0001752724-19-082870.txt : 20190726 0001752724-19-082870.hdr.sgml : 20190726 20190726113028 ACCESSION NUMBER: 0001752724-19-082870 CONFORMED SUBMISSION TYPE: NPORT-EX PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20190531 FILED AS OF DATE: 20190726 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRUDENTIAL INVESTMENT PORTFOLIOS, INC. 14 CENTRAL INDEX KEY: 0000717819 IRS NUMBER: 133165671 STATE OF INCORPORATION: MD FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: NPORT-EX SEC ACT: 1940 Act SEC FILE NUMBER: 811-03712 FILM NUMBER: 19976756 BUSINESS ADDRESS: STREET 1: 655 BROAD STREET STREET 2: 17TH FLOOR CITY: NEWARK STATE: NJ ZIP: 07102 BUSINESS PHONE: 973-802-6469 MAIL ADDRESS: STREET 1: 655 BROAD STREET STREET 2: 17TH FLOOR CITY: NEWARK STATE: NJ ZIP: 07102 FORMER COMPANY: FORMER CONFORMED NAME: PRUDENTIAL GOVERNMENT INCOME FUND, INC. DATE OF NAME CHANGE: 20100219 FORMER COMPANY: FORMER CONFORMED NAME: DRYDEN GOVERNMENT INCOME FUND INC DATE OF NAME CHANGE: 20040420 FORMER COMPANY: FORMER CONFORMED NAME: PRUDENTIAL GOVERNMENT INCOME FUND INC DATE OF NAME CHANGE: 19951017 0000717819 S000004573 PGIM GOVERNMENT INCOME FUND C000012502 Class A PGVAX C000012503 Class B PBGPX C000012504 Class C PRICX C000012505 Class Z PGVZX C000012506 Class R JDRVX C000172929 Class R6 PGIQX 0000717819 S000031692 PGIM Floating Rate Income Fund C000098631 Class A FRFAX C000098632 Class C FRFCX C000098633 Class Z FRFZX C000154996 Class R6 PFRIX ACCESSION NUMBER: 0001752724-19-076973 ACCESSION NUMBER: 0001752724-19-080273 NPORT-EX 1 PIP_14_NQ_Final.htm for N-PORT filing
PGIM Floating Rate Income Fund
Schedule of Investments  (unaudited)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Long-Term Investments 99.8%
Asset-Backed Securities 3.2%
Collateralized Loan Obligations 
Jefferson Mill CLO Ltd. (Cayman Islands),
Series 2015-01A, Class BR, 3 Month LIBOR + 1.950% 		4.531 %(c) 10/20/31   1,700  $ 1,710,433
Mountain View CLO Ltd. (Cayman Islands),
Series 2019-01A, Class B, 144A, 3 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%) 		4.618(c) 04/15/29   3,000 2,999,223
Trimaran Cavu Ltd. (Cayman Islands),
Series 2019-01A, Class B, 144A, 3 Month LIBOR + 2.200% 		4.667(c) 07/20/32   10,000 10,000,000
Trinitas CLO Ltd. (Cayman Islands),          
Series 2016-04A, Class BR, 144A, 3 Month LIBOR + 1.950% 4.551(c) 10/18/31   4,000 4,024,051
Series 2019-10A, Class B, 144A, 3 Month LIBOR + 2.100% 4.718(c) 04/15/32   3,000 3,002,517
     
 
Zais CLO Ltd. (Cayman Islands),
Series 2015-03A, Class A2R, 144A, 3 Month LIBOR + 2.190% 		4.787(c) 07/15/31   6,000 5,885,455
Total Asset-Backed Securities
(cost $27,700,000) 		27,621,679
Bank Loans 93.7%
Advertising 0.4%
Acosta, Inc.,
Tranche B-1 Loan, 1 Month LIBOR + 3.250% 		5.689(c) 09/26/21   718 299,251
Advantage Sales & Marketing, Inc.,          
First Lien Initial Term Loan, 1 Month LIBOR + 3.250% 5.689(c) 07/23/21   1,906 1,643,709
Incremental Term B-2 Loan, 1 Month LIBOR + 3.250% 5.689(c) 07/23/21   420 361,883
Term Loan (Second Lien), 1 Month LIBOR + 6.500% 8.939(c) 07/25/22   750 558,482
     
 
Vestcom Parent Holdings, Inc.,
Term Loan, 1 Month LIBOR + 4.000%/PRIME + 3.000%^ 		8.271(c) 12/19/23   470 446,470
          3,309,795
1

PGIM Floating Rate Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Bank Loans (Continued)
Aerospace & Defense 1.0%
Transdigm, Inc.,          
2018 New Tranche E Term Loans, 1 Month LIBOR + 2.500% 4.939 %(c) 05/30/25   1,371  $ 1,344,571
2018 New Tranche F Term Loans, 1 Month LIBOR + 2.500% 4.939(c) 06/09/23   500 492,813
New Tranche G Term Loans, 1 Month LIBOR + 2.500% 4.939(c) 08/22/24   6,895 6,752,370
          8,589,754
Apparel 0.4%
Calceus Acquisition, Inc.,
Term Loan, 1 Month LIBOR + 5.500% 		7.939(c) 02/12/25   2,534 2,510,833
Kontoor Brands, Inc.,
Term Loan B, 3 Month LIBOR + 4.250%^ 		6.801(c) 05/15/26   875 870,625
          3,381,458
Auto Manufacturers 0.5%
Navistar, Inc.,
Tranche B Term Loan, 1 Month LIBOR + 3.500% 		5.960(c) 11/06/24   3,619 3,614,851
UOS LLC,
Initial Term Loan, 1 Month LIBOR + 5.500%^ 		7.934(c) 04/18/23   649 651,789
          4,266,640
Auto Parts & Equipment 2.5%
Adient US LLC,
Initial Term Loan, 1 - 6 Month LIBOR + 4.250% 		6.852(c) 05/06/24   2,075 2,043,228
American Axle & Manufacturing, Inc.,
Tranche B Term Loan, 1 - 3 Month LIBOR + 2.250% 		4.760(c) 04/06/24   2,463 2,396,704
Brooks Automation, Inc.,
Term Loan B, 3 Month LIBOR + 3.000% 		5.500(c) 10/04/24   1,471 1,465,786
Cooper-Standard Automotive, Inc.,
Additional Term B-1 Loan, 1 Month LIBOR + 2.000% 		4.439(c) 11/02/23   3,054 2,927,579
Garrett LX III Sarl (Switzerland),
Dollar Tranche B Term Loan, 3 Month LIBOR + 2.500%^ 		5.110(c) 09/27/25   846 830,949
Innovative Xcessories & Services LLC,
Term Loan, 1 Month LIBOR + 4.750%^ 		7.190(c) 11/29/22   1,231 1,218,894
2

PGIM Floating Rate Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Bank Loans (Continued)
Auto Parts & Equipment (cont’d.)
K & N Parent, Inc.,
Initial Term Loan, 1 Month LIBOR + 4.750%^ 		7.189 %(c) 10/20/23   1,646  $ 1,629,898
Panther BF Aggregator 2, LP,
First Lien Initial Dollar Term Loan, 1 Month LIBOR + 3.500% 		5.929(c) 04/30/26   2,450 2,427,541
Superior Industries International, Inc.,
Replacement Term Loan, 1 Month LIBOR + 4.000%^ 		6.439(c) 05/22/24   1,181 1,157,400
Tenneco, Inc.,
Tranche B Term Loan, 1 Month LIBOR + 2.750% 		5.189(c) 10/01/25   848 809,721
Tower Automotive Holdings USA LLC,
Third Refinancing Term Loan, 1 Month LIBOR + 2.750%^ 		5.250(c) 03/07/24   1,044 1,018,068
Truck Hero, Inc.,
Term Loan, 1 Month LIBOR + 3.750% 		6.189(c) 04/22/24   3,579 3,400,007
          21,325,775
Beverages 0.4%
Arctic Glacier USA, Inc.,
Specified Refinancing Term Loan, 1 Month LIBOR + 3.500%^ 		5.939(c) 03/20/24   1,501 1,497,284
Sunshine Investments BV (Netherlands),
Facility B3 Loan, 3 Month LIBOR + 3.250%^ 		5.768(c) 03/28/25   1,535 1,526,828
          3,024,112
Building Materials 1.8%
Airxcel, Inc.,          
Initial Term Loan (First Lien), 1 Month LIBOR + 4.500% 6.939(c) 04/28/25   968 899,143
Second Lien Initial Term Loan, 1 Month LIBOR + 8.750%^ 11.189(c) 04/27/26   225 201,375
     
 
Builders FirstSource, Inc.,
2017 Initial Term Loan, 3 Month LIBOR + 3.000% 		5.601(c) 02/29/24   682 676,077
CHI Overhead Doors, Inc.,
Initial Term Loan, 1 Month LIBOR + 3.250% 		5.689(c) 07/29/22   2,481 2,470,606
DiversiTech Holdings, Inc.,
Tranche B-1 Term Loan, 3 Month LIBOR + 3.000% 		5.601(c) 06/03/24   1,753 1,702,364
Forterra Finance LLC,
Replacement Term Loan, 1 Month LIBOR + 3.000% 		5.439(c) 10/25/23   1,688 1,572,730
3

PGIM Floating Rate Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Bank Loans (Continued)
Building Materials (cont’d.)
     
Ply Gem Midco, Inc.,
Initial Term Loan, 3 Month LIBOR + 3.750%^ 		6.354 %(c) 04/12/25   3,520  $ 3,458,032
Quikrete Holdings, Inc.,
Initial Loan (First Lien), 1 Month LIBOR + 2.750% 		5.190(c) 11/15/23   4,779 4,703,764
          15,684,091
Chemicals 3.4%
Albaugh LLC,
2017 Refinancing Term Loan, 1 Month LIBOR + 3.500% 		5.939(c) 12/23/24   1,807 1,739,382
Colouroz Midco - Colouroz Investment 2 LLC,
Second Lien Initial Term B-2 Loan, 3 Month LIBOR + 7.250% 		9.831(c) 09/06/22   118 95,440
Cyanco Intermediate 2 Corp.,
First Lien Initial Term Loan, 1 Month LIBOR + 3.500% 		5.939(c) 03/16/25   3,155 3,141,708
HB Fuller Co.,
Term Loan B, 1 Month LIBOR + 2.000% 		4.441(c) 10/21/24   860 845,590
Messer Industries USA, Inc.,
Initial Term B-1 Loan, 3 Month LIBOR + 2.500% 		5.101(c) 03/01/26   3,150 3,100,781
Oxea Corp.,
Tranche B-2 Term Loan, 3 Month LIBOR + 3.500% 		6.125(c) 10/14/24   2,842 2,835,142
Perstorp Holding AB (Sweden),
Term Loan^ 		7.271(p) 02/26/26   1,650 1,621,125
Plaskolite PPC Intermediate II LLC,
Initial Term Loan (First Lien), 1 Month LIBOR + 4.250% 		6.690(c) 12/15/25   1,896 1,874,547
Solenis International LP,          
First Lien Initial Dollar Term Loan, 1 - 3 Month LIBOR + 4.000% 6.480(c) 06/26/25   3,551 3,520,417
Second Lien Initial Term Loan, 3 Month LIBOR + 8.500% 11.022(c) 06/26/26   1,500 1,470,000
     
 
Starfruit Finco BV (Netherlands),
Initial Dollar Term Loan, 1 Month LIBOR + 3.250% 		5.717(c) 10/01/25   5,075 5,025,833
4

PGIM Floating Rate Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Bank Loans (Continued)
Chemicals (cont’d.)
     
Tronox Finance LLC,
First Lien Initial Dollar Term Loan, 1 Month LIBOR + 3.000% 		5.439 %(c) 09/23/24   1,784  $ 1,757,349
Venator Materials LLC,
Initial Term Loan, 3 Month LIBOR + 3.000%^ 		5.524(c) 08/08/24   1,985 1,970,000
          28,997,314
Coal 0.2%
CNX Resources Corp.,
Term Loan B, 1 Month LIBOR + 4.500% 		6.940(c) 09/27/24   984 978,832
Murray Energy Corp.,
Superpriority Term B-2 Loan, 3 Month LIBOR + 7.250% 		9.772(c) 10/17/22   791 609,334
          1,588,166
Commercial Services 6.4%
Adtalem Global Education, Inc.,
Term B Loan, 1 Month LIBOR + 3.000% 		5.439(c) 04/09/25   1,811 1,801,691
AlixPartners LLP,
2017 Refinancing Term Loan, 1 Month LIBOR + 2.750% 		5.189(c) 04/04/24   2,398 2,378,537
Allied Universal Holdco LLC,          
Incremental Term Loan, 1 Month LIBOR + 4.250% 6.689(c) 07/28/22   698 692,577
Initial Term Loan (First Lien), 1 Month LIBOR + 3.750% 6.189(c) 07/28/22   2,113 2,076,299
     
 
Barbri, Inc.,
First Lien Initial Term Loan, 1 Month LIBOR + 4.250%^ 		6.736(c) 12/01/23   691 677,392
Belron Finance US LLC,
First Incremental Loan, 3 Month LIBOR + 2.500%^ 		5.035(c) 11/13/25   1,496 1,490,639
Camelot US Acquisition I Co.,
2017-2 Refinancing Term Loan, 1 Month LIBOR + 3.250% 		5.679(c) 10/03/23   2,426 2,422,407
EAB Global, Inc.,
First Lien Term Loan, 2 - 3 Month LIBOR + 3.750%^ 		6.340(c) 11/17/24   3,070 3,008,228
Financial & Risk US Holdings, Inc.,
Initial Dollar Term Loan, 1 Month LIBOR + 3.750% 		6.189(c) 10/01/25   7,085 6,905,102
5

PGIM Floating Rate Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Bank Loans (Continued)
Commercial Services (cont’d.)
     
Inmar, Inc.,
Initial Term Loan (First Lien), 3 Month LIBOR + 4.000% 		6.601 %(c) 05/01/24   1,000  $ 942,500
IRI Holdings, Inc.,
First Lien Initial Term Loan, 1 - 3 Month LIBOR + 4.500% 		6.980(c) 12/01/25   2,843 2,809,116
Kingpin Intermediate Holdings LLC,
2018 Refinancing Term Loan, 1 Month LIBOR + 3.500%^ 		5.940(c) 07/03/24   2,743 2,739,537
Laureate Education, Inc.,
Series 2024 Term Loan, 1 Month LIBOR + 2.500% 		8.000(c) 04/26/24   130 129,643
Legalzoom.com, Inc.,
2018 Term Loan, 1 Month LIBOR + 4.500%^ 		6.930(c) 11/21/24   866 866,173
Mister Car Wash Holdings, Inc.,
First Lien Initial Term Loan, 1 Month LIBOR + 3.500% 		5.949(c) 05/14/26   952 950,595
Packers Holdings LLC,
Initial Term Loan, 1 Month LIBOR + 3.000%^ 		5.440(c) 12/04/24   3,340 3,298,500
Parexel International Corp.,
Initial Term Loan, 1 Month LIBOR + 2.750% 		5.189(c) 09/27/24   3,198 3,042,441
PSC Industrial Holdings Corp.,
Term Loan (First Lien), 1 Month LIBOR + 3.750%^ 		6.190(c) 10/11/24   2,052 2,041,280
ServPro Borrower LLC,
First Lien Initial Term Loan, 1 Month LIBOR + 3.500% 		5.939(c) 03/26/26   850 848,406
St. George’s University Scholastic Services LLC (Canada),
Term Loan, 1 Month LIBOR + 3.500% 		5.940(c) 07/17/25   3,659 3,656,386
Sterling Midco Holdings, Inc.,
Initial Term Loan (First Lien), 1 Month LIBOR + 3.500%^ 		5.939(c) 06/19/24   998 958,012
Syniverse Holdings, Inc.,
Tranche C Term Loan, 1 Month LIBOR + 5.000% 		7.440(c) 03/09/23   3,641 3,386,457
Team Health Holdings, Inc.,
Initial Term Loan, 1 Month LIBOR + 2.750% 		5.189(c) 02/06/24   2,854 2,567,180
TMK Hawk Parent Corp.,
First Lien Initial Term Loan, 1 Month LIBOR + 3.500% 		5.940(c) 08/28/24   1,835 1,536,394
Trugreen, LP,
2019 Term Loan B, 1 Month LIBOR + 3.750%^ 		6.190(c) 03/19/26   1,175 1,176,469
Tweddle Group, Inc.,
Effective Date Term Loan, 1 Month LIBOR + 4.500%^ 		6.930(c) 09/17/23   327 261,588
6

PGIM Floating Rate Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Bank Loans (Continued)
Commercial Services (cont’d.)
VT Topco, Inc.,          
First Lien Delayed Draw Term Loan, 3 Month LIBOR + 3.750% 5.060 %(c) 08/01/25   108  $ 111,983
First Lien Delayed Draw Term Loan, 3 Month LIBOR + 3.750% 6.379(c) 08/01/25   34 34,050
First Lien Initial Term Loan, 3 Month LIBOR + 3.750% 6.351(c) 08/01/25   1,015 1,014,900
First Lien Initial Term Loan, 3 Month LIBOR + 3.750% 6.379(c) 08/01/25   365 365,033
          54,189,515
Computers 3.4%
ConvergeOne Holdings Corp.,
First Lien Initial Term Loan, 1 Month LIBOR + 5.000% 		7.439(c) 01/04/26   1,500 1,447,500
Dell International LLC,
Refinancing Term B Loan, 1 Month LIBOR + 2.000% 		4.440(c) 09/07/23   3,747 3,728,685
Genuine Financial Holdings LLC,
First Lien Initial Term Loan, 1 Month LIBOR + 3.750% 		6.189(c) 07/11/25   1,769 1,759,664
McAfee LLC,          
Second Lien Initial Loan, 1 Month LIBOR + 8.500% 10.857(c) 09/29/25   825 833,766
Term B USD Loan, 1 Month LIBOR + 3.750% 6.178(c) 09/30/24   4,457 4,449,743
Neustar, Inc.,          
First Lien Term Loan B4, 1 Month LIBOR + 3.500% 5.939(c) 08/08/24   2,294 2,209,484
Second Lien Initial Term Loan, 1 Month LIBOR + 8.000%^ 10.439(c) 08/08/25   550 519,606
     
 
Peak 10 Holding Corp.,
Initial Term Loan (First Lien), 3 Month LIBOR + 3.500%^ 		6.101(c) 08/01/24   3,977 3,669,082
Procera Networks, Inc. (Canada),
Initial Term Loan (First Lien), 1 Month LIBOR + 4.500% 		6.939(c) 10/31/25   1,845 1,826,921
SonicWall US Holdings, Inc.,
First Lien Term Loan, 3 Month LIBOR + 3.500% 		6.020(c) 05/17/25   1,965 1,908,628
VeriFone Systems, Inc.,          
First Lien Initial Term Loan, 3 Month LIBOR + 4.000% 6.520(c) 08/20/25   1,940 1,913,164
First Lien Initial Term Loan, 3 Month LIBOR + 4.000% 6.565(c) 08/20/25   1,950 1,918,732
     
 
Western Digital Corp.,
New Term Loan B-4, 3 Month LIBOR + 1.750%^ 		4.187(c) 04/29/23   2,978 2,876,955
          29,061,930
7

PGIM Floating Rate Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Bank Loans (Continued)
Cosmetics/Personal Care 0.2%
Revlon Consumer Products Corp.,
Initial Term B Loan, 3 Month LIBOR + 3.500% 		6.048 %(c) 09/07/23   1,927  $ 1,555,618
Distribution/Wholesale 0.6%
American Tire Distributors, Inc.,
Initial Term Loan, 2 Month LIBOR + 7.500% 		9.981(c) 09/02/24   578 543,383
Fastener Acquisition, Inc.,          
First Lien Initial Term Loan, PRIME + 3.250%^ 8.750(c) 03/28/25   1,114 1,102,612
Second Lien Initial Term Loan, PRIME + 7.750%^ 13.250(c) 03/30/26   88 86,625
     
 
Fleetpride, Inc.,
First Lien Initial Term Loan, 3 Month LIBOR + 4.500% 		7.101(c) 02/04/26   700 692,125
Owens & Minor, Inc.,
Term B Loan, 1 Month LIBOR + 4.500% 		6.986(c) 05/02/25   1,985 1,667,400
Univar USA, Inc.,          
Term B-3 Loan, 1 Month LIBOR + 2.250% 4.689(c) 07/01/24   920 915,048
Term B-4 Loan, 1 Month LIBOR + 2.500% 4.939(c) 07/01/24   551 548,464
          5,555,657
Diversified Financial Services 1.6%
Advisor Group, Inc.,
Initial Term Loan, 1 Month LIBOR + 3.750% 		6.189(c) 08/15/25   1,144 1,144,250
Capital Automotive, LP,
Initial Tranche B Term Loan (Second Lien), 1 Month LIBOR + 6.000% 		8.440(c) 03/24/25   773 772,543
Hudson River Trading LLC,
Term Loan, 1 Month LIBOR + 3.500%^ 		5.939(c) 04/03/25   2,995 2,987,959
LiquidNet Holdings, Inc.,
Term Loan, 1 Month LIBOR + 3.250%^ 		5.689(c) 07/11/24   2,017 1,996,803
Ocwen Loan Servicing LLC,
Restatement Effective Date Term Loan, 1 Month LIBOR + 5.000%^ 		7.477(c) 12/07/20   542 540,957
Stepstone Group, LP,
Initial Term Loan, 1 Month LIBOR + 4.000%^ 		6.439(c) 03/27/25   1,339 1,335,640
VFH Parent LLC,
Initial Term Loan, 3 Month LIBOR + 3.500% 		6.126(c) 03/01/26   5,172 5,175,545
          13,953,697
8

PGIM Floating Rate Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Bank Loans (Continued)
Electric 1.5%
Calpine Corp.,          
Term Loan (04/19), 3 Month LIBOR + 2.750% 5.340 %(c) 04/05/26   2,000  $ 1,992,084
Term Loan (05/15), 3 Month LIBOR + 2.500% 5.110(c) 01/15/24   2,078 2,056,146
Term Loan (2016), 3 Month LIBOR + 2.500% 5.110(c) 05/31/23   495 490,787
     
 
Edgewater Generation LLC,
First Lien Initial Term Loan, 3 Month LIBOR + 3.750% 		6.275(c) 05/31/26   575 573,563
Helix Gen Funding LLC,
Term Loan, 1 Month LIBOR + 3.750% 		6.189(c) 06/03/24   1,121 1,038,611
Lonestar II Generation Holdings LLC,          
Initial Term B Loan, 1 - 3 Month LIBOR + 5.000%^ 7.480(c) 04/20/26   491 483,705
Initial Term C Loan, 1 - 3 Month LIBOR + 5.000%^ 7.480(c) 04/20/26   59 58,045
Vistra Operations Co. LLC,          
2018 Incremental Term Loan, 1 Month LIBOR + 2.000% 4.434(c) 12/31/25   5,467 5,444,054
Initial Term B-1 Loan, 1 Month LIBOR + 2.000% 4.439(c) 08/04/23   992 988,168
          13,125,163
Electrical Components & Equipment 0.4%
Energizer Holdings, Inc.,
Term B Loan, 1 Month LIBOR + 2.250%^ 		4.750(c) 12/17/25   1,322 1,313,427
Pelican Products, Inc.,
Term Loan (First Lien), 1 Month LIBOR + 3.500% 		5.967(c) 05/01/25   2,404 2,356,328
          3,669,755
Electronics 0.8%
Celestica, Inc. (Canada),          
Incremental Term B-2 Loan, 1 Month LIBOR + 2.500% 4.930(c) 06/27/25   898 875,306
Term B Loan, 1 Month LIBOR + 2.125% 4.555(c) 06/27/25   2,754 2,650,906
     
 
II-VI, Inc.,
Term Loan 		—(p) 12/31/26   1,700 1,685,125
TTM Technologies, Inc.,
Term B Loan, 1 Month LIBOR + 2.500% 		4.986(c) 09/30/24   1,381 1,346,496
          6,557,833
9

PGIM Floating Rate Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Bank Loans (Continued)
Engineering & Construction 1.7%
Brand Energy & Infrastructure Services, Inc.,
Initial Term Loan, 3 Month LIBOR + 4.250% 		6.834 %(c) 06/21/24   3,464  $ 3,369,516
DG Investment Intermediate Holdings 2, Inc.,          
First Lien Initial Term Loan, 1 Month LIBOR + 3.000% 5.439(c) 02/03/25   2,580 2,523,714
Second Lien Initial Term Loan, 1 Month LIBOR + 6.750%^ 9.189(c) 02/02/26   500 480,000
Dynasty Acquisition Co., Inc.,          
Initial Term B-1 Loan, 3 Month LIBOR + 4.000% 6.602(c) 04/06/26   1,821 1,824,772
Initial Term B-2 Loan, 3 Month LIBOR + 4.000% 6.602(c) 04/06/26   979 981,060
     
 
PowerTeam Services LLC,
Initial Term Loan (First Lien), 3 Month LIBOR + 3.250% 		5.851(c) 03/06/25   3,174 3,019,075
TRC Co., Inc.,
Refinancing Term Loan, 1 Month LIBOR + 3.500%^ 		5.939(c) 06/21/24   2,357 2,357,222
          14,555,359
Entertainment 1.9%
Affinity Gaming LLC,
Initial Term Loan, 1 Month LIBOR + 3.250% 		5.689(c) 07/03/23   1,417 1,349,603
AMC Entertainment Holdings, Inc.,
Term B-1 Loan, 1 Month LIBOR + 3.000% 		5.440(c) 04/22/26   2,325 2,314,537
CEOC LLC,
Term B Loan, 1 Month LIBOR + 2.000% 		4.439(c) 10/07/24   4,159 4,103,248
Deluxe Entertainment Services Group, Inc.,
Initial Term Loan, 3 Month LIBOR + 5.500% 		8.083(c) 02/28/20   1,189 1,058,745
PCI Gaming Authority,
Term Loan 		—(p) 05/31/26   1,250 1,249,107
Penn National Gaming, Inc.,
Term B-1 Facility Loan, 1 Month LIBOR + 2.250% 		4.689(c) 10/15/25   510 506,214
Scientific Games International, Inc.,
Initial Term B-5 Loan, 1 Month LIBOR + 2.750% 		5.203(c) 08/14/24   4,859 4,775,691
Twin River Management Group, Inc.,
Term Loan 		—(p) 05/31/26   775 772,094
          16,129,239
10

PGIM Floating Rate Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Bank Loans (Continued)
Environmental Control 0.4%
GFL Environmental, Inc. (Canada),
2018 Incremental Term Loan, 1 Month LIBOR + 3.000% 		5.439 %(c) 05/30/25   2,711  $ 2,652,030
Robertshaw US Holding Corp.,
First Lien Initial Term Loan, 1 Month LIBOR + 3.500%^ 		6.000(c) 02/28/25   1,114 1,030,219
          3,682,249
Foods 3.2%
Albertson’s LLC,
2018 Term B-7 Loan, 1 Month LIBOR + 3.000% 		5.439(c) 11/17/25   2,642 2,619,438
Chefs’ Warehouse, Inc.,
Term Loan, 1 Month LIBOR + 3.500%^ 		5.940(c) 06/22/22   1,681 1,672,804
CSM Bakery Solutions LLC,          
First Lien Term Loan, 3 Month LIBOR + 4.000% 6.590(c) 07/03/20   2,811 2,666,085
Term Loan (Second Lien), 3 Month LIBOR + 7.750% 10.340(c) 07/05/21   900 805,500
     
 
H-Food Holdings LLC,
Initial Term Loan, 1 Month LIBOR + 3.688% 		6.126(c) 05/23/25   2,233 2,175,901
High Liner Foods, Inc. (Canada),
Term Loan, 2 - 3 Month LIBOR + 3.250% 		5.845(c) 04/26/21   2,255 2,074,382
JBS USA LUX SA,
New Term Loan, 2 Month LIBOR + 2.500% 		5.025(c) 05/01/26   3,650 3,640,875
Milk Specialties Co.,
New Term Loan, 1 Month LIBOR + 4.000% 		6.439(c) 08/16/23   3,741 3,717,961
Shearer’s Foods LLC,
First Lien Term Loan, 1 Month LIBOR + 4.250% 		6.689(c) 06/30/21   2,504 2,488,800
Sigma Bidco BV (Netherlands),
Facility B2 Loan, 3 Month LIBOR + 3.000% 		5.603(c) 07/02/25   2,804 2,744,232
United Natural Foods, Inc.,
Initial Term Loan, 1 Month LIBOR + 4.250% 		6.689(c) 10/22/25   2,841 2,429,304
          27,035,282
Hand/Machine Tools 0.2%
Milacron LLC,
Term B Loan, 1 Month LIBOR + 2.500%^ 		4.939(c) 09/28/23   1,638 1,598,920
11

PGIM Floating Rate Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Bank Loans (Continued)
Healthcare-Products 1.2%
Avantor, Inc.,
Initial B1 Dollar Term Loan, 1 Month LIBOR + 3.750% 		6.189 %(c) 11/21/24   985  $ 984,712
CPI Holdco LLC,
Closing Date Term Loan (First Lien), 3 Month LIBOR + 3.500%^ 		6.083(c) 03/21/24   2,408 2,401,861
Mallinckrodt International Finance SA,
2017 Term B Loan, 3 Month LIBOR + 2.750% 		5.351(c) 09/24/24   2,823 2,479,697
Ortho-Clinical Diagnostics, Inc. (Luxembourg),
Refinancing Term Loan, 3 Month LIBOR + 3.250% 		5.695(c) 06/30/25   3,947 3,810,530
Sterigenics-Nordion Holdings LLC,
Incremental Term Loan, 1 Month LIBOR + 3.000% 		5.439(c) 05/15/22   729 724,633
          10,401,433
Healthcare-Services 6.8%
Accelerated Health Systems LLC,
Initial Term Loan, 1 Month LIBOR + 3.500% 		5.967(c) 10/31/25   1,671 1,671,857
Air Medical Group Holdings, Inc.,          
2017-2 New Term Loan, 1 Month LIBOR + 4.250% 6.680(c) 03/14/25   1,608 1,572,283
2018 Term Loan, 1 Month LIBOR + 3.250% 5.690(c) 04/28/22   2,339 2,274,814
     
 
Air Methods Corp.,
Initial Term Loan, 3 Month LIBOR + 3.500% 		6.101(c) 04/21/24   2,718 2,360,493
Alliance Healthcare Services, Inc.,          
First Lien Initial Term Loan, 1 Month LIBOR + 4.500%^ 6.939(c) 10/24/23   2,822 2,815,176
Second Lien Initial Term Loan, 1 Month LIBOR + 10.000%^ 12.439(c) 04/24/24   825 814,687
     
 
ATI Holdings Acquisition, Inc.,
Initial Term Loan (First Lien), 1 Month LIBOR + 3.500% 		5.930(c) 05/10/23   3,797 3,727,278
BW NHHC Holdco, Inc.,
First Lien Initial Term Loan, 1 Month LIBOR + 5.000%^ 		7.430(c) 05/15/25   1,987 1,827,925
DentalCorp Perfect Smile ULC (Canada),          
Delayed Draw Term Loan, 1 Month LIBOR + 3.750% 4.969(c) 06/06/25   230 227,487
First Lien 2019 Incremental Term Loan, 1 Month LIBOR + 3.750% 6.189(c) 06/06/25   1,247 1,231,274
Initial Term Loan, 1 Month LIBOR + 3.750% 6.189(c) 06/06/25   1,251 1,234,918
     
 
Envision Healthcare Corp.,
Initial Term Loan, 1 Month LIBOR + 3.750% 		6.189(c) 10/10/25   3,292 2,979,034
12

PGIM Floating Rate Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Bank Loans (Continued)
Healthcare-Services (cont’d.)
     
Explorer Holdings, Inc.,
Initial Term Loan, 3 Month LIBOR + 3.750% 		6.351 %(c) 05/02/23   1,872  $ 1,866,408
Gentiva Health Services, Inc.,          
First Lien Closing Date Initial Term Loan, 1 Month LIBOR + 3.750%^ 6.250(c) 07/02/25   4,229 4,223,464
Second Lien Term Loan, 1 Month LIBOR + 7.000%^ 9.500(c) 07/02/26   1,125 1,139,062
     
 
Heartland Dental LLC,
Initial Term Loan, 1 Month LIBOR + 3.750% 		6.189(c) 04/30/25   896 865,797
LifePoint Health, Inc.,
First Lien Term B Loan, 1 Month LIBOR + 4.500% 		6.930(c) 11/16/25   4,489 4,473,318
Medical Solutions Holdings, Inc.,
Closing Date Term Loan (First Lien), 1 Month LIBOR + 3.750% 		6.189(c) 06/14/24   1,135 1,129,360
Midwest Physician Administrative Services LLC,
Repricing Term Loan (First Lien), 1 Month LIBOR + 2.750% 		5.189(c) 08/15/24   2,739 2,660,338
MPH Acquisition Holdings LLC,
Initial Term Loan, 3 Month LIBOR + 2.750% 		5.351(c) 06/07/23   4,106 4,013,051
Phoenix Guarantor, Inc.,
First Lien Initial Term Loan, 1 - 3 Month LIBOR + 4.500% 		6.938(c) 03/05/26   2,250 2,243,250
Radnet Management, Inc.,
Term B-1 Loan (First Lien), 3 Month LIBOR + 3.625%/PRIME + 2.625% 		6.137(c) 06/30/23   875 872,266
Select Medical Corp.,
Repriced Term Loan B, 1 Month LIBOR + 2.500%^ 		4.930(c) 03/01/21   2,514 2,508,084
Sound Inpatient Physicians, Inc.,
Second Lien Initial Loan, 1 Month LIBOR + 6.750% 		9.189(c) 06/26/26   500 496,875
Surgery Center Holdings, Inc.,
Initial Term Loan, 1 Month LIBOR + 3.250% 		5.690(c) 09/02/24   3,882 3,809,219
US Renal Care, Inc.,
First Lien Initial Term Loan, 3 Month LIBOR + 4.250% 		6.851(c) 12/30/22   4,992 4,990,982
Wink Holdco, Inc.,
First Lien Initial Term Loan, 1 Month LIBOR + 3.000% 		5.439(c) 12/02/24   238 232,422
          58,261,122
13

PGIM Floating Rate Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Bank Loans (Continued)
Holding Companies-Diversified 0.7%
Belfor Holdings, Inc.,
First Lien Initial Term Loan, 1 Month LIBOR + 4.000%^ 		6.439 %(c) 04/04/26   1,500  $ 1,507,500
Ozark Holdings LLC,
Initial Term Loan, 1 Month LIBOR + 3.250%^ 		5.689(c) 07/03/23   1,345 1,291,620
Travelport Finance Sarl (Luxembourg),
Term Loan 		—(p) 04/30/26   3,375 3,217,853
          6,016,973
Home Builders 0.1%
Thor Industries, Inc.,
Initial USD Term Loan, 1 Month LIBOR + 3.750% 		6.250(c) 02/02/26   747 728,658
Home Furnishings 0.4%
Global Appliance, Inc.,
Tranche B Term Loan, 1 Month LIBOR + 4.000% 		6.440(c) 09/30/24   3,538 3,511,124
Household Products/Wares 0.4%
Diamond BV,
Initial USD Term Loan, 2 - 3 Month LIBOR + 3.000% 		5.562(c) 09/06/24   3,387 3,014,778
Housewares 0.4%
Carlisle Foodservice Products, Inc.,
First Lien Initial Term Loan, 1 Month LIBOR + 3.000%^ 		5.439(c) 03/20/25   2,282 2,210,903
Lifetime Brands, Inc.,
Tranche B Term Loan, 1 Month LIBOR + 3.500%^ 		5.939(c) 02/28/25   817 808,583
          3,019,486
Insurance 1.0%
Asurion LLC,          
New B-7 Term Loan, 1 Month LIBOR + 3.000% 5.439(c) 11/03/24   2,695 2,680,441
Second Lien Replacement B-2 Term Loan, 1 Month LIBOR + 6.500% 8.939(c) 08/04/25   1,325 1,344,875
     
 
14

PGIM Floating Rate Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Bank Loans (Continued)
Insurance (cont’d.)
     
FHC Health Systems, Inc.,
Initial Term Loan, 1 Month LIBOR + 4.000% 		6.439 %(c) 12/23/21   1,601  $ 1,508,916
Hyperion Refinance Sarl (United Kingdom),
Initial Dollar Term Loan, 1 Month LIBOR + 3.500% 		5.938(c) 12/20/24   2,673 2,669,594
          8,203,826
Internet 0.4%
Ancestry.com Operations, Inc.,
Term B Loan, 1 Month LIBOR + 3.250% 		5.690(c) 10/19/23   1,889 1,880,609
Shutterfly, Inc.,
Incremental Term Loan, 1 Month LIBOR + 2.500% 		4.940(c) 08/17/24   1,746 1,736,024
          3,616,633
Investment Companies 0.4%
EIG Management Co. LLC,
Initial Term Loan, 1 Month LIBOR + 3.750%^ 		6.180(c) 02/24/25   718 717,750
Masergy Holdings, Inc.,
2017 Replacement Term Loan (First Lien), 3 Month LIBOR + 3.250% 		5.851(c) 12/15/23   1,515 1,488,610
Road Infrastructure Investment Holdings, Inc.,
Term Loan (First Lien), 1 Month LIBOR + 3.500%^ 		5.939(c) 06/13/23   1,509 1,327,931
          3,534,291
Iron/Steel 0.2%
Phoenix Services International LLC,
Term B Loan, 1 Month LIBOR + 3.750% 		6.203(c) 03/01/25   1,337 1,334,829
Leisure Time 0.9%
Bombardier Recreational Products, Inc. (Canada),
Term Loan B, 1 Month LIBOR + 2.000% 		4.440(c) 05/23/25   2,903 2,865,322
ClubCorp Holdings, Inc.,
Term B Loan (First Lien), 3 Month LIBOR + 2.750% 		5.351(c) 09/18/24   2,680 2,573,929
Recess Holdings, Inc.,
Initial Term Loan (First Lien), 1 Month LIBOR + 3.750%^ 		6.189(c) 09/30/24   2,385 2,348,784
          7,788,035
15

PGIM Floating Rate Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Bank Loans (Continued)
Lodging 0.6%
Caesars Resort Collection LLC,
Term B Loan, 1 Month LIBOR + 2.750% 		5.189 %(c) 12/23/24   2,429  $ 2,412,397
Wynn Resorts Ltd.,
Term Loan, 1 Month LIBOR + 2.250% 		4.690(c) 10/30/24   2,419 2,397,017
          4,809,414
Machinery-Construction & Mining 1.2%
North American Lifting Holdings, Inc.,          
Initial Term Loan (First Lien), 3 Month LIBOR + 4.500% 7.101(c) 11/27/20   6,346 5,965,346
Loan (Second Lien), 3 Month LIBOR + 9.000% 11.601(c) 11/26/21   900 747,000
Revere Power LLC,          
Term B Loan, 2 Month LIBOR + 4.250% 6.791(c) 03/29/26   951 943,951
Term C Loan, 2 Month LIBOR + 4.250% 6.791(c) 03/29/26   147 146,365
     
 
Terex Corp.,
Incremental U.S. Term Loan (2018), 2 Month LIBOR + 2.000% 		4.541(c) 01/31/24   2,519 2,497,564
          10,300,226
Machinery-Diversified 2.6%
AI Alpine AT Bidco,
Facility B (USD), 1 Month LIBOR + 3.250%^ 		5.736(c) 10/31/25   1,222 1,200,554
Altra Industrial Motion Corp.,
Term Loan, 1 Month LIBOR + 2.000% 		4.439(c) 10/01/25   1,534 1,518,345
CD&R Hydra Buyer, Inc.,          
Initial Term Loan, 1 Month LIBOR + 4.250%^ 6.689(c) 12/11/24   1,879 1,874,526
Second Lien Initial Term Loan, 1 Month LIBOR + 8.000%^ 10.439(c) 04/30/26   300 288,000
     
 
Clark Equipment Co. (South Korea),
Refinancing Tranche B Term Loan, 3 Month LIBOR + 2.000% 		4.601(c) 05/18/24   3,342 3,312,939
Douglas Dynamics LLC,
2017 Replacement Term Loan B, 1 Month LIBOR + 3.000%^ 		5.440(c) 12/31/21   1,234 1,231,011
DXP Enterprises, Inc.,
Initial Term Loan, 1 Month LIBOR + 4.750%^ 		7.189(c) 08/29/23   714 712,340
16

PGIM Floating Rate Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Bank Loans (Continued)
Machinery-Diversified (cont’d.)
     
Engineered Machinery Holdings, Inc.,
First Lien Initial Term Loan, 3 Month LIBOR + 3.250%^ 		5.851 %(c) 07/19/24   3,398  $ 3,313,268
Hyster Yale Group, Inc.,
Term Loan, 1 Month LIBOR + 3.250% 		5.689(c) 05/30/23   861 852,368
New VAC US LLC (Germany),
Term B Loan, 3 Month LIBOR + 4.000%^ 		6.601(c) 03/08/25   1,634 1,629,416
Pro Mach Group, Inc.,
Initial Term Loan (First Lien), 1 Month LIBOR + 2.750% 		5.190(c) 03/07/25   3,193 3,090,981
Thermon Holding Corp.,
Term B Loan, 1 Month LIBOR + 3.750%^ 		6.236(c) 10/30/24   1,050 1,052,587
Titan Acquisition Ltd. (Canada),
Initial Term Loan, 1 Month LIBOR + 3.000% 		5.439(c) 03/28/25   1,976 1,896,697
          21,973,032
Media 4.7%
Altice Financing SA (Luxembourg),
October 2017 USD Term Loan, 1 Month LIBOR + 2.750% 		5.182(c) 01/31/26   739 705,506
Beasley Mezzanine Holdings LLC,
Initial Term Loan, 1 Month LIBOR + 4.000% 		6.432(c) 11/01/23   2,012 2,004,043
CBS Radio, Inc.,
Term Loan B-1, 1 Month LIBOR + 2.750% 		5.178(c) 11/18/24   1,638 1,633,646
CSC Holdings LLC,          
2017 Refinancing Term Loan, 1 Month LIBOR + 2.250% 4.690(c) 07/17/25   990 970,926
February 2019 Incremental Term Loan, 1 Month LIBOR + 3.000% 5.440(c) 04/15/27   850 845,395
October 2018 Incremental Term Loan, 1 Month LIBOR + 2.250%^ 4.690(c) 01/15/26   3,691 3,630,775
     
 
Entravision Communications Corp.,
Term B Loan, 1 Month LIBOR + 2.750% 		5.189(c) 11/29/24   1,649 1,576,889
EW Scripps Co.,
Tranche B-1 Term Loan, 1 Month LIBOR + 2.750% 		5.236(c) 05/01/26   950 947,031
iHeartCommunications, Inc.,
Term Loan 		—(p) 05/31/26   1,270 1,270,530
Mission Broadcasting, Inc.,
Term B-3 Loan, 1 Month LIBOR + 2.250% 		4.736(c) 01/17/24   261 257,618
17

PGIM Floating Rate Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Bank Loans (Continued)
Media (cont’d.)
     
NEP Group, Inc.,
First Lien Initial Dollar Term Loan, 1 Month LIBOR + 3.250% 		5.689 %(c) 10/20/25   1,995  $ 1,987,519
Nexstar Broadcasting, Inc.,
Term B-3 Loan, 1 Month LIBOR + 2.250% 		4.678(c) 01/17/24   1,363 1,346,614
Nielsen Finance LLC,
Class B-4 Term Loan, 1 Month LIBOR + 2.000% 		4.463(c) 10/04/23   4,571 4,496,723
Radiate Holdco LLC,
Closing Date Term Loan, 1 Month LIBOR + 3.000% 		5.439(c) 02/01/24   3,139 3,090,658
Tribune Media Co.,
Term C Loan, 1 Month LIBOR + 3.000% 		5.439(c) 01/27/24   3,933 3,927,200
UnityMedia Finance LLC (Germany),
First Lien Term Loan D, 1 Month LIBOR + 2.250% 		4.690(c) 01/15/26   2,000 1,984,584
UnityMedia Hessen GmbH & Co. KG (Germany),
Senior Facility B, 1 Month LIBOR + 2.250% 		4.690(c) 09/30/25   1,000 993,125
Univision Communications, Inc.,
2017 Replacement Term Loan, 1 Month LIBOR + 2.750% 		5.189(c) 03/15/24   3,609 3,420,666
Virgin Media Bristol LLC,
K Facility, 1 Month LIBOR + 2.500% 		4.940(c) 01/15/26   2,000 1,980,000
WideOpenWest Finance LLC,
Refinancing Term B Loan, 1 Month LIBOR + 3.250% 		5.680(c) 08/18/23   3,019 2,938,375
          40,007,823
Metal Fabricate/Hardware 1.6%
Crosby US Acquisition Corp.,
First Lien Initial Term Loan, 1 Month LIBOR + 3.000% 		5.436(c) 11/23/20   7,960 7,930,464
Dynacast International LLC,
Term B-1 Loan (First Lien), 3 Month LIBOR + 3.250%^ 		5.851(c) 01/28/22   3,307 3,224,464
Global Brass and Copper, Inc.,
New Term Loan B, 1 Month LIBOR + 2.500%^ 		5.000(c) 05/29/25   1,985 1,982,252
WireCo WorldGroup, Inc. (Cayman Islands),
First Lien Term Loan, 1 Month LIBOR + 5.000% 		7.439(c) 09/29/23   856 855,146
          13,992,326
18

PGIM Floating Rate Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Bank Loans (Continued)
Mining 0.3%
Aleris International, Inc.,
Initial Term Loan, 1 Month LIBOR + 4.750% 		7.189 %(c) 02/27/23   1,317  $ 1,316,808
Covia Holdings Corp.,
Initial Term Loan, 3 Month LIBOR + 3.875% 		6.473(c) 06/02/25   1,464 1,250,447
          2,567,255
Miscellaneous Manufacturing 0.2%
International Textile Group, Inc.,
First Lien Initial Term Loan, 1 Month LIBOR + 5.000%^ 		7.486(c) 05/01/24   1,055 996,827
Momentive Performance Materials, Inc.,
First Lien Initial Dollar Term Loan, 1 Month LIBOR + 3.250% 		5.650(c) 05/15/24   700 696,938
          1,693,765
Oil & Gas 0.5%
Ascent Resources Marcellus LLC,
Exit Term Loan, 1 Month LIBOR + 6.500%^ 		8.953(c) 03/30/23   250 245,000
California Resources Corp.,
Term Loan (08/16), 1 Month LIBOR + 10.375% 		12.803(c) 12/31/21   1,275 1,297,313
Citgo Petroleum Corp.,
Term B Loan, 3 Month LIBOR + 4.500% 		7.100(c) 07/29/21   3,075 3,065,799
          4,608,112
Packaging & Containers 1.5%
Berry Global, Inc.,          
Term Loan —(p) 06/30/26   1,200 1,192,950
Term R Loan, 1 Month LIBOR + 2.000% 4.451(c) 01/19/24   2,581 2,557,847
     
 
BWay Holding Co.,
Initial Term Loan, 3 Month LIBOR + 3.250% 		5.854(c) 04/03/24   1,388 1,350,760
Charter NEX US, Inc.,          
First Lien Initial Term Loan, 1 Month LIBOR + 2.750% 5.439(c) 05/16/24   2,393 2,342,393
Incremental Term Loan, 1 Month LIBOR + 3.500% 5.939(c) 05/16/24   1,325 1,297,257
     
 
Plaze, Inc.,
Term Loan, 1 Month LIBOR + 3.500% 		5.986(c) 07/31/22   1,849 1,835,139
19

PGIM Floating Rate Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Bank Loans (Continued)
Packaging & Containers (cont’d.)
     
Pregis Holding I Corp.,
First Lien Term Loan, 3 Month LIBOR + 3.500%^ 		6.101 %(c) 05/20/21   2,103  $ 2,050,890
Tank Holding Corp.,
First Lien Initial Term Loan, 1 - 3 Month LIBOR + 4.000% 		6.612(c) 03/26/26   600 601,000
          13,228,236
Pharmaceuticals 2.6%
Alphabet Holding Co., Inc.,
First Lien Initial Term Loan, 1 Month LIBOR + 3.500% 		5.983(c) 09/26/24   2,846 2,724,617
Amneal Pharmaceuticals LLC,
Initial Term Loan, 1 Month LIBOR + 3.500% 		6.000(c) 05/04/25   3,572 3,541,025
Arbor Pharmaceuticals LLC,
Initial Term Loan, 3 Month LIBOR + 5.000% 		7.601(c) 07/05/23   2,197 2,010,056
Bausch Health Co., Inc.,
Initial Term Loan, 1 Month LIBOR + 3.000% 		5.467(c) 06/02/25   2,374 2,361,856
Change Healthcare Holdings LLC,
Closing Date Term Loan, 1 Month LIBOR + 2.750% 		5.189(c) 03/01/24   3,322 3,271,530
Endo Luxembourg Finance Co. I Sarl,
Initial Term Loan, 1 Month LIBOR + 4.250% 		6.750(c) 04/29/24   2,476 2,391,555
Lannett Co., Inc.,
Initial Tranche B Term Loan, 1 Month LIBOR + 5.375% 		7.814(c) 11/25/22   2,126 1,987,709
NVA Holdings, Inc.,
Term B-3 Loan (First Lien), 1 Month LIBOR + 2.750% 		5.189(c) 02/02/25   2,280 2,199,783
Vetcor Professional Practices LLC,
Initial Term Loan (First Lien), 1 Month LIBOR + 3.000%^ 		5.439(c) 07/02/25   1,365 1,330,570
          21,818,701
Pipelines 1.0%
BCP Renaissance Parent LLC,
Initial Term Loan, 3 Month LIBOR + 3.500% 		6.083(c) 10/31/24   1,836 1,825,107
Equitrans Midstream Corp.,
Term Loan, 1 Month LIBOR + 4.500% 		6.939(c) 01/31/24   1,347 1,355,883
Lower Cadence Holdings LLC,
Initial Term Loan, 1 Month LIBOR + 4.000% 		6.436(c) 05/22/26   1,500 1,499,063
20

PGIM Floating Rate Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Bank Loans (Continued)
Pipelines (cont’d.)
Prairie ECI Acquiror, LP,
Initial Term Loan, 3 Month LIBOR + 4.750% 		7.366 %(c) 03/11/26   2,600  $ 2,617,061
Southcross Energy Partners, LP,
Initial Term Loan Non-PIK, 3 Month LIBOR + 4.250%/PRIME + 5.250%^ 		7.977(c) 08/04/21   2,268 1,225,347
          8,522,461
Private Equity 0.3%
HarbourVest Partners, LP,
Term Loan, 2 Month LIBOR + 2.250%^ 		4.745(c) 03/03/25   2,560 2,544,401
Real Estate 3.0%
ASP MCS Acquisition Corp.,
Initial Term Loan, 1 Month LIBOR + 4.750%^ 		7.189(c) 05/20/24   1,253 814,247
Brookfield Property REIT, Inc.,
Initial Term B Loan, 1 Month LIBOR + 2.500% 		4.939(c) 08/27/25   15,099 14,661,884
DTZ US Borrower LLC,
Closing Date Term Loan, 1 Month LIBOR + 3.250% 		5.689(c) 08/21/25   5,771 5,749,359
Lightstone HoldCo LLC,          
2018 Refinancing Term B Facility, 1 Month LIBOR + 3.750%^ 6.189(c) 01/30/24   4,081 4,081,371
2018 Refinancing Term C Facility, 1 Month LIBOR + 3.750% 6.189(c) 01/30/24   230 227,103
          25,533,964
Real Estate Investment Trusts (REITs) 0.8%
Blackstone Mortgage Trust, Inc.,
Initial Term Loan, 1 Month LIBOR + 2.500%^ 		4.939(c) 04/23/26   1,475 1,198,500
iStar, Inc.,
New Term Loan B, 1 Month LIBOR + 2.750%^ 		5.205(c) 06/28/23   2,626 2,613,010
VICI Properties 1 LLC,
Term B Loan, 1 Month LIBOR + 2.000% 		4.436(c) 12/20/24   2,912 2,889,071
          6,700,581
Retail 7.1%
Academy Ltd.,
Initial Term Loan, 1 Month LIBOR + 4.000% 		6.447(c) 07/01/22   4,050 2,946,124
21

PGIM Floating Rate Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Bank Loans (Continued)
Retail (cont’d.)
Ashco LLC,
Initial Term Loan, 1 Month LIBOR + 5.000% 		7.439 %(c) 09/25/24   5,281  $ 5,141,063
At Home Holding III, Inc.,
Term Loan, 3 Month LIBOR + 3.500% 		6.083(c) 06/03/22   3,366 3,327,912
Beacon Roofing Supply, Inc.,
Initial Term Loan, 1 Month LIBOR + 2.250% 		4.703(c) 01/02/25   3,267 3,227,638
CEC Entertainment, Inc.,
First Lien Term B Loan, 1 Month LIBOR + 3.250% 		5.689(c) 02/15/21   1,011 1,003,176
CWGS Group LLC,
Term Loan, 1 Month LIBOR + 2.750% 		5.211(c) 11/08/23   2,821 2,544,091
EG America LLC (United Kingdom),          
Additional Facility Loan, 3 Month LIBOR + 4.000% 6.601(c) 02/07/25   3,049 2,995,872
Second Lien Facility (USD), 3 Month LIBOR + 8.000% 10.601(c) 04/20/26   908 898,610
     
 
Fogo de Chao, Inc.,
2018 Refinancing Term Loan, 1 Month LIBOR + 4.250%^ 		6.689(c) 04/07/25   492 492,936
Foundation Building Materials Holding Co. LLC,
Term Loan, 1 Month LIBOR + 3.000% 		5.439(c) 08/13/25   2,219 2,191,695
Harbor Freight Tools USA, Inc.,
2018 Initial Term Loan, 1 Month LIBOR + 2.500% 		4.939(c) 08/18/23   3,532 3,428,457
Highline AfterMarket Acquisition LLC,
Term Loan, 1 Month LIBOR + 3.500%^ 		5.938(c) 04/28/25   1,159 1,042,755
Hoffmaster Group, Inc.,
Tranche B-1 Term Loan, 1 Month LIBOR + 4.000% 		6.439(c) 11/21/23   2,671 2,663,912
K-Mac Holdings Corp.,
First Lien Initial Term Loan, 1 Month LIBOR + 3.250% 		5.680(c) 03/14/25   1,678 1,666,098
LBM Borrower LLC,
Term Loan 		—(p) 08/20/22   1,000 997,812
Leslie’s Poolmart, Inc.,
Tranche B-2 Term Loan, 2 Month LIBOR + 3.500% 		5.981(c) 08/16/23   3,221 3,120,640
Men’s Wearhouse, Inc.,
Tranche B-2 Term Loan, 1 Month LIBOR + 3.250%^ 		5.736(c) 04/09/25   3,720 3,329,214
Michaels Stores, Inc.,
2018 New Replacement Term B Loan, 1 Month LIBOR + 2.500% 		4.929(c) 01/30/23   2,598 2,562,898
Neiman Marcus Group Ltd.,
Other Term Loan, 1 Month LIBOR + 3.250% 		5.717(c) 10/26/20   790 711,222
Petco Animal Supplies, Inc.,
Term Loan, 3 Month LIBOR + 3.250% 		5.833(c) 01/26/23   4,401 3,347,661
22

PGIM Floating Rate Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Bank Loans (Continued)
Retail (cont’d.)
     
PetSmart, Inc.,
Tranche B-2 Loan, 1 Month LIBOR + 4.250% 		6.720 %(c) 03/11/22   2,037  $ 1,962,867
Rough Country LLC,
Term Loan (First Lien), 1 Month LIBOR + 3.750%^ 		6.189(c) 05/25/23   1,910 1,895,759
Sally Holdings LLC,
Term B-2 Loan 		4.500 07/05/24   4,046 3,909,680
Serta Simmons Bedding LLC,
First Lien Initial Term Loan, 1 Month LIBOR + 3.500% 		5.953(c) 11/08/23   2,126 1,489,130
Staples, Inc.,
2019 Refinancing New Term B-1 Loans, 3 Month LIBOR + 5.000% 		7.601(c) 04/16/26   1,875 1,837,500
Tacala Investment Corp.,
Initial Term Loan (First Lien), 1 Month LIBOR + 3.250% 		5.689(c) 01/31/25   1,396 1,384,293
          60,119,015
Semiconductors 2.0%
Bright Bidco BV (Netherlands),
2018 Refinancing Term Loan B, 1 - 3 Month LIBOR + 3.500% 		5.993(c) 06/30/24   2,775 2,101,981
Brooks Automation, Inc.,
Initial Term B Loan, 3 Month LIBOR + 2.500%^ 		5.360(c) 10/04/24   1,308 1,295,353
Cabot Microelectronics Corp.,
Initial Term Loan, 1 Month LIBOR + 2.250% 		4.750(c) 11/17/25   1,491 1,487,218
Cohu, Inc.,
Initial Term B Loan, 3 Month LIBOR + 3.000%^ 		5.601(c) 10/01/25   2,861 2,789,109
Macom Technology Solutions Holdings, Inc.,
Initial Term Loan, 1 Month LIBOR + 2.250% 		4.689(c) 05/17/24   3,457 3,197,333
MaxLinear, Inc.,
Initial Term B Loan, 1 Month LIBOR + 2.500%^ 		4.940(c) 05/12/24   1,814 1,791,335
Microchip Technology, Inc.,
Initial Term Loan, 1 Month LIBOR + 2.000% 		4.440(c) 05/29/25   2,370 2,360,622
MKS Instruments, Inc.,
Tranche B-5 Term Loan, 1 Month LIBOR + 2.250% 		4.689(c) 02/01/26   725 724,638
Natel Engineering Co., Inc.,
Initial Term Loan, 1 Month LIBOR + 5.000%^ 		7.439(c) 04/30/26   1,550 1,550,000
          17,297,589
23

PGIM Floating Rate Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Bank Loans (Continued)
Software 7.3%
Boxer Parent Co., Inc.,
Initial Dollar Term Loan, 3 Month LIBOR + 4.250% 		6.851 %(c) 10/02/25   5,312  $ 5,220,948
Bracket Intermediate Holding Corp.,
First Lien Initial Term Loan, 3 Month LIBOR + 4.250%^ 		6.815(c) 09/05/25   1,567 1,563,207
CommerceHub, Inc.,
First Lien Term Loan, 1 Month LIBOR + 3.750%^ 		6.189(c) 05/21/25   1,978 1,957,725
Dun & Bradstreet Corp.,
Initial Term Loan, 1 Month LIBOR + 5.000% 		7.430(c) 02/06/26   2,850 2,840,501
EagleView Technology Corp.,
First Lien Term Loan, 1 Month LIBOR + 3.500% 		5.930(c) 08/14/25   2,993 2,872,800
Evergreen Skills Lux Sarl (Luxembourg),
First Lien Initial Term Loan, 1 Month LIBOR + 4.750% 		7.233(c) 04/28/21   1,790 1,508,418
Exela Intermediate LLC,
2018 Repriced Term Loan, 3 Month LIBOR + 6.500%^ 		9.101(c) 07/12/23   2,218 1,862,847
Finastra USA, Inc.,          
Dollar Term Loan (Second Lien), 3 Month LIBOR + 7.250% 9.851(c) 06/13/25   1,650 1,637,625
First Lien Dollar Term Loan, 3 Month LIBOR + 3.500% 6.101(c) 06/13/24   3,940 3,855,435
     
 
Greeneden US Holdings II LLC,
Tranche B-3 Dollar Term Loan, 1 Month LIBOR + 3.250% 		5.689(c) 12/01/23   3,413 3,374,758
Kronos, Inc.,
Second Lien Initial Term Loan, 3 Month LIBOR + 8.250% 		10.829(c) 11/01/24   400 412,000
MA Financeco LLC (United Kingdom),
Tranche B-3 Term Loan, 1 Month LIBOR + 2.500% 		4.939(c) 06/21/24   606 596,198
Micro Holding Corp.,
Amendment No. 2 Initial Term Loan (First Lien), 1 Month LIBOR + 3.750% 		6.180(c) 09/15/24   3,141 3,113,828
nThrive, Inc.,
First Lien Term B-2 Loan, 1 Month LIBOR + 4.500% 		6.983(c) 10/20/22   2,947 2,847,784
Omnitracs LLC,
Term Loan, 3 Month LIBOR + 2.750% 		5.357(c) 03/21/25   1,877 1,851,696
Quest Software US Holdings, Inc.,
Initial Term Loan (First Lien), 3 Month LIBOR + 4.250% 		6.833(c) 05/16/25   2,512 2,474,689
Rackspace Hosting, Inc.,
Term B Loan (First Lien), 3 Month LIBOR + 3.000% 		5.550(c) 11/03/23   5,218 4,819,476
24

PGIM Floating Rate Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Bank Loans (Continued)
Software (cont’d.)
     
RP Crown Parent LLC,
Initial Term Loan, 1 Month LIBOR + 2.750% 		5.189 %(c) 10/12/23   1,985  $ 1,969,058
SCS Holdings I, Inc.,          
Initial Term Loan (Second Lien), 1 Month LIBOR + 9.500%^ 11.939(c) 10/30/23   500 500,000
New Tranche B Term Loan (First Lien), 1 Month LIBOR + 4.250% 6.689(c) 10/30/22   1,688 1,688,570
Term Loan —(p) 06/30/26   2,375 2,375,000
     
 
Seattle Escrow Borrower LLC,
Initial Term Loan, 1 Month LIBOR + 2.500% 		4.939(c) 06/21/24   4,091 4,026,269
SS&C Technologies, Inc.,          
Term B-3 Loan, 1 Month LIBOR + 2.250% 4.689(c) 04/16/25   1,390 1,379,892
Term B-4 Loan, 1 Month LIBOR + 2.250% 4.689(c) 04/16/25   975 967,933
Term B-5 Loan, 1 Month LIBOR + 2.250% 4.689(c) 04/16/25   1,214 1,206,260
     
 
ThoughtWorks, Inc.,
Refinancing Term Loan, 1 Month LIBOR + 4.000% 		6.439(c) 10/11/24   900 897,750
Tibco Software, Inc.,
Term B-1 Loan, 1 Month LIBOR + 3.500% 		5.940(c) 12/04/20   1,565 1,560,490
Ultimate Software Group, Inc.,
First Lien Initial Term Loan, 3 Month LIBOR + 3.750% 		6.274(c) 05/04/26   2,825 2,826,766
          62,207,923
Storage/Warehousing 0.3%
Contanda LLC,
Term Loan, 3 Month LIBOR + 3.500%^ 		6.101(c) 02/27/20   2,375 2,303,750
Telecommunications 9.0%
Avaya, Inc.,
Tranche B Term Loan, 1 Month LIBOR + 4.250% 		6.690(c) 12/15/24   2,820 2,756,513
Casa Systems, Inc.,
Initial Term Loan, 1 Month LIBOR + 4.000%^ 		6.428(c) 12/20/23   1,222 1,100,239
CenturyLink, Inc.,
Initial Term B Loan, 1 Month LIBOR + 2.750% 		5.189(c) 01/31/25   4,566 4,437,168
Cologix Holdings, Inc.,
First Lien Initial Term Loan, 1 Month LIBOR + 3.000% 		5.439(c) 03/20/24   2,415 2,287,871
CommScope, Inc.,
Initial Term Loan, 1 Month LIBOR + 3.250% 		5.689(c) 04/04/26   4,500 4,481,248
Consolidated Communications, Inc.,
2016 Initial Term Loan, 1 Month LIBOR + 3.000% 		5.440(c) 10/05/23   3,975 3,879,883
25

PGIM Floating Rate Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Bank Loans (Continued)
Telecommunications (cont’d.)
Digicel International Finance Ltd. (Saint Lucia),
First Lien Initial Term B Loan, 3 Month LIBOR + 3.250% 		5.780 %(c) 05/27/24   4,270  $ 3,821,307
Frontier Communications Corp.,
Term B-1 Loan, 1 Month LIBOR + 3.750% 		6.190(c) 06/17/24   4,084 4,005,317
Global Tel Link Corp.,          
First Lien Term Loan, 1 Month LIBOR + 4.250% 6.689(c) 11/29/25   3,692 3,685,787
Second Lien Term Loan, 1 Month LIBOR + 8.250% 10.689(c) 11/27/26   825 806,438
     
 
GTT Communications, Inc.,
Closing Date U.S. Term Loan, 1 Month LIBOR + 2.750% 		5.190(c) 05/30/25   5,409 4,992,622
Intelsat Jackson Holdings SA (Luxembourg),
Tranche B-3 Term Loan, 1 Month LIBOR + 3.750% 		6.180(c) 11/27/23   2,025 1,995,131
IPC Corp.,
Term B-1 Loan (First Lien), 3 Month LIBOR + 4.500%^ 		7.083(c) 08/06/21   757 636,139
MLN US HoldCo LLC,
Term B Loan (First Lien), 1 Month LIBOR + 4.500% 		6.939(c) 11/30/25   2,370 2,343,029
Numericable US LLC (France),          
USD TLB-11 Term Loan, 1 Month LIBOR + 2.750% 5.189(c) 07/31/25   588 558,012
USD TLB-12 Term Loan, 1 Month LIBOR + 3.688% 6.127(c) 01/31/26   1,699 1,632,373
USD TLB-13 Incremental Term Loan, 1 Month LIBOR + 4.000% 6.440(c) 08/14/26   2,487 2,417,539
Securus Technologies Holdings, Inc.,          
Initial Loan (Second Lien), 1 Month LIBOR + 8.250% 10.689(c) 11/01/25   750 716,250
Initial Term Loan (First Lien), 1 Month LIBOR + 4.500% 6.939(c) 11/01/24   2,035 1,948,055
     
 
Speedcast International Ltd. (Australia),
Initial Term Loan, 3 Month LIBOR + 2.750%^ 		5.351(c) 05/15/25   2,930 2,886,407
Sprint Communications, Inc.,          
2018 Incremental Term Loan, 1 Month LIBOR + 3.000% 5.500(c) 02/02/24   324 319,933
Initial Term Loan, 1 Month LIBOR + 2.500% 5.000(c) 02/02/24   13,881 13,528,645
     
 
Telenet Financing USD LLC (Belgium),
Term Loan AN Facility, 1 Month LIBOR + 2.250% 		4.690(c) 08/17/26   2,750 2,713,906
West Corp.,          
Incremental B1 Term Loan, 1 - 3 Month LIBOR + 3.500% 5.980(c) 10/10/24   3,005 2,777,533
Initial Term B Loan, 1 - 3 Month LIBOR + 4.000% 6.480(c) 10/10/24   1,997 1,862,674
26

PGIM Floating Rate Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Bank Loans (Continued)
Telecommunications (cont’d.)
     
 
Xplornet Communications, Inc. (Canada),
New Term B Loan, 3 Month LIBOR + 4.000% 		6.601 %(c) 09/09/21   3,838  $ 3,837,640
          76,427,659
Textiles 0.2%
ASP Unifrax Holdings, Inc.,
USD Term Loan (First Lien), 3 Month LIBOR + 3.750% 		6.351(c) 12/12/25   1,696 1,657,596
Transportation 1.1%
Daseke Co., Inc.,
Replacement Term Loan, 1 Month LIBOR + 5.000% 		7.439(c) 02/27/24   2,632 2,621,468
REP WWEX Acquisition Parent LLC,
Term Loan (First Lien), 3 Month LIBOR + 4.000% 		6.878(c) 02/05/24   2,262 2,236,606
Savage Enterprises LLC,
Initial Loan, 1 Month LIBOR + 4.500% 		6.970(c) 08/01/25   931 933,042
Transplace Holdings, Inc.,          
2018 Incremental Term Loan, 1 Month LIBOR + 3.750%^ 6.180(c) 10/07/24   1,161 1,158,244
Initial Loan (Second Lien), 1 Month LIBOR + 8.750%^ 11.180(c) 10/06/25   204 199,903
     
 
XPO Logistics, Inc.,
Refinancing Term Loan, 1 Month LIBOR + 2.000% 		4.439(c) 02/24/25   2,000 1,980,834
          9,130,097
Total Bank Loans
(cost $818,256,310) 		797,712,436
Corporate Bonds 2.8%
Aerospace & Defense 0.3%
Bombardier, Inc. (Canada),          
Sr. Unsec’d. Notes, 144A 7.500 12/01/24   500 491,250
Sr. Unsec’d. Notes, 144A 7.875 04/15/27   1,600 1,535,000
          2,026,250
27

PGIM Floating Rate Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Agriculture 0.1%
Vector Group Ltd.,
Sr. Sec’d. Notes, 144A 		6.125 % 02/01/25   700  $ 641,676
Building Materials 0.1%
Griffon Corp.,
Gtd. Notes 		5.250 03/01/22   775 771,125
Commercial Services 0.1%
United Rentals North America, Inc.,
Gtd. Notes 		4.875 01/15/28   1,050 1,018,080
Distribution/Wholesale 0.1%
Global Partners LP/GLP Finance Corp.,
Gtd. Notes 		6.250 07/15/22   1,125 1,125,000
Electric 0.2%
Calpine Corp.,
Sr. Unsec’d. Notes(a) 		5.750 01/15/25   1,850 1,790,282
Entertainment 0.3%
AMC Entertainment Holdings, Inc.,
Gtd. Notes 		5.875 11/15/26   1,000 877,500
International Game Technology PLC,
Sr. Sec’d. Notes, 144A 		6.250 01/15/27   1,300 1,340,625
          2,218,125
Foods 0.3%
JBS USA LUX SA/JBS USA Finance, Inc.,
Gtd. Notes, 144A 		5.750 06/15/25   2,650 2,709,625
Healthcare-Products 0.0%
Mallinckrodt International Finance SA,
Gtd. Notes 		4.750 04/15/23   200 123,000
28

PGIM Floating Rate Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Healthcare-Services 0.2%
CHS/Community Health Systems, Inc.,
Sr. Sec’d. Notes 		6.250 % 03/31/23   1,050  $ 999,810
Tenet Healthcare Corp.,
Sr. Unsec’d. Notes(a) 		6.750 06/15/23   950 945,250
          1,945,060
Home Builders 0.1%
Mattamy Group Corp. (Canada),
Sr. Unsec’d. Notes, 144A 		6.875 12/15/23   1,000 1,025,000
Media 0.0%
Sinclair Television Group, Inc.,
Gtd. Notes, 144A 		5.875 03/15/26   250 251,250
Oil & Gas 0.7%
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp.,
Gtd. Notes 		7.875 12/15/24   2,850 1,068,750
Citgo Holding, Inc.,
Sr. Sec’d. Notes, 144A 		10.750 02/15/20   2,150 2,206,438
MEG Energy Corp. (Canada),
Gtd. Notes, 144A 		6.375 01/30/23   2,925 2,581,312
          5,856,500
Pharmaceuticals 0.2%
NVA Holdings, Inc.,
Gtd. Notes, 144A 		6.875 04/01/26   1,650 1,608,750
Retail 0.1%
Rite Aid Corp.,
Gtd. Notes, 144A 		6.125 04/01/23   500 410,000
Total Corporate Bonds
(cost $24,539,334) 		23,519,723
    
29

PGIM Floating Rate Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description     Shares Value
Common Stocks 0.1%
Commercial Services & Supplies 0.0%
Tweddle Group, Inc.^       2,705  $ 27
Oil, Gas & Consumable Fuels 0.1%
Ascent Resources - Marcellus LLC (Class A Stock)*^       182,358 483,249
Software 0.0%
Avaya Holdings Corp.*       32,696 411,315
Total Common Stocks
(cost $1,057,511) 		894,591
    
      Units  
Warrants* 0.0%
Oil, Gas & Consumable Fuels 
Ascent Resources - Marcellus LLC, 1st Lien, expiring 03/30/23^       46,500 1,395
Ascent Resources - Marcellus LLC, 2nd Lien Tranche A, expiring 03/30/23^       18,026 2,253
Ascent Resources - Marcellus LLC, 2nd Lien Tranche B, expiring 03/30/23^       14,021 1,052
     
 
Total Warrants
(cost $6,431) 		4,700
 
Total Long-Term Investments
(cost $871,559,586) 		849,753,129
    
30

PGIM Floating Rate Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description     Shares Value
Short-Term Investments 1.5%
Affiliated Mutual Funds 
PGIM Core Ultra Short Bond Fund(w)     11,405,038  $ 11,405,038
PGIM Institutional Money Market Fund
(cost $1,550,724; includes $1,547,173 of cash collateral for securities on loan)(b)(w) 		    1,550,578 1,550,888
 
Total Short-Term Investments
(cost $12,955,762) 		12,955,926
 
TOTAL INVESTMENTS 101.3%
(cost $884,515,348) 		862,709,055
Liabilities in excess of other assets(z) (1.3)% (10,950,686)
 
Net Assets 100.0% $ 851,758,369
See the Glossary for a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings.
    
* Non-income producing security.
# Principal or notional amount is shown in U.S. dollars unless otherwise stated.
^ Indicates a Level 3 security. The aggregate value of Level 3 securities is $150,752,720 and 17.7% of net assets.
(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $1,500,844; cash collateral of $1,547,173 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.
(b) Represents security purchased with cash collateral received for securities on loan and includes dividend reinvestment.
(c) Variable rate instrument. The interest rate shown reflects the rate in effect at May 31, 2019.
(p) Interest rate not available as of May 31, 2019.
(w) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund.
(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 May 31, 2019:
Borrower   Principal
Amount
(000) 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
DentalCorp Perfect Smile ULC, Delayed Draw Term Loan, 1 Month LIBOR + 3.750%, 4.969%, Maturity Date 6/6/2025 (cost $83,411)    83    $ 82,369    $ —    $(1,043)
Heartland Dental LLC, Delayed Draw Term Loan, 1 Month LIBOR + 3.750%, 6.189%, Maturity Date 4/30/2025 (cost $19,979)    20   19,376   —   (603)
31

PGIM Floating Rate Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Unfunded loan commitment outstanding at May 31, 2019 (continued):
Borrower   Principal
Amount
(000) 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
Mister Car Wash Holdings, Inc., First Lien Delayed Draw Term Loan, 1 Month LIBOR + 3.500%, 5.949%, Maturity Date 5/14/2026 (cost $47,619)    48    $ 47,530    $ —    $ (89)
VT Topco, Inc., First Lien Delayed Draw Term Loan, 3 Month LIBOR + 3.750%, 5.060%, Maturity Date 8/1/2025 (cost $142,176)    142   142,340   164   —
        $291,615   $164   $(1,735)
Interest rate swap agreements outstanding at May 31, 2019:
Notional
Amount
(000)# 		  Termination
Date 		  Fixed
Rate 		  Floating
Rate 		  Value at
Trade Date 		  Value at
May 31,
2019 		  Unrealized
Appreciaton
(Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
  12,300   05/11/21   1.600%(S)   3 Month LIBOR(1)(Q)    $318,919    $100,833    $(218,086)
  9,350   02/02/22   1.994%(S)   3 Month LIBOR(1)(Q)   (8,646)   (53,633)   (44,987)
  400   02/03/24   2.228%(S)   3 Month LIBOR(1)(Q)   (7,404)   (7,508)   (104)
  5,095   05/11/24   2.139%(S)   3 Month LIBOR(1)(Q)   124,713   (49,047)   (173,760)
  2,105   05/11/29   2.000%(S)   3 Month LIBOR(1)(Q)   181,227   18,538   (162,689)
                    $608,809   $ 9,183   $(599,626)
    
(1) The Fund pays the fixed rate and receives the floating rate.
(2) The Fund pays the floating rate and receives the fixed rate.
32

PGIM Government Income Fund
Schedule of Investments  (unaudited)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Long-Term Investments 99.3%
Asset-Backed Securities 6.2%
Collateralized Loan Obligations 
Battalion CLO Ltd. (Cayman Islands),
Series 2014-07A, Class A1RR, 144A, 3 Month LIBOR + 1.040% 		3.628 %(c) 07/17/28   1,250  $ 1,245,855
Battalion CLO Ltd. ,
Series 2018-12A, Class A1, 144A, 3 Month LIBOR + 1.070% 		3.595(c) 05/17/31   2,000 1,963,796
BlueMountain CLO Ltd. (Cayman Islands),
Series 2015-01A, Class A1R, 144A, 3 Month LIBOR + 1.330% 		3.927(c) 04/13/27   1,250 1,250,602
Flagship CLO Ltd. (Cayman Islands),
Series 2014-08A, Class ARR, 144A, 3 Month LIBOR + 0.850% 		3.451(c) 01/16/26   4,181 4,172,302
Limerock CLO LLC (Cayman Islands),
Series 2014-03A, Class A1R, 144A, 3 Month LIBOR + 1.200% 		3.792(c) 10/20/26   2,276 2,275,232
OZLM Ltd. (Cayman Islands),
Series 2015-11A, Class A1R, 144A, 3 Month LIBOR + 1.250% 		3.833(c) 10/30/30   2,000 1,998,830
Romark CLO Ltd. (Cayman Islands),
Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.175% 		3.755(c) 07/25/31   4,000 3,966,190
Sound Point CLO Ltd. (Cayman Islands),          
Series 2014-03RA, Class A1, 144A, 3 Month LIBOR + 1.250% 3.842(c) 10/23/31   1,500 1,498,274
Series 2019-01A, Class A, 144A, 3 Month LIBOR + 1.370% 3.939(c) 01/20/32   2,000 2,006,774
     
 
Trimaran Cavu Ltd. (Cayman Islands),
Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.460% 		3.927(c) 07/20/32   4,000 4,000,000
Venture 32 CLO Ltd. (Cayman Islands),
Series 2018-32A, Class A1, 144A, 3 Month LIBOR + 1.100% 		3.701(c) 07/18/31   1,750 1,726,843
Total Asset-Backed Securities
(cost $26,116,655) 		26,104,698
Commercial Mortgage-Backed Securities 20.0%
BANK,
Series 2017-BNK05, Class A3 		3.020 06/15/60   3,600 3,655,876
33

PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Commercial Mortgage-Backed Securities (Continued)
Fannie Mae-Aces,          
Series 2012-M02, Class A2 2.717 % 02/25/22   211  $ 213,221
Series 2015-M01, Class AB2 2.465 09/25/24   647 656,330
Series 2015-M17, Class A2 2.937(cc) 11/25/25   2,900 2,974,367
Series 2016-M11, Class A2 2.369(cc) 07/25/26   2,600 2,559,169
Series 2016-M13, Class A2 2.481(cc) 09/25/26   4,400 4,369,970
Series 2018-M14, Class A1 3.578(cc) 08/25/28   1,634 1,735,666
Series 2019-M01, Class A2 3.555(cc) 09/25/28   2,000 2,141,167
Series 2019-M02, Class A1 3.024 08/25/28   1,982 2,036,012
FHLMC Multifamily Structured Pass-Through
Certificates, 		         
Series K008, Class X1, IO 1.507(cc) 06/25/20   22,456 259,598
Series K019, Class X1, IO 1.618(cc) 03/25/22   23,367 898,279
Series K020, Class X1, IO 1.401(cc) 05/25/22   13,780 480,415
Series K021, Class X1, IO 1.436(cc) 06/25/22   14,951 558,412
Series K025, Class X1, IO 0.831(cc) 10/25/22   37,918 922,126
Series K060, Class AM 3.300(cc) 10/25/26   3,860 4,036,358
Series K064, Class A2 3.224 03/25/27   3,900 4,072,122
Series K064, Class AM 3.327(cc) 03/25/27   2,100 2,198,429
Series K068, Class AM 3.315 08/25/27   3,200 3,351,056
Series K073, Class A2 3.350 01/25/28   3,800 4,004,263
Series K076, Class A2 3.900 04/25/28   2,700 2,960,481
Series K076, Class AM 3.900 04/25/28   750 817,342
Series K077, Class A2 3.850(cc) 05/25/28   1,570 1,718,894
Series K077, Class AM 3.850(cc) 05/25/28   310 337,807
Series K078, Class AM 3.920 06/25/28   925 1,012,037
Series K079, Class AM 3.930 06/25/28   1,225 1,340,165
Series K080, Class AM 3.986(cc) 07/25/28   3,300 3,635,215
Series K081, Class AM 3.900(cc) 08/25/28   2,600 2,834,302
Series K083, Class A2 4.050(cc) 09/25/28   1,125 1,249,144
Series K083, Class AM 4.030(cc) 10/25/28   450 496,777
Series K084, Class AM 3.880(cc) 10/25/28   2,200 2,396,721
Series K085, Class AM 4.060(cc) 10/25/28   1,100 1,216,506
Series K086, Class A2 3.859(cc) 11/25/28   2,500 2,736,892
Series K086, Class AM 3.919(cc) 11/25/28   350 383,194
Series K087, Class AM 3.832(cc) 12/25/28   400 435,587
Series K088, Class AM 3.761(cc) 01/25/29   880 954,217
Series K090, Class AM 3.492(cc) 03/25/29   1,450 1,534,901
Series K091, Class AM 3.566 03/25/29   1,650 1,758,562
Series K151, Class A3 3.511 04/25/30   900 953,509
Series K157, Class A2 3.990(cc) 05/25/33   2,900 3,196,810
Series K158, Class A2 3.900(cc) 12/25/30   1,275 1,399,091
34

PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Commercial Mortgage-Backed Securities (Continued)
FHLMC Multifamily Structured Pass-Through Certificates, (cont’d.)          
Series K711, Class X1, IO 1.620 %(cc) 07/25/19   2,301  $ 1,362
Series KC03, Class A2 3.499 01/25/26   1,100 1,151,568
Series W5FX, Class AFX 3.214(cc) 04/25/28   1,970 2,036,657
     
 
JPMBB Commercial Mortgage Securities Trust,
Series 2016-C01, Class A3 		3.515 03/15/49   2,500 2,562,374
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2013-C09, Class A3 		2.834 05/15/46   886 893,475
Wells Fargo Commercial Mortgage Trust,
Series 2015-LC22, Class A3 		3.572 09/15/58   2,500 2,613,336
Total Commercial Mortgage-Backed Securities
(cost $80,013,624) 		83,749,762
Corporate Bonds 1.7%
Diversified Financial Services 
CDP Financial, Inc. (Canada),
Gtd. Notes, 144A 		3.150 07/24/24   470 490,705
Private Export Funding Corp.,          
Series BB, U.S. Gov’t. Gtd. Notes 4.300 12/15/21   1,210 1,274,406
Series KK, U.S. Gov’t. Gtd. Notes 3.550 01/15/24   2,085 2,221,678
Sr. Unsec’d. Notes, 144A 2.650 02/16/21   2,870 2,890,989
     
 
Total Corporate Bonds
(cost $6,797,372) 		6,877,778
Residential Mortgage-Backed Securities 0.1%
Merrill Lynch Mortgage Investors Trust,
Series 2003-E, Class A1, 1 Month LIBOR + 0.620% 		3.050(c) 10/25/28   51 51,749
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-01, Class 4A3 		4.572(cc) 02/25/34   237 239,930
Total Residential Mortgage-Backed Securities
(cost $288,941) 		291,679
U.S. Government Agency Obligations 39.8%
Federal Home Loan Banks 2.625 10/01/20   315 317,289
Federal Home Loan Banks 3.000 10/12/21   580 593,714
Federal Home Loan Banks 3.250 11/16/28   1,800 1,934,435
Federal Home Loan Mortgage Corp. 2.000 01/01/32   490 480,778
Federal Home Loan Mortgage Corp. 2.375 02/16/21   1,395 1,403,013
Federal Home Loan Mortgage Corp. 2.500 03/01/30   1,099 1,100,990
35

PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations (Continued)
Federal Home Loan Mortgage Corp. 2.500 % 09/01/31   708  $ 709,806
Federal Home Loan Mortgage Corp. 3.000 10/01/28   208 211,091
Federal Home Loan Mortgage Corp. 3.000 06/01/29   598 607,481
Federal Home Loan Mortgage Corp. 3.000 12/01/30   652 661,734
Federal Home Loan Mortgage Corp. 3.000 01/01/37   1,400 1,419,969
Federal Home Loan Mortgage Corp. 3.000 04/01/43   1,638 1,653,902
Federal Home Loan Mortgage Corp. 3.000 11/01/46   873 881,242
Federal Home Loan Mortgage Corp. 3.000 11/01/46   1,058 1,065,924
Federal Home Loan Mortgage Corp. 3.000 12/01/46   863 869,585
Federal Home Loan Mortgage Corp. 3.000 01/01/47   1,842 1,856,306
Federal Home Loan Mortgage Corp. 3.500 08/01/26   342 353,215
Federal Home Loan Mortgage Corp. 3.500 01/01/27   185 190,879
Federal Home Loan Mortgage Corp. 3.500 11/01/37   701 721,526
Federal Home Loan Mortgage Corp. 3.500 06/01/42   1,694 1,741,766
Federal Home Loan Mortgage Corp. 3.500 06/01/43   1,228 1,262,984
Federal Home Loan Mortgage Corp. 3.500 08/01/47   919 940,025
Federal Home Loan Mortgage Corp. 3.500 10/01/47   458 468,365
Federal Home Loan Mortgage Corp. 4.000 06/01/26   109 113,030
Federal Home Loan Mortgage Corp. 4.000 09/01/26   309 319,174
Federal Home Loan Mortgage Corp. 4.000 11/01/39   1,133 1,179,239
Federal Home Loan Mortgage Corp. 4.000 09/01/40   809 842,284
Federal Home Loan Mortgage Corp. 4.000 12/01/40   432 450,158
Federal Home Loan Mortgage Corp. 4.000 12/01/40   614 639,234
Federal Home Loan Mortgage Corp. 4.000 04/01/42   1,483 1,544,044
Federal Home Loan Mortgage Corp. 4.000 05/01/46   1,953 2,026,582
Federal Home Loan Mortgage Corp. 4.000 08/01/46   402 416,989
Federal Home Loan Mortgage Corp. 4.000 12/01/46   406 420,771
Federal Home Loan Mortgage Corp. 4.000 08/01/47   453 469,675
Federal Home Loan Mortgage Corp. 4.000 08/01/47   1,397 1,449,206
Federal Home Loan Mortgage Corp. 4.000 06/01/48   489 507,325
Federal Home Loan Mortgage Corp. 4.500 09/01/39   1,669 1,785,412
Federal Home Loan Mortgage Corp. 4.500 07/01/47   434 455,539
Federal Home Loan Mortgage Corp. 4.500 07/01/47   442 464,353
Federal Home Loan Mortgage Corp. 5.000 06/01/33   714 768,385
Federal Home Loan Mortgage Corp. 5.000 03/01/34   73 77,932
Federal Home Loan Mortgage Corp. 5.000 05/01/34   79 84,376
Federal Home Loan Mortgage Corp. 5.000 05/01/34   937 1,006,979
Federal Home Loan Mortgage Corp. 5.000 02/01/48   438 462,769
Federal Home Loan Mortgage Corp. 5.500 05/01/37   106 116,391
Federal Home Loan Mortgage Corp. 5.500 01/01/38   96 104,877
Federal Home Loan Mortgage Corp. 6.000 12/01/33   57 64,677
Federal Home Loan Mortgage Corp. 6.000 09/01/34   144 156,314
36

PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations (Continued)
Federal Home Loan Mortgage Corp. 6.500 % 09/01/32   46  $ 51,137
Federal Home Loan Mortgage Corp. 6.500 09/01/32   137 151,992
Federal Home Loan Mortgage Corp. 7.000 09/01/32   30 31,304
Federal Home Loan Mortgage Corp. 8.000 03/01/22   4 3,745
Federal Home Loan Mortgage Corp. 8.000 08/01/22   2 2,257
Federal Home Loan Mortgage Corp. 8.500 09/01/19   —(r) 378
Federal Home Loan Mortgage Corp., MTN 2.750 06/19/23   160 164,671
Federal Home Loan Mortgage Corp., MTN 3.208(s) 12/11/25   1,100 955,098
Federal National Mortgage Assoc. 1.000 10/24/19   5,000 4,972,739
Federal National Mortgage Assoc. 1.875 09/24/26   520 508,336
Federal National Mortgage Assoc. 2.000 08/01/31   583 571,417
Federal National Mortgage Assoc. 2.375 01/19/23   205 207,758
Federal National Mortgage Assoc. 2.500 02/05/24   1,120 1,144,954
Federal National Mortgage Assoc. 2.500 08/01/28   681 684,514
Federal National Mortgage Assoc. 2.500 08/01/29   153 154,218
Federal National Mortgage Assoc. 2.500 11/01/31   403 403,644
Federal National Mortgage Assoc. 2.500 02/01/43   305 301,700
Federal National Mortgage Assoc. 2.500 12/01/46   1,382 1,359,528
Federal National Mortgage Assoc. 2.875 09/12/23   690 714,611
Federal National Mortgage Assoc. 3.000 01/01/27   667 679,545
Federal National Mortgage Assoc. 3.000 08/01/28   1,224 1,243,516
Federal National Mortgage Assoc. 3.000 02/01/31   2,534 2,570,856
Federal National Mortgage Assoc. 3.000 11/01/36   1,536 1,556,953
Federal National Mortgage Assoc. 3.000 12/01/42   1,337 1,348,690
Federal National Mortgage Assoc. 3.000 02/01/43   813 820,257
Federal National Mortgage Assoc. 3.000 03/01/43   399 402,520
Federal National Mortgage Assoc. 3.000 04/01/43   751 758,165
Federal National Mortgage Assoc. 3.000 06/01/43   416 419,714
Federal National Mortgage Assoc. 3.000 06/01/43   917 925,069
Federal National Mortgage Assoc. 3.000 07/01/43   2,458 2,480,149
Federal National Mortgage Assoc. 3.500 09/01/26   213 218,839
Federal National Mortgage Assoc. 3.500 03/01/27   528 543,578
Federal National Mortgage Assoc. 3.500 12/01/30   105 107,614
Federal National Mortgage Assoc. 3.500 02/01/33   227 233,699
Federal National Mortgage Assoc. 3.500 05/01/33   526 541,000
Federal National Mortgage Assoc. 3.500 10/01/41   2,545 2,615,270
Federal National Mortgage Assoc. 3.500 12/01/41   700 718,837
Federal National Mortgage Assoc. 3.500 03/01/42   676 697,083
Federal National Mortgage Assoc. 3.500 05/01/42   3,181 3,268,534
Federal National Mortgage Assoc. 3.500 12/01/42   1,658 1,703,809
Federal National Mortgage Assoc. 3.500 03/01/43   789 811,064
Federal National Mortgage Assoc. 3.500 06/01/45   6,208 6,354,221
37

PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations (Continued)
Federal National Mortgage Assoc. 3.500 % 12/01/46   2,131  $ 2,179,227
Federal National Mortgage Assoc. 3.500 11/01/47   815 833,371
Federal National Mortgage Assoc. 4.000 09/01/40   1,323 1,376,325
Federal National Mortgage Assoc. 4.000 01/01/41   1,701 1,770,063
Federal National Mortgage Assoc. 4.000 09/01/44   1,374 1,426,470
Federal National Mortgage Assoc. 4.000 06/01/47   477 495,075
Federal National Mortgage Assoc. 4.000 10/01/47   444 459,828
Federal National Mortgage Assoc. 4.000 10/01/47   900 932,977
Federal National Mortgage Assoc. 4.000 12/01/47   941 975,703
Federal National Mortgage Assoc. 4.000 06/01/48   704 728,985
Federal National Mortgage Assoc. 4.500 01/01/20   6 6,048
Federal National Mortgage Assoc. 4.500 04/01/41   1,426 1,524,517
Federal National Mortgage Assoc. 4.500 01/01/45   350 369,937
Federal National Mortgage Assoc. 4.500 06/01/48   1,105 1,153,967
Federal National Mortgage Assoc. 5.000 11/01/19   6 6,597
Federal National Mortgage Assoc. 5.000 12/01/31   67 70,723
Federal National Mortgage Assoc. 5.000 03/01/34   380 408,988
Federal National Mortgage Assoc. 5.000 07/01/35   153 163,483
Federal National Mortgage Assoc. 5.000 09/01/35   78 83,976
Federal National Mortgage Assoc. 5.000 11/01/35   101 108,343
Federal National Mortgage Assoc. 5.000 05/01/36   58 62,786
Federal National Mortgage Assoc. 5.500 02/01/34   362 399,291
Federal National Mortgage Assoc. 5.500 09/01/34   682 753,556
Federal National Mortgage Assoc. 5.500 02/01/35   528 585,921
Federal National Mortgage Assoc. 5.500 06/01/35   115 123,225
Federal National Mortgage Assoc. 5.500 06/01/35   188 202,752
Federal National Mortgage Assoc. 5.500 09/01/35   107 114,106
Federal National Mortgage Assoc. 5.500 09/01/35   258 278,196
Federal National Mortgage Assoc. 5.500 10/01/35   373 410,571
Federal National Mortgage Assoc. 5.500 11/01/35   402 431,573
Federal National Mortgage Assoc. 5.500 11/01/35   884 974,787
Federal National Mortgage Assoc. 5.500 11/01/36   10 11,106
Federal National Mortgage Assoc. 6.000 08/01/21   12 12,612
Federal National Mortgage Assoc. 6.000 09/01/21   10 10,020
Federal National Mortgage Assoc. 6.000 07/01/22   1 1,166
Federal National Mortgage Assoc. 6.000 09/01/33   1 613
Federal National Mortgage Assoc. 6.000 11/01/33   —(r) 483
Federal National Mortgage Assoc. 6.000 02/01/34   —(r) 297
Federal National Mortgage Assoc. 6.000 06/01/34   —(r) 159
Federal National Mortgage Assoc. 6.000 09/01/34   —(r) 306
Federal National Mortgage Assoc. 6.000 09/01/34   21 23,831
Federal National Mortgage Assoc. 6.000 09/01/34   26 28,145
38

PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations (Continued)
Federal National Mortgage Assoc. 6.000 % 11/01/34   4  $ 4,414
Federal National Mortgage Assoc. 6.000 11/01/34   30 32,616
Federal National Mortgage Assoc. 6.000 02/01/35   1 1,348
Federal National Mortgage Assoc. 6.000 03/01/35   19 21,019
Federal National Mortgage Assoc. 6.000 04/01/35   1 879
Federal National Mortgage Assoc. 6.000 12/01/35   124 134,333
Federal National Mortgage Assoc. 6.000 01/01/36   241 264,334
Federal National Mortgage Assoc. 6.000 05/01/36   101 112,637
Federal National Mortgage Assoc. 6.000 05/01/36   452 506,419
Federal National Mortgage Assoc. 6.250 05/15/29   210 281,449
Federal National Mortgage Assoc. 6.500 07/01/32   690 787,007
Federal National Mortgage Assoc. 6.500 08/01/32   235 259,495
Federal National Mortgage Assoc. 6.500 09/01/32   85 94,245
Federal National Mortgage Assoc. 6.500 10/01/32   91 100,845
Federal National Mortgage Assoc. 6.500 10/01/32   648 744,700
Federal National Mortgage Assoc. 6.500 10/01/37   326 372,035
Federal National Mortgage Assoc. 6.625 11/15/30   580 821,032
Federal National Mortgage Assoc. 7.000 05/01/24   3 2,554
Federal National Mortgage Assoc. 7.000 05/01/24   3 3,244
Federal National Mortgage Assoc. 7.000 05/01/24   9 9,308
Federal National Mortgage Assoc. 7.000 05/01/24   16 16,055
Federal National Mortgage Assoc. 7.000 05/01/24   18 18,508
Federal National Mortgage Assoc. 7.000 05/01/24   72 77,618
Federal National Mortgage Assoc. 7.000 12/01/31   1 1,228
Federal National Mortgage Assoc. 7.000 12/01/31   309 354,135
Federal National Mortgage Assoc. 7.000 09/01/33   66 67,516
Federal National Mortgage Assoc. 7.000 10/01/33   31 31,339
Federal National Mortgage Assoc. 7.000 11/01/33   69 70,363
Federal National Mortgage Assoc. 7.000 02/01/36   6 6,295
Federal National Mortgage Assoc. 9.000 04/01/25   3 3,590
Federal National Mortgage Assoc. 9.500 01/01/25   1 1,398
Federal National Mortgage Assoc. 9.500 01/01/25   2 2,299
Federal National Mortgage Assoc. 9.500 01/01/25   7 7,118
Federal National Mortgage Assoc. 9.500 02/01/25   1 1,280
Government National Mortgage Assoc. 2.500 12/20/46   564 560,412
Government National Mortgage Assoc. 3.000 03/15/45   2,388 2,425,174
Government National Mortgage Assoc. 3.000 10/20/46   386 392,453
Government National Mortgage Assoc. 3.000 02/20/47   6,419 6,522,076
Government National Mortgage Assoc. 3.500 04/20/42   391 403,608
Government National Mortgage Assoc. 3.500 01/20/43   2,189 2,256,991
Government National Mortgage Assoc. 3.500 04/20/43   1,009 1,040,919
Government National Mortgage Assoc. 3.500 03/20/45   1,899 1,954,966
39

PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations (Continued)
Government National Mortgage Assoc. 3.500 % 04/20/45   1,071  $ 1,103,158
Government National Mortgage Assoc. 3.500 07/20/46   4,090 4,211,915
Government National Mortgage Assoc. 3.500 01/20/47   870 895,403
Government National Mortgage Assoc. 3.500 03/20/47   427 439,748
Government National Mortgage Assoc. 4.000 02/20/41   514 538,691
Government National Mortgage Assoc. 4.000 06/20/44   1,117 1,170,126
Government National Mortgage Assoc. 4.000 08/20/44   335 349,766
Government National Mortgage Assoc. 4.000 11/20/45   763 799,273
Government National Mortgage Assoc. 4.000 11/20/46   770 804,460
Government National Mortgage Assoc. 4.000 02/20/47   809 842,601
Government National Mortgage Assoc. 4.000 10/20/47   965 1,001,319
Government National Mortgage Assoc. 4.000 12/20/47   721 747,347
Government National Mortgage Assoc. 4.500 02/20/40   307 325,960
Government National Mortgage Assoc. 4.500 01/20/41   179 190,034
Government National Mortgage Assoc. 4.500 02/20/41   898 953,250
Government National Mortgage Assoc. 4.500 03/20/41   459 487,315
Government National Mortgage Assoc. 4.500 06/20/44   671 712,057
Government National Mortgage Assoc. 4.500 02/20/46   67 71,152
Government National Mortgage Assoc. 4.500 03/20/46   338 355,188
Government National Mortgage Assoc. 4.500 03/20/47   2,223 2,343,638
Government National Mortgage Assoc. 4.500 08/20/47   444 465,175
Government National Mortgage Assoc. 4.500 01/20/48   404 422,409
Government National Mortgage Assoc. 4.500 02/20/48   2,638 2,767,391
Government National Mortgage Assoc. 5.000 07/15/33   489 529,122
Government National Mortgage Assoc. 5.000 09/15/33   646 699,328
Government National Mortgage Assoc. 5.000 04/15/34   63 66,015
Government National Mortgage Assoc. 5.500 02/15/34   467 505,103
Government National Mortgage Assoc. 5.500 02/15/36   118 130,327
Government National Mortgage Assoc. 7.000 12/15/22   —(r) 282
Government National Mortgage Assoc. 7.000 12/15/22   1 824
Government National Mortgage Assoc. 7.000 01/15/23   —(r) 400
Government National Mortgage Assoc. 7.000 01/15/23   1 1,360
Government National Mortgage Assoc. 7.000 01/15/23   2 1,630
Government National Mortgage Assoc. 7.000 01/15/23   2 2,254
Government National Mortgage Assoc. 7.000 01/15/23   3 2,852
Government National Mortgage Assoc. 7.000 03/15/23   2 1,716
Government National Mortgage Assoc. 7.000 03/15/23   3 3,075
Government National Mortgage Assoc. 7.000 04/15/23   1 802
Government National Mortgage Assoc. 7.000 04/15/23   1 1,030
Government National Mortgage Assoc. 7.000 04/15/23   3 2,920
Government National Mortgage Assoc. 7.000 05/15/23   —(r) 96
Government National Mortgage Assoc. 7.000 05/15/23   —(r) 292
40

PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations (Continued)
Government National Mortgage Assoc. 7.000 % 05/15/23   1  $ 550
Government National Mortgage Assoc. 7.000 05/15/23   1 564
Government National Mortgage Assoc. 7.000 05/15/23   1 589
Government National Mortgage Assoc. 7.000 05/15/23   1 682
Government National Mortgage Assoc. 7.000 05/15/23   1 1,272
Government National Mortgage Assoc. 7.000 05/15/23   2 1,606
Government National Mortgage Assoc. 7.000 05/15/23   5 4,915
Government National Mortgage Assoc. 7.000 05/15/23   7 7,206
Government National Mortgage Assoc. 7.000 05/15/23   10 9,697
Government National Mortgage Assoc. 7.000 06/15/23   —(r) 120
Government National Mortgage Assoc. 7.000 06/15/23   —(r) 355
Government National Mortgage Assoc. 7.000 06/15/23   1 909
Government National Mortgage Assoc. 7.000 06/15/23   1 1,194
Government National Mortgage Assoc. 7.000 06/15/23   1 1,391
Government National Mortgage Assoc. 7.000 06/15/23   2 1,663
Government National Mortgage Assoc. 7.000 06/15/23   3 3,132
Government National Mortgage Assoc. 7.000 07/15/23   —(r) 226
Government National Mortgage Assoc. 7.000 07/15/23   —(r) 274
Government National Mortgage Assoc. 7.000 07/15/23   —(r) 438
Government National Mortgage Assoc. 7.000 07/15/23   —(r) 476
Government National Mortgage Assoc. 7.000 07/15/23   1 648
Government National Mortgage Assoc. 7.000 07/15/23   1 933
Government National Mortgage Assoc. 7.000 07/15/23   1 1,208
Government National Mortgage Assoc. 7.000 07/15/23   2 1,576
Government National Mortgage Assoc. 7.000 07/15/23   2 2,495
Government National Mortgage Assoc. 7.000 07/15/23   3 3,166
Government National Mortgage Assoc. 7.000 07/15/23   13 13,617
Government National Mortgage Assoc. 7.000 08/15/23   —(r) 80
Government National Mortgage Assoc. 7.000 08/15/23   —(r) 295
Government National Mortgage Assoc. 7.000 08/15/23   —(r) 480
Government National Mortgage Assoc. 7.000 08/15/23   1 536
Government National Mortgage Assoc. 7.000 08/15/23   1 544
Government National Mortgage Assoc. 7.000 08/15/23   1 732
Government National Mortgage Assoc. 7.000 08/15/23   1 888
Government National Mortgage Assoc. 7.000 08/15/23   1 1,265
Government National Mortgage Assoc. 7.000 08/15/23   1 1,474
Government National Mortgage Assoc. 7.000 08/15/23   2 1,629
Government National Mortgage Assoc. 7.000 08/15/23   2 2,097
Government National Mortgage Assoc. 7.000 08/15/23   3 2,552
Government National Mortgage Assoc. 7.000 08/15/23   3 2,962
Government National Mortgage Assoc. 7.000 08/15/23   4 3,610
Government National Mortgage Assoc. 7.000 08/15/23   4 4,100
41

PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations (Continued)
Government National Mortgage Assoc. 7.000 % 08/15/23   5  $ 4,579
Government National Mortgage Assoc. 7.000 08/15/23   5 5,384
Government National Mortgage Assoc. 7.000 09/15/23   —(r) 476
Government National Mortgage Assoc. 7.000 09/15/23   1 564
Government National Mortgage Assoc. 7.000 09/15/23   1 886
Government National Mortgage Assoc. 7.000 09/15/23   1 891
Government National Mortgage Assoc. 7.000 09/15/23   1 949
Government National Mortgage Assoc. 7.000 09/15/23   1 1,239
Government National Mortgage Assoc. 7.000 09/15/23   7 7,586
Government National Mortgage Assoc. 7.000 09/15/23   30 31,016
Government National Mortgage Assoc. 7.000 10/15/23   —(r) 174
Government National Mortgage Assoc. 7.000 10/15/23   —(r) 196
Government National Mortgage Assoc. 7.000 10/15/23   —(r) 225
Government National Mortgage Assoc. 7.000 10/15/23   1 532
Government National Mortgage Assoc. 7.000 10/15/23   1 663
Government National Mortgage Assoc. 7.000 10/15/23   1 689
Government National Mortgage Assoc. 7.000 10/15/23   1 1,046
Government National Mortgage Assoc. 7.000 10/15/23   1 1,147
Government National Mortgage Assoc. 7.000 10/15/23   1 1,233
Government National Mortgage Assoc. 7.000 10/15/23   1 1,361
Government National Mortgage Assoc. 7.000 10/15/23   1 1,431
Government National Mortgage Assoc. 7.000 10/15/23   1 1,446
Government National Mortgage Assoc. 7.000 10/15/23   1 1,474
Government National Mortgage Assoc. 7.000 10/15/23   2 1,586
Government National Mortgage Assoc. 7.000 10/15/23   2 1,774
Government National Mortgage Assoc. 7.000 10/15/23   2 2,084
Government National Mortgage Assoc. 7.000 10/15/23   3 2,806
Government National Mortgage Assoc. 7.000 10/15/23   3 3,067
Government National Mortgage Assoc. 7.000 10/15/23   3 3,193
Government National Mortgage Assoc. 7.000 10/15/23   4 3,774
Government National Mortgage Assoc. 7.000 10/15/23   4 4,250
Government National Mortgage Assoc. 7.000 10/15/23   6 5,847
Government National Mortgage Assoc. 7.000 10/15/23   6 6,046
Government National Mortgage Assoc. 7.000 10/15/23   10 10,222
Government National Mortgage Assoc. 7.000 10/15/23   12 12,188
Government National Mortgage Assoc. 7.000 10/15/23   30 31,213
Government National Mortgage Assoc. 7.000 10/15/23   33 33,024
Government National Mortgage Assoc. 7.000 11/15/23   —(r) 31
Government National Mortgage Assoc. 7.000 11/15/23   —(r) 228
Government National Mortgage Assoc. 7.000 11/15/23   —(r) 346
Government National Mortgage Assoc. 7.000 11/15/23   —(r) 452
Government National Mortgage Assoc. 7.000 11/15/23   1 612
42

PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations (Continued)
Government National Mortgage Assoc. 7.000 % 11/15/23   1  $ 751
Government National Mortgage Assoc. 7.000 11/15/23   1 899
Government National Mortgage Assoc. 7.000 11/15/23   1 1,142
Government National Mortgage Assoc. 7.000 11/15/23   1 1,157
Government National Mortgage Assoc. 7.000 11/15/23   1 1,186
Government National Mortgage Assoc. 7.000 11/15/23   1 1,469
Government National Mortgage Assoc. 7.000 11/15/23   2 1,809
Government National Mortgage Assoc. 7.000 11/15/23   3 2,727
Government National Mortgage Assoc. 7.000 11/15/23   3 2,954
Government National Mortgage Assoc. 7.000 11/15/23   4 3,963
Government National Mortgage Assoc. 7.000 11/15/23   4 4,133
Government National Mortgage Assoc. 7.000 11/15/23   4 4,239
Government National Mortgage Assoc. 7.000 11/15/23   4 4,633
Government National Mortgage Assoc. 7.000 11/15/23   6 5,595
Government National Mortgage Assoc. 7.000 11/15/23   6 5,867
Government National Mortgage Assoc. 7.000 11/15/23   12 12,390
Government National Mortgage Assoc. 7.000 12/15/23   —(r) 427
Government National Mortgage Assoc. 7.000 12/15/23   —(r) 508
Government National Mortgage Assoc. 7.000 12/15/23   1 505
Government National Mortgage Assoc. 7.000 12/15/23   1 552
Government National Mortgage Assoc. 7.000 12/15/23   1 706
Government National Mortgage Assoc. 7.000 12/15/23   1 974
Government National Mortgage Assoc. 7.000 12/15/23   1 1,035
Government National Mortgage Assoc. 7.000 12/15/23   1 1,050
Government National Mortgage Assoc. 7.000 12/15/23   1 1,095
Government National Mortgage Assoc. 7.000 12/15/23   1 1,310
Government National Mortgage Assoc. 7.000 12/15/23   2 1,512
Government National Mortgage Assoc. 7.000 12/15/23   2 1,588
Government National Mortgage Assoc. 7.000 12/15/23   2 2,121
Government National Mortgage Assoc. 7.000 12/15/23   2 2,343
Government National Mortgage Assoc. 7.000 12/15/23   2 2,368
Government National Mortgage Assoc. 7.000 12/15/23   2 2,405
Government National Mortgage Assoc. 7.000 12/15/23   3 2,982
Government National Mortgage Assoc. 7.000 12/15/23   3 3,150
Government National Mortgage Assoc. 7.000 12/15/23   4 3,812
Government National Mortgage Assoc. 7.000 12/15/23   4 4,106
Government National Mortgage Assoc. 7.000 12/15/23   4 4,117
Government National Mortgage Assoc. 7.000 12/15/23   4 4,502
Government National Mortgage Assoc. 7.000 12/15/23   5 4,594
Government National Mortgage Assoc. 7.000 12/15/23   5 5,193
Government National Mortgage Assoc. 7.000 12/15/23   6 5,839
Government National Mortgage Assoc. 7.000 12/15/23   6 6,306
43

PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations (Continued)
Government National Mortgage Assoc. 7.000 % 12/15/23   7  $ 7,157
Government National Mortgage Assoc. 7.000 12/15/23   9 8,900
Government National Mortgage Assoc. 7.000 12/15/23   11 11,045
Government National Mortgage Assoc. 7.000 12/15/23   14 13,741
Government National Mortgage Assoc. 7.000 12/15/23   17 17,386
Government National Mortgage Assoc. 7.000 01/15/24   —(r) 345
Government National Mortgage Assoc. 7.000 01/15/24   1 843
Government National Mortgage Assoc. 7.000 01/15/24   1 897
Government National Mortgage Assoc. 7.000 01/15/24   1 975
Government National Mortgage Assoc. 7.000 01/15/24   1 1,291
Government National Mortgage Assoc. 7.000 01/15/24   1 1,398
Government National Mortgage Assoc. 7.000 01/15/24   2 2,133
Government National Mortgage Assoc. 7.000 01/15/24   2 2,288
Government National Mortgage Assoc. 7.000 01/15/24   2 2,410
Government National Mortgage Assoc. 7.000 01/15/24   4 3,633
Government National Mortgage Assoc. 7.000 01/15/24   4 3,744
Government National Mortgage Assoc. 7.000 01/15/24   7 6,730
Government National Mortgage Assoc. 7.000 02/15/24   —(r) 382
Government National Mortgage Assoc. 7.000 02/15/24   1 525
Government National Mortgage Assoc. 7.000 02/15/24   1 694
Government National Mortgage Assoc. 7.000 02/15/24   2 1,567
Government National Mortgage Assoc. 7.000 02/15/24   2 1,606
Government National Mortgage Assoc. 7.000 02/15/24   2 2,077
Government National Mortgage Assoc. 7.000 02/15/24   10 10,360
Government National Mortgage Assoc. 7.000 03/15/24   —(r) 105
Government National Mortgage Assoc. 7.000 03/15/24   1 643
Government National Mortgage Assoc. 7.000 03/15/24   1 1,151
Government National Mortgage Assoc. 7.000 03/15/24   1 1,172
Government National Mortgage Assoc. 7.000 03/15/24   2 2,530
Government National Mortgage Assoc. 7.000 04/15/24   —(r) 104
Government National Mortgage Assoc. 7.000 04/15/24   —(r) 424
Government National Mortgage Assoc. 7.000 04/15/24   —(r) 496
Government National Mortgage Assoc. 7.000 04/15/24   1 555
Government National Mortgage Assoc. 7.000 04/15/24   1 726
Government National Mortgage Assoc. 7.000 04/15/24   1 808
Government National Mortgage Assoc. 7.000 04/15/24   1 1,486
Government National Mortgage Assoc. 7.000 04/15/24   2 1,793
Government National Mortgage Assoc. 7.000 04/15/24   2 1,873
Government National Mortgage Assoc. 7.000 04/15/24   2 1,926
Government National Mortgage Assoc. 7.000 04/15/24   2 2,064
Government National Mortgage Assoc. 7.000 04/15/24   4 4,226
Government National Mortgage Assoc. 7.000 04/15/24   6 6,277
44

PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations (Continued)
Government National Mortgage Assoc. 7.000 % 04/15/24   7  $ 7,251
Government National Mortgage Assoc. 7.000 05/15/24   —(r) 209
Government National Mortgage Assoc. 7.000 05/15/24   —(r) 370
Government National Mortgage Assoc. 7.000 05/15/24   1 669
Government National Mortgage Assoc. 7.000 05/15/24   2 1,504
Government National Mortgage Assoc. 7.000 05/15/24   2 1,538
Government National Mortgage Assoc. 7.000 05/15/24   2 2,509
Government National Mortgage Assoc. 7.000 05/15/24   3 2,908
Government National Mortgage Assoc. 7.000 05/15/24   4 4,048
Government National Mortgage Assoc. 7.000 05/15/24   4 4,177
Government National Mortgage Assoc. 7.000 05/15/24   6 6,369
Government National Mortgage Assoc. 7.000 05/15/24   6 6,685
Government National Mortgage Assoc. 7.000 05/15/24   9 9,183
Government National Mortgage Assoc. 7.000 06/15/24   —(r) 306
Government National Mortgage Assoc. 7.000 06/15/24   —(r) 371
Government National Mortgage Assoc. 7.000 06/15/24   1 800
Government National Mortgage Assoc. 7.000 06/15/24   1 896
Government National Mortgage Assoc. 7.000 06/15/24   1 1,400
Government National Mortgage Assoc. 7.000 06/15/24   3 3,001
Government National Mortgage Assoc. 7.000 06/15/24   3 3,397
Government National Mortgage Assoc. 7.000 06/15/24   4 3,725
Government National Mortgage Assoc. 7.000 06/15/24   6 6,552
Government National Mortgage Assoc. 7.000 06/15/24   9 8,997
Government National Mortgage Assoc. 7.000 07/15/24   1 1,112
Government National Mortgage Assoc. 7.000 07/15/24   3 2,645
Government National Mortgage Assoc. 7.000 10/15/24   2 2,225
Government National Mortgage Assoc. 7.000 02/15/29   7 6,717
Government National Mortgage Assoc. 7.500 01/15/23   —(r) 72
Government National Mortgage Assoc. 7.500 01/15/23   —(r) 288
Government National Mortgage Assoc. 7.500 03/15/23   1 804
Government National Mortgage Assoc. 7.500 05/15/23   —(r) 454
Government National Mortgage Assoc. 7.500 05/15/23   4 4,399
Government National Mortgage Assoc. 7.500 06/15/23   —(r) 308
Government National Mortgage Assoc. 7.500 07/15/23   —(r) 107
Government National Mortgage Assoc. 7.500 07/15/23   —(r) 193
Government National Mortgage Assoc. 7.500 09/15/23   3 2,555
Government National Mortgage Assoc. 7.500 10/15/23   4 3,551
Government National Mortgage Assoc. 7.500 10/15/23   8 8,492
Government National Mortgage Assoc. 7.500 11/15/23   1 684
Government National Mortgage Assoc. 7.500 11/15/23   8 8,941
Government National Mortgage Assoc. 7.500 12/15/23   1 633
Government National Mortgage Assoc. 7.500 12/15/23   2 2,490
45

PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations (Continued)
Government National Mortgage Assoc. 7.500 % 01/15/24   1  $ 1,403
Government National Mortgage Assoc. 7.500 01/15/24   2 2,244
Government National Mortgage Assoc. 7.500 01/15/24   3 2,671
Government National Mortgage Assoc. 7.500 01/15/24   11 11,179
Government National Mortgage Assoc. 7.500 01/15/24   11 11,727
Government National Mortgage Assoc. 7.500 02/15/24   1 897
Government National Mortgage Assoc. 7.500 02/15/24   10 10,972
Government National Mortgage Assoc. 7.500 03/15/24   1 628
Government National Mortgage Assoc. 7.500 03/15/24   3 3,020
Government National Mortgage Assoc. 7.500 04/15/24   2 2,463
Government National Mortgage Assoc. 7.500 04/15/24   3 2,560
Government National Mortgage Assoc. 7.500 04/15/24   6 5,965
Government National Mortgage Assoc. 7.500 05/15/24   —(r) 466
Government National Mortgage Assoc. 7.500 05/15/24   1 761
Government National Mortgage Assoc. 7.500 06/15/24   1 1,238
Government National Mortgage Assoc. 7.500 06/15/24   2 1,849
Government National Mortgage Assoc. 7.500 06/15/24   4 3,793
Government National Mortgage Assoc. 7.500 06/15/24   5 5,163
Government National Mortgage Assoc. 7.500 07/15/24   5 4,742
Government National Mortgage Assoc. 7.500 07/15/24   11 11,118
Government National Mortgage Assoc. 8.500 04/15/25   109 120,749
Government National Mortgage Assoc. 9.500 07/20/21   —(r) 18
Government National Mortgage Assoc. 9.500 08/20/21   3 3,489
Hashemite Kingdom of Jordan Government, USAID Bond, Gov’t. Gtd. Notes 3.000 06/30/25   2,669 2,750,237
Israel Government, USAID Bond, Gov’t. Gtd. Notes 5.500 09/18/23   2,535 2,888,843
Israel Government, USAID Bond, Gov’t. Gtd. Notes 2.652(s) 08/15/23   1,000 909,129
Israel Government, USAID Bond, Gov’t. Gtd. Notes 2.744(s) 08/15/23   1,000 909,129
Israel Government, USAID Bond, Gov’t. Gtd. Notes 2.923(s) 11/15/25   1,000 857,791
Israel Government, USAID Bond, Gov’t. Gtd. Notes 2.961(s) 05/15/26   1,000 844,196
Israel Government, USAID Bond, Gov’t. Gtd. Notes 2.997(s) 02/15/26   800 679,484
Israel Government, USAID Bond, Gov’t. Gtd. Notes 3.040(s) 11/15/26   800 665,217
Israel Government, USAID Bond, Gov’t. Gtd. Notes 3.141(s) 05/15/23   600 548,990
Israel Government, USAID Bond, Gov’t. Gtd. Notes 3.329(s) 05/15/25   1,000 869,581
Residual Funding Corp. Strips Principal, Bonds, PO 2.862(s) 01/15/30   1,260 956,334
Residual Funding Corp. Strips Principal, Bonds, PO 3.139(s) 04/15/30   2,280 1,717,206
Resolution Funding Corp. Strips Principal, Bonds, PO 2.671(s) 04/15/22   800 752,546
Resolution Funding Corp. Strips Principal, Bonds, PO 3.657(s) 04/15/30   1,000 752,667
Tennessee Valley Authority, Sr. Unsec’d. Notes 2.250 03/15/20   650 649,566
Tennessee Valley Authority, Sr. Unsec’d. Notes 2.875 02/01/27   335 347,090
Tennessee Valley Authority, Sr. Unsec’d. Notes 5.880 04/01/36   170 233,462
46

PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations (Continued)
Tennessee Valley Authority, Sr. Unsec’d. Notes 6.750 % 11/01/25   1,300  $ 1,648,327
Tennessee Valley Authority, Sr. Unsec’d. Notes 7.125 05/01/30   1,170 1,674,225
Total U.S. Government Agency Obligations
(cost $164,451,540) 		166,500,126
U.S. Treasury Obligations 31.5%
U.S. Treasury Bonds 3.375 11/15/48   435 506,537
U.S. Treasury Bonds 3.750 11/15/43   5,085 6,196,549
U.S. Treasury Bonds 5.250 11/15/28   3,355 4,243,944
U.S. Treasury Inflation Indexed Bonds, TIPS 0.875 01/15/29   3,805 3,976,365
U.S. Treasury Notes 1.125 02/28/21   3,025 2,979,389
U.S. Treasury Notes 1.375 08/31/20   1,965 1,946,732
U.S. Treasury Notes 1.625 04/30/23   1,905 1,883,494
U.S. Treasury Notes 1.750 05/15/23(k)   4,815 4,782,837
U.S. Treasury Notes 2.000 11/30/20   2,225 2,223,436
U.S. Treasury Notes 2.125 09/30/21   15,715 15,783,753
U.S. Treasury Notes 2.125 05/15/22   1,540 1,549,986
U.S. Treasury Notes 2.125 06/30/22   2,840 2,858,637
U.S. Treasury Notes 2.125 02/29/24   2,125 2,142,266
U.S. Treasury Notes 2.125 05/15/25(k)   14,545 14,645,565
U.S. Treasury Notes 2.250 04/30/21   140 140,744
U.S. Treasury Notes 2.250 04/30/24   2,230 2,262,230
U.S. Treasury Notes 2.250 12/31/24   3,485 3,535,505
U.S. Treasury Notes 2.250 11/15/27   11,585 11,714,426
U.S. Treasury Notes 2.375 08/15/24   12,105 12,350,883
U.S. Treasury Notes 2.375 04/30/26   5,080 5,193,506
U.S. Treasury Notes 2.625 11/15/20   1,940 1,955,611
U.S. Treasury Notes 2.750 11/30/20   4,450 4,494,674
U.S. Treasury Notes 2.750 04/30/23   8,020 8,268,745
U.S. Treasury Notes 3.125 11/15/28   2,395 2,596,517
U.S. Treasury Strips Coupon 1.881(s) 05/15/31   1,100 833,520
U.S. Treasury Strips Coupon 1.898(s) 08/15/29   1,100 873,998
U.S. Treasury Strips Coupon 2.100(s) 11/15/35   2,200 1,464,736
U.S. Treasury Strips Coupon 2.184(s) 02/15/28   695 573,822
U.S. Treasury Strips Coupon 2.241(s) 05/15/28   345 283,032
U.S. Treasury Strips Coupon 2.264(s) 08/15/40   2,200 1,274,935
U.S. Treasury Strips Coupon 2.280(s) 02/15/29   345 277,922
U.S. Treasury Strips Coupon 2.384(s) 05/15/29   710 566,320
U.S. Treasury Strips Coupon 2.404(s) 08/15/21   3,185 3,050,033
U.S. Treasury Strips Coupon 2.499(s) 02/15/22(k)   1,675 1,589,116
47

PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Treasury Obligations (Continued)
U.S. Treasury Strips Coupon 2.581 %(s) 08/15/24   2,110  $ 1,901,208
U.S. Treasury Strips Coupon 3.143(s) 08/15/27   920 769,716
Total U.S. Treasury Obligations
(cost $128,879,965) 		131,690,689
 
Total Long-Term Investments
(cost $406,548,097) 		415,214,732
    
      Shares  
Short-Term Investments 0.4%  
Affiliated Mutual Fund 0.3%  
PGIM Core Ultra Short Bond Fund
(cost $1,227,012)(w) 		      1,227,012 1,227,012
Options Purchased*~ 0.1%  
(cost $80,748)   504,217
TOTAL SHORT-TERM INVESTMENTS
(cost $1,307,760) 		        1,731,229
TOTAL INVESTMENTS, BEFORE OPTION WRITTEN 99.7%
(cost $407,855,857) 		        416,945,961
Option Written*~ (0.0)%  
(premiums received $10,345)   (10,800)
   
TOTAL INVESTMENTS, NET OF OPTION WRITTEN 99.7%
(cost $407,845,512) 		  416,935,161
Other assets in excess of liabilities(z) 0.3%   1,351,985
   
Net Assets 100.0%   $ 418,287,146
See the Glossary for a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings.
    
* Non-income producing security.
# Principal or notional amount is shown in U.S. dollars unless otherwise stated.
~ See tables subsequent to the Schedule of Investments for options detail.
^ Indicates a Level 3 security. The aggregate value of Level 3 securities is $(66,129) and (0.0)% of net assets.
(c) Variable rate instrument. The interest rate shown reflects the rate in effect at May 31, 2019.
(cc) Variable rate instrument. The rate shown is based on the latest available information as of May 31, 2019. 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.
48

PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.
(r) Principal or notional amount is less than $500 par.
(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.
(w) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund.
(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:
Options Purchased:
Exchange Traded  
Description Call/
Put 		  Expiration
Date 		  Strike Contracts   Notional
Amount
(000)# 		  Value
Eurodollars 1 Year Mid-Curve Put   07/12/19     $98.13   288       720  $46,800  
(cost $54,455)                              
    
OTC Traded
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike Contracts   Notional
Amount
(000)# 		  Value
2-Year 10 CMS Curve CAP   Call   Morgan Stanley & Co. International PLC   11/21/19     0.13%   —       1,200  $ 10,696
2-Year 10 CMS Curve CAP   Call   Barclays Bank PLC   11/21/19     0.12%   —       1,800 16,987
2-Year 10 CMS Curve CAP   Call   Barclays Bank PLC   07/12/21     0.11%   —       2,178 28,668
2-Year 10 CMS Curve CAP   Call   Barclays Bank PLC   07/13/21     0.11%   —       2,118 27,875
2-Year 10 CMS Curve CAP   Call   Bank of America, N.A.   08/16/21     0.15%   —       5,296 65,455
2-Year 10 CMS Curve CAP   Call   Bank of America, N.A.   08/20/21     0.15%   —       10,512 136,785
2-Year 10 CMS Curve CAP   Call   Bank of America, N.A.   09/13/21     0.14%   —       10,660 141,986
2-Year 10 CMS Curve CAP   Call   Barclays Bank PLC   11/09/21     0.21%   —       2,118 27,354
Total OTC Traded (cost $20,693)                       $455,806  
    
OTC Swaptions    
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike   Receive   Pay   Notional
Amount
(000)# 		  Value
30- Year Interest Rate Swap, 08/19/49   Put   Citibank, N.A.   08/15/19   2.66%   3 Month LIBOR(Q)   2.66%(S)     500    $ 1,611
(cost $5,600)                                  
Total Options Purchased (cost $80,748)       $504,217
49

PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Options Written:
Exchange Traded                      
Description Call/
Put 		  Expiration
Date 		  Strike Contracts   Notional
Amount
(000)# 		  Value
Eurodollars 1 Year Mid-Curve Put   07/12/19     $97.88   288       720  $(10,800)  
(premiums received $10,345)                              
Futures contracts outstanding at May 31, 2019:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Long Positions:
214   2 Year U.S. Treasury Notes   Sep. 2019    $45,939,781    $ 153,911
705   5 Year U.S. Treasury Notes   Sep. 2019   82,743,869   677,213
245   10 Year U.S. Ultra Treasury Notes   Sep. 2019   33,453,986   696,172
311   30 Year U.S. Ultra Treasury Bonds   Sep. 2019   54,667,969   2,047,913
                3,575,209
Short Positions:
168   10 Year U.S. Treasury Notes   Sep. 2019   21,294,000   (232,101)
376   20 Year U.S. Treasury Bonds   Sep. 2019   57,798,250   (1,582,333)
                (1,814,434)
                $ 1,760,775
Forward rate agreements outstanding at May 31, 2019:  
Notional
Amount
(000)# 		  Termination
Date(5) 		  Fixed
Rate 		  Floating
Rate 		  Fair
Value 		  Upfront
Premiums
Paid
(Received) 		  Unrealized
Appreciation
(Depreciation) 		  Counterparty
OTC Forward Rate Agreements^:  
  15,100   06/14/19   —(3)   —(3)    $(17,426)    $—    $(17,426)   Citigroup Global Markets, Inc.
  36,100   06/24/19   —(4)   —(4)   (48,703)   —   (48,703)   Citigroup Global Markets, Inc.
                  $(66,129)   $—   $(66,129)    
(1) The Fund pays the fixed rate and receives the floating rate.
(2) The Fund pays the floating rate and receives the fixed rate.
(3) The Fund pays or receives payments based on CMM102 minus 7 Year CMS minus 1.373% upon termination.
(4) The Fund pays or receives payments based on CMM102 minus 7 Year CMS minus 1.353% upon termination.
(5) The Fund may choose to terminate these agreements at any time prior to the stated termination date.
50

PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2019
Interest rate swap agreements outstanding at May 31, 2019:
Notional
Amount
(000)# 		  Termination
Date 		  Fixed
Rate 		  Floating
Rate 		  Value at
Trade Date 		  Value at
May 31,
2019 		  Unrealized
Appreciaton
(Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
  8,455   03/23/21   2.369%(A)   1 Day USOIS(1)(A)    $ —    $ (86,085)    $ (86,085)
  6,243   03/31/21   2.173%(A)   1 Day USOIS(2)(A)   (2,294)   43,707   46,001
  14,910   03/29/24   1.949%(A)   1 Day USOIS(1)(A)   —   (161,809)   (161,809)
  22,835   08/15/24   2.170%(S)   3 Month LIBOR(1)(Q)   (7,171)   (384,225)   (377,054)
  8,110   11/15/24   2.334%(S)   3 Month LIBOR(1)(Q)   21,190   (163,311)   (184,501)
  6,650   02/12/25   2.408%(A)   1 Day USOIS(1)(A)   —   (251,848)   (251,848)
  590   02/28/25   2.454%(A)   1 Day USOIS(1)(A)   —   (24,092)   (24,092)
  3,684   05/31/25   2.998%(S)   3 Month LIBOR(1)(Q)   (2,549)   (218,037)   (215,488)
  1,905   07/31/25   2.802%(A)   1 Day USOIS(1)(A)   —   (123,725)   (123,725)
  1,780   07/31/25   3.105%(S)   3 Month LIBOR(1)(Q)   1,404   (132,931)   (134,335)
  8,016   07/31/25   3.109%(S)   3 Month LIBOR(1)(Q)   501   (600,819)   (601,320)
  11,445   01/08/26   2.210%(S)   3 Month LIBOR(1)(Q)   115,326   (220,609)   (335,935)
  735   01/31/26   2.236%(S)   3 Month LIBOR(1)(Q)   —   (12,148)   (12,148)
  4,004   01/31/26   2.269%(A)   1 Day USOIS(1)(A)   (11,527)   (135,033)   (123,506)
  4,745   02/15/27   1.824%(A)   1 Day USOIS(1)(A)   53,761   (9,440)   (63,201)
  1,575   02/15/27   1.899%(A)   1 Day USOIS(1)(A)   1,997   (12,077)   (14,074)
  795   02/15/27   1.965%(A)   1 Day USOIS(1)(A)   —   (10,052)   (10,052)
  2,625   02/15/27   2.067%(A)   1 Day USOIS(1)(A)   (1,635)   (53,534)   (51,899)
  525   05/15/27   2.295%(S)   3 Month LIBOR(1)(Q)   —   (10,459)   (10,459)
  14,338   08/15/28   2.579%(A)   1 Day USOIS(1)(A)   (216,192)   (932,217)   (716,025)
  6,394   08/15/28   2.835%(S)   3 Month LIBOR(1)(Q)   (28,425)   (439,193)   (410,768)
  145   11/15/43   2.659%(S)   3 Month LIBOR(1)(Q)   —   (10,191)   (10,191)
                    $ (75,614)   $(3,948,128)   $(3,872,514)
    
(1) The Fund pays the fixed rate and receives the floating rate.
(2) The Fund pays the floating rate and receives the fixed rate.
51

Glossary
The following abbreviations are used in the preceding Portfolios’ descriptions:
  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.
  A—Annual payment frequency for swaps
  Aces—Alternative Credit Enhancements Securities
  CLO—Collateralized Loan Obligation
  CMS—Constant Maturity Swap
  FHLMC—Federal Home Loan Mortgage Corporation
  IO—Interest Only (Principal amount represents notional)
  LIBOR—London Interbank Offered Rate
  MTN—Medium Term Note
  OTC—Over-the-counter
  PO—Principal Only
  Q—Quarterly payment frequency for swaps
  S—Semiannual payment frequency for swaps
  Strips—Separate Trading of Registered Interest and Principal of Securities
  TIPS—Treasury Inflation-Protected Securities
  USAID—United States Agency for International Development
  USOIS—United States Overnight Index Swap
Other information regarding the Fund is available in each Funds’ most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).
52