# EDGAR Filing Document

**Accession Number:** 0000717819
**File Stem:** 0001193125-26-189377
**Filing Date:** 2026-4
**Character Count:** 449638
**Document Hash:** ed1222a5d2c84b1090e32f467ded8868
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-189377.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0001193125-26-189377

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 54

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260429

**EFFECTIVENESS DATE**: 20260429

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRUDENTIAL INVESTMENT PORTFOLIOS, INC. 14
- **CENTRAL INDEX KEY:** 0000717819

**ORGANIZATION NAME:**
- **EIN:** 133165671
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03712
- **FILM NUMBER:** 26910852

**BUSINESS ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 6TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102
- **BUSINESS PHONE:** (973) 802-5032

**MAIL ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 6TH 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

## Series and Classes Contracts Data

### PGIM GOVERNMENT INCOME FUND (Series ID: S000004573)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000012502 | Class A      | PGVAX           |
| C000012504 | Class C      | PRICX           |
| C000012505 | Class Z      | PGVZX           |
| C000012506 | Class R      | JDRVX           |
| C000172929 | Class R6     | PGIQX           |

### PGIM Floating Rate Income Fund (Series ID: S000031692)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000098631 | Class A      | FRFAX           |
| C000098632 | Class C      | FRFCX           |
| C000098633 | Class Z      | FRFZX           |
| C000154996 | Class R6     | PFRIX           |

?xml version='1.0' encoding='ASCII'? Prudential Investment Portfolios, Inc. 14

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

---

| | |
|:---|:---|
| Investment Company Act file number: | 811-03712 |
| Exact name of registrant as specified in charter: | Prudential Investment Portfolios, Inc. 14 |
| Address of principal executive offices: | 655 Broad Street, 6<sup>th</sup> Floor<br>Newark, New Jersey 07102 |
| Name and address of agent for service: | Andrew R. French<br>655 Broad Street, 6<sup>th</sup> Floor<br>Newark, New Jersey 07102 |
| Registrant's telephone number, including area code: | 800-225-1852 |
| Date of fiscal year end: | 2/28/2026 |
| Date of reporting period: | 2/28/2026 |

---

------

Item 1 – Reports to Stockholders

(a) Report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

------

![](g124789g1tsrbanner_2026.jpg)

PGIM Floating Rate Income Fund

Class A:

FRFAX

ANNUAL SHAREHOLDER REPORT – February 28, 2026

This annual shareholder report contains important information about the Class A shares of PGIM Floating Rate Income Fund (the "Fund") for the

period of March 1, 2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Floating Rate Income Fund—Class A | $103 | 1.01% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

U.S. leveraged loans generated positive performance over the reporting period, as solid corporate earnings, supportive technicals, and

generally resilient economic data held firm against geopolitical uncertainty and U.S.-driven trade tensions on multiple fronts. While a bifurcation

in the market between higher credit-quality loan issues seeing more demand than lower credit-quality loan issues prevailed, the par-weighted

loan default rate ended the period 67 basis points (bps) lower at 3.23%. (One basis point equals 0.01%.) Gross loan issuance was robust over

the period, totaling $903 billion, with refinancing and repricing activity accounting for the bulk of that total. Excluding refinancings and repricings,

net issuance totaled just $194 billion.

■

The following contributed the most to the Fund's performance relative to the S&P UBS Leveraged Loan Index (the Index) during the period:

overall sector allocation, with overweights to AA collateralized loan obligations, investment-grade corporates, and high yield corporates

contributing; overall security selection, with selection in the health care & pharmaceutical, banking, and paper & packaging industries

contributing; and overall industry allocation, with underweights to technology and automotive, and an overweight to real estate investment

trusts contributing.

■

While overall security selection contributed to the Fund's performance relative to the Index, selection in the automotive, media & entertainment,

and chemicals industries detracted. Although overall sector allocation contributed to performance, an underweight to the U.S. bank loan sector

and an overweight to the European bank loan sector detracted. While overall industry allocation contributed to performance, an underweight to

retailers & restaurants and an overweight to chemicals detracted. From a market perspective, having more risk, on average, than the Index

also detracted.

■

During the period, the Fund used sovereign futures and foreign currency exchange contracts to help manage its duration and yield curve

exposure and to reduce its sensitivity to changes in the levels of interest rates. (A yield curve is a line graph that illustrates the relationship

bonds.) (Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates.) The Fund also used

credit derivatives in the form of the Credit Default Swap Index (CDX) to manage credit risk. The use of CDX contributed to the Fund's

absolute performance.

MF211EA

![](g124789g1pgimlogo_2026.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/mutual-fund-documents

or call

(800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class A shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: February 29, 2016 to February 28, 2026<br>Initial Investment of $10,000<br>

![](g124789g1floatrateinc_a.jpg)

The line graph reflects the return on the Fund's Class A shares with sales charges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class A with sales charges | 1.80% | 4.77% | 5.17% |
| Class A without sales charges | 4.15% | 5.25% | 5.41% |
| Bloomberg US Aggregate Bond Index\* | 6.26% | 0.42% | 1.97% |
| S&P UBS Leveraged Loan Index | 3.88% | 5.73% | 5.80% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $2087103553<br>|
| Number of fund holdings | 458 |
| Total advisory fees paid for the year | $12547117<br>|
| Portfolio turnover rate for the year | 53% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) | Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) |
| AAA | 1.8 |
| AA | 17.5 |
| A | 2.7 |
| BBB | 9.5 |
| BB | 20.2 |
| B | 40.5 |
| CCC | 3.3 |
| Not Rated | 5.6 |
| Cash/Cash Equivalents | (1.1) |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

![](g124789g1qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Floating Rate Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS A <br> NASDAQ FRFAX <br> CUSIP 74439V602

MF211EA

![](g124789g1pgimlogo_2026.jpg)

------

![](g124789g2tsrbanner_2026.jpg)

PGIM Floating Rate Income Fund

Class C:

FRFCX

ANNUAL SHAREHOLDER REPORT – February 28, 2026

This annual shareholder report contains important information about the Class C shares of PGIM Floating Rate Income Fund (the "Fund") for the

period of March 1, 2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Floating Rate Income Fund—Class C | $180 | 1.77% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

U.S. leveraged loans generated positive performance over the reporting period, as solid corporate earnings, supportive technicals, and

generally resilient economic data held firm against geopolitical uncertainty and U.S.-driven trade tensions on multiple fronts. While a bifurcation

in the market between higher credit-quality loan issues seeing more demand than lower credit-quality loan issues prevailed, the par-weighted

loan default rate ended the period 67 basis points (bps) lower at 3.23%. (One basis point equals 0.01%.) Gross loan issuance was robust over

the period, totaling $903 billion, with refinancing and repricing activity accounting for the bulk of that total. Excluding refinancings and repricings,

net issuance totaled just $194 billion.

■

The following contributed the most to the Fund's performance relative to the S&P UBS Leveraged Loan Index (the Index) during the period:

overall sector allocation, with overweights to AA collateralized loan obligations, investment-grade corporates, and high yield corporates

contributing; overall security selection, with selection in the health care & pharmaceutical, banking, and paper & packaging industries

contributing; and overall industry allocation, with underweights to technology and automotive, and an overweight to real estate investment

trusts contributing.

■

While overall security selection contributed to the Fund's performance relative to the Index, selection in the automotive, media & entertainment,

and chemicals industries detracted. Although overall sector allocation contributed to performance, an underweight to the U.S. bank loan sector

and an overweight to the European bank loan sector detracted. While overall industry allocation contributed to performance, an underweight to

retailers & restaurants and an overweight to chemicals detracted. From a market perspective, having more risk, on average, than the Index

also detracted.

■

During the period, the Fund used sovereign futures and foreign currency exchange contracts to help manage its duration and yield curve

exposure and to reduce its sensitivity to changes in the levels of interest rates. (A yield curve is a line graph that illustrates the relationship

bonds.) (Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates.) The Fund also used

credit derivatives in the form of the Credit Default Swap Index (CDX) to manage credit risk. The use of CDX contributed to the Fund's

absolute performance.

MF211EC

![](g124789g2pgimlogo_2026.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/mutual-fund-documents

or call

(800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class C shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: February 29, 2016 to February 28, 2026<br>Initial Investment of $10,000<br>

![](g124789g2floatrateinc_c.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class C with sales charges | 2.29% | 4.44% | 4.63% |
| Class C without sales charges | 3.26% | 4.44% | 4.63% |
| Bloomberg US Aggregate Bond Index\* | 6.26% | 0.42% | 1.97% |
| S&P UBS Leveraged Loan Index | 3.88% | 5.73% | 5.80% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $2087103553<br>|
| Number of fund holdings | 458 |
| Total advisory fees paid for the year | $12547117<br>|
| Portfolio turnover rate for the year | 53% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) | Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) |
| AAA | 1.8 |
| AA | 17.5 |
| A | 2.7 |
| BBB | 9.5 |
| BB | 20.2 |
| B | 40.5 |
| CCC | 3.3 |
| Not Rated | 5.6 |
| Cash/Cash Equivalents | (1.1) |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

![](g124789g2qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Floating Rate Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS C <br> NASDAQ FRFCX <br> CUSIP 74439V701

MF211EC

![](g124789g2pgimlogo_2026.jpg)

------

![](g124789g3tsrbanner_2026.jpg)

PGIM Floating Rate Income Fund

Class Z:

FRFZX

ANNUAL SHAREHOLDER REPORT – February 28, 2026

This annual shareholder report contains important information about the Class Z shares of PGIM Floating Rate Income Fund (the "Fund") for the

period of March 1, 2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Floating Rate Income Fund—Class Z | $79 | 0.77% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

U.S. leveraged loans generated positive performance over the reporting period, as solid corporate earnings, supportive technicals, and

generally resilient economic data held firm against geopolitical uncertainty and U.S.-driven trade tensions on multiple fronts. While a bifurcation

in the market between higher credit-quality loan issues seeing more demand than lower credit-quality loan issues prevailed, the par-weighted

loan default rate ended the period 67 basis points (bps) lower at 3.23%. (One basis point equals 0.01%.) Gross loan issuance was robust over

the period, totaling $903 billion, with refinancing and repricing activity accounting for the bulk of that total. Excluding refinancings and repricings,

net issuance totaled just $194 billion.

■

The following contributed the most to the Fund's performance relative to the S&P UBS Leveraged Loan Index (the Index) during the period:

overall sector allocation, with overweights to AA collateralized loan obligations, investment-grade corporates, and high yield corporates

contributing; overall security selection, with selection in the health care & pharmaceutical, banking, and paper & packaging industries

contributing; and overall industry allocation, with underweights to technology and automotive, and an overweight to real estate investment

trusts contributing.

■

While overall security selection contributed to the Fund's performance relative to the Index, selection in the automotive, media & entertainment,

and chemicals industries detracted. Although overall sector allocation contributed to performance, an underweight to the U.S. bank loan sector

and an overweight to the European bank loan sector detracted. While overall industry allocation contributed to performance, an underweight to

retailers & restaurants and an overweight to chemicals detracted. From a market perspective, having more risk, on average, than the Index

also detracted.

■

During the period, the Fund used sovereign futures and foreign currency exchange contracts to help manage its duration and yield curve

exposure and to reduce its sensitivity to changes in the levels of interest rates. (A yield curve is a line graph that illustrates the relationship

bonds.) (Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates.) The Fund also used

credit derivatives in the form of the Credit Default Swap Index (CDX) to manage credit risk. The use of CDX contributed to the Fund's

absolute performance.

MF211EZ

![](g124789g3pgimlogo_2026.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/mutual-fund-documents

or call

(800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class Z shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: February 29, 2016 to February 28, 2026<br>Initial Investment of $10,000<br>

![](g124789g3floatrateinc_z.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class Z | 4.30% | 5.49% | 5.67% |
| Bloomberg US Aggregate Bond Index\* | 6.26% | 0.42% | 1.97% |
| S&P UBS Leveraged Loan Index | 3.88% | 5.73% | 5.80% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $2087103553<br>|
| Number of fund holdings | 458 |
| Total advisory fees paid for the year | $12547117<br>|
| Portfolio turnover rate for the year | 53% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) | Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) |
| AAA | 1.8 |
| AA | 17.5 |
| A | 2.7 |
| BBB | 9.5 |
| BB | 20.2 |
| B | 40.5 |
| CCC | 3.3 |
| Not Rated | 5.6 |
| Cash/Cash Equivalents | (1.1) |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

![](g124789g3qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Floating Rate Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS Z <br> NASDAQ FRFZX <br> CUSIP 74439V800

MF211EZ

![](g124789g3pgimlogo_2026.jpg)

------

![](g124789g4tsrbanner_2026.jpg)

PGIM Floating Rate Income Fund

Class R6:

PFRIX

ANNUAL SHAREHOLDER REPORT – February 28, 2026

This annual shareholder report contains important information about the Class R6 shares of PGIM Floating Rate Income Fund (the "Fund") for the

period of March 1, 2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Floating Rate Income Fund—Class R6 | $74 | 0.72% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

U.S. leveraged loans generated positive performance over the reporting period, as solid corporate earnings, supportive technicals, and

generally resilient economic data held firm against geopolitical uncertainty and U.S.-driven trade tensions on multiple fronts. While a bifurcation

in the market between higher credit-quality loan issues seeing more demand than lower credit-quality loan issues prevailed, the par-weighted

loan default rate ended the period 67 basis points (bps) lower at 3.23%. (One basis point equals 0.01%.) Gross loan issuance was robust over

the period, totaling $903 billion, with refinancing and repricing activity accounting for the bulk of that total. Excluding refinancings and repricings,

net issuance totaled just $194 billion.

■

The following contributed the most to the Fund's performance relative to the S&P UBS Leveraged Loan Index (the Index) during the period:

overall sector allocation, with overweights to AA collateralized loan obligations, investment-grade corporates, and high yield corporates

contributing; overall security selection, with selection in the health care & pharmaceutical, banking, and paper & packaging industries

contributing; and overall industry allocation, with underweights to technology and automotive, and an overweight to real estate investment

trusts contributing.

■

While overall security selection contributed to the Fund's performance relative to the Index, selection in the automotive, media & entertainment,

and chemicals industries detracted. Although overall sector allocation contributed to performance, an underweight to the U.S. bank loan sector

and an overweight to the European bank loan sector detracted. While overall industry allocation contributed to performance, an underweight to

retailers & restaurants and an overweight to chemicals detracted. From a market perspective, having more risk, on average, than the Index

also detracted.

■

During the period, the Fund used sovereign futures and foreign currency exchange contracts to help manage its duration and yield curve

exposure and to reduce its sensitivity to changes in the levels of interest rates. (A yield curve is a line graph that illustrates the relationship

bonds.) (Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates.) The Fund also used

credit derivatives in the form of the Credit Default Swap Index (CDX) to manage credit risk. The use of CDX contributed to the Fund's

absolute performance.

MF211ER6

![](g124789g4pgimlogo_2026.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/mutual-fund-documents

or call

(800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: February 29, 2016 to February 28, 2026<br>Initial Investment of $10,000<br>

![](g124789g4floatrateinc_r6.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class R6 | 4.35% | 5.56% | 5.73% |
| Bloomberg US Aggregate Bond Index\* | 6.26% | 0.42% | 1.97% |
| S&P UBS Leveraged Loan Index | 3.88% | 5.73% | 5.80% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $2087103553<br>|
| Number of fund holdings | 458 |
| Total advisory fees paid for the year | $12547117<br>|
| Portfolio turnover rate for the year | 53% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) | Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) |
| AAA | 1.8 |
| AA | 17.5 |
| A | 2.7 |
| BBB | 9.5 |
| BB | 20.2 |
| B | 40.5 |
| CCC | 3.3 |
| Not Rated | 5.6 |
| Cash/Cash Equivalents | (1.1) |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

![](g124789g4qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Floating Rate Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS R6 <br> NASDAQ PFRIX <br> CUSIP 74439V883

MF211ER6

![](g124789g4pgimlogo_2026.jpg)

------

![](g124789g5tsrbanner_2026.jpg)

PGIM Government Income Fund

Class A:

PGVAX

ANNUAL SHAREHOLDER REPORT – February 28, 2026

This annual shareholder report contains important information about the Class A shares of PGIM Government Income Fund (the "Fund") for the

period of March 1, 2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Government Income Fund—Class A | $92 | 0.89% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, newly introduced tariffs, signs of a softening labor market, and a U.S. government shutdown in November (which

slowed the release of economic data) increased market expectations for cuts to the Federal funds rate. Indeed, the U.S. Federal Reserve (the

Fed) responded with 25-basis-point (bp) rate cuts in September, October, and December of 2025 before pausing again in January of 2026.

(One basis point equals 0.01%.) While the U.S. Administration sought ways to support affordability domestically (e.g., $200 billion proposal to

purchase mortgage securities across coupons) in 2026, inflation and fiscal uncertainty—tied to heightened geopolitical tensions abroad, kept

market volatility elevated and the Fed cautious about the pace of future rate cuts for the year. Despite the uncertainty, securitized credit—e.g.,

mortgage-backed securities (MBS), commercial mortgage-backed securities (CMBS), and collateralized loans obligations (CLOs) were among

the most resilient fixed-income sectors as the period ended.

■

The following contributed most to the Fund's performance relative to the Bloomberg US Aggregate ex-Credit Index (the Index) during the

period: positioning in MBS and agency CMBS; security selection in sovereign credits and U.S. Treasurys; an overweight allocation to the AAA

CLOs; having more risk over the period (on average) than the Index (from a market perspective); and the combined impact of the Fund's yield

curve strategies and duration positioning. (A yield curve is a line graph that illustrates the relationship between the yields and maturities of fixed

the price—the value of principal—of a bond to a change in interest rates.)

■

An overweight to the sovereign credit sector detracted most from the Fund's performance relative to the Index during the reporting period.

■

During the period, the Fund utilized derivatives in the form of Treasury swaps and financial futures to help manage its duration positioning and

yield curve exposure. Overall, the use of these derivatives had a minimal impact on performance.

MF128EA

![](g124789g5pgimlogo_2026.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/mutual-fund-documents

or call

(800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class A shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: February 29, 2016 to February 28, 2026<br>Initial Investment of $10,000<br>

![](g124789g5governmentinc_a.jpg)

The line graph reflects the return on the Fund's Class A shares with sales charges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class A with sales charges | 2.60% | -1.32% | 0.41% |
| Class A without sales charges | 6.05% | -0.66% | 0.75% |
| Bloomberg US Aggregate Bond Index\* | 6.26% | 0.42% | 1.97% |
| Bloomberg US Aggregate ex-Credit Index | 6.10% | 0.24% | 1.44% |
| Bloomberg US Government Bond Index | 5.32% | -0.06% | 1.26% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $220841228<br>|
| Number of fund holdings | 332 |
| Total advisory fees paid for the year | $789177<br>|
| Portfolio turnover rate for the year | 139% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) | Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) |
| AAA | 19.1 |
| AA | 78.5 |
| Not Rated | 0.7 |
| Cash/Cash Equivalents | 1.7 |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

![](g124789g5qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Government Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS A <br> NASDAQ PGVAX <br> CUSIP 74439V107

MF128EA

![](g124789g5pgimlogo_2026.jpg)

------

![](g124789g6tsrbanner_2026.jpg)

PGIM Government Income Fund

Class C:

PRICX

ANNUAL SHAREHOLDER REPORT – February 28, 2026

This annual shareholder report contains important information about the Class C shares of PGIM Government Income Fund (the "Fund") for the

period of March 1, 2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Government Income Fund—Class C | $210 | 2.05% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, newly introduced tariffs, signs of a softening labor market, and a U.S. government shutdown in November (which

slowed the release of economic data) increased market expectations for cuts to the Federal funds rate. Indeed, the U.S. Federal Reserve (the

Fed) responded with 25-basis-point (bp) rate cuts in September, October, and December of 2025 before pausing again in January of 2026.

(One basis point equals 0.01%.) While the U.S. Administration sought ways to support affordability domestically (e.g., $200 billion proposal to

purchase mortgage securities across coupons) in 2026, inflation and fiscal uncertainty—tied to heightened geopolitical tensions abroad, kept

market volatility elevated and the Fed cautious about the pace of future rate cuts for the year. Despite the uncertainty, securitized credit—e.g.,

mortgage-backed securities (MBS), commercial mortgage-backed securities (CMBS), and collateralized loans obligations (CLOs) were among

the most resilient fixed-income sectors as the period ended.

■

The following contributed most to the Fund's performance relative to the Bloomberg US Aggregate ex-Credit Index (the Index) during the

period: positioning in MBS and agency CMBS; security selection in sovereign credits and U.S. Treasurys; an overweight allocation to the AAA

CLOs; having more risk over the period (on average) than the Index (from a market perspective); and the combined impact of the Fund's yield

curve strategies and duration positioning. (A yield curve is a line graph that illustrates the relationship between the yields and maturities of fixed

the price—the value of principal—of a bond to a change in interest rates.)

■

An overweight to the sovereign credit sector detracted most from the Fund's performance relative to the Index during the reporting period.

■

During the period, the Fund utilized derivatives in the form of Treasury swaps and financial futures to help manage its duration positioning and

yield curve exposure. Overall, the use of these derivatives had a minimal impact on performance.

MF128EC

![](g124789g6pgimlogo_2026.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/mutual-fund-documents

or call

(800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class C shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: February 29, 2016 to February 28, 2026<br>Initial Investment of $10,000<br>

![](g124789g6governmentinc_c.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class C with sales charges | 3.82% | -1.65% | -0.15% |
| Class C without sales charges | 4.82% | -1.65% | -0.15% |
| Bloomberg US Aggregate Bond Index\* | 6.26% | 0.42% | 1.97% |
| Bloomberg US Aggregate ex-Credit Index | 6.10% | 0.24% | 1.44% |
| Bloomberg US Government Bond Index | 5.32% | -0.06% | 1.26% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $220841228<br>|
| Number of fund holdings | 332 |
| Total advisory fees paid for the year | $789177<br>|
| Portfolio turnover rate for the year | 139% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) | Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) |
| AAA | 19.1 |
| AA | 78.5 |
| Not Rated | 0.7 |
| Cash/Cash Equivalents | 1.7 |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

![](g124789g6qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Government Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS C <br> NASDAQ PRICX <br> CUSIP 74439V305

MF128EC

![](g124789g6pgimlogo_2026.jpg)

------

![](g124789g7tsrbanner_2026.jpg)

PGIM Government Income Fund

Class R:

JDRVX

ANNUAL SHAREHOLDER REPORT – February 28, 2026

This annual shareholder report contains important information about the Class R shares of PGIM Government Income Fund (the "Fund") for the

period of March 1, 2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Government Income Fund—Class R | $126 | 1.23% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, newly introduced tariffs, signs of a softening labor market, and a U.S. government shutdown in November (which

slowed the release of economic data) increased market expectations for cuts to the Federal funds rate. Indeed, the U.S. Federal Reserve (the

Fed) responded with 25-basis-point (bp) rate cuts in September, October, and December of 2025 before pausing again in January of 2026.

(One basis point equals 0.01%.) While the U.S. Administration sought ways to support affordability domestically (e.g., $200 billion proposal to

purchase mortgage securities across coupons) in 2026, inflation and fiscal uncertainty—tied to heightened geopolitical tensions abroad, kept

market volatility elevated and the Fed cautious about the pace of future rate cuts for the year. Despite the uncertainty, securitized credit—e.g.,

mortgage-backed securities (MBS), commercial mortgage-backed securities (CMBS), and collateralized loans obligations (CLOs) were among

the most resilient fixed-income sectors as the period ended.

■

The following contributed most to the Fund's performance relative to the Bloomberg US Aggregate ex-Credit Index (the Index) during the

period: positioning in MBS and agency CMBS; security selection in sovereign credits and U.S. Treasurys; an overweight allocation to the AAA

CLOs; having more risk over the period (on average) than the Index (from a market perspective); and the combined impact of the Fund's yield

curve strategies and duration positioning. (A yield curve is a line graph that illustrates the relationship between the yields and maturities of fixed

the price—the value of principal—of a bond to a change in interest rates.)

■

An overweight to the sovereign credit sector detracted most from the Fund's performance relative to the Index during the reporting period.

■

During the period, the Fund utilized derivatives in the form of Treasury swaps and financial futures to help manage its duration positioning and

yield curve exposure. Overall, the use of these derivatives had a minimal impact on performance.

MF128ER

![](g124789g7pgimlogo_2026.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/mutual-fund-documents

or call

(800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: February 29, 2016 to February 28, 2026<br>Initial Investment of $10,000<br>

![](g124789g7governmentinc_r.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class R | 5.56% | -0.95% | 0.46% |
| Bloomberg US Aggregate Bond Index\* | 6.26% | 0.42% | 1.97% |
| Bloomberg US Aggregate ex-Credit Index | 6.10% | 0.24% | 1.44% |
| Bloomberg US Government Bond Index | 5.32% | -0.06% | 1.26% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $220841228<br>|
| Number of fund holdings | 332 |
| Total advisory fees paid for the year | $789177<br>|
| Portfolio turnover rate for the year | 139% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) | Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) |
| AAA | 19.1 |
| AA | 78.5 |
| Not Rated | 0.7 |
| Cash/Cash Equivalents | 1.7 |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

![](g124789g7qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Government Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS R <br> NASDAQ JDRVX <br> CUSIP 74439V503

MF128ER

![](g124789g7pgimlogo_2026.jpg)

------

![](g124789g8tsrbanner_2026.jpg)

PGIM Government Income Fund

Class Z:

PGVZX

ANNUAL SHAREHOLDER REPORT – February 28, 2026

This annual shareholder report contains important information about the Class Z shares of PGIM Government Income Fund (the "Fund") for the

period of March 1, 2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Government Income Fund—Class Z | $50 | 0.48% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, newly introduced tariffs, signs of a softening labor market, and a U.S. government shutdown in November (which

slowed the release of economic data) increased market expectations for cuts to the Federal funds rate. Indeed, the U.S. Federal Reserve (the

Fed) responded with 25-basis-point (bp) rate cuts in September, October, and December of 2025 before pausing again in January of 2026.

(One basis point equals 0.01%.) While the U.S. Administration sought ways to support affordability domestically (e.g., $200 billion proposal to

purchase mortgage securities across coupons) in 2026, inflation and fiscal uncertainty—tied to heightened geopolitical tensions abroad, kept

market volatility elevated and the Fed cautious about the pace of future rate cuts for the year. Despite the uncertainty, securitized credit—e.g.,

mortgage-backed securities (MBS), commercial mortgage-backed securities (CMBS), and collateralized loans obligations (CLOs) were among

the most resilient fixed-income sectors as the period ended.

■

The following contributed most to the Fund's performance relative to the Bloomberg US Aggregate ex-Credit Index (the Index) during the

period: positioning in MBS and agency CMBS; security selection in sovereign credits and U.S. Treasurys; an overweight allocation to the AAA

CLOs; having more risk over the period (on average) than the Index (from a market perspective); and the combined impact of the Fund's yield

curve strategies and duration positioning. (A yield curve is a line graph that illustrates the relationship between the yields and maturities of fixed

the price—the value of principal—of a bond to a change in interest rates.)

■

An overweight to the sovereign credit sector detracted most from the Fund's performance relative to the Index during the reporting period.

■

During the period, the Fund utilized derivatives in the form of Treasury swaps and financial futures to help manage its duration positioning and

yield curve exposure. Overall, the use of these derivatives had a minimal impact on performance.

MF128EZ

![](g124789g8pgimlogo_2026.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/mutual-fund-documents

or call

(800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class Z shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: February 29, 2016 to February 28, 2026<br>Initial Investment of $10,000<br>

![](g124789g8governmentinc_z.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class Z | 6.36% | -0.18% | 1.17% |
| Bloomberg US Aggregate Bond Index\* | 6.26% | 0.42% | 1.97% |
| Bloomberg US Aggregate ex-Credit Index | 6.10% | 0.24% | 1.44% |
| Bloomberg US Government Bond Index | 5.32% | -0.06% | 1.26% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $220841228<br>|
| Number of fund holdings | 332 |
| Total advisory fees paid for the year | $789177<br>|
| Portfolio turnover rate for the year | 139% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) | Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) |
| AAA | 19.1 |
| AA | 78.5 |
| Not Rated | 0.7 |
| Cash/Cash Equivalents | 1.7 |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

![](g124789g8qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Government Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS Z <br> NASDAQ PGVZX <br> CUSIP 74439V404

MF128EZ

![](g124789g8pgimlogo_2026.jpg)

------

![](g124789g9tsrbanner_2026.jpg)

PGIM Government Income Fund

Class R6:

PGIQX

ANNUAL SHAREHOLDER REPORT – February 28, 2026

This annual shareholder report contains important information about the Class R6 shares of PGIM Government Income Fund (the "Fund") for the

period of March 1, 2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Government Income Fund—Class R6 | $48 | 0.47% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, newly introduced tariffs, signs of a softening labor market, and a U.S. government shutdown in November (which

slowed the release of economic data) increased market expectations for cuts to the Federal funds rate. Indeed, the U.S. Federal Reserve (the

Fed) responded with 25-basis-point (bp) rate cuts in September, October, and December of 2025 before pausing again in January of 2026.

(One basis point equals 0.01%.) While the U.S. Administration sought ways to support affordability domestically (e.g., $200 billion proposal to

purchase mortgage securities across coupons) in 2026, inflation and fiscal uncertainty—tied to heightened geopolitical tensions abroad, kept

market volatility elevated and the Fed cautious about the pace of future rate cuts for the year. Despite the uncertainty, securitized credit—e.g.,

mortgage-backed securities (MBS), commercial mortgage-backed securities (CMBS), and collateralized loans obligations (CLOs) were among

the most resilient fixed-income sectors as the period ended.

■

The following contributed most to the Fund's performance relative to the Bloomberg US Aggregate ex-Credit Index (the Index) during the

period: positioning in MBS and agency CMBS; security selection in sovereign credits and U.S. Treasurys; an overweight allocation to the AAA

CLOs; having more risk over the period (on average) than the Index (from a market perspective); and the combined impact of the Fund's yield

curve strategies and duration positioning. (A yield curve is a line graph that illustrates the relationship between the yields and maturities of fixed

the price—the value of principal—of a bond to a change in interest rates.)

■

An overweight to the sovereign credit sector detracted most from the Fund's performance relative to the Index during the reporting period.

■

During the period, the Fund utilized derivatives in the form of Treasury swaps and financial futures to help manage its duration positioning and

yield curve exposure. Overall, the use of these derivatives had a minimal impact on performance.

MF128ER6

![](g124789g9pgimlogo_2026.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/mutual-fund-documents

or call

(800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: August 9, 2016 to February 28, 2026<br>Initial Investment of $10,000<br>

![](g124789g9governmentinc_r6.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R6 | 6.37% | -0.17% | 1.01% (8/9/2016) |
| Bloomberg US Aggregate Bond Index\* | 6.26% | 0.42% | 1.66% |
| Bloomberg US Aggregate ex-Credit Index | 6.10% | 0.24% | 1.27% |
| Bloomberg US Government Bond Index | 5.32% | -0.06% | 1.05% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided for the share class since it has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the month-end

closest to the class's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $220841228<br>|
| Number of fund holdings | 332 |
| Total advisory fees paid for the year | $789177<br>|
| Portfolio turnover rate for the year | 139% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) | Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) |
| AAA | 19.1 |
| AA | 78.5 |
| Not Rated | 0.7 |
| Cash/Cash Equivalents | 1.7 |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

![](g124789g9qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Government Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS R6 <br> NASDAQ PGIQX <br> CUSIP 74439V875

MF128ER6

![](g124789g9pgimlogo_2026.jpg)

------

(b) Copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule – Not applicable.

Item 2 – Code of Ethics – See Exhibit (a) (1) of Item 19

As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies – Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer.

The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant 800-225-1852, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

Item 3 – Audit Committee Financial Expert –

The registrant's Board has determined that Ms. Grace C. Torres, member of the Board's Audit Committee is an "audit committee financial expert," and that she is "independent," for purposes of this item.

Item 4 – Principal Accountant Fees and Services –

(a) Audit Fees

For the fiscal years ended February 28, 2026 and February 28, 2025, PricewaterhouseCoopers LLP ("PwC"), the Registrant's principal accountant, billed the Registrant $116,792 and $112,300 respectively, for professional services rendered for the audit of the Registrant's annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

(b) Audit-Related Fees

For the fiscal years ended February 28, 2026 and February 28, 2025: none.

(c) Tax Fees

For the fiscal years ended February 28, 2026 and February 28, 2025: none.

(d) All Other Fees

For the fiscal years ended February 28, 2026 and February 28, 2025: none.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (1) Audit Committee Pre-Approval Policies and Procedures

------

#### THE PGIM MUTUAL FUNDS

#### AUDIT COMMITTEE POLICY

#### on
*Pre-Approval of Services Provided by the Independent* 

*Accountants* 

The Audit Committee of each PGIM Mutual Fund is charged with the responsibility to monitor the independence of the Fund's independent accountants. As part of this responsibility, the Audit Committee must pre-approve the independent accounting firm's engagement to render audit and/or permissible non-audit services, as required by law. In evaluating a proposed engagement of the independent accountants, the Audit Committee will assess the effect that the engagement might reasonably be expected to have on the accountant's independence. The Committee's evaluation will be based on:

• a review of the nature of the professional services expected to be provided,

• a review of the safeguards put into place by the accounting firm to safeguard independence, and

• periodic meetings with the accounting firm.

#### Policy for Audit and Non-Audit Services Provided to the Funds
On an annual basis, the scope of audits for each Fund, audit fees and expenses, and audit-related and non-audit services (and fees proposed in respect thereof) proposed to be performed by the Fund's independent accountants will be presented by the Treasurer and the independent accountants to the Audit Committee for review and, as appropriate, approval prior to the initiation of such services.

Such presentation shall be accompanied by confirmation by both the Treasurer and the independent accountants that the proposed non-audit services will not adversely affect the independence of the independent accountants. Such proposed non-audit services shall be described in sufficient detail to enable the Audit Committee to assess the appropriateness of such services and fees, and the compatibility of the provision of such services with the auditor's independence. The Committee shall receive periodic reports on the progress of the audit and other services which are approved by the Committee or by the Committee Chair pursuant to authority delegated in this Policy.

The categories of services enumerated under "Audit Services", "Audit-related Services", and "Tax Services" are intended to provide guidance to the Treasurer and the independent accountants as to those categories of services which the Committee believes are generally consistent with the independence of the independent accountants and which the Committee (or the Committee Chair) would expect upon the presentation of specific proposals to pre-approve. The enumerated categories are not intended as an exclusive list of audit, audit-related or tax services, which the Committee (or the Committee Chair) would consider for pre-approval.

#### Audit Services
The following categories of audit services are considered to be consistent with the role of the Fund's independent accountants:

• Annual Fund financial statement audits

• Seed audits (related to new product filings, as required)

• SEC and regulatory filings and consents

#### Audit-related Services
The following categories of audit-related services are considered to be consistent with the role of the Fund's independent accountants:

• Accounting consultations

• Fund merger support services

------

• Agreed Upon Procedure Reports

• Attestation Reports

• Other Internal Control Reports

Individual audit-related services that fall within one of these categories (except for fund merger support services) and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated). Fees related to fund merger support services are subject to a separate authorized pre-approval by the Audit Committee with fees determined on a per occurrence and merger complexity basis.

#### Tax Services
The following categories of tax services are considered to be consistent with the role of the Fund's independent accountants:

• Tax compliance services related to the filing or amendment of the following:

• Federal, state and local income tax compliance; and,

• Sales and use tax compliance

• Timely RIC qualification reviews

• Tax distribution analysis and planning

• Tax authority examination services

• Tax appeals support services

• Accounting methods studies

• Fund merger support services

• Tax consulting services and related project

------

Individual tax services that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated).

#### Other Non-Audit Services
Certain non-audit services that the independent accountants are legally permitted to render will be subject to pre-approval by the Committee or by one or more Committee members to whom the Committee has delegated this authority and who will report to the full Committee any pre-approval decisions made pursuant to this Policy. Non-audit services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

#### Proscribed Services
The Fund's independent accountants will not render services in the following categories of non-audit services:

• Bookkeeping or other services related to the accounting records or financial statements of the Fund

• Financial information systems design and implementation

• Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

• Actuarial services

• Internal audit outsourcing services

• Management functions or human resources

• Broker or dealer, investment adviser, or investment banking services

• Legal services and expert services unrelated to the audit

• Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

#### Pre-approval of Non-Audit Services Provided to Other Entities Within the PGIM Fund Complex
Certain non-audit services provided to PGIM Investments LLC or any of its affiliates that also provide ongoing services to the PGIM Mutual Funds will be subject to pre-approval by the Audit Committee. The only non-audit services provided to these entities that will require pre-approval are those <u>related directly to the operations and financial reporting of the Funds</u>. Individual projects that are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $30,000. Services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Although the Audit Committee will not pre-approve all services provided to PGIM Investments LLC and its affiliates, the Committee will receive an annual report from the Fund's independent accounting firm showing the aggregate fees for all services provided to PGIM Investments and its affiliates.

------

(e) (2) <u>Percentage of services described in each of paragraphs (b)</u> <u>through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X</u> –

---

| | | |
|:---|:---|:---|
|  | <u>Fiscal Year Ended</u><br> <u>February 28, 2026</u> | <u>Fiscal Year Ended</u><br> <u>February 28, 2025</u> |
| 4(b) | Not applicable. | Not applicable. |
| 4(c) | Not applicable. | Not applicable. |
| 4(d) | Not applicable. | Not applicable. |

---

(f) <u>Percentage of hours expended attributable to work performed by other than full time employees of principal accountant if greater</u> <u>than 50%.</u> 

The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was 0%.

&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Non-Audit Fees</u>

The aggregate non-audit fees billed by the Registrant's principal accountant for services rendered to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended February 28, 2026 and February 28, 2025 was $0 and $0, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Principal Accountant's Independence</u>

Not applicable as the Registrant's principal accountant has not provided non-audit services to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

Item 5 – Audit Committee of Listed Registrants – Not applicable.

Item 6 – Investments – The registrant's Schedule of Investments is included in the financial statements filed under Item 7 of this Form.

Items 7 – 11 (Refer to Report(s) below)

------

![LOGO](g124789g15a15.jpg)

## PRUDENTIAL INVESTMENT PORTFOLIOS, INC. 14
PGIM Floating Rate Income Fund

PGIM Government Income Fund

#### FINANCIAL STATEMENTS AND OTHER INFORMATION

#### FEBRUARY 28, 2026
![LOGO](g124789g56f90.jpg)

------

<u> **Table of Contents** </u>   <u> Financial Statements and Other Information</u>   <u> February 28, 2026</u>

**Form N-CSR Item 7** - Financial Statements and Financial Highlights for Open-End Management Investment Companies.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Glossary](#edgar124789_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PGIM Floating Rate Income Fund](#edgar124789_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PGIM Government Income Fund](#edgar124789_3) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#edgar124789_4) | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [**Other Information -** Form N-CSR Items 8-11](#edgar124789_5) |  |

---

------

#### Glossary
The following abbreviations are used in the Funds' descriptions:

EUR—Euro

GBP—British Pound

USD—US Dollar

144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.

Aces—Alternative Credit Enhancements Securities

AID—Agency for International Development

BARC—Barclays Bank PLC

BNP—BNP Paribas S.A.

CDX—Credit Derivative Index

CGM—Citigroup Global Markets, Inc.

CLO—Collateralized Loan Obligation

CVR—Contingent Value Rights

DIP—Debtor-In-Possession

ETF—Exchange-Traded Fund

EURIBOR—Euro Interbank Offered Rate

FHLMC—Federal Home Loan Mortgage Corporation

iBoxx—Bond Market Indices

JPS—J.P. Morgan Securities LLC

LP—Limited Partnership

MSI—Morgan Stanley & Co. International PLC

MTN—Medium Term Note

N/A—Not Applicable

OTC—Over-the-counter

PIK—Payment-in-Kind

Q—Quarterly payment frequency for swaps

REITs—Real Estate Investment Trust

SCB—Standard Chartered Bank

SOFR—Secured Overnight Financing Rate

SONIA—Sterling Overnight Index Average

SSB—State Street Bank & Trust Company

T—Swap payment upon termination

TBA—To Be Announced

UMBS—Uniform Mortgage-Backed Securities

------

PGIM Floating Rate Income Fund

Schedule of Investments

as of February 28, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** |  | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.9%** |  |  |  |  |  |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES 18.5%** |  |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations 18.5%** |  |  |  |  |  |
| &nbsp;&nbsp; Anchorage Capital CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-08A, Class BR3, 144A, 3 Month SOFR + 1.650% (Cap N/A, Floor 1.650%) | 5.320%(c) | 10/27/38 |  | 16000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16030402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11A, Class BR2, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | 5.619(c) | 07/22/37 |  | 10000 | 10029801 |
| &nbsp;&nbsp; Atlas Senior Loan Fund Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class B, 144A, 3 Month SOFR + 1.900% (Cap N/A, Floor 1.900%) | 5.568(c) | 01/20/38 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | 10047903 |
| &nbsp;&nbsp; Atlas Static Senior Loan Fund Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class BR, 144A, 3 Month SOFR + 2.650% (Cap N/A, Floor 2.650%) | 6.322(c) | 07/15/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8508 | 8516187 |
| &nbsp;&nbsp; Avoca Capital CLO Ltd. (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10A, Class B1RR, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | 3.366(c) | 04/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3750 | 4407754 |
| &nbsp;&nbsp; Bain Capital Credit CLO Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | 5.368(c) | 10/24/38 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11200 | 11229683 |
| &nbsp;&nbsp; Barrow Hanley CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | 5.368(c) | 03/31/38 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000 | 6015661 |
| &nbsp;&nbsp; Battalion CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-11A, Class BR2, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 5.418(c) | 04/24/34 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | 20038400 |
| &nbsp;&nbsp; Canyon Capital CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class BRR, 144A, 3 Month SOFR + 1.800% (Cap N/A, Floor 1.800%) | 5.472(c) | 07/15/37 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11500 | 11528752 |
| &nbsp;&nbsp; Carlyle US CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class B, 144A, 3 Month SOFR + 2.050% (Cap N/A, Floor 2.050%) | 5.718(c) | 04/25/37 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5600 | 5622175 |
| &nbsp;&nbsp; CBAM Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-05A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | 5.812(c) | 10/17/38 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16000 | 16049606 |
| &nbsp;&nbsp; CIFC Funding Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-05A, Class BR3, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 5.418(c) | 07/17/37 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9650 | 9684838 |
| &nbsp;&nbsp; CQS US CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class BR, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 5.418(c) | 01/20/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12400 | 12418851 |
| &nbsp;&nbsp; Davis Park CLO Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | 5.368(c) | 07/20/38 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4500 | 4520565 |
| &nbsp;&nbsp; Elevation CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-11A, Class BR, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%) | 5.672(c) | 10/15/37 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8125 | 8160020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-13A, Class BR, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | 5.272(c) | 07/15/34 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500 | 2499200 |
| &nbsp;&nbsp; Gallatin CLO Ltd. (Bermuda), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | 5.618(c) | 10/20/37 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9275 | 9304213 |
| &nbsp;&nbsp; Golub Capital Partners CLO Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-68A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | 5.368(c) | 07/25/38 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18600 | 18647986 |
| &nbsp;&nbsp; Hayfin US Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-15A, Class B, 144A, 3 Month SOFR + 2.200% (Cap N/A, Floor 2.200%) | 5.871(c) | 04/28/37 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13500 | 13496895 |
| &nbsp;&nbsp; KKR CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-41A, Class B, 144A, 3 Month SOFR + 1.900% (Cap N/A, Floor 1.900%) | 5.572(c) | 04/15/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12500 | 12510878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class BR, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | 5.772(c) | 04/15/37 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | 4000959 |
| &nbsp;&nbsp; Madison Park Funding Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A, Class BR, 144A, 3 Month SOFR + 1.920% (Cap N/A, Floor 1.920%) | 5.588(c) | 04/18/37 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11000 | 11057858 |
| &nbsp;&nbsp; Mountain View CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class A2R, 144A, 3 Month SOFR + 2.042% (Cap N/A, Floor 0.000%) | 5.714(c) | 07/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6424 | 6437161 |
| &nbsp;&nbsp; NGC Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | 5.768(c) | 07/20/37 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7650 | 7631488 |
| &nbsp;&nbsp; Octagon Investment Partners Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class BRR, 144A, 3 Month SOFR + 1.800% (Cap N/A, Floor 1.800%) | 5.472(c) | 07/15/37 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8100 | 8122277 |
| &nbsp;&nbsp; Octagon Investment Partners Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class BR3, 144A, 3 Month SOFR + 1.800% (Cap N/A, Floor 1.800%) | 5.472(c) | 10/31/37 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7600 | 7629412 |
| &nbsp;&nbsp; Octagon Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class BR2, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | 5.352(c) | 02/16/37 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | 10025702 |
| &nbsp;&nbsp; OFSI BSL CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-13A, Class B, 144A, 3 Month SOFR + 2.250% (Cap N/A, Floor 2.250%) | 5.918(c) | 04/20/37 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | 5000151 |
| &nbsp;&nbsp; OFSI BSL Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-12A, Class BR, 144A, 3 Month SOFR + 1.800% (Cap N/A, Floor 1.800%) | 5.468(c) | 01/20/38 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10550 | 10601165 |
| &nbsp;&nbsp; Rad CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-19A, Class B1R, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | 5.618(c) | 03/20/38 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | 20106600 |

---

See Notes to Financial Statements.

------

PGIM Floating Rate Income Fund

Schedule of Investments (continued)

as of February 28, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** |  | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Regatta Funding Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class B, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 5.422%(c) | 09/06/37 |  | 13500 | $13548873 |
| &nbsp;&nbsp; Signal Peak CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-09A, Class BR, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 5.420(c) | 01/21/38 |  | 9185 | 9226423 |
| &nbsp;&nbsp; Silver Point CLO Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-15A, Class B, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | 5.268(c) | 01/15/39 |  | 10000 | 10018299 |
| &nbsp;&nbsp; Sound Point CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class DR, 144A, 3 Month SOFR + 3.612% (Cap N/A, Floor 3.350%) | 7.280(c) | 10/25/34 |  | 1500 | 1456790 |
| &nbsp;&nbsp; St. Pauls CLO (Netherlands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class C2R, 144A | 2.500 | 01/17/32 | EUR | 4500 | 5043762 |
| &nbsp;&nbsp; Tikehau US CLO Ltd. (Bermuda), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class BR, 144A, 3 Month SOFR + 1.800% (Cap N/A, Floor 1.800%) | 5.468(c) | 01/20/38 |  | 12150 | 12186934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class BR, 144A, 3 Month SOFR + 2.750% (Cap N/A, Floor 2.750%) | 6.418(c) | 01/20/36 |  | 12000 | 11991122 |
| &nbsp;&nbsp; Trimaran CAVU Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | 5.368(c) | 03/18/38 |  | 10000 | 10009097 |
| &nbsp;&nbsp; Voya CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class BR, 144A, 3 Month SOFR + 1.912% (Cap N/A, Floor 1.650%) | 5.579(c) | 10/17/32 |  | 8650 | 8636856 |
| &nbsp;&nbsp; Zais CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-03A, Class A2R, 144A, 3 Month SOFR + 2.452% (Cap N/A, Floor 0.000%) | 6.124(c) | 07/15/31 |  | 1500 | 1507951 |
|  |  |  |  |  | 384998650 |
| &nbsp;&nbsp; **Other 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Sierra Timeshare Receivables Funding LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | 9.720 | 04/20/40 |  | 876 | 925006 |
| &nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES**<br> (cost $383,905,384) |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385923656 |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES 1.4%** |  |  |  |  |  |
| &nbsp;&nbsp; BX Commercial Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CIP, Class E, 144A, 1 Month SOFR + 2.934% (Cap N/A, Floor 2.820%) | 6.594(c) | 12/15/38 |  | 12702 | 12698104 |
| &nbsp;&nbsp; BX Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DIME, Class E, 144A, 1 Month SOFR + 3.000% (Cap N/A, Floor 3.000%) | 6.660(c) | 02/15/35 |  | 4750 | 4744061 |
| &nbsp;&nbsp; NYC Commercial Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03BP, Class D, 144A, 1 Month SOFR + 2.441% (Cap N/A, Floor 2.441%) | 6.101(c) | 02/15/42 |  | 2350 | 2355875 |
| &nbsp;&nbsp; ROCK Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class E, 144A | 8.819 | 11/13/41 |  | 9830 | 10519829 |
| &nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $29,847,301) |  |  |  |  | 30317869 |
| &nbsp;&nbsp; **CORPORATE BONDS 13.0%** |  |  |  |  |  |
| &nbsp;&nbsp; **Airlines 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Switzerland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.375 | 02/01/30 |  | 375 | 347179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.875 | 05/01/27 |  | 3575 | 3585010 |
|  |  |  |  |  | 3932189 |
| &nbsp;&nbsp; **Banks 9.8%** |  |  |  |  |  |
| &nbsp;&nbsp; Bank of America Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 6.250(ff) | 07/26/30(oo) |  | 15105 | 15514595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 6.625(ff) | 05/01/30(oo) |  | 3190 | 3335903 |
| &nbsp;&nbsp; Bank of Nova Scotia (The) (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes(a) | 7.350(ff) | 04/27/85 |  | 31000 | 32415271 |
| &nbsp;&nbsp; Citigroup, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 6.625(ff) | 02/15/31(oo) |  | 1425 | 1461894 |

---

See Notes to Financial Statements.

PGIM Floating Rate Income Fund 3

------

PGIM Floating Rate Income Fund

Schedule of Investments (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Banks (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Citigroup, Inc., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CC | 7.125%(ff) | 08/15/29(oo) | 9870 | $10195390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series EE | 6.750(ff) | 02/15/30(oo) | 10295 | 10528951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series FF | 6.950(ff) | 02/15/30(oo) | 15435 | 15868100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series GG | 6.875(ff) | 08/15/30(oo) | 5685 | 5835736 |
| &nbsp;&nbsp; Goldman Sachs Group, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V | 4.125(ff) | 11/10/26(oo) | 13458 | 13402940 |
| &nbsp;&nbsp; JPMorgan Chase & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | 6.406(c) | 04/01/26(oo) | 23015 | 23083715 |
| &nbsp;&nbsp; Royal Bank of Canada (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes(a) | 6.350(ff) | 11/24/84 | 13925 | 13733531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 6.500(ff) | 11/24/85 | 13150 | 13100687 |
| &nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 6.600(ff) | 06/05/34(oo) | 2725 | 2827578 |
| &nbsp;&nbsp; Toronto-Dominion Bank (The) (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 6.350(ff) | 10/31/85 | 17830 | 18196415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 7.250(ff) | 07/31/84 | 19005 | 19860225 |
| &nbsp;&nbsp; U.S. Bancorp, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 3.700(ff) | 01/15/27(oo) | 5813 | 5752429 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205113360 |
| &nbsp;&nbsp; **Commercial Services 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Allied Universal Holdco LLC/Allied Universal Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 06/01/29 | 400 | 395984 |
| &nbsp;&nbsp; Covista, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 03/01/28 | 1521 | 1521000 |
| &nbsp;&nbsp; VT Topco, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.500 | 08/15/30 | 3850 | 3827589 |
|  |  |  |  | 5744573 |
| &nbsp;&nbsp; **Diversified Financial Services 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Nomura Holdings, Inc. (Japan), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 7.000(ff) | 07/15/30(oo) | 4295 | 4475605 |
| &nbsp;&nbsp; **Electric 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Vistra Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 7.000(ff) | 12/15/26(oo) | 5375 | 5447513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 8.000(ff) | 10/15/26(oo) | 5225 | 5317151 |
|  |  |  |  | 10764664 |
| &nbsp;&nbsp; **Home Builders 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Ashton Woods USA LLC/Ashton Woods Finance Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 04/01/30 | 835 | 797258 |
| &nbsp;&nbsp; Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.875 | 02/15/30 | 4200 | 3933636 |
|  |  |  |  | 4730894 |
| &nbsp;&nbsp; **Housewares 0.0%** |  |  |  |  |
| &nbsp;&nbsp; SWF Holdings I Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 6.500 | 10/06/29 | 2138 | 855168 |

---

See Notes to Financial Statements.

------

PGIM Floating Rate Income Fund

Schedule of Investments (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Internet 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Cablevision Lightpath LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875% | 09/15/27 | 200 | $200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.625 | 09/15/28 | 200 | 200000 |
|  |  |  |  | 400000 |
| &nbsp;&nbsp; **Investment Companies 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Apollo Debt Solutions BDC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 5.700 | 01/23/31 | 3000 | 2976383 |
| &nbsp;&nbsp; Ares Strategic Income Fund, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.550 | 04/15/31 | 3000 | 2949563 |
|  |  |  |  | 5925946 |
| &nbsp;&nbsp; **Media 0.3%** |  |  |  |  |
| &nbsp;&nbsp; CSC Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.375 | 02/15/31 | 200 | 119523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 12/01/30 | 200 | 123108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 02/01/28 | 475 | 342055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 04/15/27 | 200 | 169204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 12/01/30 | 700 | 259042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 11/15/31 | 2157 | 795244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 01/15/30 | 200 | 77372 |
| &nbsp;&nbsp; DISH DBS Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(x) | 5.125 | 06/01/29 | 400 | 356080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(x) | 7.375 | 07/01/28 | 350 | 338462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(x) | 7.750 | 07/01/26 | 1000 | 989239 |
| &nbsp;&nbsp; DISH Network Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(x) | 11.750 | 11/15/27 | 2800 | 2892062 |
| &nbsp;&nbsp; Radiate Holdco LLC/Radiate Finance, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, PIK 9.250%(x) | 9.250 | 03/25/30 | 167 | 121921 |
| &nbsp;&nbsp; Sinclair Television Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.125 | 02/15/33 | 200 | 208229 |
|  |  |  |  | 6791541 |
| &nbsp;&nbsp; **Oil & Gas 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Hilcorp Energy I LP/Hilcorp Finance Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 04/15/32 | 3750 | 3651280 |
| &nbsp;&nbsp; New Generation Gas Gathering LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ | 9.417(c) | 09/30/29 | 568 | 559054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ | 9.417(c) | 09/30/29 | 681 | 670865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ | 9.417(c) | 09/30/29 | 568 | 559053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ | 9.590(c) | 09/30/29 | 170 | 167716 |
|  |  |  |  | 5607968 |
| &nbsp;&nbsp; **Oil & Gas Services 0.1%** |  |  |  |  |
| &nbsp;&nbsp; SESI LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.875 | 09/30/30 | 1260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286500 |
| &nbsp;&nbsp; **Pipelines 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Venture Global LNG, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A(a) | 9.000(ff) | 09/30/29(oo) | 4700 | 4108946 |

---

See Notes to Financial Statements.

PGIM Floating Rate Income Fund 5

------

PGIM Floating Rate Income Fund

Schedule of Investments (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Real Estate 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Howard Hughes Corp. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.375% | 02/01/31 | 770 | $732256 |
| &nbsp;&nbsp; Hunt Cos., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.250 | 04/15/29 | 1025 | 976491 |
|  |  |  |  | 1708747 |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Diversified Healthcare Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 03/01/31 | 7519 | 6792526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 02/15/28 | 1275 | 1247382 |
|  |  |  |  | 8039908 |
| &nbsp;&nbsp; **Retail 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Gap, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.875 | 10/01/31 | 1320 | 1228413 |
| &nbsp;&nbsp; **Telecommunications 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Digicel Group Holdings Ltd. (Jamaica), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 1B14, 144A(x) | 0.000 | 12/31/30 | 149 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 3B14, 144A^(x) | 0.000 | 12/31/30 | 197 |  |
|  |  |  |  | 15 |
| &nbsp;&nbsp; **TOTAL CORPORATE BONDS**<br> (cost $265,757,323) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270714437 |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS 62.4%** |  |  |  |  |
| &nbsp;&nbsp; **Advertising 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Summer BC Holdco B Sarl (Luxembourg), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extended Facility B, 3 Month SOFR + 5.260% | 8.932(c) | 02/15/29 | 6991 | 6175434 |
| &nbsp;&nbsp; **Aerospace & Defense 0.7%** |  |  |  |  |
| &nbsp;&nbsp; PAC DAC LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 3.250% | 6.917(c) | 10/28/30 | 4750 | 4693617 |
| &nbsp;&nbsp; Propulsion BC Finco Sarl (Spain), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 2.500% | 6.172(c) | 12/01/32 | 2550 | 2549465 |
| &nbsp;&nbsp; Transdigm, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Tranche K Term Loan, 1 Month SOFR + 2.250% | 5.923(c) | 03/22/30 | 1822 | 1820176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche M Term Loan, 1 Month SOFR + 2.500% | 6.173(c) | 08/19/32 | 6160 | 6155990 |
|  |  |  |  | 15219248 |
| &nbsp;&nbsp; **Agriculture 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Alltech, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-2 Loan, 1 Month SOFR + 4.364% | 8.037(c) | 08/13/30 | 6874 | 6878059 |
| &nbsp;&nbsp; **Airlines 0.5%** |  |  |  |  |
| &nbsp;&nbsp; American Airlines, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repriced Term Loan, 3 Month SOFR + 2.250% | 5.918(c) | 04/20/28 | 2884 | 2877530 |
| &nbsp;&nbsp; Onesky Flight LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 2.750%^ | 6.410(c) | 02/17/33 | 3700 | 3686125 |
| &nbsp;&nbsp; Vista Management Holding, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 3.750% | 7.411(c) | 04/01/31 | 4304 | 4306411 |
|  |  |  |  | 10870066 |

---

See Notes to Financial Statements.

------

PGIM Floating Rate Income Fund

Schedule of Investments (continued)

as of February 28, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** |  | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Auto Parts & Equipment 1.7%** |  |  |  |  |  |
| &nbsp;&nbsp; American Axle & Manufacturing, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche C Term Loan, 1 Month SOFR + 3.250% | 6.910%(c) | 02/03/33 |  | 3225 | $3206876 |
| &nbsp;&nbsp; Clarios Global LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | 6.423(c) | 01/28/32 |  | 11369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11331141 |
| &nbsp;&nbsp; Constellation Automotive Group Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B (EUR) Commitment, 6 Month EURIBOR + 6.250%^ | 8.373(c) | 04/03/31 | EUR | 2500 | 3005695 |
| &nbsp;&nbsp; First Brands Group LLC,<br>2021 Second Lien Term Loan | 13.070 | 03/30/28(d) |  | 11533 | 5652 |
| &nbsp;&nbsp; Tenneco, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.850% | 8.511(c) | 11/17/28 |  | 9706 | 9538647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.100% | 8.764(c) | 11/17/28 |  | 9113 | 8972945 |
|  |  |  |  |  | 36060956 |
| &nbsp;&nbsp; **Beverages 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Brewco Borrower LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 7.000%^ | 10.673(c) | 09/30/30 |  | 1244 | 497539 |
| &nbsp;&nbsp; Pegasus Bidco BV (Netherlands),<br>2025-1 Dollar Term Loan, 3 Month SOFR + 2.750% | 6.403(c) | 07/12/29 |  | 4913 | 4904732 |
|  |  |  |  |  | 5402271 |
| &nbsp;&nbsp; **Building Materials 1.4%** |  |  |  |  |  |
| &nbsp;&nbsp; American Bath/CP Atlas Buyer, Inc.,<br>2025 Term B Loan, 1 Month SOFR + 5.250% | 8.923(c) | 07/08/30 |  | 4763 | 4598356 |
| &nbsp;&nbsp; Cornerstone Building Brands, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 5.625% | 9.285(c) | 08/01/28 |  | 4755 | 3423738 |
| &nbsp;&nbsp; Covia Holdings LLC,<br>2025 Refinancing Term Loan, 3 Month SOFR + 2.750% | 6.402(c) | 02/26/32 |  | 5224 | 5212885 |
| &nbsp;&nbsp; EMRLD Borrower LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term B Loan, 3 Month SOFR + 2.250% | 5.923(c) | 05/31/30 |  | 6145 | 6116184 |
| &nbsp;&nbsp; HP PHRG Borrower LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Closing Date Term Loan, 3 Month SOFR + 4.000% | 7.672(c) | 02/20/32 |  | 4279 | 4228570 |
| &nbsp;&nbsp; Quikrete Holdings, Inc.,<br>2029 Term B Loan, 1 Month SOFR + 2.250% | 5.923(c) | 03/19/29 |  | 2829 | 2827081 |
| &nbsp;&nbsp; Vector WP HoldCo, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term B Loan, 1 Month SOFR + 5.114% | 8.787(c) | 10/12/28 |  | 2382 | 2229231 |
|  |  |  |  |  | 28636045 |
| &nbsp;&nbsp; **Chemicals 3.1%** |  |  |  |  |  |
| &nbsp;&nbsp; A-AP Buyer, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 2.750%^ | 6.417(c) | 09/09/31 |  | 1817 | 1811996 |
| &nbsp;&nbsp; Archroma Finance Sarl (Luxembourg), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B2A Loan, 6 Month SOFR + 5.500% | 9.199(c) | 06/30/27 |  | 2875 | 2494062 |
| &nbsp;&nbsp; Flint Group Packaging Inks North America Holdings LLC (Luxembourg), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B USD, 3 Month SOFR + 4.512% | 8.183(c) | 09/30/28 |  | 3714 | 3533241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien Facility B, 3 Month SOFR + 0.362% | 4.033(c) | 12/29/28 |  | 3431 | 2441030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien Facility B, 3 Month SOFR + 0.362% | 3.771(c) | 12/29/28 |  | 7446 | 325763 |
| &nbsp;&nbsp; Geon Performance Solutions LLC,<br>2024 Refinancing Term Loan, 3 Month SOFR + 4.512% | 8.184(c) | 08/18/28 |  | 5210 | 4519629 |
| &nbsp;&nbsp; Ineos US Finance LLC (Luxembourg),<br>2030 Dollar Term Loan, 1 Month SOFR + 3.250% | 6.923(c) | 02/19/30 |  | 2561 | 2145224 |
| &nbsp;&nbsp; Ineos US Petrochem LLC,<br>2030 Tranche B Dollar Term Loan, 1 Month SOFR + 3.850% | 7.523(c) | 03/14/30 |  | 2535 | 1970962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Term B Loan, 1 Month SOFR + 4.350% | 8.023(c) | 04/02/29 |  | 3691 | 2986296 |
| &nbsp;&nbsp; Iris Holdings Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 4.850% | 8.517(c) | 06/28/28 |  | 5412 | 5274371 |

---

See Notes to Financial Statements.

PGIM Floating Rate Income Fund 7

------

PGIM Floating Rate Income Fund

Schedule of Investments (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Chemicals (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Luxembourg Investment Co. Sarl (Luxembourg), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan | 12.000% | 01/03/29(d) | 6859 | $137188 |
| &nbsp;&nbsp; Nouryon Finance BV (Netherlands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 2024 B-1 Dollar Term Loan, 6 Month SOFR + 3.250% | 7.036(c) | 04/03/28 | 6611 | 6602498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 2024 B-2 Dollar Term Loan, 3 Month SOFR + 3.250% | 6.917(c) | 04/03/28 | 3058 | 3035035 |
| &nbsp;&nbsp; Paint Intermediate III LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paint Intermediate/Wesco Group Cov-Lite Term B Loan, 3 Month SOFR + 3.000% | 6.666(c) | 10/09/31 | 7784 | 7761526 |
| &nbsp;&nbsp; SCIH Salt Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, 1 Month SOFR + 2.750% | 6.522(c) | 01/31/29 | 5143 | 5128365 |
| &nbsp;&nbsp; TPC Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 6 Month SOFR + 5.750% | 9.386(c) | 12/16/31 | 8778 | 7837937 |
| &nbsp;&nbsp; Tronox Finance LLC,<br>2024-B Term Loan, 1 Month SOFR + 2.500% | 6.172(c) | 09/30/31 | 2598 | 2020066 |
| &nbsp;&nbsp; Venator Finance Sarl, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial First Out Term Loan^ | 13.894 | 07/16/26(d) | 3087 | 2315449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan^ | 13.905 | 10/12/28(d) | 4585 | 91708 |
| &nbsp;&nbsp; Venator Materials LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Out Term B Loan^ | 14.002 | 07/16/26(d) | 3123 | 2342588 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64774934 |
| &nbsp;&nbsp; **Commercial Services 6.4%** |  |  |  |  |
| &nbsp;&nbsp; Albion Financing 3 Sarl (United Kingdom),<br>2025-A Refinancing USD Term Loan, 3 Month SOFR + 3.000% | 6.664(c) | 05/21/31 | 5855 | 5851501 |
| &nbsp;&nbsp; Allied Universal Holdco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 7 Replacement US Dollar Term Loan, 1 Month SOFR + 3.250% | 6.923(c) | 08/20/32 | 11419 | 11411795 |
| &nbsp;&nbsp; Belfor Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche B-5 Term Loan, 1 Month SOFR + 2.750% | 6.423(c) | 11/01/30 | 4898 | 4904368 |
| &nbsp;&nbsp; Catawba Nation Gaming Authority, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term B Loan, 3 Month SOFR + 4.750% | 8.417(c) | 03/29/32 | 5815 | 5916762 |
| &nbsp;&nbsp; CCRR Parent, Inc.,<br>2022 Incremental Term Loan, 1 Month SOFR + 4.250% | 8.023(c) | 03/06/28 | 2116 | 497222 |
| &nbsp;&nbsp; Composecure Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.250% | 5.910(c) | 01/14/33 | 1375 | 1366406 |
| &nbsp;&nbsp; CoreLogic, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien Initial Term Loan, 1 Month SOFR + 3.614% | 7.287(c) | 06/02/28 | 2330 | 2208037 |
| &nbsp;&nbsp; Cotiviti, Inc., 2026 Term Loan^ | &nbsp;&nbsp;&nbsp;&nbsp;— (p) | 03/02/33 | 5775 | 5760563 |
| &nbsp;&nbsp; Crisis Prevention Institute, Inc.,<br>2024 Term Loan, 3 Month SOFR + 4.000% | 7.672(c) | 04/09/31 | 5828 | 5773876 |
| &nbsp;&nbsp; DS Parent, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.500% | 9.172(c) | 01/31/31 | 1305 | 1164824 |
| &nbsp;&nbsp; EAB Global, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 3.000% | 6.673(c) | 08/16/30 | 4501 | 4038642 |
| &nbsp;&nbsp; Ensemble RCM LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 3.000% | 6.660(c) | 02/09/33 | 3400 | 3266822 |
| &nbsp;&nbsp; First Advantage Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 2.750% | 6.423(c) | 10/31/31 | 2805 | 2680178 |
| &nbsp;&nbsp; Grant Thornton Advisors LLC,<br>2025 Incremental Term Loan, 1 Month SOFR + 2.750% | 6.423(c) | 06/02/31 | 6988 | 6469053 |
| &nbsp;&nbsp; Ingenovis Health, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien Initial Term Loan, 3 Month SOFR + 4.250% | 8.184(c) | 03/06/28 | 14599 | 4002619 |
| &nbsp;&nbsp; Jupiter Buyer, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 4.250% | 7.922(c) | 11/01/31 | 5764 | 5768989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan | &nbsp;&nbsp;&nbsp;&nbsp;— (p) | 11/01/31 | 1250 | 1251038 |
| &nbsp;&nbsp; Kuehg Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 2.750% | 6.422(c) | 06/12/30 | 4493 | 4298521 |
| &nbsp;&nbsp; Latham Pool Products, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 3.900% | 7.573(c) | 02/23/29 | 3669 | 3647643 |

---

See Notes to Financial Statements.

------

PGIM Floating Rate Income Fund

Schedule of Investments (continued)

as of February 28, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Commercial Services (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Mavis Tire Express Services Topco Corp.,<br>2025 First Lien Incremental Term Loan, 1 Month SOFR + 3.000% | 6.673%(c) | 05/04/28 |  | 3956 | $3945291 |
| &nbsp;&nbsp; MPH Acquisition Holdings LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Term Out Loan, 3 Month SOFR + 3.750% | 7.417(c) | 12/31/30 |  | 2274 | 2239207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Out Term Loan, 3 Month SOFR + 4.862% | 8.528(c) | 12/31/30 |  | 6506 | 5324885 |
| &nbsp;&nbsp; Neon Maple Purchaser, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First amend Tranche B-1 Term Loan, 1 Month SOFR + 2.500% | 6.173(c) | 11/17/31 |  | 4294 | 4177160 |
| &nbsp;&nbsp; NorthAB LLC,<br>2025 Refinancing Term Loan, 3 Month SOFR + 2.500% | 6.172(c) | 11/24/28 |  | 8028 | 7414443 |
| &nbsp;&nbsp; Omnia Partners LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 3 Term Loan, 3 Month SOFR + 2.750% | 6.455(c) | 12/31/32 |  | 4630 | 4613051 |
| &nbsp;&nbsp; Parexel International, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 2.750% | 6.423(c) | 12/12/31 |  | 3565 | 3520438 |
| &nbsp;&nbsp; Ryan LLC,<br>2025 Refinancing Term Loan, 1 Month SOFR + 3.500% | 7.173(c) | 11/05/32 |  | 8146 | 7853865 |
| &nbsp;&nbsp; TruGreen LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Refinancing Term Loan (First Lien), 3 Month SOFR + 4.100% | 7.767(c) | 11/02/27 |  | 4606 | 4523861 |
| &nbsp;&nbsp; Verde Purchaser LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 4.000% | 7.672(c) | 11/29/30 |  | 5447 | 5395647 |
| &nbsp;&nbsp; VT Topco, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Amendment Term Loan, 3 Month SOFR + 3.000% | 6.661(c) | 08/09/30 |  | 4670 | 4391650 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133678357 |
| &nbsp;&nbsp; **Computers 2.5%** |  |  |  |  |  |
| &nbsp;&nbsp; Bingo Holdings I LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 4.750% | 8.422(c) | 06/30/32 |  | 10072 | 9820444 |
| &nbsp;&nbsp; Fortress Intermediate 3, Inc.,<br>2025 Term B Loan, 1 Month SOFR + 3.000%^ | 6.668(c) | 06/27/31 |  | 7128 | 6914291 |
| &nbsp;&nbsp; Indy US Bidco LLC,<br>2025 Term Loan, 1 Month SOFR + 2.250%^ | 5.923(c) | 10/31/30 |  | 5315 | 5129294 |
| &nbsp;&nbsp; McAfee Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refinancing Tranche B-1, 1 Month SOFR + 3.000% | 6.673(c) | 03/01/29 |  | 8343 | 7237978 |
| &nbsp;&nbsp; NCR Atleos Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 3.000% | 6.701(c) | 04/16/29 |  | 475 | 473813 |
| &nbsp;&nbsp; Ping Identity Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.750% | 6.410(c) | 11/15/32 |  | 5825 | 5686656 |
| &nbsp;&nbsp; Sandisk Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 3.000% | 6.669(c) | 02/20/32 |  | 486 | 486250 |
| &nbsp;&nbsp; Synechron, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 3.750%^ | 7.423(c) | 10/03/31 |  | 3660 | 3367074 |
| &nbsp;&nbsp; Tempo Acquisition LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 1.750% | 5.423(c) | 08/31/28 |  | 4033 | 2765728 |
| &nbsp;&nbsp; VeriFone Systems, Inc.,<br>2025-1 Refinancing Term Loan, 3 Month SOFR + 5.512% | 9.178(c) | 08/18/28 |  | 10483 | 9607005 |
|  |  |  |  |  | 51488533 |
| &nbsp;&nbsp; **Consumer Services 0.5%** |  |  |  |  |  |
| &nbsp;&nbsp; Parfums De Marly, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 5.250%^ | 9.122(c) | 09/01/28 |  | 4665 | 4665000 |
| &nbsp;&nbsp; University Support Services LLC (Grenada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.750% | 6.423(c) | 02/10/29 |  | 4847 | 4612699 |
|  |  |  |  |  | 9277699 |
| &nbsp;&nbsp; **Cosmetics/Personal Care 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp; Rainbow UK Bidco Ltd. (Luxembourg), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B3 Loan, SONIA + 4.750% | 8.478(c) | 02/23/29 | GBP | 5775 | 7790461 |

---

See Notes to Financial Statements.

PGIM Floating Rate Income Fund 9

------

PGIM Floating Rate Income Fund

Schedule of Investments (continued)

as of February 28, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Distribution/Wholesale 1.5%** |  |  |  |  |  |
| &nbsp;&nbsp; AIP RD Buyer Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan (First Lien), 1 Month SOFR + 4.000% | 7.172%(c) | 12/23/30 |  | 1904 | $1895079 |
| &nbsp;&nbsp; Gloves Buyer, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 4.000% | 7.673(c) | 05/21/32 |  | 5162 | 5136252 |
| &nbsp;&nbsp; Olympus Water US Holding Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Dollar Loan, 3 Month SOFR + 3.000% | 6.672(c) | 06/20/31 |  | 8155 | 7986714 |
| &nbsp;&nbsp; Pearls Netherlands Bidco BV (Netherlands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan B (USD), 3 Month SOFR + 3.250% | 6.917(c) | 02/26/29 |  | 1741 | 1443070 |
| &nbsp;&nbsp; Quimper AB (Sweden),<br>2026 Term B Loan, 3 Month EURIBOR + 3.000% | 4.987(c) | 03/31/30 | EUR | 4500 | 5305928 |
| &nbsp;&nbsp; Windsor Holdings III LLC,<br>2025 Refinancing Term B Loan, 1 Month SOFR + 2.750% | 6.423(c) | 08/01/30 |  | 8779 | 8759550 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30526593 |
| &nbsp;&nbsp; **Diversified Financial Services 2.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Azorra Soar TLB Finance Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.500% | 6.139(c) | 10/18/29 |  | 3298 | 3298451 |
| &nbsp;&nbsp; EP Wealth Advisors LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Closing Date Term Loan, 3 Month SOFR + 3.000% | 6.672(c) | 10/18/32 |  | 2100 | 2081625 |
| &nbsp;&nbsp; Focus Financial Partners LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche B Incremental Term Loan, 1 Month SOFR + 2.500% | 6.173(c) | 09/15/31 |  | 10241 | 9638904 |
| &nbsp;&nbsp; Gategroup Finance SA (Luxembourg), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Facility B2 (USD), 3 Month SOFR + 3.500% | 7.190(c) | 06/10/32 |  | 5567 | 5569537 |
| &nbsp;&nbsp; Hudson River Trading LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-2 Loan, 1 Month SOFR + 2.500% | 6.167(c) | 03/18/30 |  | 10176 | 10044246 |
| &nbsp;&nbsp; Jefferies Finance LLC,<br>2024 Initial Term Loan, 1 Month SOFR + 2.750% | 6.410(c) | 10/21/31 |  | 5647 | 5492149 |
| &nbsp;&nbsp; VFH Parent LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-2 Loan, 1 Month SOFR + 2.500% | 6.173(c) | 06/21/31 |  | 4590 | 4574448 |
|  |  |  |  |  | 40699360 |
| &nbsp;&nbsp; **Electric 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Discovery Energy Holding Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 3.000% | 6.661(c) | 05/01/31 |  | 3513 | 3509797 |
| &nbsp;&nbsp; Heritage Power LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 5.500%^ | 9.172(c) | 07/20/28 |  | 2857 | 2814031 |
|  |  |  |  |  | 6323828 |
| &nbsp;&nbsp; **Electronics 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; LSF12 Crown US Commercial Bidco LLC,<br>2026 Refinancing Term Loan, 1 Month SOFR + 3.000% | 6.671(c) | 12/02/31 |  | 3193 | 3189774 |
| &nbsp;&nbsp; **Energy-Alternate Sources 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; WIN Waste Innovations Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.864% | 6.537(c) | 03/24/28 |  | 2122 | 2121468 |
| &nbsp;&nbsp; **Engineering & Construction 1.5%** |  |  |  |  |  |
| &nbsp;&nbsp; Aegion Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;— (p) | 02/28/33 |  | 1138 | 1121879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;— (p) | 02/28/33 |  | 8537 | 8414091 |
| &nbsp;&nbsp; Azuria Water Solutions, Inc.,<br>2025 Replacement Term Loan, 1 Month SOFR + 3.000% | 6.673(c) | 05/17/28 |  | 6867 | 6804612 |
| &nbsp;&nbsp; Brown Group Holding LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incremental Term B-2 Facility, 3 Month SOFR + 2.500% | 6.171(c) | 07/01/31 |  | 1066 | 1067789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.500% | 6.173(c) | 07/01/31 |  | 5094 | 5099238 |

---

See Notes to Financial Statements.

------

PGIM Floating Rate Income Fund

Schedule of Investments (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Engineering & Construction (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Michael Baker International LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien Term B Loan, 3 Month SOFR + 4.000% | 7.667%(c) | 12/01/28 | 4842 | $4837684 |
| &nbsp;&nbsp; Red SPV LLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.250% | 5.927(c) | 03/15/32 | 2428 | 2417153 |
| &nbsp;&nbsp; Salas O'Brien, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.750%^ | 6.423(c) | 01/31/33 | 1749 | 1742726 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31505172 |
| &nbsp;&nbsp; **Entertainment 2.9%** |  |  |  |  |
| &nbsp;&nbsp; Allen Media LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.650% | 9.322(c) | 02/10/27 | 10327 | 6103538 |
| &nbsp;&nbsp; Allwyn Entertainment Financing (US) LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 2.500% | 6.165(c) | 11/24/32 | 8175 | 8021719 |
| &nbsp;&nbsp; Betclic Everest Group, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;— (p) | 12/31/31 | 3375 | 3376417 |
| &nbsp;&nbsp; Caesars Entertainment, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incremental Term B-1 Loan, 1 Month SOFR + 2.250% | 5.923(c) | 02/06/31 | 2825 | 2795028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 2.250% | 5.923(c) | 02/06/30 | 6451 | 6398825 |
| &nbsp;&nbsp; Crown Finance US, Inc. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 4.500% | 8.171(c) | 12/02/31 | 11496 | 11153481 |
| &nbsp;&nbsp; ECL Entertainment LLC,<br>2025 Refinancing Term B Loan, 1 Month SOFR + 3.000% | 6.673(c) | 08/30/30 | 1915 | 1900665 |
| &nbsp;&nbsp; Entain PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B6, 3 Month SOFR + 2.250% | 5.922(c) | 10/31/29 | 2859 | 2846265 |
| &nbsp;&nbsp; Herschend Entertainment Co. LLC,<br>2026 Term Loan, 1 Month SOFR + 2.500% | 6.173(c) | 05/27/32 | 2338 | 2344096 |
| &nbsp;&nbsp; Motion Finco LLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B3, 3 Month SOFR + 3.500% | 7.172(c) | 11/12/29 | 2120 | 1782657 |
| &nbsp;&nbsp; RunItOneTime LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Out Term Loan, PRIME + 8.500%^ | 15.750(c) | 06/03/28(d) | 3198 | 2878247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Roll-Up DIP Loan, 1 Month SOFR + 12.500%^ | 16.173(c) | 06/23/26 | 1087 | 979299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Money DIP Loan, 1 Month SOFR + 12.500%^ | 16.173(c) | 04/16/26 | 522 | 466694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Out Term Loan, PRIME + 8.500%^ | 11.781(c) | 06/05/28(d) | 7574 | 8 |
| &nbsp;&nbsp; Voyager Parent LLC,<br>2026 Refinancing Term B Loan, 3 Month SOFR + 4.250% | 7.911(c) | 07/01/32 | 9349 | 9306711 |
|  |  |  |  | 60353650 |
| &nbsp;&nbsp; **Environmental Control 1.7%** |  |  |  |  |
| &nbsp;&nbsp; Action Environmental Group, Inc. (The),<br>2025 Term B Loan, 3 Month SOFR + 3.000% | 6.672(c) | 10/24/30 | 3388 | 3383976 |
| &nbsp;&nbsp; GFL Environmental, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 2.500% | 6.273(c) | 03/03/32 | 6581 | 6583764 |
| &nbsp;&nbsp; JFL-Tiger Acquisition Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 3.750% | 7.426(c) | 10/17/30 | 5831 | 5825919 |
| &nbsp;&nbsp; Madison Iaq LLC,<br>2025 Repriced Incremental Term Loan, 6 Month SOFR + 2.750% | 6.378(c) | 11/08/32 | 5496 | 5503131 |
| &nbsp;&nbsp; MIP V Waste Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche B-2 Term Loan, 3 Month SOFR + 2.750%^ | 6.417(c) | 08/20/32 | 2436 | 2432999 |
| &nbsp;&nbsp; Reworld Holding Corp.,<br>2024 Refinancing Term B-1 Loan, 1 Month SOFR + 2.250% | 5.927(c) | 11/30/28 | 1454 | 1454254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Twelfth Amendment Term B Loan, 1 Month SOFR + 2.250% | 5.917(c) | 01/15/31 | 3290 | 3283874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Twelfth Amendment Term C Loan, 1 Month SOFR + 2.250% | 5.917(c) | 01/15/31 | 535 | 533630 |

---

See Notes to Financial Statements.

PGIM Floating Rate Income Fund 11

------

PGIM Floating Rate Income Fund

Schedule of Investments (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Environmental Control (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Tidal Waste & Recycling Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 2.750% | 6.422%(c) | 10/24/31 | 2075 | $2075918 |
| &nbsp;&nbsp; WIN Waste Innovations Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Term B-2, 1 Month SOFR + 3.364% | 7.037(c) | 03/24/28 | 3955 | 3961320 |
|  |  |  |  | 35038785 |
| &nbsp;&nbsp; **Foods 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Froneri International Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B4, 6 Month SOFR + 2.250% | 5.877(c) | 09/30/31 | 4159 | 4055263 |
| &nbsp;&nbsp; Nourish Buyer I, Inc.,<br>2026-1 Term Loan, 3 Month SOFR + 4.000% | 7.669(c) | 07/09/32 | 6385 | 6416925 |
|  |  |  |  | 10472188 |
| &nbsp;&nbsp; **Forest Products & Paper 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Magnera Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Term Loan, 3 Month SOFR + 4.250% | 7.923(c) | 11/04/31 | 5954 | 5953602 |
| &nbsp;&nbsp; **Hand/Machine Tools 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Madison Safety & Flow LLC,<br>2025-B Incremental Term B Loan, 1 Month SOFR + 2.500% | 6.173(c) | 09/26/31 | 2874 | 2871111 |
| &nbsp;&nbsp; **Healthcare 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Envision Healthcare Operating, Inc.,<br>2026 Replacement Term Loan, 1 Month SOFR + 5.000% | 8.660(c) | 06/25/30 | 10921 | 10975792 |
| &nbsp;&nbsp; **Healthcare & Pharmaceuticals 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Loire Finco Luxembourg Sarl (Luxembourg), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional Facility USD, 1 Month SOFR + 4.000% | 7.673(c) | 01/21/30 | 4189 | 4181450 |
| &nbsp;&nbsp; **Healthcare-Products 0.6%** |  |  |  |  |
| &nbsp;&nbsp; Bausch & Lomb Corp.,<br>2025-2 Refinancing Term Loan, 1 Month SOFR + 3.750% | 7.423(c) | 01/15/31 | 4980 | 4977510 |
| &nbsp;&nbsp; Hologic, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan | &nbsp;&nbsp;&nbsp;&nbsp;— (p) | 01/31/33 | 4503 | 4446712 |
| &nbsp;&nbsp; QuidelOrtho Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 4.000% | 7.673(c) | 08/20/32 | 3691 | 3686137 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13110359 |
| &nbsp;&nbsp; **Healthcare-Services 2.8%** |  |  |  |  |
| &nbsp;&nbsp; Accelerated Health Systems LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term B Loan, 3 Month SOFR + 4.400% | 8.067(c) | 02/15/29 | 7175 | 3693728 |
| &nbsp;&nbsp; Charlotte Buyer, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Refinancing Term Loan, 1 Month SOFR + 4.250% | 7.910(c) | 02/11/28 | 4854 | 4639973 |
| &nbsp;&nbsp; Confluent Health LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 4.000%^ | 7.787(c) | 11/30/28 | 3314 | 2833371 |
| &nbsp;&nbsp; Electron Bidco, Inc.,<br>2026 Term Loan, 1 Month SOFR + 2.500% | 6.173(c) | 02/06/33 | 4665 | 4655047 |
| &nbsp;&nbsp; LifePoint Health, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 3.750% | 7.422(c) | 05/16/31 | 5719 | 5720714 |
| &nbsp;&nbsp; Midwest Physician Administrative Services LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien Term Loan, 3 Month SOFR + 3.262% | 6.934(c) | 03/13/28 | 1925 | 1650688 |
| &nbsp;&nbsp; Phoenix Guarantor, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche B-5 Term Loan, 1 Month SOFR + 2.500% | 6.173(c) | 02/21/31 | 6795 | 6780985 |
| &nbsp;&nbsp; Sound Inpatient Physicians Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche B Term Loan, 3 Month SOFR + 5.262% | 8.934(c) | 06/28/28 | 3349 | 3248157 |

---

See Notes to Financial Statements.

------

PGIM Floating Rate Income Fund

Schedule of Investments (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Healthcare-Services (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Sound Inpatient Physicians, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche A Term Loan, 3 Month SOFR + 6.762% | 10.434%(c) | 06/28/28 | 3424 | $3509907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche C Term Loan, 1 Month + 6.750% | 10.684(c) | 06/28/29 | 7670 | 7206186 |
| &nbsp;&nbsp; Upstream Newco, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 2025 Extended Modified Term Loan, 3 Month SOFR + 4.512% | 8.179(c) | 11/20/29 | 16148 | 14878589 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58817345 |
| &nbsp;&nbsp; **Holding Companies-Diversified 0.6%** |  |  |  |  |
| &nbsp;&nbsp; Clue OpCo LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 4.500% | 8.167(c) | 12/19/30 | 12453 | 12363974 |
| &nbsp;&nbsp; **Home Furnishings 0.5%** |  |  |  |  |
| &nbsp;&nbsp; TGP Holdings III LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien Closing Date Term Loan, 1 Month SOFR + 3.350% | 7.023(c) | 06/29/28 | 11035 | 10209549 |
| &nbsp;&nbsp; **Housewares 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Hunter Douglas Holding BV (Netherlands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche B-1 Term Loan, 3 Month SOFR + 3.000% | 6.672(c) | 01/17/32 | 5569 | 5562959 |
| &nbsp;&nbsp; **Insurance 2.6%** |  |  |  |  |
| &nbsp;&nbsp; Acrisure LLC,<br>2024 Repricing Term B-6 Loan, 1 Month SOFR + 3.000% | 6.673(c) | 11/06/30 | 14826 | 14332978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term B-7 Loan, 1 Month SOFR + 3.250% | 6.923(c) | 06/21/32 | 1980 | 1919017 |
| &nbsp;&nbsp; Asurion LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New B-04 Term Loan, 1 Month SOFR + 5.364% | 9.037(c) | 01/20/29 | 3007 | 3004835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New B-10 Term Loan, 1 Month SOFR + 4.000% | 7.772(c) | 08/19/28 | 10694 | 10680393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New B-11 Term Loan, 1 Month SOFR + 4.250% | 8.022(c) | 08/21/28 | 1070 | 1068744 |
| &nbsp;&nbsp; Asurion LLC/Asurion Co-Issuer, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New B-14 Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;— (p) | 02/23/33 | 7259 | 7125753 |
| &nbsp;&nbsp; Broadstreet Partners, Inc.,<br>2024 Term B Loan, 1 Month SOFR + 2.500% | 6.173(c) | 06/13/31 | 7124 | 6802917 |
| &nbsp;&nbsp; HIG Finance 2 Ltd. (United Kingdom),<br>2025-3 Dollar Refinancing Term Loan, 1 Month SOFR + 2.750% | 6.423(c) | 04/18/30 | 647 | 615876 |
| &nbsp;&nbsp; Sedgwick Claims Management Services, Inc.,<br>2024 Term Loan, 1 Month SOFR + 2.500% | 6.173(c) | 07/31/31 | 8420 | 8137524 |
|  |  |  |  | 53688037 |
| &nbsp;&nbsp; **Internet 1.3%** |  |  |  |  |
| &nbsp;&nbsp; Denali Intermediate Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 5.500% | 9.173(c) | 08/26/32 | 6787 | 6778275 |
| &nbsp;&nbsp; Diamond Sports Net LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | 15.000 | 01/02/28 | 1812 | 271818 |
| &nbsp;&nbsp; Galileo Parent, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;— (p) | 03/03/33 | 9000 | 8865000 |
| &nbsp;&nbsp; MH Sub I LLC,<br>2023 May New Term Loan, 1 Month SOFR + 4.250% | 7.923(c) | 05/03/28 | 10421 | 8432534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 December New Term Loan, 1 Month SOFR + 4.250% | 7.923(c) | 12/31/31 | 4203 | 2847663 |
|  |  |  |  | 27195290 |
| &nbsp;&nbsp; **Investment Companies 0.6%** |  |  |  |  |
| &nbsp;&nbsp; Acuren Delaware Holdco, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 1 Term Loan, 1 Month SOFR + 2.750% | 6.423(c) | 07/30/31 | 4801 | 4801186 |
| &nbsp;&nbsp; BCP VI Summit Holdings LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 3.000% | 6.671(c) | 01/30/32 | 1517 | 1520792 |

---

See Notes to Financial Statements.

PGIM Floating Rate Income Fund 13

------

PGIM Floating Rate Income Fund

Schedule of Investments (continued)

as of February 28, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Investment Companies (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Deep Blue Operating I LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.750% | 6.421%(c) | 10/01/32 |  | 3475 | $3485877 |
| &nbsp;&nbsp; Hurricane CleanCo Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility A^ | 6.250 | 10/31/29 | GBP | 2271 | 3217228 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13025083 |
| &nbsp;&nbsp; **Leisure Time 2.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Arcis Golf LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 3 Term Loan, 1 Month SOFR + 2.750% | 6.423(c) | 11/24/28 |  | 2433 | 2439660 |
| &nbsp;&nbsp; Bulldog Purchaser, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 3.250% | 6.913(c) | 02/04/33 |  | 5150 | 5133932 |
| &nbsp;&nbsp; ClubCorp Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 5.000%^ | 8.672(c) | 07/10/32 |  | 4004 | 3964294 |
| &nbsp;&nbsp; Fender Musical Instruments Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 4.100% | 7.773(c) | 12/01/28 |  | 7462 | 6758202 |
| &nbsp;&nbsp; International Park Holdings BV (Netherlands),<br>2025 Facility B, 6 Month EURIBOR + 5.250%^ | 7.374(c) | 01/30/32 | EUR | 8325 | 9763044 |
| &nbsp;&nbsp; LC Ahab US Bidco LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.500% | 6.173(c) | 05/01/31 |  | 4011 | 4001247 |
| &nbsp;&nbsp; Recess Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 5 Term Loan, 3 Month SOFR + 3.750% | 7.418(c) | 02/20/30 |  | 7069 | 7081222 |
| &nbsp;&nbsp; SGH2 LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Dollar Term Loan, 3 Month SOFR + 4.500% | 8.172(c) | 08/18/32 |  | 4938 | 4937625 |
|  |  |  |  |  | 44079226 |
| &nbsp;&nbsp; **Lodging 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Fertitta Entertainment LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial B Term Loan, 1 Month SOFR + 3.250% | 6.923(c) | 01/27/29 |  | 5565 | 5528163 |
| &nbsp;&nbsp; **Machinery-Diversified 2.4%** |  |  |  |  |  |
| &nbsp;&nbsp; Chart Industries, Inc.,<br>2024 Term B Loan, 3 Month SOFR + 2.500% | 6.161(c) | 03/15/30 |  | 5682 | 5680411 |
| &nbsp;&nbsp; Columbus McKinnon Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 3.500% | 7.160(c) | 02/03/33 |  | 4375 | 4358594 |
| &nbsp;&nbsp; Engineered Machinery Holdings, Inc.,<br>2025 USD Refinancing Term Loan, 3 Month SOFR + 3.250% | 6.922(c) | 11/26/32 |  | 3772 | 3781680 |
| &nbsp;&nbsp; Graftech Global Enterprises, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 6.000% | 9.670(c) | 12/21/29 |  | 6841 | 6589710 |
| &nbsp;&nbsp; Hillenbrand, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 3.500% | 7.173(c) | 02/10/33 |  | 5041 | 5035256 |
| &nbsp;&nbsp; Hyster-Yale Group, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term loan B Facility, 1 Month SOFR + 3.614% | 7.287(c) | 05/26/28 |  | 825 | 812810 |
| &nbsp;&nbsp; Pro Mach, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Term Loan, 1 Month SOFR + 2.750% | 6.423(c) | 10/16/32 |  | 7625 | 7617375 |
| &nbsp;&nbsp; TK Elevator Midco GmbH (Germany), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(USD) Term B Loan, 6 Month SOFR + 2.750% | 6.377(c) | 04/30/30 |  | 13254 | 13247642 |
| &nbsp;&nbsp; Victory Buyer LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan^ | &nbsp;&nbsp;&nbsp;&nbsp;— (p) | 02/13/33 |  | 1925 | 1929812 |
|  |  |  |  |  | 49053290 |
| &nbsp;&nbsp; **Media 1.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Nexstar Media, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-5 Loan, 1 Month SOFR + 2.500% | 6.173(c) | 06/28/32 |  | 4030 | 4024713 |
| &nbsp;&nbsp; Radiate Holdco LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Closing Date Term Loan, 1 Month SOFR + 4.000% | 7.673(c) | 06/26/29 |  | 500 | 498750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, 1 Month SOFR + 4.000% | 7.672(c) | 06/26/29 |  | 500 | 498750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Out Term Loan, 1 Month SOFR + 3.614% | 7.286(c) | 09/25/29 |  | 11305 | 9788591 |

---

See Notes to Financial Statements.

------

PGIM Floating Rate Income Fund

Schedule of Investments (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Media (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Sinclair Television Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 1 Month SOFR + 3.414% | 7.087%(c) | 12/31/29 | 278 | $236215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-7 Loan, 1 Month SOFR + 4.200% | 7.873(c) | 12/31/30 | 2762 | 2308316 |
| &nbsp;&nbsp; Sunrise HoldCo III BV, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility AAA, 6 Month SOFR + 2.500% | 6.129(c) | 02/15/32 | 2775 | 2744947 |
| &nbsp;&nbsp; Virgin Media Bristol LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility Y, 6 Month SOFR + 3.275% | 7.052(c) | 03/31/31 | 5895 | 5492195 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25592477 |
| &nbsp;&nbsp; **Metal Fabricate/Hardware 1.1%** |  |  |  |  |
| &nbsp;&nbsp; Doncasters US Finance LLC (United Kingdom),<br>2025 Term Loan, 3 Month SOFR + 6.500%^ | 10.172(c) | 04/23/30 | 1191 | 1197943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 6.500%^ | 10.172(c) | 04/23/30 | 7438 | 7480886 |
| &nbsp;&nbsp; Grinding Media, Inc.,<br>2024 Term B Loan, 3 Month SOFR + 3.500%^ | 7.173(c) | 10/12/28 | 7227 | 7226843 |
| &nbsp;&nbsp; Tiger Acquisition LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refinancing Initial Term Loan, 1 Month SOFR + 2.500% | 6.176(c) | 08/23/32 | 2960 | 2955182 |
| &nbsp;&nbsp; Trulite Glass & Aluminum Solutions LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 6.000%^ | 9.661(c) | 03/01/30 | 4450 | 4316284 |
|  |  |  |  | 23177138 |
| &nbsp;&nbsp; **Mining 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Arsenal AIC Parent LLC,<br>2025 Term B Loan, 1 Month SOFR + 2.750% | 6.423(c) | 08/18/30 | 3604 | 3603796 |
| &nbsp;&nbsp; **Miscellaneous Manufacturing 0.4%** |  |  |  |  |
| &nbsp;&nbsp; AMG Advanced Metallurgical Group NV (Netherlands),<br>2021 Term Loan, 1 Month SOFR + 3.614% | 7.287(c) | 11/30/28 | 5254 | 5229512 |
| &nbsp;&nbsp; Plastipak Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche Term B Loan, 1 Month SOFR + 2.500% | 6.173(c) | 09/24/32 | 3915 | 3907240 |
|  |  |  |  | 9136752 |
| &nbsp;&nbsp; **Oil & Gas 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Apro LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 3.750% | 7.410(c) | 07/09/31 | 4745 | 4757900 |
| &nbsp;&nbsp; **Packaging & Containers 2.6%** |  |  |  |  |
| &nbsp;&nbsp; Closure Systems International Group, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 5 Term Loan, 1 Month SOFR + 3.000% | 6.673(c) | 03/22/29 | 3678 | 3673064 |
| &nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc.,<br>2025 Incremental Closing Date Term B Loan, 1 Month SOFR + 3.250% | 6.923(c) | 04/01/32 | 7293 | 7211840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 3.175% | 6.848(c) | 04/13/29 | 5139 | 5092645 |
| &nbsp;&nbsp; Graham Packaging Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.250% | 5.923(c) | 01/26/33 | 2025 | 2020039 |
| &nbsp;&nbsp; Owens-Brockway Glass Container, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche B-1 Term Loan, 1 Month SOFR + 3.000% | 6.673(c) | 09/30/32 | 3500 | 3500000 |
| &nbsp;&nbsp; Plaze, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 3.614% | 7.287(c) | 08/03/26 | 7096 | 6390353 |
| &nbsp;&nbsp; Pregis Topco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 10 Refinancing Term Loan, 1 Month SOFR + 4.000% | 7.673(c) | 02/01/29 | 4318 | 4324583 |
| &nbsp;&nbsp; ProAmpac PG Borrower LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(USD) Term Loan^ | &nbsp;&nbsp;&nbsp;&nbsp;— (p) | 03/31/33 | 7225 | 7125656 |
| &nbsp;&nbsp; Ring Container Technologies Group LLC,<br>2025 Refinancing Term Loan, 1 Month SOFR + 2.500% | 6.173(c) | 09/15/32 | 1364 | 1363350 |
| &nbsp;&nbsp; Secure Acquisition, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Closing Date Term Loan, 3 Month SOFR + 3.750% | 7.422(c) | 12/15/28 | 5559 | 5562316 |

---

See Notes to Financial Statements.

PGIM Floating Rate Income Fund 15

------

PGIM Floating Rate Income Fund

Schedule of Investments (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Packaging & Containers (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Supplyone, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 3.500% | 7.173%(c) | 04/19/31 | 2121 | $2128213 |
| &nbsp;&nbsp; Trident TPI Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche B-7 Term Loan, 3 Month SOFR + 3.750% | 7.422(c) | 09/15/28 | 6345 | 6116625 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54508684 |
| &nbsp;&nbsp; **Pharmaceuticals 1.5%** |  |  |  |  |
| &nbsp;&nbsp; Amneal Pharmaceuticals LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 2 Term Loan, 1 Month SOFR + 3.000% | 6.673(c) | 08/02/32 | 7753 | 7749806 |
| &nbsp;&nbsp; Dechra Pharmaceuticals Holdings Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B3, 3 Month SOFR + 2.750% | 6.423(c) | 01/27/32 | 3400 | 3396769 |
| &nbsp;&nbsp; Gainwell Acquisition Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 4.100% | 7.772(c) | 10/01/27 | 13010 | 12310962 |
| &nbsp;&nbsp; Sharp Services LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche E Term Loan, 3 Month SOFR + 3.000% | 6.672(c) | 09/29/32 | 5701 | 5707879 |
| &nbsp;&nbsp; VetStrategy Canada Holdings, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incremental Term B-12 Loan, 3 Month SOFR + 3.750% | 7.422(c) | 12/12/28 | 3044 | 3031441 |
|  |  |  |  | 32196857 |
| &nbsp;&nbsp; **Pipelines 0.4%** |  |  |  |  |
| &nbsp;&nbsp; CPPIB OVM Member US LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.250% | 5.922(c) | 08/20/31 | 4615 | 4609423 |
| &nbsp;&nbsp; FR BR Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 4.250%^ | 7.922(c) | 10/31/30 | 3716 | 3724976 |
|  |  |  |  | 8334399 |
| &nbsp;&nbsp; **Real Estate 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Greystar Real Estate Partners LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-3 Loan, 3 Month SOFR + 2.500%^ | 6.173(c) | 08/21/30 | 5091 | 5091317 |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) 2.0%** |  |  |  |  |
| &nbsp;&nbsp; Apollo Commercial Real Estate Finance, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 3.250% | 6.917(c) | 06/13/30 | 2264 | 2261497 |
| &nbsp;&nbsp; Blackstone Mortgage Trust, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-4 Loan, 1 Month SOFR + 2.500% | 6.173(c) | 05/09/29 | 5792 | 5780900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-8 Loan, 1 Month SOFR + 2.500% | 6.173(c) | 12/19/32 | 4600 | 4588500 |
| &nbsp;&nbsp; GGP Retail LLC,<br>2025 Replacement Term Loan, 1 Month SOFR + 3.500% | 7.173(c) | 05/28/30 | 25965 | 26002607 |
| &nbsp;&nbsp; Starwood Property Mortgage LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incremental Term B-2 Loan, 1 Month SOFR + 2.250% | 5.923(c) | 09/24/32 | 4015 | 4023289 |
|  |  |  |  | 42656793 |
| &nbsp;&nbsp; **Retail 1.8%** |  |  |  |  |
| &nbsp;&nbsp; Dave & Buster's, Inc.,<br>2024 Incremental Term B Loan, 3 Month SOFR + 3.250% | 6.938(c) | 11/01/31 | 5629 | 5023659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Refinancing Term B Loan, 3 Month SOFR + 3.250% | 6.938(c) | 06/29/29 | 2880 | 2660749 |
| &nbsp;&nbsp; Great Outdoors Group LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-3 Loan, 1 Month SOFR + 3.250% | 6.923(c) | 01/23/32 | 8949 | 8926710 |
| &nbsp;&nbsp; LBM Acquisition LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 4 Incremental Term loan, 1 Month SOFR + 5.000% | 8.677(c) | 06/06/31 | 2743 | 2367098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incremental Term B Loan, 1 Month SOFR + 3.850% | 7.527(c) | 06/06/31 | 2481 | 2041952 |
| &nbsp;&nbsp; Peer Holding III BV (Netherlands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-4B Loan, 3 Month SOFR + 2.500% | 6.172(c) | 10/26/30 | 1633 | 1630517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-5B Loan, 3 Month SOFR + 2.500% | 6.172(c) | 07/01/31 | 5915 | 5904898 |

---

See Notes to Financial Statements.

------

PGIM Floating Rate Income Fund

Schedule of Investments (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Retail (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; PrimeSource/Park River Holdings,<br>2025 First Lien Term B Loan, 3 Month SOFR + 4.500% | 8.161%(c) | 03/15/31 | 5321 | $5290103 |
| &nbsp;&nbsp; Rough Country LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien Initial Term Loan, 1 Month SOFR + 3.614% | 7.287(c) | 07/28/28 | 1755 | 1741757 |
| &nbsp;&nbsp; White Cap Supply Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche C Term Loan, 1 Month SOFR + 3.250% | 6.923(c) | 10/19/29 | 2879 | 2842730 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38430173 |
| &nbsp;&nbsp; **Semiconductors 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Altar Bidco, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 12 Month SOFR + 3.100% | 6.608(c) | 02/01/29 | 3952 | 3923766 |
| &nbsp;&nbsp; **Software 3.7%** |  |  |  |  |
| &nbsp;&nbsp; AthenaHealth Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.750% | 6.423(c) | 02/15/29 | 11912 | 11584500 |
| &nbsp;&nbsp; BMC Software, Inc.,<br>2031 Replacement Dollar Term Loan, 3 Month SOFR + 3.000% | 6.673(c) | 07/30/31 | 5515 | 5064009 |
| &nbsp;&nbsp; Camelot US Acquisition LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, 1 Month SOFR + 2.750% | 6.423(c) | 01/31/31 | 3138 | 2641462 |
| &nbsp;&nbsp; Cloudera, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien Term Loan, 1 Month SOFR + 6.100% | 9.773(c) | 10/08/29 | 3320 | 2540829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 3.850% | 7.523(c) | 10/08/28 | 5220 | 4588226 |
| &nbsp;&nbsp; Cotiviti, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Floating Rate Term Loan, 1 Month SOFR + 2.750% | 6.421(c) | 05/01/31 | 4198 | 3711584 |
| &nbsp;&nbsp; Evertec Group LLC (Puerto Rico), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 2.250% | 5.923(c) | 10/30/30 | 4130 | 4126572 |
| &nbsp;&nbsp; Genesys Cloud Services Holdings II LLC,<br>2025 Dollar Term Loan, 1 Month SOFR + 2.500% | 6.173(c) | 01/30/32 | 9293 | 8526752 |
| &nbsp;&nbsp; HireRight Holdings Corp.,<br>2025 Replacement Term Loan, 1 Month SOFR + 3.250% | 6.923(c) | 09/27/30 | 1556 | 1297033 |
| &nbsp;&nbsp; Inmar, Inc.,<br>2025 First Lien Term Loan, 1 Month SOFR + 4.500% | 8.170(c) | 10/30/31 | 7451 | 7245986 |
| &nbsp;&nbsp; Relativity Intermediate Holdco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 2.750% | 6.423(c) | 01/30/33 | 1475 | 1430750 |
| &nbsp;&nbsp; Skillsoft Finance II, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 5.364% | 9.037(c) | 07/14/28 | 2931 | 1428698 |
| &nbsp;&nbsp; UKG, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 2.500% | 3.500(c) | 02/10/31 | 7669 | 7242922 |
| &nbsp;&nbsp; Veeam Software/VS Buyer,<br>2025 Repriced First Lien Term B Loan, 3 Month SOFR + 2.250% | 5.917(c) | 04/12/31 | 3865 | 3733235 |
| &nbsp;&nbsp; Weld North Education LLC,<br>2024 Term Loan, 1 Month SOFR + 3.500% | 7.173(c) | 12/21/29 | 5015 | 4568474 |
| &nbsp;&nbsp; Zelis Cost Management Buyer, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-2 Loan, 1 Month SOFR + 2.750% | 6.423(c) | 09/28/29 | 6974 | 6562652 |
|  |  |  |  | 76293684 |
| &nbsp;&nbsp; **Storage/Warehousing 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Rockpoint Gas Storage Partners LP (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 2 Refinancing Term Loan, 3 Month SOFR + 2.500% | 6.172(c) | 09/18/31 | 6249 | 6254874 |
| &nbsp;&nbsp; **Telecommunications 1.6%** |  |  |  |  |
| &nbsp;&nbsp; Aventiv Technologies, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bridge Loan | 13.956(cc) | 03/25/26(d) | 352 | 366058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Out Term Loan, 3 Month SOFR + 7.500%^ | 11.172(c) | 03/25/26(d) | 284 | 284373 |
| &nbsp;&nbsp; Connect Finco Sarl (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 4 Term Loan, 1 Month SOFR + 4.500% | 8.173(c) | 09/27/29 | 958 | 955816 |

---

See Notes to Financial Statements.

PGIM Floating Rate Income Fund 17

------

PGIM Floating Rate Income Fund

Schedule of Investments (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Telecommunications (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Crown Subsea Communications Holding, Inc.,<br>2026 Term Loan, 1 Month SOFR + 3.000% | 6.673%(c) | 04/27/28 | 7596 | $7600965 |
| &nbsp;&nbsp; Iridium Satellite LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-4 Loan, 1 Month SOFR + 2.250% | 5.923(c) | 09/20/30 | 1790 | 1720351 |
| &nbsp;&nbsp; Level 3 Financing, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-4 Loan, 1 Month SOFR + 3.250% | 6.923(c) | 03/29/32 | 8800 | 8813200 |
| &nbsp;&nbsp; Patagonia Holdco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 5.750% | 9.410(c) | 08/01/29 | 1919 | 1342967 |
| &nbsp;&nbsp; Qualitytech LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 3.500% | 7.173(c) | 10/30/31 | 8750 | 8673314 |
| &nbsp;&nbsp; Xplore, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 5.114% | 8.787(c) | 10/24/29 | 817 | 734909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Out Term Loan, 1 Month SOFR + 1.614% | 6.000(c) | 10/24/31 | 2746 | 1737029 |
| &nbsp;&nbsp; Zayo Group Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dollar Term Loan, 1 Month SOFR + 3.614% | 7.287(c) | 03/11/30 | 1324 | 1272741 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33501723 |
| &nbsp;&nbsp; **Toys/Games/Hobbies 0.1%** |  |  |  |  |
| &nbsp;&nbsp; J&J Ventures Gaming LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 5.000%^ | 8.673(c) | 04/26/30 | 2500 | 2487500 |
| &nbsp;&nbsp; **Transportation 0.9%** |  |  |  |  |
| &nbsp;&nbsp; Beacon Mobility Corp.,<br>2026 Refinancing Term Loan, 1 Month SOFR + 2.750% | 6.410(c) | 08/06/30 | 1930 | 1933477 |
| &nbsp;&nbsp; First Student Bidco, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term C Loan, 1 Month SOFR + 2.250% | 5.903(c) | 08/15/30 | 1243 | 1240517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 2.250% | 5.903(c) | 08/15/30 | 6792 | 6779705 |
| &nbsp;&nbsp; Pods LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 3.114% | 6.787(c) | 03/31/28 | 2338 | 2317524 |
| &nbsp;&nbsp; Savage Enterprises LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 2.500% | 6.168(c) | 08/05/32 | 6714 | 6698668 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18969891 |
| &nbsp;&nbsp; **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $1,371,558,155) |  |  |  | 1302015835 |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES 0.9%** |  |  |  |  |
| &nbsp;&nbsp; PMT Credit Risk Transfer Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01R, Class A, 144A, 30 Day Average SOFR + 3.500% (Cap N/A, Floor 0.000%) | 7.167(c) | 05/25/33 | 4202 | 4240385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02R, Class A, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | 7.018(c) | 03/29/27 | 7648 | 7711751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03R, Class A, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | 6.768(c) | 09/27/28 | 6800 | 6873782 |
| &nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $18,649,854) |  |  |  | 18825918 |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS(k) 0.8%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds(h) | 4.625 | 11/15/44 | 9405 | 9494641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes | 3.500 | 09/30/26 | 4050 | 4046520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes | 4.125 | 01/31/27 | 425 | 427191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes | 4.250 | 11/30/26 | 600 | 602836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes | 4.250 | 12/31/26 | 2600 | 2614727 |
| &nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $17,294,014) |  |  |  | 17185915 |

---

See Notes to Financial Statements.

------

PGIM Floating Rate Income Fund

Schedule of Investments (continued)

as of February 28, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUNDS 0.2%** |  |  |
| &nbsp;&nbsp; **Fixed Income** |  |  |
| &nbsp;&nbsp; PGIM Active High Yield Bond ETF | 100000 | $3560000 |
| &nbsp;&nbsp; PGIM Floating Rate Income ETF | 1597 | 78176 |
| &nbsp;&nbsp; **TOTAL AFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $3,546,536)(wa) |  | 3638176 |
| &nbsp;&nbsp; **COMMON STOCKS 1.2%** |  |  |
| &nbsp;&nbsp; **Chemicals 0.0%** |  |  |
| &nbsp;&nbsp; Venator Materials PLC\*^(x) | 10549 | 1 |
| &nbsp;&nbsp; **Food Products 0.0%** |  |  |
| &nbsp;&nbsp; TopCo Units Equity\*^ | 27892 | 3 |
| &nbsp;&nbsp; **Gas Utilities 0.2%** |  |  |
| &nbsp;&nbsp; Ferrellgas Partners LP (Class B Stock)\* | 20453 | 3754289 |
| &nbsp;&nbsp; **Health Care Providers & Services 0.2%** |  |  |
| &nbsp;&nbsp; Sound Physicians Holdings LLC (Class A Stock)\*^ | 10144042 | 3276525 |
| &nbsp;&nbsp; Sound Physicians Holdings LLC (Class A2 Stock)\*^ | 454115 | 454115 |
|  |  | 3730640 |
| &nbsp;&nbsp; **Interactive Media & Services 0.0%** |  |  |
| &nbsp;&nbsp; Diamond Sports Group LLC\*(x) | 244231 | 45915 |
| &nbsp;&nbsp; **IT Services 0.0%** |  |  |
| &nbsp;&nbsp; ConvergeOne Holdings, Inc.\* | 200211 | 53456 |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels 0.8%** |  |  |
| &nbsp;&nbsp; Expand Energy Corp. | 22789 | 2459389 |
| &nbsp;&nbsp; Heritage Power LLC, Exit Financing - Participation on Account of Backstop Shares & Exit Financing - Reserve Shares\* | 8021 | 580520 |
| &nbsp;&nbsp; Heritage Power LLC, Exit Financing Participation Shares & Backstop Shares\* | 182367 | 13198812 |
| &nbsp;&nbsp; Heritage Power LLC, Litigation Trust Interests\*^ | 209883 | 104941 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16343662 |
| &nbsp;&nbsp; **Software 0.0%** |  |  |
| &nbsp;&nbsp; Campfire Topco Ltd. (Jersey)\*^ | 4988976 | 590 |
| &nbsp;&nbsp; Mitel Networks International Ltd. (Canada)\*^ | 125642 | 62821 |
|  |  | 63411 |
| &nbsp;&nbsp; **Wireless Telecommunication Services 0.0%** |  |  |
| &nbsp;&nbsp; Stonepeak Falcon Holdings, Inc. (Canada) (Class A Stock)\* | 172298 | 189468 |
| &nbsp;&nbsp; Xplore, Inc. (Canada), CVR\*^ | 11734 | 1 |
|  |  | 189469 |
| &nbsp;&nbsp; **TOTAL COMMON STOCKS**<br> (cost $17,287,796) |  | 24180846 |
| &nbsp;&nbsp; **PREFERRED STOCKS 1.5%** |  |  |
| &nbsp;&nbsp; **Banks 0.7%** |  |  |
| &nbsp;&nbsp; Bank of America Corp., 4.125%, Maturing 03/29/26 | 153440 | 2675994 |
| &nbsp;&nbsp; Bank of America Corp., 4.250%, Maturing 11/17/26(a) | 243736 | 4328751 |
| &nbsp;&nbsp; Bank of America Corp., 4.375%, Maturing 03/29/26 | 87934 | 1617986 |
| &nbsp;&nbsp; Citigroup, Inc., Series II, 6.250%, Maturing 02/15/31 | 47530 | 1207262 |

---

See Notes to Financial Statements.

PGIM Floating Rate Income Fund 19

------

PGIM Floating Rate Income Fund

Schedule of Investments (continued)

as of February 28, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **PREFERRED STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Banks (cont'd.)** |  |  |
| &nbsp;&nbsp; JPMorgan Chase & Co., 4.200%, Maturing 09/01/26 | 7318 | $135968 |
| &nbsp;&nbsp; JPMorgan Chase & Co., 4.625%, Maturing 06/01/26 | 235371 | 4690944 |
|  |  | 14656905 |
| &nbsp;&nbsp; **Capital Markets 0.8%** |  |  |
| &nbsp;&nbsp; Eagle Point Credit Co., Inc., 7.750%, Maturing 06/30/30 | 126346 | 3175707 |
| &nbsp;&nbsp; OFS Capital Corp., 7.500%, Maturing 07/31/28 | 56000 | 1432200 |
| &nbsp;&nbsp; OFS Credit Co., Inc., 7.875%, Maturing 10/31/29(a) | 36949 | 928159 |
| &nbsp;&nbsp; Oxford Lane Capital Corp., 7.950%, Maturing 02/29/32(a) | 100875 | 2525910 |
| &nbsp;&nbsp; Saratoga Investment Corp., 7.500%, Maturing 02/06/31 | 230000 | 5848900 |
| &nbsp;&nbsp; Sound Point Meridian Capital, Inc., 8.000%, Maturing 11/30/29(a) | 97015 | 2428295 |
|  |  | 16339171 |
| &nbsp;&nbsp; **Electronic Equipment, Instruments & Components 0.0%** |  |  |
| &nbsp;&nbsp; Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31^ | 488 | 530700 |
| &nbsp;&nbsp; **Wireless Telecommunication Services 0.0%** |  |  |
| &nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)\*^(x) | 17997 | 227980 |
| &nbsp;&nbsp; **TOTAL PREFERRED STOCKS<br>(cost $31,307,439)** |  | 31754756 |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units**  |  |
| &nbsp;&nbsp; **WARRANTS\* 0.0%** |  |  |
| &nbsp;&nbsp; **Interactive Media & Services** |  |  |
| &nbsp;&nbsp; Diamond Sports Group LLC, expiring 06/30/26(x)<br>(cost $0) | 456793 | 4 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br>(cost $2,139,153,802) |  | 2084557412 |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares**  |  |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 1.8%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)(wa) | 24014589 | 24014589 |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.836%)<br>(cost $14,043,051; includes $13,998,985 of cash collateral for securities on loan)(b)(wa) | 14053969 | 14044131 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $38,057,640) |  | 38058720 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 101.7%**<br> (cost $2,177,211,442) |  | 2122616132 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (1.7)% |  | (35512579) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $2087103553 |

---

See the Glossary for a list of the abbreviation(s) used in the annual report.

\* Non-income producing security.

# Principal or notional amount is shown in U.S. dollars unless otherwise stated. 

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $118,171,879 and 5.7% 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 $13,688,900; cash collateral of $13,998,985 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

See Notes to Financial Statements.

------

PGIM Floating Rate Income Fund

Schedule of Investments (continued)

as of February 28, 2026

(b) Represents security, or portion thereof, 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 February 28, 2026.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of February 28, 2026. 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.

(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.

(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

(h) Represents security, or a portion thereof, segregated as collateral for OTC derivatives.

(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

(oo) Perpetual security. Maturity date represents next call date.

(p) Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end.

(wa) Represents investments in Funds affiliated with the Manager.

(x) The following represents restricted securities that are acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law.

(x) Restricted Securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer** | **Acquisition**<br>**Date** | **Original**<br>**Cost** | **Market**<br>**Value** | **Percentage<br>of<br>Net Assets** |
| Diamond Sports Group LLC\* | 01/02/25 | $639450 | $45915 | 0.0% |
| Diamond Sports Group LLC, expiring 06/30/26\* | 01/02/25 |  | 4 | 0.0 |
| Digicel Group Holdings Ltd. (Jamaica), Sr. Sec'd. Notes, Series 1B14, 144A, 0.000%, 12/31/30 | 11/14/23 | 15 | 15 | 0.0 |
| Digicel Group Holdings Ltd. (Jamaica), Sr. Sec'd. Notes, Series 3B14, 144A, 0.000%, 12/31/30^ | 11/14/23 | 20 |  | 0.0 |
| Digicel International Finance Ltd. (Jamaica)\*^ | 01/26/24-01/29/24 | 63840 | 227980 | 0.0 |
| DISH DBS Corp., Gtd. Notes, 5.125%, 06/01/29 | 04/19/24 | 156000 | 356080 | 0.0 |
| DISH DBS Corp., Gtd. Notes, 7.375%, 07/01/28 | 04/19/24 | 152250 | 338462 | 0.0 |
| DISH DBS Corp., Gtd. Notes, 7.750%, 07/01/26 | 01/29/21 | 1085000 | 989239 | 0.1 |
| DISH Network Corp., Sr. Sec'd. Notes, 144A, 11.750%, 11/15/27 | 01/17/23 | 2856000 | 2892062 | 0.1 |
| Radiate Holdco LLC/Radiate Finance, Inc., Sr. Sec'd. Notes, 144A, PIK 9.250%, 9.250%, 03/25/30 | 06/30/25-09/15/25 | 139406 | 121921 | 0.0 |
| Venator Materials PLC\*^ | 05/15/23-10/19/23 | 7130913 | 1 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $12222894 | $4971679 | 0.2% |

---

(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Unfunded loan commitments outstanding at February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Borrower** | **Principal<br>Amount<br>(000)#** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  Beacon Mobility Corp., Delayed Draw Term Loan, 3.250%, Maturity Date 08/06/30 (cost $94,504) | 95 | $95329 | $825 | $— |
|  ClubCorp Holdings, Inc., Delayed Draw Term Loan, 1.000%, Maturity Date 07/09/32 (cost $258,233)^ | 262 | 259189 | 956 |  |
|  ClubCorp Holdings, Inc., Revolver Loan, 0.500%, Maturity Date 07/10/31 (cost $430,389)^ | 436 | 431982 | 1593 |  |
|  Denali Intermediate Holdings, Inc., Revolver Loan, 0.500%, Maturity Date 08/26/32 (cost $672,343)^ | 679 | 672262 |  | (81) |
|  Doncasters US Finance LLC, 2025 Delayed Draw Term Loan, 1.500%, Maturity Date 04/01/30 (cost $1,800,000)^ | 1800 | 1810494 | 10494 |  |
|  Graftech Global Enterprises, Inc., Delayed Draw Term Loan, 3.750%, Maturity Date 12/21/29 (cost $4,040,229) | 3909 | 3765549 |  | (274680) |
|  Jupiter Buyer, Inc., Initial Delayed Draw Term Loan, 4.750%, Maturity Date 11/01/31 (cost $667,716) | 670 | 670674 | 2958 |  |
|  Radiate Holdco LLC, Delayed Draw Term Loan, 1.500%, Maturity Date 06/26/29 (cost $1,000,000) | 1000 | 997500 |  | (2500) |
|  Salas O'Brien, Inc., Delayed Draw Term Loan, —%(p), Maturity Date 01/31/33 (cost $225,169)^ | 226 | 224868 |  | (301) |
|  |  | $8927847 | $16826 | $(277562) |

---

#### Unfunded preferred stock commitment outstanding at February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer** | **Shares** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  QXO, Inc., 4.750%, Maturity Date 12/31/79 (cost $8,830,000)^ | 883 | $8830000 | $— | $— |

---

See Notes to Financial Statements.

PGIM Floating Rate Income Fund 21

------

PGIM Floating Rate Income Fund

Schedule of Investments (continued)

as of February 28, 2026

#### Futures contracts outstanding at February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current**<br>**Notional<br>Amount** | **Value /**<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Position:** | **Long Position:** |  |  |  |
| 14 | 30 Year U.S. Ultra Treasury Bonds | Jun. 2026 | $1702313 | $19403 |
|  Short Positions: | Short Positions: |  |  |  |
| 237 | 2 Year U.S. Treasury Notes | Jun. 2026 | 49597805 | (82505) |
| 24 | 5 Year Euro-Bobl | Jun. 2026 | 3347256 | (9591) |
| 1378 | 5 Year U.S. Treasury Notes | Jun. 2026 | 151773788 | (688369) |
| 314 | 10 Year U.S. Treasury Notes | Jun. 2026 | 35737125 | (251433) |
| 61 | 20 Year U.S. Treasury Bonds | Jun. 2026 | 7226594 | (86955) |
|  |  |  |  | (1118853) |
|  |  |  |  | $(1099450) |

---

#### Forward foreign currency exchange contracts outstanding at February 28, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | **Notional<br>Amount**<br>**(000)** | **Notional<br>Amount**<br>**(000)** | **Value at<br>Settlement**<br> **Date** | **Current**<br> **Value** | **Unrealized**<br> **Appreciation** | **Unrealized**<br> **Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 03/03/26 | MSI | GBP | 7910 | $10693016 | $10659471 | $— | $(33545) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 03/03/26 | MSI | EUR | 6540 | 7772364 | 7728679 |  | (43685) |
| &nbsp;&nbsp;&nbsp; Expiring 03/03/26 | SSB | EUR | 24935 | 29426304 | 29469406 | 43102 |  |
|  |  |  |  | $47891684 | $47857556 | 43102 | (77230) |
| **Sale**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement**<br> **Date** | **Current**<br> **Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 03/03/26 | MSI | GBP | 7910 | $10794575 | $10659471 | $135104 | $— |
| &nbsp;&nbsp;&nbsp; Expiring 04/02/26 | MSI | GBP | 7910 | 10693587 | 10660713 | 32874 |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 03/03/26 | SCB | EUR | 31475 | 37360300 | 37198085 | 162215 |  |
| &nbsp;&nbsp;&nbsp; Expiring 04/02/26 | SSB | EUR | 24935 | 29468470 | 29520694 |  | (52224) |
|  |  |  |  | $88316932 | $88038963 | 330193 | (52224) |
|  |  |  |  |  |  | $373295 | $(129454) |

---

#### Credit default swap agreements outstanding at February 28, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>February 28,<br>2026(4)** | **Value at<br>Trade Date** | **Value at**<br>**February 28,<br>2026** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** |
|  CDX.NA.HY.45.V1 | 12/20/30 | 5.000%(Q) | 27275 | 3.316% | $1912410 | $2113605 | $201195 |
|  CDX.NA.IG.45.V1 | 12/20/30 | 1.000%(Q) | 465350 | 0.558% | 9753420 | 9943894 | 190474 |
|  |  |  |  |  | $11665830 | $12057499 | $391669 |

---

The Fund entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

See Notes to Financial Statements.

------

PGIM Floating Rate Income Fund

Schedule of Investments (continued)

as of February 28, 2026

(1) If the Fund is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Fund is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3) Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

#### Total return swap agreements outstanding at February 28, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Financing**<br>**Rate** | **Counterparty** | **Termination<br>Date** | **Long (Short)<br>Notional<br>Amount<br>(000)#(1)** | **Fair**<br>**Value** | **Upfront<br>Premiums**<br>**Paid**<br>**(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)(2)** |
|  **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** |
|  iBoxx US Dollar Liquid Leveraged Loan Index(T) | 1 Day SOFR(Q)/ 3.680% | MSI | 03/20/26 | 12000 | $(144907) | $— | $(144907) |
|  iBoxx US Dollar Liquid Leveraged Loan Index(T) | 1 Day SOFR(Q)/<br>3.680% | BARC | 03/20/26 | 48300 | (409806) |  | (409806) |
|  iBoxx US Dollar Liquid Leveraged Loan Index(T) | 1 Day SOFR(Q)/<br>3.680% | BNP | 03/20/26 | 86380 | (1615925) |  | (1615925) |
|  iBoxx US Dollar Liquid Leveraged Loan Index(T) | 1 Day SOFR(Q)/<br>3.680% | MSI | 03/20/26 | 149640 | (2799340) |  | (2799340) |
|  iBoxx US Dollar Liquid Leveraged Loan Index(T) | 1 Day SOFR(Q)/<br>3.680% | BNP | 06/22/26 | 4795 | (37520) |  | (37520) |
|  |  |  |  |  | $(5007498) | $— | $(5007498) |

---

(1) On a long total return swap, the Fund receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Fund makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.

(2) Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).

#### Reverse repurchase agreements:
During the year ended February 28, 2026, the Fund held reverse repurchase agreements during the year with an average value of $135,544,585 and a daily weighted average interest rate of 4.750%. At February 28, 2026, the Fund did not hold any reverse repurchase agreements.

#### Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Premiums Paid** | **Premiums Received** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  OTC Swap Agreement | $— | $— | $— | $(5007498) |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  CGM | $1278000 | $14008920 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

See Notes to Financial Statements.

PGIM Floating Rate Income Fund 23

------

PGIM Floating Rate Income Fund

Schedule of Investments (continued)

as of February 28, 2026

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of February 28, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Asset-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations | $— | $384998650 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Other |  | 925006 |  |
|  Commercial Mortgage-Backed Securities |  | 30317869 |  |
|  Corporate Bonds |  | 268757749 | 1956688 |
|  Floating Rate and Other Loans |  | 1190470982 | 111544853 |
|  Residential Mortgage-Backed Securities |  | 18825918 |  |
|  U.S. Treasury Obligations |  | 17185915 |  |
|  Affiliated Exchange-Traded Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 3638176 |  |  |
|  Common Stocks | 2459389 | 17822460 | 3898997 |
|  Preferred Stocks | 29563876 | 1432200 | 758680 |
|  Warrants |  | 4 |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 38058720 |  |  |
|  **Total** | $**73720161** | $**1930736753** | $**118159218** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Unfunded Loan Commitments | $— | $3783 | $13043 |
|  Unfunded Preferred Stock Commitment |  |  |  |
|  Futures Contracts | 19403 |  |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | 373295 |  |
|  Centrally Cleared Credit Default Swap Agreements |  | 391669 |  |
|  **Total** | $**19403** | $**768747** | $**13043** |
|  **Liabilities** |  |  |  |
|  Unfunded Loan Commitments | $— | $(277180) | $(382) |
|  Futures Contracts | (1118853) |  |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | (129454) |  |
|  OTC Total Return Swap Agreements |  | (5007498) |  |
|  **Total** | $**(1118853)** | $**(5414132)** | $**(382** |

---

\* Other financial instruments are derivative instruments, with the exception of unfunded loan commitments and unfunded preferred stock commitment, and are not reflected in the Schedule of Investments. Futures, forward foreign currency exchange contracts, centrally cleared swap contracts, unfunded loan commitments and unfunded preferred stock commitment are recorded at net unrealized appreciation (depreciation), and OTC swap contracts are recorded at fair value. 

\*\* Includes Level 3 investments with an aggregate value of $0. 

The following is a reconciliation of assets in which unobservable inputs (Level 3) were used in determining fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Corporate Bonds** | **Floating Rate<br>and<br>Other Loans** | **Common Stocks** | **Preferred Stocks** |
|  **Balance as of 02/28/25** | $1229919 | $141378149 | $4775649 | $691400 |
|  Realized gain (loss) |  | (3187127) |  |  |
|  Change in unrealized appreciation (depreciation) | (6489) | (7725949) | (1031193) | 67280 |
|  Purchase/Exchange/Issuances | 726769 | 86210776 | 154541 |  |
|  Sales/Paydowns |  | (86898277) |  |  |
|  Accrued discount/premium | 6489 | 989437 |  |  |
|  Transfer into Level 3\* |  | 4106768 |  |  |
|  Transfer out of Level 3\* |  | (23328924) |  |  |
|  **Balance as of 02/28/26** | $1956688 | $111544853 | $3898997 | $758680 |

---

See Notes to Financial Statements.

------

PGIM Floating Rate Income Fund

Schedule of Investments (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Corporate Bonds** | **Floating Rate<br>and<br>Other Loans** | **Common Stocks** | **Preferred Stocks** |
|  Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end | $(6489) | $(9987122) | $(1031193) | $67280 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Warrants | Unfunded Corporate<br>Bond Commitments | Unfunded Loan<br>Commitments | **Unfunded Preferred**<br>**Stock Commitment** |
|  **Balance as of 02/28/25** | $16 | $– | $1893 | $— |
|  Realized gain (loss) | (16) | – |  |  |
|  Change in unrealized appreciation (depreciation) |  | – | 10768 |  |
|  Purchase/Exchange/Issuances |  | – |  |  |
|  Sales/Paydowns |  | – |  |  |
|  Accrued discount/premium |  | – |  |  |
|  Transfer into Level 3\* |  | – |  |  |
|  Transfer out of Level 3\* |  | – |  |  |
|  **Balance as of 02/28/26** | $— | $– | $12661 | $— |
|  Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end | $— | $– | $12661 | $— |

---

\* It is the Fund's policy to recognize transfers in and transfers out at the securities' fair values as of the beginning of period. Securities transferred between Level 2 and Level 3 are due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are typically a result of a change from the use of methods used by independent pricing services (Level 2) to the use of a single broker quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market quotations (Level 3). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market data provided by independent pricing services or other valuation techniques which utilize observable inputs. In accordance with the requirements of ASC 820, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to the Schedule of Investments of the Fund. 

Level 3 securities as presented in the table above are being fair valued using pricing methodologies approved by the Board, which contain unobservable inputs as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Level 3 Securities\*\*** | **Fair Value as of<br>February 28, 2026** | **Valuation Methodology** | **Unobservable**<br>**Inputs** | **Inputs (Range)** | **Directional**<br>**Impact on**<br>**Fair Value**<br>**from Input**<br>**Increase** |
|  Corporate Bonds | $— | Market/Recovery Value | Recovery Rate | 0.00% | Increase |
|  Corporate Bonds | 1956688 | Market/Transaction Based | Discount/Premium Factor | 0.00% | NA |
|  Floating Rate and Other Loans | 3217228 | Market/Comparable Bond | Adjusted Yield | 9.70% | Decrease |
|  Floating Rate and Other Loans | 23885533 | Market/Enterprise Value | EBITDA Multiple | 10.00x - 12.50x | Increase |
|  Floating Rate and Other Loans | 4749753 | Market/Recovery Value | Recovery Rate | 0.00% - 75.00% | Increase |
|  Floating Rate and Other Loans | 1445993 | Market/Transaction Based | Discount/Premium Factor | 0.00% | NA |
|  Common Stocks | 3730640 | Market/Enterprise Value | EBITDA Multiple | 7.30x | Increase |
|  Common Stocks | 105536 | Market/Recovery Value | Recovery Rate | 0.00% - 0.50% | Increase |
|  Preferred Stocks | 227980 | Market/Recovery Value | Recovery Rate | 12.67% | Increase |
|  Preferred Stocks | 530700 | Market/Transaction Based | Discount/Premium Factor | 0.00% | NA |
|  Unfunded Loan Commitments | 2549 | Market/Enterprise Value | EBITDA Multiple | 11.00x | Increase |
|  Unfunded Preferred Stock Commitment |  | Market/Transaction Based | Discount/Premium Factor | 0.00% | NA |
|  | $39852600 |  |  |  |  |

---

\*\* The table does not include Level 3 securities and/or derivatives that are valued by independent pricing vendors or brokers. As of February 28, 2026, the aggregate value of these securities and/or derivatives was $78,319,279. The unobservable inputs for these investments were not developed by the Fund and are not readily available (e.g. single broker quotes). 

#### Industry Classification :
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of February 28, 2026 were as follows:

---

| | |
|:---|:---|
|  Collateralized Loan Obligations | 18.5 |
|  Banks | 10.5 |
|  Commercial Services | 6.7 |
|  Software | 3.7 |
|  Chemicals | 3.1 |
|  Entertainment | 2.9 |

---

---

| | |
|:---|:---|
|  Healthcare-Services | 2.8 |
|  Packaging & Containers | 2.6 |
|  Insurance | 2.6 |
|  Computers | 2.5 |
|  Real Estate Investment Trusts (REITs) | 2.4 |
|  Machinery-Diversified | 2.4 |

---

See Notes to Financial Statements.

PGIM Floating Rate Income Fund 25

------

PGIM Floating Rate Income Fund

Schedule of Investments (continued)

as of February 28, 2026

#### Industry Classification (continued) :

---

| | |
|:---|:---|
|  Diversified Financial Services | 2.2 |
|  Leisure Time | 2.1 |
|  Retail | 1.9 |
|  Affiliated Mutual Funds (0.7% represents investments purchased with collateral from securities on loan) | 1.8 |
|  Auto Parts & Equipment | 1.7 |
|  Environmental Control | 1.7 |
|  Telecommunications | 1.6 |
|  Media | 1.5 |
|  Pharmaceuticals | 1.5 |
|  Engineering & Construction | 1.5 |
|  Distribution/Wholesale | 1.5 |
|  Commercial Mortgage-Backed Securities | 1.4 |
|  Building Materials | 1.4 |
|  Internet | 1.3 |
|  Metal Fabricate/Hardware | 1.1 |
|  Transportation | 0.9 |
|  Investment Companies | 0.9 |
|  Residential Mortgage-Backed Securities | 0.9 |
|  U.S. Treasury Obligations | 0.8 |
|  Electric | 0.8 |
|  Oil, Gas & Consumable Fuels | 0.8 |
|  Capital Markets | 0.8 |
|  Aerospace & Defense | 0.7 |
|  Airlines | 0.7 |
|  Healthcare-Products | 0.6 |
|  Pipelines | 0.6 |
|  Holding Companies-Diversified | 0.6 |
|  Healthcare | 0.5 |
|  Foods | 0.5 |
|  Oil & Gas | 0.5 |
|  Home Furnishings | 0.5 |
|  Consumer Services | 0.5 |
|  Miscellaneous Manufacturing | 0.4 |
|  Cosmetics/Personal Care | 0.4 |

---

---

| | |
|:---|:---|
|  Agriculture | 0.3% |
|  Real Estate | 0.3 |
|  Housewares | 0.3 |
|  Storage/Warehousing | 0.3 |
|  Advertising | 0.3 |
|  Forest Products & Paper | 0.3 |
|  Lodging | 0.3 |
|  Beverages | 0.3 |
|  Home Builders | 0.2 |
|  Healthcare & Pharmaceuticals | 0.2 |
|  Semiconductors | 0.2 |
|  Gas Utilities | 0.2 |
|  Health Care Providers & Services | 0.2 |
|  Affiliated Exchange-Traded Funds | 0.2 |
|  Mining | 0.2 |
|  Electronics | 0.2 |
|  Hand/Machine Tools | 0.1 |
|  Toys/Games/Hobbies | 0.1 |
|  Energy-Alternate Sources | 0.1 |
|  Oil & Gas Services | 0.1 |
|  Other | 0.0 \* |
|  Electronic Equipment, Instruments & Components | 0.0 \* |
|  Wireless Telecommunication Services | 0.0 \* |
|  IT Services | 0.0 \* |
|  Interactive Media & Services | 0.0 \* |
|  Food Products | 0.0 \* |
|  | 101.7 |
|  Liabilities in excess of other assets | (1.7) |
|  | 100.0% |
|  <br>\* Less than 0.05% |  |

---

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of February 28, 2026 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair<br> Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair<br> Value** |
|  Credit contracts | Due from/to broker-variation margin swaps | $391669 \* |  | $— |
|  Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 373295 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 129454 |
|  Interest rate contracts | Due from/to broker-variation margin futures | 19403 \* | Due from/to broker-variation margin futures | 1118853 \* |
|  Interest rate contracts |  |  | Unrealized depreciation on OTC swap agreements | 5007498 |
|  |  | $784367 |  | $6255805 |

---

See Notes to Financial Statements.

------

PGIM Floating Rate Income Fund

Schedule of Investments (continued)

as of February 28, 2026

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the year ended February 28, 2026 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Futures**  | **Forward<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Credit contracts | $— | $— | $7797896 |
|  Foreign exchange contracts |  | (5287682) |  |
|  Interest rate contracts | (4766427) |  | 3052342 |
|  **Total** | $(4766427) | $(5287682) | $10850238 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** | **Forward<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Credit contracts | $— | $— | $(1814628) |
|  Foreign exchange contracts |  | (77438) |  |
|  Interest rate contracts | 1187652 |  | (4933559) |
|  **Total** | $1187652 | $(77438) | $(6748187) |

---

For the year ended February 28, 2026, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
| &nbsp;&nbsp; Futures Contracts - Long Positions (1) | $1330438 |
| &nbsp;&nbsp; Futures Contracts - Short Positions (1) | 266499785 |
| &nbsp;&nbsp; Forward Foreign Currency Exchange Contracts - Purchased (2) | 51762911 |
| &nbsp;&nbsp; Forward Foreign Currency Exchange Contracts - Sold (2) | 100490197 |
| &nbsp;&nbsp; Credit Default Swap Agreements - Sell Protection (1) | 516462900 |
| &nbsp;&nbsp; Total Return Swap Agreements (1) | 225784000 |

---

\*

Average volume is based on average quarter end balances for the year ended February 28, 2026.

(1) Notional Amount in USD.

(2) Value at Settlement Date.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Fund invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market<br>Value of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(2)** | **Net<br> Amount** |
|  Securities on Loan | $13688900 | $(13688900) | $— |

---

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of<br>Recognized**<br> **Assets(1)** | **Gross Amounts of<br>Recognized<br> Liabilities(1)** | **Net Amounts of<br>Recognized**<br> **Assets/(Liabilities)** | **Collateral**<br> **Pledged/(Received)(2)** | **Net Amount** |
| BARC | $– | $(409806) | $(409806) | $270000 | $(139806) |
| BNP | – | (1653445) | (1653445) | 1653445 |  |

---

See Notes to Financial Statements.

PGIM Floating Rate Income Fund 27

------

PGIM Floating Rate Income Fund

Schedule of Investments (continued)

as of February 28, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of<br>Recognized**<br> **Assets(1)** | **Gross Amounts of<br>Recognized<br> Liabilities(1)** | **Net Amounts of<br>Recognized**<br> **Assets/(Liabilities)** | **Collateral**<br> **Pledged/(Received)(2)** | **Net Amount** |
| MSI | $167978 | $(3021477) | $(2853499) | $2853499 | $— |
| SCB | 162215 |  | 162215 | (162215) |  |
| SSB | 43102 | (52224) | (9122) |  | (9122) |
|  | $373295 | $(5136952) | $(4763657) | $4614729 | $(148928) |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Fund is limited to the market value of financial instruments/transactions and the Fund's OTC derivative exposure by counterparty.

See Notes to Financial Statements.

------

PGIM Floating Rate Income Fund

Statement of Assets & Liabilities

as of February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value, including securities on loan of $13,688,900: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $2,135,607,266) | $2080919236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $41,604,176) | 41696896 |
| &nbsp;&nbsp; Cash | 489782 |
| &nbsp;&nbsp; Foreign currency, at value (cost $432,811) | 432354 |
| &nbsp;&nbsp; Cash segregated for counterparty - OTC | 1853000 |
| &nbsp;&nbsp; Receivable for investments sold | 76131174 |
| &nbsp;&nbsp; Dividends and interest receivable | 12939539 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 1405488 |
| &nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 1278000 |
| &nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 373295 |
| &nbsp;&nbsp; Unrealized appreciation on unfunded loan commitments | 16826 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 30975 |
| &nbsp;&nbsp; **Total Assets** | 2217566565 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 91436726 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 15801828 |
| &nbsp;&nbsp; Payable to broker for collateral for securities on loan | 13998985 |
| &nbsp;&nbsp; Unrealized depreciation on OTC swap agreements | 5007498 |
| &nbsp;&nbsp; Management fee payable | 957083 |
| &nbsp;&nbsp; Dividends and Distributions payable | 840241 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 710609 |
| &nbsp;&nbsp; Due to broker—variation margin futures | 674152 |
| &nbsp;&nbsp; Due to broker—variation margin swaps | 547192 |
| &nbsp;&nbsp; Unrealized depreciation on unfunded loan commitments | 277562 |
| &nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 129454 |
| &nbsp;&nbsp; Distribution fee payable | 72141 |
| &nbsp;&nbsp; Directors' fees payable | 5506 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 4035 |
| &nbsp;&nbsp; **Total Liabilities** | 130463012 |
| &nbsp;&nbsp; **Net Assets** | $2087103553 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $2363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 2567472479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (480371289) |
| &nbsp;&nbsp; **Net assets, February 28, 2026** | $2087103553 |

---

See Notes to Financial Statements.

PGIM Floating Rate Income Fund 29

------

PGIM Floating Rate Income Fund

Statement of Assets & Liabilities (continued)

as of February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A** |  |
| &nbsp;&nbsp; Net asset value and redemption price per share,<br> ($205,799,601 ÷ 23,318,826 shares of common stock issued and outstanding) | $8.83 |
| &nbsp;&nbsp; Maximum sales charge (2.25% of offering price) | 0.20 |
| &nbsp;&nbsp; Maximum offering price to public | $9.03 |
| &nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($40,414,864 ÷ 4,577,156 shares of common stock issued and outstanding) | $8.83 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($1,635,822,332 ÷ 185,152,833 shares of common stock issued and outstanding) | $8.83 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($205,066,756 ÷ 23,208,294 shares of common stock issued and outstanding) | $8.84 |

---

See Notes to Financial Statements.

------

PGIM Floating Rate Income Fund

Statement of Operations

Year Ended February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income (net of $1,429 foreign withholding tax) | $183502030 |
| &nbsp;&nbsp; Affiliated dividend income | 2608101 |
| &nbsp;&nbsp; Unaffiliated dividend income | 937312 |
| &nbsp;&nbsp; Income from securities lending, net (including affiliated income of $72,349) | 73033 |
| &nbsp;&nbsp; **Total income** | 187120476 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 15180193 |
| &nbsp;&nbsp; Distribution fee(a) | 994775 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $24,287)(a) | 2553222 |
| &nbsp;&nbsp; Interest expense | 1442934 |
| &nbsp;&nbsp; Custodian and accounting fees | 557381 |
| &nbsp;&nbsp; Registration fees(a) | 138903 |
| &nbsp;&nbsp; Shareholders' reports | 92032 |
| &nbsp;&nbsp; Audit fee | 73444 |
| &nbsp;&nbsp; Professional fees | 57224 |
| &nbsp;&nbsp; Directors' fees | 34740 |
| &nbsp;&nbsp; Miscellaneous | 300711 |
| &nbsp;&nbsp; **Total expenses** | 21425559 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (2633076) |
| &nbsp;&nbsp; **Net expenses** | 18792483 |
| &nbsp;&nbsp; Net investment income (loss) | 168327993 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $55,492) | (51674373) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (4766427) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contract transactions | (5287682) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreement transactions | 10850238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 2063457 |
|  | (48814787) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $(21219)) | (18974120) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 1187652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | (77438) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (6748187) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 397116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded loan commitments | (297605) |
|  | (24512582) |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | (73327369) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $95000624 |

---

(a) Class specific expenses and waivers were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Z** | **Class R6** |
|  Distribution fee | 542170 | 452605 |  |  |
|  Transfer agent's fees and expenses | 212267 | 42062 | 2291531 | 7362 |
|  Registration fees | 15558 | 16380 | 85328 | 21637 |
|  Fee waiver and/or expense reimbursement | (211890) | (55158) | (2243044) | (122984) |

---

See Notes to Financial Statements.

PGIM Floating Rate Income Fund 31

------

PGIM Floating Rate Income Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>February 28,** | **Year Ended<br>February 28,** |
|  | **2026** | **2025** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $168327993 | $172271139 |
| &nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | (48814787) | (69362209) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | (24512582) | 69109376 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 95000624 | 172018306 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A | (15628397) | (16258343) |
| &nbsp;&nbsp; Class C | (2913301) | (3659712) |
| &nbsp;&nbsp; Class Z | (138117218) | (136959178) |
| &nbsp;&nbsp; Class R6 | (16417696) | (20507770) |
|  | (173076612) | (177385003) |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 879462828 | 1136990540 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 160771726 | 165097944 |
| &nbsp;&nbsp; Cost of shares purchased | (1343947814) | (882481439) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | (303713260) | 419607045 |
| &nbsp;&nbsp; Total increase (decrease) | (381789248) | 414240348 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of year | 2468892801 | 2054652453 |
| &nbsp;&nbsp; End of year | $2087103553 | $2468892801 |

---

See Notes to Financial Statements.

------

PGIM Floating Rate Income Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class A Shares** | | | | | |
|  | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Year** | $9.11 | $9.13 | $8.98 | $9.51 | $9.65 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.63 | 0.72 | 0.78 | 0.54 | 0.32 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.26) | - <sup>(b)(c)</sup> | 0.16 | (0.45) | (0.13) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.37 | 0.72 | 0.94 | 0.09 | 0.19 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.65) | (0.74) | (0.78) | (0.62) | (0.33) |
| &nbsp;&nbsp;&nbsp;Tax return of capital distributions |  |  | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.65) | (0.74) | (0.79) | (0.62) | (0.33) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $8.83 | $9.11 | $9.13 | $8.98 | $9.51 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(d)</sup>:** | 4.15% | 8.25% | 11.03% | 1.22% | 1.93% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000) | $205800 | $222259 | $189497 | $177406 | $221472 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $216868 | $199488 | $182716 | $203544 | $132395 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 1.01 %<sup>(f)(g)</sup> | 1.10 %<sup>(f)</sup> | 1.00 %<sup>(g)</sup> | 1.00 %<sup>(g)</sup> | 0.95% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 1.11% | 1.20% | 1.09% | 1.11 %<sup>(g)</sup> | 1.07% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 6.99% | 7.91% | 8.67% | 6.01% | 3.29% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(h)</sup> | 53% | 86% | 68% | 43% | 43% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Amount rounds to zero.

(c) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(d) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(e) Does not include expenses of the underlying funds in which the Fund invests.

(f) Includes interest expense on reverse repurchase agreements of 0.06% and 0.15% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended February 28, 2026 and 2025, respectively.

(g) Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.01%, 0.05% and 0.05%, which are being excluded from the Fund's contractual waiver, if applicable, for the years ended February 28/29, 2026, 2024 and 2023, respectively.

(h) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Floating Rate Income Fund 33

------

PGIM Floating Rate Income Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class C Shares** | | | | | |
|  | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Year** | $9.12 | $9.14 | $8.98 | $9.52 | $9.66 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.56 | 0.66 | 0.71 | 0.48 | 0.25 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.27) | - <sup>(b)(c)</sup> | 0.18 | (0.47) | (0.14) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.29 | 0.66 | 0.89 | 0.01 | 0.11 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.58) | (0.68) | (0.72) | (0.55) | (0.25) |
| &nbsp;&nbsp;&nbsp;Tax return of capital distributions |  |  | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.58) | (0.68) | (0.73) | (0.55) | (0.25) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $8.83 | $9.12 | $9.14 | $8.98 | $9.52 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(d)</sup>:** | 3.26% | 7.45% | 10.33% | 0.36% | 1.16% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000) | $40415 | $47742 | $51783 | $61349 | $69648 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $45260 | $49168 | $54544 | $70642 | $45432 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 1.77 %<sup>(f)(g)</sup> | 1.84 %<sup>(f)</sup> | 1.75 %<sup>(g)</sup> | 1.76 %<sup>(g)</sup> | 1.70% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 1.89% | 1.96% | 1.87% | 1.90 %<sup>(g)</sup> | 1.84% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 6.25% | 7.19% | 7.92% | 5.32% | 2.54% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(h)</sup> | 53% | 86% | 68% | 43% | 43% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Amount rounds to zero.

(c) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(d) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(e) Does not include expenses of the underlying funds in which the Fund invests.

(f) Includes interest expense on reverse repurchase agreements of 0.06% and 0.14% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended February 28, 2026 and 2025, respectively.

(g) Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.01%, 0.05% and 0.06%, which are being excluded from the Fund's contractual waiver, if applicable, for the years ended February 28/29, 2026, 2024 and 2023, respectively.

(h) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM Floating Rate Income Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class Z Shares** | | | | | |
|  | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Year** | $9.12 | $9.14 | $8.99 | $9.52 | $9.66 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.65 | 0.74 | 0.80 | 0.55 | 0.35 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.27) | 0.01 <sup>(b)</sup> | 0.17 | (0.43) | (0.14) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.38 | 0.75 | 0.97 | 0.12 | 0.21 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.67) | (0.77) | (0.81) | (0.65) | (0.35) |
| &nbsp;&nbsp;&nbsp;Tax return of capital distributions |  |  | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.67) | (0.77) | (0.82) | (0.65) | (0.35) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $8.83 | $9.12 | $9.14 | $8.99 | $9.52 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(c)</sup>:** | 4.30% | 8.52% | 11.30% | 1.48% | 2.18% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000) | $1635822 | $1959762 | $1542156 | $2077632 | $3794840 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $1854319 | $1633056 | $1605227 | $3121921 | $1828765 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.77 %<sup>(e)(f)</sup> | 0.85 %<sup>(e)</sup> | 0.76 %<sup>(f)</sup> | 0.75 %<sup>(f)</sup> | 0.70% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.89% | 0.97% | 0.87% | 0.88 %<sup>(f)</sup> | 0.81% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 7.25% | 8.15% | 8.91% | 6.06% | 3.55% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(g)</sup> | 53% | 86% | 68% | 43% | 43% |

---

(a) Calculated based on average shares outstanding during the year.

(b) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(d) Does not include expenses of the underlying funds in which the Fund invests.

(e) Includes interest expense on reverse repurchase agreements of 0.06% and 0.15% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended February 28, 2026 and 2025, respectively.

(f) Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.01%, 0.06% and 0.05%, which are being excluded from the Fund's contractual waiver, if applicable, for the years ended February 28/29, 2026, 2024 and 2023, respectively.

(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Floating Rate Income Fund 35

------

PGIM Floating Rate Income Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class R6 Shares** | | | | | |
|  | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Year** | $9.13 | $9.14 | $8.99 | $9.53 | $9.66 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.66 | 0.75 | 0.80 | 0.58 | 0.35 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.27) | 0.01 <sup>(b)</sup> | 0.17 | (0.47) | (0.13) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.39 | 0.76 | 0.97 | 0.11 | 0.22 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.68) | (0.77) | (0.81) | (0.65) | (0.35) |
| &nbsp;&nbsp;&nbsp;Tax return of capital distributions |  |  | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.68) | (0.77) | (0.82) | (0.65) | (0.35) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $8.84 | $9.13 | $9.14 | $8.99 | $9.53 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(c)</sup>:** | 4.35% | 8.69% | 11.36% | 1.42% | 2.34% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000) | $205067 | $239130 | $271216 | $350700 | $396487 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $218967 | $241476 | $286529 | $428601 | $180674 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.72 %<sup>(e)(f)</sup> | 0.79 %<sup>(e)</sup> | 0.71 %<sup>(f)</sup> | 0.70 %<sup>(f)</sup> | 0.65% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.78% | 0.85% | 0.77% | 0.76 %<sup>(f)</sup> | 0.72% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 7.30% | 8.24% | 8.97% | 6.38% | 3.62% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(g)</sup> | 53% | 86% | 68% | 43% | 43% |

---

(a) Calculated based on average shares outstanding during the year.

(b) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(d) Does not include expenses of the underlying funds in which the Fund invests.

(e) Includes interest expense on reverse repurchase agreements of 0.06% and 0.14% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended February 28, 2026 and 2025, respectively.

(f) Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.01%, 0.06% and 0.05%, which are being excluded from the Fund's contractual waiver, if applicable, for the years ended February 28/29, 2026, 2024 and 2023, respectively.

(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM Government Income Fund

Schedule of Investments (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 98.6%** |  |  |  |  |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES 3.3%** |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations** |  |  |  |  |
| &nbsp;&nbsp; Birch Grove CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-11A, Class A1, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | 5.029%(c) | 01/22/38 | 2050 | $2053259 |
| &nbsp;&nbsp; Marble Point CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1R2, 144A, 3 Month SOFR + 1.210% (Cap N/A, Floor 1.210%) | 4.882(c) | 03/15/38 | 1500 | 1500611 |
| &nbsp;&nbsp; OHA Credit Partners (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A, Class AR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.018(c) | 10/18/37 | 1750 | 1753246 |
| &nbsp;&nbsp; Texas Debt Capital CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | 4.808(c) | 04/24/38 | 2000 | 1998936 |
| &nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES**<br> (cost $7,308,748) |  |  |  | 7306052 |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES 14.9%** |  |  |  |  |
| &nbsp;&nbsp; Barclays Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | 2.661 | 08/15/52 | 2603 | 2505984 |
| &nbsp;&nbsp; Fannie Mae-Aces, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M22, Class A2 | 2.522 | 08/25/29 | 5163 | 4976224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M01G, Class A2 | 1.468(cc) | 11/25/30 | 2500 | 2251935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-M03, Class A2 | 1.707(cc) | 11/25/31 | 8500 | 7552025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-M13, Class A2 | 2.586(cc) | 06/25/32 | 5000 | 4635910 |
| &nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through Certificates, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K075, Class A2 | 3.650(cc) | 02/25/28 | 5000 | 4991243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K151, Class A3 | 3.511 | 04/25/30 | 900 | 890912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K152, Class A2 | 3.080 | 01/25/31 | 375 | 363358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K512, Class A2 | 5.000 | 11/25/28 | 4608 | 4750510 |
| &nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $33,609,302) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32918101 |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS 55.9%** |  |  |  |  |
| &nbsp;&nbsp; Fannie Mae Principal Strips, MTN | 4.359(s) | 05/15/30 | 115 | 98782 |
| &nbsp;&nbsp; Federal Farm Credit Bank | 1.680 | 09/17/35 | 160 | 126562 |
| &nbsp;&nbsp; Federal Farm Credit Bank | 1.730 | 09/22/31 | 600 | 534737 |
| &nbsp;&nbsp; Federal Farm Credit Bank | 1.770 | 02/04/31 | 1245 | 1133147 |
| &nbsp;&nbsp; Federal Farm Credit Bank | 1.900 | 10/21/30 | 196 | 181394 |
| &nbsp;&nbsp; Federal Farm Credit Bank | 2.040 | 03/19/40 | 1330 | 953772 |
| &nbsp;&nbsp; Federal Farm Credit Bank | 2.150 | 12/01/31 | 3430 | 3123134 |
| &nbsp;&nbsp; Federal Farm Credit Bank | 2.200 | 12/09/31 | 1545 | 1409967 |
| &nbsp;&nbsp; Federal Farm Credit Bank | 2.350 | 03/10/36 | 365 | 303910 |
| &nbsp;&nbsp; Federal Farm Credit Bank | 2.400 | 03/24/36 | 222 | 186239 |
| &nbsp;&nbsp; Federal Farm Credit Bank | 2.460 | 02/05/35 | 925 | 796822 |
| &nbsp;&nbsp; Federal Farm Credit Bank | 2.490 | 05/19/36 | 300 | 256045 |
| &nbsp;&nbsp; Federal Farm Credit Bank | 2.500 | 04/14/36 | 455 | 389515 |
| &nbsp;&nbsp; Federal Home Loan Bank | 1.250(cc) | 02/10/31 | 485 | 435186 |
| &nbsp;&nbsp; Federal Home Loan Bank | 1.250(cc) | 03/17/31 | 100 | 96519 |
| &nbsp;&nbsp; Federal Home Loan Bank | 1.350 | 02/18/31 | 60 | 53448 |
| &nbsp;&nbsp; Federal Home Loan Bank | 1.750 | 06/20/31 | 980 | 883086 |
| &nbsp;&nbsp; Federal Home Loan Bank | 1.790 | 12/21/35 | 1065 | 844469 |
| &nbsp;&nbsp; Federal Home Loan Bank | 1.870 | 02/08/36 | 345 | 274313 |
| &nbsp;&nbsp; Federal Home Loan Bank | 2.000(cc) | 05/27/31 | 140 | 134114 |
| &nbsp;&nbsp; Federal Home Loan Bank | 2.050 | 05/12/31 | 160 | 146688 |
| &nbsp;&nbsp; Federal Home Loan Bank | 2.090 | 02/22/36 | 325 | 264937 |
| &nbsp;&nbsp; Federal Home Loan Bank | 4.250 | 09/10/32 | 370 | 379011 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTN | 1.220 | 08/19/30 | 280 | 251028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTN | 1.300 | 08/12/30 | 62 | 55812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTN | 1.460 | 08/17/35 | 280 | 217804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTN | 1.899(s) | 11/15/38 | 1680 | 957729 |

---

See Notes to Financial Statements.

PGIM Government Income Fund 37

------

PGIM Government Income Fund

Schedule of Investments (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 1.500% | 01/01/36 | 134 | $122862 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 1.500 | 02/01/36 | 54 | 49740 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 1.500 | 11/01/50 | 710 | 565469 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 01/01/32 | 98 | 94284 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 05/01/28 | 131 | 129141 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 05/01/28 | 161 | 158765 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 03/01/30 | 145 | 142255 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 10/01/32 | 161 | 155741 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 11/01/46 | 808 | 720750 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 10/01/28 | 18 | 17489 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 06/01/29 | 68 | 67265 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 12/01/30 | 136 | 134614 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 01/01/37 | 314 | 301834 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 04/01/43 | 557 | 525525 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 07/01/43 | 589 | 554851 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 10/01/46 | 237 | 220186 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 11/01/46 | 214 | 198265 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 12/01/46 | 201 | 186541 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 01/01/47 | 691 | 638943 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 03/01/47 | 159 | 147549 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 11/01/37 | 138 | 135338 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 06/01/42 | 387 | 376470 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 06/01/43 | 289 | 279783 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 07/01/43 | 834 | 806048 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 07/01/47 | 945 | 907371 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 08/01/47 | 712 | 683344 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 10/01/47 | 66 | 63225 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 06/01/26 | 1 | 1111 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 09/01/26 | 1 | 1347 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 11/01/39 | 285 | 285621 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 09/01/40 | 176 | 176362 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 12/01/40 | 111 | 110570 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 12/01/40 | 138 | 137985 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 04/01/42 | 237 | 235725 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 04/01/42 | 309 | 307809 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 05/01/46 | 337 | 333612 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 08/01/46 | 111 | 109917 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 12/01/46 | 89 | 87749 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 07/01/47 | 182 | 179089 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 08/01/47 | 65 | 64588 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 08/01/47 | 191 | 188359 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 09/01/39 | 373 | 378645 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 07/01/47 | 67 | 66956 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 07/01/47 | 76 | 76196 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 08/01/47 | 220 | 222032 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 06/01/33 | 209 | 210663 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 03/01/34 | 8 | 7998 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 05/01/34 | 20 | 20899 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 05/01/34 | 109 | 110443 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 02/01/48 | 84 | 85909 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 01/01/53 | 787 | 794117 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 05/01/37 | 32 | 33498 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 01/01/38 | 26 | 27308 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 11/01/52 | 1678 | 1714400 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 01/01/54 | 392 | 399144 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 02/01/55 | 3153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3205380 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 12/01/33 | 10 | 10156 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 09/01/34 | 56 | 57844 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.500 | 09/01/32 | 16 | 16938 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.500 | 09/01/32 | 16 | 17014 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 7.000 | 09/01/32 | 17 | 17520 |

---

See Notes to Financial Statements.

------

PGIM Government Income Fund

Schedule of Investments (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.301%(s) | 11/15/30 | 1355 | $1134098 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 02/01/36 | 155 | 141545 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 04/01/36 | 60 | 54694 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 11/01/50 | 2418 | 1923910 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.780 | 11/16/35 | 100 | 79881 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 08/01/31 | 125 | 120146 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 05/01/36 | 964 | 899032 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 06/01/40 | 487 | 437083 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 02/01/41 | 3364 | 3013464 |
| &nbsp;&nbsp; Federal National Mortgage Assoc.(k) | 2.000 | 10/01/50 | 9567 | 8006043 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 06/01/28 | 40 | 39026 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 08/01/28 | 75 | 73655 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 08/01/29 | 18 | 17551 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 05/01/41 | 642 | 590138 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 06/01/41 | 991 | 910227 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 02/01/43 | 109 | 99639 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 12/01/46 | 528 | 471107 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 01/01/50 | 1154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012083 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 03/01/50 | 171 | 150881 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 08/01/50 | 3241 | 2837480 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 10/01/50 | 3257 | 2850905 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 05/01/52 | 736 | 649123 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | TBA | 2000 | 1808376 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 01/01/27 | 20 | 20313 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 08/01/28 | 120 | 118923 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 02/01/31 | 125 | 123094 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 11/01/36 | 110 | 106208 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 12/01/42 | 610 | 574035 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 02/01/43 | 276 | 259701 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 03/01/43 | 236 | 221529 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 04/01/43 | 260 | 244557 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 06/01/43 | 116 | 109358 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 06/01/43 | 229 | 215657 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 07/01/43 | 776 | 730170 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 09/01/46 | 629 | 583265 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 11/01/46 | 749 | 694114 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 11/01/46 | 801 | 741565 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 01/01/47 | 90 | 84202 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 04/01/47 | 1633 | 1510916 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 12/01/49 | 489 | 447989 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 01/01/50 | 35 | 32160 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 06/01/50 | 204 | 186586 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 04/01/52 | 750 | 689097 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 12/01/30 | 16 | 16345 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 11/01/32 | 552 | 548608 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 02/01/33 | 30 | 30167 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 05/01/33 | 50 | 49666 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 10/01/41 | 542 | 527650 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 12/01/41 | 162 | 157858 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 03/01/42 | 191 | 185313 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 05/01/42 | 707 | 682008 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 07/01/42 | 253 | 245230 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 12/01/42 | 573 | 554829 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 03/01/43 | 209 | 201846 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 06/01/45 | 1256 | 1212041 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 01/01/46 | 328 | 316400 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 12/01/46 | 647 | 620909 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 04/01/48 | 1003 | 956736 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 05/01/52 | 1341 | 1265109 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 09/01/40 | 298 | 298243 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 01/01/41 | 372 | 371691 |

---

See Notes to Financial Statements.

PGIM Government Income Fund 39

------

PGIM Government Income Fund

Schedule of Investments (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000% | 09/01/44 | 247 | $245232 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 06/01/47 | 872 | 859622 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 06/01/47 | 960 | 947400 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 08/01/47 | 196 | 193261 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 09/01/47 | 1157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143859 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 10/01/47 | 575 | 567362 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 11/01/47 | 659 | 650185 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 01/01/49 | 806 | 793134 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.336(s) | 03/17/31 | 290 | 238529 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | TBA | 1000 | 988850 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 04/01/41 | 238 | 240905 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 05/01/41 | 224 | 226682 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 01/01/45 | 81 | 82287 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 12/01/47 | 571 | 572289 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 06/01/48 | 117 | 117735 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 10/01/48 | 443 | 444883 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 06/01/52 | 828 | 822925 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 12/01/31 | 37 | 36757 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 03/01/34 | 92 | 93360 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 07/01/35 | 41 | 41748 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 09/01/35 | 33 | 34359 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 11/01/35 | 29 | 29710 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 05/01/36 | 15 | 15337 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 07/01/52 | 2392 | 2414951 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 02/01/34 | 95 | 97242 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 09/01/34 | 180 | 182957 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 02/01/35 | 130 | 135330 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 06/01/35 | 40 | 41068 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 06/01/35 | 63 | 64248 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 09/01/35 | 119 | 120437 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 10/01/35 | 99 | 102283 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 11/01/35 | 51 | 52394 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 11/01/35 | 78 | 80640 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 11/01/36 | 3 | 2804 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 10/01/52 | 340 | 347328 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 02/01/54 | 1000 | 1017939 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 10/01/54 | 2565 | 2608428 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 09/01/33 | —(r) | 299 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 02/01/34 | —(r) | 53 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 06/01/34 | —(r) | 35 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 09/01/34 | —(r) | 34 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 09/01/34 | 4 | 4404 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 09/01/34 | 7 | 7465 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 11/01/34 | 3 | 2687 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 11/01/34 | 14 | 14270 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 02/01/35 | —(r) | 17 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 03/01/35 | 2 | 2353 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 04/01/35 | —(r) | 219 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 12/01/35 | 46 | 47456 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 01/01/36 | 116 | 121184 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 05/01/36 | 33 | 33881 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 05/01/36 | 190 | 199617 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 09/01/53 | 1716 | 1769685 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 07/01/32 | 100 | 103407 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 08/01/32 | 50 | 52166 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 09/01/32 | 12 | 12471 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 10/01/32 | 28 | 28752 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 10/01/32 | 112 | 115933 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 10/01/37 | 97 | 102491 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 7.000 | 12/01/31 | 46 | 47708 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 7.000 | 09/01/33 | 44 | 45643 |

---

See Notes to Financial Statements.

------

PGIM Government Income Fund

Schedule of Investments (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 7.000% | 11/01/33 | 45 | $47561 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 7.000 | 12/01/53 | 674 | 707904 |
| &nbsp;&nbsp; Freddie Mac Coupon Strips | 5.245(s) | 03/15/31 | 500 | 413500 |
| &nbsp;&nbsp; Freddie Mac Strips | 5.389(s) | 07/15/32 | 420 | 326904 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.000 | 10/20/51 | 271 | 229997 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 12/20/46 | 131 | 117587 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 03/15/45 | 428 | 395148 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 07/20/45 | 969 | 902877 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 07/20/46 | 469 | 436798 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 08/20/46 | 883 | 821622 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 10/20/46 | 71 | 65981 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 04/20/42 | 99 | 95604 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 01/20/43 | 620 | 601336 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 04/20/43 | 276 | 267993 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 03/20/45 | 367 | 353007 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 04/20/45 | 196 | 189048 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 07/20/46 | 711 | 679994 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 03/20/47 | 68 | 65405 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 07/20/47 | 409 | 393199 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 02/20/48 | 890 | 852803 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 11/20/48 | 231 | 221102 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 01/20/49 | 204 | 196149 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 05/20/49 | 324 | 309845 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 02/20/41 | 128 | 126928 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 06/20/44 | 258 | 254632 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 08/20/44 | 80 | 78634 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 11/20/45 | 153 | 150131 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 11/20/46 | 140 | 137589 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 02/20/47 | 123 | 120964 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 10/20/47 | 130 | 127833 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 12/20/47 | 93 | 91566 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 07/20/48 | 273 | 267294 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 02/20/49 | 322 | 314662 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 03/20/49 | 526 | 512988 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 06/20/52 | 807 | 783348 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 02/20/40 | 79 | 79901 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 01/20/41 | 49 | 49453 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 02/20/41 | 233 | 235970 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 03/20/41 | 116 | 118110 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 06/20/44 | 174 | 175764 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 02/20/46 | 15 | 14985 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 03/20/46 | 73 | 74310 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 03/20/47 | 343 | 346549 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 08/20/47 | 60 | 60373 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 01/20/48 | 46 | 46214 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 02/20/48 | 276 | 278635 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 05/20/52 | 1554 | 1548291 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 08/20/52 | 1018 | 1013749 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 10/20/52 | 180 | 179021 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 07/15/33 | 130 | 132568 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 09/15/33 | 174 | 175522 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 04/15/34 | 11 | 11204 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 11/20/54 | 1542 | 1549340 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 02/15/34 | 95 | 95392 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 02/15/36 | 61 | 63178 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 05/20/53 | 1730 | 1769025 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 08/20/54 | 769 | 779599 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.000 | 08/20/54 | 903 | 922551 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 7.000 | 04/20/55 | 259 | 267682 |
| &nbsp;&nbsp; Israel Government AID Bond, U.S. Gov't. Gtd. Notes, Series 30Y | 5.500 | 09/18/33 | 370 | 406529 |
| &nbsp;&nbsp; Resolution Funding Corp. Interest Strips, Bonds | 2.980(s) | 01/15/30 | 520 | 450420 |

---

See Notes to Financial Statements.

PGIM Government Income Fund 41

------

PGIM Government Income Fund

Schedule of Investments (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Resolution Funding Corp. Interest Strips, Bonds | 3.617%(s) | 04/15/30 | 1025 | $877867 |
| &nbsp;&nbsp; Resolution Funding Corp. Interest Strips, Bonds | 4.330(s) | 01/15/29 | 667 | 600798 |
| &nbsp;&nbsp; Resolution Funding Corp. Principal Strips, Bonds | 4.767(s) | 01/15/30 | 4150 | 3607439 |
| &nbsp;&nbsp; Tennessee Valley Authority, Sr. Unsec'd. Notes | 1.500 | 09/15/31 | 640 | 570090 |
| &nbsp;&nbsp; Tennessee Valley Authority, Sr. Unsec'd. Notes | 5.880 | 04/01/36 | 170 | 193423 |
| &nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $128,848,602) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123537472 |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS 23.8%** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Bonds | 1.875 | 02/15/51 | 7270 | 4241591 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 2.000 | 08/15/51 | 1635 | 977934 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 3.000 | 08/15/52 | 1070 | 796816 |
| &nbsp;&nbsp; U.S. Treasury Notes | 1.875 | 02/15/32 | 1485 | 1345549 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.375 | 11/30/27 | 450 | 449736 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.375 | 12/31/27 | 230 | 229892 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.625 | 08/15/28 | 3895 | 3917518 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.625 | 09/30/30 | 5175 | 5202088 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.750 | 10/31/32 | 1020 | 1023028 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.750 | 11/30/32 | 3500 | 3509297 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.750 | 02/28/33 | 225 | 225395 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.875 | 12/31/32 | 1105 | 1115877 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 1.677(s) | 02/15/43 | 1180 | 529931 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 2.371(s) | 11/15/40 | 1880 | 961543 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 3.301(s) | 02/15/46 | 5395 | 2056309 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 3.490(s) | 02/15/42 | 7070 | 3364250 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.160(s) | 02/15/41 | 2620 | 1319885 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.350(s) | 08/15/41 | 8735 | 4277462 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.354(s) | 08/15/51 | 300 | 87413 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.458(s) | 02/15/49 | 13080 | 4294595 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.608(s) | 11/15/48 | 60 | 19977 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.663(s) | 02/15/50 | 410 | 128462 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.701(s) | 11/15/42 | 3655 | 1666065 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.770(s) | 11/15/49 | 795 | 251907 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.791(s) | 05/15/43 | 2680 | 1186632 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.800(s) | 05/15/42 | 115 | 53992 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.920(s) | 08/15/48 | 225 | 75803 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 5.050(s) | 05/15/44 | 16115 | 6747502 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 5.103(s) | 02/15/44 | 1730 | 733590 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 5.458(s) | 05/15/40 | 3315 | 1746065 |
| &nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $54,836,196) |  |  |  | 52536104 |
|  |  |  | **Shares** |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUND 0.7%** |  |  |  |  |
| &nbsp;&nbsp; **Fixed Income** |  |  |  |  |
| &nbsp;&nbsp; PGIM AAA CLO ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $1,537,478)(wa) |  |  | 30000 | 1544100 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $226,140,326) |  |  |  | 217841829 |

---

See Notes to Financial Statements.

------

PGIM Government Income Fund

Schedule of Investments (continued)

as of February 28, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 4.6%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $10,095,913)(wa) | 10095913 | $10095913 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 103.2%**<br> (cost $236,236,239) |  | 227937742 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (3.2)% |  | (7096514) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220841228 |

---

See the Glossary for a list of the abbreviation(s) used in the annual report.

# 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 February 28, 2026.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of February 28, 2026. 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. (wa) Represents investments in Funds affiliated with the Manager.

(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Forward Commitment Contract:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **U.S. Government Agency Obligation** | **Interest<br>Rate** | **Maturity<br>Date** | **Settlement**<br>**Date** | **Principal**<br>**Amount<br>(000)#** | **Value** |
|  Federal National Mortgage Assoc.<br>(proceeds receivable $1,791,719) | 3.000% | TBA | 04/13/26 | $(2000) | $(1807673) |

---

#### Futures contracts outstanding at February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 100 | 2 Year U.S. Treasury Notes | Jun. 2026 | $20927344 | $33026 |
| 49 | 5 Year U.S. Treasury Notes | Jun. 2026 | 5396891 | 21080 |
| 32 | 10 Year U.S. Treasury Notes | Jun. 2026 | 3642000 | 15706 |
| 48 | 10 Year U.S. Ultra Treasury Notes | Jun. 2026 | 5603250 | 31043 |
|  |  |  |  | 100855 |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 230 | 20 Year U.S. Treasury Bonds | Jun. 2026 | 27247813 | (322544) |
| 14 | 30 Year U.S. Ultra Treasury Bonds | Jun. 2026 | 1702313 | (16318) |
| 15 | 30 Year UMBS TBA – 3.5% Coupon | Apr. 2026 | 1402617 | (253) |
|  |  |  |  | (339115) |
|  |  |  |  | $(238260) |

---

#### Credit default swap agreements outstanding at February 28, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br>Entity/<br>Obligation** | **Termination <br>Date** | **Fixed** <br>**Rate** | **Notional <br>Amount**<br>**(000)#(3)** | **Fair<br> Value** | **Upfront<br>Premiums<br>Paid<br> (Received)** | **Unrealized<br>Appreciation<br> (Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** |
|  Republic of France | 12/20/30 | 0.250%(Q) | 195 | $(1296) | $(560) | $(736) | BARC |

---

See Notes to Financial Statements.

PGIM Government Income Fund 43

------

**PGIM Government Income Fund**

Schedule of Investments (continued)

as of February 28, 2026

#### Credit default swap agreements outstanding at February 28, 2026 (continued):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation**  | **Termination <br>Date** | **Fixed <br>Rate** | **Notional <br>Amount**<br>**(000)#(3)** | **Implied**<br>**Credit**<br>**Spread at<br> February 28, <br>2026(4)** | **Fair<br> Value** | **Upfront<br> Premiums <br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br> (Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreement on corporate and/or sovereign issues – Sell Protection(2):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues – Sell Protection(2):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues – Sell Protection(2):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues – Sell Protection(2):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues – Sell Protection(2):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues – Sell Protection(2):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues – Sell Protection(2):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues – Sell Protection(2):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues – Sell Protection(2):** |
|  Republic of France | 12/20/30 | 0.250 %(Q) | 195 | 0.231% | $257 | $(1154) | $1411 | BARC |

---

The Fund entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1) If the Fund is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Fund is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3) Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

#### Interest rate swap agreements outstanding at February 28, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>Amount<br>(000)#** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Floating<br>Rate** | **Value at<br>Trade Date** | **Value at<br>February 28,<br>2026** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Centrally Cleared Interest Rate Swap Agreement:** | **Centrally Cleared Interest Rate Swap Agreement:** | **Centrally Cleared Interest Rate Swap Agreement:** | **Centrally Cleared Interest Rate Swap Agreement:** |  |  |  |
| 1465 | 08/27/26 | 3.809%(T) | 1 Day SOFR(2)(T)/ 3.680% | $— | $(1868) | $(1868) |

---

(1) The Fund pays the fixed rate and receives the floating rate.

(2) The Fund pays the floating rate and receives the fixed rate.

#### Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Premiums Paid** | **Premiums Received** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
| &nbsp;&nbsp; OTC Swap Agreements | $— | $(1714) | $1411 | $(736) |

---

See Notes to Financial Statements.

------

PGIM Government Income Fund

Schedule of Investments (continued)

as of February 28, 2026

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  CGM | $– | $218229 |
|  JPS | – | 1189326 |
|  **Total** | $– | $1407555 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of February 28, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Asset-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations | $— | $7306052 | $— |
|  Commercial Mortgage-Backed Securities |  | 32918101 |  |
|  U.S. Government Agency Obligations |  | 123537472 |  |
|  U.S. Treasury Obligations. |  | 52536104 |  |
|  Affiliated Exchange-Traded Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 1544100 |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 10095913 |  |  |
|  **Total** | $**11640013** | $**216297729** | $**—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $100855 | $— | $— |
|  OTC Credit Default Swap Agreement |  | 257 |  |
|  **Total** | $**100855** | $**257** | $**—** |
|  **Liabilities** |  |  |  |
|  Forward Commitment Contract | $— | $(1807673) | $— |
|  Futures Contracts | (339115) |  |  |
|  OTC Credit Default Swap Agreement |  | (1296) |  |
|  Centrally Cleared Interest Rate Swap Agreement |  | (1868) |  |
|  **Total** | $**(339115)** | $**(1810837)** | $**—** |

---

\* Other financial instruments are derivative instruments, with the exception of forward commitment contracts, and are not reflected in the Schedule of Investments. Futures, forward foreign currency exchange contracts and centrally cleared swap contracts are recorded at unrealized appreciation (depreciation), and OTC swap contracts are recorded at fair value. Forward commitment contracts are recorded at market value. 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of February 28, 2026 were as follows:

---

| | |
|:---|:---|
|  U.S. Government Agency Obligations | 55.9 |
|  U.S. Treasury Obligations | 23.8 |
|  Commercial Mortgage-Backed Securities | 14.9 |

---

---

| | | |
|:---|:---|:---|
|  Affiliated Mutual Fund | 4.6 | % |
|  Collateralized Loan Obligations | 3.3 |  |

---

See Notes to Financial Statements.

PGIM Government Income Fund 45

------

PGIM Government Income Fund

Schedule of Investments (continued)

as of February 28, 2026

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Affiliated Exchange-Traded Fund | 0.7% |
|  | 103.2 |
|  Liabilities in excess of other assets | (3.2) |
|  | 100.0% |

---

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of February 28, 2026 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br> **Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br> **Value** |
|  Credit contracts |  | $— | Premiums received for OTC<br>swap agreements | $1714 |
|  Credit contracts | Unrealized appreciation on OTC swap agreements | 1411 | Unrealized depreciation on OTC swap agreements | 736 |
|  | Due from/to broker-variation |  | Due from/to broker-variation |  |
|  Interest rate contracts | margin futures | 100855 \* | margin futures | 339115 \* |
|  |  |  | Due from/to broker-variation |  |
|  Interest rate contracts |  |  | margin swaps | 1868 \* |
|  |  | $102266 |  | $343433 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the year ended February 28, 2026 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Options<br>Purchased(1)** | **Futures**  | **Swaps** |
|  Credit contracts | $— | $— | $147 |
|  Interest rate contracts | 375 | 46729 | (24193) |
|  **Total** | $375 | $46729 | $(24046) |

---

(1) Included in net realized gain (loss) on investment transactions in the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** | **Swaps** |
|  Credit contracts | $— | $675 |
|  Interest rate contracts | 408629 | 27584 |
|  **Total** | $408629 | $28259 |

---

For the year ended February 28, 2026, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
| &nbsp;&nbsp; Options Purchased (1) | $413 |
| &nbsp;&nbsp; Futures Contracts - Long Positions (2) | 46785662 |
| &nbsp;&nbsp; Futures Contracts - Short Positions (2) | 35198816 |
| &nbsp;&nbsp; Credit Default Swap Agreements - Buy Protection (2) | 78000 |
| &nbsp;&nbsp; Credit Default Swap Agreements - Sell Protection (2) | 78000 |

---

See Notes to Financial Statements.

------

PGIM Government Income Fund

Schedule of Investments (continued)

as of February 28, 2026

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
| &nbsp;&nbsp; Interest Rate Swap Agreements (2) | $10790600 |

---

\*

Average volume is based on average quarter end balances for the year ended February 28, 2026.

(1) Cost.

(2) Notional Amount in USD.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Fund invested in OTC derivatives during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives where the legal right to set-off exists is presented in the summary below.

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of<br>Recognized**<br> **Assets(1)** | **Gross Amounts of<br>Recognized<br> Liabilities(1)** | **Net Amounts of<br>Recognized**<br> **Assets/(Liabilities)** | **Collateral**<br> **Pledged/(Received)(2)** | **Net Amount** |
| BARC | $1411 | $(2450) | $(1039) | $– | $(1039) |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Fund is limited to the market value of financial instruments/transactions and the Fund's OTC derivative exposure by counterparty.

See Notes to Financial Statements.

PGIM Government Income Fund 47

------

PGIM Government Income Fund

Statement of Assets & Liabilities

as of February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $224,602,848) | $216297729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $11,633,391) | 11640013 |
| &nbsp;&nbsp; Receivable for investments sold | 5115112 |
| &nbsp;&nbsp; Interest receivable | 666192 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 136019 |
| &nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 1411 |
| &nbsp;&nbsp; Due from broker—variation margin swaps | 361 |
| &nbsp;&nbsp; Prepaid expenses | 1202 |
| &nbsp;&nbsp; **Total Assets** | 233858039 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 10629546 |
| &nbsp;&nbsp; Forward commitment contracts, at value (proceeds receivable $1,791,719) | 1807673 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 221782 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 104357 |
| &nbsp;&nbsp; Management fee payable | 79615 |
| &nbsp;&nbsp; Due to broker—variation margin futures | 69328 |
| &nbsp;&nbsp; Dividends and Distributions payable | 57928 |
| &nbsp;&nbsp; Distribution fee payable | 26728 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 15084 |
| &nbsp;&nbsp; Directors' fees payable | 2320 |
| &nbsp;&nbsp; Premiums received for OTC swap agreements | 1714 |
| &nbsp;&nbsp; Unrealized depreciation on OTC swap agreements | 736 |
| &nbsp;&nbsp; **Total Liabilities** | 13016811 |
| &nbsp;&nbsp; **Net Assets** | $220841228 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 320818737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (99977780) |
| &nbsp;&nbsp; **Net assets, February 28, 2026** | $220841228 |

---

See Notes to Financial Statements.

------

PGIM Government Income Fund

Statement of Assets & Liabilities (continued)

as of February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A** |  |
| &nbsp;&nbsp; Net asset value and redemption price per share,<br> ($122,005,538 ÷ 14,976,592 shares of common stock issued and outstanding) | $8.15 |
| &nbsp;&nbsp; Maximum sales charge (3.25% of offering price) | 0.27 |
| &nbsp;&nbsp; Maximum offering price to public | $8.42 |
| &nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($1,989,655 ÷ 243,587 shares of common stock issued and outstanding) | $8.17 |
| &nbsp;&nbsp; **Class R** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($5,110,777 ÷ 626,296 shares of common stock issued and outstanding) | $8.16 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($43,097,572 ÷ 5,299,664 shares of common stock issued and outstanding) | $8.13 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($48,637,686 ÷ 5,986,115 shares of common stock issued and outstanding) | $8.13 |

---

See Notes to Financial Statements.

PGIM Government Income Fund 49

------

PGIM Government Income Fund

Statement of Operations

Year Ended February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income | $9204248 |
| &nbsp;&nbsp; Affiliated dividend income | 174189 |
| &nbsp;&nbsp; Affiliated income from securities lending, net | 46 |
| &nbsp;&nbsp; **Total income** | 9378483 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 1074970 |
| &nbsp;&nbsp; Distribution fee(a) | 375349 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $76,027)(a) | 272758 |
| &nbsp;&nbsp; Registration fees(a) | 56336 |
| &nbsp;&nbsp; Custodian and accounting fees | 51394 |
| &nbsp;&nbsp; Audit fee | 43348 |
| &nbsp;&nbsp; Professional fees | 33961 |
| &nbsp;&nbsp; Shareholders' reports | 27436 |
| &nbsp;&nbsp; Directors' fees | 12750 |
| &nbsp;&nbsp; Miscellaneous | 37931 |
| &nbsp;&nbsp; **Total expenses** | 1986233 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (285793) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee waiver(a) | (12561) |
| &nbsp;&nbsp; **Net expenses** | 1687879 |
| &nbsp;&nbsp; Net investment income (loss) | 7690604 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $1,009) | (5145972) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 46729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreement transactions | (24046) |
|  | (5123289) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $6,622) | 10147518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 408629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 28259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (1) |
|  | 10584405 |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | 5461116 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $13151720 |

---

(a) Class specific expenses and waivers were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R** | **Class Z** | **Class R6** |
|  Distribution fee | 312453 | 25213 | 37683 |  |  |
|  Transfer agent's fees and expenses | 202758 | 5804 | 6955 | 54767 | 2474 |
|  Registration fees | 14524 | 8824 | 6374 | 11594 | 15020 |
|  Fee waiver and/or expense reimbursement | (112855) | (2276) | (4538) | (104741) | (61383) |
|  Distribution fee waiver |  |  | (12561) |  |  |

---

See Notes to Financial Statements.

------

PGIM Government Income Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> February 28,**  | **Year Ended<br> February 28,**  |
|  | **2026** | **2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $7690604 | $9690049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (5123289) | (18975877) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 10584405 | 25095887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 13151720 | 15810059 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (4252911) | (4839512) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (56262) | (74294) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (154149) | (173812) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Z | (1814139) | (2950769) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (1859276) | (2252862) |
|  | (8136737) | (10291249) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold | 33787312 | 35009550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 7460416 | 9547273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased | (73804332) | (135967163) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | (32556604) | (91410340) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | (27541621) | (85891530) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 248382849 | 334274379 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $220841228 | $248382849 |

---

See Notes to Financial Statements.

PGIM Government Income Fund 51

------

PGIM Government Income Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class A Shares** |  |  |  |  |  |
|  | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $7.95 | $7.80 | $7.90 | $9.08 | $9.86 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.26 | 0.25 | 0.22 | 0.15 | 0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.21 | 0.17 | (0.07) | (1.14) | (0.53) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.47 | 0.42 | 0.15 | (0.99) | (0.46) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.27) | (0.27) | (0.25) | (0.19) | (0.16) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (0.16) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.27) | (0.27) | (0.25) | (0.19) | (0.32) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $8.15 | $7.95 | $7.80 | $7.90 | $9.08 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 6.05% | 5.47% | 1.88% | (10.90)% | (4.72)% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $122006 | $133417 | $146542 | $185497 | $217848 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $124981 | $141430 | $170802 | $188326 | $244663 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.89% | 0.87% | 1.06% | 1.08% | 0.98% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.98% | 0.95% | 1.11% | 1.13% | 1.02% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.21% | 3.21% | 2.87% | 1.84% | 0.74% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)(e)</sup> | 139% | 91% | 111% | 197% | 143% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests.

(d) The Fund accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM Government Income Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class C Shares** |  |  |  |  |  |
|  | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $7.97 | $7.82 | $7.92 | $9.10 | $9.88 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.16 <sup>(b)</sup> | 0.16 <sup>(b)</sup> | 0.16 | 0.06 | (0.01)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.22 <sup>(c)</sup> | 0.17 <sup>(c)</sup> | (0.08) | (1.13) | (0.53) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.38 | 0.33 | 0.08 | (1.07) | (0.54) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.18) | (0.18) | (0.18) | (0.11) | (0.08) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (0.16) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.18) | (0.18) | (0.18) | (0.11) | (0.24) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $8.17 | $7.97 | $7.82 | $7.92 | $9.10 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 4.82% | 4.28% | 0.97% | (11.79)% | (5.50)% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $1990 | $2912 | $3622 | $3554 | $6098 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $2521 | $3240 | $3805 | $4311 | $8379 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 2.05% | 2.00% | 1.95% | 2.11% | 1.81% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 2.14% | 2.08% | 2.00% | 2.16% | 1.85% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.05% | 2.08% | 1.98% | 0.78% | (0.09)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)(g)</sup> | 139% | 91% | 111% | 197% | 143% |

---

(a) Calculated based on average shares outstanding during the year.

(b) The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.

(c) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(d) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(e) Does not include expenses of the underlying funds in which the Fund invests.

(f) The Fund accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Government Income Fund 53

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PGIM Government Income Fund

Financial Highlights (continued)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R Shares** |  |  |  |  |  |
|  | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $7.97 | $7.82 | $7.91 | $9.09 | $9.87 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.23 | 0.22 | 0.21 | 0.13 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.20 | 0.17 | (0.07) | (1.14) | (0.52) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.43 | 0.39 | 0.14 | (1.01) | (0.48) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.24) | (0.24) | (0.23) | (0.17) | (0.14) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (0.16) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.24) | (0.24) | (0.23) | (0.17) | (0.30) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $8.16 | $7.97 | $7.82 | $7.91 | $9.09 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(</sup><sup>b)</sup>:** | 5.56% | 5.08% | 1.80% | (11.12)% | (5.01)% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $5111 | $5128 | $6504 | $6586 | $8465 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $5024 | $5675 | $6416 | $7218 | $10282 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup> : |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.23% | 1.23% | 1.25% | 1.35% | 1.28% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.57% | 1.56% | 1.55% | 1.65% | 1.57% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.87% | 2.86% | 2.68% | 1.56% | 0.44% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)(e)</sup> | 139% | 91% | 111% | 197% | 143% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests.

(d) The Fund accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM Government Income Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class Z Shares** |  |  |  |  |  |
|  | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $7.94 | $7.79 | $7.89 | $9.06 | $9.84 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.29 | 0.28 | 0.27 | 0.21 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.20 | 0.17 | (0.08) | (1.14) | (0.53) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.49 | 0.45 | 0.19 | (0.93) | (0.41) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.30) | (0.30) | (0.29) | (0.24) | (0.21) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (0.16) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.30) | (0.30) | (0.29) | (0.24) | (0.37) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $8.13 | $7.94 | $7.79 | $7.89 | $9.06 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 6.36% | 5.89% | 2.45% | (10.27)% | (4.26)% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $43098 | $54292 | $112247 | $250587 | $128655 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $47584 | $77088 | $199984 | $179454 | $163472 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.70% | 0.69% | 0.66% | 0.64% | 0.61% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.62% | 3.62% | 3.42% | 2.53% | 1.23% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)(e)</sup> | 139% | 91% | 111% | 197% | 143% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests.

(d) The Fund accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Government Income Fund 55

------

PGIM Government Income Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |
|  | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $7.93 | $7.78 | $7.88 | $9.05 | $9.83 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.29 | 0.28 | 0.27 | 0.20 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.21 | 0.17 | (0.08) | (1.13) | (0.53) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.50 | 0.45 | 0.19 | (0.93) | (0.41) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.30) | (0.30) | (0.29) | (0.24) | (0.21) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (0.16) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.30) | (0.30) | (0.29) | (0.24) | (0.37) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $8.13 | $7.93 | $7.78 | $7.88 | $9.05 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 6.37% | 5.90% | 2.46% | (10.28)% | (4.26)% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $48638 | $52633 | $65360 | $83613 | $94271 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $48606 | $58797 | $77396 | $82904 | $106410 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.60% | 0.58% | 0.55% | 0.56% | 0.54% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.63% | 3.62% | 3.45% | 2.45% | 1.25% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)(e)</sup> | 139% | 91% | 111% | 197% | 143% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests.

(d) The Fund accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

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Notes to Financial Statements

**1.** **Organization** 

Prudential Investment Portfolios, Inc. 14 (the "Registered Investment Company" or "RIC") is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The RIC is organized as a Maryland Corporation. These financial statements relate to the following series of the RIC: PGIM Floating Rate Income Fund and Government Income Fund (each, a "Fund" and collectively, the "Funds"). The Funds are classified as diversified funds for the purposes of the 1940 Act.

The Funds have the following investment objectives:

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| | |
|:---|:---|
| **Fund** | **Investment Objective** |
| PGIM Floating Rate Income Fund<br> ("Floating Rate Income") | The primary objective is to maximize current income. The secondary objective is to seek capital appreciation when consistent with the Fund's primary objective. |
| PGIM Government Income Fund<br> ("Government Income") | High current return. |

---

**2.** **Accounting Policies** 

The Funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification ("ASC") Topic 946 Financial Services — *Investment Companies*. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies conform to U.S. generally accepted accounting principles ("GAAP"). The Funds consistently follow such policies in the preparation of their financial statements.

The Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 exclusively impacted financial statement disclosures only and did not affect the Funds' financial position or performance. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance. The officers of the Fund, as listed in the Fund's Statement of Additional Information, act as each Fund's chief operating decision maker ("CODM"). The CODM has determined that each Fund has a single operating segment as the CODM monitors the operating results of each Fund as a whole and the Funds' long-term strategic asset allocation is pre-determined in accordance with the terms of their respective prospectus, based on a defined investment strategy which is executed by the Funds' subadviser.

The CODM allocates resources and assesses performance based on the operating results of each Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statement of Changes in Net Assets and Financial Highlights.

*Securities Valuation:* The Funds hold securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange ("NYSE") is open for trading. As described in further detail below, the Funds' investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC's Board of Directors (the "Board") has approved the Funds' valuation policies and procedures for security valuation and designated PGIM Investments LLC ("PGIM Investments", the "Investment Manager" or the "Manager") as the "Valuation Designee," as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Funds investments. Pursuant to the Board's oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities of the Valuation Designee under Rule 2a-5. The valuation procedures permit the Funds to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

For the fiscal reporting year-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Funds' foreign investments may change on days when investors cannot purchase or redeem Fund shares.

------

Notes to Financial Statements (continued)

Various inputs determine how the Funds' investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the "fair value hierarchy" in accordance with FASB ASC Topic 820 Fair Value Measurement.

Common or preferred stocks, exchange-traded funds ("ETFs") and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via Nasdaq are valued at the Nasdaq official closing price. To the extent these securities are valued at the last sale price or Nasdaq official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on a valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Investments in open-end funds (other than ETFs) are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

Fixed income securities traded in the over-the-counter ("OTC") market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Funds utilize the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors' valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Floating rate and other loans are generally valued at prices provided by approved independent pricing vendors. The pricing vendors utilize broker/dealer quotations and provide prices based on the average of such quotations. Floating rate and other loans valued using such vendor prices are generally classified as Level 2 in the fair value hierarchy. Floating rate and other loans valued based on a single broker quote or at the original transaction price in excess of five business days are classified as Level 3 in the fair value hierarchy.

Private debt/loans are generally valued at prices obtained by independent valuation providers. Such valuation providers typically utilize the income approach as the primary methodology, but may use other fair value approaches based on facts and circumstances. Valuations received from the independent valuation providers are reviewed by the Valuation Designee to ensure the valuations are in accordance with the Funds' valuation policies and procedures as well as all relevant valuation and accounting standards. Private debt/loans are generally classified as Level 3 in the fair value hierarchy.

OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Funds utilize the market approach when quoted prices in broker-dealer markets are available but also include consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors' valuation techniques used to derive the evaluated derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Securities and other assets that cannot be priced according to the methods described above are valued based on policies and procedures approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security's fair value measurement.

------

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer's financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; and any available analyst media or other reports or information deemed reliable by the Valuation Designee regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security's most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

*Foreign Currency Translation:* The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:

(i) market value of investment securities, other assets and liabilities — at the exchange rate as of the valuation date;

(ii) purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets of the Funds are presented at the foreign exchange rates and market values at the close of the period, the Funds do not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Funds do not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period unrealized and realized foreign currency gains (losses) are included in the reported net change in unrealized appreciation (depreciation) on investments and net realized gains (losses) on investment transactions on the Statements of Operations. Notwithstanding the above, the Fund does isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations; such amounts are included in net realized gains (losses) on foreign currency transactions.

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on investment transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

*Forward and Cross Currency Contracts:* A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Certain Funds enter into forward currency contracts, as defined in the prospectus, in order to hedge their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency and to gain exposure to certain currencies. The contracts are valued daily at current forward exchange rates and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on forward and cross currency contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on forward and cross currency contract transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Funds' maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract's life. A cross currency contract is a forward contract where a specified amount of one foreign currency will be exchanged for a specified amount of another foreign currency.

*Financial Futures Contracts:* A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Funds are required to deposit collateral with a futures commission merchant an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the "initial margin." Subsequent payments, known as "variation margin," are made or received by the Funds each day, equal to the change in the mark-to-market value of the futures contract. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions. The cash amounts pledged for futures contracts are considered restricted cash and are included in "Due to broker-variation margin futures" in the Statement of Assets and Liabilities.

Certain Funds invested in financial futures contracts in order to hedge their existing portfolio securities, or securities the Funds intend to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Funds may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions

------

Notes to Financial Statements (continued)

involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Since futures contracts are exchange-traded, there is minimal counterparty credit risk to the Funds since the exchanges' clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

*Swap Agreements:* Certain Funds entered into certain types of swap agreements detailed in the disclosures below. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty ("OTC-traded") or through a central clearing facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on swap agreements. Centrally cleared swaps pay or receive an amount known as "variation margin", based on daily changes in the valuation of the swap contract. For OTC-traded, upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments. The cash amounts pledged for swaps contracts are considered restricted cash and are included in "Deposit with broker for centrally cleared/exchange-traded derivatives" in the Statement of Assets and Liabilities.

*Interest Rate Swaps:* Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. Certain Funds are subject to interest rate risk exposure in the normal course of pursuing their investment objective. Certain Funds used interest rate swaps to maintain their ability to generate steady cash flow by receiving a stream of fixed rate payments or to increase exposure to prevailing market rates by receiving floating rate payments. The Funds' maximum risk of loss from counterparty credit risk is the discounted net present value of the cash flows to be received from the counterparty over the contract's remaining life.

*Credit Default Swaps ("CDS"):* CDS involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified payment in the event of a default or as a result of a default (collectively, a "credit event") for the referenced entity (typically corporate issues or sovereign issues of an emerging country) on its obligation; or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index.

Certain Funds are subject to credit risk in the normal course of pursuing their investment objectives, and as such, has entered into CDS contracts to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be "short the credit" because the higher the contract value rises, the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases. The Funds' maximum risk of loss from counterparty credit risk for purchased CDS is the inability of the counterparty to honor the contract up to the notional value due to a credit event.

As a seller of protection on credit default swap agreements, the Fund generally receives an agreed upon payment from the buyer of protection throughout the term of the swap, provided no credit event occurs. As the seller, the Fund effectively increases its investment risk because, in addition to its total net assets, the Fund may be subject to investment exposure on the notional amount of the swap.

The maximum amount of the payment that the Fund, as a seller of protection, could be required to make under a credit default swap agreement would be equal to the notional amount of the underlying security or index contract as a result of a credit event. This potential amount will be partially offset by any recovery values of the respective referenced obligations or net amounts received from the settlement of buy protection credit default swap agreements which the Fund entered into for the same referenced entity or index. As a buyer of protection, the Fund generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where the Fund is the seller of protection as of period end are disclosed in the footnotes to the Schedule of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

*Total Return Swaps:* In a total return swap, one party receives payments based on the market value of the security or the commodity involved, or total return of a specific referenced asset, such as an equity, index or bond, and in return pays a defined amount. Certain

------

Funds are subject to risk exposures associated with the referenced asset in the normal course of pursuing their investment objectives. Certain Funds entered into total return swaps to manage their exposure to a security or an index. The Funds' maximum risk of loss from counterparty credit risk is the change in the value of the security, in the Funds' favor, from the point of entering into the contract.

*Floating Rate and Other Loans:* The Floating Rate Income Fund invested at least 80% of its investable assets in floating rate and other loans. Floating rate and other loans include loans that are privately negotiated between a corporate borrower and one or more financial institutions, including, but not limited to, term loans, revolvers, and other instruments issued in the floating rate and other loans market. Most bank loans are senior in rank ("senior loans") in the event of bankruptcy to most other securities of the issuer, such as common stock or publicly-issued bonds. Bank loans are often secured by specific collateral of the issuer so that holders of the loans will have a priority claim on those assets in the event of default or bankruptcy of the issuer. The Fund acquires interests in loans directly (by way of assignment from the selling institution) and/or indirectly (by way of the purchase of a participation interest from the selling institution). Under a floating rate and other loans assignment, the Fund generally will succeed to all the rights and obligations of an assigning lending institution and become a lender under the loan agreement with the relevant borrower in connection with that loan. Under a floating rate and other loans participation, the Fund generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the Fund generally will have the right to receive payments of principal, interest, and any fees to which they are entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Fund may not directly benefit from the collateral supporting the debt obligation in which they have purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the institution selling the participation to the Funds. In addition, loans trade in an over-the counter market, and confirmation and settlement, which are effected through standardized procedures and documentation, may take significantly longer than seven days to complete. Extended trade settlement periods may, in unusual market conditions with a high volume of shareholder redemptions, present a risk to shareholders regarding the Fund's ability to pay redemption proceeds within the allowable time periods.

*Reverse Repurchase Agreements:* The Floating Rate Income Fund enters reverse repurchase agreements with qualified third-party broker-dealers in which the Fund sells securities to a bank or broker-dealer and agrees to repurchase the same securities at a mutually agreed upon date and price. The Fund receives securities and/or cash as collateral with a market value in-excess of the repurchase price to be paid by the Fund upon the maturity of the transaction. During the term of the agreement, the Fund continues to receive the principal and interest payments on the securities sold. Certain agreements have no stated maturity and can be terminated by either party at any time. Due to the short-term nature of reverse repurchase agreements, face value approximates fair value. Cash received in exchange for securities delivered plus accrued interest due to the counterparty is recorded as a liability in the Statement of Assets and Liabilities. Interest payments made by the Fund to the counterparties are recorded as a component of interest expense in the Statement of Operations.

*Mortgage-Backed and Asset-Backed Securities:* Mortgage-backed securities are pass-through securities, meaning that principal and interest payments made by the borrower on the underlying mortgages are passed through to the Fund. Asset-backed securities directly or indirectly represent a participation interest in, or are secured by and payable from, a stream of payments generated by particular assets such as motor vehicle or credit card receivables. Asset-backed securities may be classified as pass-through certificates or collateralized obligations, such as collateralized bond obligations, collateralized loan obligations and other similarly structured securities. The value of mortgage-backed and asset-backed securities varies with changes in interest rates and may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities.

Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest ("IO") and principal ("PO") distributions on a pool of mortgage assets. Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

*Master Netting Arrangements:* The RIC, on behalf of each Fund, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of each Fund. A master netting arrangement between each Fund and the counterparty permits each Fund to offset amounts payable by each Fund to the same counterparty against amounts to be received and by the receipt of collateral from the counterparty by each Fund to cover each Fund's exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

The RIC, on behalf of each Fund, is a party to International Swaps and Derivatives Association, Inc. ("ISDA") Master Agreements with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master

------

Notes to Financial Statements (continued)

Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to each Fund is held in a segregated account by each Fund's custodian and with respect to those amounts which can be sold or re-pledged, is presented in the Schedule of Investments. Collateral pledged by each Fund is segregated by each Fund's custodian and identified in the Schedule of Investments. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by each Fund and the applicable counterparty. Collateral requirements are determined based on each Fund's net position with each counterparty. Termination events applicable to each Fund may occur upon a decline in each Fund's net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty's long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of each Fund's counterparties to elect early termination could impact each Fund's future derivative activity.

In addition to each instrument's primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in the portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/insolvency of either party. Such OTC derivative agreements include conditions which, when materialized, give the counterparty the right to cause an early termination of the transactions under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.

Short sales and OTC contracts, including forward foreign currency exchange contracts, swaps, forward rate agreements and written options involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities, if applicable. Such risks may be mitigated by engaging in master netting arrangements.

*Warrants:* Certain Funds held warrants acquired either through a direct purchase or pursuant to corporate actions. Warrants entitle the holder to buy a proportionate amount of common stock, or such other security that the issuer may specify, at a specific price and time through the expiration dates. Such warrants are held as long positions by the Funds until exercised, sold or expired. Warrants are valued at fair value in accordance with the Board approved fair valuation procedures.

*Payment-In-Kind:*Certain Funds invested in the open market or received pursuant to debt restructuring securities that pay-in-kind ("PIK") the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have the same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income.

*Delayed-Delivery Transactions:* Certain Funds purchased or sold securities on a when-issued or delayed-delivery and forward commitment basis, including TBA securities. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Fund will set aside and maintain an amount of liquid assets sufficient to meet the purchase price in a segregated account until the settlement date. When purchasing a security on a delayed-delivery basis, the Fund assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value ("NAV"). The Fund may dispose of or renegotiate a delayed-delivery transaction subsequent to establishment, and may sell when-issued securities before they are delivered, which may result in a realized gain (loss). When selling a security on a delayed-delivery basis, the Fund forfeit their eligibility to realize future gains (losses) with respect to the security.

*Securities Lending:* Certain Funds lend their portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day's market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of the securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Funds securities identical to the loaned securities. The remaining open loans of the securities lending

------

transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Funds have the right to repurchase the securities in the open market using the collateral.

The Funds recognize income, net of any rebate and securities lending agent fees, for lending their securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto, which are reflected in interest income or unaffiliated dividend income based on the nature of the payment on the Statement of Operations. The Funds also continue to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed in the Statement of Operations.

*Mortgage Dollar Rolls:* Certain Funds entered into mortgage dollar rolls in which the Funds sell mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously enter into contracts to repurchase somewhat similar (same type, coupon and maturity) securities on a specified future date. During the roll period, the Funds forgoes principal and interest paid on the securities. The Funds are compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The difference between the sale proceeds and the lower repurchase price is recorded as a realized gain on investment transactions. The Funds maintains a segregated account, the dollar value of which is at least equal to its obligations, with respect to dollar rolls. The Funds are subject to the risk that the market value of the securities the Funds are obligated to repurchase under the agreement may decline below the repurchase price.

*Securities Transactions and Net Investment Income:* Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Funds become aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual expense amounts. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Such class specific expenses and waivers include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent's fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

*Taxes:* It is each Fund's policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.

*Dividends and Distributions:* Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate. The chart below sets forth the expected frequency of dividend and capital gains distributions to shareholders. Various factors may impact the frequency of dividend distributions to shareholders, including but not limited to adverse market conditions or portfolio holding-specific events.

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| | | |
|:---|:---|:---|
| **Expected Distribution Schedule to Shareholders\*** | **Frequency** | **Frequency** |
|  Net Investment Income |  | Monthly |
|  Short-Term Capital Gains |  | Annually |
|  Long-Term Capital Gains |  | Annually |

---

\* Under certain circumstances, each Fund may make more than one distribution of short-term and/or long-term capital gains during a fiscal year.

*Estimates:* The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**3.** **Agreements** 

The RIC, on behalf of each Fund has entered into management agreements with the Manager pursuant to which it has responsibility for all investment advisory services, including supervision of each subadviser's performance of such services, and for rendering administrative services with respect to each Fund.

------

Notes to Financial Statements (continued)

The Manager has entered into subadvisory agreements with PGIM, Inc., which provides subadvisory services to each Fund through its investment group PGIM Fixed Income and PGIM Limited (collectively the "subadviser"). Effective April 8, 2026, PGIM Fixed Income was renamed PGIM Credit. PGIM Credit continues to be an investment group of PGIM, Inc. The Manager pays for the services of the subadviser.

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended February 28, 2026, the contractual and effective management fee rates were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Contractual Management Fee** | **Effective<br>Management Fee,<br>before any waiver<br>and/or expense<br>reimbursements** |
| &nbsp;&nbsp; Floating Rate Income | 0.65% on average daily net assets up to and including<br>$5 billion;<br> 0.625% on average daily net assets exceeding $5 billion. | 0.65% |
| Government Income | 0.470% on average daily net assets up to $1 billion;<br> 0.420% on average daily net assets from $1 billion to $2 billion;<br> 0.320% on average daily net assets from $2 billion to<br>$3 billion;<br> 0.270% on average daily net assets over $3 billion. | 0.47 |

---

The Manager has contractually agreed, through June 30, 2027, to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

Where applicable, the Manager agrees, to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class and, in addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Expenses waived or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the expense limitation in effect at the time of recoupment. The expense limitations attributable to each class are as follows:

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| | |
|:---|:---|
| **Fund** | **Class Expense** <br> **Limitation** |
|  Floating Rate Income - Class A | 0.95% |
|  Floating Rate Income - Class C | 1.70 |
|  Floating Rate Income - Class Z | 0.70 |
|  Floating Rate Income - Class R6 | 0.65 |
|  Government Income - Class A |  |
|  Government Income - Class C |  |
|  Government Income - Class R |  |
|  Government Income - Class Z | 0.48 |
|  Government Income - Class R6 | 0.47 |

---

Separately, the Manager has contractually agreed that to the extent the Fund invests in an ETF advised by PGIM Investments ("PGIM ETF"), the Manager will waive any management fees it receives from the Fund in an amount equal to the unitary management fee received by PGIM Investments from the PGIM ETF attributable to the Fund's investment in such PGIM ETF. This waiver will be effective at any time the Fund is invested in the PGIM ETF and will remain in effect for so long as the Fund is invested in the PGIM ETF, unless earlier terminated by agreement of the Board of the Fund.

The RIC, on behalf of each Fund, has a distribution agreement with Prudential Investment Management Services LLC ("PIMS"), which acts as the distributor of the Class A, Class C, Class R, Class Z and Class R6 shares of each Fund. Each Fund compensates PIMS for distributing and servicing each Fund's Class A, Class C and Class R shares, pursuant to the plans of distribution (the "Distribution Plans"), regardless of expenses actually incurred by PIMS.

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Pursuant to the Distribution Plans, each Fund compensates PIMS for distribution related activities at an annual rate based on average daily net assets per class. PIMS has contractually agreed through June 30, 2027 to limit such fees on certain classes of the Government Income Fund based on the average daily net assets. The distribution fees are accrued daily and payable monthly.

Each Fund's annual gross and net distribution rates, where applicable, are as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Gross Distribution Fee** | **Net Distribution Fee** |
|  Floating Rate Income - Class A | 0.25% | 0.25% |
|  Floating Rate Income - Class C | 1.00 | 1.00 |
|  Floating Rate Income - Class Z | N/A | N/A |
|  Floating Rate Income - Class R6 | N/A | N/A |
|  Government Income - Class A | 0.25 | 0.25 |
|  Government Income - Class C | 1.00 | 1.00 |
|  Government Income - Class R | 0.75 | 0.50 |
|  Government Income - Class Z | N/A | N/A |
|  Government Income - Class R6 | N/A | N/A |

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For the year ended February 28, 2026, PIMS received front-end sales charges ("FESL") resulting from sales of certain class shares and contingent deferred sales charges ("CDSC") imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:

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| | | |
|:---|:---|:---|
| **Fund** | **FESL** | **CDSC** |
|  Floating Rate Income - Class A | $134926 | $32328 |
|  Floating Rate Income - Class C |  | 7555 |
|  Government Income - Class A | 7196 | 542 |
|  Government Income - Class C |  | 9 |

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PGIM Investments, PGIM, Inc., PGIM Limited and PIMS are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. ("Prudential").

**4.** **Other Transactions with Affiliates** 

Prudential Mutual Fund Services LLC ("PMFS"), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as each Fund's transfer agent and shareholder servicing agent. Transfer agent's fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

The Funds may invest their overnight sweep cash in the PGIM Core Government Money Market Fund (the "Core Government Fund"), a series of the Prudential Government Money Market Fund, Inc., and their securities lending cash collateral in the PGIM Institutional Money Market Fund (the "Money Market Fund"), a series of Prudential Investment Portfolios 2, each registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Government Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Government Fund and the Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as "Affiliated dividend income" and "Income from securities lending, net", respectively.

The Funds may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the year ended February 28, 2026, no Rule 17a-7 transactions were entered into by the Funds.

**5.** **Portfolio Securities** 

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the year ended February 28, 2026, were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Cost of<br>Purchases** | **Proceeds <br>from Sales** |
|  Floating Rate Income | $1258447517 | $1688576013 |
|  Government Income | 257273335 | 289198479 |

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A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the year ended February 28, 2026, is presented as follows:

------

Notes to Financial Statements (continued)

#### Floating Rate Income:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Year** | **Cost of <br>Purchases** | **Proceeds <br>from Sales** | **Change in <br>Unrealized <br>Gain <br>(Loss)** | **Realized <br>Gain <br>(Loss)** | **Value,** <br> **End** <br> **of** <br> **Year**  | **Shares, <br>End** <br> **of** <br> **Year**  | **Shares, <br>End** <br> **of** <br> **Year**  | **Income** | **Capital**<br> **Gain<br>Distributions** |
| **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup> :** |  |  |
| PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF |  |  |
| <br> $7088000 | $874094 | $4437054 | $(20810) | $55770 | $3560000 |  | <br> 100000 | $549297 | $ — |
| PGIM Floating Rate Income ETF | PGIM Floating Rate Income ETF | PGIM Floating Rate Income ETF | PGIM Floating Rate Income ETF | PGIM Floating Rate Income ETF | PGIM Floating Rate Income ETF | PGIM Floating Rate Income ETF | PGIM Floating Rate Income ETF |  |  |
| <br> — | <br> 79725 | <br> — | <br> (1549) | <br> — | <br> 78176 |  | <br> 1597 | <br> 2339 | <br> — |
| $7088000 | $953819 | $4437054 | $(22359) | $55770 | $3638176 |  |  | $551636 | $— |
| **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |  |
| PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> |  |  |
| <br> 243594493 | <br> 695107734 | <br> 914687638 | <br> — | <br> — | <br> 24014589 |  | <br> 24014589 | <br> 2056465 | <br> — |
| PGIM Institutional Money Market Fund (7-day effective yield 3.836%)(b)<sup>(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.836%)(b)<sup>(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.836%)(b)<sup>(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.836%)(b)<sup>(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.836%)(b)<sup>(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.836%)(b)<sup>(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.836%)(b)<sup>(wa)</sup> |  |  |  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3262859 | <br> 162018025 | <br> 151237615 | <br> 1140 | <br> (278) | <br> 14044131 |  | <br> 14053969 | <br> 72349<br><sup>(1)</sup>  | <br> — |
| $246857352 | $857125759 | $1065925253 | $1140 | $(278) | $38058720 |  |  | $2128814 | $— |
| $253945352 | $858079578 | $1070362307 | $(21219) | $55492 | $41696896 |  |  | $2680450 | $— |

---

#### Government Income:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Year** | **Cost of <br>Purchases** | **Proceeds <br>from Sales** | **Change in <br>Unrealized <br>Gain <br>(Loss)** | **Realized <br>Gain <br>(Loss)** | **Value,** <br> **End** <br> **of** <br> **Year**  | **Shares, <br>End** <br> **of** <br> **Year**  | **Shares, <br>End** <br> **of** <br> **Year**  | **Income** | **Capital**<br> **Gain<br>Distributions** |
| &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** |  |  |
| &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF |  |  |
| &nbsp;&nbsp; <br> $— | $3103382 | $1566913 | $6622 | $1009 | $1544100 |  | <br> 30000 | $89822 | <br> $— |
| &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> |  |  |
| &nbsp;&nbsp; <br> 5694269 | <br> 90931051 | <br> 86529407 | <br> — | <br> — | <br> 10095913 |  | <br> 10095913 | <br> 84367 | <br> — |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.836%)(b)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.836%)(b)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.836%)(b)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.836%)(b)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.836%)(b)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.836%)(b)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.836%)(b)<sup>(wa)</sup> |  |  |  |
| &nbsp;&nbsp; <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | <br> 1930158 | <br> 1930158 | <br> — | <br> — | <br> — |  | <br> — | <br> 46<br><sup>(1)</sup>  | <br> — |
| &nbsp;&nbsp; $5694269 | $92861209 | $88459565 | $— | $— | $10095913 |  |  | $84413 | $— |
| &nbsp;&nbsp; $5694269 | $95964591 | $90026478 | $6622 | $1009 | $11640013 |  |  | $174235 | $— |

---

(1) The amount, or a portion thereof, represents the affiliated securities lending income shown on the Statement of Operations.

(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

(wa) Represents investments in Funds affiliated with the Manager.

**6.** **Distributions and Tax Information** 

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date.

For the year ended February 28, 2026, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary<br>Income** | **Long-Term<br>Capital Gains** | **Tax Return<br>of Capital** | **Total Dividends** <br> **and Distributions**  |
| &nbsp;&nbsp; Floating Rate Income | $173076612 | $— | $— | $173076612 |
| &nbsp;&nbsp; Government Income | 8136737 |  |  | 8136737 |

---

------

For the year ended February 28, 2025, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary<br>Income** | **Long-Term<br>Capital Gains** | **Tax Return<br>of Capital** | **Total Dividends<br>and Distributions** |
| &nbsp;&nbsp; Floating Rate Income | $177385003 | $— | $— | $177385003 |
| &nbsp;&nbsp; Government Income | 10291249 | &nbsp;&nbsp;&nbsp;&nbsp;— |  | 10291249 |

---

For the year ended February 28, 2026, the Funds indicated below had the following amounts of accumulated undistributed earnings on a tax basis:

---

| | | |
|:---|:---|:---|
| **Fund** | **Undistributed<br>Ordinary<br>Income** | **Undistributed <br>Long-Term<br>Capital Gains** |
| &nbsp;&nbsp; Floating Rate Income | $7574397 | $— |
| &nbsp;&nbsp; Government Income | 215605 | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

The United States federal income tax basis of the Funds' investments and the net unrealized appreciation (depreciation) as of February 28, 2026 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Basis** | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>Depreciation** | **Net<br>Unrealized<br>Depreciation** |
| &nbsp;&nbsp; Floating Rate Income | $2183552485 | $41287540 | $(107956067) | $(66668527) |
| &nbsp;&nbsp; Government Income | 237206947 | 2774349 | (14092394) | (11318045) |

---

The difference between GAAP and tax basis was primarily attributable to deferred losses on wash sales, mark-to-market of futures and forwards contracts, swap, interest accrual on defaulted securities, and bond amortization adjustment and the difference in the treatment of premium amortization for GAAP and tax purposes, straddle loss deferrals, and futures.

For federal income tax purposes, the following Funds had an approximated capital loss carryforward as of February 28, 2026 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

---

| | | |
|:---|:---|:---|
| **Fund** | **Capital Loss<br>Carryforward** | **Capital Loss <br>Carryforward Utilized** |
| &nbsp;&nbsp; Floating Rate Income | $417137000 | $— |
| &nbsp;&nbsp; Government Income | 88241000 | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

The Manager has analyzed the Funds' tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds' financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Funds' U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended February 28, 2026 are subject to such review.

**7.** **Capital and Ownership** 

The Floating Rate Income Fund offers Class A, Class C, Class Z and Class R6 shares. The Government Income Fund offers Class A, Class C, Class R, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 2.25% for the Floating Rate Income Fund and 3.25% for the Government Income Fund. Investors who purchase $500,000 or more of Class A shares and sell those shares within 12 months of purchase are subject to a CDSC of 1% on sales although these purchases are not subject to a front-end sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately eight years after purchase. Class R shares are available to certain retirement plans, clearing and settlement firms. Class R, Class Z and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

Under certain circumstances, an exchange may be made from specified share classes of each Fund to one or more other share classes of each Fund as presented in the table of transactions in shares of beneficial interest, below.

The RIC is authorized to issue 5,750,000,000 shares of common stock, $0.00001 par value per share. The authorized shares of the Funds are currently classified and designated as follows:

---

| | | |
|:---|:---|:---|
| **Fund**<br>| <br> **Number of Shares** | <br> **Number of Shares** |
| &nbsp;&nbsp; Floating Rate Income - Class A |  | 150000000 |
| &nbsp;&nbsp; Floating Rate Income - Class C |  | 100000000 |

---

------

Notes to Financial Statements (continued)

---

| | |
|:---|:---|
| **Fund**<br>| <br> **Number of Shares** |
| &nbsp;&nbsp; Floating Rate Income - Class Z | 2000000000 |
| &nbsp;&nbsp; Floating Rate Income - Class R6 | 1000000000 |
| &nbsp;&nbsp; Government Income - Class A | 230000000 |
| &nbsp;&nbsp; Government Income - Class B | 5000000 |
| &nbsp;&nbsp; Government Income - Class C | 495000000 |
| &nbsp;&nbsp; Government Income - Class R | 500000000 |
| &nbsp;&nbsp; Government Income - Class Z | 500000000 |
| &nbsp;&nbsp; Government Income - Class T | 270000000 |
| &nbsp;&nbsp; Government Income - Class R6 | 500000000 |

---

The Funds currently do not have any Class B or Class T shares outstanding.

As of February 28, 2026, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of each Fund as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of Shares** | **Percentage of <br>Outstanding Shares** |
| &nbsp;&nbsp; Floating Rate Income–Class Z | 38213 | 0.1% |
| &nbsp;&nbsp; Government Income–Class Z | 3162 | 0.1 |

---

At the reporting period end, the number of shareholders holding greater than 5% of the Funds are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of<br>Shareholders** | **Percentage of <br>Outstanding Shares** |
| &nbsp;&nbsp; **Affiliated:** |  |  |
| &nbsp;&nbsp; Floating Rate Income |  | —% |
| &nbsp;&nbsp; Government Income |  |  |
| &nbsp;&nbsp; **Unaffiliated:** |  |  |
| &nbsp;&nbsp; Floating Rate Income | 7 | 76.1 |
| &nbsp;&nbsp; Government Income | 5 | 58.5 |

---

------

Transactions in shares of common stock were as follows:

#### Floating Rate Income:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
|  **Class A** |  |  |
| &nbsp;&nbsp; **Year ended February 28, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 7050713 | $63415300 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1695622 | 15222261 |
| &nbsp;&nbsp; Shares purchased | (10040711) | (90110422) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (1294376) | (11472861) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 720680 | 6469325 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (492541) | (4415073) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (1066237) | $(9418609) |
| &nbsp;&nbsp; **Year ended February 28, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 9156886 | $83508763 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1740615 | 15862065 |
| &nbsp;&nbsp; Shares purchased | (7579805) | (69082702) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 3317696 | 30288126 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 793533 | 7234771 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (477017) | (4344610) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 3634212 | $33178287 |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Year ended February 28, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 860362 | $7750059 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 311659 | 2799649 |
| &nbsp;&nbsp; Shares purchased | (1498664) | (13457178) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (326643) | (2907470) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (331860) | (2980828) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (658503) | $(5888298) |
| &nbsp;&nbsp; **Year ended February 28, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1391778 | $12705433 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 396281 | 3613240 |
| &nbsp;&nbsp; Shares purchased | (1682725) | (15338454) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 105334 | 980219 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (537919) | (4906452) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (432585) | $(3926233) |
| &nbsp;&nbsp; **Class Z** |  |  |
| &nbsp;&nbsp; **Year ended February 28, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 86162042 | $775446473 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 14874053 | 133664487 |
| &nbsp;&nbsp; Shares purchased | (130474370) | (1168696351) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (29438275) | (259585391) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 575459 | 5168793 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (766232) | (6901275) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (29629048) | $(261317873) |
| &nbsp;&nbsp; **Year ended February 28, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 107929503 | $985988899 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 14631164 | 133480452 |
| &nbsp;&nbsp; Shares purchased | (76520816) | (697849223) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 46039851 | 421620128 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 1150744 | 10512944 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (1110098) | (10123737) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 46080497 | $422009335 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Year ended February 28, 2026:** |  |  |

---

------

**Notes to Financial Statements** (continued)

#### Floating Rate Income (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; Shares sold | 3649654 | $32850996 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1010781 | 9085329 |
| &nbsp;&nbsp; Shares purchased | (7951838) | (71683863) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (3291403) | (29747538) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 321897 | 2908076 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (27455) | (249018) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (2996961) | $(27088480) |
| &nbsp;&nbsp; **Year ended February 28, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 5998162 | $54787445 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1330705 | 12142187 |
| &nbsp;&nbsp; Shares purchased | (10969424) | (100211060) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (3640557) | (33281428) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 755617 | 6886689 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (574821) | (5259605) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (3459761) | $(31654344) |

---

------

#### Government Income:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp; **Year ended February 28, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 668616 | $5334399 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 506187 | 4041947 |
| &nbsp;&nbsp; Shares purchased | (2914637) | (23182502) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (1739834) | (13806156) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 71052 | 566266 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (130128) | (1036881) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (1798910) | $(14276771) |
| &nbsp;&nbsp; **Year ended February 28, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1148705 | $9043598 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 583346 | 4583353 |
| &nbsp;&nbsp; Shares purchased | (3729432) | (29230795) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (1997381) | (15603844) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 68720 | 536595 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (74337) | (582058) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (2002998) | $(15649307) |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Year ended February 28, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 30770 | $247104 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 7031 | 56250 |
| &nbsp;&nbsp; Shares purchased | (113506) | (909784) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (75705) | (606430) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (45876) | (366880) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (121581) | $(973310) |
| &nbsp;&nbsp; **Year ended February 28, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 44913 | $356348 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 9401 | 74053 |
| &nbsp;&nbsp; Shares purchased | (102139) | (801680) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (47825) | (371279) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (49862) | (392817) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (97687) | $(764096) |
| &nbsp;&nbsp; **Class R** |  |  |
| &nbsp;&nbsp; **Year ended February 28, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 67297 | $535783 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 19240 | 153902 |
| &nbsp;&nbsp; Shares purchased | (103910) | (826122) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (17373) | $(136437) |
| &nbsp;&nbsp; **Year ended February 28, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 67029 | $521798 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 20078 | 157961 |
| &nbsp;&nbsp; Shares purchased | (275401) | (2197142) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (188294) | $(1517383) |
| &nbsp;&nbsp; **Class Z** |  |  |
| &nbsp;&nbsp; **Year ended February 28, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 2609870 | $20707552 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 170403 | 1356686 |
| &nbsp;&nbsp; Shares purchased | (4346982) | (34340414) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (1566709) | (12276176) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 66357 | 528798 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (38491) | (304181) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (1538843) | $(12051559) |

---

------

Notes to Financial Statements (continued)

#### Government Income (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Year ended February 28, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1996403 | $15560963 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 317473 | 2485041 |
| &nbsp;&nbsp; Shares purchased | (9911792) | (77995787) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (7597916) | (59949783) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 71837 | 562618 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (45172) | (354864) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (7571251) | $(59742029) |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Year ended February 28, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 873313 | $6962474 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 232521 | 1851631 |
| &nbsp;&nbsp; Shares purchased | (1832749) | (14545510) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (726915) | (5731405) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 87711 | 695120 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (10274) | (82242) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (649478) | $(5118527) |
| &nbsp;&nbsp; **Year ended February 28, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1210351 | $9526843 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 286864 | 2246865 |
| &nbsp;&nbsp; Shares purchased | (3287943) | (25741759) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (1790728) | (13968051) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 42330 | 333505 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (13243) | (102979) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (1761641) | $(13737525) |

---

**8.** **Borrowings** 

The RIC, on behalf of each Fund, along with other affiliated registered investment companies (the "Participating Funds"), is a party to a Syndicated Credit Agreement ("SCA") with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.

---

| | | |
|:---|:---|:---|
|  | **Current SCA** | **Prior SCA** |
| &nbsp;&nbsp; **Term of Commitment** | 9/26/2025 – 9/24/2026 | 9/27/2024 – 9/25/2025 |
| &nbsp;&nbsp; **Total Commitment** | Tranche A: $1,200,000,000 Tranche B: $75,000,000\* | Tranche A: $1,200,000,000 Tranche B: $125,000,000\* |
| &nbsp;&nbsp; **Annualized Commitment Fee on the**<br> **Unused Portion of the SCA** | 0.15% | 0.15% |
| &nbsp;&nbsp; **Annualized Interest Rate on**<br> **Borrowings** | 1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent | 1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent |

---

\* Only Floating Rate Income Fund and one other fund are party to, and are allocated commitment fees related to, Tranche B of the SCA, in addition to Tranche A. The other Participating Funds are only party to Tranche A of the SCA.

Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Manager to allocate available funding per a Board-approved methodology designed to treat the Participating Funds in the SCA equitably.

------

The Fund indicated below utilized the SCA during the year ended February 28, 2026. The average balance outstanding is for the number of days the Fund utilized the SCA.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Average<br>Balance<br>Outstanding** | **Weighted<br>Average<br>Interest Rates** | **Number<br>of Days<br>Outstanding** | **Maximum<br>Balance<br>Outstanding** | **Balance<br>Outstanding at<br>February 28, 2026** |
| &nbsp;&nbsp; Floating Rate Income | $12627394 | 5.02% | 66 | $28687000 | $— |

---

**9.** **Risks of Investing in the Funds** 

Each Fund's principal risks include, but are not limited to, some or all of the risks discussed below. For further information on the Fund's risks applicable to any given Fund, please refer to the Prospectus and Statement of Additional Information of that Fund.

---

| | | |
|:---|:---|:---|
| **Risks** | **Floating Rate<br>Income** | **Government <br>Income** |
| &nbsp;&nbsp; Adjustable and Floating Rate Securities | X |  |
| &nbsp;&nbsp; Covenant-Life | X |  |
| &nbsp;&nbsp; Credit | X | X |
| &nbsp;&nbsp; Debt Obligations | X | X |
| &nbsp;&nbsp; Derivatives | X | X |
| &nbsp;&nbsp; Economic and Market Events | X | X |
| &nbsp;&nbsp; Emerging Markets | X |  |
| &nbsp;&nbsp; Floating Rate and Other Loans | X |  |
| &nbsp;&nbsp; Foreign Securities | X |  |
| &nbsp;&nbsp; Increase in Expenses | X | X |
| &nbsp;&nbsp; Interest Rate | X | X |
| &nbsp;&nbsp; Junk Bonds | X |  |
| &nbsp;&nbsp; Large Shareholder and Large Scale Redemption | X | X |
| &nbsp;&nbsp; Leverage | X |  |
| &nbsp;&nbsp; Liquidity | X |  |
| &nbsp;&nbsp; Loan Liquidity and Settlement | X |  |
| &nbsp;&nbsp; Management | X |  |
| &nbsp;&nbsp; Market Disruption and Geopolitical | X | X |
| &nbsp;&nbsp; Market | X | X |
| &nbsp;&nbsp; Mortgage-Backed and Asset-Backed Securities |  | X |
| &nbsp;&nbsp; Portfolio Turnover | X | X |
| &nbsp;&nbsp; U.S. Government and Agency Securities |  | X |

---

*Adjustable and Floating Rate Securities Risk:* The value of adjustable and floating rate securities may lag behind the value of fixed rate securities when interest rates change. Such securities may be subject to extended settlement periods (longer than seven days) and in unusual market conditions, with a high volume of shareholder redemptions, may present a risk of loss to the Fund or may impair the Fund's ability to satisfy shareholder redemption requests.

*"Covenant-Lite" Risk:* Some of the loans or debt obligations in which the Fund may invest or get exposure to may be "covenant-lite", which means the loans or obligations contain fewer financial maintenance covenants than other loans or obligations (in some cases, none) and do not include terms which allow the lender to monitor the borrower's performance and declare a default if certain criteria are breached. An investment by the Fund in a covenant-lite loan may potentially hinder the ability to reprice credit risk associated with the issuer and reduce the ability to restructure a problematic loan and mitigate potential loss. The Fund may also experience difficulty, expenses or delays in enforcing its rights on its holdings of covenant-lite loans or obligations. As a result of these risks, the Fund's exposure to losses may be increased, which could result in an adverse impact on the Fund's net income and NAV.

*Credit Risk:* This is the risk that the issuer, the guarantor, or the insurer of a fixed income security, or the counterparty to a contract may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Additionally, fixed income securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer, or counterparty to pay back debt. The lower the credit quality of a bond, the more sensitive it is to credit risk.

*Debt Obligations Risk:* Debt obligations are fixed income investments that are subject to credit risk, market risk and interest rate risk. The Fund's holdings, share price, yield and total return may also fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer's goods and services. Certain types of fixed income obligations also may be subject to "call and redemption risk," which is the risk that the issuer may call a bond held by the Fund for redemption before it matures and the Fund may not be able to reinvest at the same rate of interest and therefore would earn less income.

------

**Notes to Financial Statements** (continued)

*Derivatives Risk:* Derivatives involve special risks and costs and may result in losses to the Funds. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, the Funds will depend on its subadviser's ability to analyze and manage derivatives transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are "leveraged" or may create economic leverage for the Funds and therefore may magnify or otherwise increase investment losses to the Funds. The Funds' use of derivatives may also increase the amount of taxes payable by shareholders.

Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the Fund's derivatives positions. In fact, many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Fund. The use of derivatives also exposes the Fund to operational issues, such as documentation and settlement issues, systems failures, inadequate control and human error.

Derivatives may also involve legal risks, such as insufficient documentation, the lack of capacity or authority of a counterparty to execute or settle a transaction, and the legality and enforceability of derivatives contracts. The U.S. Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements and risk exposure limitations. Regulation of derivatives may make derivatives more costly, limit their availability or utility to the Fund, or otherwise adversely affect their performance or disrupt markets.

*Economic and Market Events Risk:* Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.

*Emerging Markets Risk:* The risks of foreign investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic and political systems that are less fully developed, and can be expected to be less stable, than those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Low trading volumes may result in a lack of liquidity and price volatility. Emerging market countries may have policies that restrict investment by non-U.S. investors, or that prevent non-U.S. investors from withdrawing their money at will.

The Fund may invest in some emerging markets that subject it to risks such as those associated with illiquidity, custody of assets, different settlement and clearance procedures and asserting legal title under a developing legal and regulatory regime to a greater degree than in developed markets or even in other emerging markets.

*Floating Rate and Other Loans Risk:* The Fund's ability to receive payments of principal and interest and other amounts in connection with loans (whether through participations, assignments or otherwise) will depend primarily on the financial condition of the borrower. The failure by the Fund to receive scheduled interest or principal payments on a loan because of a default, bankruptcy or any other reason would adversely affect the income of the Fund and would likely reduce the value of its assets. Even with loans secured by collateral, there is the risk that the value of the collateral may decline, may be insufficient to meet the obligations of the borrower, or be difficult to liquidate. In the event of a default, the Fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. Further, the Fund's access to collateral, if any, may be limited by bankruptcy laws. Due to the nature of the private syndication of senior loans, including, for example, lack of publicly-available information, some senior loans are not as easily purchased or sold as publicly-traded securities. In addition, loan participations generally are subject to restrictions on transfer, and only limited opportunities may exist to sell loan participations in secondary markets. As a result, it may be difficult for the Fund to value loans or sell loans at an acceptable price when it wants to sell them. Loans trade in an OTC market, and confirmation and settlement, which are effected through standardized procedures and documentation, may take significantly longer than seven days to complete. Extended trade settlement periods may, in unusual market conditions with a high volume of shareholder redemptions, present a risk to shareholders regarding the Fund's ability to pay redemption proceeds in a timely manner. In some instances, loans and loan participations are not rated by independent credit rating agencies; in such instances, a decision by the Fund to invest in a particular loan or loan participation could depend exclusively on the subadviser's credit analysis of the borrower, or in the case of a loan participation, of the intermediary holding the portion of the loan that the Fund has purchased. To the extent the Fund invests in loans of non-U.S. issuers, the risks of investing in non-U.S. issuers are applicable. Loans may not be considered to be "securities" and as a result may not benefit from the protections of the federal securities laws, including anti-fraud protections and those with respect to the use of material non-public information, so that purchasers, such as the Fund, may not have the benefit of these protections. If the Fund is in possession of material non-public information about a borrower as a result of its investment in such

------

borrower's loan, the Fund may not be able to enter into a transaction with respect to a publicly-traded security of the borrower when it would otherwise be advantageous to do so.

*Foreign Securities Risk:* Investments in securities of non-U.S. issuers (including those denominated in U.S. dollars) may involve more risk than investing in securities of U.S. issuers. Foreign political, economic and legal systems, especially those in developing and emerging market countries, may be less stable and more volatile than in the United States. Foreign legal systems generally have fewer regulatory requirements than the U.S. legal system, particularly those of emerging markets. In general, less information is publicly available with respect to non-U.S. companies than U.S. companies. Non-U.S. companies generally are not subject to the same accounting, auditing, and financial reporting standards as are U.S. companies. Additionally, the changing value of foreign currencies and changes in exchange rates could also affect the value of the assets the Fund holds and the Fund's performance. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. Investments in emerging markets are subject to greater volatility and price declines.

In addition, the Fund's investments in non-U.S. securities may be subject to the risks of nationalization or expropriation of assets, imposition of currency exchange controls or restrictions on the repatriation of non-U.S. currency, confiscatory taxation and adverse diplomatic developments. Special U.S. tax considerations may apply.

*Increase in Expenses Risk:* Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table in the Fund's prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Fund securities can increase expenses.

*Interest Rate Risk:* The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as "duration risk." When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." In addition, if the Fund purchases a fixed income security at a premium (at a price that exceeds its stated par or principal value), the Fund may lose the amount of the premium paid in the event of prepayment. When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund's holdings may fall sharply. This is referred to as "extension risk." The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

*Junk Bonds Risk:* High-yield, high-risk bonds have predominantly speculative characteristics, including particularly high credit risk. Junk bonds tend to have lower market liquidity than higher-rated securities. The liquidity of particular issuers or industries within a particular investment category may shrink or disappear suddenly and without warning. The non-investment grade bond market can experience sudden and sharp price swings and become illiquid due to a variety of factors, including changes in economic forecasts, stock market activity, large sustained sales by major investors, a high profile default or a change in the market's psychology.

*Large Shareholder and Large Scale Redemption Risk:* Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund's shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund's shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund's NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund's ability to implement its investment strategy. The Fund's ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.

*Leverage Risk:* Certain transactions in which the Fund may engage may give rise to leverage. The use of leverage exaggerates the effect of any increase or decrease in the value of the Fund's holdings, and makes any change in the Fund's net asset value ("NAV") greater than it would be without the use of leverage. This could result in increased volatility of investment return.

*Liquidity Risk:* Liquidity risk is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors' interests in the Fund. The Fund may invest in instruments that trade in lower volumes and are more illiquid than other investments. If the Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments cannot be readily sold at the desired time or price, the Fund may have to accept a lower price or may not be able to sell the instrument at all. An inability to sell a portfolio position can adversely affect the Fund's value or prevent the Fund from being able to take advantage of other investment opportunities.

------

Notes to Financial Statements (continued)

*Loan Liquidity and Settlement Risk:* The Fund's investments in loans may subject it to additional illiquidity risks. Loans generally are subject to legal or contractual restrictions on resale. The liquidity of loans, including the volume and frequency of secondary market trading in such loans, varies significantly over time and among individual loans. For example, if the credit quality of a loan unexpectedly declines significantly, secondary market trading in that loan can also decline for a period of time. During periods of infrequent trading, valuing a loan can be more difficult and buying and selling a loan at an acceptable price can be more difficult and delayed. Difficulty in selling a loan can result in a loss. Certain of the Fund's assets may be invested in assets that are considerably less liquid than debt instruments traded on national exchanges. Market quotations for such assets may be volatile and/or subject to large spreads between bid and ask prices. Loans trade in an over-the-counter market, and confirmation and settlement may take significantly longer than seven days to complete. Extended trade settlement periods may, in unusual market conditions with a high volume of shareholder redemptions, present a risk to shareholders regarding the Fund's ability to pay redemption proceeds within the allowable time periods stated in the Fund's prospectus. To the extent the extended loan settlement process gives rise to short-term liquidity needs, such as the need to satisfy redemption requests, the Fund may hold cash, sell investments or borrow from banks.

The Fund may borrow to meet redemptions and may choose to keep such borrowings outstanding until loans or other portfolio transactions settle or for other extended periods. During the period when borrowings are outstanding, the Fund will incur interest expense. The Fund's portfolio may also be subject to greater volatility during periods of borrowing, which can have an adverse impact on the Fund's net asset value. The Fund will be required to maintain specified asset coverage by applicable federal securities laws and the terms of its credit facility with the lender with respect to its borrowings. The Fund may be required to dispose of portfolio investments on unfavorable terms if market fluctuations or other factors cause the Fund to fail to meet its asset coverage requirements.

*Management Risk:* Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser's judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund's benchmark and other funds with similar investment objectives.

*Market Disruption and Geopolitical Risks:* Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia's military invasion of Ukraine and the Israel-Hamas war), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as the Middle East, South America, Eastern Europe, and Asia, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).

Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests.

The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.

*Market Risk:* Securities markets may be volatile and the market prices of the Fund's securities may decline. Securities fluctuate in price based on changes in an issuer's financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

*Mortgage-Backed and Asset-Backed Securities Risk:* Mortgage-backed and asset-backed securities tend to increase in value less than other debt securities when interest rates decline, but are subject to similar risk of decline in market value during periods of rising interest rates. The values of mortgage-backed and asset-backed securities become more volatile as interest rates rise. In a period of declining

------

interest rates, the Fund may be required to reinvest more frequent prepayments on mortgage-backed and asset-backed securities in lower-yielding investments*.*

*Portfolio Turnover Risk:* The Fund may engage in active and frequent trading leading to an increased portfolio turnover rate. Under certain market conditions, the Fund's portfolio turnover rate may be higher than that of other funds. Portfolio turnover generally involves some expense to the Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities. These transactions may result in realization of taxable capital gains. The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund's investment performance.

*U.S. Government and Agency Securities Risk:* U.S. Treasury obligations are backed by the "full faith and credit" of the U.S. Government. Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. For example, securities issued by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Banks are neither insured nor guaranteed by the U.S. Government. These securities may be supported by the ability to borrow from the U.S. Treasury or only by the credit of the issuing agency, authority, instrumentality or enterprise and, as a result, are subject to greater credit risk than securities issued or guaranteed by the U.S. Treasury. Further, the U.S. Government and its agencies, authorities, instrumentalities and enterprises do not guarantee the market value of their securities; consequently, the value of such securities will fluctuate. This may be the case especially when there is any controversy or ongoing uncertainty regarding the status of negotiations in the U.S. Congress to increase the statutory debt ceiling. Such controversy or uncertainty could, among other things, result in the credit quality rating of the U.S. Government being downgraded and reduced prices of U.S. Treasury securities. If the U.S. Congress is unable to negotiate an adjustment to the statutory debt ceiling, there is also the risk that the U.S. Government may default on payments on certain U.S. Government securities, including those held by the Fund, which could have a negative impact on the Fund. An increase in demand for U.S. Government securities resulting from an increase in demand for government money market funds may lead to lower yields on such securities.

**10.** **Recent Accounting Pronouncement and Regulatory Developments** 

During the reporting period, the Funds adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendments enhance income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. The Funds did not pay a significant amount of foreign or U.S. federal, state or local income taxes and therefore did not include any additional disclosures in these financial statements.

**11.** **Subsequent Event** 

Each Fund's management evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of February 28, 2026.

------

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Prudential Investment Portfolios, Inc. 14 and Shareholders of PGIM Floating Rate Income Fund and PGIM Government Income Fund

*Opinions on the Financial Statements* 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of PGIM Floating Rate Income Fund and PGIM Government Income Fund (constituting Prudential Investment Portfolios, Inc. 14, hereafter collectively referred to as the "Funds") as of February 28, 2026, the related statements of operations for the year ended February 28, 2026, the statements of changes in net assets for each of the two years in the period ended February 28, 2026, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 28, 2026, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended February 28, 2026 and each of the financial highlights for each of the five years in the period ended February 28, 2026 in conformity with accounting principles generally accepted in the United States of America.

*Basis for Opinions* 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026 by correspondence with the custodian, transfer agents, brokers, issuers of privately held securities and agent banks; when replies were not received from issuers of privately held securities, agent banks or brokers, we performed other auditing procedures*.* We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

April 17, 2026

We have served as the auditor of one or more investment companies in the PGIM Retail Funds complex since 2020.

------

#### Other Information
**Form N-CSR Item 8 -** Changes in and Disagreements with Accountants for Open-End Management Investment Companies

- None.

**Form N-CSR Item 9 -** Proxy Disclosures for Open-End Management Investment Companies - None.

**Form N-CSR Item 10 -** Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies - Included within the Statement of Operations of the financial statements filed under Item 7 of this Form.

**Form N-CSR Item 11 -** Statement Regarding Basis for Approval of Investment Advisory Contract - None.

------

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

---

| | |
|:---|:---|
| Item 15 | – Submission of Matters to a Vote of Security Holders – There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.  |

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Item 16 – Controls and Procedures

(a) It is the conclusion of the registrant's principal executive officer and principal financial officer that the effectiveness of the registrant's current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission's rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant's principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There has been no significant change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable.

Item 18 – Recovery of Erroneously Awarded Compensation – Not applicable.

Item 19 – Exhibits

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| | |
|:---|:---|
| (a)(1) | [Code of Ethics – Attached hereto as Exhibit EX-99.CODE-ETH.](d124789dex99codeeth.htm) |
| (a)(2) | Policy required by the listing standards adopted pursuant to Rule 10D-1 under the Securities Exchange Act of 1934 – Not applicable. |
| (a)(3) | [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.CERT.](d124789dex99cert.htm) |
| (a)(4) | Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 – Not applicable. |
| (a)(5) | Change in the registrant's independent public accountant – Not applicable. |
| (b) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.906CERT.](d124789dex99906cert.htm) | (b) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.906CERT.](d124789dex99906cert.htm) |

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------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| Registrant: | <u>Prudential Investment Portfolios, Inc. 14</u> |
| By: | <u>/s/ Andrew R. French</u> |
|  | Andrew R. French |
|  | Secretary |
| Date: | April 17, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
| Date: | April 17, 2026 |
| By: | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer<br> (Principal Financial Officer) |
| Date: | April 17, 2026 |

---

## Ex-99.Code

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND** 

**PRINCIPAL FINANCIAL OFFICERS** 

**I. Covered Officers/Purpose of the Code** 

This code of ethics (the "Code") is established for the funds listed on Attachment A hereto (each a Fund" and together the "Funds") pursuant to Section 406 of the Sarbanes-Oxley Act and the rules adopted thereunder by the Securities and Exchange Commission ("SEC"). The Code applies to each Fund's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer or Controller, or senior officers performing similar functions (the "Covered Officers" each of whom are set forth in Exhibit B) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with,
or submits to, the SEC and in other public communications made by a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II. Conflicts of Interest** 

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, a Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with a Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and a Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "1940 Act") and the Investment Advisers Act of 1940, as amended (the "Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as "affiliated persons" of the Fund. A Fund's and its investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationships between a Fund and the Fund's investment adviser, principal underwriter, administrator, or other service providers to the Fund (together "Service Providers"), of which the Covered Officers may also be principals or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Fund or for a Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on such Service Providers and a Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between a Fund and its Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Directors/Trustees ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fund.

Each Covered Officer must:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his personal influence or personal relationships improperly to influence investment decisions or
financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee of a Fund or its affiliated persons for reports
of potential violations that are made in good faith.

There are some actual or potential conflict of interest situations that should always be brought to the attention of, and discussed with, the Funds' Chief Legal Officer or other senior legal officer, if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any non-nominal gifts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment from any company with which a Fund has current or prospective business dealings
unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in (other than insubstantial interests in publicly traded entities), or any consulting or
employment relationship with, any of a Fund's Service Providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III. Disclosure and Compliance** 

Each Covered Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should familiarize himself with the disclosure requirements generally applicable to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether within
or outside the Fund, including to the Fund's Board of Directors/Trustees and its auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should, to the extent appropriate within his area of responsibility, consult with other officers and employees of
a Fund and its Service Providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is responsible to promote compliance with the standards and restrictions imposed by applicable laws, rules and
regulations.

**IV. Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to
the Board of Directors/Trustees that he has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm to the Board of Directors/Trustees that he has complied with the requirements of the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Funds' Chief Legal Officer promptly if he knows of any violation of this Code. Failure to do so
is itself a violation of this Code.

The Funds' Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. In such situations, the Chief Legal Officer is authorized to consult, as appropriate, with counsel to the Funds, counsel to the Independent Directors/Trustees, a Board Committee comprised of Independent Directors/Trustees, or the full Board.

------

The Funds will follow the following procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Funds Chief Legal Officer will take all appropriate action to investigate any potential violations reported
to her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the Chief Legal Officer believes that no violation has occurred, the Chief Legal
Officer is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the Chief Legal Officer believes is a violation or that the Chief Legal Officer believes should
be reviewed by a Fund's Board or Board Committee comprised of Independent Directors/Trustees will be reported to the Fund's Board or Board Committee comprised of Independent Directors/Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• based upon its review of any matter referred to it, a Fund's Board or Board Committee comprised of
Independent Directors/Trustees shall determine whether or not a violation has occurred, whether a grant of waiver is appropriate or whether some other action should be taken. Based upon its determination, the Fund's Board or Board Committee
comprised of Independent Directors/Trustees may take such action as it deems appropriate, which may include without limitation: modifications of applicable policies and procedures; notification to appropriate personnel of the Fund's investment
adviser, principal underwriter or administrator, or their boards; notification to other Funds for which the Covered Officer serves as a Covered Officer; or recommendation to dismiss the Covered Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of a Fund or its Service Providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment adviser's and principal underwriter's code of ethics under Rule 17j-1 under the 1940 Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI. Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of Independent Directors/Trustees.

**VII. Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fund Board of Directors/Trustees, counsel to the Fund, and counsel to the Fund Independent Directors/Trustees.

**VIII. Internal Use** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of a Fund, as to any fact, circumstance, or legal conclusion.

**IX. Recordkeeping** 

A Fund shall keep the information disclosed about waivers and amendments under the Code for the period of time as specified in the rules adopted pursuant to Section 406 of the Sarbanes-Oxley Act, and furnish such information to the SEC or its staff upon request.

Adopted and approved as of September 3, 2003.

------

**EXHIBIT A** 

**<u>Funds Covered by this Code of Ethics</u>**

• The Prudential Investment Portfolios, Inc.

• Prudential Investment Portfolios 2

• Prudential Investment Portfolios 3

• Prudential Investment Portfolios 4

• Prudential Investment Portfolios 5

• Prudential Investment Portfolios 6

• Prudential Investment Portfolios 7

• Prudential Investment Portfolios 8

• Prudential Investment Portfolios 9

• Prudential Investment Portfolios, Inc. 10

• Prudential Investment Portfolios 12

• Prudential Government Money Market Fund, Inc.

• Prudential Investment Portfolios, Inc. 14

• Prudential Investment Portfolios, Inc. 15

• Prudential Investment Portfolios 16

• Prudential Investment Portfolios, Inc. 17

• Prudential Investment Portfolios 18

• Prudential Global Total Return Fund, Inc.

• Prudential Jennison Blend Fund, Inc.

• Prudential Jennison Mid-Cap Growth Fund, Inc.

• Prudential Jennison Natural Resources Fund, Inc.

• Prudential Jennison Small Company Fund, Inc.

• Prudential National Muni Fund, Inc.

• Prudential Sector Funds, Inc.

• Prudential Short-Term Corporate Bond Fund, Inc.

• Prudential World Fund, Inc.

• The Target Portfolio Trust

• PGIM ETF Trust

• PGIM High Yield Bond Fund, Inc.

• PGIM Global High Yield Fund, Inc.

• PGIM Short Duration High Yield Opportunities Fund

• Advanced Series Trust

• Prudential's Gibraltar Fund, Inc.

• The Prudential Series Fund

------

**EXHIBIT B** 

**Persons Covered by this Code of Ethics** 

**Stuart S. Parker** – President and Principal Executive Officer of the PGIM Funds, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM Short Duration High Yield Opportunities Fund.

**Kenneth Allen** – President and Principal Executive Officer of Advanced Series Trust, Prudential's Gibraltar Fund, Inc. and The Prudential Series Fund.

**Christian J. Kelly** – Chief Financial Officer and Principal Financial Officer for the PGIM Funds, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, Advanced Series Trust, Prudential's Gibraltar Fund, Inc., and The Prudential Series Fund.

**Russ Shupak**- Treasurer and Principal Accounting Officer for the PGIM Funds, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM Short Duration High Yield Opportunities Fund.

**Elyse McLaughlin**- Treasurer and Principal Accounting Officer for the Advanced Series Trust, Prudential's Gibraltar Fund, Inc., and The Prudential Series Fund.

## Ex-99.Cert

Item 19

**Prudential Investment Portfolios, Inc. 14** 

Annual period ending 2/28/26

File No. 811-03712

**<u>CERTIFICATIONS</u>**

I, Stuart S. Parker, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the above-named Fund(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

April 17, 2026

---

| |
|:---|
| <u>/s/ Stuart S. Parker</u> |
| Stuart S. Parker |
| President and Principal Executive Officer |

---

------

Item 19

**Prudential Investment Portfolios, Inc. 14** 

Annual period ending 2/28/26

File No. 811-03712

**<u>CERTIFICATIONS</u>**

I, Christian J. Kelly, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the above-named Fund(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

April 17, 2026

---

| |
|:---|
| <u>/s/ Christian J. Kelly</u> |
| Christian J. Kelly |
| Chief Financial Officer<br> (Principal Financial Officer) |

---

## Exhibit 99.906

Certification Pursuant to 18 U.S.C. Section 1350

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Name of Issuer: <u>Prudential Investment Portfolios, Inc. 14</u>

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his or her knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Issuer.

---

| | |
|:---|:---|
| April 17, 2026 | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
| April 17, 2026 | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer<br> (Principal Financial Officer) |

---

*This certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.*