NPORT-EX 2 PI62320PRU113021.htm
PGIM Government Income Fund
Schedule of Investments  (unaudited)
as of November 30, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Long-Term Investments 100.2%
Asset-Backed Securities 5.6%
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%) 		1.522 %(c) 04/20/32   2,000  $2,003,260
Balboa Bay Loan Funding Ltd. (Cayman Islands),
Series 2021-01A, Class A, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%) 		1.334(c) 07/20/34   1,000 1,000,500
Battalion CLO Ltd.,          
Series 2018-12A, Class A2R, 144A, 3 Month LIBOR + 1.450% (Cap N/A, Floor 1.450%) 1.608(c) 05/17/31   4,500 4,500,389
Series 2020-15A, Class A1, 144A, 3 Month LIBOR + 1.350% (Cap N/A, Floor 1.350%) 1.472(c) 01/17/33   2,250 2,250,606
     
 
Generate CLO Ltd. (Cayman Islands),
Series 08A, Class A1, 144A, 3 Month LIBOR + 1.500% (Cap N/A, Floor 1.500%) 		1.632(c) 04/20/32   1,500 1,501,670
Octagon Investment Partners 45 Ltd. (Cayman Islands),
Series 2019-01A, Class A, 144A, 3 Month LIBOR + 1.330% (Cap N/A, Floor 1.330%) 		1.454(c) 10/15/32   6,000 6,001,870
Trimaran Cavu Ltd. (Cayman Islands),
Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.460% (Cap N/A, Floor 1.460%) 		1.592(c) 07/20/32   4,000 4,007,063
Trinitas CLO Ltd. (Cayman Islands),
Series 2016-05A, Class ARR, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 1.030%) 		1.154(c) 10/25/28   1,531 1,530,831
Venture CLO Ltd. (Cayman Islands),
Series 2021-43A, Class A1, 144A, 3 Month LIBOR + 1.240% (Cap N/A, Floor 1.240%) 		1.364(c) 04/15/34   5,500 5,502,307
     
 
Total Asset-Backed Securities
(cost $27,489,014) 		28,298,496
Commercial Mortgage-Backed Securities 6.5%
Barclays Commercial Mortgage Trust,
Series 2019-C04, Class A4 		2.661 08/15/52   6,000 6,166,729
Fannie Mae-Aces,          
Series 2012-M02, Class A2 2.717 02/25/22   11 10,676
Series 2018-M14, Class A1 3.700(cc) 08/25/28   32 32,356
FHLMC Multifamily Structured Pass-Through
Certificates, 		         
Series K0019, Class X1, IO 1.723(cc) 03/25/22   19,019 825
Series K0020, Class X1, IO 1.473(cc) 05/25/22   12,063 39,319
1
PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of November 30, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Commercial Mortgage-Backed Securities (Continued)
FHLMC Multifamily Structured Pass-Through Certificates, (cont’d.)          
Series K0021, Class X1, IO 1.508 %(cc) 06/25/22   13,573  $24,725
Series K0025, Class X1, IO 0.903(cc) 10/25/22   35,387 195,889
Series K0079, Class AM 3.930 06/25/28   1,225 1,395,395
Series K0085, Class AM 4.060(cc) 10/25/28   640 736,480
Series K0088, Class AM 3.761(cc) 01/25/29   880 998,069
Series K0091, Class AM 3.566 03/25/29   1,650 1,858,227
Series K0151, Class A3 3.511 04/25/30   900 1,007,064
Series K0152, Class A2 3.080 01/25/31   375 412,117
Series K0157, Class A2 3.990(cc) 05/25/33   2,900 3,396,218
Series K1513, Class A3 2.797 08/25/34   6,500 6,988,160
Series K1514, Class A2 2.859 10/25/34   5,217 5,650,979
Series KC03, Class A2 3.499 01/25/26   1,100 1,151,762
Series W5FX, Class AFX 3.336(cc) 04/25/28   1,040 1,136,415
     
 
JPMBB Commercial Mortgage Securities Trust,
Series 2016-C01, Class A3 		3.515 03/15/49   1,610 1,609,822
     
 
Total Commercial Mortgage-Backed Securities
(cost $31,602,841) 		32,811,227
Corporate Bonds 0.9%
Diversified Financial Services 
Private Export Funding Corp.,          
U.S. Gov’t. Gtd. Notes, Series BB 4.300 12/15/21   1,210 1,211,821
U.S. Gov’t. Gtd. Notes, Series KK 3.550 01/15/24   2,085 2,201,787
U.S. Gov’t. Gtd. Notes, Series PP 1.400 07/15/28   1,005 988,467
     
 
Total Corporate Bonds
(cost $4,341,640) 		4,402,075
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 0.620%) 		0.712(c) 10/25/28   26 25,671
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-01, Class 4A3 		2.438(cc) 02/25/34   101 101,355
     
 
Total Residential Mortgage-Backed Securities
(cost $126,838) 		127,026
U.S. Government Agency Obligations 41.6%
Federal Home Loan Bank 3.250 11/16/28   1,800 2,013,224
2
PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of November 30, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations(Continued)
Federal Home Loan Mortgage Corp. 1.500 % 11/01/50   937  $906,415
Federal Home Loan Mortgage Corp. 2.000 01/01/32   248 255,041
Federal Home Loan Mortgage Corp. 2.500 05/01/28   693 721,716
Federal Home Loan Mortgage Corp. 2.500 05/01/28   851 886,684
Federal Home Loan Mortgage Corp. 2.500 03/01/30   560 584,435
Federal Home Loan Mortgage Corp. 2.500 09/01/31   342 356,395
Federal Home Loan Mortgage Corp. 2.500 10/01/32   418 436,490
Federal Home Loan Mortgage Corp. 2.500 11/01/46   1,203 1,239,640
Federal Home Loan Mortgage Corp. 2.500 04/01/51   6,014 6,171,831
Federal Home Loan Mortgage Corp. 3.000 10/01/28   94 98,952
Federal Home Loan Mortgage Corp. 3.000 06/01/29   306 322,646
Federal Home Loan Mortgage Corp. 3.000 12/01/30   370 389,724
Federal Home Loan Mortgage Corp. 3.000 01/01/37   595 627,336
Federal Home Loan Mortgage Corp. 3.000 04/01/43   883 932,222
Federal Home Loan Mortgage Corp. 3.000 07/01/43   959 1,016,761
Federal Home Loan Mortgage Corp. 3.000 10/01/46   387 407,337
Federal Home Loan Mortgage Corp. 3.000 11/01/46   346 362,961
Federal Home Loan Mortgage Corp. 3.000 12/01/46   324 341,047
Federal Home Loan Mortgage Corp. 3.000 01/01/47   1,121 1,185,027
Federal Home Loan Mortgage Corp. 3.000 03/01/47   253 265,887
Federal Home Loan Mortgage Corp. 3.000 06/01/50   836 871,566
Federal Home Loan Mortgage Corp. 3.500 11/01/37   262 278,621
Federal Home Loan Mortgage Corp. 3.500 06/01/42   652 703,531
Federal Home Loan Mortgage Corp. 3.500 06/01/43   463 496,806
Federal Home Loan Mortgage Corp. 3.500 07/01/43   1,375 1,484,963
Federal Home Loan Mortgage Corp. 3.500 07/01/47   1,711 1,815,109
Federal Home Loan Mortgage Corp. 3.500 08/01/47   1,296 1,370,756
Federal Home Loan Mortgage Corp. 3.500 10/01/47   115 122,013
Federal Home Loan Mortgage Corp. 4.000 06/01/26   39 41,361
Federal Home Loan Mortgage Corp. 4.000 09/01/26   119 126,524
Federal Home Loan Mortgage Corp. 4.000 11/01/39   545 600,135
Federal Home Loan Mortgage Corp. 4.000 09/01/40   301 330,302
Federal Home Loan Mortgage Corp. 4.000 12/01/40   190 209,320
Federal Home Loan Mortgage Corp. 4.000 12/01/40   257 282,908
Federal Home Loan Mortgage Corp. 4.000 04/01/42   453 496,427
Federal Home Loan Mortgage Corp. 4.000 04/01/42   587 646,060
Federal Home Loan Mortgage Corp. 4.000 05/01/46   646 699,198
Federal Home Loan Mortgage Corp. 4.000 08/01/46   171 185,796
Federal Home Loan Mortgage Corp. 4.000 12/01/46   156 168,988
Federal Home Loan Mortgage Corp. 4.000 07/01/47   351 377,164
Federal Home Loan Mortgage Corp. 4.000 08/01/47   131 140,215
Federal Home Loan Mortgage Corp. 4.000 08/01/47   371 396,371
3
PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of November 30, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations(Continued)
Federal Home Loan Mortgage Corp. 4.000 % 06/01/48   85  $90,998
Federal Home Loan Mortgage Corp. 4.000 11/01/48   167 177,575
Federal Home Loan Mortgage Corp. 4.500 09/01/39   744 825,197
Federal Home Loan Mortgage Corp. 4.500 07/01/47   128 138,450
Federal Home Loan Mortgage Corp. 4.500 07/01/47   136 147,637
Federal Home Loan Mortgage Corp. 4.500 08/01/47   447 484,933
Federal Home Loan Mortgage Corp. 5.000 06/01/33   435 492,218
Federal Home Loan Mortgage Corp. 5.000 03/01/34   30 33,605
Federal Home Loan Mortgage Corp. 5.000 05/01/34   41 47,025
Federal Home Loan Mortgage Corp. 5.000 05/01/34   299 334,380
Federal Home Loan Mortgage Corp. 5.000 02/01/48   182 201,733
Federal Home Loan Mortgage Corp. 5.500 05/01/37   60 69,316
Federal Home Loan Mortgage Corp. 5.500 01/01/38   51 59,011
Federal Home Loan Mortgage Corp. 6.000 12/01/33   30 34,665
Federal Home Loan Mortgage Corp. 6.000 09/01/34   88 97,850
Federal Home Loan Mortgage Corp. 6.250 07/15/32   40 58,031
Federal Home Loan Mortgage Corp. 6.500 09/01/32   30 33,609
Federal Home Loan Mortgage Corp. 6.500 09/01/32   59 66,107
Federal Home Loan Mortgage Corp. 7.000 09/01/32   26 27,251
Federal Home Loan Mortgage Corp. 8.000 08/01/22   —(r) 475
Federal Home Loan Mortgage Corp., MTN 1.899(s) 11/15/38   2,500 1,743,214
Federal National Mortgage Assoc. 0.875 08/05/30   970 915,810
Federal National Mortgage Assoc. 1.500 10/01/50   435 420,520
Federal National Mortgage Assoc. 1.500 11/01/50   3,189 3,085,715
Federal National Mortgage Assoc. 1.500 12/01/50   2,359 2,282,627
Federal National Mortgage Assoc. 2.000 TBA   2,500 2,501,953
Federal National Mortgage Assoc. 2.000 08/01/31   313 321,858
Federal National Mortgage Assoc. 2.000 05/01/36   2,766 2,837,986
Federal National Mortgage Assoc. 2.000 06/01/40   763 777,576
Federal National Mortgage Assoc. 2.000 02/01/41   6,300 6,426,518
Federal National Mortgage Assoc. 2.000 05/01/41   3,447 3,515,982
Federal National Mortgage Assoc. 2.000 09/01/50   5,303 5,311,143
Federal National Mortgage Assoc. 2.000 10/01/50   6,557 6,566,196
Federal National Mortgage Assoc. 2.000 01/01/51   1,382 1,383,634
Federal National Mortgage Assoc. 2.000 01/01/51   1,970 1,973,032
Federal National Mortgage Assoc. 2.000 02/01/51   490 490,412
Federal National Mortgage Assoc. 2.000 05/01/51   2,046 2,049,436
Federal National Mortgage Assoc. 2.500 06/01/28   352 365,818
Federal National Mortgage Assoc. 2.500 08/01/28   336 349,585
Federal National Mortgage Assoc. 2.500 08/01/29   66 69,135
Federal National Mortgage Assoc. 2.500 11/01/31   229 238,742
Federal National Mortgage Assoc. 2.500 05/01/41   951 986,893
4
PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of November 30, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations(Continued)
Federal National Mortgage Assoc. 2.500 % 06/01/41   2,980  $3,091,196
Federal National Mortgage Assoc. 2.500 02/01/43   170 175,946
Federal National Mortgage Assoc. 2.500 12/01/46   757 781,134
Federal National Mortgage Assoc. 2.500 01/01/50   1,800 1,846,997
Federal National Mortgage Assoc. 2.500 03/01/50   241 247,167
Federal National Mortgage Assoc. 2.500 05/01/50   1,271 1,304,140
Federal National Mortgage Assoc. 2.500 06/01/50   659 676,269
Federal National Mortgage Assoc. 2.500 08/01/50   5,389 5,529,933
Federal National Mortgage Assoc. 2.500 09/01/50   5,631 5,779,988
Federal National Mortgage Assoc. 2.500 10/01/50   4,868 4,995,593
Federal National Mortgage Assoc. 2.500 04/01/51   6,066 6,225,124
Federal National Mortgage Assoc. 3.000 01/01/27   264 277,437
Federal National Mortgage Assoc. 3.000 08/01/28   549 576,744
Federal National Mortgage Assoc. 3.000 02/01/31   480 503,390
Federal National Mortgage Assoc. 3.000 11/01/36   224 235,103
Federal National Mortgage Assoc. 3.000 12/01/42   922 977,119
Federal National Mortgage Assoc. 3.000 02/01/43   451 477,745
Federal National Mortgage Assoc. 3.000 03/01/43   327 347,647
Federal National Mortgage Assoc. 3.000 04/01/43   418 443,002
Federal National Mortgage Assoc. 3.000 06/01/43   189 200,081
Federal National Mortgage Assoc. 3.000 06/01/43   366 387,184
Federal National Mortgage Assoc. 3.000 07/01/43   1,257 1,330,972
Federal National Mortgage Assoc. 3.000 09/01/46   1,060 1,111,497
Federal National Mortgage Assoc. 3.000 11/01/46   1,214 1,277,295
Federal National Mortgage Assoc. 3.000 11/01/46   1,304 1,371,514
Federal National Mortgage Assoc. 3.000 01/01/47   156 163,826
Federal National Mortgage Assoc. 3.000 04/01/47   2,655 2,784,334
Federal National Mortgage Assoc. 3.000 12/01/49   396 413,355
Federal National Mortgage Assoc. 3.000 12/01/49   836 868,616
Federal National Mortgage Assoc. 3.000 01/01/50   51 52,573
Federal National Mortgage Assoc. 3.000 06/01/50   350 363,629
Federal National Mortgage Assoc. 3.000 06/01/50   931 971,699
Federal National Mortgage Assoc. 3.500 12/01/30   48 50,928
Federal National Mortgage Assoc. 3.500 11/01/32   1,489 1,580,897
Federal National Mortgage Assoc. 3.500 02/01/33   82 87,292
Federal National Mortgage Assoc. 3.500 05/01/33   139 148,006
Federal National Mortgage Assoc. 3.500 10/01/41   991 1,069,977
Federal National Mortgage Assoc. 3.500 12/01/41   285 307,544
Federal National Mortgage Assoc. 3.500 03/01/42   322 347,574
Federal National Mortgage Assoc. 3.500 05/01/42   1,261 1,353,282
Federal National Mortgage Assoc. 3.500 07/01/42   446 481,091
Federal National Mortgage Assoc. 3.500 12/01/42   913 984,801
5
PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of November 30, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations(Continued)
Federal National Mortgage Assoc. 3.500 % 03/01/43   296  $315,843
Federal National Mortgage Assoc. 3.500 06/01/45   2,064 2,209,094
Federal National Mortgage Assoc. 3.500 01/01/46   551 584,464
Federal National Mortgage Assoc. 3.500 12/01/46   988 1,048,293
Federal National Mortgage Assoc. 3.500 03/01/48   2,060 2,177,054
Federal National Mortgage Assoc. 3.500 04/01/48   1,698 1,792,487
Federal National Mortgage Assoc. 3.500 11/01/48   1,139 1,202,066
Federal National Mortgage Assoc. 4.000 09/01/40   548 602,528
Federal National Mortgage Assoc. 4.000 01/01/41   682 750,011
Federal National Mortgage Assoc. 4.000 09/01/44   417 454,943
Federal National Mortgage Assoc. 4.000 06/01/47   1,634 1,756,775
Federal National Mortgage Assoc. 4.000 06/01/47   1,746 1,872,876
Federal National Mortgage Assoc. 4.000 08/01/47   374 401,651
Federal National Mortgage Assoc. 4.000 09/01/47   2,108 2,265,455
Federal National Mortgage Assoc. 4.000 10/01/47   113 121,519
Federal National Mortgage Assoc. 4.000 10/01/47   1,097 1,176,351
Federal National Mortgage Assoc. 4.000 11/01/47   1,266 1,358,431
Federal National Mortgage Assoc. 4.000 12/01/47   265 284,371
Federal National Mortgage Assoc. 4.000 06/01/48   123 131,028
Federal National Mortgage Assoc. 4.500 04/01/41   532 588,426
Federal National Mortgage Assoc. 4.500 05/01/41   413 458,565
Federal National Mortgage Assoc. 4.500 01/01/45   149 165,176
Federal National Mortgage Assoc. 4.500 12/01/47   1,113 1,198,402
Federal National Mortgage Assoc. 4.500 06/01/48   255 274,328
Federal National Mortgage Assoc. 4.500 10/01/48   1,052 1,132,224
Federal National Mortgage Assoc. 5.000 12/01/31   57 62,592
Federal National Mortgage Assoc. 5.000 03/01/34   214 242,695
Federal National Mortgage Assoc. 5.000 07/01/35   79 89,300
Federal National Mortgage Assoc. 5.000 09/01/35   52 59,351
Federal National Mortgage Assoc. 5.000 11/01/35   59 66,822
Federal National Mortgage Assoc. 5.000 05/01/36   31 35,721
Federal National Mortgage Assoc. 5.500 02/01/34   196 224,424
Federal National Mortgage Assoc. 5.500 09/01/34   412 474,122
Federal National Mortgage Assoc. 5.500 02/01/35   300 339,596
Federal National Mortgage Assoc. 5.500 06/01/35   54 59,853
Federal National Mortgage Assoc. 5.500 06/01/35   116 128,447
Federal National Mortgage Assoc. 5.500 09/01/35   89 98,528
Federal National Mortgage Assoc. 5.500 09/01/35   225 253,469
Federal National Mortgage Assoc. 5.500 10/01/35   219 250,290
Federal National Mortgage Assoc. 5.500 11/01/35   111 122,868
Federal National Mortgage Assoc. 5.500 11/01/35   285 319,103
Federal National Mortgage Assoc. 5.500 11/01/36   5 6,104
6
PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of November 30, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations(Continued)
Federal National Mortgage Assoc. 6.000 % 07/01/22   —(r)  $52
Federal National Mortgage Assoc. 6.000 09/01/33   —(r) 532
Federal National Mortgage Assoc. 6.000 11/01/33   —(r) 436
Federal National Mortgage Assoc. 6.000 02/01/34   —(r) 266
Federal National Mortgage Assoc. 6.000 06/01/34   —(r) 129
Federal National Mortgage Assoc. 6.000 09/01/34   —(r) 208
Federal National Mortgage Assoc. 6.000 09/01/34   14 16,439
Federal National Mortgage Assoc. 6.000 09/01/34   17 18,580
Federal National Mortgage Assoc. 6.000 11/01/34   4 4,043
Federal National Mortgage Assoc. 6.000 11/01/34   26 29,374
Federal National Mortgage Assoc. 6.000 02/01/35   —(r) 149
Federal National Mortgage Assoc. 6.000 03/01/35   9 10,457
Federal National Mortgage Assoc. 6.000 04/01/35   —(r) 526
Federal National Mortgage Assoc. 6.000 12/01/35   58 65,006
Federal National Mortgage Assoc. 6.000 01/01/36   154 172,359
Federal National Mortgage Assoc. 6.000 05/01/36   42 46,735
Federal National Mortgage Assoc. 6.000 05/01/36   365 426,414
Federal National Mortgage Assoc. 6.250 05/15/29   100 133,513
Federal National Mortgage Assoc. 6.500 07/01/32   370 423,512
Federal National Mortgage Assoc. 6.500 08/01/32   159 178,289
Federal National Mortgage Assoc. 6.500 09/01/32   62 68,612
Federal National Mortgage Assoc. 6.500 10/01/32   59 66,268
Federal National Mortgage Assoc. 6.500 10/01/32   383 442,414
Federal National Mortgage Assoc. 6.500 10/01/37   249 290,234
Federal National Mortgage Assoc. 6.625 11/15/30   580 822,777
Federal National Mortgage Assoc. 7.000 05/01/24   5 4,677
Federal National Mortgage Assoc. 7.000 05/01/24   7 6,618
Federal National Mortgage Assoc. 7.000 05/01/24   9 8,622
Federal National Mortgage Assoc. 7.000 05/01/24   25 26,692
Federal National Mortgage Assoc. 7.000 12/01/31   144 158,451
Federal National Mortgage Assoc. 7.000 09/01/33   59 61,013
Federal National Mortgage Assoc. 7.000 11/01/33   62 63,538
Federal National Mortgage Assoc. 9.000 04/01/25   1 1,413
Federal National Mortgage Assoc. 9.500 01/01/25   —(r) 444
Federal National Mortgage Assoc. 9.500 01/01/25   1 980
Federal National Mortgage Assoc. 9.500 01/01/25   4 4,227
Federal National Mortgage Assoc. 9.500 02/01/25   1 726
Government National Mortgage Assoc. 2.500 TBA   5,000 5,137,109
Government National Mortgage Assoc. 2.500 12/20/46   232 239,947
Government National Mortgage Assoc. 3.000 03/15/45   856 895,936
Government National Mortgage Assoc. 3.000 07/20/45   1,740 1,820,282
Government National Mortgage Assoc. 3.000 07/20/46   868 907,777
7
PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of November 30, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations(Continued)
Government National Mortgage Assoc. 3.000 % 08/20/46   1,610  $1,684,578
Government National Mortgage Assoc. 3.000 10/20/46   131 136,661
Government National Mortgage Assoc. 3.000 02/20/47   2,383 2,493,141
Government National Mortgage Assoc. 3.000 05/20/47   447 466,304
Government National Mortgage Assoc. 3.000 12/20/47   164 171,208
Government National Mortgage Assoc. 3.000 04/20/49   683 710,453
Government National Mortgage Assoc. 3.500 04/20/42   173 185,802
Government National Mortgage Assoc. 3.500 01/20/43   1,074 1,154,233
Government National Mortgage Assoc. 3.500 04/20/43   476 511,587
Government National Mortgage Assoc. 3.500 03/20/45   672 712,286
Government National Mortgage Assoc. 3.500 04/20/45   362 384,255
Government National Mortgage Assoc. 3.500 07/20/46   1,346 1,422,602
Government National Mortgage Assoc. 3.500 01/20/47   291 306,763
Government National Mortgage Assoc. 3.500 03/20/47   128 134,763
Government National Mortgage Assoc. 3.500 07/20/47   784 825,002
Government National Mortgage Assoc. 3.500 02/20/48   1,738 1,826,344
Government National Mortgage Assoc. 3.500 11/20/48   451 473,399
Government National Mortgage Assoc. 3.500 01/20/49   407 428,766
Government National Mortgage Assoc. 3.500 02/20/49   2,421 2,548,223
Government National Mortgage Assoc. 3.500 05/20/49   669 699,784
Government National Mortgage Assoc. 3.500 06/20/49   1,554 1,625,413
Government National Mortgage Assoc. 4.000 02/20/41   233 254,381
Government National Mortgage Assoc. 4.000 06/20/44   468 509,072
Government National Mortgage Assoc. 4.000 08/20/44   144 156,955
Government National Mortgage Assoc. 4.000 11/20/45   283 307,652
Government National Mortgage Assoc. 4.000 11/20/46   270 287,864
Government National Mortgage Assoc. 4.000 02/20/47   242 255,914
Government National Mortgage Assoc. 4.000 10/20/47   265 283,033
Government National Mortgage Assoc. 4.000 12/20/47   187 200,238
Government National Mortgage Assoc. 4.000 07/20/48   558 593,287
Government National Mortgage Assoc. 4.000 02/20/49   686 727,738
Government National Mortgage Assoc. 4.000 03/20/49   1,097 1,163,750
Government National Mortgage Assoc. 4.500 02/20/40   141 155,801
Government National Mortgage Assoc. 4.500 01/20/41   87 96,630
Government National Mortgage Assoc. 4.500 02/20/41   408 454,769
Government National Mortgage Assoc. 4.500 03/20/41   208 230,137
Government National Mortgage Assoc. 4.500 06/20/44   308 342,675
Government National Mortgage Assoc. 4.500 02/20/46   28 30,585
Government National Mortgage Assoc. 4.500 03/20/46   140 153,737
Government National Mortgage Assoc. 4.500 03/20/47   704 759,372
Government National Mortgage Assoc. 4.500 08/20/47   122 132,100
Government National Mortgage Assoc. 4.500 01/20/48   102 110,079
8
PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of November 30, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations(Continued)
Government National Mortgage Assoc. 4.500 % 02/20/48   627  $671,810
Government National Mortgage Assoc. 5.000 07/15/33   280 324,636
Government National Mortgage Assoc. 5.000 09/15/33   453 524,937
Government National Mortgage Assoc. 5.000 04/15/34   15 16,707
Government National Mortgage Assoc. 5.500 02/15/34   182 202,083
Government National Mortgage Assoc. 5.500 02/15/36   90 103,802
Government National Mortgage Assoc. 7.000 12/15/22   —(r) 71
Government National Mortgage Assoc. 7.000 12/15/22   —(r) 72
Government National Mortgage Assoc. 7.000 01/15/23   —(r) 97
Government National Mortgage Assoc. 7.000 01/15/23   —(r) 107
Government National Mortgage Assoc. 7.000 01/15/23   —(r) 301
Government National Mortgage Assoc. 7.000 01/15/23   —(r) 462
Government National Mortgage Assoc. 7.000 03/15/23   —(r) 399
Government National Mortgage Assoc. 7.000 04/15/23   —(r) 173
Government National Mortgage Assoc. 7.000 04/15/23   1 898
Government National Mortgage Assoc. 7.000 05/15/23   —(r) 36
Government National Mortgage Assoc. 7.000 05/15/23   —(r) 62
Government National Mortgage Assoc. 7.000 05/15/23   —(r) 125
Government National Mortgage Assoc. 7.000 05/15/23   —(r) 146
Government National Mortgage Assoc. 7.000 05/15/23   —(r) 221
Government National Mortgage Assoc. 7.000 05/15/23   —(r) 238
Government National Mortgage Assoc. 7.000 05/15/23   —(r) 350
Government National Mortgage Assoc. 7.000 05/15/23   3 2,761
Government National Mortgage Assoc. 7.000 06/15/23   —(r) 41
Government National Mortgage Assoc. 7.000 06/15/23   —(r) 143
Government National Mortgage Assoc. 7.000 06/15/23   —(r) 386
Government National Mortgage Assoc. 7.000 06/15/23   1 519
Government National Mortgage Assoc. 7.000 06/15/23   1 554
Government National Mortgage Assoc. 7.000 06/15/23   1 1,269
Government National Mortgage Assoc. 7.000 07/15/23   —(r) 47
Government National Mortgage Assoc. 7.000 07/15/23   —(r) 57
Government National Mortgage Assoc. 7.000 07/15/23   —(r) 93
Government National Mortgage Assoc. 7.000 07/15/23   —(r) 151
Government National Mortgage Assoc. 7.000 07/15/23   —(r) 229
Government National Mortgage Assoc. 7.000 07/15/23   —(r) 288
Government National Mortgage Assoc. 7.000 07/15/23   —(r) 319
Government National Mortgage Assoc. 7.000 07/15/23   —(r) 346
Government National Mortgage Assoc. 7.000 07/15/23   1 1,158
Government National Mortgage Assoc. 7.000 07/15/23   6 5,897
Government National Mortgage Assoc. 7.000 08/15/23   —(r) 81
Government National Mortgage Assoc. 7.000 08/15/23   —(r) 102
Government National Mortgage Assoc. 7.000 08/15/23   —(r) 115
9
PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of November 30, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations(Continued)
Government National Mortgage Assoc. 7.000 % 08/15/23   —(r)  $214
Government National Mortgage Assoc. 7.000 08/15/23   —(r) 331
Government National Mortgage Assoc. 7.000 08/15/23   —(r) 407
Government National Mortgage Assoc. 7.000 08/15/23   1 531
Government National Mortgage Assoc. 7.000 08/15/23   1 603
Government National Mortgage Assoc. 7.000 08/15/23   1 686
Government National Mortgage Assoc. 7.000 08/15/23   1 759
Government National Mortgage Assoc. 7.000 08/15/23   1 798
Government National Mortgage Assoc. 7.000 08/15/23   1 1,107
Government National Mortgage Assoc. 7.000 08/15/23   2 1,764
Government National Mortgage Assoc. 7.000 08/15/23   2 2,036
Government National Mortgage Assoc. 7.000 09/15/23   —(r) 239
Government National Mortgage Assoc. 7.000 09/15/23   —(r) 262
Government National Mortgage Assoc. 7.000 09/15/23   —(r) 348
Government National Mortgage Assoc. 7.000 09/15/23   —(r) 381
Government National Mortgage Assoc. 7.000 09/15/23   2 2,104
Government National Mortgage Assoc. 7.000 09/15/23   4 4,207
Government National Mortgage Assoc. 7.000 10/15/23   —(r) 38
Government National Mortgage Assoc. 7.000 10/15/23   —(r) 43
Government National Mortgage Assoc. 7.000 10/15/23   —(r) 56
Government National Mortgage Assoc. 7.000 10/15/23   —(r) 97
Government National Mortgage Assoc. 7.000 10/15/23   —(r) 152
Government National Mortgage Assoc. 7.000 10/15/23   —(r) 209
Government National Mortgage Assoc. 7.000 10/15/23   —(r) 238
Government National Mortgage Assoc. 7.000 10/15/23   —(r) 265
Government National Mortgage Assoc. 7.000 10/15/23   —(r) 325
Government National Mortgage Assoc. 7.000 10/15/23   1 521
Government National Mortgage Assoc. 7.000 10/15/23   1 546
Government National Mortgage Assoc. 7.000 10/15/23   1 562
Government National Mortgage Assoc. 7.000 10/15/23   1 601
Government National Mortgage Assoc. 7.000 10/15/23   1 602
Government National Mortgage Assoc. 7.000 10/15/23   1 602
Government National Mortgage Assoc. 7.000 10/15/23   1 689
Government National Mortgage Assoc. 7.000 10/15/23   1 853
Government National Mortgage Assoc. 7.000 10/15/23   1 1,242
Government National Mortgage Assoc. 7.000 10/15/23   2 1,844
Government National Mortgage Assoc. 7.000 10/15/23   4 3,633
Government National Mortgage Assoc. 7.000 10/15/23   5 4,748
Government National Mortgage Assoc. 7.000 10/15/23   8 7,884
Government National Mortgage Assoc. 7.000 10/15/23   11 11,686
Government National Mortgage Assoc. 7.000 11/15/23   —(r) 152
Government National Mortgage Assoc. 7.000 11/15/23   —(r) 208
10
PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of November 30, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations(Continued)
Government National Mortgage Assoc. 7.000 % 11/15/23   —(r)  $224
Government National Mortgage Assoc. 7.000 11/15/23   —(r) 329
Government National Mortgage Assoc. 7.000 11/15/23   —(r) 352
Government National Mortgage Assoc. 7.000 11/15/23   —(r) 379
Government National Mortgage Assoc. 7.000 11/15/23   1 601
Government National Mortgage Assoc. 7.000 11/15/23   1 682
Government National Mortgage Assoc. 7.000 11/15/23   1 744
Government National Mortgage Assoc. 7.000 11/15/23   1 900
Government National Mortgage Assoc. 7.000 11/15/23   1 1,231
Government National Mortgage Assoc. 7.000 11/15/23   1 1,454
Government National Mortgage Assoc. 7.000 11/15/23   2 1,629
Government National Mortgage Assoc. 7.000 11/15/23   2 2,154
Government National Mortgage Assoc. 7.000 11/15/23   2 2,383
Government National Mortgage Assoc. 7.000 11/15/23   4 3,790
Government National Mortgage Assoc. 7.000 12/15/23   —(r) 36
Government National Mortgage Assoc. 7.000 12/15/23   —(r) 99
Government National Mortgage Assoc. 7.000 12/15/23   —(r) 116
Government National Mortgage Assoc. 7.000 12/15/23   —(r) 122
Government National Mortgage Assoc. 7.000 12/15/23   —(r) 207
Government National Mortgage Assoc. 7.000 12/15/23   —(r) 347
Government National Mortgage Assoc. 7.000 12/15/23   —(r) 431
Government National Mortgage Assoc. 7.000 12/15/23   —(r) 445
Government National Mortgage Assoc. 7.000 12/15/23   —(r) 448
Government National Mortgage Assoc. 7.000 12/15/23   —(r) 466
Government National Mortgage Assoc. 7.000 12/15/23   1 621
Government National Mortgage Assoc. 7.000 12/15/23   1 635
Government National Mortgage Assoc. 7.000 12/15/23   1 689
Government National Mortgage Assoc. 7.000 12/15/23   1 852
Government National Mortgage Assoc. 7.000 12/15/23   1 1,115
Government National Mortgage Assoc. 7.000 12/15/23   1 1,377
Government National Mortgage Assoc. 7.000 12/15/23   2 1,586
Government National Mortgage Assoc. 7.000 12/15/23   2 1,589
Government National Mortgage Assoc. 7.000 12/15/23   2 1,808
Government National Mortgage Assoc. 7.000 12/15/23   2 1,991
Government National Mortgage Assoc. 7.000 12/15/23   3 2,794
Government National Mortgage Assoc. 7.000 12/15/23   3 3,452
Government National Mortgage Assoc. 7.000 12/15/23   3 3,496
Government National Mortgage Assoc. 7.000 12/15/23   5 5,464
Government National Mortgage Assoc. 7.000 01/15/24   —(r) 127
Government National Mortgage Assoc. 7.000 01/15/24   —(r) 145
Government National Mortgage Assoc. 7.000 01/15/24   —(r) 243
Government National Mortgage Assoc. 7.000 01/15/24   —(r) 284
11
PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of November 30, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations(Continued)
Government National Mortgage Assoc. 7.000 % 01/15/24   —(r)  $387
Government National Mortgage Assoc. 7.000 01/15/24   —(r) 501
Government National Mortgage Assoc. 7.000 01/15/24   1 634
Government National Mortgage Assoc. 7.000 01/15/24   1 1,220
Government National Mortgage Assoc. 7.000 01/15/24   2 1,853
Government National Mortgage Assoc. 7.000 02/15/24   —(r) 60
Government National Mortgage Assoc. 7.000 02/15/24   —(r) 192
Government National Mortgage Assoc. 7.000 02/15/24   —(r) 328
Government National Mortgage Assoc. 7.000 02/15/24   1 593
Government National Mortgage Assoc. 7.000 02/15/24   1 798
Government National Mortgage Assoc. 7.000 02/15/24   3 3,088
Government National Mortgage Assoc. 7.000 03/15/24   —(r) 55
Government National Mortgage Assoc. 7.000 03/15/24   —(r) 426
Government National Mortgage Assoc. 7.000 03/15/24   1 889
Government National Mortgage Assoc. 7.000 04/15/24   —(r) 32
Government National Mortgage Assoc. 7.000 04/15/24   —(r) 360
Government National Mortgage Assoc. 7.000 04/15/24   —(r) 391
Government National Mortgage Assoc. 7.000 04/15/24   —(r) 431
Government National Mortgage Assoc. 7.000 04/15/24   1 801
Government National Mortgage Assoc. 7.000 04/15/24   1 858
Government National Mortgage Assoc. 7.000 04/15/24   3 2,640
Government National Mortgage Assoc. 7.000 04/15/24   3 3,379
Government National Mortgage Assoc. 7.000 05/15/24   —(r) 66
Government National Mortgage Assoc. 7.000 05/15/24   —(r) 193
Government National Mortgage Assoc. 7.000 05/15/24   —(r) 367
Government National Mortgage Assoc. 7.000 05/15/24   1 599
Government National Mortgage Assoc. 7.000 05/15/24   1 673
Government National Mortgage Assoc. 7.000 05/15/24   1 1,072
Government National Mortgage Assoc. 7.000 05/15/24   1 1,127
Government National Mortgage Assoc. 7.000 05/15/24   1 1,405
Government National Mortgage Assoc. 7.000 05/15/24   2 1,943
Government National Mortgage Assoc. 7.000 05/15/24   4 4,556
Government National Mortgage Assoc. 7.000 06/15/24   —(r) 77
Government National Mortgage Assoc. 7.000 06/15/24   —(r) 81
Government National Mortgage Assoc. 7.000 06/15/24   —(r) 127
Government National Mortgage Assoc. 7.000 06/15/24   —(r) 323
Government National Mortgage Assoc. 7.000 06/15/24   1 848
Government National Mortgage Assoc. 7.000 06/15/24   1 1,342
Government National Mortgage Assoc. 7.000 06/15/24   2 1,631
Government National Mortgage Assoc. 7.000 06/15/24   2 2,053
Government National Mortgage Assoc. 7.000 06/15/24   4 3,569
Government National Mortgage Assoc. 7.000 07/15/24   —(r) 278
12
PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of November 30, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations(Continued)
Government National Mortgage Assoc. 7.000 % 07/15/24   1  $1,191
Government National Mortgage Assoc. 7.000 02/15/29   5 5,385
Government National Mortgage Assoc. 7.500 01/15/23   —(r) 13
Government National Mortgage Assoc. 7.500 01/15/23   —(r) 13
Government National Mortgage Assoc. 7.500 03/15/23   —(r) 75
Government National Mortgage Assoc. 7.500 05/15/23   2 1,677
Government National Mortgage Assoc. 7.500 06/15/23   —(r) 70
Government National Mortgage Assoc. 7.500 07/15/23   —(r) 53
Government National Mortgage Assoc. 7.500 09/15/23   1 921
Government National Mortgage Assoc. 7.500 10/15/23   2 1,654
Government National Mortgage Assoc. 7.500 10/15/23   4 3,684
Government National Mortgage Assoc. 7.500 11/15/23   4 3,793
Government National Mortgage Assoc. 7.500 12/15/23   —(r) 311
Government National Mortgage Assoc. 7.500 12/15/23   1 764
Government National Mortgage Assoc. 7.500 01/15/24   —(r) 231
Government National Mortgage Assoc. 7.500 01/15/24   —(r) 428
Government National Mortgage Assoc. 7.500 01/15/24   1 847
Government National Mortgage Assoc. 7.500 01/15/24   4 4,516
Government National Mortgage Assoc. 7.500 01/15/24   5 4,798
Government National Mortgage Assoc. 7.500 02/15/24   —(r) 377
Government National Mortgage Assoc. 7.500 02/15/24   2 2,502
Government National Mortgage Assoc. 7.500 03/15/24   2 1,557
Government National Mortgage Assoc. 7.500 04/15/24   1 1,133
Government National Mortgage Assoc. 7.500 04/15/24   1 1,328
Government National Mortgage Assoc. 7.500 05/15/24   —(r) 114
Government National Mortgage Assoc. 7.500 06/15/24   1 674
Government National Mortgage Assoc. 7.500 06/15/24   1 1,394
Government National Mortgage Assoc. 7.500 06/15/24   3 2,830
Government National Mortgage Assoc. 7.500 07/15/24   2 2,175
Government National Mortgage Assoc. 7.500 07/15/24   4 4,432
Government National Mortgage Assoc. 8.500 04/15/25   41 43,542
Israel Government, AID Bond, U.S. Gov’t. Gtd. Notes 5.500 09/18/33   500 698,631
Resolution Funding Corp. Interest Strips, Bonds 2.046(s) 01/15/30   280 241,142
Resolution Funding Corp. Interest Strips, Bonds 3.624(s) 04/15/30   1,000 854,943
Resolution Funding Corp. Principal Strips, Bonds 2.737(s) 01/15/30   1,540 1,354,422
Resolution Funding Corp. Principal Strips, Bonds 3.114(s) 04/15/30   2,280 1,990,238
Tennessee Valley Authority, Sr. Unsec’d. Notes 0.750 05/15/25   1,485 1,472,224
Tennessee Valley Authority, Sr. Unsec’d. Notes 1.500 09/15/31   285 281,791
Tennessee Valley Authority, Sr. Unsec’d. Notes 2.875 02/01/27   335 361,926
Tennessee Valley Authority, Sr. Unsec’d. Notes 5.880 04/01/36   170 251,660
Tennessee Valley Authority, Sr. Unsec’d. Notes 6.750 11/01/25   1,300 1,576,058
13
PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of November 30, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations(Continued)
Tennessee Valley Authority, Sr. Unsec’d. Notes 7.125 % 05/01/30   1,170  $1,684,555
     
 
Total U.S. Government Agency Obligations
(cost $206,553,682) 		210,285,172
U.S. Treasury Obligations 45.6%
U.S. Treasury Bonds 2.000 08/15/51   480 502,725
U.S. Treasury Bonds 2.250 05/15/41   47,895 50,993,208
U.S. Treasury Bonds 2.500 02/15/46   4,340 4,892,672
U.S. Treasury Bonds 2.500 05/15/46   2,080 2,347,150
U.S. Treasury Bonds 3.000 11/15/44(k)   4,790 5,808,623
U.S. Treasury Bonds 3.125 08/15/44   595 733,988
U.S. Treasury Bonds 3.375 11/15/48   7,900 10,590,937
U.S. Treasury Bonds 3.625 02/15/44   3,880 5,123,419
U.S. Treasury Notes 0.125 06/30/23   11,060 11,009,020
U.S. Treasury Notes 0.750 04/30/26   2,105 2,071,945
U.S. Treasury Notes 1.250 04/30/28   16,320 16,252,425
U.S. Treasury Notes 1.250 09/30/28   7,290 7,236,464
U.S. Treasury Notes 1.500 11/30/28   2,420 2,441,175
U.S. Treasury Notes 2.875 05/15/28   22,350 24,504,680
U.S. Treasury Notes 3.125 11/15/28   16,145 18,047,083
U.S. Treasury Strips Coupon 0.768(s) 05/15/30   1,145 1,007,197
U.S. Treasury Strips Coupon 0.919(s) 02/15/29   8,675 7,808,178
U.S. Treasury Strips Coupon 1.052(s) 05/15/29   10,710 9,601,766
U.S. Treasury Strips Coupon 1.225(s) 02/15/41   150 103,307
U.S. Treasury Strips Coupon 1.389(s) 05/15/43   4,550 2,961,588
U.S. Treasury Strips Coupon 1.450(s) 08/15/42   180 118,336
U.S. Treasury Strips Coupon 1.463(s) 11/15/42   475 312,517
U.S. Treasury Strips Coupon 1.503(s) 02/15/39(k)   8,755 6,365,843
U.S. Treasury Strips Coupon 1.505(s) 11/15/41   2,445 1,639,487
U.S. Treasury Strips Coupon 1.677(s) 02/15/43(k)   19,800 12,945,797
U.S. Treasury Strips Coupon 1.775(s) 02/15/40   1,505 1,065,904
U.S. Treasury Strips Coupon 1.872(s) 05/15/31   1,100 949,180
U.S. Treasury Strips Coupon 1.960(s) 05/15/41   210 143,391
U.S. Treasury Strips Coupon 1.970(s) 08/15/43   800 517,875
U.S. Treasury Strips Coupon 1.982(s) 08/15/39   2,050 1,471,275
U.S. Treasury Strips Coupon 2.010(s) 08/15/30   1,585 1,388,608
U.S. Treasury Strips Coupon 2.056(s) 11/15/38   300 219,680
U.S. Treasury Strips Coupon 2.071(s) 08/15/41   60 40,507
U.S. Treasury Strips Coupon 2.172(s) 02/15/28   695 639,047
U.S. Treasury Strips Coupon 2.188(s) 05/15/39   1,505 1,087,245
U.S. Treasury Strips Coupon 2.228(s) 05/15/28   345 315,581
14
PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of November 30, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Treasury Obligations(Continued)
U.S. Treasury Strips Coupon 2.251 %(s) 08/15/40   2,200  $1,531,922
U.S. Treasury Strips Coupon 2.347(s) 11/15/40   3,965 2,733,682
U.S. Treasury Strips Coupon 2.353(s) 02/15/44   620 396,073
U.S. Treasury Strips Coupon 2.365(s) 05/15/44   2,105 1,347,529
U.S. Treasury Strips Coupon 2.365(s) 11/15/44   2,240 1,424,237
U.S. Treasury Strips Coupon 2.416(s) 05/15/42   190 125,994
U.S. Treasury Strips Coupon 2.434(s) 11/15/45   590 370,064
U.S. Treasury Strips Coupon 2.436(s) 02/15/46   665 415,651
U.S. Treasury Strips Coupon 2.443(s) 08/15/44   480 305,156
U.S. Treasury Strips Coupon 2.480(s) 11/15/43   13,768 8,877,671
     
 
Total U.S. Treasury Obligations
(cost $229,917,356) 		230,785,802
 
Total Long-Term Investments
(cost $500,031,371) 		506,709,798
    
      Shares  
Short-Term Investment 0.9%
Affiliated Mutual Fund           
PGIM Core Ultra Short Bond Fund
(cost $4,530,431)(wb) 		    4,530,431 4,530,431
TOTAL SHORT-TERM INVESTMENTS
(cost $4,530,431) 		        4,530,431
 
TOTAL INVESTMENTS 101.1%
(cost $504,561,802) 		511,240,229
Liabilities in excess of other assets(z) (1.1)% (5,667,124)
 
Net Assets 100.0% $505,573,105
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.
  Aces—Alternative Credit Enhancements Securities
  AID—Agency for International Development
  CLO—Collateralized Loan Obligation
  CPI—Consumer Price Index
  FHLMC—Federal Home Loan Mortgage Corporation
  IO—Interest Only (Principal amount represents notional)
  LIBOR—London Interbank Offered Rate
15
PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of November 30, 2021
  MTN—Medium Term Note
  NSA—Non-Seasonally Adjusted
  STRIPs—Separate Trading of Registered Interest and Principal of Securities
  T—Swap payment upon termination
  TBA—To Be Announced
    
# Principal or notional amount is shown in U.S. dollars unless otherwise stated.
(c) Variable rate instrument. The interest rate shown reflects the rate in effect at November 30, 2021.
(cc) Variable rate instrument. The rate shown is based on the latest available information as of November 30, 2021. 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.
(wb) 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:
Futures contracts outstanding at November 30, 2021:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Long Positions:
250   2 Year U.S. Treasury Notes   Mar. 2022    $54,683,594    $92,286
731   5 Year U.S. Treasury Notes   Mar. 2022   88,742,260   502,929
767   10 Year U.S. Treasury Notes   Mar. 2022   100,333,187   1,007,274
22   30 Year U.S. Ultra Treasury Bonds   Mar. 2022   4,412,375   151,724
                1,754,213
Short Positions:
497   10 Year U.S. Ultra Treasury Notes   Mar. 2022   73,004,643   (1,472,540)
785   20 Year U.S. Treasury Bonds   Mar. 2022   127,268,125   (2,241,584)
                (3,714,124)
                $(1,959,911)
    
16
PGIM Government Income Fund
Schedule of Investments  (unaudited) (continued)
as of November 30, 2021
Inflation swap agreements outstanding at November 30, 2021:
Notional
Amount
(000)# 		  Termination
Date 		  Fixed
Rate 		  Floating
Rate 		  Value at
Trade Date 		  Value at
November 30,
2021 		  Unrealized
Appreciation
(Depreciation)
Centrally Cleared Inflation Swap Agreements:
  6,720   01/13/26   2.152%(T)   U.S. CPI Urban Consumers NSA Index(2)(T)    $—    $(506,718)    $(506,718)
  20,945   02/02/26   2.295%(T)   U.S. CPI Urban Consumers NSA Index(2)(T)   (60,891)   (1,418,027)   (1,357,136)
                    $(60,891)   $(1,924,745)   $(1,863,854)
(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).
17