PGIM Government Income Fund

C000012503 Fund Overview

PGIM Government Income Fund is a US mutual fund managed by Prudential Investment Portfolios, Inc. 14, categorised as Long Total / Aggregate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Prudential Investment Portfolios, Inc. 14
• Category: Long Total / Aggregate Bond
• Assets under management: $220.47M
• SEC CIK: 0000717819
• SEC series ID: S000004573
• Share class ID: C000012503

C000012503 Investment Objective and Strategy

PGIM Government Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Prudential Investment Portfolios, Inc. 14.

Investment objective

The investment objective of the Fund is to seek high current return .

Principal investment strategy

Consistent with its objective, the Fund seeks investments that provide investors with a current return in excess of the Fund's benchmark. The Fund invests, under normal circumstances, at least 80% of its investable assets in U.S. Government securities, including U.S. Treasury bills, notes, bonds, strips and other debt securities issued by the U.S. Treasury, and obligations, including mortgage-related securities, issued or guaranteed by U.S. Government agencies or instrumentalities. The term investable assets refers to the Fund's net assets plus any borrowings for investment purposes. The Fund's investable assets will be less than its total assets to the extent that it has borrowed money for non-investment purposes, such as to meet anticipated redemptions. The Fund may also invest in derivatives, including futures, swaps, and options, for purposes of hedging and/or improving the Fund's returns.

In managing the Funds assets, the subadviser uses a combination of top-down economic analysis and bottom-up research in conjunction with proprietary quantitative models and risk management systems. In the top-down economic analysis, the subadviser develops views on economic, policy and market trends. In its bottom-up research, the subadviser develops an internal rating and outlook on issuers. The rating and outlook are determined based on a thorough review of the financial health and trends of the issuer. The subadviser may also consider investment factors such as expected total return, yield, spread and potential for price appreciation as well as credit quality, maturity and risk. The Fund may invest in a security based upon the expected total return rather than the yield of such security.

The subadviser has a team of fixed income professionals, including credit analysts and traders, with experience in many sectors of the U.S. and foreign fixed income securities markets. In deciding which portfolio securities to buy and sell, the subadviser will consider economic conditions and interest rate fundamentals. The subadviser will also evaluate individual issues within each bond sector based upon their relative investment merit. The Fund may actively and frequently trade its portfolio securities. Some (but not all) of the U.S. Government securities and mortgage-related securities in which the Fund will invest are backed by the full faith and credit of the U.S. Government, which means that payment of interest and principal is guaranteed, but yield and market value are not. These securities include, but are not limited to, direct obligations issued by the U.S.

Treasury, and obligations of certain entities that may be chartered or sponsored by Acts of Congress, such as the Government National Mortgage Association (GNMA or Ginnie Mae), the Farmers Home Administration and the Export-Import Bank. Securities issued by other government entities that may be chartered or sponsored by Acts of Congress, in which the Fund may invest, are not backed by the full faith and credit of the United States and must rely on their own resources to repay the debt. These securities include, but are not limited to, obligations of the Federal National Mortgage Association (FNMA or Fannie Mae), the Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac), the Federal Home Loan Bank, the Tennessee Valley Authority and the U.S. Postal Service, each of which has the right to borrow from the United States Treasury to meet its obligations, and obligations of the Farm Credit System, which depends entirely upon its own resources to repay its debt obligations.

High current return means the return received from interest income from U.S. Government and other debt securities and from net gains realized from sales of portfolio securities. The Fund may also realize income from premiums from covered put and call options written by the Fund on U.S. Government securities as well as options on futures contracts on U.S. Government securities, options on securities indexes and net gains from closing purchase and sales transactions with respect to these options. The writing of options on U.S. Government securities, options on futures contracts on U.S. Government securities and options on securities indexes may limit the Fund's potential for capital gains on its portfolio. Most, if not all, of the Fund's debt securities are investment-grade. This means major rating services, like S&P Global Ratings (S&P) or Moody's Investors Service, Inc.

(Moody's), have rated the securities within one of their four highest quality grades. Debt obligations in the fourth highest grade are regarded as investment-grade, but have speculative characteristics and are riskier than higher rated securities. A rating is an assessment of the likelihood of timely repayment of interest and principal and can be useful when comparing different debt obligations. These ratings are not a guarantee of quality. The opinions of the rating agencies do not reflect market risk and they may at times lag behind the current financial conditions of a company. In the event that a security receives different ratings from different rating services, the Fund will treat the security as being rated in the highest rating category received from a rating service. The Fund may also invest in obligations that are not rated, but that the subadviser believes are of comparable quality to the obligations described above.

C000012503 Holdings

Top 10 holdings of PGIM Government Income Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all C000012503 holdings

C000012503 Portfolio Allocation

Asset-class allocation of PGIM Government Income Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000012503 Costs and Fees

C000012503 costs about $203 per $10,000 invested per year in fund expenses.

• Net expense ratio: 2.03%
• Gross expense ratio: 5.15%
• Portfolio turnover: 139%
• Brokerage commissions: 0.49 bps of average net assets (SEC N-CEN)

C000012503 Cashflows

Over the 12 months to 2026-05, PGIM Government Income Fund had net outflows of $11.38M, from monthly SEC N-PORT filings.

C000012503 Debt Constituents

Largest debt holdings of PGIM Government Income Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000012503 Prospectus and SEC Filings

Official PGIM Government Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-04-28
• Prospectus (485BPOS) — filed 2025-04-28
• Prospectus (485BPOS) — filed 2024-04-26
• Portfolio holdings (N-PORT) — filed 2026-07-27
• Portfolio holdings (N-PORT) — filed 2026-04-23
• Portfolio holdings (N-PORT) — filed 2026-01-27
• Annual census (N-CEN) — filed 2026-05-12
• Annual census (N-CEN) — filed 2025-05-12

Related Funds

Other Long Total / Aggregate Bond funds tracked on ABC INVEST:

• Dodge & Cox Income Fund (DODIX)
• Bond Fund Of America (ABNDX)
• Fidelity U.S. Bond Index Fund (FUBFX)
• Baird Aggregate Bond Fund (BAGIX)
• PGIM Total Return Bond Fund (PDBAX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.