Fund Evaluator:
PGIM Government Income Z (PGVZX)
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Best Performing in Intermediate Government Over the Last Year
| 3.8% | Victory Government Securities (USGNX) |
| 3.6% | American Century Government Bond Inv (CPTNX) |
| 3.5% | PGIM Government Income Z (PGVZX) |
| 3.4% | Fidelity Advisor Government Income Z (FIKPX) |
| 3.3% | Fidelity Government Income (FGOVX) |
Fund Details
PGIM Government Income Z Overview
PGIM Government Income Z (PGVZX) is an actively managed Taxable Bond Intermediate Government fund. PGIM launched the fund in 1996.
The investment seeks high current return. The fund invests at least 80% of its investable assets in U.S. government securities, including U.S. Treasury bills, notes, bonds, strips and other debt securities issued by the U.S. Treasury, and obligations, including mortgage-related securities, issued or guaranteed by U.S. government agencies or instrumentalities. Its investable assets will be less than its total assets to the extent that it has borrowed money for non-investment purposes, such as to meet anticipated redemptions.
About PGIM Government Income Z (PGVZX)
There are 5 members of the management team with an average tenure of 10.69 years: Craig Dewling (2007), Gary Wu (2021), Matthew Angelucci (2025), Mick Meyler (2021), Robert Tipp (2003). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg US Agg Ex Credit TR USD index with a weighting of 100%. PGIM Government Income Z has 353 securities in its portfolio. The top 10 holdings constitute 28.3% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
PGIM Government Income Z is part of the Fixed Income global asset class and is within the Taxable Bond fund group. PGIM Government Income Z has 3.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.3% (96.3% domestic bond, 3.0% foreign bond and 0.0% convertible bond). PGIM Government Income Z has 0.7% of the portfolio in cash.
Assets Under Management
The fund has $53 million in total assets, which is below the $935 million average for the Intermediate Government category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PGVZX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The PGIM Government Income Z expense ratio is average compared to funds in the Intermediate Government category. PGIM Government Income Z has an expense ratio of 0.48%, which is 22% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. PGIM Government Income Z has a portfolio turnover rate of 139%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 100% for the Intermediate Government category.
Recently, in the month of June 2026, PGIM Government Income Z returned 0.1%, which earned it a grade of F, as the Intermediate Government category had an average return of 0.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
PGIM Government Income Z has a trailing yield of 3.86%, which is above the 3.49% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
PGIM Government Income Z Grades
Year to date, the fund has returned 0.5%, 0.4 percentage points better than the category, which translates into a grade of A. The fund has returned 3.5% over the past year (grade of A), 4.0% over the past three years (grade of A) and -0.4% per year over the past five years (grade of C) and 0.8% per year over the past 10 years (grade of C).
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PGVZX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PGVZX Return (NAV) | 0.1% | 0.3% | 3.5% | 4.0% | -0.4% | 0.8% |
| PGVZX Grade | F | B | A | A | C | C |
| +/- Category | -0.1% | 0.2% | 0.7% | 0.6% | -0.1% | -0.1% |
| Intermediate Government Avg | 0.2% | 0.2% | 2.8% | 3.4% | -0.3% | 0.8% |
| PGVZX Tax Cost Ratio | na | na | 1.5% | 1.5% | 1.5% | 1.2% |
PGVZX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PGVZX Return (NAV) | 0.5% | 7.4% | 1.0% | 5.1% | -13.6% | -3.3% | 6.4% | 6.3% | 0.4% | 2.3% | 1.7% |
| PGVZX Grade | A | B | B | A | F | F | D | B | D | A | A |
| +/- Category | 0.4% | 0.5% | 0.3% | 1.4% | -1.8% | -1.3% | -0.9% | 0.5% | -0.1% | 0.6% | 0.9% |
| Intermediate Government Avg | 0.1% | 6.9% | 0.7% | 3.8% | -11.8% | -2.0% | 7.3% | 5.9% | 0.5% | 1.8% | 0.8% |
| Risk Measures | |
| Standard Deviation: | 5.6% |
| Total Risk Index: | 0.46 - Low |
| Category Risk Index: | 1.07 - High |
| Category Risk Grade: | F (92% Rank) |
| Beta: | 1.01 |
| R-Squared: | 99% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 3.9% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $218 Mil |
| Fund Total Assets: | $ 53 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 139% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 22.6 years | |||
| Average Tenure: 10.7 years | |||
| Managers (Year): Tipp Robert (2003), Dewling Craig (2007), Wu Gary (2021), Meyler Mick (2021), Angelucci Matthew (2025) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 353 |
| % in Top 10 Holdings: | 28.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 3.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 96.3% |
| Foreign Bond: | 3.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.7% |
Purchase Information
| Fund Family: | PGIM |
| Phone Number: | 800-225-1852 |
| Website: | www.prudentialfunds.com |
| Status: | Open |
| Inception Date: | March 1, 1996 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.48% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.61% |
| Share Class: | PGIM Government Income A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
