NPORT-EX 2 PI62320GovIncFund.htm
PGIM Government Income Fund
Schedule of Investments  (unaudited)
as of May 31, 2020
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Long-Term Investments 97.9%
Asset-Backed Securities 4.2%
Collateralized Loan Obligations 
AGL Core CLO Ltd. (Cayman Islands),          
Series 2019-02A, Class A1, 144A, 3 Month LIBOR + 1.390% (Cap N/A, Floor 1.390%) 2.525 %(c) 04/20/32   2,000  $1,983,021
Series 2020-04A, Class A, 144A, 3 Month LIBOR + 2.210% (Cap N/A, Floor 2.210%) 2.893(c) 04/20/28   6,000 5,971,590
     
 
Atlas Senior Loan Fund Ltd. (Cayman Islands),
Series 2014-01A, Class AR2, 144A, 3 Month LIBOR + 1.260% (Cap N/A, Floor 0.000%) 		2.436(c) 07/16/29   3,481 3,427,943
Battalion CLO Ltd.,
Series 2020-15A, Class A1, 144A, 3 Month LIBOR + 1.350% (Cap N/A, Floor 1.350%) 		3.012(c) 01/17/33   2,250 2,197,365
Canyon CLO Ltd. (Cayman Islands),
Series 2020-01A, Class A, 144A, 3 Month LIBOR + 1.920% (Cap N/A, Floor 1.920%) 		2.319(c) 07/15/28   3,750 3,767,415
Octagon Investment Partners 45 Ltd. (Cayman Islands),
Series 2019-01A, Class A, 144A, 3 Month LIBOR + 1.330% (Cap N/A, Floor 1.330%) 		2.549(c) 10/15/32   6,000 5,926,095
Race Point CLO Ltd. (Cayman Islands),
Series 2015-09A, Class A1AR, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 0.000%) 		2.429(c) 10/15/30   2,000 1,957,016
Trimaran Cavu Ltd. (Cayman Islands),
Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.460% (Cap N/A, Floor 1.460%) 		2.595(c) 07/20/32   4,000 3,939,583
Wellfleet CLO Ltd. (Cayman Islands),
Series 2017-02A, Class A1R, 144A, 3 Month LIBOR + 1.060% (Cap N/A, Floor 0.000%) 		2.195(c) 10/20/29   3,500 3,419,580
     
 
Total Asset-Backed Securities
(cost $31,269,213) 		32,589,608
Commercial Mortgage-Backed Securities 11.7%
BANK,
Series 2017-BNK05, Class A3 		3.020 06/15/60   3,600 3,770,581
Barclays Commercial Mortgage Trust,
Series 2019-C04, Class A4 		2.661 08/15/52   6,000 6,264,120
CD Mortgage Trust,
Series 2019-CD08, Class A3 		2.657 08/15/57   6,000 6,300,203
Fannie Mae-Aces,          
Series 2012-M02, Class A2 2.717 02/25/22   151 155,270
Series 2015-M17, Class A2 2.931(cc) 11/25/25   2,829 3,031,990
1
PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2020
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Commercial Mortgage-Backed Securities (Continued)
Fannie Mae-Aces, (cont’d.)          
Series 2016-M11, Class A2 2.369 %(cc) 07/25/26   2,600  $2,785,106
Series 2016-M13, Class A2 2.483(cc) 09/25/26   4,400 4,630,950
Series 2018-M14, Class A1 3.578(cc) 08/25/28   1,536 1,715,134
Series 2019-M01, Class A2 3.555(cc) 09/25/28   2,000 2,311,935
FHLMC Multifamily Structured Pass-Through
Certificates, 		         
Series K0008, Class X1, IO 1.321(cc) 06/25/20   1,144 11
Series K0019, Class X1, IO 1.591(cc) 03/25/22   22,612 540,005
Series K0020, Class X1, IO 1.364(cc) 05/25/22   13,159 292,220
Series K0021, Class X1, IO 1.417(cc) 06/25/22   14,565 338,225
Series K0025, Class X1, IO 0.811(cc) 10/25/22   36,935 601,414
Series K0060, Class AM 3.300(cc) 10/25/26   3,860 4,350,013
Series K0064, Class AM 3.327(cc) 03/25/27   2,100 2,368,558
Series K0068, Class AM 3.315 08/25/27   3,200 3,624,700
Series K0076, Class AM 3.900 04/25/28   750 883,026
Series K0077, Class A2 3.850(cc) 05/25/28   1,570 1,864,188
Series K0077, Class AM 3.850(cc) 05/25/28   310 367,842
Series K0078, Class AM 3.920 06/25/28   925 1,095,344
Series K0079, Class AM 3.930 06/25/28   1,225 1,449,451
Series K0080, Class AM 3.986(cc) 07/25/28   3,300 3,915,087
Series K0081, Class AM 3.900(cc) 08/25/28   2,600 3,084,329
Series K0083, Class AM 4.030(cc) 10/25/28   450 538,511
Series K0084, Class AM 3.880(cc) 10/25/28   2,200 2,591,695
Series K0085, Class AM 4.060(cc) 10/25/28   1,100 1,319,841
Series K0086, Class A2 3.859(cc) 11/25/28   2,500 2,989,809
Series K0086, Class AM 3.919(cc) 12/25/28   350 418,715
Series K0087, Class AM 3.832(cc) 12/25/28   400 474,211
Series K0088, Class AM 3.761(cc) 01/25/29   880 1,043,267
Series K0090, Class AM 3.492(cc) 03/25/29   1,450 1,693,931
Series K0091, Class AM 3.566 03/25/29   1,650 1,934,821
Series K0151, Class A3 3.511 04/25/30   900 1,046,146
Series K0152, Class A2 3.080 01/25/31   375 422,053
Series K0157, Class A2 3.990(cc) 05/25/33   2,900 3,490,831
Series K0157, Class A3 3.990(cc) 08/25/33   755 930,077
Series K0158, Class A2 3.900(cc) 12/25/30   1,275 1,526,106
Series K1514, Class A2 2.859 10/25/34   5,217 5,820,001
Series KC03, Class A2 3.499 01/25/26   1,100 1,198,604
Series W5FX, Class AFX 3.214(cc) 04/25/28   1,970 2,219,922
     
 
JPMBB Commercial Mortgage Securities Trust,
Series 2016-C01, Class A3 		3.515 03/15/49   2,500 2,607,564
2
PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2020
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Commercial Mortgage-Backed Securities (Continued)
     
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2013-C09, Class A3 		2.834 % 05/15/46   878  $899,623
Wells Fargo Commercial Mortgage Trust,
Series 2015-LC22, Class A3 		3.572 09/15/58   2,256 2,389,229
     
 
Total Commercial Mortgage-Backed Securities
(cost $82,873,949) 		91,294,659
Corporate Bonds 0.8%
Diversified Financial Services 
Private Export Funding Corp.,          
Sr. Unsec’d. Notes, 144A 2.650 02/16/21   2,870 2,912,613
U.S. Gov’t. Gtd. Notes, Series BB 4.300 12/15/21   1,210 1,275,205
U.S. Gov’t. Gtd. Notes, Series KK 3.550 01/15/24   2,085 2,292,210
     
 
Total Corporate Bonds
(cost $6,281,614) 		6,480,028
Residential Mortgage-Backed Securities 0.0%
Merrill Lynch Mortgage Investors Trust,
Series 2003-E, Class A1, 1 Month LIBOR + 0.620% (Cap 11.750%, Floor 0.310%) 		0.788(c) 10/25/28   39 37,935
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-01, Class 4A3 		3.811(cc) 02/25/34   166 158,459
     
 
Total Residential Mortgage-Backed Securities
(cost $206,012) 		196,394
U.S. Government Agency Obligations 34.6%
Fannie Mae Strips Principal, MTN 2.001(s) 10/08/27   530 484,900
Federal Home Loan Bank 3.250 11/16/28   1,800 2,144,218
Federal Home Loan Mortgage Corp. (2.451)(s) 11/15/38   2,500 1,731,715
Federal Home Loan Mortgage Corp. 2.000 01/01/32   413 426,956
Federal Home Loan Mortgage Corp. 2.500 05/01/23   129 135,485
Federal Home Loan Mortgage Corp. 2.500 12/01/23   190 199,015
Federal Home Loan Mortgage Corp. 2.500 03/01/30   929 980,089
Federal Home Loan Mortgage Corp. 2.500 09/01/31   582 610,552
Federal Home Loan Mortgage Corp. 2.500 10/01/32   690 726,518
Federal Home Loan Mortgage Corp. 3.000 10/01/28   162 172,844
Federal Home Loan Mortgage Corp. 3.000 06/01/29   480 511,955
Federal Home Loan Mortgage Corp. 3.000 12/01/30   558 592,875
Federal Home Loan Mortgage Corp. 3.000 01/01/37   1,174 1,242,073
3
PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2020
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations (Continued)
Federal Home Loan Mortgage Corp. 3.000 % 04/01/43   1,411  $1,511,091
Federal Home Loan Mortgage Corp. 3.000 10/01/46   894 945,079
Federal Home Loan Mortgage Corp. 3.000 11/01/46   743 785,733
Federal Home Loan Mortgage Corp. 3.000 12/01/46   725 765,009
Federal Home Loan Mortgage Corp. 3.000 01/01/47   1,564 1,654,317
Federal Home Loan Mortgage Corp. 3.500 08/01/26   256 270,993
Federal Home Loan Mortgage Corp. 3.500 01/01/27   142 150,367
Federal Home Loan Mortgage Corp. 3.500 11/01/28   987 1,055,587
Federal Home Loan Mortgage Corp. 3.500 11/01/37   559 594,598
Federal Home Loan Mortgage Corp. 3.500 06/01/42   1,398 1,516,422
Federal Home Loan Mortgage Corp. 3.500 06/01/43   1,040 1,128,621
Federal Home Loan Mortgage Corp. 3.500 07/01/43   2,512 2,725,593
Federal Home Loan Mortgage Corp. 3.500 07/01/47   5,403 5,753,790
Federal Home Loan Mortgage Corp. 3.500 08/01/47   4,103 4,362,967
Federal Home Loan Mortgage Corp. 3.500 10/01/47   350 372,328
Federal Home Loan Mortgage Corp. 4.000 06/01/26   80 85,171
Federal Home Loan Mortgage Corp. 4.000 09/01/26   227 241,398
Federal Home Loan Mortgage Corp. 4.000 11/01/39   947 1,042,394
Federal Home Loan Mortgage Corp. 4.000 09/01/40   646 710,173
Federal Home Loan Mortgage Corp. 4.000 12/01/40   353 387,813
Federal Home Loan Mortgage Corp. 4.000 12/01/40   507 556,866
Federal Home Loan Mortgage Corp. 4.000 04/01/42   1,317 1,450,500
Federal Home Loan Mortgage Corp. 4.000 05/01/46   1,491 1,616,397
Federal Home Loan Mortgage Corp. 4.000 08/01/46   348 378,323
Federal Home Loan Mortgage Corp. 4.000 12/01/46   324 349,912
Federal Home Loan Mortgage Corp. 4.000 07/01/47   968 1,036,141
Federal Home Loan Mortgage Corp. 4.000 08/01/47   339 363,286
Federal Home Loan Mortgage Corp. 4.000 08/01/47   989 1,060,312
Federal Home Loan Mortgage Corp. 4.000 06/01/48   301 321,267
Federal Home Loan Mortgage Corp. 4.000 11/01/48   610 648,312
Federal Home Loan Mortgage Corp. 4.500 09/01/39   1,344 1,494,039
Federal Home Loan Mortgage Corp. 4.500 07/01/47   305 329,570
Federal Home Loan Mortgage Corp. 4.500 07/01/47   312 338,771
Federal Home Loan Mortgage Corp. 4.500 08/01/47   1,038 1,126,387
Federal Home Loan Mortgage Corp. 5.000 06/01/33   629 714,868
Federal Home Loan Mortgage Corp. 5.000 03/01/34   68 78,312
Federal Home Loan Mortgage Corp. 5.000 05/01/34   59 67,429
Federal Home Loan Mortgage Corp. 5.000 05/01/34   754 863,762
Federal Home Loan Mortgage Corp. 5.000 02/01/48   339 371,252
Federal Home Loan Mortgage Corp. 5.500 05/01/37   91 106,756
Federal Home Loan Mortgage Corp. 5.500 01/01/38   80 92,770
Federal Home Loan Mortgage Corp. 6.000 12/01/33   46 53,732
4
PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2020
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations (Continued)
Federal Home Loan Mortgage Corp. 6.000 % 09/01/34   138  $153,666
Federal Home Loan Mortgage Corp. 6.250 07/15/32   40 63,049
Federal Home Loan Mortgage Corp. 6.500 09/01/32   40 45,795
Federal Home Loan Mortgage Corp. 6.500 09/01/32   112 127,209
Federal Home Loan Mortgage Corp. 6.750 09/15/29   100 150,873
Federal Home Loan Mortgage Corp. 7.000 09/01/32   29 30,185
Federal Home Loan Mortgage Corp. 8.000 08/01/22   2 1,595
Federal National Mortgage Assoc. 2.000 TBA   2,000 2,063,437
Federal National Mortgage Assoc. 2.000 08/01/31   495 511,058
Federal National Mortgage Assoc. 2.000 10/01/34   1,144 1,180,840
Federal National Mortgage Assoc. 2.500 TBA   7,000 7,244,948
Federal National Mortgage Assoc. 2.500 08/01/28   545 571,210
Federal National Mortgage Assoc. 2.500 08/01/29   120 126,496
Federal National Mortgage Assoc. 2.500 11/01/31   334 351,777
Federal National Mortgage Assoc. 2.500 01/01/35   1,961 2,057,631
Federal National Mortgage Assoc. 2.500 02/01/43   268 282,908
Federal National Mortgage Assoc. 2.500 12/01/46   1,264 1,332,894
Federal National Mortgage Assoc. 3.000 TBA   10,500 11,020,767
Federal National Mortgage Assoc. 3.000 01/01/27   485 512,527
Federal National Mortgage Assoc. 3.000 08/01/28   974 1,028,759
Federal National Mortgage Assoc. 3.000 02/01/31   981 1,036,036
Federal National Mortgage Assoc. 3.000 11/01/36   510 539,416
Federal National Mortgage Assoc. 3.000 12/01/42   1,245 1,332,525
Federal National Mortgage Assoc. 3.000 02/01/43   686 734,060
Federal National Mortgage Assoc. 3.000 03/01/43   376 402,890
Federal National Mortgage Assoc. 3.000 04/01/43   663 709,126
Federal National Mortgage Assoc. 3.000 06/01/43   355 379,382
Federal National Mortgage Assoc. 3.000 06/01/43   772 825,848
Federal National Mortgage Assoc. 3.000 07/01/43   2,198 2,352,552
Federal National Mortgage Assoc. 3.000 11/01/46   1,912 2,020,585
Federal National Mortgage Assoc. 3.000 01/01/47   356 377,080
Federal National Mortgage Assoc. 3.000 04/01/47   5,731 6,059,939
Federal National Mortgage Assoc. 3.000 02/01/50   1,072 1,127,882
Federal National Mortgage Assoc. 3.500 TBA   1,000 1,055,312
Federal National Mortgage Assoc. 3.500 09/01/26   155 164,165
Federal National Mortgage Assoc. 3.500 03/01/27   387 409,272
Federal National Mortgage Assoc. 3.500 12/01/30   83 88,423
Federal National Mortgage Assoc. 3.500 02/01/33   170 179,458
Federal National Mortgage Assoc. 3.500 05/01/33   357 378,623
Federal National Mortgage Assoc. 3.500 10/01/41   2,140 2,322,676
Federal National Mortgage Assoc. 3.500 12/01/41   582 631,064
Federal National Mortgage Assoc. 3.500 03/01/42   578 629,319
5
PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2020
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations (Continued)
Federal National Mortgage Assoc. 3.500 % 05/01/42   2,627  $2,849,821
Federal National Mortgage Assoc. 3.500 07/01/42   963 1,042,369
Federal National Mortgage Assoc. 3.500 12/01/42   1,444 1,567,999
Federal National Mortgage Assoc. 3.500 03/01/43   668 723,814
Federal National Mortgage Assoc. 3.500 06/01/45   4,909 5,273,018
Federal National Mortgage Assoc. 3.500 01/01/46   1,466 1,571,395
Federal National Mortgage Assoc. 3.500 12/01/46   1,880 2,011,710
Federal National Mortgage Assoc. 3.500 11/01/47   1,754 1,858,589
Federal National Mortgage Assoc. 3.500 01/01/48   2,263 2,394,532
Federal National Mortgage Assoc. 3.500 03/01/48   6,108 6,461,371
Federal National Mortgage Assoc. 3.500 04/01/48   4,602 4,889,965
Federal National Mortgage Assoc. 3.500 11/01/48   3,564 3,794,632
Federal National Mortgage Assoc. 4.000 09/01/40   1,021 1,119,183
Federal National Mortgage Assoc. 4.000 01/01/41   1,354 1,489,389
Federal National Mortgage Assoc. 4.000 09/01/44   1,080 1,183,277
Federal National Mortgage Assoc. 4.000 06/01/47   3,885 4,174,999
Federal National Mortgage Assoc. 4.000 06/01/47   5,136 5,505,909
Federal National Mortgage Assoc. 4.000 08/01/47   1,072 1,149,070
Federal National Mortgage Assoc. 4.000 09/01/47   4,031 4,315,817
Federal National Mortgage Assoc. 4.000 10/01/47   312 333,566
Federal National Mortgage Assoc. 4.000 10/01/47   2,838 3,038,236
Federal National Mortgage Assoc. 4.000 11/01/47   3,440 3,670,390
Federal National Mortgage Assoc. 4.000 12/01/47   685 735,207
Federal National Mortgage Assoc. 4.000 06/01/48   439 466,263
Federal National Mortgage Assoc. 4.500 04/01/41   1,171 1,302,862
Federal National Mortgage Assoc. 4.500 05/01/41   599 666,483
Federal National Mortgage Assoc. 4.500 01/01/45   275 305,525
Federal National Mortgage Assoc. 4.500 12/01/47   2,388 2,582,342
Federal National Mortgage Assoc. 4.500 06/01/48   712 769,217
Federal National Mortgage Assoc. 4.500 10/01/48   3,025 3,265,616
Federal National Mortgage Assoc. 5.000 12/01/31   63 69,051
Federal National Mortgage Assoc. 5.000 03/01/34   314 360,263
Federal National Mortgage Assoc. 5.000 07/01/35   125 143,163
Federal National Mortgage Assoc. 5.000 09/01/35   70 79,775
Federal National Mortgage Assoc. 5.000 11/01/35   79 90,451
Federal National Mortgage Assoc. 5.000 05/01/36   48 55,481
Federal National Mortgage Assoc. 5.500 02/01/34   332 387,654
Federal National Mortgage Assoc. 5.500 09/01/34   530 615,659
Federal National Mortgage Assoc. 5.500 02/01/35   405 468,197
Federal National Mortgage Assoc. 5.500 06/01/35   58 63,303
Federal National Mortgage Assoc. 5.500 06/01/35   175 193,466
Federal National Mortgage Assoc. 5.500 09/01/35   100 109,868
6
PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2020
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations (Continued)
Federal National Mortgage Assoc. 5.500 % 09/01/35   247  $275,963
Federal National Mortgage Assoc. 5.500 10/01/35   322 373,707
Federal National Mortgage Assoc. 5.500 11/01/35   262 291,315
Federal National Mortgage Assoc. 5.500 11/01/35   650 739,237
Federal National Mortgage Assoc. 5.500 11/01/36   8 9,465
Federal National Mortgage Assoc. 6.000 08/01/21   7 6,774
Federal National Mortgage Assoc. 6.000 09/01/21   4 4,334
Federal National Mortgage Assoc. 6.000 07/01/22   1 786
Federal National Mortgage Assoc. 6.000 09/01/33   1 594
Federal National Mortgage Assoc. 6.000 11/01/33   —(r) 472
Federal National Mortgage Assoc. 6.000 02/01/34   —(r) 290
Federal National Mortgage Assoc. 6.000 06/01/34   —(r) 150
Federal National Mortgage Assoc. 6.000 09/01/34   —(r) 297
Federal National Mortgage Assoc. 6.000 09/01/34   19 22,100
Federal National Mortgage Assoc. 6.000 09/01/34   23 25,430
Federal National Mortgage Assoc. 6.000 11/01/34   4 4,337
Federal National Mortgage Assoc. 6.000 11/01/34   28 31,947
Federal National Mortgage Assoc. 6.000 02/01/35   —(r) 540
Federal National Mortgage Assoc. 6.000 03/01/35   17 19,533
Federal National Mortgage Assoc. 6.000 04/01/35   1 756
Federal National Mortgage Assoc. 6.000 12/01/35   62 69,014
Federal National Mortgage Assoc. 6.000 01/01/36   166 184,684
Federal National Mortgage Assoc. 6.000 05/01/36   73 83,926
Federal National Mortgage Assoc. 6.000 05/01/36   388 447,797
Federal National Mortgage Assoc. 6.250 05/15/29   100 145,055
Federal National Mortgage Assoc. 6.500 07/01/32   494 584,636
Federal National Mortgage Assoc. 6.500 08/01/32   202 230,820
Federal National Mortgage Assoc. 6.500 09/01/32   79 92,084
Federal National Mortgage Assoc. 6.500 10/01/32   81 93,018
Federal National Mortgage Assoc. 6.500 10/01/32   548 656,413
Federal National Mortgage Assoc. 6.500 10/01/37   276 329,759
Federal National Mortgage Assoc. 6.625 11/15/30   580 900,359
Federal National Mortgage Assoc. 7.000 05/01/24   —(r) 50
Federal National Mortgage Assoc. 7.000 05/01/24   7 7,176
Federal National Mortgage Assoc. 7.000 05/01/24   12 11,891
Federal National Mortgage Assoc. 7.000 05/01/24   13 13,313
Federal National Mortgage Assoc. 7.000 05/01/24   51 55,520
Federal National Mortgage Assoc. 7.000 12/01/31   1 1,172
Federal National Mortgage Assoc. 7.000 12/01/31   252 298,667
Federal National Mortgage Assoc. 7.000 09/01/33   64 65,682
Federal National Mortgage Assoc. 7.000 11/01/33   66 68,441
Federal National Mortgage Assoc. 9.000 04/01/25   3 2,797
7
PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2020
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations (Continued)
Federal National Mortgage Assoc. 9.500 % 01/01/25   1  $973
Federal National Mortgage Assoc. 9.500 01/01/25   2 1,924
Federal National Mortgage Assoc. 9.500 01/01/25   6 6,058
Federal National Mortgage Assoc. 9.500 02/01/25   1 1,077
Government National Mortgage Assoc. 2.500 TBA   3,500 3,662,695
Government National Mortgage Assoc. 2.500 TBA   7,000 7,344,531
Government National Mortgage Assoc. 2.500 12/20/46   476 505,183
Government National Mortgage Assoc. 3.000 TBA   2,500 2,646,094
Government National Mortgage Assoc. 3.000 03/15/45   1,931 2,043,361
Government National Mortgage Assoc. 3.000 07/20/45   3,897 4,152,252
Government National Mortgage Assoc. 3.000 07/20/46   2,072 2,201,249
Government National Mortgage Assoc. 3.000 08/20/46   3,876 4,124,049
Government National Mortgage Assoc. 3.000 10/20/46   306 324,545
Government National Mortgage Assoc. 3.000 02/20/47   5,186 5,504,146
Government National Mortgage Assoc. 3.000 05/20/47   1,012 1,074,772
Government National Mortgage Assoc. 3.000 12/20/47   417 441,796
Government National Mortgage Assoc. 3.000 04/20/49   1,768 1,873,741
Government National Mortgage Assoc. 3.500 04/20/42   323 353,906
Government National Mortgage Assoc. 3.500 01/20/43   1,839 2,012,651
Government National Mortgage Assoc. 3.500 04/20/43   839 918,403
Government National Mortgage Assoc. 3.500 03/20/45   1,455 1,564,334
Government National Mortgage Assoc. 3.500 04/20/45   810 871,062
Government National Mortgage Assoc. 3.500 07/20/46   3,113 3,345,004
Government National Mortgage Assoc. 3.500 01/20/47   664 708,940
Government National Mortgage Assoc. 3.500 03/20/47   317 339,358
Government National Mortgage Assoc. 3.500 07/20/47   2,035 2,166,974
Government National Mortgage Assoc. 3.500 02/20/48   4,528 4,830,338
Government National Mortgage Assoc. 3.500 11/20/48   1,215 1,290,159
Government National Mortgage Assoc. 3.500 01/20/49   959 1,022,605
Government National Mortgage Assoc. 4.000 02/20/41   422 467,021
Government National Mortgage Assoc. 4.000 06/20/44   886 970,469
Government National Mortgage Assoc. 4.000 08/20/44   268 293,520
Government National Mortgage Assoc. 4.000 11/20/45   593 645,167
Government National Mortgage Assoc. 4.000 11/20/46   569 616,414
Government National Mortgage Assoc. 4.000 02/20/47   586 632,337
Government National Mortgage Assoc. 4.000 10/20/47   657 704,345
Government National Mortgage Assoc. 4.000 12/20/47   478 513,598
Government National Mortgage Assoc. 4.000 07/20/48   1,668 1,782,001
Government National Mortgage Assoc. 4.000 02/20/49   2,126 2,267,257
Government National Mortgage Assoc. 4.500 02/20/40   250 276,632
Government National Mortgage Assoc. 4.500 01/20/41   148 163,203
Government National Mortgage Assoc. 4.500 02/20/41   730 806,808
8
PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2020
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations (Continued)
Government National Mortgage Assoc. 4.500 % 03/20/41   374  $413,665
Government National Mortgage Assoc. 4.500 06/20/44   537 592,478
Government National Mortgage Assoc. 4.500 02/20/46   52 57,569
Government National Mortgage Assoc. 4.500 03/20/46   259 284,570
Government National Mortgage Assoc. 4.500 03/20/47   1,589 1,747,030
Government National Mortgage Assoc. 4.500 08/20/47   304 333,046
Government National Mortgage Assoc. 4.500 01/20/48   247 267,796
Government National Mortgage Assoc. 4.500 02/20/48   1,596 1,744,333
Government National Mortgage Assoc. 5.000 07/15/33   427 491,068
Government National Mortgage Assoc. 5.000 09/15/33   529 602,970
Government National Mortgage Assoc. 5.000 04/15/34   16 17,617
Government National Mortgage Assoc. 5.500 02/15/34   446 503,632
Government National Mortgage Assoc. 5.500 02/15/36   113 131,021
Government National Mortgage Assoc. 7.000 12/15/22   —(r) 203
Government National Mortgage Assoc. 7.000 12/15/22   1 544
Government National Mortgage Assoc. 7.000 01/15/23   —(r) 289
Government National Mortgage Assoc. 7.000 01/15/23   1 828
Government National Mortgage Assoc. 7.000 01/15/23   1 1,004
Government National Mortgage Assoc. 7.000 01/15/23   1 1,212
Government National Mortgage Assoc. 7.000 01/15/23   2 2,080
Government National Mortgage Assoc. 7.000 03/15/23   1 1,199
Government National Mortgage Assoc. 7.000 03/15/23   2 2,082
Government National Mortgage Assoc. 7.000 04/15/23   1 727
Government National Mortgage Assoc. 7.000 04/15/23   2 1,989
Government National Mortgage Assoc. 7.000 05/15/23   —(r) 73
Government National Mortgage Assoc. 7.000 05/15/23   —(r) 197
Government National Mortgage Assoc. 7.000 05/15/23   —(r) 335
Government National Mortgage Assoc. 7.000 05/15/23   —(r) 373
Government National Mortgage Assoc. 7.000 05/15/23   —(r) 435
Government National Mortgage Assoc. 7.000 05/15/23   1 509
Government National Mortgage Assoc. 7.000 05/15/23   1 905
Government National Mortgage Assoc. 7.000 05/15/23   4 3,772
Government National Mortgage Assoc. 7.000 05/15/23   5 5,327
Government National Mortgage Assoc. 7.000 05/15/23   6 5,540
Government National Mortgage Assoc. 7.000 06/15/23   —(r) 90
Government National Mortgage Assoc. 7.000 06/15/23   —(r) 229
Government National Mortgage Assoc. 7.000 06/15/23   —(r) 399
Government National Mortgage Assoc. 7.000 06/15/23   1 713
Government National Mortgage Assoc. 7.000 06/15/23   1 1,083
Government National Mortgage Assoc. 7.000 06/15/23   1 1,290
Government National Mortgage Assoc. 7.000 06/15/23   2 2,434
Government National Mortgage Assoc. 7.000 07/15/23   —(r) 148
9
PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2020
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations (Continued)
Government National Mortgage Assoc. 7.000 % 07/15/23   —(r)  $176
Government National Mortgage Assoc. 7.000 07/15/23   —(r) 313
Government National Mortgage Assoc. 7.000 07/15/23   —(r) 316
Government National Mortgage Assoc. 7.000 07/15/23   —(r) 343
Government National Mortgage Assoc. 7.000 07/15/23   1 707
Government National Mortgage Assoc. 7.000 07/15/23   1 871
Government National Mortgage Assoc. 7.000 07/15/23   1 913
Government National Mortgage Assoc. 7.000 07/15/23   1 1,169
Government National Mortgage Assoc. 7.000 07/15/23   2 2,413
Government National Mortgage Assoc. 7.000 07/15/23   11 10,743
Government National Mortgage Assoc. 7.000 08/15/23   —(r) 74
Government National Mortgage Assoc. 7.000 08/15/23   —(r) 219
Government National Mortgage Assoc. 7.000 08/15/23   —(r) 294
Government National Mortgage Assoc. 7.000 08/15/23   —(r) 348
Government National Mortgage Assoc. 7.000 08/15/23   —(r) 389
Government National Mortgage Assoc. 7.000 08/15/23   1 679
Government National Mortgage Assoc. 7.000 08/15/23   1 992
Government National Mortgage Assoc. 7.000 08/15/23   1 1,148
Government National Mortgage Assoc. 7.000 08/15/23   1 1,173
Government National Mortgage Assoc. 7.000 08/15/23   2 1,615
Government National Mortgage Assoc. 7.000 08/15/23   2 2,029
Government National Mortgage Assoc. 7.000 08/15/23   2 2,105
Government National Mortgage Assoc. 7.000 08/15/23   2 2,334
Government National Mortgage Assoc. 7.000 08/15/23   2 2,348
Government National Mortgage Assoc. 7.000 08/15/23   4 3,644
Government National Mortgage Assoc. 7.000 08/15/23   4 4,039
Government National Mortgage Assoc. 7.000 09/15/23   —(r) 401
Government National Mortgage Assoc. 7.000 09/15/23   —(r) 429
Government National Mortgage Assoc. 7.000 09/15/23   1 671
Government National Mortgage Assoc. 7.000 09/15/23   1 700
Government National Mortgage Assoc. 7.000 09/15/23   1 785
Government National Mortgage Assoc. 7.000 09/15/23   5 5,415
Government National Mortgage Assoc. 7.000 09/15/23   20 20,612
Government National Mortgage Assoc. 7.000 10/15/23   —(r) 119
Government National Mortgage Assoc. 7.000 10/15/23   —(r) 156
Government National Mortgage Assoc. 7.000 10/15/23   —(r) 368
Government National Mortgage Assoc. 7.000 10/15/23   —(r) 417
Government National Mortgage Assoc. 7.000 10/15/23   —(r) 422
Government National Mortgage Assoc. 7.000 10/15/23   1 549
Government National Mortgage Assoc. 7.000 10/15/23   1 835
Government National Mortgage Assoc. 7.000 10/15/23   1 865
Government National Mortgage Assoc. 7.000 10/15/23   1 922
10
PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2020
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations (Continued)
Government National Mortgage Assoc. 7.000 % 10/15/23   1  $974
Government National Mortgage Assoc. 7.000 10/15/23   1 993
Government National Mortgage Assoc. 7.000 10/15/23   1 1,063
Government National Mortgage Assoc. 7.000 10/15/23   1 1,073
Government National Mortgage Assoc. 7.000 10/15/23   1 1,119
Government National Mortgage Assoc. 7.000 10/15/23   2 1,536
Government National Mortgage Assoc. 7.000 10/15/23   2 1,815
Government National Mortgage Assoc. 7.000 10/15/23   2 1,838
Government National Mortgage Assoc. 7.000 10/15/23   3 2,691
Government National Mortgage Assoc. 7.000 10/15/23   3 3,262
Government National Mortgage Assoc. 7.000 10/15/23   5 4,661
Government National Mortgage Assoc. 7.000 10/15/23   5 4,853
Government National Mortgage Assoc. 7.000 10/15/23   8 8,240
Government National Mortgage Assoc. 7.000 10/15/23   9 9,469
Government National Mortgage Assoc. 7.000 10/15/23   15 15,129
Government National Mortgage Assoc. 7.000 10/15/23   23 24,198
Government National Mortgage Assoc. 7.000 11/15/23   —(r) 361
Government National Mortgage Assoc. 7.000 11/15/23   1 516
Government National Mortgage Assoc. 7.000 11/15/23   1 706
Government National Mortgage Assoc. 7.000 11/15/23   1 776
Government National Mortgage Assoc. 7.000 11/15/23   1 827
Government National Mortgage Assoc. 7.000 11/15/23   1 852
Government National Mortgage Assoc. 7.000 11/15/23   1 1,174
Government National Mortgage Assoc. 7.000 11/15/23   1 1,257
Government National Mortgage Assoc. 7.000 11/15/23   2 2,098
Government National Mortgage Assoc. 7.000 11/15/23   2 2,250
Government National Mortgage Assoc. 7.000 11/15/23   3 2,951
Government National Mortgage Assoc. 7.000 11/15/23   3 2,961
Government National Mortgage Assoc. 7.000 11/15/23   3 3,089
Government National Mortgage Assoc. 7.000 11/15/23   3 3,395
Government National Mortgage Assoc. 7.000 11/15/23   4 4,399
Government National Mortgage Assoc. 7.000 11/15/23   5 4,711
Government National Mortgage Assoc. 7.000 11/15/23   9 9,733
Government National Mortgage Assoc. 7.000 12/15/23   —(r) 277
Government National Mortgage Assoc. 7.000 12/15/23   —(r) 286
Government National Mortgage Assoc. 7.000 12/15/23   —(r) 329
Government National Mortgage Assoc. 7.000 12/15/23   —(r) 345
Government National Mortgage Assoc. 7.000 12/15/23   —(r) 352
Government National Mortgage Assoc. 7.000 12/15/23   1 532
Government National Mortgage Assoc. 7.000 12/15/23   1 758
Government National Mortgage Assoc. 7.000 12/15/23   1 784
Government National Mortgage Assoc. 7.000 12/15/23   1 794
11
PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2020
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations (Continued)
Government National Mortgage Assoc. 7.000 % 12/15/23   1  $1,004
Government National Mortgage Assoc. 7.000 12/15/23   1 1,155
Government National Mortgage Assoc. 7.000 12/15/23   1 1,181
Government National Mortgage Assoc. 7.000 12/15/23   1 1,224
Government National Mortgage Assoc. 7.000 12/15/23   2 1,701
Government National Mortgage Assoc. 7.000 12/15/23   2 1,849
Government National Mortgage Assoc. 7.000 12/15/23   2 1,922
Government National Mortgage Assoc. 7.000 12/15/23   2 2,103
Government National Mortgage Assoc. 7.000 12/15/23   2 2,381
Government National Mortgage Assoc. 7.000 12/15/23   3 2,557
Government National Mortgage Assoc. 7.000 12/15/23   3 3,446
Government National Mortgage Assoc. 7.000 12/15/23   3 3,553
Government National Mortgage Assoc. 7.000 12/15/23   3 3,631
Government National Mortgage Assoc. 7.000 12/15/23   4 3,932
Government National Mortgage Assoc. 7.000 12/15/23   4 4,573
Government National Mortgage Assoc. 7.000 12/15/23   6 5,771
Government National Mortgage Assoc. 7.000 12/15/23   7 6,968
Government National Mortgage Assoc. 7.000 12/15/23   8 8,627
Government National Mortgage Assoc. 7.000 12/15/23   11 11,157
Government National Mortgage Assoc. 7.000 12/15/23   13 13,661
Government National Mortgage Assoc. 7.000 01/15/24   —(r) 283
Government National Mortgage Assoc. 7.000 01/15/24   1 628
Government National Mortgage Assoc. 7.000 01/15/24   1 667
Government National Mortgage Assoc. 7.000 01/15/24   1 780
Government National Mortgage Assoc. 7.000 01/15/24   1 1,014
Government National Mortgage Assoc. 7.000 01/15/24   1 1,145
Government National Mortgage Assoc. 7.000 01/15/24   2 1,635
Government National Mortgage Assoc. 7.000 01/15/24   2 1,703
Government National Mortgage Assoc. 7.000 01/15/24   2 1,965
Government National Mortgage Assoc. 7.000 01/15/24   2 2,065
Government National Mortgage Assoc. 7.000 01/15/24   3 3,043
Government National Mortgage Assoc. 7.000 01/15/24   5 5,487
Government National Mortgage Assoc. 7.000 02/15/24   —(r) 311
Government National Mortgage Assoc. 7.000 02/15/24   —(r) 351
Government National Mortgage Assoc. 7.000 02/15/24   1 557
Government National Mortgage Assoc. 7.000 02/15/24   1 1,132
Government National Mortgage Assoc. 7.000 02/15/24   1 1,280
Government National Mortgage Assoc. 7.000 02/15/24   2 1,594
Government National Mortgage Assoc. 7.000 02/15/24   6 6,865
Government National Mortgage Assoc. 7.000 03/15/24   —(r) 86
Government National Mortgage Assoc. 7.000 03/15/24   —(r) 377
Government National Mortgage Assoc. 7.000 03/15/24   1 813
12
PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2020
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations (Continued)
Government National Mortgage Assoc. 7.000 % 03/15/24   2  $1,988
Government National Mortgage Assoc. 7.000 04/15/24   —(r) 81
Government National Mortgage Assoc. 7.000 04/15/24   —(r) 270
Government National Mortgage Assoc. 7.000 04/15/24   —(r) 299
Government National Mortgage Assoc. 7.000 04/15/24   1 601
Government National Mortgage Assoc. 7.000 04/15/24   1 742
Government National Mortgage Assoc. 7.000 04/15/24   1 962
Government National Mortgage Assoc. 7.000 04/15/24   1 976
Government National Mortgage Assoc. 7.000 04/15/24   1 1,230
Government National Mortgage Assoc. 7.000 04/15/24   2 1,684
Government National Mortgage Assoc. 7.000 04/15/24   3 3,444
Government National Mortgage Assoc. 7.000 04/15/24   5 5,195
Government National Mortgage Assoc. 7.000 04/15/24   6 5,901
Government National Mortgage Assoc. 7.000 05/15/24   —(r) 172
Government National Mortgage Assoc. 7.000 05/15/24   —(r) 304
Government National Mortgage Assoc. 7.000 05/15/24   1 556
Government National Mortgage Assoc. 7.000 05/15/24   1 737
Government National Mortgage Assoc. 7.000 05/15/24   1 1,221
Government National Mortgage Assoc. 7.000 05/15/24   2 1,627
Government National Mortgage Assoc. 7.000 05/15/24   2 1,983
Government National Mortgage Assoc. 7.000 05/15/24   2 2,391
Government National Mortgage Assoc. 7.000 05/15/24   3 3,326
Government National Mortgage Assoc. 7.000 05/15/24   5 5,255
Government National Mortgage Assoc. 7.000 05/15/24   7 7,570
Government National Mortgage Assoc. 7.000 06/15/24   —(r) 145
Government National Mortgage Assoc. 7.000 06/15/24   —(r) 200
Government National Mortgage Assoc. 7.000 06/15/24   —(r) 293
Government National Mortgage Assoc. 7.000 06/15/24   1 565
Government National Mortgage Assoc. 7.000 06/15/24   1 975
Government National Mortgage Assoc. 7.000 06/15/24   2 2,489
Government National Mortgage Assoc. 7.000 06/15/24   3 2,703
Government National Mortgage Assoc. 7.000 06/15/24   3 2,932
Government National Mortgage Assoc. 7.000 06/15/24   5 5,451
Government National Mortgage Assoc. 7.000 06/15/24   7 7,209
Government National Mortgage Assoc. 7.000 07/15/24   1 914
Government National Mortgage Assoc. 7.000 07/15/24   2 2,100
Government National Mortgage Assoc. 7.000 10/15/24   1 1,354
Government National Mortgage Assoc. 7.000 02/15/29   6 6,227
Government National Mortgage Assoc. 7.500 01/15/23   —(r) 30
Government National Mortgage Assoc. 7.500 01/15/23   —(r) 163
Government National Mortgage Assoc. 7.500 03/15/23   —(r) 321
Government National Mortgage Assoc. 7.500 05/15/23   —(r) 143
13
PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2020
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations (Continued)
Government National Mortgage Assoc. 7.500 % 05/15/23   3  $3,403
Government National Mortgage Assoc. 7.500 06/15/23   —(r) 135
Government National Mortgage Assoc. 7.500 07/15/23   —(r) 26
Government National Mortgage Assoc. 7.500 07/15/23   —(r) 152
Government National Mortgage Assoc. 7.500 09/15/23   2 1,951
Government National Mortgage Assoc. 7.500 10/15/23   3 2,840
Government National Mortgage Assoc. 7.500 10/15/23   6 6,805
Government National Mortgage Assoc. 7.500 11/15/23   1 554
Government National Mortgage Assoc. 7.500 11/15/23   7 7,238
Government National Mortgage Assoc. 7.500 12/15/23   1 513
Government National Mortgage Assoc. 7.500 12/15/23   2 1,866
Government National Mortgage Assoc. 7.500 01/15/24   1 1,061
Government National Mortgage Assoc. 7.500 01/15/24   1 1,077
Government National Mortgage Assoc. 7.500 01/15/24   1 1,583
Government National Mortgage Assoc. 7.500 01/15/24   7 7,484
Government National Mortgage Assoc. 7.500 01/15/24   9 9,214
Government National Mortgage Assoc. 7.500 02/15/24   1 703
Government National Mortgage Assoc. 7.500 02/15/24   8 8,731
Government National Mortgage Assoc. 7.500 03/15/24   2 2,475
Government National Mortgage Assoc. 7.500 04/15/24   2 2,034
Government National Mortgage Assoc. 7.500 04/15/24   2 2,041
Government National Mortgage Assoc. 7.500 04/15/24   5 4,929
Government National Mortgage Assoc. 7.500 05/15/24   —(r) 280
Government National Mortgage Assoc. 7.500 06/15/24   —(r) 422
Government National Mortgage Assoc. 7.500 06/15/24   1 1,028
Government National Mortgage Assoc. 7.500 06/15/24   3 3,176
Government National Mortgage Assoc. 7.500 06/15/24   4 4,300
Government National Mortgage Assoc. 7.500 07/15/24   4 3,786
Government National Mortgage Assoc. 7.500 07/15/24   8 8,283
Government National Mortgage Assoc. 8.500 04/15/25   78 87,471
Government National Mortgage Assoc. 9.500 07/20/21   —(r) 9
Government National Mortgage Assoc. 9.500 08/20/21   2 1,905
Israel Government, USAID Bond, U.S. Gov’t. Gtd. Notes 2.903(s) 11/15/25   900 860,000
Israel Government, USAID Bond, U.S. Gov’t. Gtd. Notes 2.938(s) 05/15/26   875 830,362
Israel Government, USAID Bond, U.S. Gov’t. Gtd. Notes 2.975(s) 02/15/26   650 627,955
Israel Government, USAID Bond, U.S. Gov’t. Gtd. Notes 5.500 09/18/33   500 757,494
Residual Funding Corp., Strips Principal, Bonds, PO 2.737(s) 01/15/30   1,540 1,353,991
Residual Funding Corp., Strips Principal, Bonds, PO 3.114(s) 04/15/30   2,280 1,994,769
Resolution Funding Corp., Strips Interest, Bonds 1.547(s) 04/15/28   900 820,960
Resolution Funding Corp., Strips Interest, Bonds 2.046(s) 01/15/30   280 243,015
Resolution Funding Corp., Strips Interest, Bonds 2.477(s) 01/15/29   500 443,569
Resolution Funding Corp., Strips Interest, Bonds 3.624(s) 04/15/30   1,000 859,106
14
PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2020
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations (Continued)
Tennessee Valley Authority, Sr. Unsec’d. Notes 0.750 % 05/15/25   1,485  $1,499,513
Tennessee Valley Authority, Sr. Unsec’d. Notes 2.875 02/01/27   335 374,394
Tennessee Valley Authority, Sr. Unsec’d. Notes 5.880 04/01/36   170 258,730
Tennessee Valley Authority, Sr. Unsec’d. Notes 6.750 11/01/25   1,300 1,717,722
Tennessee Valley Authority, Sr. Unsec’d. Notes 7.125 05/01/30   1,170 1,808,375
     
 
Total U.S. Government Agency Obligations
(cost $259,590,064) 		269,074,637
U.S. Treasury Obligations 46.6%
U.S. Treasury Bonds 1.125 05/15/40   520 514,630
U.S. Treasury Bonds 2.000 02/15/50   1,400 1,600,375
U.S. Treasury Bonds 2.875 05/15/43   18,620 24,240,913
U.S. Treasury Bonds 3.000 11/15/44   17,825 23,807,516
U.S. Treasury Bonds 3.000 11/15/45   12,395 16,667,402
U.S. Treasury Bonds 3.125 02/15/43   6,850 9,257,133
U.S. Treasury Bonds 3.125 08/15/44   8,300 11,291,891
U.S. Treasury Bonds 3.375 05/15/44   12,185 17,184,658
U.S. Treasury Bonds 3.625 08/15/43(k)   22,440 32,671,237
U.S. Treasury Bonds 3.625 02/15/44   815 1,190,027
U.S. Treasury Bonds 3.750 11/15/43   38,695 57,443,937
U.S. Treasury Notes 0.375 04/30/25   150 150,492
U.S. Treasury Notes 0.500 04/30/27   725 725,340
U.S. Treasury Notes 0.625 05/15/30   2,770 2,762,642
U.S. Treasury Notes 1.125 02/28/27   20,005 20,858,130
U.S. Treasury Notes 1.250 08/31/24   1,570 1,635,498
U.S. Treasury Notes 1.750 06/30/24   3,085 3,272,510
U.S. Treasury Notes 2.125 08/15/21   3,115 3,187,156
U.S. Treasury Notes 2.250 11/15/25   40,375 44,475,586
U.S. Treasury Notes 2.375 08/15/24   25,305 27,536,980
U.S. Treasury Notes 3.125 11/15/28   5,585 6,759,595
U.S. Treasury Strips Coupon 1.052(s) 05/15/29   10,710 10,041,880
U.S. Treasury Strips Coupon 1.225(s) 02/15/41   150 112,289
U.S. Treasury Strips Coupon 1.351(s) 08/15/43   350 245,533
U.S. Treasury Strips Coupon 1.371(s) 05/15/42   665 481,579
U.S. Treasury Strips Coupon 1.389(s) 05/15/43   4,550 3,219,303
U.S. Treasury Strips Coupon 1.394(s) 11/15/41   1,295 948,790
U.S. Treasury Strips Coupon 1.450(s) 08/15/42   180 129,431
U.S. Treasury Strips Coupon 1.463(s) 11/15/42   475 339,384
U.S. Treasury Strips Coupon 1.479(s) 05/15/24   2,215 2,186,707
U.S. Treasury Strips Coupon 1.872(s) 05/15/31   1,100 1,000,098
U.S. Treasury Strips Coupon 1.889(s) 08/15/29   1,100 1,026,781
15
PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2020
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Treasury Obligations (Continued)
U.S. Treasury Strips Coupon 1.982 %(s) 08/15/39   2,050  $1,585,947
U.S. Treasury Strips Coupon 2.010(s) 08/15/30   1,585 1,457,705
U.S. Treasury Strips Coupon 2.056(s) 11/15/38   590 465,040
U.S. Treasury Strips Coupon 2.058(s) 02/15/39(k)   2,755 2,158,370
U.S. Treasury Strips Coupon 2.089(s) 11/15/35   1,525 1,282,370
U.S. Treasury Strips Coupon 2.172(s) 02/15/28   695 661,417
U.S. Treasury Strips Coupon 2.208(s) 05/15/39   1,505 1,171,666
U.S. Treasury Strips Coupon 2.228(s) 05/15/28   345 327,575
U.S. Treasury Strips Coupon 2.251(s) 08/15/40   2,200 1,666,758
U.S. Treasury Strips Coupon 2.267(s) 02/15/29   305 286,414
U.S. Treasury Strips Coupon 2.334(s) 08/15/41   2,485 1,819,098
U.S. Treasury Strips Coupon 2.353(s) 02/15/44   620 429,883
U.S. Treasury Strips Coupon 2.365(s) 05/15/44   2,275 1,568,150
U.S. Treasury Strips Coupon 2.365(s) 11/15/44   7,750 5,302,998
U.S. Treasury Strips Coupon 2.380(s) 05/15/41   3,445 2,561,277
U.S. Treasury Strips Coupon 2.394(s) 11/15/43   13,768 9,606,407
U.S. Treasury Strips Coupon 2.418(s) 08/15/35   25 21,111
U.S. Treasury Strips Coupon 2.434(s) 11/15/45   590 395,577
U.S. Treasury Strips Coupon 2.436(s) 02/15/46   665 444,043
U.S. Treasury Strips Coupon 2.484(s) 02/15/22(k)   1,675 1,670,158
U.S. Treasury Strips Coupon 3.117(s) 08/15/27   920 880,145
     
 
Total U.S. Treasury Obligations
(cost $342,960,639) 		362,727,532
 
Total Long-Term Investments
(cost $723,181,491) 		762,362,858
    
16
PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2020
Description     Shares Value
Short-Term Investments 6.5%
Affiliated Mutual Fund 6.4%          
PGIM Core Ultra Short Bond Fund
(cost $50,071,696)(w) 		    50,071,696  $50,071,696
Options Purchased*~ 0.1%          
(cost $12,443) 685,388
TOTAL SHORT-TERM INVESTMENTS
(cost $50,084,139) 		        50,757,084
 
TOTAL INVESTMENTS 104.4%
(cost $773,265,630) 		813,119,942
Liabilities in excess of other assets(z) (4.4)% (34,047,908)
 
Net Assets 100.0% $779,072,034
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
    
  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
  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
  TBA—To Be Announced
  USAID—United States Agency for International Development
  USOIS—United States Overnight Index Swap
    
* 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.
(c) Variable rate instrument. The interest rate shown reflects the rate in effect at May 31, 2020.
(cc) Variable rate instrument. The rate shown is based on the latest available information as of May 31, 2020. 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.
(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.
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PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2020
(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:
OTC Traded
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike Contracts   Notional
Amount
(000)# 		  Value
2-Year 10 CMS Curve CAP   Call   Barclays Bank PLC   07/12/21     0.11%   —       2,178  $47,313
2-Year 10 CMS Curve CAP   Call   Barclays Bank PLC   07/13/21     0.11%   —       2,118 46,213
2-Year 10 CMS Curve CAP   Call   Bank of America, N.A.   08/16/21     0.15%   —       5,296 108,670
2-Year 10 CMS Curve CAP   Call   Bank of America, N.A.   08/20/21     0.15%   —       10,512 216,465
2-Year 10 CMS Curve CAP   Call   Bank of America, N.A.   09/13/21     0.14%   —       10,660 226,428
2-Year 10 CMS Curve CAP   Call   Barclays Bank PLC   11/09/21     0.21%   —       2,118 40,299
Total Options Purchased (cost $12,443)     $685,388
Futures contracts outstanding at May 31, 2020:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Long Positions:
463   5 Year U.S. Treasury Notes   Sep. 2020    $58,164,375    $58,804
34   10 Year U.S. Treasury Notes   Sep. 2020   4,728,125   25,248
                84,052
Short Positions:
6   2 Year U.S. Treasury Notes   Sep. 2020   1,325,063   (402)
556   20 Year U.S. Treasury Bonds   Sep. 2020   99,176,500   (299,062)
337   30 Year U.S. Ultra Treasury Bonds   Sep. 2020   73,476,531   356,355
                56,891
                $140,943
Interest rate swap agreements outstanding at May 31, 2020:
Notional
Amount
(000)# 		  Termination
Date 		  Fixed
Rate 		  Floating
Rate 		  Value at
Trade Date 		  Value at
May 31,
2020 		  Unrealized
Appreciaton
(Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
  6,243   03/31/21   2.173%(A)   1 Day USOIS(2)(A)    $(2,294)    $136,252    $138,546
  40,886   06/15/21   1.830%(S)   3 Month LIBOR(2)(Q)   —   931,752   931,752
  34,954   09/15/21   1.381%(S)   3 Month LIBOR(2)(Q)   (71,869)   542,913   614,782
  22,925   09/15/21   1.480%(S)   3 Month LIBOR(2)(Q)   21,841   384,918   363,077
  43,040   09/15/21   1.604%(S)   3 Month LIBOR(2)(Q)   72,391   740,200   667,809
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PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of May 31, 2020
Interest rate swap agreements outstanding at May 31, 2020 (continued):
Notional
Amount
(000)# 		  Termination
Date 		  Fixed
Rate 		  Floating
Rate 		  Value at
Trade Date 		  Value at
May 31,
2020 		  Unrealized
Appreciaton
(Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
  1,534   11/15/45   0.508%(A)   1 Day USOIS(1)(A)    $35,756    $57,962    $22,206
  345   11/15/45   1.044%(A)   1 Day USOIS(1)(A)   —   (31,231)   (31,231)
  1,360   08/09/49   1.508%(A)   1 Day USOIS(1)(A)   —   (310,889)   (310,889)
  1,824   03/30/50   0.855%(S)   3 Month LIBOR(1)(Q)   —   43,244   43,244
                    $55,825   $2,495,121   $2,439,296
    
(1) The Fund pays the fixed rate and receives the floating rate.
(2) The Fund pays the floating rate and receives the fixed rate.
Other information regarding the Fund is available in the Fund’s most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).
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