# EDGAR Filing Document

**Accession Number:** 0000717819
**File Stem:** 0001193125-25-260531
**Filing Date:** 2025-10
**Character Count:** 417018
**Document Hash:** 94b475a16ddf4c8994a2d3aabf85f27f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-260531.hdr.sgml**: 20251031

**ACCESSION NUMBER**: 0001193125-25-260531

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 43

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251031

**DATE AS OF CHANGE**: 20251031

**EFFECTIVENESS DATE**: 20251031

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03712
- **FILM NUMBER:** 251439839

**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: | 8/31/2025 |

---

------

Item 1 – Reports to Stockholders

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

------

![](g14937g1tsrbanner.jpg)

PGIM Floating Rate Income Fund

Class A:

FRFAX

SEMIANNUAL SHAREHOLDER REPORT – August 31, 2025

This semiannual shareholder report contains important information about the Class A shares of the PGIM Floating Rate Income Fund (the

"Fund") for the period of March 1, 2025 to August 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(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 | $55 | 1.07% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $2392443297<br>|
| Number of fund holdings | 485 |
| Portfolio turnover rate for the period | 39% |

---

MF211E2A

![](g14937g1pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) |
| AAA | 1.8 |
| AA | 16.2 |
| A | 1.8 |
| BBB | 11.2 |
| BB | 21.2 |
| B | 41.4 |
| CCC | 2.0 |
| C | 0.1 |
| Not Rated | 5.1 |
| Cash/Cash Equivalents | (0.7) |
| 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/investments/mutual-funds/prospectuses-fact-sheets

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 US.

![](g14937g1qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Floating Rate Income Fund

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

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

MF211E2A

![](g14937g1pgim_investments.jpg)

------

![](g14937g2tsrbanner.jpg)

PGIM Floating Rate Income Fund

Class C:

FRFCX

SEMIANNUAL SHAREHOLDER REPORT – August 31, 2025

This semiannual shareholder report contains important information about the Class C shares of the PGIM Floating Rate Income Fund (the

"Fund") for the period of March 1, 2025 to August 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(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 | $93 | 1.82% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $2392443297<br>|
| Number of fund holdings | 485 |
| Portfolio turnover rate for the period | 39% |

---

MF211E2C

![](g14937g2pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) |
| AAA | 1.8 |
| AA | 16.2 |
| A | 1.8 |
| BBB | 11.2 |
| BB | 21.2 |
| B | 41.4 |
| CCC | 2.0 |
| C | 0.1 |
| Not Rated | 5.1 |
| Cash/Cash Equivalents | (0.7) |
| 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/investments/mutual-funds/prospectuses-fact-sheets

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 US.

![](g14937g2qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Floating Rate Income Fund

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

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

MF211E2C

![](g14937g2pgim_investments.jpg)

------

![](g14937g3tsrbanner.jpg)

PGIM Floating Rate Income Fund

Class Z:

FRFZX

SEMIANNUAL SHAREHOLDER REPORT – August 31, 2025

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

for the period of March 1, 2025 to August 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(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 | $42 | 0.82% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $2392443297<br>|
| Number of fund holdings | 485 |
| Portfolio turnover rate for the period | 39% |

---

MF211E2Z

![](g14937g3pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) |
| AAA | 1.8 |
| AA | 16.2 |
| A | 1.8 |
| BBB | 11.2 |
| BB | 21.2 |
| B | 41.4 |
| CCC | 2.0 |
| C | 0.1 |
| Not Rated | 5.1 |
| Cash/Cash Equivalents | (0.7) |
| 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/investments/mutual-funds/prospectuses-fact-sheets

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 US.

![](g14937g3qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Floating Rate Income Fund

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

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

MF211E2Z

![](g14937g3pgim_investments.jpg)

------

![](g14937g4tsrbanner.jpg)

PGIM Floating Rate Income Fund

Class R6:

PFRIX

SEMIANNUAL SHAREHOLDER REPORT – August 31, 2025

This semiannual shareholder report contains important information about the Class R6 shares of the PGIM Floating Rate Income Fund (the

"Fund") for the period of March 1, 2025 to August 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(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 | $39 | 0.77% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $2392443297<br>|
| Number of fund holdings | 485 |
| Portfolio turnover rate for the period | 39% |

---

MF211E2R6

![](g14937g4pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) |
| AAA | 1.8 |
| AA | 16.2 |
| A | 1.8 |
| BBB | 11.2 |
| BB | 21.2 |
| B | 41.4 |
| CCC | 2.0 |
| C | 0.1 |
| Not Rated | 5.1 |
| Cash/Cash Equivalents | (0.7) |
| 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/investments/mutual-funds/prospectuses-fact-sheets

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 US.

![](g14937g4qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Floating Rate Income Fund

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

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

MF211E2R6

![](g14937g4pgim_investments.jpg)

------

![](g14937g5tsrbanner.jpg)

PGIM Government Income Fund

Class A:

PGVAX

SEMIANNUAL SHAREHOLDER REPORT – August 31, 2025

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

for the period of March 1, 2025 to August 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(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 | $47 | 0.93% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $224849816<br>|
| Number of fund holdings | 343 |
| Portfolio turnover rate for the period | 63% |

---

MF128E2A

![](g14937g5pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) |
| AAA | 13.8 |
| AA | 81.3 |
| Not Rated | 0.6 |
| Cash/Cash Equivalents | 4.3 |
| 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/investments/mutual-funds/prospectuses-fact-sheets

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 US.

![](g14937g5qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Government Income Fund

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

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

MF128E2A

![](g14937g5pgim_investments.jpg)

------

![](g14937g6tsrbanner.jpg)

PGIM Government Income Fund

Class C:

PRICX

SEMIANNUAL SHAREHOLDER REPORT – August 31, 2025

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

for the period of March 1, 2025 to August 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(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 | $107 | 2.10% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $224849816<br>|
| Number of fund holdings | 343 |
| Portfolio turnover rate for the period | 63% |

---

MF128E2C

![](g14937g6pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) |
| AAA | 13.8 |
| AA | 81.3 |
| Not Rated | 0.6 |
| Cash/Cash Equivalents | 4.3 |
| 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/investments/mutual-funds/prospectuses-fact-sheets

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 US.

![](g14937g6qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Government Income Fund

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

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

MF128E2C

![](g14937g6pgim_investments.jpg)

------

![](g14937g7tsrbanner.jpg)

PGIM Government Income Fund

Class R:

JDRVX

SEMIANNUAL SHAREHOLDER REPORT – August 31, 2025

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

for the period of March 1, 2025 to August 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(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 | $64 | 1.26% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $224849816<br>|
| Number of fund holdings | 343 |
| Portfolio turnover rate for the period | 63% |

---

MF128E2R

![](g14937g7pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) |
| AAA | 13.8 |
| AA | 81.3 |
| Not Rated | 0.6 |
| Cash/Cash Equivalents | 4.3 |
| 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/investments/mutual-funds/prospectuses-fact-sheets

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 US.

![](g14937g7qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Government Income Fund

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

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

MF128E2R

![](g14937g7pgim_investments.jpg)

------

![](g14937g8tsrbanner.jpg)

PGIM Government Income Fund

Class Z:

PGVZX

SEMIANNUAL SHAREHOLDER REPORT – August 31, 2025

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

for the period of March 1, 2025 to August 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(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 | $24 | 0.48% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $224849816<br>|
| Number of fund holdings | 343 |
| Portfolio turnover rate for the period | 63% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) |
| AAA | 13.8 |
| AA | 81.3 |
| Not Rated | 0.6 |
| Cash/Cash Equivalents | 4.3 |
| 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/investments/mutual-funds/prospectuses-fact-sheets

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 US.

![](g14937g8qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Government Income Fund

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

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

MF128E2Z

![](g14937g8pgim_investments.jpg)

------

![](g14937g9tsrbanner.jpg)

PGIM Government Income Fund

Class R6:

PGIQX

SEMIANNUAL SHAREHOLDER REPORT – August 31, 2025

This semiannual shareholder report contains important information about the Class R6 shares of the PGIM Government Income Fund (the

"Fund") for the period of March 1, 2025 to August 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(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 | $24 | 0.47% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $224849816<br>|
| Number of fund holdings | 343 |
| Portfolio turnover rate for the period | 63% |

---

MF128E2R6

![](g14937g9pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) |
| AAA | 13.8 |
| AA | 81.3 |
| Not Rated | 0.6 |
| Cash/Cash Equivalents | 4.3 |
| 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/investments/mutual-funds/prospectuses-fact-sheets

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 US.

![](g14937g9qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Government Income Fund

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

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

MF128E2R6

![](g14937g9pgim_investments.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 – Not required, as this is not an annual filing.

Item 3 – Audit Committee Financial Expert – Not required, as this is not an annual filing.

Item 4 – Principal Accountant Fees and Services – Not required, as this is not an annual filing.

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](g14937gra01.jpg)

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

PGIM Government Income Fund

#### FINANCIAL STATEMENTS AND OTHER INFORMATION

#### AUGUST 31, 2025
![LOGO](g14937g51z00.jpg)

------

<u> **Table of Contents** </u>   <u> Financial Statements and Other Information</u>   <u> August 31, 2025</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](#edgar14937_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](#edgar14937_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](#edgar14937_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](#edgar14937_4) | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [**Other Information -** Form N-CSR Items 8-11](#edgar14937_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

BNP—BNP Paribas S.A.

BNY—Bank of New York Mellon

CDX—Credit Derivative Index

CGM—Citigroup Global Markets, Inc.

CLO—Collateralized Loan Obligation

CPI—Consumer Price Index

CVR—Contingent Value Rights

DAC—Designated Activity Company

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

LIBOR—London Interbank Offered Rate

LP—Limited Partnership

MSI—Morgan Stanley & Co. International PLC

MTN—Medium Term Note

N/A—Not Applicable

OTC—Over-the-counter

Q—Quarterly payment frequency for swaps

REITs—Real Estate Investment Trust

REMIC—Real Estate Mortgage Investment Conduit

SOFR—Secured Overnight Financing Rate

SONIA—Sterling Overnight Index Average

STRIPs—Separate Trading of Registered Interest and Principal of Securities

T—Swap payment upon termination

TBA—To Be Announced

TD—The Toronto-Dominion Bank

UMBS—Uniform Mortgage-Backed Securities

------

PGIM Floating Rate Income Fund

Schedule of Investments (unaudited)

as of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.0%** |  |  |  |  |  |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES 17.4%** |  |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations 17.4%** |  |  |  |  |  |
| &nbsp;&nbsp; Anchorage Capital CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &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%) | 6.282%(c) | 07/22/37 |  | 10000 | $10051425 |
| &nbsp;&nbsp; Apex Credit CLO LLC (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A2, 144A, 3 Month SOFR + 2.112% (Cap N/A, Floor 1.850%) | 6.437(c) | 10/20/34 |  | 4725 | 4734450 |
| &nbsp;&nbsp; Atlas Senior Loan Fund Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-21A, Class B, 144A, 3 Month SOFR + 3.000% (Cap N/A, Floor 3.000%) | 7.325(c) | 07/20/35 |  | 5000 | 5021648 |
| &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%) | 6.225(c) | 01/20/38 |  | 10000 | 10033522 |
| &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%) | 6.968(c) | 07/15/30 |  | 14250 | 14260095 |
| &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%) | 3.376(c) | 04/15/35 | EUR | 3750 | 4370960 |
| &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%) | 5.904(c) | 10/24/38 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11200 | 11223747 |
| &nbsp;&nbsp; Barrow Hanley CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class B, 144A, 3 Month SOFR + 3.000% (Cap N/A, Floor 3.000%) | 7.325(c) | 10/20/35 |  | 5000 | 5019952 |
| &nbsp;&nbsp; Battalion CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-11A, Class BR, 144A, 3 Month SOFR + 1.982% (Cap N/A, Floor 1.720%) | 6.300(c) | 04/24/34 |  | 5000 | 5015247 |
| &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%) | 6.118(c) | 07/15/37 |  | 11500 | 11561336 |
| &nbsp;&nbsp; Carlyle US CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05A, Class B, 144A, 3 Month SOFR + 2.650% (Cap N/A, Floor 2.650%) | 6.964(c) | 01/27/36 |  | 18250 | 18385473 |
| &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%) | 6.368(c) | 04/25/37 |  | 5600 | 5629076 |
| &nbsp;&nbsp; CBAMR 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 |  | 16000 | 16000000 |
| &nbsp;&nbsp; CIFC European Funding CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class B1, 144A, 3 Month EURIBOR + 1.500% (Cap N/A, Floor 1.500%) | 3.526(c) | 01/15/34 | EUR | 2000 | 2320632 |
| &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%) | 6.072(c) | 07/17/37 |  | 9650 | 9670177 |
| &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%) | 6.075(c) | 01/20/35 |  | 12400 | 12415622 |
| &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%) | 6.018(c) | 07/20/38 |  | 4500 | 4507025 |
| &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%) | 6.318(c) | 10/15/37 |  | 8125 | 8152233 |
| &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%) | 5.918(c) | 07/15/34 |  | 2500 | 2494150 |
| &nbsp;&nbsp; Gallatin CLO Ltd. (Bermuda), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class B, 144A, 3 Month SOFR + 3.050% (Cap N/A, Floor 3.050%) | 7.370(c) | 10/14/35 |  | 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10039599 |
| &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%) | 6.275(c) | 10/20/37 |  | 9275 | 9326230 |
| &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%) | 5.967(c) | 07/25/38 |  | 18600 | 18603757 |
| &nbsp;&nbsp; Greywolf CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%) | 5.605(c) | 04/26/31 |  | 178 | 178185 |
| &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%) | 6.514(c) | 04/28/37 |  | 13500 | 13579009 |
| &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%) | 6.218(c) | 04/15/35 |  | 12500 | 12501247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class BR, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | 6.418(c) | 04/15/37 |  | 4000 | 4029698 |
| &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%) | 6.249(c) | 04/18/37 |  | 11000 | 11043473 |
| &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%) | 6.359(c) | 07/15/31 |  | 9250 | 9270315 |
| &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%) | 6.425(c) | 07/20/37 |  | 7650 | 7675104 |
| &nbsp;&nbsp; Ocean Trails CLO Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-15A, Class B, 144A, 3 Month SOFR + 2.500% (Cap N/A, Floor 2.500%) | 6.818(c) | 01/15/37 |  | 4250 | 4268668 |
| &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%) | 6.118(c) | 07/15/37 |  | 8100 | 8114120 |

---

See Notes to Financial Statements.

------

PGIM Floating Rate Income Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |  |
| &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%) | 6.118%(c) | 10/31/37 |  | 7600 | $7618783 |
| &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%) | 6.575(c) | 04/20/37 |  | 5000 | 5008452 |
| &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%) | 6.125(c) | 01/20/38 |  | 10550 | 10594867 |
| &nbsp;&nbsp; PPM CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class BR2, 144A, 3 Month SOFR + 2.250% (Cap N/A, Floor 2.250%) | 6.568(c) | 04/16/37 |  | 3250 | 3252860 |
| &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%) | 6.275(c) | 03/20/38 |  | 20000 | 20068244 |
| &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%) | 6.068(c) | 09/06/37 |  | 13500 | 13533363 |
| &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%) | 6.075(c) | 01/21/38 |  | 9185 | 9213675 |
| &nbsp;&nbsp; Sixth Street CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-16A, Class BR, 144A, 3 Month SOFR + 2.450% (Cap N/A, Floor 2.450%) | 6.775(c) | 01/20/37 |  | 17200 | 17290500 |
| &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%) | 7.930(c) | 10/25/34 |  | 1500 | 1509366 |
| &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 | 4949695 |
| &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%) | 6.125(c) | 01/20/38 |  | 12150 | 12196567 |
| &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%) | 7.075(c) | 01/20/36 |  | 12000 | 12060139 |
| &nbsp;&nbsp; Trimaran CAVU Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class BR, 144A | &nbsp;&nbsp;&nbsp;&nbsp;— (p) | 03/18/38 |  | 10000 | 10000000 |
| &nbsp;&nbsp; Trinitas CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-15A, Class B1, 144A, 3 Month SOFR + 1.962% (Cap N/A, Floor 1.700%) | 6.294(c) | 04/22/34 |  | 8350 | 8347824 |
| &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%) | 6.234(c) | 10/17/32 |  | 8650 | 8678707 |
| &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%) | 6.769(c) | 07/15/31 |  | 1500 | 1504434 |
|  |  |  |  |  | 415323651 |
| &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 |  | 1097 | 1153599 |
| &nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES**<br> (cost $413,129,613) |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416477250 |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES 0.5%** |  |  |  |  |  |
| &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%) | 7.363(c) | 02/15/35 |  | 4750 | 4749999 |
| &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%) | 6.804(c) | 02/15/42 |  | 2350 | 2338984 |
| &nbsp;&nbsp; ROCK Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class E, 144A | 8.819 | 11/13/41 |  | 5000 | 5280527 |
| &nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $12,094,360) |  |  |  |  | 12369510 |
| &nbsp;&nbsp; **CORPORATE BONDS 11.8%** |  |  |  |  |  |
| &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 | 359981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.875 | 05/01/27 |  | 3575 | 3610285 |
|  |  |  |  |  | 3970266 |

---

See Notes to Financial Statements.

PGIM Floating Rate Income Fund 3

------

PGIM Floating Rate Income Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Banks 8.9%** |  |  |  |  |
| &nbsp;&nbsp; Bank of America Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 6.250%(ff) | 07/26/30(oo) | 13855 | $13874917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 6.625(ff) | 05/01/30(oo) | 3190 | 3289543 |
| &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 | 31810259 |
| &nbsp;&nbsp; Citigroup, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CC | 7.125(ff) | 08/15/29(oo) | 9870 | 10127712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series EE | 6.750(ff) | 02/15/30(oo) | 10295 | 10394259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series FF(a) | 6.950(ff) | 02/15/30(oo) | 15435 | 15718979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series GG | 6.875(ff) | 08/15/30(oo) | 5685 | 5796405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | 3.875(ff) | 02/18/26(oo) | 26500 | 26230788 |
| &nbsp;&nbsp; Goldman Sachs Group, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series R | 7.560(ff) | 02/10/26(oo) | 9444 | 9520766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V | 4.125(ff) | 11/10/26(oo) | 13458 | 13107089 |
| &nbsp;&nbsp; JPMorgan Chase & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | 7.036(c) | 10/01/25(oo) | 23015 | 23064215 |
| &nbsp;&nbsp; Royal Bank of Canada (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 6.350(ff) | 11/24/84 | 12750 | 12335625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes(a) | 7.500(ff) | 05/02/84 | 9000 | 9382500 |
| &nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes(a) | 6.600(ff) | 06/05/34(oo) | 2725 | 2823781 |
| &nbsp;&nbsp; Toronto-Dominion Bank (The) (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes(a) | 7.250(ff) | 07/31/84 | 19005 | 19670175 |
| &nbsp;&nbsp; U.S. Bancorp, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 3.700(ff) | 01/15/27(oo) | 5813 | 5607476 |
| &nbsp;&nbsp; Wells Fargo & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 6.850(ff) | 09/15/29(oo) | 1060 | 1111700 |
|  |  |  |  | 213866189 |
| &nbsp;&nbsp; **Chemicals 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Tronox, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 03/15/29 | 75 | 55316 |
| &nbsp;&nbsp; **Commercial Services 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Adtalem Global Education, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 03/01/28 | 1521 | 1514835 |
| &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 | 395586 |
|  |  |  |  | 1910421 |
| &nbsp;&nbsp; **Diversified Financial Services 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Nomura Holdings, Inc. (Japan), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes(a) | 7.000(ff) | 07/15/30(oo) | 4295 | 4397006 |
| &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) | 7375 | 7476265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 8.000(ff) | 10/15/26(oo) | 5225 | 5347064 |
|  |  |  |  | 12823329 |

---

See Notes to Financial Statements.

------

PGIM Floating Rate Income Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &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 | $789192 |
| &nbsp;&nbsp; Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.875 | 02/15/30 |  | 4200 | 3856524 |
|  |  |  |  |  | 4645716 |
| &nbsp;&nbsp; **Housewares 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; SWF Holdings I Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.500 | 10/01/29 |  | 2550 | 1021447 |
| &nbsp;&nbsp; **Internet 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Cablevision Lightpath LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875 | 09/15/27 |  | 200 | 197177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.625 | 09/15/28 |  | 200 | 198462 |
| &nbsp;&nbsp; United Group BV (Slovenia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month EURIBOR + 4.250% (Cap N/A, Floor 4.250%) | 6.286(c) | 02/01/29 | EUR | 4000 | 4738859 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5134498 |
| &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 | 127972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 12/01/30 |  | 200 | 131616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 02/01/28 |  | 475 | 437712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 04/15/27 |  | 200 | 192490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 12/01/30 |  | 700 | 307216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 11/15/31 |  | 2157 | 943805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 01/15/30 |  | 200 | 93839 |
| &nbsp;&nbsp; DISH DBS Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.125 | 06/01/29 |  | 450 | 371043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.375 | 07/01/28 |  | 350 | 316781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.750 | 07/01/26 |  | 1000 | 972256 |
| &nbsp;&nbsp; DISH Network Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 11.750 | 11/15/27 |  | 2800 | 2961607 |
| &nbsp;&nbsp; Radiate Holdco LLC/Radiate Finance, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.250 | 03/25/30 |  | 166 | 103660 |
| &nbsp;&nbsp; Sinclair Television Group, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.125 | 02/15/27 |  | 200 | 192441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.125 | 02/15/33 |  | 200 | 204956 |
|  |  |  |  |  | 7357394 |
| &nbsp;&nbsp; **Oil & Gas 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes^ | 7.875 | 12/15/24(d) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6725 | 7 |
| &nbsp;&nbsp; Hilcorp Energy I LP/Hilcorp Finance Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 04/15/30 |  | 2125 | 2104497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 6.250 | 04/15/32 |  | 3750 | 3594594 |
| &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%) | 9.955(c) | 09/30/29 |  | 170 | 167716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ | 10.058(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%)^ | 10.058(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%)^ | 10.058(c) | 09/30/29 |  | 568 | 559053 |
|  |  |  |  |  | 7655786 |

---

See Notes to Financial Statements.

PGIM Floating Rate Income Fund 5

------

PGIM Floating Rate Income Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Pipelines 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Venture Global LNG, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 9.000%(ff) | 09/30/29 (oo) | 8680 | $8634471 |
| &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 | 717688 |
| &nbsp;&nbsp; Hunt Cos., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.250 | 04/15/29 | 1025 | 1002175 |
|  |  |  |  | 1719863 |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Diversified Healthcare Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 03/01/31 | 7519 | 6383626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 02/15/28 | 1275 | 1204562 |
|  |  |  |  | 7588188 |
| &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 | 1191428 |
| &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 | 0.000 | 12/31/30 | 149 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 3B14, 144A^ | 0.000 | 12/31/30 | 197 |  |
| &nbsp;&nbsp; Level 3 Financing, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.000 | 04/15/31 | 1000 | 841089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.875 | 06/15/29 | 150 | 140376 |
|  |  |  |  | 981480 |
| &nbsp;&nbsp; **TOTAL CORPORATE BONDS**<br> (cost $285,839,617) |  |  |  | 282952798 |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS 65.8%** |  |  |  |  |
| &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%^ | 9.556(c) | 02/15/29 | 7027 | 6921173 |
| &nbsp;&nbsp; **Aerospace & Defense 0.7%** |  |  |  |  |
| &nbsp;&nbsp; Azorra Soar Term B Loan FInance Limited (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Loan, 1 Month SOFR + 2.750% | 7.005(c) | 10/18/29 | 4571 | 4574312 |
| &nbsp;&nbsp; Transdigm, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche K Term Loan, 3 Month SOFR + 2.750% | 7.046(c) | 03/22/30 | 1827 | 1831442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche M Term Loan, 1 Month SOFR + 2.500% | 6.853(c) | 08/19/32 | 10975 | 10979577 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17385331 |
| &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% | 8.680(c) | 08/13/30 | 7511 | 7530158 |

---

See Notes to Financial Statements.

------

PGIM Floating Rate Income Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | **Maturity<br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |
| &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% | 6.575%(c) | 04/20/28 | 7916 | $7894434 |
| &nbsp;&nbsp; Vista Management Holding, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 3.750% | 8.041(c) | 04/01/31 | 5220 | 5237947 |
|  |  |  |  | 13132381 |
| &nbsp;&nbsp; **Auto Parts & Equipment 2.1%** |  |  |  |  |
| &nbsp;&nbsp; Clarios Global LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | 7.066(c) | 01/28/32 | 12400 | 12384500 |
| &nbsp;&nbsp; First Brands Group LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022-Ii Incremental TermLoan, 3 Month SOFR + 5.262% | 9.570(c) | 03/30/27 | 2203 | 2092189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien 2021 Term Loan, 3 Month SOFR + 5.262% | 9.570(c) | 03/30/27 | 5506 | 5226518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien 2021 Term Loan, 3 Month SOFR + 8.762% | 13.070(c) | 03/30/28 | 10730 | 9657000 |
| &nbsp;&nbsp; Tenneco, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.850% | 9.122(c) | 11/17/28 | 9912 | 9845718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.100% | 9.350(c) | 11/17/28 | 10113 | 10066518 |
|  |  |  |  | 49272443 |
| &nbsp;&nbsp; **Beverages 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Brewco Borrower LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 Month SOFR + 7.000% | 0.000(c) | 09/30/30 | 1225 | 1224926 |
| &nbsp;&nbsp; Pegasus Bidco BV (Netherlands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-2 Dollar Term Loan, 3 Month SOFR + 3.250% | 7.461(c) | 07/12/29 | 4938 | 4937625 |
|  |  |  |  | 6162551 |
| &nbsp;&nbsp; **Building Materials 2.2%** |  |  |  |  |
| &nbsp;&nbsp; American Bath/CP Atlas Buyer, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term B Loan, 1 Month SOFR + 5.250% | 9.566(c) | 07/08/30 | 6200 | 5952000 |
| &nbsp;&nbsp; Cornerstone Building Brands, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 5.625%^ | 9.988(c) | 08/01/28 | 5581 | 5079051 |
| &nbsp;&nbsp; Covia Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 3.250% | 7.065(c) | 02/26/32 | 5250 | 5263125 |
| &nbsp;&nbsp; Eco Material Technologies, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 6 Month SOFR + 3.250% | 7.467(c) | 02/12/32 | 6533 | 6528917 |
| &nbsp;&nbsp; EMRLD Borrower LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term B Loan, 3 Month SOFR + 2.250% | 6.449(c) | 05/31/30 | 8186 | 8171552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Amendment Incremental Term Loan, 1 Month SOFR + 2.250% | 6.566(c) | 08/04/31 | 3126 | 3119047 |
| &nbsp;&nbsp; HP PHRG Borrower LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Closing Date Term Loan, 1 Month SOFR + 4.000% | 8.316(c) | 02/20/32 | 2500 | 2495312 |
| &nbsp;&nbsp; Quikrete Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2029 Term B Loan, 1 Month SOFR + 2.250% | 6.566(c) | 03/19/29 | 5343 | 5342947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Tranche B-1 Term Loan, 1 Month SOFR + 2.250% | 6.566(c) | 04/14/31 | 4987 | 4984795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche B-3 Term Loan, 1 Month SOFR + 2.250% | 6.566(c) | 02/10/32 | 2068 | 2067038 |
| &nbsp;&nbsp; Vector WP HoldCo, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term B Loan, 1 Month SOFR + 5.114% | 9.430(c) | 10/12/28 | 2524 | 2483473 |
|  |  |  |  | 51487257 |
| &nbsp;&nbsp; **Chemicals 3.7%** |  |  |  |  |
| &nbsp;&nbsp; A-Ap Buyer, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.750% | 7.066(c) | 09/09/31 | 3831 | 3842721 |
| &nbsp;&nbsp; Consolidated Energy Finance SA (Switzerland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Incremental Term Loan, 1 Month SOFR + 4.500% | 8.816(c) | 11/15/30 | 4102 | 3881341 |
| &nbsp;&nbsp; Flint Group Packaging Inks North America Holdings LLC (Luxembourg), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B USD | &nbsp;&nbsp;&nbsp;&nbsp;— (p) | 12/31/26 | 5696 | 5345017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien Facility B, 1 Month SOFR + 6.900% | 11.581(c) | 12/31/27 | 5190 | 3587805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien Facility B, 1 Month SOFR + 6.900% | 11.681(c) | 12/31/27 | 7036 | 321000 |

---

See Notes to Financial Statements.

PGIM Floating Rate Income Fund 7

------

PGIM Floating Rate Income Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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; Geon Performance Solutions LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Refinancing Term Loan, 3 Month SOFR + 4.512% | 8.807%(c) | 08/18/28 | 6190 | $5771896 |
| &nbsp;&nbsp; Ineos US Finance LLC (Luxembourg), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2030 Dollar Term Loan, 1 Month SOFR + 3.250% | 7.566(c) | 02/18/30 | 5865 | 5329586 |
| &nbsp;&nbsp; Ineos US Petrochem LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2030 Tranche B Dollar Term Loan, 1 Month SOFR + 3.850% | 8.166(c) | 03/14/30 | 2548 | 2204020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Term B Loan, 1 Month SOFR + 4.350%^ | 8.666(c) | 04/02/29 | 4443 | 3909895 |
| &nbsp;&nbsp; Iris Holdings Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 4.850% | 9.158(c) | 06/28/28 | 5440 | 5255278 |
| &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 | 222930 |
| &nbsp;&nbsp; Nouryon Finance BV (Netherlands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 2024 B-1 Dollar Term Loan, 1 Month SOFR + 3.250% | 7.601(c) | 04/03/28 | 6644 | 6638937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 2024 B-2 Dollar Term Loan, 1 Month SOFR + 3.250% | 7.611(c) | 04/03/28 | 3073 | 3073414 |
| &nbsp;&nbsp; Olympus Water US Holding Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan | &nbsp;&nbsp;&nbsp;&nbsp;— (p) | 07/31/32 | 1850 | 1843394 |
| &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% | 7.242(c) | 10/09/31 | 2244 | 2245311 |
| &nbsp;&nbsp; Qnity Electronics, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan | &nbsp;&nbsp;&nbsp;&nbsp;— (p) | 03/31/33 | 10125 | 10087031 |
| &nbsp;&nbsp; SCIH Salt Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien Incremental Term B-1 Loan, 3 Month SOFR + 3.000% | 7.197(c) | 01/31/29 | 5156 | 5163020 |
| &nbsp;&nbsp; TPC Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 6 Month SOFR + 5.750%^ | 9.952(c) | 12/16/31 | 9827 | 9483180 |
| &nbsp;&nbsp; Tronox Finance LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-B Term Loan, 1 Month SOFR + 2.500% | 6.806(c) | 09/30/31 | 1158 | 1016540 |
| &nbsp;&nbsp; Venator Finance Sarl, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial First-Out Term Loan, 3 Month SOFR + 10.000%^ | 14.318(c) | 12/31/25 | 3084 | 2929345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 8.000% | 14.318(c) | 10/12/28 | 4396 | 2967394 |
| &nbsp;&nbsp; Venator Materials LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Out B Term Loan, 1 Month SOFR + 9.000%^ | 6.296(c) | 07/16/26 | 3100 | 2945401 |
|  |  |  |  | 88064456 |
| &nbsp;&nbsp; **Commercial Services 7.0%** |  |  |  |  |
| &nbsp;&nbsp; Albion Financing 3 Sarl (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025-A Refinancing USD Term Loan, 3 Month SOFR + 3.000% | 7.215(c) | 05/21/31 | 5307 | 5313298 |
| &nbsp;&nbsp; AlixPartners LLP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Refinanced Dollar Term Loan, 1 Month SOFR + 2.000% | 6.316(c) | 08/31/32 | 4459 | 4441263 |
| &nbsp;&nbsp; Allied Universal Holdco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment 7 Replacement U.S. Dollar Term Loan | — (p) | 08/31/32 | 12450 | 12484586 |
| &nbsp;&nbsp; Belfor Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche B-5 Term Loan, 1 Month SOFR + 2.750% | 7.066(c) | 11/01/30 | 6867 | 6897263 |
| &nbsp;&nbsp; Belron Finance 2019 LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2031 Dollar Term Loan, 3 Month SOFR + 2.500% | 6.742(c) | 10/16/31 | 9439 | 9473995 |
| &nbsp;&nbsp; Boost Newco Borrower LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-2 Loan, 3 Month SOFR + 2.000% | 6.296(c) | 01/31/31 | 12205 | 12205360 |
| &nbsp;&nbsp; Catawba Nation Gaming Authority, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term B Loan, 3 Month SOFR + 4.750%^ | 9.046(c) | 03/28/32 | 5815 | 5771388 |
| &nbsp;&nbsp; CoreLogic, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien Initial Term Loan, 1 Month SOFR + 3.614% | 7.930(c) | 06/02/28 | 6241 | 6216338 |
| &nbsp;&nbsp; Crisis Prevention Institute, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan, 3 Month SOFR + 4.000% | 8.296(c) | 04/09/31 | 7340 | 7294498 |
| &nbsp;&nbsp; DS Parent, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.500% | 9.796(c) | 01/31/31 | 1312 | 1210089 |
| &nbsp;&nbsp; EAB Global, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 3.000% | 7.316(c) | 08/16/30 | 6253 | 6139629 |
| &nbsp;&nbsp; Grant Thornton Advisors LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Incremental Term Loan, 1 Month SOFR + 2.500% | 6.816(c) | 06/02/31 | 7023 | 7014545 |

---

See Notes to Financial Statements.

------

PGIM Floating Rate Income Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value**  |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Commercial Services (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Ingenovis Health, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien Initial Term Loan, 3 Month SOFR + 4.512% | 8.710%(c) | 03/06/28 |  | 12182 | $3654498 |
| &nbsp;&nbsp; Jupiter Buyer, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Delayed Draw Term Loan | 4.750 | 11/01/31 |  | 130 | 130897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 4.750% | 9.046(c) | 11/01/31 |  | 5793 | 5822137 |
| &nbsp;&nbsp; Kuehg Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 3.250% | 7.541(c) | 06/12/30 |  | 4753 | 4756397 |
| &nbsp;&nbsp; Latham Pool Products, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 4.150% | 8.349(c) | 02/23/29 |  | 4693 | 4657616 |
| &nbsp;&nbsp; Markermeer Finance BV (Netherlands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Facility B, 6 Month EURIBOR + 3.000% | 5.161(c) | 01/29/27 | EUR | 5000 | 5838532 |
| &nbsp;&nbsp; Mavis Tire Express Services Topco Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 First Lien Incremental Term Loan, 3 Month SOFR + 3.000% | 7.199(c) | 05/04/28 |  | 3976 | 3983710 |
| &nbsp;&nbsp; MPH Acquisition Holdings LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Out Term Loan, 3 Month SOFR + 3.750% | 8.058(c) | 12/31/30 |  | 5196 | 5182741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Out Term Loan, 3 Month SOFR + 4.862% | 9.170(c) | 12/31/30 |  | 6538 | 5999016 |
| &nbsp;&nbsp; Neon Maple Purchaser, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First amend Tranche B-1 Term Loan, 1 Month SOFR + 2.750% | 7.066(c) | 11/17/31 |  | 12045 | 12041055 |
| &nbsp;&nbsp; NorthAB LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Refinancing Term Loan, 3 Month SOFR + 2.500% | 6.796(c) | 11/24/28 |  | 4709 | 4537848 |
| &nbsp;&nbsp; Omnia Partners LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 3 Term Loan, 3 Month SOFR + 2.500% | 6.814(c) | 07/25/30 |  | 4653 | 4653088 |
| &nbsp;&nbsp; PG Polaris Bidco (Ursa Minor) (Luxembourg), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 2.750% | 7.046(c) | 03/26/31 |  | 2179 | 2184498 |
| &nbsp;&nbsp; Ryan LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 3.500% | 7.816(c) | 11/14/30 |  | 5685 | 5697558 |
| &nbsp;&nbsp; TruGreen LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Refinancing Term Loan (First Lien), 1 Month SOFR + 4.100% | 8.416(c) | 11/02/27 |  | 3798 | 3679772 |
| &nbsp;&nbsp; Verde Purchaser LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 4.000% | 8.296(c) | 11/30/30 |  | 5358 | 5290983 |
| &nbsp;&nbsp; VT Topco, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Amendment Term Loan, 1 Month SOFR + 3.000% | 7.356(c) | 08/09/30 |  | 5341 | 5341212 |
|  |  |  |  |  | 167913810 |
| &nbsp;&nbsp; **Computers 2.8%** |  |  |  |  |  |
| &nbsp;&nbsp; Amentum Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.250% | 6.566(c) | 09/29/31 |  | 5368 | 5364735 |
| &nbsp;&nbsp; Bingo Holdings I LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 4.750% | 9.046(c) | 06/30/32 |  | 9900 | 9900000 |
| &nbsp;&nbsp; ConvergeOne Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PVKG Intermediate Holdings Inc First Lien Term Loan, 3 Month SOFR + 5.750% | 10.070(c) | 06/04/30 |  | 3483 | 2089672 |
| &nbsp;&nbsp; Fortress Intermediate 3 Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term B Loan, 1 Month SOFR + 3.000% | 7.351(c) | 06/27/31 |  | 7146 | 7154932 |
| &nbsp;&nbsp; Indy US Bidco, LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan, 1 Month SOFR + 2.500% | 6.816(c) | 10/31/30 |  | 10277 | 10212691 |
| &nbsp;&nbsp; McAfee Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refinancing Tranche B-1, 1 Month SOFR + 3.000% | 7.349(c) | 03/01/29 |  | 8386 | 7945384 |
| &nbsp;&nbsp; Sandisk Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 3.000% | 7.341(c) | 02/23/32 |  | 8753 | 8714208 |
| &nbsp;&nbsp; Synechron, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 3.750%^ | 8.058(c) | 10/03/31 |  | 5012 | 4987375 |
| &nbsp;&nbsp; VeriFone Systems, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025-1 Refinancing Term Loan, 3 Month SOFR + 5.762% | 10.070(c) | 08/18/28 |  | 10536 | 10000317 |
|  |  |  |  |  | 66369314 |

---

See Notes to Financial Statements.

PGIM Floating Rate Income Fund 9

------

PGIM Floating Rate Income Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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; **Consumer Services 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Parfums De Marly, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 5.250%^ | 9.530 %(c) | 09/01/28 |  | 4665 | $4618350 |
| &nbsp;&nbsp; **Cosmetics/Personal Care 0.5%** |  |  |  |  |  |
| &nbsp;&nbsp; Opal US LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B2 Loan, 6 Month SOFR + 3.250% | 7.435 (c) | 04/28/32 |  | 3300 | 3316500 |
| &nbsp;&nbsp; Rainbow UK Bidco Ltd. (Luxembourg), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B3 Loan, SONIA + 4.500% | 8.468 (c) | 02/23/29 | GBP | 5775 | 7783541 |
|  |  |  |  |  | 11100041 |
| &nbsp;&nbsp; **Distribution/Wholesale 1.3%** |  |  |  |  |  |
| &nbsp;&nbsp; AIP RD Buyer Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan (First Lien), 1 Month SOFR + 4.000% | 8.086 (c) | 12/23/30 |  | 1913 | 1917196 |
| &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% | 7.296 (c) | 06/20/31 |  | 9201 | 9157013 |
| &nbsp;&nbsp; Protective Industrial Products, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 4.000% | 8.316 (c) | 05/21/32 |  | 5175 | 5084437 |
| &nbsp;&nbsp; Quimper AB (Sweden), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month EURIBOR + 3.750% | 5.774 (c) | 03/15/30 | EUR | 4500 | 5282650 |
| &nbsp;&nbsp; Windsor Holdings III LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Refi Term B Loan, 1 Month SOFR + 2.750% | 7.073 (c) | 08/01/30 |  | 8823 | 8804734 |
|  |  |  |  |  | 30246030 |
| &nbsp;&nbsp; **Diversified Financial Services 1.9%** |  |  |  |  |  |
| &nbsp;&nbsp; CPI Holdco B LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.000% | 6.316 (c) | 05/17/31 |  | 7947 | 7929160 |
| &nbsp;&nbsp; Dechra Finance US, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B1 Loan, 6 Month SOFR + 3.250% | 7.447 (c) | 12/31/31 |  | 3417 | 3425979 |
| &nbsp;&nbsp; Focus Financial Partners LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche B Incremental Term Loan, 1 Month SOFR + 2.750% | 7.066 (c) | 09/15/31 |  | 10292 | 10286560 |
| &nbsp;&nbsp; Hudson River Trading LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, 1 Month SOFR + 3.000% | 7.366 (c) | 03/18/30 |  | 15168 | 15199888 |
| &nbsp;&nbsp; Jefferies Finance LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan 2024, 1 Month SOFR + 2.750% | 7.111 (c) | 10/21/31 |  | 6079 | 6086661 |
| &nbsp;&nbsp; VFH Parent LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-2 Loan, 1 Month SOFR + 2.500%^ | 6.816 (c) | 06/21/31 |  | 2686 | 2689450 |
|  |  |  |  |  | 45617698 |
| &nbsp;&nbsp; **Electric 0.6%** |  |  |  |  |  |
| &nbsp;&nbsp; Calpine Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-10, 1 Month SOFR + 1.750% | 6.066 (c) | 01/31/31 |  | 7595 | 7585729 |
| &nbsp;&nbsp; Discovery Energy Holding Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Dollar Term Loan, 3 Month SOFR + 3.750% | 8.046 (c) | 05/01/31 |  | 5513 | 5526882 |
| &nbsp;&nbsp; Heritage Power LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 5.500%^ | 9.796 (c) | 07/20/28 |  | 1357 | 1336531 |
|  |  |  |  |  | 14449142 |
| &nbsp;&nbsp; **Electronics 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp; Indicor LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche D Dollar Term Loan, 3 Month SOFR + 2.750% | 7.046 (c) | 11/22/29 |  | 3232 | 3234796 |
| &nbsp;&nbsp; Minimax Viking GmbH - MX Holdings US, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Facility B (USD) Loan, 1 Month SOFR + 2.250% | 6.566 (c) | 03/17/32 |  | 4675 | 4680844 |
| &nbsp;&nbsp; Sanmina Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan | — (p) | 08/31/32 |  | 2300 | 2294250 |
|  |  |  |  |  | 10209890 |

---

See Notes to Financial Statements.

------

PGIM Floating Rate Income Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |
| &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% | 7.180 %(c) | 03/24/28 | 2122 | $2119686 |
| &nbsp;&nbsp; **Engineering & Construction 1.0%** |  |  |  |  |
| &nbsp;&nbsp; Azuria Water Solutions, Inc.,<br>2025 Replacement Term Loan, 1 Month SOFR + 3.000% | 7.316 (c) | 05/17/28 | 6595 | 6598892 |
| &nbsp;&nbsp; Brown Group Holding LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incremental Term B-2 Facility, 3 Month SOFR + 2.750% | 6.970 (c) | 07/01/31 | 1895 | 1895565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.500% | 6.816 (c) | 07/01/31 | 4307 | 4301624 |
| &nbsp;&nbsp; Michael Baker International LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan First Lien, 3 Month SOFR + 4.000% | 8.308 (c) | 12/01/28 | 4866 | 4882375 |
| &nbsp;&nbsp; Red SPV LLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.250% | 6.610 (c) | 03/15/32 | 5450 | 5450000 |
|  |  |  |  | 23128456 |
| &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% | 9.946 (c) | 02/10/27 | 11565 | 7729582 |
| &nbsp;&nbsp; Caesars Entertainment, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incremental Term B-1 Loan, 1 Month SOFR + 2.250% | 6.566 (c) | 02/06/31 | 2839 | 2829126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 2.250% | 6.566 (c) | 02/06/30 | 6491 | 6471436 |
| &nbsp;&nbsp; Cinemark USA, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 2.250% | 6.561 (c) | 05/24/30 | 6254 | 6257824 |
| &nbsp;&nbsp; Crown Finance US, Inc. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 4.500% | 8.854 (c) | 12/02/31 | 5950 | 5941325 |
| &nbsp;&nbsp; ECL Entertainment LLC,<br>2025 Refinancing Term B Loan, 1 Month SOFR + 3.000% | 7.316 (c) | 08/30/30 | 1920 | 1919827 |
| &nbsp;&nbsp; Entain PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B3, 6 Month SOFR + 2.850% | 7.016 (c) | 10/31/29 | 7666 | 7665692 |
| &nbsp;&nbsp; Flutter Entertainment PLC (Ireland),<br>2024 Term B Loan, 3 Month SOFR + 1.750% | 6.046 (c) | 11/30/30 | 5368 | 5343155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Incremental Term B Loan, 3 Month SOFR + 2.000% | 6.296 (c) | 06/04/32 | 2125 | 2118359 |
| &nbsp;&nbsp; Hershend Entertainment Co LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 3.250% | 7.573 (c) | 05/27/32 | 2350 | 2363954 |
| &nbsp;&nbsp; J&J Ventures Gaming LLC,<br>2025 Term Loan, 3 Month SOFR + 5.000% | 9.223 (c) | 04/26/30 | 2500 | 2465625 |
| &nbsp;&nbsp; Maverick Gaming LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Out Term Loan, 3 Month SOFR + 8.500%^ | 16.000 (c) | 06/03/28 (d) | 3198 | 2878247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Out Term Loan^ | 11.781 | 06/05/28 (d) | 7574 | 3635584 |
| &nbsp;&nbsp; Voyager Parent LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien Term B Loan, 2 Month SOFR + 4.750% | 9.041 (c) | 07/01/32 | 12375 | 12388749 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70008485 |
| &nbsp;&nbsp; **Environmental Control 2.3%** |  |  |  |  |
| &nbsp;&nbsp; Action Environmental Group, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 3.250%^ | 7.546 (c) | 10/24/30 | 13649 | 13648565 |
| &nbsp;&nbsp; GFL Environmental, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 2.500% | 6.824 (c) | 03/03/32 | 9450 | 9438188 |
| &nbsp;&nbsp; JFL-Tiger Acquisition Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 3.750% | 8.069 (c) | 10/17/30 | 6866 | 6865610 |
| &nbsp;&nbsp; Madison Iaq LLC,<br>2025 Incremental Term Loan, 6 Month SOFR + 3.250% | 7.452 (c) | 05/06/32 | 7850 | 7885325 |
| &nbsp;&nbsp; Mip V Waste Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche B-2 Term Loan, 1 Month SOFR + 2.750%^ | 7.090 (c) | 08/20/32 | 2448 | 2454406 |
| &nbsp;&nbsp; Reworld Holding Corp.,<br>2024 Refinancing Term B-1 Loan, 1 Month SOFR + 2.250% | 6.610 (c) | 11/30/28 | 1819 | 1821327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Refinancing Term C-1 Loan, 1 Month SOFR + 2.250% | 6.610 (c) | 11/30/28 | 105 | 105207 |

---

See Notes to Financial Statements.

PGIM Floating Rate Income Fund 11

------

PGIM Floating Rate Income Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Environmental Control (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Reworld Holding Corp., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 2.250% | 6.591 %(c) | 11/30/28 | 4941 | $4949006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term C Loan, 1 Month SOFR + 2.250% | 6.591 (c) | 11/30/28 | 272 | 272478 |
| &nbsp;&nbsp; Tidal Waste & Recycling Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 3.000% | 7.296 (c) | 10/24/31 | 3691 | 3708052 |
| &nbsp;&nbsp; WIN Waste Innovations Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Term B-1 Loan, 1 Month SOFR + 3.864% | 8.180 (c) | 03/24/28 | 3965 | 3977453 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55125617 |
| &nbsp;&nbsp; **Food Service 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Gategroup Finance (Switzerland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Facility B (USD) Loan, 3 Month SOFR + 4.250% | 8.556 (c) | 06/10/32 | 5991 | 5983074 |
| &nbsp;&nbsp; **Foods 0.8%** |  |  |  |  |
| &nbsp;&nbsp; BCPE North Star US Holdco, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien Initial Term Loan, 1 Month SOFR + 4.114% | 8.430 (c) | 06/09/28 | 4288 | 4289978 |
| &nbsp;&nbsp; Froneri International Limited, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan | — (p) | 08/31/32 | 3550 | 3538661 |
| &nbsp;&nbsp; Froneri International Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B4, 6 Month SOFR + 2.000% | 6.197 (c) | 09/30/31 | 6135 | 6081370 |
| &nbsp;&nbsp; Nourish Buyer I, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 4.500%^ | 8.829 (c) | 07/08/32 | 6000 | 5850000 |
|  |  |  |  | 19760009 |
| &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% | 8.449 (c) | 11/04/31 | 6586 | 6553070 |
| &nbsp;&nbsp; **Hand/Machine Tools 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Alliance Laundry Systems, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term B Loan, 1 Month SOFR + 2.250% | 6.591 (c) | 08/19/31 | 6750 | 6736500 |
| &nbsp;&nbsp; Madison Safety & Flow LLC,<br>2025 Incremental Term B, 1 Month SOFR + 2.750% | 7.066 (c) | 09/26/31 | 3451 | 3460620 |
|  |  |  |  | 10197120 |
| &nbsp;&nbsp; **Healthcare 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Envision Healthcare Operating, Inc.,<br>2025 Replacement Term Loan, 1 Month SOFR + 6.500% | 10.816 (c) | 06/25/30 | 12771 | 12851006 |
| &nbsp;&nbsp; **Healthcare & Pharmaceuticals 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Loire Finco Luxembourg Sarl (Luxembourg), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional Facility USD, 3 Month SOFR + 4.000% | 8.308 (c) | 01/21/30 | 3192 | 3207960 |
| &nbsp;&nbsp; **Healthcare-Products 0.6%** |  |  |  |  |
| &nbsp;&nbsp; Bausch & Lomb Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Amendment Term Loan, 1 Month SOFR + 4.250% | 8.566 (c) | 01/15/31 | 4000 | 4002500 |
| &nbsp;&nbsp; Medline Borrower LP,<br>2030 Refinancing Term Loan, 1 Month SOFR + 2.000% | 6.316 (c) | 10/23/30 | 5948 | 5944760 |
| &nbsp;&nbsp; QuidelOrtho Corporation/QDEL,<br>2025 Refi 1st Lien Term B Loan | — (p) | 08/31/32 | 5000 | 4937500 |
|  |  |  |  | 14884760 |
| &nbsp;&nbsp; **Healthcare-Services 2.5%** |  |  |  |  |
| &nbsp;&nbsp; Accelerated Health Systems LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term B Loan, 3 Month SOFR + 4.400% | 8.696 (c) | 02/15/29 | 8716 | 6057416 |

---

See Notes to Financial Statements.

------

PGIM Floating Rate Income Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Healthcare-Services (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Charlotte Buyer, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Refinancing Term Loan, 1 Month SOFR + 4.250% | 8.607 %(c) | 02/11/28 | 4879 | $4869455 |
| &nbsp;&nbsp; Examworks Bidco, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.750% | 7.066 (c) | 11/01/28 | 4688 | 4696201 |
| &nbsp;&nbsp; LifePoint Health, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 3.750% | 8.068 (c) | 05/16/31 | 6753 | 6696370 |
| &nbsp;&nbsp; Phoenix Guarantor, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche B-5 Term Loan, 1 Month SOFR + 2.500% | 6.816 (c) | 02/21/31 | 7835 | 7838327 |
| &nbsp;&nbsp; Sound Inpatient Physicians Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche B Term Loan, 3 Month SOFR + 5.262%^ | 9.557 (c) | 06/28/28 | 6331 | 5967433 |
| &nbsp;&nbsp; Sound Inpatient Physicians, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche A Term Loan, 3 Month SOFR + 6.762% | 11.057 (c) | 06/28/28 | 3424 | 3560857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche C Term Loan, 3 Month SOFR + 7.012% | 11.307 (c) | 06/28/29 | 7250 | 6017609 |
| &nbsp;&nbsp; Upstream Newco, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; August 2021 Incremental Term Loan, 3 Month SOFR + 4.512% | 8.820 (c) | 11/20/26 | 16543 | 13564863 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59268531 |
| &nbsp;&nbsp; **Holding Companies-Diversified 0.8%** |  |  |  |  |
| &nbsp;&nbsp; Clue OpCo LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 4.500% | 8.810 (c) | 12/19/30 | 18104 | 18092552 |
| &nbsp;&nbsp; **Home Furnishings 0.4%** |  |  |  |  |
| &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% | 7.666 (c) | 06/29/28 | 11563 | 10435778 |
| &nbsp;&nbsp; **Household Products/Wares 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Kronos Acquisition Holdings, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Loan 2024, 3 Month SOFR + 4.000% | 8.296 (c) | 07/08/31 | 6587 | 4872124 |
| &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 + 3.250% | 7.546 (c) | 01/17/32 | 5597 | 5589879 |
| &nbsp;&nbsp; SWF Holdings I Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche A-1 Term Loan, 1 Month SOFR + 4.500% | 8.816 (c) | 12/18/29 | 1564 | 1558420 |
|  |  |  |  | 7148299 |
| &nbsp;&nbsp; **Insurance 2.3%** |  |  |  |  |
| &nbsp;&nbsp; Acrisure LLC,<br>2024 Repricing Term B-6 Loan, 1 Month SOFR + 3.000% | 7.316 (c) | 11/06/30 | 12368 | 12342596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term B-7 Loan, 1 Month SOFR + 3.250% | 7.566 (c) | 06/20/32 | 1990 | 1989183 |
| &nbsp;&nbsp; AmWINS Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.250% | 6.566 (c) | 01/30/32 | 4982 | 4978657 |
| &nbsp;&nbsp; Asurion LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New B-04 Term Loan, 1 Month SOFR + 5.364% | 9.680 (c) | 01/20/29 | 7660 | 7267353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New B-10 Term Loan, 1 Month SOFR + 4.100% | 8.416 (c) | 08/19/28 | 10749 | 10701998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New B-11 Term Loan, 1 Month SOFR + 4.350% | 8.666 (c) | 08/21/28 | 1075 | 1073368 |
| &nbsp;&nbsp; Broadstreet Partners, Inc.,<br>2024 Term B Loan, 1 Month SOFR + 2.750% | 7.066 (c) | 06/13/31 | 7156 | 7150849 |
| &nbsp;&nbsp; Howden Gropu Holdings Ltd. (United Kingdom),<br>2024-2 Refinancing Term Loan, 1 Month SOFR + 3.500% | 7.816 (c) | 04/18/30 | 648 | 649761 |
| &nbsp;&nbsp; Sedgwick Claims Management Services, Inc.,<br>2024 Term Loan, 1 Month SOFR + 2.500% | 6.816 (c) | 07/29/31 | 8462 | 8477755 |
|  |  |  |  | 54631520 |

---

See Notes to Financial Statements.

PGIM Floating Rate Income Fund 13

------

PGIM Floating Rate Income Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Internet 0.9%** |  |  |  |  |  |
| &nbsp;&nbsp; Denali Intermediate Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 5.500%^ | 9.831 %(c) | 05/31/32 |  | 6787 | $6718891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan^ | &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;— (p) | 05/31/32 |  | 679 | 671889 |
| &nbsp;&nbsp; Diamond Sports Net LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | 15.000 | 01/02/28 |  | 1681 | 1462286 |
| &nbsp;&nbsp; MH Sub I LLC,<br>2023 May New Term Loan, 1 Month SOFR + 4.250% | 8.566 (c) | 05/03/28 |  | 10475 | 9704330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 December New Term Loan, 1 Month SOFR + 4.250% | 8.566 (c) | 12/31/31 |  | 4224 | 3640044 |
|  |  |  |  |  | 22197440 |
| &nbsp;&nbsp; **Investment Companies 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp; Acuren Delaware Holdco, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 1 Term Loan, 1 Month SOFR + 2.750% | 7.066 (c) | 07/30/31 |  | 4825 | 4821985 |
| &nbsp;&nbsp; BCP VI Summit Holdings LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 3.000% | 7.316 (c) | 01/30/32 |  | 600 | 603000 |
| &nbsp;&nbsp; Hurricane CleanCo Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility A, 3 Month LIBOR + 6.250% (Cap N/A , Floor 0.000%)^ | 6.250 (c) | 10/31/29 |  | 2202 | 3064861 |
| &nbsp;&nbsp; WEC US Holdings Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.250% | 6.604 (c) | 01/27/31 |  | 2035 | 2034585 |
|  |  |  |  |  | 10524431 |
| &nbsp;&nbsp; **Leisure Time 1.8%** |  |  |  |  |  |
| &nbsp;&nbsp; Alterra Mountain Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-8 Loan, 1 Month SOFR + 2.500% | 6.816 (c) | 05/31/30 |  | 1067 | 1065617 |
| &nbsp;&nbsp; Arcis Golf LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 3 Term Loan, 1 Month SOFR + 2.750% | 7.066 (c) | 11/24/28 |  | 2444 | 2453441 |
| &nbsp;&nbsp; Bombardier Recreational Products, Inc. (Canada),<br>2023 Replacement Term Loan, 1 Month SOFR + 2.750% | 7.066 (c) | 12/13/29 |  | 1656 | 1659875 |
| &nbsp;&nbsp; ClubCorp Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 2 Month SOFR + 5.000%^ | 9.328 (c) | 07/10/32 |  | 4014 | 3981456 |
| &nbsp;&nbsp; Fender Musical Instruments Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 4.100% | 8.416 (c) | 12/01/28 |  | 5662 | 5067876 |
| &nbsp;&nbsp; International Park Holdings BV (Netherlands),<br>2025 Facility B, 6 Month EURIBOR + 5.500%^ | 7.537 (c) | 01/30/32 | EUR | 8325 | 9560173 |
| &nbsp;&nbsp; LC Ahab US Bidco LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 3.000% | 7.316 (c) | 05/01/31 |  | 4032 | 4031586 |
| &nbsp;&nbsp; Life Time, Inc.,<br>2025 Repriced First Lien Term B Loan, 1 Month SOFR + 2.000% | 6.360 (c) | 11/05/31 |  | 4154 | 4150665 |
| &nbsp;&nbsp; Recess Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 5 Term Loan, 3 Month SOFR + 3.750% | 8.069 (c) | 02/20/30 |  | 7105 | 7119920 |
| &nbsp;&nbsp; SGH2 LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Dollar Term Loan, 3 Month SOFR + 4.500% | 8.508 (c) | 07/16/32 |  | 4950 | 4950000 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44040609 |
| &nbsp;&nbsp; **Lodging 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Fertitta Entertainment LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial B Term Loan, 1 Month SOFR + 3.250% | 7.566 (c) | 01/27/29 |  | 5593 | 5587868 |
| &nbsp;&nbsp; **Machinery-Diversified 1.5%** |  |  |  |  |  |
| &nbsp;&nbsp; Chart Industries, Inc.,<br>2024 Term B Loan, 3 Month SOFR + 2.500% | 6.792 (c) | 03/15/30 |  | 6086 | 6104063 |
| &nbsp;&nbsp; Graftech Global Enterprises, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 6.000% | 10.323 (c) | 12/21/29 |  | 6841 | 6960263 |
| &nbsp;&nbsp; Hyster-Yale Group, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan Facility, 1 Month SOFR + 3.614%^ | 7.930 (c) | 05/26/28 |  | 4319 | 4145964 |

---

See Notes to Financial Statements.

------

PGIM Floating Rate Income Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Machinery-Diversified (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; TK Elevator Midco GmbH (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(USD) Term B Loan, 6 Month SOFR + 3.000% | 7.197 %(c) | 04/30/30 | 13320 | $13363827 |
| &nbsp;&nbsp; Victory Buyer LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 3.864% | 8.180 (c) | 11/19/28 | 5632 | 5618139 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36192256 |
| &nbsp;&nbsp; **Media 1.5%** |  |  |  |  |
| &nbsp;&nbsp; CSC Holdings LLC,<br>2022 Refinancing Term Loan, 1 Month SOFR + 4.500% | 8.863 (c) | 01/18/28 | 8973 | 8942087 |
| &nbsp;&nbsp; Nexstar Media, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-5 Loan, 1 Month SOFR + 2.500% | 6.816 (c) | 06/28/32 | 4050 | 4031439 |
| &nbsp;&nbsp; Radiate Holdco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Out Term Loan, 1 Month SOFR + 3.500% | 7.930 (c) | 09/25/29 | 8044 | 6515870 |
| &nbsp;&nbsp; Sinclair Television Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month SOFR + 3.562% | 7.870 (c) | 12/31/29 | 279 | 254163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-7 Loan, 1 Month SOFR + 4.200% | 8.516 (c) | 12/31/30 | 4618 | 4202477 |
| &nbsp;&nbsp; Univision Communications, Inc.,<br>2024 Replacement First-Lien Term Loan, 1 Month SOFR + 3.614% | 7.930 (c) | 01/31/29 | 1776 | 1770248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial First Lien Term Loan, 1 Month SOFR + 3.364% | 7.680 (c) | 01/31/29 | 5126 | 5093816 |
| &nbsp;&nbsp; Virgin Media Bristol LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility Y, 6 Month SOFR + 3.275% | 7.373 (c) | 03/31/31 | 5895 | 5777100 |
|  |  |  |  | 36587200 |
| &nbsp;&nbsp; **Metal Fabricate/Hardware 1.2%** |  |  |  |  |
| &nbsp;&nbsp; Crosby US Acquisition Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 4 Replacement Term Loan, 1 Month SOFR + 3.500% | 7.816 (c) | 08/16/29 | 5812 | 5841023 |
| &nbsp;&nbsp; Doncasters US Finance LLC (United Kingdom),<br>2025 Term Loan, 3 Month SOFR + 6.500% | 10.796 (c) | 04/23/30 | 1197 | 1208970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 6.500% | 10.796 (c) | 04/23/30 | 7475 | 7550129 |
| &nbsp;&nbsp; Grinding Media, Inc.,<br>2024 Term B Loan, 3 Month SOFR + 3.500%^ | 7.698 (c) | 10/12/28 | 7263 | 7227117 |
| &nbsp;&nbsp; Tiger Acquisition LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refinancing Initial Term Loan | — (p) | 08/31/32 | 2975 | 2976859 |
| &nbsp;&nbsp; Trulite Glass & Aluminum Solutions LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 6.000%^ | 10.292 (c) | 03/01/30 | 4508 | 4440325 |
|  |  |  |  | 29244423 |
| &nbsp;&nbsp; **Mining 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Arsenal Aic Parent LLC,<br>2025 Term B Loan, 1 Month SOFR + 2.750% | 7.066 (c) | 08/18/30 | 6166 | 6168463 |
| &nbsp;&nbsp; **Miscellaneous Manufacturing 0.2%** |  |  |  |  |
| &nbsp;&nbsp; AMG Advanced Metallurgical Group NV (Netherlands),<br>2021 Term Loan, 1 Month SOFR + 3.614% | 7.930 (c) | 11/30/28 | 5281 | 5254531 |
| &nbsp;&nbsp; **Oil & Gas 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Apro LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 3.750% | 8.107 (c) | 07/09/31 | 4526 | 4503745 |
| &nbsp;&nbsp; Pasadena Performance Products LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 3.500% | 7.796 (c) | 02/27/32 | 1721 | 1722838 |
|  |  |  |  | 6226583 |
| &nbsp;&nbsp; **Oil & Gas Services 0.1%** |  |  |  |  |
| &nbsp;&nbsp; MRC Global (US), Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 3.500%^ | 7.796 (c) | 10/29/31 | 2350 | 2355985 |

---

See Notes to Financial Statements.

PGIM Floating Rate Income Fund 15

------

PGIM Floating Rate Income Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Packaging & Containers 1.6%** |  |  |  |  |
| &nbsp;&nbsp; Closure Systems International Group, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 5 Term Loan, 1 Month SOFR + 3.000% | 7.316 %(c) | 03/22/29 | 3696 | $3703330 |
| &nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc.,<br>2025 Incremental Closing Date Term B Loan, 1 Month SOFR + 3.250% | 7.566 (c) | 04/01/32 | 7224 | 7213959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, 1 Month SOFR + 3.250% | 7.566 (c) | 04/01/32 | 4 | 3784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 3.175% | 7.491 (c) | 04/13/29 | 5139 | 5132368 |
| &nbsp;&nbsp; Plaze, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 3.614% | 7.930 (c) | 08/03/26 | 7134 | 6456018 |
| &nbsp;&nbsp; Pregis Topco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 10 Refinancing Term Loan, 1 Month SOFR + 4.000% | 8.316 (c) | 02/01/29 | 4340 | 4378227 |
| &nbsp;&nbsp; Secure Acquisition, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Closing Date Term Loan, 3 Month SOFR + 3.750% | 8.046 (c) | 12/15/28 | 5587 | 5583397 |
| &nbsp;&nbsp; Trident TPI Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche B-7 Term Loan, 3 Month SOFR + 3.750% | 8.046 (c) | 09/15/28 | 6377 | 6087187 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38558270 |
| &nbsp;&nbsp; **Pharmaceuticals 1.4%** |  |  |  |  |
| &nbsp;&nbsp; Amneal Pharmaceuticals LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 1 Term Loan, 1 Month SOFR + 3.500%^ | 7.816 (c) | 07/30/32 | 8775 | 8753062 |
| &nbsp;&nbsp; Gainwell Acquisition Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 4.100% | 8.396 (c) | 10/01/27 | 15615 | 15342111 |
| &nbsp;&nbsp; Sharp Services LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche D Term Loan, 3 Month SOFR + 3.250% | 7.546 (c) | 12/31/28 | 3701 | 3707692 |
| &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% | 8.046 (c) | 12/12/28 | 6069 | 6099616 |
|  |  |  |  | 33902481 |
| &nbsp;&nbsp; **Pipelines 0.7%** |  |  |  |  |
| &nbsp;&nbsp; Colossus Acquireco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 1.750% | 1.750 (c) | 07/30/32 | 5600 | 5565000 |
| &nbsp;&nbsp; CPPIB OVM Member US LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 2.750% | 7.046 (c) | 08/20/31 | 4639 | 4647244 |
| &nbsp;&nbsp; Rockpoint Gas Storage Partners LP (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 3.000% | 7.296 (c) | 09/18/31 | 6281 | 6294680 |
|  |  |  |  | 16506924 |
| &nbsp;&nbsp; **Private Equity 0.2%** |  |  |  |  |
| &nbsp;&nbsp; HarbourVest Partners LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Term B Loan, 3 Month SOFR + 2.250%^ | 6.546 (c) | 04/18/30 | 4585 | 4585378 |
| &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%^ | 6.814 (c) | 08/21/30 | 5117 | 5116901 |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) 2.1%** |  |  |  |  |
| &nbsp;&nbsp; Apollo Commercial Real Estate Finance, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 3.250% | 7.616 (c) | 06/13/30 | 2275 | 2292063 |
| &nbsp;&nbsp; Blackstone Mortgage Trust, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-7 Loan, 1 Month SOFR + 2.500%^ | 6.816 (c) | 05/09/29 | 5806 | 5798989 |
| &nbsp;&nbsp; Brookfield Properties Retail Holding LLC,<br>2025 Replacement Term Loan, 1 Month SOFR + 3.500% | 7.816 (c) | 05/28/30 | 31619 | 31697603 |
| &nbsp;&nbsp; Starwood Property Mortgage LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; July 2025 Repricing Term Loan, 1 Month SOFR + 1.750%^ | 6.066 (c) | 11/18/27 | 1570 | 1568470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan | — (p) | 08/31/32 | 4025 | 4002359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-5 Loan, 1 Month SOFR + 2.000% | 6.316 (c) | 01/02/30 | 6032 | 5994564 |
|  |  |  |  | 51354048 |

---

See Notes to Financial Statements.

------

PGIM Floating Rate Income Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Retail 3.5%** |  |  |  |  |
| &nbsp;&nbsp; 1011778 BC Unlimited Liability Co. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 1 Month SOFR + 1.750% | 6.066 %(c) | 09/20/30 | 4109 | $4092239 |
| &nbsp;&nbsp; Boots Group Finco LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Closing Date Dollar Term Loan | — (p) | 12/31/32 | 2800 | 2803500 |
| &nbsp;&nbsp; Dave & Buster's, Inc.,<br>2024 Incremental Term B Loan, 3 Month SOFR + 3.250% | 7.563 (c) | 11/01/31 | 5657 | 5380446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Refinancing Term B Loan, 3 Month SOFR + 3.250% | 7.563 (c) | 06/29/29 | 2880 | 2775213 |
| &nbsp;&nbsp; Foundation Building Materials, Inc.,<br>2025 Incremental Term Loan, 3 Month SOFR + 5.250% | 9.546 (c) | 01/29/31 | 5225 | 5251125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 4.000% | 8.308 (c) | 01/29/31 | 14974 | 15014342 |
| &nbsp;&nbsp; Great Outdoors Group LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-3 Loan, 1 Month SOFR + 3.250% | 7.566 (c) | 01/23/32 | 8994 | 9012269 |
| &nbsp;&nbsp; Harbor Freight Tools USA, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.250% | 6.566 (c) | 06/11/31 | 8566 | 8454144 |
| &nbsp;&nbsp; Johnstone Supply LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 2.500% | 6.841 (c) | 06/09/31 | 4944 | 4942030 |
| &nbsp;&nbsp; LBM Acquisition LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 4 Incremental Term Loan, 1 Month SOFR + 5.000% | 9.360 (c) | 06/06/31 | 2750 | 2717687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incremental Term B Loan, 1 Month SOFR + 3.850% | 8.210 (c) | 06/06/31 | 2494 | 2421620 |
| &nbsp;&nbsp; Park River Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intial Term Loan, 3 Month SOFR + 3.250% | 7.802 (c) | 12/28/27 | 5611 | 5588417 |
| &nbsp;&nbsp; Peer Holding III BV (Netherlands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-4 Loan, 3 Month SOFR + 2.500% | 6.796 (c) | 10/26/30 | 1642 | 1642714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-5 Loan, 3 Month SOFR + 2.500% | 6.796 (c) | 07/01/31 | 5945 | 5952556 |
| &nbsp;&nbsp; Petco Health & Wellness Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien Initial Term Loan, 3 Month SOFR + 3.512% | 7.807 (c) | 03/03/28 | 3721 | 3586215 |
| &nbsp;&nbsp; Rough Country LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien Initial Term Loan, 1 Month SOFR + 3.614% | 7.930 (c) | 07/28/28 | 1755 | 1727387 |
| &nbsp;&nbsp; White Cap Supply Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche C Term Loan, 1 Month SOFR + 3.250% | 7.566 (c) | 10/19/29 | 2140 | 2139621 |
|  |  |  |  | 83501525 |
| &nbsp;&nbsp; **Semiconductors 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Altar Bidco, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 3.100% | 7.247 (c) | 02/01/29 | 2394 | 2388593 |
| &nbsp;&nbsp; Natel Engineering Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 6.250% | 10.718 (c) | 04/30/26 | 6359 | 5468562 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7857155 |
| &nbsp;&nbsp; **Shipbuilding 0.1%** |  |  |  |  |
| &nbsp;&nbsp; LSF11 Trinity Bidco, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 3.000% | 7.323 (c) | 06/14/30 | 1734 | 1732041 |
| &nbsp;&nbsp; **Software 3.4%** |  |  |  |  |
| &nbsp;&nbsp; AthenaHealth Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.750% | 7.066 (c) | 02/15/29 | 11972 | 11959618 |
| &nbsp;&nbsp; BMC Software, Inc.,<br>2031 Replacement Dollar Term Loan, 3 Month SOFR + 3.000% | 7.199 (c) | 07/30/31 | 5543 | 5533042 |
| &nbsp;&nbsp; Camelot US Acquisition LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, 1 Month SOFR + 2.750% | 7.066 (c) | 01/31/31 | 3138 | 3117434 |
| &nbsp;&nbsp; Clearwater Analytics LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 6 Month SOFR + 2.250% | 6.460 (c) | 04/21/32 | 2725 | 2721594 |
| &nbsp;&nbsp; Cloudera, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien Term Loan, 1 Month SOFR + 6.100% | 10.416 (c) | 10/08/29 | 3320 | 2911225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 3.850% | 8.166 (c) | 10/08/28 | 5247 | 5093286 |
| &nbsp;&nbsp; Cotiviti, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Floating Rate Term Loan, 1 Month SOFR + 2.750% | 7.104 (c) | 05/01/31 | 4471 | 4459686 |

---

See Notes to Financial Statements.

PGIM Floating Rate Income Fund 17

------

PGIM Floating Rate Income Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Software (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Evertec Group LLC (Puerto Rico), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 2.750% | 6.611 %(c) | 10/30/30 | 2705 | $2711763 |
| &nbsp;&nbsp; Finastra USA, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(USD) Term Loan | — (p) | 09/30/32 | 2025 | 2010825 |
| &nbsp;&nbsp; Genesys Cloud Services Holdings II LLC,<br>2025 Dollar Term Loan, 1 Month SOFR + 2.500% | 6.816 (c) | 01/30/32 | 9340 | 9335729 |
| &nbsp;&nbsp; HireRight Holdings Corp.,<br>2025 Replacement Term Loan, 1 Month SOFR + 3.250% | 7.566 (c) | 09/27/30 | 4678 | 4385741 |
| &nbsp;&nbsp; Imagine Learning LLC,<br>2024 Term Loan, 1 Month SOFR + 3.500% | 7.816 (c) | 12/21/29 | 4025 | 3659440 |
| &nbsp;&nbsp; Inmar, Inc.,<br>2025 First Lien Term Loan, 3 Month SOFR + 4.500% | 8.802 (c) | 10/30/31 | 5963 | 5967149 |
| &nbsp;&nbsp; Red Planet Borrower LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien Initial Term Loan, 1 Month SOFR + 3.850% | 8.166 (c) | 10/02/28 | 5392 | 5329194 |
| &nbsp;&nbsp; Renaissance Holding Corp.,<br>2024-2 Term Loan, 1 Month SOFR + 4.000% | 8.316 (c) | 04/05/30 | 1269 | 1103123 |
| &nbsp;&nbsp; Skillsoft Finance II, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 5.364% | 9.680 (c) | 07/14/28 | 3237 | 3001114 |
| &nbsp;&nbsp; Zelis Cost Management Buyer, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-2 Loan, 1 Month SOFR + 2.750% | 7.066 (c) | 09/28/29 | 7010 | 6986254 |
|  |  |  |  | 80286217 |
| &nbsp;&nbsp; **Telecommunications 2.2%** |  |  |  |  |
| &nbsp;&nbsp; Aventiv Technologies, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bridge Loan^ | 14.585 | 03/25/26 (d) | 352 | 369284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second-Out Term Loan, 3 Month SOFR + 7.762% | 12.057 (c) | 03/25/26 (d) | 269 | 264974 |
| &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% | 8.816 (c) | 09/27/29 | 963 | 950000 |
| &nbsp;&nbsp; Crown Subsea Communications Holding, Inc.,<br>2025 Term Loan, 3 Month SOFR + 3.500% | 7.818 (c) | 01/30/31 | 7596 | 7646862 |
| &nbsp;&nbsp; GTT Communications, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refinancing Term Loan^ | 14.000 | 07/15/31 | 1432 | 1173933 |
| &nbsp;&nbsp; Level 3 Financing, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-3 Loan, 1 Month SOFR + 4.250% | 8.566 (c) | 03/27/32 | 5575 | 5597300 |
| &nbsp;&nbsp; Lumen Technologies, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, 1 Month SOFR + 2.464% | 6.780 (c) | 04/15/29 | 5026 | 4991228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-2 Loan, 1 Month SOFR + 2.464% | 6.780 (c) | 04/15/30 | 8459 | 8395475 |
| &nbsp;&nbsp; Patagonia Holdco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 5.750% | 9.984 (c) | 08/01/29 | 9953 | 7881880 |
| &nbsp;&nbsp; Qualitytech LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 3.500%^ | 7.843 (c) | 10/30/31 | 8379 | 8399947 |
| &nbsp;&nbsp; Windstream Services LLC,<br>2024 Term Loan, 1 Month SOFR + 4.850%^ | 9.166 (c) | 10/01/31 | 1550 | 1553875 |
| &nbsp;&nbsp; Xplore, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 5.114% | 9.430 (c) | 10/24/29 | 802 | 754129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Out Term Loan, 1 Month SOFR + 1.614% | 6.000 (c) | 10/24/31 | 2746 | 1888075 |
| &nbsp;&nbsp; Zayo Group Holdings, Inc.,<br>2022 Incremental Term Loan, 1 Month SOFR + 4.175% | 8.491 (c) | 03/09/27 | 225 | 218906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Dollar Term Loan, 1 Month SOFR + 3.114% | 7.430 (c) | 03/09/27 | 1840 | 1776520 |
|  |  |  |  | 51862388 |
| &nbsp;&nbsp; **Toys/Games/Hobbies 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Maverick Gaming LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 1.000%^ | 5.316 (c) | 06/23/26 | 1019 | 917411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan^ | — (p) | 04/16/26 | 522 | 466694 |
|  |  |  |  | 1384105 |

---

See Notes to Financial Statements.

------

PGIM Floating Rate Income Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Transportation 1.0%** |  |  |  |  |
| &nbsp;&nbsp; Beacon Mobility Corp, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 3.250% | 7.505 %(c) | 08/06/30 | 1781 | $1787703 |
| &nbsp;&nbsp; Beacon Mobility Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, 1 Month SOFR + 3.250% | 7.469 (c) | 07/31/30 | 149 | 149383 |
| &nbsp;&nbsp; First Student Bidco, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term B Loan | — (p) | 08/31/30 | 3762 | 3761702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Term C Loan, 3 Month SOFR + 2.500% | 6.711 (c) | 07/21/28 | 1310 | 1309909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Term C Loan | 6.711 (c) | 08/31/30 | 688 | 688298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 2.500% | 6.796 (c) | 07/21/28 | 4275 | 4273596 |
| &nbsp;&nbsp; Kenan Advantage Group, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-4 Loan, 1 Month SOFR + 3.250% | 7.566 (c) | 01/25/29 | 2725 | 2672001 |
| &nbsp;&nbsp; Pods LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 3.114% | 7.430 (c) | 03/31/28 | 2350 | 2267329 |
| &nbsp;&nbsp; Savage Enterprises LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 2.500% | 6.851 (c) | 08/04/32 | 7500 | 7506248 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24416169 |
| &nbsp;&nbsp; **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $1,600,826,696) |  |  |  | 1574191463 |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES 0.8%** |  |  |  |  |
| &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%) | 7.848 (c) | 05/25/33 | 4388 | 4437508 |
| &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%) | 7.700 (c) | 03/29/27 | 7987 | 8064963 |
| &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%) | 7.450 (c) | 09/27/28 | 7157 | 7225222 |
| &nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $19,531,518) |  |  |  | 19727693 |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS(k) 0.7%** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.625 | 11/15/44 | 9405 | 9125789 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.500 | 09/30/26 | 4050 | 4035287 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.125 | 01/31/27 | 425 | 427125 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.250 | 11/30/26 | 600 | 603211 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.250 | 12/31/26 | 2600 | 2615641 |
| &nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $17,287,121) |  |  |  | 16807053 |
|  |  |  | **Shares** |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUNDS 0.4%** |  |  |  |  |
| &nbsp;&nbsp; PGIM Active High Yield Bond ETF |  |  | 225000 | 8032500 |
| &nbsp;&nbsp; PGIM Floating Rate Income ETF |  |  | 500 | 25207 |
| &nbsp;&nbsp; **TOTAL AFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $7,873,233)(wa) |  |  |  | 8057707 |
| &nbsp;&nbsp; **COMMON STOCKS 1.0%** |  |  |  |  |
| &nbsp;&nbsp; **Chemicals 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Venator Materials PLC\*^(x) |  |  | 10549 | 1054900 |
| &nbsp;&nbsp; **Food Products 0.0%** |  |  |  |  |
| &nbsp;&nbsp; TopCo Units Equity\* |  |  | 27892 | 3 |
| &nbsp;&nbsp; **Gas Utilities 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Ferrellgas Partners LP (Class B Stock)\*(x) |  |  | 20453 | 2618209 |

---

See Notes to Financial Statements.

PGIM Floating Rate Income Fund 19

------

PGIM Floating Rate Income Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Health Care Providers & Services 0.0%** |  |  |
| &nbsp;&nbsp; Sound Physicians Holdings LLC (Class A Stock)\*^ | 10144042 | $1014 |
| &nbsp;&nbsp; Sound Physicians Holdings LLC (Class A2 Stock)\*^ | 454115 | 449574 |
|  |  | 450588 |
| &nbsp;&nbsp; **Interactive Media & Services 0.2%** |  |  |
| &nbsp;&nbsp; Diamond Sports Group LLC\*(x) | 244231 | 3309330 |
| &nbsp;&nbsp; **IT Services 0.0%** |  |  |
| &nbsp;&nbsp; ConvergeOne Holdings, Inc.\* | 200211 | 600633 |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels 0.6%** |  |  |
| &nbsp;&nbsp; Expand Energy Corp. | 22789 | 2205519 |
| &nbsp;&nbsp; Heritage Power LLC, Exit Financing - Participation on Account of Backstop Shares & Exit Financing - Reserve Shares\*(x) | 8021 | 522705 |
| &nbsp;&nbsp; Heritage Power LLC, Exit Financing Participation Shares & Backstop Shares\*(x) | 182367 | 11884310 |
| &nbsp;&nbsp; Heritage Power LLC, Litigation Trust Interests\*^(x) | 209883 | 104942 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14717476 |
| &nbsp;&nbsp; **Software 0.0%** |  |  |
| &nbsp;&nbsp; Campfire Topco Ltd. (Jersey)\*^ | 4988976 | 584 |
| &nbsp;&nbsp; Mitel Networks International Ltd. (Canada)\*^ | 125642 | 1256 |
|  |  | 1840 |
| &nbsp;&nbsp; **Wireless Telecommunication Services 0.0%** |  |  |
| &nbsp;&nbsp; Intelsat Emergence SA (Luxembourg)\*^ | 28359 | 3 |
| &nbsp;&nbsp; Intelsat Emergence SA (Luxembourg)\* | 28359 | 360400 |
| &nbsp;&nbsp; Stonepeak Falcon Holdings, Inc. (Canada) (Class A Stock)\* | 172298 | 423162 |
| &nbsp;&nbsp; Xplore, Inc. (Canada), CVR\*^ | 11734 | 1 |
|  |  | 783566 |
| &nbsp;&nbsp; **TOTAL COMMON STOCKS**<br> (cost $17,287,796) |  | 23536545 |
| &nbsp;&nbsp; **PREFERRED STOCKS 0.6%** |  |  |
| &nbsp;&nbsp; **Capital Markets 0.6%** |  |  |
| &nbsp;&nbsp; Carlyle Credit Income Fund, 8.750%, Maturing 10/31/28 | 70528 | 1800933 |
| &nbsp;&nbsp; Eagle Point Credit Co., Inc., 7.750%, Maturing 06/30/30 | 126346 | 3182024 |
| &nbsp;&nbsp; Eagle Point Credit Co., Inc., 8.000%, Maturing 01/31/29 | 30058 | 762568 |
| &nbsp;&nbsp; OFS Capital Corp., 7.500%, Maturing 07/31/28 | 56000 | 1414840 |
| &nbsp;&nbsp; OFS Credit Co., Inc., 7.875%, Maturing 10/31/29 | 36949 | 929378 |
| &nbsp;&nbsp; Oxford Lane Capital Corp., 7.950%, Maturing 02/29/32 | 119875 | 2999273 |
| &nbsp;&nbsp; Sound Point Meridian Capital, Inc., 8.000%, Maturing 11/30/29(a) | 97015 | 2439927 |
|  |  | 13528943 |
| &nbsp;&nbsp; **Electronic Equipment, Instruments & Components 0.0%** |  |  |
| &nbsp;&nbsp; Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31^(x) | 488 | 488000 |
| &nbsp;&nbsp; **Wireless Telecommunication Services 0.0%** |  |  |
| &nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)\*^ | 17997 | 215681 |
| &nbsp;&nbsp; **TOTAL PREFERRED STOCKS**<br> (cost $13,927,031) |  | 14232624 |

---

See Notes to Financial Statements.

------

PGIM Floating Rate Income Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Units** | **Value** |
| &nbsp;&nbsp; **WARRANTS\* 0.0%** |  |  |
| &nbsp;&nbsp; **Entertainment 0.0%** |  |  |
| &nbsp;&nbsp; Falcon's Beyond Global, Inc., expiring 12/31/79^ | 156835 | $16 |
| &nbsp;&nbsp; **Interactive Media & Services 0.0%** |  |  |
| &nbsp;&nbsp; Diamond Sports Group LLC, expiring 06/30/26(x) | 456793 | 93277 |
| &nbsp;&nbsp; **TOTAL WARRANTS**<br>(cost $16) |  | 93293 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br>(cost $2,387,797,001) |  | 2368445936 |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares**  |  |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 3.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.483%)(wa) | 68522021 | 68522021 |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<br>(cost $25,288,060; includes $25,173,349 of cash collateral for securities on loan)(b)(wa) | 25307279 | 25289563 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $93,810,081) |  | 93811584 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 102.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $2,481,607,082) |  | 2462257520 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (2.9)% |  | (69814223) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2392443297 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual 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 $170,085,464 and 7.1% 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 $24,629,655; cash collateral of $25,173,349 (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.

(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 August 31, 2025.

(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.

(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 Description** | **Acquisition**<br>**Date** | **Original**<br>**Cost** | **Market**<br>**Value** | **Percentage<br>of<br>Net Assets** |
| Diamond Sports Group LLC\* | 01/02/25 | $639450 | $3309330 | 0.1% |
| Diamond Sports Group LLC, expiring 06/30/26\* | 01/02/25 |  | 93277 | 0.0 |
| Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31^ | 06/26/24 | 492880 | 488000 | 0.0 |
| Ferrellgas Partners LP (Class B Stock)\* | 07/26/24 | 4274677 | 2618209 | 0.1 |
| Heritage Power LLC, Exit Financing - Participation on Account of Backstop Shares & Exit Financing - Reserve Shares\* | 11/21/23 |  | 522705 | 0.0 |
| Heritage Power LLC, Exit Financing Participation Shares & Backstop Shares\* | 11/21/23 | 1888644 | 11884310 | 0.5 |

---

See Notes to Financial Statements.

PGIM Floating Rate Income Fund 21

------

PGIM Floating Rate Income Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer Description** | **Acquisition**<br>**Date** | **Original**<br>**Cost** | **Market**<br>**Value** | **Percentage<br>of<br>Net Assets** |
| Heritage Power LLC, Litigation Trust Interests\*^ | 11/21/23 | $104942 | $104942 | 0.0% |
| Venator Materials PLC\*^ | 05/15/23-10/19/23 | 7130913 | 1054900 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $14531506 | $20075673 | 0.8% |

---

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

#### Unfunded corporate bond commitment outstanding at August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer** | **Principal<br>Amount<br>(000)#** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  New Generation Gas Gathering LLC, Sr. Sec'd. Notes, 144A, —%(p), Maturity Date 09/30/29 (cost $111,811)^ | 113513 | $111811 | $— | $— |

---

#### Unfunded loan commitments outstanding at August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Borrower** | **Principal<br>Amount<br>(000)#** | **Current<br>Value** | **Unrealized<br>Appreciation<br>Depreciation** | **Unrealized** |
|  Aegion Corp., 2025 Incremental DDTL Commitment, 3.000%, Maturity Date 05/17/28 (cost $302,355) | 305 | $305385 | $3030 | $— |
|  Beacon Mobility Corp, Delayed Draw Term Loan, —%(p), Maturity Date 07/31/30 (cost $94,442) | 95 | 95508 | 1066 |  |
|  ClubCorp Holdings, Inc., Delayed Draw Term Loan, 1.000%, Maturity Date 07/09/32<br>(cost $257,960)^ | 262 | 259661 | 1701 |  |
|  ClubCorp Holdings, Inc., Revolver Loan, 0.500%, Maturity Date 07/31/32 (cost $429,932)^ | 436 | 432766 | 2834 |  |
|  Clydesdale Acquisition Holdings, Inc., Delayed Draw Term Loan, 1.625%, Maturity Date 04/01/32 (cost $122,500) | 123 | 122335 |  | (165) |
|  Doncasters US Finance LLC, 2025 Delayed Draw Term Loan, —%(p), Maturity Date 04/01/30 (cost $1,800,000) | 1800 | 1818000 | 18000 |  |
|  Graftech Global Enterprises, Inc., Delayed Draw Term Loan, 3.750%, Maturity Date 12/21/29 (cost $4,057,740) | 3909 | 3977294 |  | (80446) |
|  Jupiter Buyer, Inc., Initial Ddtl, 4.750%, Maturity Date 11/01/31 (cost $538,410) | 541 | 545922 | 7512 |  |
|  SWF Holdings I Corp., Delayed Draw Term Loan, 2.250%, Maturity Date 12/19/29 (cost $2,085,714) | 2086 | 2077892 |  | (7822) |
|  |  | $9634763 | $34143 | $(88433) |

---

#### Futures contracts outstanding at August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | Dec. 2025 | $1631875 | $(6646) |
|  Short Positions: | Short Positions: |  |  |  |
| 304 | 2 Year U.S. Treasury Notes | Dec. 2025 | 63395875 | (90492) |
| 9 | 5 Year Euro-Bobl | Sep. 2025 | 1236748 | 5893 |
| 4 | 5 Year Euro-Bobl | Dec. 2025 | 552754 | (28) |
| 1400 | 5 Year U.S. Treasury Notes | Dec. 2025 | 153256250 | (547160) |
| 7 | 10 Year Euro-Bund | Dec. 2025 | 1052571 | 215 |
| 204 | 10 Year U.S. Treasury Notes | Dec. 2025 | 22950000 | (90534) |
| 65 | 20 Year U.S. Treasury Bonds | Dec. 2025 | 7426250 | (22047) |
|  |  |  |  | (744153) |
|  |  |  |  | $(750799) |

---

#### Forward foreign currency exchange contracts outstanding at August 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 09/02/25 | TD | GBP | 7910 | $10679978 | $10691239 | $11261 | $— |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 09/02/25 | BNY | EUR | 34216 | 40060248 | 40040068 |  | (20180) |
|  |  |  |  | $50740226 | $50731307 | 11261 | (20180) |

---

See Notes to Financial Statements.

------

PGIM Floating Rate Income Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

#### Forward foreign currency exchange contracts outstanding at August 31, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 09/02/25 | TD | GBP | 7910 | $10636012 | $10691239 | $— | $(55227) |
| &nbsp;&nbsp;&nbsp; Expiring 10/02/25 | TD | GBP | 7910 | 10682806 | 10693955 |  | (11149) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 09/02/25 | BNY | EUR | 34216 | 40192835 | 40040068 | 152767 |  |
| &nbsp;&nbsp;&nbsp; Expiring 10/02/25 | BNY | EUR | 34216 | 40137748 | 40114504 | 23244 |  |
|  |  |  |  | $101649401 | $101539766 | 176011 | (66376) |
|  |  |  |  |  |  | $187272 | $(86556) |

---

#### Credit default swap agreements outstanding at August 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>August 31,<br>2025(4)** | **Value at<br>Trade Date** | **Value at<br>August 31,<br>2025** | **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.44.V1 | 06/20/30 | 5.000%(Q) | 59545 | 3.213% | $3335348 | $4893022 | $1557674 |
|  CDX.NA.IG.44.V1 | 06/20/30 | 1.000%(Q) | 487025 | 0.509% | 8731755 | 11504263 | 2772508 |
|  |  |  |  |  | $12067103 | $16397285 | $4330182 |

---

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.

#### Total return swap agreements outstanding at August 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)/ 4.340% | MSI | 09/22/25 | 50000 | $(201862) | $— | $(201862) |

---

See Notes to Financial Statements.

PGIM Floating Rate Income Fund 23

------

PGIM Floating Rate Income Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

#### Total return swap agreements outstanding at August 31, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** |
|  iBoxx US Dollar Liquid Leveraged Loan Index(T) | 1 Day SOFR(Q)/ 4.340% | BNP | 09/22/25 | 96300 | $909056 | $— | $909056 |
|  iBoxx US Dollar Liquid Leveraged Loan Index(T) | 1 Day SOFR(Q)/ 4.340% | MSI | 09/22/25 | 97950 | 924632 |  | 924632 |
|  |  |  |  |  | $1631826 | $— | $1631826 |

---

(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 reporting period ended August 31, 2025, the Fund held reverse repurchase agreements during the period with an average value of $57,948,983 and a daily weighted average interest rate of 0.724%. At August 31, 2025, 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 | $— | $— | $1833688 | $(201862) |

---

#### 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 | $2896000 | $14926587 |

---

#### 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 August 31, 2025 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 | $— | $415323651 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  | 1153599 |  |
|  Commercial Mortgage-Backed Securities |  | 12369510 |  |
|  Corporate Bonds |  | 281163819 | 1788979 |
|  Floating Rate and Other Loans |  | 1408215484 | 165975979 |
|  Residential Mortgage-Backed Securities |  | 19727693 |  |
|  U.S. Treasury Obligations |  | 16807053 |  |
|  Affiliated Exchange-Traded Funds | 8057707 |  |  |
|  Common Stocks | 2205519 | 19718752 | 1612274 |
|  Preferred Stocks | 11184725 | 2344218 | 703681 |
|  Warrants |  | 93277 | 16 |

---

See Notes to Financial Statements.

------

PGIM Floating Rate Income Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |  |
|  **Investments in Securities (continued)** |  |  |  |  |
|  **Assets (continued)** |  |  |  |  |
|  **Short-Term Investments** |  |  |  |  |
|  Affiliated Mutual Funds | $93811584 | $— | $— |  |
|  **Total** | $**115259535** | $**2176917056** | $**170080929** |  |
|  **Other Financial Instruments\*** |  |  |  |  |
|  **Assets** |  |  |  |  |
|  Unfunded Corporate Bond Commitment | $— | $— | $— | <sup>\*\*</sup> |
|  Unfunded Loan Commitments |  | 29608 | 4535 |  |
|  Futures Contracts | 6108 |  |  |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | 187272 |  |  |
|  Centrally Cleared Credit Default Swap Agreements |  | 4330182 |  |  |
|  OTC Total Return Swap Agreements |  | 1833688 |  |  |
|  **Total** | $**6108** | $**6380750** | $**4535** |  |
|  **Liabilities** |  |  |  |  |
|  Unfunded Loan Commitments | $— | $(88433) | $— |  |
|  Futures Contracts | (756907) |  |  |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | (86556) |  |  |
|  OTC Total Return Swap Agreement |  | (201862) |  |  |
|  **Total** | $**(756907)** | $**(376851)** | $**—** |  |

---

\* Other financial instruments are derivative instruments, with the exception of unfunded corporate bond commitments and unfunded loan commitments, and are not reflected in the Schedule of Investments. Futures, forwards, centrally cleared swap contracts, unfunded corporate bond commitments and unfunded loan commitments are recorded at 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) |  | (3302014) | 236703 |  |
|  Change in unrealized appreciation (depreciation) | (11392) | 1077138 | (3630251) | 12281 |
|  Purchase/Exchange/Issuances | 559053 | 85145411 | 154539 |  |
|  Sales/Paydowns |  | (54802126) | (985475) |  |
|  Accrued discount/premium | 2993 | 679152 |  |  |
|  Transfer into Level 3\* | 8406 | 42428880 | 1061109 |  |
|  Transfer out of Level 3\* |  | (46628611) |  |  |
|  **Balance as of 08/31/25** | $1788979 | $165975979 | $1612274 | $703681 |
|  Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end | $(11392) | $(1239378) | $(3630251) | $12281 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Warrants** | **Unfunded Corporate**<br>**Bond Commitment** | **Unfunded Loan<br>Commitments** |
|  **Balance as of 02/28/25** | $16 | $– | $1893 |
|  Realized gain (loss) |  | – |  |
|  Change in unrealized appreciation (depreciation) |  | – | 2642 |
|  Purchase/Exchange/Issuances |  | – |  |
|  Sales/Paydowns |  | – |  |
|  Accrued discount/premium |  | – |  |
|  Transfer into Level 3\* |  | – |  |
|  Transfer out of Level 3\* |  | – |  |
|  **Balance as of 08/31/25** | $16 | $– | $4535 |
|  Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end | $— | $– | $4535 |

---

\* 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 

See Notes to Financial Statements.

PGIM Floating Rate Income Fund 25

------

PGIM Floating Rate Income Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

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>August 31, 2025** | **Valuation<br>Approach** | **Valuation<br>Methodology** | **Unobservable**<br>**Inputs** | **Inputs (Range)** |
|  Corporate Bonds | $7 | Market | Recovery Value | Recovery Rate | 0.00% |
|  Corporate Bonds | 1788972 | Market | Transaction Based | Unadjusted Price | NA |
|  Floating Rate and Other Loans | 9560173 | Market | Comparable Bond | Yield Curve Spread Discount | 50 bps |
|  Floating Rate and Other Loans | 6700445 | Market | Enterprise Value | EBITDA Multiple | 5.0x - 9.5x |
|  Floating Rate and Other Loans | 13393235 | Market | Transaction Based | Unadjusted Price | NA |
|  Common Stocks | 555530 | Market | Enterprise Value | Recovery Rate | 0.00% - 0.99% |
|  Common Stocks | 588 | Market | Recovery Value | Recovery Rate | 0.00% |
|  Preferred Stocks | 215681 | Market | Enterprise Value | Recovery Rate | 12.03% |
|  Preferred Stocks | 488000 | Market | Transaction Based | Unadjusted Price | NA |
|  Warrants | 16 | Market | Recovery Value | Recovery Rate | 0.00% |
|  Unfunded Corporate Bond Commitment |  | Market | Transaction Based | Unadjusted Price | NA |
|  | $32702647 |  |  |  |  |

---

\*\* The table does not include Level 3 securities and/or derivatives that are valued by independent pricing vendors or brokers. As of August 31, 2025, the aggregate value of these securities and/or derivatives was $137,382,817. 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 August 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Collateralized Loan Obligations | 17.4 |
|  Banks | 8.9 |
|  Commercial Services | 7.1 |
|  Affiliated Mutual Funds (1.1% represents investments purchased with collateral from securities on loan) | 3.9 |
|  Chemicals | 3.8 |
|  Retail | 3.6 |
|  Software | 3.4 |
|  Entertainment | 2.9 |
|  Computers | 2.8 |
|  Healthcare-Services | 2.5 |
|  Real Estate Investment Trusts (REITs) | 2.4 |
|  Environmental Control | 2.3 |
|  Insurance | 2.3 |
|  Telecommunications | 2.2 |
|  Building Materials | 2.2 |
|  Diversified Financial Services | 2.1 |
|  Auto Parts & Equipment | 2.1 |
|  Leisure Time | 1.8 |
|  Media | 1.8 |
|  Packaging & Containers | 1.6 |
|  Machinery-Diversified | 1.5 |
|  Pharmaceuticals | 1.4 |
|  Distribution/Wholesale | 1.3 |
|  Metal Fabricate/Hardware | 1.2 |
|  Internet | 1.1 |
|  Electric | 1.1 |
|  Pipelines | 1.1 |
|  Transportation | 1 |
|  Engineering & Construction | 1 |
|  Foods | 0.8 |
|  Residential Mortgage-Backed Securities | 0.8 |
|  Holding Companies-Diversified | 0.8 |

---

---

| | |
|:---|:---|
|  Aerospace & Defense | 0.7 |
|  Airlines | 0.7 |
|  U.S. Treasury Obligations | 0.7 |
|  Healthcare-Products | 0.6 |
|  Oil, Gas & Consumable Fuels | 0.6 |
|  Oil & Gas | 0.6 |
|  Capital Markets | 0.6 |
|  Healthcare | 0.5 |
|  Commercial Mortgage-Backed Securities | 0.5 |
|  Cosmetics/Personal Care | 0.5 |
|  Investment Companies | 0.4 |
|  Home Furnishings | 0.4 |
|  Electronics | 0.4 |
|  Hand/Machine Tools | 0.4 |
|  Affiliated Exchange-Traded Funds | 0.4 |
|  Housewares | 0.3 |
|  Semiconductors | 0.3 |
|  Agriculture | 0.3 |
|  Advertising | 0.3 |
|  Real Estate | 0.3 |
|  Forest Products & Paper | 0.3 |
|  Mining | 0.3 |
|  Beverages | 0.3 |
|  Food Service | 0.3 |
|  Lodging | 0.2 |
|  Miscellaneous Manufacturing | 0.2 |
|  Household Products/Wares | 0.2 |
|  Home Builders | 0.2 |
|  Consumer Services | 0.2 |
|  Private Equity | 0.2 |
|  Interactive Media & Services | 0.2 |
|  Healthcare & Pharmaceuticals | 0.1 |
|  Gas Utilities | 0.1 |

---

See Notes to Financial Statements.

------

PGIM Floating Rate Income Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

#### Industry Classification (continued) :

---

| | |
|:---|:---|
|  Oil & Gas Services | 0.1% |
|  Energy-Alternate Sources | 0.1 |
|  Shipbuilding | 0.1 |
|  Toys/Games/Hobbies | 0.1 |
|  Other | 0.0 \* |
|  Wireless Telecommunication Services | 0.0 \* |
|  IT Services | 0.0 \* |
|  Electronic Equipment, Instruments & Components | 0.0 \* |
|  Health Care Providers & Services | 0.0 \* |

---

---

| | |
|:---|:---|
|  Food Products | 0.0 |
|  | 102.9 |
|  Liabilities in excess of other assets | (2.9) |
|  | 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 August 31, 2025 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 | $4,330,182\* |  | $— |
|  Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 187272 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 86556 |
|  Interest rate contracts | Due from/to broker-variation margin futures | 6,108\* | Due from/to broker-variation margin futures | 756,907\* |
|  Interest rate contracts | Unrealized appreciation on OTC swap agreements | 1833688 | Unrealized depreciation on OTC swap agreements | 201862 |
|  |  | $6357250 |  | $1045325 |

---

\* 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 six months ended August 31, 2025 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 | $— | $— | $1514275 |
|  Foreign exchange contracts |  | (5209015) |  |
|  Interest rate contracts | (3590469) |  | 1034277 |
|  **Total** | $(3590469) | $(5209015) | $2548552 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 | $— | $— | $2123885 |
|  Foreign exchange contracts |  | (220563) |  |
|  Interest rate contracts | 1536303 |  | 1705765 |
|  **Total** | $1536303 | $(220563) | $3829650 |

---

See Notes to Financial Statements.

PGIM Floating Rate Income Fund 27

------

PGIM Floating Rate Income Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

For the six months ended August 31, 2025, 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) | $1085583 |
| &nbsp;&nbsp; Futures Contracts - Short Positions (1) | 277322006 |
| &nbsp;&nbsp; Forward Foreign Currency Exchange Contracts - Purchased (2) | 53702685 |
| &nbsp;&nbsp; Forward Foreign Currency Exchange Contracts - Sold (2) | 106613871 |
| &nbsp;&nbsp; Credit Default Swap Agreements - Sell Protection (1) | 516755000 |
| &nbsp;&nbsp; Total Return Swap Agreements (1) | 176416667 |

---

\*

Average volume is based on average quarter end balances for the six months ended August 31, 2025.

(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> **&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;Amount**  |
|  Securities on Loan | $24629655 | $(24629655) | $— |

---

#### 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** |
| BNP | $909056 | $— | $909056 | $(724069) | $184987 |
| BNY | 176011 | (20180) | 155831 | (155831) |  |
| MSI | 924632 | (201862) | 722770 | (641879) | 80891 |
| TD | 11261 | (66376) | (55115) |  | (55115) |
|  | $2020960 | $(288418) | $1732542 | $(1521779) | $210763 |

---

(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 (unaudited)

as of August 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value, including securities on loan of $24,629,655: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $2,379,923,768) | $2360388229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $101,683,314) | 101869291 |
| &nbsp;&nbsp; Cash | 624149 |
| &nbsp;&nbsp; Foreign currency, at value (cost $590,411) | 592753 |
| &nbsp;&nbsp; Receivable for investments sold | 62515812 |
| &nbsp;&nbsp; Dividends and interest receivable | 15623950 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 6496542 |
| &nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 2896000 |
| &nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 1833688 |
| &nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 187272 |
| &nbsp;&nbsp; Due from broker—variation margin futures | 47007 |
| &nbsp;&nbsp; Unrealized appreciation on unfunded loan commitments | 34143 |
| &nbsp;&nbsp; Prepaid expenses | 1838 |
| &nbsp;&nbsp; **Total Assets** | 2553110674 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 123763438 |
| &nbsp;&nbsp; Payable to broker for collateral for securities on loan | 25173349 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 8296111 |
| &nbsp;&nbsp; Management fee payable | 1086432 |
| &nbsp;&nbsp; Dividends and Distributions payable | 1025811 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 605122 |
| &nbsp;&nbsp; Due to broker—variation margin swaps | 238321 |
| &nbsp;&nbsp; Unrealized depreciation on OTC swap agreements | 201862 |
| &nbsp;&nbsp; Unrealized depreciation on unfunded loan commitment | 88433 |
| &nbsp;&nbsp; Distribution fee payable | 86610 |
| &nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 86556 |
| &nbsp;&nbsp; Directors' fees payable | 10989 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 4343 |
| &nbsp;&nbsp; **Total Liabilities** | 160667377 |
| &nbsp;&nbsp; **Net Assets** | $2392443297 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $2636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 2812001984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (419561323) |
| &nbsp;&nbsp; **Net assets, August 31, 2025** | $2392443297 |

---

See Notes to Financial Statements.

PGIM Floating Rate Income Fund 29

------

PGIM Floating Rate Income Fund

Statement of Assets & Liabilities (unaudited) (continued)

as of August 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A** |  |
| &nbsp;&nbsp; Net asset value and redemption price per share,<br> ($219,510,550 ÷ 24,211,368 shares of common stock issued and outstanding) | $9.07 |
| &nbsp;&nbsp; Maximum sales charge (2.25% of offering price) | 0.21 |
| &nbsp;&nbsp; Maximum offering price to public | $9.28 |
| &nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($46,574,198 ÷ 5,134,688 shares of common stock issued and outstanding) | $9.07 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($1,903,212,491 ÷ 209,695,772 shares of common stock issued and outstanding) | $9.08 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($223,146,058 ÷ 24,583,509 shares of common stock issued and outstanding) | $9.08 |

---

See Notes to Financial Statements.

------

PGIM Floating Rate Income Fund

Statement of Operations (unaudited)

Six Months Ended August 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income (net of $839 foreign withholding tax) | $96330478 |
| &nbsp;&nbsp; Affiliated dividend income | 1878732 |
| &nbsp;&nbsp; Unaffiliated dividend income | 303893 |
| &nbsp;&nbsp; Income from securities lending, net (including affiliated income of $51,413) | 51484 |
| &nbsp;&nbsp; **Total income** | 98564587 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 7832042 |
| &nbsp;&nbsp; Distribution fee(a) | 512914 |
| &nbsp;&nbsp; Interest expense | 1442934 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $13,445)(a) | 1229626 |
| &nbsp;&nbsp; Custodian and accounting fees | 232488 |
| &nbsp;&nbsp; Registration fees(a) | 86563 |
| &nbsp;&nbsp; Shareholders' reports | 62023 |
| &nbsp;&nbsp; Audit fee | 35662 |
| &nbsp;&nbsp; Professional fees | 25433 |
| &nbsp;&nbsp; Directors' fees | 18463 |
| &nbsp;&nbsp; Miscellaneous | 104317 |
| &nbsp;&nbsp; **Total expenses** | 11582465 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (1248115) |
| &nbsp;&nbsp; **Net expenses** | 10334350 |
| &nbsp;&nbsp; Net investment income (loss) | 88230237 |
| &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 $(2767)) | (36026943) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (3590469) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contract transactions | (5209015) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreement transactions | 2548552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 342197 |
|  | (41935678) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $72,038) | 16271628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 1536303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | (220563) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 3829650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 368099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded loan commitments | (91159) |
|  | 21693958 |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | (20241720) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $67988517 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Z** | **Class R6** |
|  Distribution fee | 277508 | 235406 |  |  |
|  Transfer agent's fees and expenses | 103889 | 21770 | 1100366 | 3601 |
|  Registration fees | 13159 | 10553 | 46994 | 15857 |
|  Fee waiver and/or expense reimbursement | (105357) | (29898) | (1048558) | (64302) |

---

See Notes to Financial Statements.

PGIM Floating Rate Income Fund 31

------

PGIM Floating Rate Income Fund

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>August 31, 2025** | **Year Ended<br>February 28, 2025** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; Operations |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $88230237 | $172271139 |
| &nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | (41935678) | (69362209) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 21693958 | 69109376 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 67988517 | 172018306 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A | (7614510) | (16258343) |
| &nbsp;&nbsp; Class C | (1438566) | (3659712) |
| &nbsp;&nbsp; Class Z | (68165745) | (136959178) |
| &nbsp;&nbsp; Class R6 | (8035718) | (20507770) |
|  | (85254539) | (177385003) |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 551201310 | 1136990540 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 79493780 | 165097944 |
| &nbsp;&nbsp; Cost of shares purchased | (689878572) | (882481439) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | (59183482) | 419607045 |
| &nbsp;&nbsp; Total increase (decrease) | (76449504) | 414240348 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 2468892801 | 2054652453 |
| &nbsp;&nbsp; End of period | $2392443297 | $2468892801 |

---

See Notes to Financial Statements.

------

PGIM Floating Rate Income Fund

Financial Highlights (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class A Shares** | | | | | | |
|  | **Six Months**<br>**Ended**<br>**August 31,**<br>**2025** |  |  |  |  |  |
|  | **Six Months**<br>**Ended**<br>**August 31,**<br>**2025** | **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,** |
|  | **Six Months**<br>**Ended**<br>**August 31,**<br>**2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $9.11 | $9.13 | $8.98 | $9.51 | $9.65 | $9.38 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.32 | 0.72 | 0.78 | 0.54 | 0.32 | 0.45 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.05) | - <sup>(b)(c)</sup> | 0.16 | (0.45) | (0.13) | 0.27 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.27 | 0.72 | 0.94 | 0.09 | 0.19 | 0.72 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.31) | (0.74) | (0.78) | (0.62) | (0.33) | (0.45) |
| &nbsp;&nbsp;&nbsp;Tax return of capital distributions |  |  | (0.01) |  |  |  |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.31) | (0.74) | (0.79) | (0.62) | (0.33) | (0.45) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $9.07 | $9.11 | $9.13 | $8.98 | $9.51 | $9.65 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(d)</sup>:** | 3.05% | 8.25% | 11.03% | 1.22% | 1.93% | 8.25% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $219511 | $222259 | $189497 | $177406 | $221472 | $60644 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $220197 | $199488 | $182716 | $203544 | $132395 | $48786 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 1.07 %<sup>(f)(g)</sup> | 1.10 %<sup>(g)</sup> | 1.00 %<sup>(h)</sup> | 1.00 %<sup>(h)</sup> | 0.95% | 0.97 %<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 1.16 %<sup>(f)</sup> | 1.20% | 1.09% | 1.11 %<sup>(h)</sup> | 1.07% | 1.17 %<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 7.11 %<sup>(f)</sup> | 7.91% | 8.67% | 6.01% | 3.29% | 5.04% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(i)</sup> | 39% | 86% | 68% | 43% | 43% | 125% |

---

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

(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 period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

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

(f) Annualized.

(g) Includes interest expense on reverse repurchase agreements of 0.12% and 0.15% which are being excluded from the Fund's contractual waiver, if applicable, for the six months ended August 31, 2025 and year ended February 28, 2025, respectively.

(h) Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.05%, 0.05% and 0.02%, which are being excluded from the Fund's contractual waiver, if applicable, for the years ended February 28/29, 2024, 2023 and 2021, respectively.

(i) 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 (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class C Shares** | | | | | | |
|  | **Six Months**<br>**Ended**<br>**August 31,**<br>**2025** |  |  |  |  |  |
|  | **Six Months**<br>**Ended**<br>**August 31,**<br>**2025** | **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,** |
|  | **Six Months**<br>**Ended**<br>**August 31,**<br>**2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $9.12 | $9.14 | $8.98 | $9.52 | $9.66 | $9.38 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.29 | 0.66 | 0.71 | 0.48 | 0.25 | 0.39 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.06) | - <sup>(b)(c)</sup> | 0.18 | (0.47) | (0.14) | 0.28 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.23 | 0.66 | 0.89 | 0.01 | 0.11 | 0.67 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.28) | (0.68) | (0.72) | (0.55) | (0.25) | (0.39) |
| &nbsp;&nbsp;&nbsp;Tax return of capital distributions |  |  | (0.01) |  |  |  |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.28) | (0.68) | (0.73) | (0.55) | (0.25) | (0.39) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $9.07 | $9.12 | $9.14 | $8.98 | $9.52 | $9.66 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(d)</sup>:** | 2.55% | 7.45% | 10.33% | 0.36% | 1.16% | 7.56% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $46574 | $47742 | $51783 | $61349 | $69648 | $24973 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $46697 | $49168 | $54544 | $70642 | $45432 | $25795 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 1.82 %<sup>(f)(g)</sup> | 1.84 %<sup>(g)</sup> | 1.76 %<sup>(h)</sup> | 1.75 %<sup>(h)</sup> | 1.70% | 1.72 %<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 1.95<sup></sup> %<sup>(f)</sup> | 1.96% | 1.87% | 1.90<sup></sup> %<sup>(h)</sup> | 1.84% | 1.94<sup></sup> %<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 6.36<sup></sup> %<sup>(f)</sup> | 7.19% | 7.92% | 5.32% | 2.54% | 4.31% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(i)</sup> | 39% | 86% | 68% | 43% | 43% | 125% |

---

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

(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 period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

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

(f) Annualized.

(g) Includes interest expense on reverse repurchase agreements of 0.12% and 0.14% which are being excluded from the Fund's contractual waiver, if applicable, for the six months ended August 31, 2025 and year ended February 28, 2025, respectively.

(h) Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.05%, 0.06% and 0.02%, which are being excluded from the Fund's contractual waiver, if applicable, for the years ended February 28/29, 2024, 2023 and 2021, respectively.

(i) 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 (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class Z Shares** | | | | | | |
|  | **Six Months**<br>**Ended**<br>**August 31,**<br>**2025** |  |  |  |  |  |
|  | **Six Months**<br>**Ended**<br>**August 31,**<br>**2025** | **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,** |
|  | **Six Months**<br>**Ended**<br>**August 31,**<br>**2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $9.12 | $9.14 | $8.99 | $9.52 | $9.66 | $9.39 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.33 | 0.74 | 0.80 | 0.55 | 0.35 | 0.47 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.05) | 0.01 <sup>(b)</sup> | 0.17 | (0.43) | (0.14) | 0.28 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.28 | 0.75 | 0.97 | 0.12 | 0.21 | 0.75 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.32) | (0.77) | (0.81) | (0.65) | (0.35) | (0.48) |
| &nbsp;&nbsp;&nbsp;Tax return of capital distributions |  |  | (0.01) |  |  |  |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.32) | (0.77) | (0.82) | (0.65) | (0.35) | (0.48) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $9.08 | $9.12 | $9.14 | $8.99 | $9.52 | $9.66 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(c)</sup>:** | 3.18% | 8.52% | 11.30% | 1.48% | 2.18% | 8.51% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $1903212 | $1959762 | $1542156 | $2077632 | $3794840 | $564615 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $1900865 | $1633056 | $1605227 | $3121921 | $1828765 | $283976 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.82 %<sup>(e)(f)</sup> | 0.85 %<sup>(f)</sup> | 0.76 %<sup>(g)</sup> | 0.75 %<sup>(g)</sup> | 0.70% | 0.72 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.93 %<sup>(e)</sup> | 0.97% | 0.87% | 0.88 %<sup>(g)</sup> | 0.81% | 0.90 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 7.36 %<sup>(e)</sup> | 8.15% | 8.91% | 6.06% | 3.55% | 5.18% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(h)</sup> | 39% | 86% | 68% | 43% | 43% | 125% |

---

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

(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 period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

(f) Includes interest expense on reverse repurchase agreements of 0.12% and 0.15% which are being excluded from the Fund's contractual waiver, if applicable, for the six months ended August 31, 2025 and year ended February 28, 2025, respectively.

(g) Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.06%, 0.05% and 0.02%, which are being excluded from the Fund's contractual waiver, if applicable, for the years ended February 28/29, 2024, 2023 and 2021, 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 35

------

PGIM Floating Rate Income Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class R6 Shares** | | | | | | |
|  | **Six Months**<br>**Ended**<br>**August 31,**<br>**2025** |  |  |  |  |  |
|  | **Six Months**<br>**Ended**<br>**August 31,**<br>**2025** | **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,** |
|  | **Six Months**<br>**Ended**<br>**August 31,**<br>**2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $9.13 | $9.14 | $8.99 | $9.53 | $9.66 | $9.39 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.34 | 0.75 | 0.80 | 0.58 | 0.35 | 0.48 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.06) | 0.01 <sup>(b)</sup> | 0.17 | (0.47) | (0.13) | 0.27 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.28 | 0.76 | 0.97 | 0.11 | 0.22 | 0.75 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.33) | (0.77) | (0.81) | (0.65) | (0.35) | (0.48) |
| &nbsp;&nbsp;&nbsp;Tax return of capital distributions |  |  | (0.01) |  |  |  |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.33) | (0.77) | (0.82) | (0.65) | (0.35) | (0.48) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $9.08 | $9.13 | $9.14 | $8.99 | $9.53 | $9.66 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(c)</sup>:** | 3.09% | 8.69% | 11.36% | 1.42% | 2.34% | 8.57% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $223146 | $239130 | $271216 | $350700 | $396487 | $16970 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $222454 | $241476 | $286529 | $428601 | $180674 | $11040 |
| &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> | 0.79 %<sup>(f)</sup> | 0.71 %<sup>(g)</sup> | 0.70 %<sup>(g)</sup> | 0.65% | 0.67 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.83 %<sup>(e)</sup> | 0.85% | 0.77% | 0.76 %<sup>(g)</sup> | 0.72% | 0.93<sup></sup> %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 7.41 %<sup>(e)</sup> | 8.24% | 8.97% | 6.38% | 3.62% | 5.31% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(h)</sup> | 39% | 86% | 68% | 43% | 43% | 125% |

---

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

(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 period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

(f) Includes interest expense on reverse repurchase agreements of 0.12% and 0.14% which are being excluded from the Fund's contractual waiver, if applicable, for the six months ended August 31, 2025 and year ended February 28, 2025, respectively.

(g) Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.06%, 0.05% and 0.02%, which are being excluded from the Fund's contractual waiver, if applicable, for the years ended February 28/29, 2024, 2023 and 2021, 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 Government Income Fund

Schedule of Investments (unaudited)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.8%** |  |  |  |  |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES 7.1%** |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations** |  |  |  |  |
| &nbsp;&nbsp; Anchorage Capital CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-25A, Class A1, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) | 5.715%(c) | 04/20/35 | 2250 | $2254101 |
| &nbsp;&nbsp; Bain Capital Credit CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | 5.649(c) | 04/18/35 | 1500 | 1502938 |
| &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%) | 5.692(c) | 01/22/38 | 2050 | 2057375 |
| &nbsp;&nbsp; Elevation CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-18A, Class A1, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | 5.525(c) | 03/28/38 | 2500 | 2502808 |
| &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%) | 5.528(c) | 03/15/38 | 1500 | 1499927 |
| &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%) | 5.679(c) | 10/18/37 | 1750 | 1756170 |
| &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%) | 5.400(c) | 04/24/38 | 2000 | 1999600 |
| &nbsp;&nbsp; Tikehau US CLO Ltd. (Bermuda), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.220% (Cap N/A, Floor 1.220%) | 5.492(c) | 02/25/38 | 2400 | 2400480 |
| &nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES**<br> (cost $15,959,316) |  |  |  | 15973399 |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES 14.8%** |  |  |  |  |
| &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 | 2482151 |
| &nbsp;&nbsp; Fannie Mae-Aces, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M22, Class A2 | 2.522 | 08/25/29 | 5684 | 5376231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M01G, Class A2 | 1.517(cc) | 11/25/30 | 2500 | 2189748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-M03, Class A2 | 1.764(cc) | 11/25/31 | 8500 | 7307478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-M13, Class A2 | 2.679(cc) | 06/25/32 | 5000 | 4521914 |
| &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 | 4963719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K151, Class A3 | 3.511 | 04/25/30 | 900 | 879093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K152, Class A2 | 3.080 | 01/25/31 | 375 | 357144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K512, Class A2 | 5.000 | 11/25/28 | 5000 | 5136352 |
| &nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $34,268,014) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33213830 |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES 1.0%** |  |  |  |  |
| &nbsp;&nbsp; Fannie Mae REMIC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-53, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | 6.000(c) | 07/25/55 | 1392 | 1410191 |
| &nbsp;&nbsp; Freddie Mac REMIC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | 6.000(c) | 06/25/55 | 852 | 863191 |
| &nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $2,244,233) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2273382 |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS 61.3%** |  |  |  |  |
| &nbsp;&nbsp; Fannie Mae Interest Strips | 5.372(s) | 07/15/32 | 635 | 460470 |
| &nbsp;&nbsp; Fannie Mae Principal Strips, MTN | 4.359(s) | 05/15/30 | 400 | 333909 |
| &nbsp;&nbsp; Federal Agricultural Mortgage Corp., MTN | 3.950 | 02/02/26 | 15 | 14981 |
| &nbsp;&nbsp; Federal Farm Credit Bank | 1.680 | 09/17/35 | 160 | 120920 |
| &nbsp;&nbsp; Federal Farm Credit Bank | 1.730 | 09/22/31 | 600 | 520404 |
| &nbsp;&nbsp; Federal Farm Credit Bank | 1.770 | 02/04/31 | 1245 | 1103239 |
| &nbsp;&nbsp; Federal Farm Credit Bank | 1.900 | 10/21/30 | 196 | 176453 |
| &nbsp;&nbsp; Federal Farm Credit Bank | 2.040 | 03/19/40 | 1330 | 888778 |
| &nbsp;&nbsp; Federal Farm Credit Bank | 2.150 | 12/01/31 | 3430 | 3032681 |
| &nbsp;&nbsp; Federal Farm Credit Bank | 2.200 | 12/09/31 | 1545 | 1366556 |
| &nbsp;&nbsp; Federal Farm Credit Bank | 2.350 | 03/10/36 | 365 | 288518 |

---

See Notes to Financial Statements.

PGIM Government Income Fund 37

------

PGIM Government Income Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal Farm Credit Bank | 2.400% | 03/24/36 | 222 | $178757 |
| &nbsp;&nbsp; Federal Farm Credit Bank | 2.460 | 02/05/35 | 925 | 765205 |
| &nbsp;&nbsp; Federal Farm Credit Bank | 2.490 | 05/19/36 | 300 | 238977 |
| &nbsp;&nbsp; Federal Farm Credit Bank | 2.500 | 04/14/36 | 455 | 364947 |
| &nbsp;&nbsp; Federal Home Loan Bank | 1.150(cc) | 02/10/31 | 485 | 420329 |
| &nbsp;&nbsp; Federal Home Loan Bank | 1.250(cc) | 03/17/31 | 100 | 93289 |
| &nbsp;&nbsp; Federal Home Loan Bank | 1.350 | 02/18/31 | 30 | 25988 |
| &nbsp;&nbsp; Federal Home Loan Bank | 1.750 | 06/20/31 | 980 | 858898 |
| &nbsp;&nbsp; Federal Home Loan Bank | 1.790 | 12/21/35 | 1065 | 804674 |
| &nbsp;&nbsp; Federal Home Loan Bank | 1.870 | 02/08/36 | 345 | 259920 |
| &nbsp;&nbsp; Federal Home Loan Bank | 2.000(cc) | 05/27/31 | 100 | 93488 |
| &nbsp;&nbsp; Federal Home Loan Bank | 2.000(cc) | 05/27/31 | 140 | 130562 |
| &nbsp;&nbsp; Federal Home Loan Bank | 2.050 | 05/12/31 | 160 | 142950 |
| &nbsp;&nbsp; Federal Home Loan Bank | 2.090 | 02/22/36 | 325 | 250947 |
| &nbsp;&nbsp; Federal Home Loan Bank | 4.250 | 09/10/32 | 370 | 374069 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTN | 1.220 | 08/19/30 | 280 | 244389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTN | 1.300 | 08/12/30 | 62 | 54473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTN | 1.460 | 08/17/35 | 280 | 206983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTN | 1.899(s) | 11/15/38 | 1680 | 895360 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 1.500 | 01/01/36 | 144 | 128799 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 1.500 | 02/01/36 | 58 | 52108 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 1.500 | 11/01/50 | 732 | 553535 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 01/01/32 | 111 | 105678 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 05/01/28 | 175 | 171593 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 05/01/28 | 215 | 210969 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 03/01/30 | 172 | 167513 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 10/01/32 | 183 | 175558 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 11/01/46 | 837 | 716587 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 04/01/51 | 795 | 665974 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 10/01/28 | 24 | 23227 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 06/01/29 | 85 | 83394 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 12/01/30 | 164 | 161208 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 01/01/37 | 339 | 321513 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 04/01/43 | 582 | 531561 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 07/01/43 | 622 | 568142 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 10/01/46 | 252 | 225528 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 11/01/46 | 223 | 199525 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 12/01/46 | 211 | 188329 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 01/01/47 | 723 | 645984 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 03/01/47 | 165 | 147662 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 11/01/37 | 147 | 142370 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 06/01/42 | 410 | 385946 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 06/01/43 | 297 | 279229 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 07/01/43 | 879 | 824031 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 07/01/47 | 987 | 912538 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 08/01/47 | 746 | &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;690224 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 10/01/47 | 69 | 63725 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 06/01/26 | 4 | 3506 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 09/01/26 | 7 | 6614 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 11/01/39 | 315 | 307366 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 09/01/40 | 188 | 183481 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 12/01/40 | 116 | 113214 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 12/01/40 | 146 | 142310 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 04/01/42 | 248 | 240972 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 04/01/42 | 317 | 308321 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 05/01/46 | 353 | 336310 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 08/01/46 | 116 | 110049 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 12/01/46 | 94 | 89800 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 07/01/47 | 190 | 181264 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 08/01/47 | 69 | 65971 |

---

See Notes to Financial Statements.

------

PGIM Government Income Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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. | 4.000% | 08/01/47 | 201 | $191334 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 09/01/39 | 398 | 398025 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 07/01/47 | 70 | 68953 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 07/01/47 | 80 | 78751 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 08/01/47 | 228 | 224270 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 06/01/33 | 227 | 227967 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 03/01/34 | 8 | 8462 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 05/01/34 | 22 | 22389 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 05/01/34 | 139 | 141175 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 02/01/48 | 86 | 86168 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 05/01/53 | 4571 | 4520172 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 06/01/53 | 1628 | 1612352 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 05/01/37 | 34 | 35529 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 01/01/38 | 28 | 29075 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 11/01/52 | 1788 | 1811247 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 12/01/33 | 11 | 10945 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 09/01/34 | 61 | 62189 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.500 | 09/01/32 | 17 | 17929 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.500 | 09/01/32 | 18 | 18178 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 7.000 | 09/01/32 | 18 | 18928 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.301(s) | 11/15/30 | 2695 | 2199992 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 02/01/36 | 166 | 148402 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 04/01/36 | 64 | 57135 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 11/01/50 | 2494 | 1885521 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 12/01/50 | 1855 | 1401275 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.780 | 11/16/35 | 100 | 75711 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 08/01/31 | 141 | 134740 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 05/01/36 | 1032 | 948998 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 06/01/40 | 512 | 445717 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 02/01/41 | 3526 | 3049141 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 05/01/41 | 1710 | 1468848 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 09/01/50 | 3941 | 3131226 |
| &nbsp;&nbsp; Federal National Mortgage Assoc.(k) | 2.000 | 10/01/50 | 9897 | 7937691 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 01/01/51 | 985 | 789263 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 06/01/28 | 54 | 52549 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 08/01/28 | 97 | 95053 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 08/01/29 | 22 | 21108 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 05/01/41 | 671 | 594395 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 06/01/41 | 1039 | 925092 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 02/01/43 | 114 | 101247 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 12/01/46 | 544 | 465512 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 01/01/50 | 1195 | 1004151 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 03/01/50 | 182 | 153400 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 05/01/50 | 845 | 710036 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 06/01/50 | 441 | 369679 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 08/01/50 | 3364 | 2821952 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 10/01/50 | 3372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2814447 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 03/01/51 | 2188 | 1826467 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 04/01/51 | 2173 | 1820190 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 05/01/52 | 765 | 645174 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 01/01/27 | 39 | 38355 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 08/01/28 | 154 | 151424 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 02/01/31 | 152 | 148856 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 11/01/36 | 120 | 114204 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 12/01/42 | 645 | 588874 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 02/01/43 | 284 | 258939 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 03/01/43 | 249 | 226780 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 04/01/43 | 270 | 246963 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 06/01/43 | 121 | 110498 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 06/01/43 | 242 | 220900 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 07/01/43 | 815 | 743487 |

---

See Notes to Financial Statements.

PGIM Government Income Fund 39

------

PGIM Government Income Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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. | 3.000% | 09/01/46 | 661 | $590016 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 11/01/46 | 781 | 697397 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 11/01/46 | 839 | 748983 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 01/01/47 | 98 | 88287 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 04/01/47 | 1708 | 1524683 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 12/01/49 | 220 | 193975 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 12/01/49 | 508 | 445893 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 01/01/50 | 37 | 32329 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 06/01/50 | 213 | 186377 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 04/01/52 | 777 | 684300 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 05/01/52 | 2720 | 2401092 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 12/01/30 | 19 | 18467 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 11/01/32 | 636 | 628608 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 02/01/33 | 34 | 33905 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 05/01/33 | 57 | 56280 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 10/01/41 | 583 | 549464 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 12/01/41 | 172 | 161967 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 03/01/42 | 200 | 188376 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 05/01/42 | 755 | 710594 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 07/01/42 | 261 | 245708 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 12/01/42 | 603 | 565493 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 03/01/43 | 219 | 205038 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 06/01/45 | 1312 | 1222623 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 01/01/46 | 344 | 319647 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 12/01/46 | 668 | 616788 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 04/01/48 | 1045 | 962692 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 11/01/48 | 690 | 636071 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 09/01/40 | 319 | 310858 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 01/01/41 | 388 | 378024 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 09/01/44 | 260 | 249457 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 06/01/47 | 955 | 900628 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 06/01/47 | 1006 | 958063 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 08/01/47 | 206 | 196282 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 09/01/47 | 1214 | 1158792 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 10/01/47 | 603 | 574143 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 11/01/47 | 693 | 659377 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.336(s) | 03/17/31 | 530 | 420609 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 04/01/41 | 267 | 267153 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 05/01/41 | 239 | 238915 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 01/01/45 | 86 | 84943 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 12/01/47 | 591 | 575924 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 06/01/48 | 124 | 121104 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 10/01/48 | 469 | 458166 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 06/01/52 | 868 | 837301 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 12/01/31 | 39 | 39060 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 03/01/34 | 103 | 104034 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 07/01/35 | 44 | 45283 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 09/01/35 | 36 | 36620 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 11/01/35 | 34 | 34269 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 05/01/36 | 16 | 16635 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 07/01/52 | 2529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2506243 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 02/01/34 | 102 | 103489 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 09/01/34 | 189 | 195565 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 02/01/35 | 137 | 141376 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 06/01/35 | 41 | 42662 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 06/01/35 | 67 | 68006 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 09/01/35 | 126 | 129697 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 10/01/35 | 106 | 109916 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 11/01/35 | 53 | 54155 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 11/01/35 | 82 | 84432 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 11/01/36 | 3 | 3003 |

---

See Notes to Financial Statements.

------

PGIM Government Income Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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. | 5.500% | 10/01/52 | 367 | $370843 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | TBA | 1500 | 1532345 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 09/01/33 | — (r) | 320 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 02/01/34 | — (r) | 56 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 06/01/34 | — (r) | 40 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 09/01/34 | — (r) | 38 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 09/01/34 | 5 | 4712 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 09/01/34 | 7 | 7775 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 11/01/34 | 3 | 2858 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 11/01/34 | 15 | 15092 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 02/01/35 | — (r) | 33 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 03/01/35 | 3 | 2748 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 04/01/35 | — (r) | 239 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 12/01/35 | 47 | 48907 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 01/01/36 | 122 | 126760 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 05/01/36 | 34 | 35127 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 05/01/36 | 196 | 205981 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 07/01/32 | 116 | 120483 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 08/01/32 | 55 | 57382 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 09/01/32 | 14 | 14018 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 10/01/32 | 29 | 30557 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 10/01/32 | 121 | 125535 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 10/01/37 | 100 | 105184 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 7.000 | 12/01/31 | 50 | 52679 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 7.000 | 09/01/33 | 46 | 48014 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 7.000 | 11/01/33 | 48 | 50003 |
| &nbsp;&nbsp; Freddie Mac Coupon Strips | 5.245(s) | 03/15/31 | 500 | 401378 |
| &nbsp;&nbsp; Freddie Mac Strips | 5.389(s) | 07/15/32 | 565 | 424771 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.000 | 10/20/51 | 284 | 232501 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 12/20/46 | 137 | 119930 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 03/15/45 | 444 | 396594 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 07/20/45 | 1021 | 918108 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 07/20/46 | 493 | 442685 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 08/20/46 | 927 | 832585 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 10/20/46 | 75 | 67075 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 02/20/47 | 1403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259465 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 05/20/47 | 262 | 234929 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 12/20/47 | 93 | 83327 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 04/20/49 | 381 | 342467 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 04/20/42 | 105 | 98090 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 01/20/43 | 656 | 613960 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 04/20/43 | 292 | 273368 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 03/20/45 | 385 | 358503 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 04/20/45 | 207 | 192499 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 07/20/46 | 750 | 693358 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 03/20/47 | 71 | 66259 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 07/20/47 | 431 | 399019 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 02/20/48 | 935 | 865064 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 11/20/48 | 243 | 224464 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 01/20/49 | 213 | 197481 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 05/20/49 | 341 | 312911 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 02/20/41 | 136 | 130672 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 06/20/44 | 274 | 261277 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 08/20/44 | 84 | 80260 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 11/20/45 | 161 | 153600 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 11/20/46 | 148 | 140815 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 02/20/47 | 130 | 123130 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 10/20/47 | 137 | 130024 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 12/20/47 | 98 | 93369 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 07/20/48 | 288 | 273222 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 02/20/49 | 336 | 318380 |

---

See Notes to Financial Statements.

PGIM Government Income Fund 41

------

PGIM Government Income Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000% | 03/20/49 | 551 | $521138 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 02/20/40 | 84 | 83451 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 01/20/41 | 52 | 51941 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 02/20/41 | 246 | 245695 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 03/20/41 | 124 | 123479 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 06/20/44 | 184 | 181283 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 02/20/46 | 16 | 15387 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 03/20/46 | 78 | 76586 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 03/20/47 | 357 | 351070 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 08/20/47 | 64 | 62813 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 01/20/48 | 49 | 47921 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 02/20/48 | 295 | 290387 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 05/20/52 | 1637 | 1589429 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 10/20/52 | 189 | 183548 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 07/15/33 | 145 | 146546 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 09/15/33 | 199 | 200682 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 04/15/34 | 11 | 11726 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 02/15/34 | 108 | 108536 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 02/15/36 | 65 | 66898 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 05/20/53 | 1924 | 1949137 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 12/20/54 | 1531 | 1544205 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.000 | 01/20/55 | 894 | 912229 |
| &nbsp;&nbsp; Israel Government AID Bond, U.S. Gov't. Gtd. Notes, Series 30Y | 5.500 | 09/18/33 | 370 | 399681 |
| &nbsp;&nbsp; Resolution Funding Corp. Interest Strips, Bonds | 2.980(s) | 01/15/30 | 520 | 437690 |
| &nbsp;&nbsp; Resolution Funding Corp. Interest Strips, Bonds | 3.617(s) | 04/15/30 | 1025 | 853927 |
| &nbsp;&nbsp; Resolution Funding Corp. Interest Strips, Bonds | 4.330(s) | 01/15/29 | 667 | 584479 |
| &nbsp;&nbsp; Resolution Funding Corp. Principal Strips, Bonds | 4.702(s) | 01/15/30 | 6895 | 5820374 |
| &nbsp;&nbsp; Resolution Funding Corp. Principal Strips, Bonds | 4.771(s) | 04/15/30 | 2225 | 1856140 |
| &nbsp;&nbsp; Tennessee Valley Authority, Sr. Unsec'd. Notes | 1.500 | 09/15/31 | 640 | 553302 |
| &nbsp;&nbsp; Tennessee Valley Authority, Sr. Unsec'd. Notes | 3.875 | 08/01/30 | 140 | 140675 |
| &nbsp;&nbsp; Tennessee Valley Authority, Sr. Unsec'd. Notes | 5.880 | 04/01/36 | 170 | 188332 |
| &nbsp;&nbsp; Tennessee Valley Authority Generic Strips, Bonds | 4.724(s) | 07/15/34 | 20 | 13158 |
| &nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $149,404,179) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137814523 |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS 15.0%** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.625 | 08/15/28 | 80 | 80106 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.625 | 08/31/30 | 1585 | 1580356 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.875 | 07/31/30 | 1748 | 1762339 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 1.677(s) | 02/15/43 | 1180 | 485216 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 2.371(s) | 11/15/40 | 1880 | 887637 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 2.472(s) | 08/15/40 | 2420 | 1159735 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 3.301(s) | 02/15/46 | 5395 | 1883381 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 3.490(s) | 02/15/42 | 7070 | 3089869 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 3.815(s) | 02/15/41 | 2650 | 1233456 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.334(s) | 11/15/42 | 4220 | 1762671 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.350(s) | 08/15/41 | 8735 | 3945357 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.354(s) | 08/15/51 | 300 | 78705 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.458(s) | 02/15/49 | 13080 | 3899927 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.608(s) | 11/15/48 | 60 | 18132 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.624(s) | 02/15/39 | 2435 | 1284160 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.663(s) | 02/15/50 | 410 | 116254 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.770(s) | 11/15/49 | 795 | 228069 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.800(s) | 05/15/42 | 115 | 49533 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.920(s) | 08/15/48 | 225 | 68889 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 5.195(s) | 02/15/44 | 560 | 217287 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 5.317(s) | 02/15/40 | 4075 | 2014409 |

---

See Notes to Financial Statements.

------

PGIM Government Income Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 5.364%(s) | 05/15/40 | 16480 | $8018592 |
| &nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $38,315,139) |  |  |  | 33864080 |
|  |  |  | **Shares** |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUND 0.6%** |  |  |  |  |
| &nbsp;&nbsp; PGIM AAA CLO ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $1,280,773)(wa) |  |  | 25000 | 1288125 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $241,471,654) |  |  |  | 224427339 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 0.3%** |  |  |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.483%) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $715,513)(wa) |  |  | 715513 | 715513 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.1%**<br> (cost $242,187,167) |  |  |  | 225142852 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (0.1)% |  |  |  | (293036) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224849816 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual 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 August 31, 2025.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of August 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

(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 Contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **U.S. Government Agency Obligations** | **Interest<br>Rate** | **Maturity<br>Date** | **Settlement<br>Date** | **Principal<br>Amount<br>(000)#** | **Value** |
|  Federal National Mortgage Assoc. | 3.000% | TBA | 10/14/25 | $(7000) | $(6062906) |
|  Federal National Mortgage Assoc. | 4.000% | TBA | 10/14/25 | (2000) | (1865395) |
|  Federal National Mortgage Assoc. | 5.000% | TBA | 10/14/25 | (1500) | (1478137) |
|  Government National Mortgage Assoc. | 4.500% | TBA | 09/22/25 | (1000) | (962977) |
|  **TOTAL FORWARD COMMITMENT CONTRACTS**<br>(proceeds receivable $10,291,934) |  |  |  |  | $(10369415) |

---

#### Futures contracts outstanding at August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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:** |  |  |  |
| 141 | 2 Year U.S. Treasury Notes | Dec. 2025 | $29404008 | $44828 |
| 63 | 5 Year U.S. Treasury Notes | Dec. 2025 | 6896531 | 22488 |
| 17 | 10 Year U.S. Treasury Notes | Dec. 2025 | 1912500 | 5781 |

---

See Notes to Financial Statements.

PGIM Government Income Fund 43

------

PGIM Government Income Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

#### Futures contracts outstanding at August 31, 2025 (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | **Expiration**<br>**Date** | **Current**<br>**Notional**<br>**Amount** | **Value /**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  **Long Positions (cont'd):** | **Long Positions (cont'd):** |  |  |  |
| 42 | 10 Year U.S. Ultra Treasury Notes | Dec. 2025 | $4805063 | $19200 |
| 62 | 30 Year U.S. Ultra Treasury Bonds | Dec. 2025 | 7226875 | (36438) |
|  |  |  |  | 55859 |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 6 | 30 Day Federal Funds | Sep. 2025 | 2391941 | 53 |
| 254 | 20 Year U.S. Treasury Bonds | Dec. 2025 | 29019500 | (80023) |
| 30 | 30 Year UMBS TBA – 3.5% Coupon | Oct. 2025 | 2682891 | (155) |
| 5 | 30 Year UMBS TBA – 4.0% Coupon | Oct. 2025 | 466484 | (1530) |
|  |  |  |  | (81655) |
|  |  |  |  | $(25796) |

---

#### Interest rate swap agreements outstanding at August 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Floating**<br> **Rate** | **Value at<br>Trade Date** | **Value at<br>August 31,<br>2025** | **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)/ 4.340% | $— | $362 | $362 |

---

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

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

#### 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 | $– | $216366 |
|  JPS | – | 1098664 |
|  **Total** | $– | $1315030 |

---

#### 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 August 31, 2025 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 | $— | $15973399 | $— |
|  Commercial Mortgage-Backed Securities |  | 33213830 |  |
|  Residential Mortgage-Backed Securities |  | 2273382 |  |
|  U.S. Government Agency Obligations |  | 137814523 |  |
|  U.S. Treasury Obligations |  | 33864080 |  |
|  Affiliated Exchange-Traded Fund | 1288125 |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 715513 |  |  |
|  **Total** | $**2003638** | $**223139214** | **$—** |

---

See Notes to Financial Statements.

------

PGIM Government Income Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets`** |  |  |  |
|  Futures Contracts | $92350 | $— | $— |
|  Centrally Cleared Interest Rate Swap Agreement |  | 362 |  |
|  **Total** | $**92350** | $**362** | **$—** |
|  **Liabilities** |  |  |  |
|  Forward Commitment Contracts | $— | $(10369415) | $— |
|  Futures Contracts | (118146) |  |  |
|  **Total** | $**(118146)** | $**(10369415)** | **$—** |

---

\* Other financial instruments are derivative instruments, with the exception of forward commitment contracts, and are not reflected in the Schedule of Investments. Futures, forwards 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 August 31, 2025 were as follows:

---

| | |
|:---|:---|
|  U.S. Government Agency Obligations | 61.3 |
|  U.S. Treasury Obligations | 15 |
|  Commercial Mortgage-Backed Securities | 14.8 |
|  Collateralized Loan Obligations | 7.1 |
|  Residential Mortgage-Backed Securities | 1 |
|  Affiliated Exchange-Traded Fund | 0.6 |

---

---

| | |
|:---|:---|
|  Affiliated Mutual Fund | 0.3% |
|  | 100.1 |
|  Liabilities in excess of other assets | (0.1) |
|  | 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 type of risk associated with these derivative instruments is 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 August 31, 2025 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** |
|  Interest rate contracts | Due from/to broker-variation margin futures | $92350 \* | Due from/to broker-variation margin futures | $118146 \* |
|  Interest rate contracts | Due from/to broker-variation margin swaps | 362 \* |  |  |
|  |  | $92712 |  | $118146 |

---

\* 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 six months ended August 31, 2025 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** |
|  Interest rate contracts | $375 | $913426 | $(24203) |

---

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

See Notes to Financial Statements.

PGIM Government Income Fund 45

------

PGIM Government Income Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | |
|:---|:---|:---|
| **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** |
|  Interest rate contracts | $621093 | $29814 |

---

For the six months ended August 31, 2025, 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) | $52584847 |
| &nbsp;&nbsp; Futures Contracts - Short Positions (1) | 38578222 |
| &nbsp;&nbsp; Interest Rate Swap Agreements (1) | 17007667 |

---

\* Average volume is based on average quarter end balances for the six months ended August 31, 2025.

(1) Notional Amount in USD.

See Notes to Financial Statements.

------

PGIM Government Income Fund

Statement of Assets & Liabilities (unaudited)

as of August 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $240,190,881) | $223139214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $1,996,286) | 2003638 |
| &nbsp;&nbsp; Receivable for investments sold | 12746010 |
| &nbsp;&nbsp; Dividends and interest receivable | 736824 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 173754 |
| &nbsp;&nbsp; Due from broker—variation margin futures | 83516 |
| &nbsp;&nbsp; Due from broker—variation margin swaps | 17120 |
| &nbsp;&nbsp; Prepaid expenses | 40 |
| &nbsp;&nbsp; **Total Assets** | 238900116 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Forward commitment contracts, at value (proceeds receivable $10,291,934) | 10369415 |
| &nbsp;&nbsp; Payable for investments purchased | 3146181 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 262136 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 105367 |
| &nbsp;&nbsp; Management fee payable | 61908 |
| &nbsp;&nbsp; Dividends and Distributions payable | 56078 |
| &nbsp;&nbsp; Distribution fee payable | 30644 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 16073 |
| &nbsp;&nbsp; Directors' fees payable | 2498 |
| &nbsp;&nbsp; **Total Liabilities** | 14050300 |
| &nbsp;&nbsp; **Net Assets** | $224849816 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 329954303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (105104770) |
| &nbsp;&nbsp; **Net assets, August 31, 2025** | $224849816 |

---

See Notes to Financial Statements.

PGIM Government Income Fund 47

------

PGIM Government Income Fund

Statement of Assets & Liabilities (unaudited) (continued)

as of August 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A** |  |
| &nbsp;&nbsp; Net asset value and redemption price per share,<br> ($124,239,525 ÷ 15,607,445 shares of common stock issued and outstanding) | $7.96 |
| &nbsp;&nbsp; Maximum sales charge (3.25% of offering price) | 0.27 |
| &nbsp;&nbsp; Maximum offering price to public | $8.23 |
| &nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($2,436,689 ÷ 305,317 shares of common stock issued and outstanding) | $7.98 |
| &nbsp;&nbsp; **Class R** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($4,970,720 ÷ 623,372 shares of common stock issued and outstanding) | $7.97 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($45,099,260 ÷ 5,675,325 shares of common stock issued and outstanding) | $7.95 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($48,103,622 ÷ 6,058,679 shares of common stock issued and outstanding) | $7.94 |

---

See Notes to Financial Statements.

------

PGIM Government Income Fund

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income | $4805842 |
| &nbsp;&nbsp; Affiliated dividend income | 68886 |
| &nbsp;&nbsp; **Total income** | 4874728 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 557844 |
| &nbsp;&nbsp; Distribution fee(a) | 193130 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $48,192)(a) | 167648 |
| &nbsp;&nbsp; Registration fees(a) | 35541 |
| &nbsp;&nbsp; Custodian and accounting fees | 27960 |
| &nbsp;&nbsp; Shareholders' reports | 22679 |
| &nbsp;&nbsp; Audit fee | 21591 |
| &nbsp;&nbsp; Professional fees | 19032 |
| &nbsp;&nbsp; Directors' fees | 6508 |
| &nbsp;&nbsp; Miscellaneous | 19156 |
| &nbsp;&nbsp; **Total expenses** | 1071089 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (167166) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee waiver(a) | (6277) |
| &nbsp;&nbsp; **Net expenses** | 897646 |
| &nbsp;&nbsp; Net investment income (loss) | 3977082 |
| &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 | (2747464) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 913426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreement transactions | (24203) |
|  | (1858241) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $7,352) | 1340173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 621093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 29814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (1) |
|  | 1991079 |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | 132838 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $4109920 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R** | **Class Z** | **Class R6** |
|  Distribution fee | 160391 | 13907 | 18832 |  |  |
|  Transfer agent's fees and expenses | 124445 | 3506 | 3630 | 34524 | 1543 |
|  Registration fees | 10095 | 5298 | 3570 | 9093 | 7485 |
|  Fee waiver and/or expense reimbursement | (63404) | (1374) | (2482) | (66162) | (33744) |
|  Distribution fee waiver |  |  | (6277) |  |  |

---

See Notes to Financial Statements.

PGIM Government Income Fund 49

------

PGIM Government Income Fund

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>August 31, 2025** | **Year Ended<br>February 28, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3977082 | $9690049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (1858241) | (18975877) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 1991079 | 25095887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 4109920 | 15810059 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (2173898) | (4839512) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (30801) | (74294) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (77287) | (173812) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Z | (979978) | (2950769) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (959963) | (2252862) |
|  | (4221927) | (10291249) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold | 20602041 | 35009550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 3882177 | 9547273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased | (47905244) | (135967163) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | (23421026) | (91410340) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | (23533033) | (85891530) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 248382849 | 334274379 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $224849816 | $248382849 |

---

See Notes to Financial Statements.

------

PGIM Government Income Fund

Financial Highlights (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class A Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>August 31,**<br>**2025** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** |
|  | **Six Months<br>Ended<br>August 31,**<br>**2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $7.95 | $7.80 | $7.90 | $9.08 | $9.86 | $10.01 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.13 | 0.25 | 0.22 | 0.15 | 0.07 | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.01 | 0.17 | (0.07) | (1.14) | (0.53) | (0.05) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.14 | 0.42 | 0.15 | (0.99) | (0.46) | 0.01 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.13) | (0.27) | (0.25) | (0.19) | (0.16) | (0.16) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (0.16) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.13) | (0.27) | (0.25) | (0.19) | (0.32) | (0.16) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $7.96 | $7.95 | $7.80 | $7.90 | $9.08 | $9.86 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 1.84% | 5.47% | 1.88% | (10.90)% | (4.72)% | 0.08% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $124240 | $133417 | $146542 | $185497 | $217848 | $268126 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $127267 | $141430 | $170802 | $188326 | $244663 | $357068 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.93 %<sup>(d)</sup> | 0.87% | 1.06% | 1.08% | 0.98% | 0.95% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.03 %<sup>(d)</sup> | 0.95% | 1.11% | 1.13% | 1.02% | 1.00% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.18 %<sup>(d)</sup> | 3.21% | 2.87% | 1.84% | 0.74% | 0.56% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)(f)</sup>  | 63% | 91% | 111% | 197% | 143% | 232% |

---

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

(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 period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

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

(d) Annualized.

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

(f) 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 51

------

PGIM Government Income Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class C Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>August 31,**<br>**2025** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** |
|  | **Six Months<br>Ended<br>August 31,**<br>**2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $7.97 | $7.82 | $7.92 | $9.10 | $9.88 | $10.04 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.08 | 0.16 <sup>(b)</sup> | 0.16 | 0.06 | (0.01)<sup>(b)</sup> | (0.02)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.02 | 0.17 <sup>(c)</sup> | (0.08) | (1.13) | (0.53) | (0.05) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.10 | 0.33 | 0.08 | (1.07) | (0.54) | (0.07) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.09) | (0.18) | (0.18) | (0.11) | (0.08) | (0.09) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (0.16) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.09) | (0.18) | (0.18) | (0.11) | (0.24) | (0.09) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $7.98 | $7.97 | $7.82 | $7.92 | $9.10 | $9.88 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 1.24% | 4.28% | 0.97% | (11.79)% | (5.50)% | (0.75)% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $2437 | $2912 | $3622 | $3554 | $6098 | $12166 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $2759 | $3240 | $3805 | $4311 | $8379 | $13921 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 2.10 %<sup>(f)</sup> | 2.00% | 1.95% | 2.11% | 1.81% | 1.69% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 2.20 %<sup>(f)</sup> | 2.08% | 2.00% | 2.16% | 1.85% | 1.74% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.00 %<sup>(f)</sup> | 2.08% | 1.98% | 0.78% | (0.09)% | (0.20)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)(h)</sup>  | 63% | 91% | 111% | 197% | 143% | 232% |

---

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

(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 period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

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

(f) Annualized.

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

(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 Government Income Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>August 31,**<br>**2025** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** |
|  | **Six Months<br>Ended<br>August 31,**<br>**2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $7.97 | $7.82 | $7.91 | $9.09 | $9.87 | $10.03 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.11 | 0.22 | 0.21 | 0.13 | 0.04 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.01 | 0.17 | (0.07) | (1.14) | (0.52) | (0.06) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.12 | 0.39 | 0.14 | (1.01) | (0.48) | (0.03) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.12) | (0.24) | (0.23) | (0.17) | (0.14) | (0.13) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (0.16) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.12) | (0.24) | (0.23) | (0.17) | (0.30) | (0.13) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $7.97 | $7.97 | $7.82 | $7.91 | $9.09 | $9.87 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 1.55% | 5.08% | 1.80% | (11.12)% | (5.01)% | (0.30)% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $4971 | $5128 | $6504 | $6586 | $8465 | $11915 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $4981 | $5675 | $6416 | $7218 | $10282 | $12173 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.26 %<sup>(d)</sup> | 1.23% | 1.25% | 1.35% | 1.28% | 1.24% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.61 %<sup>(d)</sup> | 1.56% | 1.55% | 1.65% | 1.57% | 1.54% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.85 %<sup>(d)</sup> | 2.86% | 2.68% | 1.56% | 0.44% | 0.29% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)(f)</sup>  | 63% | 91% | 111% | 197% | 143% | 232% |

---

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

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

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

(d) Annualized.

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

(f) 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 (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class Z Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>August 31,**<br>**2025** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** |
|  | **Six Months<br>Ended<br>August 31,**<br>**2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $7.94 | $7.79 | $7.89 | $9.06 | $9.84 | $9.99 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.14 | 0.28 | 0.27 | 0.21 | 0.12 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.02 | 0.17 | (0.08) | (1.14) | (0.53) | (0.04) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.16 | 0.45 | 0.19 | (0.93) | (0.41) | 0.06 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.15) | (0.30) | (0.29) | (0.24) | (0.21) | (0.21) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (0.16) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.15) | (0.30) | (0.29) | (0.24) | (0.37) | (0.21) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $7.95 | $7.94 | $7.79 | $7.89 | $9.06 | $9.84 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 2.07% | 5.89% | 2.45% | (10.27)% | (4.26)% | 0.55% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $45099 | $54292 | $112247 | $250587 | $128655 | $233898 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $50829 | $77088 | $199984 | $179454 | $163472 | $272278 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.48 %<sup>(d)</sup> | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.74 %<sup>(d)</sup> | 0.69% | 0.66% | 0.64% | 0.61% | 0.66% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.62 %<sup>(d)</sup> | 3.62% | 3.42% | 2.53% | 1.23% | 1.00% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)(f)</sup>  | 63% | 91% | 111% | 197% | 143% | 232% |

---

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

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

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

(d) Annualized.

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

(f) 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 (unaudited) (continued)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>August 31,**<br>**2025** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** |
|  | **Six Months<br>Ended<br>August 31,**<br>**2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $7.93 | $7.78 | $7.88 | $9.05 | $9.83 | $9.98 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.14 | 0.28 | 0.27 | 0.20 | 0.12 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.02 | 0.17 | (0.08) | (1.13) | (0.53) | (0.04) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.16 | 0.45 | 0.19 | (0.93) | (0.41) | 0.06 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.15) | (0.30) | (0.29) | (0.24) | (0.21) | (0.21) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (0.16) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.15) | (0.30) | (0.29) | (0.24) | (0.37) | (0.21) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $7.94 | $7.93 | $7.78 | $7.88 | $9.05 | $9.83 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 2.07% | 5.90% | 2.46% | (10.28)% | (4.26)% | 0.46% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $48104 | $52633 | $65360 | $83613 | $94271 | $113817 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $49609 | $58797 | $77396 | $82904 | $106410 | $103539 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.47 %<sup>(d)</sup> | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.60 %<sup>(d)</sup> | 0.58% | 0.55% | 0.56% | 0.54% | 0.54% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.64 %<sup>(d)</sup> | 3.62% | 3.45% | 2.45% | 1.25% | 1.02% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)(f)</sup>  | 63% | 91% | 111% | 197% | 143% | 232% |

---

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

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

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

(d) Annualized.

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

(f) 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

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Notes to Financial Statements (unaudited)

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

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**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 period-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.

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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.

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:

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Notes to Financial Statements (unaudited) (continued)

(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 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

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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).

------

Notes to Financial Statements (unaudited) (continued)

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 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.

*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 Fund. Upon termination of the loan, the borrower will return to the Fund 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 Fund has 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

------

Notes to Financial Statements (unaudited) (continued)

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.

---

| | | |
|:---|:---|:---|
| **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.

The Manager has entered into subadvisory agreements with PGIM, Inc., which provides subadvisory services to each Fund through its business unit PGIM Fixed Income and PGIM Limited (collectively the "subadviser"). 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 August 31, 2025, the contractual and effective management fee rates were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **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% |

---

------

---

| | | |
|:---|:---|:---|
| **Fund** | **Management Fee** | **Effective**<br> **Management Fee,**<br> **before any waiver**<br> **and/or expense**<br> **reimbursements** |
| 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 $3 billion;<br> 0.270% on average daily net assets over $3 billion. | 0.47% |

---

The Manager has contractually agreed, through June 30, 2026, 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. Fees and/or expenses waived and/or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the waiver/reimbursement and/or recoupment for that fiscal year, as applicable. 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.

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, 2026 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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------

Notes to Financial Statements (unaudited) (continued)

For the reporting period ended August 31, 2025, 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** | **CDS** |
|  Floating Rate Income - Class A | $91217 | $22207 |
|  Floating Rate Income - Class C |  | 2579 |
|  Government Income - Class A | 3772 | 454 |
|  Government Income - Class C |  |  |

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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 reporting period ended August 31, 2025, 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 reporting period ended August 31, 2025, were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Cost of<br>Purchases** | **Proceeds** <br> **from Sales**  |
|  Floating Rate Income | $945432247 | $1126756869 |
|  Government Income | 130116534 | 140491364 |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended August 31, 2025, is presented as follows:

#### Floating Rate Income:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **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> **Period**  | **Shares, <br>End** <br> **of** <br> **Period**  | **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> :** | **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 | PGIM Active High Yield Bond ETF |
| &nbsp;&nbsp; $7088000 | $874094 | $— | $70406 | $— | $8032500 | 225000 | $298025 | $— |

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------

#### Floating Rate Income (cont'd.):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **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> **Period** | **Shares,<br>End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
| &nbsp;&nbsp; PGIM Floating Rate Income ETF | &nbsp;&nbsp; PGIM Floating Rate Income ETF | &nbsp;&nbsp; PGIM Floating Rate Income ETF | &nbsp;&nbsp; PGIM Floating Rate Income ETF | &nbsp;&nbsp; PGIM Floating Rate Income ETF | &nbsp;&nbsp; PGIM Floating Rate Income ETF | &nbsp;&nbsp; PGIM Floating Rate Income ETF |  |  |
| &nbsp;&nbsp; $— | $25138 | $— | $69 | $— | $25207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | $165 | $— |
| &nbsp;&nbsp; $7088000 | $899232 | $— | $70475 | $— | $8057707 |  | $298190 | $— |
| &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 4.483%)<sup>(wa)</sup>  | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup>  | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup>  | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup>  | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup>  | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup>  | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup>  | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup>  |  |
| &nbsp;&nbsp; 243594493 | 398509956 | 573582428 | &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;— | 68522021 | 68522021 | 1580542 |  |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wa)</sup>  | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wa)</sup>  | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wa)</sup>  | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wa)</sup>  | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wa)</sup>  | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wa)</sup>  | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wa)</sup>  | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wa)</sup>  |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3262859 | 125477180 | 103449272 | &nbsp;&nbsp;&nbsp;&nbsp;1563 | (2767) | 25289563 | 25307279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51413<sup>(1)</sup> |  |
| &nbsp;&nbsp; $246857352 | $523987136 | $677031700 | $1563 | $(2767) | $93811584 |  | $1631955 | $— |
| &nbsp;&nbsp; $253945352 | $524886368 | $677031700 | $72038 | $(2767) | $101869291 |  | $1930145 | $— |

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#### Government Income:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br> Beginning<br> of**<br> **Period** | **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> **Period** | **Shares,<br>End**<br> **of**<br> **Period** | **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; 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; $— | $1280773 | $— | $7352 | $— | $1288125 | 25000 | $28230 | $— |
| &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup>  | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup>  | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup>  | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup>  | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup>  | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup>  | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup>  | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup>  |  |
| &nbsp;&nbsp; $5694269 | $39293532 | $44272288 | $— | $— | $715513 | 715513 | $40656 | $— |
| &nbsp;&nbsp; $5694269 | $40574305 | $44272288 | $7352 | $— | $2003638 |  | $68886 | $— |

---

(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.** **Tax Information** 

The United States federal income tax basis of the Funds' investments and the net unrealized appreciation (depreciation) as of August 31, 2025 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 | $2481713767 | $52197094 | $(66395706) | $(14198612) |
| &nbsp;&nbsp; Government Income | 232198946 | 2316234 | (19767177) | (17450943) |

---

The GAAP basis may differ from tax basis due to certain tax-related adjustments.

For federal income tax purposes, the following Funds had an approximated capital loss carryforward as of February 28, 2025 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 | $368458000 | $— |
| &nbsp;&nbsp; Government Income | 81632000 |  |

---

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, 2025 are subject to such review.

------

Notes to Financial Statements (unaudited) (continued)

**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** |
| &nbsp;&nbsp; Floating Rate Income - Class A | 150000000 |
| &nbsp;&nbsp; Floating Rate Income - Class C | 100000000 |
| &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 August 31, 2025, 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 | 45276 | 0.1% |
| &nbsp;&nbsp; Government Income–Class Z | 4654 | 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 | 78.3 |
| &nbsp;&nbsp; Government Income | 6 | 62.8 |

---

------

Transactions in shares of common stock were as follows:

#### Floating Rate Income:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
|  **Class A** |  |  |
| &nbsp;&nbsp; **Six months ended August 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 4267604 | $38465482 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 822865 | 7416202 |
| &nbsp;&nbsp; Shares purchased | (5289582) | (47587358) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (199113) | (1705674) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 233667 | 2095813 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (208249) | (1855084) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (173695) | $(1464945) |
| &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; **Six months ended August 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 490913 | $4428544 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 153937 | 1387757 |
| &nbsp;&nbsp; Shares purchased | (628126) | (5650785) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 16724 | 165516 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (117695) | (1056369) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (100971) | $(890853) |
| &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; **Six months ended August 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 54230514 | $488723470 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 7337146 | 66186739 |
| &nbsp;&nbsp; Shares purchased | (66491322) | (595504476) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (4923662) | (40594267) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 243514 | 2175669 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (405961) | (3662030) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (5086109) | $(42080628) |
| &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 |

---

------

Notes to Financial Statements (unaudited) (continued)

---

| | |
|:---|:---|
| **Floating** | **Rate Income (cont'd.):**  |

---

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended August 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 2172905 | $19583814 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 499118 | 4503082 |
| &nbsp;&nbsp; Shares purchased | (4548475) | (41135953) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (1876452) | (17049057) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 276357 | 2498338 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (21651) | (196337) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (1621746) | $(14747056) |
| &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; **Six months ended August 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 303246 | $2392306 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 260775 | 2063974 |
| &nbsp;&nbsp; Shares purchased | (1691639) | (13342136) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (1127618) | (8885856) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 25094 | 197920 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (65533) | (517348) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (1168057) | $(9205284) |
| &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; **Six months ended August 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 5201 | $41156 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 3881 | 30795 |
| &nbsp;&nbsp; Shares purchased | (53757) | (427444) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (44675) | (355493) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (15176) | (120285) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (59851) | $(475778) |

---

------

#### Government Income (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &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; **Six months ended August 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 36144 | $284601 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 9733 | 77167 |
| &nbsp;&nbsp; Shares purchased | (66174) | (521688) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (20297) | $(159920) |
| &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; **Six months ended August 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1969511 | $15550363 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 95371 | 753439 |
| &nbsp;&nbsp; Shares purchased | (3228223) | (25352166) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (1163341) | (9048364) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 22863 | 179578 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (22704) | (177891) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (1163182) | $(9046677) |
| &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; **Six months ended August 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 296540 | $2333615 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 121196 | 956802 |
| &nbsp;&nbsp; Shares purchased | (1050287) | (8261810) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (632551) | (4971393) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 55990 | 440784 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (353) | (2758) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (576914) | $(4533367) |
| &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) |

---

------

Notes to Financial Statements (unaudited) (continued)

**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 SCA in effect at the reporting period-end.

---

| | |
|:---|:---|
|  | **SCA** |
| &nbsp;&nbsp; **Term of Commitment** | 9/27/2024 – 9/25/2025 |
| &nbsp;&nbsp; **Total Commitment** | 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% |
| &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 |

---

\* 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.

Subsequent to the reporting period end, the SCA has been renewed and effective September 26, 2025 through September 24, 2026 will provide a commitment of $1,275,000,000, of which $1,200,000,000 ("Tranche A") will be available for all Participating Funds, and of which $75,000,000 ("Tranche B") will be solely available to the Floating Rate Income and one other fund (the "Floating Rate Funds"). The commitment fee allocated to the Participating Funds will continue to be 0.15% of the unused portion of the Tranche A SCA and the commitment fee allocated to the Floating Rate Funds will be 0.15% of the unused portion of the Tranche B SCA. The interest on borrowings under the renewed SCA will be paid monthly and at a per annum interest rate of 1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent.

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 Funds did not utilize the SCA during the reporting period ended August 31, 2025.

**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** | **Floating Rate<br>Income** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government** <br> **Income** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |  |  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Risks** | **Floating Rate<br>Income** | **Floating Rate<br>Income** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government** <br> **Income** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government** <br> **Income** |
| &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 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.

*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.

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Notes to Financial Statements (unaudited) (continued)

*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.

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*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. Similarly, a rise in interest rates may also have a greater negative impact on the value of equity securities whose issuers expect earnings further out in the future. 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.

*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.

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Notes to Financial Statements (unaudited) (continued)

*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 Asia, Eastern Europe and the Middle East, 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 length of time the Fund has held a particular security is not generally a consideration in investment decisions. Under certain market conditions, the Fund's turnover rate may be higher than that of other mutual 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

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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** 

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – "Improvements to Income Taxes Disclosures", which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management is currently evaluating the impact and does not expect ASU to have a material impact on the 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 August 31, 2025.

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#### 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.

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Approval of Advisory Agreements

#### PGIM Floating Rate Income Fund

#### The Fund's Board of Directors
The Board of Directors (the "Board") of PGIM Floating Rate Income Fund (the "Fund")1 consists of ten individuals, eight of whom are not "interested persons" of the Fund, as defined in the Investment Company Act of 1940, as amended (the "1940 Act") (the "Independent Directors"). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Directors have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. The Board has established five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent Directors.

#### Annual Approval of the Fund's Advisory Agreements
As required under the 1940 Act, the Board determines annually whether to renew the Fund's management agreement with PGIM Investments LLC ("PGIM Investments") and the Fund's subadvisory agreement with PGIM, Limited ("PGIML") and PGIM, Inc. ("PGIM"), on behalf of its PGIM Fixed Income unit ("PGIM Fixed Income"). In considering the renewal of the agreements, the Board, including all of the Independent Directors, met on June 2 and 11-12, 2025 (the "Board Meeting") and approved the renewal of the agreements through July 31, 2026, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments, PGIML and PGIM. Also, the Board considered comparisons with other mutual funds in relevant peer universes and peer groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Directors advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments and the subadvisers, the performance of the Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund's assets grow. In their deliberations, the Directors did not identify any single factor which alone was responsible for the Board's decision to approve an agreement with respect to the Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at regular and special Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the Board Meeting.

The Directors determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund's investment manager pursuant to a management agreement, and between PGIM Investments and PGIML and PGIM Fixed Income, which serve as the Fund's subadvisers pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Directors considered relevant in the exercise of their business judgment. The Board considered the approval of the agreements for the Fund as part of its consideration of agreements for multiple funds, but its approvals were made on a fund-by-fund basis.

The material factors and conclusions that formed the basis for the Directors' reaching their determinations to approve the continuance of the agreements are separately discussed below.

#### Nature, Quality and Extent of Services
The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments, PGIML and PGIM Fixed Income. The Board noted that PGIML and PGIM Fixed Income are affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadvisers for the Fund, as well as the provision of accounting oversight, fund recordkeeping, compliance and other services to the Fund, such as PGIM Investments' role as administrator for the Fund's liquidity risk management program and as valuation designee.

<sup>1</sup> PGIM Floating Rate Income Fund is a series of Prudential Investment Portfolios, Inc. 14.

PGIM Floating Rate Income Fund

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Approval of Advisory Agreements (continued)

With respect to PGIM Investments' oversight of the subadvisers, the Board noted that PGIM Investments' Strategic Investment Research Group ("SIRG"), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments' senior management on the performance and operations of the subadvisers. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Directors of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIML and PGIM Fixed Income, including investment research and security selection, as well as adherence to the Fund's investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments' evaluation of the subadvisers, as well as PGIM Investments' recommendation, based on its review of the subadvisers, to renew the subadvisory agreement.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments' senior management responsible for the oversight of the Fund, PGIML and PGIM Fixed Income, and also considered the qualifications, backgrounds and responsibilities of the PGIML and PGIM Fixed Income portfolio managers who are responsible for the day-to-day management of the Fund's portfolio. The Board was provided with information pertaining to PGIML's, PGIM Investments' and PGIM Fixed Income's organizational structure, senior management, investment operations, and other relevant information pertaining to PGIM Investments, PGIML and PGIM Fixed Income. The Board also noted that it received favorable compliance reports from the Fund's Chief Compliance Officer ("CCO") as to each of PGIM Investments, PGIML and PGIM Fixed Income.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments and the subadvisory services provided to the Fund by PGIML and PGIM Fixed Income, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments, PGIML and PGIM Fixed Income under the management and subadvisory agreement.

#### Costs of Services and Profits Realized by PGIM Investments
The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund's investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations of direct and indirect costs, and the adviser's capital structure and cost of capital. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

#### Economies of Scale
The Board received and discussed information concerning economies of scale that PGIM Investments may realize as the Fund's assets grow beyond current levels. The Board noted that the management fee schedule for the Fund includes breakpoints, which have the effect of decreasing the fee rate as assets increase. During the course of time, the Board has considered information regarding the launch date of the Fund, the management fees of the Fund compared to those of similarly managed funds and PGIM Investments' investment in the Fund over time. The Board noted that economies of scale can be shared with the Fund in several ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment. The Board also considered PGIM Investments' assertion that it continually evaluates the management fee schedule of the Fund and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase.

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board's understanding that most of PGIM Investments' costs are not specific to individual funds, but rather are incurred across a variety of products and services.

#### Other Benefits to PGIM Investments, PGIML and PGIM Fixed Income
The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIML, PGIM Fixed Income and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund's transfer agent (which is affiliated with PGIM Investments), as well as benefits to its reputation or other intangible benefits resulting from PGIM Investments' association with the Fund. The Board concluded that the potential benefits to be derived by PGIML and PGIM Fixed Income included the ability to use soft dollar credits, as well as the potential

Visit our website at pgim.com/investments

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benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments, PGIML and PGIM Fixed Income were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

#### Performance of the Fund / Fees and Expenses
The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-, three-, five-, and ten-year periods ended December 31, 2024.

The Board also considered the Fund's actual management fee, as well as the Fund's net total expense ratio, for the fiscal year ended February 28, 2024. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a peer group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

The mutual funds included in the peer universe, which was used to consider performance, and the peer group, which was used to consider expenses and fees, were objectively determined by Broadridge, an independent provider of mutual fund data. In certain circumstances, PGIM Investments also provided supplemental peer universe or peer group information, for reasons addressed with the Board. The comparisons placed the Fund in various quartiles over various periods, with the first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

The section below summarizes key factors considered by the Board and the Board's conclusions regarding the Fund's performance, fees and overall expenses. The table sets forth net performance comparisons (which reflect the impact on performance of fund expenses, or any subsidies, expense caps or waivers that may be applicable) with the peer universe, actual management fees with the peer group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the peer group, each of which were key factors considered by the Board.

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| |
|:---|
| &nbsp;&nbsp;&nbsp;*Net Performance* |
| &nbsp;&nbsp;&nbsp; 1<sup>st</sup> Quartile 2<sup>nd</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 2<sup>nd</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile |

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● The Board noted that the Fund outperformed its benchmark index over the one- and five-year periods and underperformed over the other periods.

● The Board and PGIM Investments agreed to retain the Fund's existing contractual expense cap, which (exclusive of certain fees and expenses) caps the Fund's annual operating expenses at 0.95% for Class A shares, 1.70% for Class C shares, 0.70% for Class Z shares, and 0.65% for Class R6 shares through June 30, 2026.

● In addition, PGIM Investments will 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 has agreed that total annual fund operating expenses for Class R6 shares will not exceed total annual fund operating expenses for Class Z shares.

● The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

● The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

\* \* \*

After full consideration of these factors, the Board concluded that the approval of the agreements was in the best interests of the Fund and its shareholders.

PGIM Floating Rate Income Fund

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Approval of Advisory Agreements

#### PGIM Government Income Fund

#### The Fund's Board of Directors
The Board of Directors (the "Board") of PGIM Government Income Fund (the "Fund")<sup>1</sup> consists of ten individuals, eight of whom are not "interested persons" of the Fund, as defined in the Investment Company Act of 1940, as amended (the "1940 Act") (the "Independent Directors"). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Directors have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. The Board has established five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent Directors.

#### Annual Approval of the Fund's Advisory Agreements
As required under the 1940 Act, the Board determines annually whether to renew the Fund's management agreement with PGIM Investments LLC ("PGIM Investments") and the Fund's subadvisory agreement with PGIM, Inc. ("PGIM"), on behalf of its PGIM Fixed Income unit ("PGIM Fixed Income"). In considering the renewal of the agreements, the Board, including all of the Independent Directors, met on June 2 and 11-12, 2025 (the "Board Meeting") and approved the renewal of the agreements through July 31, 2026, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments and PGIM. Also, the Board considered comparisons with other mutual funds in relevant peer universes and peer groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Directors advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments and the subadviser, the performance of the Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund's assets grow. In their deliberations, the Directors did not identify any single factor which alone was responsible for the Board's decision to approve an agreement with respect to the Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at regular and special Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the Board Meeting.

The Directors determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund's investment manager pursuant to a management agreement, and between PGIM Investments and PGIM, which, through its PGIM Fixed Income unit, serves as the Fund's subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Directors considered relevant in the exercise of their business judgment. The Board considered the approval of the agreements for the Fund as part of its consideration of agreements for multiple funds, but its approvals were made on a fund-by-fund basis.

The material factors and conclusions that formed the basis for the Directors' reaching their determinations to approve the continuance of the agreements are separately discussed below.

#### Nature, Quality and Extent of Services
The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments and PGIM Fixed Income. The Board noted that PGIM Fixed Income is affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for the Fund, as well as the provision of accounting oversight, fund recordkeeping, compliance and other services to the Fund, such as PGIM Investments' role as administrator for the Fund's liquidity risk management program and as valuation designee. With respect to PGIM Investments' oversight of the subadviser, the Board noted that PGIM Investments' Strategic Investment Research Group ("SIRG"), which is a

<sup>1</sup> PGIM Government Income Fund is a series of Prudential Investment Portfolios, Inc. 14.

Visit our website at pgim.com/investments

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business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments' senior management on the performance and operations of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Directors of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM Fixed Income, including investment research and security selection, as well as adherence to the Fund's investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments' evaluation of the subadviser as well as PGIM Investments' recommendation, based on its review of the subadviser, to renew the subadvisory agreement.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments' senior management responsible for the oversight of the Fund and PGIM Fixed Income, and also considered the qualifications, backgrounds and responsibilities of PGIM Fixed Income's portfolio managers who are responsible for the day-to-day management of the Fund's portfolio. The Board was provided with information pertaining to PGIM Investments and PGIM Fixed Income's organizational structure, senior management, investment operations, and other relevant information pertaining to both PGIM Investments and PGIM Fixed Income. The Board also noted that it received favorable compliance reports from the Fund's Chief Compliance Officer ("CCO") as to both PGIM Investments and PGIM Fixed Income.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments and the subadvisory services provided to the Fund by PGIM Fixed Income, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments and PGIM Fixed Income under the management and subadvisory agreements.

#### Costs of Services and Profits Realized by PGIM Investments
The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund's investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations of direct and indirect costs, and the adviser's capital structure and cost of capital. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

#### Economies of Scale
The Board received and discussed information concerning economies of scale that PGIM Investments may realize as the Fund's assets grow beyond current levels. The Board noted that the management fee schedule for the Fund includes breakpoints, which have the effect of decreasing the fee rate as assets increase. During the course of time, the Board has considered information regarding the launch date of the Fund, the management fees of the Fund compared to those of similarly managed funds and PGIM Investments' investment in the Fund over time. The Board noted that economies of scale can be shared with the Fund in other ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment. The Board also considered PGIM Investments' assertion that it continually evaluates the management fee schedule of the Fund and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase.

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board's understanding that most of PGIM Investments' costs are not specific to individual funds, but rather are incurred across a variety of products and services.

#### Other Benefits to PGIM Investments and PGIM Fixed Income
The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM Fixed Income and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund's transfer agent (which is affiliated with PGIM Investments), as well as benefits to its reputation or other intangible benefits resulting from PGIM Investments' association with the Fund. The Board concluded that the potential benefits to be derived by PGIM Fixed Income included its ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional

PGIM Government Income Fund

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Approval of Advisory Agreements (continued)

research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments and PGIM Fixed Income were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

#### Performance of the Fund / Fees and Expenses
The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-, three-, five- and ten-year periods ended December 31, 2024.

The Board also considered the Fund's actual management fee, as well as the Fund's net total expense ratio, for the fiscal year ended February 28, 2024. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a peer group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

The mutual funds included in the peer universe, which was used to consider performance, and the peer group, which was used to consider expenses and fees, were objectively determined by Broadridge, an independent provider of mutual fund data. In certain circumstances, PGIM Investments also provided supplemental peer universe or peer group information, for reasons addressed with the Board. The comparisons placed the Fund in various quartiles over various periods, with the first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

The section below summarizes key factors considered by the Board and the Board's conclusions regarding the Fund's performance, fees and overall expenses. The table sets forth net performance comparisons (which reflect the impact on performance of fund expenses, or any subsidies, expense caps or waivers that may be applicable) with the peer universe, actual management fees with the peer group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the peer group, each of which were key factors considered by the Board.

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| |
|:---|
| &nbsp;&nbsp;&nbsp;*Net Performance* |
| &nbsp;&nbsp;&nbsp; 1<sup>st</sup> Quartile 2<sup>nd</sup> Quartile 3<sup>rd</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 2<sup>nd</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile |

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● The Board noted that the Fund outperformed its benchmark index over the one- year period and underperformed its benchmark index over the remaining periods.

● The Board considered that the Fund also outperformed its benchmark index over three- and ten-year periods (gross of fees).

● PGIM Investments has contractually agreed, through June 30, 2026, to limit (exclusive of certain fees and expenses) total annual fund operating expenses after fee waivers and/or expense reimbursements to 0.48% of average daily net assets for Class Z shares and 0.47% of average daily net assets for Class R6 shares.

● In addition, PGIM Investments will 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 has agreed that total annual fund operating expenses for Class R6 shares will not exceed total annual fund operating expenses for Class Z shares.

● The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

● The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

\* \* \*

After full consideration of these factors, the Board concluded that the approval of the agreements was in the best interests of the Fund and its shareholders.

Visit our website at pgim.com/investments

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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

&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;shareholders may recommend nominees to the registrant's board of directors.

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

(a)(1) Code of Ethics – Not required, as this is not an annual filing.

(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.](d14937dex99cert.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.](d14937dex99906cert.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.

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| | |
|:---|:---|
| Registrant:  | <u>Prudential Investment Portfolios, Inc. 14</u> |
| By: | <u>/s/ Andrew R. French</u> |
|  | Andrew R. French |
|  | Secretary |
| Date: | October 22, 2025 |

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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.

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| | |
|:---|:---|
| By:  | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
| Date: | October 22, 2025 |
| By: | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer (Principal Financial Officer) |
| Date: | October 22, 2025 |

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## Ex-99.Cert

Item 19

**Prudential Investment Portfolios, Inc. 14** 

Semi-Annual period ending 8/31/25

File No. 811-03712

**<u>CERTIFICATIONS</u>**

I, Stuart S. Parker, certify that:

&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;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;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;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.

------

&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.

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| | |
|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; October 22, 2025 |  |
|  | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |

---

------

Item 19

**Prudential Investment Portfolios, Inc. 14** 

Semi-Annual period ending 8/31/25

File No. 811-03712

**<u>CERTIFICATIONS</u>**

I, Christian J. Kelly, certify that:

&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;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;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;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.

------

&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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 22, 2025 |  |
|  | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer |
|  | (Principal Financial Officer) |

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## 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.

---

| | |
|:---|:---|
| October 22, 2025 | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
| October 22, 2025 | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer (Principal Financial Officer) |

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*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.*