Prudential Government Money Market Fund, Inc.

Contractual Management Fee

Effective
Management Fee,

before any waivers

and/or expense

reimbursements

Core Government Money Market *

0.50% of average daily net assets up to

and including $50 million; and 0.30% on

average daily net assets over $50 million.

Government Money Market **

0.30% of average daily net assets up to $50 million;

0.25% of average daily net assets from $50 million to $300 million;

0.20% of average daily net assets over $300 million.

PGIM Government Money Market Fund

Class A

: PBMXX –PURCHASE

Class A

: MJAXX –EXCHANGE

ANNUAL SHAREHOLDER REPORT – July 31, 2026

This annual shareholder report contains important information about the Class A shares of PGIM Government Money Market Fund (the “Fund”) for the period of August 1, 2025 to July 31, 2026.

You can find additional information about the Fund at pgim.com/mutual-fund-documents. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Government Money Market Fund—Class A	$64	0.63%

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$ 316,133,469
Number of fund holdings	87
Total advisory fees paid for the year	$ 1,039,780

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Security Allocation	% of Net Assets
U.S. Government Agency Obligations	42.3%
U.S. Treasury Obligations	31.5%
Repurchase Agreements	25.8%
	99.6%
Other assets in excess of liabilities	0.4%
	100.0%

MF108EA

WERE THERE ANY SIGNIFICANT CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since August 1, 2025:

■

Effective July 1, 2026, the management fee schedule was amended such that management fees were reduced, as follows: 0.30% of average daily net assets up to $50 million; 0.25% of average daily net assets from $50 million to $300 million; 0.20% of average daily net assets over $300 million. Prior to July 1, 2026, the management fee was 0.50% to $50 million of average daily net assets; 0.30% over $50 million of average daily net assets.

For more complete information, you should review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at pgim.com/mutual-fund-documents or by request at (800) 225-1852.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

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

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

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

To receive your fund documents online, go to

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

and enroll.

PGIM Government Money Market Fund –PURCHASE

SHARE CLASS	A
NASDAQ	PBMXX
CUSIP	74440W409

PGIM GOVERNMENT MONEY MARKET FUND –EXCHANGE

SHARE CLASS	A
NASDAQ	MJAXX
CUSIP	74440W102

MF108EA

PGIM Government Money Market Fund

Class C

: MJCXX -EXCHANGE

ANNUAL SHAREHOLDER REPORT – July 31, 2026

This annual shareholder report contains important information about the Class C shares of PGIM Government Money Market Fund (the “Fund”) for the period of August 1, 2025 to July 31, 2026.

You can find additional information about the Fund at pgim.com/mutual-fund-documents. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Government Money Market Fund—Class C	$80	0.79%

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$ 316,133,469
Number of fund holdings	87
Total advisory fees paid for the year	$ 1,039,780

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Security Allocation	% of Net Assets
U.S. Government Agency Obligations	42.3%
U.S. Treasury Obligations	31.5%
Repurchase Agreements	25.8%
	99.6%
Other assets in excess of liabilities	0.4%
	100.0%

MF108EC

WERE THERE ANY SIGNIFICANT CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since August 1, 2025:

■

For more complete information, you should review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at pgim.com/mutual-fund-documents or by request at (800) 225-1852.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

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

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

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

To receive your fund documents online, go to

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

and enroll.

PGIM Government Money Market Fund - EXCHANGE

SHARE CLASS	C
NASDAQ	MJCXX
CUSIP	74440W300

MF108EC

PGIM Government Money Market Fund

Class Z

: PMZXX - PURCHASE

ANNUAL SHAREHOLDER REPORT – July 31, 2026

This annual shareholder report contains important information about the Class Z shares of PGIM Government Money Market Fund (the “Fund”) for the period of August 1, 2025 to July 31, 2026.

You can find additional information about the Fund at pgim.com/mutual-fund-documents. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Government Money Market Fund—Class Z	$49	0.48%

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$ 316,133,469
Number of fund holdings	87
Total advisory fees paid for the year	$ 1,039,780

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Security Allocation	% of Net Assets
U.S. Government Agency Obligations	42.3%
U.S. Treasury Obligations	31.5%
Repurchase Agreements	25.8%
	99.6%
Other assets in excess of liabilities	0.4%
	100.0%

MF108EZ

WERE THERE ANY SIGNIFICANT CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since August 1, 2025:

■

For more complete information, you should review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at pgim.com/mutual-fund-documents or by request at (800) 225-1852.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

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

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

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

To receive your fund documents online, go to

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

and enroll.

PGIM Government Money Market Fund - PURCHASE

SHARE CLASS	Z
NASDAQ	PMZXX
CUSIP	74440W805

MF108EZ

(b)

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

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

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

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

Item 3 – Audit Committee Financial Expert –

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

Item 4 – Principal Accountant Fees and Services –

(a)

Audit Fees

For the fiscal years ended July 31, 2026 and July 31, 2025, PricewaterhouseCoopers LLP (“PwC”), the Registrant’s principal accountant, billed the Registrant $56,632 and $54,454, respectively, for professional services rendered for the audit of the Registrant’s annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

(b)

Audit-Related Fees

For the fiscal years ended July 31, 2026 and July 31, 2025: none.

(c)

Tax Fees

For the fiscal years ended July 31, 2026 and July 31, 2025: none.

(d)

All Other Fees

For the fiscal years ended July 31, 2026 and July 31, 2025: none.

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

THE PGIM MUTUAL FUNDS

AUDIT COMMITTEE POLICY

Pre-Approval of Services Provided by the Independent

Accountants

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

•

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

•

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

•

periodic meetings with the accounting firm.

Policy for Audit and Non-Audit Services Provided to the Funds

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

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

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

Audit Services

The following categories of audit services are considered to be consistent with the role of the Fund’s independent accountants:

•

Annual Fund financial statement audits

•

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

•

SEC and regulatory filings and consents

Audit-related Services

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

•

Accounting consultations

•

Fund merger support services

•

Agreed Upon Procedure Reports

•

Attestation Reports

•

Other Internal Control Reports

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

Tax Services

The following categories of tax services are considered to be consistent with the role of the Fund’s independent accountants:

•

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

•

Federal, state and local income tax compliance; and,

•

Sales and use tax compliance

•

Timely RIC qualification reviews

•

Tax distribution analysis and planning

•

Tax authority examination services

•

Tax appeals support services

•

Accounting methods studies

•

Fund merger support services

•

Tax consulting services and related project

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

Other Non-Audit Services

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

Proscribed Services

The Fund’s independent accountants will not render services in the following categories of non-audit services:

•

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

•

Financial information systems design and implementation

•

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

•

Actuarial services

•

Internal audit outsourcing services

•

Management functions or human resources

•

Broker or dealer, investment adviser, or investment banking services

•

Legal services and expert services unrelated to the audit

•

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

Pre-approval of Non-Audit Services Provided to Other Entities Within the PGIM Fund Complex

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

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

(e) (2)

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


	Fiscal Year Ended July 31, 2026	Fiscal Year Ended July 31, 2025
4(b)	Not applicable.	Not applicable.
4(c)	Not applicable.	Not applicable.
4(d)	Not applicable.	Not applicable.

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

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

(g) Non-Audit Fees

The aggregate non-audit fees billed by the Registrant’s principal accountant for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended July 31, 2026 and July 31, 2025 was $0 and $0, respectively.

(h) Principal Accountant’s Independence

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

(i) Not applicable.

(j) Not applicable.

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

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

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

PGIM Core Government Money Market Fund

Schedule of Investments

as of July 31, 2026



Description	Principal Amount (000)#		Value

SHORT-TERM INVESTMENTS 99.9%

REPURCHASE AGREEMENTS 29.3%
Banco Santander SA,
3.65%, dated 07/31/26, due 08/03/26 in the amount of $433,241,738 collateralized by FHLMC (coupon rate 2.000%, maturity date 09/01/36), FNMA (coupon rates 2.000%-6.000%, maturity dates 08/01/52-05/01/56), GNMA (coupon rates 3.000%-4.000%, maturity dates 12/20/45-07/20/51) and U.S. Treasury Securities (coupon rates 0.000%-4.500%, maturity dates 08/06/26-11/15/33) with the aggregate value, including accrued interest, of $441,906,572.		433,110	$	433,110,000
Cantor Fitzgerald LP,
3.65%, dated 07/31/26, due 08/03/26 in the amount of $150,045,625 collateralized by FFCSB (coupon rate 4.625%, maturity date 07/21/36), FHLMC (coupon rates 2.500%-6.500%, maturity dates 04/01/31-08/01/56), FNMA (coupon rates 1.900%-6.000%, maturity dates 04/01/28-09/01/63), GNMA (coupon rates 2.000%-6.500%, maturity dates 07/20/46-02/20/72) and U.S. Treasury Securities (coupon rates 0.000%-5.000%, maturity dates 08/11/26-05/15/46) with the aggregate value, including accrued interest, of $153,046,537.		150,000		150,000,000
CF Secured LLC,
3.65%, dated 07/31/26, due 08/03/26 in the amount of $50,015,208 collateralized by FHLMC (coupon rates 2.000%-6.500%, maturity dates 07/07/28-01/01/55), FNMA (coupon rates 2.000%-7.000%, maturity dates 05/01/40-07/01/56) and GNMA (coupon rates 5.000%-7.000%, maturity dates 04/15/39-07/20/66) with the aggregate value, including accrued interest, of $51,015,513.		50,000		50,000,000
Clear Street LLC,
3.66%, dated 07/31/26, due 08/03/26 in the amount of $100,030,500 collateralized by FHLB (coupon rate 5.150%, maturity date 06/04/38), FHLMC (coupon rates 2.500%-7.000%, maturity dates 02/01/34-06/01/56) and FNMA (coupon rates 2.840%-7.000%, maturity dates 12/01/30-06/01/56) with the aggregate value, including accrued interest, of $102,031,110.		100,000		100,000,000
Credit Agricole Corporate & Investment Bank,
3.65%, dated 07/01/26, due 08/03/26 in the amount of $125,418,229 collateralized by U.S. Treasury Securities (coupon rates 1.125%-5.000%, maturity dates 05/15/27-08/15/54) with the aggregate value, including accrued interest, of $127,500,001.		125,000		125,000,000
3.65%, dated 07/20/26, due 08/24/26 in the amount of $160,567,778 collateralized by U.S. Treasury Securities (coupon rates 0.125%-4.750%, maturity dates 10/15/26-05/15/54) with the aggregate value, including accrued interest, of $163,200,000.		160,000		160,000,000
3.65%, dated 07/22/26, due 08/26/26 in the amount of $100,354,861 collateralized by U.S. Treasury Securities (coupon rates 0.125%-4.250%, maturity dates 10/15/26-02/15/54) with the aggregate value, including accrued interest, of $102,000,009.		100,000		100,000,000
3.65%, dated 07/31/26, due 08/03/26 in the amount of $200,060,833 collateralized by FFCSB (coupon rate 4.160%, maturity date 06/22/28), FHLB (coupon rate 0.000%, maturity date 10/26/26), FHLMC (coupon rates 3.000%-6.000%, maturity dates 10/01/49-08/01/55), FNMA (coupon rates 0.000%-6.000%, maturity dates 09/23/26-04/01/56) and GNMA (coupon rates 2.500%-7.000%, maturity dates 01/20/51-02/20/56) with the aggregate value, including accrued interest, of $204,000,000.		200,000		200,000,000
Natixis,
3.65%, dated 07/31/26, due 08/03/26 in the amount of $200,060,833 collateralized by FHLMC (coupon rates 2.920%-7.000%, maturity dates 01/01/38-07/01/55), FNMA (coupon rates 4.650%-6.194%, maturity dates 06/01/36-06/01/37) and U.S. Treasury Securities (coupon rates 0.000%-6.250%, maturity dates 08/31/26-08/15/55) with the aggregate value, including accrued interest, of $204,000,006.		200,000		200,000,000
3.66%, dated 07/30/26, due 09/17/26 in the amount of $276,369,958 collateralized by FHLMC (coupon rates 2.150%-5.500%, maturity dates 01/01/38-05/01/56), FNMA (coupon rates 1.610%-5.000%, maturity dates 02/01/29-07/01/56) and U.S. Treasury Securities (coupon rates 0.000%-5.000%, maturity dates 09/30/26-05/15/55) with the aggregate value, including accrued interest, of $280,500,013.		275,000		275,000,000
State Street Bank & Trust Co.,
3.64%, dated 07/31/26, due 08/03/26 in the amount of $100,030,333 collateralized by U.S. Treasury Securities (coupon rate 0.375%, maturity date 07/15/27) with the aggregate value, including accrued interest, of $102,000,058.		100,000		100,000,000


TOTAL REPURCHASE AGREEMENTS (cost $1,893,110,000)				1,893,110,000

See Notes to Financial Statements.

PGIM Core Government Money Market Fund

Schedule of Investments (continued)

as of July 31, 2026

Description

Interest

Rate

Maturity
Date

Principal

Amount

(000)#

Value

U.S. GOVERNMENT AGENCY OBLIGATIONS 37.8%

Federal Farm Credit Bank, SOFR + 0.025% (Cap N/A, Floor 0.000%)

3.675%(c)

12/15/26

77,000

76,998,581

Federal Farm Credit Bank, SOFR + 0.035% (Cap N/A, Floor 0.000%)

3.685(c)

01/06/27

70,500

70,500,000

Federal Farm Credit Bank, SOFR + 0.050% (Cap N/A, Floor 0.000%)

3.700(c)

04/23/27

21,800

21,800,000

Federal Farm Credit Bank, SOFR + 0.055% (Cap N/A, Floor 0.000%)

3.705(c)

08/25/26

35,600

35,600,000

Federal Farm Credit Bank, SOFR + 0.060% (Cap N/A, Floor 0.000%)

3.710(c)

08/13/26

43,000

43,000,000

Federal Farm Credit Bank, SOFR + 0.060% (Cap N/A, Floor 0.000%)

3.710(c)

09/04/26

16,500

16,500,000

Federal Farm Credit Bank, SOFR + 0.060% (Cap N/A, Floor 0.000%)

3.710(c)

10/05/26

24,250

24,250,000

Federal Farm Credit Bank, SOFR + 0.060% (Cap N/A, Floor 0.000%)

3.710(c)

04/14/27

10,000

10,000,000

Federal Farm Credit Bank, SOFR + 0.065% (Cap N/A, Floor 0.000%)

3.715(c)

09/10/26

46,500

46,500,000

Federal Farm Credit Bank, SOFR + 0.065% (Cap N/A, Floor 0.000%)

3.715(c)

09/18/26

21,500

21,500,000

Federal Farm Credit Bank, SOFR + 0.070% (Cap N/A, Floor 0.000%)

3.720(c)

08/12/26

8,500

8,500,000

Federal Farm Credit Bank, SOFR + 0.080% (Cap N/A, Floor 0.000%)

3.730(c)

12/22/26

46,750

46,750,000

Federal Farm Credit Bank, SOFR + 0.090% (Cap N/A, Floor 0.000%)

3.740(c)

01/12/27

58,000

58,000,000

Federal Farm Credit Bank, SOFR + 0.100% (Cap N/A, Floor 0.000%)

3.750(c)

01/12/27

87,000

87,000,601

Federal Home Loan Bank

3.662(n)

08/21/26

53,000

52,892,528

Federal Home Loan Bank

3.663(n)

09/04/26

100,000

99,656,222

Federal Home Loan Bank

3.666(n)

10/09/26

47,000

46,675,700

Federal Home Loan Bank

3.667(n)

09/09/26

38,000

37,849,948

Federal Home Loan Bank

3.667(n)

10/21/26

98,500

97,702,150

Federal Home Loan Bank

3.672(n)

09/11/26

106,500

106,057,360

Federal Home Loan Bank

3.672(n)

10/28/26

107,000

106,057,092

Federal Home Loan Bank

3.673(n)

11/06/26

174,000

172,311,602

Federal Home Loan Bank

3.675(n)

09/16/26

45,000

44,789,895

Federal Home Loan Bank

3.676(n)

10/07/26

52,000

51,650,632

Federal Home Loan Bank

3.678(n)

08/14/26

125,000

124,834,795

Federal Home Loan Bank

3.687(n)

10/14/26

70,000

69,479,122

Federal Home Loan Bank

3.710(n)

01/29/27

51,000

50,076,900

Federal Home Loan Bank

3.713(n)

09/25/26

30,000

29,832,938

Federal Home Loan Bank

3.748(n)

12/24/26

25,000

24,630,451

Federal Home Loan Bank

3.782(n)

01/15/27

52,500

51,598,896

Federal Home Loan Bank, SOFR + 0.010% (Cap N/A, Floor 0.000%)

3.660(c)

08/11/26

3,000

2,999,990

Federal Home Loan Bank, SOFR + 0.010% (Cap N/A, Floor 0.000%)

3.660(c)

08/14/26

5,000

4,999,982

Federal Home Loan Bank, SOFR + 0.010% (Cap N/A, Floor 0.000%)

3.660(c)

08/17/26

4,000

3,999,981

Federal Home Loan Bank, SOFR + 0.010% (Cap N/A, Floor 0.000%)

3.660(c)

09/04/26

4,000

3,999,943

Federal Home Loan Bank, SOFR + 0.010% (Cap N/A, Floor 0.000%)

3.660(c)

09/04/26

4,000

3,999,943

Federal Home Loan Bank, SOFR + 0.010% (Cap N/A, Floor 0.000%)

3.660(c)

09/09/26

4,000

3,999,937

Federal Home Loan Bank, SOFR + 0.015% (Cap N/A, Floor 0.000%)

3.665(c)

10/05/26

4,000

3,999,925

Federal Home Loan Bank, SOFR + 0.030% (Cap N/A, Floor 0.000%)

3.680(c)

12/30/26

17,500

17,500,000

Federal Home Loan Bank, SOFR + 0.045% (Cap N/A, Floor 0.000%)

3.695(c)

04/16/27

108,750

108,750,000

Federal Home Loan Bank, SOFR + 0.055% (Cap N/A, Floor 0.000%)

3.705(c)

05/28/27

97,000

97,000,000

Federal Home Loan Bank, SOFR + 0.065% (Cap N/A, Floor 0.000%)

3.715(c)

08/12/26

72,000

72,000,000

Federal Home Loan Bank, SOFR + 0.070% (Cap N/A, Floor 0.000%)

3.720(c)

06/17/27

85,250

85,250,000

Federal Home Loan Bank, SOFR + 0.080% (Cap N/A, Floor 0.000%)

3.730(c)

12/04/26

37,000

37,000,000

Federal Home Loan Bank, SOFR + 0.105% (Cap N/A, Floor 0.000%)

3.755(c)

02/18/27

119,000

119,005,109

Federal Home Loan Bank, SOFR + 0.170% (Cap N/A, Floor 0.000%)

3.820(c)

09/24/27

3,000

3,000,894

Federal Home Loan Mortgage Corp.

0.800

10/27/26

14,000

13,907,409

Federal Home Loan Mortgage Corp.

3.680(n)

09/14/26

46,663

46,454,823

Federal National Mortgage Assoc.

3.670(n)

09/09/26

29,000

28,885,329

Federal National Mortgage Assoc., SOFR + 0.140% (Cap N/A, Floor 0.000%)

3.790(c)

11/20/26

45,750

45,762,041

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(cost $2,435,510,719)

2,435,510,719

U.S. TREASURY OBLIGATIONS 32.8%

U.S. Treasury Bills

3.648(n)

09/08/26

74,000

73,718,409

U.S. Treasury Bills

3.655(n)

08/18/26

240,000

239,588,624

U.S. Treasury Bills

3.665(n)

09/03/26

206,000

205,311,648

U.S. Treasury Bills

3.665(n)

10/01/26

93,750

93,176,780

U.S. Treasury Bills

3.670(n)

09/15/26

14,000

13,936,143

U.S. Treasury Bills

3.671(n)

09/01/26

107,000

106,663,693

U.S. Treasury Bills

3.671(n)

09/10/26

56,250

56,022,688

See Notes to Financial Statements.

PGIM Core Government Money Market Fund 3

PGIM Core Government Money Market Fund

Schedule of Investments (continued)

as of July 31, 2026



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value
U.S. TREASURY OBLIGATIONS (Continued)
U.S. Treasury Bills		3.675%(n)		10/29/26		174,750	$	173,199,042
U.S. Treasury Bills		3.678(n)		10/08/26		103,000		102,297,460
U.S. Treasury Bills		3.678(n)		11/05/26		73,000		72,296,767
U.S. Treasury Bills		3.680(n)		11/12/26		107,000		105,893,844
U.S. Treasury Bills		3.680(n)		11/19/26		91,000		89,995,524
U.S. Treasury Bills		3.694(n)		09/24/26		122,900		122,229,271
U.S. Treasury Bills		3.709(n)		10/13/26		51,400		51,018,099
U.S. Treasury Bills		3.714(n)		09/17/26		43,000		42,793,353
U.S. Treasury Bills		3.714(n)		11/27/26		75,500		74,597,902
U.S. Treasury Bills		3.717(n)		09/22/26		89,600		89,123,346
U.S. Treasury Bills		3.734(n)		12/03/26		49,000		48,381,429
U.S. Treasury Bills		3.739(n)		08/25/26		54,000		53,865,792
U.S. Treasury Bills		3.755(n)		12/10/26		35,300		34,826,652
U.S. Treasury Bills		3.757(n)		10/20/26		52,750		52,315,047
U.S. Treasury Bills		3.769(n)		03/18/27		105,600		103,160,310
U.S. Treasury Bills		3.778(n)		02/18/27		36,000		35,266,149
U.S. Treasury Bills		3.922(n)		06/10/27		36,000		34,819,207
U.S. Treasury Notes		3.750		06/30/27		40,000		39,932,986


TOTAL U.S. TREASURY OBLIGATIONS (cost $2,114,430,165)								2,114,430,165


TOTAL INVESTMENTS 99.9% (cost $6,443,050,884)(d)								6,443,050,884
Other assets in excess of liabilities 0.1%								6,696,757


NET ASSETS 100.0%							$	6,449,747,641

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

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

(c)	Variable rate instrument. The interest rate shown reflects the rate in effect at July 31, 2026.

(d)	The cost of securities for federal income tax purposes is substantially the same as for financial reporting purposes.

(n)	Rate shown reflects yield to maturity at purchased date.

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 July 31, 2026 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Short-Term Investments
Repurchase Agreements		$—		$1,893,110,000		$—
U.S. Government Agency Obligations		—		2,435,510,719		—
U.S. Treasury Obligations		—		2,114,430,165		—

Total		$—		$6,443,050,884		$—

See Notes to Financial Statements.

PGIM Core Government Money Market Fund

Schedule of Investments (continued)

as of July 31, 2026

Security Allocation:

The security allocation of investments and other assets in excess of liabilities shown as a percentage of net assets as of July 31, 2026 were as follows:


U.S. Government Agency Obligations	37.8	%
U.S. Treasury Obligations	32.8
Repurchase Agreements	29.3

	99.9
Other assets in excess of liabilities	0.1


	100.0	%

Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:

The Fund 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 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	Counterparty	Gross Market Value of Recognized Assets/(Liabilities)		Collateral Pledged/(Received)(1)		Net Amount
Repurchase Agreements	Banco Santander SA		$ 433,110,000		$(433,110,000)		$—
Repurchase Agreements	Cantor Fitzgerald LP		150,000,000		(150,000,000)		—
Repurchase Agreements	CF Secured LLC		50,000,000		(50,000,000)		—
Repurchase Agreements	Clear Street LLC		100,000,000		(100,000,000)		—
Repurchase Agreements	Credit Agricole Corporate & Investment Bank		585,000,000		(585,000,000)		—
Repurchase Agreements	Natixis		475,000,000		(475,000,000)		—
Repurchase Agreements	State Street Bank & Trust Co.		100,000,000		(100,000,000)		—

			$1,893,110,000

(1)	Collateral amount disclosed by the Fund is limited to the market value of financial instruments/transactions.

See Notes to Financial Statements.

PGIM Core Government Money Market Fund 5

PGIM Core Government Money Market Fund

Statement of Assets & Liabilities

as of July 31, 2026


Assets

Investments, at value:
Unaffiliated investments (cost $4,549,940,884)	$	4,549,940,884
Repurchase Agreements (cost $1,893,110,000)		1,893,110,000
Cash		909
Interest receivable		6,811,564


Total Assets		6,449,863,357


Liabilities
Custodian and accounting fees payable		61,778
Audit fee payable		28,187
Affiliated transfer agent fee payable		8,333
Shareholders’ reports payable		7,136
Professional fees payable		4,899
Accrued expenses and other liabilities		3,022
Dividends and Distributions payable		1,562
Directors’ fees payable		799


Total Liabilities		115,716


Net Assets	$	6,449,747,641


Net assets were comprised of:
Common stock, at par ($0.00001 par value; 34,000,000,000 shares authorized for issuance)	$	64,495
Paid-in capital in excess of par		6,449,339,637
Total distributable earnings (loss)		343,509


Net assets, July 31, 2026	$	6,449,747,641


Net asset value, offering price and redemption price per share, ($6,449,747,641 ÷ 6,449,451,155 common shares issued and outstanding)	$	1.00

See Notes to Financial Statements.

PGIM Core Government Money Market Fund

Statement of Operations

Year Ended July 31, 2026


Net Investment Income (Loss)

Interest income	$	313,262,378


Expenses
Management fee		24,101,318
Custodian and accounting fees		266,593
Transfer agent’s fees and expenses (including affiliated expense of $100,000)		100,412
Professional fees		33,204
Audit fee		28,187
Shareholders’ reports		14,057
Directors’ fees		9,600
Miscellaneous		21,385


Total expenses		24,574,756
Less: Fee waiver and/or expense reimbursement		(24,101,318	)


Net expenses		473,438


Net investment income (loss)		312,788,940


Realized And Unrealized Gain (Loss) On Investments

Net realized gain (loss) on investment transactions		342,434

Net Increase (Decrease) In Net Assets Resulting From Operations	$	313,131,374

See Notes to Financial Statements.

PGIM Core Government Money Market Fund 7

PGIM Core Government Money Market Fund

Statements of Changes in Net Assets



	Year Ended July 31,

	2026			2025
Increase (Decrease) in Net Assets

Operations
Net investment income (loss)	$	312,788,940		$	290,448,387
Net realized gain (loss) on investment transactions		342,434			268,669

Net increase (decrease) in net assets resulting from operations		313,131,374			290,717,056

Dividends and Distributions Distributions from distributable earnings		(312,785,005	)		(290,717,056	)

Fund share transactions (at $1.00 per share)
Net proceeds from shares sold (132,879,742,626 and 118,388,494,265 shares, respectively)		132,879,742,655			118,388,495,175
Net asset value of shares issued in reinvestment of dividends and distributions (310,544,815 and 287,793,865 shares, respectively)		310,544,815			287,793,865
Cost of shares purchased (135,028,360,474 and 116,176,075,000 shares, respectively)		(135,028,360,474	)		(116,176,075,000	)

Net increase (decrease) in net assets from Fund share transactions		(1,838,073,004	)		2,500,214,040

Total increase (decrease)		(1,837,726,635	)		2,500,214,040

Net Assets:
Beginning of year		8,287,474,276			5,787,260,236

End of year	$	6,449,747,641		$	8,287,474,276

See Notes to Financial Statements.

PGIM Core Government Money Market Fund

Financial Highlights



	Year Ended July 31,									March 07, 2023^(a) through July 31,
	2026			2025			2024			2023
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$1.00			$1.00			$1.00			$1.00
Income (loss) from investment operations:
Net investment income (loss)		0.04			0.05			0.05			0.02
Net realized and unrealized gain (loss) on investment transactions^(c)		-			-			-			-
Total from investment operations		0.04			0.05			0.05			0.02
Less Dividends and Distributions:
Dividends from net investment income		(0.04)			(0.05)			(0.05)			(0.02	)
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00
Total Return^(d):		3.97	%		4.73	%		5.55	%		2.06	%


Ratios/Supplemental Data:
Net assets, end of period (000)		$6,449,748			$8,287,474			$5,787,260			$7,635,433
Average net assets (000)		$8,000,439			$6,360,348			$5,098,100			$6,015,481
Ratios to average net assets:
Expenses after waivers and/or expense reimbursement		0.01	%		0.01	%		0.01	%		0.01	%^(e)
Expenses before waivers and/or expense reimbursement		0.31	%		0.31	%		0.31	%		0.31	%^(e)
Net investment income (loss)		3.91	%		4.57	%		5.41	%		5.08	%^(e)

(a)	Commencement of operations.

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

(c)	Amount rounds to zero.

(d)

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)	Annualized, with the exception of certain non-recurring expenses.

See Notes to Financial Statements.

PGIM Core Government Money Market Fund 9

PGIM Government Money Market Fund

Schedule of Investments

as of July 31, 2026



Description					Principal Amount (000)#		Value

SHORT-TERM INVESTMENTS 99.6%

REPURCHASE AGREEMENTS 25.7%
Bank of Nova Scotia,
3.65%, dated 07/31/26, due 08/03/26 in the amount of $10,003,042 collateralized by U.S. Treasury Securities (coupon rate 2.500%, maturity date 02/15/45) with the aggregate value, including accrued interest, of $10,203,132.						10,000	$	10,000,000
Credit Agricole Corporate & Investment Bank,
3.65%, dated 07/01/26, due 08/03/26 in the amount of $10,033,458 collateralized by U.S. Treasury Securities (coupon rates 1.125%-4.750%, maturity dates 02/28/27-11/15/55) with the aggregate value, including accrued interest, of $10,200,005.						10,000		10,000,000
3.65%, dated 07/20/26, due 08/24/26 in the amount of $5,017,743 collateralized by U.S. Treasury Securities (coupon rates 0.250%-4.375%, maturity dates 08/15/27-02/15/50) with the aggregate value, including accrued interest, of $5,100,000.						5,000		5,000,000
3.65%, dated 07/22/26, due 08/26/26 in the amount of $7,024,840 collateralized by U.S. Treasury Securities (coupon rates 0.000%-4.625%, maturity dates 09/22/26-05/15/54) with the aggregate value, including accrued interest, of $7,140,001.						7,000		7,000,000
3.65%, dated 07/31/26, due 08/03/26 in the amount of $5,001,521 collateralized by U.S. Treasury Securities (coupon rates 3.125%-3.875%, maturity dates 08/15/42-08/15/44) with the aggregate value, including accrued interest, of $5,100,002.						5,000		5,000,000
Natixis,
3.66%, dated 07/30/26, due 09/17/26 in the amount of $20,099,633 collateralized by FHLMC (coupon rates 4.500%-5.000%, maturity dates 01/01/55-07/01/56), FNMA (coupon rates 2.150%-6.194%, maturity dates 06/01/37-09/01/55) and U.S. Treasury Securities (coupon rates 0.375%-4.625%, maturity dates 11/15/26-02/15/54) with the aggregate value, including accrued interest, of $20,400,076.						20,000		20,000,000
Santander Bank, N.A.,
3.65%, dated 07/31/26, due 08/03/26 in the amount of $10,003,042 collateralized by FHLMC (coupon rates 2.000%-7.000%, maturity dates 09/01/28-04/01/56), FNMA (coupon rate 0.000%, maturity date 05/15/30), GNMA (coupon rates 3.500%-6.000%, maturity dates 08/20/44-07/20/56) and U.S. Treasury Securities (coupon rate 4.125%, maturity date 05/31/32) with the aggregate value, including accrued interest, of $10,203,103.						10,000		10,000,000
State Street Bank & Trust Co.,
3.64%, dated 07/31/26, due 08/03/26 in the amount of $5,001,517 collateralized by U.S. Treasury Securities (coupon rate 0.375%, maturity date 07/15/27) with the aggregate value, including accrued interest, of $5,100,218.						5,000		5,000,000
TD Securities (USA) LLC,
3.65%, dated 07/31/26, due 08/03/26 in the amount of $4,413,342 collateralized by GNMA (coupon rates 5.000%-5.500%, maturity dates 01/20/53-07/20/56) with the aggregate value, including accrued interest, of $4,500,241.						4,412		4,412,000
U.S. Bancorp,
3.65%, dated 07/31/26, due 08/03/26 in the amount of $5,001,521 collateralized by U.S. Treasury Securities (coupon rates 0.750%-5.000%, maturity dates 09/30/28-05/15/56) with the aggregate value, including accrued interest, of $5,101,641.						5,000		5,000,000


TOTAL REPURCHASE AGREEMENTS (cost $81,412,000)								81,412,000


	Interest Rate		Maturity Date

U.S. GOVERNMENT AGENCY OBLIGATIONS 42.4%
Federal Farm Credit Bank, SOFR + 0.025% (Cap N/A, Floor 0.000%)		3.675%(c)		12/15/26		3,000		2,999,945
Federal Farm Credit Bank, SOFR + 0.035% (Cap N/A, Floor 0.000%)		3.685(c)		01/06/27		2,500		2,500,000
Federal Farm Credit Bank, SOFR + 0.050% (Cap N/A, Floor 0.000%)		3.700(c)		04/23/27		960		960,000
Federal Farm Credit Bank, SOFR + 0.055% (Cap N/A, Floor 0.000%)		3.705(c)		08/25/26		1,100		1,100,000
Federal Farm Credit Bank, SOFR + 0.060% (Cap N/A, Floor 0.000%)		3.710(c)		08/13/26		2,000		2,000,000
Federal Farm Credit Bank, SOFR + 0.060% (Cap N/A, Floor 0.000%)		3.710(c)		09/04/26		1,000		1,000,000
Federal Farm Credit Bank, SOFR + 0.060% (Cap N/A, Floor 0.000%)		3.710(c)		10/05/26		1,000		1,000,000
Federal Farm Credit Bank, SOFR + 0.060% (Cap N/A, Floor 0.000%)		3.710(c)		04/14/27		500		500,000
Federal Farm Credit Bank, SOFR + 0.065% (Cap N/A, Floor 0.000%)		3.715(c)		09/10/26		2,000		2,000,000
Federal Farm Credit Bank, SOFR + 0.065% (Cap N/A, Floor 0.000%)		3.715(c)		09/18/26		1,000		1,000,000

See Notes to Financial Statements.

PGIM Government Money Market Fund

Schedule of Investments (continued)

as of July 31, 2026

Description

Interest

Rate

Maturity
Date

Principal
Amount
(000)#

Value

U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)

Federal Farm Credit Bank, SOFR + 0.070% (Cap N/A, Floor 0.000%)

3.720%(c)

08/12/26

500

500,000

Federal Farm Credit Bank, SOFR + 0.080% (Cap N/A, Floor 0.000%)

3.730(c)

12/22/26

2,000

2,000,000

Federal Farm Credit Bank, SOFR + 0.090% (Cap N/A, Floor 0.000%)

3.740(c)

01/12/27

2,000

2,000,000

Federal Farm Credit Bank, SOFR + 0.100% (Cap N/A, Floor 0.000%)

3.750(c)

01/12/27

3,400

3,400,039

Federal Farm Credit Bank, SOFR + 0.130% (Cap N/A, Floor 0.000%)

3.780(c)

04/23/27

275

275,136

Federal Farm Credit Bank, SOFR + 0.135% (Cap N/A, Floor 0.000%)

3.785(c)

10/15/26

2,250

2,250,283

Federal Farm Credit Bank, SOFR + 0.195% (Cap N/A, Floor 0.000%)

3.845(c)

05/03/27

750

750,772

Federal Home Loan Bank

3.654(n)

08/07/26

2,000

1,998,788

Federal Home Loan Bank

3.663(n)

09/04/26

5,000

4,982,811

Federal Home Loan Bank

3.665(n)

09/09/26

2,000

1,992,102

Federal Home Loan Bank

3.666(n)

10/09/26

3,000

2,979,300

Federal Home Loan Bank

3.667(n)

10/21/26

4,000

3,967,600

Federal Home Loan Bank

3.670(n)

08/21/26

3,000

2,993,908

Federal Home Loan Bank

3.670(n)

08/28/26

1,000

997,263

Federal Home Loan Bank

3.672(n)

09/11/26

4,800

4,780,050

Federal Home Loan Bank

3.672(n)

10/28/26

5,000

4,955,939

Federal Home Loan Bank

3.674(n)

11/06/26

8,000

7,922,384

Federal Home Loan Bank

3.675(n)

09/16/26

4,000

3,981,324

Federal Home Loan Bank

3.676(n)

08/14/26

6,500

6,491,412

Federal Home Loan Bank

3.676(n)

10/07/26

3,000

2,979,844

Federal Home Loan Bank

3.678(n)

08/27/26

4,000

3,989,434

Federal Home Loan Bank

3.687(n)

10/14/26

3,500

3,473,956

Federal Home Loan Bank

3.710(n)

01/29/27

3,000

2,945,700

Federal Home Loan Bank

3.713(n)

09/25/26

2,000

1,988,863

Federal Home Loan Bank

3.748(n)

12/24/26

1,000

985,218

Federal Home Loan Bank

3.782(n)

01/15/27

2,500

2,457,090

Federal Home Loan Bank, SOFR + 0.030% (Cap N/A, Floor 0.000%)

3.680(c)

12/30/26

1,000

1,000,000

Federal Home Loan Bank, SOFR + 0.045% (Cap N/A, Floor 0.000%)

3.695(c)

04/16/27

4,750

4,750,000

Federal Home Loan Bank, SOFR + 0.055% (Cap N/A, Floor 0.000%)

3.705(c)

05/28/27

3,000

3,000,000

Federal Home Loan Bank, SOFR + 0.065% (Cap N/A, Floor 0.000%)

3.715(c)

08/12/26

3,000

3,000,000

Federal Home Loan Bank, SOFR + 0.065% (Cap N/A, Floor 0.000%)

3.715(c)

09/11/26

3,000

3,000,000

Federal Home Loan Bank, SOFR + 0.070% (Cap N/A, Floor 0.000%)

3.720(c)

06/17/27

4,500

4,500,000

Federal Home Loan Bank, SOFR + 0.080% (Cap N/A, Floor 0.000%)

3.730(c)

11/27/26

3,000

3,000,000

Federal Home Loan Bank, SOFR + 0.080% (Cap N/A, Floor 0.000%)

3.730(c)

12/04/26

1,750

1,750,000

Federal Home Loan Bank, SOFR + 0.080% (Cap N/A, Floor 0.000%)

3.730(c)

12/08/26

2,500

2,500,000

Federal Home Loan Bank, SOFR + 0.105% (Cap N/A, Floor 0.000%)

3.755(c)

02/18/27

4,500

4,500,193

Federal Home Loan Bank, SOFR + 0.170% (Cap N/A, Floor 0.000%)

3.820(c)

09/24/27

225

225,067

Federal Home Loan Mortgage Corp.

3.680(n)

09/14/26

3,000

2,986,617

Federal Home Loan Mortgage Corp.

3.698(n)

08/31/26

3,000

2,990,812

Federal National Mortgage Assoc.

3.670(n)

09/09/26

2,000

1,992,092

Federal National Mortgage Assoc., SOFR + 0.140% (Cap N/A, Floor 0.000%)

3.790(c)

11/20/26

1,650

1,650,434

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(cost $133,944,376)

133,944,376

U.S. TREASURY OBLIGATIONS 31.5%

U.S. Treasury Bills

3.648(n)

09/08/26

3,200

3,187,823

U.S. Treasury Bills

3.654(n)

08/11/26

5,000

4,994,985

U.S. Treasury Bills

3.655(n)

08/18/26

13,000

12,977,706

U.S. Treasury Bills

3.657(n)

09/01/26

5,000

4,984,444

U.S. Treasury Bills

3.665(n)

09/03/26

9,000

8,969,924

U.S. Treasury Bills

3.670(n)

09/15/26

800

796,351

U.S. Treasury Bills

3.671(n)

09/10/26

2,250

2,240,908

U.S. Treasury Bills

3.675(n)

10/29/26

6,000

5,946,751

U.S. Treasury Bills

3.678(n)

10/08/26

5,000

4,965,896

U.S. Treasury Bills

3.678(n)

11/05/26

3,000

2,971,100

U.S. Treasury Bills

3.680(n)

11/12/26

5,000

4,948,311

U.S. Treasury Bills

3.680(n)

11/19/26

4,000

3,955,847

U.S. Treasury Bills

3.695(n)

09/24/26

6,300

6,265,620

U.S. Treasury Bills

3.700(n)

10/01/26

3,500

3,478,584

See Notes to Financial Statements.

PGIM Government Money Market Fund 11

PGIM Government Money Market Fund

Schedule of Investments (continued)

as of July 31, 2026



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

U.S. TREASURY OBLIGATIONS (Continued)
U.S. Treasury Bills		3.709%(n)		10/13/26		2,100	$	2,084,397
U.S. Treasury Bills		3.714(n)		09/17/26		2,000		1,990,389
U.S. Treasury Bills		3.714(n)		11/27/26		3,000		2,964,155
U.S. Treasury Bills		3.717(n)		09/22/26		3,500		3,481,383
U.S. Treasury Bills		3.734(n)		12/03/26		2,000		1,974,752
U.S. Treasury Bills		3.739(n)		08/25/26		2,000		1,995,029
U.S. Treasury Bills		3.755(n)		12/10/26		1,600		1,578,545
U.S. Treasury Bills		3.757(n)		10/20/26		2,500		2,479,386
U.S. Treasury Bills		3.772(n)		03/18/27		5,000		4,884,387
U.S. Treasury Bills		3.778(n)		02/18/27		1,500		1,469,423
U.S. Treasury Bills		3.922(n)		06/10/27		2,000		1,934,400
U.S. Treasury Notes		3.750		06/30/27		2,000		1,996,649


TOTAL U.S. TREASURY OBLIGATIONS (cost $99,517,145)								99,517,145


TOTAL INVESTMENTS 99.6% (cost $314,873,521)(d)								314,873,521
Other assets in excess of liabilities 0.4%								1,259,948


NET ASSETS 100.0%							$	316,133,469

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

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

(c)	Variable rate instrument. The interest rate shown reflects the rate in effect at July 31, 2026.

(d)	The cost of securities for federal income tax purposes is substantially the same as for financial reporting purposes.

(n)	Rate shown reflects yield to maturity at purchased date.

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 July 31, 2026 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Short-Term Investments
Repurchase Agreements		$—	$	81,412,000		$—
U.S. Government Agency Obligations		—		133,944,376		—
U.S. Treasury Obligations		—		99,517,145		—

Total		$—	$	314,873,521		$—

See Notes to Financial Statements.

PGIM Government Money Market Fund

Schedule of Investments (continued)

as of July 31, 2026

Security Allocation:

The security allocation of investments and other assets in excess of liabilities shown as a percentage of net assets as of July 31, 2026 were as follows:


U.S. Government Agency Obligations	42.4	%
U.S. Treasury Obligations	31.5
Repurchase Agreements	25.7


	99.6
Other assets in excess of liabilities	0.4


	100.0	%

Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:

Offsetting of financial instrument/transaction assets and liabilities:


Description	Counterparty	Gross Market Value of Recognized Assets/(Liabilities)			Collateral Pledged/(Received)(1)				Net Amount
Repurchase Agreements	Bank of Nova Scotia		$	10,000,000		$	(10,000,000	)		$	—
Repurchase Agreements	Credit Agricole Corporate & Investment Bank			27,000,000			(27,000,000	)			—
Repurchase Agreements	Natixis			20,000,000			(20,000,000	)			—
Repurchase Agreements	Santander Bank, N.A.			10,000,000			(10,000,000	)			—
Repurchase Agreements	State Street Bank & Trust Co.			5,000,000			(5,000,000	)			—
Repurchase Agreements	TD Securities (USA) LLC			4,412,000			(4,412,000	)			—
Repurchase Agreements	U.S. Bancorp			5,000,000			(5,000,000	)			—

			$	81,412,000

(1)	Collateral amount disclosed by the Fund is limited to the market value of financial instruments/transactions.

See Notes to Financial Statements.

PGIM Government Money Market Fund 13

PGIM Government Money Market Fund

Statement of Assets & Liabilities

as of July 31, 2026



Assets
Investments, at value:
Unaffiliated investments (cost $233,461,521)	$	233,461,521
Repurchase Agreements (cost $81,412,000)		81,412,000
Cash		327
Receivable for Fund shares sold		1,613,404
Interest receivable		348,808


Total Assets		316,836,060


Liabilities
Payable for Fund shares purchased		458,568
Management fee payable		68,043
Shareholders’ reports payable		41,372
Accrued expenses and other liabilities		31,401
Audit fee payable		28,447
Distribution fee payable		28,294
Transfer agent fee payable		24,182
Affiliated transfer agent fee payable		13,363
Dividends and Distributions payable		7,871
Directors’ fees payable		1,050


Total Liabilities		702,591


Net Assets	$	316,133,469



Net assets were comprised of:
Common stock, at par ($0.00001 par value; 166,000,000,000 shares authorized for issuance)	$	3,161
Paid-in capital in excess of par		316,122,369
Total distributable earnings (loss)		7,939


Net assets, July 31, 2026	$	316,133,469

See Notes to Financial Statements.

PGIM Government Money Market Fund

Statement of Operations

Year Ended July 31, 2026


Net Investment Income (Loss)

Interest income	$	12,532,417


Expenses
Management fee		1,039,780
Distribution fee(a)		343,213
Transfer agent’s fees and expenses (including affiliated expense of $138,783)(a)		320,231
Custodian and accounting fees		80,677
Registration fees(a)		67,444
Professional fees		34,988
Shareholders’ reports		32,486
Audit fee		28,446
Directors’ fees		13,502
Miscellaneous		13,233


Total expenses		1,974,000


Net investment income (loss)		10,558,417


Realized And Unrealized Gain (Loss) On Investments

Net realized gain (loss) on investment transactions		7,046


Net Increase (Decrease) In Net Assets Resulting From Operations	$	10,565,463

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


	Class A		Class C		Class Z
Distribution fee		343,213		—		—
Transfer agent’s fees and expenses		290,568		7,811		21,852
Registration fees		38,071		13,127		16,246

See Notes to Financial Statements.

PGIM Government Money Market Fund

Statements of Changes in Net Assets


	Year Ended July 31,
	2026			2025
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	10,558,417		$	13,946,694
Net realized gain (loss) on investment transactions		7,046			20,364

Net increase (decrease) in net assets resulting from operations		10,565,463			13,967,058

Dividends and Distributions
Distributions from distributable earnings
Class A		(9,015,575	)		(11,893,271	)
Class C		(163,418	)		(273,585	)
Class Z		(1,378,457	)		(1,802,073	)

		(10,557,450	)		(13,968,929	)

Fund share transactions (Net of share conversions) (at $1.00 per share)
Net proceeds from shares sold		181,986,107			275,610,517
Net asset value of shares issued in reinvestment of dividends and distributions		10,424,062			13,777,259
Cost of shares purchased		(196,935,987	)		(409,016,995	)

Net increase (decrease) in net assets from Fund share transactions		(4,525,818	)		(119,629,219	)

Total increase (decrease)		(4,517,805	)		(119,631,090	)

Net Assets:
Beginning of year		320,651,274			440,282,364

End of year	$	316,133,469		$	320,651,274

See Notes to Financial Statements.

PGIM Government Money Market Fund 17

PGIM Government Money Market Fund

Financial Highlights



Class A Shares
	Year Ended July 31,

	2026				2025				2024				2023				2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year			$1.00				$1.00				$1.00				$1.00				$1.00
Income (loss) from investment operations:
Net investment income (loss)			0.03				0.04				0.05				0.03				-	^(b)
Net realized and unrealized gain (loss) on investment transactions			-	^(b)			-	^(b)			-	^(b)			0.01				-	^(b)
Total from investment operations			0.03				0.04				0.05				0.04				-
Less Dividends and Distributions:
Dividends from net investment income			(0.03	)			(0.04	)			(0.05	)			(0.04	)			-	^(b)
Net asset value, end of year			$1.00				$1.00				$1.00				$1.00				$1.00
Total Return^(c):			3.33	%			4.06	%			4.90	%			3.57	%			0.20	%



Ratios/Supplemental Data:
Net assets, end of year (000)		$	268,765			$	272,977			$	394,693			$	438,994			$	505,406
Average net assets (000)		$	274,570			$	292,837			$	428,455			$	465,530			$	443,402
Ratios to average net assets:
Expenses after waivers and/or expense reimbursement			0.63	%			0.66	%			0.63	%			0.64	%			0.23	%
Expenses before waivers and/or expense reimbursement			0.63	%			0.66	%			0.63	%			0.64	%			0.63	%
Net investment income (loss)			3.28	%			4.06	%			4.78	%			3.48	%			0.14	%

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

(b)	Amount rounds to zero.

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

See Notes to Financial Statements.

PGIM Government Money Market Fund

Financial Highlights (continued)



Class C Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$1.00			$1.00			$1.00			$1.00			$1.00
Income (loss) from investment operations:
Net investment income (loss)		0.03			0.04			0.05			0.03			-	^(b)
Net realized and unrealized g ain (loss) on investment transactions		-	^(b)		-	^(b)		-	^(b)		0.01			-	^(b)
Total from investment operations		0.03			0.04			0.05			0.04			-
Less Dividends and Distributions:
Dividends from net investment income		(0.03	)		(0.04	)		(0.05	)		(0.04	)		-	^(b)
Net asset value, end of year		$1.00			$1.00			$1.00			$1.00			$1.00
Total Return^(c):		3.17	%		3.98	%		4.86	%		3.58	%		0.21	%



Ratios/Supplemental Data:
Net assets, end of year (000)		$4,785			$6,261			$7,598			$9,703			$12,793
Average net assets (000)		$5,204			$7,002			$8,812			$11,460			$10,254
Ratios to average net assets:
Expenses after waivers and/or expense reimbursement		0.79	%		0.74	%		0.67	%		0.62	%		0.25	%
Expenses before waivers and/or expense reimbursement		0.79	%		0.74	%		0.67	%		0.62	%		0.64	%
Net investment income (loss)		3.14	%		3.90	%		4.74	%		3.47	%		0.17	%

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

(b)	Amount rounds to zero.

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

See Notes to Financial Statements.

PGIM Government Money Market Fund 19

PGIM Government Money Market Fund

Financial Highlights (continued)



Class Z Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$1.00			$1.00			$1.00			$1.00			$1.00
Income (loss) from investment operations:
Net investment income (loss)		0.03			0.04			0.05			0.04			-	^(b)
Net realized and unrealized gain (loss) on investment transactions		-	^(b)		-	^(b)		-	^(b)		-	^(b)		-	^(b)
Total from investment operations		0.03			0.04			0.05			0.04			-
Less Dividends and Distributions:
Dividends from net investment income		(0.03	)		(0.04	)		(0.05	)		(0.04	)		-	^(b)
Net asset value, end of year		$1.00			$1.00			$1.00			$1.00			$1.00
Total Return^(c):		3.48	%		4.23	%		5.06	%		3.79	%		0.26	%



Ratios/Supplemental Data:
Net assets, end of year (000)		$42,583			$41,414			$37,991			$92,047			$86,089
Average net assets (000)		$40,227			$43,801			$55,197			$89,873			$75,926
Ratios to average net assets:
Expenses after waivers and/or expense reimbursement		0.48	%		0.49	%		0.47	%		0.42	%		0.18	%
Expenses before waivers and/or expense reimbursement		0.48	%		0.49	%		0.47	%		0.42	%		0.42	%
Net investment income (loss)		3.43	%		4.10	%		4.95	%		3.75	%		0.20	%

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

(b)	Amount rounds to zero.

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

See Notes to Financial Statements.

Notes to Financial Statements

1.	Organization

Prudential Government Money Market Fund, Inc. (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 Core Government Money Market Fund and PGIM Government Money Market 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:




Fund		Investment Objective

PGIM Core Government Money Market Fund (“Core Government Money Market”)		Maximum current income consistent with stability of capital and the maintenance of liquidity
PGIM Government Money Market Fund (“Government Money Market”)		Maximum current income consistent with stability of capital and the maintenance of liquidity

2.	Accounting Policies

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

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

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

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

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

Notes to Financial Statements (continued)

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

The Funds’ securities of sufficient credit quality are valued using amortized cost method, which approximates fair value. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between the principal amount due at maturity and cost. These securities are categorized as Level 2 in the fair value hierarchy.

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.

Repurchase Agreements: The Funds entered into repurchase agreements. In connection with transactions in repurchase agreements with United States financial institutions, it is each Fund’s policy that its custodian or designated subcustodians under triparty repurchase agreements, as the case may be, take possession of the underlying collateral securities, the value of which exceeds the principal amount of the repurchase transactions, including accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to ensure the adequacy of the collateral. If the seller defaults and the value of the collateral declines or, if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Funds may be delayed or limited.

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.

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 Funds’ 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
Net Investment Income		Monthly
Short-Term Capital Gains		Monthly
Long-Term Capital Gains		Annually

*	The Fund declares dividends of any net investment income to shareholders on a daily basis and distributes the dividends every month. Under certain circumstances, each Fund may make more than one distribution of 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 the 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. (the “subadviser”), which provides subadvisory services to each Fund through its investment group PGIM Credit. In 2025, PGIM Fixed Income and PGIM Private Credit (formerly known as PGIM Private Capital) were combined to form PGIM Credit. 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 July 31, 2026, the contractual and effective management fee rates were as follows:

*	The Manager has contractually agreed, through November 30, 2027, to waive its management fee to 0.00% of average daily net assets of the Fund.

**	Prior to July 1, 2026, the management fee was 0.50% to $50 million of average daily net assets; 0.30% over $50 million of average daily net assets.

The RIC, on behalf of each Fund, has distribution agreements with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the shares of the Core Government Money Market and of the Class A, Class C and Class Z shares of Government Money Market. Government Money Market compensates PIMS for distributing and servicing the Fund’s Class A shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS.

Pursuant to the Distribution Plans, Government Money Market compensates PIMS for distribution related activities at an annual rate based on average daily net assets per class. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor for shares of the Core Government Money Market.

The annual gross and net distribution rates, where applicable, are as follows:



Fund	Gross Distribution Fee	Net Distribution Fee
Government Money Market - Class A	0.125%	0.125%
Government Money Market - Class C	N/A	N/A
Government Money Market - Class Z	N/A	N/A

Notes to Financial Statements (continued)

PGIM Investments, PGIM, Inc. PIMS and PMFS 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 enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the year ended July 31, 2026, no 17a-7 transactions were entered into by the Funds.

5.	Distributions and Tax Information

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date. In order to present total distributable earnings (loss) and paid-in capital in excess of par on the Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to total distributable earnings (loss) and paid-in capital in excess of par for the Funds indicated below.

For the year ended July 31, 2026, the adjustments were as follows:



	Total Distributable Earnings (Loss)	Paid-in Capital in Excess of Par

Core Government Money Market	$ 6	$ (6)

Government Money Market	—	—

For the year ended July 31, 2026, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:



	Ordinary Income		Long-Term Capital Gains		Tax Return of Capital	Total Dividends and Distributions
Core Government Money Market		$312,767,191		$17,814	$—		$312,785,005
Government Money Market		10,557,192		258	—		10,557,450

For the year ended July 31, 2025, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:



	Ordinary Income		Long-Term Capital Gains	Tax Return of Capital	Total Dividends and Distributions
Core Government Money Market		$290,717,056	$—	$—		$290,717,056
Government Money Market		13,968,929	—	—		13,968,929

For the year ended July 31, 2026, the Funds indicated below had the following amounts of accumulated undistributed earnings on a tax basis:



	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains
Core Government Money Market		$365,440	$—
Government Money Market		15,810	—

The United States federal income tax basis of the Funds’ investments and the net unrealized appreciation (depreciation) as of July 31, 2026 were as follows:



	Tax Basis		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Depreciation

Core Government Money Market		$6,443,052,220		$—		$(1,336)	$(1,336)

Government Money Market		314,873,521		—		—	—

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 July 31, 2026 are subject to such review.

6.	Capital and Ownership

Shares of the Core Government Money Market are available only to investment companies managed by PGIM Investments. The Government Money Market offers Class A, Class C and Class Z shares. Class C and Class Z shares are not subject to any distribution and/or service fees and are offered exclusively for sale to a limited group of investors. 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 Z 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 the Government Money Market to one or more other share classes of the Fund as presented in the table of transactions in shares of common stock, below.

The RIC is authorized to issue 200,000,000,000 shares of common stock, $0.00001 par value per share. The authorized shares of each Fund are currently classified and designated as follows:



Fund		Number of Shares
Core Government Money Market		34,000,000,000
Government Money Market - Class A		11,000,000,000
Government Money Market - Class C		5,000,000,000
Government Money Market - Class Z		50,000,000,000
Government Money Market - Class P		100,000,000,000

The Government Money Market currently does not have any Class P shares outstanding.

As of July 31, 2026, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of each Fund as follows:



Fund	Number of Shares		Percentage of Outstanding Shares
Core Government Money Market		6,449,451,155		100.0%
Government Money Market–Class A		55,290		0.1
Government Money Market–Class Z		8,634,665		20.3

At the reporting period end, the number of shareholders holding greater than 5% of each Fund are as follows:



Fund	Number of Shareholders		Percentage of Outstanding Shares
Affiliated:
Core Government Money Market		5		46.6	%
Government Money Market		—		—
Unaffiliated:
Core Government Money Market		—		—
Government Money Market		4		36.7

Transactions in shares of common stock (at $1 net asset value per share) were as follows:

Government Money Market



Share Class	Shares			Amount

Class A
Year ended July 31, 2026:
Shares sold		160,444,139		$	160,444,309
Shares issued in reinvestment of dividends and distributions		8,898,692			8,898,692
Shares purchased		(173,971,014	)		(173,971,014	)
Net increase (decrease) in shares outstanding before conversion		(4,628,183	)		(4,628,013	)
Shares issued upon conversion from other share class(es)		508,771			508,771

Notes to Financial Statements (continued)



Share Class	Shares			Amount
Shares purchased upon conversion into other share class(es)		(99,136	)	$	(99,136	)
Net increase (decrease) in shares outstanding		(4,218,548	)	$	(4,218,378	)

Year ended July 31, 2025:
Shares sold		219,762,041		$	219,760,962
Shares issued in reinvestment of dividends and distributions		11,726,775			11,726,775
Shares purchased		(350,136,144	)		(350,135,655	)
Net increase (decrease) in shares outstanding before conversion		(118,647,328	)		(118,647,918	)
Shares issued upon conversion from other share class(es)		193,888			193,888
Shares purchased upon conversion into other share class(es)		(3,261,669	)		(3,262,159	)
Net increase (decrease) in shares outstanding		(121,715,109	)	$	(121,716,189	)

Class C
Year ended July 31, 2026:
Shares sold		1,358,712		$	1,358,713
Shares issued in reinvestment of dividends and distributions		162,361			162,361
Shares purchased		(2,493,556	)		(2,493,556	)
Net increase (decrease) in shares outstanding before conversion		(972,483	)		(972,482	)
Shares purchased upon conversion into other share class(es)		(503,762	)		(503,762	)
Net increase (decrease) in shares outstanding		(1,476,245	)	$	(1,476,244	)

Year ended July 31, 2025:
Shares sold		3,191,372		$	3,191,342
Shares issued in reinvestment of dividends and distributions		272,389			272,389
Shares purchased		(4,607,239	)		(4,607,239	)
Net increase (decrease) in shares outstanding before conversion		(1,143,478	)		(1,143,508	)
Shares purchased upon conversion into other share class(es)		(193,948	)		(193,948	)
Net increase (decrease) in shares outstanding		(1,337,426	)	$	(1,337,456	)

Class Z
Year ended July 31, 2026:
Shares sold		20,182,671		$	20,183,085
Shares issued in reinvestment of dividends and distributions		1,363,009			1,363,009
Shares purchased		(20,471,417	)		(20,471,417	)
Net increase (decrease) in shares outstanding before conversion		1,074,263			1,074,677
Shares issued upon conversion from other share class(es)		94,127			94,127
Net increase (decrease) in shares outstanding		1,168,390		$	1,168,804

Year ended July 31, 2025:
Shares sold		52,658,388		$	52,658,213
Shares issued in reinvestment of dividends and distributions		1,778,095			1,778,095
Shares purchased		(54,274,101	)		(54,274,101	)
Net increase (decrease) in shares outstanding before conversion		162,382			162,207
Shares issued upon conversion from other share class(es)		3,262,219			3,262,219
Net increase (decrease) in shares outstanding		3,424,601		$	3,424,426

7.	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 risks applicable to any given Fund, please refer to the Prospectus and Statement of Additional Information of that Fund.



Risks	Core Government Money Market	Government Money Market
Adjustable and Floating Rate Securities	X	X
Credit	X	X
Debt Obligations	X	X
Economic and Market Events	X	X



Risks	Core Government Money Market	Government Money Market
Economic and Market Events	X	X
Forward Commitments	X	—
Increase in Expenses	X	X
Interest Rate	X	X
Large Shareholder and Large Scale Redemption	X	X
Management	X	X
Market Disruption and Geopolitical	X	X
Market	X	X
Net Asset Value	X	X
Redemption	X	X
Repurchase Agreements	X	X
When-Issued and Delayed-Delivery Transactions	X	—
U.S. Government and Agency Securities	X	X
Yield	X	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.

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.

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.

Forward Commitments Risk: Forward commitments are subject to the risk that the counterparty to the forward commitment may fail to make payment or delivery in a timely manner or at all. Forward commitments are also subject to the risk that the value of the security to be purchased may decline prior to the settlement date.

Increase in Expenses Risk: Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table 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.

Notes to Financial Statements (continued)

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.

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.

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 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 the U.S. and Israeli military operation against Iran, Russia’s military invasion of Ukraine and the Israel-Hamas war), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as the Middle East, South America, Eastern Europe, and Asia, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).

Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests. The risk of such events has meaningfully increased in recent periods due to heightened international tensions stemming from rivalry among the world’s dominant economic and military powers.

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.

Net Asset Value Risk: There is no assurance that the Fund will maintain a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other

money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.

Redemption Risk: The Fund may experience heavy redemptions, particularly during periods of declining or illiquid markets, that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value and that could affect the Fund’s ability to maintain a $1.00 share price.

Repurchase Agreements Risk: Repurchase agreements could involve certain risks in the event of default or insolvency of the seller, including losses and possible delays or restrictions upon the Fund’s ability to dispose of the underlying securities. To the extent that, in the meantime, the value of the securities that the Fund has purchased has decreased, the Fund could experience a loss.

When-Issued and Delayed-Delivery Transactions Risk: When-issued and delayed-delivery securities involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price.

U.S. Government and Agency Securities Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government. Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. For example, securities issued by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Banks are neither insured nor guaranteed by the U.S. Government. These securities may be supported by the ability to borrow from the U.S. Treasury or only by the credit of the issuing agency, authority, instrumentality or enterprise and, as a result, are subject to greater credit risk than securities issued or guaranteed by the U.S. Treasury. Further, the U.S. Government and its agencies, authorities, instrumentalities and enterprises do not guarantee the market value of their securities; consequently, the value of such securities will fluctuate. This may be the case especially when there is any controversy or ongoing uncertainty regarding the status of negotiations in the U.S. Congress to increase the statutory debt ceiling. Such controversy or uncertainty could, among other things, result in the credit quality rating of the U.S. Government being downgraded and reduced prices of U.S. Treasury securities. If the U.S. Congress is unable to negotiate an adjustment to the statutory debt ceiling, there is also the risk that the U.S. Government may default on payments on certain U.S. Government securities, including those held by the Fund, which could have a negative impact on the Fund. An increase in demand for U.S. Government securities resulting from an increase in demand for government money market funds may lead to lower yields on such securities.

Yield Risk: The amount of income received by the Fund will go up or down depending on day-to-day variations in short-term interest rates, and when interest rates are very low the Fund’s expenses could absorb all or a significant portion of the Fund’s income. If interest rates increase, the Fund’s yield may not increase proportionately. For example, the Fund’s investment manager may discontinue any temporary voluntary fee limitation.

8. Recent Accounting Pronouncement and Regulatory Developments

In September 2026, the FASB issued Accounting Standards Update (ASU) 2026-03, Fair Value Measurement (Topic 820): Investment Companies with Equity Securities Subject to Contractual Sale Restrictions. The ASU requires investment companies to incorporate contractual sale restrictions into the fair value measurement of affected equity securities and disclose the amount of any related valuation discount. The guidance is effective for fiscal years beginning after December 15, 2027, with early adoption permitted. Management is currently evaluating the impact of adopting this guidance on its financial statements.

9. 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 July 31, 2026.

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Prudential Government Money Market Fund, Inc. and Shareholders of PGIM Core Government Money Market Fund and PGIM Government Money Market Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of PGIM Core Government Money Market Fund and PGIM Government Money Market Fund (constituting Prudential Government Money Market Fund, Inc., hereafter collectively referred to as the “Funds”) as of July 31, 2026, the related statements of operations for the year ended July 31, 2026, the statements of changes in net assets for each of the two years in the period ended July 31, 2026, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2026, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended July 31, 2026 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the relevant ethical requirements relating to our audits, which include standards of the American Institute of Certified Public Accountants (AICPA) Code of Professional Conduct, as well as U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission.

We conducted our audits of these financial statements in accordance with the auditing standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2026 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

September 24, 2026

We have served as the auditor of one or more investment companies in the PGIM Retail Funds complex since 2020.

Approval of Advisory Agreements

PGIM Core Government Money Market Fund

The Fund’s Board of Directors

The Board of Directors (the “Board”) of PGIM Core Government Money Market 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, Inc. (“PGIM”) on behalf of its PGIM Credit investment group (“PGIM Credit”). In considering the renewal of the agreements, the Board, including all of the Independent Directors, met on June 1 and 9-10, 2026 (the “Board Meeting”) and approved the renewal of the agreements through July 31, 2027, 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 Credit 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 Credit. The Board noted that PGIM Credit 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

1	PGIM Core Government Money Market Fund is a series of Prudential Government Money Market Fund, Inc.

PGIM Core Government Money Market Fund

Approval of Advisory Agreements (continued)

of the subadviser, 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 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 Credit, 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 Credit, and also considered the qualifications, backgrounds and responsibilities of PGIM Credit’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 Credit’s organizational structure, senior management, investment operations, and other relevant information pertaining to both PGIM Investments and PGIM Credit. 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 Credit.

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 Credit, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments and PGIM Credit 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 Credit

The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM Credit 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 Credit included 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 and PGIM Credit were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

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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 latest quarter ended December 31, 2025. The Board considered that the Fund commenced operations on March 6, 2023 and that longer-term performance was not yet available.

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 July 31, 2025. 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.



Net Performance	1 Year	3 Years	5 Years	10 Years
Net Performance	1^st Quartile	N/A	N/A	N/A
Actual Management Fees: 1^st Quartile
Net Total Expenses: 1^st Quartile

●

The Board noted that the Fund outperformed its Peer Universe median over the one-year period.

●

The Board noted that the Fund commenced operations on March 6, 2023 and that longer term performance was not available.

●

The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to allow the Fund to develop a longer performance record and 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 approval of the agreements was in the best interests of the Fund and its shareholders.

PGIM Core Government Money Market Fund

Approval of Advisory Agreements

PGIM Government Money Market Fund

The Fund’s Board of Directors

The Board of Directors (the “Board”) of PGIM Government Money Market 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

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

¹	PGIM Government Money Market Fund is a series of Prudential Government Money Market Fund, Inc.

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Costs of Services and Profits Realized by PGIM Investments

Economies of Scale

Other Benefits to PGIM Investments and PGIM Credit

PGIM Government Money Market Fund

Approval of Advisory Agreements (continued)

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, 2025.



Net Performance	1 Year	3 Years	5 Years	10 Years
Net Performance	4^th Quartile	3^rd Quartile	3^rd Quartile	3^rd Quartile
Actual Management Fees: 4^th Quartile
Net Total Expenses: 4^th Quartile

●	The Board considered that the Fund underperformed its Peer Universe median over all periods.

●	The Board considered PGIM Investments’ assertions that the Fund’s subadviser has demonstrated a strong capability in money market investing, with its performance being within 5 basis points of the peer median over the five- and ten-year periods ended December 31, 2025.

●	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.

●	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 approval of the agreements was in the best interests of the Fund and its shareholders.

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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 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 – Attached hereto as Exhibit EX-99.CODE-ETH.

(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.

(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.


Investment Company Act file number:		811-02619

Exact name of registrant as specified in charter:		Prudential Government Money Market Fund, Inc.

Address of principal executive offices:		655 Broad Street, 6 th Floor

		Newark, New Jersey 07102

Name and address of agent for service:		Andrew R. French

		655 Broad Street, 6 th Floor

		Newark, New Jersey 07102

Registrant’s telephone number, including area code:		800-225-1852

Date of fiscal year end:		7/31/2026

Date of reporting period:		7/31/2026

Fund’s net assets	$ 6,449,747,641
Number of fund holdings	85
Total advisory fees paid for the year	$ 0


Glossary			1
PGIM Core Government Money Market Fund			2
PGIM Government Money Market Fund			10
Notes to Financial Statements			21


Registrant:		Prudential Government Money Market Fund, Inc.

By:		/s/ Andrew R. French
		Andrew R. French Secretary

Date:		September 24, 2026


By:		/s/ Stuart S. Parker
		Stuart S. Parker
		President and Principal Executive Officer

Date:		September 24, 2026

By:		/s/ Christian J. Kelly
		Christian J. Kelly
		Chief Financial Officer (Principal Financial Officer)

Date:		September 24, 2026