4.250%^ 8.549 %(c) 06/24/29   192  $188,197
2024 Replacement First-Lien Term Loan, 1 Month SOFR + 3.614% 7.939(c) 01/31/29   397 384,428
          812,071
Metal Fabricate/Hardware 1.0%
Crosby US Acquisition Corp.,
Amendment No. 4 Replacement Term Loan, 1 Month SOFR + 3.500% 		7.825(c) 08/16/29   296 296,039
Doncasters US Finance LLC (United Kingdom),
Initial Term Loan, 3 Month SOFR + 6.500%^ 		10.799(c) 04/23/30   267 264,627
Grinding Media, Inc.,
2024 Term B Loan, 3 Month SOFR + 3.500%^ 		7.819(c) 10/12/28   299 299,246
Trulite Glass & Aluminum Solutions LLC,
Initial Term Loan, 3 Month SOFR + 6.000%^ 		10.310(c) 03/01/30   219 218,827
          1,078,739
Mining 0.5%
Arsenal Aic Parent LLC,
2025 Term B Loan, 1 Month SOFR + 2.750% 		7.075(c) 08/18/30   266 263,662
Covia Holdings Corp.,
Initial Term Loan, 3 Month SOFR + 3.250% 		7.568(c) 02/26/32   225 224,156
          487,818
Miscellaneous Manufacturing 0.2%
AMG Advanced Metallurgical Group NV (Netherlands),
2021 Term Loan, 1 Month SOFR + 3.614%^ 		7.939(c) 11/30/28   247 247,133
Oil & Gas 0.2%
Apro LLC,
Initial Term Loan, 3 Month SOFR + 3.750% 		8.049(c) 07/09/31   199 198,005
Oil & Gas Services 0.2%
MRC Global (US), Inc.,
Term Loan, 6 Month SOFR + 3.500%^ 		7.931(c) 10/29/31   250 250,000
19
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Packaging & Containers 0.2%
Closure Systems International Group,
Amendment No. 5 Term Loan, 1 Month SOFR + 3.500% 		7.825 %(c) 03/22/29   74  $74,345
Trident TPI Holdings, Inc.,
Tranche B-7 Term Loan, 3 Month SOFR + 3.750% 		8.049(c) 09/15/28   198 190,698
          265,043
Pharmaceuticals 1.3%
Asterix Holdco GmbH (Germany),
Term B-2 Loan^ 		—(p) 03/29/32   500 537,271
Gainwell Acquisition Corp.,
Term B Loan, 3 Month SOFR + 4.100%^ 		8.399(c) 10/01/27   251 232,236
IVC Acquisition Ltd. (United Kingdom),
Term B Loan 		—(p) 12/12/28   350 451,359
Sharp Services LLC,
Tranche D Term Loan, 3 Month SOFR + 3.250% 		7.549(c) 12/31/28   192 191,955
          1,412,821
Pipelines 0.3%
CPPIB OVM Member US LLC,
Initial Term Loan, 3 Month SOFR + 2.750% 		7.049(c) 08/20/31   149 148,255
Rockpoint Gas Storage Partners LP (Canada),
Term B Loan, 3 Month SOFR + 3.000% 		7.299(c) 09/18/31   206 205,220
          353,475
Real Estate Investment Trusts (REITs) 0.3%
Blackstone Mortgage Trust, Inc.,
Term B-4 Loan, 1 Month SOFR + 3.500% 		7.825(c) 05/09/29   359 358,557
Retail 1.3%
Dave & Buster’s, Inc.,
2024 Incremental Term B Loan, 3 Month SOFR + 3.250% 		7.563(c) 11/01/31   399 348,925
Great Outdoors Group LLC,
Term B-3 Loan, 1 Month SOFR + 3.250% 		7.575(c) 01/23/32   177 176,350
Harbor Freight Tools USA, Inc.,
Initial Term Loan, 1 Month SOFR + 2.500% 		6.825(c) 06/11/31   498 484,441
Johnstone Supply LLC,
Term B Loan, 1 Month SOFR + 2.500% 		6.822(c) 06/09/31   124 123,287
20
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Retail (cont’d.)
Peer Holding III BV (Netherlands),          
Term B-4 Loan — %(p) 10/26/30   175  $174,123
Term B-5 Loan —(p) 07/01/31   100 99,542
          1,406,668
Shipbuilding 0.2%
LSF11 Trinity Bidco, Inc.,
Term B Loan, 1 Month SOFR + 3.000%^ 		7.322(c) 06/14/30   248 248,827
Software 2.4%
AthenaHealth Group, Inc.,
Initial Term Loan, 1 Month SOFR + 3.000% 		7.325(c) 02/15/29   276 272,885
BMC Software, Inc.,
2031 Replacement Dollar Term Loan, 3 Month SOFR + 3.000% 		7.291(c) 07/30/31   372 364,776
Bracket Intermediate Holding Corp.,
2024 Repriced Term B Loan, 3 Month SOFR + 4.250% 		8.549(c) 05/08/28   246 246,667
Cotiviti, Inc.,
Initial Floating Rate Term Loan, 1 Month SOFR + 2.750% 		7.073(c) 05/01/31   347 343,910
Genesys Cloud Services Holdings II LLC,
2025 Dollar Term Loan, 1 Month SOFR + 2.500% 		6.825(c) 01/30/32   625 617,656
Inmar, Inc.,
Initial Term Loan, 3 Month SOFR + 5.000% 		9.312(c) 10/30/31   273 272,696
Renaissance Holding Corp.,
2024-2 Term Loan, 1 Month SOFR + 4.000% 		8.325(c) 04/05/30   247 242,026
Weld North Education LLC,
2024 Term Loan, 1 Month SOFR + 3.500% 		7.825(c) 12/21/29   248 246,159
          2,606,775
Telecommunications 0.7%
Patagonia Holdco LLC,
Initial Term Loan, 3 Month SOFR + 5.750% 		10.052(c) 08/01/29   310 273,388
21
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Telecommunications (cont’d.)
Qualitytech, LP,
Term Loan, 1 Month SOFR + 3.500%^ 		7.814 %(c) 10/30/31   400  $399,000
Windstream Services LLC,
2024 Term Loan, 1 Month SOFR + 4.850% 		9.175(c) 10/01/31   75 75,469
          747,857
     
 
Total Floating Rate and Other Loans
(cost $37,171,173) 		36,995,325
Residential Mortgage-Backed Securities 4.0%
Lugo Funding DAC (Spain),
Series 2024-01A, Class C, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 0.000%) 		4.521(c) 05/26/66 EUR 600 626,576
PMT Credit Risk Transfer Trust,          
Series 2024-01R, Class A, 144A, 30 Day Average SOFR + 3.500% (Cap N/A, Floor 0.000%) 7.840(c) 05/25/33   1,819 1,835,766
Series 2024-02R, Class A, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) 7.685(c) 03/29/27   1,829 1,842,187
     
 
Total Residential Mortgage-Backed Securities
(cost $4,276,080) 		4,304,529
Sovereign Bonds 1.8%
Angolan Government International Bond (Angola),
Sr. Unsec’d. Notes 		8.250 05/09/28   300 278,719
Ivory Coast Government International Bond (Ivory
Coast), 		         
Sr. Unsec’d. Notes 4.875 01/30/32 EUR 104 99,312
Sr. Unsec’d. Notes 5.250 03/22/30 EUR 201 207,086
Sr. Unsec’d. Notes 5.875 10/17/31 EUR 600 607,420
Sr. Unsec’d. Notes, 144A 8.075 04/01/36   550 525,250
     
 
Serbia International Bond (Serbia),
Sr. Unsec’d. Notes, 144A 		6.000 06/12/34   200 197,876
     
 
Total Sovereign Bonds
(cost $1,882,848) 		1,915,663
U.S. Treasury Obligation(k) 0.8%
U.S. Treasury Notes
(cost $920,114) 		3.625 08/31/29   915 903,563
    
22
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2025 (unaudited) (continued)
Description     Shares Value
Common Stock 0.2%
Gas Utilities 
Ferrellgas Partners LP (Class B Stock)
(cost $215,061) 		      1,029  $171,082
Preferred Stock 0.0%
Electronic Equipment, Instruments & Components 
Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31^
(cost $25,250) 		      25 25,000
 
Total Long-Term Investments
(cost $135,605,891) 		136,403,759
    
         
Short-Term Investment 2.6%
Affiliated Mutual Fund           
PGIM Core Ultra Short Bond Fund
(cost $2,774,831)(wb) 		    2,774,831 2,774,831
 
TOTAL INVESTMENTS 130.3%
(cost $138,380,722) 		139,178,590
Liabilities in excess of other assets(z) (30.3)% (32,341,108)
 
Net Assets 100.0% $106,837,482
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.
BARC Barclays Bank PLC
BNP BNP Paribas S.A.
BOA Bank of America, N.A.
CDX Credit Derivative Index
CLO Collateralized Loan Obligation
DAC Designated Activity Company
EURIBOR Euro Interbank Offered Rate
GSI Goldman Sachs International
IG Investment Grade
IO Interest Only (Principal amount represents notional)
JPM JPMorgan Chase Bank N.A.
LIBOR London Interbank Offered Rate
LP Limited Partnership
23
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2025 (unaudited) (continued)
M Monthly payment frequency for swaps
MSI Morgan Stanley & Co International PLC
MTN Medium Term Note
N/A Not Applicable
OTC Over-the-counter
PIK Payment-in-Kind
Q Quarterly payment frequency for swaps
REITs Real Estate Investment Trust
SOFR Secured Overnight Financing Rate
SONIA Sterling Overnight Index Average
    
# 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 $10,149,909 and 9.5% of net assets. 
(c) Variable rate instrument. The interest rate shown reflects the rate in effect at March 31, 2025.
(cc) Variable rate instrument. The rate shown is based on the latest available information as of March 31, 2025. 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.
(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.
(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 corporate bond commitment outstanding at March 31, 2025:
Issuer   Principal
Amount
(000)# 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
New Generation Gas Gathering LLC, Sr. Sec’d. Notes, 144A, —%(p), Maturity Date 09/30/29 (cost $339,426)^    345   $339,426   $—   $—
Unfunded loan commitments outstanding at March 31, 2025:
Borrower   Principal
Amount
(000)# 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
Doncasters US Finance LLC, Delayed Draw Term Loan, 1.500%, Maturity Date 04/23/30 (cost $26,734)^    27    $26,730    $—    $(4)
Jupiter Buyer, Inc., Initial Delayed Draw Term Loan, —%(p), Maturity Date 10/10/31 (cost $23,164)    23   23,240   76   —
        $49,970   $76   $(4)
24
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2025 (unaudited) (continued)
Futures contracts outstanding at March 31, 2025:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Long Positions:
38   2 Year U.S. Treasury Notes   Jun. 2025    $7,872,531    $43,780
82   5 Year U.S. Treasury Notes   Jun. 2025   8,868,813   118,663
40   Bloomberg IG Credit   Jun. 2025   4,074,600   (9,963)
                $152,480
Forward foreign currency exchange contracts outstanding at March 31, 2025:
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 04/02/25   BOA   GBP 7,151    $9,263,906    $9,237,045    $—    $(26,861)
Expiring 05/02/25   JPM   GBP 365   471,657   471,821   164   —
Euro,
Expiring 04/02/25   BNP   EUR 449   484,194   485,108   914   —
Expiring 04/02/25   BNP   EUR 218   237,314   235,694   —   (1,620)
Expiring 04/02/25   BOA   EUR 16,469   17,775,038   17,809,834   34,796   —
Expiring 05/02/25   MSI   EUR 434   469,900   469,844   —   (56)
              $28,702,009   $28,709,346   35,874   (28,537)
    
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 04/02/25   BNP   GBP 89    $112,540    $114,810    $—    $(2,270)
Expiring 04/02/25   JPM   GBP 7,062   8,917,108   9,122,235   —   (205,127)
Expiring 05/02/25   BOA   GBP 7,151   9,263,191   9,236,469   26,722   —
Euro,
Expiring 04/02/25   BOA   EUR 16,737   17,609,064   18,099,812   —   (490,748)
Expiring 04/02/25   BOA   EUR 90   94,191   96,808   —   (2,617)
Expiring 04/02/25   GSI   EUR 215   226,190   232,755   —   (6,565)
Expiring 04/02/25   MSI   EUR 94   98,603   101,261   —   (2,658)
Expiring 05/02/25   BOA   EUR 16,469   17,803,661   17,838,821   —   (35,160)
Expiring 05/02/25   JPM   EUR 969   1,050,896   1,049,574   1,322   —
              $55,175,444   $55,892,545   28,044   (745,145)
                      $63,918   $(773,682)
25
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2025 (unaudited) (continued)
Credit default swap agreements outstanding at March 31, 2025:
Reference
Entity/
Obligation 		  Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Implied
Credit
Spread at
March 31,
2025(4) 		  Fair
Value 		  Upfront
Premiums
Paid
(Received) 		  Unrealized
Appreciation
(Depreciation) 		  Counterparty
OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:
GS_24-PCA††   08/02/27   1.650%(M)     2,000   *    $2,686   $(138)   $2,824   GSI
†† The value of the contract, GS_24-PCA is derived from the aggregate credit performance of a pool of senior prime jumbo mortgages. The pool of prime jumbo mortgages is reset monthly.
    
Reference
Entity/
Obligation 		  Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Implied
Credit
Spread at
March 31,
2025(4) 		  Fair
Value 		  Upfront
Premiums
Paid
(Received) 		  Unrealized
Appreciation
(Depreciation) 		  Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):
Islamic Republic of Pakistan   09/20/25   1.000%(Q)     1,400   5.763%    $(30,505)    $(46,094)    $15,589   BARC
Kingdom of Spain   06/20/25   1.000%(Q)     70   0.066%   169   147   22   BARC
Petroleos Mexicanos   06/20/25   1.000%(Q)     250   2.636%   (824)   (299)   (525)   MSI
Petroleos Mexicanos   12/20/25   1.000%(Q)     156   2.776%   (1,913)   (1,803)   (110)   MSI
Petroleos Mexicanos   12/24/25   3.750%(Q)     300   2.789%   2,324   —   2,324   GSI
Petroleos Mexicanos^   03/23/26   4.100%(Q)     450   *   4,947   —   4,947   GSI
Petroleos Mexicanos^   05/07/26   4.750%(Q)     660   *   12,876   —   12,876   GSI
Republic of Argentina   09/20/25   5.000%(Q)     140   8.451%   (2,002)   (1,874)   (128)   BARC
Republic of Argentina   09/20/25   5.000%(Q)     121   8.451%   (1,730)   (1,320)   (410)   BARC
Republic of Italy   06/20/25   1.000%(Q)     125   0.085%   296   263   33   BARC
Republic of Ivory Coast   06/20/27   1.000%(Q)     500   2.570%   (16,197)   (17,030)   833   MSI
SoftBank Group Corp.   06/22/26   1.000%(Q)     95   1.326%   (338)   (571)   233   GSI
                      $(32,897)   $(68,581)   $35,684    
    
26
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2025 (unaudited) (continued)
Credit default swap agreements outstanding at March 31, 2025 (continued):
Reference
Entity/
Obligation 		Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Implied Credit
Spread at
March 31,
2025(4) 		  Value at
Trade Date 		  Value at
March 31,
2025 		  Unrealized
Appreciation
(Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):
CDX.NA.HY.44.V1 06/20/30   5.000%(Q)     6,150   3.771%   $362,105   $327,349   $(34,756)
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.
* When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Fund is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair
27
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2025 (unaudited) (continued)
value in absolute terms, when compared to the notional amount of the swap, represents 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, 2025:
Broker   Interest
Rate(cc) 		  Trade
Date 		  Cost   Maturity
Date 		  Value at
March 31,
2025
BNP Paribas S.A.
  4.550%   02/26/25    $222,000   Open    $222,000
BNP Paribas S.A.
  4.670%   02/26/25   484,969   Open   484,969
BNP Paribas S.A.
  4.670%   02/26/25   467,500   Open   467,500
BNP Paribas S.A.
  4.670%   03/27/25   322,875   Open   322,875
BNP Paribas S.A.
  4.680%   05/14/24   766,125   Open   766,125
BNP Paribas S.A.
  4.680%   05/14/24   711,750   Open   711,750
BNP Paribas S.A.
  4.690%   01/07/25   1,385,625   Open   1,385,625
BNP Paribas S.A.
  4.700%   10/15/24   539,844   Open   539,844
BNP Paribas S.A.
  4.700%   10/15/24   220,313   Open   220,313
BNP Paribas S.A.
  4.700%   10/15/24   256,750   Open   256,750
BNP Paribas S.A.
  4.700%   10/15/24   488,125   Open   488,125
BNP Paribas S.A.
  4.700%   02/26/25   446,875   Open   446,875
BNP Paribas S.A.
  4.700%   02/26/25   753,187   Open   753,187
BNP Paribas S.A.
  4.700%   02/26/25   378,500   Open   378,500
BNP Paribas S.A.
  4.700%   02/26/25   418,750   Open   418,750
BNP Paribas S.A.
  4.720%   11/13/24   1,150,875   Open   1,150,875
BNP Paribas S.A.
  4.720%   11/13/24   526,312   Open   526,312
BNP Paribas S.A.
  4.720%   03/07/25   168,750   Open   168,750
BNP Paribas S.A.
  4.720%   03/07/25   252,375   Open   252,375
BNP Paribas S.A.
  4.720%   03/07/25   679,000   Open   679,000
BNP Paribas S.A.
  4.720%   03/07/25   265,500   Open   265,500
BNP Paribas S.A.
  4.750%   02/23/24   907,031   Open   907,031
BNP Paribas S.A.
  4.750%   02/23/24   1,148,437   Open   1,148,437
BNP Paribas S.A.
  4.750%   03/04/24   608,344   Open   608,344
BNP Paribas S.A.
  4.750%   03/07/25   112,750   Open   112,750
BNP Paribas S.A.
  4.770%   08/28/24   475,063   Open   475,063
BNP Paribas S.A.
  4.770%   08/28/24   436,250   Open   436,250
BNP Paribas S.A.
  4.790%   02/12/24   743,750   Open   743,750
BNP Paribas S.A.
  4.790%   02/12/24   1,012,781   Open   1,012,781
BNP Paribas S.A.
  4.790%   03/19/24   1,685,250   Open   1,685,250
BNP Paribas S.A.
  4.790%   03/19/24   2,072,875   Open   2,072,875
BNP Paribas S.A.
  4.790%   03/21/24   2,085,000   Open   2,085,000
BNP Paribas S.A.
  4.790%   04/04/24   1,314,250   Open   1,314,250
BNP Paribas S.A.
  4.790%   04/04/24   637,812   Open   637,812
BNP Paribas S.A.
  4.790%   06/28/24   383,400   Open   383,400
BNP Paribas S.A.
  4.790%   07/17/24   415,363   Open   415,363
BNP Paribas S.A.
  4.790%   07/17/24   235,500   Open   235,500
BNP Paribas S.A.
  4.790%   07/17/24   470,063   Open   470,063
BNP Paribas S.A.
  4.790%   07/17/24   607,725   Open   607,725
28
PGIM Credit Income Fund
Schedule of Investments as of March 31, 2025 (unaudited) (continued)
Reverse repurchase agreements outstanding at March 31, 2025 (continued):
Broker   Interest
Rate(cc) 		  Trade
Date 		  Cost   Maturity
Date 		  Value at
March 31,
2025
BNP Paribas S.A.
  4.790%   08/06/24    $181,750   Open    $181,750
BNP Paribas S.A.
  4.790%   08/06/24   315,875   Open   315,875
BNP Paribas S.A.
  4.820%   04/11/24   915,750   Open   915,750
BNP Paribas S.A.
  4.820%   04/11/24   363,906   Open   363,906
BNP Paribas S.A.
  4.820%   04/11/24   836,250   Open   836,250
            $28,871,175       $28,871,175
Open maturity dates - Certain agreements have no stated maturity and can be terminated by either party at any time.
The gross obligations for secured borrowing by the type of collateral pledged and remaining time to maturity on reverse repurchase contracts is as follows:
Remaining Contractual Maturity of the Agreements
Reverse Repurchase
Agreements 		  Overnight and
Continuous 		  Less than 30 Days   30-90 Days   More than 90 Days   Total
Corporate Bonds    $—    $—    $—    $28,871,175    $28,871,175
Total Borrowings   $ —   $—   $ —   $ 28,871,175   $28,871,175
During the reporting period ended March 31, 2025, the Fund held reverse repurchase agreements with an average value of $26,968,603 and a daily weighted average interest rate of 4.761%. In addition, corporate bonds with a market value of $31,755,388 have been segregated as collateral to cover the requirement for the reverse repurchase agreements outstanding at period end.
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).
29